CNB Financial Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CNB Financial Corp./PA filed its 2023 10-K report detailing financial performance and structure.</b>

AI Summary

CNB FINANCIAL CORP/PA (CCNEP) filed a Annual Report (10-K) with the SEC on March 7, 2024. CNB Financial Corp./PA filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Pennsylvania and operates under the SIC code 6022 (State Commercial Banks). The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as retained earnings, additional paid-in capital, and treasury stock are detailed for multiple periods. The report references specific loan types including Paycheck Protection Program Loans, Syndicated Loans, and All Other Loans.

Why It Matters

For investors and stakeholders tracking CNB FINANCIAL CORP/PA, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CNB Financial Corp.'s financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future outlook. The detailed breakdown of financial elements and loan types offers insights into the company's lending activities and capital structure, informing investment decisions.

Risk Assessment

Risk Level: low — CNB FINANCIAL CORP/PA shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and segment information within the 10-K to understand the drivers of CNB Financial Corp.'s performance in 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2024-03-07 — Filing Date (Date the 10-K was filed)
• 146 — Public Document Count (Number of documents in the filing)
• 6022 — SIC Code (Standard Industrial Classification for Commercial Banks)

Key Players & Entities

• CNB FINANCIAL CORP/PA (company) — Filer of the 10-K report
• Pennsylvania (location) — State of incorporation
• 6022 (other) — Standard Industrial Classification code for State Commercial Banks
• 2023-12-31 (date) — Fiscal year end date
• 2024-03-07 (date) — Filing date of the 10-K report
• USD (currency) — Currency used in financial statements

FAQ

Industry Context

CNB Financial Corp. operates within the commercial banking sector, providing a range of financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, CNB Financial Corp. is subject to regulations from federal and state authorities governing financial institutions.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset growth in the 2023 10-K.
2. Review the breakdown of loans and deposits to understand the company's core business activities.
3. Assess any disclosed risk factors that could impact future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-03-07: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing updated financial information compared to previous filings.

Key Financial Figures

• $15 billion — total consolidated assets of less than $15 billion at December 31, 2009 may include trust
• $10 billion — r holding companies that have less than $10 billion in total consolidated assets, such as u

Filing Documents

• ccne-20231231.htm (10-K) — 5750KB
• ccne12312023ex231.htm (EX-23.1) — 3KB
• ccne12312023ex232.htm (EX-23.2) — 3KB
• ccne12312023ex311.htm (EX-31.1) — 10KB
• ccne12312023ex312.htm (EX-31.2) — 10KB
• ccne12312023ex321.htm (EX-32.1) — 4KB
• ccne12312023ex322.htm (EX-32.2) — 4KB
• ccne12312023ex971.htm (EX-97.1) — 19KB
• ccne-20231231_g1.jpg (GRAPHIC) — 126KB
• 0000736772-24-000044.txt (&nbsp;) — 28709KB
• ccne-20231231.xsd (EX-101.SCH) — 115KB
• ccne-20231231_cal.xml (EX-101.CAL) — 218KB
• ccne-20231231_def.xml (EX-101.DEF) — 666KB
• ccne-20231231_lab.xml (EX-101.LAB) — 1347KB
• ccne-20231231_pre.xml (EX-101.PRE) — 1058KB
• ccne-20231231_htm.xml (XML) — 7356KB

Business

Business 1 ITEM 1A.

Risk Factors

Risk Factors 12 ITEM 1B. Unresolved Staff Comments 22 ITEM 1C. Cybersecurity 22 ITEM 2.

Properties

Properties 23 ITEM 3.

Legal Proceedings

Legal Proceedings 23 ITEM 4. Mine Safety Disclosures 23 PART II. ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 ITEM 6. Reserved 25 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 ITEM 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 51 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 120 ITEM 9A.

Controls and Procedures

Controls and Procedures 120 ITEM 9B. Other Information 120 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 121 PART III. ITEM 10. Directors, Executive Officers and Corporate Governance 121 ITEM 11.

Executive Compensation

Executive Compensation 121 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 121 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 121 ITEM 14. Principal Accountant Fees and Services 121 PART IV. ITEM 15. Exhibits and Financial Statement Schedules 122 ITEM 16. Form 10-K Summary 125

SIGNATURES

SIGNATURES 126 Table of Contents PART I. The disclosures set forth in this item are qualified by Item 1A. Risk Factors and the section captioned "Forward-Looking Statements and Factors that Could Affect Future Results" in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of this report and other cautionary statements set forth elsewhere in this report.

BUSINESS

ITEM 1. BUSINESS CNB Financial Corporation (the "Corporation") is a financial holding company registered under the Bank Holding Company Act of 1956, as amended (the "BHC Act"). It was incorporated under the laws of the Commonwealth of Pennsylvania in 1983 for the purpose of engaging in the business of a financial holding company. On April 26, 1984, the Corporation acquired all of the outstanding capital stock of County National Bank, a national banking chartered institution. In December 2006, County National Bank changed its name to CNB Bank (the "Bank") and became a state bank chartered in Pennsylvania and subject to regulation by the Pennsylvania Department of Banking and Securities (the "Pennsylvania Department of Banking") and the Federal Deposit Insurance Corporation. In October 2013, the Corporation acquired FC Banc Corp. and its subsidiary, The Farmers Citizens Bank. In July 2016, the Corporation acquired Lake National Bank, and in July 2020, the Corporation acquired Bank of Akron. In addition to the Bank, the Corporation has four other subsidiaries. CNB Securities Corporation is incorporated in Delaware and currently maintains investments in debt and equity securities. CNB Insurance Agency, incorporated in Pennsylvania, provides for the sale of nonproprietary annuities and other insurance products. CNB Risk Management, Inc. is a Delaware-based captive insurance company which insures against certain risks unique to the operations of the Corporation and its subsidiaries and for which insurance may not be currently available or economically feasible in today's insurance marketplace. Holiday Financial Services Corporation ("Holiday"), incorporated in Pennsylvania, offers small balance unsecured loans and secured loans, primarily collateralized by automobiles and equipment, to borrowers with higher risk characteristics. CNB Bank The Bank was originally chartered as a national bank in 1934 and is now a Pennsylvania-chartered bank. The CNB Bank franchise op

View Full Filing

View this 10-K filing on SEC EDGAR