Company: CCNE
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000736772-25-000071
Chunk: 89

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-06
Form: 10-K
Item: Item 7
Chunk 89
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) Average yields are stated on a fully taxable equivalent basis (calculated using statutory rates of 21%) resulting from tax-free municipal securities in the investment portfolio and tax-free municipal loans in the commercial loan portfolio. The taxable equivalent adjustment to net interest income for the years ended December 31, 2024, 2023, and 2022 were $955 thousand, $997 thousand, and $1.2 million, respectively.

(3) Average loans receivable outstanding includes the average balance outstanding of all nonaccrual loans. Loans receivable consist of the average of total loans receivable less average unearned income. In addition, loans receivable interest income consists of loans receivable fees, including PPP deferred processing fees. 

(4) Average balance is computed using the fair value of AFS debt securities and amortized cost of HTM debt securities. Average yield has been computed using amortized cost average balance for AFS and HTM debt securities. The adjustment to the average balance for securities in the calculation of average yield for the years ended December 31, 2024, 2023, and 2022 were $(53.1) million, $(61.1) million, and $(40.3) million, respectively.

(5) Includes loans held for sale.

Volume Analysis of Changes in Net Interest Income

The following table presents the change in net interest income for the years specified.

Analysis of Year-to-Year Changes in Net Interest Income2024 compared to 20232023 compared to 2022Increase (Decrease)Due to Change in (1)Increase (Decrease)Due to Change in (1)VolumeRateNetVolumeRateNetAssetsSecurities:Taxable$(462)$1,755 $1,293 $(443)$649 $206 Tax-Exempt (2)(116)3 (113)(152)(84)(236)Equity Securities (2)(150)44 (106)37 296 333 Total Securities(728)1,802 1,074 (558)861 303 Loans:Commercial (2)(4,015)3,612 (403)3,634 23,269 26,903 Mortgage (2)8,911 11,128 20,039 19,645 27,378 47,023 Consumer53 626 679 1,806 1,284 3,090 Total Loans4,949 15,