logo
  Join        Login             Stock Quote

CNB Financial (CCNE) 4Q Earnings Rise 0.5 Pct, Yet Miss Estimates

 January 31, 2013 01:00 PM


(By Balaseshan) CNB Financial Corp. Inc. (NASDAQ: CCNE) reported a 0.5% marginal increase in quarterly earnings on higher net interest income despite a 18.8% drop in non-interest income. However, results missed Street's expectations.

Earnings for the fourth quarter were $3.890 million or $0.31 per share, compared to $3.869 million or $0.31 per share in the same period last year.

Net interest income increased 8.3% to $13.59 million, driven by strong and growing deposit base and low cost of funds, as well as an increase in average earnings assets.

Analysts, on average, polled by Thomson Reuters had expected a profit of $0.36 per share on revenue of $14.56 million for the fourth quarter.

Net interest margin was 3.47% in the first and second quarters of 2012, 3.53% in the third quarter of 2012, and 3.49% in the fourth quarter of 2012 as CNB was able to attract and deploy low cost core deposits into loans within its markets, the company noted.

Total non-interest income fell 18.8% to $2.80 million. Net realized losses on available-for-sale securities were $21,000 for the latest quarter, compared to a gain of $456,000 in the previous year quarter.

Although the yield on earnings assets decreased to 4.42% during the year ended December 31, 2012 from 4.84% last year, CNB's average earning assets increased from $1.41 billion to $1.62 billion, or 14.9%, resulting in an increase in interest income of $2.4 million, or 3.7%.

Loans rose 9.2% to $927.8 million at December 31, 2012 from last year, while deposits increased 9.7% to $1.49 billion.

Non-performing assets of $15.1 million, or 0.85% of total assets as of December 31, 2012, compared to $17.5 million, or 1.09% of total assets, at December 31, 2011.

CCNE is trading up 0.71% at $16.98 on Thursday. The stock has been trading between $14.24 and $18.20 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageBuffett's Market Indicator Flashes Red, Prepare To Sell

With each passing month, it's becoming evident that the current bull market has slowed from a gallop to a read on...

article imagePBoC joins other major central banks with unconventional monetary policy action

Softer than expected economic growth in China (see discussion) has finally spurred the PBoC into action. read on...

article imageA Buyback Boost?

Are stock buybacks the only thing keeping this bull market read on...

article imageGold Slides On Perfect Storm For Dollar

For all the anticipation surrounding the delivery of the Fed’s statement in the run-up to the September read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Recent Articles by Balaseshan
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.