Worcester-based CNB Financial Corp., the parent company for Commonwealth National Bank, has reported a net loss for 2008 of $1.6 million, compared to net income of $397,000 in 2007.

The company said the loss in 2008 was due to a $3 million non-cash other-than-temporary impairment charge on investments in Fannie Mae and Freddie Mac preferred stock, which was previously disclosed by the company Sept. 8, 2008.

Despite the loss, the capital ratios of the company and the bank continue to exceed the levels necessary to be categorized as "well-capitalized" under current banking regulatory requirements, CNB said.