The president and CEO of Bank on Buffalo's parent company received a 33 percent increase in his total pay last year.
Joseph B. Bower Jr. of CNB Financial Corp. received $1.3 million in 2017, up from about $968,000 the year before, according to a regulatory filing. The increase included a 7 percent increase in his salary, to $520,000. His total compensation also included restricted stock awards and pension value, among other factors.
The CNB board's executive compensation committee approved 2017 salary increases for Bower and four other executives in December 2016 "to bring compensation in line with market practice and recognize executive performance and contribution," the bank said in a filing.
CNB is based in Clearfield, Pa. Its Bank on Buffalo division opened its first three branches in 2017.