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Mar 31, 2020
CNB Financial Q1 2020 Earnings Report
Reported earnings per share of $0.57 compared to $0.62 for first quarter 2019.
Key Takeaways
CNB Financial Corporation reported a net income of $8.8 million, or $0.57 per diluted share, for the quarter ended March 31, 2020, as compared to $9.5 million, or $0.62 per diluted share, for the same period in 2019.
Net income decreased by 7.0% to $8.8 million compared to the same period in 2019.
Provision expense included $2.5 million related to a specific loan loss reserve and $800 thousand related to the COVID-19 pandemic.
Loans grew by 12.8% to $2.9 billion compared to March 31, 2019, driven by commercial and industrial loans and commercial real estate loans.
Deposits grew by 16.7% to $3.1 billion compared to March 31, 2019, driven primarily by the Private Banking division and Buffalo market.
Forward Guidance
The Corporation is participating in the Paycheck Protection Program (“PPP”) for loans provided under the auspices of the Small Business Administration (“SBA”).
Positive Outlook
- The PPP was designed such that a loan originated under this program will be forgiven if the small business retains its employees and level of payroll through the first two months of the loan.
- These loans carry a customer rate of 1.00% plus a processing fee that varies depending on the balance of the loan at origination and have a two-year maturity.
- As of April 16, 2020, the Corporation has committed approximately $177 million, or 1,031 PPP loan relationships, under this program, at a rate of 1.00% coupled with processing fees estimated to total approximately $6 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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