Last10K.com

Cnb Financial Corppa (CCNE) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Cnb Financial Corppa

CIK: 736772 Ticker: CCNE


News Release
pressreleaselogo21.gif
Contact: Tito L. Lima
Treasurer
(814) 765-9621
FOR IMMEDIATE RELEASE

CNB FINANCIAL CORPORATION REPORTS 13% INCREASE IN THIRD QUARTER EARNINGS PER SHARE,
COMBINING ORGANIC GROWTH WITH STRONG FINANCIAL PERFORMANCE
Clearfield, Pennsylvania – October 17, 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.

View differences made from one quarter to another to evaluate Cnb Financial Corppa's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Cnb Financial Corppa.

Continue

Assess how Cnb Financial Corppa's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Cnb Financial Corppa's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Income (Unaudited) (Parenthetical)
Basis Of Presentation
Contingency
Contingency (Details)
Deposits
Deposits (Details)
Deposits (Tables)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Additional Information (Details)
Derivative Instruments - Amounts And Locations Of Activity Related To Back-To-Back Interest Rate Swaps Within Corporation's Consolidated Balance Sheet (Details)
Derivative Instruments - Amounts And Locations Of Activity Related To Interest Rate Swaps Designated As Cash Flow Hedges Within Corporation's Consolidated Balance Sheet And Statement Of Income (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Details)
Fair Value - Assets And Liabilities Measured At Fair Value On Non-Recurring Basis (Details)
Fair Value - Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Fair Value - Carrying Amount And Fair Value Of Financial Instruments (Details)
Fair Value - Quantitative Information About Level 3 Fair Value Measurements For Financial Instruments Measured At Fair Value On Non Recurring Basis (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Maturity Of Lease Liabilities (Details)
Leases - Schedule Of Operating And Finance Lease Liabilities (Details)
Leases - Schedule Of Weighted Average Lease Term And Discount Rate (Details)
Loans
Loans (Tables)
Loans - Additional Information (Details)
Loans - Aging Of Recorded Investment In Past Due Loans (Details)
Loans - Allowance For Loan Losses (Details)
Loans - Allowance For Loan Losses And Recorded Investment In Loans By Portfolio Segment (Details)
Loans - Impaired Financing Receivables With Related And Not Related Allowances (Details)
Loans - Loans Individually Evaluated For Impairment Including Loans Modified In Troubled Debt Restructurings By Portfolio Segment (Details)
Loans - Nonaccrual Loans And Loans Past Due Over 90 Days Still Accruing Interest By Class Of Loans (Details)
Loans - Recorded Investment In Residential, Consumer And Credit Card Loans Based On Payment Activity (Details)
Loans - Restructured In Troubled Debt (Details)
Loans - Schedule Of Loan Assigned Risk Rating Within 12 Months Of Balance Sheet Date (Details)
Loans - Schedule Of Net Loans (Details)
Loans - Summary Of Holiday's Loan Portfolio (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Policies)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Additional Information (Details)
Revenue From Contracts With Customers - Schedule Of Disaggregation Of Revenue (Details)
Securities
Securities (Tables)
Securities - Additional Information (Details)
Securities - Information Pertaining To Security Sales (Details)
Securities - Schedule Of Contractual Maturity Of Securities Available For Sale, Excluding Equity Securities (Details)
Securities - Securities Available For Sale (Details)
Securities - Securities With Unrealized Losses Aggregated By Investment Category And Length Of Time That Individual Securities Have Been In Continuous Unrealized Loss Position (Details)
Securities - Trading Securities (Details)
Stock Compensation
Stock Compensation (Tables)
Stock Compensation - Additional Information (Details)
Stock Compensation - Summary Of Changes In Time-Based Nonvested Restricted Stock Awards (Details)

Material Contracts, Statements, Certifications & more

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

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

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/ccne/0000736772-19-000031.htm