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Sep 30, 2020
CNB Financial Q3 2020 Earnings Report
CNB Financial Corporation reported earnings for Q3 2020 with EPS of $0.47.
Key Takeaways
CNB Financial Corporation reported a net income of $7.8 million, or $0.47 per diluted share, for the quarter ended September 30, 2020. The quarter included the closing of the Bank of Akron transaction and the issuance of $57.8 million of preferred stock. There was also a material reduction in COVID-19 related loan forbearances.
Net income was $7.8 million, or $0.47 per diluted share.
Excluding after-tax merger costs, prepayment penalties and branch closure costs, net income was $11.6 million, or $0.70 per diluted share.
COVID-19 related deferred loan payments decreased to $187.4 million, or 5.6% of total loans, down from $626.0 million, or 20.7% of total loans.
Acquisition of Bank of Akron added approximately $319.1 million in loans and $419.5 million in deposits to the Corporation’s balance sheet.
CNB Financial
CNB Financial
Forward Guidance
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.