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Cnb Financial Corppa (CCNE) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Cnb Financial Corppa

CIK: 736772 Ticker: CCNE


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

CNB FINANCIAL CORPORATION REPORTS THIRD QUARTER 2020 EARNINGS PER SHARE OF $0.47 COMPARED TO $0.68 FOR THIRD QUARTER 2019

Third quarter includes closing of the Bank of Akron transaction, issuance of $57.8 million of preferred stock and a material reduction in COVID-19 related loan forbearances

Clearfield, Pennsylvania – October 20, 2020

CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the third quarter ended September 30, 2020.

Joseph B. Bower, Jr., President and CEO, stated, “While we continued to support our customers and communities through these challenging times, CNB also accomplished the integration of Bank of Akron and the completion of our preferred stock offering. Both initiatives will provide the support needed to achieve our long-term objectives. I couldn't be more pleased with our employees, clients and communities efforts to help each other succeed through the pandemic. Our positive financial results are a clear reflection of these efforts by all.”

Summary

Net income was $7.8 million, or $0.47 per diluted share, for the quarter ended September 30, 2020, and $24.8 million, or $1.57 per diluted share, for the nine months ended September 30, 2020. Income before provision expense and income taxes was $13.1 million and $42.4 million, for the three months and nine months ended September 30, 2020, respectively.

Excluding after-tax merger costs, prepayment penalties and branch closure costs discussed below, net income was $11.6 million, or $0.70 per diluted share, for the three months ended September 30, 2020, compared to $10.4 million, or $0.68 per diluted share, for the same period in 2019, reflecting increases of $1.2 million, or 11.9%, and $0.02 per diluted share, or 2.9%.

At October 20, 2020, the Corporation had $187.4 million of COVID-19 related deferred loan payments for its commercial and consumer customers, or 5.6% of total loans, down from $626.0 million, or 20.7% of total loans, at June 30, 2020.

On July 17, 2020, the Corporation closed its acquisition of Bank of Akron (OTC: BARK), whose franchise merged with and into CNB Bank and whose business operates as part of the BankOnBuffalo division. The transaction added approximately $319.1 million in loans and $419.5 million in deposits, including the estimated fair value adjustments, to the Corporation’s balance sheet.

During the third quarter of 2020, the Corporation also completed its public offering of 2,415,000 preferred stock depository shares, resulting in net proceeds of $57.8 million. The Corporation intends to use the net proceeds from the offering for general corporate purposes, which may include working capital and the funding of organic growth or potential acquisitions.

Earnings Performance Highlights

The third quarter of 2020 includes costs related to the Corporation’s completion of its acquisition of Bank of Akron, whereby Bank of Akron merged with and into CNB Bank. In addition, during the third quarter the Corporation incurred costs related to its closure of three CNB branches and the prepayment of $30.0 million in borrowings from the Federal Home Loan Bank of Pittsburgh (“FHLB”). The cumulative after-tax impact of the merger-related costs, prepayment penalties and branch closures costs was approximately $3.8 million, or $0.23 per diluted share, for the three months ended September 30, 2020, and $4.3 million, or $0.27 per diluted share, for the nine months ended September 30, 2020.





The following information was filed by Cnb Financial Corppa (CCNE) on Tuesday, October 20, 2020 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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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
Basis Of Presentation Narrative (Details)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Details)
Business Combinations - Merger Consideration (Details)
Business Combinations - Recognized Identifiable Assets Acquired And Liabilities Assumed (Details)
Business Combinations - Supplemental Pro Forma Financial Information (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 Common 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 - 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)
Fair Value - Securities Available For Sale Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (Level 3) (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)
Leases Leases- Other Information (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 (Details)
Recent Accounting Pronouncements (Policies)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
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: 0000736772-20-000046
Submitted to the SEC: Thu Nov 05 2020 4:24:31 PM EST
Accepted by the SEC: Thu Nov 05 2020
Period: Wednesday, September 30, 2020
Industry: State Commercial Banks

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