Exhibit 99
News Release | ||
Contact: Joseph B. Bower Treasurer (814) 765-9621 | ||
FOR IMMEDIATE RELEASE |
CNB FINANCIAL CORPORATION REPORTS 2003 FOURTH QUARTERAND ANNUAL EARNINGS
Clearfield, Pennsylvania – January, 2004
CNB Financial Corporation, the parent company of County National Bank, today announced reported earnings of $2.4 million or $0.65 per share for the fourth quarter of 2003. This represents a 1.2% increase over the same period of 2002. For the full year of 2003, the Corporation’s earnings were $9.1 million, representing $2.46 per share, compared to $8.7 million, or $2.38 per share, in 2002, yielding year-to-year growth in earnings of 4.5%.
William F. Falger, President and CEO of CNB Financial Corporation stated, “We are pleased with our financial performance during the past year which occurred while our net interest margin experienced a decline to 4.04% from 4.29% in 2002. Offsetting the decline in net interest margin was solid growth in assets primarily from loan growth of 9.0% and a significant increase in non-interest income before security gains of 13.7%. Our non-interest income growth was aided by earnings from the sale of fixed annuity products which began during the year along with revenue generated from the sale of loans resulting from a surge in mortgage refinancing driven by lower interest rates.”
Financial Highlights (in thousands) (unaudited) | 12-31-03 | % Change | 12-31-02 | ||||||||
Total Assets | $ | 701,442 | 4.9 | % | $ | 668,518 | |||||
Net Loans | $ | 458,249 | 9.0 | % | $ | 420,364 | |||||
Total Deposits | $ | 575,438 | 5.6 | % | $ | 545,137 | |||||
Total Equity | $ | 66,447 | 7.1 | % | $ | 62,033 | |||||
Nonperforming Assets | $ | 3,352 | 7.5 | % | $ | 3,118 | |||||
% of Total Assets | 0.48 | % | 2.1 | % | 0.47 | % | |||||
Trust Assets | $ | 200,485 | 12.2 | % | $ | 178,719 |
Fourth Qtr. | Year to Date | ||||||||||||||||||
2003 | 2002 | 2003 | % Change | 2002 | |||||||||||||||
Net Interest Income | $ | 5,941 | $ | 6,444 | $ | 24,186 | (1.4 | )% | $ | 24,535 | |||||||||
Provision for Loan Losses | (255 | ) | (540 | ) | (1,535 | ) | (14.7 | )% | (1,800 | ) | |||||||||
Non-Interest Income | 1,729 | 1,525 | 6,866 | 13.7 | % | 6,045 | |||||||||||||
Net Security Gains/(Losses) | 103 | (6 | ) | 270 | — | (7 | ) | ||||||||||||
Non-Interest Expenses | (4,481 | ) | (4,366 | ) | (17,925 | ) | 3.6 | % | (17,307 | ) | |||||||||
Federal Income Taxes | (652 | ) | (702 | ) | (2,805 | ) | 0.2 | % | (2,800 | ) | |||||||||
Net Income | $ | 2,385 | $ | 2,355 | $ | 9,057 | 4.5 | % | $ | 8,666 | |||||||||
Earnings Per Share, fully diluted | $ | 0.65 | $ | 0.64 | $ | 2.46 | 3.4 | % | $ | 2.38 | |||||||||
Dividends Per Share | $ | 0.32 | $ | 0.42 | $ | 1.18 | — | $ | 1.18 | ||||||||||
Return on Average Assets (ROA) | 1.31 | % | (3.0 | )% | 1.35 | % | |||||||||||||
Return on Average Equity (ROE) | 14.79 | % | (0.3 | )% | 14.83 | % |
“The financial performance of our corporation was recognized by our shareholders as the market value of our stock, which began the year at $33.00 per share ended the year at $42.08 per share. This represents an increase of 27.5% in one year,” stated Mr. Falger.
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.