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

Exhibit 99

News Release

CCNE
NASDAQ
L I S T E D

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

CNB FINANCIALCORPORATIONREPORTSEARNINGS FOR2007

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