CNB Financial (CCNE) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the s ...

NEW YORK, Jan. 13, 2025 /PRNewswire/ -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating potential claims related to the below-listed proposed mergers.  Kuehn Law may seek additional disclosures or other relief on behalf of the shareholders of these companies.  Kuehn Law is investigating whether the Boards of the below companies 1) acted to maximize shareholder value, 2) failed to disclose material information, and 3) conducted a fair process:  CNB Financial Corporation has entered into ...

CLEARFIELD, PA and STROUDSBURG, PA, Jan. 10, 2025 (GLOBE NEWSWIRE) -- CNB Financial Corporation (Nasdaq: CCNE) (“CNB”), parent company of CNB Bank, and ESSA Bancorp, Inc. (Nasdaq: ESSA) (“ESSA”), parent company of ESSA Bank & Trust (“ESSA Bank”), jointly announced today that they have entered into a definitive agreement pursuant to which ESSA will merge with and into CNB, and ESSA Bank will merge with and into CNB Bank. The combined company is expected to have approximately $8 billion in total assets, $7 bi ...

Financial Performance - Net income for the three months ended September 30, 2023, was $13,954 million, compared to $13,727 million for the same period last year, reflecting a growth of 1.7%[10] - Comprehensive income for the three months ended September 30, 2023, was $10,094 million, compared to a loss of $7,916 million in the prior year[12] - Net income for the period was reported at $39,511, reflecting a significant increase compared to previous periods[19] - Net income for the nine months ended September 30, 2024, was $39,511, down from $44,043 in the same period of 2023, representing a decrease of approximately 12.4%[20] - Basic earnings per common share for the three months ended September 30, 2023, was $0.61, compared to $0.60 for the same period last year, reflecting a growth of 1.7%[10] - Diluted earnings per common share for the nine months ended September 30, 2024, was $1.72, down from $1.94 for the same period in 2023[176] Asset and Liability Management - Total assets increased to $6,014,844 million as of September 30, 2024, compared to $5,752,957 million at December 31, 2023, representing a growth of 4.57%[9] - The company reported a total liabilities figure of $5,408,481 million, up from $5,181,710 million, which is an increase of 4.38%[9] - The total shareholders' equity rose to $606,363 million, compared to $571,247 million, reflecting a growth of 6.15%[9] - Cash and cash equivalents at the end of the period increased to $360,909 from $182,585, representing a growth of approximately 97.5%[20] - The allowance for credit losses was $46,644 million, slightly up from $45,832 million, indicating a 1.77% increase[9] Loan Portfolio - Total net loans receivable as of September 30, 2024, amounted to $4,591,908 million, an increase from $4,468,476 million as of December 31, 2023, representing a growth of approximately 2.8%[68] - The total loans receivable net of allowance for credit losses was $4,545,264 million as of September 30, 2024, compared to $4,422,644 million at the end of December 31, 2023[68] - The commercial and industrial loans category totaled $719,441 million as of September 30, 2024, accounting for 15.7% of total loans, slightly down from 16.3% at December 31, 2023[68] - Residential mortgages secured by first liens reached $1,012,020 million, representing 22.0% of total loans, compared to 22.5% as of December 31, 2023[68] - Nonaccrual loans totaled $39.855 million as of September 30, 2024, with $31.036 million having no allowance for credit loss[80] Credit Losses and Provisions - Provision for credit loss expense was $2,381 million, significantly higher than $1,056 million in the prior year, indicating an increase of 125.5%[10] - The provision for credit losses on loans receivable for the three months ended September 30, 2024, was $2,332 million, reflecting a significant increase compared to the previous period[72] - The allowance for credit losses increased by $1.1 million and $812 thousand for the three and nine months ended September 30, 2024, primarily due to growth in the loan portfolio and increased unemployment rate forecast[78] - Significant uncertainty regarding the economy persists due to inflation, elevated interest rates, and geopolitical conflicts[78] Deposits and Funding - Total deposits reached $5,216,949 million, an increase of 4.37% from $4,998,750 million[9] - Noninterest-bearing demand deposits grew to $841,292 million, up 15.4% from $728,881 million[9] - Interest-bearing demand deposits decreased to $681,056 million, down 15.2% from $803,093 million[9] - The Corporation had brokered deposits of $185 million as of September 30, 2024, down from $208.3 million at December 31, 2023, a decline of about 11.1%[143] Investments and Securities - The Corporation's total debt securities available-for-sale (AFS) totaled $422.222 billion with unrealized losses of $43.717 billion as of September 30, 2024[49] - The fair value of residential and multi-family mortgage securities in the AFS category was $223.951 billion, reflecting unrealized losses of $28.071 billion[49] - The Corporation's total fair value of debt securities at September 30, 2024, was $378.965 billion, reflecting a significant portion in U.S. Government sponsored entities[49] - Total Securities Available-For-Sale amounted to $378.965 million as of September 30, 2024, with $365.878 million classified under observable inputs (Level 2)[194] Operational Efficiency - Total non-interest expenses rose to $38,784 million, up from $36,914 million, which is an increase of 5.0%[10] - The corporation's management believes there is no impairment of goodwill as of September 30, 2024, following an evaluation of current conditions[30] - The Corporation's financial performance reflects a focus on managing loan portfolios effectively while navigating market conditions[129] Lease and Asset Management - Operating lease assets increased to $37,419 million as of September 30, 2024, compared to $35,699 million at December 31, 2023, reflecting a growth of approximately 4.8%[135] - Total leased liabilities rose to $39,907 million as of September 30, 2024, from $37,944 million at December 31, 2023, indicating an increase of about 5.2%[135] - The corporation's lease agreements include options for renewal, which are considered in the lease term if it is reasonably certain they will be exercised, indicating flexibility in lease management[134]

CNB Financial (CCNE) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.The power of a changing ...

CNB Financial (CCNE) came out with quarterly earnings of $0.61 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.60 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 8.93%. A quarter ago, it was expected that this bank holding company would post earnings of $0.53 per share when it actually produced earnings of $0.56, delivering a surprise of 5.66%. Over the last four quarters, t ...

News Release Contact: Tito L. Lima Treasurer (814) 765-9621 FOR IMMEDIATE RELEASE CNB FINANCIAL CORPORATION REPORTS THIRD QUARTER 2024 RESULTS Clearfield, Pennsylvania – October 21, 2024 CNB Financial Corporation ("Corporation") (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and nine months ended September 30, 2024. Executive Summary • Net income available to common shareholders ("earnings") was $12.9 million, or $0.61 per diluted share, for the three months ended ...

CLEARFIELD, Pa., Oct. 21, 2024 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the three and nine months ended September 30, 2024. Executive Summary Net income available to common shareholders ("earnings") was $12.9 million, or $0.61 per diluted share, for the three months ended September 30, 2024, compared to earnings of $11.9 million, or $0.56 per diluted share, for the three months ended June 30, 2024. The quar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-39472 CNB FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 25-1450605 (State or other jurisdiction ...

CNB Financial (CCNE) came out with quarterly earnings of $0.56 per share, beating the Zacks Consensus Estimate of $0.53 per share. This compares to earnings of $0.61 per share a year ago. These figures are adjusted for non-recurring items. CNB, which belongs to the Zacks Banks - Northeast industry, posted revenues of $54.58 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 1.30%. This compares to year-ago revenues of $55.55 million. The company has topped consensus revenue est ...