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CNB Financial Corp. (CCNE) Reports Decrease in Net Income for First Quarter of 2010

CNB Financial Corp. reported net income of $2.16 million, or $0.25 per share, in the first quarter of 2010, down slightly from the $2.22 million, or $0.26 per share, in the first quarter of 2009.

The bank showed strong growth on a year over year basis in deposits and net loans at the end of the first quarter of 2010. CNB Financial Corporation reported net loans of $704.8 million in the first quarter of 2010, up 5% from 3/31/2009.

CNB Financial Corporation reported deposits of $1.03 billion in the first quarter of 2010, up 25% from the same quarter of 2009. The bank attributed the large increase in deposits to its relationship with its customer base.

Joseph B. Bower, Jr., the CEO of CNB Financial Corporation, said, “We are very pleased with the substantial growth in our core deposit business. Our focus for many years has been on relationship banking and it continues to show positive results. The growth in funding allows us to finance our customers now and in the future when the economy improves and consumers and businesses feel more secure.”

CNB Financial Corporation is a bank holding company that owns CNB Bank, a community bank in Pennsylvania. CNB Bank has 21 offices in the state.

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