-----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, KpMZJT+Jl84HdonlMoRsC4eQfXonmvREY5oxGAZZeXO8nbUIKmFSmjEDhcgXSrcg Y0Wl677JVl/5U/qS3cevQg== 0001181431-08-010081.txt : 20080213 0001181431-08-010081.hdr.sgml : 20080213 20080213160850 ACCESSION NUMBER: 0001181431-08-010081 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080205 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20080213 DATE AS OF CHANGE: 20080213 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: 08604824 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 rrd193862.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):  02/05/2008
 
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))
 

 
Item 2.02.    Results of Operations and Financial Condition
 
CNB Financial Corporation (Nasdaq:CCNE), the parent company of CNB Bank, today announced annual earnings for the year ended December 31, 2007 of $9.1 million or $1.05 diluted earnings per share compared to $9.6 million or $1.07 diluted earnings per share for 2006, representing a 5% decrease in net income and a 2% decrease in diluted earnings per share. Net income in the fourth quarter of 2007 was $2.4 million or $0.28 diluted earnings per share compared to $2.5 million or $0.28 diluted earnings per share in the fourth 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: February 13, 2008
     
By:
 
/s/    Charles R. Guarino
               
Charles R. Guarino
               
Treasurer
 
 

 

Exhibit Index
 
Exhibit No.
  
Description
EX-99.
  
News Release announcing fourth quarter and 2007 earnings.
EX-99. 2 rrd193862_23340.htm NEWS RELEASE ANNOUNCING FOURTH QUARTER AND 2007 EARNINGS. DC3593.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

Exhibit 99

News Release

CCNE
NASDAQ
L I S T E D

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

CNB FINANCIAL CORPORATION REPORTS EARNINGS FOR 2007

Clearfield, Pennsylvania – February 5, 2008

CNB Financial Corporation (Nasdaq:CCNE), the parent company of CNB Bank, today announced annual earnings for the year ended December 31, 2007 of $9.1 million or $1.05 diluted earnings per share compared to $9.6 million or $1.07 diluted earnings per share for 2006, representing a 5% decrease in net income and a 2% decrease in diluted earnings per share. Net income in the fourth quarter of 2007 was $2.4 million or $0.28 diluted earnings per share compared to $2.5 million or $0.28 diluted earnings per share in the fourth quarter of 2006.

Earnings for the Corporation were impacted in the fourth quarter by an Other Than Temporary Impairment (OTTI) of a FNMA security holding. Although the Corporation is not a direct participant in the sub-prime mortgage crisis that hit the country, this security was affected by a significant drop in price even though its credit rating remained well above investment minimums. Earnings for the fourth quarter, exclusive of the net of tax OTTI charge of $585 thousand and the net of tax security gains of $278 thousand were $2.7 million, an 8.9% increase over the fourth quarter of 2006.

“2007 was an exciting year for the Corporation,” William F. Falger, President and Chief Executive Officer stated, “The opening of our first two ERIEBANK prototype stores and three more Holiday Financial Services offices has shown our commitment to the communities we serve and to the growth of the Corporation. The outlook for 2008 is very positive based on the 9% earnings growth from operations in the fourth quarter of 2007.”

Financial Highlights (in thousands) (unaudited)        31-Dec-07        31-Dec-06 
Consolidated Balance Sheets        Consolidated        Consolidated 
Assets                 
Cash and due from banks    $    23,540    $    18,530 
Interest-bearing deposits        6,545        7,021 
     CASH & CASH EQUIVALENTS        30,085        25,551 
Securities available for sale        162,643        156,696 
Loans held for sale        1,745        2,420 
     NET LOANS        592,915        540,934 
FHLB & Federal Reserve Stock        5,834        5,321 
Premises & Equipment, Net        19,780        16,237 
Bank Owned Life Insurance        15,099        14,484 
Intangible, net        11,106        11,206 
Accrued Interest & Other Assets        17,101        8,001 
 
     TOTAL ASSETS    $    856,308     $    780,850 
 
Liabilities                 
Deposits                 
     Non-interest bearing deposits    $    90,994     $    82,574 
     Interest bearing deposits        568,163        548,748 
     TOTAL DEPOSITS        659,157        631,322 
Short-term borrowings        2,000        2,000 
Other borrowings        98,000        57,885 
Subordinated Debentures        20,620        10,310 
Accrued expenses and other liabilities        7,248        7,054 
     TOTAL LIABILITIES        787,025        708,571 
 
Shareholders' Equity                 
Additional paid-in capital        13,058        13,250 
Retained earnings        66,696        62,957 
Treasury stock, (679,948 shares for 2007                 
     and 369,546 shares for 2006)        (9,947)        (5,271) 
Accumulated other comprehensive income (loss)        (524)        1,343 
     TOTAL SHAREHOLDERS' EQUITY        69,283        72,279 
 
     TOTAL LIABILITIES & SHAREHOLDERS' EQUITY    $    856,308     $    780,850 
 
Nonperforming Assets    $    2,890    $    1,800 
% of Total Assets        0.34%        0.23% 
Trust Assets    $    231,335    $    206,899 

Consolidated Income Statement        For Quarter Ended        Year To Date 
    31-Dec-07    31-Dec-06    31-Dec-07    31-Dec-06 
Interest Income                                 
Loans including fees    $    11,689    $    10,618    $    44,559    $    40,198 
Deposits with banks        103        114        445        437 
Federal funds sold        93        28        381        293 
Securities        2,278        2,092        8,548        7,944 
   TOTAL INTEREST AND DIVIDENDS        14,163        12,852        53,933        48,872 
Interest Expense                                 
Deposits        4,178        4,673        18,087        17,106 
Other borrowings        1,106        732        3,510        2,881 
Subordinated Debentures        366        225        1,325        866 
     Total interest expenses        5,650        5,630        22,922        20,853 
     NET INTEREST INCOME        8,513        7,222        31,011        28,019 
Provision for loan losses        609        292        1,512        1,371 
     NET INTEREST AFTER PROVISION        7,904        6,930        29,499        26,648 
Other Income                                 
Trust income        277        328        1,128        1,077 
Service charges on deposits        1,163        1,052        4,250        4,160 
Other charges and fees        428        182        1,045        644 
Net security gains (losses)        414        (5)        501        338 
Loss on other-than-temporarily impaired security        (900)        --        (900)        -- 
Mortgage Banking Income        97        95        362        422 
BOLI        139        162        615        687 
Wealth Management        182        131        622        519 
Other        101        167        566        588 
     TOTAL OTHER INCOME        1,901        2,112        8,189        8,435 
Non-Interest Expenses                                 
Salaries & Benefits        3,588        2,885        13,194        11,053 
Occupancy, net        880        747        3,271        2,854 
Data Processing        529        529        2,075        2,010 
Amortization of intangible        25        104        100        415 
Director's Fees        143        66        381        395 
Total other expenses        1,379        1,308        6,252        5,384 
     Total non-interest expenses        6,544        5,639        25,273        22,111 
     NET INCOME BEFORE TAXES        3,261        3,403        12,415        12,972 
Federal income tax        840        890        3,281        3,350 
     NET INCOME    $    2,421     $    2,513     $    9,134    $    9,622 
 
 
Diluted Earnings Per Share    $    0.28     $    0.28     $    1.05    $    1.07 
Dividends Per Share    $    0.16     $    0.15     $    0.62    $    0.57 
Return on Average Assets (ROA)                        1.12%        1.26% 
Return on Average Equity (ROE)                        12.82%        13.51% 

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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