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Dec 31, 2020
CNB Financial Q4 2020 Earnings Report
CNB Financial Corporation's earnings were affected by the adoption of CECL methodology and a prepayment of borrowings from FHLB.
Key Takeaways
CNB Financial Corporation reported a net income of $7.9 million, or $0.40 per diluted common share, for the fourth quarter of 2020. The results include the adoption of the Current Expected Credit Loss (CECL) methodology and a prepayment of $160 million in borrowings from the Federal Home Loan Bank of Pittsburgh (FHLB). Excluding the after-tax FHLB prepayment penalty, net income was $13.8 million, or $0.75 per diluted common share.
Net income was $7.9 million, or $0.40 per diluted common share.
Pre-tax pre-provision income was $13.1 million.
Excluding the after-tax FHLB prepayment penalty, net income was $13.8 million, or $0.75 per diluted common share.
Loans totaled $3.4 billion, an increase of 20.2% from December 31, 2019.
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.