CNB Financial(US:CCNE)2025-01-28 21:17Financial Performance - Net income for Q4 2024 was $14.0 million, or $0.66 per diluted share, up from $12.9 million, or $0.61 per diluted share in Q3 2024, and $12.9 million, or $0.62 per diluted share in Q4 2023[4] - Total revenue for the three months ended December 31, 2024 was $59.4 million, an increase from $58.5 million and $56.8 million for the previous quarters[15] - Net interest income for the three months ended December 31, 2024 was $49.0 million, up from $47.5 million and $47.7 million in the prior quarters, reflecting a 3.28% increase from the previous quarter[15] - The Corporation's diluted earnings per common share for the twelve months ended December 31, 2024, was $2.39, down from $2.55 in the previous year, a decrease of 6.3%[31] - The total revenue for the twelve months ended December 31, 2024, was $226,583,000, slightly up from $223,164,000 for the same period in 2023[40] Deposits and Loans - Total deposits increased to $5.4 billion, reflecting a quarterly increase of $154.4 million, or 2.96% (11.78% annualized), and a year-over-year increase of $372.6 million, or 7.45%[4] - Loans totaled $4.5 billion, with a quarterly increase of $6.6 million, or 0.15% (0.58% annualized), and a year-over-year increase of $169.4 million, or 3.88%[4] - Total loans and loans held for sale increased to $4,556,770 thousand as of December 31, 2024, up from $4,463,644 thousand a year earlier, representing a growth of 2.09%[32] - Total interest-bearing deposits increased to $4,328,430 thousand as of December 31, 2024, from $4,037,554 thousand in 2023, representing a growth of 7.20%[37] Non-Interest Income and Expenses - Total non-interest income for the three months ended December 31, 2024 was $10.3 million, compared to $11.0 million and $9.1 million for the previous quarters[18] - Non-interest income for Q4 2024 reached $10,321,000, compared to $10,973,000 in Q3 2024 and $9,137,000 in Q4 2023, marking a year-over-year increase of 13%[40] - Non-interest expense for Q4 2024 was $37,805,000, a decrease from $38,784,000 in Q3 2024 and $38,450,000 in Q4 2023, indicating improved operational efficiency[40] Asset Quality - Nonperforming assets were approximately $59.5 million, or 0.96% of total assets, up from $42.0 million, or 0.70% in Q3 2024, and $31.8 million, or 0.55% in Q4 2023[6] - The allowance for credit losses as a percentage of total loans was 1.03% as of December 31, 2024, consistent with the previous quarter[24] - The Corporation's net loan charge-offs for Q4 2024 were $2.1 million, or 0.19% (annualized) of average total loans, compared to $1.2 million, or 0.11% in Q3 2024 and Q4 2023[6] Shareholder Equity - Total shareholders' equity was $610.7 million as of December 31, 2024, representing an increase of $4.3 million, or 0.71%, from September 30, 2024[24] - The average shareholders' equity increased to $612,184,000 in Q4 2024 from $597,984,000 in Q3 2024 and $556,245,000 in Q4 2023[41] - The tangible common shareholders' equity (non-GAAP) was $510,308,000 for Q4 2024, up from $496,091,000 in Q3 2024 and $454,294,000 in Q4 2023[41] Efficiency and Ratios - The efficiency ratio improved to 63.68% for the three months ended December 31, 2024, compared to 66.34% and 67.66% for the previous quarters, driven by increased net interest income and lower non-interest expenses[15] - The common equity tier 1 ratio stood at 11.76% as of December 31, 2024, compared to 11.49% a year earlier, indicating a stronger capital position[34] - The return on average assets improved to 0.98% for the three months ended December 31, 2024, compared to 0.97% for the same period in 2023[32] Future Plans - The Corporation plans to acquire ESSA Bancorp, which will add over $2 billion in assets, enhancing business development and operational efficiencies[6] - The Corporation announced a definitive merger agreement with ESSA Bancorp, expected to close in Q3 2025, with each share of ESSA common stock converting to 0.8547 shares of the Corporation's common stock[27]