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Dec 31, 2023
CNB Financial Q4 2023 Earnings Report
CNB Financial Corporation's financial performance remained stable with increased net income and strategic expense management.
Key Takeaways
CNB Financial Corporation reported a net income of $12.9 million, or $0.62 per diluted share, for the three months ended December 31, 2023. The quarterly increase was primarily a result of increases in net interest income and non-interest income, partially offset by increases in certain personnel costs and technology expenses.
Net income available to common shareholders was $12.9 million, or $0.62 per diluted share.
Total deposits were $5.0 billion, reflecting a slight decrease from the previous quarter end but a full-year increase.
Total nonperforming assets were approximately $31.8 million, or 0.55% of total assets.
Pre-provision net revenue (PPNR) was $18.4 million.
Forward Guidance
CNB Financial Corporation remains committed to its core strategic initiatives while maintaining disciplined asset-liability management and credit quality approaches. A significant focus of near-term strategic efforts is to thoroughly and comprehensively challenge the overhead expense base and find efficiencies to promote the achievement of positive operating leverage.
Positive Outlook
- Focus on maintaining disciplined asset-liability management.
- Commitment to credit quality approaches.
- Thorough and comprehensive challenge of the overhead expense base.
- Efforts to find efficiencies to promote achievement of positive operating leverage.
- Consistent with historic asset quality management principles supported by strict adherence to traditionally conservative underwriting policy and concentration limits.
Challenges Ahead
- Higher market rates and general inflationary conditions impacting demand for many commercial and real estate business segments.
- Significant increases in deposit costs during the year associated with the Federal Reserve rate increases.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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