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CNB Financial Corporation Reports Record Earnings Per Share of $3.16 for the Full-Year 2021
CLEARFIELD, Pa., Jan. 24, 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., Jan. 24, 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 and year ended December 31, 2021. Joseph B. Bower, Jr., President and CEO, stated, “We are pleased to report record earnings to our shareholders coupled with a growing and well-positioned loan portfolio that is poised to benefit with the expected rate increases in 2022. Even excluding PPP fees, 2021 earnings were at a record level for CNB. CNB’s loan pipelines are very promising for positive growth over the next 12 months. The communities we serve have fared well through the pandemic and are reflecting continued growth opportunities. CNB is excited to be a part of their growth with high expectations heading into 2022.” Executive Summary Earnings per diluted share of $3.16 for the twelve months ended December 31, 2021, as compared to $1.97 per diluted share for the twelve months ended December 31, 2020, represented a record level for the Corporation. Earnings for 2021 benefited from growth in commercial loans, coupled with strong levels of fee income and continued stable credit quality, in addition to a higher level of PPP-related fees recognized in 2021. Included in earnings per diluted share for the year ended December 31, 2020 was approximately $0.63 per diluted share in after-tax merger costs, FHLB prepayment penalties and branch closure costs, while no such costs were incurred for the year ended December 31, 2021. Earnings per diluted share of $0.80 for the fourth quarter of 2021 represented a 100.0% increase from the fourth quarter of 2020 earnings per diluted share of $0.40. Included in earnings per diluted share for the quarter ended December 31, 2020 was $0.35 per diluted share in after-tax merger costs and Federal Home Loan Bank (“FHLB”) prepayment penalties. At December 31, 2021, excluding the impact of 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 $373.3 million, or 11.6%, from December 31, 2020. The growth was primarily driven by the Corporation's ongoing expansion in the Cleveland and Ridge View regions, combined with continued strong growth in its Private Banking ...