CNB Financial 10K 2014 Annual report | CCNE Filing

Exhibit 99.1

TABLE OF CONTENTS


*Consolidated Financial Highlights*			4

*Message to the Shareholders*			5

*Executive Management and Board of Directors*			8

*Officers*			9

*Shareholder Information*			12

2014 ANNUAL REPORT HIGHLIGHTS 3

CONSOLIDATED FINANCIAL HIGHLIGHTS(dollars in thousands, except per share data)

HIGHLIGHTS


	2014			2013			% Change

FOR THE YEAR
Interest and Dividend Income	$	86,882		$	71,416			21.7	%
Interest Expense		12,287			12,212			0.6	%
Net Interest Income		74,595			59,204			26.0	%
Non-interest Income		14,321			13,766			4.0	%
Non-interest Expense		52,688			43,813			20.3	%
Net Income		23,074			16,679			38.3	%

Net Income Return on:
Average Assets		1.07	%		0.88	%		21.6	%
Average Equity		12.76	%		11.38	%		12.1	%

AT YEAR END

Assets	$	2,189,213		$	2,131,289			2.7	%
Loans, net of unearned		1,355,289			1,295,363			4.6	%
Deposits		1,847,079			1,835,314			0.6	%
Shareholders’ Equity		188,548			164,911			14.3	%

PER SHARE DATA

Net Income, diluted	$	1.60		$	1.29			24.0	%
Dividends		0.66			0.66			0.0	%
Book Value		13.09			11.43			14.5	%
Market Value		18.50			19.00			(2.6	%)

4 CNB FINANCIAL CORPORATION

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 classified 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 deposits 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

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 ERIEBANK 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 capacity 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.	Brian W. Wingard
President & Chief Executive Officer	Treasurer & Principal Financial Officer

Richard L. Greslick, Jr.	Vincent C. Turiano
Secretary	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	Mary Ann Conaway Executive Vice President, Human Resources Joseph E. Dell, Jr. Executive Vice President & Chief Lending Officer	Leanne D. Kassab Executive Vice President, Customer Experience Vincent C. Turiano Executive Vice President, Wealth Officer Brian W. Wingard Executive Vice President & Chief Financial 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)	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)	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.

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

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

Branch Division

Mary A. Baker

Assistant Vice President, Northern Cambria Office

Vickie L. Baker

Assistant Vice President,

Regional Branch Administration, Bradford Main Office

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

Tyler A. Kirkwood

Regional Branch Administration, Clearfield Industrial Park Road Office

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

Caroline Henry

Community Office Manager, Philipsburg Presqueisle Street Office

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

Pam Synder

Community Office Manager, Kane 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

Timothy C. Nagle

Vice President,

Market Executive, Blair County

Matthew Q. Raptosh

Vice President,

Commercial Lending, Philipsburg

Michael C. Sutika

Vice President,

Commercial Banking, Clearfield

Joseph H. Yaros

Vice President,

Commercial Banking, Bradford

David W. Ogden

Vice President, Credit Administration

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

Michael Mignogna

Assistant Vice President, Business Development Officer, Blair County

Autumn F. Farley

Commercial Loan Portfolio Manager & Support Lending Officer

Cory Johnston

Assistant Vice President, Credit Administration

Katie A. Penoyer

Commercial Banking Officer

Wealth & Asset Management Services

Craig C. Ball