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.
CNB Financial Corp (symbol: CCNE) is a prominent provider of integrated financial solutions aimed at creating value for both consumers and businesses. With a strong presence in the western central region of Pennsylvania and central Ohio, CNB Financial Corp offers a comprehensive range of products and services through its subsidiary, CNB Bank.
The company's robust portfolio includes traditional deposit accounts such as checking, savings, and time deposits. Additionally, CNB Financial Corp is renowned for its private banking services and a diverse array of lending options, encompassing real estate, commercial, industrial, residential, and consumer loans and lines of credit.
CNB Financial Corp also excels in providing credit card services, cash and wealth management, and a suite of online banking capabilities. Their electronic check deposit, merchant credit card processing, and ACH origination services are tailored to meet the needs of modern businesses.
Further, the corporation offers specialized services such as trust services, retirement plans, and other employee benefit plans, ensuring comprehensive financial management for its clients. Their innovation extends to payroll processing and on-site banker services, enhancing convenience and efficiency for businesses.
Recent achievements and ongoing projects highlight CNB Financial Corp's dedication to evolving with market demands. The company's sound financial condition and strategic partnerships underscore its stability and growth potential.
CNB Financial Corp's commitment to providing integrated solutions ensures they remain a leader in the financial sector, continually adapting to support the evolving needs of their clients.
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.
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