CNB Financial Corp. in Clearfield, Pa., said Friday that fourth-quarter net earnings jumped almost 90%, to $2.9 million, compared with a year earlier.
The $1.4 billion-asset company's earnings grew despite an increase in its loan-loss provision of 70.5%, to $2.6 million.
Profit was largely boosted by a 296% increase in noninterest income after realizing gains on securities available for sale, rather than the losses posted a year earlier.
Net income for the year rose nearly 33%, to $11.3 million from the year earlier.
Though nonperforming assets shrank slightly, to $13.2 million at Dec. 31 from $13.6 million a year earlier, they were up 74% from Sept. 30.
CNB's president and chief executive, Joseph Bower Jr., said in the release that he believes "overall asset quality has stabilized and is beginning to improve and we have better positioned our interest rate risk going into 2011."
The company also raised $34.5 million in capital during 2010, boosting its total risk-based capital ratio to 15.38%, from 11.95% a year earlier.