CNB Financial Corp/PA - CCNE STOCK NEWS

CNB Financial 's Board of Directors has declared a quarterly cash dividend of $0.4453125 per depositary share (CCNEP) and $17.8125 per share on its Series A Preferred Stock. The dividend will be paid on November 29, 2024, to shareholders of record as of November 15, 2024. CNB Financial , with consolidated assets of approximately $6.0 billion, operates primarily through CNB Bank, which provides full-service banking across 54 offices in Pennsylvania, Ohio, New York, and Virginia through various divisions including ERIEBANK, FCBank, BankOnBuffalo, Ridge View Bank, and Impressia Bank.

CNB Financial reported earnings of $12.9 million, or $0.61 per diluted share, for Q3 2024, up from $11.9 million in Q2 2024. The increase was due to higher net interest income and non-interest income, partially offset by increased non-interest expense. Year-to-date earnings were $36.3 million, down from $40.8 million in the same period of 2023, primarily due to rising deposit costs.

Loans totaled $4.5 billion as of September 30, 2024, up 2.18% from June 30, 2024, driven by commercial and industrial growth in Erie and Columbus markets, and expansion in Roanoke. Total deposits increased to $5.2 billion, up 2.08% from the previous quarter. The maintained strong liquidity with $282 million in cash equivalents and $4.5 billion in contingent liquidity resources.

Nonperforming assets were 0.70% of total assets, up from 0.62% in Q2 2024. The increase was primarily due to one commercial relationship totaling $7.9 million. Pre-provision net revenue increased to $19.7 million in Q3 2024, up from $18.6 million in Q2 2024.

CNB Financial (Nasdaq: CCNE) has declared a quarterly cash dividend of $0.18 per share of common stock, payable on September 13, 2024 to shareholders of record as of August 30, 2024. CNB Financial , with consolidated assets of approximately $5.9 billion, operates primarily through its subsidiary, CNB Bank. The bank offers a full range of banking services, including trust and wealth management, across 53 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Bank serves as a multi-brand parent to several divisions, including ERIEBANK, FCBank, BankOnBuffalo, Ridge View Bank, and Impressia Bank, catering to diverse markets and customer segments.

CNB Financial (Nasdaq: CCNE) has declared a quarterly cash dividend of $0.4453125 per depositary share (Nasdaq: CCNEP) for its Series A Preferred Stock. The dividend is payable on August 30, 2024, to holders of record as of August 16, 2024. CNB Financial , with consolidated assets of approximately $5.9 billion, operates primarily through CNB Bank, offering a full range of banking services across 52 full-service offices in Pennsylvania, Ohio, New York, and Virginia. The 's multi-brand strategy includes ERIEBANK, FCBank, BankOnBuffalo, Ridge View Bank, and Impressia Bank, catering to diverse markets and customer segments.

CNB Financial (NASDAQ: CCNE) reported earnings for Q2 2024, showing net income of $11.9 million, or $0.56 per diluted share, up from $11.5 million, or $0.55 per diluted share, in Q1 2024. However, earnings are down from $12.8 million, or $0.61 per diluted share, in Q2 2023 due to higher deposit costs from Fed rate hikes. For H1 2024, earnings were $23.4 million, or $1.11 per diluted share, compared to $28.2 million, or $1.33 per diluted share, for H1 2023.

Loans increased by $73 million QoQ and $106.5 million YoY, totaling $4.4 billion as of June 30, 2024. Total deposits grew by $73.3 million QoQ and $177.8 million YoY to $5.1 billion.

Non-performing assets rose to $36.5 million, or 0.62% of total assets, from $30.7 million in Q1 2024. Net loan charge-offs also increased to $2.8 million in Q2 2024. Pre-provision net revenue (PPNR) for Q2 2024 was $18.6 million, up from $16.8 million in Q1 2024 but down from $19.6 million in Q2 2023.

CNB Bank, a subsidiary of CNB Financial (NASDAQ: CCNE), announced key management promotions and appointments on July 11, 2024. Michael Noah has been promoted to Executive Vice President and Chief Operating Officer, responsible for implementing the bank's growth strategies and efficiency management. Martin Griffith has been appointed Senior Executive Vice President and Chief Revenue Officer, focusing on developing revenue generation strategies across commercial banking, private banking, and wealth management. Richard Greslick has been named Senior Executive Vice President and Chief Administrative Officer, overseeing back-office operations, retail lending, and employee resources to enhance operational efficiencies. These strategic changes aim to drive future growth and improve the overall efficiency of CNB Bank's operations.

CNB Financial (Nasdaq: CCNE) announced a quarterly cash dividend of $0.175 per share for common stockholders, payable on June 14, 2024, to shareholders of record as of May 31, 2024.

The company, with consolidated assets of approximately $5.8 billion, operates primarily through CNB Bank, a full-service bank offering comprehensive banking activities, including trust and wealth management services. CNB Bank operates through various divisions, including ERIEBANK, FCBank, BankOnBuffalo, Ridge View Bank, and Impressia Bank, with offices in Pennsylvania, Ohio, New York, and Virginia.

CNB Financial (Nasdaq: CCNE) has announced a quarterly cash dividend of $0.4453125 per depositary share ($17.8125 per share on its Series A Preferred Stock). The dividend will be payable on May 31, 2024, to holders of record as of May 17, 2024. CNB Financial is a financial holding company with consolidated assets of approximately $5.8 billion, primarily conducting business through its subsidiary, CNB Bank.

CNB Financial reported first-quarter 2024 results with net income available to common shareholders of $11.5 million, or $0.55 per diluted share, showing a decrease from the previous quarter. Loans totaled $4.4 billion, with a decrease compared to year-end 2023 but an increase from March 31, 2023. Total deposits were $5.0 billion, reflecting an increase from the previous quarter. The 's balance sheet showed a decrease in syndicated lending balances. Book value per common share and tangible book value per common share increased. The 's efficiency ratio increased, and total revenue decreased compared to the previous quarters.