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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CNB Financial Corporation | NASDAQ:CCNE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.24 | 1.23% | 19.80 | 7.89 | 25.02 | 19.83 | 19.58 | 19.58 | 30,370 | 22:30:00 |
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
Earnings Performance Highlights
Balance Sheet and Liquidity Highlights
Customer Support Strategies and Loan Portfolio Profile
Performance Ratios
Revenue
Non-Interest Expense
Income Taxes
Asset Quality
Capital
About CNB Financial Corporation
CNB Financial Corporation is a financial holding company with consolidated assets of approximately $4.7 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB 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. CNB Bank operations include a private banking division, one loan production office, one drive-up office and 44 full-service offices in Pennsylvania, Ohio, and New York. CNB Bank’s divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in northwest Pennsylvania and northeast Ohio; FCBank, based in Worthington, Ohio, with offices in central Ohio; and BankOnBuffalo, based in Buffalo, New York, with offices in northern New York. CNB Bank is headquartered in Clearfield, Pennsylvania, with offices in central and north central Pennsylvania. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to CNB’s financial condition, liquidity, results of operations, future performance and business. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond CNB’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” CNB’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) the duration and scope of the COVID-19 pandemic and the local, national and global impact of COVID-19, (ii) actions governments, businesses and individuals take in response to the pandemic, (iii) the pace of recovery when the COVID-19 pandemic subsides, (iv) changes in general business, industry or economic conditions or competition; (v) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (vi) adverse changes or conditions in capital and financial markets; (vii) changes in interest rates; (viii) higher than expected costs or other difficulties related to integration of combined or merged businesses; (ix) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (x) changes in the quality or composition of our loan and investment portfolios; (xi) adequacy of loan loss reserves; (xii) increased competition; (xiii) loss of certain key officers; (xiv) deposit attrition; (xv) rapidly changing technology; (xvi) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xvii) changes in the cost of funds, demand for loan products or demand for financial services; and (xviii) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on CNB's financial position and results of operations. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in CNB’s annual and quarterly reports.
The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. CNB undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.
Financial Tables
The following tables supplement the financial highlights described previously for CNB. All dollars are stated in thousands, except share and per share data.
(unaudited) | (unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
% | % | ||||||||||||||||
2020 | 2019 | change | 2020 | 2019 | change | ||||||||||||
Income Statement | |||||||||||||||||
Interest income | $ | 42,356 | $ | 40,085 | 5.7 | % | $ | 120,519 | $ | 115,120 | 4.7 | % | |||||
Interest expense | 7,692 | 10,184 | (24.5 | )% | 25,923 | 28,667 | (9.6 | )% | |||||||||
Net interest income | 34,664 | 29,901 | 15.9 | % | 94,596 | 86,453 | 9.4 | % | |||||||||
Provision for loan losses | 3,306 | 2,118 | 56.1 | % | 12,065 | 5,212 | 131.5 | % | |||||||||
Net interest income after provision for loan losses | 31,358 | 27,783 | 12.9 | % | 82,531 | 81,241 | 1.6 | % | |||||||||
Non-interest income | |||||||||||||||||
Service charges on deposit accounts | 1,201 | 1,676 | (28.3 | )% | 3,652 | 4,726 | (22.7 | )% | |||||||||
Other service charges and fees | 652 | 761 | (14.3 | )% | 1,848 | 2,155 | (14.2 | )% | |||||||||
Wealth and asset management fees | 1,414 | 1,238 | 14.2 | % | 4,081 | 3,482 | 17.2 | % | |||||||||
Net realized gains on available-for-sale securities | 0 | 0 | NA | 2,190 | 148 | 1,379.7 | % | ||||||||||
Net realized and unrealized gains (losses) on trading securities | 202 | 197 | 2.5 | % | (80 | ) | 1,651 | (104.8 | )% | ||||||||
Mortgage banking | 1,089 | 408 | 166.9 | % | 2,090 | 1,017 | 105.5 | % | |||||||||
Bank owned life insurance | 425 | 315 | 34.9 | % | 1,290 | 1,002 | 28.7 | % | |||||||||
Card processing and interchange income | 1,606 | 1,195 | 34.4 | % | 4,059 | 3,445 | 17.8 | % | |||||||||
Other | 189 | 486 | (61.1 | )% | 961 | 1,595 | (39.7 | )% | |||||||||
Total non-interest income | 6,778 | 6,276 | 8.0 | % | 20,091 | 19,221 | 4.5 | % | |||||||||
Non-interest expenses | |||||||||||||||||
Salaries and benefits | 12,508 | 11,633 | 7.5 | % | 34,578 | 34,040 | 1.6 | % | |||||||||
Net occupancy expense of premises | 2,870 | 2,683 | 7.0 | % | 8,942 | 8,244 | 8.5 | % | |||||||||
FDIC insurance premiums | 726 | 107 | 578.5 | % | 1,966 | 902 | 118.0 | % | |||||||||
Core Deposit Intangible amortization | 26 | 139 | (81.3 | )% | 178 | 470 | (62.1 | )% | |||||||||
Card processing and interchange expenses | 804 | 749 | 7.3 | % | 2,192 | 2,180 | 0.6 | % | |||||||||
Merger costs, prepayment penalties and branch closure costs | 4,673 | 0 | N/A | 5,207 | 0 | N/A | |||||||||||
Other | 6,761 | 6,133 | 10.2 | % | 19,246 | 18,767 | 2.6 | % | |||||||||
Total non-interest expenses | 28,368 | 21,444 | 32.3 | % | 72,309 | 64,603 | 11.9 | % | |||||||||
Income before income taxes | 9,768 | 12,615 | (22.6 | )% | 30,313 | 35,859 | (15.5 | )% | |||||||||
Income tax expense | 1,983 | 2,258 | (12.2 | )% | 5,469 | 6,262 | (12.7 | )% | |||||||||
Net income | $ | 7,785 | $ | 10,357 | (24.8 | )% | $ | 24,844 | $ | 29,597 | (16.1 | )% | |||||
Average diluted shares outstanding | 16,569,440 | 15,145,469 | 15,734,847 | 15,159,613 | |||||||||||||
Diluted earnings per share | $ | 0.47 | $ | 0.68 | (30.9 | )% | $ | 1.57 | $ | 1.94 | (19.1 | )% | |||||
Cash dividends per share | $ | 0.17 | $ | 0.17 | 0.0 | % | $ | 0.51 | $ | 0.51 | 0.0 | % | |||||
Payout ratio | 36 | % | 25 | % | 32 | % | 26 | % | |||||||||
(unaudited) | (unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Average Balances | |||||||||||||||||
Loans, net of unearned income | $ | 3,283,850 | $ | 2,683,690 | $ | 3,034,990 | $ | 2,584,934 | |||||||||
Loans, net of unearned income and PPP (1) | 3,063,362 | 2,683,690 | 2,902,605 | 2,584,934 | |||||||||||||
Investment securities | 576,257 | 549,529 | 569,783 | 537,669 | |||||||||||||
Total earning assets | 4,441,326 | 3,238,216 | 3,951,669 | 3,129,021 | |||||||||||||
Total earning assets, net of PPP and PPPLF (1) | 3,920,422 | 3,238,216 | 3,641,127 | 3,129,021 | |||||||||||||
Total assets | 4,715,159 | 3,455,422 | 4,205,339 | 3,345,452 | |||||||||||||
Total assets, net of PPP and PPPLF (1) | 4,194,255 | 3,455,422 | 3,894,797 | 3,345,452 | |||||||||||||
Non interest-bearing deposits | 587,405 | 366,424 | 479,414 | 355,799 | |||||||||||||
Interest-bearing deposits | 3,378,547 | 2,424,190 | 3,007,889 | 2,339,733 | |||||||||||||
Common shareholders' equity | 351,489 | 292,910 | 331,971 | 279,832 | |||||||||||||
Tangible common shareholders' equity (1) | 284,655 | 253,836 | 283,744 | 240,597 | |||||||||||||
Average Yields | |||||||||||||||||
Loans, net of unearned income | 4.76 | % | 5.38 | % | 4.83 | % | 5.38 | % | |||||||||
Investment securities | 2.32 | % | 2.97 | % | 2.67 | % | 3.03 | % | |||||||||
Total earning assets | 3.84 | % | 4.97 | % | 4.13 | % | 4.97 | % | |||||||||
Total earning assets, net of PPP-related assets (1) | 4.29 | % | 4.97 | % | 4.46 | % | 4.97 | % | |||||||||
Interest-bearing deposits | 0.66 | % | 1.28 | % | 0.86 | % | 1.23 | % | |||||||||
Interest-bearing liabilities | 0.83 | % | 1.47 | % | 1.04 | % | 1.44 | % | |||||||||
Performance Ratios (annualized) | |||||||||||||||||
Return on average assets | 0.66 | % | 1.19 | % | 0.79 | % | 1.18 | % | |||||||||
Return on average assets, net of merger costs, prepayment penalties and branch closure costs (1) | 1.10 | % | 1.19 | % | 1.00 | % | 1.18 | % | |||||||||
Return on average common equity | 8.81 | % | 14.03 | % | 10.00 | % | 14.14 | % | |||||||||
Return on average common equity, net of merger costs, prepayment penalties and branch closure costs (1) | 13.12 | % | 14.03 | % | 11.74 | % | 14.14 | % | |||||||||
Return on average tangible common equity (1) | 10.88 | % | 16.19 | % | 11.70 | % | 16.45 | % | |||||||||
Return on average tangible common equity, net of merger costs, prepayment penalties and branch closure costs (1) | 16.20 | % | 16.19 | % | 13.73 | % | 16.45 | % | |||||||||
Net interest margin, fully tax equivalent basis (1) | 3.15 | % | 3.72 | % | 3.25 | % | 3.75 | % | |||||||||
Net interest margin, fully tax equivalent basis and net of PPP-related assets and PPP estimated deposits (1) | 3.50 | % | 3.72 | % | 3.50 | % | 3.75 | % | |||||||||
Efficiency Ratio | 67.71 | % | 58.15 | % | 62.15 | % | 59.71 | % | |||||||||
Efficiency Ratio, net of merger costs, prepayment penalties and branch closure costs (1) | 56.54 | % | 58.15 | % | 57.66 | % | 59.71 | % | |||||||||
Net Loan Charge-Offs | |||||||||||||||||
CNB Bank net loan charge-offs | $ | 719 | $ | 2,866 | $ | 3,560 | $ | 3,341 | |||||||||
Holiday Financial net loan charge-offs | 229 | 483 | 1,091 | 1,369 | |||||||||||||
Total net loan charge-offs | $ | 948 | $ | 3,349 | $ | 4,651 | $ | 4,710 | |||||||||
Net loan charge-offs / average loans | 0.11 | % | 0.50 | % | 0.20 | % | 0.24 | % | |||||||||
(unaudited) | (unaudited) | |||||||||||||
September 30, | December 31, | September 30, | % change versus | |||||||||||
2020 | 2019 | 2019 | 12/31/19 | 09/30/19 | ||||||||||
Ending Balance Sheet | ||||||||||||||
Loans, net of unearned income | $ | 3,345,810 | $ | 2,804,035 | $ | 2,749,502 | 19.3 | % | 21.7 | % | ||||
Loans held for sale | 3,668 | 930 | 1,279 | 294.4 | % | 186.8 | % | |||||||
Investment securities | 591,021 | 552,122 | 538,955 | 7.0 | % | 9.7 | % | |||||||
FHLB and other equity interests | 9,369 | 11,354 | 12,383 | (17.5 | )% | (24.3 | )% | |||||||
Other earning assets | 513,851 | 150,601 | 5,072 | 241.2 | % | 10,031.1 | % | |||||||
Total earning assets | 4,463,719 | 3,519,042 | 3,307,191 | 26.8 | % | 35.0 | % | |||||||
Allowance for loan losses | (26,887 | ) | (19,473 | ) | (20,207 | ) | 38.1 | % | 33.1 | % | ||||
Goodwill | 44,775 | 38,730 | 38,730 | 15.6 | % | 15.6 | % | |||||||
Core deposit intangible | 595 | 160 | 257 | 271.9 | % | 131.5 | % | |||||||
Other assets | 252,273 | 225,200 | 215,199 | 12.0 | % | 17.2 | % | |||||||
Total assets | $ | 4,734,475 | $ | 3,763,659 | $ | 3,541,170 | 25.8 | % | 33.7 | % | ||||
Non interest-bearing deposits | $ | 602,902 | $ | 382,259 | $ | 370,761 | 57.7 | % | 62.6 | % | ||||
Interest-bearing deposits | 3,419,803 | 2,720,068 | 2,504,834 | 25.7 | % | 36.5 | % | |||||||
Total deposits | 4,022,705 | 3,102,327 | 2,875,595 | 29.7 | % | 39.9 | % | |||||||
Borrowings | 169,327 | 227,907 | 248,101 | (25.7 | )% | (31.8 | )% | |||||||
Subordinated debt | 70,620 | 70,620 | 70,620 | 0.0 | % | 0.0 | % | |||||||
Other liabilities | 55,920 | 57,839 | 49,821 | (3.3 | )% | 12.2 | % | |||||||
Common stock | 0 | 0 | 0 | NA | NA | |||||||||
Additional paid in capital | 184,991 | 99,335 | 97,690 | 86.2 | % | 89.4 | % | |||||||
Retained earnings | 218,239 | 201,503 | 193,612 | 8.3 | % | 12.7 | % | |||||||
Treasury stock | (2,966 | ) | (2,811 | ) | (2,799 | ) | 5.5 | % | 6.0 | % | ||||
Accumulated other comprehensive income (loss) | 15,639 | 6,939 | 8,530 | 125.4 | % | NA | ||||||||
Total shareholders' equity | 415,903 | 304,966 | 297,033 | 36.4 | % | 40.0 | % | |||||||
Total liabilities and shareholders' equity | $ | 4,734,475 | $ | 3,763,659 | $ | 3,541,170 | 25.8 | % | 33.7 | % | ||||
Ending shares outstanding | 16,833,090 | 15,247,985 | 15,195,571 | |||||||||||
Book value per common share | $ | 21.28 | $ | 20.00 | $ | 19.55 | 6.4 | % | 8.8 | % | ||||
Tangible book value per common share (1) | $ | 18.58 | $ | 17.45 | $ | 16.98 | 6.5 | % | 9.4 | % | ||||
Capital Ratios | ||||||||||||||
Tangible common equity / tangible assets (1) | 6.67 | % | 7.14 | % | 7.37 | % | ||||||||
Tier 1 leverage ratio | 8.39 | % | 7.86 | % | 7.95 | % | ||||||||
Common equity tier 1 ratio | 11.41 | % | 9.32 | % | 9.28 | % | ||||||||
Tier 1 risk based ratio | 12.05 | % | 10.03 | % | 10.02 | % | ||||||||
Total risk based ratio | 14.51 | % | 12.51 | % | 12.61 | % | ||||||||
Asset Quality | ||||||||||||||
Non-accrual loans | $ | 26,844 | $ | 21,736 | $ | 14,809 | ||||||||
Loans 90+ days past due and accruing | 265 | 61 | 550 | |||||||||||
Total non-performing loans | 27,109 | 21,797 | 15,359 | |||||||||||
Other real estate owned | 877 | 1,633 | 1473 | |||||||||||
Total non-performing assets | $ | 27,986 | $ | 23,430 | $ | 16,832 | ||||||||
Loans modified in a troubled debt restructuring (TDR): | ||||||||||||||
Performing TDR loans | $ | 7,329 | $ | 7,359 | $ | 7,746 | ||||||||
Non-performing TDR loans (2) | 3,641 | 2,443 | 2,453 | |||||||||||
Total TDR loans | $ | 10,970 | $ | 9,802 | $ | 10,199 | ||||||||
Non-performing assets / Loans + OREO | 0.84 | % | 0.84 | % | 0.61 | % | ||||||||
Non-performing assets / Total assets | 0.59 | % | 0.62 | % | 0.48 | % | ||||||||
Non-performing assets / Total assets, net of PPP-related assets (1) | 0.65 | % | 0.62 | % | 0.48 | % | ||||||||
Allowance for loan losses / Loans | 0.80 | % | 0.69 | % | 0.73 | % | ||||||||
Allowance for loan losses / Loans, net of PPP-related loans and deferred PPP processing fees (1) | 0.86 | % | 0.69 | % | 0.73 | % | ||||||||
(1) - The Company uses non-GAAP (Generally Accepted Accounting Principles) financial information in its analysis of the Company’s performance. The Company’s management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Company’s management believes that investors may use these non-GAAP measures to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. For a reconciliation of these and other non-GAAP measures to their comparable GAAP measures, see pages. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data). | ||||||||||||||
(2) - Nonperforming TDR loans are also included in the balance of non-accrual loans in the previous table. | ||||||||||||||
Non-GAAP Reconciliations (1): | ||||||||||||||
(unaudited) | (unaudited) | |||||||||||||
September 30, | December 31, | September 30, | ||||||||||||
2020 | 2019 | 2019 | ||||||||||||
Calculation of tangible book value per share and tangible common equity/tangible assets: | ||||||||||||||
Shareholders' equity | $ | 415,903 | $ | 304,966 | $ | 297,033 | ||||||||
Less: preferred equity | 57,760 | 0 | 0 | |||||||||||
Less goodwill | 44,775 | 38,730 | 38,730 | |||||||||||
Less core deposit intangible | 595 | 160 | 257 | |||||||||||
Tangible common equity | $ | 312,773 | $ | 266,076 | $ | 258,046 | ||||||||
Total assets | $ | 4,734,475 | $ | 3,763,659 | $ | 3,541,170 | ||||||||
Less goodwill | 44,775 | 38,730 | 38,730 | |||||||||||
Less core deposit intangible | 595 | 160 | 257 | |||||||||||
Tangible assets | $ | 4,689,105 | $ | 3,724,769 | $ | 3,502,183 | ||||||||
Ending shares outstanding | 16,833,090 | 15,247,985 | 15,195,571 | |||||||||||
Tangible book value per common share | $ | 18.58 | $ | 17.45 | $ | 16.98 | ||||||||
Tangible common equity/Tangible assets | 6.67 | % | 7.14 | % | 7.37 | % | ||||||||
Calculation of tangible common equity/tangible assets, net of PPP-related loans and net of deferred PPP processing fees: | ||||||||||||||
Tangible common equity | $ | 312,773 | $ | 266,076 | $ | 258,046 | ||||||||
Tangible assets | $ | 4,689,105 | $ | 3,724,769 | $ | 3,502,183 | ||||||||
Less: PPP-related loans, net of deferred PPP processing fees | 222,972 | 0 | 0 | |||||||||||
Adjusted tangible assets | $ | 4,466,133 | $ | 3,724,769 | $ | 3,502,183 | ||||||||
Adjusted tangible common equity/tangible assets | 7.00 | % | 7.14 | % | 7.37 | % | ||||||||
Non-GAAP Reconciliations (1): | |||||||||||||
(unaudited) | (unaudited) | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||
Calculation of average loans, net of unearned income and PPP-related loans, net of PPP deferred processing fees: | |||||||||||||
Average loans, net of unearned | $ | 3,283,850 | $ | 2,683,690 | $ | 3,034,990 | $ | 2,584,934 | |||||
Less: average PPP loans, net of deferred PPP processing fees | 220,488 | 0 | 132,385 | 0 | |||||||||
Adjusted average loans, net of unearned income and PPP (non-GAAP) | $ | 3,063,362 | $ | 2,683,690 | $ | 2,902,605 | $ | 2,584,934 | |||||
Calculation of average total earning assets, net of PPP-related assets: | |||||||||||||
Average total earning assets | $ | 4,441,326 | $ | 3,238,216 | $ | 3,951,669 | $ | 3,129,021 | |||||
Less: average PPP loans, net of deferred PPP processing fees | 220,488 | 0 | 132,385 | 0 | |||||||||
Less: estimated average PPP deposits held at the Federal Reserve | 228,938 | 0 | 135,254 | 0 | |||||||||
Less: average PPPLF deposits held at the Federal Reserve | 71,478 | 0 | 42,903 | 0 | |||||||||
Adjusted average total earning assets, net of PPP-related assets (non-GAAP) | $ | 3,920,422 | $ | 3,238,216 | $ | 3,641,127 | $ | 3,129,021 | |||||
Calculation of average total assets, net of PPP-related assets: | |||||||||||||
Average total assets | $ | 4,715,159 | $ | 3,455,422 | $ | 4,205,339 | $ | 3,345,452 | |||||
Less: average PPP loans, net of deferred PPP processing fees | 220,488 | 0 | 132,385 | 0 | |||||||||
Less: estimated average PPP deposits held at the Federal Reserve | 228,938 | 0 | 135,254 | 0 | |||||||||
Less: average PPPLF deposits held at the Federal Reserve | 71,478 | 0 | 42,903 | 0 | |||||||||
Adjusted average total assets, net of PPP-related assets (non-GAAP) | $ | 4,194,255 | $ | 3,455,422 | $ | 3,894,797 | $ | 3,345,452 | |||||
Calculation of average yield on earning assets, net of unearned income, PPP-related assets and PPP-related processing fees: | |||||||||||||
Investment income (tax equivalent) | $ | 3,233 | $ | 4,029 | $ | 11,037 | $ | 12,088 | |||||
Add: loan income (tax equivalent) | 39,279 | 36,382 | 109,817 | 103,937 | |||||||||
Add: other earning asset income (tax equivalent) | 180 | 37 | 697 | 211 | |||||||||
Less: PPP- related processing fees | 678 | 0 | 683 | 0 | |||||||||
Total income related to earning assets (tax equivalent) (non-GAAP) | $ | 42,014 | 40,448 | $ | 120,868 | $ | 116,236 | ||||||
Adjusted average total earning assets, net of PPP-related assets (non-GAAP) | $ | 3,920,422 | $ | 3,238,216 | $ | 3,641,127 | $ | 3,129,021 | |||||
Less: average mark to market adjustment on investments (non-GAAP) | 21,859 | 10,770 | 18,589 | 3,446 | |||||||||
Adjusted average total earning assets, net of market to market, PPP-related assets (non-GAAP) | $ | 3,898,563 | $ | 3,227,446 | $ | 3,622,538 | 3,125,575 | ||||||
Adjusted average yield on earning assets, net of unearned income, PPP-related assets and PPP-related processing fees (non-GAAP) (annualized) | 4.29 | % | 4.97 | % | 4.46 | % | 4.97 | % | |||||
Non-GAAP Reconciliations (1): | |||||||||
(unaudited) | (unaudited) | ||||||||
September 30, | December 31, | September 30, | |||||||
2020 | 2019 | 2019 | |||||||
Calculation of non-performing assets / Total assets, net of PPP-related assets: | |||||||||
Non-performing assets | $ | 27,986 | $ | 23,430 | $ | 16,832 | |||
Total assets | $ | 4,734,475 | $ | 3,763,659 | $ | 3,541,170 | |||
Less: PPP-related loans, net of deferred PPP processing fees | 222,972 | 0 | 0 | ||||||
Less: estimated PPP deposits held at the Federal Reserve | 231,484 | 0 | 0 | ||||||
Adjusted total assets, net of PPP and PPPLF (non-GAAP) | $ | 4,280,019 | $ | 3,763,659 | $ | 3,541,170 | |||
Adjusted non-performing assets / total assets, net of PPP-related assets (non-GAAP) | 0.65 | % | 0.62 | % | 0.48 | % | |||
Calculation of allowance / loans, net of PPP-related loans and deferred PPP processing fees: | |||||||||
Total allowance for loan losses | $ | 26,887 | $ | 19,473 | $ | 20,207 | |||
Total loans net of unearned income | $ | 3,345,810 | $ | 2,804,035 | $ | 2,749,502 | |||
Less: PPP-related loans, net of deferred PPP processing fees | 222,972 | 0 | 0 | ||||||
Adjusted total loans, net of unearned income, PPP-related loans and deferred PPP processing fees (non-GAAP) | $ | 3,122,838 | $ | 2,804,035 | $ | 2,749,502 | |||
Adjusted allowance / loans, net of PPP-related loans deferred PPP processing fees (non-GAAP) | 0.86 | % | 0.69 | % | 0.73 | % | |||
(unaudited) | (unaudited) | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||
Calculation of net interest margin (fully tax equivalent basis): | |||||||||||||
Interest income (fully tax equivalent basis) (non-GAAP) | $ | 42,692 | $ | 40,448 | $ | 121,551 | $ | 116,236 | |||||
Interest expense (fully tax equivalent basis) (non-GAAP) | 7,692 | 10,184 | 25,923 | 28,667 | |||||||||
Net interest income (fully tax equivalent basis (non-GAAP) | $ | 35,000 | $ | 30,264 | $ | 95,628 | $ | 87,569 | |||||
Average total earning assets | $ | 4,441,326 | $ | 3,238,216 | $ | 3,951,669 | $ | 3,129,021 | |||||
Less: average mark to market adjustment on investments | 21,859 | 10,770 | 18,589 | 3,446 | |||||||||
Adjusted average total earning assets, net of mark to market (non-GAAP) | $ | 4,419,467 | $ | 3,227,446 | $ | 3,933,080 | $ | 3,125,575 | |||||
Net interest margin, fully tax equivalent basis (non-GAAP) (annualized) | 3.15 | % | 3.72 | % | 3.25 | % | 3.75 | % | |||||
Calculation of net interest margin (fully tax equivalent basis), net of PPP-related assets and PPP processing fees: | |||||||||||||
Net interest income (fully tax equivalent basis (non-GAAP) | $ | 35,000 | $ | 30,264 | $ | 95,628 | $ | 87,569 | |||||
Less: Recognized PPP processing fees | 678 | 0 | 683 | 0 | |||||||||
Adjusted interest income (fully tax equivalent basis), net of PPP processing fees (non-GAAP) | $ | 34,322 | $ | 30,264 | $ | 94,945 | $ | 87,569 | |||||
Adjusted average total earning assets, net of market to market, PPP-related assets (non-GAAP) | $ | 3,898,563 | $ | 3,227,446 | $ | 3,622,538 | $ | 3,125,575 | |||||
Net interest margin, fully tax equivalent basis, net of PPP-related assets and PPP processing fees (non-GAAP) (annualized) | 3.50 | % | 3.72 | % | 3.50 | % | 3.75 | % | |||||
Non-GAAP Reconciliations (1): | |||||||||||||
(unaudited) | (unaudited) | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Calculation of adjusted efficiency ratio, net of merger costs, prepayment penalties and branch closure costs: | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||
Non-interest expense | $ | 28,368 | $ | 21,444 | $ | 72,309 | $ | 64,603 | |||||
Less: core deposit intangible amortization | 26 | 139 | 178 | 470 | |||||||||
Less: merger costs, prepayment penalties and branch closure costs | 4,673 | 0 | 5,207 | 0 | |||||||||
Adjusted non-interest expense (non-GAAP) | $ | 23,669 | $ | 21,305 | $ | 66,924 | $ | 64,133 | |||||
Non-interest income | $ | 6,778 | $ | 6,276 | $ | 20,091 | $ | 19,221 | |||||
Net interest income | $ | 34,664 | $ | 29,901 | $ | 94,596 | $ | 86,453 | |||||
Less: tax exempt investment and loan income, net of TEFRA (non-GAAP) | 1,375 | 1,733 | 4,351 | 5,058 | |||||||||
Add: tax exempt investment and loan income (non-GAAP) (tax-equivalent) | 1,792 | 2,194 | 5,730 | 6,797 | |||||||||
Adjusted net interest income (non-GAAP) | 35,081 | 30,362 | 95,975 | 88,192 | |||||||||
Adjusted net revenue (non-GAAP) (tax-equivalent) | $ | 41,859 | $ | 36,638 | $ | 116,066 | $ | 107,413 | |||||
Adjusted efficiency ratio, net of merger costs, prepayment penalties and branch closure costs | 56.54 | % | 58.15 | % | 57.66 | % | 59.71 | % | |||||
Calculation of adjusted return on average total assets, net of merger costs, prepayment penalties, branch closure costs and PPP-related assets: | |||||||||||||
Net Income | $ | 7,785 | $ | 10,357 | $ | 24,844 | $ | 29,597 | |||||
Add: merger costs, prepayment penalties and branch closure costs (net of tax) | 3,803 | 0 | 4,322 | 0 | |||||||||
Adjusted net income (non-GAAP)(net of tax) | $ | 11,588 | $ | 10,357 | $ | 29,166 | $ | 29,597 | |||||
Average total assets | $ | 4,715,159 | $ | 3,455,422 | $ | 4,205,339 | $ | 3,345,452 | |||||
Less: average PPP loans, net of deferred PPP processing fees | 220,488 | 0 | 132,385 | 0 | |||||||||
Less: average estimated PPP related deposits | 228,938 | 0 | 135,254 | 0 | |||||||||
Less: average PPPLF excess funds held at the Federal Reserve | 71,478 | 0 | 42,903 | 0 | |||||||||
Adjusted average total assets (non-GAAP) | $ | 4,194,255 | $ | 3,455,422 | $ | 3,894,797 | $ | 3,345,452 | |||||
Adjusted return on average total assets, net of merger costs, prepayment penalties, branch closure costs and PPP-related assets (non-GAAP)(annualized) | 1.10 | % | 1.19 | % | 1.00 | % | 1.18 | % | |||||
Calculation of adjusted return on average equity, net of merger costs, prepayment penalties and branch closure costs: | |||||||||||||
Net Income | $ | 7,785 | $ | 10,357 | $ | 24,844 | $ | 29,597 | |||||
Add: merger costs, prepayment penalties and branch closure costs (net of tax) | 3,803 | 0 | 4,322 | 0 | |||||||||
Adjusted net income (non-GAAP)(net of tax) | $ | 11,588 | $ | 10,357 | $ | 29,166 | $ | 29,597 | |||||
Average shareholders' equity | $ | 351,489 | $ | 292,910 | $ | 331,971 | $ | 279,832 | |||||
Adjusted return on average equity, net of merger costs, prepayment penalties and branch closure costs (non-GAAP)(annualized) | 13.12 | % | 14.03 | % | 11.74 | % | 14.14 | % | |||||
Calculation of adjusted return on average tangible equity, net of merger costs, prepayment penalties and branch closure costs: | |||||||||||||
Net Income | $ | 7,785 | $ | 10,357 | $ | 24,844 | $ | 29,597 | |||||
Add: merger costs, prepayment penalties and branch closure costs (net of tax) | 3,803 | 0 | 4,322 | 0 | |||||||||
Adjusted net income (non-GAAP)(net of tax) | $ | 11,588 | $ | 10,357 | $ | 29,166 | $ | 29,597 | |||||
Average tangible shareholders' equity | $ | 284,655 | $ | 253,836 | $ | 283,744 | $ | 240,597 | |||||
Adjusted return on average tangible equity, net of merger costs, prepayment penalties and branch closure costs (non-GAAP)(annualized) | 16.20 | % | 16.19 | % | 13.73 | % | 16.45 | % | |||||
Non-GAAP Reconciliations (1): | |||||||||||||
(unaudited) | (unaudited) | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
Calculation of adjusted earnings per common share, net of merger costs, prepayment penalties and branch closure costs: | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||
Net earnings allocated to common stock | $ | 7,761 | $ | 10,320 | $ | 24,762 | $ | 29,483 | |||||
Add: Merger costs, prepayment penalties and branch closure costs, after-tax allocated to common stock | 3,793 | 0 | 4,308 | 0 | |||||||||
Adjusted net earnings allocated to common stock (non-GAAP) | $ | 11,554 | $ | 10,320 | $ | 29,070 | $ | 29,483 | |||||
Weighted average common shares outstanding | 16,613 | 15,197 | 15,785 | 15,218 | |||||||||
Less: Average participating shares | 47 | 51 | 50 | 58 | |||||||||
Add: Dilutive shares | 0 | 0 | 0 | 0 | |||||||||
Weighted average shares and dilutive potential common shares | 16,566 | 15,146 | 15,735 | 15,160 | |||||||||
Adjusted diluted earnings per common share, net of merger costs, prepayment penalties and branch closure costs | $ | 0.70 | $ | 0.68 | $ | 1.85 | $ | 1.94 | |||||
Calculation of income before provision and income tax expense: | |||||||||||||
Net income | $ | 7,785 | $ | 10,357 | $ | 24,844 | $ | 29,597 | |||||
Add: Provision expense | 3,306 | 2,118 | 12,065 | 5,212 | |||||||||
Add: Income tax expense | 1,983 | 2,258 | 5,469 | 6,262 | |||||||||
Net income before provision and income tax expense (non-GAAP) | $ | 13,074 | $ | 14,733 | $ | 42,378 | $ | 41,071 | |||||
Calculation of income before provision, income tax, merger costs, prepayment penalties and branch closure costs: | |||||||||||||
Net income before provision and income tax expense (non-GAAP) | $ | 13,074 | $ | 14,733 | $ | 42,378 | $ | 41,071 | |||||
Add: Merger costs, prepayment penalties and branch closure costs | 4,673 | 0 | 5,207 | 0 | |||||||||
Net income before provision, income tax, merger costs, prepayment penalties and branch closure costs (non-GAAP) | $ | 17,747 | $ | 14,733 | $ | 47,585 | $ | 41,071 | |||||
Calculation of non-interest expenses excluding merger costs, prepayment penalties and branch closure costs: | |||||||||||||
Non-interest expense | $ | 28,368 | $ | 21,444 | $ | 72,309 | $ | 64,603 | |||||
Less: Merger costs, prepayment penalties and branch closure costs | 4,673 | 0 | 5,207 | 0 | |||||||||
Non-interest expense excluding merger costs, prepayment penalties and branch closure costs (non-GAAP) | $ | 23,695 | $ | 21,444 | $ | 67,102 | $ | 64,603 | |||||
Contact: Tito L. Lima Treasurer (814) 765-9621
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