##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 Washington, D. C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2007
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from               to
 Commission file number 0-11535
 CITY NATIONAL BANCSHARES CORPORATION
  New Jersey
(State or other jurisdiction of 
incorporation or organization)
    
    22-2434751
(I.R.S. Employer
Identification No.)900 Broad Street, 
Newark, New Jersey
    
    07102(Address of principal executive offices)
    
    (Zip Code)
    
 þ o
 o o þ
 o þ




---



##### 



Index
    
    
    
    
    PagePart I.
    
    Financial InformationItem 1.
    
    Financial StatementsConsolidated Balance Sheets as of June 30, 2007 (Unaudited) and December 31, 2006
    
    
    3Consolidated Statements of Income (Unaudited) for the Three Months and Six Months Ended June 30, 2007 and 2006
    
    
    4Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2007 and 2006
    
    
    5Notes to Consolidated Financial Statements (Unaudited)
    
    
    6Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    8Item 3.
    
    Quantitative and Qualitative Disclosures about Market Risk
    
    
    14Item 4.
    
    Controls and Procedures
    
    
    14Part II
    
    Other Information
    
    
    14Item 1.
    
    Legal proceedings
    
    
    14Item 1a.
    
    Risk Factors
    
    
    14Item 6.
    
    Exhibits and Reports on Form 8-K
    
    
    15Signatures
    
    
    17EX-31: CERTIFICATIONSEX-32: CERTIFICATIONS
  2




---



##### Table of Contents



CITY NATIONAL BANCSHARES CORPORATION AND SUBSIDIARY
 
 Consolidated Balance Sheets
 (Unaudited)
 June 30,
    
    December 31,Dollars in thousands, except per share data
    
    2007
    
    2006AssetsCash and due from banks
    
    $
    6,492
    
    
    $
    7,231Federal funds sold
    
    
    2,600
    
    
    
    5,000Interest bearing deposits with banks
    
    
    670
    
    
    
    653Investment securities available for sale
    
    
    98,943
    
    
    
    116,118Investment securities held to maturity (Market value of $56,145
at June 30, 2007 and $53,332 at December 31, 2006)
    
    
    57,399
    
    
    
    53,480Loans held for sale
    
    
    825
    
    
    
    609Loans
    
    
    222,667
    
    
    
    199,284Less: Allowance for loan losses
    
    
    2,600
    
    
    
    2,400Net loans
    
    
    220,067
    
    
    
    196,884Premises and equipment
    
    
    3,746
    
    
    
    3,729Accrued interest receivable
    
    
    2,596
    
    
    
    2,505Bank-owned life insurance
    
    
    4,843
    
    
    
    4,743Other assets
    
    
    6,463
    
    
    
    4,265Total assets
    
    $
    404,644
    
    
    $
    395,217Liabilities and Stockholders EquityDeposits:Demand
    
    $
    35,958
    
    
    $
    36,807Savings
    
    
    145,691
    
    
    
    140,787Time
    
    
    164,247
    
    
    
    164,822Total deposits
    
    
    345,896
    
    
    
    342,416Accrued expenses and other liabilities
    
    
    5,831
    
    
    
    5,033Short-term borrowings
    
    
    1,140
    
    
    
    400Long-term debt
    
    
    24,544
    
    
    
    19,606Total liabilities
    
    
    377,411
    
    
    
    367,455Commitments and contingenciesStockholders equityPreferred stock, no par value: Authorized 100,000 shares ;Series A , issued and outstanding 8 shares in 2007 and 2006
    
    
    200
    
    
    
    200Series C , issued and outstanding 108 shares in 2007 and
2006
    
    
    27
    
    
    
    27Series D , issued and outstanding 3,280 shares in 2007 and
2006
    
    
    820
    
    
    
    820Preferred stock, no par value, perpetual noncumulative: Authorized
200 shares;Series E, issued and outstanding 49 shares in 2007 and 2006
    
    
    2,450
    
    
    
    2,450Preferred stock, no par value, perpetual noncumulative: Authorized
7,000 shares;Series F, issued and outstanding 7,000 shares in 2007 and
2006
    
    
    6,790
    
    
    
    6,790Common stock, par value $10: Authorized 400,000 shares;134,530 shares issued in 2007 and 2006132,081 shares outstanding in 2007 and 132,786 shares
outstanding in 2006
    
    
    1,345
    
    
    
    1,345Surplus
    
    
    1,115
    
    
    
    1,115Retained earnings
    
    
    16,210
    
    
    
    16,102Accumulated other comprehensive loss
    
    
    (1,559
    )
    
    
    (978
    )Treasury stock, at cost  2,449 and 1,744 common shares in 2007 and
2006, respectively
    
    
    (165
    )
    
    
    (109
    )Total stockholders equity
    
    
    27,233
    
    
    
    27,762Total liabilities and stockholders equity
    
    $
    404,644
    
    
    $
    395,217
  3




---



##### Table of Contents



CITY NATIONAL BANCSHARES CORPORATION AND SUBSIDIARY
 
 Consolidated Statements of Income (Unaudited)
 Three months ended
    
    Six months endedJune 30,
    
    June 30,Dollars in thousands, except per share data
    
    2007
    
    2006
    
    2007
    
    2006Interest incomeInterest and fees on loans
    
    $
    4,039
    
    
    $
    3,215
    
    
    $
    7,814
    
    
    $
    6,296Interest on Federal funds sold and securities
purchased under agreements to resell
    
    
    301
    
    
    
    264
    
    
    
    553
    
    
    
    643Interest on deposits with banks
    
    
    12
    
    
    
    21
    
    
    
    26
    
    
    
    41Interest and dividends on investment securities:Taxable
    
    
    1,631
    
    
    
    1,451
    
    
    
    3,291
    
    
    
    2,923Tax-exempt
    
    
    357
    
    
    
    297
    
    
    
    707
    
    
    
    547Total interest income
    
    
    6,340
    
    
    
    5,248
    
    
    
    12,391
    
    
    
    10,450Interest expenseInterest on deposits
    
    
    3,188
    
    
    
    2,213
    
    
    
    6,178
    
    
    
    4,339Interest on short-term borrowings
    
    
    6
    
    
    
    16
    
    
    
    12
    
    
    
    23Interest on long-term debt
    
    
    375
    
    
    
    324
    
    
    
    711
    
    
    
    637Total interest expense
    
    
    3,569
    
    
    
    2,553
    
    
    
    6,901
    
    
    
    4,999Net interest income
    
    
    2,771
    
    
    
    2,695
    
    
    
    5,490
    
    
    
    5,451Provision for loan losses
    
    
    71
    
    
    
    49
    
    
    
    296
    
    
    
    49Net interest income after provision
for loan losses
    
    
    2,700
    
    
    
    2,646
    
    
    
    5,194
    
    
    
    5,402Other operating incomeService charges on deposit accounts
    
    
    334
    
    
    
    284
    
    
    
    604
    
    
    
    573Agency fees on commercial loans
    
    
    114
    
    
    
    86
    
    
    
    177
    
    
    
    181Other income
    
    
    223
    
    
    
    251
    
    
    
    495
    
    
    
    410Net losses on sales of investment securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (16
    )Total other operating income
    
    
    671
    
    
    
    621
    
    
    
    1,276
    
    
    
    1,148Other operating expensesSalaries and other employee benefits
    
    
    1,521
    
    
    
    1,351
    
    
    
    2,900
    
    
    
    2,727Occupancy expense
    
    
    313
    
    
    
    218
    
    
    
    567
    
    
    
    452Equipment expense
    
    
    137
    
    
    
    139
    
    
    
    276
    
    
    
    276Data processing expense
    
    
    81
    
    
    
    80
    
    
    
    165
    
    
    
    162Other expenses
    
    
    758
    
    
    
    687
    
    
    
    1,518
    
    
    
    1,367Total other operating expenses
    
    
    2,810
    
    
    
    2,475
    
    
    
    5,426
    
    
    
    4,984Income before income tax expense
    
    
    561
    
    
    
    792
    
    
    
    1,044
    
    
    
    1,566Income tax expense
    
    
    77
    
    
    
    180
    
    
    
    188
    
    
    
    366Net income
    
    $
    484
    
    
    $
    612
    
    
    $
    856
    
    
    $
    1,200Net income per common shareBasic
    
    $
    2.53
    
    
    $
    3.47
    
    
    $
    2.89
    
    
    $
    5.75Diluted
    
    
    2.25
    
    
    
    3.20
    
    
    
    2.89
    
    
    
    5.75Basic average common shares outstanding
    
    
    132,470
    
    
    
    133,431
    
    
    
    132,605
    
    
    
    133,518Diluted average common shares outstanding
    
    
    148,787
    
    
    
    144,376
    
    
    
    132,605
    
    
    
    133,518
  4




---



##### Table of Contents



CITY NATIONAL BANCSHARES CORPORATION AND SUBSIDIARY
 
 Consolidated Statements of Cash Flows (Unaudited)
 Six Months EndedJune 30,Dollars in thousands
    
    2007
    
    2006Operating activitiesNet income
    
    $
    856
    
    
    $
    1,200Adjustments to reconcile net income to net cash from operating activities:Depreciation and amortization
    
    
    215
    
    
    
    236Provision for loan losses
    
    
    296
    
    
    
    49(Discount accretion) premium amortization on investment securities
    
    
    (143
    )
    
    
    105Amortization of intangible assets
    
    
    91
    
    
    
    60Net losses on securities transactions
    
    
    
    
    
    
    16Net gains on sales of loans held for sale
    
    
    (32
    )
    
    
    (9
    )Loans originated for sale
    
    
    (1,906
    )
    
    
    (1,510
    )Proceeds from sales and principal payments from loans held for sale
    
    
    1,722
    
    
    
    1,234Increase in accrued interest receivable
    
    
    (91
    )
    
    
    (239
    )Deferred taxes
    
    
    (372
    )
    
    
    (686
    )Net (increase) decrease in bank-owned life insurance
    
    
    (100
    )
    
    
    17Increase in other assets
    
    
    (1,545
    )
    
    
    (419
    )Increase in accrued expenses and other liabilities
    
    
    986
    
    
    
    1,638Net cash (used) provided by operating activities
    
    
    (23
    )
    
    
    1,692Investing activitiesPurchase of loans
    
    
    (18,734
    )
    
    
    Increase in loans, net
    
    
    (4,745
    )
    
    
    (12,495
    )(Increase) decrease in interest bearing deposits with banks
    
    
    (17
    )
    
    
    209Proceeds from maturities of investment securities available for sale,
including principal payments and early redemptions
    
    
    28,110
    
    
    
    29,858Proceeds from maturities of investment securities held to maturity,
including principal payments and early redemptions
    
    
    341
    
    
    
    476Proceeds from sales of investment securities available for sale
    
    
    264
    
    
    
    2,533Purchases of investment securities available for sale
    
    
    (11,989
    )
    
    
    (29,022
    )Purchases of investment securities held to maturity
    
    
    (4,280
    )
    
    
    (5,498
    )Purchases of premises and equipment
    
    
    (232
    )
    
    
    (63
    )Net cash used in investing activities
    
    
    (11,282
    )
    
    
    (14,002
    )Financing activitiesPurchase of deposits
    
    
    11,016
    
    
    
    Decrease in deposits
    
    
    (7,536
    )
    
    
    (10,298
    )Increase in short-term borrowings
    
    
    740
    
    
    
    9,144Decrease in long-term debt
    
    
    4,938
    
    
    
    (31
    )Issuance of common stock
    
    
    
    
    
    
    Proceeds from issuance of preferred stock
    
    
    
    
    
    
    250Purchases of treasury stock
    
    
    (56
    )
    
    
    (24
    )Dividends paid on preferred stock
    
    
    (473
    )
    
    
    (433
    )Dividends paid on common stock
    
    
    (463
    )
    
    
    (434
    )Net cash provided (used) by financing activities
    
    
    8,166
    
    
    
    (1,826
    )Net decrease cash and cash equivalents
    
    
    (3,139
    )
    
    
    (14,136
    )Cash and cash equivalents at beginning of period
    
    
    12,231
    
    
    
    21,460Cash and cash equivalents at end of period
    
    $
    9,092
    
    
    $
    7,324Cash paid during the yearInterest
    
    $
    6,464
    
    
    $
    4,380Income taxes
    
    
    662
    
    
    
    629
 5




---



##### Table of Contents



Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,In thousands, except per share data
    
    2007
    
    2006
    
    2007
    
    2006Net income
    
    $
    484
    
    
    $
    612
    
    
    $
    856
    
    
    $
    1,200Dividends declared on preferred stock
    
    
    149
    
    
    
    149
    
    
    
    472
    
    
    
    433Net income applicable to basic common
shares
    
    
    335
    
    
    
    463
    
    
    
    384
    
    
    
    767Dividends applicable to convertible
preferred stock
    
    
    
    
    
    
    
    
    
    
    106
    
    
    
    Net income applicable to diluted
common
shares
    
    $
    335
    
    
    $
    463
    
    
    $
    490
    
    
    $
    767Number of average common sharesBasic
    
    
    132,470
    
    
    
    133,431
    
    
    
    132,605
    
    
    
    133,518Diluted
    
    
    148,787
    
    
    
    144,376
    
    
    
    132,605
    
    
    
    143,788Net income per common shareBasic
    
    $
    2.52
    
    
    $
    3.47
    
    
    $
    2.89
    
    
    $
    5.75Diluted
    
    
    2.25
    
    
    
    3.20
    
    
    
    2.89
    
    
    
    5.75
       6




---



##### Table of Contents



7




---



##### Table of Contents



Item 2
 Managements Discussion and Analysis of Financial Condition and Results of Operations
  Cautionary statement concerning forward-looking statements
  Executive summary
    8




---



##### Table of Contents



Financial Condition
          9




---



##### Table of Contents



Three Months
    
    
    Six MonthsEnded June 30,
    
    
    Ended June 30,(Dollars in thousands)
    
    2007
    
    
    2006
    
    
    2007
    
    
    2006Balance at beginning of period
    
    $
    2,500
    
    
    $
    2,165
    
    
    $
    2,400
    
    
    $
    2,165Provision for loan losses
    
    
    71
    
    
    
    49
    
    
    
    296
    
    
    
    49Recoveries of previous charge-offs
    
    
    29
    
    
    
    42
    
    
    
    31
    
    
    
    452,600
    
    
    
    2,256
    
    
    
    2,727
    
    
    
    2,259Less: Charge-offs
    
    
    
    
    
    
    56
    
    
    
    127
    
    
    
    59Balance at end of period
    
    $
    2,600
    
    
    $
    2,200
    
    
    $
    2,600
    
    
    $
    2,200
  Six Months
    
    
    
    
    
    Six MonthsEnded
    
    Year Ended
    
    EndedJune 30,
    
    December 31,
    
    June 30,(Dollars in thousands)
    
    2007
    
    2006
    
    2006Allowance for loan
losses as a percentage of:Total loans
    
    
    1.17
    %
    
    
    1.20
    %
    
    
    1.13
    %Total nonperforming loans
    
    
    31.37
    %
    
    
    40.05
    %
    
    
    44.94
    %Total nonperforming assets
(nonperforming loans and OREO)
    
    
    31.37
    %
    
    
    40.05
    %
    
    
    44.94
    %Net charge-offs as a percentage
of average loans (year-to-date)
    
    
    .05
    %
    
    
    .03
    %
    
    
    
    %
   June 30,
    
    
    December 31,
    
    
    June 30,(Dollars in thousands)
    
    2007
    
    
    2006
    
    
    2006Nonaccrual loansCommercial
    
    $
    1,474
    
    
    $
    797
    
    
    $
    807Installment
    
    
    45
    
    
    
    38
    
    
    
    70Real estate
    
    
    5,839
    
    
    
    3,899
    
    
    
    3,460Total
    
    
    7,358
    
    
    
    4,734
    
    
    
    4,337Loans past due 90 days
or more and still accruingCommercial
    
    
    
    
    
    
    
    
    
    
    Installment
    
    
    28
    
    
    
    5
    
    
    
    55Real estate
    
    
    902
    
    
    
    1,254
    
    
    
    503Total
    
    
    930
    
    
    
    1,259
    
    
    
    558Total nonperforming loans
    
    $
    8,288
    
    
    
    5,993
    
    
    $
    4,895
 10




---



##### Table of Contents



11




---



##### Table of Contents



Results of Operations
        12




---



##### Table of Contents



Liquidity
     13




---



##### Table of Contents



Item 3
 
 Quantitative and Qualitative Disclosures about Market Risk
      
 Item 4. Controls and Procedures
   
 PART II Other information
 
 Item 1. Legal Proceedings
  
 Item 1a. Risk Factors
  14




---



##### Table of Contents



Item 4. Submission for Matters to a Vote of Security Holders
  
 Item 6. Exhibits and Reports on Form 8-K
  (3
    )(a)
    
    The Corporations Restated Articles of Incorporation (incorporated herein by
reference to Exhibit (3)(d) of the Corporations Current Report on Form 8-K dated
July 28, 1992).(3
    )(b)
    
    Amendments to the Corporations Articles of Incorporation establishing the
Corporations Non-cumulative Perpetual Preferred Stock, Series A (incorporated
herein by reference to Exhibit (3)(b) of the Corporations Annual Report on Form
10-K for the year ended December 31, 1995).(3
    )(c)
    
    Amendments to the Corporations Articles of Incorporation establishing the
Corporations Non-cumulative Perpetual Preferred Stock, Series B (incorporated
herein by reference to Exhibit (3)(c) of the Corporations Annual Report on Form
10-K for the year ended December 31, 1995).(3
    )(d)
    
    Amendments to the Corporations Articles of Incorporation establishing the
Corporations Non-cumulative Perpetual Preferred Stock, Series C (incorporated
herein by reference to Exhibit (3)(i) to the Corporations Annual Report on Form
10-K for the year ended December 31, 1996).(3
    )(e)
    
    Amendments to the Corporations Articles of Incorporation establishing the
Corporations Non-cumulative Perpetual Preferred Stock, Series D (incorporated
herein by reference to Exhibit (3)(i) filed with the Corporations Quarterly
Report on Form 10-Q for the quarter ended June 30, 1997).(3
    )(f)
    
    Amendments to the Corporations Articles of Incorporation establishing the
Corporations Non-cumulative Perpetual Preferred Stock, Series E (incorporated
herein by reference to the Corporations Current Report on Form 8-K filed on
March 4, 2005).(3
    )(g)
    
    Amendments to the Corporations Articles of Incorporation establishing the
Corporations MultiMode Series F Non-cumulative Redeemable Preferred Stock
(incorporated herein by reference to Exhibit (3)(f) to the Corporations
Quarterly Report on Form 10-Q for the quarter ended September 30, 2005).(3
    )(h)
    
    The Amendment to the By-Laws of the Corporation (incorporated herein by
reference to Exhibit (3)(c) of the Corporations Annual Report on Form 10-K for
the year ended December 31, 1991).(3
    )(i)
    
    The By-Laws of the Corporation (incorporated herein by reference to Exhibit
(3)(c) of the Corporations Annual Report on Form 10-K for the year ended
December 31, 1988).(4
    )(a)
    
    The Debenture Agreements between the Corporation and its Noteholders
(incorporated herein by reference to Exhibit (4)(a) of the Corporations Annual
Report on Form 10-K for the year ended December 31, 1993).(4
    )(b)
    
    Indenture dated July 11, 2002 between the Corporation and Wilmington Trust
Company (incorporated herein by reference to Exhibit (4)(c) to the Corporations
Quarterly Report on Form 10-Q for the quarter ended June 30, 2002).(10
    )(a)
    
    The Employees Profit Sharing Plan of City National Bank of New Jersey
(incorporated herein by reference to Exhibit (10) of the Corporations Annual
Report on Form 10-K for the year ended December 31, 1988).
 15




---



##### Table of Contents



(10
    )(b)
    
    The Employment Agreement among the Corporation, the Bank and Louis E. Prezeau
dated as of May 26, 2006 (incorporated herein by reference to Exhibit (10.1) to
the Corporations Current Report on Form 8-K dated December 4, 2006).(10
    )(c)
    
    Lease and Option Agreement dated May 6, 1995 by and between RTC and City
National Bank of New Jersey (incorporated herein by reference to Exhibit (10)(d)
to the Corporations Annual Report on Form 10-K for the year ended December 31,
1995).(10
    )(d)
    
    Amended and Restated Asset Purchase and Sale Agreement between the Bank and
Carver Federal Savings Bank dated as of February 27, 2001 (incorporated by
reference to Exhibit 10(d) to the Corporations Annual Report on Form 10-K for
the year ended December 31, 2000).(10
    )(e)
    
    Secured Promissory Note of the Corporation dated December 28, 2001 payable to
National Community Investment Fund in the principal amount of $1,000,000,
(incorporated by reference to Exhibit 10(e) to the Corporations Annual Report on
Form 10-K for the year ended December 31, 2001).(10
    )(f)
    
    Loan Agreement dated December 28, 2001 by and between the Corporation and
National Community Investment Fund (incorporated by reference to Exhibit 10(f) to
the Corporations Annual Report on Form 10-K for the year ended December 31,
2001).(10
    )(g)
    
    Pledge Agreement dated December 28, 2001 by and between the Corporation and
National Community Investment Fund (incorporated by reference to Exhibit 10(g) to
the Corporations Annual Report on Form 10-K for the year ended December 31,
2001).(10
    )(h)
    
    Asset Purchase and Sale Agreement between the Bank and Carver Federal Savings
Bank dated as of January 26, 1998 (incorporated by reference to Exhibit 10(h) to
the Corporations Annual Report on Form 10-K for the year ended December 31,
1998).(10
    )(i)
    
    Promissory Note dated May 6, 2002 payable to United Negro College Fund, Inc.,
in the principal amount of $200,000 (incorporated by reference to Exhibit 10(i)
to the Corporations Quarterly Report on Form 10-Q for quarter ended March 31,
2002).(10
    )(j)
    
    Guarantee Agreement dated July 11, 2002 from the Corporation in favor of
Wilmington Trust Company, as trustee for holders of securities issued by City
National Bank of New Jersey Capital Trust I (incorporated by reference to Exhibit
10(j) to the Corporations Quarterly Report on Form 10-Q for the quarter ended
June 30, 2002).(10
    (k)
    
    Amended and Restated Declaration of Trust of City National Bank of New Jersey
Capital Trust I, dated July 11, 2002 (incorporated by reference to Exhibit 10(k)
to the Corporations Quarterly Report on Form 10-Q for the quarter ended June 30,
2002).(10
    )(l)
    
    Purchase and Assumption Agreement dated as of March 31, 2004, by and among
Prudential Savings Bank, F.S.B., The Prudential Bank and Trust Company and the
Bank (incorporated herein by reference to Exhibit 10(l) to the Corporations
Quarterly Report on Form 10-Q for the quarter ended March 31, 2004).(10
    )(m)
    
    Guarantee Agreement dated March 17, 2004 from the Corporation in favor of U.S.
Bank, N.A., as trustee for holders of securities issued by City National Bank of
New Jersey Capital Statutory Trust II (incorporated herein by reference to
Exhibit (10)(m) to the Corporations Quarterly Report on Form 10-Q for the
quarter ended March 31, 2004).(10
    )(n)
    
    Purchase Agreement dated September 27, 2005 by and between Sandler ONeil &
Partners, L.P., and the Corporation with respect to the issuance and sale of
7,000 shares of the Corporations MultiMode Series F Non-cumulative Redeemable
Preferred Stock (incorporated herein by reference to Exhibit (10)(n) to the
Corporations Quarterly Report on Form 10-Q for the quarter ended September 30,
2005).
 16




---



##### Table of Contents



(10
    )(o)
    
    Credit Agreement dated February 21, 2007 by and between The Prudential
Insurance Company of America and the Corporation with respect to a $5,000,000
loan to the Corporation (incorporated by reference to Exhibit 10.1 to the
Corporations Current Report on Form 8-K dated February 23, 2007).(10
    )(p)
    
    Branch purchase and Assumption Agreement, dated as of November 1, 2006, by and
between the Bank and Sun National Bank (Sun), as amended by Amendment to Branch
Purchase and Assumption Agreement, dated March 8, 2007, by and between the Bank
and Sun (incorporated by reference to Exhibit 10.1 to the Corporations Current
Report on Form 8-K dated March 14, 2007).(11
    )
    
    Statement regarding computation of per share earnings. The required
information is included on page 6.(31
    )
    
    Certifications of Principal Executive Officer and Principal Financial
Officer (Section 302 of the
Sarbanes-Oxley Act of 2002).(32
    )
    
    Certifications of Principal Executive Officer and Principal Financial
Officer under 18 U.S.C. Section 1350 (Section 906 of the Sarbanes-Oxley Act of
2002).
 (c)
    
    Reports on Form 8-K.
  
   CITY NATIONAL BANCSHARES CORPORATION
(Registrant)July 27, 2007
    /s/ Edward R. WrightEdward R. WrightSenior Vice President and Chief Financial
Officer (Principal Financial and Accounting Officer) 17