CNB Financial (CCNE) of Clearfield, Pa., reported first-quarter income of $4.3 million, up almost 33% from a year earlier, as net interest income and total loans rose.
The $1.7 billion-asset company said Monday that its earnings per share totaled 35 cents, beating analysts' expectations by a penny, according to Thomson Reuters.
The company's net interest income rose roughly 12%, to $12.7 million, from a year earlier. Interest-bearing deposits climbed more than 17%, to $1.3 billion, from a year earlier, and its interest expenses dropped more than 5% from a year earlier as the cost of core deposits fell.
Total loans increased 8.5%, to $860 million, year over year. CNB Financial's provision for loan losses totaled $1.1 million, up more than 41%, as the company increased its loss reserves, primarily in the commercial loan portfolio. Two commercial loans that became impaired in 2011 required an additional loss reserve of $360,000 in the first quarter.
The company's noninterest income rose 56%, to $3.4 million, from a year earlier as CNB Financial gained $566,000 on available-for-sale securities, more than seven times higher than a year earlier.
CNB's shares closed at $16.11 Monday, up more than 3.7% from Friday's close.
