CNB Financial(US:CCNE)2025-05-07 20:11Financial Performance - Net income for Q1 2025 was $11,481 thousand, down from $12,600 thousand in Q1 2024, indicating a decrease of 8.9%[17] - Comprehensive income for Q1 2025 was $18,542 thousand, compared to $11,475 thousand in Q1 2024, an increase of 62.0%[17] - Basic earnings per common share decreased to $0.50 for the three months ended March 31, 2025, compared to $0.55 in 2024, with net income allocated to common stock at $10,349 thousand versus $11,433 thousand[127] - The segment net income for the three months ended March 31, 2025, is $11,481 million, a decrease from $12,600 million in the same period of 2024[152] Assets and Liabilities - Total assets increased to $6,295,508 thousand as of March 31, 2025, up from $6,192,010 thousand at December 31, 2024, representing a growth of 1.67%[14] - Cash and cash equivalents at the end of Q1 2025 were $520,157,000, up from $301,453,000 at the end of Q1 2024, representing an increase of 72.5%[21] - The corporation's total shareholders' equity increased to $624,508,000 as of March 31, 2025, from $578,640,000 as of March 31, 2024, marking an increase of 7.9%[18] - Total deposits rose to $5,460,078 thousand as of March 31, 2025, compared to $5,371,364 thousand at the end of 2024, marking an increase of 1.65%[14] Income and Expenses - Net interest income for the three months ended March 31, 2025, was $48,431 thousand, compared to $45,222 thousand for the same period in 2024, reflecting an increase of 4.9%[16] - Non-interest expenses totaled $41,038 thousand for Q1 2025, compared to $37,424 thousand in Q1 2024, reflecting an increase of 9.0%[16] - Total cash provided by operating activities in Q1 2025 was $11,599,000, compared to $12,460,000 in Q1 2024, reflecting a decline of 6.9%[20] Credit Losses and Provisions - The provision for credit loss expense increased to $1,556 thousand in Q1 2025 from $1,320 thousand in Q1 2024, a rise of 17.9%[16] - The allowance for credit losses remained constant at $47,357 million for both March 31, 2025, and December 31, 2024[53] - The provision for credit losses was $1.6 million for the three months ended March 31, 2025, compared to $1.3 million for the same period in 2024, reflecting an increase of approximately 23%[58] Loans and Receivables - As of March 31, 2025, total net loans receivable amounted to $4,610,009 million, slightly increasing from $4,608,956 million as of December 31, 2024[53] - The total loans amount remained stable at $47.357 billion as of March 31, 2025, despite fluctuations in charge-offs and recoveries[56] - The total past due loans amounted to $51,127, with not past due loans totaling $4,558,882, leading to a total of $4,610,009 in loans receivable[61] Securities and Investments - The Corporation's total available-for-sale (AFS) debt securities amounted to $559.354 million as of March 31, 2025, with a fair value of $516.442 million[42] - The fair value of debt securities available-for-sale as of March 31, 2025, is $516,442 million, consistent with the carrying amount[146] - The Corporation's total debt securities include $398.702 million in residential and multi-family mortgage securities[43] Mergers and Acquisitions - The merger with ESSA Bancorp, Inc. is pending governmental approvals, which may affect future results and operations[11] Dividends - The company declared cash dividends of $0.180 per share in Q1 2025, up from $0.175 per share in Q1 2024, representing a 2.86% increase[16] - The corporation declared cash dividends of $3,777,000 for common stock in Q1 2025, slightly higher than $3,680,000 in Q1 2024[20] Economic Outlook - Management continues to evaluate expected credit losses due to uncertainties in the domestic and global economy, including elevated interest rates and geopolitical conflicts[57] - The company is focusing on maintaining a healthy loan portfolio while exploring opportunities for market expansion and new product development[86]