A N N U A L R E P O R T
TABLE OF
CONTENTS
Consolidated Financial Highlights
Message to the Shareholders
Executive Management and Board of Directors
Officers
Shareholder Information
4
5
8
9
12
2014 ANNUAL REPORT HIGHLIGHTS
3
CONSOLIDATED FINANCIAL HIGHLIGHTS (dollars in thousands, except per share data)
HIGHLIGHTS
FOR THE YEAR
Interest and Dividend 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
PER SHARE DATA
Net Income, diluted
Dividends
Book Value
Market Value
4
CNB FINANCIAL CORPORATION
2014
$86,882
12,287
74,595
14,321
52,688
23,074
1.07%
12.76%
2013
$71,416
12,212
59,204
13,766
43,813
16,679
% Change
21.7%
0.6%
26.0%
4.0%
20.3%
38.3%
0.88%
11.38%
21.6%
12.1%
$2,189,213
1,355,289
1,847,079
188,548
$2,131,289
1,295,363
1,835,314
164,911
2.7%
4.6%
0.6%
14.3%
$1.60
0.66
13.09
18.50
$1.29
0.66
11.43
19.00
24.0%
0.0%
14.5%
(2.6%)
MESSAGE TO THE
SHAREHOLDERS
To Our Shareholders, Customers, Employees & Friends:
CNB Financial Corporation has once again achieved double-digit growth in earnings. Net income for 2014 rose 38%
over 2013 to $23.1 million. Prior to 2013, which included acquisition costs of $2.4 million, the Corporation had four
consecutive years of double-digit increases. The overall philosophy that community bank earnings are based on solid
core deposits has been the primary driver of this achievement. During the last five years, deposits have increased $890
million, or 93%.
Along with solid earnings, asset quality also improved during the year. The ratio of non-performing assets to total assets
was 0.47% at December 31, 2014, a level that has not been achieved since September 2008. In addition, the ratio of clas-
sified assets to capital declined substantially during 2014 while achieving a nominal ratio of net chargeoffs to average
loans of 0.21%. All of CNB’s asset quality metrics are very favorable to allow the Corporation to grow into the future.
Loan growth for 2014 was 4.6% and was achieved with a key focus placed on reducing the level of classified assets. The
Corporation’s markets are recovering well, and even expanding, after the lengthy recent recession. Liquidity is strong
with a loan to deposit ratio of 73%, and investment portfolio provides consistent cash flows to fund future loan growth.
In 2014, deposit customers became more confident in the local and US economies. There has been a spending expansion
by our business customers as orders have increased and equipment replacement and building expansions have begun.
Customers have also started investing money back into the markets through stocks, bonds and mutual funds. As de-
posits across our market area grew over the last five years, there was an underlying assumption that confidence would
be restored and spending would once again occur, thereby reducing the deposit base of financial institutions. CNB has
fared well as many of the deposit customers gained are true relationships with core operating accounts.
2014 ANNUAL REPORT HIGHLIGHTS
5
FINANCIALS
ASSET GROWTH (in thousands)
FINANCIALS
$1,413,511
2010
1,000
1,200
1,400
1,600
1,800
200
400
600
800
0
$1,602,207
2011
2,000
2,200
2,400
2012
2013
2014
$1,773,079
$2,131,289
$2,189,213
DEPOSIT GROWTH (in thousands)
0
125
250
375
500
625
750
875
1,000
1,125
1,250
1,375
1,500
1,625
1,750
1,875
$1,162,868
$1,353,851
$1,485,003
$1,835,314
$1,847,079
NET INTEREST INCOME (in thousands)
$ 0
$8
$16
$ 24
$ 32
$ 40
$ 48
$ 56
$ 64
$ 72
$ 74
2010
2011
2012
2013
2014
$42,091
$48,133
$53,209
$59,204
$74,595
EARNINGS PER SHARE (diluted)
$.00
.15
.30
.45
.60
.75
.90
1.05
1.20
1.35
1.50
1.65
$1.06
$1.23
$1.38
$1.29
$1.60
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
6
CNB FINANCIAL CORPORATION
Message to the Shareholders continued…
One key focus for 2014, as mentioned earlier, was to improve asset quality. That was not the only initiative. Perhaps the
most significant focus was to integrate the FCBank acquisition. Much has occurred in Ohio for the Corporation during the
first 15 months following the acquisition with very positive results. The FCBank team is almost entirely in place and has
done an excellent job retaining many of the existing customers while creating many new relationships. A new office in
Dublin, Ohio opened in July housing our commercial lending and private banking groups. In addition, CNB Bank and ERIE-
BANK each opened new loan production offices during the year in Hollidaysburg, PA and Ashtabula, OH, respectively. Both
have been very well received in each market. ERIEBANK also constructed and opened, in January 2015, its eighth office,
located in the northwest area of the city of Erie, PA.
CNB’s Board, management, and team look forward to 2015 with a clean balance sheet, an improving economy, and a capac-
ity for expanding customer relationships. Your confidence and ownership has been a real strength for this Corporation.
Joseph B. Bower, Jr.
President and Chief Executive Officer
2014 ANNUAL REPORT HIGHLIGHTS
7
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
Senior Executive Vice President &
Chief Credit Officer
Richard L. Greslick, Jr.
Senior Executive Vice President,
Chief Operating Officer
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 &
Chief Executive Officer, CNB Bank
William F. Falger
Retired, Formerly President &
Chief Executive Officer, CNB Financial
Corporation, CNB Bank
Richard L. Greslick, Jr.
Senior Executive Vice President & Chief
Operating Officer, CNB Bank; Secretary,
CNB Financial Corporation
R. Duane Hord
President of Hord Livestock Company, Inc.
(Agriculture)
Mary Ann Conaway
Executive Vice President,
Human Resources
Leanne D. Kassab
Executive Vice President,
Customer Experience
Joseph E. Dell, Jr.
Executive Vice President &
Chief Lending Officer
Vincent C. Turiano
Executive Vice President, Wealth Officer
Brian W. Wingard
Executive Vice President &
Chief Financial Officer
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 & 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)
Nick Scott, Jr.
Vice President & Owner, Scott Enterprises
(Hospitality Industry)
8
CNB FINANCIAL CORPORATION
OFFICERS
Administrative Services
Timothy A. Bracken
Vice President, Controller
Edward H. Proud
Vice President, Information Systems
Susan M. Warrick
Vice President, Operations
Donna J. Collins
Vice President, Regulation &
Examination
Branch Division
Vickie L. Baker
Assistant Vice President,
Regional Branch Administration,
Bradford Main Office
Tyler A. Kirkwood
Regional Branch Administration,
Clearfield Industrial Park Road
Office
Mary A. Baker
Assistant Vice President,
Northern Cambria Office
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
Thomas J. Ammerman, Jr.
Assistant Vice President, Security
Shannon L. Irwin
Assistant Vice President, Human
Resources
Paul A. McDermott
Assistant Vice President, Facilities
Carolyn B. Smeal
Assistant Vice President, Operations
Becky Coleman
Operations Officer
Carol J. Cossick
Assistant Controller
Thomas W. Grice
Network Administration Officer
Amy B. Potter
Marketing Officer
Dennis J. Sloppy
Information Systems Officer
B.J. Sterndale
Training Officer
Brenda L. Terry
Banking Officer
Susan J. Shimmel
Assistant Vice President,
Clearfield Old Town Road Office
Deborah Peak
Banking Officer, Indiana
Larry A. Putt
Banking Officer, Clearfield
Nadine J. Rodgers
Banking Officer, Indiana
Mary Ann Roney
Banking Officer, Bradford
Gregory R. Williams
Banking Officer, Clearfield
Timothy C. Nagle
Vice President,
Commercial Banking, Blair County
Matthew Q. Raptosh
Vice President,
Commercial Banking, Philipsburg
Michael C. Sutika
Vice President,
Commercial Banking, Clearfield
Joseph H. Yaros
Vice President,
Commercial Banking, Bradford
David W. Ogden
Vice President, Credit
Administration
Lori Curtis
Community Office Manager,
Philipsburg Plaza Office
Denise J. Greene
Community Office Manager,
DuBois Office
Lynette Hebel
Community Office Manager,
Karthaus and Kylertown Offices
Alesia McElwee
Community Office Manager,
Clearfield Main Office
Douglas M. Shaffer
Community Office Manager,
Punxsutawney Office
Lori D. Shimel
Community Office Manager,
Houtzdale and Madera Offices
Caroline Henry
Community Office Manager,
Philipsburg Presqueisle Street Office
Pam Synder
Community Office Manager, Kane
Office
Eileen F. Ryan
Vice President, Mortgage Lending
Ruth Anne Ryan-Catalano
Vice President, Retail Banking
C. Brett Stewart
Vice President,
Commercial Banking, Indiana
Christopher L. Stott
Vice President, Retail Lending
James C. Davidson
Assistant Vice President, Private
Banking
Cory Johnston
Assistant Vice President,
Credit Administration
Michael Mignogna
Assistant Vice President,
Commercial Banking, Blair County
Autumn F. Farley
Commercial Loan Portfolio
Manager & Support Lending Officer
Katie A. Penoyer
Commercial Banking Officer
Wealth & Asset Management Services
Craig C. Ball
Vice President, Wealth & Asset
Management
Eric A. Johnson
Vice President, Wealth & Asset
Management
Glenn R. Pentz
Vice President, Wealth & Asset
Management
Andrew Roman
Vice President, Wealth & Asset
Management
Calvin R. Thomas, Jr.
Vice President, Wealth & Asset
Management
Shawn Amblod
Assistant Vice President, Wealth &
Asset Management
R. Michael Love
Assistant Vice President, Wealth &
Asset Management
Andrew D. Franson
Wealth & Asset Operations Officer
2014 ANNUAL REPORT HIGHLIGHTS
9
OFFICERS &
AFFILIATES
ERIEBANK, a Division of CNB Bank
David J. Zimmer
President
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
David Bogardus
Vice President,
Commercial Banking, Ashtabula
Betsy Bort
Vice President, Commercial Banking
Scott O. Calhoun
Vice President, Commercial Banking
Joshua P. Miller
Vice President, ERIEBANK Investment
Advisors
Larry Morton
Vice President, ERIEBANK Investment
Advisors
John M. Schulze
Vice President, Commercial Banking
William J. Vitron, Jr.
Vice President, ERIEBANK Investment
Advisors
Chrystal M. Fairbanks
Assistant Vice President,
Commercial Banking, Ashtabula
Katie J. Jones
Assistant Vice President, Regional Retail
Administrator, Harborcreek Office
Carla M. LaGuardia
Assistant Vice President, Commercial
Banking, West 12th Street Office
James Miale
Assistant Vice President, Commercial
Banking, Meadville Office
Gregory Noon
Assistant Vice President, Commercial
Banking, Warren Office
Helicia E. Sonney
Community Office Manager,
Asbury Office
Theresa L. Swanson
Community Office Manager,
Warren Office
Mary J. Taormina
Community Office Manager,
Meadville Office
Abby L. Williams
Community Office Manager,
West 12th Street Office
Kelly S. Buck
Private Banking Officer
Russell Daniels
Commercial Lending Officer
Allison Hodas
Cash Management Officer
Paul D. Sallie
Assistant Vice President, Private Banking
Julie L. Martin
Operations Officer
Debra Masone
Community Office Manager,
Vernon Office
Erin Mehler
Community Office Manager,
Interchange Office
Timothy Roberts
Commercial Lending Officer
ERIEBANK Regional Board of Directors
Joseph B. Bower, Jr.
President and Chief Executive Officer,
CNB Financial Corporation, CNB Bank
David K. Galey
Vice President of Administration,
Greenleaf Corporation (Manufacturer)
Thomas Kennedy
President, Professional Development
Associates, Inc. (Real Estate Developer)
Mark D. Breakey
Senior Executive Vice President &
Chief Credit Officer, CNB Bank
James E. Gehrlein
Chairman, Enterprise Loan Fund of
Develop Erie (Community Development)
Charles H. Reams
President, C. H. Reams & Associates, Inc.
(Insurance)
Gary L. Clark
Managing Partner,
Stonebank Management, LLC (Consulting)
Jane M. Earll
Esquire, (Senator, Retired)
Richard L. Greslick, Jr.
Senior Executive Vice President &
Chief Operating Officer, CNB Bank;
Secretary, CNB Financial Corporation
Charles Hagerty
Vice President, Northern Tier Markets,
UPMC Health Plan (Health Services)
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
CNB FINANCIAL CORPORATION
FCBank, a Division of CNB Bank
J. Andrew Dale
President
Kimberly S. Emerson
Vice President, Private Banking
Terrance E. Hamm
Vice President, Commercial Banking
Robert N. Hatch
Vice President, Commercial Banking
Stephen R. Lust
Vice President, Regional Retail Sales
Manager
Jeffrey C. Perkins
Vice President, Private Banking
Dean J. Vande Water
Vice President, Commercial Relationship
Manager
Brian C. Bach
Assistant Vice President, Agriculture
Lending
Donna M. Conley
Assistant Vice President, Lending
William R. Diehl
Assistant Vice President, Dublin Office
Elizabeth M. Ricketts
Assistant Vice President,
Regional Branch Administration
J. Ralph Parker
Senior Credit Officer
Brian A. McFarland
Community Office Manager,
Upper Arlington Office
Michelle P. Muchow
Banking Officer, Dublin Office
Toni M. Ridge
Banking Officer, Bucyrus North Office
Teri A. Slate
Community Office Manager, Shiloh Office
Jared Butler
Network Adminstrator, Facilities Officer
Travis M. Smith
Operations Officer
Annette D. Lester
Community Office Manager,
Cardington Office
Clara J. McClung
Community Office Manager,
Worthington Office
Ashley Snyder
Agricultural Lending Officer
Elaine M. Wilson
Community Office Manager,
Fredericktown Office
FCBank, Regional Board of Directors
Joseph B. Bower, Jr.
President and Chief Executive Officer, CNB
Financial Corporation, CNB Bank
Mark D. Breakey
Senior Executive Vice President & Chief
Credt Officer, CNB Bank
Patrick J. Drouhard
Retired, Superintentdent, Cardington-
Lincoln School District (Education)
Richard L. Greslick, Jr.
Executive Vice President and Chief
Operating Officer, CNB Bank; Secretary,
CNB Financial Corporation
R. Duane Hord
President, Hord Livestock, Inc.
(Agriculture)
Patrick Hord
CEO, Hord Livestock, Inc. (Agriculture)
Lawrence A. Morrison
CPA and Partner, Kleshinski, Morrison &
Morris, LLP (Accounting)
David Royer
Vice President of Finance & Development,
Continental Real Estate Companies (Real
Estate Developer)
J. Randall Schoedinger
CEO, Schoedinger Funeral and Cremation
Services
J. Andrew Dale
President, Chairman
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
Timothy A. Bracken
Director
Glenn R. Pentz
Director
Donald R. McLamb, Jr.
Wilmington Trust SP Services, Inc.
CORPORATE OFFICERS
Brian W. Wingard
President
Donald R. McLamb, Jr.
Treasurer, Wilmington Trust SP Services, Inc.
Elizabeth F. Bothner
Secretary, Wilmington Trust SP Services, Inc.
2014 ANNUAL REPORT HIGHLIGHTS
11
SHAREHOLDER
INFORMATION
Annual Meeting
Quarterly Share Data
For information regarding the Corporation’s quarterly share
data, please refer to Item 5 in the 2014 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 21, 2015 at 2:00
p.m. at the Clearfield, PA campus of Lock Haven University
located at 201 University Drive, Clearfield, PA 16830.
Corporate Address
CNB Financial Corporation
1 S. Second Street
P.O. Box 42
Clearfield, PA 16830
(814) 765-9621
Stock Transfer Agent & Registrar
Computershare
P.O. Box 30170
College Station, TX 77842
(800) 368-5948
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
CNB FINANCIAL CORPORATION
Corporate Profile
ERIEBANK
CNB Financial Corporation is a leader in providing integrat-
ed financial solutions which create value for both consum-
ers 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 manage-
ment, online banking, mobile banking, merchant credit
card processing, on-site banker and accounts receivable
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 Pennsylva-
nia with over 400 employees who make customer service
more responsive and reliable. For 150 years, the Bank has
strived to be more customer-driven than its competitors
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 on being first-to-market for many of these
innovations. To satisfy customers’ financial needs and
expectations, it offers a variety of delivery channels, which
include twenty-one full-service offices, one loan production
office, nineteen 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 eight full service offices in
Pennsylvania, which house its commercial, retail and Pri-
vate Banking divisions. Five of those offices are in Erie, two
in Meadville, and one in Warren, Pennsylvania. ERIEBANK
also has one loan production office in Ashtabula, Ohio. In
addition, ERIEBANK Investment Advisors provides wealth
and asset management services, retirement plans and other
employee benefit plans.
FCBANK
FCBank, a division of CNB Bank, is headquartered in Bu-
cyrus, Ohio with nine full service offices in the communties
of Bucyrus, Shiloh, Mt. Hope, Cardington, Fredericktown,
Worthington, Dublin, and Upper Arlington. FCBank is
driven by a strong focus on meeting the financial needs of
businesses and individuals in a way only a community bank
can deliver. FCBank offers commercial, retail, and Private
Banking services.
Holiday Financial Services
Holiday Financial Services, a subsidiary of CNB Financial
Corporation, is a consumer loan company, and currently
has thirteen convenient office locations in State College,
Bradford, Clearfield, Hollidaysburg, Erie, Northern Cambria,
Ridgway, Johnstown, Ebensburg, DuBois, Indiana, Clarion,
and Huntingdon, Pennsylvania.
2014 ANNUAL REPORT HIGHLIGHTS
13
Backed by
the full faith
and credit
of the
United States
government
Each depositor insured to at least $250,000
FDIC
Federal Deposit Insurance Corporation •www.fdic.gov
The common stock of the Corporation trades on the
NASDAQ Global Select Market under the symbol CCNE.
14
CNB FINANCIAL CORPORATION
CNB Financial Corporation
1 South Second Street – P.O. Box 42
Clearfield, PA 16830
800-492-3221
www.BankCNB.com