CNB Financial Corporation Reports Fourth Quarter and Full-Year 2024 Results

Core Viewpoint - CNB Financial Corporation reported an increase in quarterly earnings for Q4 2024, driven by higher net interest income and reduced non-interest expenses, despite a year-over-year decline in annual earnings due to rising deposit costs [3][7]. Financial 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 compared to $12.9 million, or $0.62 per diluted share in Q4 2023 [3]. - Total earnings for the twelve months ended December 31, 2024, were $50.3 million, or $2.39 per diluted share, down from $53.7 million, or $2.55 per diluted share for the same period in 2023 [3]. Loan and Deposit Growth - Total loans reached $4.5 billion as of December 31, 2024, reflecting a quarterly increase of $6.6 million, or 0.15%, and a year-over-year increase of $169.4 million, or 3.88% [3]. - Total deposits were $5.4 billion, with a quarterly increase of $154.4 million, or 2.96%, and a year-over-year increase of $372.6 million, or 7.45% [3]. Asset Quality - Nonperforming assets totaled approximately $59.5 million, or 0.96% of total assets, as of December 31, 2024, up from $42.0 million, or 0.70% of total assets in Q3 2024 [25]. - The allowance for credit losses was 1.03% of total loans as of December 31, 2024, compared to 1.02% in Q3 2024 [25]. Revenue and Expenses - Total revenue for Q4 2024 was $59.4 million, an increase from $58.5 million in Q3 2024 [20]. - Net interest income for Q4 2024 was $49.0 million, up from $47.5 million in Q3 2024 [20]. - Total non-interest expense was $37.8 million for Q4 2024, down from $38.8 million in Q3 2024, primarily due to a decrease in salaries and benefits [24]. Capital and Equity - Total shareholders' equity was $610.7 million as of December 31, 2024, reflecting an increase of $4.3 million from Q3 2024 [31]. - Book value per common share increased to $26.34 at December 31, 2024, from $26.13 at September 30, 2024 [10]. Strategic Initiatives - The Corporation announced a merger agreement with ESSA Bancorp, expected to close in Q3 2025, which aims to enhance business development and operational efficiencies [28].