CNB Financial Corp/PA Files Q3 2024 10-Q

TL;DR

**CNB Financial Corp/PA filed its Q3 2024 10-Q. Financials look steady.**

AI Summary

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

Why It Matters

This filing provides crucial insights into CNB Financial Corp/PA's financial health and operational performance during the third quarter of 2024, impacting investor decisions and market perception.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) that provides standard financial disclosures and does not indicate any immediate or unusual risks.

Key Numbers

• 2024-09-30 — Period End Date (Financial reporting period)
• 2023-12-31 — Previous Year End Date (Comparison point for financial data)

Key Players & Entities

• CNB FINANCIAL CORP/PA (company) — Filer
• 2024-09-30 (date) — Period of Report
• 2024-11-06 (date) — Filed as of Date
• PA (location) — State of Incorporation

FAQ

Filing Documents

• ccne-20240930.htm (10-Q) — 5463KB
• ccne09302024ex311.htm (EX-31.1) — 8KB
• ccne09302024ex312.htm (EX-31.2) — 8KB
• ccne09302024ex321.htm (EX-32.1) — 4KB
• ccne09302024ex322.htm (EX-32.2) — 4KB
• 0000736772-24-000108.txt ( ) — 25509KB
• ccne-20240930.xsd (EX-101.SCH) — 78KB
• ccne-20240930_cal.xml (EX-101.CAL) — 168KB
• ccne-20240930_def.xml (EX-101.DEF) — 542KB
• ccne-20240930_lab.xml (EX-101.LAB) — 996KB
• ccne-20240930_pre.xml (EX-101.PRE) — 807KB
• ccne-20240930_htm.xml (XML) — 7227KB

– Financial Statements

ITEM 1 – Financial Statements Condensed Consolidated Balance Sheet s – September 30, 2024 (unaudited) and December 31, 2023 (audited) 1 Condensed Consolidated Statements of Income – Three and nine months ended September 30, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Comprehensive Income – Three and nine months ended September 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Changes in Shareholders' Equity – Three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows – Nine months ended September 30, 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 48

– Quantitative and Qualitative Disclosures about Market Risk

ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk 75

– Controls and Procedures

ITEM 4 – Controls and Procedures 76 PART II. OTHER INFORMATION

– Legal Proceedings

ITEM 1 – Legal Proceedings 77

– Risk Factors

ITEM 1A – Risk Factors 77

– Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds 77

– Defaults Upon Senior Securities

ITEM 3 – Defaults Upon Senior Securities 78

– Mine Safety Disclosures

ITEM 4 – Mine Safety Disclosures 78

– Other Information

ITEM 5 – Other Information 78

– Exhibits

ITEM 6 – Exhibits 79

Signatures

Signatures 80 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 interest rates; (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 in, loan delinqu

Financial Information

Part I Financial Information

Financial Statements

Item 1. Financial Statements CONDENSED CONSOLIDATED BALANCE SHEETS Dollars in thousands, except share data (unaudited) September 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents due from banks $ 75,214 $ 54,789 Interest-bearing deposits with Federal Reserve 281,972 164,385 Interest-bearing deposits with other financial institutions 3,723 2,872 Total cash and cash equivalents 360,909 222,046 Debt securities available-for-sale, at fair value (amortized cost of $ 422,222 and $ 395,803 , respectively) 378,965 341,955 Debt securities held-to-maturity, at amortized cost (fair value of $ 308,925 and $ 360,570 , respectively) 328,152 388,968 Equity securities 10,389 9,301 Loans held for sale 768 675 Loans receivable Syndicated loans 69,470 108,710 Loans 4,522,438 4,359,766 Total loans receivable 4,591,908 4,468,476 Less: allowance for credit losses ( 46,644 ) ( 45,832 ) Net loans receivable 4,545,264 4,422,644 FHLB and other restricted stock holdings and investments 40,937 30,011 Premises and equipment, net 82,090 73,700 Operating lease right-of-use assets 37,419 35,699 Bank owned life insurance 116,795 114,468 Mortgage servicing rights 1,413 1,554 Goodwill and other intangibles 43,874 43,874 Core deposit intangible, net 223 280 Accrued interest receivable and other assets 67,646 67,782 Total Assets $ 6,014,844 $ 5,752,957 LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest-bearing demand deposits $ 841,292 $ 728,881 Interest-bearing demand deposits 681,056 803,093 Savings 3,040,769 2,960,282 Certificates of deposit 653,832 506,494 Total deposits 5,216,949 4,998,750 Subordinated debentures 20,620 20,620 Subordinated notes, net of unamortized issuance costs 84,495 84,267 Operating lease liabilities 39,683 37,650 Accrued interest payable and other liabilities 46,734 40,423 Total liabilities 5,408,481 5,181,710 Commitments and contingent liabilities Preferred stock, Series A non-cumulative perpetual, $ 0 par value; $ 1,0

View Full Filing

View this 10-Q filing on SEC EDGAR