Company: CCNE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000736772-25-000087
Chunk: 192

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 192
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572)$4,517 Liabilities and Shareholders’ EquityInterest-Bearing DepositsDemand – interest-bearing$(68)$400 $332 Savings1,163 (2,934)(1,771)Time1,888 637 2,525 Total interest-bearing deposits2,983 (1,897)1,086 Short-Term Borrowings— — — Finance lease liabilities157 76 233 Subordinated debentures(5)(49)(54)Total Interest-Bearing Liabilities$3,135 $(1,870)$1,265 Change in Net Interest Income$1,954 $1,298 $3,252 

(1) Changes in interest income or expense not arising solely as a result of volume or rate variances are allocated to volume changes.

(2) Changes in interest income on tax-exempt securities and loans receivable are presented on a fully taxable-equivalent basis, using the Corporation’s marginal federal income tax rate of 21% for the three months ended March 31, 2025 and March 31, 2024.

(3) Includes loans held for sale.

59

RESULTS OF OPERATIONS

Three Months Ended March 31, 2025 and 2024

OVERVIEW

Net income available to common shareholders ("earnings") was $10.4 million, or $0.50 per diluted share, for the three months ended March 31, 2025. Excluding after-tax merger costs, earnings were $11.9 million, or $0.57 per diluted share for the three months ended March 31, 2025. The Corporation’s earnings for the three months ended March 31, 2024 were $11.5 million, or $0.55 per diluted share. Excluding after-tax merger costs, the increase in diluted earnings per share comparing the three months ended March 31, 2025 to the three months ended March 31, 2024 was primarily due to an increase in net interest income, partially offset by increases in non-interest expense and the provision for credit losses, coupled with a decrease in non-interest income.

Annualized return on average equity was 7.52% for the three months ended March 31, 2025, compared to 8.79% for the three months ended March 31, 2024. Annualized return on average tangible common equity, a non-GAAP measure, was 8.15