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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.20 | 0.99% | 20.45 | 20.05 | 20.61 | 20.53 | 20.06 | 20.22 | 38,656 | 21:00:55 |
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.
Reflecting on both the fourth quarter and full-year 2023 results, Michael D. Peduzzi, President and CEO of both the Corporation and CNB Bank, stated, “Our performance reflects the stability of both our loan, deposit, and wealth management customer bases as we managed through the significant increases in deposit costs during the year associated with the Federal Reserve rate increases and resulting impact across the entire banking industry. Despite positive organic loan growth and rising loan yields resulting in higher interest income, the material increases in deposit rates and costs resulted in overall flat net interest income growth in our primary source of revenue – our spread business. While we experienced favorable increases in certain noninterest income activities, including fees earned for our growing treasury management service business, the market rate increases significantly muted mortgage loan demand, reducing both mortgage loan production and related secondary market sales and gains. Respective of these revenue growth challenges, the Corporation continues to tightly manage its overhead, and particularly our personnel costs which generally account for about half of our noninterest expenses.
At the same time as we remain extremely cost-conscious with personnel management and use of third-party professional services and vendors, we look to effectively deploy our recent years' investments in technology which contributed to our increased technology costs for 2023. During the year, we activated significant elements of a comprehensive Customer Relationship Management and sales supportive systems, and successfully completed the implementation of our digital new-account-opening capabilities that allow both commercial and retail customers to open and fund deposit relationships, all online. We also have expanded our deployment of Enhanced Teller Machines, or ETMs, that dually serve as both traditional ATMs and as an electronic channel to connect to our live service agents at our Customer Service Center, which provide for expanded customer hours outside of the traditional business day, while also reducing the need for higher cost retail personnel staffing. Our women’s banking division, Impressia Bank, continues to develop leads and opportunities with women-owned small businesses and retail relationships since our 2023 launches in our Cleveland and Columbus, Ohio markets and our Erie, Pennsylvania market. I was also pleased with the early response to our 2023 launch of our “At Ease” deposit accounts which focus on providing valuable deposit account rates and services to our service members and veterans.
We remain consistent with our historic asset quality management principles supported by our strict adherence to our traditionally conservative underwriting policy and concentration limits. We continue to employ established and regularly updated stress testing and risk management activities to avoid undue adverse exposure to more economically-sensitive commercial and industrial segments, as well as the various commercial real estate market segments. Though higher market rates and general inflationary conditions are impacting demand for many commercial and real estate business segments, we remain actively engaged with proven, qualitative commercial business relationships across all of our markets to be relevant providers of appropriately-priced loan opportunities to creditworthy customers.
Our CNB Bank capital levels and liquidity sources, both on-hand and contingently available, remain very sound and stable, and our overall profitability and capital management allows us to maintain our quarterly dividends at similar levels as in prior quarters.
As we remain committed to our core strategic initiatives while maintaining our disciplined asset-liability management and credit quality approaches, including thorough and continuous risk management activities, a significant focus of our near-term strategic efforts is to thoroughly and comprehensively challenge our overhead expense base and find efficiencies to promote our achievement of positive operating leverage."
Other Balance Sheet Highlights
Loan Portfolio Profile
The Corporation had no commercial office loan relationships considered by the banking regulators to be a high volatility commercial real estate 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, two loan production offices, one drive-up office, one mobile office, and 51 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank's 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. CNB Bank is headquartered in Clearfield, Pennsylvania, with offices in Central and North Central Pennsylvania. 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 CNB’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 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.” 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, including actual or potential stresses in the banking industry; (ii) changes in interest rates; (iii) the duration and scope of a pandemic, including the lingering impacts of the COVID-19 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 CNB'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 CNB’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 CNB’s actual results to differ may emerge from time to time, and it is not possible for CNB to predict all of them. 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. 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 | Twelve Months Ended | ||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||
Income Statement | |||||||||||||||||||
Interest and fees on loans | $ | 73,014 | $ | 70,980 | $ | 57,781 | $ | 273,220 | $ | 194,149 | |||||||||
Processing fees on PPP loans | 0 | 0 | 19 | 3 | 1,889 | ||||||||||||||
Interest and dividends on securities and cash and cash equivalents | 6,194 | 4,536 | 4,645 | 20,473 | 17,700 | ||||||||||||||
Interest expense | (31,514 | ) | (28,280 | ) | (11,612 | ) | (103,867 | ) | (24,079 | ) | |||||||||
Net interest income | 47,694 | 47,236 | 50,833 | 189,829 | 189,659 | ||||||||||||||
Provision for credit losses | 1,242 | 1,056 | 2,950 | 5,993 | 8,589 | ||||||||||||||
Net interest income after provision for credit losses | 46,452 | 46,180 | 47,883 | 183,836 | 181,070 | ||||||||||||||
Non-interest income | |||||||||||||||||||
Wealth and asset management fees | 1,684 | 1,833 | 1,716 | 7,251 | 7,172 | ||||||||||||||
Service charges on deposit accounts | 1,803 | 1,861 | 1,806 | 7,372 | 7,206 | ||||||||||||||
Other service charges and fees | 727 | 567 | 943 | 3,010 | 3,196 | ||||||||||||||
Net realized gains on available-for-sale securities | 0 | 0 | 0 | 52 | 651 | ||||||||||||||
Net realized and unrealized losses on equity securities | 543 | (400 | ) | 284 | (387 | ) | (1,149 | ) | |||||||||||
Mortgage banking | 160 | 172 | 172 | 676 | 1,237 | ||||||||||||||
Bank owned life insurance | 734 | 754 | 655 | 2,945 | 3,433 | ||||||||||||||
Card processing and interchange income | 2,082 | 2,098 | 2,021 | 8,301 | 7,797 | ||||||||||||||
Other non-interest income | 1,404 | 978 | 1,410 | 4,115 | 5,223 | ||||||||||||||
Total non-interest income | 9,137 | 7,863 | 9,007 | 33,335 | 34,766 | ||||||||||||||
Non-interest expenses | |||||||||||||||||||
Salaries and benefits | 19,200 | 17,758 | 18,800 | 71,062 | 71,460 | ||||||||||||||
Net occupancy expense of premises | 3,719 | 3,596 | 3,358 | 14,509 | 13,298 | ||||||||||||||
Technology expense | 5,525 | 5,232 | 5,093 | 20,202 | 17,041 | ||||||||||||||
Advertising expense | 1,048 | 840 | 1,021 | 3,133 | 2,887 | ||||||||||||||
State and local taxes | 1,018 | 1,028 | 957 | 4,126 | 4,078 | ||||||||||||||
Legal, professional, and examination fees | 1,247 | 1,320 | 1,141 | 4,414 | 4,173 | ||||||||||||||
FDIC insurance premiums | 978 | 1,027 | 654 | 3,879 | 2,796 | ||||||||||||||
Card processing and interchange expenses | 756 | 1,207 | 1,315 | 5,025 | 4,801 | ||||||||||||||
Other non-interest expense | 4,959 | 4,906 | 4,682 | 18,992 | 17,088 | ||||||||||||||
Total non-interest expenses | 38,450 | 36,914 | 37,021 | 145,342 | 137,622 | ||||||||||||||
Income before income taxes | 17,139 | 17,129 | 19,869 | 71,829 | 78,214 | ||||||||||||||
Income tax expense | 3,162 | 3,402 | 3,989 | 13,809 | 15,026 | ||||||||||||||
Net income | 13,977 | 13,727 | 15,880 | 58,020 | 63,188 | ||||||||||||||
Preferred stock dividends | 1,076 | 1,076 | 1,076 | 4,302 | 4,302 | ||||||||||||||
Net income available to common shareholders | $ | 12,901 | $ | 12,651 | $ | 14,804 | $ | 53,718 | $ | 58,886 | |||||||||
Ending shares outstanding | 20,896,439 | 20,895,634 | 21,121,346 | 20,896,439 | 21,121,346 | ||||||||||||||
Average diluted common shares outstanding | 20,841,528 | 20,899,744 | 21,092,770 | 20,944,376 | 18,019,604 | ||||||||||||||
Diluted earnings per common share | $ | 0.62 | $ | 0.60 | $ | 0.70 | $ | 2.55 | $ | 3.26 | |||||||||
Cash dividends per common share | $ | 0.175 | $ | 0.175 | $ | 0.175 | $ | 0.700 | $ | 0.700 | |||||||||
Dividend payout ratio | 28 | % | 29 | % | 25 | % | 27 | % | 21 | % | |||||||||
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||
Average Balances | |||||||||||||||||||
Total loans and loans held for sale | $ | 4,463,644 | $ | 4,485,017 | $ | 4,123,857 | $ | 4,396,341 | $ | 3,897,722 | |||||||||
Investment securities | 730,050 | 749,352 | 787,259 | 760,976 | 813,172 | ||||||||||||||
Total earning assets | 5,343,817 | 5,273,758 | 4,959,490 | 5,232,117 | 4,954,547 | ||||||||||||||
Total assets | 5,719,313 | 5,647,491 | 5,311,790 | 5,601,371 | 5,284,213 | ||||||||||||||
Noninterest-bearing deposits | 759,781 | 792,193 | 874,131 | 793,713 | 847,793 | ||||||||||||||
Interest-bearing deposits | 4,217,771 | 4,109,360 | 3,714,040 | 4,037,554 | 3,796,642 | ||||||||||||||
Shareholders' equity | 556,245 | 555,464 | 505,992 | 550,333 | 455,748 | ||||||||||||||
Tangible common shareholders' equity (non-GAAP)(1) | 454,294 | 453,493 | 404,079 | 448,355 | 353,800 | ||||||||||||||
Average Yields (annualized) | |||||||||||||||||||
Total loans and loans held for sale | 6.51 | % | 6.30 | % | 5.58 | % | 6.23 | % | 5.06 | % | |||||||||
Investment securities | 1.96 | % | 1.96 | % | 1.90 | % | 1.96 | % | 1.85 | % | |||||||||
Total earning assets | 5.82 | % | 5.63 | % | 4.95 | % | 5.57 | % | 4.30 | % | |||||||||
Interest-bearing deposits | 2.86 | % | 2.62 | % | 1.09 | % | 2.42 | % | 0.52 | % | |||||||||
Interest-bearing liabilities | 2.89 | % | 2.66 | % | 1.20 | % | 2.49 | % | 0.62 | % | |||||||||
Performance Ratios (annualized) | |||||||||||||||||||
Return on average assets | 0.97 | % | 0.96 | % | 1.19 | % | 1.04 | % | 1.20 | % | |||||||||
Return on average equity | 9.97 | % | 9.80 | % | 12.45 | % | 10.54 | % | 13.86 | % | |||||||||
Return on average tangible common equity (non-GAAP)(1) | 11.27 | % | 11.07 | % | 14.54 | % | 11.98 | % | 16.64 | % | |||||||||
Net interest margin, fully tax equivalent basis (non-GAAP)(1) | 3.51 | % | 3.53 | % | 4.03 | % | 3.61 | % | 3.82 | % | |||||||||
Efficiency Ratio, fully tax equivalent basis (non-GAAP)(1) | 66.93 | % | 66.26 | % | 61.40 | % | 64.45 | % | 60.87 | % | |||||||||
Net Loan Charge-Offs | |||||||||||||||||||
CNB Bank net loan charge-offs | $ | 747 | $ | 381 | $ | 437 | $ | 1,702 | $ | 694 | |||||||||
Holiday Financial net loan charge-offs | 487 | 351 | 384 | 1,739 | 1,444 | ||||||||||||||
Total Corporation net loan charge-offs | $ | 1,234 | $ | 732 | $ | 821 | $ | 3,441 | $ | 2,138 | |||||||||
Annualized net loan charge-offs / average total loans and loans held for sale | 0.11 | % | 0.06 | % | 0.08 | % | 0.08 | % | 0.05 | % | |||||||||
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||
Ending Balance Sheet | |||||||||||
Cash and due from banks | $ | 54,789 | $ | 61,529 | $ | 58,884 | |||||
Interest-bearing deposits with Federal Reserve | 164,385 | 117,632 | 43,401 | ||||||||
Interest-bearing deposits with other financial institutions | 2,872 | 3,424 | 4,000 | ||||||||
Total cash and cash equivalents | 222,046 | 182,585 | 106,285 | ||||||||
Debt securities available-for-sale, at fair value | 341,955 | 335,122 | 371,409 | ||||||||
Debt securities held-to-maturity, at amortized cost | 388,968 | 391,301 | 404,765 | ||||||||
Equity securities | 9,301 | 8,948 | 9,615 | ||||||||
Loans held for sale | 675 | 464 | 251 | ||||||||
Loans receivable | |||||||||||
PPP loans, net of deferred processing fees | 48 | 56 | 159 | ||||||||
Syndicated loans | 108,710 | 123,090 | 156,649 | ||||||||
Loans | 4,359,718 | 4,369,028 | 4,118,370 | ||||||||
Total loans receivable | 4,468,476 | 4,492,174 | 4,275,178 | ||||||||
Less: allowance for credit losses | (45,832 | ) | (45,832 | ) | (43,436 | ) | |||||
Net loans receivable | 4,422,644 | 4,446,342 | 4,231,742 | ||||||||
Goodwill and other intangibles | 43,874 | 43,874 | 43,749 | ||||||||
Core deposit intangible | 280 | 299 | 364 | ||||||||
Other assets | 323,214 | 322,973 | 306,999 | ||||||||
Total Assets | $ | 5,752,957 | $ | 5,731,908 | $ | 5,475,179 | |||||
Noninterest-bearing demand deposits | $ | 728,881 | $ | 782,996 | $ | 898,437 | |||||
Interest-bearing demand deposits | 803,093 | 781,309 | 1,007,202 | ||||||||
Savings | 2,960,282 | 2,883,736 | 2,270,337 | ||||||||
Certificates of deposit | 506,494 | 554,740 | 446,461 | ||||||||
Total deposits | 4,998,750 | 5,002,781 | 4,622,437 | ||||||||
Short-term borrowings | 0 | 0 | 132,396 | ||||||||
Subordinated debentures | 20,620 | 20,620 | 20,620 | ||||||||
Subordinated notes, net of issuance costs | 84,267 | 84,191 | 83,964 | ||||||||
Other liabilities | 78,073 | 75,104 | 85,000 | ||||||||
Total liabilities | 5,181,710 | 5,182,696 | 4,944,417 | ||||||||
Common stock | 0 | 0 | 0 | ||||||||
Preferred stock | 57,785 | 57,785 | 57,785 | ||||||||
Additional paid in capital | 220,495 | 220,100 | 221,553 | ||||||||
Retained earnings | 345,935 | 336,690 | 306,911 | ||||||||
Treasury stock | (6,890 | ) | (6,862 | ) | (2,967 | ) | |||||
Accumulated other comprehensive loss | (46,078 | ) | (58,501 | ) | (52,520 | ) | |||||
Total shareholders' equity | 571,247 | 549,212 | 530,762 | ||||||||
Total liabilities and shareholders' equity | $ | 5,752,957 | $ | 5,731,908 | $ | 5,475,179 | |||||
Book value per common share | $ | 24.57 | $ | 23.52 | $ | 22.39 | |||||
Tangible book value per common share (non-GAAP) (1) | $ | 22.46 | $ | 21.40 | $ | 20.30 | |||||
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||
Capital Ratios | |||||||||||
Tangible common equity / tangible assets (non-GAAP)(1) | 8.22 | % | 7.86 | % | 7.90 | % | |||||
Tier 1 leverage ratio(2) | 10.54 | % | 10.50 | % | 10.80 | % | |||||
Common equity tier 1 ratio(2) | 11.49 | % | 11.21 | % | 11.42 | % | |||||
Tier 1 risk-based ratio(2) | 13.20 | % | 12.92 | % | 13.24 | % | |||||
Total risk-based ratio(2) | 15.99 | % | 15.68 | % | 16.08 | % | |||||
Asset Quality Detail | |||||||||||
Nonaccrual loans | $ | 29,639 | $ | 27,065 | $ | 20,986 | |||||
Loans 90+ days past due and accruing | 55 | 231 | 1,121 | ||||||||
Total nonperforming loans | 29,694 | 27,296 | 22,107 | ||||||||
Other real estate owned | 2,111 | 2,039 | 1,439 | ||||||||
Total nonperforming assets | $ | 31,805 | $ | 29,335 | $ | 23,546 | |||||
Asset Quality Ratios | |||||||||||
Nonperforming assets / Total loans + OREO | 0.71 | % | 0.65 | % | 0.55 | % | |||||
Nonperforming assets / Total assets | 0.55 | % | 0.51 | % | 0.43 | % | |||||
Ratio of allowance for credit losses on loans to nonaccrual loans | 154.63 | % | 169.34 | % | 206.98 | % | |||||
Allowance for credit losses / Total loans | 1.03 | % | 1.02 | % | 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 December 31, 2023 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, | |||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
AverageBalance | AnnualRate | InterestInc./Exp. | AverageBalance | AnnualRate | InterestInc./Exp. | AverageBalance | AnnualRate | InterestInc./Exp. | |||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable(1) (4) | $ | 694,369 | 1.89 | % | $ | 3,626 | $ | 711,299 | 1.89 | % | $ | 3,674 | $ | 744,979 | 1.86 | % | $ | 3,786 | |||||||||||
Tax-exempt(1) (2) (4) | 27,590 | 2.55 | % | 198 | 29,455 | 2.55 | % | 204 | 32,884 | 2.74 | % | 250 | |||||||||||||||||
Equity securities(1) (2) | 8,091 | 5.54 | % | 113 | 8,598 | 5.58 | % | 121 | 9,396 | 2.24 | % | 53 | |||||||||||||||||
Total securities(4) | 730,050 | 1.96 | % | 3,937 | 749,352 | 1.96 | % | 3,999 | 787,259 | 1.90 | % | 4,089 | |||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Commercial(2) (3) | 1,467,452 | 7.07 | % | 26,165 | 1,516,942 | 6.72 | % | 25,693 | 1,489,416 | 5.76 | % | 21,641 | |||||||||||||||||
Mortgage and loans held for sale(2) (3) | 2,860,619 | 5.99 | % | 43,166 | 2,834,576 | 5.83 | % | 41,618 | 2,515,400 | 5.22 | % | 33,112 | |||||||||||||||||
Consumer(3) | 135,573 | 11.38 | % | 3,890 | 133,499 | 11.51 | % | 3,874 | 119,041 | 10.93 | % | 3,280 | |||||||||||||||||
Total loans receivable(3) | 4,463,644 | 6.51 | % | 73,221 | 4,485,017 | 6.30 | % | 71,185 | 4,123,857 | 5.58 | % | 58,033 | |||||||||||||||||
Interest-bearing deposits with the Federal Reserve and other financial institutions | 150,123 | 6.06 | % | 2,292 | 39,389 | 5.78 | % | 574 | 48,374 | 4.96 | % | 605 | |||||||||||||||||
Total earning assets | 5,343,817 | 5.82 | % | $ | 79,450 | 5,273,758 | 5.63 | % | $ | 75,758 | 4,959,490 | 4.95 | % | $ | 62,727 | ||||||||||||||
Noninterest-bearing assets: | |||||||||||||||||||||||||||||
Cash and due from banks | 55,815 | 55,502 | 54,791 | ||||||||||||||||||||||||||
Premises and equipment | 109,469 | 109,854 | 96,804 | ||||||||||||||||||||||||||
Other assets | 256,253 | 254,106 | 242,585 | ||||||||||||||||||||||||||
Allowance for credit losses | (46,041 | ) | (45,729 | ) | (41,880 | ) | |||||||||||||||||||||||
Total non interest-bearing assets | 375,496 | 373,733 | 352,300 | ||||||||||||||||||||||||||
TOTAL ASSETS | $ | 5,719,313 | $ | 5,647,491 | $ | 5,311,790 | |||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||||||||||||||||||||
Demand—interest-bearing | $ | 778,488 | 0.55 | % | $ | 1,081 | $ | 813,264 | 0.52 | % | $ | 1,061 | $ | 1,002,822 | 0.25 | % | $ | 643 | |||||||||||
Savings | 2,920,026 | 3.36 | % | 24,712 | 2,788,499 | 3.13 | % | 22,004 | 2,293,534 | 1.33 | % | 7,681 | |||||||||||||||||
Time | 519,257 | 3.50 | % | 4,587 | 507,597 | 3.16 | % | 4,048 | 417,684 | 1.81 | % | 1,908 | |||||||||||||||||
Total interest-bearing deposits | 4,217,771 | 2.86 | % | 30,380 | 4,109,360 | 2.62 | % | 27,113 | 3,714,040 | 1.09 | % | 10,232 | |||||||||||||||||
Short-term borrowings | 0 | 0.00 | % | 0 | 6,101 | 5.66 | % | 87 | 34,865 | 4.25 | % | 369 | |||||||||||||||||
Finance lease liabilities | 305 | 3.90 | % | 3 | 328 | 4.84 | % | 4 | 394 | 5.03 | % | 5 | |||||||||||||||||
Subordinated notes and debentures | 104,849 | 4.28 | % | 1,131 | 104,773 | 4.07 | % | 1,076 | 104,546 | 3.82 | % | 1,006 | |||||||||||||||||
Total interest-bearing liabilities | 4,322,925 | 2.89 | % | $ | 31,514 | 4,220,562 | 2.66 | % | $ | 28,280 | 3,853,845 | 1.20 | % | $ | 11,612 | ||||||||||||||
Demand—noninterest-bearing | 759,781 | 792,193 | 874,131 | ||||||||||||||||||||||||||
Other liabilities | 80,362 | 79,272 | 77,822 | ||||||||||||||||||||||||||
Total Liabilities | 5,163,068 | 5,092,027 | 4,805,798 | ||||||||||||||||||||||||||
Shareholders’ equity | 556,245 | 555,464 | 505,992 | ||||||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 5,719,313 | $ | 5,647,491 | $ | 5,311,790 | |||||||||||||||||||||||
Interest income/Earning assets | 5.82 | % | $ | 79,450 | 5.63 | % | $ | 75,758 | 4.95 | % | $ | 62,727 | |||||||||||||||||
Interest expense/Interest-bearing liabilities | 2.89 | % | 31,514 | 2.66 | % | 28,280 | 1.20 | % | 11,612 | ||||||||||||||||||||
Net interest spread | 2.93 | % | $ | 47,936 | 2.97 | % | $ | 47,478 | 3.75 | % | $ | 51,115 | |||||||||||||||||
Interest income/Earning assets | 5.82 | % | 79,450 | 5.63 | % | 75,758 | 4.95 | % | 62,727 | ||||||||||||||||||||
Interest expense/Earning assets | 2.31 | % | 31,514 | 2.10 | % | 28,280 | 0.92 | % | 11,612 | ||||||||||||||||||||
Net interest margin (fully tax-equivalent) | 3.51 | % | $ | 47,936 | 3.53 | % | $ | 47,478 | 4.03 | % | $ | 51,115 |
(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 December 31, 2023, September 30, 2023 and December 31, 2022 was $242 thousand, $242 thousand and $282 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 December 31, 2023, September 30, 2023 and December 31, 2022 was $(68.5) million, $(61.1) million and $(66.8) million, respectively. |
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Average Balances, Income and Interest Rates on a Taxable Equivalent Basis | |||||||||||||||||||
Twelve Months Ended, | |||||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||||
AverageBalance | AnnualRate | InterestInc./Exp. | AverageBalance | AnnualRate | InterestInc./Exp. | ||||||||||||||
ASSETS: | |||||||||||||||||||
Securities: | |||||||||||||||||||
Taxable(1) (4) | $ | 720,818 | 1.89 | % | $ | 14,766 | $ | 768,959 | 1.80 | % | $ | 14,560 | |||||||
Tax-exempt(1) (2) (4) | 30,153 | 2.59 | % | 844 | 35,965 | 2.87 | % | 1,080 | |||||||||||
Equity securities(1) (2) | 10,005 | 5.09 | % | 509 | 8,248 | 2.13 | % | 176 | |||||||||||
Total securities(4) | 760,976 | 1.96 | % | 16,119 | 813,172 | 1.85 | % | 15,816 | |||||||||||
Loans receivable: | |||||||||||||||||||
Commercial(2) (3) | 1,501,202 | 6.63 | % | 99,587 | 1,429,634 | 5.08 | % | 72,684 | |||||||||||
Mortgage and loans held for sale(2) (3) | 2,765,484 | 5.77 | % | 159,606 | 2,355,662 | 4.78 | % | 112,583 | |||||||||||
Consumer(3) | 129,655 | 11.47 | % | 14,868 | 112,426 | 10.48 | % | 11,778 | |||||||||||
Total loans receivable(3) | 4,396,341 | 6.23 | % | 274,061 | 3,897,722 | 5.06 | % | 197,045 | |||||||||||
Interest-bearing deposits with the Federal Reserve and other financial institutions | 74,800 | 6.03 | % | 4,513 | 243,653 | 1.16 | % | 2,112 | |||||||||||
Total earning assets | 5,232,117 | 5.57 | % | $ | 294,693 | 4,954,547 | 4.30 | % | $ | 214,973 | |||||||||
Noninterest-bearing assets: | |||||||||||||||||||
Cash and due from banks | 54,824 | 51,670 | |||||||||||||||||
Premises and equipment | 107,635 | 89,940 | |||||||||||||||||
Other assets | 251,725 | 227,991 | |||||||||||||||||
Allowance for credit losses | (44,930 | ) | (39,935 | ) | |||||||||||||||
Total non interest-bearing assets | 369,254 | 329,666 | |||||||||||||||||
TOTAL ASSETS | $ | 5,601,371 | $ | 5,284,213 | |||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||||||||||
Demand—interest-bearing | $ | 853,632 | 0.54 | % | $ | 4,626 | $ | 1,061,452 | 0.20 | % | $ | 2,131 | |||||||
Savings | 2,666,905 | 2.92 | % | 77,782 | 2,383,918 | 0.54 | % | 12,772 | |||||||||||
Time | 517,017 | 2.97 | % | 15,362 | 351,272 | 1.40 | % | 4,930 | |||||||||||
Total interest-bearing deposits | 4,037,554 | 2.42 | % | 97,770 | 3,796,642 | 0.52 | % | 19,833 | |||||||||||
Short-term borrowings | 35,224 | 5.07 | % | 1,787 | 8,793 | 4.20 | % | 369 | |||||||||||
Finance lease liabilities | 339 | 4.42 | % | 15 | 426 | 4.69 | % | 20 | |||||||||||
Subordinated notes and debentures | 104,735 | 4.10 | % | 4,295 | 104,432 | 3.69 | % | 3,857 | |||||||||||
Total interest-bearing liabilities | 4,177,852 | 2.49 | % | $ | 103,867 | 3,910,293 | 0.62 | % | $ | 24,079 | |||||||||
Demand—noninterest-bearing | 793,713 | 847,793 | |||||||||||||||||
Other liabilities | 79,473 | 70,379 | |||||||||||||||||
Total Liabilities | 5,051,038 | 4,828,465 | |||||||||||||||||
Shareholders’ equity | 550,333 | 455,748 | |||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 5,601,371 | $ | 5,284,213 | |||||||||||||||
Interest income/Earning assets | 5.57 | % | $ | 294,693 | 4.30 | % | $ | 214,973 | |||||||||||
Interest expense/Interest-bearing liabilities | 2.49 | % | 103,867 | 0.62 | % | 24,079 | |||||||||||||
Net interest spread | 3.08 | % | $ | 190,826 | 3.68 | % | $ | 190,894 | |||||||||||
Interest income/Earning assets | 5.57 | % | 294,693 | 4.30 | % | 214,973 | |||||||||||||
Interest expense/Earning assets | 1.96 | % | 103,867 | 0.48 | % | 24,079 | |||||||||||||
Net interest margin (fully tax-equivalent) | 3.61 | % | $ | 190,826 | 3.82 | % | $ | 190,894 |
(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 twelve months ended December 31, 2023 and 2022 was $997 thousand and $1.2 million, 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 twelve months ended December 31, 2023 and 2022 was $(61.1) million and $(40.3) million, respectively. |
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Reconciliation of Non-GAAP Financial Measures
December 31, 2023 | September 30, 2023 | December 31, 2022 | |||||||||
Calculation of tangible book value per common share and tangible common equity / tangible assets (non-GAAP): | |||||||||||
Shareholders' equity | $ | 571,247 | $ | 549,212 | $ | 530,762 | |||||
Less: preferred equity | 57,785 | 57,785 | 57,785 | ||||||||
Common shareholders' equity | 513,462 | 491,427 | 472,977 | ||||||||
Less: goodwill and other intangibles | 43,874 | 43,874 | 43,749 | ||||||||
Less: core deposit intangible | 280 | 299 | 364 | ||||||||
Tangible common equity (non-GAAP) | $ | 469,308 | $ | 447,254 | $ | 428,864 | |||||
Total assets | $ | 5,752,957 | $ | 5,731,908 | $ | 5,475,179 | |||||
Less: goodwill and other intangibles | 43,874 | 43,874 | 43,749 | ||||||||
Less: core deposit intangible | 280 | 299 | 364 | ||||||||
Tangible assets (non-GAAP) | $ | 5,708,803 | $ | 5,687,735 | $ | 5,431,066 | |||||
Ending shares outstanding | 20,896,439 | 20,895,634 | 21,121,346 | ||||||||
Book value per common share (GAAP) | $ | 24.57 | $ | 23.52 | $ | 22.39 | |||||
Tangible book value per common share (non-GAAP) | $ | 22.46 | $ | 21.40 | $ | 20.30 | |||||
Common shareholders' equity / Total assets (GAAP) | 8.93 | % | 8.57 | % | 8.64 | % | |||||
Tangible common equity / Tangible assets (non-GAAP) | 8.22 | % | 7.86 | % | 7.90 | % | |||||
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Reconciliation of Non-GAAP Financial Measures
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||
Calculation of net interest margin: | |||||||||||||||||||
Interest income | $ | 79,208 | $ | 75,516 | $ | 62,445 | $ | 293,696 | $ | 213,738 | |||||||||
Interest expense | 31,514 | 28,280 | 11,612 | 103,867 | 24,079 | ||||||||||||||
Net interest income | $ | 47,694 | $ | 47,236 | $ | 50,833 | $ | 189,829 | $ | 189,659 | |||||||||
Average total earning assets | $ | 5,343,817 | $ | 5,273,758 | $ | 4,959,490 | $ | 5,232,117 | $ | 4,954,547 | |||||||||
Net interest margin (GAAP) (annualized) | 3.54 | % | 3.55 | % | 4.07 | % | 3.63 | % | 3.83 | % | |||||||||
Calculation of net interest margin (fully tax equivalent basis) (non-GAAP): | |||||||||||||||||||
Interest income | $ | 79,208 | $ | 75,516 | $ | 62,445 | $ | 293,696 | $ | 213,738 | |||||||||
Tax equivalent adjustment (non-GAAP) | 242 | 242 | 282 | 997 | 1,235 | ||||||||||||||
Adjusted interest income (fully tax equivalent basis) (non-GAAP) | 79,450 | 75,758 | 62,727 | 294,693 | 214,973 | ||||||||||||||
Interest expense | 31,514 | 28,280 | 11,612 | 103,867 | 24,079 | ||||||||||||||
Net interest income (fully tax equivalent basis) (non-GAAP) | $ | 47,936 | $ | 47,478 | $ | 51,115 | $ | 190,826 | $ | 190,894 | |||||||||
Average total earning assets | $ | 5,343,817 | $ | 5,273,758 | $ | 4,959,490 | $ | 5,232,117 | $ | 4,954,547 | |||||||||
Less: average mark to market adjustment on investments (non-GAAP) | (68,546 | ) | (61,103 | ) | (66,781 | ) | (61,089 | ) | (40,271 | ) | |||||||||
Adjusted average total earning assets, net of mark to market (non-GAAP) | $ | 5,412,363 | $ | 5,334,861 | $ | 5,026,271 | $ | 5,293,206 | $ | 4,994,818 | |||||||||
Net interest margin, fully tax equivalent basis (non-GAAP) (annualized) | 3.51 | % | 3.53 | % | 4.03 | % | 3.61 | % | 3.82 | % | |||||||||
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Reconciliation of Non-GAAP Financial Measures
Three Months Ended | Twelve Months Ended | |||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||
Calculation of PPNR (non-GAAP): (1) | ||||||||||||||
Net interest income | $ | 47,694 | $ | 47,236 | $ | 50,833 | $ | 189,829 | $ | 189,659 | ||||
Add: Non-interest income | 9,137 | 7,863 | 9,007 | 33,335 | 34,766 | |||||||||
Less: Non-interest expense | 38,450 | 36,914 | 37,021 | 145,342 | 137,622 | |||||||||
PPNR (non-GAAP) | $ | 18,381 | $ | 18,185 | $ | 22,819 | $ | 77,822 | $ | 86,803 | ||||
(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 | Twelve Months Ended | ||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||
Calculation of efficiency ratio: | |||||||||||||||||||
Non-interest expense | $ | 38,450 | $ | 36,914 | $ | 37,021 | $ | 145,342 | $ | 137,622 | |||||||||
Non-interest income | $ | 9,137 | $ | 7,863 | $ | 9,007 | $ | 33,335 | $ | 34,766 | |||||||||
Net interest income | 47,694 | 47,236 | 50,833 | 189,829 | 189,659 | ||||||||||||||
Total revenue | $ | 56,831 | $ | 55,099 | $ | 59,840 | $ | 223,164 | $ | 224,425 | |||||||||
Efficiency ratio | 67.66 | % | 67.00 | % | 61.87 | % | 65.13 | % | 61.32 | % | |||||||||
Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP): | |||||||||||||||||||
Non-interest expense | $ | 38,450 | $ | 36,914 | $ | 37,021 | $ | 145,342 | $ | 137,622 | |||||||||
Less: core deposit intangible amortization | 19 | 20 | 23 | 84 | 96 | ||||||||||||||
Adjusted non-interest expense (non-GAAP) | $ | 38,431 | $ | 36,894 | $ | 36,998 | $ | 145,258 | $ | 137,526 | |||||||||
Non-interest income | $ | 9,137 | $ | 7,863 | $ | 9,007 | $ | 33,335 | $ | 34,766 | |||||||||
Net interest income | $ | 47,694 | $ | 47,236 | $ | 50,833 | $ | 189,829 | $ | 189,659 | |||||||||
Less: tax exempt investment and loan income, net of TEFRA (non-GAAP) | 1,383 | 1,376 | 1,244 | 5,425 | 5,011 | ||||||||||||||
Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP) | 1,968 | 1,955 | 1,658 | 7,635 | 6,509 | ||||||||||||||
Adjusted net interest income (fully tax equivalent basis) (non-GAAP) | 48,279 | 47,815 | 51,247 | 192,039 | 191,157 | ||||||||||||||
Adjusted net revenue (fully tax equivalent basis) (non-GAAP) | $ | 57,416 | $ | 55,678 | $ | 60,254 | $ | 225,374 | $ | 225,923 | |||||||||
Efficiency ratio (fully tax equivalent basis) (non-GAAP) | 66.93 | % | 66.26 | % | 61.40 | % | 64.45 | % | 60.87 | % | |||||||||
CNB FINANCIAL CORPORATIONCONSOLIDATED FINANCIAL DATAUnaudited(dollars in thousands, except per share data)
Reconciliation of Non-GAAP Financial Measures
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||
Calculation of return on average tangible common equity (non-GAAP): | |||||||||||||||||||
Net income | $ | 13,977 | $ | 13,727 | $ | 15,880 | $ | 58,020 | $ | 63,188 | |||||||||
Less: preferred stock dividends | 1,076 | 1,076 | 1,076 | 4,302 | 4,302 | ||||||||||||||
Net income available to common shareholders | $ | 12,901 | $ | 12,651 | $ | 14,804 | $ | 53,718 | $ | 58,886 | |||||||||
Average shareholders' equity | $ | 556,245 | $ | 555,464 | $ | 505,992 | $ | 550,333 | $ | 455,748 | |||||||||
Less: average goodwill & intangibles | 44,166 | 44,186 | 44,128 | 44,193 | 44,163 | ||||||||||||||
Less: average preferred equity | 57,785 | 57,785 | 57,785 | 57,785 | 57,785 | ||||||||||||||
Tangible common shareholders' equity (non-GAAP) | $ | 454,294 | $ | 453,493 | $ | 404,079 | $ | 448,355 | $ | 353,800 | |||||||||
Return on average equity (GAAP) (annualized) | 9.97 | % | 9.80 | % | 12.45 | % | 10.54 | % | 13.86 | % | |||||||||
Return on average common equity (GAAP) (annualized) | 9.20 | % | 9.04 | % | 11.61 | % | 9.76 | % | 12.92 | % | |||||||||
Return on average tangible common equity (non-GAAP) (annualized) | 11.27 | % | 11.07 | % | 14.54 | % | 11.98 | % | 16.64 | % |
Three Months Ended | Twelve Months Ended | |||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||
Calculation of non-interest income excluding net realized gains on available-for-sale securities (non-GAAP): | ||||||||||||||
Non-interest income | $ | 9,137 | $ | 7,863 | $ | 9,007 | $ | 33,335 | $ | 34,766 | ||||
Less: net realized gains on available-for-sale securities | 0 | 0 | 0 | 52 | 651 | |||||||||
Adjusted non-interest income (non-GAAP) | $ | 9,137 | $ | 7,863 | $ | 9,007 | $ | 33,283 | $ | 34,115 |
Contact: Tito L. Lima Treasurer (814) 765-9621
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