CNB Financial Corporation Reports First Quarter Earnings for 2010
CLEARFIELD, Pa., April 19 /PRNewswire-FirstCall/ -- CNB Financial Corporation (Nasdaq: CCNE), the parent company of CNB Bank, today announced net income and earnings per share for the first quarter of 2010. Highlights for the quarter include:
- Net income of $2.2 million, or $0.25 per share.
- Returns on average equity and assets of 12.21% and 0.74%, respectively.
- Net interest income of $9.4 million, an increase of 2.6% over the first quarter of 2009.
- Net loans of $704.8 million, an increase of $33.3 million, or 5.0%, over March 31, 2009.
- Deposits of $1,032.5 million, an increase of $207.8 million, or 25.2%, over March 31, 2009.
- Increased loan loss reserve level of 1.39% at March 31, 2010 compared to 1.33% at March 31, 2009.
- First quarter dividend declaration of $0.165 per share.
Joseph B. Bower, Jr., President and CEO, commented, "We are very pleased with the substantial growth in our core deposit business. Our focus for many years has been on relationship banking and it continues to show positive results. The growth in funding allows us to finance our customers now and in the future when the economy improves and consumers and businesses feel more secure."
Consolidated balance sheets (in thousands) |
||||
(Unaudited) |
(Unaudited) |
|||
3/31/10 |
12/31/2009 |
3/31/09 |
||
ASSETS: |
||||
Cash and cash equivalents |
$ 55,343 |
$ 22,358 |
$ 39,012 |
|
Securities, time deposits and other equity interests |
402,544 |
359,665 |
248,414 |
|
Net loans, including loans held for sale |
704,789 |
706,565 |
671,472 |
|
Premises and equipment, net |
24,321 |
23,355 |
23,487 |
|
Other assets |
52,817 |
49,648 |
44,856 |
|
TOTAL ASSETS |
$1,239,814 |
$1,161,591 |
$1,027,241 |
|
LIABILITIES: |
||||
Deposits |
$1,032,492 |
$ 956,858 |
$ 824,691 |
|
Borrowings and subordinated debentures |
121,744 |
122,003 |
129,036 |
|
Other liabilities |
13,694 |
13,321 |
11,052 |
|
TOTAL LIABILITIES |
1,167,930 |
1,092,182 |
964,779 |
|
SHAREHOLDERS' EQUITY |
71,884 |
69,409 |
62,462 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$1,239,814 |
$1,161,591 |
$1,027,241 |
|
Financial results - unaudited (in thousands, except share data) |
|||
For Quarter Ended |
|||
3/31/10 |
3/31/09 |
||
Net interest income |
$9,441 |
$9,203 |
|
Provision for loan losses |
585 |
862 |
|
Net interest income after provision |
8,856 |
8,341 |
|
Other income |
2,034 |
1,951 |
|
Noninterest expenses |
8,089 |
7,359 |
|
Income before income taxes |
2,801 |
2,933 |
|
Income tax expense |
641 |
707 |
|
NET INCOME |
$2,160 |
$2,226 |
|
Earnings per share, fully diluted |
$ 0.25 |
$ 0.26 |
|
Dividends per share |
$0.165 |
$0.165 |
|
As of or for the three months ended March 31, 2010 |
As of or for the three months ended March 31, 2009 |
||
SELECTED RATIOS |
|||
Net interest margin |
3.52% |
4.07% |
|
Return on: |
|||
Average equity |
12.21% |
14.19% |
|
Average assets |
0.74% |
0.88% |
|
CAPITAL RATIOS (a) |
|||
Total risk-based capital ratio |
11.72% |
12.28% |
|
Tier 1 capital ratio |
10.49% |
11.03% |
|
Leverage ratio |
7.11% |
7.91% |
|
ASSET QUALITY RATIOS |
|||
Nonperforming assets to total assets |
1.21% |
0.47% |
|
Net charge-offs to average loans |
0.26% |
0.33% |
|
Allowance for loan losses to net loans |
1.39% |
1.33% |
|
(a) The capital ratios as of March 31, 2010 are estimated |
|||
Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. These factors include operating, legal and regulatory risks; changing economic competitive conditions; and other risks and uncertainties.
CNB Bank's website is www.bankcnb.com.
SOURCE CNB Financial Corporation
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