Loans excluding $93.9 million of syndicated balances were $6.4 billion at June 30; organic loans increased $64.3 million, up 1.01% from March 31.
Michael Peduzzi cited the $50 million redemption of 3.25% Fixed-to-Floating Rate Subordinated Notes, noting stronger commercial loan momentum and lower average funding costs.
Quarterly results and margin improvement
CNB Financial posted Q2 net income available to common shareholders of $27.2 million, up 4.91% from Q1; diluted EPS rose to $0.91.
Revenue climbed to $87.6 million from $83.3 million in Q1, driven by net interest income of $76.3 million, up 4.12%.
Net interest margin widened to 3.88% from 3.83% in Q1, including $4.8 million of purchase accounting loan accretion.
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