CNB Financial Corporation Reports First Quarter Earnings for 2011

CNB Financial CCNE, the parent company of CNB Bank, today announced its earnings for the first quarter of 2011. Financial highlights as of and for the three months ended March 31, 2011 include the following: Net income of $3.3 million, or $0.27 per diluted share, a 51.7% increase in net income and an 8.0% increase in diluted earnings per share over the three months ended March 31, 2010. Returns on average assets and equity of 0.91% and 11.81%, respectively, compared to returns on average assets and equity of 0.72% and 12.04%, respectively, for the three months ended March 31, 2010. Net interest income of $11.3 million, a 19.7% increase compared to the three months ended March 31, 2010. Total loans of $792.6 million, an increase of $81.2 million, or 11.4% compared to March 31, 2010. Deposits of $1,226.4 million, an increase of $193.9 million, or 18.8%, compared to March 31, 2010. Total non-performing assets of $16.1 million, or 2.03% of loans + OREO as of March 31, 2011.