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News Release CCNE ™ NASDAQ LISTED Contact : Tito L. Lima Treasurer ( 814 ) 765-9621 FOR IMMEDIATE RELEASE CNB FINANCIAL CORPORATION REPORTS FIRST QUARTER 2021 EARNINGS PER SHARE OF $ 0.78 COMPARED TO $ 0.57 FOR FIRST QUARTER 2020 Clearfield , Pennsylvania - April 19 , 2021 CNB Financial Corporation ( " CNB " or the " Corporation " ) ( NASDAQ : CCNE ) , the parent company of CNB Bank , today 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 . " Executive Summary • • • 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 . At March 31 , 2021 , excluding the impact of government stimulus initiatives as well as the impact of our Bank of Akron acquisition , our loan portfolio had net organic growth of 1.3 % from March 31 , 2020. Many of our commercial and consumer customers continue to be cautious about substantial investments / expenditures in these uncertain times . At March 31 , 2021 , total deposits of $ 4.4 billion increased 40.6 % from March 31 , 2020 as a result of organic growth , coupled with the impact of government stimulus initiatives and our acquisition of Bank of Akron . Our Wealth and Asset business continues to enhance diversification in our revenue stream as Assets Under Management reached $ 1.2 billion , at March 31 , 2021 , representing an increase of 23.6 % from March 31 , 2020 . 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 our continued focus on efficient utilization of capital.1 Our 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 . Earnings Performance Highlights Net income was $ 14.2 million , or $ 0.78 per diluted common share , for the quarter ended March 31 , 2021 , as compared to $ 8.8 million , or $ 0.57 per diluted share , for the same period in 2020 , reflecting increases of $ 5.4 million , or 60.9 % , and $ 0.21 per diluted share , or 36.8 % , respectively . Pre - tax pre - provision ( " PTPP " ) income was $ 19.6 million for the three months ended March 31 , 2021 , as compared to $ 13.6 million for the three months ended March 31 , 2020 , reflecting an increase of $ 5.9 million , or 43.6 % .1 At March 31 , 2021 , the Corporation had $ 114.0 million in outstanding loans with deferred loan payments related to the ongoing novel coronavirus , or COVID - 19 , pandemic for its commercial and consumer customers , or 3.4 % of total loans .