2019
ANNUAL
R E P O R T
TABLE OF CONTENTS
Board of Directors and Executive Management 3
Message to the Shareholders 4-5
Consolidated Financial Highlights 6-7
CNB Bank Senior Management and Officer Listings 8
ERIEBANK Senior Management, Officer and Advisory Board Listings 9
FCBank Senior Management, Officer and Advisory Board Listings 10
BankOnBuffalo Senior Management, Officer and Advisory Board Listings 10
Shareholder Information 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
Tito L. Lima
Treasurer & Principal Financial Officer
BOARD OF DIRECTORS, CNB FINANCIAL CORPORATION AND CNB BANK
Peter F. Smith
Chairperson of the Board; Attorney at Law
Jeffrey S. Powell
President, J.J. Powell, Inc.
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
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.
Joel E. Peterson
President, Clearfield Wholesale Paper
Peter C. Varischetti
President, Varischetti Holdings, LP
Deborah Dick Pontzer
Economic Development and Workforce
Specialist, Office of Congressman
Glenn Thompson
EXECUTIVE OFFICERS, CNB BANK
Joseph B. Bower, Jr.
President and Chief Executive Officer
Joseph E. Dell, Jr.
Senior Executive Vice President, Chief
Commercial Banking Officer
Richard L. Greslick, Jr.
Senior Executive Vice President, Chief Support
Officer
Mary Ann Conaway
Executive Vice President, Employee Experience
Gregory M. Dixon
Executive Vice President, Chief Risk Officer
Julie Young
Human Resources Attorney, JMY Law, LLC
Martin T. Griffith
Executive Vice President, Community Banking;
President BankOnBuffalo
Leanne D. Kassab
Executive Vice President, Customer Experience
Tito L. Lima
Executive Vice President, Chief Financial
Officer
Steven R. Shilling
Executive Vice President,
Private Client Solutions
3
2019 ANNUAL REPORT HIGHLIGHTS MESSAGE TO OUR SHAREHOLDERS,
CUSTOMERS, EMPLOYEES AND FRIENDS
It is my pleasure to share CNB Financial Corporation 2019 highlights with you. The expansion of CNB’s customer base was
significant despite not actively expanding our market area. Our households served increased 7.8% to 68,892 households,
which contributed to asset growth of 17%. Other financial highlights for the year include:
Earnings Growth
EPS Growth
Deposit Growth
Loan Growth
18.9%
19.0%
18.8%
13.3%
Return on Average Tangible Common Equity
16.28%
Loan to Deposit Ratio Improved To
90.38%
The Corporation strives to achieve, and maintain, financial performance levels in the top quartile of our peer group in order
to provide a positive return to shareholders. While this measure is critical to long-term success and a safe, sound financial
institution, management and the Board believe that other, non-financial measures are equally important. CNB’s roots are
deep within the communities we serve. Their success and well-being are critical to our organization and to our employees.
We believe in a workforce that enjoys what they do every day. CNB not only listens to their employees, we also take measures
to minimize stress points in the lives of our team.
Our team is extremely important to our success as satisfied employees provide better service to our customers. CNB
provides each employee with the opportunity for a solid foundation for retirement with matching and profit sharing
contribution plans in place. In addition, our employees have access to expert financial planning advice through our Private
Client Solutions group. Beyond financial wellness, CNB also provides health and wellness programs, online/telephone
doctor assistance, a confidential Employee Assistance Program, and a robust healthcare plan that includes premium-free
vision and dental.
We recently addressed several additional topics that are key to a healthy family environment. By listening to feedback from
employees, we improved our position on paternity leave, adoption leave and student loan payment assistance. We have
reduced travel time by better utilizing technology, and improved educational opportunities throughout the Bank. Most
job functions have training tracks designed to help team members develop their knowledge, understand the importance
of collaboration and improve communications. In 2015, we developed the CNB Leadership Institute to build depth in our
organization and create a better leadership succession track. This program continues to evolve and, to date, has graduated
38 individuals, many whom have already made great advancements here at CNB.
Community Involvement took on an extra meaning this year when a group from the last CNB Leadership class developed
an initiative inspired by Dr. Martin Luther King, Jr. The group developed a program for CNB to “Take the Day On” instead of
taking Martin Luther King Day off. The event was a huge success that resulted in the support of 44 non-profit organizations
by 382 CNB team members, from across four bank divisions in three states. This community outreach event is in addition to
the continued leadership, volunteer hours and financial support that our 605 employees provide to local non-profits, youth
programs and governmental organizations all year long.
4
CNB FINANCIAL CORPORATION A few years ago, CNB began taking on several initiatives to reduce emissions and electric usage. Our main office now
features equipment that minimizes the use of lighting, heat and air conditioning not only during overnight hours, but also
during working hours. While efforts have significantly reduced our usage of electricity, we are not finished. Over the next
few years, we will install this technology into all of our locations. We are also looking into ways to reduce the power needs
for all of our technology, which will require assistance from our major vendors and creative thinking.
Opening our latest version of a state of the art financial center
in Niagara Falls, NY was another of our highlights. This new
BankOnBuffalo office furthers our open floor plan design which
began in ERIEBANK 14 years ago. This new office is even more
welcoming, offering coffee, wireless functionality for both our staff
and our customers along with comfortable areas to relax during their
visit at our office. The office also features enhanced teller machines
both inside and at the drive thru. The addition of these machines
provides a more personal touch at the drive thru and the convenience of expanded hours of service.
On December 18, 2019, CNB announced the acquisition of Bank of Akron. This will add six new BankOnBuffalo locations
along with a talented team of bankers to our rapidly expanding presence in the western NY market area.
In order to support our growing franchise, the Main Office expansion project was announced. The new building plan calls
for additional space for up to 70 more employees. This project will enable CNB to continue its growth while providing back
office infrastructure in areas of compliance, account and loan servicing, eSolutions, marketing, information technology, and
security. We are happy to maintain such a large workforce in our hometown. Clearfield has been very supportive of our
bank and our growth throughout the 155 years in business.
I want to welcome Julie Young to the CNB Financial Corporation and the CNB Bank Boards. Julie comes to
CNB from Columbus, OH, where she is also a member of our FCBank Advisory Board. She brings a breadth
of knowledge to the Board with her experience in employment law, both at the federal and state levels. She
is a lifelong resident of the Columbus area and provides us with perspective from a large, rapidly growing
metropolitan area. Management and the Board look forward to working with Julie.
Finally, I want to thank you for your continued trust in CNB to provide you with a beneficial relationship as a customer, shareholder
or employee. We will continue to work hard to maintain that trust through the successful integration of personal relationships
and innovative solutions to provide exceptional experiences for our customers and employees alike.
Joseph B. Bower, Jr.
President and Chief Executive Officer
5
2019 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
2019
$155,728
39,530
116,198
25,975
87,508
40,081
2018 % Change
$131,870
26,950
104,920
20,723
79,342
33,719
18.1%
46.7%
10.7%
25.3%
10.3%
18.9%
1.17%
14.05%
1.12%
13.46%
4.5%
4.4%
$3,763,659
2,804,035
3,102,327
304,966
$3,221,521
2,474,557
2,610,786
262,830
16.8%
13.3%
18.8%
16.0%
$2.63
0.68
20.00
$2.21
0.67
17.28
19.0%
1.5%
15.7%
6
CNB FINANCIAL CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
ASSET GROWTH (in thousands)
2015
2016
2017
2018
2019
2015
2016
2017
2018
2019
$2,285,136
$2,573,136
$2,768,773
$3,221,521
$3,763,659
LOANS, NET OF UNEARNED (in thousands)
$1,577,798
$1,873,536
$2,145,959
$2,474,557
$2,804,035
2015
2016
2017
2018
2019
NET INTEREST INCOME (in thousands)
$74,707
$81,287
$91,509
$104,920
$116,198
EARNINGS PER SHARE
2015
2016
2017
2018
2019
$1.54
$1.42
$1.57
$2.21
$2.63
7
2019 ANNUAL REPORT HIGHLIGHTS CNB BANK SENIOR MANAGEMENT AND OFFICERS
Christopher L. Stott
Senior Vice President, Market President
Jeffrey W. Alabran
Senior Vice President, Commercial Banking
Yarrow L. Diamond
Senior Vice President, Innovative Solutions
Robin W. Mink
Senior Vice President, Senior Treasury Management
Director
Glenn R. Pentz
Senior Vice President, Investment Advisor
Craig C. Ball
Vice President, Wealth Advisor
Timothy D. Clapper
Vice President, Commercial Banking
Rosanne Faraci
Vice President, Credit Administration
Kylie L. Graham
Vice President, Support
Joseph K. Haines
Vice President, Commercial Banking
Michael E. Haines
Vice President, Commercial Banking
Carla M. Higgins
Vice President, Customer Experience/Quality Assurance
Eric A. Johnson
Vice President, Wealth & Asset Management
Team Leader
Cory K. Johnston
Vice President, Controller
R. Michael Love
Vice President, Wealth Advisor
Heather J. Koptchak
Vice President, Employee Administration
Julie L. Martin
Vice President, Commercial Services
Kay E. DellAntonio
Assistant Vice President, Commercial Banking
William R. Diehl
Assistant Vice President, Senior Portfolio Manager
Dustin A. Minarchick
Vice President, Commercial Banking Leader
Andrew D. Franson
Assistant Vice President, Wealth & Asset Operations
Amy B. Potter
Vice President, Customer Experience
Eileen F. Ryan
Vice President, Director of Private Banking
Ruth Anne Ryan-Catalano
Vice President, Retail Banking
John M. Schulze
Vice President, Director of Participations and
Syndications
John H. Sette
Vice President, Information Technology
Kelly J. Sheffield
Vice President, BSA Officer
C. Brett Stewart
Vice President, Commercial Banking
Susan M. Warrick
Vice President, Operations
Katie M. Whysong
Vice President, Commercial Banking
Joseph H. Yaros
Vice President, Commercial Banking
Vickie L. Baker
Assistant Vice President, Community Office Manager
Rebecca A. Coleman
Assistant Vice President, Operations Officer
James C. Davidson
Assistant Vice President, Private Banking
Denise E. Gelofsack
Assistant Vice President, Senior Portfolio Manager
Shannon L. Irwin
Assistant Vice President, Employee Experience
Darryl P. Koch
Assistant Vice President, Information Security Officer
Paul A. McDermott
Assistant Vice President, Facilities
Katie A. Penoyer
Assistant Vice President, Treasury Services
Heather D. Serafini
Assistant Vice President, Private Banking
B.J. Sterndale
Assistant Vice President, Training
Dorthy M. Turner
Assistant Vice President, Wealth Advisor
Sherry L. Wallace
Assistant Vice President, Mortgage Banking
Eric E. White
Assistant Vice President, Market Manager
Carrie A. Wood
Assistant Vice President, Marketing & Financial
Literacy Manager
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
Richard L. Greslick, Jr
Chairperson
Gregory M. Dixon
Secretary
Joseph B. Bower, Jr.
Treasurer
Gregory M. Dixon
Chairperson
Joseph P. Strouse
President
Francis Goss
Vice President
Glenn R. Pentz
Director
Tito L. Lima
President
Donald R. McLamb, Jr.
Wilmington Trust SP Services, Inc.
Donald R. McLamb, Jr.
Treasurer, 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, Northeast Ohio
Steven M. Cappellino
Senior Vice President, Area Manager
William L. DeLuca, Jr.
Senior Vice President, Commercial Banking
David P. Bogardus
Vice President, Area Manager
Travis J. Burch
Vice President, Investment Advisor
James E. Burke
Vice President, Commercial Banking
Scott O. Calhoun
Vice President, Commercial Banking
Maggie M. Dempsey
Senior Vice President, Private Banking
Timothy A. Flenner
Vice President, Area Manager
Suzanne Hamilton
Vice President, Commercial Banking
Christine Hartog
Vice President, Community Office Manager
ERIEBANK BOARD OF ADVISORS
David J. Zimmer
Chairperson of the Board; President, ERIEBANK
Gary M. Alizzeo
Esquire, Shafer Law Firm, P.C.
Joseph B. Bower, Jr.
President and Chief Executive Officer,
CNB Financial Corporation, CNB Bank
Gary L. Clark
Chief Executive Officer,
Reed Manufacturing Company
Donald W. Damon
Retired; Former ERIEBANK Senior Vice President
ERIEBANK OHIO ADVISORY BOARD
Wesley H. Gillespie
Chairperson of the Board; Regional President,
ERIEBANK Northeast Ohio
Dr. Lundon Albrecht
Owner, Albrecht Family Dentistry
Katie J. Jones
Vice President, Market Manager
Thomas J. Walker
Vice President, Commercial Banking
Steven B. Levy
Senior Vice President, Commercial Banking
Mark R. Weibel
Vice President, Wealth Advisor
James R. Miale
Vice President, Commercial Banking
Larry G. Morton
Vice President, Wealth Advisor
Kelly S. Buck
Assistant Vice President, Private Banking
Chrystal M. Fairbanks
Assistant Vice President, Community Office Manager
Gregory A. Noon
Vice President, Commercial Banking Area Manager
Jessica A. Figoli
Assistant Vice President, Private Banking
Benjamin V. Palazzo
Vice President, Commercial Banking
Timothy J. Roberts
Vice President, Commercial Banking
Paul D. Sallie
Vice President, Private Banking
Alison A. Samuels
Vice President, Commercial Banking
Jerome L. Smith
Vice President, Commercial Banking
Joanne L. Fulton
Assistant Vice President, Treasury Services
Allison M. Hodas
Assistant Vice President, Commercial Banking
Bryan G. Kusich
Assistant Vice President, Commercial Banking
Barbara A. Macks
Assistant Vice President, Wealth Advisor
Theresa L. Swanson
Assistant Vice President, Community Office Manager
William J. Vitron, Jr.
Vice President, ERIEBANK Investment Advisors
John R. VanTassel
Assistant Vice President, Treasury Services
Joseph E. Dell, Jr.
Senior Executive Vice President, Chief Commercial
Banking Officer
Gregory M. Dixon
Executive Vice President, Chief Risk Officer,
CNB Bank
Jane M. Earll
Esquire; Retired Pennsylvania State Senator
Richard L. Greslick, Jr.
Senior Executive Vice President &
Chief Support Officer, CNB Bank; Secretary,
CNB Financial Corporation
Charles “Boo” Hagerty
President, Hamot Health Foundation
Dr. Andrea T. Jeffress
Physician, OB-GYN Associates of Erie, PC
Thomas M. Kennedy
President, Professional Development Associates, Inc.
Jerome T. Osborne, III
President, JTO, Inc.
Thomas W. Reams
President, C. H. Reams & Associates, Inc.
Nicholas N. Scott
Vice President & Owner, Scott Enterprises
James E. Spoden
Esquire, MacDonald Illig Jones & Britton, LLP
Richard T. Flenner, Jr.
Retired; Former President, Lake National Bank
Kevin D. Malecek
Director of Economic Development, City of Mentor
Bryce A. Heinbaugh
Managing Partner and Founder,
IEN Risk Management Consultants
Shawn Neece
Director, NMS Certified Public Accountants
Joseph T. Svete
President, Svete & McGee Company, LPA
9
Jennifer Brown
Economic Development Specialist, CT Consultants
Richard J. Kessler
President, Society of Rehabilitation
2019 ANNUAL REPORT HIGHLIGHTS FCBANK SENIOR MANAGEMENT AND OFFICERS
Jenny L. Saunders
President
Kate M. Miller
Vice President, Commercial Banking
Neal S. Clark
Senior Vice President, Commercial Banking
Amy E. Pierce
Vice President, Treasury Services
Chris D. Butcher
Vice President, Private Client Solutions
Team Leader
J. Ralph Parker
Senior Vice President, Credit Officer
Robert P. Linnabary
Vice President, Commercial Banking
Bernard J. McGuinness
Vice President, Commercial Banking
Michael D. Mantor
Vice President, Commercial Banking
FCBANK BOARD OF ADVISORS
Jenny L. Saunders
Chairperson of the Board, President, FCBank
Joseph B. Bower, Jr.
President and Chief Executive Officer,
CNB Financial Corporation, CNB Bank
Jennifer Carney
Pincipal, OHM-Advisors
Linda K. Salters
Vice President, Business Development Leader
Jack L. Trachtenberg
Vice President, Private Banking
Stephanie A. Wagner
Vice President, Wealth Advisor
Jeff P. Wallace
Vice President, Treasury Services
Stephen D. Winner
Vice President, Commercial Real Estate
Jeffrey J. Beyke
Assistant Vice President, Market Manager
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
Gregory M. Dixon
Executive Vice President, Chief Risk Officer,
CNB Bank
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
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
Executive Vice President, Community Banking;
President BankOnBuffalo
Maria E. Barth
Senior Vice President, Commercial Banking
Michael J. Noah
Senior Vice President, Commercial Banking
David P. Paul
Senior Vice President, Private Client Solutions Team
Leader
Michael A. Anderson
Vice President, Regional Retail Banking
Administrator
Joseph D. Becker
Vice President, Private Banking
Christine M. Domster
Vice President, Treasury Services
David G. Hawker
Vice President, Commercial Banking
Kathleen B. Kane
Vice President, Community Office Manager
Kelly A. Navagh
Vice President, Treasury Services
Gail E. Testa-Romano
Vice President, Wealth Advisor
Annette A. Tomlin
Vice President, Community Office Manager
BANK ON BUFFALO BOARD OF ADVISORS
Martin T. Griffith
Chairperson of the Board,
Executive Vice President, Community Banking;
President BankOnBuffalo
Herbert L. Bellamy, Jr.
CEO, Bellamy Enterprises; CEO,
Buffalo Black Achievers, Inc.
Joseph B. Bower, Jr.
President and Chief Executive Officer,
CNB Financial Corporation, CNB Bank
Joseph E. Dell, Jr.
Senior Executive Vice President &
Chief Commercial Banking Officer, CNB Bank
Gregory M. Dixon
Executive Vice President, Chief Risk Officer, CNB
Bank
Richard L. Greslick, Jr.
Senior Executive Vice President &
Chief Support Officer, CNB Bank; Secretary, CNB
Financial Corporation
10
James H. Cosgriff
Assistant Vice President, Wealth Advisor
Ryan T. Gorman
Assistant Vice President, Community Office
Manager
Angela M. Indelicato-Matar
Assistant Vice President, Commercial Banking
Thomas J. Ivancic
Assistant Vice President, Commercial Banking
James P. Reidy
Assistant Vice President, Community Office
Manager
Gerry Murak
Principal and Founder, Murak & Associates, LLC;
CEO and Board Chairman, SoPark Corporation;
President, CEO, and Founder, Precision Scientific
Instruments, Inc.
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 21, 2020 at 2:00 pm at the Lock Haven
University - Clearfield Campus, 201 University Drive,
Clearfield, PA 16830, 2nd Floor Upper Lounge.
CORPORATE ADDRESS
CNB Financial Corporation
31 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
2019 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.