CNB Financial’s net income in the fourth quarter of 2007 was $2.4 million or $0.28 diluted earnings per share compared to $2.5 million or $0.28 diluted earnings per share, a slight decrease in the net income while earnings per share remained stable compared to the same period in 2006.
Earnings for the corporation were impacted in the fourth quarter by an other than temporary impairment of a FNMA security holding. Although the corporation is not a direct participant in the sub-prime mortgage crisis that hit the country, this security was affected by a significant drop in price even though its credit rating remained well above investment minimums.
William Falger, president and CEO of CNB Financial, said: 2007 was an exciting year for the corporation. The opening of our first two Eriebank prototype stores and three more Holiday Financial Services offices has shown our commitment to the communities we serve and to the growth of the corporation. The outlook for 2008 is very positive based on the 9% earnings growth from operations in the fourth quarter of 2007.
