CNB Financial Corp/PA Files Q2 2024 10-Q

TL;DR

**CNB Financial Corp/PA filed its Q2 2024 10-Q. Check financials.**

AI Summary

CNB Financial Corp/PA filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are provided.

Why It Matters

This filing provides investors with crucial financial data and operational insights into CNB Financial Corp/PA's performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, CNB Financial Corp/PA is subject to various market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-08-07 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2023-12-31 — Previous Year End Date (Provides a comparison point for financial performance from the end of the prior fiscal year.)

Key Players & Entities

• CNB FINANCIAL CORP/PA (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Date the filing was made
• PA (location) — State of incorporation
• CLEARFIELD (location) — City of business and mailing address

FAQ

Filing Documents

• ccne-20240630.htm (10-Q) — 5538KB
• ccne06302024ex311.htm (EX-31.1) — 8KB
• ccne06302024ex312.htm (EX-31.2) — 8KB
• ccne06302024ex321.htm (EX-32.1) — 4KB
• ccne06302024ex322.htm (EX-32.2) — 4KB
• 0000736772-24-000086.txt ( ) — 25917KB
• ccne-20240630.xsd (EX-101.SCH) — 80KB
• ccne-20240630_cal.xml (EX-101.CAL) — 168KB
• ccne-20240630_def.xml (EX-101.DEF) — 553KB
• ccne-20240630_lab.xml (EX-101.LAB) — 1003KB
• ccne-20240630_pre.xml (EX-101.PRE) — 819KB
• ccne-20240630_htm.xml (XML) — 7351KB

– Financial Statements

ITEM 1 – Financial Statements Condensed Consolidated Balance Sheets June 30 , 2024 (unaudited) and December 31, 2023 (audited) 1 Condensed Consolidated Statements of Income – Three and six months ended June 3 0 , 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Comprehensive Income – Three and six months ended June 3 0 , 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Changes in Shareholders' Equity – Three and six months ended June 3 0 , 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows – Six months ended June 3 0 , 2024 and 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements 8

– 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 50

– Quantitative and Qualitative Disclosures about Market Risk

ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk 76

– Controls and Procedures

ITEM 4 – Controls and Procedures 77 PART II. OTHER INFORMATION

– Legal Proceedings

ITEM 1 – Legal Proceedings 78

– Risk Factors

ITEM 1A – Risk Factors 78

– Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds 78

– Defaults Upon Senior Securities

ITEM 3 – Defaults Upon Senior Securities 79

– Mine Safety Disclosures

ITEM 4 – Mine Safety Disclosures 79

– Other Information

ITEM 5 – Other Information 79

– Exhibits

ITEM 6 – Exhibits 80

Signatures

Signatures 81 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) June 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents due from banks $ 56,031 $ 54,789 Interest-bearing deposits with Federal Reserve 271,943 164,385 Interest-bearing deposits with other financial institutions 3,171 2,872 Total cash and cash equivalents 331,145 222,046 Debt securities available-for-sale, at fair value (amortized cost of $ 415,744 and $ 395,803 , respectively) 359,900 341,955 Debt securities held-to-maturity, at amortized cost (fair value of $ 326,322 and $ 360,570 , respectively) 354,569 388,968 Equity securities 9,654 9,301 Loans held for sale 642 675 Loans receivable Syndicated loans 53,938 108,710 Loans 4,425,754 4,359,766 Total loans receivable 4,479,692 4,468,476 Less: allowance for credit losses ( 45,532 ) ( 45,832 ) Net loans receivable 4,434,160 4,422,644 FHLB and other restricted stock holdings and investments 39,415 30,011 Premises and equipment, net 79,417 73,700 Operating lease right-of-use assets 35,066 35,699 Bank owned life insurance 116,019 114,468 Mortgage servicing rights 1,449 1,554 Goodwill and other intangibles 43,874 43,874 Core deposit intangible, net 241 280 Accrued interest receivable and other assets 81,020 67,782 Total Assets $ 5,886,571 $ 5,752,957 LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest-bearing demand deposits $ 762,918 $ 728,881 Interest-bearing demand deposits 693,074 803,093 Savings 3,140,505 2,960,282 Certificates of deposit 514,348 506,494 Total deposits 5,110,845 4,998,750 Subordinated debentures 20,620 20,620 Subordinated notes, net of unamortized issuance costs 84,419 84,267 Operating lease liabilities 37,194 37,650 Accrued interest payable and other liabilities 46,793 40,423 Total liabilities 5,299,871 5,181,710 Commitments and contingent liabilities Preferred stock, Series A non-cumulative perpetual, $ 0 par value; $ 1,000 liq

View Full Filing

View this 10-Q filing on SEC EDGAR