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Mar 31, 2022
CNB Financial Q1 2022 Earnings Report
CNB Financial Corporation reported strong first quarter earnings, driven by loan growth and diligent investment activities.
Key Takeaways
CNB Financial Corporation reported a net income available to common stockholders of $14.2 million, or $0.84 per diluted common share, for the quarter ended March 31, 2022. The corporation experienced robust loan growth and strategic investment activities, contributing to a positive first quarter performance.
Net income available to common was $14.2 million, or $0.84 per diluted common share, an increase compared to Q1 2021.
Loan portfolio totaled $3.6 billion, excluding syndicated loans and PPP loans, representing an increase of $127.0 million from December 31, 2021.
Total deposits were $4.7 billion, reflecting a slight decrease from December 31, 2021, while non-interest bearing deposits increased.
Total nonperforming assets decreased to $20.1 million, or 0.38% of total assets.
CNB Financial
CNB Financial
Forward Guidance
This press release 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 CNB’s financial condition, liquidity, results of operations, future performance and business.
Positive Outlook
- The Corporation’s regulatory capital ratios exceeded regulatory “well-capitalized” levels.
- The Corporation continues to support the Corporation's growth strategy.
- The Corporation’s team hard work enables another strong performance for CNB.
- The Corporation's loan growth across all of our markets.
- The Corporation's diligent investment activities during our first quarter have positioned a portion of our excess liquidity into higher earning assets.
Challenges Ahead
- The duration, severity and scope of the COVID-19 pandemic and its impact on our customers and demand for financial services
- Actions governments, businesses and individuals take in response to the pandemic
- The direct and indirect economic effects of the pandemic and containment measures
- Treatment developments, public adoption rates of COVID-19 vaccines, including booster shots, and their effectiveness against emerging variants of COVID-19, including the Delta and Omicron variants
- The pace of recovery when the COVID-19 pandemic subsides