CNB Financial(US:CCNE)2025-04-14 20:15Financial Performance - Net income for Q1 2025 was $10.4 million, or $0.50 per diluted share, a decrease of 14.98% from Q4 2024[4] - Total revenue for the three months ended March 31, 2025, was $56.9 million, an increase compared to $54.2 million for the same period in 2024[1] - Net income for Q1 2025 was $11,481,000, down 23.5% from $15,064,000 in Q4 2024, but up 9.0% from $12,600,000 in Q1 2024[30] - Adjusted net income available to common shareholders was $11,893 thousand for Q1 2025, reflecting a decrease from $13,988 thousand in the previous quarter[41] - The diluted earnings per common share for Q1 2025 was $0.50, down from $0.66 in Q4 2024 and $0.55 in Q1 2024[30] Loan and Deposit Growth - Total loans reached $4.5 billion, reflecting a quarterly increase of $11.7 million, or 0.26%, and a year-over-year increase of $188.1 million, or 4.32%[4] - Total deposits increased to $5.5 billion, up $88.7 million, or 1.65% quarterly, and $422.5 million, or 8.39% year-over-year[4] - Average loans and loans held for sale rose to $4,591,395,000 in Q1 2025, up 0.8% from $4,556,770,000 in Q4 2024 and up 3.7% from $4,428,751,000 in Q1 2024[31] - Total deposits grew to $5,460,078,000 in Q1 2025, an increase of 1.7% from $5,371,364,000 in Q4 2024[32] Asset Quality - Nonperforming assets were approximately $56.1 million, or 0.89% of total assets, down from 0.96% in Q4 2024[6] - Total nonperforming assets were approximately $56.1 million, or 0.89% of total assets, as of March 31, 2025, down from $59.5 million, or 0.96%, at the end of 2024[4] - Total nonperforming loans decreased to $54,387 thousand from $56,976 thousand year-over-year, reflecting improved asset quality[33] - The allowance for credit losses as a percentage of total loans was 1.03% as of March 31, 2025, consistent with the previous year[4] Revenue and Expenses - Net interest income was $48.4 million for the three months ended March 31, 2025, a decrease of $613 thousand, or 1.25%, from the previous quarter[1] - Total non-interest expense was $41.0 million for the three months ended March 31, 2025, with an increase of $1.7 million, or 4.51%, from the previous quarter[2] - Total non-interest income decreased to $8,507,000 in Q1 2025 from $10,321,000 in Q4 2024, representing a decline of 17.5%[30] - The provision for credit losses was $1.6 million for the three months ended March 31, 2025, compared to $2.9 million in the previous quarter[3] Capital and Equity - The Corporation's total shareholders' equity was $624.5 million as of March 31, 2025, representing an increase of $45.9 million, or 7.93%, from the same period in 2024[4] - Common shareholders' equity rose to $566,723 thousand, a 2.93% increase from $552,910 thousand at December 31, 2024[39] - Tangible common equity increased to $522,659 thousand, a 2.63% rise from $508,830 thousand at December 31, 2024[39] - Book value per common share increased to $27.01, up from $26.34 at the end of Q4 2024, and tangible book value per common share was $24.91[9] Efficiency and Ratios - The efficiency ratio was 72.07% for the three months ended March 31, 2025, compared to 63.02% for the same period in 2024[1] - The efficiency ratio for the first quarter of 2025 was 72.07%, compared to 63.68% in the previous quarter, indicating a decline in operational efficiency[40] - The net interest margin (fully tax equivalent) was 3.37% for the three months ended March 31, 2025, compared to 3.43% in the previous quarter[35] - Annualized return on average equity was 7.52% for the three months ended March 31, 2025, down from 9.79% in the same quarter of 2024[1] Mergers and Acquisitions - The Corporation is pursuing the acquisition of ESSA Bancorp, Inc., which may incur additional non-recurring merger-related costs[7] - The Corporation announced a definitive merger agreement with ESSA Bancorp, expected to close in the third quarter of 2025[5]