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 Corporation reports recurring developments for its role as the financial holding company and parent of CNB Bank, a full-service bank serving individual, business, governmental, and institutional customers. Company news commonly covers quarterly earnings, loan and deposit trends, credit quality, book value, common stock dividends, and Series A Preferred Stock dividends paid through related depositary shares.
CNB Bank’s updates also describe its trust, wealth management, private banking, and regional banking divisions, including ERIEBANK, FCBank, BankOnBuffalo, Ridge View Bank, ESSA Bank, and Impressia Bank. News also includes regulatory status changes, such as CNB Bank’s membership in the Federal Reserve System through the Federal Reserve Bank of Philadelphia.
CNB Financial (NASDAQ: CCNE) announces that Institutional Shareholder Services (ISS), a leading independent proxy advisory firm, has recommended shareholders vote 'FOR' three key proposals at the upcoming Annual Meeting scheduled for April 15, 2025.
The proposals include: (1) issuing CNB common stock for the merger with ESSA Bancorp, (2) approving the 2025 Omnibus Incentive Plan, and (3) approving named executive officers' compensation through a non-binding advisory resolution.
Shareholders of record as of February 18, 2025, can attend the virtual Annual Meeting at 2:00 p.m. Eastern Time via web.viewproxy.com/CNBFinancial/2025. CNB encourages shareholders to review the joint proxy statement/prospectus and submit their voting instructions promptly.
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.