Business
CNB Financial Corporation Reports 13% Increase in Third Quarter Earnings Per Share, Combining Organic Growth With Strong Financial Performance
CLEARFIELD, Pa., Oct. 17, 2019 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its
About this update from Cnb Financial Corporation
[{"type":"text","content":"CLEARFIELD, Pa., Oct. 17, 2019 (GLOBE NEWSWIRE) -- 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.\n 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 ...