CNB Financial Corporation reported its financial results for the three and nine months ended September 30, 2024, showing a mixed performance compared to the previous fiscal period. Total assets increased to $6.015 billion, up from $5.753 billion at the end of 2023. This growth was driven by a rise in total loans receivable, which reached $4.592 billion, compared to $4.468 billion at the end of the previous year. The increase in loans was attributed to growth in commercial real estate, commercial and industrial, and residential real estate sectors.
The company’s total deposits also saw a significant increase, rising to $5.217 billion from $4.999 billion. Cash and cash equivalents surged to $360.9 million, up from $222.0 million, reflecting improved liquidity. The increase in retained earnings, which rose to $371.1 million from $345.9 million, contributed to a total shareholders' equity of $606.4 million, marking a 6.15% increase from $571.2 million at the end of 2023.
In terms of profitability, CNB Financial reported net income of $13.954 million for Q3 2024, a slight increase from $13.727 million in Q3 2023. However, net income for the nine months ended September 30, 2024, decreased to $39.511 million from $44.043 million in the same period last year. The basic earnings per share for Q3 2024 was $0.61, up from $0.60 in Q3 2023, while diluted earnings per share remained the same at $0.61.
Net interest income for the three months ended September 30, 2024, was $47.5 million, a marginal increase from $47.2 million in the prior year. However, net interest income for the nine months decreased to $138.4 million from $142.1 million. The net interest margin for Q3 2024 was 3.43%, down from 3.55% in Q3 2023, reflecting the impact of interest rate changes.
The provision for credit losses increased significantly, with $2.4 million for Q3 2024 compared to $1.1 million in Q3 2023, driven by growth in the loan portfolio and an increased unemployment rate forecast. Non-interest income rose to $11.0 million for Q3 2024, up from $7.9 million in the same period last year, while total non-interest expense increased to $38.8 million from $36.9 million.
The company continues to focus on organic loan growth while managing its syndicated loan portfolio, which decreased to $69.5 million from $108.7 million. The allowance for credit losses as a percentage of nonaccrual loans was 117.03%, down from 154.63% at the end of 2023, indicating a slight improvement in credit quality.
About CNB FINANCIAL CORP/PA
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
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.