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News Release CCNE ™ NASDAQ LISTED Contact : Tito L. Lima Treasurer ( 814 ) 765-9621 FOR IMMEDIATE RELEASE CNB FINANCIAL CORPORATION REPORTS THIRD QUARTER 2021 EARNINGS PER SHARE OF $ 0.82 COMPARED TO $ 0.47 FOR THIRD QUARTER 2020 Clearfield , Pennsylvania - October 25 , 2021 CNB Financial Corporation ( " CNB " or the " Corporation " ) ( NASDAQ : CCNE ) , the parent company of CNB Bank , today announced its earnings for the quarter and nine months ended September 30 , 2021 . Joseph B. Bower , Jr. , President and CEO , stated , “ CNB's proven track record of organic loan growth over the last 20 years is serving shareholders well . Loan growth coupled with a disciplined approach to pricing are strong aides in fighting margin compression . " Mr. Bower went on to say , " This business model expansion in Roanoke , VA with Ridge View Bank is being very well received . We are exceeding projections in all categories in only five months of operation . " • • Executive Summary Earnings per diluted share of $ 0.82 for the third quarter of 2021 increased 74.5 % from the third quarter of 2020. Included in earnings per diluted share for the quarter ended September 30 , 2020 was $ 0.23 per diluted share in merger costs related to CNB's acquisition of Bank of Akron , prepayment penalties and branch closure costs . At September 30 , 2021 , excluding the impact of PPP loans , net of PPP deferred processing fees ( such loans , the " PPP - related loans " ) , the Corporation's loan portfolio had net growth of 6.5 % , or 8.7 % annualized , from December 31 , 2020. The net organic growth for the first nine months of 2021 was $ 135.0 million , or 4.2 % ( 5.6 % annualized ) primarily driven by the Corporation's continued expansion in the Cleveland , Buffalo and Ridge View regions , and Private Banking division . о In addition , as part of the liquidity management strategies first implemented by the Corporation in 2020 , the first nine months of 2021 reflect an increase in syndicated lending activities of $ 74.5 million . The syndicated loan portfolio totaled $ 96.6 million , or 2.8 % of total loans , excluding PPP - related loans , at September 30 , 2021 . At September 30 , 2021 , the Corporation had $ 24.0 million in outstanding commercial and consumer loans with deferred loan payments related to the ongoing novel coronavirus , or COVID - 19 , pandemic , representing 0.7 % of total loans . The Corporation believes that the majority of such loans will resume regular contractual payments by the end of 2021 . As of September 30 , 2021 , the Corporation had outstanding $ 89.2 million in Paycheck Protection Program ( " PPP " ) loans , or 869 PPP loan relationships and deferred PPP processing fees of approximately $ 3.8 million . At September 30 , 2021 , total deposits were $ 4.6 billion , an increase of 9.8 % , or 13.2 % 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 2.8 % , or 3.8 % annualized , from December 31 , 2020 . Total non - performing assets were $ 22.1 million , or 0.42 % , of total assets , as of September 30 , 2021 compared to $ 31.5 million , or 0.67 % of total assets , as of December 31 , 2020. In addition , for the three months ended September 30 , 2021 , net loan charge - offs were $ 778 thousand , or 0.09 % of total average loans , compared to $ 948 thousand , or 0.11 % , of total average loans , during the comparable period in 2020 . On October 18 , 2021 , the Corporation announced that it had completed the redemption of $ 50 million aggregate principal amount of its 5.75 % Fixed - to- Floating Rate Subordinated Notes due October 15 , 2026 ( the " 2026 Notes " ) , representing all outstanding 2026 Notes . The 2026 Notes were redeemed pursuant to their terms at a price equal to 100 % of the principal amount , plus accrued and unpaid interest up to , but excluding , October 15 , 2021. The Corporation financed the redemption of the 2026 Notes with cash on hand , including net proceeds from the issuance and sale of $ 85.0 million aggregate principal amount of the Corporation's 3.25 % Fixed - to - Floating Rate Subordinated Notes due 2031 completed in June 2021 .