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AFTER HRS · 18:20 ET
Market ClerkRecap
Wed Oct 21 · after hours2 signals today106 insider buys this week · $305.5MCIRO short report next: Oct 31The week ahead

CCNE

CNB FINANCIAL CORP/PA
NASDAQ · FINANCIALS · STATE COMMERCIAL BANKS
34.45
−0.13 −0.38%
USD · close Oct 21
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Work order
37
FLAG · shorts 37
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $1BP/E 11.0DIV YIELD 2.15%FCF YIELD 8.40%REV TTM —NET INCOME $96M +76.4%NET CASH $304.2M52W 24.00 – 35.72SEC XBRL · TTM TO Invalid Date

How CCNE rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
37%
of sentences unchanged
Added
472
new sentences
Dropped
364
sentences removed
Length
+3,644
words, now 43,454

New in FY2025

  • The changes to net interest income shown below are in compliance with the Corporation’s policy guidelines. % Change in Net Interest Income Change in Basis Points December 31, 2025 December 31, 2024 300 1.6% (0.2)% 200 1.5% 0.5% 100 1.0% 0.5% (100) (1.8)% (1.1)% (200) (2.0)% (1.4)% (300) (2.8)% (3.3)% At December 31, 2025, the Corporation has approximately $4.1 billion in outstanding loan balances that are rate sensitive over the next twelve months.
  • FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Report of Independent Registered Public Accounting Firm To the Shareholders, Board of Directors, and Audit Committee CNB Financial Corporation Clearfield, Pennsylvania Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of CNB Financial Corporation ("Corporation") as of December 31, 2025 and 2024 , the related consolidated statements of income and comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements").
  • In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Corporation as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
  • We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Corporation’s internal control over financial reporting as of December 31, 2025 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 11, 2026, expressed an unqualified opinion thereon.
  • Allowance for Credit Losses on Loans – Qualitative Factors Description of the Critical Audit Matter As described in Notes 1 and 4 to the financial statements, the Corporation’s loan portfolio totaled $6.5 billion as of December 31, 2025, and the allowance for credit losses on loans ("ACL") was $67.1 million.
  • The calculated quantitative estimated losses are supplemented by qualitative factors that impact expected credit losses.
  • Qualitative factors include changes in underwriting standards, changes in external environment, changes in lending experience and depth and other factors.
  • The allowance for credit loss may be materially affected by these qualitative factors, especially during periods of economic uncertainty, for items not reflected in the lifetime credit loss calculation, but which are deemed appropriate by management's current assessment of the risks related to the loan portfolio.
  • We identified the qualitative factor adjustments to the allowance for credit losses as a critical audit matter.
  • The principal considerations for that determination included the high degree of judgment and subjectivity in auditing management’s measurements of those qualitative factor adjustments related to economic conditions, changes in underwriting and lending experience and depth.
  • Auditing these assumptions required a high degree of auditor effort, specialized skills and knowledge, and significant auditor judgment to determine the relevance and reliability of data used in the development of the assumptions utilized by the Corporation.
  • How the Critical Audit Matter Was Addressed in the Audit The primary procedures performed to address the critical audit matter included: • We obtained an understanding of the Corporation's model and process for determining the allowance for credit losses and evaluated the design and tested the operating effectiveness of controls relating to this estimate, including controls over management’s review and approval of relevant qualitative factor adjustments applied within the qualitative framework to address risks not already incorporated within the model. • We evaluated management’s methodology for developing the qualitative factor adjustments related to economic conditions, changes in underwriting and lending experience and depth and the completeness and accuracy of data utilized in development of such adjustments. • Our evaluation focused on the qualitative factor framework as a whole, including how management’s judgments across multiple factors collectively influence the allowance and adjust quantitative model outputs.
  • We assessed whether the combined effect of these judgments was reasonable, internally consistent, and supported by relevant data and governance processes.
  • Business Combination – Fair Value of Acquired Loans Receivable Description of the Critical Audit Matter As described in Notes 1 and 2 to the financial statements, on July 23, 2025, the Corporation completed its acquisition of ESSA Bancorp, Inc. and its subsidiary bank, ESSA Bank & Trust Company, pursuant to the merger agreement dated as of January 9, 2025.
  • The assets acquired and liabilities assumed are required to be measured at fair value at the date of acquisition under the purchase method of accounting.
  • The Corporation acquired loans receivable with a fair value of $1.66 billion.
  • As disclosed by the Corporation, the fair value of the acquired loans receivable were estimated using a discounted cash flow method on an individual loan basis.
  • To estimate the value of the loans, each loans’ contractual cash flows were projected, adjusted for expected prepayments and credit losses.
  • Assumptions for credit losses were based off the risk characteristics of each loan.
  • The projected cash flows were then discounted to present value using a discount rate based on the relative risk of the cash flows.
  • We identified the valuation of the acquired loans receivable in the Merger as a critical audit matter.
  • The principal consideration for that determination included the high degree of judgment required by management in developing the assumptions used in the discounted cash flow methodology.
  • This required a high degree of auditor judgment and effort in performing procedures to evaluate audit evidence related to the judgments made by management and required the use of professionals with specialized skill and knowledge to determine the relevance and reliability of assumptions utilized.
  • How the Critical Audit Matter Was Addressed in the Audit The primary procedures performed to address the critical audit matter included: • We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Corporation's process for estimating the acquired loans receivable fair value, including management's controls over establishing assumptions used; and evaluating the completeness and accuracy of key inputs and assumptions used. • We evaluated the Corporation’s process to develop the fair values of the acquired loans receivable by testing the completeness and accuracy of data and assumptions that the Corporation used and considered the relevance and reliability of such data and assumptions. • We utilized valuation specialists to assist in: ◦ Evaluating the appropriateness of assumptions used in the model, and; ◦ Testing the design of the model calculation through a re-performance of discounted cash flows on the loans receivable. /s/ Forvis Mazars, LLP We have served as the Corporation’s auditor since 2022.
  • Indianapolis, Indiana March 11, 2026 Report of Independent Registered Public Accounting Firm To the Shareholders, Board of Directors, and Audit Committee CNB Financial Corporation Clearfield, Pennsylvania Opinion on the Internal Control over Financial Reporting We have audited CNB Financial Corporation’s ("Corporation") internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
  • In our opinion, the Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework: (2013) issued by COSO.
  • We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated financial statements of the Corporation as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, and our report dated March 11, 2026, expressed an unqualified opinion on those financial statements.
  • As described in Management’s Report on Internal Control Over Financial Reporting, the scope of management’s assessment of internal control over financial reporting as of December 31, 2025, excluded ESSA Bancorp, Inc.
  • We have also excluded ESSA from the scope of our audit of internal control over financial reporting.
  • ESSA represented approximately $32.9 million, or 14% of consolidated revenues for the year ended December 31, 2025, and approximately $1.7 billion, or 20% of consolidated total assets as of December 31, 2025.
  • Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. /s/ Forvis Mazars, LLP Indianapolis, Indiana March 11, 2026 CONSOLIDATED BALANCE SHEETS Dollars in thousands, except share data December 31, December 31, 2025 2024 ASSETS Cash and due from banks $ 78,197 $ 63,771 Interest-bearing deposits with Federal Reserve 441,501 375,009 Interest-bearing deposits with other financial institutions 8,198 4,255 Total cash and cash equivalents 527,896 443,035 Debt securities available-for-sale, at fair value (amortized cost of $ 618,912 as of December 31, 2025 and $ 520,223 as of December 31, 2024) 584,330 468,546 Debt securities held-to-maturity, at amortized cost (fair value $ 229,694 as of December 31, 2025 and $ 282,970 , as of December 31, 2024) 242,138 306,081 Equity securities 10,865 10,456 Loans held for sale 2,517 762 Loans receivable Syndicated loans 70,798 79,882 Loans 6,422,942 4,529,074 Total loans receivable 6,493,740 4,608,956 Less: allowance for credit losses ( 67,055 ) ( 47,357 ) Net loans receivable 6,426,685 4,561,599 FHLB and other restricted stock holdings and investments 58,547 40,702 Premises and equipment, net 90,220 76,011 Operating & finance lease right-of-use assets 58,293 52,715 Bank owned life insurance 159,502 117,579 Mortgage servicing rights 2,608 1,251 Goodwill and other intangible assets 88,512 43,874 Core deposit intangible, net 33,693 206 Accrued interest receivable and other assets 110,629 69,193 Total Assets $ 8,396,435 $ 6,192,010 LIABILITIES AND SHAREHOLDERS’ EQUITY Noninterest-bearing demand deposits $ 1,092,076 $ 819,680 Interest-bearing demand deposits 1,014,606 706,796 Savings 3,822,639 3,122,028 Certificates of deposit 1,097,788 722,860 Total deposits 7,027,109 5,371,364 Short-term borrowings 164,000 — Deposits held for sale 88,119 — Subordinated debentures 20,620 20,620 Subordinated notes, net of unamortized issuance costs 84,874 84,570 Operating lease liabilities 43,747 40,315 Accrued interest payable and other liabilities 95,839 64,446 Total liabilities 7,524,308 5,581,315 Commitments and contingent liabilities Preferred stock, Series A non-cumulative perpetual, No par value; $ 1,000 liquidation preference; shares authorized 60,375 ; Shares issued 60,375 at December 31, 2025 and 2024 57,785 57,785 Common stock, no par value; 50,000,000 shares authorized; Shares issued 29,594,933 at December 31, 2025 and 21,235,503 at December 31, 2024 — — Additional paid in capital 422,653 219,876 Retained earnings 424,935 381,296 Treasury stock, at cost ( 121,581 shares at December 31, 2025 and 247,511 shares at December 31, 2024) ( 2,581 ) ( 4,689 ) Accumulated other comprehensive loss ( 30,665 ) ( 43,573 ) Total shareholders’ equity 872,127 610,695 Total Liabilities and Shareholders’ Equity $ 8,396,435 $ 6,192,010 See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Dollars in thousands, except per share data Year ended December 31, 2025 2024 2023 INTEREST AND DIVIDEND INCOME: Loans including fees Interest and fees on loans $ 350,943 $ 293,544 $ 273,223 Securities and cash and cash equivalents: Taxable 39,979 30,915 19,279 Tax-exempt 603 636 724 Dividends 820 375 470 Total interest and dividend income 392,345 325,470 293,696 INTEREST EXPENSE: Deposits 140,565 133,493 97,770 Borrowed funds and finance lease liabilities 5,458 11 1,802 Subordinated debentures (includes $ 0 , $ 0 , and $( 151 ) accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 4,286 4,497 4,295 Total interest expense 150,309 138,001 103,867 NET INTEREST INCOME 242,036 187,469 189,829 PROVISION FOR CREDIT LOSS EXPENSE 8,855 9,222 5,993 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 233,181 178,247 183,836 NON-INTEREST INCOME: Service charges on deposit accounts 7,801 6,990 7,372 Other service charges and fees 1,862 2,973 3,010 Wealth and asset management fees 10,189 7,845 7,251 Net realized gains on available-for-sale securities (includes $ 1,168 , $ 74 , and $ 52 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 1,168 74 52 Net realized and unrealized gains (losses) on equity securities 1,262 754 ( 387 ) Mortgage banking 756 673 676 Bank owned life insurance 4,770 3,110 2,945 Card processing and interchange income 9,225 8,666 8,301 Other non-interest income 3,132 8,029 4,115 Total non-interest income 40,165 39,114 33,335 NON-INTEREST EXPENSES: Compensation and benefits (includes $( 257 ), $( 168 ), and $( 174 ) accumulated other comprehensive income reclassifications for net amortization of actuarial (gains) losses, respectively) 89,723 74,536 71,062 Net occupancy expense 18,222 14,737 14,509 Amortization of core deposit intangible 1,848 73 84 Technology expense 23,744 21,805 20,202 State and local taxes 5,293 4,726 4,126 Legal, professional and examination fees 4,487 4,217 4,414 Advertising 2,820 2,545 3,133 FDIC insurance 4,063 3,718 3,879 Card processing and interchange expenses 5,183 4,575 5,025 Other non-interest expenses 21,674 19,070 18,908 Merger and integration costs 13,824 — — Total non-interest expenses 190,881 150,002 145,342 INCOME BEFORE INCOME TAXES 82,465 67,359 71,829 INCOME TAX EXPENSE (includes $ 299 , $ 51 , and $ 79 income tax expense reclassification items, respectively) 16,334 12,784 13,809 NET INCOME 66,131 54,575 58,020 PREFERRED STOCK DIVIDENDS 4,302 4,302 4,302 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 61,829 $ 50,273 $ 53,718 PER COMMON SHARE DATA: Basic Earnings Per Common Share $ 2.50 $ 2.39 $ 2.56 Diluted Earnings Per Common Share $ 2.49 $ 2.39 $ 2.55 Cash Dividends Declared $ 0.720 $ 0.710 $ 0.700 NET INCOME $ 66,131 $ 54,575 $ 58,020 OTHER COMPREHENSIVE INCOME: Net change in unrealized gains on available-for-sale securities, net of reclassification and tax $ 13,504 $ 1,715 $ 6,109 Amortization of unrealized gains from held-to-maturity securities, net of tax 475 545 591 Change in actuarial gains (losses), for post-employment health care plan, net of amortization and tax ( 506 ) 245 ( 139 ) Change in actuarial losses, for pension plan, net of tax ( 565 ) — — Change in fair value of interest rate swap agreements designated as a cash flow hedge, net of interest and tax — — ( 119 ) Total other comprehensive income 12,908 2,505 6,442 COMPREHENSIVE INCOME $ 79,039 $ 57,080 $ 64,462 See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2025, 2024, AND 2023 Dollars in thousands, except share and per share data Preferred Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Income (Loss) Total Share- holders’ Equity Balance, January 1, 2023 $ 57,785 $ 221,553 $ 306,911 $ ( 2,967 ) $ ( 52,520 ) $ 530,762 Net income — — 58,020 — — 58,020 Other comprehensive income — — — — 6,442 6,442 Forfeiture of restricted stock award grants ( 6,391 shares) — 134 — ( 134 ) — — Restricted stock award grants ( 105,185 shares) — ( 2,743 ) — 2,743 — — Performance based restricted stock award grants ( 4,118 shares) — ( 111 ) — 111 — — Stock-based compensation expense — 1,688 — — — 1,688 Contribution of treasury stock ( 3,000 shares) — ( 81 ) — 81 — — Stock-based contribution expense — 55 — — — 55 Purchase of treasury stock ( 326,459 shares) — — — ( 6,621 ) — ( 6,621 ) Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting ( 3,776 shares) — — — ( 89 ) — ( 89 ) Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting ( 584 shares) — — — ( 14 ) — ( 14 ) Preferred cash dividend declared — — ( 4,302 ) — — ( 4,302 ) Cash dividends declared ($ 0.70 per share) — — ( 14,694 ) — — ( 14,694 ) Balance, December 31, 2023 57,785 220,495 345,935 ( 6,890 ) ( 46,078 ) 571,247 Net income — — 54,575 — — 54,575 Other comprehensive income — — — — 2,505 2,505 Forfeiture of restricted stock award grants ( 15,044 shares) — 360 — ( 360 ) — — Restricted stock award grants ( 130,857 shares) — ( 3,025 ) — 3,025 — — Performance based restricted stock award grants ( 9,667 shares) — ( 179 ) — 179 — — Stock-based compensation expense — 2,225 — — — 2,225 Purchase of treasury stock ( 23,988 shares) — — — ( 441 ) — ( 441 ) Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting ( 7,421 shares) — — — ( 148 ) — ( 148 ) Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting ( 2,518 shares) — — — ( 54 ) — ( 54 ) Preferred cash dividend declared — — ( 4,302 ) — — ( 4,302 ) Common cash dividends declared ($ 0.71 per share) — — ( 14,912 ) — — ( 14,912 ) Balance, December 31, 2024 57,785 219,876 381,296 ( 4,689 ) ( 43,573 ) 610,695 See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (continued) FOR THE YEARS ENDED DECEMBER 31, 2025, 2024, AND 2023 Dollars in thousands, except share and per share data Preferred Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Income (Loss) Total Share- holders’ Equity Net income $ — $ — $ 66,131 $ — $ — $ 66,131 Other comprehensive income — — — — 12,908 12,908 Forfeiture of restricted stock award grants ( 16,971 shares) — 409 — ( 409 ) — — Restricted stock award grants ( 147,132 shares) — ( 2,683 ) — 2,683 — — Performance based restricted stock award grants ( 8,916 shares) — ( 167 ) — 167 — — Stock-based compensation expense — 2,669 — — — 2,669 Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting ( 11,187 shares) — — — ( 283 ) — ( 283 ) Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting ( 1,960 shares) — — — ( 50 ) — ( 50 ) Acquisition of ESSA Bancorp and ESSA Bank — 202,549 — — — 202,549 Preferred cash dividend declared — — ( 4,302 ) — — ( 4,302 ) Cash dividends declared ($ 0.72 per common share) — — ( 18,190 ) — — ( 18,190 ) Balance, December 31, 2025 $ 57,785 $ 422,653 $ 424,935 $ ( 2,581 ) $ ( 30,665 ) $ 872,127 See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF CASH FLOWS Dollars in thousands Year ended December 31, 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 66,131 $ 54,575 $ 58,020 Adjustments to reconcile net income to net cash provided by operations: Provision for credit loss expense 8,855 9,222 5,993 Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights 10,906 8,269 7,739 Net accretion of securities, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income ( 12,927 ) ( 4,585 ) ( 3,158 ) Net amortization of deferred costs on borrowings 304 303 303 Deferred tax (benefit) expense 5,068 ( 1,183 ) 1,111 Net realized gains on sales of available-for-sale securities ( 1,168 ) ( 74 ) ( 52 ) Net realized and unrealized losses (gains) on equity securities ( 1,262 ) ( 754 ) 387 Losses (gains) on sale of loans held for sale 1,254 ( 770 ) ( 447 ) Net (gains) losses on dispositions of premises and equipment and foreclosed assets ( 160 ) 53 27 Proceeds from sale of loans receivable 29,875 27,934 16,263 Origination of loans held for sale ( 31,015 ) ( 28,451 ) ( 17,874 ) Income on bank owned life insurance ( 4,770 ) ( 3,110 ) ( 2,945 ) Gain on bank owned life insurance (death benefit proceeds in excess of cash surrender value) 1,211 — — Restricted stock compensation expense 2,669 2,225 1,688 Stock-based contribution expense — — 55 Changes in: Accrued interest receivable and other assets 1,806 389 ( 5,894 ) Accrued interest payable, lease liabilities, and other liabilities ( 11,794 ) 7,469 ( 14,193 ) NET CASH PROVIDED BY OPERATING ACTIVITIES 64,983 71,512 47,023 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from maturities, prepayments and calls of available-for-sale securities 126,236 65,457 42,726 Proceeds from sales of available-for-sale securities 340,966 806 13,151 Proceeds from sale of equity securities 1,164 — 296 Purchase of available-for-sale securities ( 335,820 ) ( 190,849 ) ( 19,253 ) Proceeds from maturities, prepayments and calls of held-to-maturity securities 64,877 83,883 16,806 Purchase of equity securities ( 311 ) ( 401 ) ( 369 ) Proceeds from loans held for sale previously classified as portfolio loans 71,000 11,182 4,994 Net increase in loans receivable ( 275,994 ) ( 155,115 ) ( 197,594 ) Proceeds from death benefit of bank owned life insurance policies 2,471 — — Net cash from business combinations 27,403 — — Redemption (purchase) of FHLB, other equity, and restricted equity interests 6,373 ( 10,691 ) 704 Purchase of premises and equipment ( 6,332 ) ( 16,284 ) ( 10,847 ) Proceeds from the sale of premises and equipment and foreclosed assets 5,611 8,732 52 Purchase of other intangibles — — ( 125 ) NET CASH USED BY INVESTING ACTIVITIES 27,644 ( 203,280 ) ( 149,459 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net increase in checking, money market and savings accounts 317,629 156,248 316,280 Net (decrease) increase in certificates of deposit ( 29,570 ) 216,366 60,033 Purchase of treasury stock ( 333 ) ( 643 ) ( 6,724 ) Cash dividends paid, common stock ( 18,190 ) ( 14,912 ) ( 14,694 ) Cash dividends paid, preferred stock ( 4,302 ) ( 4,302 ) ( 4,302 ) Net decrease in short-term borrowings ( 273,000 ) — ( 132,396 ) NET CASH PROVIDED BY FINANCING ACTIVITIES ( 7,766 ) 352,757 218,197 NET INCREASE IN CASH AND CASH EQUIVALENTS 84,861 220,989 115,761 CASH AND CASH EQUIVALENTS, Beginning 443,035 222,046 106,285 CASH AND CASH EQUIVALENTS, Ending $ 527,896 $ 443,035 $ 222,046 See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) Dollars in thousands Year ended December 31, 2025 2024 2023 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 150,137 $ 134,399 $ 102,156 Income taxes 10,649 12,908 12,006 SUPPLEMENTAL NONCASH DISCLOSURES: Transfers to other real estate owned $ 505 $ 1,453 $ 874 Transfers from loans held for sale to loans held for investment 317 1,394 1,666 Transfers from loans held for investment to loans held for sale 385 438 166 Grant of restricted stock awards from treasury stock 2,683 3,025 2,743 Grant of performance based restricted stock awards from treasury stock 167 179 111 Restricted stock forfeiture 409 360 134 Contribution of stock from treasury stock — — 81 Lease liabilities arising from obtaining operating right-of-use assets 1,198 4,084 5,001 Lease liabilities arising from obtaining finance right-of-use assets 2,970 14,951 — See Note 2, "Business Combinations" regarding non-cash transactions included in the acquisition.
  • See Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements 1.
  • The Corporation's market area is primarily concentrated in the Central, Northwest and Northeast regions of the Commonwealth of Pennsylvania, the Central and Northeast regions of the State of Ohio, Western region of the State of New York and the Southwest region of the Commonwealth of Virginia.
  • Any resulting change in these estimates could be material to the consolidated financial statements.
  • Restrictions on Cash Note 18, "Derivative Instruments," to the consolidated financial statements discloses the cash collateral balances required to be maintained in connection with the Corporation’s interest rate swaps.
  • There was no accrued interest related to debt securities reversed against interest income for the years ended December 31, 2025 and 2024, respectively.
  • Changes in the allowance for credit losses are recorded as a credit loss expense (or reversal).
  • Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met.
  • As of December 31, 2025 and December 31, 2024, the Corporation determined that the unrealized loss positions in AFS debt securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded.
  • See Note 3, "Securities," and Note 5, "Fair Value," for more information about AFS debt securities.

and 432 more.

Gone since FY2024

  • The changes to net interest income shown below are in compliance with the Corporation’s policy guidelines. % Change in Net Interest Income Change in Basis Points December 31, 2024 December 31, 2023 300 (0.2)% 2.6% 200 0.5% 3.8% 100 0.5% 4.6% (100) (1.1)% (3.8)% (200) (1.4)% (6.5)% (300) (3.3)% (12.8)% At December 31, 2024, the Corporation has approximately $2.5 billion in outstanding loan balances that are rate sensitive over the next twelve months.
  • FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Report of Independent Registered Public Accounting Firm To the Shareholders, Board of Directors, and Audit Committee CNB Financial Corporation Clearfield, Pennsylvania Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of CNB Financial Corporation (“Corporation”) as of December 31, 2024 and 2023, the related consolidated statements of income and comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).
  • In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Corporation as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
  • We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Corporation’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 6, 2025, expressed an unqualified opinion thereon.
  • Allowance for Credit Losses on Loans – Qualitative Factors Description of the Critical Audit Matter As described in Notes 1 and 3 to the financial statements, the Corporation’s loan portfolio totaled $4.6 billion as of December 31, 2024, and the allowance for credit losses on loans (“ACL”) was $47.4 million.
  • The DCF model discounts instrument-level contractual cash flows, adjusting for prepayments and curtailments, and incorporates loss expectations based on past events, current conditions, and forecasted macroeconomic indicators using reasonable and supportable forecasts.
  • The quantitative estimated losses provided by the DCF model are supplemented by more qualitative factors that impact potential losses.
  • Qualitative factors include changes in underwriting standards, changes in lending staff, changes in environmental conditions and other relevant factors.
  • The allowance for credit loss may be materially affected by these qualitative factors, especially during periods of economic uncertainty, for items not reflected in the lifetime credit loss calculation, but which are deemed appropriate by management's current assessment of the risks related to the loan portfolio and/or external factors.
  • We identified the qualitative factor adjustments included in the allowance for credit losses on loans as a critical audit matter.
  • The principal considerations for our determination included the high degree of judgment and subjectivity in auditing management’s estimation of qualitative factor adjustments, which requires significant judgment.
  • How the Critical Audit Matter Was Addressed in the Audit The primary procedures performed to address the critical audit matter included: • We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Corporation’s internal controls over the ACL process, including controls over the qualitative elements of the ACL.
  • This included controls over the review of the relevance and reliability of data used to determine the estimates and the review of the appropriateness of the key assumptions and judgments used in the determination of the qualitative factors. • We evaluated the completeness and accuracy of data used in the development of qualitative factors and the reasonableness of management’s judgments and the relevance of data used in applying the qualitative factors. • We evaluated the current and expected qualitative adjustments, including assessing the basis for the adjustments and the reasonableness of the significant assumptions.
  • We have served as the Corporation’s auditor since 2022. /s/ Forvis Mazars, LLP Indianapolis, Indiana March 6, 2025 Report of Independent Registered Public Accounting Firm To the Shareholders, Board of Directors, and Audit Committee CNB Financial Corporation Clearfield, Pennsylvania Opinion on the Internal Control over Financial Reporting We have audited CNB Financial Corporation’s (“Corporation”) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework: (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
  • In our opinion, the Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework: (2013) issued by COSO.
  • We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Corporation as of December 31, 2024 and 2023, and for each of the three years in the period ended December 31, 2024, and our report dated March 6, 2025, expressed an unqualified opinion on those financial statements.
  • Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. /s/ Forvis Mazars, LLP Indianapolis, Indiana March 6, 2025 CONSOLIDATED BALANCE SHEETS Dollars in thousands, except share data December 31, December 31, 2024 2023 ASSETS Cash and due from banks $ 63,771 $ 54,789 Interest-bearing deposits with Federal Reserve 375,009 164,385 Interest-bearing deposits with other financial institutions 4,255 2,872 Total cash and cash equivalents 443,035 222,046 Debt securities available-for-sale, at fair value (amortized cost of $ 520,223 as of December 31, 2024 and $ 395,803 as of December 31, 2023) 468,546 341,955 Debt securities held-to-maturity, at amortized cost (fair value $ 282,970 as of December 31, 2024 and $ 360,570 , as of December 31, 2023) 306,081 388,968 Equity securities 10,456 9,301 Loans held for sale 762 675 Loans receivable Syndicated loans 79,882 108,710 Loans 4,529,074 4,359,766 Total loans receivable 4,608,956 4,468,476 Less: allowance for credit losses ( 47,357 ) ( 45,832 ) Net loans receivable 4,561,599 4,422,644 FHLB and other restricted stock holdings and investments 40,702 30,011 Premises and equipment, net 76,011 73,700 Operating & finance lease right-of-use assets 52,715 35,699 Bank owned life insurance 117,579 114,468 Mortgage servicing rights 1,251 1,554 Goodwill and other intangible assets 43,874 43,874 Core deposit intangible, net 206 280 Accrued interest receivable and other assets 69,193 67,782 Total Assets $ 6,192,010 $ 5,752,957 LIABILITIES AND SHAREHOLDERS’ EQUITY Noninterest-bearing demand deposits $ 819,680 $ 728,881 Interest-bearing demand deposits 706,796 803,093 Savings 3,122,028 2,960,282 Certificates of deposit 722,860 506,494 Total deposits 5,371,364 4,998,750 Subordinated debentures 20,620 20,620 Subordinated notes, net of unamortized issuance costs 84,570 84,267 Operating lease liabilities 40,315 37,650 Accrued interest payable and other liabilities 64,446 40,423 Total liabilities 5,581,315 5,181,710 Commitments and contingent liabilities Preferred stock, Series A non-cumulative perpetual, No par value; $ 1,000 liquidation preference; shares authorized 60,375 ; Shares issued 60,375 at December 31, 2024 and 2023 57,785 57,785 Common stock, no par value; 50,000,000 shares authorized; Shares issued 21,235,503 shares at December 31, 2024 and 2023 — — Additional paid in capital 219,876 220,495 Retained earnings 381,296 345,935 Treasury stock, at cost ( 247,511 shares at December 31, 2024 and 339,064 shares at December 31, 2023) ( 4,689 ) ( 6,890 ) Accumulated other comprehensive loss ( 43,573 ) ( 46,078 ) Total shareholders’ equity 610,695 571,247 Total Liabilities and Shareholders’ Equity $ 6,192,010 $ 5,752,957 See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Dollars in thousands, except per share data Year ended December 31, 2024 2023 2022 INTEREST AND DIVIDEND INCOME: Loans including fees Interest and fees on loans $ 293,544 $ 273,220 $ 194,149 Processing fees on PPP loans — 3 1,889 Securities and cash and cash equivalents: Taxable 30,915 19,279 16,672 Tax-exempt 636 724 871 Dividends 375 470 157 Total interest and dividend income 325,470 293,696 213,738 INTEREST EXPENSE: Deposits 133,493 97,770 19,833 Borrowed funds and finance lease liabilities 11 1,802 389 Subordinated debentures (includes $ 0 , $( 151 ), and $ 127 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 4,497 4,295 3,857 Total interest expense 138,001 103,867 24,079 NET INTEREST INCOME 187,469 189,829 189,659 PROVISION FOR CREDIT LOSS EXPENSE 9,222 5,993 8,589 NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 178,247 183,836 181,070 NON-INTEREST INCOME: Service charges on deposit accounts 6,990 7,372 7,206 Other service charges and fees 2,973 3,010 3,196 Wealth and asset management fees 7,845 7,251 7,172 Net realized gains on available-for-sale securities (includes $ 74 , $ 52 , and $ 651 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 74 52 651 Net realized gains on equity securities — 22 — Net unrealized gains (losses) on equity securities 754 ( 409 ) ( 1,149 ) Mortgage banking 673 676 1,237 Bank owned life insurance 3,110 2,945 3,433 Card processing and interchange income 8,666 8,301 7,797 Other non-interest income 8,029 4,115 5,223 Total non-interest income 39,114 33,335 34,766 NON-INTEREST EXPENSES: Compensation and benefits (includes $( 168 ), $( 174 ), and $( 113 ) accumulated other comprehensive income reclassifications for net amortization of actuarial (gains) losses, respectively) 74,536 71,062 71,460 Net occupancy expense 14,737 14,509 13,298 Technology expense 21,805 20,202 17,041 State and local taxes 4,726 4,126 4,078 Legal, professional and examination fees 4,217 4,414 4,173 Advertising 2,545 3,133 2,887 FDIC insurance 3,718 3,879 2,796 Card processing and interchange expenses 4,575 5,025 4,801 Other non-interest expenses 19,143 18,992 17,088 Total non-interest expenses 150,002 145,342 137,622 INCOME BEFORE INCOME TAXES 67,359 71,829 78,214 INCOME TAX EXPENSE (includes $ 51 , $ 79 , and $ 134 income tax expense reclassification items, respectively) 12,784 13,809 15,026 NET INCOME 54,575 58,020 63,188 PREFERRED STOCK DIVIDENDS 4,302 4,302 4,302 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 50,273 $ 53,718 $ 58,886 PER COMMON SHARE DATA: Basic Earnings Per Common Share $ 2.39 $ 2.56 $ 3.26 Diluted Earnings Per Common Share $ 2.39 $ 2.55 $ 3.26 Cash Dividends Declared $ 0.710 $ 0.700 $ 0.700 NET INCOME $ 54,575 $ 58,020 $ 63,188 OTHER COMPREHENSIVE INCOME (LOSS): Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification and tax $ 1,715 $ 6,109 $ ( 53,576 ) Amortization of unrealized gains from held-to-maturity securities, net of tax 545 591 875 Change in actuarial gains (losses), for post-employment health care plan, net of amortization and tax 245 ( 139 ) 150 Change in fair value of interest rate swap agreements designated as a cash flow hedge, net of interest and tax — ( 119 ) 425 Total other comprehensive income (loss) 2,505 6,442 ( 52,126 ) COMPREHENSIVE INCOME $ 57,080 $ 64,462 $ 11,062 See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022 Dollars in thousands, except share and per share data Preferred Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Income (Loss) Total Share- holders’ Equity Balance, January 1, 2022 $ 57,785 $ 127,351 $ 260,582 $ ( 2,477 ) $ ( 394 ) $ 442,847 Net income — — 63,188 — — 63,188 Other comprehensive loss — — — — ( 52,126 ) ( 52,126 ) Forfeiture of restricted stock award grants ( 1,440 shares) — 36 — ( 36 ) — — Restricted stock award grants ( 57,823 shares) — ( 1,000 ) — 1,000 — — Performance based restricted stock award grants ( 11,895 shares) — ( 173 ) — 173 — — Stock-based compensation expense — 1,248 — — — 1,248 Contribution of treasury stock ( 3,000 shares) — ( 44 ) — 44 — — Stock-based contribution expense — 84 — — — 84 Issuance of common stock, net of issuance costs ( 4,257,446 shares) — 94,051 — — — 94,051 Purchase of treasury stock ( 50,166 shares) — — — ( 1,342 ) — ( 1,342 ) Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting ( 7,568 shares) — — — ( 203 ) — ( 203 ) Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting ( 4,706 shares) — — — ( 126 ) — ( 126 ) Preferred cash dividend declared — — ( 4,302 ) — — ( 4,302 ) Cash dividends declared ($ 0.70 per share) — — ( 12,557 ) — — ( 12,557 ) Balance, December 31, 2022 57,785 221,553 306,911 ( 2,967 ) ( 52,520 ) 530,762 Net income — — 58,020 — — 58,020 Other comprehensive income — — — — 6,442 6,442 Forfeiture of restricted stock award grants ( 6,391 shares) — 134 — ( 134 ) — — Restricted stock award grants ( 105,185 shares) — ( 2,743 ) — 2,743 — — Performance based restricted stock award grants ( 4,118 shares) — ( 111 ) — 111 — — Stock-based compensation expense — 1,688 — — — 1,688 Contribution of treasury stock ( 3,000 shares) — ( 81 ) — 81 — — Stock-based contribution expense — 55 — — — 55 Purchase of treasury stock ( 326,459 shares) — — — ( 6,621 ) — ( 6,621 ) Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting ( 3,776 shares) — — — ( 89 ) — ( 89 ) Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting ( 584 shares) — — — ( 14 ) — ( 14 ) Preferred cash dividend declared — — ( 4,302 ) — — ( 4,302 ) Common cash dividends declared ($ 0.70 per share) — — ( 14,694 ) — — ( 14,694 ) Balance, December 31, 2023 57,785 220,495 345,935 ( 6,890 ) ( 46,078 ) 571,247 See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (continued) FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022 Dollars in thousands, except share and per share data Preferred Stock Additional Paid-In Capital Retained Earnings Treasury Stock Accumulated Other Comprehensive Income (Loss) Total Share- holders’ Equity Net income — — 54,575 — — 54,575 Other comprehensive income — — — — 2,505 2,505 Forfeiture of restricted stock award grants ( 15,044 shares) — 360 — ( 360 ) — — Restricted stock award grants ( 130,857 shares) — ( 3,025 ) — 3,025 — — Performance based restricted stock award grants ( 9,667 shares) — ( 179 ) — 179 — — Stock-based compensation expense — 2,225 — — — 2,225 Purchase of treasury stock ( 23,988 shares) — — — ( 441 ) — ( 441 ) Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting ( 7,421 shares) — — — ( 148 ) — ( 148 ) Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting ( 2,518 shares) — — — ( 54 ) — ( 54 ) Preferred cash dividend declared — — ( 4,302 ) — — ( 4,302 ) Cash dividends declared ($ 0.71 per common share) — — ( 14,912 ) — — ( 14,912 ) Balance, December 31, 2024 $ 57,785 $ 219,876 $ 381,296 $ ( 4,689 ) $ ( 43,573 ) $ 610,695 See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF CASH FLOWS Dollars in thousands Year ended December 31, 2024 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 54,575 $ 58,020 $ 63,188 Adjustments to reconcile net income to net cash provided by operations: Provision for credit loss expense 9,222 5,993 8,589 Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights 8,269 7,739 6,573 Accretion of securities, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income ( 4,585 ) ( 3,155 ) ( 3,316 ) Net amortization of deferred costs on borrowings 303 303 303 Accretion of deferred PPP processing fees — ( 3 ) ( 1,889 ) Deferred tax (benefit) expense ( 1,183 ) 1,111 ( 1,814 ) Net realized gains on sales of available-for-sale securities ( 74 ) ( 52 ) ( 651 ) Net realized and unrealized losses (gains) on equity securities ( 754 ) 387 1,149 Gain on sale of loans held for sale ( 770 ) ( 447 ) ( 1,285 ) Net losses (gains) on dispositions of premises and equipment and foreclosed assets 53 27 ( 170 ) Proceeds from sale of loans receivable 27,934 16,263 29,151 Origination of loans held for sale ( 28,451 ) ( 17,874 ) ( 34,181 ) Income on bank owned life insurance ( 3,110 ) ( 2,945 ) ( 2,550 ) Gain on bank owned life insurance (death benefit proceeds in excess of cash surrender value) — — ( 883 ) Restricted stock compensation expense 2,225 1,688 1,248 Stock-based contribution expense — 55 84 Changes in: Accrued interest receivable and other assets 389 ( 5,894 ) ( 19,065 ) Accrued interest payable, lease liabilities, and other liabilities 7,469 ( 14,193 ) 19,572 NET CASH PROVIDED BY OPERATING ACTIVITIES 71,512 47,023 64,053 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from maturities, prepayments and calls of available-for-sale securities 65,457 42,726 70,033 Proceeds from sales of available-for-sale securities 806 13,151 22,164 Proceeds from sale of equity securities — 296 — Purchase of available-for-sale securities ( 190,849 ) ( 19,253 ) ( 48,433 ) Proceeds from maturities, prepayments and calls of held-to-maturity securities 83,883 16,806 23,995 Purchases of held-to-maturity securities — — ( 213,853 ) Purchase of equity securities ( 401 ) ( 369 ) ( 398 ) Proceeds from loans held for sale previously classified as portfolio loans 11,182 4,994 — Net increase in loans receivable ( 155,115 ) ( 197,594 ) ( 630,605 ) Purchase of bank owned life insurance — — ( 11,644 ) Proceeds from death benefit of bank owned life insurance policies — — 3,273 Redemption (purchase) of FHLB, other equity, and restricted equity interests ( 10,691 ) 704 ( 7,439 ) Purchase of premises and equipment ( 16,284 ) ( 10,847 ) ( 12,290 ) Proceeds from the sale of premises and equipment and foreclosed assets 8,732 52 496 Purchase of other intangibles — ( 125 ) — NET CASH USED BY INVESTING ACTIVITIES ( 203,280 ) ( 149,459 ) ( 804,701 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net increase (decrease) in checking, money market and savings accounts 156,248 316,280 ( 153,191 ) Net increase in certificates of deposit 216,366 60,033 60,009 Purchase of treasury stock ( 643 ) ( 6,724 ) ( 1,671 ) Proceeds from common stock offering, net of issuance costs — — 94,051 Cash dividends paid, common stock ( 14,912 ) ( 14,694 ) ( 12,557 ) Cash dividends paid, preferred stock ( 4,302 ) ( 4,302 ) ( 4,302 ) Net change in short-term borrowings — ( 132,396 ) 132,396 NET CASH PROVIDED BY FINANCING ACTIVITIES 352,757 218,197 114,735 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 220,989 115,761 ( 625,913 ) CASH AND CASH EQUIVALENTS, Beginning 222,046 106,285 732,198 CASH AND CASH EQUIVALENTS, Ending $ 443,035 $ 222,046 $ 106,285 See Notes to Consolidated Financial Statements CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) Dollars in thousands Year ended December 31, 2024 2023 2022 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 134,399 $ 102,156 $ 26,804 Income taxes 12,908 12,006 17,423 SUPPLEMENTAL NONCASH DISCLOSURES: Transfers to other real estate owned $ 1,453 $ 874 $ 785 Transfers from loans held for sale to loans held for investment 1,394 1,666 6,448 Transfers from loans held for investment to loans held for sale 438 166 — Transfer of securities from available-for-sale to held-to-maturity — — 220,757 Grant of restricted stock awards from treasury stock 3,025 2,743 1,000 Grant of performance based restricted stock awards from treasury stock 179 111 173 Restricted stock forfeiture 360 134 36 Contribution of stock from treasury stock — 81 44 Lease liabilities arising from obtaining operating right-of-use assets 4,084 5,001 13,371 Lease liabilities arising from obtaining finance right-of-use assets 14,951 — — See Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements 1.
  • The Corporation’s market area is primarily concentrated in the Central and Northwest regions of the Commonwealth of Pennsylvania, the Central and Northeast regions of the State of Ohio, Western region of the State of New York and the Southwest region of the Commonwealth of Virginia.
  • Restrictions on Cash Note 17, "Derivative Instruments," to the consolidated financial statements discloses the cash collateral balances required to be maintained in connection with the Corporation’s interest rate swaps.
  • There was no accrued interest related to debt securities reversed against interest income for the years ended December 31, 2024 and 2023, respectively.
  • Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense.
  • Losses are charged against the allowance when management confirms that an AFS security is uncollectable or when either of the criteria regarding intent or requirement to sell is met.
  • As of December 31, 2024 and December 31, 2023, the Corporation determined that the unrealized loss positions in AFS debt securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded.
  • See Note 2, "Securities," and Note 4, "Fair Value," for more information about AFS debt securities.
  • Accrued interest receivable on AFS debt securities totaled $ 2.1 million and $ 1.4 million at December 31, 2024 and December 31, 2023, respectively, and was reported in accrued interest receivable and other assets on the consolidated balance sheets.
  • Accrued interest receivable on HTM debt securities totaled $ 1.1 million and $ 1.3 million at December 31, 2024 and 2023, respectively, and was reported in accrued interest receivable and other assets on the consolidated balance sheets and is excluded from the estimate of credit losses.
  • Management classifies the HTM portfolio into the following major security types: U.S. government sponsored entities and residential & multi-family mortgages.
  • All of the residential & multi-family mortgages held by the Corporation are issued by U.S. government entities and agencies.
  • Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors.
  • Accrued interest receivable totaled $ 21.6 million and $ 21.6 million at December 31, 2024 and December 31, 2023, respectively, and was reported in accrued interest receivable and other assets on the consolidated balance sheets and is excluded from the estimate of credit losses.
  • Loans, including loans modified in a troubled debt restructuring, are placed on nonaccrual or recorded as charge-offs at an earlier date if collection of principal or interest is considered doubtful.
  • For all portfolio segments, loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
  • Subsequent changes to the allowance for credit losses are recorded through provision expense.
  • At December 31, 2024 no industry concentration existed which exceeded 10% of the total loan portfolio.
  • Allowance for Credit Losses - Loans The allowance for credit losses on loans represents management’s estimate of expected credit losses over the estimated life of our existing portfolio of loans.
  • The allowance for credit losses is a valuation account that is deducted from the loan's amortized cost basis to present the net amount expected to be collected on the loans.
  • The expense for credit loss recorded through earnings is the amount necessary to maintain the allowance for credit losses on loans at the amount of expected credit losses inherent within the loan portfolio.
  • Loans are recorded as charge-offs against the allowance when management confirms a loan balance is uncollectable.
  • For further information on the allowance for credit losses on loans, see Note 3, "Loans Receivable and Allowance for Credit Losses," for additional detail.
  • Residential Mortgages secured by first liens : The Bank originates one-to-four family residential mortgage loans primarily within Central and Northwest Pennsylvania, Central and Northeast Ohio, Western New York, and Southwest Virginia market.

and 324 more.

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