After initially reporting a 20.4% jump in second-quarter earnings, CNB Financial Corp. in Canajoharie, N.Y., said this week that its net income actually fell by 28.3%.

CNB said it earned $1.3 million, or 17 cents per share, in the second quarter, down from the $2.2 million reported on July 21. Net income for the second quarter of 1998 was $1.8 million, or 23 cents per share.

The $745 million-asset company attributed the change to a pretax loss of $1.187 million related to troubles with a corporate bond in its portfolio.

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