Company: CCNE
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000736772-25-000071
Chunk: 192

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-06
Form: 10-K
Item: Item 8
Chunk 192
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 the year ended December 31, 2023, and $81 thousand for the year ended December 31, 2022.

12.  Deferred Compensation Plans

Deferred compensation plans cover all directors and certain officers. Under the plans, the Corporation pays each participant, or their beneficiary, the value of the participant’s account over a maximum period of 10 years, beginning with the individual’s termination of service. A liability is accrued for the obligation under these plans.A summary of changes in the deferred compensation plan liability follows:December 31, 2024December 31, 2023December 31, 2022Balance, beginning of year$4,108 $3,650 $3,675 Deferrals, dividends, and changes in fair value845 638 (2)Deferred compensation payments(241)(180)(23)Balance, end of year$4,712 $4,108 $3,650 

13.  Income Taxes

The following is a summary of income tax expense for the years ended December 31, 2024, 2023, and 2022:December 31, 2024December 31, 2023December 31, 2022Current – federal$12,863 $11,446 $15,494 Current – state1,104 1,252 1,346 Deferred – federal(1,124)1,110 (1,618)Deferred – state(59)1 (196)Income tax expense$12,784 $13,809 $15,026 The reconciliation of income tax attributable to pre-tax income at the federal statutory tax rates to income tax expense is as follows:December 31, 2024%December 31, 2023%December 31, 2022%Tax at statutory rate$14,146 21.0 %$15,084 21.0 %$16,425 21.0 %Tax exempt income, net(1,139)(1.7)(1,090)(1.5)(1,036)(1.3)Bank owned life insurance(653)(1.0)(619)(0.9)(721)(0.9)Tax credits, net of amortization(160)(0.2)(173)(0.3)(193)(0.3)Effect of state tax826 1.2 990 1.4 908 1