Cnb Financial Corppa (CCNE) 10-Q Quarterly Report Wed Nov 06 2019

CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the third quarter and first nine months of 2019.

Joseph B. Bower, Jr., President and CEO, stated, “During the third quarter, we continued to be pleased with the execution on our customer growth strategies, while achieving our profitability goals. Our diversified markets, supported by adequate capital management, continued to provide a source of strength in support of our long-term growth aspirations."

Earnings are the result of organic growth

•Net income of $10.4 million, or $0.68 per diluted share, in the third quarter of 2019, as compared to $9.2 million, or $0.60 per diluted share, in the third quarter of 2018, reflecting increases of $1.1 million, or 12.1%, and $0.08 per diluted share, or 13.3%, respectively.

•Net income of $29.6 million, or $1.94 per diluted share, during the nine months ended September 30, 2019, compared to net income of $24.8 million, or $1.62 per diluted share, during the nine months ended September 30, 2018, reflecting increases of $4.8 million, or 19.5%, and $0.32 per diluted share, or 19.8%, respectively.

Balance sheet growth reflects the strength of our diversified markets

and focus on core customer acquisition strategies

•Loans totaling $2.75 billion as of September 30, 2019 grew $363 million, or 15.2%, from September 30, 2018. Loan growth was driven primarily by commercial and industrial loans, which increased $180 million, or 21.1%, over the same time period, while commercial real estate loans contributed an increase of $105 million, or 15.4%, over the prior year. Total loan growth was attributable primarily to our Private Banking division and Buffalo market, which increased $75.5 million, or 44.3%, and $174 million, or 81.4%, respectively.

•Deposits totaling $2.88 billion as of September 30, 2019 grew by $353 million, or 14.0%, from September 30, 2018. Growth in deposits was driven by our targeted customer acquisition strategies that focus on core deposits, which over time, tend to be a more stable source of funding. As a result, our Private Banking division grew total deposits by $145 million, or 47.2%, while the deposit portfolio in our Buffalo market grew $214 million, or 93.1%, over the same period.

•Total households serviced as of September 30, 2019, were 67,623, as compared to 62,854 households at September 30, 2018, representing an organic increase of 7.6%, primarily as a result of our core deposit growth strategies in Private Banking and the Buffalo market, further enhancing the value of their contributions.

•Tangible book value per share of $16.98 as of September 30, 2019 increased 20.9% from tangible book value per share of $14.05 as of September 30, 2018, driven by organic growth and a sustainable dividend strategy.

Performance ratios reflect continued focus on profitability

•Annualized return on average assets of 1.18% for the nine months ended September 30, 2019 increased 6 basis points compared to the same period in 2018. Annualized return on average assets of 1.19% for the third quarter of 2019 decreased 1 basis point from the same period in 2018.

•Annualized return on average tangible equity of 16.45% for the nine months ended September 30, 2019 compared to 15.91% for the same period in 2018. Annualized return on average tangible equity of 16.19%, for the third quarter of 2019, compared to 17.16%, for the same period in 2018.

The following information was filed by Cnb Financial Corppa (CCNE) on Thursday, October 17, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Cnb Financial Corppa provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: CCNE
CIK: 736772
Form Type: 10-Q Quarterly Report
Accession Number: 0000736772-19-000031
Submitted to the SEC: Wed Nov 06 2019 4:58:23 PM EST
Accepted by the SEC: Wed Nov 06 2019
Period: Monday, September 30, 2019
Industry: State Commercial Banks

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