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Section 1: 10-Q (10-Q)

ccne-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 000-13396
CNB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania 25-1450605
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
 
1 South Second Street
P.O. Box 42
Clearfield, Pennsylvania 16830
(Address of principal executive offices)
Registrant’s telephone number, including area code, (814) 765-9621
Securities registered pursuant to Section 12(b) of the Act:
Title of ClassTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par value   CCNEThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes        No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).        Yes        No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
Large Accelerated Filer   Accelerated Filer 
Non-accelerated filer   Smaller reporting company 
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.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes        No
The number of shares outstanding of the issuer’s common stock as of August 4, 2020:
COMMON STOCK, NO PAR VALUE PER SHARE: 16,898,819 SHARES


Table of Contents
INDEX
PART I.
FINANCIAL INFORMATION
 
 Page Number
 
 
 
 
 
 
30  
49  
50  
PART II.
OTHER INFORMATION
51  
51  
52  
52  
52  
52  
53  
54  


Table of Contents
Forward-Looking Statements

The information below 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.

Currently, one of the most significant factors that could cause actual outcomes to differ materially from our forward-looking statements is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Corporation, our customers and the global economy and financial markets. The extent to which the COVID-19 pandemic impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic and its impact on our customers and demand for financial services, the actions governments, businesses and individuals take in response to the pandemic, the impact of the COVID-19 pandemic and actions taken in response to the pandemic on global and regional economies, national and local economic activity, and the pace of recovery when the COVID-19 pandemic subsides, among others. Moreover, investors are cautioned to interpret many of the risks identified under the section entitled “Risk Factors” in our Form 10-K for the year ended December 31, 2019 as being heightened as a result of the ongoing and numerous adverse impacts of the COVID-19 pandemic.

Additional factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) changes in general business, industry or economic conditions or competition; (ii) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (iii) adverse changes or conditions in capital and financial markets; (iv) changes in interest rates; (v) higher than expected costs or other difficulties related to integration of combined or merged businesses; (vi) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (vii) changes in the quality or composition of our loan and investment portfolios; (viii) adequacy of loan loss reserves; (ix) increased competition; (x) loss of certain key officers; (xi) deposit attrition; (xii) rapidly changing technology; (xiii) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xiv) changes in the cost of funds, demand for loan products or demand for financial services; and (xv) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on CNB's financial position and results of operations.

The forward-looking statements contained herein are based upon management’s beliefs and assumptions. Any forward-looking statement made herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. CNB undertakes no obligation to publicly update or revise any forward-looking statements included in this Quarterly Report on Form 10-Q, 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 might not occur and you should not put undue reliance on any forward-looking statements.
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Table of Contents
Part I Financial Information
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
Dollars in thousands, except share data
(unaudited)
June 30, 2020December 31, 2019
ASSETS
Cash and due from banks$45,563  $42,373  
Interest bearing deposits with other banks617,785  150,601  
Total cash and cash equivalents663,348  192,974  
Securities available for sale549,094  542,313  
Trading securities5,889  9,809  
Loans held for sale6,065  930  
Loans3,034,788  2,809,197  
Less: unearned discount(4,617) (5,162) 
Less: allowance for loan losses(24,529) (19,473) 
Net loans3,005,642  2,784,562  
FHLB, other equity, and restricted equity interests28,661  27,868  
Premises and equipment, net55,377  54,867  
Operating lease assets17,993  18,422  
Bank owned life insurance67,403  66,538  
Mortgage servicing rights1,327  1,573  
Goodwill38,730  38,730  
Core deposit intangible8  160  
Accrued interest receivable and other assets30,014  24,913  
Total Assets$4,469,551  $3,763,659  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Non-interest bearing deposits$507,236  $382,259  
Interest bearing deposits3,088,786  2,720,068  
Total deposits3,596,022  3,102,327  
FHLB and other long term borrowings416,313  227,907  
Subordinated debentures70,620  70,620  
Operating lease liabilities19,071  19,363  
Accrued interest payable and other liabilities37,253  38,476  
Total liabilities4,139,279  3,458,693  
Common stock, $0 par value; authorized 50,000,000 shares; issued 15,476,736 shares at June 30, 2020 and 15,360,946 shares at December 31, 2019
0  0  
Additional paid in capital102,374  99,335  
Retained earnings213,327  201,503  
Treasury stock, at cost (80,175 and 112,961 shares for June 30, 2020 and December 31, 2019, respectively)
(2,027) (2,811) 
Accumulated other comprehensive income (loss)16,598  6,939  
Total shareholders’ equity330,272  304,966  
Total Liabilities and Shareholders’ Equity$4,469,551  $3,763,659  
See Notes to Consolidated Financial Statements
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Table of Contents
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Dollars in thousands, except per share data
Three Months Ended June 30,Six months ended June 30,
 2020201920202019
INTEREST AND DIVIDEND INCOME:
Loans including fees$34,562  $34,295  $70,072  $67,119  
Securities:
Taxable2,990  3,155  6,870  6,133  
Tax-exempt359  584  840  1,281  
Dividends162  248  381  502  
Total interest and dividend income38,073  38,282  78,163  75,035  
INTEREST EXPENSE:
Deposits5,935  7,201  13,840  13,788  
Borrowed funds1,267  1,292  2,494  2,702  
Subordinated debentures (includes $65, $14, $86 and $20 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively)
933  995  1,897  1,993  
Total interest expense8,135  9,488  18,231  18,483  
NET INTEREST INCOME29,938  28,794  59,932  56,552  
PROVISION FOR LOAN LOSSES5,680  1,788  8,759  3,094  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES24,258  27,006  51,173  53,458  
NON-INTEREST INCOME:
Service charges on deposit accounts924  1,569  2,451  3,050  
Other service charges and fees606  748  1,196  1,394  
Wealth and asset management fees1,374  1,202  2,667  2,244  
Net realized gains on available-for-sale securities (includes $2,190, $0, $2,190 and $148 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively)
2,190  0  2,190  148  
Net realized and unrealized gains (losses) on trading securities306  654  (282) 1,454  
Mortgage banking664  370  1,001  609  
Bank owned life insurance386  326  865  687  
Card processing and interchange income1,325  1,221  2,453  2,250  
Other174  702  772  1,109  
Total non-interest income
7,949  6,792  13,313  12,945  
NON-INTEREST EXPENSES:
Salaries and benefits10,673  11,507  22,070  22,407  
Net occupancy expense3,059  2,695  6,086  5,561  
Amortization of core deposit intangible69  166  152  331  
Data processing1,213  1,437  2,549  2,622  
State and local taxes903  954  1,484  1,722  
Legal, professional, and examination fees680  570  1,325  1,123  
Advertising411  473  816  884  
FDIC insurance premiums621  373  1,240  795  
Card processing and interchange expenses592  684  1,388  1,431  
Other3,978  3,125  6,831  6,283  
Total non-interest expenses
22,199  21,984  43,941  43,159  
INCOME BEFORE INCOME TAXES10,008  11,814  20,545  23,244  
INCOME TAX EXPENSE (includes $446, $(3), $442 and $27 income tax expense from reclassification items, respectively)
1,762  2,047  3,486  4,004  
NET INCOME$8,246  $9,767  $17,059  $19,240  
EARNINGS PER SHARE:
Basic$0.54  $0.64  $1.11  $1.26  
Diluted$0.54  $0.64  $1.11  $1.26  
DIVIDENDS PER SHARE:
Cash dividends per share$0.17  $0.17  $0.34  $0.34  
See Notes to Consolidated Financial Statements
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Dollars in thousands
Three months ended June 30,Six months ended June 30,
 2020201920202019
NET INCOME$8,246  $9,767  $17,059  $19,240  
Other comprehensive income (loss), net of tax:
Net change in fair value of interest rate swap agreements designated as cash flow hedges:
Unrealized gain (loss) on interest rate swaps, net of tax $14, $46, $106 and $72, respectively
(55) (173) (401) (273) 
Reclassification adjustment for losses recognized in earnings, net of tax $(14), $(3), $(18) and $(4), respectively
51  11  68  16  
(4) (162) (333) (257) 
Net change in unrealized gains on securities available for sale:
Unrealized holding gains (losses) arising during the period, net of tax of $(353), $(1,433), $(3,115) and $(2,781), respectively
1,330  5,400  11,722  10,468  
Reclassification adjustment for realized gains included in net income, net of tax of $460, $0, $460 and $31, respectively
(1,730) 0  (1,730) (117) 
(400) 5,400  9,992  10,351  
Other comprehensive income (loss)(404) 5,238  9,659  10,094  
COMPREHENSIVE INCOME$7,842  $15,005  $26,718  $29,334  
See Notes to Consolidated Financial Statements
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Table of Contents
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Dollars in thousands
Six months ended June 30,
 20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$17,059  $19,240  
Adjustments to reconcile net income to net cash provided by operations:
Provision for loan losses8,759  3,094  
Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights2,914  2,848  
Amortization and accretion of securities premiums and discounts, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income(856) (341) 
Net realized gains on sales of available-for-sale securities
(2,190) (148) 
Net realized and unrealized (gains) losses on trading securities282  (1,454) 
Proceeds from sale of trading securities5,935  699  
Purchase of trading securities(2,297) (363) 
Gain on sale of loans(820) (401) 
Net gains on dispositions of premises and equipment and foreclosed assets253  (118) 
Proceeds from sale of loans40,520  17,330  
Origination of loans held for sale(45,970) (18,594) 
Income on bank owned life insurance(865) (687) 
Stock-based compensation expense835  867  
Changes in:
Accrued interest receivable and other assets(6,697) (1,746) 
Accrued interest payable, lease liabilities, and other liabilities(2,307) (1,611) 
NET CASH PROVIDED BY OPERATING ACTIVITIES14,555  18,615  
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities, prepayments and calls of available-for-sale securities71,803  40,287  
Proceeds from sales of available-for-sale securities57,185  11,403  
Purchase of available-for-sale securities(121,506) (55,987) 
Loan origination and payments, net(228,598) (148,670) 
Redemption (purchase) of FHLB, other equity, and restricted equity interests(793) 7  
Purchase of premises and equipment(2,697) (3,900) 
Proceeds from the sale of premises and equipment and foreclosed assets571  385  
NET CASH USED BY INVESTING ACTIVITIES(224,035) (156,475) 
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in:
Checking, money market and savings accounts519,615  164,286  
Certificates of deposit(25,920) (40,310) 
Purchase of treasury stock(325) (1,234) 
Cash dividends paid(5,235) (5,182) 
Proceeds from stock offering, net of issuance costs3,313  (40,240) 
Repayment of long-term borrowings(34,379) 0  
Proceeds from long-term borrowings222,785  0  
Net change in short-term borrowings0  52,907  
NET CASH PROVIDED BY FINANCING ACTIVITIES679,854  130,227  
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS470,374  (7,633) 
CASH AND CASH EQUIVALENTS, Beginning192,974  45,563  
CASH AND CASH EQUIVALENTS, Ending$663,348  $37,930  
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$18,151  $18,356  
Income taxes240  2,691  
SUPPLEMENTAL NONCASH DISCLOSURES:
Transfers to other real estate owned$189  $256  
Grant of restricted stock awards from treasury stock892  1,055  
Grant of performance based restricted stock awards from treasury stock217  0  
Right of use assets obtained in exchange for lease liabilities0  17,586  

See Notes to Consolidated Financial Statements
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Table of Contents
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)
Dollars in thousands, except share and per share data
Additional
Paid-In
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Total
Share-
holders’
Equity
Balance, April 1, 2020$102,128  $207,698  $(2,026) $17,002  $324,802  
Net income8,246  8,246  
Other comprehensive income(404) (404) 
Stock-based compensation expense286  286  
Issuance of common stock, net of issuance costs (0 shares)
(40) (40) 
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (56 shares)
(1) (1) 
Cash dividends declared ($0.17 per share)
(2,617) (2,617) 
Balance, June 30, 2020$102,374  $213,327  $(2,027) $16,598  $330,272  
Balance, April 1, 2019$97,139  $178,662  $(1,702) $860  $274,959  
Net income9,767  9,767  
Other comprehensive income5,238  5,238  
Stock-based compensation expense275  275  
Purchase of treasury stock (40,000 shares)
(994) (994) 
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (1,388 shares)
(39) (39) 
Cash dividends declared ($0.17 per share)
(2,591) (2,591) 
Balance, June 30, 2019$97,414  $185,838  $(2,735) $6,098  $286,615  
Additional
Paid-In
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Total
Share-
holders’
Equity
Balance, January 1, 2020$99,335  $201,503  $(2,811) $6,939  $304,966  
Net income17,059  17,059  
Other comprehensive income9,659  9,659  
Restricted stock award grants (35,160 shares)
(892) 892  0  
Performance based restricted stock award grants (8,351 shares)
(217) 217