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Jun 30, 2022
CNB Financial Q2 2022 Earnings Report
Reported earnings per share of $0.85, an increase compared to the second quarter of 2021.
Key Takeaways
CNB Financial Corporation reported a net income available to common shareholders of $14.4 million, or $0.85 per diluted share, for the three months ended June 30, 2022. This represents an increase compared to $12.9 million, or $0.76 per diluted share, for the three months ended June 30, 2021.
Net income available to common shareholders increased by 11.2% to $14.4 million.
Earnings per diluted share rose by 11.8% to $0.85.
Loan growth exceeded projections, driving higher earnings and profitability.
Total nonperforming assets decreased from $33.2 million in June 2021 to $20.7 million.
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
- Forward-looking statements are those that are not historical facts.
- Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond CNB’s control).
- Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.”
- Such developments could have an adverse impact on CNB's financial position and results of operations.
- CNB undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
Challenges Ahead
- CNB’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.
- Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets; (ii) changes in interest rates; (iii) the duration and scope of the COVID-19 pandemic and the local, national and global impact of COVID-19; (iv) actions governments, businesses and individuals take in response to the pandemic; (v) the speed and effectiveness of vaccine and treatment developments and deployment;
- (vi) variations of COVID-19, such as the Delta and Omicron variants, and the response thereto, (vii) the pace of recovery when the COVID-19 pandemic subsides; (vii) changes in general business, industry or economic conditions or competition; (ix) 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; (x) higher than expected costs or other difficulties related to integration of combined or merged businesses;
- (xi) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (xii) changes in the quality or composition of our loan and investment portfolios; (xiii) adequacy of loan loss reserves; (xiv) increased competition; (xv) loss of certain key officers; (xvi) deposit attrition; (xvii) rapidly changing technology; (xviii) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xix) changes in the cost of funds, demand for loan products or demand for financial services; and
- (xx) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices.