Apr. 14 at 8:13 PM
$CCNE CNB Financial reports Q1 adjusted EPS 57c, consensus 58c
Reports Q1 revenue
$56.9M, consensus
$52.34M. Reports Q1 net charge-offs .13%. Reports Q1 adjusted tangible book value per share
$24.98. Reports Q1 CET1 capital ratio 11.85%. Michael Peduzzi, president and CEO of both the Corporation and CNB Bank, stated, "Our first quarter performance reflects sound growth in both deposits and loans since year-end 2024. The net amount of loan growth was somewhat muted by some large unscheduled commercial loan payoffs that occurred early in the quarter and impacted our net interest income.
This was evidenced by the quarterly average balance of total loans being less than both the quarter's beginning and ending total loan balances. Favorably, we saw continued commercial loan growth and demand as we ended the quarter with both existing relationships and new prospects. Also, during the quarter, we continued to realize deposit growth based primarily in expanded Treasury Management relationships, as evidenced by favorable growth in our noninterest-bearing deposits.
Concurrently, we reduced our cost of interest-bearing liabilities by 10 basis points to now being below three percent, as we continue to implement strategic reductions in deposit rates across our footprint. These fundamentals of well-priced and steadily growing loans and deposits position us well in our primary spread management business moving forward.
Though we had some cyclical increases in noninterest elements, including base salaries and certain technology expenses with annual contract cost increases, and as we will have some additional non-recurring merger related costs as we pursue the regulatory and shareholder approval processes associated with our intended acquisition of ESSA Bancorp, Inc. and its subsidiary, ESSA Bank and Trust, we continue to focus on tightly managing the Corporation's core overhead as we look to realize both positive operating leverage and improved efficiencies from economies of scale as we continue to expand the franchise.
Additionally, we remain focused on growing our assets under management to realize more steady and sustainable growth in fee-based revenues from our wealth and asset management businesses."
