2018 ANNUAL
REPORT
Table of Contents
Board of Directors and Executive Management
3
Message to Our Shareholders, Customers, Employees and Friends
4-5
Consolidated Financial Highlights
CNB Bank Senior Management and Officer Listings
ERIEBANK Senior Management and Officer Listings
FCBank Senior Management and Officer Listings
BankOnBuffalo Senior Management and Officer Listings
Shareholder Information
6-7
8
9
10
10
11
2
CNB FINANCIAL CORPORATION Board of Directors and Executive Management
CORPORATE OFFICERS, CNB FINANCIAL CORPORATION
Joseph B. Bower, Jr.
President & Chief Executive Officer
Richard L. Greslick, Jr.
Secretary
Mary Ann Conaway
Assistant Secretary
Brian W. Wingard
Treasurer & Principal Financial Officer
BOARD OF DIRECTORS, CNB FINANCIAL CORPORATION AND CNB BANK
Peter F. Smith
Chairperson of the Board;
Attorney at Law
Joseph B. Bower, Jr.
President and Chief Executive
Officer, CNB Financial Corporation;
President and Chief Executive
Officer, CNB Bank
Richard L. Greslick, Jr.
Secretary, CNB Financial
Corporation; Senior Executive
Vice President and Chief Support
Officer, CNB Bank
Robert W. Montler
President and Chief Executive
Officer, Lee Industries and Keystone
Process Equipment
Joel E. Peterson
President, Clearfield
Wholesale Paper
EXECUTIVE OFFICERS, CNB BANK
Joseph B. Bower, Jr.
President and Chief Executive
Officer
Mark D. Breakey
Senior Executive Vice
President and Chief Risk
Officer
Joseph E. Dell, Jr.
Senior Executive Vice
President and Chief
Commercial Banking Officer
Richard L. Greslick, Jr.
Senior Executive Vice
President and Chief
Support Officer
Deborah Dick Pontzer
Economic Development and
Workforce Specialist, Office of
Congressman Glenn Thompson
Jeffrey S. Powell
President, J.J. Powell, Inc.
Nicholas N. Scott
Vice President and Owner,
Scott Enterprises
Richard B. Seager
President and Chief Executive
Officer, Beacon Light Behavioral
Health Systems
Francis X. Straub, III
Managing Officer and Director,
St. Marys Pharmacy, Inc. and
Bennetts Valley Pharmacy, Inc.
Peter C. Varischetti
President, Varischetti Holdings, LP
Mary Ann Conaway
Executive Vice President,
Employee Experience
Leanne D. Kassab
Executive Vice President,
Customer Experience
Steven R. Shilling
Executive Vice President,
Private Client Solutions
Brian W. Wingard
Executive Vice President and
Chief Financial Officer
3
2018 ANNUAL REPORT HIGHLIGHTS Message to Our Shareholders, Customers, Employees and Friends:
GROWTH! Growth was the theme of our year for 2018 at CNB Financial Corporation (CNB). CNB experienced solid performance and expansion
in virtually every area. As you read through the financial report you will see many of the accomplishments that have been achieved in the
past twelve months:
• Earnings increased 41%
• EPS increased 40%
• Deposits increased 20%
• Assets increased 16%
• Loans increased 15%
• BankOnBuffalo reached deposits of $300,000,000 in deposits in just two years
• ERIEBANK expanding into Cleveland
Last year, I mentioned the three key principles of our strategic plan:
1. Be the source of exceptional experiences
2. Foster an environment of leadership
3. Position for long term growth
As we work toward achievement of these principles, our belief is that success will follow. Through hard work by our team, we’ve made
significant progress in successfully implementing our plan. One example of this is CNB’s overall growth in customer households over the
prior year. Household growth and retention are two of the key measures of our quality customer experience. Customer households grew year
over year by 4,869, which equates to an 8% increase. Our normal growth rate is in the 2% to 3% range. Perhaps the best news surrounding
the growth of CNB is that it has occurred in all of our markets across our four brands. A few notable events that occurred at each division are
highlighted for you in the following paragraphs.
CNB Bank has been serving its customers in central PA for over 152 years. In 2018, we named Chris Stott as President of
the CNB Bank market to focus on the advancement of our local communities and our 20 offices that serve the area. Chris
has been with the Bank since 1997 when he started our secondary mortgage operation. Most recently he directed our
Private Banking group for all four divisions. A major accomplishment for CNB Bank and our entire corporation was the CNB
Bank market surpassing the $1 Billion mark in deposits. This was a tremendous accomplishment, as our whole company
focused on deposit gathering activities all year.
ERIEBANK continues to lead the corporation in deposits per office, averaging over $81 million, with eleven locations across
five counties. High average deposits in a branch leads to enhanced profitability. ERIEBANK has set the example for our
corporation. Over the past few years, we have been evaluating entry into the Cleveland market and expanding ERIEBANK
further around Lake Erie. We were excited to announce the hiring of Wesley Gillespie to lead this endeavor as our Regional
President in late 2018. Wes comes to us with 26 years of experience in all aspects of banking and has spent most of his
career in the Cleveland area. This new market will provide additional opportunities to grow our ERIEBANK division for years
to come.
4
CNB FINANCIAL CORPORATION
FCBank leads all divisions in profitability per dollar of funding. This achievement is even more
surprising since it is by far our most competitive market. Our strategy to be a true community
bank for each distinct market in central Ohio has resulted in many great partnerships with
these municipalities. We participate in the major events within the towns and cities with both
leadership from our team, and financial contributions and sponsorships. We were a major
sponsor of the iceless skating rink in Bucyrus for the Candlelight Christmas event. In addition,
we ran the 10 Fantastic Charities at Worthington’s Concert on the Green series, donating to
10 different charities including a grand prize of $3,500 to the Possibility Playground at Sutter
Park Preschool. Commercially, we focus on smaller rehabs or new builds and commercial and
industrial entities that are not being served by many of our competitors. We also avoid many of the large, highly competitive construction
projects in central Ohio. This model provides us with steady, solid growth at profitable levels.
BankOnBuffalo led our deposit gathering effortsin 2018 with over $282 million in growth.
Loans also grew at a pace of 148% to $269 million. Commercial and industrial lending led the
way with $97 million in new loans. Our Private Client group also experienced success with $43
million in assets under management and $55 million in loans. We entered Niagara County with
a temporary site in Niagara Falls with ground breaking expected on our first BankOnBuffalo
ground up build in March 2019. Erie and Niagara Counties have been very welcoming to our
approach to banking and we are honored to be a part of these communities.
We are excited about the future for CNB in all of our divisions. The bank-wide focus on the three key principles that were laid out
in our strategic plan have been key to our success. Leadership at all levels in our two most mature divisions has helped us become
one of the top two banks, by deposit size, in virtually all communities we serve. Our continued efforts with providing exceptional
experiences will ensure we maintain our position in these divisions and improve our market share in the newer divisions. CNB’s
future for opportunities and growth remains solid with BankOnBuffalo gaining traction, ERIEBANK’s entry to Cleveland and the
robust community of Columbus for FCBank. Our move into these major metropolitan areas has begun to add more opportunities for
customers, employees, directors, diversity of assets and more.
I would like to recognize a long-term board member who recently retired. Denny Merrey retired after 28 years
on the board, including 10 years serving as chairperson. Denny’s leadership through the Great Recession was
invaluable in the boardroom as well as in our markets. Denny, on behalf of the Board, and the team, thank you for
your commitment to CNB. We wish you the very best for many years to come.
In closing, I want to extend a sincere thank you to all of our customers for continuing to partner with CNB for your financial solutions.
I also want to thank our shareholders for your ownership and support of our vision and strategy. Finally, thank you to our employees
for your leadership and collaboration to provide exceptional experiences to all.
Joseph B. Bower, Jr.
President and Chief Executive Officer
5
2018 ANNUAL REPORT 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
PER SHARE DATA
Net Income, Diluted
Dividends
Book Value
2018
$131,870
26,950
104,920
20,723
79,342
33,719
2017 % Change
$108,874
17,365
91,509
21,435
70,037
23,860
21.1%
55.2%
14.7%
(3.37%)
13.3%
41.3%
1.12%
13.46%
0.89%
9.97%
25.8%
35.0%
$3,221,521
2,474,557
2,610,786
262,830
$2,768,773
2,145,959
2,167,815
243,910
16.4%
15.3%
20.4%
7.8%
$2.21
0.67
17.28
$1.57
0.66
15.98
40.8%
1.5%
8.1%
6
CNB FINANCIAL CORPORATION
Financials
ASSET GROWTH (in thousands)
2014
2015
2016
2017
2018
2014
2015
2016
2017
2018
$2,189,213
$2,285,136
$2,573,136
$2,768,773
$3,221,521
LOANS, NET OF UNEARNED (in thousands)
2014
2015
2016
2017
2018
$1,355,289
$1,577,798
$1,873,536
$2,145,959
$2,474,557
NET INTEREST INCOME (in thousands)
$74,595
$74,707
$81,287
$91,509
$104,920
EARNINGS PER SHARE
2014
2015
2016
2017
2018
$1.60
$1.54
$1.42
$1.57
$2.21
7
2018 ANNUAL REPORT HIGHLIGHTS CNB BANK SENIOR MANAGEMENT AND OFFICERS
Christopher L. Stott
Market President
Jeffrey W. Alabran
Senior Vice President, Commercial Banking
R. Michael Love
Vice President, Wealth & Asset Management
Eileen F. Ryan
Vice President, Director of Private Banking
Glenn R. Pentz
Senior Vice President, Wealth & Asset Management
C. Brett Stewart
Vice President, Commercial Banking
Kay E. DellAntonio
Assistant Vice President, Commercial Banking
Denise J. Greene
Assistant Vice President, Private Banking
Heather Koptchak
Assistant Vice President, Market Manager
Craig C. Ball
Vice President, Wealth & Asset Management
Calvin R. Thomas, Jr.
Vice President, Wealth & Asset Management
Dustin A. Minarchick
Assistant Vice President, Commercial Banking Leader
Timothy D. Clapper
Vice President, Commercial Banking
Michael E. Haines
Vice President, Commercial Banking
Joseph H. Yaros
Vice President, Commercial Banking
Katie A. Penoyer
Assistant Vice President, Treasury Services
Vickie L. Baker
Assistant Vice President, Community Office Manager
Heather D. Serafini
Assistant Vice President, Private Banking
Eric A. Johnson
Vice President, Wealth & Asset Management
James C. Davidson
Assistant Vice President, Private Banking
Katie M. Whysong
Assistant Vice President, Commercial Banking
ADMINISTRATIVE SERVICES
Yarrow L. Diamond
Senior Vice President, Innovative Solutions
Gregory M. Dixon
Senior Vice President, Senior Credit Officer
Cory K. Johnston
Vice President, Controller
Ruth Anne Ryan-Catalano
Vice President, Retail Banking
John H. Sette
Vice President, Information Technology
Susan M. Warrick
Vice President, Operations
Carla M. Higgins
Vice President, Quality Assurance Manager
Rebecca A. Coleman
Assistant Vice President, Operations Officer
Shannon L. Irwin
Assistant Vice President, Employee Experience
Paul A. McDermott
Assistant Vice President, Facilities
Amy B. Potter
Assistant Vice President, Marketing
B.J. Sterndale
Assistant Vice President, Training
Julie L. Martin
Vice President, Commercial Services
Andrew D. Franson
Assistant Vice President, Wealth & Asset Operations
Sherry L. Wallace
Assistant Vice President, Mortgage Banking
Robin W. Mink
Vice President, Senior Treasury Product
and Sales Team Leader
Kylie L. Graham
Assistant Vice President, Compliance
Joel M. Zupich
Assistant Vice President, Credit Administration
CNB SECURITIES CORPORATION,
A SUBSIDIARY OF CNB FINANCIAL CORPORATION
BOARD OF DIRECTORS
CORPORATE OFFICERS
BOARD OF DIRECTORS
CORPORATE OFFICERS
Joseph B. Bower, Jr.
Chairperson
Joseph P. Strouse
President
Richard L. Greslick, Jr.
Secretary
Francis A. Goss
Vice President
Mark D. Breakey
Director
Halsey M. Ginther
Director
Glenn R. Pentz
Director
Brian W. Wingard
President
Evan R. Pizzuto
Treasurer, Wilmington Trust SP Services, Inc.
Evan R. Pizzuto
Wilmington Trust SP Services, Inc.
Elizabeth F. Bothner
Secretary, Wilmington Trust SP Services, Inc.
8
CNB FINANCIAL CORPORATION
ERIEBANK SENIOR MANAGEMENT AND OFFICERS
David J. Zimmer
President
Wesley H. Gillespie
Regional President
Steven M. Cappellino
Senior Vice President, Area Manager
William L. DeLuca, Jr.
Senior Vice President, Commercial Banking
Steven Levy
Senior Vice President, Commercial Banking
David P. Bogardus
Vice President, Area Manager
Betsy C. Bort
Vice President, Commercial Banking
Travis J. Burch
Vice President, ERIEBANK Investment Advisors
Scott O. Calhoun
Vice President, Commercial Banking
Timothy A. Flenner
Vice President, Area Manager
Christine Hartog
Vice President, Community Office Manager
Katie J. Jones
Vice President, Market Manager
ERIEBANK BOARD OF ADVISORS
Gary M. Alizzeo
Esquire; Shafer Law Firm, P.C.
Joseph B. Bower, Jr.
President and Chief Executive Officer,
CNB Financial Corporation, CNB Bank
Mark D. Breakey
Senior Executive Vice President and
Chief Risk Officer, CNB Bank
Gary L. Clark
Chief Executive Officer,
Reed Manufacturing Company
ERIEBANK OHIO ADVISORY BOARD
James R. Miale
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
Benjamin V. Palazzo
Vice President, Commercial Banking
Timothy J. Roberts
Vice President, Commercial Banking
Paul D. Sallie
Vice President, Private Banking
John M. Schulze
Vice President, Commercial Banking
William J. Vitron, Jr.
Vice President, ERIEBANK Investment Advisors
Thomas J. Walker
Vice President, Commercial Banking
J. Allen Weaver
Vice President, Commercial Banking
Kelly S. Buck
Assistant Vice President, Private Banking
Chrystal M. Fairbanks
Assistant Vice President, Commercial Banking/
Community Office Manage
Jessica A. Figoli
Assistant Vice President, Private Banking
Joanne L. Fulton
Assistant Vice President, Treasury Services
Denise E. Gelofsack
Assistant Vice President, Portfolio Manager
Allison M. Hodas
Assistant Vice President, Commercial Banking
Bryan G. Kusich
Assistant Vice President, Commercial Banking
Barbara A. Macks
Assistant Vice President,
ERIEBANK Investment Advisors
Theresa L. Swanson
Assistant Vice President, Community Office Manager
Mary J. Taormina
Assistant Vice President, Community Office Manager
John R. VanTassel
Assistant Vice President, Treasury Services
Abigail L. Williams
Assistant Vice President, Community Office Manager
Donald W. Damon
Retired; Former ERIEBANK Senior Vice President
Thomas M. Kennedy
President, Professional Development Associates, Inc.
Jane M. Earll
Esquire; Retired Pennsylvania State Senator
Jerome T. Osborne, III
President, JTO, Inc.
Richard L. Greslick, Jr.
Senior Executive Vice President
and Chief Support Officer, CNB Bank; Secretary,
CNB Financial Corporation
Charles “Boo” Hagerty
President, Hamot Health Foundation
Andrea T. Jeffress
Physician, OB-GYN Associates of Erie, PC
Thomas W. Reams
Vice President, C. H. Reams & Associates, Inc.
Nick Scott, Jr.
Vice President & Owner, Scott Enterprises
James E. Spoden
Esquire, MacDonald Illig Jones & Britton, LLP
David J. Zimmer
Chairperson of the Board; President, ERIEBANK
Dr. Lundon Albrecht
Owner, Albrecht Family Dentistry;
Dental Consultant, Coltene Whaledent
Bryce A. Heinbaugh
Managing Partner and Founder,
IEN Risk Management Consultants
Jennifer Brown
Economic Development Specialist, CT Consultants
Richard J. Kessler
President, Society of Rehabilitation
Richard T. Flenner, Jr.
Retired; Former President, Lake National Bank
Kevin D. Malecek
Senior Development Officer, Lakeland Foundation
and Lakeland Community College
Shawn Neece
Director, NMS Certified Public Accountants
Joseph T. Svete
President, Svete & McGee Company, LPA
David J. Zimmer
Chairperson of the Board; President, ERIEBANK
9
2018 ANNUAL REPORT HIGHLIGHTS FCBANK SENIOR MANAGEMENT AND OFFICERS
Jenny L. Saunders
President
Linda K. Salters
Vice President, Market Manager
Neal S. Clark
Senior Vice President, Commercial Banking
Jack L. Trachtenberg
Vice President, Private Banking Team Leader
J. Ralph Parker
Senior Vice President, Senior Credit Officer
Ryan T. Connell
Vice President, Financial Advisor
Robert P. Linnabary
Vice President, Commercial Banking
Bernard J. McGuinness
Vice President, Commercial Banking
Kate McNeill Miller
Vice President, Commercial Banking
FCBANK BOARD OF ADVISORS
Joseph B. Bower, Jr.
President and Chief Executive Officer,
CNB Financial Corporation, CNB Bank
Mark D. Breakey
Senior Executive Vice President &
Chief Risk Officer, CNB Bank
Jennifer Carney
Partner and Co-Founder,
Carney Ranker Architects, Ltd.
Annette D. Lester
Assistant Vice President ,
Community Office Manager
Jillian V. Price
Assistant Vice President, Private Banking
Sam P. Rawal
Assistant Vice President, Private Banking
Rory Reid
Assistant Vice President,
Community Office Manager
Andrew C. Shuneson
Assistant Vice President, Commercial Banking
Dean J. Vande Water
Vice President,
Commercial Real Estate Team Leader
Jeff P. Wallace
Vice President, Treasury Services
William R. Diehl
Assistant Vice President, Senior Portfolio Manager
Anthony D. Laughner
Assistant Vice President,
Community Office Manager
Richard L. Greslick, Jr.
Senior Executive Vice President &
Chief Support Officer, CNB Bank;
Secretary, CNB Financial Corporation
Lawrence A. Morrison
CPA and Partner, Kleshinski, Morrison & Morris, LLP
Jason Pohl
Partner and Co-Founder, Centric Consulting, LLC
Jenny L. Saunders
Chairperson of the Board, President, FCBank
Sam Shim
Board Member, Worthington City Schools
Julie Young
Human Resources Attorney, JMY Law, LLC
BANK ON BUFFALO SENIOR MANAGEMENT AND OFFICERS
Martin T. Griffith
President
Maria E. Barth
Senior Vice President, Commercial Banking
Rosanne Faraci
Vice President, Credit Administration
David G. Hawker
Vice President, Commercial Banking
David P. Paul
Senior Vice President, Wealth & Asset Management
Kathleen B. Kane
Vice President, Community Office Manager
Michael A. Anderson
Vice President,Regional Retail Banking
Administrator
Gregory G. Emminger
Vice President, Commercial Banking
Kelly A. Navagh
Vice President, Treasury Services
Michael J. Noah
Vice President, Commercial Banking
BANK ON BUFFALO BOARD OF ADVISORS
Joseph B. Bower, Jr.
President and Chief Executive Officer,
CNB Financial Corporation, CNB Bank
Mark D. Breakey
Senior Executive Vice President &
Chief Risk Officer, CNB Bank
Joseph E. Dell, Jr.
Senior Executive Vice President &
Chief Commercial Banking Officer, CNB Bank
Ellen E. Grant
Weiss Institute Fellow,
Former Deputy Mayor of the City of Buffalo
Richard L. Greslick, Jr.
Senior Executive Vice President &
Chief Support Officer, CNB Bank; Secretary, CNB
Financial Corporation
Martin T. Griffith
Chairperson of the Board,
President, BankOnBuffalo
Gerry Murak
Principal and Founder, Murak & Associates, LLC;
CEO and Board Chairman, SoPark Corporation;
President, CEO, and Founder, Precision Scientific
Instruments, Inc.
10
Annette A. Tomlin
Vice President, Community Office Manager
Joseph D. Becker
Assistant Vice President, Private Banking
James H. Cosgriff
Assistant Vice President, Wealth Advisor
Angela M. Indelicato-Matar
Assistant Vice President, Commercial Banking
James P. Reidy
Assistant Vice President, Community Office
Manager
Michael Newman
Owner and Executive Vice President, NOCO, Inc.
Peter J. Romano, Jr.
President and CEO, United Materials, LLC
Stephen J. Schop
Managing Partner, Schop, Powell & Associates
Mark A. Tronconi
Partner at Tronconi, Segarra & Associates
CNB FINANCIAL CORPORATION Shareholder Information
ANNUAL MEETING
QUARTERLY SHARE DATA
For information regarding the Corporation’s
quarterly share data, please refer to Item 5 in
the 2018 Form 10-K.
MARKET MAKERS
The following firms 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
Keefe, Bruyette & Woods, Inc.
787 Seventh Avenue, 4th Floor
New York, NY 10019
(212) 887-7777
The Annual Meeting of the Shareholders
of CNB Financial Corporation will be held
Tuesday, April 16, 2019 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
(800) 492-3221
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
11
2018 ANNUAL REPORT HIGHLIGHTS Backed by
the full faith
and credit
of the
United States
government
Each depositor insured to at least $100,000
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.