CNB Financial (CCNE) 8-K Results of Operations and Financial Condition

Exhibit 99

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

CNB FINANCIALCORPORATIONREPORTSTHIRDQUARTEREARNINGS FOR2007

Clearfield, Pennsylvania – October 23, 2007

CNB Financial Corporation (Nasdaq: CCNE) today announced earnings for the third quarter and year to date 2007. Diluted earnings per share were $0.28 in the third quarter of 2007 as compared to $0.26 for the third quarter of 2006, representing an 8 percent increase. Net income was $2.4 million in the third quarter of 2007 as compared to $2.3 million for the same period of 2006. Annualized return on average assets and return on average equity was 1.21 percent and 13.45 percent, respectively, for the three months ended September 30, 2007, compared to 1.23 percent and 13.30 percent for the three months ended September 30, 2006.

For the nine months ended September 30, 2007, net income totaled $6.7 million and diluted earnings per share were $0.77, compared to $7.1 million of net income and $0.79 diluted earnings per share for the nine months ended September 30, 2006. Annualized return on average assets and return on average equity for the nine months ended September 30, 2007 were 1.12 percent and 12.54 percent, respectively, compared to 1.24 percent and 13.42 percent for the same period of 2006.

William F. Falger, President & Chief Executive Officer, commented, “We are pleased with our performance this quarter as we continue to execute our growth strategy driven primarily by our entrance into the Erie, Pennsylvania market via our ERIEBANK division and the continued expansion of our consumer finance subsidiary, Holiday Financial Services. During the quarter we opened our newest full service office of ERIEBANK on West Asbury Road in Millcreek Township and began construction of two additional offices in the market. In addition, during the quarter we added two new offices of Holiday Financial Services in Ridgway, Pennsylvania and Bellefonte, Pennsylvania. We are very confident in the growth prospects for these new locations.”

The Corporation has experienced asset growth of $58.0 million over the past twelve months primarily driven by loan growth of $48.0 million. Deposits increased by $24.9 million over the same twelve month period.

Loan quality has remained strong with $2.6 million in nonperforming assets at September 30, 2007 compared to $2.2 million at September 30, 2006. The ratio of nonperforming assets to total assets was 0.31 percent on September 30, 2007 compared to 0.29 percent as of September 30, 2006.

Mr. Falger commented, “We are committed to maintaining strong credit quality by using sound underwriting standards and aggressively dealing with potential problem loans. We believe our performance reflects this commitment.”

CNB Financial Corporation paid a common stock quarterly dividend of $0.16 per share on September 14, 2007. This dividend represented a 14 percent increase over the $0.14 per share quarterly dividend paid a year ago and a 4.5 percent projected annual yield utilizing the September 30, 2007 closing market price of $14.20.

The CNB Financial Corporation Board of Directors authorized stock buyback programs in 2005 and 2006 of five hundred thousand shares each, or approximately 6 percent of shares outstanding each year. During 2006, CNB repurchased 238,206 shares through these programs at an average cost of $13.98 per share. During 2007, CNB has repurchased 353,077 shares at an average cost of $15.18 per share.

FINANCIAL HIGHLIGHTS (in thousands)		(Unaudited)				(Unaudited)
CONSOLIDATED BALANCE SHEETS		30-Sept-07		31-Dec-06		30-Sept-06
		Consolidated		Consolidated		Consolidated
Assets
Cash and due from banks	$	14,585	$	18,530	$	16,182
Interest-bearing deposits		7,150		7,014		6,727
Federal funds sold		6,742		7		23
CASH & CASH EQUIVALENTS		28,477		25,551		22,932
Securities available for sale		162,215		156,696		162,532
Loans held for sale		1,923		2,420		3,452
NET LOANS		579,952		540,934		531,986
FHLB stock & other equity interests		5,468		5,321		4,992
Premises & equipment, net		18,054		16,237		14,542
Bank owned life insurance		14,960		14,484		14,321
Mortgage servicing rights		450		446		448
Goodwill		10,821		10,821		10,821
Other intangible assets		311		385		489
Accrued interest & other assets		9,164		7,555		7,293
TOTAL ASSETS	$	831,795	$	780,850	$	773,808
Liabilities
Deposits
Non-Interest bearing deposits	$	91,450	$	82,574	$	84,433
Interest bearing deposits		557,954		548,748		540,027
TOTAL DEPOSITS		649,404		631,322		624,460
Short-term borrowings		2,000		2,000		4,865
Other borrowings		83,000		57,885		57,000
Subordinated debentures		20,620		10,310		10,310
Accrued expenses and other liabilities		7,280		7,054		5,384
TOTAL LIABILITIES		762,304		708,571		702,019
Shareholders' Equity
Common stock		-		-		-
Additional paid-in		13,057		13,250		13,250
Retained earnings		65,642		62,957		61,780
Treasury stock, at cost (662,238 shares for September 2007,
369,546 shares for Dec 2006, and
287,381 shares for June 2006)		(9,720)		(5,271)		(4,141)
Accumulated other comprehensive income		512		1,343		900
TOTAL SHAREHOLDERS' EQUITY		69,491		72,279		71,789
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY	$	831,795	$	780,850	$	773,808
Nonperforming Assets	$	2,608	$	1,928	$	2,244
% of Total Assets		0.31%		0.25%		0.29%
Trust Assets	$	233,367	$	206,899	$	199,701

CONSOLIDATED INCOME STATEMENT
(unaudited)		For Quarter Ended					Year To Date
	30-Sept-07		30-Sept-06		30-Sept-07		30-Sept-06
Interest Income
Loans including fees	$	11,583	$	10,174	$	32,870	$	29,580
Deposits with banks		116		112		342		322
Federal funds sold		90		49		288		266
Securities		2,156		2,020		6,270		5,852
TOTAL INTEREST AND DIVIDENDS		13,945		12,355		39,770		36,020
Interest Expense
Deposits		4,592		4,473		13,909		12,433
Federal Home Loan Bank advances		969		717		2,404		2,149
Subordinated debentures		356		228		959		641
TOTAL INTEREST EXPENSE		5,917		5,418		17,272		15,223
NET INTEREST INCOME		8,028		6,937		22,498		20,797
Provision for loan losses		335		324		903		1,079
NET INTEREST AFTER PROVISION		7,693		6,613		21,595		19,718
Other Income
Trust income		312		245		851		749
Service charges on deposits		1,117		1,114		3,087		3,108
Other charges and fees		216		172		617		462
Net security gains (losses)		52		2		87		343
Mortgage banking income		83		92		265		327
BOLI earnings		137		187		476		525
Wealth management		133		115		440		388
Other		(135)		162		297		421
TOTAL OTHER INCOME		1,915		2,089		6,120		6,323
Non-Interest Expenses
Salaries & benefits		3,462		2,825		9,606		8,168
Occupancy, net		779		705		2,391		2,107
Data processing		335		447		1,457		1,484
Amortization of intangible		25		104		75		311
Director's fees		87		111		240		329
Total other expenses		1,587		1,323		4,793		4,073
Total non-interest expenses		6,275		5,515		18,562		16,472
NET INCOME BEFORE TAXES		3,333		3,187		9,153		9,569
Federal income tax		923		844		2,439		2,460
NET INCOME	$	2,410	$	2,343	$	6,714	$	7,109
Earnings Per Share, Fully diluted	$	0.28	$	0.26	$	0.77	$	0.79
Dividends Per Share	$	0.16	$	0.14	$	0.46	$	0.42
Return on Average Assets (ROA)		1.21%		1.23%		1.12%		1.24%
Return on Average Equity (ROE)		13.45%	13.30%			12.54%		13.42%

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.