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Mar 31, 2021
CNB Financial Q1 2021 Earnings Report
CNB Financial's first quarter earnings per share increased compared to the first quarter of 2020.
Key Takeaways
CNB Financial Corporation reported a strong earnings quarter with earnings per diluted share increasing by 36.8% compared to the same period in 2020. The company's initiatives implemented in 2020 to manage excess liquidity are performing as expected. They continued supporting local businesses through the Paycheck Protection Program.
Earnings per diluted shares of $0.78 for the first quarter of 2021 increased 36.8% from the first quarter of 2020 primarily as a result of a widening net interest margin, coupled with stable credit quality and well-controlled operating efficiency, as evidenced by an improved efficiency ratio.
At March 31, 2021, excluding the impact of government stimulus initiatives as well as the impact of our Bank of Akron acquisition, our loan portfolio had net organic growth of 1.3% from March 31, 2020.
At March 31, 2021, total deposits of $4.4 billion increased 40.6% from March 31, 2020 as a result of organic growth, coupled with the impact of government stimulus initiatives and our acquisition of Bank of Akron.
Our Wealth and Asset business continues to enhance diversification in our revenue stream as Assets Under Management reached $1.2 billion, at March 31, 2021, representing an increase of 23.6% from March 31, 2020.
CNB Financial
CNB Financial
Forward Guidance
We have a positive outlook for the remainder of the year, as business growth opportunities improve, especially in our newest region in Northeast Ohio, where we just broke ground on a new branch location in the Cleveland area. Plans are already underway to establish another location in the region late this year or early next year.