8-K 1 form8k3rdqtrearnings2005.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)

October 19, 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 (NASDAQ: CCNE), the parent company of County National Bank, today announced reported earnings for the quarter ended September 30, 2005 and for the nine months ended September 30, 2005.

 

 

(a)

Financial Statements: None

 

 

(b)

Exhibits:

 

Exhibit 99

News Release announcing third quarter 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: October 19, 2005

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

 

Joseph B. Bower, Jr.

 

Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit Index

 

Number

Description

 

Exhibit 99

News Release announcing third quarter earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit 99

News Release

 


Contact: Joseph B. Bower, Jr

Treasurer

(814)765-9621

 

FOR IMMEDIATE RELEASE

 

CNB FINANCIAL CORPORATION REPORTS A 12% INCREASE IN THIRD QUARTER EARNINGS FOR 2005

Clearfield, Pennsylvania – October, 2005

 

CNB Financial Corporation (NASDAQ: CCNE), the parent company of County National Bank, today announced reported earnings of $2.3 million or $0.25 diluted earnings per share for the quarter ended September 30, 2005, compared to $2.0 million or $0.22 diluted earnings per share for the same quarter of 2004.

 

Year to date earnings for the first nine months of 2005 are $6.7 million compared to $6.1 million in the same nine month period of 2004, representing a 10% increase in year over year earnings. The largest impact has been the increase in net interest income arising from the growth in average earnings assets of $26.2 million, or 4.1%, over last year.

 

William F. Falger, President and Chief Executive Officer, commented, “The growth of earnings in excess of 10% is outstanding since it comes from growth generated in our existing markets. The Bank has been able to sustain approximately a 4% net interest margin while growing its earning assets. The growth in our current markets, along with our expansion into the Erie market with Erie Bank, positions CNB for a strong beginning as we look toward 2006.”  

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Highlights (in thousands) (unaudited)

Consolidated Balance Sheets

 

30-Sept-05

31-Dec-04

30-Sept-04

 

 

Consolidated

Consolidated

Consolidated

Assets

 

 

 

 

Cash and due from banks

 

$ 14,380

$ 14,296

$ 14,939

Interest-bearing deposits

 

7,174

15,616

5,081

CASH & CASH EQUIVALENTS

 

21,554

29,912

20,020

Securities available for sale

 

180,251

164,202

155,638

Net Loans

 

492,237

476,352

480,134

FHLB & Federal Reserve Stock

 

4,999

4,792

5,174

Premises & Equipment, net

 

13,962

13,761

13,500

Bank Owned Life Insurance

 

13,661

13,182

13,058

Intangible, net

 

11,611

11,862

11,898

Accrued Interest & Other Assets

 

10,441

11,154

9,791

 

 

 

 

 

TOTAL ASSETS

 

$ 748,716

$ 725,217

$ 709,213

 

 

 

 

 

Liabilities

 

 

 

 

Deposits

 

 

 

 

Non-interest bearing deposits

 

$ 75,899

$ 71,968

$ 73,653

Interest bearing deposits

 

524,662

524,937

508,540

TOTAL DEPOSITS

 

600,561

596,905

582,193

Short-term borrowings

 

2,000

2,000

2,000

Federal Home Loan Bank Advances

 

59,500

40,000

40,000

Subordinated Debentures

 

10,310

10,310

10,310

Accrued expenses and other liabilities

 

6,756

7,292

7,177

TOTAL LIABILITIES

 

679,127

656,507

641,680

 

 

 

 

 

Shareholders' Equity

 

 

 

 

Common stock, $1 par value

 

9,234

9,234

9,234

Additional paid-in capital

 

4,150

4,243

4,289

Retained earnings

 

57,242

54,347

53,736

Treasury stock, at cost (187,267 shares for Sept 2005, 123,240

shares for Dec 2004, and 136,341 shares for Sept 2004)

 

(2,699)

(1,796)

(2,021)

Accumulated other comprehensive income

 

1,662

2,682

2,295

TOTAL SHAREHOLDERS' EQUITY

 

69,589

68,710

67,533

 

 

 

 

 

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY

 

$ 748,716

$ 725,217

$ 709,213

 

 

 

 

 

Nonperforming Assets

 

$ 3,497

$ 2,690

$ 4,952

% of Total Assets

 

0.47%

0.37%

0.70%

Trust Assets

 

$ 182,455

$ 192,361

$ 188,409

 

 

 

 

 

Consolidated Income Statement

For Quarter Ended

 

Year To Date

 

 

30-Sep-05

30-Sep-04

 

30-Sep-05

30-Sep-04

Interest Income

 

 

 

 

 

Loans including fees

$ 8,740

$ 7,774

 

$ 25,122

$ 22,983

Deposits with banks

88

39

 

224

64

Federal funds sold

126

4

 

232

29

Securities

 

1,726

1,500

 

5,211

4,746

TOTAL INTEREST AND DIVIDENDS

10,680

9,317

 

30,789

27,822

Interest Expense

 

 

 

 

 

Deposits

 

3,249

2,596

 

9,086

7,809

Federal Home Loan Bank advances

725

517

 

1,903

1,548

Subordinated Debentures

178

138

 

494

372

Total interest expense

4,152

3,251

 

11,483

9,729

NET INTEREST INCOME

6,528

6,066

 

19,306

18,093

Provision for loan losses

207

200

 

546

800

NET INTEREST AFTER PROVISION

6,321

5,866

 

18,760

17,293

Other Income

 

 

 

 

 

Trust income

238

232

 

698

698

Service charges on deposits

1,090

1,006

 

2,982

2,804

Other charges and fees

119

115

 

380

352

Net security gains (losses)

-

152

 

63

316

Loss on other-than-temporary impaired securities

-

-

 

(240)

-

Gain on sale of loans

32

46

 

90

103

BOLI

 

139

125

 

479

376

Wealth Management

125

44

 

419

140

Other

 

162

(3)

 

342

192

TOTAL OTHER INCOME

1,905

1,717

 

5,213

4,981

Non-Interest Expenses

 

 

 

 

 

Salaries

 

1,915

1,739

 

5,595

5,201

Benefits

 

698

795

 

2,178

2,200

Occupancy, net

663

629

 

2,032

1,941

Data Processing

419

354

 

1,199

1,091

Amortization of intangible

126

125

 

382

381

Total other expenses

1,340

1,319

 

3,796

3,596

Total non-interest expenses

5,161

4,961

 

15,182

14,410

NET INCOME BEFORE TAXES

3,065

2,622

 

8,791

7,864

Applicable income taxes

781

590

 

2,115

1,801

NET INCOME

$ 2,284

$ 2,032

 

$ 6,676

$ 6,063

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share, Fully diluted

$ 0.25

$ 0.22

 

$ 0.73

$ 0.66

Dividends Per Share

$ 0.14

$ 0.13

 

$ 0.41

$ 0.39

Return on Average Assets (ROA)

 

 

 

1.22%

1.15%

Return on Average Equity (ROE)

 

 

 

13.22%

12.57%

 

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.