Company: CCNE
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000736772-25-000169
Chunk: 47

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 47
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 the Corporation's net lease expense for the three and six months ended June 30, 2025 and 2024, respectively, were as follows:Three Months Ended June 30,Six Months Ended June 30,Lease CostClassification2025202420252024Operating lease costNet occupancy expense$787 $736 $1,577 $1,478 Variable lease costNet occupancy expense36 29 85 56 Finance lease cost:Amortization of leased assetsNet occupancy expense137 18 284 36 Interest on lease liabilitiesInterest expense - borrowed funds222 3 458 6 Sublease income (1)Net occupancy expense(25)(24)(51)(48)Net lease cost$1,157 $762 $2,353 $1,528 (1) Sublease income excludes rental income from owned properties.The following table sets forth future minimum rental payments under noncancellable leases with initial terms in excess of one year as of June 30, 2025:Maturity of Lease Liabilities as of June 30, 2025Operating Leases (1)Finance LeasesTotal2025$1,576 $521 $2,097 20262,729 1,042 3,771 20272,759 934 3,693 20282,827 978 3,805 20292,862 9783,840 After 202951,797 38,13489,931 Total lease payments64,550 42,587 107,137 Less: Interest24,746 24,499 49,245 Present value of lease liabilities$39,804 $18,088 $57,892 (1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised and exclude $3.4 million of legally binding minimum lease payments for leases signed, but not yet commenced.Lease terms and discount rates related to the Corporation's lease liabilities as of June 30, 2025 and December 31, 2024 were as follows:Lease Term and Discount RateJune 30, 2025December 31, 2024Weighted-average remaining lease term (years)Operating leases22.522.8Finance leases34.334.6Weighted-average discount rateOperating leases4.23 %4.22 %Finance leases5.32 %5.24 %Other information related