CNB Financial Corporation Reports Earnings

Apr 17, 2001, 01:00 ET from CNB Financial Corporation

    CLEARFIELD, Pa., April 17 /PRNewswire/ --
 CNB Financial Corporation (Nasdaq:   CCNE) today announced operating cash
 earnings of $1.7 million or $0.46 per share for the first quarter of 2001.
 This represents a 7.6% increase over the same period of 2000.  Operating cash
 earnings exclude the impact of intangible assets and related amortization
 expense and are informative for companies that have active merger and
 acquisition strategies.  This measure provides for viable comparison between
 all institutions on a true earnings power basis.
     The Corporation's first quarter reported net income was $1.4 million or
 $0.38 per share compared to $1.2 million or $0.34 per share for the same
 quarter of 2000 representing an increase of 10.8%.  In addition, the
 Corporation's assets grew $11.4 million mainly due to an increase in deposits
 of $10.0 million.
     "The focus during 2001 is to improve the profitability of the
 Corporation," stated William F. Falger, President and CEO of CNB Financial
 Corporation.  Mr. Falger went on to say, "One way to achieve this objective is
 to increase the number of households served.  Our approach is to offer a line
 of checking products, beginning with `Positively Free Checking' that will meet
 the needs of any consumer who walks through the Bank doors.  The new checking
 products coupled with the Bank's outstanding customer service, has resulted in
 steadily increasing checking deposits.  These increased, low-cost deposit
 dollars will continue to enhance the Corporation's earnings throughout 2001."
 
 
     Financial Highlights (in thousands)             3-31-01        3-31-00
 
     Total Assets                                    $575,041       $563,612
     Net Loans                                       $357,004       $369,418
     Total Deposits                                  $493,357       $483,302
     Trust Assets                                    $201,916       $196,014
 
                                                  1st Qtr. 2001  1st Qtr. 2000
 
     Net Income, book                                  $1,382         $1,247
     Earnings Per Share (book), fully diluted           $0.38          $0.34
     Operating Cash Earnings                           $1,671         $1,553
     Earnings Per Share (cash), fully diluted           $0.46          $0.42
     Provision for Loan Losses                           $270           $180
 
 
     County National Bank's website is www.bankcnb.com.
 
 

SOURCE CNB Financial Corporation
    CLEARFIELD, Pa., April 17 /PRNewswire/ --
 CNB Financial Corporation (Nasdaq:   CCNE) today announced operating cash
 earnings of $1.7 million or $0.46 per share for the first quarter of 2001.
 This represents a 7.6% increase over the same period of 2000.  Operating cash
 earnings exclude the impact of intangible assets and related amortization
 expense and are informative for companies that have active merger and
 acquisition strategies.  This measure provides for viable comparison between
 all institutions on a true earnings power basis.
     The Corporation's first quarter reported net income was $1.4 million or
 $0.38 per share compared to $1.2 million or $0.34 per share for the same
 quarter of 2000 representing an increase of 10.8%.  In addition, the
 Corporation's assets grew $11.4 million mainly due to an increase in deposits
 of $10.0 million.
     "The focus during 2001 is to improve the profitability of the
 Corporation," stated William F. Falger, President and CEO of CNB Financial
 Corporation.  Mr. Falger went on to say, "One way to achieve this objective is
 to increase the number of households served.  Our approach is to offer a line
 of checking products, beginning with `Positively Free Checking' that will meet
 the needs of any consumer who walks through the Bank doors.  The new checking
 products coupled with the Bank's outstanding customer service, has resulted in
 steadily increasing checking deposits.  These increased, low-cost deposit
 dollars will continue to enhance the Corporation's earnings throughout 2001."
 
 
     Financial Highlights (in thousands)             3-31-01        3-31-00
 
     Total Assets                                    $575,041       $563,612
     Net Loans                                       $357,004       $369,418
     Total Deposits                                  $493,357       $483,302
     Trust Assets                                    $201,916       $196,014
 
                                                  1st Qtr. 2001  1st Qtr. 2000
 
     Net Income, book                                  $1,382         $1,247
     Earnings Per Share (book), fully diluted           $0.38          $0.34
     Operating Cash Earnings                           $1,671         $1,553
     Earnings Per Share (cash), fully diluted           $0.46          $0.42
     Provision for Loan Losses                           $270           $180
 
 
     County National Bank's website is www.bankcnb.com.
 
 SOURCE  CNB Financial Corporation