Company: CCNE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000736772-25-000087
Chunk: 148

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 148
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 were no borrowings under the line of credit at March 31, 2025 and December 31, 2024.Federal Home Loan Bank BorrowingsThe Bank has the ability to borrow funds from the Federal Home Loan Bank of Pittsburgh ("FHLB"). The Bank maintains a $250.0 million line-of-credit (Open Repo Plus) with the FHLB which is a revolving term commitment available on an overnight basis. The term of this commitment may not exceed 364 days and it reprices daily at market rates. Under terms of a blanket collateral agreement with the FHLB, the line-of-credit and long term advances are secured by FHLB stock and the Bank pledges its single-family residential mortgage loan portfolio, certain commercial real estate loans, and certain agriculture real estate loans as security for any advances.Total loans pledged to the FHLB at March 31, 2025, and December 31, 2024 were $2.2 billion and $2.1 billion, respectively. The Bank could obtain advances of up to approximately $1.2 billion from the FHLB at March 31, 2025 and $1.2 billion at December 31, 2024.At March 31, 2025 and December 31, 2024, there were no outstanding advances from the FHLB:March 31, 2025December 31, 2024Open Repo borrowing at an interest rate of 4.69% and 4.71% at March 31, 2025 and December 31, 2024, respectfully. The maximum amount of the Open Repo borrowing available is $250,000.$— $— Total$— $— At March 31, 2025 and December 31, 2024, municipal deposit letters of credit issued by the FHLB on behalf of the Bank naming applicable municipalities as beneficiaries were $159.4 million and $157.7 million, respectively. The letters of credit were utilized in place of securities pledged to the municipalities for their deposits maintained at the Bank.

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Federal Reserve BorrowingsIn June 2023, the Bank was approved by the Federal Reserve Bank of Philadelphia (the "Federal Reserve") for its Borrower-in-Custody ("BIC") program. At March 31, 2025, the Bank had borrowing capacity through the Federal Reserve BIC program of $213.8 million.