CNB Financial Corporation (NASDAQ: CCNE) (“the company”), headquartered in Clearfield, PA, is a diversified, commercially focused $5.9 billion-asset bank holding company for CNB Bank (“the bank”). Operating under multiple locally branded divisions of the bank, CCNE’s 50+ branch network extends across a four-state footprint, largely encompassing rural and mid-market MSAs in central and northwest PA, OH (Cleveland and Columbus), Western NY, and Southwest VA.
CCNE’s franchise growth has largely been attributable to organic expansion strategies supplemented by bolt-on, in-market, acquisitions. Complementing lending activities are scalable wealth ($1+ billion AUM) and credit card businesses.
The loan portfolio is balanced and granular with a comparatively lower CRE concentration (229% of total risk-based capital). At 2Q24, a diverse non-owner occupied CRE (including multifamily) portfolio represented 29% of total loans, followed by residential…
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