CNB Financial Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Loan Charge-Offs for the Fourth Quarter of 2016
January 27, 2017 at 04:00 pm
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CNB Financial Corporation reported unaudited earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported interest income of $24,818,000 compared to $21,994,000 a year ago. Net interest income was $21,009,000 compared to $18,928,000 a year ago. Income before income taxes was $7,067,000 compared to $7,590,000 a year ago. Net income was $5,040,000 or $0.35 per diluted share compared to $5,508,000 or $0.38 per diluted share a year ago. Return on average assets was 0.80% compared to 0.97% a year ago. Return on average equity was 9.41% compared to 10.90% a year ago. Pre-tax net income, non-GAAP was $7,168,000 compared to $7,904,000 a year ago.
For the year, the company reported interest income of $94,315,000 compared to $87,178,000 a year ago. Net interest income was $81,287,000 compared to $74,707,000 a year ago. Income before income taxes was $27,711,000 compared to $30,489,000 a year ago. Net income was $20,540,000 or $1.42 per diluted share compared to $22,197,000 or $1.54 per diluted share a year ago. Return on average assets was 0.85% compared to 0.99% a year ago. Return on average equity was 9.69% compared to 11.23% a year ago. Pre-tax net income, non-GAAP was $30,391,000 compared to $30,239,000 a year ago. Book value per share as at December 31, 2016 was $14.64 compared to $14.01 a year ago. Tangible book value per share of $11.76 as of December 31, 2016 decreased 1.7% compared to tangible book value per share of $11.96 as of December 31, 2015, primarily as a result of the additional intangible assets associated with the acquisition of Lake National Bank.
For the fourth quarter of 2016, the company reported net loan charge-offs of $1,484,000 compared to $1,167,000 a year ago.
CNB Financial Corporation is a financial holding company. The Company conducts business primarily through its principal subsidiary, CNB Bank (the Bank). The Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental and institutional customers. The Bank's operations include a private banking division, two loan production offices, one drive-up office, one mobile office and 51 full-service offices in Pennsylvania, Ohio, New York and Virginia. Its ERIEBANK division operates in the Pennsylvania counties of Crawford, Erie, and Warren and in the Ohio counties of Ashtabula, Cuyahoga, Geauga, Lake, and Lorain. Its FCBank division operates in the Ohio counties of Crawford, Delaware, Franklin, Knox, Marion, Morrow and Richland. Its BankOnBuffalo division operates in the New York counties of Erie and Niagara. Its Impressia Bank division operates in the Bank's primary market areas.
CNB Financial Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Loan Charge-Offs for the Fourth Quarter of 2016