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CNB Financial Corporation Reports Fourth Quarter and Full-Year 2023 Results
CLEARFIELD, Pa., Jan. 23, 2024 (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., Jan. 23, 2024 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and twelve months ended December 31, 2023. Executive Summary Net income available to common shareholders (\"earnings\") was $12.9 million, or $0.62 per diluted share, for the three months ended December 31, 2023, compared to earnings of $12.7 million, or $0.60 per diluted share, for the three months ended September 30, 2023. The quarterly increase was primarily a result of increases in net interest income and non-interest income, partially offset by increases in certain personnel costs and technology expenses, as discussed in more detail below. The decrease in earnings and diluted earnings per share comparing the quarter ended December 31, 2023 to the $14.8 million, or $0.70 per diluted share, for the quarter ended December 31, 2022 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 CNB's deposit base. Earnings were $53.7 million, or $2.55 per diluted share, for the twelve months ended December 31, 2023, compared to earnings of $58.9 million, or $3.26 per diluted share, for the twelve months ended December 31, 2022. The decrease in diluted earnings per share comparing the twelve months ended December 31, 2023 to the twelve months ended December 31, 2022 was primarily due to the rise in deposit costs year over year, as well as the dilutive effect of the Corporation's common stock offering completed in September 2022, which resulted in the issuance of over 4.2 million shares of common stock or an increase of approximately 25% in total common shares outstanding. In addition, during the twelve months ended December 31, 2023, the Corporation repurchased 326,459 common shares at a weighted average price per share of $20.08, compared to repurchases of 50,166 common shares at a weighted average price per share of $26.75 during the twelve months ended December 31, 2022. At December 31, 2023, total deposits were $5.0 billion, reflecting a decrease of $4.0 million, or 0.08% (0.32% annualized), from the previous quarter end of September 30, 2023, and a full-year increase of $376.3 million, or 8.14% from December 31,...