Company: CCNE
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000736772-25-000071
Chunk: 149

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-06
Form: 10-K
Item: Item 8
Chunk 149
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 near-term prospects of the issuer and whether downgrades by bond rating agencies have occurred. Based on the results of the assessment, management believes the decline in fair value is not the result of credit losses. As a result no credit allowance is required as of December 31, 2024. As of December 31, 2024 and 2023 management concluded that the securities described in the previous paragraph did not decline in fair value due to credit factors for the following reasons: •There is no indication of any significant deterioration of the creditworthiness of the institutions that issued the securities.•All contractual interest payments on the securities have been received as scheduled, and no information has come to management’s attention through the processes previously described which would lead to a conclusion that future contractual payments will not be timely received.In addition, the rise in interest rates is the primary driver of the decline in fair value below amortized cost as of December 31, 2024.Equity securities at December 31, 2024 and 2023 were as follows:December 31, 2024December 31, 2023Corporate equity securities$6,542 $5,341 Mutual funds1,936 2,223 Money market287 1,103 Corporate notes1,691 634 Total$10,456 $9,301 

84

During the year ended December 31, 2024, 2023, and 2022, the proceeds from sold equity securities were zero in 2024, $296 thousand in 2023 and zero in 2022, resulting in net realized gains of zero in 2024, $22 thousand in 2023, and zero in 2022.

3.  Loans Receivable and Allowance for Credit Losses

Total net loans receivable at December 31, 2024 and 2023 are summarized as follows:2024Percentageof Total2023 (1)Percentageof TotalFarmland$31,099 0.67 %$33,485 0.76 %Owner-occupied, nonfarm nonresidential properties515,208 11.18 511,910 11.46 Agricultural production and other loans to farmers6,492 0.14 1,652 0.04 Commercial and Industrial718,775 15.60 726,442 16.26 Obligations (other than securities and leases)