March 5, 2007
Profit at CNB takes a dive
By Christina Davis
Worcester-based CNB Financial reported this morning that its net income for 2006 totaled $636,00, a 75.6 percent decrease from the $2.6 million profit the company recorded in 2005.
CNB, which is the parent company for Commonwealth National Bank, said 2005 benefited from a $1.5 million tax benefit that helped buoy profits that year.
The bank also said that its total assets grew 13 percent to $281.4 million as of Dec. 31, 2006. Total deposits grew during the year by 1 percent to $191.8 million.
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