Business
CNB Financial Corporation Reports Third Quarter 2020 Earnings Per Share of $0.47 Compared to $0.68 for Third Quarter 2019
Third quarter includes closing of the Bank of Akron transaction, issuance of $57.8 million of preferred stock and a material reduction in COVID-19 related
About this update from Cnb Financial Corporation
[{"type":"text","content":"Third quarter includes closing of the Bank of Akron transaction, issuance of $57.8 million of preferred stock and a material reduction in COVID-19 related loan forbearances\n CLEARFIELD, Pa., Oct. 20, 2020 (GLOBE NEWSWIRE) -- CNB Financial Corporation (“CNB” or the “Corporation”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the third quarter ended September 30, 2020. Joseph B. Bower, Jr., President and CEO, stated, “While we continued to support our customers and communities through these challenging times, CNB also accomplished the integration of Bank of Akron and the completion of our preferred stock offering. Both initiatives will provide the support needed to achieve our long-term objectives. I couldn't be more pleased with our employees, clients and communities efforts to help each other succeed through the pandemic. Our positive financial results are a clear reflection of these efforts by all.” Summary Net income was $7.8 million, or $0.47 per diluted share, for the quarter ended September 30, 2020, and $24.8 million, or $1.57 per diluted share, for the nine months ended September 30, 2020. Income before provision expense and income taxes was $13.1 million and $42.4 million, for the three months and nine months ended September 30, 2020, respectively. Excluding after-tax merger costs, prepayment penalties and branch closure costs discussed below, net income was $11.6 million, or $0.70 per diluted share, for the three months ended September 30, 2020, compared to $10.4 million, or $0.68 per diluted share, for the same period in 2019, reflecting increases of $1.2 million, or 11.9%, and $0.02 per diluted share, or 2.9%. At October 20, 2020, the Corporation had $187.4 million of COVID-19 related deferred loan payments for its commercial and consumer customers, or 5.6% of total loans, down from $626.0 million, or 20.7% of total loans, at June 30, 2020. On July 17, 2020, the Corporation closed its acquisition of Bank of Akron (OTC: BARK), whose franchise merged with and into CNB Bank and whose business operates as part of the BankOnBuffalo division. The transaction added approximately $319.1 million in loans and $419.5 million in deposits, including the estimated fair value adjustments, to the Corporation’s balance sheet. During the third quarter of 2020, the Corporation also completed its publi...