Company: CCNE
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000736772-25-000071
Chunk: 193

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-06
Form: 10-K
Item: Item 8
Chunk 193
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.2 Other(236)(0.4)(383)(0.5)(357)(0.5)Income tax expense$12,784 18.9 %$13,809 19.2 %$15,026 19.2 %

113

The following table sets forth deferred taxes as of December 31, 2024 and 2023:December 31, 2024December 31, 2023Deferred tax assets:Allowance for credit losses$10,895 $10,515 Fair value adjustments – business combination685 771 Deferred compensation4,026 3,693 Net operating loss carryover493 516 Post-retirement benefits509 605 Unrealized loss on equity securities197 129 Nonaccrual loan interest563 476 Accrued expenses609 579 Deferred fees and costs25 557 Unrealized loss on securities available-for-sale10,852 11,308 Unrealized loss on securities held-to-maturity963 1,108 Lease liability12,360 8,509 Other547 453 42,724 39,219 Deferred tax liabilities:Premises and equipment3,054 3,761 Intangibles – section 1972,475 2,487 Mortgage servicing rights278 345 Lease asset11,839 8,128 Other633 571 18,279 15,292 Net deferred tax asset$24,445 $23,927 At December 31, 2024 and 2023, the Corporation had no unrecognized tax benefits. The Corporation does not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months.At December 31, 2024, the Corporation had state net operating loss carryforwards of $14.8 million related to the acquisition of Bank of Akron, which will expire at various dates from 2034 to 2039. The Corporation's ability to utilize carryforwards is limited to $363 thousand per year. Due to this limitation, management has determined it is more likely than not that approximately $9.5 million of net operating loss carryforwards will expire unutilized.The Corporation recognizes interest and/or penalties related to income tax matters as part of income tax expense. At December 31, 2024, 2023, and 2022, there were no amounts accrued for interest and/or penalties and no amounts