CLEARFIELD — CNB Financial Corporation, the parent company of CNB Bank, announced its earnings for the quarter ended March 31, 2021.
Joseph B. Bower Jr., president and CEO, stated, “We are pleased to report a strong earnings quarter to you. The initiatives we implemented in 2020, due to our level of excess liquidity, are working out as planned. During the first quarter, we continued to support our local businesses by participating in the second round of the Paycheck Protection Program. As we look forward, we have a positive outlook for the remainder of the year, as business growth opportunities improve, especially in our newest region in Northeast Ohio, where we just broke ground on a new branch location in the Cleveland area. Plans are already underway to establish another location in the region late this year or early next year.”
Earnings per diluted shares of $0.78 for the first quarter of 2021 increased 36.8% from the first quarter of 2020 primarily as a result of a widening net interest margin, coupled with stable credit quality and well-controlled operating efficiency, as evidenced by an improved efficiency ratio.
Return on Average Tangible Common Equity for the first quarter of 2021 of 16.70% increased 378 basis points from 12.92%, for the first quarter of 2020, representing the impact of continued focus on efficient utilization of capital.
The excess liquidity at the end of the first quarter of 2021 further increased from our position at the end of 2020, primarily as a result of the additional government stimulus initiatives this year.