CLEARFIELD, Pa., July 30 /PRNewswire-FirstCall/ -- CNB Financial
Corporation (Nasdaq: CCNE), the parent company of CNB Bank, today announced
reported earnings of $2.2 million or $0.26 diluted earnings per share for the
quarter ended June 30, 2008, compared to $2.4 million or $0.27 diluted
earnings per share for the same quarter of 2007. For the first six months of
2008, earnings were $4.2 million or $0.49 diluted earnings per share compared
to $4.3 million or $0.49 diluted earnings per share for the comparable period
in 2007.
William F. Falger, President and Chief Executive Officer, commented, 'We
are very pleased with our financial performance for the quarter and year to
date as we continue to experience significant growth driven in large measure
by deposit growth of 14.7% since year end 2007. Coupled with this deposit
growth, we have also experienced strong loan growth of 10.2%. These growth
rates reflect the success of our expansion into the Erie and Warren,
Pennsylvania markets as well as continuing growth in our Holiday Financial
Services subsidiary.'
Financial Highlights (in thousands, except share data)
Consolidated balance sheets (Unaudited) (Unaudited)
06/30/2008 12/31/2007 06/30/2007
Consolidated Consolidated Consolidated
ASSETS:
Cash and due from banks $29,041 $23,540 $17,316
Interest bearing deposits with
other banks 2,474 2,274 2,607
Federal funds sold 9,178 773 9
Total cash and cash
equivalents 40,693 26,587 19,932
Interest bearing time deposits
with other banks 4,395 3,498 5,297
Securities available for sale 174,434 162,643 166,484
Trading securities 4,510 - -
Loans held for sale 4,244 1,745 2,767
Net loans 653,417 592,915 565,393
FHLB and other equity interests 5,226 5,834 5,195
Premises and equipment, net 22,323 19,780 16,870
Bank owned life insurance 15,432 15,099 14,823
Intangible assets, net 11,538 11,106 11,156
Accrued interest and other assets 9,147 17,101 9,319
TOTAL ASSETS $945,359 $856,308 $817,236
LIABILITIES:
Deposits:
Non-interest bearing deposits $103,874 $90,994 $89,386
Interest bearing deposits 651,969 568,163 558,571
Total deposits 755,843 659,157 647,957
Treasury, tax and loan borrowings 441 2,000 2,000
FHLB and other borrowings 99,000 98,000 72,145
Subordinated debentures 20,620 20,620 20,620
Accrued interest and other
liabilities 3,397 7,248 6,082
TOTAL LIABILITIES 879,301 787,025 748,804
SHAREHOLDERS' EQUITY:
Common stock - - -
Additional paid in capital 12,939 13,058 13,058
Retained earnings 67,620 66,696 64,601
Treasury stock, at cost
(669,883 shares for June 2008,
679,948 shares for December 2007,
and 676,619 shares for June 2007) (9,790) (9,947) (9,944)
Accumulated other comprehensive
(loss) income (4,711) (524) 717
TOTAL SHAREHOLDERS' EQUITY 66,058 69,283 68,432
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $945,359 $856,308 $817,236
Nonperforming Assets $3,684 $2,890 $1,763
Percentage of Nonperforming Assets
to Total Assets 0.39% 0.34% 0.22%
Trust Assets $214,626 $231,335 $230,307
Consolidated statements of income (unaudited)
For Quarter Ended Year To Date
6/30/08 6/30/07 6/30/08 6/30/07
INTEREST AND DIVIDEND INCOME:
Loans including fees $11,594 $10,953 $23,203 $21,287
Deposits with banks 79 125 160 227
Federal funds sold 81 83 232 198
Securities 2,169 2,121 4,358 4,110
TOTAL INTEREST AND
DIVIDEND INCOME 13,923 13,282 27,953 25,822
INTEREST EXPENSE:
Deposits 3,610 4,648 7,152 9,317
Borrowed funds 1,095 761 2,227 1,434
Subordinated debentures 219 383 533 603
TOTAL INTEREST EXPENSE 4,924 5,792 9,912 11,354
Net interest income 8,999 7,490 18,041 14,468
Provision for loan losses 756 442 1,265 568
NET INTEREST INCOME AFTER
PROVISION 8,243 7,048 16,776 13,900
OTHER INCOME:
Trust and asset management
fees 265 277 605 538
Service charges on deposit
accounts 1,046 1,034 2,048 1,969
Other service charges and
fees 354 218 650 400
Net security gains - 22 117 35
Net security losses from
sales of securities for
which fair value was
elected (79) - (254) -
Net unrealized losses on
securities for which fair
value was elected (379) - (1,025) -
Mortgage banking 102 104 195 181
Bank owned life insurance
earnings 160 208 334 339
Wealth management 208 155 420 307
Other 173 194 306 430
TOTAL OTHER INCOME 1,850 2,212 3,396 4,199
OTHER EXPENSES:
Salaries and benefits 3,763 2,965 7,652 6,143
Net occupancy expense of
premises 861 777 1,836 1,613
Amortization of intangibles 25 25 50 50
Other 2,457 2,253 4,921 4,473
TOTAL OTHER EXPENSES 7,106 6,020 14,459 12,279
Income before income taxes 2,987 3,240 5,713 5,820
Income tax expense 811 858 1,535 1,517
NET INCOME $2,176 $2,382 $4,178 $4,303
Earnings per share, fully
diluted $0.26 $0.27 $0.49 $0.49
Dividends per share $0.16 $0.15 $0.32 $0.30
Return on Average Assets
(ROA) 0.96% 1.20% 0.95% 1.10%
Return on Average Equity
(ROE) 12.26% 12.92% 11.87% 11.95%
Note: This press release may contain forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. Actual
results and trends could differ materially from those set forth in such
statements due to various factors. These factors include operating, legal and
regulatory risks; changing economic competitive conditions; and other risks
and uncertainties.
CNB Bank's website is http://www.bankcnb.com.
SOURCE CNB Financial Corporation
