CNB Financial Q3 net income $12.9M ($0.61 EPS), loans grow 2.2% QoQ, deposits up 2.1%

CNB FINANCIAL CORP/PA

2024-Q3 EPS reported $1.72

Net income $12.9M ($0.61 diluted EPS) vs. $11.9M ($0.56) in Q2 2024 and $12.7M ($0.60) in Q3 2023.
Loans (ex-syndicated) reached $4.5B, up 2.18% QoQ (8.69% annualized); deposits $5.2B, up 2.08% QoQ (8.26% annualized).
Repositioned $185M brokered deposits to CDs at lower rates, saving ~$2.5M in annual interest expense.
Nonperforming assets rose to $42.0M (0.70% of assets) from $36.5M (0.62%) due to one $7.9M commercial relationship with $2.2M specific reserve.
Pre-tax net unrealized losses on securities improved to $62.5M (10.30% of equity) from $84.1M (14.33%) at June 30, 2024.

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