CNB Financial reports Q2 EPS 56c, consensus 51c

Reports Q2 revenue $54.58M, consensus $45.7M. Reports Q2 tangible book value per common share $23.09. Reports Q2 net charge-offs .25%. Reports Q2 CET1 capital ratio 11.71%. Commenting on the quarterly results, Michael D. Peduzzi, President and CEO of both the Corporation and CNB Bank, stated, “Our earnings and growth for the second quarter reflect the diligent and disciplined efforts made by our team to achieve sustainable positive operating leverage. We have successfully built a loan pipeline that both increased production during the second quarter and established a sound level of opportunities for future loan originations. Importantly, we funded this loan growth with steady deposit growth from treasury management activities and in-market household growth, while reducing higher-cost corporate deposit balances. Though we experienced some slight net interest margin compression in the second quarter when compared to the first quarter, primarily from a continued rise in deposit interest costs, we are confident that yields on new loan production, when compared to the lower yields on loan payoffs and scheduled amortizations, will support a higher spread as deposit rates further stabilize given the Fed’s extended pause in rate actions.”