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.)