0001193125-17-126767.txt : 20170418 0001193125-17-126767.hdr.sgml : 20170418 20170418081902 ACCESSION NUMBER: 0001193125-17-126767 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170417 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170418 DATE AS OF CHANGE: 20170418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CNB FINANCIAL CORP/PA CENTRAL INDEX KEY: 0000736772 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 251450605 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13396 FILM NUMBER: 17766034 BUSINESS ADDRESS: STREET 1: 1 SOUTH SECOND STREET STREET 2: P.O. BOX 42 CITY: CLEARFIELD STATE: PA ZIP: 16830 BUSINESS PHONE: 8147659621 MAIL ADDRESS: STREET 1: 1 SOUTH SECOND STREET STREET 2: P.O. BOX 42 CITY: CLEARFIELD STATE: PA ZIP: 16830 8-K 1 d375415d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

April 17, 2017

 

 

CNB FINANCIAL CORPORATION

(Exact name of Registrant as specified in its Charter)

 

 

 

Pennsylvania   000-13396   25-1450605

(State or other jurisdiction

of incorporation)

 

(Commission

File No.)

 

(IRS Employer

Identification Number)

1 South Second Street

PO Box 42

Clearfield, Pennsylvania 16830

(Address of principal executive offices)

Registrant’s telephone number, including area code: (814) 765-9621

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02. Results of Operations and Financial Condition

On April 17, 2017, CNB Financial Corporation (NASDAQ: CCNE), the parent company of CNB Bank, issued a press release describing its results of operations for the fiscal quarter ended March 31, 2017. That press release is attached hereto as Exhibit 99.1.

 

Item 9.01. Financial Statements and Exhibits

(a) Not applicable.

(d) Not applicable.

(d) Not applicable.

(d) Exhibits.

 

Exhibit
No.

  

Description

99.1    Press release of CNB Financial Corporation dated April 17, 2017


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    CNB Financial Corporation
Date: April 18, 2017     By:  

/s/ Brian W. Wingard

           Brian W. Wingard
           Treasurer


Exhibit Index

 

Exhibit

No.

   Description
99.1    Press release of CNB Financial Corporation dated April 17, 2017
EX-99.1 2 d375415dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

News Release

 

LOGO         
   Contact:    Brian W. Wingard   
      Treasurer   
      (814) 765-9621   
      FOR IMMEDIATE RELEASE   

CNB FINANCIAL CORPORATION REPORTS FIRST QUARTER EARNINGS FOR 2017,

HIGHLIGHTED BY STRONG ORGANIC LOAN GROWTH

Clearfield, Pennsylvania – April 17, 2017

CNB Financial Corporation (“CNB”) (NASDAQ: CCNE), the parent company of CNB Bank, today announced its earnings for the first quarter of 2017. Highlights include the following:

 

    Net income of $6.5 million for the quarter ended March 31, 2017, or $0.43 per share, compared to net income of $5.0 million for the quarter ended March 31, 2016, or $0.35 per share. CNB recorded realized gains on the sale of available-for-sale securities in the first quarter of 2017 totaling $1.4 million and non-recurring core processing conversion costs and merger costs totaling $109 thousand in the first quarter of 2016.

 

    Annualized returns on average assets and equity of 1.00% and 11.39%, respectively, for the quarter ended March 31, 2017, compared to 0.87% and 9.65%, respectively, for the quarter ended March 31, 2016. The annualized return on average tangible equity was 13.93% and 11.24% during the quarters ended March 31, 2017 and 2016, respectively.

 

    Net interest margin of 3.67% for the quarter ended March 31, 2017, unchanged from 3.67% for the quarter ended March 31, 2016.

 

    Loans of $1.91 billion as of March 31, 2017, including loans acquired from Lake National Bank, which closed in July 2016, of $122.3 million, compared to loans of $1.61 billion as of March 31, 2016. Organic loan growth in the first quarter of 2017 was $35.4 million.

 

    Deposits of $2.03 billion as of March 31, 2017, including deposits acquired from Lake National Bank of $139.8 million, compared to deposits of $1.89 billion as of March 31, 2016.

 

    Book value per share of $15.31 as of March 31, 2017 increased 4.6% compared to book value per share of $14.64 as of December 31, 2016 and tangible book value per share of $12.61 as of March 31, 2017 increased 7.2% compared to tangible book value of $11.76 per share as of December 31, 2016, primarily as a result of CNB’s common stock issuance described below.

 

    Non-performing assets of $21.6 million, or 0.83% of total assets as of March 31, 2017, compared to $16.4 million, or 0.64% of total assets, as of December 31, 2016.

On February 15, 2017, CNB announced that it successfully completed an at-the-market common stock issuance. A total of 834,896 shares of CNB’s common stock were sold at a weighted average price of approximately $23.96, representing gross proceeds to CNB of approximately $20.0 million. Net proceeds from the transaction, after the sales commission and other expenses, were approximately $19.3 million, which will be used for general corporate purposes, including loan growth, additional liquidity, and working capital.

Joseph B. Bower, Jr., President and CEO, stated, “First quarter results are in line with our expectations. We are encouraged by the strong loan pipeline across our entire footprint but especially the Buffalo market. Buffalo has given us a very warm welcome, and we couldn’t be more excited to be there and help this area grow.”

Net Interest Margin

Net interest margin on a fully tax equivalent basis was 3.67% for the quarter ended March 31, 2017, unchanged from 3.67% for the quarter ended March 31, 2016, despite the inclusion of $769 thousand in interest expense for the three months ended March 31, 2017 from CNB’s $50 million issuance of subordinated debt to help support balance sheet growth.

Asset Quality

During the quarter ended March 31, 2017, CNB recorded a provision for loan losses of $1.0 million, as compared to a provision for loan losses of $1.2 million for the quarter ended March 31, 2016. Net chargeoffs in the first quarter of 2017 were $800 thousand, compared to net chargeoffs of $1.2 million in the first quarter of 2016. CNB Bank net chargeoffs totaled $111 thousand and $364 thousand during the quarters ended March 31, 2017 and 2016, or .02% and .09%, respectively, of average CNB Bank loans. Holiday Financial Services Corporation is CNB’s consumer discount company and recorded net chargeoffs totaling $689 thousand and $831 thousand during the quarters ended March 31, 2017 and 2016, respectively.


In the first quarter of 2017, one commercial & industrial loan that was impaired at year end 2016 but still on accrual status was placed on nonaccrual status as a result of further deterioration in the financial condition of the borrower. The additional provision for loan losses recorded in the first quarter of 2017, related to this loan, was $553 thousand.

Non-Interest Income

Excluding the effects of securities transactions, non-interest income was $4.2 million for the quarter ended March 31, 2017, compared to $3.8 million for the quarter ended March 31, 2016. Net realized gains on available-for-sale securities were $1.4 million during the quarter ended March 31, 2017 and resulted from the sale of two structured pooled trust preferred securities with a total book value of $800 thousand. Other-than-temporary impairment charges had been recorded for these securities in prior years totaling $3.2 million. Net realized and unrealized gains on trading securities were $188 thousand during the quarter ended March 31, 2017, compared to net realized and unrealized losses of $34 thousand during the quarter ended March 31, 2016. As a result of CNB’s continued focus on growing its Private Client Solutions division, wealth and asset management revenues increased 20.5% from $723 thousand in the first quarter of 2016 to $871 thousand in the first quarter of 2017.

Non-Interest Expenses

Total non-interest expenses were $17.0 million and $14.8 million during the quarters ended March 31, 2017 and 2016, respectively. Included in non-interest expenses in the first quarter of 2016 were $109 thousand of non-recurring items, with merger related expenses of $42 thousand and costs associated with our core processing system upgrade of $67 thousand.

Salaries and benefits expense increased $1.5 million, or 20.2%, during the quarter ended March 31, 2017 compared to the quarter ended March 31, 2016. As of March 31, 2017, CNB had 487 full-time equivalent staff, compared to 441 full-time equivalent staff as of March 31, 2016. The staff added during this period included both customer-facing personnel such as business development and wealth management officers, as well as support department personnel. In addition, CNB retained 20 employees in connection with its acquisition of Lake National Bank in the third quarter of 2016. Occupancy expenses increased $701 thousand, or 38.1%, during the quarter ended March 31, 2017 compared to the quarter ended March 31, 2016. Holiday Financial Services Corporation incurred non-recurring occupancy expenses totaling $141 thousand in the first quarter of 2017 as a result of the closure of two of its offices. The remainder of the increase in occupancy expenses is attributable to the two locations acquired from Lake National Bank in Mentor, Ohio, as well as locations in Worthington, Ohio; Ashtabula, Ohio; Blair County, Pennsylvania; and Buffalo, New York that have been opened since the end of the first quarter of 2016.

The ratio of non-interest expenses to average assets was 2.63% and 2.58% during the quarters ended March 31, 2017 and 2016, respectively.

About CNB Financial Corporation

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $2.6 billion that conducts business primarily through CNB Bank, CNB Financial Corporation’s principal subsidiary. CNB 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. CNB Bank operations include a private banking division, one loan production office, 33 full-service offices in Pennsylvania and northeast Ohio, including ERIEBANK, a division of CNB Bank, 9 full-service offices in central Ohio conducting business as FCBank, a division of CNB Bank, and a full-service office in Buffalo, New York conducting business as Bank on Buffalo, a division of CNB Bank. More information about CNB and CNB Bank may be found on the Internet at www.cnbbank.bank.

Forward-Looking Statements

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. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond CNB’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” CNB’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and the forward-looking statement disclaimers in CNB’s annual and quarterly reports.

The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this press release. CNB undertakes no obligation to publicly update or revise any forward-looking statements included in this press release or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur and you should not put undue reliance on any forward-looking statements.


Financial Tables

The following tables supplement the financial highlights described previously for CNB Financial Corporation.

 

     (unaudited)  
     Three Months Ended  
     March 31,  
(Dollars in thousands, except share and per share data)    2017     2016     %
change
 

Income Statement

      

Interest income

   $ 25,104     $ 22,066       13.8

Interest expense

     3,902       3,124       24.9
  

 

 

   

 

 

   

Net interest income

     21,202       18,942       11.9

Provision for loan losses

     1,016       1,196       -15.1
  

 

 

   

 

 

   

Net interest income after provision for loan losses

     20,186       17,746       13.7
  

 

 

   

 

 

   

Non-interest income

      

Service charges on deposit accounts

     1,090       981       11.1

Other service charges and fees

     529       560       -5.5

Wealth and asset management fees

     871       723       20.5

Net realized gains on available-for-sale securities

     1,383       —         NA  

Net realized and unrealized gains (losses) on trading securities

     188       (34     NA  

Mortgage banking

     184       171       7.6

Bank owned life insurance

     352       263       33.8

Card processing and interchange income

     878       835       5.1

Other

     298       278       7.2
  

 

 

   

 

 

   

Total non-interest income

     5,773       3,777       52.8
  

 

 

   

 

 

   

Non-interest expenses

      

Salaries and benefits

     9,005       7,491       20.2

Net occupancy expense of premises

     2,540       1,839       38.1

FDIC insurance premiums

     204       322       -36.6

Core Deposit Intangible amortization

     331       215       54.0

Core processing conversion costs

     —         67       NA  

Merger costs

     —         42       NA  

Card processing and interchange expenses

     422       634       -33.4

Other

     4,532       4,204       7.8
  

 

 

   

 

 

   

Total non-interest expenses

     17,034       14,814       15.0
  

 

 

   

 

 

   

Income before income taxes

     8,925       6,709       33.0

Income tax expense

     2,445       1,690       44.7
  

 

 

   

 

 

   

Net income

   $ 6,480     $ 5,019       29.1
  

 

 

   

 

 

   

Average diluted shares outstanding

     14,893,514       14,356,734    

Diluted earnings per share

   $ 0.43     $ 0.35       22.9

Cash dividends per share

   $ 0.165     $ 0.165       0.0

Payout ratio

     38     47  


Average Balances

    

Loans, net of unearned income

   $ 1,908,783     $ 1,595,782  

Total earning assets

     2,398,522       2,158,903  

Total assets

     2,591,694       2,299,860  

Total deposits

     1,998,046       1,855,334  

Shareholders’ equity

     227,542       208,098  

Tangible shareholders’ equity (*)

     186,072       178,624  

Performance Ratios (quarterly information annualized)

    

Return on average assets

     1.00     0.87

Return on average equity

     11.39     9.65

Return on average tangible equity (*)

     13.93     11.24

Net interest margin (FTE)

     3.67     3.67

Loan Charge-Offs

    

Net loan charge-offs

   $ 800     $ 1,195  

Net loan charge-offs / average loans

     0.17     0.30

The following is a non-GAAP disclosure of pre-tax net income excluding the effects of net realized gains on the sale of available for sale securities and one-time expenses including prepayment penalties on long-term borrowings, core processing conversion costs, and merger costs:

 

     (unaudited)  
     Three Months Ended  
     December 31,  
     (Dollars in thousands)  
     2017      2016      %
change
 

Pre-tax net income, GAAP basis

   $ 8,925      $ 6,709        33.0

Net realized gains on available-for-sale securities

     (1,383      —          NA  

Core processing conversion costs

     —          67        NA  

Merger costs

     —          42        NA  
  

 

 

    

 

 

    

Pre-tax net income, non-GAAP

   $ 7,542      $ 6,818        10.6
  

 

 

    

 

 

    

 

     (unaudited)           (unaudited)              
     March 31     December 31     March 31     % change versus  
     2017     2016     2016     12/31/16     3/31/16  
     (Dollars in thousands, except share and per share data)              

Ending Balance Sheet

          

Loans, net of unearned income

   $ 1,908,951     $ 1,873,536     $ 1,606,308       1.9     18.8

Loans held for sale

     9,156       7,528       544       21.6     1583.1

Investment securities

     480,659       500,693       543,413       -4.0     -11.5

FHLB and other equity interests

     20,185       19,186       13,675       5.2     47.6

Other earning assets

     1,730       2,246       2,762       -23.0     -37.4
  

 

 

   

 

 

   

 

 

     

Total earning assets

     2,420,681       2,403,189       2,166,702       0.7     11.7

Allowance for loan losses

     (16,546     (16,330     (16,738     1.3     -1.1

Goodwill

     38,730       38,730       27,194       0.0     42.4

Core deposit intangible

     2,523       2,854       2,180       -11.6     15.7

Other assets

     146,919       145,378       121,663       1.1     20.8
  

 

 

   

 

 

   

 

 

     

Total assets

   $ 2,592,307     $ 2,573,821     $ 2,301,001       0.7     12.7
  

 

 

   

 

 

   

 

 

     

Non interest-bearing deposits

   $ 291,579     $ 289,922     $ 262,480       0.6     11.1

Interest-bearing deposits

     1,733,900       1,727,600       1,627,731       0.4     6.5
  

 

 

   

 

 

   

 

 

     

Total deposits

     2,025,479       2,017,522       1,890,211       0.4     7.2

Borrowings

     229,079       237,004       156,150       -3.3     46.7

Subordinated debt

     70,620       70,620       20,620       0.0     242.5


Deposits held for sale

     6,513       6,456       —         0.9     NA  

Other liabilities

     26,398       30,435       25,864       -13.3     2.1

Common stock

     —         —         —         NA       NA  

Additional paid in capital

     95,297       77,737       77,188       22.6     23.5

Retained earnings

     138,250       134,295       125,935       2.9     9.8

Treasury stock

     699       (127     (274     -650.4     -355.1

Accumulated other comprehensive income (loss)

     (28     (121     5,307       -76.9     NA  
  

 

 

   

 

 

   

 

 

     

Total shareholders’ equity

     234,218       211,784       208,156       10.6     12.5
  

 

 

   

 

 

   

 

 

     

Total liabilities and shareholders’ equity

   $ 2,592,307     $ 2,573,821     $ 2,301,001       0.7     12.7
  

 

 

   

 

 

   

 

 

     

Ending shares outstanding

     15,297,360       14,467,815       14,457,955      

Book value per share

   $ 15.31     $ 14.64     $ 14.40      

Tangible book value per share (*)

   $ 12.61     $ 11.76     $ 12.37      

Capital Ratios

          

Tangible common equity / tangible assets (*)

     7.56     6.72     7.87    

Tier 1 leverage ratio

     8.50     7.87     8.73    

Common equity tier 1 ratio

     10.51     9.28     10.76    

Tier 1 risk based ratio

     11.58     10.33     11.97    

Total risk based ratio

     15.12     13.83     12.98    

Asset Quality

          

Non-accrual loans

   $ 19,962     $ 15,329     $ 12,297      

Loans 90+ days past due and accruing

     698       10       52      
  

 

 

   

 

 

   

 

 

     

Total non-performing loans

     20,660       15,339       12,349      

Other real estate owned

     939       1,057       782      
  

 

 

   

 

 

   

 

 

     

Total non-performing assets

   $ 21,599     $ 16,396     $ 13,131      
  

 

 

   

 

 

   

 

 

     

Loans modified in a troubled debt restructuring (TDR):

          

Performing TDR loans

   $ 8,579     $ 8,710     $ 9,158      

Non-performing TDR loans **

     3,017       3,121       5,446      
  

 

 

   

 

 

   

 

 

     

Total TDR loans

   $ 11,596     $ 11,831     $ 14,604      
  

 

 

   

 

 

   

 

 

     

Non-performing assets / Loans + OREO

     1.13     0.87     0.82    

Non-performing assets / Total assets

     0.83     0.64     0.57    

Allowance for loan losses / Loans

     0.87     0.87     1.04    

 

* - Tangible common equity, tangible assets and tangible book value per share are non-GAAP financial measures calculated using GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of stockholders’ equity. Tangible assets is calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets. Return on average tangible equity is calculated by dividing annualized net income by average tangible assets. Tangible book value per share is calculated by dividing tangible common equity by the number of shares outstanding. CNB believes that these non-GAAP financial measures provide information to investors that is useful in understanding its financial condition. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).
** - Nonperforming TDR loans are also included in the balance of non-accrual loans in the previous table.


     (Dollars in thousands, except share and per share data)  
     (unaudited)           (unaudited)  
     March 31     December 31     March 31  
     2017     2016     2016  

Shareholders’ equity

   $ 234,218     $ 211,784     $ 208,156  

Less goodwill

     38,730       38,730       27,194  

Less core deposit intangible

     2,523       2,854       2,180  
  

 

 

   

 

 

   

 

 

 

Tangible common equity

   $ 192,965     $ 170,200     $ 178,782  
  

 

 

   

 

 

   

 

 

 

Total assets

   $ 2,592,307     $ 2,573,821     $ 2,301,001  

Less goodwill

     38,730       38,730       27,194  

Less core deposit intangible

     2,523       2,854       2,180  
  

 

 

   

 

 

   

 

 

 

Tangible assets

   $ 2,551,054     $ 2,532,237     $ 2,271,627  
  

 

 

   

 

 

   

 

 

 

Ending shares outstanding

     15,297,360       14,467,815       14,457,955  

Tangible book value per share

   $ 12.61     $ 11.76     $ 12.37  

Tangible common equity/Tangible assets

     7.56     6.72     7.87
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