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News Release CCNE ™ NASDAQ LISTED Contact : Tito L. Lima Treasurer ( 814 ) 765-9621 FOR IMMEDIATE RELEASE CNB FINANCIAL CORPORATION REPORTS SECOND QUARTER 2021 EARNINGS PER SHARE OF $ 0.76 COMPARED TO $ 0.54 FOR SECOND QUARTER 2020 Clearfield , Pennsylvania - July 20 , 2021 CNB Financial Corporation ( " CNB " or the " Corporation " ) ( NASDAQ : CCNE ) , the parent company of CNB Bank , today announced its earnings for the quarter ended June 30 , 2021 . Joseph B. Bower , Jr. , President and CEO , stated , " We are pleased to announce another quarter that reflects the earnings power of our Corporation . Our focus on risk - based loan pricing has supported the Corporation's growth strategies while delivering a strong level of profitability for our shareholders . " Mr. Bower went on to say , " It is very exciting for us to bring our banking model to Roanoke and southwest Virginia . Our expansion continues to provide the Corporation with organic growth and positive capital management , without the disruption of culture that mergers create . With this new market , along with our existing presence in Buffalo , Cleveland , Columbus and Erie , we believe our model has years of built - in opportunities for growth . " • • • • Executive Summary In July 2021 , the Corporation expanded its footprint by entering the Roanoke , Virginia market through the establishment of its newest brand , Ridge View Bank . Ridge View Bank's focus is on commercial lending , cash management and private banking . A loan production office will open for business in August 2021 , in Roanoke . Also during the second quarter of 2021 , the Corporation sold $ 85 million aggregate principal amount of its 3.25 % fixed - to - floating rate subordinated notes due 2031 ( the " 2031 Notes " ) to certain eligible purchasers in a private offering in reliance on the exemption from the registration requirements of Section 4 ( a ) ( 2 ) of the Securities Act of 1933 , as amended , and the provisions of Rule 506 of Regulation D thereunder . The Corporation intends to use the net proceeds to , among other things , redeem its existing $ 50 million in subordinated indebtedness , which indebtedness is redeemable on or after October 15 , 2021. The 2031 Notes were designed to qualify as Tier 2 capital under the Federal Reserve's capital guidelines and received an investment grade rating of BBB- by Kroll Bond Rating Agency . Earnings per diluted share of $ 0.76 for the second quarter of 2021 increased 40.7 % from the second quarter of 2020 primarily as a result of a wider net interest margin , coupled with stable credit quality and well - controlled operating efficiency . At June 30 , 2021 , excluding the impact of government stimulus initiatives , the Corporation's loan portfolio had net organic growth of 3.5 % , or 7.1 % annualized , from December 31 , 2020. The net organic growth for the first six months of this year was primarily driven by the Corporation's Cleveland market , as well as increased syndicated lending activities . At June 30 , 2021 , total deposits of $ 4.5 billion increased 7.7 % , or 15.6 % annualized , from December 31 , 2020 , primarily due to organic growth and the impact of government stimulus initiatives . The number of households across all regions increased 1.9 % , or 3.8 % annualized , from December 31 , 2020 . The Corporation's Wealth and Asset business continues to provide diversification in its revenue as Assets Under Management reached $ 1.2 billion , at June 30 , 2021 , which increased 7.3 % , or 14.8 % , annualized , from December 31 , 2020. For the first six months of 2021 , wealth and asset management fees totaled approximately $ 3.3 million , or 23.2 % , higher than the first six months of 2020 . Annualized return on average equity for the second quarter of 2021 was 13.36 % compared to 10.30 % for the second quarter of 2020 , while return on average tangible common equity for the second quarter of 2021 was 16.06 % , an increase of 435 basis points from 11.71 % , for the second quarter of 2020 , reflecting the Corporation's continued focus on efficient utilization of capital.1