Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 105

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 105
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 Dixon – Executive Vice President, Chief Credit Officer of CNB Bank |

Financial and Operational Highlights Despite a continued level of uncertainty and volatility in the marketplace, for the year ended December 31, 2024, CNB continued to execute on its strategies while focusing on its long-term objectives:

| • |     | Net income available to common shareholders (“earnings”) was $50.3 million, or $2.39 per diluted share, for the twelve months ended December 31, 2024, compared to earnings of $53.7 million, or $2.55 per diluted share, for the twelve months ended December 31, 2023. The decrease in earnings and diluted earnings per share comparing the twelve months ended December 31, 2024 to the twelve months ended December 31, 2023 was primarily due to the rise in deposit costs year over year. |

| • |     | On August 13, 2024, as part of its overall capital management strategy, CNB increased the dividend per common share from $0.175 per quarter to $0.18 per quarter, resulting in a dividend per common share of $0.71 for the full-year 2024, compared to $0.70 for the prior year. |

| • |     | Book value per common share was $26.34 at December 31, 2024, reflecting an increase of $1.77 or 7.20% from $24.57 at December 31, 2023. A key objective for CNB is to target an increase of at least 10% in shareholder value annually. The increase in book value per common share, when comparing December 31, 2024 to December 31, 2023, was primarily due to (i) a $35.4 million increase in retained earnings over the twelve months ended December 31, 2024, (ii) CNB’s repurchase of 23,988 common shares at a weighted average price of $18.38 in the second quarter of 2024, and (iii) a $2.5 million decrease in accumulated other comprehensive loss primarily from the after-tax impact of temporary unrealized valuation changes in CNB’s available-for-sale investment portfolio for the past twelve months. |

| • |     | At December 31, 2024, loans totaled $4.6 billion, with an increase of $140.5 million, or 3.1%, compared to the balance as of