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) 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.
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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