CLEARFIELD — CNB Financial Corp., the parent company of CNB Bank, announced its earnings for the fourth quarter ended Dec. 31, 2020.
Net income was $7.9 million, or $0.40 per diluted common share, for the quarter ended Dec. 31, 2020, and $32.7 million, or $1.97 per diluted common share, for the year ended Dec. 31, 2020. Pre-tax pre-provision (“PTPP”) income was $13.1 million and $55.4 million, for the three months and twelve months ended Dec. 31, 2020, respectively.
Excluding the after-tax FHLB prepayment penalty, net income was $13.8 million, or $0.75 per diluted common share, for the three months ended Dec. 31, 2020, compared to $10.6 million, or $0.70 per diluted share, for the same period in 2019, reflecting increases of $3.2 million, or 29.5%, and $0.05 per diluted common share, or 7.1%.
Excluding after-tax merger costs related to CNB’s acquisition of Bank of Akron, FHLB prepayment penalties and branch closure costs totaling a combined $10.2 million, net income was $42.9 million, or $2.60 per diluted common share, for the year ended Dec. 31, 2020, compared to $40.2 million, or $2.64 per diluted share, for the year ended Dec. 31, 2019, reflecting an increase of $2.7 million, or 6.7%, and a decrease of $0.04 per diluted common share, or 1.5%.
Excluding merger costs and FHLB prepayment penalties, PTPP income was $20.5 million for the quarter ended Dec. 31, 2020, representing an increase of approximately $6.7 million, or 48.9%, from the same period in 2019. For the year ended Dec. 31, 2020, excluding the impact of merger, prepayment penalties and branch closure costs PTPP income was $68.1 million, representing an increase of approximately $13.3 million, or 24.2%, from the same period in 2019.
At Dec. 31, 2020, the corporation had $151.0 million of COVID-19 related deferred loan payments for its commercial and consumer customers, or 4.5% of total loans, down from $169.3 million, or 5.1% of total loans as of Oct. 31, 2020, and $626.0 million, or 20.7% of total loans, at June 30, 2020.
