CNB Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2013
January 31, 2014 at 09:51 pm IST
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CNB Financial Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported interest income of $20,489,000 compared to interest income of $16,965,000 for the same period a year ago. Net interest income was $17,279,000 compared to $13,588,000 last year. Income before income taxes was $6,713,000 compared to $5,261,000 last year. Net income was $4,728,000 or $0.33 per diluted share compared to $3,890,000 or $0.31 per diluted share last year. Return on average assets was 0.89% compared to 0.89% last year. Return on average equity was 11.29% compared to 10.64% last year. Non-GAAP pre-tax net income was $7,753,000 compared to $5,282,000 last year.
For the full year, the company reported interest income of $71,416,000 compared to interest income of $68,129,000 for the same period a year ago. Net interest income was $59,204,000 compared to $53,209,000 last year. Income before income taxes was $23,019,000 compared to $23,547,000 last year. Net income was $16,679,000 or $1.29 per diluted share compared to $17,136,000 or $1.38 per diluted share last year. Return on average assets was 0.88% compared to 1.00% last year. Return on average equity was 11.38% compared to 12.17% last year. Non-GAAP pre-tax net income was $25,060,000 compared to $22,168,000 last year. Book value per share was $11.43 compared to $10.45 per share last year. Tangible book value per share was $9.23 compared to $19.57 per share last year.
For the quarter, the company reported net loan charge-offs of $2,230,000 compared to $1,932,000 for the same period 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 Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2013