2016 Q2 Form 10-Q Financial Statement

#000119312516671151 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $22.47M $21.31M
YoY Change 5.48% -0.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $980.0K $1.020M
YoY Change -3.92% -2.86%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $3.070M $3.155M
YoY Change -2.69% 6.05%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $5.249M $7.685M
YoY Change -31.7% -2.08%
Income Tax $1.184M $2.083M
% Of Pretax Income 22.56% 27.1%
Net Earnings $4.065M $5.602M
YoY Change -27.44% -0.27%
Net Earnings / Revenue 18.09% 26.29%
Basic Earnings Per Share $0.28 $0.39
Diluted Earnings Per Share $0.28 $0.39
COMMON SHARES
Basic Shares Outstanding 14.37M shares 14.32M shares
Diluted Shares Outstanding 14.37M shares 14.32M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $23.93M $30.40M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $41.28M $38.17M
YoY Change 8.13% 16.52%
Goodwill $27.19M $27.19M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.336B $2.254B
YoY Change 3.67% 4.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.90M $26.00M
YoY Change 7.31% 17.12%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $131.4M $76.10M
YoY Change 72.67% 676.53%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.90M $26.00M
YoY Change 7.31% 17.12%
LONG-TERM LIABILITIES
Long-Term Debt $20.60M $20.60M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $700.0K
YoY Change
Total Long-Term Liabilities $21.30M $20.60M
YoY Change 3.4% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.90M $26.00M
Total Long-Term Liabilities $21.30M $20.60M
Total Liabilities $2.125B $2.061B
YoY Change 3.12% 4.12%
SHAREHOLDERS EQUITY
Retained Earnings $127.6M $117.0M
YoY Change 9.05% 13.53%
Common Stock $77.34M $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $205.0K $1.170M
YoY Change -82.48% -29.98%
Treasury Stock Shares 11.48K shares 69.02K shares
Shareholders Equity $210.9M $192.7M
YoY Change
Total Liabilities & Shareholders Equity $2.336B $2.254B
YoY Change 3.67% 4.5%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $4.065M $5.602M
YoY Change -27.44% -0.27%
Depreciation, Depletion And Amortization $980.0K $1.020M
YoY Change -3.92% -2.86%
Cash From Operating Activities $5.120M $11.82M
YoY Change -56.68% 62.81%
INVESTING ACTIVITIES
Capital Expenditures -$1.960M -$2.730M
YoY Change -28.21% 378.95%
Acquisitions
YoY Change
Other Investing Activities -$32.32M -$99.30M
YoY Change -67.45% 420.17%
Cash From Investing Activities -$34.29M -$102.0M
YoY Change -66.4% 419.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 27.50M 68.98M
YoY Change -60.13% 435.56%
NET CHANGE
Cash From Operating Activities 5.120M 11.82M
Cash From Investing Activities -34.29M -102.0M
Cash From Financing Activities 27.50M 68.98M
Net Change In Cash -1.670M -21.24M
YoY Change -92.14% -4525.0%
FREE CASH FLOW
Cash From Operating Activities $5.120M $11.82M
Capital Expenditures -$1.960M -$2.730M
Free Cash Flow $7.080M $14.55M
YoY Change -51.34% 85.82%

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<div> <table style="FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>2.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2"><b>SUBSEQUENT EVENT &#x2013; ACQUISITION OF LAKE NATIONAL BANK</b></font></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: medium &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">On December 30, 2015, the Corporation announced the signing of a definitive merger agreement to acquire Lake National Bank (&#x201C;LNB&#x201D;) of Mentor, Ohio for $22.50 per share in cash.&#xA0;The transaction closed on July 15, 2016 and resulted in consideration paid to LNB shareholders of $24.75 million.&#xA0;Following completion of the merger, the two branches of LNB in Mentor, Ohio are operating as part of the ERIEBANK division of CNB Bank.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: medium &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">As disclosed in the accompanying consolidated statements of income, the Corporation incurred merger costs of $173 thousand and $215 thousand for the three and six months ended June 30, 2016.&#xA0;All merger costs have been expensed as incurred.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: medium &quot;Times New Roman&quot;; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: &quot;Times New Roman&quot;" size="2">As of the date the Corporation&#x2019;s second quarter 2016 consolidated financial statements are issued, all of the information required to be disclosed by Accounting Standards Codification No. 805 was not available since, given the short period between the July 15, 2016 acquisition date and the financial statement issuance, the calculation of the fair value of all material LNB assets acquired and liabilities assumed had not yet been completed.</font></p> </div>
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7908000
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
885000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
14000
CY2016Q2 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
15442000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
4065000
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-56000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5249000
CY2016Q2 us-gaap Interest Expense
InterestExpense
3070000
CY2016Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
1785000
CY2016Q2 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
794000
CY2016Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
19183000
CY2016Q2 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
11000
CY2016Q2 us-gaap Occupancy Net
OccupancyNet
1881000
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
86000
CY2016Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossTaxPortionAttributableToParentAvailableforsaleSecurities
179000
CY2016Q2 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
481000
CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
31000
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
1005000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4038000
CY2016Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax
1839000
CY2016Q2 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
199000
CY2016Q2 us-gaap Noninterest Expense
NoninterestExpense
18304000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4038000
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
29000
CY2016Q2 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAvailableforsaleSecurities
332000
CY2016Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
19403000
CY2016Q2 us-gaap Other Noninterest Expense
OtherNoninterestExpense
2353000
CY2016Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
2077000
CY2016Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
22473000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1184000
CY2016Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
867000
CY2016Q2 us-gaap Noninterest Income
NoninterestIncome
4370000
CY2016Q2 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
4420000
CY2016Q2 us-gaap Net Realized Or Unrealized Gain Loss On Trading Securities
NetRealizedOrUnrealizedGainLossOnTradingSecurities
64000
CY2016Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
2414000
CY2016Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Before Reclassification Adjustments Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesBeforeReclassificationAdjustmentsTax
-991000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.83
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14368000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
0 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
0
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
542000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14368000 shares
CY2016Q2 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
WeightedAverageBasicSharesOutstandingProForma
14460000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1500 shares
CY2016Q2 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
220000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2016Q2 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
624000
CY2016Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
172000
CY2016Q2 ccne Legal Professional And Examination Fees
LegalProfessionalAndExaminationFees
364000
CY2016Q2 ccne Net Earnings Allocated To Participating Securities
NetEarningsAllocatedToParticipatingSecurities
-27000
CY2016Q2 ccne Average Participating Securities
AverageParticipatingSecurities
92000 shares
CY2016Q2 ccne Other Comprehensive Income Loss Reclassification Adjustment Included In Net Income Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentIncludedInNetIncomeTax
-322000
CY2016Q2 ccne Other Comprehensive Income Loss Reclassification Adjustment On Derivatives Included In Earnings Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInEarningsTax
-30000
CY2016Q2 ccne Amortization Of Core Deposit Intangible
AmortizationOfCoreDepositIntangible
217000
CY2016Q2 ccne Prepayment Penalties
PrepaymentPenalties
1506000
CY2016Q2 ccne Core Processing Conversion Costs
CoreProcessingConversionCosts
1488000
CY2016Q2 ccne Other Than Temporary Impairment Losses Investments Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherThanTemporaryImpairmentLossesInvestmentsReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
599000
CY2016Q2 ccne Other Than Temporary Impairment Losses Investments Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherThanTemporaryImpairmentLossesInvestmentsReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
323000
CY2016Q2 ccne Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Loss Available For Sale Securities Net Of Tax
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveLossAvailableForSaleSecuritiesNetOfTax
-931000

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