CNB Community Bancorp Q2 EPS Jumps 8.8% on Higher Rates, Loan Growth
CNBB sits 53% above its 52-week low of $33 on light trading volume (0.1× avg).
Summary
CNB Community Bancorp reported Q2 net income of $3.20M, up 5.5% year-over-year, driven by higher net interest income of $12.70M from rising rates and loan portfolio growth. Basic EPS rose 8.8% to $1.61, with ROE at 11.65%. Credit quality showed some strain as the provision for credit losses increased due to higher nonperforming loans, mainly in commercial real estate. The bank also repurchased 2,700 shares during the quarter. No forward guidance was provided.
At the time of this announcement, CNBB was trading at $50.52 on OTC in the Finance sector, with a market capitalization of approximately $106.1M. The 52-week trading range was $33.00 to $50.52. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.