CLEARFIELD, Pa., Oct. 19 /PRNewswire-FirstCall/ -- CNB Financial Corporation (Nasdaq: CCNE - News ), 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 .
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