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Jun 30, 2024
CNB Financial Q2 2024 Earnings Report
CNB Financial's performance in Q2 2024 showed increased earnings driven by higher net interest income and lower non-interest expenses, partially offset by increased provision for credit losses.
Key Takeaways
CNB Financial Corporation reported net income available to common shareholders of $11.9 million, or $0.56 per diluted share, for the second quarter of 2024. Total deposits were $5.1 billion, reflecting an increase of $73.3 million from the previous quarter. Loans totaled $4.4 billion, excluding syndicated loans, representing an increase of $73.0 million from the previous quarter.
Net income available to common shareholders was $11.9 million, or $0.56 per diluted share.
Loans totaled $4.4 billion, excluding syndicated loans, representing an increase of $73.0 million from the previous quarter.
Total deposits were $5.1 billion, reflecting an increase of $73.3 million from the previous quarter.
Pre-provision net revenue (PPNR) was $18.6 million.
Forward Guidance
Company expects yields on new loan production to support a higher spread as deposit rates further stabilize.
Positive Outlook
- Loan pipeline increased production and established opportunities for future loan originations.
- Deposit growth from treasury management activities and household growth.
- Reduction in higher-cost corporate deposit balances.
- Expectation that yields on new loan production will support a higher spread as deposit rates stabilize.
- Noninterest expenses declined due to disciplined overhead management actions.
Challenges Ahead
- Experienced slight net interest margin compression due to a continued rise in deposit interest costs.
- Some slight net interest margin compression in the second quarter
- Unique customer event resulted in a commercial and industrial relationship charge-off.
- Increase in nonperforming assets was primarily due to two relationships.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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