CNB Financial Corporation Reports Earnings for 2009

Clearfield, Pennsylvania – January 27, 2010

CNB Financial Corporation (NASDAQ: CCNE), the parent company of CNB Bank, today announced earnings for the fourth quarter of 2009 and for the year ended December 31, 2009. Highlights include the following: 

• Net income of $1.5 million, or $0.18 per share, in the fourth quarter of 2009, compared to net income of $1.8 million, or $0.21 per share, in the fourth quarter of 2008.
• Net income of $8.5 million, or $0.98 per share, for the year ended December 31, 2009, representing a 62.6% increase over 2008.
• Returns on average equity and assets of 12.84% and 0.80%, respectively, for the year ended December 31, 2009.
• Net interest margin of 3.82% for the year ended December 31, 2009.
• Increase in other income, excluding other-than-temporary impairment charges, of $3.7 million from 2008 to 2009. The carrying value of impaired securities is $2.5 million as of December 31, 2009.
• Deposits of $956.9 million at December 31, 2009, an increase of 17.5% over December 31, 2008.
• Loans outstanding of $705.3 million at December 31, 2009, an increase of 5.9% over December 31, 2008.
• Increased loan loss reserve level of 1.37% at December 31, 2009 compared to 1.30% at December 31, 2008.
• Nonperforming asset levels increased to 1.17% of total assets at December 31, 2009 compared to 0.42% at December 31, 2008.
• Growth in the annual dividend rate of 2.3%.

Joseph B. Bower, Jr., President and CEO, commented, “We are very pleased with our deposit growth in 2009 of 17.5% along with 23.6% in 2008. In addition, our loan growth within our markets of 5.9% was very positive considering the stressed conditions of the current economy. With this growth in our total assets, we have also experienced some growth in our net interest income. Finally, the Corporation has continued to maintain a quality loan portfolio, especially when compared to our peers, which positions us well going into 2010.”

Financial Highlights

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.