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Mar 31, 2024
CNB Financial Q1 2024 Earnings Report
Reported earnings for the three months ended March 31, 2024.
Key Takeaways
CNB Financial Corporation reported net income available to common shareholders of $11.5 million, or $0.55 per diluted share, for the three months ended March 31, 2024. Loans totaled $4.4 billion and total deposits were $5.0 billion at March 31, 2024.
Net income available to common shareholders was $11.5 million, or $0.55 per diluted share.
Loans totaled $4.4 billion, a decrease of $7.0 million, or 0.16%, compared to December 31, 2023.
Total deposits were $5.0 billion, an increase of $38.8 million, or 0.78%, from December 31, 2023.
Total nonperforming assets were approximately $30.7 million, or 0.53% of total assets.
Forward Guidance
CNB Financial's management anticipates improved performance moving forward, supported by disciplined revenue generation, cost-saving measures, and healthy pipelines for future loan, deposit, and wealth management growth.
Positive Outlook
- Stronger loan volume and pipeline build leading into the second quarter.
- Federal Reserve seems to be staying put on rates for now.
- Increased number of households and organic funding sources.
- Continued increase in noninterest-bearing account relationships.
- Expense management through attrition and profit-sharing plan adjustments.
Challenges Ahead
- Compression of net interest margin.
- Efficiency ratio remains higher than desired.
- Lower quarterly net income.
- Lower earnings per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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