CNB Financial Corp (CCNE) News & EventsCCNENews & EventsCNB Financial Corp

CNB Bank Reports Q2 Revenue of $87.65M, Exceeds Expectations

Reports Q2 revenue $87.65M, consensus $75.03M. Reports Q2 tangible book value per share $24.73. Michael Peduzzi, President and CEO of both the Corporation and CNB Bank, stated, "Our second quarter earnings and financial position reflect several positive developments for CNB, and position us well for the future. In managing our capital and debt structure, during the second quarter, we called $50 million of subordinated debt that was going to reprice at a higher interest rate to the Corporation. Given our success in recent years in building a stronger common equity base with the combination of sound and increasing retained earnings, a common capital raise, and acquisition activities, we were well positioned to complete this substantial and cost-beneficial redemption without compromising our regulatory capital strength. Also during the quarter, we experienced favorable net growth and increased production momentum in our commercial loan portfolio, adding new relationships and expanding borrowing positions with qualitative customers in an increasingly competitive lending environment. This favorable commercial customer production, which more than offset some headwinds from increased loan prepayments, paralleled continued relationship growth in our Treasury Management activities. These volume increases in some of our core net interest income components were complemented by a favorable net interest margin, supported by a continued realized reduction in our average cost of funds. We continue to see both a sound loan pipeline and both commercial and retail deposit generation opportunities for further growth as we enter the third quarter."

CNB Financial Files Automatic Mixed Securities Shelf

CNB Financial files automatic mixed securities shelf

Oil Prices Surge to $90 per Barrel Amid Strait of Hormuz Tensions

Tensions in the Strait of Hormuz are percolating again as Iranian officials have walked back its messaging of a deal being reached and President Trump upped his bellicose rhetoric, stating that it is unlikely that Wednesday's deadline for ceasefire will be extended.  Oil prices jumped on the news toward $90 per barrel and Energy was the best performing sector in the S&P 500, though the impact on broader sentiment was relatively mild, with U.S. indices finishing lower by less than 0.3%.  Communication Services was the worst performing area of the market as Netflixremained weak after last week's post-earnings selloff and Metaalso turning in the worst performance among the MAG-7.In the opening hour of the evening session, index futures are more upbeat - S&P e-minis are up a decimal and Nasdaq 100 contract is up 0.2%.  Of note afterhours, Amazon.comhas continued its climb toward record highs after announcing an expanded investment in Anthropic.  Applemeanwhile is laying the groundwork for a leadership transition, announcing John Ternus will be the company's next CEO while  Tim Cook transitions to a role of Executive Chairman effective September 1.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -RBB Bancorpup 4.2%CNB Financialup 2.0%Flexsteel Industriesup 1.6%Steel Dynamicsup 0.5%NETSTREITup 0.5%ALSO HIGHER -Amazon.comup 2.6% after announcing expanded investment in AnthropicDOWN AFTER EARNINGS -Washington Trust Bancorpdown 7.1%Alaska Air Groupdown 5.4%Zions Bancorporationdown 3.0%AMCON Distributingdown 1.8%ALSO LOWER -Spruce Biosciencesdown 14.2% after equity offeringAXT, Inc.down 11.9% after Q1 pre-announcement, equity offeringApple (down 0.5% after announcing succession plan for CEO Cook