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CNB Financial Corporation Reports First Quarter 2020 Earnings Per Share of $0.57 Compared to $0.62 For First Quarter 2019
CLEARFIELD, Pa., April 20, 2020 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” of the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank,
About this update from Cnb Financial Corporation
[{"type":"text","content":"CLEARFIELD, Pa., April 20, 2020 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” of the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the first quarter ended March 31, 2020.\n Joseph B. Bower, Jr., President and CEO, stated, “Events like we are living through currently, remind us that people and the communities we live in should always remain a high priority. We also recognize the financial challenges faced by our clients as a result of this unprecedented environment, and we have been proactive in helping them navigate through this period. As a community-minded institution, we immediately took steps to assist our clients through payment relief solutions as soon as the government shutdown started, and we are prepared to help our clients through the process of returning to a more normal time.” Earnings Performance Highlights Net income of $8.8 million, or $0.57 per diluted share, for the quarter ended March 31, 2020, as compared to $9.5 million, or $0.62 per diluted share, for the same period in 2019, reflecting decreases of $660 thousand, or 7.0%, and $0.05 per diluted share, or 8.1%, respectively. As discussed in more detail below, the provision expense of $3.1 million as of March 31, 2020 included: (i) a provision expense of approximately $2.5 million related to a specific loan loss reserve for a loan relationship moved to non-accrual last quarter, combined with (ii) a new qualitative factor specifically related to the COVID-19 pandemic of approximately $800 thousand, partially offset by (iii) a lower allowance requirement as a result of lower growth in the commercial and industrial loan portfolio. Income before provision expense and income tax of $13.6 million, for the quarter ended March 31, 2020, representing an increase of approximately $880 thousand, or 6.9%, from the same period in 2019. Balance Sheet and Liquidity Highlights Loans totaling $2.9 billion as of March 31, 2020 grew $325 million, or 12.8%, compared to March 31, 2019. Loan growth was driven primarily by commercial and industrial loans, which increased $140 million, or 14.7%, over the same period, while commercial real estate loans contributed an increase of $136 million, or 19.2%, over the same period. When evaluating on a divisional and regional basis, total loan growth was attributable primarily to our Pr...