CNB Financial Corporation reported a total revenue of $326.4 million for the fiscal year ending December 31, 2024, reflecting a slight decrease from $327.1 million in 2023. The company's net income available to common shareholders was $50.3 million, or $2.39 per diluted share, down from $53.7 million, or $2.55 per diluted share, in the previous year. This decline in profitability was attributed primarily to increased deposit costs, which outpaced the growth in interest income from loans and investments. The corporation's net interest income decreased to $187.5 million from $189.8 million, while the net interest margin fell to 3.41% from 3.63%.
In terms of operational changes, CNB Financial Corporation has been actively expanding its market presence. The company opened new branches in Cleveland, Ohio, and Roanoke, Virginia, contributing to a total of 55 full-service branch offices as of December 31, 2024. The corporation also launched Impressia Bank, a division focused on supporting women business owners, and introduced the BankOnWheels initiative to enhance financial inclusion in underserved communities. These strategic developments are part of the corporation's broader efforts to diversify its offerings and reach new customer segments.
The corporation's total assets increased by 7.6% to $6.19 billion, driven by a rise in total loans, which reached $4.56 billion, up 3.1% from the previous year. Total deposits also grew by 7.5% to $5.37 billion, reflecting the corporation's successful treasury management initiatives and increased municipal deposits. The employee headcount stood at 790 as of December 31, 2024, with a focus on enhancing customer service and operational efficiency.
Despite the challenges posed by rising interest rates and competitive pressures, CNB Financial Corporation remains well-capitalized, with all capital ratios exceeding regulatory requirements. The total risk-based capital ratio was reported at 16.16%, while the Tier 1 capital ratio was 13.41%. Looking ahead, the corporation anticipates continued growth in its loan portfolio and is preparing for the upcoming merger with ESSA Bancorp, expected to close in the third quarter of 2025, which is anticipated to enhance its market position and operational capabilities.
About CNB FINANCIAL CORP/PA
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.