EX-99 3 dex99.htm EARNINGS RELEASE EARNINGS RELEASE

Exhibit 99

 

News Release

 

[LOGO]

Contact: Joseph B. Bower

Treasurer

(814) 765-9621

FOR IMMEDIATE RELEASE

 

 

CNB Financial Corporation Reports First Quarter Earnings for 2003

 

Clearfield, Pennsylvania – April, 2003

 

CNB Financial Corporation, the parent company of County National Bank, today announced reported earnings of $2.0 million or $0.55 per share for the first quarter of 2003. This represents growth of 8.1% over the same period of 2002. The 2003 first quarter earnings have been affected by the continued lowering of interest rates. As a result, the net yield on earning assets has declined to 6.31% in 2003 compared to 6.84% through the first quarter of 2002.

 

“2003 is off to a good start with asset growth of $12.4 million and deposit growth of $54.0 million since the beginning of the year. This first quarter growth should support earnings throughout the remainder of 2003,” stated William F. Falger, President and CEO of CNB Financial Corporation. “We are also looking forward to the opening of CNB Insurance Agency later this month. This company will focus on capital appreciation products in the form of annuities. All services will be offered through our 20 retail outlets.”

 

Financial Highlights (in thousands) (unaudited)

   

3-31-03

     

% Change

     

3-31-02

  

Total Assets

   

$

680,914

 

   

7.5

%

   

$

633,482

 

Net Loans

   

$

422,921

 

   

8.9

%

   

$

388,223

 

Total Deposits

   

$

599,168

 

   

13.6

%

   

$

527,384

 

Total Equity

   

$

62,339

 

   

14.0

%

   

$

54,702

 

Nonperforming Assets

   

$

2,520

 

   

6.6

%

   

$

2,365

 

% of Total Assets

   

 

0.60

%

   

(1.6

%)

   

 

0.61

%

Trust Assets

   

$

175,727

 

   

(15.6

%)

   

$

208,245

 

    

2003

     

First Qtr

% Change.

     

2002

  

Net Interest Income

   

$

6,198

 

   

8.8

%

   

$

5,699

 

Provision for Loan Losses

   

$

540

 

   

50.0

%

   

$

360

 

Non-Interest Income

   

$

1,599

 

   

11.4

%

   

$

1,436

 

Non-Interest Expenses

   

$

4,555

 

   

6.5

%

   

$

4,277

 

Federal Income Taxes

   

$

693

 

   

8.3

%

   

$

640

 

Net Income

   

$

2,009

 

   

8.1

%

   

$

1,858

 

Earnings Per Share, fully diluted

   

$

0.55

 

   

25.0

%

   

$

0.44

 

Dividends Per Share

   

$

0.28

 

   

12.0

%

   

$

0.25

 

Return on Average Assets (ROA)

   

 

1.21

%

   

(0.1

%)

   

 

1.22

%

Return on Average Equity (ROE)

   

 

13.63

%

   

—  

 

   

 

13.68

%

                          

 

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 is www.bankcnb.com.