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CNB Financial Corporation Reports Third Quarter 2023 Results
CLEARFIELD, Penn., Oct. 23, 2023 (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, Penn., Oct. 23, 2023 (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 nine months ended September 30, 2023, and disclosed quarterly growth in total deposits, loans, and assets. Executive Summary Net income available to common shareholders (\"earnings\") was $12.7 million, or $0.60 per diluted share, for the three months ended September 30, 2023, compared to earnings of $12.8 million, or $0.61 per diluted share, for the three months ended June 30, 2023. The Corporation's earnings for the three months ended September 30, 2022 were $15.5 million, or $0.90 per diluted share. The decrease in diluted earnings per share comparing the quarter ended September 30, 2023 to the quarter ended June 30, 2023 was primarily due to a seven basis point decrease in net interest margin coupled with an increase in salaries and benefits. The decrease in diluted earnings per share comparing the quarter ended September 30, 2023 to the quarter ended September 30, 2022 was primarily due to the year-over-year increase in deposit costs, as well as the dilutive effect of the Corporation's common stock offering completed in September 2022, resulting 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 three months ended September 30, 2023, the Corporation repurchased 100,000 common shares at a weighted average price per share of $18.39, compared to 126,459 common shares at a weighted average price per share of $18.28 during the three months ended June 30, 2023 and no repurchases of common stock during the three months ended September 30, 2022. Earnings were $40.8 million, or $1.94 per diluted share, for the nine months ended September 30, 2023, compared to earnings of $44.1 million, or $2.59 per diluted share, for the nine months ended September 30, 2022. As previously noted, the decrease in diluted earnings per share comparing the nine months ended September 30, 2023 to the nine months ended September 30, 2022 was primarily due to both the rise in deposit costs year over year and to the dilutive effect of the Corporation's common stock offering. In addition, during the nine months ended September 30, 2023, the Corporation r...