Welcome to our dedicated page for Cnb Financial news (Ticker: CCNE), a resource for investors and traders seeking the latest updates and insights on Cnb Financial stock.
Overview of CNB Financial Corporation
CNB Financial Corporation (NASDAQ: CCNE) is a prominent regional financial services provider headquartered in Pennsylvania, serving the western central region of the state and extending into central Ohio. Through its primary subsidiary, CNB Bank, the company delivers a comprehensive suite of integrated financial solutions designed to meet the diverse needs of both consumers and businesses. CNB Financial is committed to creating value for its clients by offering a wide range of traditional banking services, advanced digital solutions, and specialized financial products.
Core Business Areas
The company's core offerings include deposit accounts such as checking, savings, and time deposits, as well as lending solutions that encompass real estate, commercial, industrial, residential, and consumer loans. CNB Financial also provides private banking services tailored to high-net-worth individuals, offering personalized financial strategies and wealth management solutions.
In addition to traditional banking, the company has a strong focus on treasury management and merchant services. These include cash management, electronic check deposit, accounts receivable handling, ACH origination, payroll processing, and merchant credit card processing. Such services are designed to support businesses in managing their financial operations more efficiently.
Wealth Management and Trust Services
CNB Financial Corporation extends its value proposition through wealth and asset management services. These include trust services, retirement plans, and employee benefit plans, which cater to both individual and institutional clients. By integrating these offerings, the company positions itself as a one-stop financial partner for its clients, addressing both immediate banking needs and long-term financial planning.
Digital Banking and Innovation
Recognizing the evolving preferences of modern consumers, CNB Financial has invested significantly in digital banking solutions. These include online banking, mobile banking, and remote deposit capabilities, allowing customers to manage their finances conveniently and securely. The company’s focus on digital innovation ensures it remains competitive in an industry increasingly shaped by technology-driven solutions.
Geographic Focus and Market Position
CNB Financial operates primarily in the western central region of Pennsylvania and central Ohio, leveraging its deep understanding of these markets to build strong customer relationships. This regional focus allows the company to tailor its products and services to the specific needs of its community, fostering loyalty and trust among its client base. However, this geographic concentration also presents risks, particularly in the face of regional economic fluctuations.
Revenue Streams
The company derives its revenue from a balanced mix of interest income and non-interest income. Interest income is generated through loans and deposit accounts, while non-interest income comes from wealth management services, trust operations, and other fee-based activities. This diversified revenue model helps mitigate risks associated with interest rate volatility and economic cycles.
Competitive Landscape
CNB Financial operates in a highly competitive financial services industry, facing challenges from both regional banks and larger national institutions. Additionally, the rise of fintech companies has introduced new competition in areas such as digital banking and payment processing. CNB Financial differentiates itself through its integrated approach, combining traditional banking services with advanced digital solutions and specialized financial products. Its customer-centric model and regional expertise further enhance its competitive positioning.
Commitment to Community
Beyond its financial services, CNB Financial Corporation demonstrates a strong commitment to the communities it serves. Through various initiatives, the company supports local economic development and fosters financial literacy, reinforcing its role as a trusted community partner.
Conclusion
CNB Financial Corporation stands out as a versatile and customer-focused financial services provider. By integrating traditional banking with innovative digital solutions and specialized offerings like wealth management and trust services, the company addresses the evolving needs of its clients. Its regional focus, diversified revenue streams, and commitment to community engagement further solidify its position in the financial services industry. Investors seeking a comprehensive understanding of CNB Financial will find its balanced approach to growth and customer service particularly noteworthy.
CNB Financial (Nasdaq: CCNE) has declared a quarterly cash dividend of $0.18 per share of common stock, payable on March 14, 2025, to shareholders of record as of February 28, 2025.
The company, with consolidated assets of approximately $6.2 billion, operates primarily through CNB Bank, offering full-service banking activities including trust and wealth management services. The bank network comprises 55 full-service offices across Pennsylvania, Ohio, New York, and Virginia, along with one drive-up office and one mobile office.
CNB Bank serves as a multi-brand parent to several divisions: ERIEBANK in Northwest Pennsylvania and Northeast Ohio, FCBank in Central Ohio, BankOnBuffalo in Western New York, Ridge View Bank in Southwest Virginia, and Impressia Bank, focusing on banking opportunities for women.
CNB Financial (Nasdaq: CCNE) has declared a quarterly cash dividend of $0.4453125 per depositary share (Nasdaq: CCNEP), reflecting a quarterly cash dividend of $17.8125 per share on its Series A Preferred Stock. The dividend will be paid on February 28, 2025, to shareholders of record as of February 14, 2025.
The company, with consolidated assets of approximately $6.2 billion, operates primarily through CNB Bank, offering full-service banking, trust, and wealth management services. CNB Bank's network includes 55 full-service offices across Pennsylvania, Ohio, New York, and Virginia, operating under multiple brands including ERIEBANK, FCBank, BankOnBuffalo, Ridge View Bank, and Impressia Bank.
CNB Financial (NASDAQ: CCNE) reported Q4 2024 earnings of $14.0 million, or $0.66 per diluted share, up from $12.9 million ($0.61 per share) in Q3 2024. Full-year 2024 earnings were $50.3 million ($2.39 per share), down from $53.7 million ($2.55 per share) in 2023.
Total loans reached $4.5 billion as of December 31, 2024, showing a quarterly increase of $6.6 million (0.58% annualized) and a year-over-year growth of $169.4 million (3.88%). Total deposits were $5.4 billion, reflecting a quarterly increase of $154.4 million (11.78% annualized) and a year-over-year increase of $372.6 million (7.45%).
Nonperforming assets increased to $59.5 million (0.96% of total assets) as of Q4 2024, compared to $42.0 million in Q3 2024. The increase was primarily due to a $20.4 million commercial multifamily relationship.
CNB Financial (NASDAQ: CCNE) has announced a definitive agreement to acquire ESSA Bancorp in an all-stock transaction valued at $214 million. The merger, expected to close in 3Q25, will expand CNB's Pennsylvania footprint, particularly in the Greater Lehigh Valley and Scranton markets.
The acquisition will add approximately $2 billion in assets to CCNE's balance sheet, resulting in proforma $8 billion in total assets, $6 billion in loans, and $7 billion in deposits, along with 20 additional branch locations. The combined entity will become the seventh-largest Pennsylvania-headquartered bank by deposit market share.
The merger projects $20.5 million in pre-tax cost savings, with 50% realized in 2025. Additional earnings benefits include $94 million in loan portfolio interest rate marks and $14 million in investment portfolio marks. The proforma CET1 ratio is expected to decline from 11.6% to 10.7% at closing but should rebuild to peer group levels by YE26.
CNB Financial (CCNE) and ESSA Bancorp have announced a strategic merger valued at approximately $214 million. Under the all-stock transaction, ESSA shareholders will receive 0.8547 shares of CNB common stock for each ESSA share, valued at approximately $21.10 per share.
The combined entity will have approximately $8 billion in total assets, $7 billion in deposits, and $6 billion in total loans. ESSA Bank will operate as a division of CNB Bank, maintaining its existing geographic footprint across the Lehigh Valley, Greater Pocono, Scranton/Wilkes-Barre, and suburban Philadelphia areas.
The merger is expected to be 35% accretive to CNB's diluted earnings per share in 2026 and is projected to deliver a return on average tangible common equity of ~16%. The transaction is anticipated to close in the third quarter of 2025, subject to shareholder and regulatory approvals.
The Board of Directors of CNB Financial (Nasdaq: CCNE) declared a quarterly cash dividend of $0.18 per share of common stock. The dividend is payable on December 13, 2024, to shareholders of record as of November 29, 2024. CNB Financial , with consolidated assets of approximately $6.0 billion, operates primarily through its principal subsidiary, CNB Bank. CNB Bank offers a wide range of banking services, including trust and wealth management, through its divisions such as ERIEBANK, FCBank, BankOnBuffalo, Ridge View Bank, and Impressia Bank. CNB Bank has 55 full-service offices across Pennsylvania, Ohio, New York, and Virginia, along with additional specialized banking offices.
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.
FAQ
What is the current stock price of Cnb Financial (CCNE)?
What is the market cap of Cnb Financial (CCNE)?
What does CNB Financial Corporation do?
What are CNB Financial's primary revenue streams?
Where does CNB Financial operate?
How does CNB Financial differentiate itself from competitors?
What digital banking services does CNB Financial offer?
What types of loans does CNB Financial provide?
What wealth management services does CNB Financial provide?
What is CNB Financial's commitment to community engagement?
