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 21, 2004
CNB FINANCIAL CORPORATION
(Exact name of Registrant as specified in its Charter)
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| Pennsylvania | 2-88511 | 25-1450605 |
(State or other jurisdiction
of incorporation) | (SEC File No.) | (IRS Employer
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
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Item 2.02Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements: None
(b) Exhibits:
99 Press Release Announcing: Third Quarter Earnings
Item 12. Press Releases
CNB Financial Corporation, the parent company of County National Bank, today announced reported earnings for the quarter ended September 30, 2004 and for the nine months ended September 30, 2004.
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
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| Date: October 22, 2004 | By:/s/ Joseph B. Bower, Jr.
Joseph B. Bower, Jr.
Treasurer |
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Exhibit 99
News Release
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CCNE
NASDAQ
L I S T E D |
Contact: Joseph B. Bower
Treasurer
(814) 765-9621
FOR IMMEDIATE RELEASE |
CNB FINANCIAL CORPORATION REPORTS THIRD QUARTER EARNINGS FOR 2004
Clearfield, Pennsylvania – October, 2004
CNB Financial Corporation, the parent company of County National Bank, today announced reported earnings of $2.0 million or $0.22 diluted earnings per share for the quarter ended September 30, 2004, compared to $2.4 million or $0.26 diluted earnings per share for the same quarter of 2003.
Year to date earnings for 2004 are $6.1 million compared to $6.7 million in the same period of 2003, impacted in part by a decline of $400,000 in fee income resulting from sharply lower mortgage lending activity.
William F. Falger, President and Chief Executive Officer, commented, “Our third quarter net income showed modest improvement over the first two quarters of the year primarily due to asset growth, however year to date income continues to lag behind last year due to the impact of the current low interest rate environment. We continue to focus on our future growth with the recent groundbreaking for a 3,500 square foot banking facility in Warren and a new 2,200 square foot branch in St. Marys, Pennsylvania.”
Financial Highlights (in thousands) (unaudited)
Consolidated Balance Sheets 30-Sept-04 31-Dec-03 30-Sept-03
Consolidated Consolidated Consolidated
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| Assets | | | | | | | | | | | |
| Cash and due from banks | | | $ | 14,939 | | $ | 15,239 | | $ | 14,295 | |
| Interest-bearing deposits | | | | 5,081 | | | 1,590 | | | 2,012 | |
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| CASH & CASH EQUIVALENTS | | | | 20,020 | | | 16,829 | | | 16,307 | |
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| Securities available for sale | | | | 155,638 | | | 180,055 | | | 183,808 | |
| NET LOANS | | | | 480,134 | | | 452,485 | | | 441,062 | |
| FHLB & Federal Reserve Stock | | | | 5,174 | | | 5,032 | | | 4,977 | |
| Premises & Equipment, Net | | | | 13,500 | | | 12,934 | | | 12,902 | |
| Bank Owned Life Insurance | | | | 13,058 | | | 12,682 | | | 12,544 | |
| Intangible, net | | | | 11,898 | | | 12,197 | | | 12,304 | |
| Accrued Interest & Other Assets | | | | 9,791 | | | 9,538 | | | 10,084 | |
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| TOTAL ASSETS | | | $ | 709,213 | | $ | 701,752 | | $ | 693,988 | |
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| Liabilities | | |
| Deposits | | |
| Non-interest bearing deposits | | | $ | 73,653 | | $ | 63,297 | | $ | 60,556 | |
| Interest bearing deposits | | | | 508,540 | | | 512,141 | | | 508,723 | |
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| TOTAL DEPOSITS | | | | 582,193 | | | 575,438 | | | 569,279 | |
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| Short-term borrowings | | | | 2,000 | | | 1,313 | | | 1,569 | |
| Federal Home Loan Bank Advances | | | | 40,000 | | | 40,000 | | | 40,000 | |
| Subordinated Debentures | | | | 10,310 | | | 10,310 | | | 10,310 | |
| Accrued expenses and other liab | | | | 7,177 | | | 8,244 | | | 8,019 | |
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| TOTAL LIABILITIES | | | | 641,680 | | | 635,305 | | | 629,177 | |
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| Shareholders' Equity | | |
| Common stock, $1 par value | | | | 9,234 | | | 9,234 | | | 9,234 | |
| Additional paid-in | | | | 4,289 | | | 4,123 | | | 4,054 | |
| Retained earnings | | | | 53,736 | | | 51,247 | | | 50,040 | |
| Treasury stock, 136,341 shares | | | | (2,021 | ) | | (1,309 | ) | | (1,387 | ) |
| Accumulated other comprehensive income | | | | 2,295 | | | 3,152 | | | 2,870 | |
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| TOTAL SHAREHOLDERS' EQUITY | | | | 67,533 | | | 66,447 | | | 64,811 | |
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| TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | | | $ | 709,213 | | $ | 701,752 | | $ | 693,988 | |
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| Nonperforming Assets | | | $ | 4,952 | | $ | 3,235 | | $ | 3,093 | |
| % of Total Assets | | | | 0.70 | % | | 0.46 | % | | 0.45 | % |
| Trust Assets | | | $ | 188,409 | | $ | 200,485 | | $ | 201,729 | |
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Consolidated Income Statement For Quarter Ended Year To Date
30-Sep-04 30-Sep-03 30-Sep-04 30-Sep-03
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| Interest Income | | | | | | | | | | | | | | |
| Loans including fees | | | $ | 7,774 | | $ | 7,623 | | $ | 22,983 | | $ | 22,865 | |
| Deposits with banks | | | | 39 | | | 13 | | | 64 | | | 32 | |
| Federal funds sold | | | | 4 | | | 55 | | | 29 | | | 147 | |
| Securities | | | | 1,500 | | | 1,600 | | | 4746 | | | 5,359 | |
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| TOTAL INTEREST AND DIVIDENDS | | | | 9,317 | | | 9,291 | | | 27,822 | | | 28,403 | |
| Interest Expense | | |
| Deposits | | | | 2,596 | | | 2,733 | | | 7,809 | | | 8,269 | |
| Federal Home Loan Bank advances | | | | 517 | | | 513 | | | 1,548 | | | 1,528 | |
| Subordinated Debentures | | | | 138 | | | 119 | | | 372 | | | 360 | |
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| Total interest expense | | | | 3,251 | | | 3,365 | | | 9,729 | | | 10,157 | |
| NET INTEREST INCOME | | | | 6,066 | | | 5,926 | | | 18,093 | | | 18,246 | |
| Provision for loan losses | | | | 200 | | | 200 | | | 800 | | | 1,280 | |
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| NET INTEREST AFTER PROVISION | | | | 5,866 | | | 5,726 | | | 17,293 | | | 16,966 | |
| Other Income | | |
| Trust income | | | | 232 | | | 275 | | | 698 | | | 719 | |
| Service charges on deposits | | | | 1,006 | | | 927 | | | 2,804 | | | 2,543 | |
| Other charges and fees | | | | 115 | | | 120 | | | 352 | | | 408 | |
| Realized security gains | | | | 152 | | | 16 | | | 316 | | | 167 | |
| Gain on sale of loans | | | | 46 | | | 172 | | | 103 | | | 500 | |
| BOLI | | | | 125 | | | 138 | | | 376 | | | 351 | |
| Wealth Management | | | | 44 | | | 46 | | | 140 | | | 204 | |
| Other | | | | (3 | ) | | 202 | | | 192 | | | 412 | |
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| TOTAL OTHER INCOME | | | | 1,717 | | | 1,896 | | | 4,981 | | | 5,304 | |
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| Non-Interest Expenses | | |
| Salaries | | | | 1,739 | | | 1,714 | | | 5,201 | | | 5,064 | |
| Benefits | | | | 795 | | | 652 | | | 2,200 | | | 1,961 | |
| Occupancy, net | | | | 629 | | | 562 | | | 1,941 | | | 1,776 | |
| Data Processing | | | | 354 | | | 368 | | | 1,091 | | | 1,074 | |
| Amortization of intangible | | | | 125 | | | 135 | | | 381 | | | 385 | |
| Director's Fees | | | | 90 | | | 95 | | | 226 | | | 361 | |
| Total other expenses | | | | 1,229 | | | 988 | | | 3,370 | | | 2,823 | |
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| Total non-interest expenses | | | | 4,961 | | | 4,514 | | | 14,410 | | | 13,444 | |
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| NET INCOME BEFORE TAXES | | | | 2,622 | | | 3,108 | | | 7,864 | | | 8,826 | |
| Federal income tax | | | | 590 | | | 728 | | | 1,801 | | | 2,154 | |
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| NET INCOME | | | $ | 2,032 | | $ | 2,380 | | $ | 6,063 | | $ | 6,672 | |
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| Earnings Per Share, Fully diluted | | | $ | 0.22 | | $ | 0.26 | | $ | 0.66 | | $ | 0.73 | |
| Dividends Per Share | | | $ | 0.13 | | $ | 0.11 | | $ | 0.39 | | $ | 0.34 | |
| Return on Average Assets (ROA) | | | | . | | | | | | 1.15 | % | | 1.30 | % |
| Return on Average Equity (ROE) | | | | | | | | | | 12.57 | % | | 14.81 | % |
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 iswww.bankcnb.com.
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