-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JHoqnS/MhIfv3AEl+azsmaqAKdAtPaJMJ2ZKjqS6Ho+B5cx3anKC+dVKteD4fEr1 B7rcSFSrok0Y4HBDj9Qtyw== 0001181431-07-005762.txt : 20070125 0001181431-07-005762.hdr.sgml : 20070125 20070125140524 ACCESSION NUMBER: 0001181431-07-005762 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070122 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20070125 DATE AS OF CHANGE: 20070125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CNB FINANCIAL CORP/PA CENTRAL INDEX KEY: 0000736772 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 251450605 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13396 FILM NUMBER: 07552386 BUSINESS ADDRESS: STREET 1: 1 SOUTH SECOND STREET STREET 2: P.O. BOX 42 CITY: CLEARFIELD STATE: PA ZIP: 16830 BUSINESS PHONE: 8147659621 MAIL ADDRESS: STREET 1: 1 SOUTH SECOND STREET STREET 2: P.O. BOX 42 CITY: CLEARFIELD STATE: PA ZIP: 16830 8-K 1 rrd144177.htm Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
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):  01/22/2007
 
CNB Financial Corporation
(Exact name of registrant as specified in its charter)
 
Commission File Number:  000-13396
 
Pennsylvania
  
25-1450605
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
1 South Second Street
PO Box 42
Clearfield, Pennsylvania 16830
(Address of principal executive offices, including zip code)
 
814-765-9621
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
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:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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

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

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

Information to be included in the report

 
Item 2.02.    Results of Operations and Financial Condition
 
CNB Financial Corporation (Nasdaq:CCNE), the parent company of CNB Bank, today announced record annual earnings for the year ended December 31, 2006 of $9.6 million or $1.07 diluted earnings per share compared to $9.1 million or $1.00 diluted earnings per share for 2005.
 

 

Signature(s)
 
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 hereunto duly authorized.
 
      
 
CNB Financial Corporation
 
 
Date: January 23, 2007
     
By:
 
/s/    Joseph B. Bower, Jr.
               
Joseph B. Bower, Jr.
               
Secretary
 
 

 

Exhibit Index
 
Exhibit No.
  
Description
EX-99.
  
News Release announcing fourth quarter and 2006 earnings.
EX-99. 2 rrd144177_17992.htm NEWS RELEASE ANNOUNCING FOURTH QUARTER AND 2006 EARNINGS. DC283.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

Exhibit 99

News Release

Contact:         Charles R. Guarino 
         Treasurer 
(814)765-9621
 
    FOR IMMEDIATE RELEASE 

CNB FINANCIAL CORPORATION REPORTS RECORD EARNINGS FOR 2006

Clearfield, Pennsylvania – January 22, 2007

CNB Financial Corporation (Nasdaq:CCNE), the parent company of CNB Bank, today announced record annual earnings for the year ended December 31, 2006 of $9.6 million or $1.07 diluted earnings per share compared to $9.1 million or $1.00 diluted earnings per share for 2005, representing a 5.3% increase in net income and a 7.0% increase in diluted earnings per share. Net income in the fourth quarter of 2006 was $2.5 million or $0.28 diluted earnings per share compared to $2.5 million or $0.27 diluted earnings per share in the fourth quarter of 2005.

William F. Falger, President and Chief Executive Officer, commented, “We are very pleased to announce our record annual earnings which were driven by solid growth in our net interest income. Net interest income grew at a rate of 9.1% during the year resulting primarily from interest income from loans as our net loans outstanding grew at a rate of 7.1%.”

Mr. Falger also stated, “Our loan performance during 2006 was enhanced by growth in the Erie, Pennsylvania market through CNB Bank’s ERIEBANK division as well as growth in the Warren, Pennsylvania market resulting from the opening of our full service office in that community. Also, during the year we added three new offices for our consumer discount company, Holiday Financial Services, which provided additional loan growth. In addition to the loan growth, we realized deposit growth of $12.8 million, or 2.1%. Finally, we were pleased to be able to maintain our asset quality with nonperforming assets at 0.23% of year end assets compared to 0.28% at the end of 2005.”

Financial Highlights (in thousands) (unaudited)                 
 
Consolidated Balance Sheets        31-Dec-06        31-Dec-05 
        Consolidated        Consolidated 
Assets                 
Cash and due from banks    $    18,530    $    19,146 
Interest-bearing deposits        7,021        23,871 
     CASH & CASH EQUIVALENTS        25,551        43,017 
Securities available for sale        156,696        161,897 
Loans held for sale        2,420        2,733 
     NET LOANS        540,934        505,010 
FHLB & Federal Reserve Stock        5,321        4,789 
Premises & Equipment, Net        16,237        13,912 
Bank Owned Life Insurance        14,484        13,797 
Intangible, net        11,206        11,621 
Accrued Interest & Other Assets        8,001        7,242 
 
     TOTAL ASSETS    $    780,850     $    764,018 
 
Liabilities                 
Deposits                 
     Non-interest bearing deposits    $    82,574     $    80,874 
     Interest bearing deposits        548,748        537,629 
     TOTAL DEPOSITS        631,322        618,503 
Short-term borrowings        2,000        2,000 
Other borrowings        57,885        58,250 
Subordinated Debentures        10,310        10,310 
Accrued expenses and other liabilities        7,047        4,987 
     TOTAL LIABILITIES        708,564        694,050 
 
Shareholders' Equity                 
Common stock (1)        -        9,234 
Additional paid-in capital        13,250        4,160 
Retained earnings        62,957        58,439 
Treasury stock, (369,546 shares for 2006                 
     and 209,596 shares for 2005)        (5,271)        (3,031) 
Accumulated other comprehensive income        1,350        1,166 
     TOTAL SHAREHOLDERS' EQUITY        72,286        69,968 
 
     TOTAL LIABILITIES & SHAREHOLDERS' EQUITY    $    780,850     $    764,018 
 
Nonperforming Assets        $1,800    $    2,108 
% of Total Assets        0.23%        0.28% 
Trust Assets    $    206,899    $    179,738 

Consolidated Income Statement        For Quarter Ended        Year To Date 
    31-Dec-06    31-Dec-05        31-Dec-06    31-Dec-05 
Interest Income                                 
Loans including fees    $    10,688    $    9,071    $    40,475    $    34,193 
Deposits with banks        114        92        437        316 
Federal funds sold        28        162        293        394 
Securities        2,092        1,770        7,944        6,981 
   TOTAL INTEREST AND DIVIDENDS        12,922        11,095        49,149        41,884 
Interest Expense                                 
Deposits        4,673        3,547        17,106        12,633 
Other borrowings        732        735        2,881        2,637 
Subordinated Debentures        225        190        866        685 
Total interest expense        5,630        4,472        20,853        15,955 
     NET INTEREST INCOME        7,292        6,623        28,296        25,929 
Provision for loan losses        292        237        1,371        783 
     NET INTEREST AFTER PROVISION        7,000        6,386        26,925        25,146 
Other Income                                 
Trust income        328        279        1,077        977 
Service charges on deposits        1,052        1,078        4,160        4,060 
Other charges and fees        182        132        644        512 
Net security gains (losses)        (5)        259        338        322 
Loss on other-than-temporarily impaired security        --        --        --        (240) 
Mortgage Banking Income        25        --        145        76 
BOLI        162        136        687        615 
Wealth Management        131        114        519        533 
Other        167        81        588        291 
     TOTAL OTHER INCOME        2,042        2,079        8,158        7,146 
Non-Interest Expenses                                 
Salaries & Benefits        2,885        2,610        11,053        10,022 
Occupancy, net        747        682        2,854        2,714 
Data Processing        529        442        2,010        1,641 
Amortization of intangible        104        94        415        330 
Director's Fees        66        53        395        471 
Total other expenses        1,308        1,248        5,384        4,987 
     Total non-interest expenses        5,639        5,129        22,111        20,165 
     NET INCOME BEFORE TAXES        3,403        3,336        12,972        12,127 
Federal income tax        890        874        3,350        2,989 
     NET INCOME    $    2,513    $    2,462    $    9,622    $    9,138 
 
 
Diluted Earnings Per Share     $    0.28    $    0.27    $    1.07    $    1.00 
Dividends Per Share     $    0.15    $    0.14    $    0.57    $    0.55 
Return on Average Assets (ROA)                        1.26%        1.23% 
Return on Average Equity (ROE)                        13.51%        13.42% 

(1) On April 18, 2006, the shareholders of the Corporation voted to change from $1.00 par value to no par stock. The change had no effect on the dollar amount of total shareholder’s equity and simply resulted in a reclassification between the common stock and additional paid in capital line items.

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 websites can be found at www.bankcnb.com and www.eriebank.net

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