CNB Financial Corp. Reports Second Quarter Earnings.CANAJOHARIE Canajoharie may refer to:
CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) Financial Corp. (Nasdaq:CNBF) reported net income of $1,806,000, a decrease of $192,000 or 9.6 percent from the $1,998,000 earned for the same quarter of the previous year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the quarter ended June 30, 1998 were $0.23, down from $0.26 for the quarter ended June 30, 1997. All per share amounts have been adjusted for the 2-for-1 stock split approved during the quarter and distributed on June 30, 1998. During the quarter ended June 30, 1998, $350,000 of consulting and other costs were incurred in assisting management in addressing various strategic and organizational issues, as well as operational issues of the Company. Net income for the six months ended June 30, 1998 was $3,576,000, a decrease of $240,000 or 6.3 percent from the amount earned for the comparable period of the previous year. Diluted earnings per share for the first six months of 1998 were $0.46, down 6.1 percent from the $0.49 earned in the first six months of 1997. On the above mentioned consulting and other costs, $500,000 in expenses were incurred in 1998. At June 30, 1998, total assets were $681,684,000, up approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 12 percent from the same time last year. Continuation continuation - continuation passing style of the corporate reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. and the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, as well as approval and distribution of the 2-for-1 stock split, highlighted the activity at CNB Financial Corp. for the first half of 1998. "All of these activities, designed to improve our long term growth and profitability, were completed during the first half of the year," stated Peter J. Corso, Chief Financial Officer of CNBF. The Canajoharie based CNB Financial Corp. is parent to Central National Bank and Central Asset Management, Inc. The Company's common shares are listed on the national market system of NASDAQ under the symbol "CNBF". -0-
Quarter ended June 30: 1998 1997
(in thousands, except per share data)
Net income $1,806 $1,998
Average diluted shares 7,708 7,777
EPS (basic) .24 .26
(diluted) .23 .26
Six months ended June 30:
(in thousands, except per share data)
Net income $3,576 $3,816
Average diluted shares 7,704 7,782
EPS (basic) .47 .50
(diluted) .46 .49
CONTACT: CNB Financial Corp. Peter J. Corso, 518/673-3243 |
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