Company: CCNE
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000736772-25-000071
Chunk: 185

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-06
Form: 10-K
Item: Item 8
Chunk 185
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 exercise the option. Certain lease agreements of the Corporation include rental payments adjusted periodically for changes in the consumer price index.LeasesClassificationDecember 31, 2024December 31, 2023Assets:Operating lease assetsOperating lease right-of-use assets$37,764 $35,699 Finance lease assetsFinance lease right-of-use assets14,951 — Finance lease assetsPremises and equipment, net (1)143 215 Total leased assets$52,858 $35,914 Liabilities:Operating lease liabilitiesOperating lease liabilities$40,315 $37,650 Finance lease liabilitiesAccrued interest payable and other liabilities15,151 294 Total leased liabilities$55,466 $37,944 (1) Finance lease assets are recorded net of accumulated amortization of $1.1 million and $1.0 million as of December 31, 2024 and 2023, respectively.

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The components of the Corporation's net lease expense for the years ended December 31, 2024, 2023, and 2022 were as follows:Lease CostClassificationDecember 31, 2024December 31, 2023December 31, 2022Operating lease costNet occupancy expense$3,066 $2,963 $2,264 Variable lease costNet occupancy expense103 92 59 Finance lease cost:Amortization of leased assetsNet occupancy expense72 72 72 Interest on lease liabilitiesInterest expense - borrowed funds11 15 19 Sublease income (1)Net occupancy expense(96)(93)(79)Gain on sale-leaseback transactionsNoninterest income - other(63)— — Net lease cost$3,093 $3,049 $2,335 (1) Sublease income excludes rental income from owned properties.The following table sets forth future minimum rental payments under noncancelable leases with terms in excess of one year as of December 31, 2024:Maturity of Lease Liabilities as of December 31, 2024Operating Leases (1)Finance LeasesTotal2025$2,755 $843 $3,598 20262,737 843 3,580 20272,759 738 3,497 20282,827 783 3,610 20292,862 783 3,645 After 202951,757 32,228 83,