CNB Financial Q3 net income falls

Reuters10-31
CNB Financial Q3 net income falls

Overview

  • CNB Financial Q3 net income was $6 mln, down from $12.9 mln in Q2

  • Adjusted EPS for Q3 was $0.82, reflecting a 30.16% increase from Q2

  • Company completed ESSA Bancorp acquisition, adding $2.1 bln in assets

Outlook

  • Company expects cost savings and earnings accretion from ESSA acquisition

  • Company anticipates integration efficiencies from ESSA merger

  • Company confident in forward earnings profile post-ESSA merger

Result Drivers

  • ESSA ACQUISITION - Acquisition added $2.1 bln in assets and $1.5 bln in deposits, expanding branch network and footprint

  • NET INTEREST INCOME - Increase driven by ESSA acquisition and organic loan growth

  • ORGANIC GROWTH - Organic loan and deposit growth contributed to financial performance

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Adjusted Revenue

$27.50 mln

Q3 EPS

$0.22

Q3 Net Income

$7.04 mln

Q3 Net Interest Income

$67.12 mln

Q3 Credit Loss Provision

$18.45 mln

Q3 Pretax Profit

$9.08 mln

Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy"

  • Wall Street's median 12-month price target for CNB Financial Corp is $28.00, about 13.3% above its October 29 closing price of $24.29

Press Release: ID:nGNX1NNDSn

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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