Cnb Financial Corporation · NASDAQ:CCNE
Cnb Financial — Investor Presentation (January 2025)
27 slides from Cnb Financial's investor presentation, Jan 28, 2025
Slide 1: Investor Presentation Jan 28-30, 2025
INVESTOR PRESENTATION Jan 28-30, 2025 O U R F A M I L Y O F B A N K S
Slide 2: Certain Important Information: Caution Regarding Forward Looking Statements
CERTAIN IMPORTANT INFORMATION CAUTION REGARDING FORWARD LOOKING STATEMENTS This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Corpor
Slide 3: CNB Financial Corporation
CNB FINANCIAL CORPORATION § Holding Company for CNB Bank (Clearfield, PA), serving the community since 1865 § 55 full-service offices, 1 drive-through location and 1 mobile office across Pennsylvania, New York, Ohio and Virginia § CNB Bank’s regional divisions (all under one charter) include CNB Ban
Slide 4: Investment Accretion and Returns
INVESTMENT ACCRETION AND RETURNS (1) (1) TANGIBLE BOOK VALUE PER SHARE RETURN ON AVERAGE TANGIBLE COMMON EQUITY $30.00 BV / Share $26.34 TBV / Share $24.57 $25.00 ROATCE ROAE 18.00% $22.85 $22.39 $24.24 $21.29 $22.46 $20.00 $20.00 $20.30 $20.22 $17.28 16.00% $18.66 $15.98 $17.45 $14.64 $14.01 $15.00
Slide 5: Unique Multi-State, Multi-Brand Model
UNIQUE MULTI-STATE, MULTI-BRAND MODEL • Opened in 2013 with the acquisition of FC Banc Corp. in Bucyrus, OH • 7 full-service offices serving the greater- • Opened 2005 Columbus metro area and Central OH • Comprised of two premium franchises• Opened in 2016 serving the Greater Buffalo and Rochester m
Slide 6: Franchise Milestones
FRANCHISE MILESTONES County National Bank of Clearfield Established 1865 CNB Financial Corporation Reorganized Through a Stock ERIEBANK Formed in Erie, PA Holding Company Organized Offering to Existing Depositors 1984 2005 1934 2016 2015 2013 2020 Acquisition of Bank of Akron in Buffalo, NY BankOnBu
Slide 7: Asset Growth and Key Capital Activities
ASSET GROWTH AND KEY CAPITAL ACTIVITIES $7.0 $6.2 $6.0 $5.8 $5.5 $5.3 $5.0 $4.7 $4.0 $3.8 $3.2 $2.8 $3.0 $2.6 $2.3 $2.2 $2.1 $1.8 $2.0 $1.6 $1.4 $1.2 $1.0 $0.9 $0.8 $1.0 $0.8 $0.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Common Equity Common
Slide 8: Wealth & Asset Management Financial Trends
WEALTH & ASSET MANAGEMENT FINANCIAL TRENDS ASSETS UNDER MANAGEMENT (“AUM”) ($M) & REVENUE ($000) (1) AUM CAGR = 11.4% (1) $7,845 Revenue CAGR = 9.3% $1,600 $8,400 $7,251 $7,172 $1,515 $1,400 $6,740 $7,200 $1,334 $1,200 $6,000 $5,497 $1,000 $1,089 $1,075 $4,800 $982 $800 $3,600 $600 $2,400 $400 $1,20
Slide 9: Consolidated Capital Position
CONSOLIDATED CAPITAL POSITION (1)(2) (3) ACTUAL (12/31/24) PROFORMA AOCI IMPACT (12/31/24) 20% 20% 15% 16.16% 15% 14.91% 8.93% 11.76% 10% 10% 8.59% 10.51% 8.28% 7.93% 5% 5% 0% 0% Common equity / Total assets Common equity / Total assets Total Risk Based Capital Ratio Total Risk Based Capital Ratio C
Slide 10: Dividend History
DIVIDEND HISTORY HISTORICAL DIVIDEND PER COMMON SHARE $0.800 $0.700 $0.600 $0.500 $0.400 $0.300 $0.200 $0.100 $0.000 Common Dividend Special Dividend • The Corporation’s long, uninterrupted history of dividends to its common shareholders reflects a key component of its Total Shareholder Return • Div
Slide 11: Deposit Mix
DEPOSIT MIX AVERAGE COST OF INTEREST-BEARING DEPOSITS 12/31/24 DEPOSIT MIX 3.50% 3.08% 3.00% 2.42% 2.50% 2.00% 1.50% 0.77% 1.00% 0.52% 0.40% 0.50% 0.00% 2020 2021 2022 2023 2024 HIGHLIGHTS § Long-term growth in deposits driven primarily Deposit Composition by growth in checking and savings account (
Slide 12: Uninsured Deposits and Liquidity
UNINSURED DEPOSITS AND LIQUIDITY § Well diversified and granular deposit base comprised of a combination of consumer, small business, commercial and public funds with an average deposit balance per account at CNB Bank of approximately $34 thousand § Substantial available liquidity, which is well in
Slide 13: Securities Portfolio
SECURITIES PORTFOLIO 12/31/24 INVESTMENT PORTFOLIO DETAIL HIGHLIGHTS Pooled SBA, Corporate notes & § Investment portfolio comprised of 63.0% available-for- 1.1% bonds, 4.7% sale and 37.0% held-to-maturity as of December 31, 2024, as part of a strategy to mitigate volatility in tangible common equity
Slide 14: Loan Portfolio Composition
LOAN PORTFOLIO COMPOSITION 12/31/24 LOAN PORTFOLIO COMPOSITION OBSERVATIONS § Long term loan growth driven primarily by increases in Commercial and Residential Real Estate across our diversified markets § Excluding net PPP loans and syndicated loans, loans grew $169.4 million, or 3.9%, from December
Slide 15: Additional Loan Portfolio Detail
ADDITIONAL LOAN PORTFOLIO DETAIL § Well diversified Commercial & Industrial (“C&I”) portfolio with no single industry greater than 19% of total C&I portfolio § CNB has proven C&I underwriting practices and strong loan loss history § Commercial Mortgage portfolio is also well diversified with no sing
Slide 16: Commercial Office Portfolio
COMMERCIAL OFFICE PORTFOLIO 12/31/24 (1) MARKETS BREAKDOWN (12/31/24) COMMERCIAL OFFICE LOAN PORTFOLIO § Commercial office loans outstanding consisted of 112 loans, totaling $113.7 million, or 2.47% of total loans outstanding § No nonaccrual commercial office loans outstanding § The average outstand
Slide 17: Additional Commercial Mortgage Detail
ADDITIONAL COMMERCIAL MORTGAGE DETAIL (1) (1) (1) LODGING (12/31/24) OFFICE (12/31/24) MULTI-FAMILY (12/31/24) • Consists of 225 loans, totaling $367.6 • Consists of 170 loans, totaling $321.6 • Consists of 112 loans, totaling $113.7 million, or 7.98% of total loans million, or 2.47% of total loans
Slide 18: Conservative Credit Culture
CONSERVATIVE CREDIT CULTURE 12/31/24 NONACCRUAL LOANS BY TYPE HISTORICAL NPAS/ASSETS & NCOS/LOANS 0.96% 1.00% 0.80% 0.67% 0.55% 0.60% COMMERCIAL 0.43% & INDUSTRIAL 0.38% 0.21% 30.4% 0.40% 0.17% COMMERCIAL REAL ESTATE 0.20% 0.08% 0.08% 49.8% 0.05% 0.17% 0.13% 0.05% 0.04% 0.02% 0.00% CONSUMER 2020 202
Slide 19: Credit Quality
CREDIT QUALITY (2) NONPERFORMING ASSETS TO TOTAL ASSETS NET CHARGE-OFFS TO LOANS 1.25% 0.50% 0.96% 1.00% 0.40% 0.67% 0.75% 0.30% 0.55% 0.21% 0.43% 0.17% 0.50% 0.20% 0.38% 0.08% 0.08% 0.10% 0.25% 0.05% 0.00% 0.00% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 ALLOWANCE FOR CREDIT LOSSES TO NONACC
Slide 20: Financial Trends
FINANCIAL TRENDS TOTAL GROSS LOANS ($M) TOTAL DEPOSITS ($M) CAGR = 6.5% CAGR = 8.1% $5,000 $6,000 $4,609 $4,468 $5,371 $4,275 $4,999 $4,716 $4,622 $5,000 $4,000 $3,635 $4,182 $3,372 $4,000 $3,000 $3,000 $2,000 $2,000 $1,000 $1,000 $0 $0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 TOTAL ASSETS
Slide 21: Earnings Trends
EARNINGS TRENDS (1) (1) RETURN ON AVERAGE ASSETS RETURN ON AVERAGE EQUITY 15.00% 1.40% 13.9% 13.4% 1.20% 1.14% 1.20% 1.04% 12.00% 10.5% 0.93% 1.00% 9.2% 9.1% 0.75% 9.00% 0.80% 0.60% 6.00% 0.40% 3.00% 0.20% 0.00% 0.00% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 (1) DILUTED EARNINGS PER SHARE $
Slide 22: Earnings Trends
EARNINGS TRENDS (2) (1)(2) NET INTEREST MARGIN EFFICIENCY RATIO Efficiency Ratio Efficiency Ratio - Fully Tax Equiv. NIM NIM Fully Tax Equiv. 80% 3.90% 3.83% 3.82% 3.80% 3.70% 70% 3.63% 3.61% 65.94% 66.20% 65.13% 3.60% 61.32% 65.47% 65.10% 60.26% 3.50% 64.45% 3.41% 60% 3.39% 3.38% 60.87% 3.40% 3.35%
Slide 23: Appendix
APPENDIX
Slide 24: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION This presentation contains references to financial measures that are not defined in GAAP. Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoi
Slide 25: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION For the year ending December 31, 2020 2021 2022 2023 2024 Dollars in thousands, except per share data Interest Income $167,167 $179,600 $213,738 $293,696 $325,470 LESS: Interest Expense 32,456 19,820 24,079 103,867 138,001 Net Interest Income 134,711 159,780 189,659 189,829 1
Slide 26: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION For the year ending December 31, Dollars in thousands, except per share data 2020 2021 2022 2023 2024 Calculation of efficiency ratio: Non‐interest expense $107,326 $116,433 $137,622 $145,342 $150,002 Non‐interest income 28,059 33,434 34,766 33,335 39,114 Net interest income
Slide 27: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION As of December 31, 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dollars in thousands, except per share data Total Common Equity $188,548 $201,913 $211,784 $243,910 $262,830 $304,966 $358,352 $385,062 $472,977 $513,462 $552,910 Goodwill and Other Intangibles 27,194 2