Cnb Financial Stock Price, News & Analysis

CNB Financial Corporation (NASDAQ: CCNE) reported strong Q1 earnings on April 19, 2021, with net income at $14.2 million, or $0.78 per diluted share, reflecting a 36.8% increase year-over-year. Total deposits soared 40.6% to $4.4 billion, driven by organic growth and government stimulus initiatives. Loan portfolio grew by 19.3% to $3.4 billion. However, the bank reported $114.0 million in deferred loan payments due to COVID-19. Earnings performance highlighted a return on average tangible common equity of 16.70% and increased assets under management to $1.2 billion, marking a 23.6% rise.

CNB Financial Corporation (Nasdaq: CCNE) announced a quarterly cash dividend of $0.17 per share, payable on March 15, 2021, to shareholders of record as of March 1, 2021. With consolidated assets of approximately $4.7 billion, the company operates through its principal subsidiary, CNB Bank, which offers a wide range of banking services across Pennsylvania, Ohio, and New York, including trust and wealth management services for various customer segments.

CNB Financial Corporation (NASDAQ: CCNE) reported strong earnings for Q4 2020, with net income of $7.9 million, or $0.40 per diluted share. Excluding a $5.9 million prepayment penalty from Federal Home Loan Bank borrowings, net income rose to $13.8 million, marking a 29.5% increase year-over-year. The total allowance for credit losses increased to $34.3 million due to CECL adoption and the pandemic's impact. Total loans and deposits grew by 20.2% and 34.8%, respectively. The corporation's cash position stood at $532.7 million, highlighting strong liquidity as it prepares for 2021.

CNB Financial Corporation (Nasdaq: CCNE) has announced a quarterly cash dividend of $0.17 per share on common stock, payable on December 15, 2020. Shareholders of record as of December 1, 2020 will receive this dividend. Additionally, a cash dividend of $0.475 per depositary share is declared, reflecting a $19.00 per share dividend on Series A Preferred Stock, payable on December 1, 2020, for record holders as of November 17, 2020. CNB Financial Corporation has consolidated assets of approximately $4.7 billion.

CNB Financial Corporation (NASDAQ: CCNE) reported a net income of $7.8 million, or $0.47 per diluted share, for the third quarter of 2020, and $24.8 million, or $1.57 per diluted share, year-to-date. The acquisition of Bank of Akron has contributed approximately $319.1 million in loans. COVID-19-related loan forbearances decreased from $626 million to $187.4 million. The corporation raised $57.8 million through a preferred stock offering and achieved a tangible book value per share of $18.58, up 9.4%. Total deposits increased by $1.1 billion, or 40%, year-over-year.

CNB Financial Corporation (NASDAQ: CCNE) has announced the pricing of its public offering of 2,100,000 depositary shares, each representing a 1/40th interest in its 7.125% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, with a $1,000 liquidation preference per share. The offering aims to raise approximately $52.5 million, which will be used for general corporate purposes. The underwriters have an additional purchase option for 315,000 shares. Listing on Nasdaq under the symbol “CCNEP” is anticipated to follow.

CNB Financial Corporation (NASDAQ: CCNE) reported earnings for Q2 2020, revealing a net income of $8.2 million or $0.54 per diluted share, down from $9.8 million or $0.64 per diluted share in Q2 2019. Excluding merger costs, net income was $8.6 million, reflecting an 11.8% decline. Total loans reached $3.0 billion, with a notable growth of 7.3% excluding PPP loans. Deposits surged to $3.6 billion, up 23.6% year-over-year. However, the provision expense increased to $8.8 million, influenced by risks associated with the COVID-19 pandemic. The efficiency ratio improved to 57.76%, aided by cost management measures.

CNB Financial Corporation (NASDAQ: CCNE) has successfully completed its acquisition of Bank of Akron, which will now operate under the BankOnBuffalo trade name. This merger enhances CNB's market reach with a combined total of approximately $4.9 billion in assets and 45 banking offices across Pennsylvania, Ohio, and New York. Shareholders of Bank of Akron will receive either 6.6729 shares of CNB stock per share or $215.00 in cash. The company's CEO expressed enthusiasm for this strategic partnership, aiming to bolster growth in the franchise.

CNB Financial Corporation (Nasdaq: CCNE) has declared a quarterly dividend of 17.0 cents per share, payable on June 15, 2020, to shareholders of record as of June 1, 2020. The company, with consolidated assets of approximately $4.0 billion, operates through its principal subsidiary, CNB Bank, which offers a full range of banking services across Pennsylvania, Ohio, and New York. CNB Bank includes multiple divisions such as ERIEBANK, FCBank, and BankOnBuffalo.