Business
CNB Financial Corporation Reports Second Quarter 2020 Earnings Per Share of $0.54 Compared to $0.64 for Second Quarter 2019
CLEARFIELD, Penn., July 21, 2020 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank,
About this update from Cnb Financial Corporation
[{"type":"text","content":"CLEARFIELD, Penn., July 21, 2020 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the second quarter ended June 30, 2020.\n Joseph B. Bower, Jr., President and CEO, stated, “Like most community banks across America, we spent the second quarter continuing to help our customers navigate through this difficult period. It has been challenging, yet very rewarding, for us to be able to help keep our communities safe, employed and encouraged for the future. CNB is fortunate to operate in an environment of strong work ethic and I believe this is why we had a favorable financial performance this quarter and why our outlook remains positive.” Earnings Performance Highlights The three months ended June 30, 2020 include merger costs related to CNB’s acquisition of Bank of Akron of approximately $365 thousand, or $0.02 per diluted share, after-tax ($462 thousand pre-tax), while the six months ended June 30, 2020 include after-tax merger costs of approximately $422 thousand, or $0.03 per diluted share ($534 thousand pre-tax). Net income was $8.2 million, or $0.54 per diluted share, for the quarter ended June 30, 2020, and $17.1 million, or $1.11 per diluted share, for the six months ended June 30, 2020. Income before provision expense and income taxes was $15.7 million and $29.3 million, for the three months and six months ended June 30, 2020, respectively. Excluding after-tax merger costs, net income was $8.6 million, or $0.56 per diluted share, for the three months ended June 30, 2020 compared to $9.8 million, or $0.64 per diluted share, for the same period in 2019, reflecting decreases of $1.2 million, or 11.8%, and $0.08 per diluted share, or 12.5%. Excluding after-tax merger costs, net income was $17.5 million, or $1.14 per diluted share, for the six months ended June 30, 2020 compared to $19.2 million, or $1.26 per diluted share, for the same period in 2019, reflecting decreases of $1.8 million, or 9.1%, and $0.12 per diluted share, or 9.5%. Net income for the second quarter and first six months of 2020 was impacted by a higher level of provision expense, as discussed below. Excluding merger costs, income before provision expense and income taxes was $16.2 million for the quarter ended June 30, 2020, an increase of approximately $2...