CCNE

CNB Financial Corporation

$22.46

0.57

(2.6%)

Exchange:	NASDAQ
Market Cap:	471.195M
Shares Outstanding:	8.597M

Overview

Earnings

Financials

Valuation

Chart

About The Company

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services. It also provides wealth and asset management services, including the administration of trusts and estates, retirement plans, and other employee benefit plans, as well as a range of wealth management services. In addition, the company invests in debt and equity securities; sells nonproprietary annuities and other insurance products; and small balance unsecured loans and secured loans primarily collateralized by automobiles and equipment. As of February 8, 2022, the company operated a private banking division; three loan production office; one drive-up office; and 45 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Financial Corporation was founded in 1865 and is headquartered in Clearfield, Pennsylvania.

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Revenue Segmentation

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EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Revenue	89,506	97,089	110,292	122,809	139,282	159,635	189,378	219,624	218,139	325,470
? Cost Of Revenue	0	0	0	0	0	0	0	0	968	0
? Gross Profit	89,506	97,089	110,292	122,809	139,282	159,635	189,378	219,624	217,171	325,470
? Research And Development Expenses	0	0	0	0	0	0	0	0	0	0
? General And Administrative Expenses	30,841	35,116	37,208	43,252	47,657	51,137	63,684	74,256	74,941	4,217
? Selling And Marketing Expenses	1,580	1,799	2,243	2,345	2,113	1,993	2,081	2,887	3,133	2,545
? Operating Expenses	3,133	3,571	4,062	-55,630	-90,641	-119,545	-118,600	7,060	218,139	6,762
? Net Interest Income	0	0	0	0	0	0	0	0	0	187,094
? Interest Income	87,178	94,315	108,874	131,870	155,728	167,167	179,600	211,849	293,226	325,095
? Interest Expense	12,471	13,028	17,365	26,950	39,530	32,456	19,820	24,079	103,867	138,001
? Depreciation And Amortization	1,007	4,340	5,040	4,604	5,749	4,871	6,241	6,573	7,739	8,269
? EBITDA	35,014	0	0	45,014	54,604	0	74,592	84,787	79,568	0
? EBIT										-8,269
? Operating Income	45,992	44,098	57,630	67,179	48,641	40,090	70,778	102,293	71,829	318,708
? Income Before Tax	30,489	27,711	36,252	40,229	48,641	40,090	70,778	78,214	71,829	67,359
? Income Tax Expense	8,292	7,171	12,392	6,510	8,560	7,347	13,071	15,026	13,809	12,784
? Net Income From Continuing Operations										54,575
? Net Income	22,197	20,540	23,860	33,719	40,081	32,743	57,707	63,188	58,020	54,575
? EPS (Earnings Per Share)	1.540	1.420	1.570	2.220	2.630	1.970	3.160	3.260	2.560	2.840
? EPS Diluted	1.540	1.420	1.570	2.220	2.630	1.970	3.160	3.260	2.550	2.830
? Weighted Average Shares Outstanding	14,338	14,375	15,132	15,210	15,164	16,000	16,820	17,987	20,896.439	20,841.808
? Weighted Average Shares Outstanding Diluted	14,338	14,375	15,132	15,210	15,164	16,000	16,820	18,020	20,944	20,911.862
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Cash And Cash Equivalents	27,261	29,183	35,345	45,563	192,974	532,694	732,198	106,285	221,873	443,035
? Short Term Investments	546,043	495,835	409,709	516,863	542,313	584,908	697,191	381,024	341,955	468,546
? Cash And Short Term Investments	573,304	525,018	445,054	562,426	735,287	1,117,602	1,429,389	477,694	221,873	532,317
? Net Receivables	17,933	0	0	24,266	0	0	0	62,135	0	4,561,599
? Accounts Receivables										0
? Inventory	0	-43,320	-52,459	0	-215,902	-557,864	-758,787	-137,533	0	0
? Total Current Assets	591,237	548,273	465,496	2,606,000	760,200	1,154,984	1,470,065	539,829	221,873	5,093,916
? Property Plant Equipment Net	39,370	49,522	50,715	49,920	73,289	78,471	81,587	100,842	109,399	128,726
? Goodwill	27,194	38,730	38,730	38,730	38,730	43,749	43,749	43,749	43,874	43,874
? Intangible Assets	2,395	2,854	1,625	727	160	567	460	364	1,834	1,457
? Long Term Investments	546,043	500,693	416,859	524,649	552,122	591,557	707,557	785,789	740,224	0
? Total Non Current Assets	615,002	591,799	507,929	615,521	664,301	714,344	833,353	932,548	5,495,181	172,600
? Total Assets	2,285,136	2,573,821	2,768,773	3,221,521	3,763,659	4,729,399	5,328,939	5,475,179	5,752,957	6,192,010
? Account Payables	27,035	30,435	29,069	32,168	38,476	41,449	45,033	51,274	0	0
? Short Term Debt	116,272	103,969	34,416	47,562	227,907	0	0	132,396	0	0
? Deferred Revenue	0	0	0	-15,394	-667	39,784	43,323	0	0	0
? Total Current Liabilities	143,307	164,513	63,485	32,168	38,476	41,449	45,033	183,670	3,550	0
? Long Term Debt	124,863	203,655	293,563	70,620	298,527	90,069	125,440	138,310	142,537	105,190
? Deferred Revenue Non Current	0	299,371	0	489	0	0	0	0	0	0
? Deferred Tax Liabilities Non Current	0	8,253	0	-32,168	0	0	0	0	0	0
? Total Non Current Liabilities	241,135	307,624	327,979	315,737	298,527	70,620	104,281	183,670	5,178,160	145,505
? Total Liabilities	2,083,223	2,362,037	2,524,863	2,958,691	3,458,693	4,313,262	4,886,092	4,944,417	5,181,710	5,581,315
? Treasury Stock										-4,689
? Preferred Stock	0	0	0	0	0	57,785	57,785	57,785	57,785	57,785
? Common Stock	0	0	0	0	0	0	0	0	0	0
? Retained Earnings	123,301	134,295	148,298	171,780	201,503	218,727	260,582	306,911	345,935	381,296
? Additional Paid In Capital										0
? Total Stockholders Equity	201,913	211,784	243,910	262,830	304,966	416,137	442,847	530,762	571,247	610,695
? Total Equity	201,913	211,784	243,910	262,830	304,966	416,137	442,847	530,762	571,247	610,695
? Minority Interest	0	0	0	0	0	0	0	0	0	0
? Total Liabilities And Total Equity	2,285,136	2,573,821	2,768,773	3,221,521	3,763,659	4,729,399	5,328,939	5,475,179	5,752,957	6,192,010
? Total Investments	1,092,086	996,528	826,568	1,041,512	1,094,435	1,176,465	1,404,748	1,157,198	1,082,179	468,546
? Total Debt	241,135	307,624	327,979	315,737	298,527	70,620	104,281	236,980	142,537	145,505
? Net Debt	213,874	278,441	292,634	270,174	105,553	-462,074	-627,917	130,695	-79,509	-297,530
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Net Income	22,197	20,540	23,860	33,719	40,081	32,743	57,707	63,188	58,020	54,575
? Depreciation And Amortization	4,039	4,484	5,242	4,811	5,963	6,082	6,241	6,573	7,739	8,269
? Deferred Income Tax	376	1,023	3,385	-1,076	-204	1,390	-1,691	-1,814	1,111	-1,183
? Stock Based Compensation	621	820	928	1,545	1,346	1,410	1,486	1,332	1,743	2,225
? Change In Working Capital	5,518	-1,811	-477	1,534	4,682	-10,088	6,732	507	-20,087	7,858
? Accounts Receivables	83	-3,906	-1,175	-3,079	1,072	-6,242	-1,056	-19,065	0	389
? Inventory	0	0	0	0	-3,610	3,846	-7,788	-19,572	0	0
? Accounts Payables	5,435	2,095	698	4,613	3,610	-3,846	7,788	19,572	-14,193	7,469
? Net Cash Provided By Operating Activities	33,626	26,764	30,763	43,768	51,907	28,758	58,920	64,053	47,023	71,512
? Investments In Property Plant And Equipment	-6,751	-10,125	-5,215	-3,068	-9,045	-5,644	-6,484	-12,290	-10,972	0
? Acquisitions Net	-223,390	-2,866	1,079	-332,504	-334,737	72,852	-243,376	496	0	0
? Purchases Of Investments	-45,120	-21,513	-23,689	-189,374	-122,358	-226,527	-341,547	-262,684	-19,622	-190,849
? Sales Maturities Of Investments	183,773	68,257	108,642	76,349	109,677	227,608	204,515	116,192	72,979	66,263
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	-203,280
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	0
? Net Dividends Paid	-9,515	-9,546	-10,094	-10,237	-10,358	-12,128	-15,852	-16,859	-18,996	-14,912
? Common Dividends Paid										-14,912
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	66,411	126,041	179,050	418,038	464,105	479,642	550,344	114,735	218,197	352,757
? Effect Of Forex Changes On Cash	0	0	0	0	0	0	0	0	0	0
? Net Change In Cash	-677	1,922	6,162	10,218	147,411	339,720	199,504	-625,913	115,761	220,989
? Cash At End Of Period	27,251	29,183	35,345	45,563	192,974	532,694	732,198	106,285	222,046	443,035
? Cash At Beginning Of Period	27,928	27,261	29,183	35,345	45,563	192,974	532,694	732,198	106,285	222,046
? Operating Cash Flow	33,626	26,764	30,763	43,768	51,907	28,758	58,920	64,053	47,023	71,512
? Capital Expenditure	-6,751	-10,125	-5,215	-3,068	-9,045	-5,644	-6,484	-12,290	-10,972	0
? Free Cash Flow	26,875	16,639	25,548	40,700	42,862	23,114	52,436	51,763	36,051	71,512
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Estimated Revenue (Low)	79,200.677	126,582.369	141,456.796	157,928.476	191,570.636	211,774.133	210,599.825	213,817.980	275,341.524	343,396.030
Estimated Revenue (High)	118,801.016	127,016.119	141,941.514	158,469.637	192,227.076	238,425.866	234,400.174	237,982.019	306,458.475	382,203.969
Estimated Revenue (Avg)	99,000.847	126,800	141,700	158,200	191,900	225,100	222,500	225,900	290,900	362,800
Estimated Ebitda (Low)	39,926.221	56,464.634	70,348.054	44,655.458	74,298.477	73,705.388	81,075.926	65,716.168	84,625.203	105,541.505
Estimated Ebitda (High)	59,889.329	84,696.951	105,522.081	66,983.186	111,447.715	110,558.083	121,613.890	73,142.897	94,188.883	117,468.982
Estimated Ebitda (Avg)	49,907.776	70,580.793	87,935.068	55,819.323	92,873.097	92,131.736	101,344.908	69,429.533	89,407.043	111,505.244
Estimated Net Income (Low)	15,766.873	26,433.296	29,926.673	18,539.584	44,309.507	47,450.831	42,748	44,919.436	52,227.217	68,694.438
Estimated Net Income (High)	23,650.310	39,649.945	44,890.011	27,809.377	66,464.261	71,176.246	64,121.999	51,632.407	60,032.627	78,960.768
Estimated Net Income (Avg)	19,708.592	33,041.621	37,408.343	23,174.481	55,386.884	59,313.539	53,435	50,273	56,129.922	73,827.603
Estimated SGA Expense (Low)	30,174.690	40,007.354	41,959.550	34,701.818	61,288.209	69,356.982	76,292.680	73,037.592	94,053.278	117,299.860
Estimated SGA Expense (High)	45,262.036	60,011.032	62,939.326	52,052.727	91,932.316	104,035.475	114,439.021	81,291.730	104,682.446	130,556.175
Estimated SGA Expense (Avg)	37,718.363	50,009.193	52,449.438	43,377.273	76,610.263	86,696.229	95,365.851	77,164.661	99,367.862	123,928.018
Estimated EPS (Avg)	1.670	2.170	2.540	2.230	3.130	3.330	2.510	2.310	2.680	3.520
Estimated EPS (High)	1.670	2.170	2.550	2.230	3.140	3.590	2.680	2.470	2.870	3.770
Estimated EPS (Low)	1.670	2.170	2.530	2.230	3.120	3.070	2.340	2.140	2.490	3.280
Number of Analysts (Estimated Revenue)	16	14	13	1	1	1	1	1	1	1
Number of Analysts (Estimated EPS)	13	13	1	1	1	1	1	1	1	1

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Current Key Metrics

?	Revenue (TTM) :	364.584M	?	P/S (TTM) :	1.26
?	Net Income (TTM) :	54.187M	?	P/E (TTM) :	8.57
?	Enterprise Value (TTM) :	84.376M	?	EV/FCF (TTM) :	1.53
?	Dividend Yield (TTM) :	0.03	?	Payout Ratio (TTM) :	0.36
?	ROE (TTM) :	0.09	?	ROIC (TTM) :	0.06
?	Net Debt (TTM) :	96.885M	?	Debt/Equity (TTM) :	0.23
?	P/B (TTM) :	0.73	?	Current Ratio (TTM) :	0.18