CNB Financial Q3 net income falls

CNB Financial reported a Q3 net income of $6 million, down from $12.9 million in Q2, with an adjusted EPS of $0.82, a 30.16% increase from Q2. The company completed the acquisition of ESSA Bancorp, adding $2.1 billion in assets. Analysts maintain a "buy" rating on CNB shares, with a median 12-month price target of $28.00, reflecting a 13.3% upside from its recent closing price of $24.29. The acquisition is expected to yield cost savings and enhance earnings.

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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/Mis Actual Consensu

s s

Estimate

Q3 $27.50

Adjusted mln

Revenue

Q3 EPS $0.22

Q3 Net $7.04

Income mln

Q3 Net $67.12

Interest mln

Income

Q3 $18.45

Credit mln

Loss

Provisio

Q3 $9.08

Pretax mln

Profit

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: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (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.)