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Mar 31, 2023
CNB Financial Q1 2023 Earnings Report
Announced earnings for the first quarter of 2023, revealing growth in total deposits, loans, and assets.
Key Takeaways
CNB Financial Corporation reported a net income available to common shareholders of $15.4 million, or $0.73 per diluted share, for the three months ended March 31, 2023. Total deposits reached $4.8 billion, reflecting an increase of $131.7 million from December 31, 2022. Loans, excluding syndicated and PPP loans, totaled $4.2 billion, an increase of $34.7 million from the previous quarter.
Net income available to common shareholders was $15.4 million, or $0.73 per diluted share.
Total deposits increased by $131.7 million to $4.8 billion.
Loans, excluding syndicated and PPP loans, grew by $34.7 million to $4.2 billion.
Total nonperforming assets were $23.7 million, representing 0.42% 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
- CNB’s loans and deposits are primarily sourced from and based on our local customers and our local communities.
- CNB has no significant exposure to tech-related businesses or start-up businesses, and no exposure to either crypto-related businesses or crypto currencies and investments.
- CNB Bank’s loans and deposits are diversified in terms of types (consumer, small commercial, larger commercial, and private banking) with known customers in well-established industries across our diversified markets.
- CNB has strong capital reserves and liquidity resources
- CNB applies sound and conservative underwriting practices
Challenges Ahead
- Adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry
- Changes in interest rates
- The duration and scope of a pandemic, including the lingering impacts of the COVID-19 pandemic, and the local, national and global impact of a pandemic
- Changes in general business, industry or economic conditions or competition
- Changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise