$CCNE

CNB FINANCIAL CORP/PA

CIK:0000736772|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST AND DIVIDEND INCOME:
Interest and fees on loans receivable	$ 102,336	$ 75,408	$ 203,663	$ 147,787
Securities:
Taxable	12,411	10,118	22,558	19,863
Tax-exempt	141	149	289	305
Dividends	768	96	1,184	195
Total interest and dividend income	115,656	85,771	227,694	168,150
INTEREST EXPENSE:
Deposits	36,454	32,276	72,421	64,910
Borrowed funds and finance lease liabilities	1,857	222	3,559	458
Subordinated notes and debentures	1,001	1,076	2,047	2,154
Total interest expense	39,312	33,574	78,027	67,522
NET INTEREST INCOME	76,344	52,197	149,667	100,628
PROVISION FOR CREDIT LOSS EXPENSE	1,777	4,338	2,775	5,894
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE	74,567	47,859	146,892	94,734
NON-INTEREST INCOME:
Service charges on deposit accounts	2,010	1,656	4,044	3,370
Other service charges and fees	417	427	839	937
Wealth and asset management fees	2,728	2,109	5,085	3,905
Net realized gains on available-for-sale securities (includes $0, $0, $331 and $0 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively)	0	0	331	0
Net realized and unrealized gains on equity securities	707	567	618	318
Mortgage banking	269	172	610	268
Bank owned life insurance	1,167	976	2,153	1,736
Card processing and interchange income	2,804	2,278	5,390	4,385
Other non-interest income	1,200	823	2,230	2,596
Total non-interest income	11,302	9,008	21,300	17,515
NON-INTEREST EXPENSES:
Compensation and benefits	22,712	19,348	47,695	39,912
Net occupancy expense	5,085	4,032	10,534	8,070
Amortization of core deposit intangible	1,016	16	2,021	33
Technology expense	7,205	5,462	14,386	10,840
State and local taxes	2,046	1,301	2,867	2,593
Legal, professional, and examination fees	1,718	997	2,490	1,846
Advertising	728	556	1,516	1,070
FDIC insurance premiums	1,021	937	1,828	1,922
Card processing and interchange expenses	1,470	1,253	2,977	2,413
Merger and integration costs	0	357	0	1,886
Other non-interest expenses	7,707	5,358	13,581	10,070
Total non-interest expenses	50,708	39,617	99,895	80,655
INCOME BEFORE INCOME TAXES	35,161	17,250	68,297	31,594
INCOME TAX EXPENSE (includes $0, $0, $70 and $0 income tax expense from reclassification items, respectively)	6,857	3,294	12,957	6,157
NET INCOME	28,304	13,956	55,340	25,437
PREFERRED STOCK DIVIDENDS	1,075	1,075	2,150	2,150
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$ 27,229	$ 12,881	$ 53,190	$ 23,287
AVERAGE COMMON SHARES OUTSTANDING, Basic (in share)	29,354,439	20,881,164	29,335,934	20,874,106
AVERAGE COMMON SHARES OUTSTANDING, Diluted (in shares)	29,492,359	20,952,891	29,465,809	20,939,424
PER COMMON SHARE DATA:
Basic Earnings Per Common Share (in dollars per share)	$ 0.92	$ 0.61	$ 1.80	$ 1.11
Diluted Earnings Per Common Share (in dollars per share)	0.91	0.61	1.79	1.10
Cash Dividends Declared (in dollars per share)	$ 0.19	$ 0.18	$ 0.38	$ 0.36

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 55,340	$ 25,437
Adjustments to reconcile net income to net cash provided by operations:
Provision for credit loss expense	2,775	5,894
Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights	7,506	3,900
Accretion of securities, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income	(10,618)	(3,414)
Net amortization of deferred costs on borrowings	126	152
Net realized gains on sales of available-for-sale securities	(331)	0
Net realized and unrealized gains on equity securities	(618)	(318)
Gain on sale of loans held for sale	(604)	(119)
Net losses on dispositions of premises and equipment and foreclosed assets	201	140
Proceeds from sale of loans held for sale	17,000	8,775
Origination of loans held for sale	(17,353)	(9,163)
Income on bank owned life insurance	(2,010)	(1,556)
Gain on bank owned life insurance (death benefit proceeds in excess of cash surrender value)	(143)	(180)
Restricted stock compensation expense	1,827	1,100
Change in:
Accrued interest receivable and other assets	(351)	6
Accrued interest payable, lease liabilities, and other liabilities	3,346	1,175
NET CASH PROVIDED BY OPERATING ACTIVITIES	56,093	31,829
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities, prepayments and calls of available-for-sale securities	60,223	50,848
Proceeds from sales of available-for-sale securities	36,670	0
Purchase of available-for-sale securities	(211,890)	(93,211)
Proceeds from maturities, prepayments and calls of held-to-maturity securities	39,441	36,540
Purchase of equity securities	(199)	(163)
Net increase in loans receivable	(13,431)	(125,882)
Proceeds from death benefit of bank owned life insurance policies	618	884
Purchase of FHLB, other equity, and restricted equity interests	(18,873)	(1,490)
Purchase of premises and equipment	(1,284)	(4,087)
Proceeds from the sale of premises and equipment and foreclosed assets	588	1,451
NET CASH USED BY INVESTING ACTIVITIES	(108,137)	(135,110)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in checking, money market and savings accounts	4,836	68,701
Net increase in certificates of deposit	48,519	27,017
Net decrease in deposits held for sale	(6,816)	0
Purchase of treasury stock	(542)	(332)
Cash dividends paid, common stock	(11,260)	(7,579)
Cash dividends paid, preferred stock	(2,150)	(2,150)
Redemption of subordinated notes	(50,000)	0
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES	(17,413)	85,657
NET DECREASE IN CASH AND CASH EQUIVALENTS	(69,457)	(17,624)
CASH AND CASH EQUIVALENTS, Beginning	527,896	443,035
CASH AND CASH EQUIVALENTS, Ending	458,439	425,411
Cash paid during the period for:
Interest	74,981	65,794
Income taxes	2,764	3,700
SUPPLEMENTAL NONCASH DISCLOSURES:
Transfers to other real estate owned	2,289	424
Transfers from loans held for sale to loans held for investment	1,358	317
Grant of restricted stock award grants from treasury stock	0	2,654
Grant of performance based restricted stock award grants from treasury stock	283	167
Forfeiture of restricted stock award grants	289	220
Lease liabilities arising from obtaining right-of-use assets	$ 77	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents due from banks	$ 86,618	$ 78,197
Interest-bearing deposits with Federal Reserve	364,781	441,501
Interest-bearing deposits with other financial institutions	7,040	8,198
Total cash and cash equivalents	458,439	527,896
Debt securities available-for-sale, at fair value (amortized cost of $734,772 and $618,912, respectively)	692,513	584,330
Debt securities held-to-maturity, at amortized cost (fair value of $190,521 and $229,694, respectively)	203,049	242,138
Equity securities	11,682	10,865
Loans held for sale	1,855	2,517
Loans receivable	6,513,861	6,493,740
Less: allowance for credit losses	(67,455)	(67,055)
Net loans receivable	6,446,406	6,426,685
FHLB and other restricted stock holdings and investments	77,420	58,547
Premises and equipment, net	87,891	90,220
Operating & finance lease right-of-use assets	56,757	58,293
Bank owned life insurance	161,037	159,502
Mortgage servicing rights	2,456	2,608
Goodwill and other intangibles	87,465	88,512
Core deposit intangible, net	31,672	33,693
Accrued interest receivable and other assets	113,527	110,629
Total Assets	8,432,169	8,396,435
LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing demand deposits	1,147,907	1,092,076
Interest-bearing demand deposits	1,023,540	1,014,606
Savings	3,762,710	3,822,639
Certificates of deposit	1,146,307	1,097,788
Total deposits	7,080,464	7,027,109
Short-term borrowings	164,000	164,000
Deposits held for sale	81,303	88,119
Subordinated debentures	20,620	20,620
Subordinated notes, net of unamortized issuance costs	35,000	84,874
Operating lease liabilities	42,687	43,747
Accrued interest payable and other liabilities	98,648	95,839
Total liabilities	7,522,722	7,524,308
Commitments and contingent liabilities
Preferred stock, Series A non-cumulative perpetual, $0 par value; $1,000 liquidation preference; shares authorized 60,375; Shares issued 60,375 at June 30, 2026 and December 31, 2025	57,785	57,785
Common stock, no par value; 50,000,000 shares authorized; Shares issued 29,757,662 at June 30, 2026 and 29,594,933 at December 31, 2025	0	0
Additional paid in capital	424,486	422,653
Retained earnings	466,865	424,935
Treasury stock, at cost (135,663 shares at June 30, 2026 and 121,581 shares at December 31, 2025)	(3,129)	(2,581)
Accumulated other comprehensive loss	(36,560)	(30,665)
Total shareholders' equity	909,447	872,127
Total Liabilities and Shareholders' Equity	8,432,169	8,396,435
Syndicated loans
ASSETS
Loans receivable	93,859	70,798
Loans
ASSETS
Loans receivable	$ 6,420,002	$ 6,422,942