Last $17.33 USD
Change Today +0.01 / 0.06%
Volume 18.3K
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As of 8:10 PM 04/16/14 All times are local (Market data is delayed by at least 15 minutes).

cnb financial corp/pa (CCNE) Key Developments

CNB Financial Corp. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2014; Reports Net Loan Charge-Offs

CNB Financial Corp. reported unaudited earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income of $5.2 million, or $0.36 per diluted share, compared to net income of $4.3 million, or $0.34 per diluted share, in the first quarter of 2013. Annualized returns on average assets and equity of 0.97% and 11.97%, respectively, compared to annualized returns on average assets and equity of 0.96% and 11.76% reported a year ago, respectively. Interest income was $21,437,000 compared to $16,704,000 reported a year ago. Net interest income was $18,280,000 compared to $13,451,000 reported a year ago. Income before income taxes was $7,205,000 compared to $5,910,000 reported a year ago. Book value per share was $11.91 compared to $11.68 as at March 31, 2013. Tangible book value per share was $9.73 compared to $10.80 as at March 31, 2013. For the quarter, the company reported net loan charge-offs of $581,000 compared to $1,093,000 reported a year ago.

CNB Financial Corp., Annual General Meeting, Apr 15, 2014

CNB Financial Corp., Annual General Meeting, Apr 15, 2014., at 14:00 US Eastern Standard Time. Location: CNB Bank, One South Second Street. Agenda: To elect four Class 1 directors to serve until the annual meeting in the year 2014 or until their respective successors are elected and qualified and to elect two Class 2 directors to serve until the Annual Meeting in the year 2016 or until their respective successors are elected and qualified; to vote on a non-binding advisory resolution on the compensation program for company’s named executive officers; to vote on a non-binding advisory basis on how frequently shareholders will be provided a say-on-pay vote; to ratify the appointment of Crowe Horwath LLP as independent auditors for the year ending December 31, 2014; and to transact such other business as may properly come before the meeting or any adjournment thereof.

CNB Financial Corporation Declares First Quarter Dividend, Payable on March 14, 2014

The board of directors of CNB Financial Corporation has announced the declaration of 16.5 cents per share quarterly dividend payable on March 14, 2014 to shareholders of record on February 28, 2014.

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

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 Corp. Announces Retirement of Director Charles H. Reams, Effective January 30, 2014

On January 30, 2014, the Boards of Directors of CNB Financial Corporation announced the retirement of Director Charles H. Reams, effective January 30, 2014, following 7 years of distinguished service to the Corporation. Mr. Reams was elected to serve on the Boards of Directors of the Corporation in 2007. In this capacity, he provided leadership and guidance to the Corporation based on his personal accomplishments as a successful businessman and contributor to its community.

 

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Valuation CCNE Industry Range
Price/Earnings 13.2x
Price/Sales 3.5x
Price/Book 1.4x
Price/Cash Flow 14.3x
TEV/Sales -- Not Meaningful
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