Business
CNB Financial Corporation Reports First Quarter 2022 Earnings Per Share of $0.84 Compared to $0.78 for First Quarter 2021
CLEARFIELD, Pa., April 18, 2022 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank,
About this update from Cnb Financial Corporation
[{"type":"text","content":"CLEARFIELD, Pa., April 18, 2022 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the quarter ended March 31, 2022. Joseph B. Bower, Jr., President and CEO, stated, “The robust loan growth across all of our markets, along with diligent investment activities during our first quarter have positioned a portion of our excess liquidity into higher earning assets. Through the hard work of our entire team, this growth early in the year should provide for another strong performance for CNB, following its record net income in 2021 and a positive first quarter of 2022.\" Executive Summary Net income available to common was $14.2 million, or $0.84 per diluted common share, for the three months March 31, 2022, compared to $13.1 million, or $0.78 per diluted share, for the three months ended March 31, 2021, reflecting increases of $1.1 million, or 8.1%, and $0.06 per diluted share, or 7.7%. Earnings for the three months ended March 31, 2022 benefited from growth in commercial loans, stable credit quality and higher non-interest income. At March 31, 2022, excluding the impact of syndicated loans and Paycheck Protection Program (\"PPP\") loans, net of PPP deferred processing fees (such loans, the \"PPP-related loans\"), the Corporation's loan portfolio totaled $3.6 billion, representing an increase of $127.0 million, or 3.7% (14.9% annualized), from December 31, 2021. The growth was primarily driven by the Corporation's ongoing expansion in the Cleveland and Southwest Virginia regions, combined with continued strong growth in its Private Banking division, and increased lending opportunities in other regions in which the Corporation operates. As part of the liquidity management strategies first implemented by the Corporation in 2020, the three months ended March 31, 2022 reflected an increase in syndicated lending balances of $21.3 million from December 31, 2021. The syndicated loan portfolio totaled $147.1 million, or 3.9% of total loans, excluding PPP-related loans, at March 31, 2022. At March 31, 2022, total deposits were $4.7 billion, reflecting a decrease of $24.8 million, or 0.5% (2.1% annualized), from December 31, 2021. While non-interest bearing deposits increased approximately $25.5 million, or 3.2% (13.1% annualized), total inter...