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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CNB Financial Corporation | NASDAQ:CCNE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 0.39% | 20.53 | 20.03 | 25.02 | 20.67 | 20.48 | 20.60 | 33,098 | 22:30:00 |
Executive Summary
1 This release contains references to certain financial measures that are not defined under U.S. Generally Accepted Accounting Principles ("GAAP"). Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. A reconciliation of these non-GAAP financial measures is provided in the "Reconciliation of Non-GAAP Financial Measures" section.
Michael D. Peduzzi, President and CEO of both the Corporation and CNB Bank, stated, “Our first quarter results reflect several areas where our team is focused on translating potential revenue growth and cost-savings opportunities to realizing greater performance in the current interest rate environment. Though our total loan balances were down and our interest income was lower, this was a function of both (i) more early paydowns in the early part of the year, including some favorable payoffs of previously criticized loans, and (ii) a number of loans where term sheets with borrowers were approved, but the borrowers delayed obtaining financing expecting some reduction in rates. As the quarter progressed and the Federal Reserve seems to be staying put on rates for now, more borrowers are finalizing their borrowing plans, and both late quarter loan volume and pipeline build were stronger leading into the second quarter. This same pause by the Federal Reserve in interest rates has not provided as much opportunity to reduce pricing on interest-bearing deposit accounts as we would have wanted, but we were able to increase the number of our households and organic funding sources, and continue to increase our noninterest-bearing account relationships.
Expense management - both through resuming positive operating leverage and reducing our efficiency ratio - continues to be a priority. Our largest expense category, staffing costs, reflect our approach to managing these expenses through normal attrition, as well as through expense reductions in our profit-sharing plan. Technology expense was reduced as we continue to challenge relationships with existing vendors to restructure contracts to better align with our current operating profile, customer utilization of technology, and account volumes. As discussed in more detail below, in the third quarter of 2023 we made changes to our Card Services customer scorecard program that have led to an improvement in the margin associated with card transactions under this program. In addition, we are increasing fees on certain elements of wealth management and deposit services, with such increases fully taking effect in the second quarter, reflective of customers more reasonably covering the costs for services and product enhancements previously implemented by the Corporation for their benefit.
Though we are not satisfied with the compression of our net interest margin, a still higher-than-desired efficiency ratio, and lower quarterly net income and earnings per share, we believe the disciplined revenue generation and cost-savings measures we have put into place, and the still sound pipelines supporting future loan, deposit, and wealth management growth, collectively provide a reasonable basis for us to expect improved performance moving forward."
Other Balance Sheet Highlights
Loan Portfolio Profile
The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be a high volatility commercial real estate ("HVCRE") credit.
Performance Ratios
Revenue
Non-Interest Expense
Income Taxes
Asset Quality
Capital
About CNB Financial Corporation
CNB Financial Corporation is a financial holding company with consolidated assets of approximately $5.8 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, three loan production offices, one drive-up office, one mobile office, and 51 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank, headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania, serves as the multi-brand parent to various divisions. These divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in Northwest Pennsylvania and Northeast Ohio; FCBank, based in Worthington, Ohio, with offices in Central Ohio; BankOnBuffalo, based in Buffalo, New York, with offices in Western New York; Ridge View Bank, based in Roanoke, Virginia, with offices in the Southwest Virginia region; and Impressia Bank, a division focused on banking opportunities for women, which operates in CNB Bank's primary market areas. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.
Forward-Looking Statements
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 the Corporation’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. 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 the Corporation’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.” The Corporation’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, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the duration and scope of a pandemic and the local, national and global impact of a pandemic; (iv) changes in general business, industry or economic conditions or competition; (v) 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; (vi) higher than expected costs or other difficulties related to integration of combined or merged businesses; (vii) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (viii) changes in the quality or composition of our loan and investment portfolios; (ix) adequacy of loan loss reserves; (x) increased competition; (xi) loss of certain key officers; (xii) deposit attrition; (xiii) rapidly changing technology; (xiv) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xv) changes in the cost of funds, demand for loan products or demand for financial services; and (xvi) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation's financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in the Corporation’s annual and quarterly reports filed with the Securities and Exchange Commission.
The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. Factors or events that could cause the Corporation’s actual results to differ may emerge from time to time, and it is not possible for the Corporation to predict all of them. The Corporation 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. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Three Months Ended | |||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
Income Statement | |||||||||||
Interest and fees on loans | $ | 71,513 | $ | 73,014 | $ | 62,327 | |||||
Processing fees on PPP loans | 0 | 0 | 1 | ||||||||
Interest and dividends on securities and cash and cash equivalents | 6,392 | 6,194 | 4,312 | ||||||||
Interest expense | (32,683 | ) | (31,514 | ) | (19,001 | ) | |||||
Net interest income | 45,222 | 47,694 | 47,639 | ||||||||
Provision for credit losses | 1,320 | 1,242 | 1,290 | ||||||||
Net interest income after provision for credit losses | 43,902 | 46,452 | 46,349 | ||||||||
Non-interest income | |||||||||||
Wealth and asset management fees | 1,802 | 1,684 | 1,817 | ||||||||
Service charges on deposit accounts | 1,694 | 1,803 | 1,795 | ||||||||
Other service charges and fees | 695 | 727 | 631 | ||||||||
Net realized gains on available-for-sale securities | 0 | 0 | 22 | ||||||||
Net realized and unrealized gains (losses) on equity securities | 191 | 543 | (286 | ) | |||||||
Mortgage banking | 196 | 160 | 168 | ||||||||
Bank owned life insurance | 767 | 734 | 764 | ||||||||
Card processing and interchange income | 2,016 | 2,082 | 2,059 | ||||||||
Other non-interest income | 1,594 | 1,404 | 1,072 | ||||||||
Total non-interest income | 8,955 | 9,137 | 8,042 | ||||||||
Non-interest expenses | |||||||||||
Salaries and benefits | 18,787 | 19,200 | 17,045 | ||||||||
Net occupancy expense of premises | 3,640 | 3,719 | 3,566 | ||||||||
Technology expense | 5,072 | 5,525 | 4,258 | ||||||||
Advertising expense | 685 | 1,048 | 544 | ||||||||
State and local taxes | 1,143 | 1,018 | 1,050 | ||||||||
Legal, professional, and examination fees | 1,172 | 1,247 | 845 | ||||||||
FDIC insurance premiums | 990 | 978 | 873 | ||||||||
Card processing and interchange expenses | 1,179 | 756 | 1,490 | ||||||||
Other non-interest expense | 4,756 | 4,959 | 4,319 | ||||||||
Total non-interest expenses | 37,424 | 38,450 | 33,990 | ||||||||
Income before income taxes | 15,433 | 17,139 | 20,401 | ||||||||
Income tax expense | 2,833 | 3,162 | 3,912 | ||||||||
Net income | 12,600 | 13,977 | 16,489 | ||||||||
Preferred stock dividends | 1,075 | 1,076 | 1,075 | ||||||||
Net income available to common shareholders | $ | 11,525 | $ | 12,901 | $ | 15,414 | |||||
Ending shares outstanding | 21,024,695 | 20,896,439 | 21,116,928 | ||||||||
Average diluted common shares outstanding | 20,887,088 | 20,841,528 | 21,077,531 | ||||||||
Diluted earnings per common share | $ | 0.55 | $ | 0.62 | $ | 0.73 | |||||
Cash dividends per common share | $ | 0.175 | $ | 0.175 | $ | 0.175 | |||||
Dividend payout ratio | 32 | % | 28 | % | 24 | % |
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Three Months Ended | |||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
Average Balances | |||||||||||
Total loans and loans held for sale | $ | 4,428,751 | $ | 4,463,644 | $ | 4,257,033 | |||||
Investment securities | 731,366 | 730,050 | 794,768 | ||||||||
Total earning assets | 5,350,126 | 5,343,817 | 5,068,689 | ||||||||
Total assets | 5,729,779 | 5,719,313 | 5,426,320 | ||||||||
Noninterest-bearing deposits | 736,965 | 759,781 | 837,734 | ||||||||
Interest-bearing deposits | 4,229,135 | 4,217,771 | 3,770,150 | ||||||||
Shareholders' equity | 576,528 | 556,245 | 530,806 | ||||||||
Tangible common shareholders' equity (non-GAAP)(1) | 474,596 | 454,294 | 428,813 | ||||||||
Average Yields (annualized) | |||||||||||
Total loans and loans held for sale | 6.51 | % | 6.51 | % | 5.96 | % | |||||
Investment securities | 2.01 | % | 1.96 | % | 1.95 | % | |||||
Total earning assets | 5.81 | % | 5.82 | % | 5.29 | % | |||||
Interest-bearing deposits | 3.00 | % | 2.86 | % | 1.80 | % | |||||
Interest-bearing liabilities | 3.03 | % | 2.89 | % | 1.94 | % | |||||
Performance Ratios (annualized) | |||||||||||
Return on average assets | 0.88 | % | 0.97 | % | 1.23 | % | |||||
Return on average equity | 8.79 | % | 9.97 | % | 12.60 | % | |||||
Return on average tangible common equity (non-GAAP)(1) | 9.77 | % | 11.27 | % | 14.58 | % | |||||
Net interest margin, fully tax equivalent basis (non-GAAP)(1) | 3.38 | % | 3.51 | % | 3.79 | % | |||||
Efficiency Ratio, fully tax equivalent basis (non-GAAP)(1) | 68.29 | % | 66.93 | % | 60.47 | % | |||||
Net Loan Charge-Offs | |||||||||||
CNB Bank net loan charge-offs | $ | 878 | $ | 747 | $ | 195 | |||||
Holiday Financial net loan charge-offs | 466 | 487 | 491 | ||||||||
Total Corporation net loan charge-offs | $ | 1,344 | $ | 1,234 | $ | 686 | |||||
Annualized net loan charge-offs / average total loans and loans held for sale | 0.12 | % | 0.11 | % | 0.07 | % |
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
Ending Balance Sheet | |||||||||||
Cash and due from banks | $ | 38,953 | $ | 54,789 | $ | 51,206 | |||||
Interest-bearing deposits with Federal Reserve | 259,464 | 164,385 | 132,696 | ||||||||
Interest-bearing deposits with other financial institutions | 3,036 | 2,872 | 4,691 | ||||||||
Total cash and cash equivalents | 301,453 | 222,046 | 188,593 | ||||||||
Debt securities available-for-sale, at fair value | 348,565 | 341,955 | 368,607 | ||||||||
Debt securities held-to-maturity, at amortized cost | 381,706 | 388,968 | 402,300 | ||||||||
Equity securities | 9,581 | 9,301 | 9,416 | ||||||||
Loans held for sale | 1,010 | 675 | 448 | ||||||||
Loans receivable | |||||||||||
PPP loans, net of deferred processing fees | 39 | 48 | 144 | ||||||||
Syndicated loans | 78,685 | 108,710 | 148,085 | ||||||||
Loans | 4,352,674 | 4,359,718 | 4,153,068 | ||||||||
Total loans receivable | 4,431,398 | 4,468,476 | 4,301,297 | ||||||||
Less: allowance for credit losses | (45,832 | ) | (45,832 | ) | (43,981 | ) | |||||
Net loans receivable | 4,385,566 | 4,422,644 | 4,257,316 | ||||||||
Goodwill and other intangibles | 43,874 | 43,874 | 43,874 | ||||||||
Core deposit intangible | 260 | 280 | 342 | ||||||||
Other assets | 329,397 | 323,214 | 312,438 | ||||||||
Total Assets | $ | 5,801,412 | $ | 5,752,957 | $ | 5,583,334 | |||||
Noninterest-bearing demand deposits | $ | 749,178 | $ | 728,881 | $ | 810,623 | |||||
Interest-bearing demand deposits | 719,781 | 803,093 | 958,756 | ||||||||
Savings | 3,035,823 | 2,960,282 | 2,442,903 | ||||||||
Certificates of deposit | 532,771 | 506,494 | 541,847 | ||||||||
Total deposits | 5,037,553 | 4,998,750 | 4,754,129 | ||||||||
Short-term borrowings | 0 | 0 | 102,083 | ||||||||
Subordinated debentures | 20,620 | 20,620 | 20,620 | ||||||||
Subordinated notes, net of issuance costs | 84,343 | 84,267 | 84,040 | ||||||||
Other liabilities | 80,256 | 78,073 | 76,035 | ||||||||
Total liabilities | 5,222,772 | 5,181,710 | 5,036,907 | ||||||||
Common stock | 0 | 0 | 0 | ||||||||
Preferred stock | 57,785 | 57,785 | 57,785 | ||||||||
Additional paid in capital | 218,224 | 220,495 | 219,561 | ||||||||
Retained earnings | 353,780 | 345,935 | 318,629 | ||||||||
Treasury stock | (3,946 | ) | (6,890 | ) | (2,867 | ) | |||||
Accumulated other comprehensive loss | (47,203 | ) | (46,078 | ) | (46,681 | ) | |||||
Total shareholders' equity | 578,640 | 571,247 | 546,427 | ||||||||
Total liabilities and shareholders' equity | $ | 5,801,412 | $ | 5,752,957 | $ | 5,583,334 | |||||
Book value per common share | $ | 24.77 | $ | 24.57 | $ | 23.14 | |||||
Tangible book value per common share (non-GAAP)(1) | $ | 22.67 | $ | 22.46 | $ | 21.05 |
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
Capital Ratios | |||||||||||
Tangible common equity / tangible assets (non-GAAP)(1) | 8.28 | % | 8.22 | % | 8.02 | % | |||||
Tier 1 leverage ratio(2) | 10.64 | % | 10.54 | % | 10.66 | % | |||||
Common equity tier 1 ratio(2) | 11.70 | % | 11.49 | % | 11.35 | % | |||||
Tier 1 risk-based ratio(2) | 13.43 | % | 13.20 | % | 13.13 | % | |||||
Total risk-based ratio(2) | 16.27 | % | 15.99 | % | 15.97 | % | |||||
Asset Quality Detail | |||||||||||
Nonaccrual loans | $ | 28,751 | $ | 29,639 | $ | 20,989 | |||||
Loans 90+ days past due and accruing | 49 | 55 | 1,075 | ||||||||
Total nonperforming loans | 28,800 | 29,694 | 22,064 | ||||||||
Other real estate owned | 1,864 | 2,111 | 1,600 | ||||||||
Total nonperforming assets | $ | 30,664 | $ | 31,805 | $ | 23,664 | |||||
Asset Quality Ratios | |||||||||||
Nonperforming assets / Total loans + OREO | 0.69 | % | 0.71 | % | 0.55 | % | |||||
Nonperforming assets / Total assets | 0.53 | % | 0.55 | % | 0.42 | % | |||||
Ratio of allowance for credit losses on loans to nonaccrual loans | 159.41 | % | 154.63 | % | 209.54 | % | |||||
Allowance for credit losses / Total loans | 1.03 | % | 1.03 | % | 1.02 | % | |||||
Consolidated Financial Data Notes: | |||||||||||
(1) Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data). | |||||||||||
(2) Capital ratios as of March 31, 2024 are estimated pending final regulatory filings. |
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Average Balances, Income and Interest Rates on a Taxable Equivalent Basis | ||||||||||||||||||||||||||||||||
Three Months Ended, | ||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||||||||||||||||||||||
AverageBalance | AnnualRate | InterestInc./Exp. | AverageBalance | AnnualRate | InterestInc./Exp. | AverageBalance | AnnualRate | InterestInc./Exp. | ||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||||||||||
Taxable(1) (4) | $ | 696,851 | 1.96 | % | $ | 3,651 | $ | 694,369 | 1.89 | % | $ | 3,626 | $ | 748,171 | 1.90 | % | $ | 3,766 | ||||||||||||||
Tax-exempt(1) (2) (4) | 27,743 | 2.59 | % | 191 | 27,590 | 2.55 | % | 198 | 33,390 | 2.67 | % | 234 | ||||||||||||||||||||
Equity securities(1) (2) | 6,772 | 5.64 | % | 95 | 8,091 | 5.54 | % | 113 | 13,207 | 2.86 | % | 93 | ||||||||||||||||||||
Total securities(4) | 731,366 | 2.01 | % | 3,937 | 730,050 | 1.96 | % | 3,937 | 794,768 | 1.95 | % | 4,093 | ||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||
Commercial(2) (3) | 1,429,718 | 6.90 | % | 24,519 | 1,467,452 | 7.07 | % | 26,165 | 1,508,584 | 6.29 | % | 23,388 | ||||||||||||||||||||
Mortgage and loans held for sale(2) (3) | 2,870,175 | 6.08 | % | 43,403 | 2,860,619 | 5.99 | % | 43,166 | 2,627,728 | 5.51 | % | 35,731 | ||||||||||||||||||||
Consumer(3) | 128,858 | 11.79 | % | 3,778 | 135,573 | 11.38 | % | 3,890 | 120,721 | 11.55 | % | 3,434 | ||||||||||||||||||||
Total loans receivable(3) | 4,428,751 | 6.51 | % | 71,700 | 4,463,644 | 6.51 | % | 73,221 | 4,257,033 | 5.96 | % | 62,553 | ||||||||||||||||||||
Interest-bearing deposits with the Federal Reserve and other financial institutions | 190,009 | 5.26 | % | 2,485 | 150,123 | 6.06 | % | 2,292 | 16,888 | 6.34 | % | 264 | ||||||||||||||||||||
Total earning assets | 5,350,126 | 5.81 | % | $ | 78,122 | 5,343,817 | 5.82 | % | $ | 79,450 | 5,068,689 | 5.29 | % | $ | 66,910 | |||||||||||||||||
Noninterest-bearing assets: | ||||||||||||||||||||||||||||||||
Cash and due from banks | 53,523 | 55,815 | 52,323 | |||||||||||||||||||||||||||||
Premises and equipment | 110,038 | 109,469 | 102,821 | |||||||||||||||||||||||||||||
Other assets | 261,863 | 256,253 | 245,914 | |||||||||||||||||||||||||||||
Allowance for credit losses | (45,771 | ) | (46,041 | ) | (43,427 | ) | ||||||||||||||||||||||||||
Total non interest-bearing assets | 379,653 | 375,496 | 357,631 | |||||||||||||||||||||||||||||
TOTAL ASSETS | $ | 5,729,779 | $ | 5,719,313 | $ | 5,426,320 | ||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||||||||||||||
Demand—interest-bearing | $ | 739,931 | 0.65 | % | $ | 1,195 | $ | 778,488 | 0.55 | % | $ | 1,081 | $ | 936,147 | 0.48 | % | $ | 1,101 | ||||||||||||||
Savings | 2,965,279 | 3.47 | % | 25,611 | 2,920,026 | 3.36 | % | 24,712 | 2,343,188 | 2.21 | % | 12,740 | ||||||||||||||||||||
Time | 523,925 | 3.64 | % | 4,742 | 519,257 | 3.50 | % | 4,587 | 490,815 | 2.36 | % | 2,858 | ||||||||||||||||||||
Total interest-bearing deposits | 4,229,135 | 3.00 | % | 31,548 | 4,217,771 | 2.86 | % | 30,380 | 3,770,150 | 1.80 | % | 16,699 | ||||||||||||||||||||
Short-term borrowings | 0 | 0.00 | % | 0 | 0 | 0.00 | % | 0 | 102,318 | 4.99 | % | 1,259 | ||||||||||||||||||||
Finance lease liabilities | 282 | 4.28 | % | 3 | 305 | 3.90 | % | 3 | 372 | 4.36 | % | 4 | ||||||||||||||||||||
Subordinated notes and debentures | 104,925 | 4.34 | % | 1,132 | 104,849 | 4.28 | % | 1,131 | 104,622 | 4.03 | % | 1,039 | ||||||||||||||||||||
Total interest-bearing liabilities | 4,334,342 | 3.03 | % | $ | 32,683 | 4,322,925 | 2.89 | % | $ | 31,514 | 3,977,462 | 1.94 | % | $ | 19,001 | |||||||||||||||||
Demand—noninterest-bearing | 736,965 | 759,781 | 837,734 | |||||||||||||||||||||||||||||
Other liabilities | 81,944 | 80,362 | 80,318 | |||||||||||||||||||||||||||||
Total Liabilities | 5,153,251 | 5,163,068 | 4,895,514 | |||||||||||||||||||||||||||||
Shareholders’ equity | 576,528 | 556,245 | 530,806 | |||||||||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 5,729,779 | $ | 5,719,313 | $ | 5,426,320 | ||||||||||||||||||||||||||
Interest income/Earning assets | 5.81 | % | $ | 78,122 | 5.82 | % | $ | 79,450 | 5.29 | % | $ | 66,910 | ||||||||||||||||||||
Interest expense/Interest-bearing liabilities | 3.03 | % | 32,683 | 2.89 | % | 31,514 | 1.94 | % | 19,001 | |||||||||||||||||||||||
Net interest spread | 2.78 | % | $ | 45,439 | 2.93 | % | $ | 47,936 | 3.35 | % | $ | 47,909 | ||||||||||||||||||||
Interest income/Earning assets | 5.81 | % | 78,122 | 5.82 | % | 79,450 | 5.29 | % | 66,910 | |||||||||||||||||||||||
Interest expense/Earning assets | 2.43 | % | 32,683 | 2.31 | % | 31,514 | 1.50 | % | 19,001 | |||||||||||||||||||||||
Net interest margin (fully tax-equivalent) | 3.38 | % | $ | 45,439 | 3.51 | % | $ | 47,936 | 3.79 | % | $ | 47,909 | ||||||||||||||||||||
(1) Includes unamortized discounts and premiums. | ||||||||||||||||||||||||||||||||
(2) Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the three months ended March 31, 2024, December 31, 2023 and March 31, 2023 was $217 thousand, $242 thousand and $270 thousand, respectively. | ||||||||||||||||||||||||||||||||
(3) Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees. | ||||||||||||||||||||||||||||||||
(4) Average balance is computed using the fair value of AFS securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended March 31, 2024, December 31, 2023 and March 31, 2023 was $(55.1) million, $(68.5) million and $(58.7) million, respectively. |
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Reconciliation of Non-GAAP Financial Measures
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
Calculation of tangible book value per common share and tangible common equity / tangible assets (non-GAAP): | |||||||||||
Shareholders' equity | $ | 578,640 | $ | 571,247 | $ | 546,427 | |||||
Less: preferred equity | 57,785 | 57,785 | 57,785 | ||||||||
Common shareholders' equity | 520,855 | 513,462 | 488,642 | ||||||||
Less: goodwill and other intangibles | 43,874 | 43,874 | 43,874 | ||||||||
Less: core deposit intangible | 260 | 280 | 342 | ||||||||
Tangible common equity (non-GAAP) | $ | 476,721 | $ | 469,308 | $ | 444,426 | |||||
Total assets | $ | 5,801,412 | $ | 5,752,957 | $ | 5,583,334 | |||||
Less: goodwill and other intangibles | 43,874 | 43,874 | 43,874 | ||||||||
Less: core deposit intangible | 260 | 280 | 342 | ||||||||
Tangible assets (non-GAAP) | $ | 5,757,278 | $ | 5,708,803 | $ | 5,539,118 | |||||
Ending shares outstanding | 21,024,695 | 20,896,439 | 21,116,928 | ||||||||
Book value per common share (GAAP) | $ | 24.77 | $ | 24.57 | $ | 23.14 | |||||
Tangible book value per common share (non-GAAP) | $ | 22.67 | $ | 22.46 | $ | 21.05 | |||||
Common shareholders' equity / Total assets (GAAP) | 8.98 | % | 8.93 | % | 8.75 | % | |||||
Tangible common equity / Tangible assets (non-GAAP) | 8.28 | % | 8.22 | % | 8.02 | % |
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Reconciliation of Non-GAAP Financial Measures
Three Months Ended | |||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
Calculation of net interest margin: | |||||||||||
Interest income | $ | 77,905 | $ | 79,208 | $ | 66,640 | |||||
Interest expense | 32,683 | 31,514 | 19,001 | ||||||||
Net interest income | $ | 45,222 | $ | 47,694 | $ | 47,639 | |||||
Average total earning assets | $ | 5,350,126 | $ | 5,343,817 | $ | 5,068,689 | |||||
Net interest margin (GAAP) (annualized) | 3.40 | % | 3.54 | % | 3.81 | % | |||||
Calculation of net interest margin (fully tax equivalent basis) (non-GAAP): | |||||||||||
Interest income | $ | 77,905 | $ | 79,208 | $ | 66,640 | |||||
Tax equivalent adjustment (non-GAAP) | 217 | 242 | 270 | ||||||||
Adjusted interest income (fully tax equivalent basis) (non-GAAP) | 78,122 | 79,450 | 66,910 | ||||||||
Interest expense | 32,683 | 31,514 | 19,001 | ||||||||
Net interest income (fully tax equivalent basis) (non-GAAP) | $ | 45,439 | $ | 47,936 | $ | 47,909 | |||||
Average total earning assets | $ | 5,350,126 | $ | 5,343,817 | $ | 5,068,689 | |||||
Less: average mark to market adjustment on investments (non-GAAP) | (55,146 | ) | (68,546 | ) | (58,664 | ) | |||||
Adjusted average total earning assets, net of mark to market (non-GAAP) | $ | 5,405,272 | $ | 5,412,363 | $ | 5,127,353 | |||||
Net interest margin, fully tax equivalent basis (non-GAAP) (annualized) | 3.38 | % | 3.51 | % | 3.79 | % |
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Reconciliation of Non-GAAP Financial Measures
Three Months Ended | |||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
Calculation of PPNR (non-GAAP):(1) | |||||||||||
Net interest income | $ | 45,222 | $ | 47,694 | $ | 47,639 | |||||
Add: Non-interest income | 8,955 | 9,137 | 8,042 | ||||||||
Less: Non-interest expense | 37,424 | 38,450 | 33,990 | ||||||||
PPNR (non-GAAP) | $ | 16,753 | $ | 18,381 | $ | 21,691 | |||||
(1)Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation's ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies. |
Three Months Ended | |||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
Calculation of efficiency ratio: | |||||||||||
Non-interest expense | $ | 37,424 | $ | 38,450 | $ | 33,990 | |||||
Non-interest income | $ | 8,955 | $ | 9,137 | $ | 8,042 | |||||
Net interest income | 45,222 | 47,694 | 47,639 | ||||||||
Total revenue | $ | 54,177 | $ | 56,831 | $ | 55,681 | |||||
Efficiency ratio | 69.08 | % | 67.66 | % | 61.04 | % | |||||
Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP): | |||||||||||
Non-interest expense | $ | 37,424 | $ | 38,450 | $ | 33,990 | |||||
Less: core deposit intangible amortization | 20 | 19 | 22 | ||||||||
Adjusted non-interest expense (non-GAAP) | $ | 37,404 | $ | 38,431 | $ | 33,968 | |||||
Non-interest income | $ | 8,955 | $ | 9,137 | $ | 8,042 | |||||
Net interest income | $ | 45,222 | $ | 47,694 | $ | 47,639 | |||||
Less: tax exempt investment and loan income, net of TEFRA (non-GAAP) | 1,337 | 1,383 | 1,318 | ||||||||
Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP) | 1,932 | 1,968 | 1,806 | ||||||||
Adjusted net interest income (fully tax equivalent basis) (non-GAAP) | 45,817 | 48,279 | 48,127 | ||||||||
Adjusted net revenue (fully tax equivalent basis) (non-GAAP) | $ | 54,772 | $ | 57,416 | $ | 56,169 | |||||
Efficiency ratio (fully tax equivalent basis) (non-GAAP) | 68.29 | % | 66.93 | % | 60.47 | % |
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Reconciliation of Non-GAAP Financial Measures
Three Months Ended | |||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
Calculation of return on average tangible common equity (non-GAAP): | |||||||||||
Net income | $ | 12,600 | $ | 13,977 | $ | 16,489 | |||||
Less: preferred stock dividends | 1,075 | 1,076 | 1,075 | ||||||||
Net income available to common shareholders | $ | 11,525 | $ | 12,901 | $ | 15,414 | |||||
Average shareholders' equity | $ | 576,528 | $ | 556,245 | $ | 530,806 | |||||
Less: average goodwill & intangibles | 44,147 | 44,186 | 44,208 | ||||||||
Less: average preferred equity | 57,785 | 57,785 | 57,785 | ||||||||
Tangible common shareholders' equity (non-GAAP) | $ | 474,596 | $ | 454,274 | $ | 428,813 | |||||
Return on average equity (GAAP) (annualized) | 8.79 | % | 9.97 | % | 12.60 | % | |||||
Return on average common equity (GAAP) (annualized) | 8.04 | % | 9.20 | % | 11.78 | % | |||||
Return on average tangible common equity (non-GAAP) (annualized) | 9.77 | % | 11.27 | % | 14.58 | % |
Three Months Ended | |||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||
Calculation of non-interest income excluding net realized gains on available-for-sale securities (non-GAAP): | |||||||||||
Non-interest income | $ | 8,955 | $ | 9,137 | $ | 8,042 | |||||
Less: net realized gains on available-for-sale securities | 0 | 0 | 22 | ||||||||
Adjusted non-interest income (non-GAAP) | $ | 8,955 | $ | 9,137 | $ | 8,020 |
Contact: Tito L. Lima Treasurer (814) 765-9621
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