Group 1 - Investors in CNB Financial Corporation (CCNE) should monitor the stock closely due to significant implied volatility in the options market, particularly the Mar 21, 2025 $25.00 Put option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that a major event may be anticipated that could lead to a substantial price change [2] - CNB Financial currently holds a Zacks Rank 3 (Hold) in the Banks - Northeast industry, which is in the top 6% of the Zacks Industry Rank, but analysts have not increased earnings estimates for the current quarter, with a consensus estimate dropping from 58 cents to 53 cents per share [3][4] Group 2 - The high implied volatility for CNB Financial could indicate a developing trading opportunity, as options traders often seek to sell premium on such options, hoping the stock does not move as much as expected by expiration [4]

Group 1 - CNB Financial Corporation declared a quarterly cash dividend of $0.18 per share, payable on March 14, 2025, to shareholders of record as of February 28, 2025 [1] - CNB Financial Corporation has consolidated assets of approximately $6.2 billion [2] - The company operates primarily through its subsidiary, CNB Bank, which offers a full range of banking services including trust and wealth management [2] Group 2 - CNB Bank has a diverse operational structure with a private banking division, one drive-up office, one mobile office, and 55 full-service offices across Pennsylvania, Ohio, New York, and Virginia [2] - The bank serves various customer segments including individuals, businesses, governments, and institutions [2] - CNB Bank operates multiple divisions, including ERIEBANK, FCBank, BankOnBuffalo, Ridge View Bank, and Impressia Bank, which focuses on banking opportunities for women [2]

Group 1 - CNB Financial (CCNE) reported quarterly earnings of $0.66 per share, exceeding the Zacks Consensus Estimate of $0.54 per share, and showing an increase from $0.62 per share a year ago, representing an earnings surprise of 22.22% [1] - The company posted revenues of $59.97 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.22%, compared to year-ago revenues of $56.83 million [2] - CNB has outperformed the S&P 500 with a 2.9% increase since the beginning of the year, while the S&P 500 gained 2.2% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $0.31 on revenues of $58.2 million, and for the current fiscal year, it is $1.72 on revenues of $264.8 million [7] - The Zacks Industry Rank for Banks - Northeast is in the top 9% of over 250 Zacks industries, indicating strong performance potential [8] - Another company in the same industry, Isabella Bank Corporation (ISBA), is expected to report quarterly earnings of $0.49 per share, reflecting a year-over-year decline of 3.9%, with revenues projected at $18.6 million, an increase of 8.6% from the previous year [9]

[Financial and Operational Highlights](index=1&type=section&id=Executive%20Summary) CNB Financial Corporation reported strong Q4 2024 earnings, steady loan and deposit growth, maintained robust liquidity and capital, while noting an increase in nonperforming assets [Earnings Performance](index=1&type=section&id=Executive%20Summary) CNB Financial Corporation reported strong fourth-quarter 2024 results with net income of **$14.0 million** (**$0.66/share**), an increase both quarter-over-quarter and year-over-year, driven by higher net interest income and lower expenses, though full-year 2024 earnings of **$50.3 million** (**$2.39/share**) were down from 2023 primarily due to increased deposit costs | Period | Net Income (Available to Common) | Diluted EPS | | :--- | :--- | :--- | | **Q4 2024** | **$14.0 million** | **$0.66** | | Q3 2024 | $12.9 million | $0.61 | | Q4 2023 | $12.9 million | $0.62 | | **Full-Year 2024** | **$50.3 million** | **$2.39** | | Full-Year 2023 | $53.7 million | $2.55 | - The increase in Q4 2024 earnings compared to Q3 2024 was attributed to a rise in net interest income combined with reduced non-interest expenses[4](index=4&type=chunk) - The year-over-year increase for the quarter was due to growth in both net interest and non-interest income, alongside lower non-interest expenses[4](index=4&type=chunk) - The decline in full-year 2024 earnings compared to 2023 was primarily caused by the significant rise in deposit costs year-over-year[4](index=4&type=chunk) [Loan and Deposit Growth](index=1&type=section&id=Executive%20Summary) The Corporation achieved steady loan and deposit growth, with loans (excluding syndicated) reaching **$4.5 billion** (up **3.88%** year-over-year) and total deposits growing to **$5.4 billion** (a **7.45%** increase) as of December 31, 2024 | Metric (as of Dec 31, 2024) | Amount | YoY Change | | :--- | :--- | :--- | | Total Loans (ex-syndicated) | $4.5 billion | +3.88% | | Total Deposits | $5.4 billion | +7.45% | - Loan growth was primarily driven by commercial and residential real estate loans in expansion markets like Cleveland, OH, and Roanoke, VA, as well as in the Columbus, OH market and the Private Banking division[4](index=4&type=chunk) - The syndicated loan portfolio stood at **$79.9 million** (**1.73%** of total loans), a decrease of **$28.8 million** year-over-year due to paydowns, but an increase of **$10.4 million** from Q3 2024 as the Corporation identified opportunities with favorable yields[4](index=4&type=chunk) [Liquidity and Capital Position](index=3&type=section&id=Executive%20Summary) The Corporation maintains a strong liquidity and capital position, with adjusted uninsured deposits at approximately **18.01%** of total deposits and total liquidity sources covering these deposits by approximately **5.0 times**, while all regulatory capital ratios exceed 'well-capitalized' levels - Adjusted estimated uninsured deposits were approximately **$986.0 million**, or **18.01%** of total CNB Bank deposits as of December 31, 2024[5](index=5&type=chunk) - The Corporation had total on-hand and contingent liquidity sources of approximately **$4.6 billion**, which is about **5.0 times** the estimated adjusted uninsured deposit balances[5](index=5&type=chunk) - Pre-tax net unrealized losses on securities totaled **$74.8 million** (**12.25%** of total shareholders' equity), however, regulatory capital ratios would still exceed 'well-capitalized' levels if these losses were fully recognized[5](index=5&type=chunk) - As of December 31, 2024, the Corporation had no outstanding short-term borrowings from the FHLB or the Federal Reserve's Discount Window[5](index=5&type=chunk) [Asset Quality](index=3&type=section&id=Executive%20Summary) Asset quality metrics showed an increase in nonperforming assets (NPAs) during the fourth quarter, with NPAs rising to **$59.5 million** (**0.96%** of total assets) primarily due to a single commercial multifamily relationship, and net loan charge-offs also increased to **$2.1 million** for the quarter - Total nonperforming assets were **$59.5 million** (**0.96%** of total assets) at Q4 2024, up from **$42.0 million** at Q3 2024 and **$31.8 million** at Q4 2023[5](index=5&type=chunk) - The quarterly increase in NPAs was primarily driven by one commercial multifamily relationship of **$20.4 million**, for which a specific reserve of **$885 thousand** has been established[5](index=5&type=chunk) - Net loan charge-offs for Q4 2024 were **$2.1 million**, or **0.19%** annualized, compared to **$1.2 million** (**0.11%** annualized) in Q3 2024[5](index=5&type=chunk) [CEO Commentary and Outlook](index=4&type=section&id=Executive%20Summary) The CEO highlighted the favorable earnings trend over the last three quarters of 2024, attributing it to the successful implementation of core strategic initiatives, and expressed optimism about the planned acquisition of ESSA Bancorp, which is expected to expand the business model and create operational efficiencies - CEO Michael Peduzzi noted that Q4 2024 performance continued a favorable trend of increased earnings for the third consecutive quarter[6](index=6&type=chunk) - Key strategic initiatives include deepening customer relationships, disciplined underwriting, risk-based pricing, and solid risk management[6](index=6&type=chunk) - The company is excited about the planned acquisition of ESSA Bancorp, Inc., which is expected to add over **$2 billion** in assets and enhance business development and operational scale[6](index=6&type=chunk) [Balance Sheet Analysis](index=4&type=section&id=Other%20Balance%20Sheet%20Highlights) The Corporation's book value and tangible book value per common share increased year-over-year, supported by retained earnings and share repurchases [Shareholders' Equity and Book Value](index=4&type=section&id=Other%20Balance%20Sheet%20Highlights) Book value and tangible book value per common share both increased year-over-year, reaching **$26.34** and **$24.24** respectively as of December 31, 2024, driven by a **$35.4 million** rise in retained earnings and share repurchases, which offset the negative impact of unrealized losses on the investment portfolio | Metric per Common Share | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Book Value | $26.34 | $26.13 | $24.57 | | Tangible Book Value (Non-GAAP) | $24.24 | $24.03 | $22.46 | - The year-over-year increase in book value was primarily due to a **$35.4 million** increase in retained earnings and the repurchase of **23,988** common shares in Q2 2024[9](index=9&type=chunk) [Loan Portfolio Analysis](index=4&type=section&id=Loan%20Portfolio%20Profile) The Corporation monitors its commercial real estate exposure, with no nonaccrual loans in office or hospitality, but an increase in multifamily nonaccruals [Commercial Real Estate (CRE) Concentrations](index=4&type=section&id=Loan%20Portfolio%20Profile) The Corporation actively monitors its exposure to key commercial real estate sectors, with no nonaccrual or past due loans in the office and hospitality portfolios, while the multifamily portfolio had **$20.7 million** in nonaccrual loans (representing **5.62%** of the total multifamily loan balance) primarily from one relationship, and no loans in these categories were classified as high volatility commercial real estate (HVCRE) | CRE Portfolio (as of Dec 31, 2024) | Total Balance | % of Total Loans | Nonaccrual Loans | Past Due Loans | | :--- | :--- | :--- | :--- | :--- | | **Commercial Office** | $113.7 million | 2.47% | $0 | $0 | | **Commercial Hospitality** | $321.6 million | 6.98% | $0 | $0 | | **Commercial Multifamily** | $367.6 million | 7.98% | $20.7 million | $21.1 million | - The Corporation had no loans considered by regulators to be high volatility commercial real estate (HVCRE) in its office, hospitality, or multifamily portfolios[12](index=12&type=chunk) [Performance Analysis](index=5&type=section&id=Performance%20Ratios) Profitability and efficiency improved in Q4 2024, driven by increased net interest income and reduced expenses, though full-year returns were lower than the prior year [Profitability and Efficiency Ratios](index=5&type=section&id=Performance%20Ratios) Profitability metrics improved in Q4 2024 compared to Q3 2024, with annualized return on average tangible common equity (ROATCE) at **10.90%**, though full-year returns were lower than in 2023, and the efficiency ratio showed significant improvement in Q4 2024, falling to **63.68%** from **66.34%** in the prior quarter, driven by higher net interest income and lower non-interest expenses | Performance Ratio (Annualized) | Q4 2024 | Q3 2024 | Q4 2023 | | :--- | :--- | :--- | :--- | | Return on Average Equity | 9.79% | 9.28% | 9.97% | | Return on Average Tangible Common Equity (Non-GAAP) | 10.90% | 10.33% | 11.27% | | Efficiency Ratio | 63.68% | 66.34% | 67.66% | - The full-year 2024 return on average equity was **9.21%**, down from **10.54%** in 2023[14](index=14&type=chunk) - The full-year efficiency ratio was **66.20%**, up from **65.13%** in 2023[14](index=14&type=chunk) [Revenue Analysis](index=5&type=section&id=Revenue) Total revenue for Q4 2024 was **$59.4 million**, an increase from both the prior quarter and the same quarter last year, supported by a rise in net interest income, while for the full year, total revenue increased slightly to **$226.6 million**, as higher non-interest income offset a small decline in net interest income | Revenue Component ($ millions) | Q4 2024 | Q3 2024 | Q4 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $49.0 | $47.5 | $47.7 | | Non-Interest Income | $10.3 | $11.0 | $9.1 | | **Total Revenue** | **$59.4** | **$58.5** | **$56.8** | | Revenue Component ($ millions) | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | | Net Interest Income | $187.5 | $189.8 | | Non-Interest Income | $39.1 | $33.3 | | **Total Revenue** | **$226.6** | **$223.2** | Net Interest Income and Margin - Q4 2024 net interest income increased by **$1.6 million** (**13.05%** annualized) from Q3 2024, primarily due to targeted decreases in interest-bearing deposit rates following Federal Reserve rate cuts[15](index=15&type=chunk) - Full-year 2024 net interest income decreased by **$2.4 million** from 2023, as the increase in interest expense on deposits outpaced the growth in interest income from loans and other earning assets[18](index=18&type=chunk) | Net Interest Margin | Q4 2024 | Q3 2024 | Q4 2023 | | :--- | :--- | :--- | :--- | | Net Interest Margin (GAAP) | 3.44% | 3.43% | 3.54% | | Cost of Interest-Bearing Liabilities | 3.03% | 3.21% | 2.89% | Non-Interest Income - Q4 2024 non-interest income was **$10.3 million**, down from **$11.0 million** in Q3 2024 due to increased net losses on equity securities, however, it was up from **$9.1 million** in Q4 2023, driven by higher wealth management fees and SBIC income[18](index=18&type=chunk) - Full-year 2024 non-interest income increased to **$39.1 million** from **$33.3 million** in 2023, primarily due to higher pass-through income from SBICs, increased gains on equity securities, and growth in wealth and asset management fees[18](index=18&type=chunk) [Non-Interest Expense](index=7&type=section&id=Non-Interest%20Expense) Total non-interest expense decreased in Q4 2024 to **$37.8 million**, down **2.52%** from the prior quarter, mainly due to lower salaries and benefits from reduced incentive compensation accruals, while for the full year, expenses rose **3.21%** to **$150.0 million**, driven by higher personnel costs from expansion and increased technology investments | Period | Total Non-Interest Expense ($ millions) | Change | | :--- | :--- | :--- | | **Q4 2024** | **$37.8** | -2.52% vs Q3 2024 | | Q3 2024 | $38.8 | | | Q4 2023 | $38.5 | | | **Full-Year 2024** | **$150.0** | +3.21% vs FY 2023 | | Full-Year 2023 | $145.3 | | - The quarterly decrease in expenses was primarily due to a reduction in salaries and benefits, related to lower incentive compensation accruals and the departure of an executive[17](index=17&type=chunk) - The annual increase in expenses was driven by higher personnel costs from merit increases and staffing in new markets (Cleveland, OH and Roanoke, VA), and increased technology and licensing costs[19](index=19&type=chunk) [Income Taxes](index=9&type=section&id=Income%20Taxes) The effective tax rate remained relatively stable, with Q4 2024 at **19.14%** (slightly lower than Q3 2024's **19.31%**) and the full-year 2024 rate at **18.98%** compared to **19.22%** for 2023 | Period | Income Tax Expense ($ millions) | Effective Tax Rate | | :--- | :--- | :--- | | **Q4 2024** | **$3.6** | **19.14%** | | Q3 2024 | $3.3 | 19.31% | | Q4 2023 | $3.2 | 18.45% | | **Full-Year 2024** | **$12.8** | **18.98%** | | Full-Year 2023 | $13.8 | 19.22% | [Asset Quality](index=9&type=section&id=Asset%20Quality) Asset quality metrics weakened in Q4 2024 due to increased nonperforming assets and higher net loan charge-offs, despite a stable allowance for credit losses ratio [Asset Quality Metrics](index=9&type=section&id=Asset%20Quality) Asset quality weakened in Q4 2024, with nonperforming assets (NPAs) increasing to **$59.5 million** (**0.96%** of total assets) due to a large commercial real estate relationship moving to nonaccrual status, while the allowance for credit losses (ACL) as a percentage of total loans remained stable at **1.03%**, but the coverage of nonaccrual loans decreased significantly to **84.08%** due to the higher nonaccrual balance, and provision for credit losses increased to **$2.9 million** for the quarter to account for loan growth and higher charge-offs | Asset Quality Metric | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Nonperforming Assets (NPAs) | $59.5 M | $42.0 M | $31.8 M | | NPAs / Total Assets | 0.96% | 0.70% | 0.55% | | ACL / Total Loans | 1.03% | 1.02% | 1.03% | | ACL / Nonaccrual Loans | 84.08% | 117.03% | 154.63% | | Credit Loss Metric ($ millions) | Q4 2024 | Q3 2024 | Q4 2023 | | :--- | :--- | :--- | :--- | | Provision for Credit Losses | $2.9 | $2.4 | $1.2 | | Net Loan Charge-offs | $2.1 | $1.2 | $1.2 | - Full-year 2024 net loan charge-offs were **$7.5 million** (**0.17%** of average loans), compared to **$3.4 million** (**0.08%**) for the full-year 2023[23](index=23&type=chunk) [Capital Position](index=9&type=section&id=Capital) The Corporation maintains a strong capital position with all regulatory ratios exceeding 'well-capitalized' levels, supported by a year-over-year increase in total shareholders' equity [Capital Ratios](index=9&type=section&id=Capital) The Corporation's capital position remains strong, with all regulatory capital ratios continuing to exceed 'well-capitalized' levels, and total shareholders' equity increased by **$39.4 million** year-over-year to **$610.7 million**, driven by retained earnings, with the tangible common equity to tangible assets ratio standing at **8.28%** as of December 31, 2024 - Total shareholders' equity was **$610.7 million** at December 31, 2024, an increase of **6.91%** from December 31, 2023, resulting from increased retained earnings and a decrease in accumulated other comprehensive loss[24](index=24&type=chunk) - Regulatory capital ratios for the Corporation continue to exceed regulatory 'well-capitalized' levels as of December 31, 2024[24](index=24&type=chunk) | Capital Ratio | Dec 31, 2024 | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | :--- | | Tangible Common Equity / Tangible Assets (Non-GAAP) | 8.28% | 8.45% | 8.22% | | Tier 1 Leverage Ratio | 10.43% | 10.59% | 10.54% | | Common Equity Tier 1 Ratio | 11.76% | 11.64% | 11.49% | | Total Risk-Based Ratio | 16.16% | 16.06% | 15.99% | [Recent Events](index=10&type=section&id=Recent%20Events) CNB Financial Corporation announced a definitive all-stock merger agreement with ESSA Bancorp, Inc., expected to close in Q3 2025 pending approvals [Merger with ESSA Bancorp, Inc.](index=10&type=section&id=Recent%20Events) On January 10, 2025, CNB Financial Corporation announced a definitive merger agreement with ESSA Bancorp, Inc. in an all-stock transaction, expected to close in the third quarter of 2025, pending regulatory and shareholder approvals - The Corporation entered into a definitive merger agreement with ESSA Bancorp, Inc. in an all-stock transaction[27](index=27&type=chunk) - Under the agreement, each share of ESSA Bancorp common stock will be converted into **0.8547 shares** of CNB's common stock[27](index=27&type=chunk) - The transaction is expected to close in Q3 2025, subject to customary closing conditions, including regulatory and shareholder approvals[27](index=27&type=chunk) [Consolidated Financial Statements](index=12&type=section&id=CNB%20FINANCIAL%20CORPORATION%20CONSOLIDATED%20FINANCIAL%20DATA) The consolidated financial statements provide a detailed overview of the Corporation's financial performance and position, including income, balance sheet, and non-GAAP reconciliations [Consolidated Income Statement](index=12&type=section&id=CNB%20FINANCIAL%20CORPORATION%20CONSOLIDATED%20FINANCIAL%20DATA) The consolidated income statement details the components of the Corporation's earnings, showing Q4 2024 net interest income of **$49.0 million** and non-interest income of **$10.3 million**, leading to net income available to common shareholders of **$14.0 million**, while for the full year 2024, net interest income was **$187.5 million** and non-interest income was **$39.1 million**, resulting in net income available to common shareholders of **$50.3 million** | Income Statement ($ thousands) | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | 49,044 | 47,694 | 187,469 | 189,829 | | Provision for Credit Losses | 2,930 | 1,242 | 9,222 | 5,993 | | Total Non-Interest Income | 10,321 | 9,137 | 39,114 | 33,335 | | Total Non-Interest Expenses | 37,805 | 38,450 | 150,002 | 145,342 | | Net Income | 15,064 | 13,977 | 54,575 | 58,020 | | Net Income Available to Common | 13,988 | 12,901 | 50,273 | 53,718 | | Diluted EPS | $0.66 | $0.62 | $2.39 | $2.55 | [Consolidated Balance Sheet](index=14&type=section&id=CNB%20FINANCIAL%20CORPORATION%20CONSOLIDATED%20FINANCIAL%20DATA) The consolidated balance sheet shows total assets grew to **$6.19 billion** at year-end 2024, up from **$5.75 billion** at year-end 2023, funded by a significant increase in total deposits, which rose to **$5.37 billion** from **$5.00 billion**, and net loans receivable also increased to **$4.56 billion** | Balance Sheet ($ thousands) | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Cash and Cash Equivalents | 443,035 | 222,046 | | Net Loans Receivable | 4,561,599 | 4,422,644 | | **Total Assets** | **6,192,010** | **5,752,957** | | Total Deposits | 5,371,364 | 4,998,750 | | **Total Liabilities** | **5,581,315** | **5,181,710** | | **Total Shareholders' Equity** | **610,695** | **571,247** | [Reconciliation of Non-GAAP Measures](index=18&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides detailed reconciliations for non-GAAP financial measures used in the report, such as Tangible Book Value per Common Share, Pre-Provision Net Revenue (PPNR), fully tax-equivalent Net Interest Margin, and Return on Average Tangible Common Equity, which bridge the gap between reported GAAP figures and the adjusted metrics management uses to assess ongoing operational performance PPNR Reconciliation ($ thousands) | | Q4 2024 | Q4 2023 | Full-Year 2024 | Full-Year 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | 49,044 | 47,694 | 187,469 | 189,829 | | Add: Non-interest income | 10,321 | 9,137 | 39,114 | 33,335 | | Less: Non-interest expense | 37,805 | 38,450 | 150,002 | 145,342 | | **PPNR (non-GAAP)** | **21,560** | **18,381** | **76,581** | **77,822** | Tangible Book Value Reconciliation ($ thousands) | | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Common Shareholders' Equity | 552,910 | 513,462 | | Less: Goodwill & Intangibles | 44,080 | 44,154 | | **Tangible Common Equity (non-GAAP)** | **508,830** | **469,308** |

Core Viewpoint - CNB Financial Corporation reported an increase in quarterly earnings for Q4 2024, driven by higher net interest income and reduced non-interest expenses, despite a year-over-year decline in annual earnings due to rising deposit costs [3][7]. Financial Performance - Net income for Q4 2024 was $14.0 million, or $0.66 per diluted share, up from $12.9 million, or $0.61 per diluted share in Q3 2024, and compared to $12.9 million, or $0.62 per diluted share in Q4 2023 [3]. - Total earnings for the twelve months ended December 31, 2024, were $50.3 million, or $2.39 per diluted share, down from $53.7 million, or $2.55 per diluted share for the same period in 2023 [3]. Loan and Deposit Growth - Total loans reached $4.5 billion as of December 31, 2024, reflecting a quarterly increase of $6.6 million, or 0.15%, and a year-over-year increase of $169.4 million, or 3.88% [3]. - Total deposits were $5.4 billion, with a quarterly increase of $154.4 million, or 2.96%, and a year-over-year increase of $372.6 million, or 7.45% [3]. Asset Quality - Nonperforming assets totaled approximately $59.5 million, or 0.96% of total assets, as of December 31, 2024, up from $42.0 million, or 0.70% of total assets in Q3 2024 [25]. - The allowance for credit losses was 1.03% of total loans as of December 31, 2024, compared to 1.02% in Q3 2024 [25]. Revenue and Expenses - Total revenue for Q4 2024 was $59.4 million, an increase from $58.5 million in Q3 2024 [20]. - Net interest income for Q4 2024 was $49.0 million, up from $47.5 million in Q3 2024 [20]. - Total non-interest expense was $37.8 million for Q4 2024, down from $38.8 million in Q3 2024, primarily due to a decrease in salaries and benefits [24]. Capital and Equity - Total shareholders' equity was $610.7 million as of December 31, 2024, reflecting an increase of $4.3 million from Q3 2024 [31]. - Book value per common share increased to $26.34 at December 31, 2024, from $26.13 at September 30, 2024 [10]. Strategic Initiatives - The Corporation announced a merger agreement with ESSA Bancorp, expected to close in Q3 2025, which aims to enhance business development and operational efficiencies [28].

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 ...