On this page of StockholderLetter.com we present the latest annual shareholder letter from CNB FINANCIAL CORP/PA — ticker symbol CCNE. Reading current and past CCNE letters to shareholders can bring important insights into the investment thesis.

 •  3/7/2025 Letter Continued (Full PDF)
 •  3/17/2023 CCNE Stockholder Letter
 •  3/8/2024 CCNE Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  CCNE Benford's Law Stock Score = 95

CCNE Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT
Building Mutually
Beneficial Experiences:
Driving Financial Success Through
Strategic Partnerships

Ridge View Bank's headquarters and third SMART Center opened in the City of Roanoke in November 2024.
TABLE OF CONTENTS
About CNB Financial Corporation     
3
Message to the Shareholders     
4-7
Consolidated Financial Highlights     8-9
Client Testimonials     10-12
CNB Financial Corporation Board of Directors and Corporate Officers   
13
CNB Bank Advisory Board, Senior Management and Management   
14-15
ERIEBANK Advisory Boards and Management     
16-17
BankOnBuffalo Advisory Board and Management     
18
FCBank Advisory Board and Management     
19
Ridge View Bank Advisory Board and Management     
20
Impressia Bank Management     21
Holiday Financial Services Board of Directors and Officers     
22
Shareholder Information

22

23
2024 Corporate Responsibility Impact
2
CNB Financial Corporation

About Us
CNB Financial Corporation is a financial
holding company with consolidated
assets of approximately $6.2 billion.
CNB Financial Corporation conducts
business primarily through its principal
subsidiary, CNB Bank. CNB Bank is a fullservice bank engaging in a full range of
banking activities and services, including
trust and wealth management services,
for individual, business, governmental,
and institutional customers. CNB Bank
operations include a private banking
division, one drive-up office, one mobile
office, one loan production office, and 55
full-service offices in Pennsylvania, Ohio,
New York, and Virginia.
CNB Bank, headquartered in Clearfield,
Pennsylvania, with offices in Central and
North Central Pennsylvania, serves as the
multi-brand parent to various divisions.
These divisions include ERIEBANK, based
in Erie, Pennsylvania, with offices in
Northwest Pennsylvania and Northeast
Ohio; FCBank, based in Worthington, Ohio,
with offices in Central Ohio; BankOnBuffalo,
based in Buffalo, New York, with offices in
Western New York; Ridge View Bank, based
in Roanoke, Virginia, with offices in the
Southwest Virginia region; and Impressia
Bank, a division focused on banking
opportunities for women, which operates
in CNB Bank's primary market areas.
OUR MISSION
CNB Financial Corporation is a leader
in providing financial solutions, which
create value for both consumers
and businesses. These solutions
encompass deposit accounts, private
banking, real estate, commercial,
industrial, residential and consumer
loans and lines of credit, credit cards,
treasury services, online banking,
mobile banking, merchant card
processing, remote deposit, and
accounts receivable handling. In
addition, the Corporation provides
wealth and asset management
services, retirement plans and other
employee benefit plans.
OUR CORE VALUES
Respect
Inclusion
Volunteerism
Accountability
Integrity
Collaboration
Innovation
Professionalism
Client Focus
Leadership
Annual Report 2024
3

Letter from CNB Bank's Chairperson of
the Board and President and CEO
Dear Shareholders, Clients, and Community Partners,
As we reflect on the past year and look ahead to an exciting future, we are pleased to share CNB
Bank   s continued progress and commitment to delivering meaningful returns and accretion
of value for our shareholders. This is best reflected by the increasing earnings per share we
reported for each successive quarter in 2024, while our book value per share reflected a similar
quarter-over-quarter steady accretion throughout the year. We are committed to maintaining
a team of motivated and engaged employees who deliver mutually beneficial and sustainable
success for the clients, investors, and communities we serve.
In February 2025, CNB Bank and its predecessor organization, County National Bank, celebrated
160 years in business. Though we might think the past few years have been challenging in the
banking industry and our country, imagine the obstacles facing the individuals who started
County National Bank back in February 1865. Our country was on the tail end of a multi-year and
persisting Civil War where so many lives were lost or wounded, and so many of the residents
and businesses had their existence turned upside down in the towns and cities in which we
now call markets in our family of banks. The future in any part of the United States at that
time was full of anxiety and uncertainty - but what also persisted was a spirit of resilience and
rebuilding, and opportunity, as our founders realized in forming our Company 160 years ago. We
are here today because those founders, and so many souls in the continuous legacy of what is
4
CNB Financial Corporation

now CNB Bank through the past 160 years, have persisted through historical challenges with
timeless and enduring foundational commitments. At any time or place in the past 160 years,
those representing our Company do not compromise on our Golden Rule based core values,
and look to serve our customers, investors, and the colleagues who we work with side-by-side
with the best possible services, products, results, and efforts we have to offer.
A significant initiative for 2025 and beyond is the acquisition of ESSA Bancorp, Inc. by CNB
Financial Corporation, which will include CNB Bank   s acquisition of ESSA Bank & Trust, which we
proudly announced on January 10. This transformative partnership, which requires shareholder
and regulatory approval to proceed, will align two high performing banks with a shared
commitment to client-focused service and community investment. As we intend to maintain
the valuable ESSA brand within our one bank charter but multi-state, multi-brand operating
model, we remain intent on achieving qualitative growth across our existing franchise and
our new markets in all key areas, commercial, retail, and wealth management activities, while
maintaining disciplined underwriting principles, and tight expense management. This merger
expands our reach into eastern Pennsylvania and the greater Lehigh Valley market, positioning
CNB among the top ten banks in Pennsylvania and top three in the Lehigh Valley for deposit
market share. With strong cultural alignment and low execution risk, we anticipate a seamless
integration that will drive significant financial benefits for our shareholders, employees, and the
new customers we will serve in the traditional ESSA footprint.
Our strategic operating focus centers on a commitment to positive operating leverage and
the deployment of secure, effective, and user-friendly technologies. While enhancing our
digital infrastructure, we are focused on business processes, efficiencies and the expansion of
solutions aimed at better serving our clients. Prudent expense management remains a priority,
with salaries, technology and advertising investments aligned to support growth and revenuegenerating initiatives to maximize returns. By carefully balancing growth and cost control, we
maintain positive operating leverage, with steady loan and deposit growth and increased net
interest income.
CNB remains committed to a foundation of security and financial soundness. In the face of
continued industry-wide challenges in recent years given the higher interest rate environment
and competition for funding sources, our strategy of divisional autonomy and a proactive
response to shifting interest rate environments has proven successful in driving deposit growth
while managing cost of funds. Asset quality and interest rate risk management practices include
sound loan and investment underwriting, disciplined loan and deposit pricing, and relevant
stress testing and risk management practices.
Annual Report 2024
5



 3/7/2025 Letter Continued (Full PDF)