CNB Financial (NasdaqGS:CCNE) - Share price, News & Analysis

CCNE fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	1/6
Past Performance	5/6
Financial Health	6/6
Dividends	4/6

CCNE Stock Overview

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.

Rewards

Trading at 53.1% below our estimate of its fair value

Earnings are forecast to grow 8.37% per year

Earnings grew by 51.7% over the past year

Pays a reliable dividend of 2.78%

Risk Analysis

No risks detected for CCNE from our risk checks.

CNB Financial Competitors

TowneBank

NasdaqGS:TOWN

US$2.0b

WesBanco

NasdaqGS:WSBC

US$1.9b

Eagle Bancorp

NasdaqCM:EGBN

US$1.6b

First Bancorp

NasdaqGS:FBNC

US$1.3b

Price History & Performance

Summary of all time highs, changes and price drops for CNB Financial
Historical stock prices
Current Share Price	US$25.17
52 Week High	US$28.59
52 Week Low	US$22.08
Beta	0.90
1 Month Change	0.68%
3 Month Change	-7.12%
1 Year Change	2.03%
3 Year Change	-8.80%
5 Year Change	12.67%
Change since IPO	199.64%

Shareholder Returns

	CCNE	US Banks	US Market
7D	0.2%	1.5%	2.7%
1Y	2.0%	-16.6%	-8.1%

Return vs Industry: CCNE exceeded the US Banks industry which returned -20.8% over the past year.

Return vs Market: CCNE exceeded the US Market which returned -10.8% over the past year.

Price Volatility

Is CCNE's price volatile compared to industry and market?
CCNE volatility
CCNE Average Weekly Movement	3.5%
Banks Industry Average Movement	3.9%
Market Average Movement	7.8%
10% most volatile stocks in US Market	16.9%
10% least volatile stocks in US Market	2.9%

Stable Share Price: CCNE is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: CCNE's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1865	681	Joe Bower	https://www.cnbbank.bank

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.

CNB Financial Fundamentals Summary

How do CNB Financial's earnings and revenue compare to its market cap?
CCNE fundamental statistics
Market Cap	US$412.56m
Earnings (TTM)	US$54.27m
Revenue (TTM)	US$192.60m

7.8x

P/E Ratio

1.1x

P/B Ratio

Is CCNE overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CCNE income statement (TTM)
Revenue	US$192.60m
Cost of Revenue	US$0
Gross Profit	US$192.60m
Other Expenses	US$138.33m
Earnings	US$54.27m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	3.24
Gross Margin	100.00%
Net Profit Margin	28.18%
Debt/Equity Ratio	24.6%

How did CCNE perform over the long term?

See historical performance and comparison

Dividends

2.8%

Current Dividend Yield

21%

Payout Ratio

Valuation

Is CNB Financial undervalued compared to its fair value and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: CCNE ($25.17) is trading below our estimate of fair value ($53.65)

Significantly Below Fair Value: CCNE is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: CCNE is good value based on its PE Ratio (7.8x) compared to the US Banks industry average (9.7x).

PE vs Market: CCNE is good value based on its PE Ratio (7.8x) compared to the US market (15.5x).

Price to Earnings Growth Ratio

PEG Ratio: CCNE is good value based on its PEG Ratio (0.9x)

Price to Book Ratio

PB vs Industry: CCNE's PB Ratio (1.1x) is in line with the US Banks industry average.

Future Growth

How is CNB Financial forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

8.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CCNE's forecast earnings growth (8.4% per year) is above the savings rate (1.9%).

Earnings vs Market: CCNE's earnings (8.4% per year) are forecast to grow slower than the US market (12.5% per year).

High Growth Earnings: CCNE's earnings are forecast to grow, but not significantly.

Revenue vs Market: CCNE's revenue (1.8% per year) is forecast to grow slower than the US market (7.9% per year).

High Growth Revenue: CCNE's revenue (1.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if CCNE's Return on Equity is forecast to be high in 3 years time

Past Performance

How has CNB Financial performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

15.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CCNE has high quality earnings.

Growing Profit Margin: CCNE's current net profit margins (28.2%) are higher than last year (22.3%).

Past Earnings Growth Analysis

Earnings Trend: CCNE's earnings have grown by 15.1% per year over the past 5 years.

Accelerating Growth: CCNE's earnings growth over the past year (51.7%) exceeds its 5-year average (15.1% per year).

Earnings vs Industry: CCNE earnings growth over the past year (51.7%) exceeded the Banks industry 20.9%.

Return on Equity

High ROE: CCNE's Return on Equity (13.8%) is considered low.

Financial Health

How is CNB Financial's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

Asset Level
Allowance for Bad Loans
Low Risk Liabilities
Loan Level
Low Risk Deposits
Level of Bad Loans

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: CCNE's Assets to Equity ratio (12.4x) is moderate.

Allowance for Bad Loans: CCNE has a sufficient allowance for bad loans (196%).

Low Risk Liabilities: 97% of CCNE's liabilities are made up of primarily low risk sources of funding.

Loan Level: CCNE has an appropriate level of Loans to Assets ratio (70%).

Low Risk Deposits: CCNE's Loans to Deposits ratio (79%) is appropriate.

Level of Bad Loans: CCNE has an appropriate level of bad loans (0.5%).

Dividend

What is CNB Financial current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

2.78%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: CCNE's dividend (2.78%) is higher than the bottom 25% of dividend payers in the US market (1.54%).

High Dividend: CCNE's dividend (2.78%) is low compared to the top 25% of dividend payers in the US market (4.06%).

Stability and Growth of Payments

Stable Dividend: CCNE's dividends per share have been stable in the past 10 years.

Growing Dividend: CCNE's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Earnings Coverage: With its low payout ratio (21.4%), CCNE's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.

Next Steps

Explore strong dividend paying companies in the Banks industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

4.9yrs

Average management tenure

CEO

Joe Bower (57 yo)

12.42yrs

Tenure

US$3,028,549

Compensation

Mr. Joseph B. Bower, Jr. also known as Joe, has been the Chief Executive Officer & President of CNB Financial Corporation since December 31, 2009 and has been its Director since April 19, 2005. Mr. Bower s...

CEO Compensation Analysis

Compensation vs Market: Joe's total compensation ($USD3.03M) is about average for companies of similar size in the US market ($USD2.62M).

Compensation vs Earnings: Joe's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: CCNE's management team is considered experienced (4.9 years average tenure).

Board Members

Experienced Board: CCNE's board of directors are seasoned and experienced ( 10.6 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: CCNE insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/17 00:00
End of Day Share Price	2022/05/17 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31