Exhibit 99
News Release
 | Contact: | Charles R. Guarino | ||||||
| Treasurer | ||||||||
| (814) 765-9621 | ||||||||
| FOR IMMEDIATE RELEASE |
CNB FINANCIAL CORPORATION REPORTS SECOND QUARTER EARNINGSFOR 2009
Clearfield, Pennsylvania – July 29, 2009
CNB Financial Corporation (NASDAQ: CCNE), the parent company of CNB Bank, today announced increases in net income and earnings per share for the second quarter and first half of 2009. Highlights include the following:
| • | Net income of $2.5 million, or $0.29 per share, for the quarter, a 14.3% increase over the second quarter of 2008. |
| • | Net income of $4.7 million, or $0.55 per share, for the first half of the year, a 12.8% increase over the first six months of 2008. |
| • | Returns on average equity and assets of 14.92% and 0.92%, respectively, for the first half of 2009. |
| • | Net interest margin of 4.07% for the first half of 2009. |
| • | Total loans of $665.0 million, an increase of $7.3 million or 1.1% over June 2008. |
| • | Deposits of $845.0 million, an increase of $89.1 million or 11.8% over June 2008. |
| • | Increased loan loss reserve levels, with credit quality well within manageable levels. |
| • | Second quarter dividend declaration of $0.165 per share. |
William F. Falger, President and CEO, commented, “We continue to be pleased with our performance in 2009 despite the challenges resulting from the ongoing economic recession. While loan growth year over year has been nominal, we are still experiencing strong deposit growth, particularly in checking and savings accounts. We feel that we remain well-positioned to capitalize on growth opportunities as our economy begins its recovery.”
Consolidated balance sheets (in thousands) | |||||||||
| (Unaudited) 6/30/09 | 12/31/2008 | (Unaudited) 6/30/08 | |||||||
ASSETS: | |||||||||
Cash and cash equivalents | $ | 40,646 | $ | 31,256 | $ | 40,693 | |||
Securities, time deposits and other equity interests | 268,975 | 250,511 | 188,565 | ||||||
Net loans, including loans held for sale | 664,952 | 666,169 | 657,661 | ||||||
Premises and equipment, net | 22,821 | 23,578 | 22,323 | ||||||
Other assets | 53,332 | 45,004 | 36,117 | ||||||
TOTAL ASSETS | $ | 1,050,726 | $ | 1,016,518 | $ | 945,359 | |||
LIABILITIES: | |||||||||
Deposits | $ | 844,987 | $ | 814,596 | $ | 755,843 | |||
Borrowings and subordinated debentures | 129,888 | 128,817 | 120,061 | ||||||
Other liabilities | 11,801 | 10,638 | 3,397 | ||||||
TOTAL LIABILITIES | 986,676 | 954,051 | 879,301 | ||||||
SHAREHOLDERS’ EQUITY | 64,050 | 62,467 | 66,058 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 1,050,726 | $ | 1,016,518 | $ | 945,359 | |||
Financial results - unaudited (in thousands, except share data) | ||||||||||||
| For Quarter Ended | Year To Date | |||||||||||
| 6/30/09 | 6/30/08 | 6/30/09 | 6/30/08 | |||||||||
Net interest income | $ | 9,367 | $ | 8,999 | $ | 18,570 | $ | 18,041 | ||||
Provision for loan losses | 1,008 | 756 | 1,870 | 1,265 | ||||||||
Net interest income after provision | 8,359 | 8,243 | 16,700 | 16,776 | ||||||||
Other income | 2,802 | 1,850 | 4,753 | 3,396 | ||||||||
Noninterest expenses | 7,810 | 7,106 | 15,169 | 14,459 | ||||||||
Income before income taxes | 3,351 | 2,987 | 6,284 | 5,713 | ||||||||
Income tax expense | 863 | 811 | 1,570 | 1,535 | ||||||||
NET INCOME | $ | 2,488 | $ | 2,176 | $ | 4,714 | $ | 4,178 | ||||
Earnings per share, fully diluted | $ | 0.29 | $ | 0.26 | $ | 0.55 | $ | 0.49 | ||||
Dividends per share | $ | 0.165 | $ | 0.16 | $ | 0.33 | $ | 0.32 | ||||
| As of or for the six months ended June 30, 2009 | As of or for the six months ended June, 2008 | |||||
SELECTED RATIOS | ||||||
Net interest margin | 4.07 | % | 4.47 | % | ||
Return on: | ||||||
Average equity | 14.92 | % | 12.11 | % | ||
Average assets | 0.92 | % | 0.93 | % | ||
CAPITAL RATIOS (a) | ||||||
Total risk-based capital ratio | 12.50 | % | 12.26 | % | ||
Tier 1 capital ratio | 11.23 | % | 11.22 | % | ||
Leverage ratio | 7.96 | % | 9.00 | % | ||
ASSET QUALITY RATIOS | ||||||
Nonperforming assets to total assets | 0.57 | % | 0.39 | % | ||
Net charge-offs to average loans | 0.40 | % | 0.19 | % | ||
Allowance for loan losses to net loans | 1.37 | % | 1.13 | % | ||
| (a) | The capital ratios as of June 30, 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.