CLEARFIELD — CNB Financial Corp., the parent company of CNB Bank, on Friday reported net income of $23.9 million, or $1.57 per share, for 2017 compared to net income of $20.5 million, or $1.42 per share, in 2016.

Excluding the impact of the revaluation of the deferred tax asset in the fourth quarter of 2017 discussed below, net income was $26.9 million, or $ 1.77 per share in 2017, an increase of 24.6 percent from $1.42 per share in 2016. Return on average assets and average equity for the year ended Dec. 31, 2017 were 0.89 percent and 9.97 percent, respectively, compared to 0.85 percent and 9.69 percent in 2016. Excluding the impact of the revaluation of the deferred tax asset, returns on average assets and equity were 1.00 percent and 11.23 percent, respectively, for the year ended Dec. 31, 2017.

For the quarter ended Dec. 31, CNB reported net income of $3.5 million, or $0.23 per diluted share. Excluding the impact of the revaluation of the deferred tax asset, net income was $6.5 million, or $0.43 per share, an increase of 22.9 percent from $0.35 per share in the fourth quarter of 2016.