ANNUAL 2
REPORT
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CONTENTS
Consolidated Financial Highlights
Message to the Shareholders
Executive Management and Board of Directors
Officers
Shareholder Information
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12
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CNB FINANCIAL CORPORATION ANNUAL REPORT HIGHLIGHTS2013
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FOR THE YEAR
Interest Income
Interest Expense
Net Interest Income
Non-interest Income
Non-interest Expense
Net Income
Net Income Return on:
Average Assets
Average Equity
AT YEAR END
Assets
Loans, net of unearned
Deposits
Shareholders’ Equity
Trust Assets Under Management (at market value)
PER SHARE DATA
Net Income, diluted
Dividends
Book Value
Market Value
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2013
$71,416
12,212
59,204
13,766
43,813
16,679
2012
$68,129
14,920
53,209
12,664
35,945
17,136
% Change
4.8%
( 18.2%)
11.3%
8.7%
21.9%
(2.7%)
0.88%
11.38%
1.00%
12.17%
(12.0%)
(6.5%)
$2,131,289
$1,773,079
1,295,363
1,835,314
164,911
422,366
927,824
1,485,003
145,364
387,446
20.2%
39.6%
23.6%
13.4%
9.0%
$1.29
0.66
11.43
19.00
$1.38
0.66
11.65
16.38
(6.5%)
0.0%
(1.9%)
16.0%
MESSAGE
SHAREHOLDERS
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To Our Shareholders, Customers, Employees & Friends:
2013 marked another first for CNB Financial Corporation. CNB is now operating in the
state of Ohio as a result of its merger with The Farmers Citizens Bank and its parent
company, FC Banc Corp., headquartered in Bucyrus, Ohio, on October 11, 2013. CNB
added $360 million in assets and eight offices located in two distinct markets. The new
markets will provide fresh opportunities for agricultural lending in the rural market, as
well as business development opportunities in our first major metropolitan area, Co-
lumbus, Ohio. CNB’s strategy has been to grow organically in our markets with quality
bankers from that market or to create a de novo presence in markets that fit our busi-
ness model. This merger provided an opportunity to gain entry in Ohio and leverage
the expertise of the employees of The Farmers Citizens Bank, now FCBank, to continue
growing organically in the new markets.
In 2013, excluding the acquired assets and liabilities, loans for CNB grew 13% while
deposits did not change significantly from 2012. Pre-tax net income, excluding merger
related expenses and gain on sale of securities, increased 13%, an indication that the
growth in core earnings remains strong, with even greater opportunities for growth as
a result of the merger.
Earnings for 2013 were positive even with the merger costs included. CNB’s return
on average equity was 11.38% and earnings per share was $1.29. As previously an-
nounced, the merger is expected to be accretive to earnings during 2014. In addition,
the change in asset composition from investments to loans should provide us with a
much improved loan to deposit ratio and an enhanced net interest margin and earnings.
5
CNB FINANCIAL CORPORATION ANNUAL REPORT HIGHLIGHTS2013
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ASSET GROWTH (in thousands)
1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
1,800
1,900
2,000
2,100
2,200
2,300
2009
$1,161,591
2010
2011
2012
2013
$1,413,511
$1,602,207
$1,773,079
$2,131,289
DEPOSIT GROWTH (in thousands)
900
950
1,000
1,050
1,100
1,150
1,200
1,250
1,300
1,350
1,400
1,450
1,500
1,600
1,700
1,800
$956,858
$1,162,868
2009
2010
2011
2012
2013
$1,353,851
$1,485,003
$1,835,314
NET INTEREST INCOME (in thousands)
$ 34
$ 36
$ 38
$ 40
$ 42
$ 44
$ 46
$ 48
$ 50
$ 52
$ 54
$ 56
$ 58
$ 60
$37,402
$42,091
2009
2010
2011
2012
2013
$48,133
$53,209
$59,204
EARNINGS PER SHARE (fully diluted)
$.95
1.00
1.05
1.10
1.15
1.20
1.25
1.30
1.35
1.40
1.50
$1.06
2009
$0.98
2010
2011
2012
2013
$1.23
$1.38
$1.29
Message to the Shareholders continued…
A key focus for all financial companies is the quality of their assets. CNB has a long
history of high asset quality, with its loan metrics continuing to be strong and improv-
ing. CNB’s ratio of non-performing assets to total assets improved to 0.61% in 2013
from 0.85% in 2012 and its charge-offs as a percentage of average loans at decreased
from 0.55% in 2012 to 0.38% in 2013. The loan portfolio mix of Commercial & Indus-
trial, Commercial Real Estate and Residential Real Estate provides for good diversity
in the portfolio. With the new markets and a chance to grow the agricultural portfolio,
the lending portfolio diversification will also be enhanced by greater geographical di-
versity.
The merger with The Farmers Citizens Bank was our major highlight for 2013 but was
not our only significant event. Throughout 2013, the major expansion of our main office
in Clearfield has been underway. At the writing of last year’s letter, we expected to
open the facility in the fourth quarter of 2013. Although the date of the opening was
delayed until March of 2014, the expanded office will be fully operational at the time of
this year’s annual meeting. The office will have the open floor plan first used in ERIE-
BANK which provides the customer with a more inviting approach to banking. During
2013, we also upgraded our Indiana, PA loan production office to a full service location
in order to better serve that market. Finally, Holiday Financial Services opened a new
location in Indiana, PA in 2013 while relocating both the Ebensburg and Bellefonte
stores to locations that are more convenient to our customers.
Charles H. Reams retired from our Board of Directors in January 2014. Chuck served
for seven years as a Director of the Corporation and CNB Bank. Chuck was very in-
strumental in CNB gaining entry in the Erie market and with the formation and success
of ERIEBANK. Chuck played a crucial role on our ERIEBANK advisory board since its
founding and will remain a member of the advisory board. On behalf of the Board and
Management, I would like to thank Chuck for his years of service and wish him well in
all of his future endeavors.
As always, we are proud to report CNB Financial Corporation’s 2013 results. We thank
you for your continued ownership in CNB and look forward to another prosperous year
in 2014.
Joseph B. Bower, Jr.
President and Chief Executive Officer
7
CNB FINANCIAL CORPORATION ANNUAL REPORT HIGHLIGHTS2013 EXECUTIVE MANAGEMENT &
BOARD OF DIRECTORS
Corporate Officers, CNB Financial Corporation
Joseph B. Bower, Jr.
President & Chief Executive Officer
Brian W. Wingard
Treasurer & Principal Financial Officer
Richard L. Greslick, Jr.
Secretary
Vincent C. Turiano
Assistant Secretary
Executive Officers, CNB Bank
Joseph B. Bower, Jr.
President & Chief Executive Officer
Mark D. Breakey
Executive Vice President &
Chief Credit Officer
Richard L. Greslick, Jr.
Executive Vice President, Chief
Operating Officer
Brian W. Wingard
Senior Vice President & Chief Financial
Officer
Mary Ann Conaway
Senior Vice President, Human
Resources
Joseph E. Dell, Jr.
Senior Vice President & Chief
Lending Officer
Leanne D. Kassab
Senior Vice President, Marketing
Vincent C. Turiano
Senior Vice President, Operations
Board of Directors
CNB Financial Corporation and CNB Bank
Dennis L. Merrey
Chairman of the Board
Retired, Formerly President,
Clearfield Powdered Metals, Inc.
(Manufacturer)
Joseph B. Bower, Jr.
President and Chief Executive
Officer, CNB Financial Corporation;
President and Chief Executive
Officer, CNB Bank
William F. Falger
Retired, Formerly President and
Chief Executive Officer, CNB
Financial Corporation, CNB Bank
Richard L. Greslick, Jr.
Executive Vice President & Chief
Operating Officer, CNB Bank;
Secretary, CNB Financial Corporation
Robert D. Hord
President of Hord Livestock Company,
Inc. (Agriculture)
Nick Scott, Jr.
Vice President & Owner, Scott
Enterprises (Hospitality Industry)
Richard B. Seager
President and Chief Executive Officer,
Beacon Light Behavioral Health
Systems (Health Services)
Peter F. Smith
Attorney at Law
DIRECTOR EMERITUS
L. E. Soult, Jr.
Robert W. Montler
President & Chief Executive Officer,
Lee Industries and Keystone Process
Equipment (Manufacturer)
Joel E. Peterson
President, Clearfield Wholesale Paper
(Wholesaler)
Deborah Dick Pontzer
Economic Development and Workforce
Specialist, Office of Congressman
Glenn Thompson
Jeffrey S. Powell
President, J.J. Powell, Inc. (Petroleum
Distributor)
James B. Ryan
Retired, Formerly Vice President of
Sales, Marketing, Windfall Products,
Inc. (Manufacturer)
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OFFICERS
Susan B. Kurtz
Customer Service Officer
Dennis J. Sloppy
Information Systems Officer
B.J. Sterndale
Training Officer
Brenda L. Terry
Banking Officer
Shannon L. Irwin
Assistant Vice President, Human
Resources
Carolyn B. Smeal
Assistant Vice President, Operations
Becky Coleman
Operations Officer
Carol J. Cossick
Assistant Controller
Thomas W. Grice
Network Administration Officer
Denise J. Greene
Community Office Manager,
DuBois Office
Susan J. Shimmel
Community Office Manager,
Old Town Road Office, Clearfield
Lynette Hebel
Community Office Manager, Karthaus
and Kylertown Offices
Pam Synder
Community Office Manager, Kane
Office
Caroline Henry
Community Office Manager,
Presqueisle Street Office, Philipsburg
Douglas M. Shaffer
Community Office Manager,
Punxsutawney Office
Lori D. Shimel
Community Office Manager,
Houtzdale and Madera Offices
Larry A. Putt
Banking Officer, Clearfield
Nadine J. Rodgers
Banking Officer, Indiana
Mary Ann Roney
Banking Officer, Bradford
Gregory R. Williams
Banking Officer, Clearfield
Michael C. Sutika
Vice President, Commercial Banking,
Clearfield
Eileen F. Ryan
Assistant Vice President, Mortgage
Lending
Joseph H. Yaros
Vice President, Commercial Banking,
Bradford
David W. Ogden
Vice President, Credit Administration
Christopher L. Stott
Vice President, Retail Lending
C. Brett Stewart
Assistant Vice President, Commercial
Banking, Indiana
Russell Daniels
Assistant Commercial Lending Officer,
St. Marys
James C. Davidson
Mortgage Lending Officer, Philipsburg
Autumn F. Farley
Commercial Loan Portfolio Manager &
Support Lending Officer
Cory Johnston
Credit Administration Officer
Paul A. McDermott
Collections Officer
Calvin R. Thomas, Jr.
Vice President, Wealth & Asset
Management
Shawn Amblod
Assistant Vice President, Wealth &
Asset Management
Eric A. Johnson
Assistant Vice President, Wealth &
Asset Management
R. Michael Love
Assistant Vice President, Wealth &
Asset Management
Administrative Services
Timothy A. Bracken
Vice President, Controller
Edward H. Proud
Vice President, Information Systems
Susan M. Warrick
Vice President, Operations
Thomas J. Ammerman, Jr.
Assistant Vice President, Security
Donna J. Collins
Assistant Vice President,
Compliance
Branch Division
Ruth Anne Ryan-Catalano
Vice President, Regional Branch
Administration, Industrial Park Road
Office, Clearfield
Vickie L. Baker
Assistant Vice President, Regional
Branch Administration, Bradford Main
Street Office
Mary A. Baker
Assistant Vice President, Northern
Cambria Office
Lori Curtis
Community Office Manager, Plaza
Office, Philipsburg
Lending Division
Jeffrey W. Alabran
Senior Vice President, Commercial
Banking, Indiana
Gregory M. Dixon
Vice President, Commercial Banking,
Clearfield
Michael E. Haines
Vice President, Commercial Banking,
St. Marys
Robin L. Hay
Vice President, Commercial Banking,
Clearfield
Karen R. Pfingstler
Vice President, Commercial Banking,
DuBois
Wealth & Asset Management Services
Craig C. Ball
Vice President, Wealth & Asset
Management
Glenn R. Pentz
Vice President, Wealth & Asset
Management
Andrew Roman
Vice President, Wealth & Asset
Management
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CNB FINANCIAL CORPORATION ANNUAL REPORT HIGHLIGHTS2013
OFFICERS &
AFFILIATES
ERIEBANK, a Division of CNB Bank
David J. Zimmer
President
Scott Bailey
Senior Vice President,
ERIEBANK Investment Advisors
Steven M. Cappellino
Senior Vice President, Commercial
Banking, Meadville Office
Donald W. Damon
Senior Vice President, Private Banking
William L. DeLuca, Jr.
Senior Vice President, Commercial
Banking
Betsy Bort
Vice President, Commercial Banking
Scott O. Calhoun
Vice President, Commercial Banking
Kristen L. Ludwig
Vice President, Commercial Banking
Larry Morton
Vice President, ERIEBANK Investment
Advisors
John M. Schulze
Vice President, Commercial Banking
Theresa L. Swanson
Community Office Manager,
Warren Office
Mary J. Taormina
Community Office Manager,
Meadville Office
Abby L. Williams
Community Office Manager,
Interchange Office
Kelly S. Buck
Private Banking Officer
Allison Hodas
Cash Management Officer
Julie L. Martin
Operations Officer
James Miale
Commercial Lending Officer
Timothy Roberts
Commercial Lending Officer
William J. Vitron, Jr.
Vice President, ERIEBANK Investment
Advisors
Carla M. LaBoda
Assistant Vice President, Commercial
Banking
Gregory Noon
Assistant Vice President, Commercial
Banking, Warren
Paul D. Sallie
Assistant Vice President, Private
Banking
Katie J. Jones
Regional Retail Administrator,
Community Office Manager,
Harborcreek Office
Andrea G. Carr
Community Office Manager,
Downtown Erie Office
Debra Masone
Community Office Manager,
Vernon Township Office
Helicia E. Sonney
Community Office Manager,
Asbury Road Office
ERIEBANK Regional Board of Directors
Joseph B. Bower, Jr.
President and Chief Executive Officer,
CNB Financial Corporation, CNB Bank
Charles Hagerty
President, Hamot Health Foundation
(Health Services)
Mark D. Breakey
Executive Vice President & Chief Credit
Officer, CNB Bank
Thomas Kennedy
President, Professional Development
Associates, Inc. (Real Estate developer)
Gary L. Clark
Vice President, Chief Financial Officer
and Chief Administrative Officer,
Snap-tite, Inc. (Manufacturer)
David K. Galey
Treasurer, Chief Financial Officer,
Greenleaf Corporation (Manufacturer)
James E. Gehrlein
Chief Financial Officer, Sisters of St.
Joseph of NW PA (Finance)
Richard L. Greslick, Jr.
Executive Vice President and Chief
Operating Officer, CNB Bank;
Secretary, CNB Financial Corporation
Charles H. Reams
President, C. H. Reams & Associates,
Inc. (Insurance)
Nick Scott, Jr.
Vice President & Owner, Scott
Enterprises (Hospitality Industry)
James E. Spoden
Esquire, MacDonald Illig Jones &
Britton, LLP (Law office)
David J. Zimmer
President, ERIEBANK
10
FCBank, a Division of CNB Bank
J. Andrew Dale
Interim President
Louis J. Torchio
Senior Vice President, Private Banking
Terrance E. Hamm
Vice President, Commercial Banking
Donna M. Conley
Assistant Vice President, Lending
Elizabeth M. Ricketts
Assistant Vice President, Regional
Branch Administration
Annette D. Lester
Community Office Manager,
Cardington Office
Clara J. McClung
Community Office Manager,
Worthington Office
FCBank, Regional Board of Directors
Joseph B. Bower, Jr.
President and Chief Executive Officer,
CNB Financial Corporation, CNB Bank
Mark D. Breakey
Executive Vice President & Chief Credt
Officer, CNB Bank
David G. Dostal
President, The Auck Dostal Agency,
Inc., Vice President, ADM Benefit
Plans, Inc. (Insurance)
Patrick J. Drouhard
Retired, Superintentdent, Cardington-
Lincoln School District (Education)
Brian A. McFarland
Community Office Manager, Upper
Arlington Office
Elaine M. Wilson
Community Office Manager,
Fredericktown Office
Teri A. Slate
Community Office Manager, Shiloh
Office
Brian C. Bach
Agriculture Loan Officer
Jared Butler
Network Adminstrator, Facilities Officer
William R. Diehl
Banking Officer, Dublin Office
Jennifer S. Gingery
Operations Officer
Scott Everhart
President and CEO, Everhart Advisors
(Investments)
Richard L. Greslick, Jr.
Executive Vice President and Chief
Operating Officer, CNB Bank;
Secretary, CNB Financial Corporation
Robert D. Hord
President, Hord Livestock, Inc.
(Agriculture)
Michelle P. Muchow
Banking Officer, Bucryus North Office
Toni M. Ridge
Banking Officer, Bucyrus North Office
Jason M. Shade
Banking Officer, Bucyrus North Office
Travis M. Smith
Operations Officer
Ashley Snyder
Agricultural Lending Officer
Patrick Hord
CEO, Hord Livestock, Inc. (Agriculture)
Lawrence A. Morrison
CPA and Partner, Kleshinski, Morrison
& Morris, LLP (Accounting)
J. Andrew Dale
Interim President
Holiday Financial Services Corporation, a Subsidiary of CNB Financial Corporation
BOARD OF DIRECTORS
Joseph B. Bower, Jr.
Chairman
Richard L. Greslick, Jr.
Secretary
Christopher L. Stott
Director
Brian W. Wingard
Director
CORPORATE OFFICERS
Christopher L. Stott
Chairman
Joseph P. Strouse
President
CNB Securities Corporation, a Subsidiary of CNB Financial Corporation, Wilmington, DE
BOARD OF DIRECTORS
CORPORATE OFFICERS
Timothy A. Bracken
Director
Glenn R. Pentz
Director
Donald R. McLamb, Jr.
Wilmington Trust SP Services, Inc.
Brian W. Wingard
President
Donald R. McLamb, Jr.
Treasurer, Wilmington Trust SP
Services, Inc.
Elizabeth F. Bothner
Secretary, Wilmington Trust SP
Services, Inc
11
CNB FINANCIAL CORPORATION ANNUAL REPORT HIGHLIGHTS2013 SHAREHOLDER
INFORMATION
Annual Meeting
Quarterly Share Data
For information regarding the Corporation’s quarterly
share data, please refer to Item 5 in the 2013 Form
10-K.
Market Makers
The following firm has chosen to make a market in
the stock of the Corporation. Inquiries concerning
their services should be directed to:
Boenning & Scattergood, Inc.
1700 Market Street, Ste 1420
Philadelphia, PA 19103
(800) 842-8928
The Annual Meeting of the Shareholders of CNB
Financial Corporation will be held Tuesday, April 15,
2014 at 2:00 p.m. at the Corporation’s Headquarters
in Clearfield, PA.
Corporate Address
CNB Financial Corporation
1 S. Second Street
P.O. Box 42
Clearfield, PA 16830
(814) 765-9621
Stock Transfer Agent & Registrar
Registrar and Transfer Company
10 Commerce Drive
Cranford, NJ 07016
(800) 368-5948
www.rtco.com
Form 10-K
Shareholders may obtain a copy of the Annual
Report to the Securities and Exchange Commission
on Form 10-K by writing to:
CNB Financial Corporation
1 S. Second Street
P.O. Box 42
Clearfield, PA 16830
ATTN: Shareholder Relations
12
SHAREHOLDER
INFORMATION
Corporate Profile
ERIEBANK
CNB Financial Corporation is a leader in providing
integrated financial solutions which create value for
both consumers and businesses. These solutions
encompass checking, savings, time and deposit
accounts, Private Banking, loans and lines of credit
(real estate, commercial, industrial, residential and
consumer), credit cards, cash management, on-
line banking, mobile banking, merchant credit card
processing, on-site banker and accounts receiv-
able handling. In addition, the Corporation provides
wealth and asset management services, retirement
plans and other employee benefit plans.
CNB Bank
A subsidiary of CNB Financial Corporation, CNB is
a regional independent community bank in North
Central Pennsylvania with approximately 400 em-
ployees who make customer service more respon-
sive and reliable. For over 145 years, the Bank has
strived to be more customer-driven than its compet-
itors and to build long-term customer relationships
by being reliable and competitively priced.
CNB continually seeks innovative ways to execute a
personal, quality-driven customer service strategy
and prides itself being first-to-market for many of
these innovations. To satisfy customers’ financial
needs and expectations, it offers a variety of delivery
channels, which includes 22 full-service offices, 19
ATMs, telephone banking (1-866-224-7314), Internet
banking (www.bankcnb.com), mobile banking, and
a centralized customer service center (1-800-492-
3221).
Headquartered in Erie, Pennsylvania, ERIEBANK is
a division of CNB Bank. Presently, there are a total
of seven full service offices which house its com-
mercial, retail and Private Banking divisions. Four of
those offices are in Erie, two in Meadville, and one in
Warren, Pennsylvania. In addition, ERIEBANK Invest-
ment Advisors provides wealth and asset manage-
ment services, retirement plans and other employee
benefit plans.
FCBANK
FCBank, a division of CNB Bank, is headquartered
in Bucyrus, Ohio with eight full service offices in the
communties of Bucyrus, Shiloh, Mt. Hope, Carding-
ton, Fredericktown, Worthington and Upper Arling-
ton, and one loan production office in Dublin, Ohio.
FCBank is driven by a strong focus on meeting the
financial heeds of businesses and individuals in a
way only a community bank can deliver. FCBank of-
fers commercial, retail, and Private Banking services.
Holiday Financial Services
Holiday Financial Services, a subsidiary of CNB
Financial Corporation, is a consumer loan company,
currently has eleven conveniently located offices
in State College, Bradford, Clearfield, Hollidays-
burg, Erie, Northern Cambria, Ridgway, Johnstown,
Ebensburg, DuBois and Indiana, Pennsylvania.
13
CNB FINANCIAL CORPORATION ANNUAL REPORT HIGHLIGHTS2013
The common stock of the Corporation trades on the
NASDAQ National Market under the symbol CCNE.
14
CNB Financial Corporation
1 South Second Street – P.O. Box 42
Clearfield, PA 16830
800-492-3221
www.BankCNB.com