Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is traded on the Global Select Market of The NASDAQ Stock Market LLC ("NASDAQ") under the symbol "CCNE." As of December 31, 2020, the number of shareholders of record of the Corporation’s common stock was 5,428.
Issuer Purchases of Equity Securities
The following table provides information with respect to any purchase of shares of the Corporation’s common stock made by or on behalf of the Corporation for the quarter ended December 31, 2020.
Period Total Number
of Shares
Purchased Average Price
Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or approximate dollar value) of Shares that May
Yet Be Purchased
Under the Plans or
Programs
October 1 – 31, 2020 0 $ 0 0 183,131 (1)
November 1 – 30, 2020 0 $ 0 0 183,131 (1)
December 1 – 31, 2020 0 $ 0 0 183,131 (1)
(1) The Corporation’s stock repurchase program, which was announced on November 12, 2014, authorizes the repurchase of up to 500,000 shares of common stock. The program will remain in effect until fully utilized or until modified, suspended or terminated. As of December 31, 2020, there were 183,131 shares remaining for repurchase under the program.
Additionally, during the quarter ended December 31, 2020, certain employees surrendered shares of common stock owned by them to satisfy their statutory minimum U.S. federal and state tax obligations associated with the vesting of shares of restricted common stock issued under the CNB Financial Corporation 2019 Omnibus Incentive Plan.
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Share Return Performance
Set forth below is a chart comparing the Corporation’s cumulative return to stockholders against the cumulative return of the NASDAQ Composite Index and a peer group index of banking organizations for the five-year period commencing December 31, 2015 and ending December 31, 2020.
CNB Financial Corporation
Period Ending
Index 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20
CNB Financial Corporation 100.00 153.40 154.62 138.44 202.02 136.35
SNL Bank NASDAQ 100.00 138.65 145.97 123.04 154.47 132.56
NASDAQ Composite 100.00 108.87 141.13 137.12 187.44 271.64
Source : S&P Global Market Intelligence
© 2020
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ITEM 6. SELECTED FINANCIAL DATA
The following selected financial information should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements as of December 31, 2020 and 2019 and for the three years ended December 31, 2020, 2019, and 2018, and the related notes included elsewhere in this Annual Report on Form 10-K.
The selected financial information as of and for the years ended December 31, 2020, 2019, 2018, 2017, and 2016 has been derived from our audited historical financial statements.
Year ended December 31,
(Dollars in thousands, except per share data) 2020 2019 2018 2017 2016
INTEREST AND DIVIDEND INCOME:
Loans including fees $ 152,687 $ 139,867 $ 118,193 $ 97,005 $ 81,209
Securities:
Taxable 12,362 12,472 9,921 8,165 9,134
Tax-exempt 1,441 2,372 2,739 2,983 3,390
Dividends 677 1,017 1,017 721 582
Total interest and dividend income 167,167 155,728 131,870 108,874 94,315
INTEREST EXPENSE:
Deposits 24,142 30,202 17,228 9,312 8,470
Borrowed funds 4,534 5,349 5,856 4,021 2,981
Subordinated debentures 3,780 3,979 3,866 4,032 1,577
Total interest expense 32,456 39,530 26,950 17,365 13,028
NET INTEREST INCOME 134,711 116,198 104,920 91,509 81,287
PROVISION FOR CREDIT LOSS EXPENSE (1)
15,354 6,024 6,072 6,655 4,149
Net interest income after provision for credit losses 119,357 110,174 98,848 84,854 77,138
NON-INTEREST INCOME 28,059 25,975 20,723 21,435 17,691
NON-INTEREST EXPENSES 107,326 87,508 79,342 70,037 67,118
INCOME BEFORE INCOME TAXES 40,090 48,641 40,229 36,252 27,711
INCOME TAX EXPENSE 7,347 8,560 6,510 12,392 7,171
NET INCOME 32,743 40,081 33,719 23,860 20,540
Preferred stock dividends 1,147 0 0 0 0
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 31,596 $ 40,081 $ 33,719 $ 23,860 $ 20,540
PER SHARE DATA:
Basic $ 1.97 $ 2.63 $ 2.21 $ 1.57 $ 1.42
Fully diluted 1.97 2.63 2.21 1.57 1.42
Dividends declared 0.68 0.68 0.67 0.66 0.66
Book value per share at year end 21.29 20.00 17.28 15.98 14.64
AT END OF PERIOD:
Total assets $ 4,729,399 $ 3,763,659 $ 3,221,521 $ 2,768,773 $ 2,573,821
Securities 591,557 552,122 524,649 416,859 500,693
Loans 3,371,789 2,804,035 2,474,557 2,145,959 1,873,536
Allowance for credit losses 34,340 19,473 19,704 19,693 16,330
Deposits 4,181,744 3,102,327 2,610,786 2,167,815 2,017,522
FHLB and other borrowings 0 227,907 245,117 257,359 237,004
Subordinated debentures 70,620 70,620 70,620 70,620 70,620
Deposits held for sale 0 0 0 0 6,456
Shareholders’ equity 416,137 304,966 262,830 243,910 211,784
KEY RATIOS:
Return on average assets 0.75 % 1.17 % 1.12 % 0.89 % 0.85 %
Return on average common equity 9.35 % 14.05 % 13.46 % 9.97 % 9.69 %
Loan to deposit ratio 80.63 % 90.38 % 94.78 % 98.99 % 92.86 %
Dividend payout ratio 34.54 % 25.82 % 30.35 % 42.31 % 46.48 %
Average equity to average assets ratio 8.24 % 8.36 % 8.33 % 8.93 % 8.76 %
(1) Beginning January 1, 2020, the allowance for credit losses was calculated in accordance with Accounting Standards Codification Topic 326, "Financial Instruments – Credit Losses" ("ASC 326").
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