Company: CCNE
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000736772-25-000071
Chunk: 65

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-06
Form: 10-K
Item: Item 7
Chunk 65
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 liquidity needs of the Corporation are satisfied primarily by the current balance of cash and cash equivalents, customer and brokered deposits, FHLB financing, the portions of the securities and loan portfolios that mature within one year, and other third-party funding channels. The Corporation expects that these sources of funds will enable it to meet cash obligations and off-balance sheet commitments as they come due. In addition to the above noted liquidity sources, the Corporation maintains access to the Federal Reserve discount window.

Securities

AFS debt securities and equity securities totaled $479.0 million and $351.3 million at December 31, 2024 and 2023, respectively. Investments classified as held-to-maturity ("HTM") securities totaled $306.1 million and $389.0 million at December 31, 2024 and 2023, respectively.

The Corporation’s objective is to maintain the investment securities portfolio at an appropriate level to balance the earnings and liquidity provided by the portfolio. Note 2, "Securities," to the consolidated financial statements provides more detail concerning the composition of the Corporation’s securities portfolio and the process for evaluating securities for impairment.

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The following table summarizes the maturity distribution schedule with corresponding weighted-average yields of AFS debt securities as of December 31, 2024. Weighted-average yields have been computed on a fully taxable-equivalent basis using a tax rate of 21%. Mortgage-backed securities are included in maturity categories based on their stated maturity date.

December 31, 2024 WithinOne YearAfter One But WithinFive YearsAfter Five ButWithin TenYearsAfter TenYearsTotal $ Amt.Yield$ Amt.Yield$ Amt.Yield$ Amt.Yield$ Amt.YieldU.S. Government Sponsored Entities$14,810 4.73 %$— — %$— — %$— — %$14,810 4.73 %State and Political Subdivisions6,994 3.07 36,071 2.39 32,945 2.25 14,946 2.21 90,956 2.36 Residential and multi-family mortgage4,957 3.08 5,868 2.87 17,199 1.81 290,886 3.48 318,910 3.37 Corporate notes and bonds1,984 5.89 8,710 4.88 24,