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Cnb Financial Corppa (CCNE) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Cnb Financial Corppa

CIK: 736772 Ticker: CCNE

Exhibit 99.1

 

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Brian W. Wingard

Treasurer

(814) 765-9621

FOR IMMEDIATE RELEASE

 

CNB FINANCIAL CORPORATION REPORTS YEAR END 2015 EARNINGS,

HIGHLIGHTED BY STRONG ORGANIC LOAN GROWTH

Clearfield, Pennsylvania – January 29, 2016

CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the year ended December 31, 2015. Highlights include the following:

 

    Total loans of $1.6 billion at December 31, 2015, an increase of $222.5 million, or 16.4%, as compared to December 31, 2014. All of CNB’s loan growth in 2015 was organic.
    Total deposits of $1.8 billion at December 31, 2015, which is down 1.7% from year-end 2014, but is comprised of an increase of 7.7% in non-interest bearing deposits and a decrease of 3.2% in interest-bearing deposits. CNB’s loan to deposit ratio increased from 73.4% at December 31, 2014 to 86.9% at December 31, 2015.
    Net interest margin of 3.73% for the year ended December 31, 2015, compared to 3.82% for the year ended December 31, 2014. Included in net interest income in 2015 was $2.2 million of net accretion related to acquired loans, which was down from $2.9 million included in 2014. Excluding the impact of the net accretion, net interest income increased by $800 thousand for 2015 as compared to 2014.
    Net income of $22.2 million for the year ended December 31, 2015, or $1.54 per share, compared to net income of $23.1 million for the year ended December 31, 2014, or $1.60 per share. Impacting these results were approximately $700 thousand less in purchase accounting net accretion to loan interest income in 2015 versus 2014, $308 thousand of merger costs related to our pending acquisition of Lake National Bank, as well as the addition of staff and related expenses in 2015 to position our infrastructure for future growth.
    Returns on average assets and equity of 0.99% and 11.23%, respectively, for the year ended December 31, 2015 compared to 1.07% and 12.76%, respectively, for the year ended December 31, 2014.
    Tangible book value per share of $11.96 as of December 31, 2015, an increase of 9.0% over tangible book value per share of $10.97 at December 31, 2014.
    Non-performing assets of $13.2 million, or 0.57% of total assets as of December 31, 2015, compared to $10.2 million, or 0.47% of total assets, at December 31, 2014.

In December 2015, CNB announced the acquisition of Lake National Bank, headquartered in Mentor, Ohio, which is expected to close in the third quarter of 2016.

Joseph B. Bower, Jr., President and CEO commented, “We are very excited to have Lake National as part of our ERIEBANK team. Our strategy of growing organically is enhanced by the markets in which they are located and which they are already developing. CNB’s loan growth in 2015 was extremely positive. Our outlook for the next several quarters, however, is good but not as rapid as last year. Competitive pressures from banks and non-bank competition are resulting in lower projected growth for 2016 as we maintain our pricing and credit quality discipline.”

Net Interest Margin

Net interest margin on a fully tax equivalent basis was 3.73% for both the three months and year ended December 31, 2015, compared to 3.94% and 3.82% for the three months and year ended December 31, 2014. Net accretion included in loan interest income related to acquired loans was $358 thousand and $2.2 million for the three months and year ended December 31, 2015, resulting in an increase in the net interest margin of 8 basis points and 11 basis points, respectively. Net accretion included in loan interest income related to acquired loans was $1.2 million and $2.9 million for the three months and year ended December 31, 2014, resulting in an increase in the net interest margin of 23 basis points and 14 basis points, respectively.

During 2015, CNB experienced net interest margin compression as a result of loans repricing downward and new loans with market yields significantly below historical averages, which is consistent with the trends across the financial services industry in this historically low interest rate environment. The cost of interest-bearing deposits was 53 basis points during the year ended December 31, 2015, compared to 51 basis points during the year ended December 31, 2014.


The following information was filed by Cnb Financial Corppa (CCNE) on Friday, January 29, 2016 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Income And Comprehensive Income
Consolidated Statements Of Income And Comprehensive Income (parenthetical)
Borrowings
Borrowings (tables)
Borrowings - Additional Information (detail)
Borrowings - Maturity Schedule Of All Borrowed Funds (detail)
Borrowings - Schedule Of Remaining Borrowing Capacity With Fhlb (detail)
Borrowings - Schedule Of Remaining Borrowing Capacity With Fhlb (parenthetical) (detail)
Business Combination
Business Combination (tables)
Business Combination - Additional Information (detail)
Business Combination - Schedule Of Consideration Paid And Amounts Of Assets Acquired And Liabilities Assumed (detail)
Capital Requirements And Restrictions On Retained Earnings
Capital Requirements And Restrictions On Retained Earnings (tables)
Capital Requirements And Restrictions On Retained Earnings - Additional Information (detail)
Capital Requirements And Restrictions On Retained Earnings - Summary Of Actual And Required Capital Amounts And Ratios (detail)
Deferred Compensation Plans
Deferred Compensation Plans (tables)
Deferred Compensation Plans - Additional Information (detail)
Deferred Compensation Plans - Summary Of Changes In Deferred Compensation Plan Liability (detail)
Deposits
Deposits (tables)
Deposits - Additional Information (detail)
Deposits - Summary Of Time Certificates Of Deposit Accounts Included In Total Deposits And Their Remaining Maturities (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (detail)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Accumulated Other Comprehensive Income (detail)
Employee Benefit Plans - Additional Information (detail)
Employee Benefit Plans - Recognized Net Periodic Benefit Cost And Other Comprehensive Income (detail)
Employee Benefit Plans - Unfunded Post Retirement Benefits Plan (detail)
Fair Value
Fair Value (tables)
Fair Value - Additional Information (detail)
Fair Value - Assets And Liabilities Measured At Fair Value On Non-recurring Basis (detail)
Fair Value - Assets And Liabilities Measured At Fair Value On Recurring Basis (detail)
Fair Value - Carrying Amount And Fair Value Of Financial Instruments (detail)
Fair Value - Quantitative Information About Level 3 Fair Value Measurements (detail)
Fair Value - Quantitative Information About Level 3 Fair Value Measurements For Financial Instruments Measured At Fair Value On Non Recurring Basis (detail)
Fair Value - Securities Available For Sale Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (level 3) (detail)
Foreclosed Assets
Foreclosed Assets (tables)
Foreclosed Assets - Summary Of Expenses Related To Foreclosed Real Estate (detail)
Foreclosed Assets - Summary Of Foreclosed Assets Activity (detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Additional Information (detail)
Goodwill And Intangible Assets - Estimated Amortization Expense (detail)
Goodwill And Intangible Assets - Summary Of Change In The Carrying Amount Of Goodwill (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Net Deferred Tax Asset (detail)
Income Taxes - Reconciliation Of Incometax Attributable To Pre-tax Income At Federal Statutory Tax Rates To Income Tax Expense (detail)
Income Taxes - Summary Of Income Tax Expense (detail)
Interest Rate Swaps
Interest Rate Swaps (tables)
Interest Rate Swaps - Additional Information (detail)
Interest Rate Swaps - Amounts And Locations Of Activity Related To Back-to-back Interest Rate Swaps Within Corporation's Consolidated Balance Sheet (detail)
Interest Rate Swaps - 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 (detail)
Loans
Loans (tables)
Loans - Additional Information (detail)
Loans - Aging Of Recorded Investment In Past Due Loans (detail)
Loans - Allowance For Loan Losses (detail)
Loans - Allowance For Loan Losses And Recorded Investment In Loans By Portfolio Segment (detail)
Loans - Impaired Financing Receivables With Related And Not Related Allowances (detail)
Loans - Loans By Class Modified As Troubled Debt Restructurings (detail)
Loans - Loans Individually Evaluated For Impairment Including Loans Modified In Troubled Debt Restructurings By Portfolio Segment (detail)
Loans - Nonaccrual Loans And Loans Past Due Over 90 Days Still Accruing Interest By Class Of Loans (detail)
Loans - Recorded Investment In Residential, Consumer And Credit Card Loans Based On Payment Activity (detail)
Loans - Restructured In Troubled Debt (detail)
Loans - Schedule Of Loan Assigned Risk Rating Within 12 Months Of Balance Sheet Date (detail)
Loans - Schedule Of Net Loans (detail)
Loans - Summary Of Holiday's Loan Portfolio Included In Consumer And Residential Loans (detail)
Off Balance Sheet Activities
Off Balance Sheet Activities (tables)
Off Balance Sheet Activities - Additional Information (detail)
Off Balance Sheet Activities - Schedule Of Off-balance Sheet Risks (detail)
Other Comprehensive Income
Other Comprehensive Income (tables)
Other Comprehensive Income - Components Of Other Comprehensive Income And Related Tax Effects (detail)
Other Comprehensive Income - Summary Of Change In Accumulated Other Comprehensive Income (loss) (detail)
Parent Company Only Financial Information
Parent Company Only Financial Information (tables)
Parent Company Only Financial Information - Condensed Balance Sheets (detail)
Parent Company Only Financial Information - Condensed Statements Of Cash Flows (detail)
Parent Company Only Financial Information - Condensed Statements Of Income (detail)
Premises And Equipment
Premises And Equipment (tables)
Premises And Equipment - Additional Information (detail)
Premises And Equipment - Summary Of Minimum Annual Rental Commitments Under Operating Lease (detail)
Premises And Equipment - Summary Of Minimum Annual Rental Commitments Under Sale Lease Back (detail)
Premises And Equipment - Summary Of Premises And Equipment (detail)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (tables)
Quarterly Financial Data (unaudited) - Unaudited Quarterly Results Of Operations (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Secondary Market Mortgage Activities
Secondary Market Mortgage Activities (tables)
Secondary Market Mortgage Activities - Additional Information (detail)
Secondary Market Mortgage Activities - Summary Of Activity For Capital Mortgage Servicing Rights (detail)
Secondary Market Mortgage Activities - Summary Of Secondary Market Mortgage Activities (detail)
Securities
Securities (tables)
Securities - Additional Information (detail)
Securities - Information Pertaining To Security Sales (detail)
Securities - Roll-forward Of Other-than-temporary Impairment Amount Related To Credit Losses (detail)
Securities - Schedule Of Contractual Maturity Of Securities Available For Sale, Excluding Equity Securities (detail)
Securities - Securities Available For Sale (detail)
Securities - Securities With Unrealized Losses Aggregated By Investment Category And Length Of Time That Individual Securities Have Been In Continuous Unrealized Loss Position (detail)
Securities - Summary Of Structured Pooled Trust Preferred Securities (detail)
Securities - Trading Securities (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Stock-based Compensation - Additional Information Related To The Stock Option Plan (detail)
Stock-based Compensation - Summary Of Changes In Nonvested Restricted Stock Awards (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (detail)
Ticker: CCNE
CIK: 736772
Form Type: 10-K Annual Report
Accession Number: 0001193125-16-493112
Submitted to the SEC: Fri Mar 04 2016 2:08:32 PM EST
Accepted by the SEC: Fri Mar 04 2016
Period: Thursday, December 31, 2015
Industry: State Commercial Banks

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