CNB Financial Corporation (CCNE) has reported a 29.11 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $6.48 million, or $0.43 a share in the quarter, compared with $5.02 million, or $0.35 a share for the same period last year.
Revenue during the quarter grew 20.61 percent to $25.96 million from $21.52 million in the previous year period. Net interest income for the quarter rose 11.93 percent over the prior year period to $21.20 million. Non-interest income for the quarter rose 52.85 percent over the last year period to $5.77 million.
CNB Financial Corporation has made provision of $1.02 million for loan losses during the quarter, down 15.05 percent from $1.20 million in the same period last year.
Net interest margin was stable at 3.67 percent in the quarter, when compared with the last year period.
Joseph B. Bower, Jr., president and chief executive officer, 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."
Deposits stood at $2,025.48 million as on Mar. 31, 2017, up 7.16 percent compared with $1,890.21 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $291.58 million or 14.40 percent of total deposits on Mar. 31, 2017, compared with $262.48 million or 13.89 percent of total deposits on Mar. 31, 2016.
Investments stood at $500.84 million as on Mar. 31, 2017, down 10.10 percent or $56.24 million from year-ago. Shareholders equity was at $234.22 million as on Mar. 31, 2017.
Return on average assets moved up 13 basis points to 1 percent in the quarter from 0.87 percent in the last year period. At the same time, return on average equity increased 174 basis points to 11.39 percent in the quarter from 9.65 percent in the last year period.
Credit quality deteriorates
CNB Financial Corporation witnessed a deterioration in credit quality during the quarter. Nonperforming assets moved up 64.49 percent or $8.47 million to $21.60 million on Mar. 31, 2017 from $13.13 million on Mar. 31, 2016. Nonperforming assets to total loans was 1.13 percent in the quarter, up from 0.82 percent in the last year period. Meanwhile, nonperforming assets to total assets was 0.83 percent in the quarter, up from 0.57 percent in the last year period. Tier-1 leverage ratio stood at 8.50 percent for the quarter, down from 8.73 percent for the previous year quarter. Book value per share was $15.31 for the quarter, up 6.32 percent or $0.91 compared to $14.40 for the same period last year.
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