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Dec 31, 2022
CNB Financial Q4 2022 Earnings Report
Reported record full-year earnings and increased revenue due to loan growth and net interest margin expansion.
Key Takeaways
CNB Financial Corporation reported earnings of $14.8 million, or $0.70 per diluted share, for the three months ended December 31, 2022. The increase in earnings was primarily due to growth in commercial loans and year-over-year increases in the balance of investment securities, stable credit quality, and an asset-sensitive balance sheet supporting increased net interest income in the current rising rate environment.
Earnings for the three months ended December 31, 2022 were $14.8 million, or $0.70 per diluted share, compared to $13.6 million, or $0.80 per diluted share, for the three months ended December 31, 2021.
At December 31, 2022, loans, excluding the impact of (i) syndicated loans, and (ii) PPP loans, net of PPP-related fees, totaled $4.1 billion, representing an increase of $654.5 million, or 18.9%, from December 31, 2021.
Total nonperforming assets were approximately $23.5 million, or 0.43% of total assets, as of December 31, 2022, compared to $20.3 million, or 0.38% of total assets, as of December 31, 2021.
Pre-provision net revenue was $22.8 million for the three months ended December 31, 2022, compared to $18.5 million for the three months ended December 31, 2021, reflecting an increase of $4.3 million, or 23.2%.