Following the annual meetings of CNB Financial Corporation [Nasdaq:CCNE] and CNB Bank today, CNB Financial Corporation announced that its shareholders re-elected Class 2 directors Richard L. Greslick, Jr., Deborah Dick Pontzer, and Nicholas N. Scott each for a three-year term expiring at the 2022 annual meeting.
The following Corporation directors retained their positions but were not standing for election this year: Peter F. Smith, Jeffrey S. Powell, Francis X. Straub, III, Peter C. Varischetti, Joseph B. Bower, Jr., Robert W. Montler, Joel E. Peterson, and Richard B. Seager.
In addition to the election of directors, shareholders ratified the appointment of CNB Financial Corporation’s independent auditors, Crowe Horwath LLP, for the year ending December 31, 2019, approved revisions to the Corporation’s articles of incorporation and by-laws, approved the Corporation’s 2019 omnibus incentive plan, and approved on an advisory basis the Corporation’s compensation program for its named executive officers.
Chairman Peter F. Smith conducted the meeting and welcomed the shareholders present. Mr. Smith then introduced Mr. Joseph B. Bower, Jr., President & Chief Executive Officer of CNB Financial Corporation and CNB Bank and Mr. Richard L. Greslick, Jr., Senior Executive Vice President/Chief Support Officer of CNB Bank and Secretary of CNB Financial Corporation to address the shareholders. Mr. Greslick presented a summary of the Corporation’s 2018 financial performance, including its net income, earnings per share, return on average assets and return on average equity. Mr. Greslick also discussed the Corporation’s capital position and trends in key regulatory capital ratios from 2012 through 2018.
Mr. Bower then presented an overview of the Corporation’s strategic vision and its three strategic principles that will result in the Corporation’s ongoing ability to produce significant rewards. The first principal is to be the source of exceptional experiences, which comprises both customer experiences and employee experiences. The second principal is to foster an environment of leadership, which is a philosophy that embraces leadership in local communities, leadership in the financial services industry, and leadership within the Corporation. The third principal is to position the Corporation for long-term growth. Mr. Bower also reviewed the Corporation’s key differentiators that align with its strategic vision and principles.
Mr. Bower next presented an overview of the Corporation’s four community banking divisions – CNB Bank, ERIEBANK, FCBank, and BankOnBuffalo. Mr. Bower discussed the asset size, geographic market, and significant 2018 events for each division. Finally, Mr. Bower summarized the Corporation’s financial performance for the first quarter of 2019, which included net income of $9.5 million and earnings per share of $0.62.
Inquiries regarding Investor Relations of CNB Financial Corporation stock (CCNE) will be answered by phoning (814) 765-9621.
CNB Financial Corporation is a financial holding company with consolidated assets of approximately $3.3 billion that conducts business primarily through CNB Bank, CNB Financial Corporation’s principal subsidiary. CNB Bank is a full-service 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 and 42 full-service offices in Pennsylvania, Ohio, and New York. CNB Bank’s 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; and BankOnBuffalo, based in Buffalo, New York with offices in northwest New York. CNB Bank is headquartered in Clearfield, Pennsylvania with offices in central and north central Pennsylvania.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond CNB’s control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” CNB’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. For more information about factors that could cause actual results to differ from those discussed in the forward-looking statements, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of and forward-looking statement disclaimers in CNB’s annual and quarterly reports.
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