Company: CCNE
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000736772-25-000071
Chunk: 148

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-06
Form: 10-K
Item: Item 8
Chunk 148
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 entities$— $— $216,150 $(13,354)$216,150 $(13,354)Residential & multi-family mortgage— — 66,820 (9,757)66,820 (9,757)Total$— $— $282,970 $(23,111)$282,970 $(23,111)December 31, 2023Less than 12 Months12 Months or MoreTotalDescription of SecuritiesFairValueUnrealizedLossFairValueUnrealizedLossFairValueUnrealizedLossU.S. Gov’t sponsored entities$— $— $283,907 $(19,038)$283,907 $(19,038)State & political subdivisions— — 76,663 (9,360)76,663 (9,360)Total$— $— $360,570 $(28,398)$360,570 $(28,398)The Corporation evaluates securities for possible credit allowance on a quarterly basis, or more frequently when economic or market conditions warrant such an evaluation.As of December 31, 2024 and 2023, management performed an assessment for allowance for credit losses on the Corporation’s AFS debt securities in an unrealized loss position and as of December 31, 2024 management performed an assessment for allowance for credit losses on the Corporation's HTM debt securities. First an assessment was performed to determine if the Corporation intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost. Management determined it does not intend to sell and will not be required to sell any of the securities before recovery of its amortized cost. Next, management performed an evaluation relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. For the securities that comprise corporate notes and bonds and the securities that are issued by state and political subdivisions, management monitors publicly available financial information, such as filings with the Securities and Exchange Commission, in order to evaluate the securities credit quality and ability to repay its debt obligations. For financial institution issuers, management monitors information from quarterly "call" report filings that are used to generate Uniform Bank Performance Reports. All other securities that were in an unrealized loss position at the balance sheet date were reviewed by management, and issuer-specific documents were reviewed as appropriate given the following considerations; the financial condition and