8-K 1 form8k2ndqtrearnings2005.htm

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported)

July 21, 2005

 

CNB FINANCIAL CORPORATION

(Exact name of Registrant as specified in its Charter)

 

 

Pennsylvania

2-88511

25-1450605

(State or other jurisdiction

(Commission File No.)

(IRS Employer

of incorporation)

 

Identification Number)

 

 

County National Bank

1 South Second Street

PO Box 42

Clearfield, Pennsylvania 16830

(Address of principal executive offices)

 

Registrant’s telephone number, including area code: (814) 765-9621

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition

 

CNB Financial Corporation, the parent company of County National Bank, today announced reported earnings for the quarter and six months ended June 30, 2005.

 

(a)

Financial Statements: None

 

(b)

Exhibits:

 

Exhibit 99

News Release announcing second quarter and six months earnings.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURE

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

                    

 

 

 

CNB Financial Corporation

 

 

Date: July 21, 2005

By: /s/ Joseph B. Bower, Jr.

 

Joseph B. Bower, Jr.

 

Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit Index

 

Number

Description

 

Exhibit 99

News Release announcing second quarter and six months earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 99

News Release

 


Contact: Joseph B. Bower, Jr

Treasurer

(814)765-9621

 

 

CNB FINANCIAL CORPORATION REPORTS SECOND QUARTER EARNINGS FOR 2005

Clearfield, Pennsylvania – July, 2005

 

CNB Financial Corporation, the parent company of County National Bank, today announced reported earnings of $ 2.3 million or $ 0.26 diluted earnings per share for the quarter ended June 30, 2005, compared to $2.0 million or $0.22 diluted earnings per share for the same quarter of 2004, representing a 16% increase.

 

Year to date earnings for 2005 are $ 4.3 million compared to $4.0 million in the same period of 2004, primarily impacted by the growth in earning assets.

 

William F. Falger, President and Chief Executive Officer, commented, “We are very pleased by our financial performance during the quarter and year to date. The Corporation has experienced good loan growth yielding a higher level of interest income and excellent growth during the quarter in noninterest income from our wealth management activities.”  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Highlights (in thousands)

(Unaudited)

(Unaudited)

Consolidated Balance Sheets

 

30-Jun-05

31-Dec-04

30-Jun-04

 

 

Consolidated

Consolidated

Consolidated

Assets

 

 

 

 

Cash and due from banks

 

$ 16,341

$ 14,296

$ 14,397

Interest-bearing deposits

 

15,867

15,616

3,369

CASH & CASH EQUIVALENTS

 

32,208

29,912

17,766

Securities available for sale

 

170,545

164,202

159,185

NET LOANS

 

494,769

476,352

471,323

FHLB & Federal Reserve Stock

 

5,519

4,792

5,214

Premises & Equipment, Net

 

14,075

13,761

12,850

Bank Owned Life Insurance

 

13,522

13,182

12,932

Intangible, net

 

11,696

11,862

12,012

Accrued Interest & Other Assets

 

10,149

11,154

11,222

 

 

 

 

 

TOTAL ASSETS

 

$ 752,483

$ 725,217

$ 702,504

 

 

 

 

 

Liabilities

 

 

 

 

Deposits

 

 

 

 

Non-interest bearing deposits

 

$ 71,817

$ 71,968

$ 67,430

Interest bearing deposits

 

532,476

524,937

509,746

TOTAL DEPOSITS

 

604,293

596,905

577,176

Short-term borrowings

 

1,534

2,000

3,341

Federal Home Loan Bank Advances

 

59,500

40,000

40,000

Subordinated Debentures

 

10,310

10,310

10,310

Accrued expenses and other liab.

 

7,208

7,292

5,658

TOTAL LIABILITIES

 

682,845

656,507

636,485

 

 

 

 

 

Shareholders' Equity

 

 

 

 

Common stock, $1 par value

 

9,234

9,234

9,234

Additional paid-in

 

4,134

4,243

4,294

Retained earnings

 

56,246

54,348

52,896

Treasury stock, 128,338 shares

 

(1,801)

(1,797)

(1,274)

Accumulated other comprehensive income

 

1,825

2,682

869

TOTAL SHAREHOLDERS' EQUITY

 

69,638

68,710

66,019

 

 

 

 

 

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY

 

$ 752,483

$ 725,217

$ 702,504

 

 

 

 

 

Nonperforming Assets

 

$ 2,942

$ 2,690

$ 2,911

% of Total Assets

 

0.39%

0.37%

0.41%

Trust Assets

 

$ 184,464

$ 192,361

$ 191,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Income Statement

For Quarter Ended

 

Year To Date

 

 

30-Jun-05

30-Jun-04

 

30-Jun-05

30-Jun-04

Interest Income

 

 

 

 

 

Loans including fees

$ 8,451

$ 7,683

 

$ 16,382

$ 15,210

Deposits with banks

71

13

 

137

25

Federal funds sold

23

5

 

106

23

Securities

 

1,772

1,566

 

3,488

3,245

TOTAL INTEREST AND DIVIDENDS

10,317

9,267

 

20,113

18,503

Interest Expense

 

 

 

 

 

Deposits

 

2,965

2,585

 

5,836

5,213

Federal Home Loan Bank advances

671

521

 

1,179

1,031

Subordinated Debentures

166

116

 

317

234

Total interest expense

3,802

3,222

 

7,332

6,478

NET INTEREST INCOME

6,515

6,045

 

12,781

12,025

Provision for loan losses

172

300

 

339

600

NET INTEREST AFTER PROVISION

6,343

5,745

 

12,442

11,425

Other Income

 

 

 

 

 

Trust income

239

218

 

459

466

Service charges on deposits

1,006

947

 

1,891

1,797

Other charges and fees

129

109

 

261

237

Net security gains (losses)

63

(5)

 

63

164

Loss on other-than-temporarily impaired securities

(240)

-

 

(240)

-

Gain on sale of loans

24

34

 

58

57

BOLI

 

159

125

 

340

251

Wealth Management

 

200

59

 

293

96

Other

 

150

65

 

181

194

TOTAL OTHER INCOME

1,730

1,552

 

3,306

3,262

Non-Interest Expenses

 

 

 

 

 

Salaries

 

1,802

1,644

 

3,680

3,461

Benefits

 

716

696

 

1,480

1,406

Occupancy, net

668

633

 

1,370

1,312

Data Processing

389

374

 

780

737

Amortization of intangible

127

127

 

255

256

Director's Fees

171

34

 

299

137

Total other expenses

1,044

1,114

 

2,163

2,137

Total non-interest expenses

4,917

4,622

 

10,027

9,446

NET INCOME BEFORE TAXES

3,156

2,675

 

5,721

5,241

Federal income tax

812

660

 

1,330

1,211

NET INCOME

$ 2,344

$ 2,015

 

$ 4,391

$ 4,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share, Fully diluted

                           $ 0.26

$ 0.22

 

$ 0.48

$ 0.44

Dividends Per Share

$ 0.14

$ 0.13

 

$ 0.27

$ 0.26

Return on Average Assets (ROA)

 

 

 

1.22%

1.15%

Return on Average Equity (ROE)

 

 

 

13.26%

12.77%

 

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.

 

County National Bank’s website is www.bankcnb.com.