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Cnb Financial Corppa (CCNE) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Cnb Financial Corppa

CIK: 736772 Ticker: CCNE

News Release
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Contact: Tito L. Lima
Treasurer
(814) 765-9621
FOR IMMEDIATE RELEASE

CNB FINANCIAL CORPORATION REPORTS THIRD QUARTER 2021 EARNINGS PER SHARE OF $0.82 COMPARED TO $0.47 FOR THIRD QUARTER 2020

Clearfield, Pennsylvania – October 25, 2021

CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the quarter and nine months ended September 30, 2021.

Joseph B. Bower, Jr., President and CEO, stated, “CNB’s proven track record of organic loan growth over the last 20 years is serving shareholders well. Loan growth coupled with a disciplined approach to pricing are strong aides in fighting margin compression.”

Mr. Bower went on to say, "This business model expansion in Roanoke, VA with Ridge View Bank is being very well received. We are exceeding projections in all categories in only five months of operation.”

Executive Summary

Earnings per diluted share of $0.82 for the third quarter of 2021 increased 74.5% from the third quarter of 2020. Included in earnings per diluted share for the quarter ended September 30, 2020 was $0.23 per diluted share in merger costs related to CNB's acquisition of Bank of Akron, prepayment penalties and branch closure costs.

At September 30, 2021, excluding the impact of PPP loans, net of PPP deferred processing fees (such loans, the "PPP-related loans"), the Corporation's loan portfolio had net growth of 6.5%, or 8.7% annualized, from December 31, 2020. The net organic growth for the first nine months of 2021 was $135.0 million, or 4.2% (5.6% annualized) primarily driven by the Corporation's continued expansion in the Cleveland, Buffalo and Ridge View regions, and Private Banking division.

In addition, as part of the liquidity management strategies first implemented by the Corporation in 2020, the first nine months of 2021 reflect an increase in syndicated lending activities of $74.5 million. The syndicated loan portfolio totaled $96.6 million, or 2.8% of total loans, excluding PPP-related loans, at September 30, 2021.

At September 30, 2021, the Corporation had $24.0 million in outstanding commercial and consumer loans with deferred loan payments related to the ongoing novel coronavirus, or COVID-19, pandemic, representing 0.7% of total loans. The Corporation believes that the majority of such loans will resume regular contractual payments by the end of 2021.

As of September 30, 2021, the Corporation had outstanding $89.2 million in Paycheck Protection Program ("PPP") loans, or 869 PPP loan relationships and deferred PPP processing fees of approximately $3.8 million.
At September 30, 2021, total deposits were $4.6 billion, an increase of 9.8%, or 13.2% annualized, from December 31, 2020, primarily due to organic growth and the impact of government stimulus initiatives. The number of households across all regions increased 2.8%, or 3.8% annualized, from December 31, 2020.

Total non-performing assets were $22.1 million, or 0.42%, of total assets, as of September 30, 2021 compared to $31.5 million, or 0.67% of total assets, as of December 31, 2020. In addition, for the three months ended September 30, 2021, net loan charge-offs were $778 thousand, or 0.09% of total average loans, compared to $948 thousand, or 0.11%, of total average loans, during the comparable period in 2020.

On October 18, 2021, the Corporation announced that it had completed the redemption of $50 million aggregate principal amount of its 5.75% Fixed-to-Floating Rate Subordinated Notes due October 15, 2026 (the “2026 Notes”), representing all outstanding 2026 Notes. The 2026 Notes were redeemed pursuant to their terms at a price equal to 100% of the principal amount, plus accrued and unpaid interest up to, but excluding, October 15, 2021. The Corporation financed the redemption of the 2026 Notes with cash on hand, including net proceeds from the issuance and sale of $85.0 million aggregate principal amount of the Corporation’s 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 completed in June 2021.



The following information was filed by Cnb Financial Corppa (CCNE) on Monday, October 25, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Income (Unaudited) (Parenthetical)
Basis Of Presentation
Basis Of Presentation (Policies)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Details)
Borrowings - Maturity Schedule Of Borrowed Funds (Details)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Details)
Business Combinations - Merger Consideration (Details)
Business Combinations - Recognized Identifiable Assets Acquired And Liabilities Assumed (Details)
Deposits
Deposits (Details)
Deposits (Tables)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Additional Information (Details)
Derivative Instruments - Amounts And Locations Of Activity Related To Back-To-Back Interest Rate Swaps Within Corporation's Consolidated Balance Sheet (Details)
Derivative Instruments - Amounts And Locations Of Activity Related To Interest Rate Swaps Designated As Cash Flow Hedges Within Corporation's Consolidated Balance Sheet And Statement Of Income (Details)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Additional Information (Details)
Earnings Per Common Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Fair Value
Fair Value (Tables)
Fair Value - Assets And Liabilities Measured At Fair Value On Non-Recurring Basis (Details)
Fair Value - Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Fair Value - Carrying Amount And Fair Value Of Financial Instruments (Details)
Fair Value - Quantitative Information About Level 3 Fair Value Measurements For Financial Instruments Measured At Fair Value On Non Recurring Basis (Details)
Fair Value - Securities Available For Sale Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Other Information (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Maturity Of Lease Liabilities (Details)
Leases - Schedule Of Operating And Finance Lease Liabilities (Details)
Leases - Schedule Of Weighted Average Lease Term And Discount Rate (Details)
Loans
Loans (Tables)
Loans - Additional Information (Details)
Loans - Aging Of Recorded Investment In Past Due Loans (Details)
Loans - Allowance For Loan Losses (Details)
Loans - Amortized Cost Basis Of Collateral-Dependent Loans (Details)
Loans - Impaired Financing Receivables With Related And Not Related Allowances (Details)
Loans - Nonaccrual Loans And Loans Past Due Over 89 Days Still Accruing Interest By Class Of Loans (Details)
Loans - Nonperforming Loans (Details)
Loans - Purchased Credit Deteriorated Loans (Details)
Loans - Recorded Investment In Residential, Consumer And Credit Card Loans Based On Payment Activity (Details)
Loans - Restructured In Troubled Debt (Details)
Loans - Schedule Of Credit Risk Profile By Risk Rating (Details)
Loans - Schedule Of Net Loans (Details)
Loans - Summary Of Holiday's Loan Portfolio (Details)
Loans- Risk Rating (Details)
Recent Accounting Pronouncements
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Schedule Of Disaggregation Of Revenue (Details)
Securities
Securities (Tables)
Securities - Additional Information (Details)
Securities - Information Pertaining To Security Sales (Details)
Securities - Schedule Of Contractual Maturity Of Securities Available For Sale, Excluding Equity Securities (Details)
Securities - Securities Available For Sale (Details)
Securities - Securities With Unrealized Loss Position (Details)
Securities - Trading Securities (Details)
Stock Compensation
Stock Compensation (Tables)
Stock Compensation - Additional Information (Details)
Stock Compensation - Summary Of Changes In Unvested Restricted Stock Awards (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Cnb Financial Corppa provided additional information to their SEC Filing as exhibits

Ticker: CCNE
CIK: 736772
Form Type: 10-Q Quarterly Report
Accession Number: 0000736772-21-000062
Submitted to the SEC: Thu Nov 04 2021 4:42:37 PM EST
Accepted by the SEC: Thu Nov 04 2021
Period: Thursday, September 30, 2021
Industry: State Commercial Banks

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