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CNB Financial Corporation Reports First Quarter 2024 Results
CLEARFIELD, Pa., April 15, 2024 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced
About this update from Cnb Financial Corporation
[{"type":"text","content":"CLEARFIELD, Pa., April 15, 2024 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three months ended March 31, 2024. Executive Summary Net income available to common shareholders (\"earnings\") was $11.5 million, or $0.55 per diluted share, for the three months ended March 31, 2024, compared to earnings of $12.9 million, or $0.62 per diluted share, for the three months ended December 31, 2023. The quarterly decrease was primarily a result of decreases in net interest income and non-interest income, partially offset by decreases in certain personnel costs, technology expenses and adverting expenses, as discussed in more detail below. The decrease in earnings and diluted earnings per share comparing the quarter ended March 31, 2024 to the $15.4 million, or $0.73 per diluted share, for the quarter ended March 31, 2023, was primarily due to the significant year-over-year increase in deposit costs primarily resulting from Federal Reserve rate increases throughout 2023 and the resulting market impact to the Corporation's deposit base. At March 31, 2024, loans totaled $4.4 billion, excluding the balances of (i) syndicated loans, and (ii) any remaining balances on Paycheck Protection Program (\"PPP\") loans, net of PPP-related fees (such loans being referred to as the \"PPP-related loans\"). This adjusted total of $4.4 billion in loans represented a decrease of $7.0 million, or 0.16% (0.65% annualized), compared to the same adjusted total loans measured as of December 31, 2023 and an increase of $199.6 million, or 4.81% compared to the same adjusted total loans measured as of March 31, 2023. The decrease in loans for the quarter ended March 31, 2024 compared to year-end 2023 was primarily driven by an increase in early loan payoffs combined with the Corporation remaining strategically focused on both managing the concentration in its commercial real estate loan portfolio, and remaining disciplined with loan pricing in support of its net interest margin. The growth in loans as of March 31, 2024 compared to loans as of March 31, 2023, resulted primarily from growth in the Corporation's recent expansion markets of Cleveland and Roanoke, combined with growth in the Columbus market and CNB Bank’s Private Banking division. At March 31, 2024, the C...