Company: CCNE
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000736772-25-000071
Chunk: 100

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-06
Form: 10-K
Item: Item 7
Chunk 100
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 market data. For financial instruments that trade actively and have quoted market prices or observable market data, there is minimal subjectivity involved in measuring fair value. When observable market prices and data are not fully available, management judgment is necessary to estimate fair value. In addition, changes in the market conditions may reduce the availability of quoted prices or observable data. For example, reduced liquidity in the capital markets or changes in secondary market activities could result in observable market inputs becoming unavailable. Therefore, when market data is not available, we use valuation techniques that require more management judgment to estimate the appropriate fair value measurement. Fair value is discussed further in Note 1, "Summary of Significant Accounting Policies" and in Note 4, "Fair Value."

Goodwill

Certain intangible assets generated in connection with acquisitions are periodically assessed for impairment. Goodwill is tested at least annually for impairment, and if certain events occur which indicate goodwill might be impaired between annual tests, goodwill must be tested when such events occur. In making this assessment, the Corporation considers a number of factors including operating results, business plans, economic projections, anticipated future cash flows, current market data, stock price, etc. There are inherent uncertainties related to these factors and the Corporation's judgment in applying them to the analysis of goodwill impairment. Future changes in economic and operating conditions could result in goodwill impairment in subsequent periods.

Non-GAAP Financial Measures

The following tables reconcile the non-GAAP financial measures to their most directly comparable measures under GAAP.

December 31,December 31,20242023Calculation of tangible book value per common share and tangible common equity / tangible assets (non-GAAP):Shareholders' equity$610,695 $571,247 Less: preferred equity57,785 57,785 Common shareholders' equity552,910 513,462 Less: goodwill and other intangibles43,874 43,874 Less: core deposit intangible206 280 Tangible common equity (non-GAAP)$508,830 $469,308 Total assets$6,192,010 $5,752,957 Less: goodwill and other intangibles43,874 43,874 Less: core deposit intangible206 280 Tangible assets (non-GAAP)$6,147,930 $5,708,803 Ending shares outstanding20,987,992 20,896,439 Book value per common share (GAAP)$26.34 $24.57 Tangible book