CNB Financial Corporation announced its earnings for the three months ended March 31, 2025, reporting a net income of $11.5 million. Diluted earnings per share were $0.50, which increased to $0.57 per share when adjusted for costs related to mergers and acquisitions.
President and CEO Michael Peduzzi noted sound growth in both deposits and loans since year-end 2024, although net loan growth was somewhat muted by large unscheduled commercial loan payoffs early in the quarter. Despite this, the company observed continued commercial loan growth and demand by the end of the period.
Deposit growth was primarily driven by expanded Treasury Management relationships, leading to favorable growth in noninterest-bearing deposits. The cost of interest-bearing liabilities was strategically reduced by 10 basis points to below three percent, positioning the company well for spread management, despite anticipated additional non-recurring merger-related costs for the ESSA Bancorp acquisition.
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