Exhibit 99
News Release
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Contact: | | Charles R. Guarino |
| | Treasurer |
| | (814)765-9621 |
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| | FOR IMMEDIATE RELEASE |
CNB FINANCIAL CORPORATION REPORTS FIRST QUARTER EARNINGSFOR 2009
Clearfield, Pennsylvania – April 21, 2009
CNB Financial Corporation (NASDAQ: CCNE), the parent company of CNB Bank, today announced increases in net income and earnings per share for the first quarter of 2009. Highlights for the quarter include:
| • | | Net income of $2.2 million or $0.26 per share, an 11.2% increase over the first quarter of 2008. |
| • | | Returns on average equity and assets of 14.19% and 0.89%, respectively. |
| • | | Net interest income of $9.2 million with a net interest margin of 3.98%. |
| • | | Total loans of $671.5 million, an increase of $60.7 million or 9.9% over March 2008. |
| • | | Deposits of $824.7 million, an increase of 19.4% compared to March 2008 levels. |
| • | | Increased reserve levels and continued solid credit quality with stable non-performing assets. |
| • | | First quarter dividend declaration of $0.165 per share. |
William F. Falger, President and CEO, commented “We are pleased with our performance in the quarter as we continue to experience solid revenue growth while maintaining our operating expenses at a stable level. This growth has allowed us to absorb higher costs for the provision for loan losses and FDIC insurance and still generate an increase in net income when compared to last year.”
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Consolidated balance sheets (in thousands) | | | | | | | | | |
| | (Unaudited) 3/31/09 | | 12/31/2008 | | (Unaudited) 3/31/08 |
ASSETS: | | | | | | | | | |
Cash and cash equivalents | | $ | 39,012 | | $ | 31,256 | | $ | 31,224 |
Securities, time deposits and other equity interests | | | 249,058 | | | 250,511 | | | 187,353 |
Net loans, including loans held for sale | | | 671,472 | | | 666,169 | | | 610,757 |
Premises and equipment, net | | | 23,487 | | | 23,578 | | | 21,396 |
Other assets | | | 44,631 | | | 45,004 | | | 36,305 |
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TOTAL ASSETS | | $ | 1,027,660 | | $ | 1,016,518 | | $ | 887,035 |
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LIABILITIES: | | | | | | | | | |
Deposits | | $ | 824,691 | | $ | 814,596 | | $ | 690,484 |
Borrowings and subordinated debentures | | | 129,036 | | | 128,817 | | | 119,819 |
Other liabilities | | | 11,052 | | | 10,638 | | | 7,879 |
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TOTAL LIABILITIES | | | 964,779 | | | 954,051 | | | 818,182 |
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SHAREHOLDERS’ EQUITY | | | 62,881 | | | 62,467 | | | 68,853 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 1,027,660 | | $ | 1,016,518 | | $ | 887,035 |
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Financial results - unaudited (in thousands, except share data) |
| | For Quarter Ended |
| | 3/31/09 | | 3/31/08 |
Net interest income | | $ | 9,169 | | $ | 9,042 |
Provision for loan losses | | | 862 | | | 509 |
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Net interest income after provision | | | 8,307 | | | 8,533 |
Other income | | | 1,985 | | | 1,546 |
Noninterest expenses | | | 7,359 | | | 7,353 |
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Income before income taxes | | | 2,933 | | | 2,726 |
Income tax expense | | | 707 | | | 724 |
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NET INCOME | | $ | 2,226 | | $ | 2,002 |
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Earnings per share, fully diluted | | $ | 0.26 | | $ | 0.23 |
Dividends per share | | $ | 0.165 | | $ | 0.16 |
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| | As of or for the three months ended March 31, 2009 | | | As of or for the three months ended March 31, 2008 | |
SELECTED RATIOS | | | | | | |
Net interest margin | | 3.98 | % | | 4.64 | % |
Return on: | | | | | | |
Average equity | | 14.19 | % | | 11.41 | % |
Average assets | | 0.89 | % | | 0.92 | % |
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CAPITAL RATIOS (a) | | | | | | |
Total risk-based capital ratio | | 12.20 | % | | 12.88 | % |
Tier 1 capital ratio | | 10.96 | % | | 11.84 | % |
Leverage ratio | | 7.91 | % | | 9.20 | % |
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ASSET QUALITY RATIOS | | | | | | |
Nonperforming assets to total assets | | 0.47 | % | | 0.36 | % |
Net charge-offs to average loans | | 0.33 | % | | 0.21 | % |
Allowance for loan losses to net loans | | 1.33 | % | | 1.13 | % |
(a) | The capital ratios as of March 31, 2009 are estimated |
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 website iswww.bankcnb.com.