-----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, T+N9qD7MnudKsJBtTIQQUo+yQFvbgB34oEnzTBZcrGj7bE9qeuwO/Xg86qSwbd6r lCZXfmmrC4zF6Qr6gBZ+Og== 0001181431-07-050010.txt : 20070806 0001181431-07-050010.hdr.sgml : 20070806 20070806103157 ACCESSION NUMBER: 0001181431-07-050010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070723 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20070806 DATE AS OF CHANGE: 20070806 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: 071026067 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 rrd168369.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):  07/23/2007
 
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, the parent company of CNB Bank, today announced reported earnings of $2.4 million or $0.27 diluted earnings per share for the quarter ended June 30, 2007, compared to $2.3 million or $0.26 diluted earnings per share for the same quarter of 2006.
 

 

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: August 06, 2007
     
By:
 
/s/    Charles R. Guarino
               
Charles R. Guarino
               
Treasurer
 
 

 

Exhibit Index
 
Exhibit No.
  
Description
EX-99.
  
News Release announcing second quarter earnings.
EX-99. 2 rrd168369_21225.htm NEWS RELEASE ANNOUNCING SECOND QUARTER EARNINGS. DC2352.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

Exhibit 99

News Release

CCNE    Contact: Charles R. Guarino 
NASDAQ                         Treasurer 
L I S T E D                         (814) 765-9621 
 
    FOR IMMEDIATE RELEASE 

CNB FINANCIAL CORPORATION REPORTS SECOND QUARTER EARNINGS FOR 2007

Clearfield, Pennsylvania – July, 2007

CNB Financial Corporation, the parent company of CNB Bank, today announced reported earnings of $2.4 million or $0.27 diluted earnings per share for the quarter ended June 30, 2007, compared to $2.3 million or $0.26 diluted earnings per share for the same quarter of 2006.

William F. Falger, President and Chief Executive Officer, commented, “We are pleased with our second quarter performance which yielded earning asset growth of 5.0% and an increase of 4.4% in net interest income year to date. In addition, our net interest margin remains strong at 4.19% despite the continuing difficult interest rate environment. These positives have helped offset increased operating expenses associated with our ongoing expansion activities in our ERIEBANK and Holiday Financial Services businesses.”

Financial Highlights (in thousands)        (Unaudited)            (Unaudited) 
 
Consolidated Balance Sheets        30-Jun-07    31-Dec-06        30-Jun-06 
    Consolidated    Consolidated        Consolidated 
Assets                     
Cash and due from banks    $    17,316    $ 18,530    $    16,341 
Interest-bearing deposits        7,913    7,021        17,951 
   CASH & CASH EQUIVALENTS        25,229    25,551        34,292 
Securities available for sale        166,484    156,696        161,304 
Loans held for sale        2,767    2,420        2,603 
   NET LOANS        565,393    540,934        525,830 
FHLB stock & other equity interests        5,195    5,321        5,206 
Premises & equipment, net        16,870    16,237        14,565 
Bank owned life insurance        14,823    14,484        14,135 
Intangible, net        11,156    11,206        11,414 
Accrued interest & other assets        8,699    8,001        7,608 
 
   TOTAL ASSETS    $    816,616    $ 780,850    $    776,957 
 
Liabilities                     
Deposits                     
Non-interest bearing deposits    $    89,386    $ 82,574    $    79,382 
Interest bearing deposits        558,571    548,748        543,677 
   TOTAL DEPOSITS        647,957    631,322        623,059 
Short-term borrowings        11,145    2,000        854 
Other borrowings        63,000    57,885        67,000 
Subordinated debentures        20,620    10,310        10,310 
Accrued expenses and other liab.        5,462    7,054        5,646 
   TOTAL LIABILITIES        748,184    708,571        706,869 
 
Shareholders' Equity                     
Common stock        -    -        - 
Additional paid-in        13,058    13,250        13,269 
Retained earnings        64,601    62,957        60,689 
Treasury stock, at cost (676,619 shares for June 2007,                     
369,546 shares for Dec 2006, and                     
275,725 shares for June 2006)        (9,944)    (5,271)        (3,987) 
Accumulated other comprehensive income        717    1,343        117 
   TOTAL SHAREHOLDERS' EQUITY        68,432    72,279        70,088 
 
   TOTAL LIABILITIES & SHAREHOLDERS' EQUITY    $    816,616    780,850       $    776,957 
 
Nonperforming Assets    $    1,763    1,928     $    2,064 
% of Total Assets        0.22%    0.25%        0.27% 
Trust Assets    $    230,307    206,899     $    194,454 

Consolidated Income Statement    For Quarter Ended        Year To Date 
    30-Jun-07    30-Jun-06    30-Jun-07    30-Jun-06 
Interest Income                         
Loans including fees    $ 11,024    $    10,110    $ 21,430    $    19,544 
Deposits with banks    125        107    227        209 
Federal funds sold    83        62    198        218 
Securities    2,121        2,016    4,110        3,832 
   TOTAL INTEREST AND DIVIDENDS    13,353        12,295    25,965        23,803 
Interest Expense                         
Deposits    4,648        4,177    9,317        7,960 
Federal Home Loan Bank advances    761        729    1,434        1,432 
Subordinated debentures    383        213    603        413 
   TOTAL INTEREST EXPENSE    5,792        5,119    11,354        9,805 
   NET INTEREST INCOME    7,561        7,176    14,611        13,998 
Provision for loan losses    442        390    568        755 
   NET INTEREST AFTER PROVISION    7,119        6,786    14,043        13,243 
Other Income                         
Trust income    277        249    538        504 
Service charges on deposits    1,034        1,038    1,969        1,994 
Other charges and fees    218        141    400        290 
Net security gains (losses)    22        -    35        341 
Mortgage banking income    33        43    38        97 
BOLI earnings    208        170    339        338 
Wealth management    155        159    307        273 
Other    194        133    430        259 
   TOTAL OTHER INCOME    2,141        1,933    4,056        4,096 
Non-Interest Expenses                         
Salaries & benefits    2,965        2,675    6,143        5,343 
Occupancy, net    777        664    1,613        1,402 
Data processing    570        541    1,122        1,037 
Amortization of intangible    25        104    50        207 
Director's fees    64        123    153        218 
Total other expenses    1,619        1,408    3,198        2,750 
   Total non-interest expenses    6,020        5,515    12,279        10,957 
   NET INCOME BEFORE TAXES    3,240        3,204    5,820        6,382 
Federal income tax    858        869    1,517        1,616 
   NET INCOME    $ 2,382    $    2,335    $ 4,303    $    4,766 
 
 
Earnings Per Share, Fully diluted    $ 0.27    $    0.26    $ 0.49    $    0.53 
Dividends Per Share    $ 0.15    $    0.14    $ 0.30    $    0.28 
Return on Average Assets (ROA)    1.20%        1.22%    1.10%        1.26% 
Return on Average Equity (ROE)    12.92%        13.17%    11.95%        13.66% 

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 websites can be found at www.bankcnb.com and www.eriebank.net. The Holiday Financial Services website is www.holidayfinancialservices.com.

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