CNB Community Bancorp, Inc. (OTCQX:CNBB), a prominent banking institution serving Southern Michigan, has announced an increase in its quarterly cash dividend, reflecting the company’s robust financial health and commitment to shareholder value. The Hillsdale-based bank holding company will pay out $0.30 per share to its stockholders, marking a $0.01 increase from the previous quarter.
This dividend hike comes on the heels of CNB’s strong financial results for 2024. The bank reported a net income of $11.6 million for the year, representing a significant 9.1% increase from the $10.6 million earned in 2023. This growth in profitability has translated into improved earnings per share, which rose to $5.42 for 2024, up from $4.91 in the previous year.
Joseph R. Williams, President and CEO of CNB Community Bancorp, attributed the company’s success to strategic initiatives implemented over the past year. “The results from the strategic steps we took over this past year exceeded the return on equity & net interest margin that we expected for 2024,” Williams stated. He emphasized the company’s focus on relationship banking and its successful expansion into new markets.
The bank’s financial metrics show a solid foundation for growth. CNB’s total assets increased to $1.28 billion by the end of 2024, up from $1.25 billion the previous year. The loan portfolio saw substantial growth, with net loans totaling $1.03 billion, compared to $954.6 million at the end of 2023.
CNB’s performance has not gone unnoticed in the banking industry. In 2024, the bank was ranked 85th in American Banker Magazine’s Top 100 publicly traded banks under $2 billion, underscoring its competitive position in the market.
The increased dividend, payable on April 11, 2025, to shareholders of record as of March 31, 2025, represents CNB’s ongoing commitment to returning value to its investors. This move is likely to be well-received by shareholders, especially in light of the bank’s consistent financial growth and strategic market positioning.
CNB Community Bancorp operates through its subsidiary, County National Bank, which has been a fixture in Southern Michigan since 1934. The bank offers a comprehensive range of financial products and services, including investment management and trust services, through its network of 13 full-service offices and 19 ATMs.
As community banks continue to play a vital role in local economies, CNB’s strong performance and increased dividend signal confidence in its business model and future prospects. The bank’s focus on relationship banking and strategic growth initiatives positions it well to capitalize on opportunities in its existing and new markets.
Investors and market watchers will likely keep a close eye on CNB Community Bancorp as it continues to navigate the competitive banking landscape while maintaining its commitment to shareholder returns and community-focused banking services.
