CNB Financial Corporation announced its earnings for the three months ended September 30, 2024, reporting a net income of $14 million. Diluted earnings per share reached $0.61, with total revenue for the period recorded at $94.2 million.
Michael Peduzzi, President and CEO, highlighted the positive quarterly results, attributing them to sound loan and investment underwriting, disciplined loan and deposit pricing, and solid risk management practices. The company achieved sound loan growth and an expansion of its deposit base, leading to notable increases in revenues.
Furthermore, effective efforts by the Finance team resulted in substantial interest expense savings through the repositioning of a large portion of wholesale funding sources. This strategic financial management contributed to the overall positive performance for the quarter.
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