Business
CNB Financial Corporation Reports 17% Increase in Fourth Quarter Earnings Per Share, resulting From Strong Organic Growth in Loans and Deposits
CLEARFIELD, Pa., Jan. 22, 2020 (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., Jan. 22, 2020 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the quarter and year ended December 31, 2019.\n Joseph B. Bower, Jr., President and CEO, stated, “Our fourth quarter results continued to demonstrate the strength of our diversified business model. As a result of our focus on our customers, we delivered another quarter of strong growth, while maintaining a consistent credit quality.\" Earnings are the result of organic growth Net income of $10.5 million, or $0.69 per diluted share, in the fourth quarter of 2019, as compared to $8.9 million, or $0.59 per diluted share, in the fourth quarter of 2018, reflecting increases of $1.5 million, or 17.2%, and $0.10 per diluted share, or 16.9%, respectively. Net income of $40.1 million, or $2.63 per diluted share, during the twelve months ended December 31, 2019, compared to net income of $33.7 million, or $2.21 per diluted share, during the twelve months ended December 31, 2018, reflecting increases of $6.4 million, or 18.9%, and $0.42 per diluted share, or 19.0%, respectively. Balance sheet growth reflects the strength of our diversified markets and focus on core customer acquisition strategies Loans totaling $2.8 billion as of December 31, 2019 grew $329 million, or 13.3%, from December 31, 2018. Loan growth was driven primarily by commercial and industrial loans, which increased $130 million, or 14.2%, over the same time period, while commercial real estate loans contributed an increase of $116 million, or 16.7%, over the prior year. Total loan growth was attributable primarily to our Private Banking division and Buffalo market, which increased $79.5 million, or 43.4%, and $155 million, or 59.9%, respectively. Deposits totaling $3.1 billion as of December 31, 2019 grew by $492 million, or 18.8%, from December 31, 2018 as a result of our continued focus on attracting and retaining core customer relationships. The overall increase in deposits was driven primarily by our Private Banking division, which grew total deposits by $157 million, or 42.6%, while the deposit portfolio in our Buffalo market increased by $265 million, or 105.4%, over the same period. Total households serviced as of December 31, 2019, were 68,892, as compared to 63,920 households at December 31, 2018, re...