CNB Financial Corporation (CCNE) reports earnings

CNB Financial Corporation (CCNE) has submitted its 10-K filing for the fiscal year ended December 31, 2024.

The filing reports total assets of $6.19 billion, an increase from $5.75 billion in the previous year. Total loans, net of allowance for credit losses, were $4.56 billion, up from $4.42 billion.

Total deposits increased to $5.37 billion from $4.99 billion. The company's total shareholders' equity rose to $610.7 million from $571.2 million.

Net income available to common shareholders was $50.3 million, or $2.39 per diluted share, compared to $53.7 million, or $2.55 per diluted share, in the previous year.

Net interest income was $187.5 million, a slight decrease from $189.8 million in 2023, due to increased deposit costs.

The provision for credit losses was $9.2 million, up from $6.0 million in the previous year, reflecting loan portfolio growth.

Non-interest income increased to $39.1 million from $33.3 million, driven by higher pass-through income from SBICs and increased wealth and asset management fees.

Non-interest expenses rose to $150.0 million from $145.3 million, primarily due to increased salaries, benefits, and technology expenses.

CNB Financial Corporation announced a merger agreement with ESSA Bancorp, Inc., expected to close in the third quarter of 2025, subject to regulatory and shareholder approvals.

The filing details various regulatory and compliance factors affecting the company, including capital adequacy and risk management strategies.

The company continues to focus on expanding its market presence and enhancing its service offerings, with recent growth in new geographic areas.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CNB Financial Corporation annual 10-K report dated March 6, 2025. To report an error, please email [email protected].