Company Quick10K Filing
Quick10K
CNB Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$28.20 15 $430
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-29 Regulation FD, Exhibits
8-K 2019-07-18 Earnings, Exhibits
8-K 2019-06-25 Officers, Other Events, Exhibits
8-K 2019-05-14 Other Events, Exhibits
8-K 2019-05-14 Officers
8-K 2019-04-16 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-04-15 Regulation FD, Exhibits
8-K 2019-04-15 Earnings, Exhibits
8-K 2019-03-25 Regulation FD, Exhibits
8-K 2019-03-01 Officers
8-K 2019-02-22 Regulation FD, Exhibits
8-K 2019-02-13 Other Events, Exhibits
8-K 2019-01-28 Earnings, Exhibits
8-K 2019-01-28 Earnings, Exhibits
8-K 2018-11-13 Other Events, Exhibits
8-K 2018-10-19 Earnings, Exhibits
8-K 2018-10-10 Officers
8-K 2018-09-18 Officers
8-K 2018-08-14 Other Events, Exhibits
8-K 2018-08-08 Regulation FD, Exhibits
8-K 2018-07-20 Earnings, Exhibits
8-K 2018-05-08 Other Events, Exhibits
8-K 2018-04-17 Shareholder Vote, Other Events, Exhibits
8-K 2018-04-16 Earnings, Exhibits
8-K 2018-02-13 Officers
8-K 2018-02-02 Earnings, Exhibits
8-K 2018-01-12 Other Events
SHI Sinopec Shanghai Petrochemical 4,690
FOLD Amicus Therapeutics 3,000
CWST Casella Waste Systems 1,770
TCBK Trico Bancshares 1,220
KIDS Orthopediatrics 599
JCP JC Penney 405
TRCH Torchlight Energy Resources 95
SMIT Schmitt Industries 9
OCLR Oclaro 0
EQUR E-Qure 0
CCNE 2019-06-30
Part I.
Part I Financial Information
Item 1. Financial Statements
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ccne06302019ex311.htm
EX-31.2 ccne06302019ex312.htm
EX-32.1 ccne06302019ex321.htm
EX-32.2 ccne06302019ex322.htm

CNB Financial Earnings 2019-06-30

CCNE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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2018-03-28 iso4217:USD xbrli:shares xbrli:pure xbrli:shares iso4217:USD ccne:security ccne:loan
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, 2019
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 Class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, no par value
 
   CCNE
 
The 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 5, 2019:
COMMON STOCK, NO PAR VALUE PER SHARE: 15,197,983 SHARES


Table of Contents

INDEX
PART I.
FINANCIAL INFORMATION
 
 
Page Number
 
 
 
 
 
1

 
 
2

 
 
3

 
 
4

 
 
5

 
 
6

 
 
27

 
 
39

 
 
40

 
PART II.
OTHER INFORMATION
 
 
41

 
 
41

 
 
41

 
 
41

 
 
41

 
 
41

 
 
42

 
 
43



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 the financial condition, liquidity, results of operations, and future performance of our 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 our 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.” Such known and unknown risks, uncertainties and other 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 inability to realize expected cost savings or achieve other anticipated benefits in connection with business combinations and other acquisitions; (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 our financial position and our 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. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.


Table of Contents

Part I Financial Information
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
Dollars in thousands, except share data
 
(unaudited) June 30, 2019
 
December 31, 2018
ASSETS
Cash and due from banks
$
33,926

 
$
43,327

Interest bearing deposits with other banks
4,004

 
2,236

Total cash and cash equivalents
37,930

 
45,563

Securities available for sale
533,970

 
516,863

Trading securities
8,904

 
7,786

Loans held for sale
2,032

 
367

Loans
2,627,269

 
2,479,348

Less: unearned discount
(4,911
)
 
(4,791
)
Less: allowance for loan losses
(21,437
)
 
(19,704
)
Net loans
2,600,921

 
2,454,853

FHLB, other equity, and restricted equity interests
24,501

 
24,508

Premises and equipment, net
51,785

 
49,920

Operating lease assets
17,082

 
0

Bank owned life insurance
57,130

 
56,443

Mortgage servicing rights
1,501

 
1,495

Goodwill
38,730

 
38,730

Core deposit intangible
396

 
727

Accrued interest receivable and other assets
26,092

 
24,266

Total Assets
$
3,400,974

 
$
3,221,521

LIABILITIES AND SHAREHOLDERS’ EQUITY
Non-interest bearing deposits
$
352,570

 
$
356,797

Interest bearing deposits
2,382,192

 
2,253,989

Total deposits
2,734,762

 
2,610,786

Short-term borrowings
52,907

 
0

FHLB and other long term borrowings
204,877

 
245,117

Subordinated debentures
70,620

 
70,620

Operating lease liabilities
17,862

 
0

Accrued interest payable and other liabilities
33,331

 
32,168

Total liabilities
3,114,359

 
2,958,691

Common stock, $0 par value; authorized 50,000,000 shares; issued 15,308,378 shares at June 30, 2019 and December 31, 2018
0

 
0

Additional paid in capital
97,414

 
97,602

Retained earnings
185,838

 
171,780

Treasury stock, at cost (110,395 shares at June 30, 2019 and 101,097 shares at December 31, 2018)
(2,735
)
 
(2,556
)
Accumulated other comprehensive income (loss)
6,098

 
(3,996
)
Total shareholders’ equity
286,615

 
262,830

Total Liabilities and Shareholders’ Equity
$
3,400,974

 
$
3,221,521

 
 
 
 
See Notes to Consolidated Financial Statements

1

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,
 
2019
 
2018
 
2019
 
2018
INTEREST AND DIVIDEND INCOME:
 
 
 
 
 
 
 
Loans including fees
$
34,295

 
$
28,975

 
$
67,119

 
$
55,432

Securities:
 
 
 
 
 
 
 
Taxable
3,155

 
2,180

 
6,133

 
4,164

Tax-exempt
584

 
683

 
1,281

 
1,377

Dividends
248

 
261

 
502

 
513

Total interest and dividend income
38,282

 
32,099

 
75,035

 
61,486

INTEREST EXPENSE:
 
 
 
 
 
 
 
Deposits
7,201

 
3,687

 
13,788

 
6,611

Borrowed funds
1,292

 
1,604

 
2,702

 
3,092

Subordinated debentures (includes $14, $46, $20 and $105 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively)
995

 
982

 
1,993

 
1,857

Total interest expense
9,488

 
6,273

 
18,483

 
11,560

NET INTEREST INCOME
28,794

 
25,826

 
56,552

 
49,926

PROVISION FOR LOAN LOSSES
1,788

 
1,905

 
3,094

 
3,536

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
27,006

 
23,921

 
53,458

 
46,390

NON-INTEREST INCOME:
 
 
 
 
 
 
 
Service charges on deposit accounts
1,569

 
1,271

 
3,050

 
2,518

Other service charges and fees
748

 
723

 
1,394

 
1,341

Wealth and asset management fees
1,202

 
1,090

 
2,244

 
2,120

Net realized gains on available-for-sale securities (includes $0, $0, $148 and $0 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively)
0

 
0

 
148

 
0

Net realized and unrealized gains on trading securities
654

 
237

 
1,454

 
251

Mortgage banking
370

 
310

 
609

 
518

Bank owned life insurance
326

 
339

 
687

 
739

Card processing and interchange income
1,221

 
1,103

 
2,250

 
2,074

Other
702

 
533

 
1,109

 
796

Total non-interest income
6,792

 
5,606

 
12,945

 
10,357

NON-INTEREST EXPENSES:
 
 
 
 
 
 
 
Salaries and benefits
11,507

 
10,131

 
22,407

 
19,666

Net occupancy expense
2,695

 
2,634

 
5,561

 
5,130

Amortization of core deposit intangible
166

 
248

 
331

 
496

Data processing
1,437

 
1,147

 
2,622

 
2,221

State and local taxes
954

 
833

 
1,722

 
1,686

Legal, professional, and examination fees
570

 
550

 
1,123

 
1,058

Advertising
473

 
581

 
884

 
1,178

FDIC insurance premiums
373

 
378

 
795

 
676

Card processing and interchange expenses
684

 
638

 
1,431

 
1,372

Other
3,125

 
2,403

 
6,283

 
5,059

Total non-interest expenses
21,984

 
19,543

 
43,159

 
38,542

INCOME BEFORE INCOME TAXES
11,814

 
9,984

 
23,244

 
18,205

INCOME TAX EXPENSE (includes ($3), ($10), $27 and ($22) income tax expense from reclassification items, respectively)
2,047

 
1,543

 
4,004

 
2,667

NET INCOME
$
9,767

 
$
8,441

 
$
19,240

 
$
15,538

EARNINGS PER SHARE:
 
 
 
 
 
 
 
Basic
$
0.64

 
$
0.55

 
$
1.26

 
$
1.02

Diluted
$
0.64

 
$
0.55

 
$
1.26

 
$
1.02

DIVIDENDS PER SHARE:
 
 
 
 
 
 
 
Cash dividends per share
$
0.170

 
$
0.165

 
$
0.340

 
$
0.330

 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements

2

Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Dollars in thousands
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
NET INCOME
$
9,767

 
$
8,441

 
$
19,240

 
$
15,538

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 of $46, $0, $72 and ($4), respectively
(173
)
 
1

 
(273
)
 
16

Reclassification adjustment for losses recognized in earnings, net of tax of ($3), ($10), ($4) and ($22), respectively
11

 
36

 
16

 
83

 
(162
)
 
37

 
(257
)
 
99

Net change in unrealized gains on securities available for sale:
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the period, net of tax of ($1,433), $303, ($2,781) and $1,356, respectively
5,400

 
(1,140
)
 
10,468

 
(5,104
)
Reclassification adjustment for realized gains included in net income, net of tax of $0, 0$, $31 and $0, respectively
0

 
0

 
(117
)
 
0

 
5,400

 
(1,140
)
 
10,351

 
(5,104
)
Other comprehensive income (loss)
5,238

 
(1,103
)
 
10,094

 
(5,005
)
COMPREHENSIVE INCOME
$
15,005

 
$
7,338

 
$
29,334

 
$
10,533

 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements

3

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Dollars in thousands
 
 
 
 
 
Six months ended June 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
19,240

 
$
15,538

Adjustments to reconcile net income to net cash provided by operations:
 
 
 
Provision for loan losses
3,094

 
3,536

Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights
2,848

 
2,464

Amortization and accretion of securities premiums and discounts, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income
(341
)
 
38

Net realized gains on sales of available-for-sale securities
(148
)
 
0

Net realized and unrealized gains on trading securities
(1,454
)
 
(251
)
Proceeds from sale of trading securities
699

 
0

Purchase of trading securities
(363
)
 
(144
)
Gain on sale of loans
(401
)
 
(323
)
Net gains on dispositions of premises and equipment and foreclosed assets
(118
)
 
(217
)
Proceeds from sale of loans
17,330

 
10,084

Origination of loans held for sale
(18,594
)
 
(10,774
)
Income on bank owned life insurance
(687
)
 
(739
)
Stock-based compensation expense
867

 
949

Changes in:
 
 
 
Accrued interest receivable and other assets
(1,746
)
 
(4,378
)
Accrued interest payable, lease liabilities, and other liabilities
(1,611
)
 
2,153

NET CASH PROVIDED BY OPERATING ACTIVITIES
18,615

 
17,936

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Proceeds from maturities, prepayments and calls of available-for-sale securities
40,287

 
21,880

Proceeds from sales of available-for-sale securities
11,403

 
0

Purchase of available-for-sale securities
(55,987
)
 
(70,013
)
Loan origination and payments, net
(148,670
)
 
(189,994
)
Redemption (purchase) of FHLB, other equity, and restricted equity interests
7

 
(1,172
)
Purchase of premises and equipment
(3,900
)
 
(896
)
Proceeds from the sale of premises and equipment and foreclosed assets
385

 
538

NET CASH USED BY INVESTING ACTIVITIES
(156,475
)
 
(239,657
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Net change in:
 
 
 
Checking, money market and savings accounts
164,286

 
220,951

Certificates of deposit
(40,310
)
 
12,799

Purchase of treasury stock
(1,234
)
 
(454
)
Cash dividends paid
(5,182
)
 
(5,046
)
Repayment of long-term borrowings
(40,240
)
 
(15,131
)
Proceeds from long-term borrowings
0

 
50,000

Net change in short-term borrowings
52,907

 
(34,416
)
NET CASH PROVIDED BY FINANCING ACTIVITIES
130,227

 
228,703

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(7,633
)
 
6,982

CASH AND CASH EQUIVALENTS, Beginning
45,563

 
35,345

CASH AND CASH EQUIVALENTS, Ending
$
37,930

 
$
42,327

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
 
 
 
Cash paid during the period for:
 
 
 
Interest
$
18,356

 
$
11,406

Income taxes
2,691

 
2,250

SUPPLEMENTAL NONCASH DISCLOSURES:
 
 
 
Transfers to other real estate owned
$
256

 
$
3

Grant of restricted stock awards from treasury stock
$
1,055

 
$
933



 
 
 
See Notes to Consolidated Financial Statements

4

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, 2019
$
97,139

 
$
178,662

 
$
(1,702
)
 
$
860

 
$
274,959

Net income
 
 
9,767

 
 
 
 
 
9,767

Other comprehensive income
 
 
 
 
 
 
5,238

 
5,238

Stock-based compensation expense
275

 
 
 
 
 
 
 
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

 
 
 
 
 
 
 
 
 
 
Balance, April 1, 2018
$
96,786

 
$
152,872

 
$
(602
)
 
$
(4,245
)
 
$
244,811

Net income
 
 
8,441

 
 
 
 
 
8,441

Other comprehensive loss
 
 
 
 
 
 
(1,103
)
 
(1,103
)
Forfeiture of restricted stock award grants (130 shares)
1

 
 
 
(4
)
 
 
 
(3
)
Stock-based compensation expense
272

 
 
 
 
 
 
 
272

Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (79 shares)
 
 
 
 
(2
)
 
 
 
(2
)
Cash dividends declared ($0.165 per share)
 
 
(2,523
)
 
 
 
 
 
(2,523
)
Balance, June 30, 2018
$
97,059

 
$
158,790

 
$
(608
)
 
$
(5,348
)
 
$
249,893


 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Share-
holders’
Equity
Balance, January 1, 2019
$
97,602

 
$
171,780

 
$
(2,556
)
 
$
(3,996
)
 
$
262,830

Net income
 
 
19,240

 
 
 
 
 
19,240

Other comprehensive income
 
 
 
 
 
 
10,094

 
10,094

Restricted stock award grants (39,790 shares)
(1,055
)
 
 
 
1,055

 
 
 
0

Stock-based compensation expense
867

 
 
 
 
 
 
 
867

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 (9,088 shares)
 
 
 
 
(240
)
 
 
 
(240
)
Cash dividends declared ($0.34 per share)
 
 
(5,182
)
 
 
 
 
 
(5,182
)
Balance, June 30, 2019
$
97,414

 
$
185,838

 
$
(2,735
)
 
$
6,098

 
$
286,615

 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2018
$
97,042

 
$
148,298

 
$
(1,087
)
 
$
(343
)
 
$
243,910

Net income
 
 
15,538

 
 
 
 
 
15,538

Other comprehensive loss
 
 
 
 
 
 
(5,005
)
 
(5,005
)
Forfeiture of restricted stock award grants (130 shares)
1

 
 
 
(4
)
 
 
 
(3
)
Restricted stock award grants (37,708 shares)
(933
)
 
 
 
933

 
 
 
0

Stock-based compensation expense
949

 
 
 
 
 
 
 
949

Purchase of treasury stock (10,769 shares)
 
 
 
 
(286
)
 
 
 
(286
)
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (6,119 shares)
 
 
 
 
(164
)
 
 
 
(164
)
Cash dividends declared ($0.33 per share)
 
 
(5,046
)
 
 
 
 
 
(5,046
)
Balance, June 30, 2018
$
97,059

 
$
158,790

 
$
(608
)
 
$
(5,348
)
 
$
249,893

 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements


5

Table of Contents

CNB FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
 
1.    BASIS OF PRESENTATION

The accompanying consolidated financial statements have been prepared pursuant to rules and regulations of the SEC and in compliance with accounting principles generally accepted in the United States of America (“GAAP”). Because this report is based on an interim period, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted.

In the opinion of management of the registrant, the accompanying consolidated financial statements as of June 30, 2019 and for the three and six month periods ended June 30, 2019 and 2018 include all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial condition and the results of operations for the periods presented. The financial performance reported for CNB Financial Corporation (the “Corporation”) for the three and six month period ended June 30, 2019 is not necessarily indicative of the results to be expected for the full year. This information should be read in conjunction with the Corporation’s Annual Report on Form 10-K for the period ended December 31, 2018 (the “2018 Form 10-K”). All dollar amounts are stated in thousands, except share and per share data and other amounts as indicated. Certain prior period amounts have been reclassified to conform to the current period presentation.

2.    STOCK COMPENSATION

The Corporation has a stock incentive plan, which is administered by a committee of the Board of Directors and which permits the Corporation to provide various types of stock-based compensation to its key employees, directors, and/or consultants, including time-based and performance-based shares of restricted stock. The Corporation previously maintained the CNB Financial Corporation 2009 Stock Incentive Plan, which terminated in accordance with its terms on February 10, 2019, and currently maintains the CNB Financial Corporation 2019 Omnibus Incentive Plan (the "2019 Stock Incentive Plan"), which was approved by the Corporation’s shareholders and became effective on April 16, 2019. 

For key employees, the vesting of time-based restricted stock is one-third, one-fourth, or one-fifth of the granted restricted shares per year, beginning one year after the grant date, with 100% vesting on the third, fourth or fifth anniversary of the grant date, respectively. Prior to 2018, for non-employee directors, the vesting schedule was one-third of the granted restricted shares per year, beginning one year after the grant date, with 100% vested on the third anniversary of the grant date. Beginning in 2018, stock compensation received by non-employee directors vests immediately. At June 30, 2019, there was no unrecognized compensation cost related to stock-based compensation awarded under this plan and, except for the time-based and performance-based restricted stock awards disclosed below and in previous filings, no other stock-based compensation was granted during the three or six month periods ended June 30, 2019 and 2018.
In addition to the time-based restricted stock disclosed above, the Corporation’s Board of Directors grants performance-based restricted stock awards (“PBRSAs”) to key employees. The number of PBRSAs will depend on certain performance conditions and are also subject to service-based vesting. In 2019, awards with a maximum of 16,681 shares in aggregate were granted to key employees. In 2018, awards with a maximum of 15,657 shares in aggregate were granted to key employees. In 2017, an award with a maximum of 7,109 shares was granted to a key employee.
Compensation expense for the restricted stock awards is recognized over the requisite service period noted above based on the fair value of the shares at the date of grant. Nonvested restricted stock awards are recorded as a reduction of additional paid-in-capital in shareholders’ equity until earned. Compensation expense resulting from time-based, performance-based and director restricted stock awards was $275 and $867 for the three and six months ended June 30, 2019 and $272 and $949 for the three and six months ended June 30, 2018. There was $911 and $775 of total unrecognized compensation cost related to unvested restricted stock awards, as of June 30, 2019 and December 31, 2018, respectively. The total income tax benefit related to the recognized compensation cost of vested restricted stock awards was $58 and $182 for the three and six months ended June 30, 2019 and $57 and $199 for the three and six months ended June 30, 2018, respectively.

6

Table of Contents

A summary of changes in time-based nonvested restricted stock awards for the three months ended June 30, 2019 follows:
 
Shares
 
Per Share Weighted Average Grant Date Fair Value
Nonvested at beginning of period
67,769

 
$
24.79

Vested
(3,611
)
 
23.42

Nonvested at end of period
64,158

 
$
24.87


A summary of changes in time-based nonvested restricted stock awards for the six months ended June 30, 2019 follows:
 
Shares
 
Per Share Weighted Average Grant Date Fair Value
Nonvested at beginning of period
75,889

 
$
23.20

Granted
25,940

 
25.27

Vested
(37,671
)
 
21.76

Nonvested at end of period
64,158

 
$
24.87



The above table excludes 13,850 shares in restricted stock awards that were granted at a weighted average fair value of $25.27 and immediately vested. Compensation expense resulting from the immediately vested shares was $0 and $350 for the three and six months ended June 30, 2019 and is included in the previously disclosed $275 and $867 above, respectively.

The fair value of shares vested was $101 and $1,328 during the three and six months ended June 30, 2019 and $9 and $1,471 for the three and six months ended June 30, 2018.

3.    FAIR VALUE

Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy has also been established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following three levels of inputs are used to measure fair value:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The fair values of most trading securities and securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

The Corporation’s derivative instruments are interest rate swaps that are similar to those that trade in liquid markets. As such, significant fair value inputs can generally be verified and do not typically involve significant management judgments (Level 2 inputs).

The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals prepared by third-parties. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Management also adjusts appraised values based on the length of time that has passed since the appraisal date and other factors. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value.

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Table of Contents

Assets and liabilities measured at fair value on a recurring basis are as follows at June 30, 2019 and December 31, 2018:
 
 

 
Fair Value Measurements at June 30, 2019 Using:
 
 
 
 
Quoted Prices in Active Markets for Identical Assets
 
Significant Other Observable Inputs
 
Significant Unobservable Inputs
Description
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets:
 
 
 
 
 
 
 
Securities Available For Sale:
 
 
 
 
 
 
 
U.S. Government sponsored entities
$
140,727

 
$
0

 
$
140,727

 
$
0

States and political subdivisions
119,454

 
0

 
119,454

 
0

Residential and multi-family mortgage
233,064

 
0

 
233,064

 
0

Corporate notes and bonds
11,889

 
0

 
11,889

 
0

Pooled SBA