Fueled by solid loan growth and sharply lower funding costs, CNB Financial Corp. in Clearfield, Pa., said Thursday that net income in the fourth quarter climbed 32% from the same period in 2010, to $3.9 million.

For the full year, the $1.6 billion-asset CBN earned $15.1 million, up 33% from 2010.

The company attributed its results primarily to a 7% increase in total loans year over year, to nearly $844 million, and a 17% drop in its interest expense as a result of continued low interest rates. However, its net interest margin fell six basis points from the prior year, to 3.59%, to declining yields on its earning assets.

CNB is the parent of CNB Bank, which has 27 branches in nine Pennsylvania counties.

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