2015 ANNUAL REPORT
Table of conTenTs
Consolidated Financial Highlights
Message to the Shareholders
Executive Management and Board of Directors
Officers
Shareholder Information
4
5
8
9
12
3
2015 ANNUAL REPORT HIGHLIGHTS HIGHlIGHTs
ConsolidaTed FinanCial highlighTs
(dollars in thousands, except per share data)
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
2015
$87,178
12,471
74,707
14,799
56,457
22,197
2014
$86,882
12,287
74,595
14,321
52,688
23,074
% Change
0.3%
0.1%
0.2%
3.3%
7.2%
(3.8%)
0.99%
11.23%
1.07%
12.76%
(7.5%)
(12.0%)
$2,285,136
1,577,798
1,815,053
201,913
$2,189,213
1,355,289
1,847,079
188,548
4.4%
16.4%
(1.7%)
4
CNB FINANCIAL CORPORATION
MessaGe To THe sHareHolders
To our shareholders, Customers, employees & Friends:
The past year has provided the Corporation with many opportunities. We com-
pleted a major building project, announced the acquisition of a new bank with
two new offices and an excellent staff, grew loans 16%, saw continued if not
increasing margin pressure and too many other items to note. Even with these
challenges, the return on average equity of 11.23% exceeding the median of our
peer group by 21% and the solid earnings allowed us to improve our capital po-
sition to support the future growth of CNB.
The Corporation’s assets have grown from $1.16B to $2.29B since December 2009, almost doubling our size. The rapid increase in assets
through the growth in number of customers caused us to analyze our infrastructure and determine how much we can grow with the number
of people and systems that we have. It was obvious in 2013 that we were not going to be able to continue our growth without making some
changes. The first need we identified was space to house our staff to handle all of the operational issues involved with managing a financial
institution. A building project was undertaken to add approximately 15,000 square feet of space and to renovate our existing headquarters
to better leverage our facilities, technology, and personnel. We are pleased to report that the entire $9.8 million project was completed in
December 2015. This new modern facility will allow us to operate well into the foreseeable future.
CNB is very committed to the Clearfield area as shown by maintaining and enhancing our downtown presence. Being able to attract and retain
talented people to the region and continue to support the area is an important part of our culture. In 2015, we celebrated CNB Bank’s 150th
anniversary. CNB Bank is proud to have been the financial pillar for the community and our customers over the 150 years. The celebration
included a concert with all proceeds benefiting the local firefighters, special loan and deposit promotions, giving away gifts, and $150 prizes
to community members. It certainly was a year to remember.
As the building project ended and we were able to add personnel to certain areas, the focus
turned to our key technology offerings, including a major initiative to determine if we were
with a technology partner that shared the same culture and customer experience expec-
tations as we have. Throughout a more than six month process, it was determined that
Connecticut On-Line Computer Center, Inc., or COCC, shares our customer experience model.
CNB is currently in the process of upgrading our core system along with most of our other
electronic offerings, including our mobile and eBanking solutions. Going forward, COCC is
committed to being a nimble provider of quality financial software solutions so that we may
offer up to date services to our customers.
5
2015 ANNUAL REPORT HIGHLIGHTS fInancIals
asseT groWTh (in thousands)
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
2011
2012
2013
2014
2015
$1,602,207
$1,773,079
$2,131,289
$2,189,213
$2,285,136
loans, neT oF Unearned (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
$849,883
$927,824
$1,295,363
$1,355,289
$1,577,798
neT inTeresT inCoMe (in thousands)
$ 0
$8
$16
$ 24
$ 32
$ 40
$ 48
$ 56
$ 64
$ 72
$ 74
2011
2012
2013
2014
2015
$48,133
$53,209
$59,204
$74,595
$74,707
earnings Per share (diluted)
$.00
.15
.30
.45
.60
.75
.90
1.05
1.20
1.35
1.50
1.65
$1.23
$1.38
$1.29
$1.60
$1.54
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
6
CNB FINANCIAL CORPORATION Message to the shareholders continued…
ERIEBANK, a division of CNB Bank, has grown its assets to $637 million over the ten years since it began. In 2014, we opened our first
ERIEBANK operation in Ohio with a loan production office. The customer response has been so good that a new full service facility is
under construction and expected to open in the fourth quarter of 2016. More expansion will occur as we partner with Lake National
Bank later this year. This acquisition, announced in December 2015, opens up a large new market and gives ERIEBANK an experienced
group of bankers with a culture very much like ours. The two new markets in Northeast Ohio provide us with even more organic
growth opportunities in a vibrant ERIEBANK footprint.
The FCBank division in central Ohio also continues to prosper. A new main office is being constructed in Worthington, which will
house our management group, commercial team, and the staff from our current Worthington location. The commercial lending team
is growing with the addition of two C&I lenders who will focus in the Columbus and Lancaster areas. FCBank continues to experience
double digit growth in both loans and deposits. The Central Ohio market continues to provide the Corporation with growth opportu-
nities although the competitive pressures continue to increase. This market has many large banks and a large number of non-banks
vying for commercial real estate which has changed the dynamics of the pricing and underwriting for the larger relationships.
The US economy, along with the rest of the world, seems to be cooling off again. Deflated oil and gas prices have made consumers
temporarily happy but it has had a dampening effect on many businesses as the oil and gas companies slow significantly or stop all
together. Large layoffs, shift reductions and a general uneasiness are setting in. This slow down will cause certain sectors of the econ-
omy to reduce spending and expansion while others will continue to move ahead. We are currently operating in three very distinct
economies. This diversity will provide us the opportunity to increase customers in a strategic manner. Earlier, culture was discussed
as a key piece of our success. Our commitment to be an integral part of all the communities we serve is a significant part of our
strategic plan. Our team provides the leadership for
many non-profit and community boards. Through
this involvement and the dedication to making our
communities stronger we gain the trust of our mar-
kets to be a part of improving the quality of life for
all. This involvement provides more success than any
other strategy.
Your continued confidence in the Corporation is the backbone to our growth in customers, assets and earnings.
Joseph B. Bower, Jr.
President and Chief Executive Officer
7
2015 ANNUAL REPORT HIGHLIGHTS 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
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
Robert W. Montler
President & Chief Executive Officer,
Lee Industries and Keystone Process
Equipment (Manufacturer)
8
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
Brian W. Wingard
Executive Vice President &
Chief Financial Officer
Peter F. Smith
Attorney at Law
Peter C. Varischetti
President, Varischetti Holdings, LLC
CNB Bank
Francis X. Straub, III
Managing Officer and Director, St. Marys
Pharmacy, Inc. and Bennetts Valley
Pharmacy, Inc.
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)
Richard B. Seager
President and Chief Executive Officer,
Beacon Light Behavioral Health Systems
(Health Services)
CNB FINANCIAL CORPORATION offIcers
administrative services
Timothy A. Bracken
Vice President, Controller
Donna J. Collins
Vice President, Regulation &
Examination
David W. Ogden
Vice President, Credit
Administration
Edward H. Proud
Vice President, Information Systems
CnB Bank
Gregory M. Dixon
CNB Market Executive
Jeffrey W. Alabran
Senior Vice President,
Commercial Banking, Indiana
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
Matthew Q. Raptosh
Vice President,
Commercial Banking, Blair County
Joseph H. Yaros
Vice President,
Commercial Banking, Bradford
Eileen F. Ryan
Vice President, Mortgage Lending
Ruth Anne Ryan-Catalano
Vice President, Retail Banking
Carolyn B. Smeal
Vice President, Operations
Susan M. Warrick
Vice President, Operations
Thomas J. Ammerman, Jr.
Assistant Vice President, Security
Rebecca A. Coleman
Assistant Vice President, Operations
Shannon L. Irwin
Assistant Vice President, Human
Resources
Cory K. Johnston
Assistant Vice President,
Credit Administration
Paul A. McDermott
Assistant Vice President, Facilities
John H. Sette
Assistant Vice President,
Information Systems
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
C. Brett Stewart
Vice President,
Commercial Banking, Indiana
Christopher L. Stott
Vice President, Retail Lending
Mary A. Baker
Assistant Vice President, Regional
Branch Administration,
Northern Cambria Office
Vickie L. Baker
Assistant Vice President,
Regional Branch Administration,
Bradford Main Office
James C. Davidson
Assistant Vice President, Private
Banking
Michael C. Mignogna
Assistant Vice President, Commercial
Banking, Blair County
Susan J. Shimmel
Assistant Vice President, Community
Office Manager, Clearfield Old Town
Road Office
Judy L. Barry
Portfolio Manager/Support Lender,
Blair County Loan Production Office
Lori L. Curtis
Community Office Manager,
Philipsburg Plaza Office
Autumn F. Farley
Commercial Loan Officer
Beverly A. Greene
Portfolio Manager/Support Lender,
Indiana Office
Denise J. Greene
Community Office Manager,
DuBois Office
Lynette M. Hebel
Community Office Manager,
Karthaus and Kylertown Offices
Caroline Henry
Community Office Manager,
Philipsburg Presqueisle Street Office
Tyler A. Kirkwood
Regional Branch Administration,
Clearfield Industrial Park Road Office
Kyle G. Kunes
Commercial Loan Officer
Dustin A. Minarchick
Commercial/Retail Lending Officer
Alesia N. McElwee
Community Office Manager,
Clearfield Main Office
Andrew V. Nedzinski
Assistant Commercial Lending
Officer, St. Marys Offices
Katie A. Penoyer
Commercial Banking Officer
Nadine J. Rodgers
Banking Officer, Indiana
Douglas M. Shaffer
Community Office Manager,
Punxsutawney Office
Lori D. Shimel
Community Office Manager,
Houtzdale and Madera Offices
Pamela J. Snyder
Community Office Manager, Kane
Office
Gregory R. Williams
Banking Officer, Clearfield
Wealth & asset Management services
Steven R. Shilling
Senior Vice President, Wealth &
Asset Management
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
9
2015 ANNUAL REPORT HIGHLIGHTS offIcers & affIlIaTes
erieBanK, a division of CnB Bank
David J. Zimmer
President
John M. Schulze
Vice President, Commercial Banking
Kelly S. Buck
Private Banking Officer
Steven M. Cappellino
Senior Vice President,
Commercial Banking, Meadville Office
Donald W. Damon
Senior Vice President, Business
Development
William L. DeLuca, Jr.
Senior Vice President,
Commercial Banking
David P. Bogardus
Vice President,
Commercial Banking, Ashtabula
Betsy C. Bort
Vice President, Commercial Banking
Scott O. Calhoun
Vice President, Commercial Banking
Joshua P. Miller
Vice President, ERIEBANK Investment
Advisors
Larry G. Morton, Jr.
Vice President, ERIEBANK Investment
Advisors
Gregory A. Noon
Vice President, Commercial Banking,
Warren Office
William J. Vitron, Jr.
Vice President, ERIEBANK Investment
Advisors
Thomas J. Walker
Vice President, Commercial Banking,
Warren Office
Chrystal M. Fairbanks
Assistant Vice President,
Commercial Banking, Ashtabula
Carla M. Higgins
Assistant Vice President, Commercial
Banking, West 12th Street Office
Katie J. Jones
Assistant Vice President, Regional Retail
Administrator, Harborcreek Office
Julie L. Martin
Assistant Vice President, Commercial
Services
James R. Miale
Assistant Vice President, Commercial
Banking, Meadville Office
Timothy J. Roberts
Assistant Vice President, Commercial
Banking
Paul D. Sallie
Assistant Vice President, Private Banking
Russell G. Daniels
Commercial Lending Officer
Allison M. Hodas
Cash Management Officer
Jaclyn R. Italiani
Community Office Manager,
Downtown Office
Debra A. Masone
Community Office Manager,
Vernon Office
Erin L. Mehler
Community Office Manager,
Interchange 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
Abigail L. Williams
Community Office Manager,
West 12th Street Office
erieBanK 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 Credit Officer, CNB Bank
Gary L. Clark
Managing Partner,
Stonebank Management, LLC (Consulting)
Joseph E. Dell, Jr.
Executive Vice President &
Chief Lending Officer, CNB Bank
Jane M. Earll
Esquire, (Senator, Retired)
David K. Galey
Treasurer and Chief Financial Officer,
Greenleaf Corporation, Retired
(Manufacturer)
James E. Gehrlein
Chairman, Enterprise Development
Fund of Develop Erie (Community
Development)
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)
Thomas Kennedy
President, Professional Development
Associates, Inc. (Real Estate Developer)
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
Chairman of the Board, President,
ERIEBANK
10
CNB FINANCIAL CORPORATION FCBank, a division of CnB Bank
J. Andrew Dale
President
Neal S. Clark
Vice President, Senior Commercial Loan
Officer
Terrance E. Hamm
Vice President, Commercial Banking
John G. Hock
Vice President, Commercial Banking
Steven W. Howard
Vice President, Team Lead, FC Financial
Services
Dean J. Vande Water
Vice President, Commercial Relationship
Manager
Anita E. Reeb
Vice President, Treasury Management
Frank P. Sudal
Vice President, Senior Investment Officer,
FC Financial Services
Brian C. Bach
Assistant Vice President, Agriculture
Lending
Donna M. Conley
Assistant Vice President, Lending
William R. Diehl
Assistant Vice President, Portfolio
Manager
Jillian V. Price
Assistant Vice President, Regional Retail
Sales Manager
J. Ralph Parker
Senior Credit Officer
Jared R. Butler
Network Adminstrator, Facilities Officer
Annette D. Lester
Community Office Manager,
Cardington Office
Clara J. McClung
Community Office Manager,
Worthington Office
Michelle P. Muchow
Banking Officer, Executive Assistant
Jeffrey P. Scholl
Regional Retail Sales Manager
Teri A. Slate
Community Office Manager, Shiloh Office
Travis M. Smith
Banking Officer
Thomas J. Szabo
Junior Commercial Real Estate Lender
Elaine M. Wilson
Community Office Manager,
Fredericktown Office
Christopher A. Winegardner
Community Office Manager,
Upper Arlington 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 Credit Officer, CNB Bank
Jennifer Carney
Partner and Co-Founder, Carney Ranker
Architects, Ltd.
J. Andrew Dale
President, Chairman
Joseph E. Dell, Jr.
Executive Vice President &
Chief Lending Officer, CNB Bank
Patrick J. Drouhard
Retired, Former Cardington-Lincoln
School District Superintendent
Richard L. Greslick, Jr.
Senior Executive Vice President &
Chief Operating Officer, CNB Bank;
Secretary, CNB Financial Corporation
R. Duane Hord
President, 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
holiday Financial services Corporation, a subsidiary of CnB Financial Corporation
BOARD OF DIRECTORS
CORPORATE OFFICERS
Christopher L. Stott
Chairman
Richard L. Greslick, Jr.
Secretary
Joseph B. Bower, Jr.
Director
Brian W. Wingard
Director
Christopher L. Stott
Chairman
Joseph P. Strouse
President
Jonathan L. Holler
Vice President
Brian W. Wingard
Secretary and Treasurer
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
2015 ANNUAL REPORT HIGHLIGHTS
sHareHolder InforMaTIon
annual Meeting
Quarterly share data
For information regarding the Corporation’s quarterly share
data, please refer to Item 5 in the 2015 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 19, 2016 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
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
(800) 937-5449
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 person-
al, 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,
telephone banking (1-866-224-7314), Internet banking
(www.CNBBank.bank), 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 Dublin,
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, along with wealth and asset manage-
ment services through FC Financial Services.
holiday Financial services
Holiday Financial Services, a subsidiary of CNB Financial
Corporation, is a consumer loan company, and currently has
twelve convenient office locations in State College, Brad-
ford, Clearfield, Hollidaysburg, Erie, Ridgway, Johnstown,
Ebensburg, DuBois, Indiana, Clarion, and Huntingdon,
Pennsylvania.
13
2015 ANNUAL REPORT HIGHLIGHTS 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.CNBBank.bank