CNB Community Bancorp Inc., the parent company of County National Bank, last week announced that its first-quarter earnings for 2022 were down from the same time last year due to a reduction in noninterest income.
Earnings for the three months ended March 31 totaled $2.2 million, a decrease of $800,000 over the $3 million earned during the three months ended March 31, 2021, CNB said in a news release. Basic earnings per share decreased to $1.03, down $0.38 from $1.41 during the first quarter of 2021.
As the asset size increased 14.2% year-over-year, the annualized return on average assets decreased to 0.77% for the three months of 2022, down from 1.40% for the three months of 2021. The annualized return on average equity decreased to 11.1% for the current quarter, down from 16.8% for the first quarter of 2021. Book value per share increased to $37.84 on March 31, up $3.10 from $34.74 at March 31, 2021.
“I have spent a lot of time over the last six months looking at industry-wide projections and have noted that the entire financial services industry is expecting a reduced profit scenario for 2022," John Waldron, president and chief executive officer of CNB, said in the release. "We have seen that reduction thus far in 2022 in comparison to 2021 here at County National Bank. However, I am very excited for what 2022 has brought, and will continue to bring, to our bank, its employees and our customers. The Bank and its employees have been working diligently to bring in a large number of new customers in the last two years, and that growth is supporting a very strong Balance Sheet with increasingly strong Net Interest Income numbers. Combine these factors with our strong, hard-working customer base, and you can see why I am confident in CNB’s position for 2022 and beyond.”
CNB's total assets increased $147.8 million, or 14.2%, to $1.19 billion from March 31, 2021, and $39.9 million, or 3.5% from Dec. 31, the release said. Net loans, exclusive of the Paycheck Protection Program loans, which were a federal pandemic relief program, increased $136.3 million, or 20.6%, to $797.2 million as of March 31 compared to $660.9 million at March 31, 2021, and increased $30.2 million, or 3.9%, from December 31.
Total deposits increased $143.8 million, or 15.3%, to $1.09 billion as of March 31 from $941.3 million on March 31, 2021, and increased $40.1 million, or 3.8%, from December 31.
Total equity increased $7.2 million to $81.3 million from March 31, 2021. Shares outstanding were 2,180,181 as of March 31.
This article originally appeared on The Daily Telegram: County National Bank announces first-quarter earnings