Company: CCNE
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000736772-25-000071
Chunk: 210

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-06
Form: 10-K
Item: Item 8
Chunk 210
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133 2,887 FDIC insurance3,718 3,879 2,796 Card processing and interchange expenses4,575 5,025 4,801 Other non-interest expenses19,143 18,992 17,088 Total non-interest expenses150,002 145,342 137,622 INCOME BEFORE INCOME TAXES67,359 71,829 78,214 INCOME TAX EXPENSE 12,784 13,809 15,026 SEGMENT NET INCOME$54,575 $58,020 $63,188 Reconciliation of profit or lossAdjustments and reconciling items— — — CONSOLIDATED NET INCOME$54,575 $58,020 $63,188 Reconciliation of assetsAdjustments and reconciling items— — TOTAL CONSOLIDATED ASSETS$6,192,010 $5,752,957 

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23.  Subsequent Events

On January 9, 2025, the Corporation and CNB Bank entered into a definitive merger agreement (the “Merger Agreement”) with ESSA Bancorp, Inc. (“ESSA”) and its subsidiary bank, ESSA Bank & Trust Company (“ESSA Bank”), pursuant to which the Corporation will acquire ESSA in an all-stock transaction. Subject to the terms and conditions of the Merger Agreement, which has been approved by the boards of directors of each party, ESSA will merge with and into the Corporation, with the Corporation as the surviving entity, and immediately thereafter, ESSA Bank will merge with and into the Bank, with the Bank as the surviving bank (the “Merger”). Under the terms of the Merger Agreement, each outstanding share of ESSA common stock will be converted into the right to receive 0.8547 shares of the Corporation’s common stock. The transaction is currently expected to close in the third quarter of 2025, subject to customary closing conditions, including the receipt of regulatory approvals and approvals by the shareholders of ESSA and the Corporation.

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