CNB Financial Corporation Recognized for Quality Performance Among Peers

Oct 14, 2010, 15:09 ET from CNB Financial Corporation

CLEARFIELD, Pa., Oct. 14 /PRNewswire/ -- CNB Financial Corporation (Nasdaq: CCNE) announced today it has been added to the Sandler O'Neill Sm-All Stars Class of 2010 which identifies 32 top performing small-cap banks and thrifts in the nation.  Sandler O'Neill + Partners published the list based on the results of the twelve month time period ending June 30, 2010.  

503 publicly traded banks and thrifts with asset size $100 million to $2 billion were included in the evaluation to identify the small-cap depository institutions that stand out.  This analysis focused on growth, profitability, credit quality and capital strength.  

"We are pleased to be included in this group of high performing institutions.  It is a reflection of our continued positive growth," said Joseph B. Bower, Jr., President & CEO of CNB Financial Corporation.  "Sandler O'Neill is an industry leader for stock indexes among the financial services sector, and we expect our participation will generate an even greater interest in our stock."

Companies were evaluated based on absolute performance in each of eight variables.  To incorporate fundamental momentum in the evaluation, trends in EPS, loans, deposits, nonperforming assets to loans plus OREO ratio and the net charge-off ratio were included.  Also, reserve to nonperforming assets ratio and Tier 1 risk-based capital ratio were measured as an indication of capital levels.  To earn Sm-All Star status, the banks and thrifts needed to be at or above the peer median for the first seven above-mentioned metrics plus be considered "well-capitalized" per the Tier 1 risk-based capital ratio.

Sandler O'Neill + Partners, L.P. is a full-service investment banking firm and broker-dealer focused on the financial services sector. The firm provides financial advisory, balance sheet management, brokerage, and research services. The firm offers mergers and acquisitions advisory, capital raising, stock conversion and demutualization, fairness opinions, and leveraged buyout services. Additionally, it provides business planning, interest rate risk management, equity research, and securities sales and trading services. Sandler O'Neill was founded in 1988 and is headquartered in New York, New York with additional offices in Atlanta, Georgia; San Francisco, California; Chicago, Illinois; Boston, Massachusetts; and Memphis, Tennessee.

CNB Financial Corporation is a $1.3 billion bank holding company conducting business primarily through CNB Bank, the Corporation's principal subsidiary. CNB Bank operations include a loan production office, a private banking division, and twenty-seven full-service offices in Pennsylvania, including ERIEBANK, a division of CNB Bank.

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.

SOURCE CNB Financial Corporation