Company: CCNE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0000736772-25-000087
Chunk: 146

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 146
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 is reasonably certain the Corporation will exercise the option. Certain lease agreements of the Corporation include rental payments adjusted periodically for changes in the consumer price index.LeasesClassificationMarch 31, 2025December 31, 2024Assets:Operating lease assetsOperating lease right-of-use assets$37,391 $37,764 Finance lease assetsFinance lease right-of-use assets14,822 14,951 Finance lease assetsPremises and equipment, net (1)125 143 Total leased assets$52,338 $52,858 Liabilities:Operating lease liabilitiesOperating lease liabilities$40,030 $40,315 Finance lease liabilitiesAccrued interest payable and other liabilities15,137 15,151 Total leased liabilities$55,167 $55,466 (1) Finance lease assets are recorded net of accumulated amortization of $1.1 million as of March 31, 2025 and $1.1 million as of December 31, 2024.

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The components of the Corporation's net lease expense for the three months ended March 31, 2025 and 2024, respectively, were as follows:Three Months Ended March 31,Lease CostClassification20252024Operating lease costNet occupancy expense$790 $742 Variable lease costNet occupancy expense49 27 Finance lease cost:Amortization of leased assetsNet occupancy expense147 18 Interest on lease liabilitiesInterest expense - borrowed funds236 3 Sublease income (1)Net occupancy expense(26)(24)Net lease cost$1,196 $766 (1) Sublease income excludes rental income from owned properties.The following table sets forth future minimum rental payments under noncancellable leases with initial terms in excess of one year as of March 31, 2025:Maturity of Lease Liabilities as of March 31, 2025Operating Leases (1)Finance LeasesTotal2025$2,067 $635 $2,702 20262,737 846 3,583 20272,759 738 3,497 20282,827 783 3,610 20292,862 7833,645 After 202951,797 32,18883,985 Total lease payments65,049 35,973 101,022 Less: Interest25,019 20,836 45,855 Present value of lease liabilities$40,030