CNB Financial Corp/PA Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CNB Financial Corp/PA has filed its Q1 2024 10-Q report.</b>

AI Summary

CNB FINANCIAL CORP/PA (CCNEP) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. CNB Financial Corp/PA filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's Central Index Key is 0000736772. CNB Financial Corp/PA is incorporated in Pennsylvania (PA). The filing was made on May 1, 2024.

Why It Matters

For investors and stakeholders tracking CNB FINANCIAL CORP/PA, this filing contains several important signals. This 10-Q filing provides the latest financial performance and position of CNB Financial Corp/PA for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, operational performance, and strategic direction.

Risk Assessment

Risk Level: medium — CNB FINANCIAL CORP/PA shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the specific financial details and any disclosed risks within the full report could elevate the risk level.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand CNB Financial Corp/PA's current financial standing and potential challenges.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-01 — Filing Date (Filed as of Date)
• 6022 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• CNB FINANCIAL CORP/PA (company) — Filer name
• 0000736772 (company) — Central Index Key
• PA (company) — State of Incorporation
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-01 (date) — Filed as of Date

FAQ

Industry Context

CNB Financial Corp/PA operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a financial institution, CNB Financial Corp/PA is subject to regulations from various bodies including the SEC and banking authorities.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosed risk factors or management discussion and analysis.
3. Compare Q1 2024 results to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following the 10-K annual report and previous quarterly filings.

Filing Documents

• ccne-20240331.htm (10-Q) — 4644KB
• ccne03312024ex311.htm (EX-31.1) — 8KB
• ccne03312024ex312.htm (EX-31.2) — 8KB
• ccne03312024ex321.htm (EX-32.1) — 4KB
• ccne03312024ex322.htm (EX-32.2) — 4KB
• 0000736772-24-000061.txt (&nbsp;) — 23215KB
• ccne-20240331.xsd (EX-101.SCH) — 80KB
• ccne-20240331_cal.xml (EX-101.CAL) — 169KB
• ccne-20240331_def.xml (EX-101.DEF) — 544KB
• ccne-20240331_lab.xml (EX-101.LAB) — 985KB
• ccne-20240331_pre.xml (EX-101.PRE) — 804KB
• ccne-20240331_htm.xml (XML) — 6444KB

– Financial Statements

ITEM 1 – Financial Statements Condensed Consolidated Balance Sheets March 31, 202 4 (unaudited) and December 31, 202 3 (audited) 1 Condensed Consolidated Statements of Income – Three months ended March 31, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Comprehensive Income – Three months ended March 31, 202 4 and 202 3 (unaudited) 3 Condensed Consolidated Statements of Changes in Shareholders' Equity – Three months ended March 3 1 , 202 4 and 202 3 (unaudited) 4 Condensed Consolidated Statements of Cash Flows – Three months ended March 31, 2024 and 202 3 (unaudited) 5 Notes to Condensed Consolidated Financial Statements 7

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

ITEM 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 44

– Quantitative and Qualitative Disclosures about Market Risk

ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk 63

– Controls and Procedures

ITEM 4 – Controls and Procedures 64 PART II. OTHER INFORMATION

– Legal Proceedings

ITEM 1 – Legal Proceedings 65

– Risk Factors

ITEM 1A – Risk Factors 65

– Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds 65

– Defaults Upon Senior Securities

ITEM 3 – Defaults Upon Senior Securities 66

– Mine Safety Disclosures

ITEM 4 – Mine Safety Disclosures 66

– Other Information

ITEM 5 – Other Information 66

– Exhibits

ITEM 6 – Exhibits 67

Signatures

Signatures 68 Table of Contents

Forward-Looking Statements and Factors that Could Affect Future Results

Forward-Looking Statements and Factors that Could Affect Future Results The information below 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, with respect to the financial condition, liquidity, results of operations, future performance and business of CNB Financial Corporation (the "Corporation"). 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 the Corporation'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." The Corporation'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. Factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in the interest rate environment; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends i

Financial Information

Part I Financial Information

Financial Statements

Item 1. Financial Statements CONDENSED CONSOLIDATED BALANCE SHEETS Dollars in thousands, except share data (unaudited) March 31, 2024 December 31, 2023 ASSETS Cash and cash equivalents due from banks $ 38,953 $ 54,789 Interest-bearing deposits with Federal Reserve 259,464 164,385 Interest-bearing deposits with other financial institutions 3,036 2,872 Total cash and cash equivalents 301,453 222,046 Debt securities available-for-sale, at fair value (amortized cost of $ 403,994 and $ 395,803 , respectively) 348,565 341,955 Debt securities held-to-maturity, at amortized cost (fair value $ 352,138 and $ 360,570 , respectively) 381,706 388,968 Equity securities 9,581 9,301 Loans held for sale 1,010 675 Loans receivable PPP loans, net of deferred processing fees 39 48 Syndicated loans 78,685 108,710 Loans 4,352,674 4,359,718 Total loans receivable 4,431,398 4,468,476 Less: allowance for credit losses ( 45,832 ) ( 45,832 ) Net loans receivable 4,385,566 4,422,644 FHLB and other restricted stock holdings and investments 31,017 30,011 Premises and equipment, net 74,712 73,700 Operating lease right-of-use assets 35,775 35,699 Bank owned life insurance 115,235 114,468 Mortgage servicing rights 1,499 1,554 Goodwill and other intangibles 43,874 43,874 Core deposit intangible, net 260 280 Accrued interest receivable and other assets 71,159 67,782 Total Assets $ 5,801,412 $ 5,752,957 LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest-bearing demand deposits $ 749,178 $ 728,881 Interest-bearing demand deposits 719,781 803,093 Savings 3,035,823 2,960,282 Certificates of deposit 532,771 506,494 Total deposits 5,037,553 4,998,750 Short-term borrowings — — Subordinated debentures 20,620 20,620 Subordinated notes, net of unamortized issuance costs 84,343 84,267 Operating lease liabilities 37,832 37,650 Accrued interest payable and other liabilities 42,424 40,423 Total liabilities 5,222,772 5,181,710 Commitments and contingent liabilities Pre

View Full Filing

View this 10-Q filing on SEC EDGAR