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美國

證券交易委員會

華盛頓特區20549

表格 10-Q

☒			根據1934年證券交易法第13或15(d)條規定的季報

截至季度結束日期的財務報告2024年9月30日

或者 

☐			根據1934年證券交易法第13或15(d)節的轉型報告書

過渡期從                    至                    

委員會文件號 001-39472

cnb金融公司

(根據其章程規定的註冊人準確名稱)

賓夕法尼亞州						25-1450605
（國家或其他管轄區的 公司成立或組織）						（IRS僱主 唯一識別號碼）

南二街1號

郵政信箱 42

克利爾菲爾德, 賓夕法尼亞州 16830

，（主要行政辦公地址）

註冊人的電話號碼，包括區號，（814) 765-9621

在法案第12(b)條的規定下注冊的證券：

類別名稱

交易標誌

在其上註冊的交易所的名稱

沒有名義價值的普通股

CCNE

納斯達克交易所

存托股（每股代表7.125% Series A 非累積永久優先股的1/40份利益）

CCNEP

納斯達克股票市場有限責任公司

請用勾號表示，登記者（1）在過去的12個月內（或者對於登記者需要提交此類報告的更短時期）是否已經提交了《1934年證券交易法》第13或15（d）條要求提交的所有報告，並且（2）在過去的90天內是否已填寫滿足此類提交要求。 ☒ Yes    ☐ 否

•現代通信與雲計算Yes    ☐ 否

請用覈對標記指示公司是否是大型加速申報人、加速申報人、非加速申報人、較小報告公司或新興成長公司。請參閱《交易所法》第120億.2條中"大型加速申報人"、"加速申報人"、"較小報告公司"和"新興成長公司"的定義。

大型加速存取器

☐

加速存取器

☒

非加速文件提交人

☐

更小的報告公司

☐

新興成長公司

☐

如果是新興增長型企業，在符合交易所法第13（a）條規定的任何新的或修訂財務會計準則的過渡期內不選擇使用延長過渡期標記，請勾選。☐

請用勾號指示註冊人是否爲殼公司（如《交易所法》第120億.2條所定義）。 ☐ 是☒ 否

截至2024年11月6日，發行人普通股的流通股數量爲：

普通股，每股無面值 20,993,718股數

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目錄

指數

第I部分

財務信息

 

			頁碼
項目1 - 基本報表
簡明合併資產負債表s – 九月 2024年3月30日（未經審計）和2023年12月31日（經審計）			1
收入簡明綜合報表 - 三個月及 九結束了的月份 九月 2024年和2023年（未經審計）			2
壓縮綜合收益陳述聯繫 三個月及 九月份結束時九月 2024年和2023年（未經審計）			3
股東權益簡明綜合報表 – 三個月及 九月份結束時九月 2024年和2023年（未經審計）			4
壓縮綜合現金流量表 - 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。結束了的月份 九月 2024年和2023年（未經審計）			6
簡明合併財務報表註釋			8
項目2 - 管理層對財務狀況和經營成果的討論與分析			48
項目3 - 關於市場風險的定量和定性披露			75
項目4 - 控件和程序			76
第二部分 其他信息
第一項 - 法律訴訟			77
第一項A - 風險因素			77
第二項 - 未經註冊的股權銷售和款項使用			77
第三項 - 高級證券違約			78
第四項 - 礦山安全披露			78
第五項 - 其他信息			78
項目6 - 附件			79
簽名			80

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目錄

前瞻性聲明和可能影響未來結果的因素

以下信息包括在1933年修訂後的《證券法》第27A條和1934年修訂後的《證券交易法》第21E條中關於cnb金融公司（稱爲"公司"）財務狀況、流動性、運營結果、未來表現和業務的前瞻性聲明。這些前瞻性聲明旨在適用於1995年《私人證券訴訟改革法》中提供的「前瞻性聲明」安全港。前瞻性聲明指的是非歷史事實。前瞻性聲明包括與信念、計劃、目標、期望、預期、估計和意圖有關的聲明，這些聲明受到重大風險和不確定性的影響，並根據各種因素（其中一些超出公司控制範圍）而變化。前瞻性聲明通常包括"相信"、"預期"、"預計"、"估計"、"預測"、"意圖"、"計劃"、"目標"、"可能"、"很可能"、"項目"、"展望"或類似表達，或未來的條件動詞，如"可能"、"將"、"應該"、"將會"和"可能"。公司的實際結果可能與前瞻性聲明所考慮的情況大不相同，這些聲明既不是歷史事實的陳述，也不是未來表現的擔保或保證。

可能導致實際結果與聲明有實質差異的因素包括但不限於：(i) 資本市場和金融市場出現不利變化或情況，包括銀行行業出現實際或潛在壓力；(ii) 利率期貨的變化；(iii) 貸款活動的信貸風險，包括我們估計信貸損失和信貸準備金的能力，以及貸款拖欠和核銷水平和趨勢變化的影響；(iv) 我們面臨網絡攻擊時數據安全控制的有效性以及網絡安全事件後的聲譽風險；(v) 一般業務、行業或經濟條件或競爭的變化；(vi) 任何適用法律、規則、法規、政策、指導方針或影響金融控股公司及其子公司或涉稅或會計原則的變化；(vii) 與整合合併的業務相關的成本高於預期或其他困難的影響；(viii) 業務合併和其他收購交易的影響，包括無法實現我們的貸款和投資組合；(ix) 貸款和投資組合質量或組成變化的影響；(x) 貸款損失準備金的充足性；(xi) 競爭加劇；(xii) 重要主管的離職；(xiii) 存入資金的流失；(xiv) 科技迅速變化；(xv) 預料之外的監管或司法訴訟以及相關責任和其他成本；(xvi) 資金成本變化、貸款產品或金融服務需求變化；以及 (xvii) 影響我們運營、市場、產品、服務和價格的其他經濟、競爭、政府或技術因素。這些發展可能對公司的財務狀況和經營業績產生不利影響。

The forward-looking statements contained herein are based upon management’s beliefs and assumptions. Any forward-looking statement made herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements included in this Quarterly Report on Form 10-Q, whether as a result of new information, future events or otherwise, except to the extent required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed might not occur and you should not put undue reliance on any forward-looking statements.

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Table of Contents

Part I Financial Information

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

Dollars in thousands, except share data

			(unaudited)
			September 30, 2024						December 31, 2023
ASSETS
Cash and cash equivalents due from banks			$	75,214					$	54,789
Interest-bearing deposits with Federal Reserve			281,972						164,385
Interest-bearing deposits with other financial institutions			3,723						2,872
Total cash and cash equivalents			360,909						222,046
Debt securities available-for-sale, at fair value (amortized cost of $422,222 and $395,803, respectively)			378,965						341,955
Debt securities held-to-maturity, at amortized cost (fair value of $308,925 and $360,570, respectively)			328,152						388,968
Equity securities			10,389						9,301
Loans held for sale			768						675
Loans receivable
Syndicated loans			69,470						108,710
Loans			4,522,438						4,359,766
Total loans receivable			4,591,908						4,468,476
Less: allowance for credit losses			(46,644)						(45,832)
Net loans receivable			4,545,264						4,422,644
FHLB and other restricted stock holdings and investments			40,937						30,011
Premises and equipment, net			82,090						73,700
Operating lease right-of-use assets			37,419						35,699
Bank owned life insurance			116,795						114,468
Mortgage servicing rights			1,413						1,554
Goodwill and other intangibles			43,874						43,874
Core deposit intangible, net			223						280
Accrued interest receivable and other assets			67,646						67,782
Total Assets			$	6,014,844					$	5,752,957
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing demand deposits			$	841,292					$	728,881
Interest-bearing demand deposits			681,056						803,093
Savings			3,040,769						2,960,282
Certificates of deposit			653,832						506,494
Total deposits			5,216,949						4,998,750
Subordinated debentures			20,620						20,620
Subordinated notes, net of unamortized issuance costs			84,495						84,267
Operating lease liabilities			39,683						37,650
Accrued interest payable and other liabilities			46,734						40,423
Total liabilities			5,408,481						5,181,710
Commitments and contingent liabilities
Preferred stock, Series A non-cumulative perpetual, $0 par value; $1,000 liquidation preference; shares authorized 60,375; Shares issued 60,375 at September 30, 2024 and December 31, 2023			57,785						57,785
Common stock, no par value; 50,000,000 shares authorized; Shares issued 21,235,503 at September 30, 2024 and 21,235,503 at December 31, 2023			—						—
Additional paid in capital			219,304						220,495
Retained earnings			371,086						345,935
Treasury stock, at cost (240,773 shares at September 30, 2024 and 339,064 shares December 31, 2023)			(4,516)						(6,890)
Accumulated other comprehensive loss			(37,296)						(46,078)
Total shareholders’ equity			606,363						571,247
Total Liabilities and Shareholders’ Equity			$	6,014,844					$	5,752,957

See Notes to Condensed Consolidated Financial Statements

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Table of Contents

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)

Dollars in thousands, except per share data

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
INTEREST AND DIVIDEND INCOME:
Loans receivable including fees
Interest and fees on loans receivable			$	75,725					$	70,980					$	219,380					$	200,209
Securities:
Taxable			7,259						4,247						21,657						13,360
Tax-exempt			156						176						479						553
Dividends			95						113						276						366
Total interest and dividend income			83,235						75,516						241,792						214,488
INTEREST EXPENSE:
Deposits			34,622						27,113						99,964						67,390
Borrowed funds and finance lease liabilities			3						91						9						1,799
Subordinated notes and debentures (includes $0, $(55), $0 and $(151) accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively)			1,124						1,076						3,394						3,164
Total interest expense			35,749						28,280						103,367						72,353
NET INTEREST INCOME			47,486						47,236						138,425						142,135
PROVISION FOR CREDIT LOSS EXPENSE			2,381						1,056						6,292						4,751
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE			45,105						46,180						132,133						137,384
NON-INTEREST INCOME:
Service charges on deposit accounts			1,790						1,861						5,278						5,569
Other service charges and fees			796						567						2,203						2,283
Wealth and asset management fees			2,060						1,833						5,869						5,567
Net realized gains (losses) on available-for-sale securities (includes $(9), $0, $(9) and $52 accumulated other comprehensive income reclassifications for net realized gains (losses) on available-for-sale securities, respectively)			(9)						—						(9)						52
Net realized and unrealized gains (losses) on equity securities			656						(400)						767						(930)
Mortgage banking			197						172						580						516
Bank owned life insurance			775						754						2,326						2,211
Card processing and interchange income			2,241						2,098						6,444						6,219
Other non-interest income			2,467						978						5,335						2,711
Total non-interest income			10,973						7,863						28,793						24,198
NON-INTEREST EXPENSES:
Compensation and benefits			19,572						17,758						56,035						51,862
Net occupancy expense			3,701						3,596						10,921						10,790
Technology expense			5,417						5,232						16,062						14,677
State and local taxes			1,256						1,028						3,636						3,108
Legal, professional, and examination fees			940						1,320						3,231						3,167
Advertising			623						840						1,861						2,085
FDIC insurance premiums			846						1,027						2,854						2,901
Card processing and interchange expenses			1,193						1,207						3,250						4,269
Other non-interest expenses			5,236						4,906						14,347						14,033
Total non-interest expenses			38,784						36,914						112,197						106,892
INCOME BEFORE INCOME TAXES			17,294						17,129						48,729						54,690
INCOME TAX EXPENSE (includes $(2), $12, $(2) and $43 income tax expense from reclassification items, respectively)			3,340						3,402						9,218						10,647
NET INCOME			13,954						13,727						39,511						44,043
PREFERRED STOCK DIVIDENDS			1,076						1,076						3,226						3,226
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS			$	12,878					$	12,651					$	36,285					$	40,817
AVERAGE COMMON SHARES OUTSTANDING:
Basic			20,841,808						20,859,872						20,832,064						20,939,102
Diluted			20,911,862						20,899,744						20,895,538						20,979,032
PER COMMON SHARE DATA:
Basic Earnings Per Common Share			$	0.61					$	0.60					$	1.73					$	1.94
Diluted Earnings Per Common Share			$	0.61					$	0.60					$	1.72					$	1.94
Cash Dividends Declared			$	0.180					$	0.175					$	0.530					$	0.525

See Notes to Condensed Consolidated Financial Statements

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Table of Contents

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)

Dollars in thousands

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
NET INCOME			$	13,954					$	13,727					$	39,511					$	44,043
Other comprehensive income (loss), net of tax:
Net change in fair value of derivative instruments:
Unrealized loss on interest rate swaps, net of tax $0, $2, $0, and $0, respectively			—						(8)						—						—
Reclassification adjustment for losses recognized in earnings, net of tax $0, $12, $0, and $32, respectively			—						(43)						—						(119)
			—						(51)						—						(119)
Net change in debt securities:
Unrealized holding gains (losses) on available-for-sale securities arising during the period, net of tax of $(2,641), $2,135, $(2,222), and $1,666, respectively			9,937						(8,032)						8,360						(6,267)
Amortization of unrealized losses from held-to-maturity securities, net of tax of $(40), $(44), $(110), and $(118), respectively			150						167						415						446
Reclassification adjustment for realized (gains) losses included in net income, net of tax of $(2), $0, $(2), and $11, respectively			7						—						7						(41)
			10,094						(7,865)						8,782						(5,862)
Other comprehensive income (loss)			10,094						(7,916)						8,782						(5,981)
COMPREHENSIVE INCOME			$	24,048					$	5,811					$	48,293					$	38,062

See Notes to Condensed Consolidated Financial Statements

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Table of Contents

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)

Dollars in thousands, except share and per share data

			Preferred Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Accumulated Other Comprehensive Loss						Total Share- holders’ Equity
Balance, July 1, 2024			$	57,785					$	218,756					$	361,987					$	(4,438)					$	(47,390)					$	586,700
Net income															13,954																		13,954
Other comprehensive income																											10,094						10,094
Forfeiture of restricted stock award grants (3,345 shares)									77												(77)												—
Stock-based compensation expense									471																								471
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (42 shares)																					(1)												(1)
Preferred cash dividend declared															(1,076)																		(1,076)
Cash dividends declared ($0.180 per common share)															(3,779)																		(3,779)
Balance, September 30, 2024			$	57,785					$	219,304					$	371,086					$	(4,516)					$	(37,296)					$	606,363
Balance, July 1, 2023			$	57,785					$	219,723					$	327,707					$	(4,996)					$	(50,585)					$	549,634
Net income															13,727																		13,727
Other comprehensive loss																											(7,916)						(7,916)
Forfeiture of restricted stock award grants (1,393 shares)									27												(27)												—
Stock-based compensation expense									350																								350
Purchase of treasury stock (100,000 shares)																					(1,839)												(1,839)
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (26 shares)																					—												—
Preferred cash dividend declared															(1,076)																		(1,076)
Cash dividends declared ($0.175 per common share)															(3,668)																		(3,668)
Balance, September 30, 2023			$	57,785					$	220,100					$	336,690					$	(6,862)					$	(58,501)					$	549,212

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			Preferred Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Accumulated Other Comprehensive Income (Loss)						Total Share- holders’ Equity
Balance, January 1, 2024			$	57,785					$	220,495					$	345,935					$	(6,890)					$	(46,078)					$	571,247
Net income															39,511																		39,511
Other comprehensive income																											8,782						8,782
Forfeiture of restricted stock award grants (8,306 shares)									177												(177)												—
Restricted stock award grants (130,857 shares)									(3,025)												3,025												—
Performance based restricted stock award grants (9,667 shares)									(179)												179												—
Stock-based compensation expense									1,836																								1,836
Purchase of treasury stock (23,988 shares)																					(441)												(441)
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (7,421 shares)																					(158)												(158)
Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting (2,518 shares)																					(54)												(54)
Preferred cash dividend declared															(3,226)																		(3,226)
Cash dividends declared ($0.530 per common share)															(11,134)																		(11,134)
Balance, September 30, 2024			$	57,785					$	219,304					$	371,086					$	(4,516)					$	(37,296)					$	606,363
Balance, January 1, 2023			$	57,785					$	221,553					$	306,911					$	(2,967)					$	(52,520)					$	530,762
Net income															44,043																		44,043
Other comprehensive loss																											(5,981)						(5,981)
Forfeiture of restricted stock award grants (4,196 shares)									90												(90)												—
Restricted stock award grants (105,185 shares)									(2,743)												2,743												—
Performance based restricted stock award grants (4,118 shares)									(111)												111												—
Stock-based compensation expense									1,311																								1,311
Purchase of treasury stock (326,459 shares)																					(6,556)												(6,556)
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (3,776 shares)																					(89)												(89)
Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting (584 shares)																					(14)												(14)
Preferred cash dividend declared															(3,226)																		(3,226)
Cash dividends declared ($0.525 per common share)															(11,038)																		(11,038)
Balance, September 30, 2023			$	57,785					$	220,100					$	336,690					$	(6,862)					$	(58,501)					$	549,212

See Notes to Condensed Consolidated Financial Statements

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

Dollars in thousands

			Nine Months Ended September 30,
			2024						2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income			$	39,511					$	44,043
Adjustments to reconcile net income to net cash provided by operations:
Provision for credit loss expense			6,292						4,751
Depreciation and amortization of premises and equipment, operating leases assets, core deposit intangible, and mortgage servicing rights			5,861						5,803
Accretion of securities, deferred loan fees and costs, net yield and credit mark on acquired loans, and unearned income			(3,516)						(2,971)
Net amortization of deferred costs on borrowings			228						227
Net realized (gains) losses on sales of available-for-sale securities			9						(52)
Net realized and unrealized (gains) losses on equity securities			(767)						930
Gain on sale of loans held for sale			(506)						(342)
Net losses on dispositions of premises and equipment and foreclosed assets			54						27
Proceeds from sale of loans receivable			19,157						12,390
Origination of loans held for sale			(19,702)						(13,730)
Income on bank owned life insurance			(2,326)						(2,211)
Restricted stock compensation expense			1,836						1,311
Change in:
Accrued interest receivable and other assets			59						(7,231)
Accrued interest payable, lease liabilities, and other liabilities			3,081						(13,640)
NET CASH PROVIDED BY OPERATING ACTIVITIES			49,271						29,305
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities, prepayments and calls of available-for-sale securities			44,262						29,795
Proceeds from sales of available-for-sale securities			46						13,151
Purchase of available-for-sale securities			(70,929)						(15,103)
Proceeds from maturities, prepayments and calls of held-to-maturity securities			61,576						14,226
Purchase of equity securities			(321)						(263)
Proceeds from sales of loans classified as portfolio loans			11,182						4,994
Net increase in loans receivable			(136,002)						(220,188)
Redemption (purchase) of FHLB, other equity, and restricted equity interests			(10,926)						2,386
Purchase of premises and equipment			(12,891)						(8,955)
Purchase of other intangible assets			—						(125)
Proceeds from the sale of premises and equipment and foreclosed assets			409						52
NET CASH USED BY INVESTING ACTIVITIES			(113,594)						(180,030)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in checking, money market and savings accounts			70,861						272,065
Net increase in certificates of deposit			147,338						108,279
Purchase of treasury stock			(653)						(6,659)
Cash dividends paid, common stock			(11,134)						(11,038)
Cash dividends paid, preferred stock			(3,226)						(3,226)
Net change in short-term borrowings			—						(132,396)
NET CASH PROVIDED BY FINANCING ACTIVITIES			203,186						227,025
NET INCREASE IN CASH AND CASH EQUIVALENTS			138,863						76,300
CASH AND CASH EQUIVALENTS, Beginning			222,046						106,285
CASH AND CASH EQUIVALENTS, Ending			$	360,909					$	182,585

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (continued)

Dollars in thousands

			Nine Months Ended September 30,
			2024						2023
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest			$	101,317					$	71,007
Income taxes			8,843						8,577
SUPPLEMENTAL NONCASH DISCLOSURES:
Transfers to other real estate owned			$	334					$	625
Transfers from loans held for sale to loans held for investment			1,239						1,513
Transfers from loans held for investment to loans held for sale			438						166
Grant of restricted stock awards from treasury stock			3,025						2,743
Grant of performance based restricted stock awards from treasury stock			179						111
Restricted stock forfeiture			177						90
Lease liabilities arising from obtaining right-of-use assets			3,157						5,001

See Notes to Condensed Consolidated Financial Statements

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CNB FINANCIAL CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND DISCLOSURE RULES

Nature of Operations

CNB Financial Corporation (the "Corporation") is headquartered in Clearfield, Pennsylvania, and provides a full range of banking and related services through its wholly owned subsidiary, CNB Bank (the "Bank"). In addition, the Bank provides wealth and asset management services, including the administration of trusts and estates, retirement plans, and other employee benefit plans as well as a full range of wealth management services. The Bank serves individual and corporate customers and is subject to competition from other financial institutions and intermediaries with respect to these services. In addition to the Bank, the Corporation also operates a consumer discount loan and finance business through its wholly owned subsidiary, Holiday Financial Services Corporation ("Holiday"). The Corporation and its other subsidiaries are subject to examination by federal and state regulators. The Corporation’s market area is primarily concentrated in the Central and Northwest regions of the Commonwealth of Pennsylvania, the Central and Northeast regions of the State of Ohio, Western region of the State of New York and the Southwest region of the Commonwealth of Virginia.

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared pursuant to rules and regulations of the Securities and Exchange Commission (the "SEC") and in compliance with U.S. generally accepted accounting principles ("GAAP"). Because this report is based on an interim period, certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted.

In the opinion of management of the registrant, the accompanying condensed consolidated financial statements as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 include all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial condition and the results of operations for the periods presented. The financial performance reported for the Corporation for the three and nine months ended September 30, 2024 is not necessarily indicative of the results to be expected for the full year.

This information should be read in conjunction with the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"). Certain amounts appearing in the condensed consolidated financial statements and notes thereto for prior periods may be reclassified to conform with the current presentation. If there are reclassifications, the reclassifications had no effect on net income or shareholders’ equity as previously reported. Dollar amounts in tables are stated in thousands, except for per share amounts.

Use of Estimates

To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the condensed consolidated financial statements and the disclosures provided and future results could differ.

Operating Segments

While the Corporation's Chief Operating Decision Maker ("CODM") monitors the revenue streams of the various products and services, operations are managed and financial performance is evaluated on a Corporation-wide basis, and operating divisions are aggregated into one as operating results for all segments are similar. Accordingly, all of the financial services operations are considered by management to be aggregated in one reportable operating segment.

Goodwill Assessment

The Corporation's policy is to test goodwill for impairment annually on November 30 or on an interim basis if an event triggering impairment may have occurred. Management evaluated current conditions and concluded there have been no significant changes in the economic environment or future projections since the annual goodwill impairment test performed as of November 30, 2023 and therefore, believes that there is no impairment as of September 30, 2024. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes.

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2.    RECENT ACCOUNTING PRONOUNCEMENTS

Accounting Standards Adopted in 2023

In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." This ASU requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, "Revenue from Contracts with Customers." ASU 2021-08 was effective for the Corporation on January 1, 2023 and did not have a material impact on its condensed consolidated financial statements and related disclosures.

In March 2022, the FASB issued ASU 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method." Under prior guidance, entities can apply the last-of-layer hedging method to hedge the exposure of a closed portfolio of prepayable financial assets to fair value changes due to changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. ASU 2022-01 expands the last-of-layer method, which permits only one hedge layer, to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. ASU 2022-01 also (i) expands the scope of the portfolio layer method to include non-prepayable financial assets, (ii) specifies eligible hedging instruments in a single-layer hedge, (iii) provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and (iv) specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. ASU 2022-01 was effective for the Corporation on January 1, 2023 and did not have a material impact on its condensed consolidated financial statements and related disclosures.

In March 2022, the FASB issued ASU 2022-02, "Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." This ASU eliminates the separate recognition and measurement guidance for Troubled Debt Restructurings ("TDRs") by creditors. The elimination of the TDRs guidance may be adopted prospectively for loan modifications after adoption or on a modified retrospective basis, which would also apply to loans previously modified, resulting in a cumulative effect adjustment to retained earnings in the period of adoption for changes in the allowance for credit losses. ASU 2022-02 was effective for the Corporation on January 1, 2023 and did not have a material impact on its condensed consolidated financial statements and related disclosures.

In July 2023, FASB issued ASU 2023-03, "Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 Emerging Issues Task Force ("EITF") Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock." This ASU amends the FASB Accounting Standards Codification for SEC updates pursuant to SEC Staff Accounting Bulletin No. 120; SEC Staff Announcement at the March 24, 2022 EITF Meeting; and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. The updates were effective immediately. These updates did not have a material impact on the Corporation's condensed consolidated financial statements and related disclosures.

Accounting Standards Adopted in 2024

In June 2022, FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions." In this ASU, a contractual restriction on the sale of an equity security is not considered in measuring the security's fair value. The ASU also requires certain disclosures for equity securities that are subject to contractual restrictions. This guidance was effective for the Corporation on January 1, 2024. These updates did not have a material impact on the Corporation's condensed consolidated financial statements and related disclosures.

In March 2023, FASB issued ASU 2023-01, "Leases (Topic 842): Common Control Arrangements." This ASU requires the Corporation to amortize leasehold improvements associated with common control leases over the useful life to the common control group. This guidance is effective for the Corporation on January 1, 2024. These updates did not have a material impact on the Corporation's condensed consolidated financial statements and related disclosures.

In March 2023, FASB issued ASU 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." In this ASU, these amendments allow the Corporation to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This guidance is effective for the Corporation on January 1, 2024.

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These updates did not have a material impact on the Corporation's condensed consolidated financial statements and related disclosures.

Accounting Pronouncements Pending Adoption

In August 2023, FASB issued ASU 2023-05, "Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement." ASU 2023-05 requires certain joint ventures to apply a new basis of accounting upon formation by recognizing and initially measuring most of their assets and liabilities at fair value. The objectives of the amendments are to provide decision-useful information to investors and other allocators of capital in a joint venture’s financial statements and also to reduce diversity in practice. ASU 2023-05 should be applied prospectively and is effective for all newly formed joint venture entities with a formation date on or after January 1, 2025. Early adoption is permitted, and joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. The Corporation is evaluating the effect that ASU 2023-05 will have on its condensed consolidated financial statements and related disclosures.

In October 2023, FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative." The ASU amends the ASC to incorporate certain disclosure requirements from SEC Release No. 33-10532, "Disclosure Update and Simplification" that was issued in 2018. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Corporation is evaluating the effect that ASU 2023-06 will have on its condensed consolidated financial statements and related disclosures.

In November 2023, FASB issued ASU 2023-07, "Improvements to Reportable Segment Disclosures (Topic 280)." This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the CODM and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Corporation is evaluating the effect that ASU 2023-07 will have on its condensed consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures (Topic 740)." The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. The Corporation is evaluating the effect that ASU 2023-09 will have on its condensed consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-01, "Compensation - Stock Compensation (Topic 718)." The ASU adds an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards ("profits interest awards") should be accounted for in accordance with Topic 718, Compensation—Stock Compensation. The amendment in this ASU should be applied either (1) retrospectively to all prior periods presented in the financial statements or (2) prospectively to profits interest and similar awards granted or modified on or after the date at which the entity first applies the amendments. If the amendments are applied retrospectively, an entity is required to provide the disclosures in paragraphs 250-10-50-1 through 50-3 in the period of adoption. If the amendment is applied prospectively, an entity is required to disclose the nature of and reason for the change in accounting principle. The ASU is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early adoption is also permitted for interim and annual financial statements that have not yet been issued or made available for issuance. If an entity adopts the amendments in an interim period, it should adopt the amendment as of the beginning of the annual period that includes that interim period. The Corporation is evaluating the effect that ASU 2024-01 will have on its condensed consolidated financial statements and related disclosures.

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In March 2024, the FASB issued ASU 2024-02, "Codification Improvements—Amendments to Remove References to the Concepts Statements." The ASU contains amendments to the FASB Accounting Standards Codification that remove references to various Concepts Statements. In most instances, the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior Concept Statements to provide guidance in certain topical areas. The amendment in this ASU should be applied using one of the following transition methods: (1) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments; or (2) retrospectively to the beginning of the earliest comparative period presented in which the amendments were first applied. An entity should adjust the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. The ASU is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. Early application of the amendment is permitted for any fiscal year or interim period for which financial statements have not yet been issued, or made available for issuance. If an entity adopts the amendment in an interim period, it must adopt the amendment as of the beginning of the fiscal year that includes that interim period. The Corporation is evaluating the effect that ASU 2024-02 will have on its condensed consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures." The ASU requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities ("DD&A") (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(e), (2) include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements, (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. An entity is not precluded from providing additional voluntary disclosures that may provide investors with additional decision-useful information. The ASU is effective for annual periods beginning after December 15, 2026, and interim report periods beginning after December 15, 2027. Early application of the amendment is permitted. The ASU should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to any or all prior periods presented in the financial statements. The Corporation is evaluating the effect that ASU 2024-03 will have on its condensed consolidated financial statements and related disclosures.

SEC Disclosure Rules

In March 2024, the SEC adopted its final rule under SEC Release no. 33-11275, "The Enhancement and Standardization of Climate-Related Disclosures for Investors." In April 2024, the SEC stayed the final climate rule pending the completion of judicial review of an Eighth Circuit challenge seeking to vacate the rule. This rule would require registrants to disclose certain climate-related information in registration statements and annual reports. The disclosure requirements would apply to the Corporation’s fiscal year beginning January 1, 2026. The Corporation is currently evaluating the final rule to determine its impact on the Corporation’s disclosures.

3.    SECURITIES

Debt securities available-for-sale ("AFS") at September 30, 2024 and December 31, 2023 were as follows:

			September 30, 2024
			Amortized						Unrealized												Allowance For						Fair
			Cost						Gains						Losses						Credit Losses						Value
U.S. Government sponsored entities			$	13,055					$	35					$	(3)					$	—					$	13,087
State & political subdivisions			104,685						63						(10,621)						—						94,127
Residential & multi-family mortgage			251,733						289						(28,071)						—						223,951
Corporate notes & bonds			42,684						71						(4,429)						—						38,326
Pooled SBA			10,065						2						(593)						—						9,474
Total			$	422,222					$	460					$	(43,717)					$	—					$	378,965

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			December 31, 2023
			Amortized						Unrealized												Allowance For						Fair
			Cost						Gains						Losses						Credit Losses						Value
U.S. Government sponsored entities			$	5,024					$	—					$	(36)					$	—					$	4,988
State & political subdivisions			105,102						22						(13,315)						—						91,809
Residential & multi-family mortgage			225,871						1						(34,353)						—						191,519
Corporate notes & bonds			48,459						13						(5,333)						—						43,139
Pooled SBA			11,347						—						(847)						—						10,500
Total			$	395,803					$	36					$	(53,884)					$	—					$	341,955

Debt securities held-to-maturity ("HTM") at September 30, 2024 and December 31, 2023 were as follows:

			September 30, 2024
			Amortized						Unrealized												Allowance For						Fair
			Cost						Gains						Losses						Credit Losses						Value
U.S. Government sponsored entities			$	249,415					$	—					$	(11,564)					$	—					$	237,851
Residential & multi-family mortgage			78,737						—						(7,663)						—						71,074
Total			$	328,152					$	—					$	(19,227)					$	—					$	308,925

			December 31, 2023
			Amortized						Unrealized												Allowance For						Fair
			Cost						Gains						Losses						Credit Losses						Value
U.S. Government sponsored entities			$	302,945					$	—					$	(19,038)					$	—					$	283,907
Residential & multi-family mortgage			86,023						—						(9,360)						—						76,663
Total			$	388,968					$	—					$	(28,398)					$	—					$	360,570

The Corporation elected to transfer 74 AFS securities with an aggregate fair value of $213.7 million to a classification of HTM during the twelve months ended December 31, 2022. In accordance with FASB ASC 320-10-55-24, the transfer from AFS to HTM must be recorded at the fair value of the AFS securities at the time of transfer. The net unrealized holding loss of $5.6 million, net of tax, at the date of transfer was retained in accumulated other comprehensive income (loss), with the associated pre-tax amount retained in the carrying value of the HTM securities. Such amounts will be amortized to comprehensive income over the remaining life of the securities.

Information pertaining to security sales on AFS securities is as follows:

			Proceeds						Gross Gains						Gross Losses
Three months ended September 30, 2024			$	46					$	—					$	(9)
Three months ended September 30, 2023			—						—						—
Nine months ended September 30, 2024			46						—						(9)
Nine months ended September 30, 2023			13,151						52						—

The tax provision related to these net realized gains (losses) was $(2) thousand for the three and nine months ended September 30, 2024 and zero and $11 thousand for the three and nine months ended September 30, 2023, respectively.

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The table below illustrates the maturity distribution of debt securities at amortized cost and fair value as of September 30, 2024:

			Available-for-sale												Held-to-maturity
			Amortized Cost						Fair Value						Amortized Cost						Fair Value
1 year or less			$	22,739					$	22,701					$	67,188					$	66,236
1 year – 5 years			45,428						43,236						158,174						150,325
5 years – 10 years			70,849						62,761						24,053						21,290
After 10 years			21,408						16,842						—						—
			160,424						145,540						249,415						237,851
Residential & multi-family mortgage			251,733						223,951						78,737						71,074
Pooled SBA			10,065						9,474						—						—
Total debt securities			$	422,222					$	378,965					$	328,152					$	308,925

Mortgage securities and pooled Small Business Administration ("SBA") securities are not due at a single date; periodic payments are received based on the payment patterns of the underlying collateral.

On September 30, 2024 and December 31, 2023, securities carried at $452.7 million and $489.0 million, respectively, were pledged to secure public deposits and for other purposes as provided by law.

At September 30, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. Government sponsored entities, in an amount greater than 10% of shareholders’ equity. The Corporation’s residential and multi-family mortgage securities are issued by government sponsored entities.

AFS debt securities with unrealized losses at September 30, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

September 30, 2024

			Less than 12 Months												12 Months or More												Total
Description of Securities			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
U.S. Government sponsored entities			$	799					$	—					$	721					$	(3)					$	1,520					$	(3)
State & political subdivisions			—						—						83,453						(10,621)						83,453						(10,621)
Residential & multi-family mortgage			7,708						(19)						170,336						(28,052)						178,044						(28,071)
Corporate notes and bonds			997						(3)						36,585						(4,426)						37,582						(4,429)
Pooled SBA			—						—						9,010						(593)						9,010						(593)
			$	9,504					$	(22)					$	300,105					$	(43,695)					$	309,609					$	(43,717)

December 31, 2023

			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
U.S. Government sponsored entities			$	2,487					$	(1)					$	1,956					$	(35)					$	4,443					$	(36)
State & political subdivisions			749						—						84,828						(13,315)						85,577						(13,315)
Residential & multi-family mortgage			—						—						191,436						(34,353)						191,436						(34,353)
Corporate notes and bonds			978						(22)						41,488						(5,311)						42,466						(5,333)
Pooled SBA			—						—						10,409						(847)						10,409						(847)
			$	4,214					$	(23)					$	330,117					$	(53,861)					$	334,331					$	(53,884)

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HTM debt securities with unrealized losses at September 30, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

September 30, 2024

			Less than 12 Months												12 Months or More												Total
Description of Securities			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
U.S. Government sponsored entities			$	—					$	—					$	237,851					$	(11,564)					$	237,851					$	(11,564)
Residential & multi-family mortgage			—						—						71,074						(7,663)						71,074						(7,663)
			$	—					$	—					$	308,925					$	(19,227)					$	308,925					$	(19,227)

December 31, 2023

			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
U.S. Government sponsored entities			$	—					$	—					$	283,907					$	(19,038)					$	283,907					$	(19,038)
Residential & multi-family mortgage			—						—						76,663						(9,360)						76,663						(9,360)
			$	—					$	—					$	360,570					$	(28,398)					$	360,570					$	(28,398)

At September 30, 2024 and December 31, 2023, management performed an assessment for possible impairment related to credit losses of the Corporation’s debt securities, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. Based on the results of the assessment, management believes there is no credit related impairment of these debt securities at September 30, 2024 and December 31, 2023.

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 SEC, in order to evaluate the securities for potential credit impairment. 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 near-term prospects of the issuer and whether downgrades by bond rating agencies have occurred, the length of time and extent to which fair value has been less than cost, and whether management does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery.

As of September 30, 2024 and December 31, 2023, management concluded the debt securities described in the previous paragraphs were not impaired for reasons due to credit quality for the following reasons:

•There is no indication of any significant deterioration of the creditworthiness of the institutions that issued the securities.

•All contractual interest payments on the securities have been received as scheduled, and no information has come to management’s attention through the processes previously described which would lead to a conclusion that future contractual payments will not be timely received.

•The unrealized losses were deemed to be temporary changes in value related to market movements in interest yields.

The Corporation does not intend to sell and it is not more likely than not that it will be required to sell the securities in an unrealized loss position before recovery of its amortized cost basis.

Equity securities at September 30, 2024 and December 31, 2023 were as follows:

			September 30, 2024						December 31, 2023
Corporate equity securities			$	6,473					$	5,341
Mutual funds			1,983						2,223
Money market funds			303						1,103
Corporate notes			1,630						634
Total			$	10,389					$	9,301

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4.    LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

Total net loans receivable at September 30, 2024 and December 31, 2023 are summarized as follows:

			September 30, 2024						Percentage of Total						December 31, 2023 (1)						Percentage of Total
Farmland			$	31,820					0.7		%				$	33,485					0.8		%
Owner-occupied, nonfarm nonresidential properties			531,499						11.6						511,910						11.5
Agricultural production and other loans to farmers			1,733						—						1,652						—
Commercial and Industrial			719,441						15.7						726,442						16.3
Obligations (other than securities and leases) of states and political subdivisions			142,423						3.1						152,201						3.4
Other loans			26,132						0.6						25,507						0.6
Other construction loans and all land development and other land loans			288,628						6.3						340,358						7.6
Multifamily (5 or more) residential properties			408,469						8.9						305,697						6.8
Non-owner occupied, nonfarm nonresidential properties			1,016,001						22.1						984,033						22.0
1-4 Family Construction			24,599						0.5						28,055						0.6
Home equity lines of credit			157,797						3.4						130,700						2.9
Residential Mortgages secured by first liens			1,012,020						22.0						1,005,335						22.5
Residential Mortgages secured by junior liens			100,013						2.2						91,240						2.0
Other revolving credit plans			41,630						0.9						42,877						1.0
Automobile			22,280						0.5						25,315						0.6
Other consumer			53,556						1.2						51,592						1.1
Credit cards			13,574						0.3						11,785						0.3
Overdrafts			293						—						292						—
Total loans receivable			$	4,591,908					100.0		%				$	4,468,476					100.0		%
Less: Allowance for credit losses			(46,644)												(45,832)
Loans receivable, net			$	4,545,264											$	4,422,644
Net deferred loan origination fees included in the above table			$	491											$	2,448

(1) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, revisions were made to the total loans disclosure at December 31, 2023 to reflect adjustments for the applicable portfolio segments, which revisions are reflected in the above table.

The Corporation’s outstanding loans receivable and related unfunded commitments are primarily concentrated within Central and Northwest Pennsylvania, Central and Northeast Ohio, Western New York and Southwest Virginia. The Bank attempts to limit concentrations within specific industries by utilizing dollar limitations to single industries or customers, and by entering into participation agreements with third parties. Collateral requirements are established based on management’s assessment of the customer. The Corporation maintains lending policies to control the quality of the loan portfolio. These policies delegate the authority to extend loans under specific guidelines and underwriting standards. These policies are prepared by the Corporation’s management and reviewed and approved annually by the Corporation’s Board of Directors.

Syndicated loans, net of deferred fees and costs, are included in the commercial and industrial classification and totaled $69.5 million and $108.7 million as of September 30, 2024 and December 31, 2023, respectively.

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Transactions in the allowance for credit losses for the three months ended September 30, 2024 were as follows:

			Beginning Allowance						(Charge-offs)						Recoveries						Provision (Benefit) for Credit Losses on Loans Receivable(1)						Ending Allowance
Farmland			$	154					$	—					$	—					$	8					$	162
Owner-occupied, nonfarm nonresidential properties			5,000						—						28						194						5,222
Agricultural production and other loans to farmers			8						—						—						(1)						7
Commercial and Industrial			7,113						(596)						8						637						7,162
Obligations (other than securities and leases) of states and political subdivisions			2,554						—						—						(1,057)						1,497
Other loans			403						—						—						(97)						306
Other construction loans and all land development and other land loans			3,114						—						—						(456)						2,658
Multifamily (5 or more) residential properties			1,410						—						—						465						1,875
Non-owner occupied, nonfarm nonresidential properties			9,718						—						20						1,775						11,513
1-4 Family Construction			147						—						—						42						189
Home equity lines of credit			1,035						—						1						(54)						982
Residential Mortgages secured by first liens			8,934						(14)						—						213						9,133
Residential Mortgages secured by junior liens			1,598						—						—						(233)						1,365
Other revolving credit plans			934						(18)						2						42						960
Automobile			287						(29)						2						38						298
Other consumer			2,802						(519)						105						517						2,905
Credit cards			103						(86)						6						94						117
Overdrafts			218						(150)						20						205						293
Total loans			$	45,532					$	(1,412)					$	192					$	2,332					$	46,644

(1) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," to the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation.

Transactions in the allowance for credit losses for the nine months ended September 30, 2024 were as follows:

			Beginning Allowance						(Charge-offs)						Recoveries						Provision (Benefit) for Credit Losses on Loans Receivable(1)						Ending Allowance
Farmland			$	138					$	—					$	—					$	24					$	162
Owner-occupied, nonfarm nonresidential properties			4,131						(699)						45						1,745						5,222
Agricultural production and other loans to farmers			7						—						—						—						7
Commercial and Industrial			9,500						(2,360)						56						(34)						7,162
Obligations (other than securities and leases) of states and political subdivisions			2,627						—						—						(1,130)						1,497
Other loans			389						—						—						(83)						306
Other construction loans and all land development and other land loans			2,830						—						—						(172)						2,658
Multifamily (5 or more) residential properties			1,251						—						—						624						1,875
Non-owner occupied, nonfarm nonresidential properties			9,783						(349)						20						2,059						11,513
1-4 Family Construction			191						—						—						(2)						189
Home equity lines of credit			844						—						4						134						982
Residential Mortgages secured by first liens			8,274						(78)						—						937						9,133
Residential Mortgages secured by junior liens			1,487						—						—						(122)						1,365
Other revolving credit plans			977						(117)						22						78						960
Automobile			360						(53)						6						(15)						298
Other consumer			2,656						(1,562)						158						1,653						2,905
Credit cards			95						(126)						14						134						117
Overdrafts			292						(415)						66						350						293
Total loans			$	45,832					$	(5,759)					$	391					$	6,180					$	46,644

(1) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," to the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation.

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Transactions in the allowance for credit losses for the three months ended September 30, 2023 were as follows:

			Beginning Allowance						(Charge-offs)						Recoveries						Provision (Benefit) for Credit Losses on Loans Receivable(1)						Ending Allowance
Farmland			$	140					$	—					$	—					$	(15)					$	125
Owner-occupied, nonfarm nonresidential properties			3,151						—						8						789						3,948
Agricultural production and other loans to farmers			5						—						—						(1)						4
Commercial and Industrial			8,659						(80)						42						(1,142)						7,479
Obligations (other than securities and leases) of states and political subdivisions			2,306						—						—						321						2,627
Other loans			733						—						—						(214)						519
Other construction loans and all land development and other land loans			3,591						—						—						367						3,958
Multifamily (5 or more) residential properties			1,613						—						—						537						2,150
Non-owner occupied, nonfarm nonresidential properties			8,977						(88)						6						1,006						9,901
1-4 Family Construction			408						—						—						(11)						397
Home equity lines of credit			969						(10)						1						(156)						804
Residential Mortgages secured by first liens			9,250						(15)						—						(1,241)						7,994
Residential Mortgages secured by junior liens			1,578						—						—						(59)						1,519
Other revolving credit plans			931						(40)						4						97						992
Automobile			376						(23)						—						13						366
Other consumer			2,561						(423)						23						481						2,642
Credit cards			72						(23)						7						24						80
Overdrafts			221						(153)						32						227						327
Total loans			$	45,541					$	(855)					$	123					$	1,023					$	45,832

(1) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," to the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation.

Transactions in the allowance for credit losses for the nine months ended September 30, 2023 were as follows:

			Beginning Allowance (1)						(Charge-offs)						Recoveries						Provision (Benefit) for Credit Losses on Loans Receivable(2)						Ending Allowance
Farmland			$	159					$	—					$	—					$	(34)					$	125
Owner-occupied, nonfarm nonresidential properties			2,905						(26)						23						1,046						3,948
Agricultural production and other loans to farmers			6						—						—						(2)						4
Commercial and Industrial			9,766						(126)						187						(2,348)						7,479
Obligations (other than securities and leases) of states and political subdivisions			1,863						—						—						764						2,627
Other loans			456						—						—						63						519
Other construction loans and all land development and other land loans			3,253						—						—						705						3,958
Multifamily (5 or more) residential properties			2,353						(65)						2						(140)						2,150
Non-owner occupied, nonfarm nonresidential properties			7,653						(336)						6						2,578						9,901
1-4 Family Construction			327						—						—						70						397
Home equity lines of credit			1,173						(10)						4						(363)						804
Residential Mortgages secured by first liens			8,484						(22)						3						(471)						7,994
Residential Mortgages secured by junior liens			1,035						—						—						484						1,519
Other revolving credit plans			722						(98)						21						347						992
Automobile			271						(33)						—						128						366
Other consumer			2,665						(1,405)						97						1,285						2,642
Credit cards			67						(103)						14						102						80
Overdrafts			278						(451)						111						389						327
Total loans			$	43,436					$	(2,675)					$	468					$	4,603					$	45,832

(1) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, revisions were made to the beginning allowance column disclosure as of December 31, 2023 to reflect the revisions for the applicable portfolio segments.

(2) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," to the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation.

The Corporation's allowance for credit losses is influenced by loan volumes, risk rating migration, delinquency status and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions.

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For the three and nine months ended September 30, 2024, the allowance for credit losses increased $1.1 million and $812 thousand, respectively. This increase was primarily driven by growth in the Corporation's loan portfolio in new market areas as well as an increased unemployment rate forecast, partially offset by improvements in the Corporation's historical loss rates, annual updates to the Corporation's loss drivers and assumptions, as well as the impact of net charge-offs. Significant uncertainty persists regarding the domestic and global economy due to persistent inflation in certain segments of the U.S. economy, continued elevated interest rates, fluctuating levels of consumer confidence, and geopolitical conflicts. Management will continue to proactively evaluate its estimate of expected credit losses as new information becomes available.

Provision for credit losses was $2.4 million and $6.3 million for the three and nine months ended September 30, 2024, respectively, compared to $1.1 million and $4.8 million for the three and nine months ended September 30, 2023, respectively. Included in the provision for credit losses for the three and nine months ended September 30, 2024 was a provision of $49 thousand and $112 thousand, respectively, related to the allowance for unfunded commitments compared to $33 thousand and $148 thousand, provision towards the allowance for unfunded commitments for the three and nine months ended September 30, 2023, respectively.

The following tables present the amortized cost basis of loans receivable on nonaccrual status and loans receivable past due over 89 days still accruing as of September 30, 2024 and December 31, 2023, respectively:

			September 30, 2024
			Nonaccrual						Nonaccrual With No Allowance for Credit Loss						Loans Receivable Past Due over 89 Days Still Accruing
Farmland			$	670					$	670					$	—
Owner-occupied, nonfarm nonresidential properties			6,774						1,521						—
Commercial and Industrial			10,327						10,113						—
Other construction loans and all land development and other land loans			1,552						99						—
Multifamily (5 or more) residential properties			268						268						491
Non-owner occupied, nonfarm nonresidential properties			8,025						6,502						—
Home equity lines of credit			1,126						1,126						—
Residential Mortgages secured by first liens			9,638						9,262						43
Residential Mortgages secured by junior liens			326						326						—
Other revolving credit plans			194						194						—
Automobile			189						189						—
Other consumer			766						766						—
Credit cards			—						—						132
Total			$	39,855					$	31,036					$	666

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			December 31, 2023
			Nonaccrual						Nonaccrual With No Allowance for Credit Loss						Loans Receivable Past Due over 89 Days Still Accruing
Farmland			$	1,083					$	1,083					$	—
Owner-occupied, nonfarm nonresidential properties			2,673						1,488						—
Commercial and Industrial			7,512						4,389						—
Other construction loans and all land development and other land loans			1,653						104						—
Multifamily (5 or more) residential properties			305						305						—
Non-owner occupied, nonfarm nonresidential properties			9,076						6,716						—
Home equity lines of credit			940						940						—
Residential Mortgages secured by first liens			5,316						4,902						23
Residential Mortgages secured by junior liens			123						123						—
Other revolving credit plans			81						81						—
Automobile			79						79						—
Other consumer			798						798						—
Credit cards			—						—						32
Total			$	29,639					$	21,008					$	55

All payments received while on nonaccrual status are applied against the principal balance of the loan. The Corporation does not recognize interest income while a loan is on nonaccrual status.

The following table presents the amortized cost basis of loans receivable that are individually evaluated and collateral-dependent by class of loans as of September 30, 2024:

			Real Estate Collateral						Non-Real Estate Collateral
Farmland			$	391					$	—
Owner-occupied, nonfarm nonresidential properties			5,254						—
Commercial and Industrial			—						2,257
Other construction loans and all land development and other land loans			1,453						—
Multifamily (5 or more) residential properties			268						—
Non-owner occupied, nonfarm nonresidential properties			7,274						—
Home equity lines of credit			286						—
Residential Mortgages secured by first liens			1,010						—
Total			$	15,936					$	2,257

The following table presents the amortized cost basis of loans receivable that are individually evaluated and collateral-dependent by class of loans as of December 31, 2023:

			Real Estate Collateral						Non-Real Estate Collateral
Farmland			$	736					$	—
Owner-occupied, nonfarm nonresidential properties			6,890						4
Commercial and Industrial			5,489						4,291
Other construction loans and all land development and other land loans			1,549						—
Multifamily (5 or more) residential properties			305						—
Non-owner occupied, nonfarm nonresidential properties			8,291						—
Home equity lines of credit			308						—
Residential Mortgages secured by first liens			1,070						—
Total			$	24,638					$	4,295

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The following table presents the aging of the amortized cost basis in past-due loans receivable as of September 30, 2024 by class of loans:

			30 - 59 Days Past Due						60 - 89 Days Past Due						Greater Than 89 Days Past Due						Total Past Due						Loans Receivable Not Past Due						Total
Farmland			$	—					$	170					$	—					$	170					$	31,650					$	31,820
Owner-occupied, nonfarm nonresidential properties			599						—						1,113						1,712						529,787						531,499
Agricultural production and other loans to farmers			—						—						—						—						1,733						1,733
Commercial and Industrial			326						61						6,323						6,710						712,731						719,441
Obligations (other than securities and leases) of states and political subdivisions			—						—						—						—						142,423						142,423
Other loans			—						—						—						—						26,132						26,132
Other construction loans and all land development and other land loans			—						37						1,515						1,552						287,076						288,628
Multifamily (5 or more) residential properties			—						—						760						760						407,709						408,469
Non-owner occupied, nonfarm nonresidential properties			959						214						1,831						3,004						1,012,997						1,016,001
1-4 Family Construction			—						—						—						—						24,599						24,599
Home equity lines of credit			802						290						395						1,487						156,310						157,797
Residential Mortgages secured by first liens			2,473						2,563						5,543						10,579						1,001,441						1,012,020
Residential Mortgages secured by junior liens			102						35						40						177						99,836						100,013
Other revolving credit plans			83						3						130						216						41,414						41,630
Automobile			122						18						85						225						22,055						22,280
Other consumer			457						222						388						1,067						52,489						53,556
Credit cards			111						11						132						254						13,320						13,574
Overdrafts			—						—						—						—						293						293
Total			$	6,034					$	3,624					$	18,255					$	27,913					$	4,563,995					$	4,591,908

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The following table presents the aging of the amortized cost basis in past-due loans receivable as of December 31, 2023 by class of loans:

			30 - 59 Days Past Due						60 - 89 Days Past Due						Greater Than 89 Days Past Due						Total Past Due						Loans Receivable Not Past Due (1)						Total (1)
Farmland			$	—					$	182					$	129					$	311					$	33,174					$	33,485
Owner-occupied, nonfarm nonresidential properties			120						—						1,390						1,510						510,400						511,910
Agricultural production and other loans to farmers			—						—						—						—						1,652						1,652
Commercial and Industrial			64						379						314						757						725,685						726,442
Obligations (other than securities and leases) of states and political subdivisions			—						—						—						—						152,201						152,201
Other loans			—						—						—						—						25,507						25,507
Other construction loans and all land development and other land loans			—						41						1,612						1,653						338,705						340,358
Multifamily (5 or more) residential properties			—						—						305						305						305,392						305,697
Non-owner occupied, nonfarm nonresidential properties			95						299						2,031						2,425						981,608						984,033
1-4 Family Construction			—						—						—						—						28,055						28,055
Home equity lines of credit			582						682						339						1,603						129,097						130,700
Residential Mortgages secured by first liens			2,360						1,094						1,651						5,105						1,000,230						1,005,335
Residential Mortgages secured by junior liens			21						38						60						119						91,121						91,240
Other revolving credit plans			114						41						14						169						42,708						42,877
Automobile			62						5						67						134						25,181						25,315
Other consumer			452						453						354						1,259						50,333						51,592
Credit cards			110						17						32						159						11,626						11,785
Overdrafts			—						—						—						—						292						292
Total			$	3,980					$	3,231					$	8,298					$	15,509					$	4,452,967					$	4,468,476

(1) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, revisions were made to the loans receivable not past due and total columns disclosure as of December 31, 2023 to reflect the revisions for the applicable portfolio segments.

Loan Modifications

The Corporation adopted ASU 2022-02, Financial Instruments—Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measure of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty.

Occasionally, the Corporation modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses.

In some cases, the Corporation provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For the loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay and/or an interest rate reduction.

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The following table presents the amortized cost basis of loans at September 30, 2024 that were both experiencing financial difficulty and modified during the three months ended September 30, 2024, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

			Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction						Combination Payment Delay and Term Extension						Total Class of Financing Receivable
Owner-occupied, nonfarm nonresidential properties			$	—					$	696					$	—					$	—					$	—					0.1		%
Non-owner occupied, nonfarm nonresidential properties			—						5,443						—						—						—						0.5
Total			$	—					$	6,139					$	—					$	—					$	—					0.1		%

The following table presents the amortized cost basis of loans at September 30, 2024 that were both experiencing financial difficulty and modified during the nine months ended September 30, 2024, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

			Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction						Combination Payment Delay and Term Extension						Total Class of Financing Receivable
Farmland			$	—					$	1,040					$	—					$	—					$	—					3.3		%
Owner-occupied, nonfarm nonresidential properties			—						5,254						—						—						—						1.0
Commercial and Industrial			—						27						438						—						—						0.1
Non-owner occupied, nonfarm nonresidential properties			—						5,443						—						—						—						0.5
Total			$	—					$	11,764					$	438					$	—					$	—					0.3		%

The following table presents the amortized cost basis of loans at September 30, 2023 that were both experiencing financial difficulty and modified during the three months ended September 30, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

			Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction						Combination Payment Delay and Term Extension						Total Class of Financing Receivable
Owner-occupied, nonfarm nonresidential properties			$	—					$	760					$	—					$	—					$	—					0.2		%
Non-owner occupied, nonfarm nonresidential properties			—						6,215						—						—						785						0.8
Total			$	—					$	6,975					$	—					$	—					$	785					0.2		%

The following table presents the amortized cost basis of loans at September 30, 2023 that were both experiencing financial difficulty and modified during the nine months ended September 30, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

			Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction						Combination Payment Delay and Term Extension						Total Class of Financing Receivable
Owner-occupied, nonfarm nonresidential properties			$	—					$	6,010					$	—					$	—					$	—					1.2		%
Commercial and Industrial			—						7,870						554						333						113						1.2
Non-owner occupied, nonfarm nonresidential properties			—						6,215						—						—						785						0.8
Total			$	—					$	20,095					$	554					$	333					$	898					0.5		%

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The Corporation had no unfunded available credit to customers whose loan receivables are included in the previous tables.

The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

The following table presents the performance of such loans that have been modified during the three months ended September 30, 2024:

			Current						30 - 59 Days Past Due						60 - 89 Days Past Due						Greater Than 89 Days Past Due						Total Past Due
Owner-occupied, nonfarm nonresidential properties			$	696					$	—					$	—					$	—					$	—
Non-owner occupied, nonfarm nonresidential properties			5,443						—						—						—						—
Total			$	6,139					$	—					$	—					$	—					$	—

The following table presents the performance of such loans that have been modified during the nine months ended September 30, 2024:

			Current						30 - 59 Days Past Due						60 - 89 Days Past Due						Greater Than 89 Days Past Due						Total Past Due
Farmland			$	1,040					$	—					$	—					$	—					$	—
Owner-occupied, nonfarm nonresidential properties			5,254						—						—						—						—
Commercial and Industrial			465						—						—						—						—
Non-owner occupied, nonfarm nonresidential properties			5,443						—						—						—						—
Total			$	12,202					$	—					$	—					$	—					$	—

The following table presents the performance of such loans that have been modified during the three months ended September 30, 2023:

			Current						30 - 59 Days Past Due						60 - 89 Days Past Due						Greater Than 89 Days Past Due						Total Past Due
Owner-occupied, nonfarm nonresidential properties			$	64					$	—					$	—					$	696					$	696
Non-owner occupied, nonfarm nonresidential properties			785						—						—						6,215						6,215
Total			$	849					$	—					$	—					$	6,911					$	6,911

The following table presents the performance of such loans that have been modified during the nine months ended September 30, 2023:

			Current						30 - 59 Days Past Due						60 - 89 Days Past Due						Greater Than 89 Days Past Due						Total Past Due
Owner-occupied, nonfarm nonresidential properties			$	5,314					$	—					$	—					$	696					$	696
Commercial and Industrial			8,870						—						—						—						—
Non-owner occupied, nonfarm nonresidential properties			785						—						—						6,215						6,215
Total			$	14,969					$	—					$	—					$	6,911					$	6,911

There was no principal forgiveness, term extension or interest rate reductions for the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended September 30, 2024.

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The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the nine months ended September 30, 2024:

			Principal Forgiveness												Weighted Average Term Extension (in years)						Weighted Average Interest Rate Reduction
Commercial and Industrial			$	—											1.00						—		%
Total			$	—											1.00						—		%

There was no principal forgiveness, term extension or interest rate reductions for the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended September 30, 2023.

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the nine months ended September 30, 2023:

			Principal Forgiveness												Weighted Average Term Extension (in years)						Weighted Average Interest Rate Reduction
Commercial and Industrial			$	—											1.00						0.5		%
Non-owner occupied, nonfarm nonresidential properties			—												1.00						—
Total			$	—											1.00						0.5		%

There were no loans that had a payment default during the three months ended September 30, 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.

The following table presents the amortized cost basis of loans that had a payment default during the three months ended September 30, 2023 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.

			Principal Forgiveness						Payment Delay						Term Extension						Interest Rate Reduction						Combination Payment Delay and Term Extension
Other construction loans and all land development and other land loans			$	—					$	1,549					$	—					$	—					$	—
Non-owner occupied, nonfarm nonresidential properties			—						—						1,523						—						—
Total			$	—					$	1,549					$	1,523					$	—					$	—

If the Corporation determines that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off and the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

Credit Quality Indicators

The Corporation categorizes loans receivable into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes loans individually to classify the loans as to credit risk.

The Corporation uses the following definitions for risk ratings:

Special Mention: A loan classified as special mention has a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Corporation’s credit position at some future date.

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Substandard: A loan classified as substandard is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. The loan has a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected.

Doubtful: A loan classified as doubtful has all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

The following tables represent the Corporation's commercial credit risk profile by risk rating. Loans receivable not rated as special mention, substandard, or doubtful are considered to be pass rated loans.

			September 30, 2024
									Non-Pass Rated
			Pass						Special Mention						Substandard						Doubtful						Total Non-Pass						Total
Farmland			$	25,726					$	5,425					$	669					$	—					$	6,094					$	31,820
Owner-occupied, nonfarm nonresidential properties			507,250						1,449						22,800						—						24,249						531,499
Agricultural production and other loans to farmers			1,733						—						—						—						—						1,733
Commercial and Industrial			672,435						5,590						41,416						—						47,006						719,441
Obligations (other than securities and leases) of states and political subdivisions			142,423						—						—						—						—						142,423
Other loans			26,132						—						—						—						—						26,132
Other construction loans and all land development and other land loans			287,113						—						1,515						—						1,515						288,628
Multifamily (5 or more) residential properties			403,638						—						4,831						—						4,831						408,469
Non-owner occupied, nonfarm nonresidential properties			990,944						2,801						22,256						—						25,057						1,016,001
Total			$	3,057,394					$	15,265					$	93,487					$	—					$	108,752					$	3,166,146

			December 31, 2023 (1)
									Non-Pass Rated
			Pass						Special Mention						Substandard						Doubtful						Total Non-Pass						Total
Farmland			$	32,402					$	—					$	1,083					$	—					$	1,083					$	33,485
Owner-occupied, nonfarm nonresidential properties			475,093						25,484						11,333						—						36,817						511,910
Agricultural production and other loans to farmers			1,652						—						—						—						—						1,652
Commercial and Industrial			653,981						52,030						20,431						—						72,461						726,442
Obligations (other than securities and leases) of states and political subdivisions			139,014						13,187						—						—						13,187						152,201
Other loans			25,507						—						—						—						—						25,507
Other construction loans and all land development and other land loans			338,746						—						1,612						—						1,612						340,358
Multifamily (5 or more) residential properties			303,554						1,346						797						—						2,143						305,697
Non-owner occupied, nonfarm nonresidential properties			957,254						3,008						23,771						—						26,779						984,033
Total			$	2,927,203					$	95,055					$	59,027					$	—					$	154,082					$	3,081,285

(1) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, revisions were made to the pass, special mention, total non-pass and total columns disclosure as of December 31, 2023 to reflect the revisions for the applicable portfolio segments.

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The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by risk grade within each portfolio segment as of September 30, 2024. Current period originations may include modifications.

			Term Loans Amortized Cost Basis by Origination Year
			2024						2023						2022						2021						2020						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
Farmland
Risk rating
Pass			$	100					$	3,182					$	6,816					$	6,568					$	1,443					$	7,232					$	385					$	—					$	25,726
Special mention			—						—						5,425						—						—						—						—						—						5,425
Substandard			—						—						—						—						—						669						—						—						669
Total			$	100					$	3,182					$	12,241					$	6,568					$	1,443					$	7,901					$	385					$	—					$	31,820
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Owner-occupied, nonfarm nonresidential properties
Risk rating
Pass			$	58,095					$	65,358					$	119,055					$	103,035					$	41,150					$	98,456					$	22,101					$	—					$	507,250
Special mention			—						—						86						258						—						542						563						—						1,449
Substandard			14,207						1,127						5,034						696						—						1,553						183						—						22,800
Total			$	72,302					$	66,485					$	124,175					$	103,989					$	41,150					$	100,551					$	22,847					$	—					$	531,499
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	699					$	—					$	—					$	699
Agricultural production and other loans to farmers
Risk rating
Pass			$	72					$	588					$	26					$	25					$	48					$	151					$	823					$	—					$	1,733
Special mention			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—						—
Total			$	72					$	588					$	26					$	25					$	48					$	151					$	823					$	—					$	1,733
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial and Industrial
Risk rating
Pass			$	118,480					$	48,338					$	122,655					$	69,888					$	26,474					$	23,130					$	263,470					$	—					$	672,435
Special mention			11						59						569						—						51						36						4,864						—						5,590
Substandard			884						5,039						536						1,620						52						1,631						31,654						—						41,416
Total			$	119,375					$	53,436					$	123,760					$	71,508					$	26,577					$	24,797					$	299,988					$	—					$	719,441
Current period gross write offs			$	—					$	301					$	50					$	537					$	1					$	43					$	1,428					$	—					$	2,360
Obligations (other than securities and leases) of states and political subdivisions
Risk rating
Pass			$	7,853					$	25,075					$	16,102					$	30,777					$	11,565					$	47,057					$	3,994					$	—					$	142,423
Special mention			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—						—
Total			$	7,853					$	25,075					$	16,102					$	30,777					$	11,565					$	47,057					$	3,994					$	—					$	142,423
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Other loans
Risk rating
Pass			$	886					$	3,242					$	12,173					$	4,891					$	1,455					$	276					$	3,209					$	—					$	26,132
Special mention			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—						—
Total			$	886					$	3,242					$	12,173					$	4,891					$	1,455					$	276					$	3,209					$	—					$	26,132
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

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			Term Loans Amortized Cost Basis by Origination Year
			2024						2023						2022						2021						2020						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
Other construction loans and all land development and other land loans
Risk rating
Pass			$	60,527					$	101,650					$	99,717					$	17,068					$	806					$	2,125					$	5,220					$	—					$	287,113
Special mention			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						1,453						62						—						1,515
Total			$	60,527					$	101,650					$	99,717					$	17,068					$	806					$	3,578					$	5,282					$	—					$	288,628
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Multifamily (5 or more) residential properties
Risk rating
Pass			$	34,048					$	50,197					$	214,023					$	56,538					$	21,908					$	25,938					$	986					$	—					$	403,638
Special mention			—						—						—						—						—						—						—						—						—
Substandard			—						2,110						—						—						2,721						—						—						—						4,831
Total			$	34,048					$	52,307					$	214,023					$	56,538					$	24,629					$	25,938					$	986					$	—					$	408,469
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Non-owner occupied, nonfarm nonresidential properties
Risk rating
Pass			$	76,393					$	209,794					$	322,234					$	188,015					$	38,285					$	149,177					$	7,046					$	—					$	990,944
Special mention			—						—						214						—						1,805						358						424						—						2,801
Substandard			11,494						766						1,059						—						5,443						3,494						—						—						22,256
Total			$	87,887					$	210,560					$	323,507					$	188,015					$	45,533					$	153,029					$	7,470					$	—					$	1,016,001
Current period gross write offs			$	—					$	—					$	33					$	296					$	—					$	—					$	20					$	—					$	349

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The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by risk grade within each portfolio segment as of December 31, 2023. Current period originations may include modifications. As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, revisions were made to the vintage loan disclosure at December 31, 2023 to reflect the revisions for the applicable portfolio segments.

			Term Loans Amortized Cost Basis by Origination Year
			2023						2022						2021						2020						2019						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
Farmland
Risk rating
Pass			$	3,250					$	12,897					$	6,845					$	1,465					$	815					$	6,828					$	302					$	—					$	32,402
Special mention			—						—						—						—						—						—						—						—						—
Substandard			—						—						306						—						—						777						—						—						1,083
Total			$	3,250					$	12,897					$	7,151					$	1,465					$	815					$	7,605					$	302					$	—					$	33,485
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Owner-occupied, nonfarm nonresidential properties
Risk rating
Pass			$	64,237					$	125,894					$	107,740					$	44,286					$	49,366					$	73,649					$	9,921					$	—					$	475,093
Special mention			320						6,611						1,180						13,623						407						210						3,133						—						25,484
Substandard			848						—						696						292						6,738						2,593						166						—						11,333
Total			$	65,405					$	132,505					$	109,616					$	58,201					$	56,511					$	76,452					$	13,220					$	—					$	511,910
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	26					$	—					$	—					$	26
Agricultural production and other loans to farmers
Risk rating
Pass			$	703					$	34					$	89					$	60					$	5					$	159					$	602					$	—					$	1,652
Special mention			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—						—
Total			$	703					$	34					$	89					$	60					$	5					$	159					$	602					$	—					$	1,652
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial and Industrial
Risk rating
Pass			$	78,325					$	140,178					$	141,439					$	33,475					$	6,662					$	14,709					$	239,193					$	—					$	653,981
Special mention			7,718						7,803						2,795						65						139						21						33,489						—						52,030
Substandard			—						385						4,281						396						3,476						1,655						10,238						—						20,431
Total			$	86,043					$	148,366					$	148,515					$	33,936					$	10,277					$	16,385					$	282,920					$	—					$	726,442
Current period gross write offs			$	50					$	—					$	—					$	191					$	—					$	—					$	151					$	—					$	392
Obligations (other than securities and leases) of states and political subdivisions
Risk rating
Pass			$	24,964					$	16,791					$	31,768					$	12,399					$	4,190					$	45,331					$	3,571					$	—					$	139,014
Special mention			—						—						—						—						—						13,187						—						—						13,187
Substandard			—						—						—						—						—						—						—						—						—
Total			$	24,964					$	16,791					$	31,768					$	12,399					$	4,190					$	58,518					$	3,571					$	—					$	152,201
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Other loans
Risk rating
Pass			$	3,649					$	12,211					$	5,289					$	1,809					$	288					$	—					$	2,261					$	—					$	25,507
Special mention			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—						—						—
Total			$	3,649					$	12,211					$	5,289					$	1,809					$	288					$	—					$	2,261					$	—					$	25,507
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

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			Term Loans Amortized Cost Basis by Origination Year
			2023						2022						2021						2020						2019						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
Other construction loans and all land development and other land loans
Risk rating
Pass			$	92,321					$	197,166					$	23,484					$	15,540					$	1,706					$	1,129					$	7,400					$	—					$	338,746
Special mention			—						—						—						—						—						—						—						—						—
Substandard			—						—						—						—						1,549						—						63						—						1,612
Total			$	92,321					$	197,166					$	23,484					$	15,540					$	3,255					$	1,129					$	7,463					$	—					$	340,358
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Multifamily (5 or more) residential properties
Risk rating
Pass			$	49,566					$	127,027					$	70,261					$	25,232					$	10,928					$	19,786					$	754					$	—					$	303,554
Special mention			1,346						—						—						—						—						—						—						—						1,346
Substandard			797						—						—						—						—						—						—						—						797
Total			$	51,709					$	127,027					$	70,261					$	25,232					$	10,928					$	19,786					$	754					$	—					$	305,697
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	65					$	—					$	—					$	65
Non-owner occupied, nonfarm nonresidential properties
Risk rating
Pass			$	198,343					$	332,733					$	195,106					$	42,216					$	55,150					$	125,532					$	8,174					$	—					$	957,254
Special mention			—						—						—						1,887						—						688						433						—						3,008
Substandard			778						1,134						488						5,911						3,266						10,484						1,710						—						23,771
Total			$	199,121					$	333,867					$	195,594					$	50,014					$	58,416					$	136,704					$	10,317					$	—					$	984,033
Current period gross write offs			$	—					$	358					$	—					$	—					$	88					$	—					$	248					$	—					$	694

The Corporation considers the performance of the loan portfolio and its impact on the allowance for credit losses. For 1-4 family construction, home equity lines of credit, residential mortgages secured by first liens, residential mortgages secured by junior liens, automobile, credit cards, other revolving credit plans and other consumer segments, the Corporation evaluates credit quality based on the performance status of the loan, which was previously presented, and by payment activity. Nonperforming loans include loans receivable on nonaccrual status and loans receivable past due over 89 days and still accruing interest.

			September 30, 2024																		December 31, 2023 (1)
			Performing						Nonperforming						Total						Performing						Nonperforming						Total
1-4 Family Construction			$	24,599					$	—					$	24,599					$	28,055					$	—					$	28,055
Home equity lines of credit			156,669						1,128						157,797						129,760						940						130,700
Residential Mortgages secured by first liens			1,002,339						9,681						1,012,020						999,996						5,339						1,005,335
Residential Mortgages secured by junior liens			99,687						326						100,013						91,117						123						91,240
Other revolving credit plans			41,436						194						41,630						42,796						81						42,877
Automobile			22,091						189						22,280						25,236						79						25,315
Other consumer			52,790						766						53,556						50,794						798						51,592
Total			$	1,399,611					$	12,284					$	1,411,895					$	1,367,754					$	7,360					$	1,375,114

(1) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, revisions were made to the performing and total columns at December 31, 2023 to reflect the revisions for the applicable portfolio segments.

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The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by payment activity within each portfolio segment as of September 30, 2024. Current period originations may include modifications.

			Term Loans Amortized Cost Basis by Origination Year
			2024						2023						2022						2021						2020						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
1-4 Family Construction
Payment performance
Performing			$	16,645					$	4,786					$	2,904					$	213					$	—					$	51					$	—					$	—					$	24,599
Nonperforming			—						—						—						—						—						—						—						—						—
Total			$	16,645					$	4,786					$	2,904					$	213					$	—					$	51					$	—					$	—					$	24,599
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Home equity lines of credit
Payment performance
Performing			$	35,167					$	28,691					$	29,710					$	10,238					$	9,267					$	31,605					$	6,660					$	5,331					$	156,669
Nonperforming			—						—						—						—						—						—						—						1,128						1,128
Total			$	35,167					$	28,691					$	29,710					$	10,238					$	9,267					$	31,605					$	6,660					$	6,459					$	157,797
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Residential mortgages secured by first lien
Payment performance
Performing			$	74,545					$	139,745					$	229,207					$	183,597					$	134,571					$	237,870					$	2,804					$	—					$	1,002,339
Nonperforming			376						2,469						1,827						1,290						588						3,096						35						—						9,681
Total			$	74,921					$	142,214					$	231,034					$	184,887					$	135,159					$	240,966					$	2,839					$	—					$	1,012,020
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	78					$	—					$	—					$	78
Residential mortgages secured by junior liens
Payment performance
Performing			$	21,801					$	23,856					$	24,083					$	12,401					$	5,961					$	10,260					$	1,325					$	—					$	99,687
Nonperforming			—						17						125						127						—						17						40						—						326
Total			$	21,801					$	23,873					$	24,208					$	12,528					$	5,961					$	10,277					$	1,365					$	—					$	100,013
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Other revolving credit plans
Payment performance
Performing			$	9,045					$	6,882					$	6,866					$	2,429					$	5,569					$	10,645					$	—					$	—					$	41,436
Nonperforming			—						—						27						14						23						130						—						—						194
Total			$	9,045					$	6,882					$	6,893					$	2,443					$	5,592					$	10,775					$	—					$	—					$	41,630
Current period gross write offs			$	—					$	9					$	—					$	35					$	—					$	73					$	—					$	—					$	117
Automobile
Payment performance
Performing			$	4,958					$	9,311					$	4,588					$	1,435					$	844					$	955					$	—					$	—					$	22,091
Nonperforming			10						116						58						—						5						—						—						—						189
Total			$	4,968					$	9,427					$	4,646					$	1,435					$	849					$	955					$	—					$	—					$	22,280
Current period gross write offs			$	22					$	8					$	1					$	12					$	6					$	4					$	—					$	—					$	53
Other consumer
Payment performance
Performing			$	22,495					$	15,931					$	6,550					$	2,851					$	2,476					$	2,487					$	—					$	—					$	52,790
Nonperforming			100						352						166						97						5						46						—						—						766
Total			$	22,595					$	16,283					$	6,716					$	2,948					$	2,481					$	2,533					$	—					$	—					$	53,556
Current period gross write offs			$	43					$	887					$	481					$	119					$	20					$	12					$	—					$	—					$	1,562

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The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by payment activity within each portfolio segment as of December 31, 2023. Current period originations may include modifications. As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, revisions were made to the vintage loan disclosure at December 31, 2023 to reflect the revisions for the applicable portfolio segments.

			Term Loans Amortized Cost Basis by Origination Year
			2023						2022						2021						2020						2019						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
1-4 Family Construction
Payment performance
Performing			$	16,968					$	9,977					$	251					$	—					$	59					$	1					$	799					$	—					$	28,055
Nonperforming			—						—						—						—						—						—						—						—						—
Total			$	16,968					$	9,977					$	251					$	—					$	59					$	1					$	799					$	—					$	28,055
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Home equity lines of credit
Payment performance
Performing			$	27,110					$	32,027					$	11,437					$	9,844					$	6,781					$	30,467					$	7,479					$	4,615					$	129,760
Nonperforming			—						—						—						—						—						14						—						926						940
Total			$	27,110					$	32,027					$	11,437					$	9,844					$	6,781					$	30,481					$	7,479					$	5,541					$	130,700
Current period gross write offs			$	—					$	—					$	—					$	—					$	10					$	—					$	—					$	—					$	10
Residential mortgages secured by first lien
Payment performance
Performing			$	141,019					$	238,242					$	200,794					$	144,676					$	77,919					$	194,185					$	3,161					$	—					$	999,996
Nonperforming			497						174						787						615						492						2,736						38						—						5,339
Total			$	141,516					$	238,416					$	201,581					$	145,291					$	78,411					$	196,921					$	3,199					$	—					$	1,005,335
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	22					$	95					$	—					$	117
Residential mortgages secured by junior liens
Payment performance
Performing			$	28,685					$	27,032					$	14,204					$	7,102					$	3,888					$	8,833					$	1,373					$	—					$	91,117
Nonperforming			—						38						—						—						—						42						43						—						123
Total			$	28,685					$	27,070					$	14,204					$	7,102					$	3,888					$	8,875					$	1,416					$	—					$	91,240
Current period gross write offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Other revolving credit plans
Payment performance
Performing			$	8,684					$	8,027					$	2,732					$	11,274					$	1,634					$	10,445					$	—					$	—					$	42,796
Nonperforming			—						29						5						—						—						47						—						—						81
Total			$	8,684					$	8,056					$	2,737					$	11,274					$	1,634					$	10,492					$	—					$	—					$	42,877
Current period gross write offs			$	—					$	—					$	50					$	4					$	16					$	49					$	—					$	—					$	119
Automobile
Payment performance
Performing			$	12,545					$	6,800					$	2,597					$	1,472					$	1,025					$	797					$	—					$	—					$	25,236
Nonperforming			16						51						—						7						5						—						—						—						79
Total			$	12,561					$	6,851					$	2,597					$	1,479					$	1,030					$	797					$	—					$	—					$	25,315
Current period gross write offs			$	18					$	23					$	—					$	8					$	7					$	—					$	—					$	—					$	56
Other consumer
Payment performance
Performing			$	27,202					$	12,261					$	5,255					$	3,107					$	1,471					$	1,498					$	—					$	—					$	50,794
Nonperforming			283						330						116						12						6						51						—						—						798
Total			$	27,485					$	12,591					$	5,371					$	3,119					$	1,477					$	1,549					$	—					$	—					$	51,592
Current period gross write offs			$	210					$	1,164					$	467					$	96					$	33					$	12					$	—					$	—					$	1,982

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			September 30, 2024						December 31, 2023
Credit card
Payment performance
Performing			$	13,442					$	11,753
Nonperforming			132						32
Total			$	13,574					$	11,785
Current period gross write offs			$	126					$	189

Holiday’s loan portfolio, included in other consumer loans above, is summarized as follows at September 30, 2024 and December 31, 2023:

			September 30, 2024						December 31, 2023
Gross other consumer			$	27,850					$	31,242
Less: other consumer unearned discounts			(4,908)						(5,696)
Total other consumer loans, net of unearned discounts			$	22,942					$	25,546

5.    LEASES

Operating lease assets represent the Corporation's right to use an underlying asset during the lease term and operating lease liabilities represent the Corporation's obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents the Corporation's incremental borrowing rate at the lease commencement date. Operating lease cost, which is comprised of amortization of the operating lease asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded in net occupancy expense in the condensed consolidated statements of income.

The Corporation leases certain full-service branch offices, land, and equipment. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Most leases include one or more options to renew and the exercise of the lease renewal options are at the Corporation's sole discretion. The Corporation includes lease extension and termination options in the lease term if, after considering relevant economic factors, it 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.

Leases						Classification						September 30, 2024						December 31, 2023
Assets:
Operating lease assets						Operating lease assets						$	37,419					$	35,699
Finance lease assets						Premises and equipment, net (1)						161						215
Total leased assets												$	37,580					$	35,914
Liabilities:
Operating lease liabilities						Operating lease liabilities						$	39,683					$	37,650
Finance lease liabilities						Accrued interest payable and other liabilities						224						294
Total leased liabilities												$	39,907					$	37,944

(1) Finance lease assets are recorded net of accumulated amortization of $1.1 million as of September 30, 2024 and $1.0 million as of December 31, 2023.

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The components of the Corporation's net lease expense for the three and nine months ended September 30, 2024 and 2023, respectively, were as follows:

												Three Months Ended September 30,												Nine Months Ended September 30,
Lease Cost						Classification						2024						2023						2024						2023
Operating lease cost						Net occupancy expense						$	757					$	745					$	2,235					$	2,224
Variable lease cost						Net occupancy expense						27						27						83						71
Finance lease cost:
Amortization of leased assets						Net occupancy expense						18						18						54						54
Interest on lease liabilities						Interest expense - borrowed funds						3						4						9						12
Sublease income (1)						Net occupancy expense						(24)						(20)						(72)						(66)
Net lease cost												$	781					$	774					$	2,309					$	2,295

(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 September 30, 2024:

Maturity of Lease Liabilities as of September 30, 2024						Operating Leases (1)						Finance Leases						Total
2024						$	660					$	26					$	686
2025						2,679						105						2,784
2026						2,668						105						2,773
2027						2,688						—						2,688
2028						2,744						—						2,744
After 2028						53,142						—						53,142
Total lease payments						64,581						236						64,817
Less: Interest						24,898						12						24,910
Present value of lease liabilities						$	39,683					$	224					$	39,907

(1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised and exclude $12.3 million of legally binding minimum lease payments for leases signed, but not yet commenced.

Lease terms and discount rates related to the Corporation's lease liabilities as of September 30, 2024 and December 31, 2023 were as follows:

Lease Term and Discount Rate						September 30, 2024						December 31, 2023
Weighted-average remaining lease term (years)
Operating leases						23.0						23.0
Finance leases						2.3						3.0
Weighted-average discount rate
Operating leases						4.18		%				4.05		%
Finance leases						4.49		%				4.49		%

Other information related to the Corporation's lease liabilities as of September 30, 2024 and 2023, respectively, was as follows:

Other Information						September 30, 2024						September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases						$	789					$	869

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6.    DEPOSITS

The following table reflects time certificates of deposit accounts included in total deposits and their remaining maturities at September 30, 2024:

Time deposits maturing:
2024			$	80,043
2025			503,163
2026			57,946
2027			6,726
2028			3,354
Thereafter			2,600
			$	653,832

Certificates of deposits of $250 thousand or more totaled $104.0 million and $100.2 million at September 30, 2024 and December 31, 2023, respectively.

The Corporation had $185.0 million in brokered deposits as of September 30, 2024 compared to $208.3 million at December 31, 2023. In addition, the Corporation had $830.0 million and $739.3 million in reciprocal deposits at September 30, 2024 and December 31, 2023, respectively.

7.    BORROWINGS

At September 30, 2024 and December 31, 2023, the Corporation had available one $10.0 million unsecured line of credit with an unaffiliated institution. Borrowings under the line of credit bear interest at a variable rate equal to the Secured Overnight Finance Rate ("SOFR") plus 2.85%. There were no borrowings under the line of credit at September 30, 2024 and December 31, 2023.

Federal Home Loan Bank Borrowings

The Bank has the ability to borrow funds from the Federal Home Loan Bank of Pittsburgh ("FHLB"). The Bank maintains a $250.0 million line-of-credit (Open Repo Plus) with the FHLB which is a revolving term commitment available on an overnight basis. The term of this commitment may not exceed 364 days and it reprices daily at market rates. Under terms of a blanket collateral agreement with the FHLB, the line-of-credit and long term advances are secured by FHLB stock and the Bank pledges its single-family residential mortgage loan portfolio, certain commercial real estate loans, and certain agriculture real estate loans as security for any advances.

Total loans pledged to the FHLB at September 30, 2024, and December 31, 2023 were $2.1 billion and $1.8 billion, respectively. The Bank could obtain advances of up to approximately $1.2 billion from the FHLB at September 30, 2024 and $993.8 million at December 31, 2023.

At September 30, 2024 and December 31, 2023, there were no outstanding advances from the FHLB:

September 30, 2024

December 31, 2023

Open Repo borrowing at an interest rate of 5.18% and 5.68% at September 30, 2024 and December 31, 2023, respectfully. The maximum amount of the Open Repo borrowing available is $250,000.

$

—

$

—

Total

$

—

$

—

At September 30, 2024 and December 31, 2023, municipal deposit letters of credit issued by the FHLB on behalf of the Bank naming applicable municipalities as beneficiaries were $156.1 million and $155.7 million, respectively. The letters of credit were utilized in place of securities pledged to the municipalities for their deposits maintained at the Bank.

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Federal Reserve Borrowings

In June 2023, the Bank was approved by the Federal Reserve Bank of Philadelphia (the "Federal Reserve") for its Borrower-in-Custody ("BIC") program. At September 30, 2024, the Bank had borrowing capacity through the Federal Reserve BIC program of $240.9 million. Borrowings under the BIC program are overnight advances with interest chargeable at the discount window ("primary credit") borrowing rate. At September 30, 2024, the Bank has pledged certain qualifying loans with an unpaid principal balance of $250.7 million and securities with a carrying value of $78.1 million as collateral.

At September 30, 2024 and December 31, 2023, the Bank had no borrowings from the Federal Reserve BIC program and discount window.

Other Borrowings

At September 30, 2024 and December 31, 2023, the Bank had no outstanding borrowings from unaffiliated institutions under overnight borrowing agreements.

Subordinated Debentures

In 2007, the Corporation issued two $10.0 million floating rate trust preferred securities as part of a pooled offering of such securities. The interest rate on each offering was determined quarterly and floated based upon three-month London Interbank Offered Rate ("LIBOR") plus 1.55%. Effective September 15, 2023, the interest rate calculation method was revised. The interest rate is now determined quarterly, and floats based on the three-month SOFR plus a credit spread adjustment of 0.26161% plus 1.55%. This change reflects the transition from LIBOR to SOFR as the reference rate. The all-in rate was 6.76% at September 30, 2024 and 7.20% at December 31, 2023. The Corporation issued subordinated debentures to the trusts in exchange for the proceeds of the offerings, which debentures represent the sole assets of the trusts. The subordinated debentures must be redeemed no later than 2037. The Corporation may redeem the debentures, in whole or in part, at face value at any time. The Corporation has the option to defer interest payments from time to time for a period not to exceed five consecutive years. Although the trusts are variable interest entities, the Corporation is not the primary beneficiary. As a result, because the trusts are not consolidated with the Corporation, the Corporation does not report the securities issued by the trusts as liabilities. Instead, the Corporation reports as liabilities the subordinated debentures issued by the Corporation and held by the trusts, since the liabilities are not eliminated in consolidation. The trust preferred securities were designated to qualify as Tier 1 capital under the Federal Reserve’s capital guidelines.

Subordinated Notes

In June 2021, the Corporation sold $85.0 million aggregate principal amount of its fixed-to-floating rate subordinated notes to eligible purchasers in a private offering in reliance on the exemption from the registration requirements of Section 4(a)(2) of the Securities Act of 1933, as amended, and the provisions of Rule 506 of Regulation D thereunder. The notes will mature in June 2031, and initially bear interest at a fixed rate of 3.25% per annum, payable semi-annually in arrears, to, but excluding, June 15, 2026, and thereafter to, but excluding, the maturity date or earlier redemption, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month average SOFR plus 2.58%. The net proceeds from the sale were approximately $83.5 million, after deducting offering expenses. These subordinated notes were designed to qualify as Tier 2 capital under the Federal Reserve’s capital guidelines and were given an investment grade rating of BBB- by Kroll Bond Rating Agency. The unamortized debt issuance costs were $0.5 million and $0.7 million as of September 30, 2024 and December 31, 2023, respectively.

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8.    RELATED PARTY TRANSACTIONS

Some of the Corporation's directors, executive officers, and their related interests had transactions with the Bank in the ordinary course of business. All loan and deposit transactions were made on substantially the same terms, such as interest rates and collateral, as those prevailing at the time for comparable transactions. In the opinion of management, these transactions do not involve more than the normal risk of collectability nor do they present other unfavorable features. It is anticipated that similar transactions will be entered into in the future.

Loans to principal officers, directors, and their affiliates during the three months ended September 30, 2024 were as follows:

Beginning balance			$	28,295
New loans and advances			1,013
Effect of changes in composition of related parties			—
Repayments			(612)
Ending balance			$	28,696

Loans to principal officers, directors, and their affiliates during the nine months ended September 30, 2024 were as follows:

Beginning balance			$	40,129
New loans and advances			1,167
Effect of changes in composition of related parties			2,860
Repayments			(15,460)
Ending balance			$	28,696

Deposits from directors, executive officers, and their affiliates were $12.3 million and $11.4 million at September 30, 2024 and December 31, 2023, respectively.

9.    OFF-BALANCE SHEET COMMITMENTS AND CONTINGENCIES

Financial Instruments with Off-Balance Sheet Risk

The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the condensed consolidated balance sheets. The Corporation's exposure to credit loss in the event of nonperformance by the other party of the financial instrument for commitments to extend credit and standby letters of credit is represented by the contract or notional amount of those instruments. The Corporation uses the same credit policies for underwriting all loans, including these commitments and conditional obligations.

As of September 30, 2024 and December 31, 2023, the Corporation did not own or trade other financial instruments with significant off-balance sheet risk including derivatives such as futures, forwards, option contracts and the like, although such instruments may be appropriate to use in the future to manage interest rate risk. See Note 12, "Derivative Instruments," for a description of interest rate derivatives entered into by the Corporation.

Standby letters of credit are conditional commitments issued by the Corporation to guarantee the performance of a customer to a third party. The contract or notional amount of these instruments reflects the maximum amount of future payments that the Corporation could be required to pay under the guarantees if there were a total default by the guaranteed parties, without consideration for possible recoveries under recourse provisions or from collateral held or pledged. In addition, many of these commitments are expected to expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements.

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The Corporation's maximum obligation to extend credit for loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding as of September 30, 2024 and December 31, 2023 were as follows:

			September 30, 2024												December 31, 2023
			Fixed Rate						Variable Rate						Fixed Rate						Variable Rate
Commitments to extended credit			$	121,344					$	330,248					$	111,526					$	370,437
Unused lines of credit			23,549						837,256						11,219						789,534
Standby letters of credit			19,662						2,535						18,649						2,480

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral that is held varies but may include securities, accounts receivable, inventory, property, plant and equipment, and residential and income-producing commercial properties.

Allowance for Credit Losses on Unfunded Loan Commitments

The Corporation maintains an allowance for credit losses on unfunded commercial lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans receivable, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on the Corporation's condensed consolidated statements of income. The allowance for unfunded commitments is included in other liabilities in the condensed consolidated balance sheets. Note 4, "Loans Receivable and Allowance for Credit Losses," in the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to the loan portfolio of the Corporation.

The following table presents activity in the allowance for credit losses on unfunded loan commitments for the three and nine months ended September 30, 2024 and 2023, respectively:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
Beginning balance			$	822					$	718					$	759					$	603
Provision for credit losses on unfunded loan commitments (1)			49						33						112						148
Ending balance			$	871					$	751					$	871					$	751

(1) Excludes provision for credit losses related to the loan portfolio.

Investments in Small Business Investment Corporation and Community Development Entities

The Corporation makes investments in limited partnerships, including certain small business investment corporations and community development entities. Capital contributions for investments in small business companies ("SBIC") and community development entities ("CDE"), reported in FHLB and other restricted stock holdings and investments on the condensed consolidated balance sheet, as of September 30, 2024 and December 31, 2023 were $22.9 million and $21.7 million, respectively. Unfunded capital commitments in investments in SBICs and CDEs totaled $8.6 million and $6.8 million as of September 30, 2024 and December 31, 2023, respectively. These investments are accounted for under the equity method of accounting.

Investments in Qualified Affordable Housing Project Investments

The carrying value of investments in the low income housing partnerships, reported in FHLB and other restricted stock holdings and investments on the condensed consolidated balance sheet, as of September 30, 2024 and December 31, 2023 were $7.4 million and $3.8 million, respectively. The related amortization for the three and nine months ended September 30, 2024 was $178 thousand and $533 thousand, respectively, and for the three and nine months ended September 30, 2023 were $185 thousand and $558 thousand, respectively. Unfunded commitments, reported in accrued interest payable and other liabilities on the condensed consolidated balance sheets, as of September 30, 2024 and December 31, 2023 were $3.7 million and $796 thousand, respectively.

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Investments in Federal and State Rehabilitation/Historic Tax Credit

From time to time, the Corporation invests in certain limited partnerships that were formed to provide certain federal and state rehabilitation/historic tax credits. The carrying value of these investments, reported in FHLB and other restricted stock holdings and investments on the condensed consolidated balance sheet, as of September 30, 2024 and December 31, 2023 were $4.1 million and zero, respectively. The investments do not have any related amortization for the three and nine months ended September 30, 2024 and 2023, respectively. Unfunded commitments, reported in accrued interest payable and other liabilities on the condensed consolidated balance sheets, as of September 30, 2024 and December 31, 2023 were $3.2 million and zero, respectively.

Litigation

The Corporation is subject to claims and lawsuits that arise primarily in the ordinary course of business. It is the opinion of management the disposition or ultimate resolution of such claims and lawsuits will not have a material adverse effect on the consolidated financial position, results of operations and cash flows of the Corporation.

10.    STOCK COMPENSATION

The Corporation has a stock incentive plan, which is administered by a committee of the Board of Directors and which permits the Corporation to provide various types of stock-based compensation to its key employees, directors, and/or consultants, including time-based and performance-based shares of restricted stock. The Corporation previously maintained the CNB Financial Corporation 2009 Stock Incentive Plan, which terminated in accordance with its terms on February 10, 2019, and currently maintains the CNB Financial Corporation 2019 Omnibus Incentive Plan (the "2019 Stock Incentive Plan"), which was approved by the Corporation’s shareholders and became effective on April 16, 2019.

The 2019 Stock Incentive Plan provides for up to 507,671 shares of common stock to be awarded in the form of nonqualified options or restricted stock. For key employees, the vesting of time-based restricted stock is one-third, one-fourth, or one-fifth of the granted restricted shares per year, beginning one year after the grant date, with 100% vesting on the third, fourth or fifth anniversary of the grant date, respectively. Stock compensation received by non-employee directors vests immediately.

At September 30, 2024, there was no unrecognized compensation cost related to stock-based compensation awarded under this plan and, except for the time-based and performance-based restricted stock awards disclosed below and in previous filings, no other stock-based compensation was granted during the three and nine months ended September 30, 2024 and 2023.

Compensation expense for the restricted stock awards is recognized over the requisite service period based on the fair value of the shares at the date of grant on a straight-line basis. Non-vested restricted stock awards are recorded as a reduction of additional paid-in-capital in shareholders’ equity until earned. Compensation expense resulting from time-based, performance-based and director restricted stock awards was $471 thousand and $1.8 million for the three and nine months ended September 30, 2024, respectively, and $350 thousand and $1.3 million for the three and nine months ended September 30, 2023, respectively. The total income tax benefit related to the recognized compensation cost of vested restricted stock awards was $99 thousand and $386 thousand for the three and nine months ended September 30, 2024, respectively, and $74 thousand and $275 thousand for the three and nine months ended September 30, 2023, respectively.

A summary of changes in time-based unvested restricted stock awards for the three months ended September 30, 2024 follows:

			Shares						Per Share Weighted Average Grant Date Fair Value
Unvested at beginning of period			190,038						$	22.42
Granted			—						—
Forfeited			(3,345)						22.61
Vested			(1,362)						24.02
Unvested at end of period			185,331						$	22.41

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A summary of changes in time-based unvested restricted stock awards for the nine months ended September 30, 2024 follows:

			Shares						Per Share Weighted Average Grant Date Fair Value
Unvested at beginning of period			124,934						$	24.09
Granted			112,828						21.26
Forfeited			(8,306)						22.73
Vested			(44,125)						24.16
Unvested at end of period			185,331						$	22.41

The above table excludes 18,029 shares in restricted stock awards that were granted to the Corporation's Board of Directors at a weighted average fair value of $21.35 and immediately vested. As of September 30, 2024 and December 31, 2023, there was $3.2 million and $2.1 million, respectively, of total unrecognized compensation cost related to non-vested shares granted under the 2019 Stock Incentive Plan. The fair value of shares vested was $33 thousand and $1.4 million during the three and nine months ended September 30, 2024, respectively, and $25 thousand and $963 thousand during the three and nine months ended September 30, 2023, respectively.

In addition to the time-based restricted stock disclosed above, the Corporation’s Board of Directors grants performance-based restricted stock awards ("PBRSAs") to key employees. The number of PBRSAs will depend on certain performance conditions earned over a three year period and are also subject to service-based vesting. In 2024, awards with a maximum of 29,992 shares in aggregate were granted to key employees. In 2023, awards with a maximum of 23,124 shares in aggregate were granted to key employees. In 2022, awards with a maximum of 13,761 shares in aggregate were granted to key employees.

In 2023, the 2021 PBRSAs were fully earned and in 2024, 9,667 shares were fully distributed. The fair value of the shares distributed in 2024 was $206 thousand.

11.    EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted average number of common shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three and nine months ended September 30, 2024 and 2023, there were no outstanding stock options to include in the diluted earnings per common share calculations.

Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per common share pursuant to the two-class method. The Corporation has determined that its outstanding non-vested time-based restricted stock awards are participating securities.

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The computation of basic and diluted earnings per common share is shown below:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Basic earnings per common share computation:
Net income per condensed consolidated statements of income			$	12,878					$	12,651					$	36,285					$	40,817
Net earnings allocated to participating securities			(101)						(70)						(291)						(222)
Net earnings allocated to common stock			$	12,777					$	12,581					$	35,994					$	40,595
Distributed earnings allocated to common stock			$	3,746					$	3,645					$	11,036					$	10,969
Undistributed earnings allocated to common stock			9,031						8,936						24,958						29,626
Net earnings allocated to common stock			$	12,777					$	12,581					$	35,994					$	40,595
Weighted average common shares outstanding, including shares considered participating securities			20,997						20,969						20,994						21,048
Less: Average participating securities			(155)						(109)						(162)						(109)
Weighted average shares			20,842						20,860						20,832						20,939
Basic earnings per common share			$	0.61					$	0.60					$	1.73					$	1.94
Diluted earnings per common share computation:
Net earnings allocated to common stock			$	12,777					$	12,581					$	35,994					$	40,595
Weighted average common shares outstanding for basic earnings per common share			20,842						20,860						20,832						20,939
Add: Dilutive effect of stock compensation			70						40						64						40
Weighted average shares and dilutive potential common shares			20,912						20,900						20,896						20,979
Diluted earnings per common share			$	0.61					$	0.60					$	1.72					$	1.94

12.    DERIVATIVE INSTRUMENTS

On September 7, 2018, the Corporation executed an interest rate swap agreement with a 5-year term and an effective date of September 15, 2018 in order to hedge cash flows associated with $10.0 million of a subordinated trust preferred security that was issued by the Corporation during 2007 and elected cash flow hedge accounting for the agreement. The Corporation’s objective in using this derivative is to add stability to interest expense and to manage its exposure to interest rate risk. The interest rate swap involves the receipt of variable-rate amounts in exchange for fixed-rate payments from September 15, 2018 to September 15, 2023 without the exchange of the underlying notional amount. The swap expired on September 15, 2023 and was not renewed.

As of September 30, 2024 and December 31, 2023, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Corporation does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges.

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The following tables provide information about the amounts and locations of activity related to the interest rate swaps designated as cash flow hedges within the Corporation’s condensed consolidated statements of income for the three and nine months ended September 30, 2024 and 2023:

For the Three Months Ended September 30, 2024			(a)						(b)						(c)						(d)						(e)
Interest rate contracts			$	—					Interest expense – subordinated notes and debentures						$	—					Other income						$	—
For the Nine Months Ended September 30, 2024			(a)						(b)						(c)						(d)						(e)
Interest rate contracts			$	—					Interest expense – subordinated notes and debentures						$	—					Other income						$	—
For the Three Months Ended September 30, 2023			(a)						(b)						(c)						(d)						(e)
Interest rate contracts			$	(51)					Interest expense – subordinated notes and debentures						$	(55)					Other income						$	—
For the Nine Months Ended September 30, 2023			(a)						(b)						(c)						(d)						(e)
Interest rate contracts			$	(119)					Interest expense – subordinated notes and debentures						$	(151)					Other income						$	—

(a)Amount of Gain or (Loss) Recognized in Other Comprehensive Loss on Derivative (Effective Portion), net of tax

(b)Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)

(c)Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)

(d)Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

(e)Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

Derivatives on Behalf of Customers

The Corporation entered into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Corporation enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Corporation agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. Concurrently, the Corporation agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the Corporation’s customers to effectively convert a variable rate loan to a fixed rate. Because the Corporation acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts offset each other and do not impact the Corporation’s results of operations.

The Corporation pledged cash collateral to another financial institution with a balance of $1.6 million as of September 30, 2024 and $173 thousand as of December 31, 2023. This balance is included in cash and cash equivalents due from banks on the condensed consolidated balance sheets. The Corporation may require its customers to post cash or securities as collateral on its program of back-to-back swaps depending upon the specific facts and circumstances surrounding each loan and individual swap. In addition, certain language is included in the International Swaps and Derivatives Association agreement and loan documents where, in default situations, the Corporation is permitted to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Corporation may be required to post additional collateral to swap counterparties in the future in proportion to potential increases in unrealized loss positions. Effective on September 30, 2023 the Corporation amended all of the back-to-back swap contracts to reference the 1-month SOFR plus a credit spread adjustment of 11.448 basis points "Fallback SOFR."

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The following table provides information about the amounts and locations of activity related to the back-to-back interest rate swaps within the Corporation’s condensed consolidated balance sheet as of September 30, 2024 and December 31, 2023:

									Fair Value
			Notional Amount						Asset									Liability
September 30, 2024			$	65,748					$	1,558					(a)			$	1,558					(b)
December 31, 2023			$	21,302					$	1,013					(a)			$	1,013					(b)

(a)Reported in accrued interest receivable and other assets within the condensed consolidated balance sheets

(b)Reported in accrued interest payable and other liabilities within the condensed consolidated balance sheets

Risk Participation Agreements

The Corporation’s existing credit derivatives result from participation in or out of interest rate swaps provided by or to external lenders as part of loan participation arrangements, therefore, are not used to manage interest rate risk in the Corporation’s assets or liabilities. Derivatives not designated as hedges are not speculative and result from a service the Corporation provides to certain lenders which participate in loans.

The Corporation entered into Risk Participation Agreement ("RPA") swaps with other financial institutions related to loans in which the Corporation is a participant in. The RPA provides credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. The notional amount of this contingent agreement is $21.4 million as of September 30, 2024 and $21.7 million as of December 31, 2023.

The Corporation entered into RPA swaps with other financial institutions related to loans in which the Corporation is a participant out. The RPA provides credit protection to the Corporation should the borrower fail to perform on its interest rate derivative contract with the financial institution. The notional amount of this contingent agreement is $25.5 million as of September 30, 2024 and zero as of December 31, 2023.

The fair value of the RPAs swaps was $25 thousand and $49 thousand as of September 30, 2024 and December 31, 2023, respectively, and is reported in accrued interest payable and other liabilities within the condensed consolidated balance sheets.

13.    FAIR VALUE

Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

The following three levels of inputs are used to measure fair value:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Corporation used the following methods and significant assumptions to estimate fair value:

Investment Securities: The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2), using matrix pricing. Matrix pricing is a mathematical technique commonly used to price debt securities that are not actively traded, values debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3).

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Loans Held for Sale: Loans held for sale are carried at the lower of cost or fair value, which is evaluated on a loan-level basis. The fair value of loans held for sale is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors (Level 2).

Derivatives: The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). The Corporation's derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices, and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions, and third-party pricing services.

Individually Evaluated Loans: The fair value of individually evaluated loans with specific allocations of the allowance for credit losses is generally based on recent real estate appraisals prepared by third-parties. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Management also adjusts appraised values based on the length of time that has passed since the appraisal date and other factors. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower's financial statements, or aging reports, adjusted or discounted based on management's historical knowledge, changes in market conditions from the time of the valuation, and management's expertise and knowledge of the client and client's business, resulting in a Level 3 fair value classification. Individually evaluated loans are evaluated on a quarterly basis for additional impairment and adjusted in accordance with the allowance policy.

Assets and liabilities measured at fair value on a recurring basis are as follows at September 30, 2024 and December 31, 2023:

									Fair Value Measurements at September 30, 2024 Using:
									Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
Description			Total						(Level 1)						(Level 2)						(Level 3)
Assets:
Securities Available-For-Sale:
U.S. Government sponsored entities			$	13,087					$	13,087					$	—					$	—
States and political subdivisions			94,127						—						94,127						—
Residential and multi-family mortgage			223,951						—						223,951						—
Corporate notes and bonds			38,326						—						38,326						—
Pooled SBA			9,474						—						9,474						—
Total Securities Available-For-Sale			$	378,965					$	13,087					$	365,878					$	—
Interest Rate swaps			$	1,558					$	—					$	1,558					$	—
Equity Securities:
Corporate equity securities			$	6,473					$	6,473					$	—					$	—
Mutual funds			1,983						1,983						—						—
Money market funds			303						303						—						—
Corporate notes			1,630						—						1,630						—
Total Equity Securities			$	10,389					$	8,759					$	1,630					$	—
Liabilities:
Interest Rate Swaps			$	(1,558)					$	—					$	(1,558)					$	—

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									Fair Value Measurements at December 31, 2023 Using:
									Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
Description			Total						(Level 1)						(Level 2)						(Level 3)
Assets:
Securities Available-For-Sale:
U.S. Government sponsored entities			$	4,988					$	4,988					$	—					$	—
States and political subdivisions			91,809						—						91,809						—
Residential and multi-family mortgage			191,519						—						191,519						—
Corporate notes and bonds			43,139						—						43,139						—
Pooled SBA			10,500						—						10,500						—
Total Securities Available-For-Sale			$	341,955					$	4,988					$	336,967					$	—
Interest Rate swaps			$	1,013					$	—					$	1,013					$	—
Equity Securities:
Corporate equity securities			$	5,341					$	5,341					$	—					$	—
Mutual funds			2,223						2,223						—						—
Money market funds			1,103						1,103						—						—
Corporate notes			634						—						634						—
Total Equity Securities			$	9,301					$	8,667					$	634					$	—
Liabilities:
Interest Rate Swaps			$	(1,013)					$	—					$	(1,013)					$	—

Assets and liabilities measured at fair value on a non-recurring basis are as follows at September 30, 2024 and December 31, 2023:

									Fair Value Measurements at September 30, 2024 Using
Description			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Collateral-dependent loans receivable:
Farmland			$	391					$	—					$	—					$	391
Owner-occupied, nonfarm nonresidential properties			3,455						—						—						3,455
Commercial and industrial			2,118						—						—						2,118
Other construction loans and all land development loans and other land loans			1,203						—						—						1,203
Multifamily (5 or more) residential properties			268						—						—						268
Non-owner occupied, nonfarm nonresidential			6,274						—						—						6,274
Home equity lines of credit			286						—						—						286
Residential Mortgages secured by first liens			810						—						—						810

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									Fair Value Measurements at December 31, 2023 Using
Description			Total						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Collateral-dependent loans receivable:
Farmland			$	736					$	—					$	—					$	736
Owner-occupied, nonfarm nonresidential properties			5,589						—						—						5,589
Commercial and industrial			7,425						—						—						7,425
Other construction loans and all land development loans and other land loans			1,299						—						—						1,299
Multifamily (5 or more) residential properties			305						—						—						305
Non-owner occupied, nonfarm nonresidential			7,216						—						—						7,216
Home equity lines of credit			308						—						—						308
Residential mortgages secured by first liens			871						—						—						871

A loan is considered to be a collateral dependent loan when, based on current information and events, the Corporation expects repayment of the financial assets to be provided substantially through the operation or sale of the collateral and the Corporation has determined that the borrower is experiencing financial difficulty as of the measurement date. The allowance for credit losses is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the underlying fair value of the loan’s collateral. For real estate loans, fair value of the loan’s collateral is determined by third-party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Corporation reviews the third-party appraisal for appropriateness and may adjust the value downward to consider selling and closing costs. For non-real estate loans, fair value of the loan’s collateral may be determined using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business.

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The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at September 30, 2024:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans receivable:

Farmland

$

391

Valuation of third party appraisal on underlying collateral

Loss severity rates

35% (35%)

Owner-occupied, nonfarm nonresidential properties

3,455

Valuation of third party appraisal on underlying collateral

Loss severity rates

32%-42% (39%)

Commercial and industrial

2,118

Valuation of third party appraisal on underlying collateral

Loss severity rates

10%-65% (26%)

Other construction loans and all land development loans and other land loans

1,203

Valuation of third party appraisal on underlying collateral

Loss severity rates

36% (36%)

Multifamily (5 or more) residential properties

268

Valuation of third party appraisal on underlying collateral

Loss severity rates

34% (34%)

Non-owner occupied, nonfarm nonresidential

6,274

Valuation of third party appraisal on underlying collateral

Loss severity rates

0%-87% (56%)

Home equity lines of credit

286

Valuation of third party appraisal on underlying collateral

Loss severity rates

21%-23% (21%)

Residential Mortgages secured by first liens

810

Valuation of third party appraisal on underlying collateral

Loss severity rates

23%-48% (37%)

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at December 31, 2023:

Fair value

Valuation Technique

Unobservable Inputs

Range (Weighted Average)

Collateral-dependent loans receivable:

Farmland

$

736

Valuation of third party appraisal on underlying collateral

Loss severity rates

29%-31% (30%)

Owner-occupied, nonfarm nonresidential properties

5,589

Valuation of third party appraisal on underlying collateral

Loss severity rates

9%-100% (14%)

Commercial and industrial

7,425

Valuation of third party appraisal on underlying collateral

Loss severity rates

8%-75% (31%)

Other construction loans and all land development loans and other land loans

1,299

Valuation of third party appraisal on underlying collateral

Loss severity rates

32% (32%)

Multifamily (5 or more) residential properties

305

Valuation of third party appraisal on underlying collateral

Loss severity rates

28% (28%)

Non-owner occupied, nonfarm nonresidential

7,216

Valuation of third party appraisal on underlying collateral

Loss severity rates

32%-48% (43%)

Home equity lines of credit

308

Valuation of third party appraisal on underlying collateral

Loss severity rates

15%-17% (15%)

Residential mortgages secured by first liens

871

Valuation of third party appraisal on underlying collateral

Loss severity rates

17%-42% (31%)

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Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at September 30, 2024:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	360,909					$	360,909					$	—					$	—					$	360,909
Debt securities available-for-sale			378,965						13,087						365,878						—						378,965
Debt securities held-to-maturity			328,152						81,601						227,324						—						308,925
Equity securities			10,389						8,759						1,630						—						10,389
Loans held for sale			768						—						771						—						771
Net loans receivable			4,545,264						—						—						4,449,829						4,449,829
FHLB and other restricted stock holdings and investments			40,937						n/a						n/a						n/a						n/a
Interest rate swaps			1,558						—						1,558						—						1,558
Accrued interest receivable			24,804						366						2,412						22,026						24,804
LIABILITIES
Deposits			$	(5,216,949)					$	(4,563,117)					$	(651,225)					$	—					$	(5,214,342)
Subordinated notes and debentures			(105,115)						—						(128,071)						—						(128,071)
Interest rate swaps			(1,558)						—						(1,558)						—						(1,558)
Accrued interest payable			(5,600)						—						(5,600)						—						(5,600)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2023:

			Carrying						Fair Value Measurement Using:																		Total
			Amount						Level 1						Level 2						Level 3						Fair Value
ASSETS
Cash and cash equivalents			$	222,046					$	222,046					$	—					$	—					$	222,046
Debt securities available-for-sale			341,955						4,988						336,967						—						341,955
Debt securities held-to-maturity			388,968						104,141						256,429						—						360,570
Equity securities			9,301						8,667						634						—						9,301
Loans held for sale			675						—						677						—						677
Net loans receivable			4,422,644						—						—						4,323,476						4,323,476
FHLB and other restricted stock holdings and investments			30,011						n/a						n/a						n/a						n/a
Interest rate swaps			1,013						—						1,013						—						1,013
Accrued interest receivable			24,318						410						2,319						21,589						24,318
LIABILITIES
Deposits			$	(4,998,750)					$	(4,492,256)					$	(508,181)					$	—					$	(5,000,437)
Subordinated notes and debentures			(104,887)						—						(134,298)						—						(134,298)
Interest rate swaps			(1,013)						—						(1,013)						—						(1,013)
Accrued interest payable			(3,550)						—						(3,550)						—						(3,550)

While estimates of fair value are based on management’s judgment of the most appropriate factors as of the balance sheet dates, there is no assurance that the estimated fair values would have been realized if the assets had been disposed of or the liabilities settled at that date, since market values may differ depending on various circumstances. The estimated fair values would also not apply to subsequent dates. The fair value of other equity interests is based on the net asset values provided by the underlying investment partnership. ASU 2015-7 removes the requirement to categorize within the fair value hierarchy all investments measured using the net asset value per share practical expedient and related disclosures. In addition, other assets and liabilities that are not financial instruments, such as premises and equipment, are not included in the disclosures.

Also, non-financial assets such as, among other things, the estimated earnings power of core deposits, the earnings potential of trust accounts, the trained workforce, and customer goodwill, which typically are not recognized on the balance sheet, may have value but are not included in the fair value disclosures.

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ITEM 2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

GENERAL OVERVIEW

The following discussion and analysis of the condensed consolidated financial statements of the Corporation is presented to provide insight into management’s assessment of financial results. The terms "we", "us" and "our" refer to CNB Financial Corporation and its subsidiaries. The financial condition and results of operations of the Corporation and its consolidated subsidiaries are not necessarily indicative of future performance.

The Corporation’s subsidiary, CNB Bank, provides financial services to individuals and businesses. The Bank franchise's primary market areas are the Pennsylvania counties of Blair, Cambria, Centre, Clearfield, Elk, Indiana, Jefferson, and McKean. ERIEBANK, a division of the Bank, operates in the Pennsylvania counties of Crawford, Erie, and Warren and in the Ohio counties of Ashtabula, Cuyahoga, Geauga, Lake, and Lorain. FCBank, a division of the Bank, operates in the Ohio counties of Crawford, Delaware, Franklin, Knox, Marion, Morrow, and Richland. BankOnBuffalo, a division of the Bank, operates in the New York counties of Erie and Niagara. Ridge View Bank, a division of the Bank, operates in the Virginia counties of Botetourt, Craig, Franklin, New River Valley, and Roanoke. Impressia Bank, a division of the Bank, operates in the Bank’s primary market areas. Although the Corporation’s strategies, through the Bank, are executed based on the divisions discussed above, the Bank is a single Pennsylvania-chartered bank whereby all divisions of the Bank conduct their business on a doing business as basis.

In addition to the Bank, the Corporation has four other subsidiaries. CNB Securities Corporation is incorporated in Delaware and currently maintains investments in debt and equity securities. CNB Insurance Agency, incorporated in Pennsylvania, provides for the sale of nonproprietary annuities and other insurance products. CNB Risk Management, Inc., incorporated in Delaware, is a captive insurance company that insures against certain risks unique to the operations of the Corporation and its subsidiaries and for which insurance may not be currently available or economically feasible in today's insurance marketplace. Holiday Financial Services Corporation, incorporated in Pennsylvania, offers small balance unsecured loans and secured loans, primarily collateralized by automobiles and equipment, to borrowers with higher risk characteristics.

The following discussion should be read in conjunction with the Corporation’s consolidated financial statements and notes thereto for the year ended December 31, 2023, included the 2023 Form 10-K, and in conjunction with the condensed consolidated financial statements and notes thereto included in Item 1 of this report. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results for the full year ending December 31, 2024, or any future period.

NON-GAAP FINANCIAL INFORMATION

This report contains references to financial measures that are not defined in GAAP. Management uses non-GAAP financial information in its analysis of the Corporation’s performance. Management believes that these non-GAAP measures provide a greater understanding of ongoing operations, enhance comparability of results of operations with prior periods and show the effects of significant gains and charges in the periods presented. The Corporation’s management believes that investors may use these non-GAAP measures to analyze the Corporation’s financial performance without the impact of unusual items or events that may obscure trends in the Corporation’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently.

Non-GAAP measures reflected within the discussion below include:

•Tangible book value per share;

•Tangible common equity/tangible assets;

•Net interest margin (fully tax-equivalent basis);

•Efficiency ratio;

•Pre-provision net revenue ("PPNR"); and

•Return on average tangible common equity

A reconciliation of these non-GAAP financial measures is provided below in the "Non-GAAP Financial Measures" section.

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PRIMARY FACTORS USED TO EVALUATE PERFORMANCE

Management considers return on average assets, return on average equity, return on average tangible common equity, earnings per common share, tangible book value per common share, asset quality, net interest margin, and other metrics as key measures of the financial performance of the Corporation. The interest rate environment will continue to play an important role in the future earnings of the Corporation. To address the challenging interest rate and competitive environments, the Corporation continues to evaluate, develop and implement strategies necessary to support its ongoing financial performance objectives and future growth goals. Additionally, management frequently evaluates the potential impact of economic and geopolitical events that may have an impact on the credit risk profile of its customers and develops proactive strategies to mitigate such potential impacts on the Corporation’s loan portfolio.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents totaled $360.9 million at September 30, 2024, including additional excess liquidity of $282.0 million held at the Federal Reserve, compared to $222.0 million at December 31, 2023. These excess funds, when combined with collective contingent liquidity resources of $4.5 billion including (i) available borrowing capacity from the FHLB and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, result in the total on-hand and contingent liquidity sources for the Corporation to be approximately 5.0 times the estimated amount of adjusted uninsured deposit balances.

Management believes the liquidity needs of the Corporation are satisfied primarily by the current balance of cash and cash equivalents, customer and brokered deposits, FHLB financing, the portions of the securities and loan portfolios that mature within one year, and other third-party funding channels. The Corporation expects that these sources of funds will enable it to meet cash obligations and off-balance sheet commitments as they come due. In addition to the above noted liquidity sources, the Corporation maintains access to the Federal Reserve discount window.

SECURITIES

AFS debt securities and equity securities combined totaled $389.4 million and $351.3 million at September 30, 2024 and December 31, 2023, respectively. At September 30, 2024, the total balance of investments classified as HTM debt securities was $328.2 million compared to $389.0 million at December 31, 2023.

The Corporation’s objective is to maintain the investment securities portfolio at an appropriate level to balance the earnings and liquidity provided by the portfolio. Note 3, "Securities," to the condensed consolidated financial statements provides more detail concerning the composition of the Corporation’s securities portfolio and the process for evaluating securities for impairment.

The following table summarizes the maturity distribution schedule with corresponding weighted-average yields of AFS debt securities as of September 30, 2024. Weighted-average yields have been computed on a fully taxable-equivalent basis using a tax rate of 21%. Mortgage-backed securities are included in maturity categories based on their stated maturity date.

			September 30, 2024
			Within One Year												After One But Within Five Years												After Five But Within Ten Years												After Ten Years												Total
			$ Amt.						Yield						$ Amt.						Yield						$ Amt.						Yield						$ Amt.						Yield						$ Amt.						Yield
U.S. Government Sponsored Entities			$	13,087					4.89		%				$	—					—		%				$	—					—		%				$	—					—		%				$	13,087					4.89		%
State and Political Subdivisions			5,649						3.11						34,726						2.48						36,910						2.16						16,842						2.29						94,127						2.36
Residential and multi-family mortgage			4,941						3.16						6,182						2.87						18,215						1.85						194,613						2.53						223,951						2.50
Corporate notes and bonds			3,964						4.61						8,510						5.22						25,852						4.31						—						—						38,326						4.54
Pooled SBA			11						7.46						441						4.99						7,624						2.49						1,398						2.14						9,474						2.56
Total			$	27,652					4.18		%				$	49,859					3.02		%				$	88,601					2.75		%				$	212,853					2.51		%				$	378,965					2.76		%

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The following table summarizes the maturity distribution schedule with corresponding weighted-average yields of HTM debt securities as of September 30, 2024.

			September 30, 2024
			Within One Year												After One But Within Five Years												After Five But Within Ten Years												After Ten Years												Total
			$ Amt.						Yield						$ Amt.						Yield						$ Amt.						Yield						$ Amt.						Yield						$ Amt.						Yield
U.S. Government Sponsored Entities			$	67,188					1.47		%				$	158,174					1.53		%				$	24,053					1.69		%				$	—					—		%				$	249,415					1.53		%
Residential and multi-family mortgage			3,002						2.47						380						2.82						1,781						3.29						73,574						2.40						78,737						2.42
Total			$	70,190					1.51		%				$	158,554					1.53		%				$	25,834					1.80		%				$	73,574					2.40		%				$	328,152					1.74		%

The following table summarizes the weighted average modified duration of AFS securities as of September 30, 2024.

			Weighted Average Modified Duration (in Years)
U.S. Government Sponsored Entities			0.40
State and Political Subdivisions			5.13
Residential and multi-family mortgage			6.01
Corporate notes and bonds			4.11
Pooled SBA			2.40
Total			5.32

The following table summarizes the weighted average modified duration of securities HTM as of September 30, 2024.

			Weighted Average Modified Duration (in Years)
U.S. Government Sponsored Entities			2.57
Residential and multi-family mortgage			5.72
Total			3.10

The portfolio contains no holdings of a single issuer that exceeds 10% of shareholders’ equity other than U.S. government sponsored entities.

The Corporation generally purchases debt securities over time and does not attempt to "time" its transactions, which allows for more efficient management of fluctuations in the interest rate environment. The Corporation's strategy given the current environment is to focus on lower risk securities and shorter durations that complement the current portfolio investment ladder, coupled with consistent reinvestment of cash flows to replace lower earning assets.

The Corporation monitors the earnings performance and the effectiveness of the liquidity of the securities portfolio on a regular basis through meetings of the Asset/Liability Committee ("ALCO"). The ALCO also reviews and manages interest rate risk for the Corporation. Through active balance sheet management and analysis of the securities portfolio, a sufficient level of liquidity is maintained to satisfy depositor requirements and various credit needs of our customers.

LOANS RECEIVABLE

Note 4, "Loans Receivable and Allowance for Credit Losses," to the condensed consolidated financial statements provides more detail concerning the loan portfolio of the Corporation.

At September 30, 2024, loans, excluding the impact of syndicated loans, totaled $4.5 billion, representing an increase of $162.7 million, or 3.73% year to date increase (4.98% annualized), from December 31, 2023. The increase in loans was primarily driven by qualitative growth in commercial real estate coupled with growth in commercial and industrial and residential real estate in the Columbus, Erie and Roanoke markets and continued new relationship growth in the Corporation's recent expansion market of Cleveland, and growth in the Corporation's Private Banking division with notable activity in the Roanoke market.

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At September 30, 2024, the Corporation's condensed consolidated balance sheet reflected a decrease in syndicated lending balances of $39.2 million compared to December 31, 2023, primarily resulting from scheduled paydowns or early payoffs of certain syndicated loans. The syndicated loan portfolio totaled $69.5 million, or 1.51% of total loans, at September 30, 2024, compared to $108.7 million, or 2.43% of total loans at December 31, 2023. The Corporation is closely managing the level of its syndicated loan portfolio while it focuses more resources on organic loan growth from its in-market customer relationships.

Loan Origination/Risk Management

The Corporation has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming, and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions. The Corporation has not underwritten any hybrid loans, payment option loans, or low documentation/no documentation loans. Variable rate loans are generally underwritten at the fully indexed rate. Loan underwriting policies and procedures have not changed materially between any periods presented. As discussed more fully above, syndicated loan purchases are underwritten utilizing the same process as the Corporation’s originated loans.

The Corporation continues to explore the credit and reputational risks associated with climate change and their potential impact on the foregoing, while closely monitoring regulatory developments on climate risk. This includes, among other things, researching and developing a formalized approach to considering climate change related risks in the Corporation's underwriting processes. This approach will be impacted, in part, by the accessibility and reliability of both customer climate risk data and climate risk data in general. One of the objectives of these efforts is to enable the Corporation to better understand the climate change related risks associated with the Corporation's customers' business activities and to be able to monitor their response to those risks and their ultimate impact on the Corporation's customers.

Loan Portfolio Profile

As part of its lending policy and risk management activities, the Corporation tracks lending exposure by industry classification and type to determine potential risks associated with industry concentrations, and whether any risk issues could lead to additional credit loss exposure. In the current post-pandemic and inflationary economic environment, the Corporation has evaluated its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even given the Corporation’s historically sound underwriting protocols and high credit quality ratings for borrowers in these industries, the Corporation monitors numerous relevant sensitivity elements at both underwriting and through and beyond the funding period, including projects occupancy, loan-to-value, absorption and cap rates, debt service coverage and covenant compliance, and developer/lessor financial strength both in the project and globally. At September 30, 2024, the Corporation had the following key metrics related to its office, hospitality and multifamily portfolios:

•Commercial office loans

◦There were 114 outstanding loans, totaling $117.0 million, or 2.55% of the Corporation loans outstanding;

◦There were no nonaccrual commercial office loans at September 30, 2024;

◦There was one past due commercial office loan that totaled $214 thousand, or 0.18% of total commercial office loans outstanding at September 30, 2024; and

◦The average outstanding balance per commercial office loan was $1.0 million.

•Commercial hospitality loans

◦There were 173 outstanding loans, totaling $320.6 million, or 6.98% of total Corporation loans outstanding;

◦There were no nonaccrual commercial hospitality loans at September 30, 2024;

◦There were no past due commercial hospitality loans at September 30,2024; and

◦The average outstanding balance per commercial hospitality loan was $1.9 million.

•Commercial multifamily loans

◦There were 225 outstanding loans, totaling $349.1 million, or 7.60% of total Corporation loans outstanding;

◦There was one nonaccrual commercial multifamily loan that totaled $268 thousand, or 0.08% of total multifamily loans outstanding. The one customer relationship did not have a related specific loss reserve at September 30, 2024;

◦There were two past due commercial multifamily loans that totaled $760 thousand, or 0.22% of total commercial multifamily loans outstanding at September 30, 2024; and

◦The average outstanding balance per commercial multifamily loan was $1.6 million.

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The following table summarize the geographic region (based upon metropolitan statistical areas) in which the commercial office, hospitality and multifamily loans were originated as of September 30, 2024:

			September 30, 2024
Commercial Office
Geographic Region:
Buffalo, NY			31.73		%
Cleveland, OH			29.69
Cincinnati, OH			9.50
Columbus, OH			8.15
All other geographical regions			20.93
Total Commercial Office			100.00		%
Commercial Hospitality
Geographic Region:
Buffalo, NY			19.60		%
Columbus, OH			18.53
Pittsburgh, PA			16.59
Cleveland, OH			8.32
All other geographical regions			36.96
Total Commercial Hospitality			100.00		%
Commercial Multifamily
Geographic Region:
Cleveland, OH			34.65		%
Buffalo, NY			23.18
Columbus, OH			22.76
All other geographical regions			19.41
Total Commercial Multifamily			100.00		%

The Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be a high volatility commercial real estate credit ("HVCRE").

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Maturities and Sensitivities of Loans Receivable to Changes in Interest Rate

The following table presents the maturity distribution of the Corporation's loans receivable at September 30, 2024. The table also presents the portion of loans receivable that have fixed interest rates or variable interest rates that fluctuate over the life of the loans in accordance with changes in an interest rate index.

			September 30, 2024
			Due in One Year or Less						After One, but Within Five Years						After Five but Within Fifteen Years						After Fifteen Years						Total
Loans Receivable with Fixed Interest Rate
Farmland			$	62					$	1,885					$	7,067					$	—					$	9,014
Owner-occupied, nonfarm nonresidential properties			23,508						26,548						7,330						5,556						62,942
Agricultural production and other loans to farmers			7						60						—						—						67
Commercial and Industrial			14,356						209,410						52,689						22,677						299,132
Obligations (other than securities and leases) of states and political subdivisions			1,231						18,413						77,868						8,138						105,650
Other loans			117						515						633						12,723						13,988
Other construction loans and all land development and other land loans (1)			45,682						34,017						9,199						607						89,505
Multifamily (5 or more) residential properties			22,807						18,243						2,825						4,260						48,135
Non-owner occupied, nonfarm nonresidential properties			51,575						114,833						61,129						780						228,317
1-4 Family Construction (1)			—						—						—						1,240						1,240
Home equity lines of credit			—						56						397						243						696
Residential Mortgages secured by first liens			2,936						33,173						216,405						130,015						382,529
Residential Mortgages secured by junior liens			202						7,423						68,059						15,932						91,616
Other revolving credit plans			5						9						15						—						29
Automobile			450						16,780						5,037						—						22,267
Other consumer			3,867						33,570						8,801						6,880						53,118
Credit cards			—						—						—						—						—
Overdrafts			—						—						—						—						—
Total			$	166,805					$	514,935					$	517,454					$	209,051					$	1,408,245
Loans Receivable with Variable or Floating Interest Rate
Farmland			$	1,869					$	2,507					$	10,565					$	7,865					$	22,806
Owner-occupied, nonfarm nonresidential properties			31,590						76,354						301,105						59,508						468,557
Agricultural production and other loans to farmers			994						44						628						—						1,666
Commercial and Industrial			277,897						86,184						54,998						1,230						420,309
Obligations (other than securities and leases) of states and political subdivisions			1,398						3,071						11,415						20,889						36,773
Other loans			904						2,999						8,241						—						12,144
Other construction loans and all land development and other land loans (1)			66,225						104,015						20,876						8,007						199,123
Multifamily (5 or more) residential properties			85,642						21,997						247,825						4,870						360,334
Non-owner occupied, nonfarm nonresidential properties			103,306						234,992						405,544						43,842						787,684
1-4 Family Construction (1)			4,414						11,258						2,816						4,871						23,359
Home equity lines of credit			6,867						7,007						43,019						100,208						157,101
Residential Mortgages secured by first liens			19,084						21,587						138,202						450,618						629,491
Residential Mortgages secured by junior liens			1,644						565						5,427						761						8,397
Other revolving credit plans			7,275						2,581						29,983						1,762						41,601
Automobile			—						—						13						—						13
Other consumer			5						61						312						60						438
Credit cards			13,574						—						—						—						13,574
Overdrafts			293						—						—						—						293
Total			$	622,981					$	575,222					$	1,280,969					$	704,491					$	3,183,663
(1) 1-4 family construction loans and other construction loans and all land development and other land loans segments include loans that are construction to permanent loans in which the loan segment will change when the construction period has concluded.

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Loans Receivable Concentration

At September 30, 2024, no industry concentration existed which exceeded 10% of the total loan portfolio.

Loans Receivable Credit Quality

The following table presents information concerning the loan portfolio delinquency and other nonperforming assets at September 30, 2024 and December 31, 2023:

			September 30, 2024						December 31, 2023
Nonaccrual loans			$	39,855					$	29,639
Accrual loans greater than 90 days past due			666						55
Total nonperforming loans			40,521						29,694
Other real estate owned			1,514						2,111
Total nonperforming assets			$	42,035					$	31,805
Total loans receivable			$	4,591,908					$	4,468,476
Nonaccrual loans as a percentage of total loans receivable			0.87		%				0.66		%
Total assets			$	6,014,844					$	5,752,957
Nonperforming assets as a percentage of total assets			0.70		%				0.55		%
Allowance for credit losses on loans receivable			$	46,644					$	45,832
Allowance for credit losses / Total loans			1.02		%				1.03		%
Ratio of allowance for credit losses to nonaccrual loans			117.03		%				154.63		%

Total nonperforming assets were $42.0 million, or 0.70% of total assets, as of September 30, 2024, compared to $31.8 million, or 0.55% of total assets, as of December 31, 2023. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 117.03% at September 30, 2024, compared to 154.63% at December 31, 2023. The increase in nonperforming assets was primarily due to two relationships. The first relationship was an owner-occupied commercial real estate relationship totaling $4.6 million with a specific reserve balance of $1.2 million and the second was a commercial relationship (consisting of various loan types) totaling $7.9 million with a specific reserve of $2.2 million. Management does not believe there is risk of significant additional loss exposures beyond the specific reserves related to these loan relationships.

The Corporation has established written lending policies and procedures that require underwriting standards, loan documentation, and credit analysis standards to be met prior to funding a loan. Subsequent to the funding of a loan, ongoing review of credits is required. Credit reviews are performed quarterly by an outsourced loan review firm and cover approximately 65% of the commercial loan portfolio on an annual basis. In addition, the external independent loan review firm reviews past due loans and all significant classified assets and nonaccrual loans annually.

Potential problem loans consist of loans that are performing in accordance with contractual terms but for which management has concerns about the ability of a borrower to continue to comply with contractual repayment terms because of the borrower’s potential operating or financial difficulties. Management monitors these "watchlist" loans monthly to determine potential losses within the commercial loan portfolio. The "watchlist" is comprised of all credits risk rated special mention, substandard and doubtful.

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ALLOWANCE FOR CREDIT LOSSES

The amount of each allowance for credit losses account represents management's best estimate of current expected credit losses on these financial instruments considering available information, from internal and external sources, relevant to assessing exposure to credit loss over the contractual term of the instrument. Relevant available information includes historical credit loss experience, current conditions, and reasonable and supportable forecasts. While historical credit loss experience provides the basis for the estimation of expected credit losses, adjustments to historical loss information may be made for differences in current portfolio-specific risk characteristics, environmental conditions or other relevant internal and external factors. While management utilizes its best judgment and information available, the ultimate adequacy of the Corporation's allowance for credit losses account is dependent upon a variety of factors beyond the Corporation's control, including the performance of the Corporation's loan portfolios, the economy, changes in interest rates, and the view of the regulatory authorities toward classification of assets. The adequacy of the allowance for credit losses is subject to a formal analysis by the Credit Administration and Finance Departments of the Corporation. For additional information regarding the Corporation's accounting policies related to credit losses, refer to Note 1, "Summary of Significant Accounting Policies" to the consolidated financial statements in the 2023 Form 10-K and Note 4, "Loans Receivable and Allowance for Credit Losses" to these condensed consolidated financial statements elsewhere in this report.

The tables below provide an allocation of the allowance for credit losses on loans receivable by loan portfolio segment at September 30, 2024 and December 31, 2023; however, allocation of a portion of the allowance for credit losses to one segment does not preclude its availability to absorb losses in other segments.

			September 30, 2024
			Amount of Allowance Allocated						Percent of Loans in Each Category to Total Loans Receivable						Total Loans Receivable						Ratio of Allowance Allocated to Loans Receivable in Each Category
Farmland			$	162					0.7		%				$	31,820					0.51		%
Owner-occupied, nonfarm nonresidential properties			5,222						11.6						531,499						0.98
Agricultural production and other loans to farmers			7						—						1,733						0.40
Commercial and Industrial			7,162						15.7						719,441						1.00
Obligations (other than securities and leases) of states and political subdivisions			1,497						3.1						142,423						1.05
Other loans			306						0.6						26,132						1.17
Other construction loans and all land development and other land loans			2,658						6.3						288,628						0.92
Multifamily (5 or more) residential properties			1,875						8.9						408,469						0.46
Non-owner occupied, nonfarm nonresidential properties			11,513						22.1						1,016,001						1.13
1-4 Family Construction			189						0.5						24,599						0.77
Home equity lines of credit			982						3.4						157,797						0.62
Residential Mortgages secured by first liens			9,133						22.0						1,012,020						0.90
Residential Mortgages secured by junior liens			1,365						2.2						100,013						1.36
Other revolving credit plans			960						0.9						41,630						2.31
Automobile			298						0.5						22,280						1.34
Other consumer			2,905						1.2						53,556						5.42
Credit cards			117						0.3						13,574						0.86
Overdrafts			293						—						293						100.00
Total			$	46,644					100.0		%				$	4,591,908					1.02		%

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			December 31, 2023 (1)
			Amount of Allowance Allocated						Percent of Loans in Each Category to Total Loans Receivable						Total Loans Receivable						Ratio of Allowance Allocated to Loans Receivable in Each Category
Farmland			$	138					0.8		%				$	33,485					0.41		%
Owner-occupied, nonfarm nonresidential properties			4,131						11.5						511,910						0.81
Agricultural production and other loans to farmers			7						—						1,652						0.42
Commercial and Industrial			9,500						16.3						726,442						1.31
Obligations (other than securities and leases) of states and political subdivisions			2,627						3.4						152,201						1.73
Other loans			389						0.6						25,507						1.53
Other construction loans and all land development and other land loans			2,830						7.6						340,358						0.83
Multifamily (5 or more) residential properties			1,251						6.8						305,697						0.41
Non-owner occupied, nonfarm nonresidential properties			9,783						22.0						984,033						0.99
1-4 Family Construction			191						0.6						28,055						0.68
Home equity lines of credit			844						2.9						130,700						0.65
Residential Mortgages secured by first liens			8,274						22.5						1,005,335						0.82
Residential Mortgages secured by junior liens			1,487						2.0						91,240						1.63
Other revolving credit plans			977						1.0						42,877						2.28
Automobile			360						0.6						25,315						1.42
Other consumer			2,656						1.1						51,592						5.15
Credit cards			95						0.3						11,785						0.81
Overdrafts			292						—						292						100.00
Total			$	45,832					100.0						$	4,468,476					1.03		%

(1) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, revisions were made to the amount of allowance allocated and total loans receivable columns disclosure as of December 31, 2023 to reflect the revisions for the applicable portfolio segments.

The allowance for credit losses measured as a percentage of total loans receivable was 1.02% as of September 30, 2024 and 1.03% as of December 31, 2023.

The Corporation's allowance for credit losses is influenced by loan volumes, risk rating migration, delinquency status and other internal and external conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions and other external factors.

For the nine months ended September 30, 2024, the allowance for credit losses increased $812 thousand. This increase was primarily driven by growth in the Corporation's loan portfolio in new market areas as well as an increased unemployment rate forecast, partially offset by improvements in the Corporation's historical loss rates, annual updates to the Corporation's loss drivers and assumptions, as well as the impact of net charge-offs. Significant uncertainty persists regarding the domestic and global economy due to persistent inflation in certain segments of the U.S. economy, continued elevated interest rates, fluctuating levels of consumer confidence, and geopolitical conflicts. Management will continue to proactively evaluate its estimate of expected credit losses as new information becomes available.

Note 4, "Loans Receivable and Allowance for Credit Losses," to the condensed consolidated financial statements provides further disclosure of loan balances by portfolio segment as of September 30, 2024 and December 31, 2023.

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Additional information related to provision for credit loss expense and net charge-offs and recoveries for the three months ended September 30, 2024 and 2023 is presented in the tables below.

			Three Months Ended September 30, 2024
			Provision (Benefit) for Credit Losses on Loans Receivable (1)						Net (Charge-Offs) Recoveries						Average Loans Receivable						Ratio of Annualized Net (Charge-Offs) Recoveries to Average Loans Receivable
Farmland			$	8					$	—					$	32,621					—		%
Owner-occupied, nonfarm nonresidential properties			194						28						540,032						0.02
Agricultural production and other loans to farmers			(1)						—						1,647						—
Commercial and Industrial			637						(588)						702,372						(0.33)
Obligations (other than securities and leases) of states and political subdivisions			(1,057)						—						152,715						—
Other loans			(97)						—						27,805						—
Other construction loans and all land development and other land loans			(456)						—						344,144						—
Multifamily (5 or more) residential properties			465						—						343,867						—
Non-owner occupied, nonfarm nonresidential properties			1,775						20						974,026						0.01
1-4 Family Construction			42						—						21,331						—
Home equity lines of credit			(54)						1						149,825						—
Residential Mortgages secured by first liens			213						(14)						1,015,773						(0.01)
Residential Mortgages secured by junior liens			(233)						—						98,821						—
Other revolving credit plans			42						(16)						42,069						(0.15)
Automobile			38						(27)						22,421						(0.48)
Other consumer			517						(414)						52,786						(3.12)
Credit cards			94						(80)						14,201						(2.24)
Overdrafts			205						(130)						246						(210.23)
Total			$	2,332					$	(1,220)					$	4,536,702					(0.11)		%

(1) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," to the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation.

			Nine Months Ended September 30, 2024
			Provision (Benefit) for Credit Losses on Loans Receivable (1)						Net (Charge-Offs) Recoveries						Average Loans Receivable						Ratio of Annualized Net (Charge-Offs) Recoveries to Average Loans Receivable
Farmland			$	24					$	—					$	32,231					—		%
Owner-occupied, nonfarm nonresidential properties			1,745						(654)						525,209						(0.17)
Agricultural production and other loans to farmers			0						—						1,689						—
Commercial and Industrial			(34)						(2,304)						695,103						(0.44)
Obligations (other than securities and leases) of states and political subdivisions			(1,130)						—						153,797						—
Other loans			(83)						—						26,516						—
Other construction loans and all land development and other land loans			(172)						—						440,748						—
Multifamily (5 or more) residential properties			624						—						284,801						—
Non-owner occupied, nonfarm nonresidential properties			2,059						(329)						908,534						(0.05)
1-4 Family Construction			(2)						—						36,422						—
Home equity lines of credit			134						4						140,499						—
Residential Mortgages secured by first liens			937						(78)						999,113						(0.01)
Residential Mortgages secured by junior liens			(122)						—						95,184						—
Other revolving credit plans			78						(95)						40,899						(0.31)
Automobile			(15)						(47)						23,242						(0.27)
Other consumer			1,653						(1,404)						51,111						(3.67)
Credit cards			134						(112)						13,975						(1.07)
Overdrafts			350						(349)						248						(187.98)
Total			$	6,180					$	(5,368)					$	4,469,321					(0.16)		%

(1) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," to the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation.

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			Three Months Ended September 30, 2023
			Provision (Benefit) for Credit Losses on Loans Receivable (1)						Net (Charge-Offs) Recoveries						Average Loans Receivable						Ratio of Annualized Net (Charge-Offs) Recoveries to Average Loans Receivable
Farmland			$	(15)					$	—					$	34,444					—		%
Owner-occupied, nonfarm nonresidential properties			789						8						511,629						0.01
Agricultural production and other loans to farmers			(1)						—						1,156						—
Commercial and Industrial			(1,142)						(38)						774,088						(0.02)
Obligations (other than securities and leases) of states and political subdivisions			321						—						160,122						—
Other loans			(214)						—						35,503						—
Other construction loans and all land development and other land loans			367						—						442,559						—
Multifamily (5 or more) residential properties			537						—						265,546						—
Non-owner occupied, nonfarm nonresidential properties			1,006						(82)						873,860						(0.04)
1-4 Family Construction			(11)						—						56,731						—
Home equity lines of credit			(156)						(9)						123,373						(0.03)
Residential Mortgages secured by first liens			(1,241)						(15)						982,626						(0.01)
Residential Mortgages secured by junior liens			(59)						—						89,881						—
Other revolving credit plans			97						(36)						43,353						(0.33)
Automobile			13						(23)						26,541						(0.34)
Other consumer			481						(400)						50,270						(3.16)
Credit cards			24						(16)						13,019						(0.49)
Overdrafts			227						(121)						316						(151.92)
Total			$	1,023					$	(732)					$	4,485,017					(0.06)		%

(1) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," to the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation.

			Nine Months Ended September 30, 2023
			Provision (Benefit) for Credit Losses on Loans Receivable (1)						Net (Charge-Offs) Recoveries						Average Loans Receivable						Ratio of Annualized Net (Charge-Offs) Recoveries to Average Loans Receivable
Farmland			$	(34)					$	—					$	34,836					—		%
Owner-occupied, nonfarm nonresidential properties			1,046						(3)						502,779						—
Agricultural production and other loans to farmers			(2)						—						1,165						—
Commercial and Industrial			(2,348)						61						791,532						0.01
Obligations (other than securities and leases) of states and political subdivisions			764						—						153,463						—
Other loans			63						—						28,800						—
Other construction loans and all land development and other land loans			705						—						424,846						—
Multifamily (5 or more) residential properties			(140)						(63)						262,265						(0.03)
Non-owner occupied, nonfarm nonresidential properties			2,578						(330)						825,884						(0.05)
1-4 Family Construction			70						—						55,235						—
Home equity lines of credit			(363)						(6)						123,725						(0.01)
Residential Mortgages secured by first liens			(471)						(19)						958,526						—
Residential Mortgages secured by junior liens			484						—						82,943						—
Other revolving credit plans			347						(77)						40,678						(0.25)
Automobile			128						(33)						24,900						(0.18)
Other consumer			1,285						(1,308)						48,900						(3.58)
Credit cards			102						(89)						12,871						(0.92)
Overdrafts			389						(340)						300						(151.53)
Total			$	4,603					$	(2,207)					$	4,373,648					(0.07)		%

(1) Excludes provision for credit losses related to unfunded commitments. Note 9, "Off-Balance Sheet Commitments and Contingencies," to the condensed consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation.

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Provision for credit losses was $2.4 million and $6.3 million for the three and nine months ended September 30, 2024, respectively, compared to $1.1 million and $4.8 million for the three and nine months ended September 30, 2023, respectively. Included in the provision for credit losses for the three and nine months ended September 30, 2024 was $49 thousand and $112 thousand, respectively, related to the allowance for unfunded commitments compared to $33 thousand and $148 thousand accrual towards the allowance for unfunded commitments for the three and nine months ended September 30, 2023, respectively.

DEPOSITS

The Corporation’s sources of funds are deposits, borrowings, amortization and repayment of loan principal, interest earned on or maturation of investment securities, and funds provided from operations. The Corporation considers deposits to be its primary source of funding in support of growth in assets.

			September 30, 2024						Percent of Deposits in Each Category to Total Deposits												December 31, 2023						Percent of Deposits in Each Category to Total Deposits												Percentage Change in Each Category 2024 vs. 2023
Demand, noninterest-bearing			$	841,292					16.1		%										$	728,881					14.6		%										15.4%
Demand, interest-bearing			681,056						13.1												803,093						16.1												(15.2)
Savings deposits			3,040,769						58.3												2,960,282						59.2												2.7
Time deposits			653,832						12.5												506,494						10.1												29.1
Total deposits			$	5,216,949					100.0		%										$	4,998,750					100.0		%										4.4%

At September 30, 2024, total deposits were $5.2 billion, reflecting an increase of $218.2 million, or 4.37%, from December 31, 2023. The increase in deposit balances was primarily attributable to an increase in noninterest-bearing business deposits and retail saving deposits. In addition, the total number of deposit households increased by approximately 1.85% from December 31, 2023.

The following table sets forth the average balances of and the average rates paid on deposits for the periods indicated.

			Three Months Ended September 30,
			2024												2023
			Average Amount						Annual Rate						Average Amount						Annual Rate
Demand, noninterest-bearing			$	795,771					—		%				$	792,193					—		%
Demand, interest-bearing			682,690						0.86						813,264						0.52
Savings deposits			3,076,351						3.55						2,788,499						3.13
Time deposits			560,565						4.03						507,597						3.16
Total			$	5,115,377											$	4,901,553

			Nine Months Ended September 30,
			2024												2023
			Average Amount						Annual Rate						Average Amount						Annual Rate
Demand, noninterest-bearing			$	764,770					—		%				$	805,513					—		%
Demand, interest-bearing			711,911						0.75						878,955						0.54
Savings deposits			3,046,518						3.53						2,581,604						2.75
Time deposits			531,818						3.87						516,261						2.79
Total			$	5,055,017											$	4,782,333

At September 30, 2024, the average deposit balance per account for the Bank was approximately $33 thousand. The Bank had increases in business deposits, as well as retail customer household deposits, including those added after the 2023 launches of (i) the Bank's "At Ease" account, a service for U.S. service member and veteran families, and (ii) the Corporation's women-focused banking division, Impressia Bank.

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The following table presents additional information about our September 30, 2024 and December 31, 2023 deposits:

			September 30, 2024						December 31, 2023
Time deposits not covered by deposit insurance			$	44,235					$	44,665
Total deposits not covered by deposit insurance			1,516,360						1,438,944

At September 30, 2024, the total estimated uninsured deposits for the Bank were approximately $1.5 billion, or approximately 28.50% of total Bank deposits. However, when excluding $103.1 million of affiliate company deposits and $462.7 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $950.6 million, or approximately 17.87% of total Bank deposits as of September 30, 2024.

At December 31, 2023, the total estimated uninsured deposits for the Bank were approximately $1.4 billion, or approximately 28.21% of total Bank deposits. However, when excluding affiliate company deposits of $101.3 million and pledged-investment collateralized deposits of $400.5 million, the adjusted amount and percentage of total estimated uninsured deposits was approximately $937.1 million, or approximately 18.37% of total Bank deposits as of December 31, 2023.

Scheduled maturities of time deposits not covered by deposit insurance at September 30, 2024 were as follows:

			September 30, 2024
3 months or less			$	11,521
Over 3 through 6 months			10,761
Over 6 through 12 months			15,897
Over 12 months			6,056
Total			$	44,235

LIQUIDITY AND CAPITAL RESOURCES

Liquidity

Liquidity measures an organization’s ability to meet its cash obligations as they come due. The liquidity of a financial institution reflects its ability to meet loan requests, to accommodate possible outflows in deposits and to take advantage of interest rate market opportunities. The ability of a financial institution to meet its current financial obligations is a function of its balance sheet structure, its ability to liquidate assets and its access to alternative sources of funds.

The Corporation’s expected material cash requirements for the twelve months ended September 30, 2025 and thereafter consist of withdrawals by depositors, credit commitments to borrowers, shareholder dividends, share repurchases, operating expenses, and capital expenditures that are pursuant to the Corporation's strategic initiatives. The Corporation expects to satisfy these short-term and long-term cash requirements through deposit growth, principal and interest payments from loans and investment securities, maturing loans and investment securities, as well as by maintaining access to wholesale funding sources.

The objective of the Corporation's liquidity management is to manage cash flow and liquidity reserves so that they are adequate to fund the Corporation's operations and to meet cash obligations and other commitments on a timely basis and at a reasonable cost. The Corporation seeks to achieve this objective and ensure that funding needs are met by maintaining an appropriate level of liquid funds through asset/liability management, which includes managing the mix and time to maturity of financial assets and financial liabilities on its balance sheet. The Corporation's liquidity position is enhanced by its ability to raise additional funds as needed in the wholesale markets.

Asset liquidity is provided by liquid assets which are readily marketable or pledgeable or which will mature in the near future. Liquid assets include cash, interest-bearing deposits in banks, including the Federal Reserve, and AFS debt securities. Liability liquidity is provided by access to funding sources which include core deposits, correspondent banks and other wholesale funding sources.

The Corporation's liquidity position is continuously monitored and adjustments are made to the balance between sources and uses of funds as deemed appropriate. Liquidity risk management is an important element in the Corporation's asset/liability management process. The Corporation regularly models liquidity stress scenarios to assess potential liquidity outflows or potential funding shortfalls resulting from economic disruptions, volatility in the financial markets, unexpected credit events or other significant occurrences deemed problematic by management. These scenarios are incorporated into the Corporation's contingency funding plan, which provides the basis for the identification of its liquidity needs.

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At September 30, 2024, the Corporation’s cash and cash equivalents position was approximately $361.0 million, including liquidity of $282.0 million held at the Federal Reserve. These excess funds, when combined with $4.5 billion in (i) available borrowing capacity from the FHLB and the Federal Reserve, and (ii) available unused commitments from brokered deposit sources and other third-party funding channels, including previously established lines of credit from correspondent banks, result in the total on-hand and contingent liquidity sources for the Corporation to be approximately 5.0 times the estimated amount of adjusted uninsured deposit balances discussed above.

The following table summarizes the Corporation's net available liquidity and borrowing capacities as of September 30, 2024:

			Net Available
FHLB borrowing capacity (1)			$	1,217,551
Federal Reserve borrowing capacity (2)			448,358
Brokered deposits (3)			1,978,095
Other third-party funding channels (3) (4)			843,201
Total net available liquidity and borrowing capacity			$	4,487,205

(1) Availability contingent on the FHLB activity-based stock ownership requirement

(2) Includes access to discount window and BIC program

(3) Availability contingent on internal borrowing guidelines

(4) Availability contingent on correspondent bank approvals at time of borrowing

As of September 30, 2024, management is not aware of any events that are reasonably likely to have a material adverse effect on the Corporation's liquidity, capital resources or operations. In addition, management is not aware of any regulatory recommendations regarding liquidity that would have a material adverse effect on the Corporation.

In the ordinary course of business, the Corporation has entered into contractual obligations and have made other commitments to make future payments. Refer to the accompanying notes to condensed consolidated financial statements elsewhere in this report for the expected timing of such payments as of September 30, 2024. The Corporation’s material contractual obligations as of September 30, 2024 consist of (i) long-term borrowings - Note 7, "Borrowings," (ii) operating leases - Note 5, "Leases," (iii) time deposits with stated maturity dates - Note 6, "Deposits," and (iv) commitments to extend credit and standby letters of credit - Note 9, "Off-Balance Sheet Commitments and Contingencies."

Shareholders’ Equity, Capital Ratios and Metrics

As of September 30, 2024, the Corporation’s total shareholders’ equity was $606.4 million, representing an increase of $35.1 million, or 6.15%, from December 31, 2023, primarily due to an increase in the Corporation's retained earnings (net income, partially offset by the common and preferred dividends paid).

The Corporation has complied with the standards of capital adequacy mandated by government regulations. Bank regulators have established "risk-based" capital requirements designed to measure capital adequacy. Risk-based capital ratios reflect the relative risks of various assets banks hold in their portfolios. A weight category (0% for the lowest risk assets and increasing for each tier of higher risk assets) is assigned to each asset on the balance sheet.

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As of September 30, 2024 all of the Corporation's capital ratios exceeded regulatory "well-capitalized" levels. The Corporation's capital ratios and book value per common share at September 30, 2024 and December 31, 2023 were as follows:

			September 30, 2024						December 31, 2023
Total risk-based ratio			16.06		%				15.99		%
Tier 1 risk-based ratio			13.30		%				13.20		%
Common equity tier 1 ratio			11.64		%				11.49		%
Tier 1 leverage ratio			10.59		%				10.54		%
Common shareholders' equity/total assets			9.12		%				8.93		%
Tangible common equity/tangible assets (1)			8.45		%				8.22		%
Book value per common share			$	26.13					$	24.57
Tangible book value per common share (1)			$	24.03					$	22.46

(1) Tangible common equity, tangible assets and tangible book value per common share are non-GAAP financial measures calculated using GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets and preferred equity from the calculation of shareholders’ equity. Tangible assets is calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets. Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding. The Corporation believes that these non-GAAP financial measures provide information to investors that is useful in understanding its financial condition. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. A reconciliation of these non-GAAP financial measures is provided in the "Non-GAAP Financial Measures" section in Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

At September 30, 2024, the Corporation's pre-tax net unrealized losses on available-for-sale and held-to-maturity securities totaled approximately $62.5 million, or 10.30% of total shareholders' equity, compared to $82.2 million, or 14.40% of total shareholders' equity at December 31, 2023. The change in unrealized losses was primarily due to changes in the yield curve during the first, second and third quarters of 2024 compared to 2023, relative to the Corporation's scheduled bond maturities. Importantly, all regulatory capital ratios for the Corporation would exceed regulatory "well-capitalized" levels as of both September 30, 2024 and December 31, 2023 if the net unrealized losses at the respective dates were fully recognized. Additionally, the Corporation maintained $102.0 million of liquid funds at its holding company, which more than covers the $62.5 million in unrealized losses on investments held primarily in its wholly-owned banking subsidiary, as an immediately available source of contingent capital to be down-streamed to the Bank, if necessary.

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AVERAGE BALANCES, INTEREST RATES AND YIELDS

The loans receivable categories used to monitor and analyze interest income and yields are different than the portfolio segments used to determine the allowance for credit losses for loans receivable. The allowance for credit losses was calculated by pooling loans of similar credit risk characteristics and credit monitoring procedures. See Note 4, "Loans Receivable and Allowance for Credit Losses," for more information about pooling of loans receivable for the allowance for credit losses.

The following table presents average balances of certain measures of our financial condition and net interest margin for the three months ended September 30, 2024 and 2023:

						Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
						For the Three Months Ended,
						September 30, 2024																		September 30, 2023
						Average Balance						Annual Rate						Interest Inc./Exp.						Average Balance						Annual Rate						Interest Inc./Exp.
ASSETS:
Securities:
Taxable (1) (4)						$	690,098					2.14		%				$	3,980					$	711,299					1.89		%				$	3,674
Tax-exempt (1) (2) (4)						25,368						2.57						178						29,455						2.55						204
Equity securities (1) (2)						7,111						5.71						102						8,598						5.58						121
Total securities (4)						722,577						2.19						4,260						749,352						1.96						3,999
Loans receivable:
Commercial (2) (3)						1,457,192						7.02						25,708						1,516,942						6.72						25,693
Mortgage and loans held for sale (2) (3)						2,947,787						6.25						46,278						2,834,576						5.83						41,618
Consumer (3)						131,723						11.93						3,950						133,499						11.51						3,874
Total loans receivable (3)						4,536,702						6.66						75,936						4,485,017						6.30						71,185
Interest-bearing deposits with the Federal Reserve and other financial institutions						244,553						5.33						3,279						39,389						5.78						574
Total earning assets						5,503,832						5.98						$	83,475					5,273,758						5.63						$	75,758
Noninterest-bearing assets:
Cash and cash equivalents due from banks						58,472																		55,502
Premises and equipment						118,404																		109,854
Other assets						272,377																		254,106
Allowance for credit losses						(45,970)																		(45,729)
Total non interest-bearing assets						403,283																		373,733
TOTAL ASSETS						$	5,907,115																	$	5,647,491
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Demand—interest-bearing						$	682,690					0.86		%				$	1,477					$	813,264					0.52		%				$	1,061
Savings						3,076,351						3.55						27,461						2,788,499						3.13						22,004
Time						560,565						4.03						5,684						507,597						3.16						4,048
Total interest-bearing deposits						4,319,606						3.19						34,622						4,109,360						2.62						27,113
Short-term borrowings						—						0.00						—						6,101						5.66						87
Finance lease liabilities						236						5.06						3						328						4.84						4
Subordinated notes and debentures						105,077						4.26						1,124						104,773						4.07						1,076
Total interest-bearing liabilities						4,424,919						3.21						$	35,749					4,220,562						2.66						$	28,280
Demand—noninterest-bearing						795,771																		792,193
Other liabilities						88,441																		79,272
Total liabilities						5,309,131																		5,092,027
Shareholders’ equity						597,984																		555,464
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY						$	5,907,115																	$	5,647,491
Interest income/Earning assets												5.98		%				$	83,475											5.63		%				$	75,758
Interest expense/Interest-bearing liabilities												3.21						35,749												2.66						28,280
Net interest spread												2.77		%				$	47,726											2.97		%				$	47,478
Interest income/Earning assets												5.98		%				$	83,475											5.63		%				$	75,758
Interest expense/Earning assets												2.56						35,749												2.10						28,280
Net interest margin (fully tax-equivalent)												3.42		%				$	47,726											3.53		%				$	47,478

(1) Includes unamortized discounts and premiums.

(2) 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 three months ended September 30, 2024 and 2023 was $240 thousand and $242 thousand, respectively.

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(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 securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the three months ended September 30, 2024 and 2023 was $(51.1) million and $(61.1) million, respectively.

						Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
						For the Nine Months Ended,
						September 30, 2024																		September 30, 2023
						Average Balance						Annual Rate						Interest Inc./Exp.						Average Balance						Annual Rate						Interest Inc./Exp.
ASSETS:
Securities:
Taxable (1) (4)						$	696,259					2.06		%				$	11,572					$	729,787					1.89		%				$	11,140
Tax-exempt (1) (2) (4)						26,063						2.58						547						31,025						2.60						646
Equity securities (1) (2)						6,951						5.69						296						10,645						4.97						396
Total securities (4)						729,273						2.11						12,415						771,457						1.96						12,182
Loans receivable:
Commercial (2) (3)						1,434,545						6.92						74,360						1,512,575						6.49						73,423
Mortgage and loans held for sale (2) (3)						2,905,301						6.16						134,012						2,733,423						5.70						116,439
Consumer (3)						129,475						11.96						11,591						127,650						11.50						10,978
Total loans receivable (3)						4,469,321						6.57						219,963						4,373,648						6.14						200,840
Interest-bearing deposits with the Federal Reserve and other financial institutions						241,551						5.58						10,085						49,380						6.01						2,221
Total earning assets						5,440,145						5.89						$	242,463					5,194,485						5.48						$	215,243
Noninterest-bearing assets:
Cash and cash equivalents due from banks						55,243																		54,494
Premises and equipment						113,629																		107,016
Other assets						267,797																		250,210
Allowance for credit losses						(45,812)																		(44,556)
Total non interest-bearing assets						390,857																		367,164
TOTAL ASSETS						$	5,831,002																	$	5,561,649
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Demand—interest-bearing						$	711,911					0.75		%				$	4,014					$	878,955					0.54		%				$	3,545
Savings						3,046,518						3.53						80,536						2,581,604						2.75						53,070
Time						531,818						3.87						15,414						516,261						2.79						10,775
Total interest-bearing deposits						4,290,247						3.11						99,964						3,976,820						2.27						67,390
Short-term borrowings						—						0.00						—						47,094						5.07						1,787
Finance lease liabilities						259						4.64						9						350						4.58						12
Subordinated notes and debentures						105,001						4.32						3,394						104,698						4.04						3,164
Total interest-bearing liabilities						4,395,507						3.14						$	103,367					4,128,962						2.34						$	72,353
Demand—noninterest-bearing						764,770																		805,513
Other liabilities						84,708																		79,140
Total liabilities						5,244,985																		5,013,615
Shareholders’ equity						586,017																		548,034
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY						$	5,831,002																	$	5,561,649
Interest income/Earning assets												5.89		%				$	242,463											5.48		%				$	215,243
Interest expense/Interest-bearing liabilities												3.14						103,367												2.34						72,353
Net interest spread												2.75		%				$	139,096											3.14		%				$	142,890
Interest income/Earning assets												5.89		%				$	242,463											5.48		%				$	215,243
Interest expense/Earning assets												2.51						103,367												1.84						72,353
Net interest margin (fully tax-equivalent)												3.38		%				$	139,096											3.64		%				$	142,890

(1) Includes unamortized discounts and premiums.

(2) 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 nine months ended September 30, 2024 and 2023 was $671 thousand and $755 thousand, 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 securities and amortized cost of HTM securities. Average yield has been computed using amortized cost average balance for AFS and HTM securities. The adjustment to the average balance for securities in the calculation of average yield for the nine months ended September 30, 2024 and 2023 was $(55.1) million and $(58.6) million, respectively.

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VOLUME ANALYSIS OF CHANGES IN NET INTEREST INCOME

The following table presents the change in net interest income for the three months ended September 30, 2024 and 2023:

Net Interest Income Rate-Volume Variance			For Three Months Ended September 30, 2024 over (under) 2023 Due to Change In (1)
			Volume						Rate						Net
Assets
Securities:
Taxable			$	(129)					$	435					$	306
Tax-exempt (2)			(27)						1						(26)
Equity securities (2)			(21)						2						(19)
Total securities			(177)						438						261
Loans receivable:
Commercial (2)			(1,087)						1,102						15
Mortgage (2) (3)			1,539						3,121						4,660
Consumer			(63)						139						76
Total loans receivable			389						4,362						4,751
Other earning assets			2,982						(277)						2,705
Total Earning Assets			$	3,194					$	4,523					$	7,717
Liabilities and Shareholders’ Equity
Interest-Bearing Deposits
Demand – interest-bearing			$	(169)					$	585					$	416
Savings			2,200						3,257						5,457
Time			407						1,229						1,636
Total interest-bearing deposits			2,438						5,071						7,509
Short-Term Borrowings			(87)						—						(87)
Finance lease liabilities			(1)						—						(1)
Subordinated debentures			(2)						50						48
Total Interest-Bearing Liabilities			$	2,348					$	5,121					$	7,469
Change in Net Interest Income			$	846					$	(598)					$	248

(1) Changes in interest income or expense not arising solely as a result of volume or rate variances are allocated to volume changes.

(2) Changes in interest income on tax-exempt securities and loans receivable are presented on a fully taxable-equivalent basis, using the Corporation’s marginal federal income tax rate of 21% for the three months ended September 30, 2024 and September 30, 2023.

(3) Includes loans held for sale.

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The following table presents the change in net interest income for the nine months ended September 30, 2024 and 2023:

Net Interest Income Rate-Volume Variance			For Nine Months Ended September 30, 2024 over (under) 2023 Due to Change In (1)
			Volume						Rate						Net
Assets
Securities:
Taxable			$	(457)					$	889					$	432
Tax-exempt (2)			(95)						(4)						(99)
Equity securities (2)			(138)						38						(100)
Total securities			(690)						923						233
Loans receivable:
Commercial (2)			(3,694)						4,631						937
Mortgage (2) (3)			7,541						10,032						17,573
Consumer			166						447						613
Total loans receivable			4,013						15,110						19,123
Other earning assets			8,644						(780)						7,864
Total Earning Assets			$	11,967					$	15,253					$	27,220
Liabilities and Shareholders’ Equity
Interest-Bearing Deposits
Demand – interest-bearing			$	(653)					$	1,122					$	469
Savings			9,628						17,838						27,466
Time			327						4,312						4,639
Total interest-bearing deposits			9,302						23,272						32,574
Short-Term Borrowings			(1,787)						—						(1,787)
Finance lease liabilities			(3)						—						(3)
Subordinated debentures			9						221						230
Total Interest-Bearing Liabilities			$	7,521					$	23,493					$	31,014
Change in Net Interest Income			$	4,446					$	(8,240)					$	(3,794)

(1) Changes in interest income or expense not arising solely as a result of volume or rate variances are allocated to volume changes.

(2) Changes in interest income on tax-exempt securities and loans receivable are presented on a fully taxable-equivalent basis, using the Corporation’s marginal federal income tax rate of 21% for the nine months ended September 30, 2024 and September 30, 2023.

(3) Includes loans held for sale.

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RESULTS OF OPERATIONS

Three Months Ended September 30, 2024 and 2023

OVERVIEW

Net income available to common shareholders ("earnings") was $12.9 million, or $0.61 per diluted share, for the three months ended September 30, 2024. The Corporation’s earnings for the three months ended September 30, 2023 were $12.7 million, or $0.60 per diluted share. The increase in diluted earnings per share comparing the three months ended September 30, 2024 to the three months ended September 30, 2023 was primarily due to the increase in non-interest income, partially offset by an increase in non-interest expense.

Annualized return on average equity was 9.28% for the three months ended September 30, 2024, compared to 9.80% for the three months ended September 30, 2023. Annualized return on average tangible common equity, a non-GAAP measure, was 10.33% for the three months ended September 30, 2024, compared to 11.07% for the three months ended September 30, 2023.

The Corporation's efficiency ratio was 66.34% for the three months ended September 30, 2024, compared to 67.00% for the three months ended September 30, 2023. The efficiency ratio on a fully tax-equivalent basis, a non-GAAP ratio, was 65.58% for the three months ended September 30, 2024, compared to 66.26% for the three months ended September 30, 2023.

NET INTEREST INCOME

Net interest income was $47.5 million for the three months ended September 30, 2024, compared to $47.2 million for the three months ended September 30, 2023. When comparing the third quarter of 2024 to the third quarter of 2023, the increase in net interest income of $250 thousand, or 0.53%, was primarily due to an increase in the Corporation's interest income as a result of the increase in total loans outstanding quarter over quarter, partially offset by targeted interest-bearing deposit rate increases to ensure both deposit relationship retention and new deposit growth in the Corporation's markets.

Net interest margin was 3.43% and 3.55% for the three months ended September 30, 2024 and September 30, 2023, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.42% and 3.53%, for the three months ended September 30, 2024 and September 30, 2023, respectively.

The yield on earning assets of 5.98% for the three months ended September 30, 2024 increased 35 basis points from September 30, 2023, primarily as a result of the net benefit of higher interest rates on both variable-rate loans and new loan production.

PROVISION FOR CREDIT LOSSES

The provision for credit losses was $2.4 million and $1.1 million for the three months ended September 30, 2024 and September 30, 2023, respectively.

Management believes the charges to the provision for credit losses for the three months ended September 30, 2024 were appropriate and the allowance for credit losses was adequate to absorb current expected credit losses in the loan portfolio at September 30, 2024.

NON-INTEREST INCOME

Total non-interest income was $11.0 million for the three months ended September 30, 2024 compared to $7.9 million for the three months ended September 30, 2023. The increase during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, was primarily due to higher pass-through income from small business investment companies and net realized and unrealized gains on equity securities.

NON-INTEREST EXPENSE

For the three months ended September 30, 2024, total non-interest expense was $38.8 million, compared to $36.9 million for the three months ended September 30, 2023. The increase from the three months ended September 30, 2023 was primarily a result of higher salaries and benefits driven by costs for personnel added for new offices in expansion markets, an increase in personnel costs related to annual merit increases, increases in health insurance costs, and contractual renewal increases in the Corporation's investments in technology applications. In addition, card processing and interchange expense for the third quarter of 2024 was $1.2 million, or 53.24% of card processing and interchange income, compared to $1.2 million, or 57.53% of card processing and interchange income for the third quarter of 2023.

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INCOME TAX EXPENSE

Income tax expense was $3.3 million, representing a 19.31% effective tax rate, compared to $3.4 million, representing a 19.86% effective tax rate for the three months ended September 30, 2024 and 2023, respectively.

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RESULTS OF OPERATIONS

Nine Months Ended September 30, 2024 and 2023

OVERVIEW

Earnings were $36.3 million, or $1.72 per diluted share, for the nine months ended September 30, 2024, compared to earnings of $40.8 million, or $1.94 per diluted share, for the nine months ended September 30, 2023. As previously noted, the decrease in diluted earnings per share comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023 was primarily due to the rise in deposit costs year over year.

Annualized return on average equity was 9.01% for the nine months ended September 30, 2024, compared to 10.74% for the nine months ended September 30, 2023. Annualized return on average tangible common equity, a non-GAAP measure, was 10.01% for the nine months ended September 30, 2024, compared to 12.23% for the nine months ended September 30, 2023.

The Corporation's efficiency ratio was 67.10% for the nine months ended September 30, 2024, compared to 64.26% for the nine months ended September 30, 2023. The efficiency ratio on a fully tax-equivalent basis, a non-GAAP ratio, was 66.34% for the nine months ended September 30, 2024, compared to 63.60% the nine months ended September 30, 2023.

NET INTEREST INCOME

Net interest income was $138.4 million for the nine months ended September 30, 2024, compared to $142.1 million for the nine months ended September 30, 2023. The decrease of $3.7 million, or 2.61%, was due to loan growth and the benefits of the impact of higher interest rates resulting in greater income on variable-rate loans, coupled with a higher average balance of interest-bearing deposits with the Federal Reserve, being more than offset by an increase in the Corporation's interest expense as a result of targeted interest-bearing deposit rate increases to ensure both deposit growth and retention.

Net interest margin was 3.40% and 3.66% for the nine months ended September 30, 2024 and 2023, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.38% and 3.64% for the nine months ended September 30, 2024 and 2023, respectively.

The yield on earning assets of 5.89% for the nine months ended September 30, 2024 increased 41 basis points from September 30, 2023, primarily as a result of the net benefit of higher interest rates on both variable-rate loans and new loan production.

PROVISION FOR CREDIT LOSSES

The provision for credit losses was $6.3 million for the nine months ended September 30, 2024, compared to $4.8 million for the nine months ended September 30, 2023. The $1.5 million increase in the provision expense for nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily a result of the increased net loan charge-offs and higher loan growth.

Management believes the charges to the provision for credit losses for the nine months ended September 30, 2024 were appropriate and the allowance for credit losses was adequate to absorb current expected credit losses in the loan portfolio at September 30, 2024.

NON-INTEREST INCOME

Total non-interest income was $28.8 million for the nine months ended September 30, 2024, compared to $24.2 million for the nine months ended September 30, 2023. This increase was primarily due to higher pass-through income from SBICs coupled with an increase in net realized and unrealized gains on equity securities.

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NON-INTEREST EXPENSE

For the nine months ended September 30, 2024, total non-interest expense was $112.2 million, compared to $106.9 million for the nine months ended September 30, 2023. The increase of $5.3 million, or 4.96%, from the nine months ended September 30, 2023 was primarily a result of an increase in salaries and benefits and technology expenses, partially offset by a decrease in card processing and interchange expenses. In addition, other non-interest expenses increased primarily due to an increase in personnel costs related to annual merit increases and growth in the Corporation's staff and new offices in its expansion markets, while the increase in technology was primarily due to year-over-year investments in technology applications aimed at enhancing both customer online banking capabilities, customer call center communications, and in-branch technology delivery channels. The decrease in card processing and interchange expenses related to the changes made by the Corporation to its cardholder rewards program.

INCOME TAX EXPENSE

Income tax expense was $9.2 million, representing an 18.92% effective tax rate, compared to $10.6 million, representing a 19.47% effective tax rate for the nine months ended September 30, 2024 and 2023, respectively.

OFF-BALANCE SHEET ARRANGEMENTS

In the normal course of business, the Corporation enters into various transactions, which, in accordance with GAAP, are not included in its condensed consolidated balance sheets. The Corporation enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby and commercial letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the condensed consolidated balance sheets. For further information, see Note 9, "Off-Balance Sheet Commitments and Contingencies," to the condensed consolidated financial statements.

CRITICAL ACCOUNTING POLICIES

The Corporation’s accounting and reporting policies are in accordance with GAAP and conform to general practices within the financial services industry. Accounting and reporting practices for the allowance for credit losses and the fair value of assets acquired and liabilities assumed in connection with business combinations, including the associated goodwill and intangibles that was recorded, required the use of material estimates. Application of assumptions different than those used by management could result in material changes in the Corporation’s financial position or results of operations. Note 1, "Summary of Significant Accounting Policies" and Note 3, "Loans Receivable and Allowance for Credit Losses" of the 2023 Form 10-K provide additional detail with regard to the Corporation’s accounting for the allowance for credit losses and loans receivable. There have been no other significant changes in the application of accounting policies since December 31, 2023.

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NON-GAAP FINANCIAL MEASURES

The following tables reconcile the non-GAAP financial measures to their most directly comparable measures under GAAP.

			(unaudited)
			September 30,						December 31,
			2024						2023
Calculation of tangible book value per common share and tangible common equity/tangible assets (non-GAAP):
Shareholders' equity			$	606,363					$	571,247
Less: preferred equity			57,785						57,785
Common shareholders' equity			548,578						513,462
Less: goodwill and other intangibles			43,874						43,874
Less: core deposit intangible			223						280
Tangible common equity (non-GAAP)			$	504,481					$	469,308
Total assets			$	6,014,844					$	5,752,957
Less: goodwill and other intangibles			43,874						43,874
Less: core deposit intangible			223						280
Tangible assets (non-GAAP)			$	5,970,747					$	5,708,803
Ending shares outstanding			20,994,730						20,896,439
Book value per common share (GAAP)			$	26.13					$	24.57
Tangible book value per common share (non-GAAP)			$	24.03					$	22.46
Common shareholders' equity / Total assets (GAAP)			9.12		%				8.93		%
Tangible common equity / Tangible assets (non-GAAP)			8.45		%				8.22		%

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NON-GAAP FINANCIAL MEASURES (continued)

			(unaudited)												(unaudited)
			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
Calculation of efficiency ratio:
Non-interest expense			$	38,784					$	36,914					$	112,197					$	106,892
Non-interest income			$	10,973					$	7,863					$	28,793					$	24,198
Net interest income			47,486						47,236						138,425						142,135
Total revenue			$	58,459					$	55,099					$	167,218					$	166,333
Efficiency ratio			66.34		%				67.00		%				67.10		%				64.26		%
Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):
Non-interest expense			$	38,784					$	36,914					$	112,197					$	106,892
Less: core deposit intangible amortization			18						20						57						65
Adjusted non-interest expense (non-GAAP)			$	38,766					$	36,894					$	112,140					$	106,827
Non-interest income			$	10,973					$	7,863					$	28,793					$	24,198
Net interest income			$	47,486					$	47,236					$	138,425					$	142,135
Less: tax exempt investment and loan income, net of TEFRA (non-GAAP)			1,473						1,376						4,127						4,043
Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP)			2,123						1,955						5,957						5,668
Adjusted net interest income (fully tax equivalent basis) (non-GAAP)			48,136						47,815						140,255						143,760
Adjusted net revenue (fully tax equivalent basis) (non-GAAP)			$	59,109					$	55,678					$	169,048					$	167,958
Efficiency ratio (fully tax equivalent basis) (non-GAAP)			65.58		%				66.26		%				66.34		%				63.60		%

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NON-GAAP FINANCIAL MEASURES (continued)

			(unaudited)												(unaudited)
			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
Calculation of net interest margin:
Interest income			$	83,235					$	75,516					$	241,792					$	214,488
Interest expense			35,749						28,280						103,367						72,353
Net interest income			$	47,486					$	47,236					$	138,425					$	142,135
Average total earning assets			$	5,503,832					$	5,273,758					$	5,440,145					$	5,194,485
Net interest margin (GAAP) (annualized)			3.43		%				3.55		%				3.40		%				3.66		%
Calculation of net interest margin (fully tax equivalent basis) (non-GAAP):
Interest income			$	83,235					$	75,516					$	241,792					$	214,488
Tax equivalent adjustment (non-GAAP)			240						242						671						755
Adjusted interest income (fully tax equivalent basis) (non-GAAP)			83,475						75,758						242,463						215,243
Interest expense			35,749						28,280						103,367						72,353
Net interest income (fully tax equivalent basis) (non-GAAP)			$	47,726					$	47,478					$	139,096					$	142,890
Average total earning assets			$	5,503,832					$	5,273,758					$	5,440,145					$	5,194,485
Less: average mark to market adjustment on investments (non-GAAP)			(51,075)						(61,103)						(55,134)						(58,577)
Adjusted average total earning assets, net of mark to market (non-GAAP)			$	5,554,907					$	5,334,861					$	5,495,279					$	5,253,062
Net interest margin, fully tax equivalent basis (non-GAAP) (annualized)			3.42		%				3.53		%				3.38		%				3.64		%

			(unaudited)												(unaudited)
			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
Calculation of PPNR (non-GAAP): (1)
Net interest income			$	47,486					$	47,236					$	138,425					$	142,135
Add: Non-interest income			10,973						7,863						28,793						24,198
Less: Non-interest expense			38,784						36,914						112,197						106,892
PPNR (non-GAAP)			$	19,675					$	18,185					$	55,021					$	59,441
(1) Management believes that this is an important metric as it illustrates the underlying performance of the Corporation, it enables investors and others to assess the Corporation's ability to generate capital to cover credit losses through the credit cycle and provides consistent reporting with a key metric used by bank regulatory agencies.

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NON-GAAP FINANCIAL MEASURES (continued)

			(unaudited)												(unaudited)
			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2024						2023						2024						2023
Calculation of return on average tangible common equity (non-GAAP):
Net income			$	13,954					$	13,727					$	39,511					$	44,043
Less: preferred stock dividends			1,076						1,076						3,226						3,226
Net income available to common shareholders			$	12,878					$	12,651					$	36,285					$	40,817
Average shareholders' equity			$	597,984					$	555,464					$	586,017					$	548,034
Less: average goodwill & intangibles			44,108						44,186						44,127						44,201
Less: average preferred equity			57,785						57,785						57,785						57,785
Tangible common shareholders' equity (non-GAAP)			$	496,091					$	453,493					$	484,105					$	446,048
Return on average equity (GAAP) (annualized)			9.28		%				9.80		%				9.01		%				10.74		%
Return on average common equity (GAAP) (annualized)			9.48		%				10.09		%				9.18		%				11.13		%
Return on average tangible common equity (non-GAAP) (annualized)			10.33		%				11.07		%				10.01		%				12.23		%

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ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The disclosures set forth in this item are qualified by Item 1A. Risk Factors and the section captioned "Forward-Looking Statements and Factors that Could Affect Future Results" included in this report, and other cautionary statements set forth elsewhere in this report.

As a financial institution, the Corporation's primary source of market risk exposure is interest rate risk, which influences fluctuations in the Corporation's future earnings due to changes in interest rates. This risk is closely correlated to the repricing characteristics of the Corporation's portfolio of assets and liabilities, with each asset or liability repricing either at maturity or during the instrument's life cycle.

The Corporation’s interest rate risk measurement philosophy focuses on maintaining an appropriate balance between the theoretical and the practical, especially given that the primary objective of the Corporation’s overall asset/liability management process is to assess the level of interest rate risk in the Corporation’s balance sheet. Therefore, the Corporation models a set of interest rate scenarios capturing the financial effects of a range of plausible rate scenarios. The collective impact of these scenarios is designed to enable the Corporation to understand the nature and extent of its sensitivity to interest rate changes. Doing so necessitates an assessment of rate changes over varying time horizons and of varying/sufficient degrees such that the impact of embedded options within the balance sheet are sufficiently examined.

The Corporation has designed its interest rate risk measurement activities to include the following core elements: (i) interest rate ramps and shocks, (ii) parallel and non-parallel yield curve shifts, and (iii) a set of alternative rate scenarios, the nature of which change based upon prevailing market conditions.

The Corporation’s primary tools in managing Interest Rate Risk ("IRR") are income simulation models. The income simulation models are utilized to quantify the potential impact of changing interest rates on earnings and to identify expected earnings trends given longer-term rate cycles. Standard gap reports are also utilized to provide supporting detailed information.

The Corporation also recognizes that a sustained environment of higher/lower interest rates will affect the underlying value of the Corporation’s assets, liabilities and off-balance sheet instruments since the present value of their future cash flows (and the cash flows themselves) change when interest rates change.

IRR considerations include inherent assumptions and estimates, including the maturity and repricing characteristics of assets and liabilities, prepayments on amortizing assets, non-maturing deposit sensitivity, and loan and deposit pricing. These assumptions are subject to uncertainty due to the timing, magnitude, and frequency of rate changes, market conditions, and management strategies.

The following table demonstrates the annualized result of an interest rate simulation and the estimated effect that a parallel interest rate shift, or "shock," in the yield curve and subjective adjustments in deposit pricing might have on the Corporation’s projected net interest income over the next 12 months. This simulation assumes that there is no growth in interest-earning assets or interest-bearing liabilities over the next 12 months. The changes to net interest income shown below are in compliance with the Corporation’s policy guidelines.

			% Change in Net Interest Income
			September 30, 2024						December 31, 2023
+300 basis points			(0.1)%						2.6%
+200 basis points			0.3%						3.8%
+100 basis points			0.3%						4.6%
-100 basis points			(0.6)%						(3.8)%
-200 basis points			(0.6)%						(6.5)%
-300 basis points			(1.4)%						(12.8)%

At September 30, 2024, the Corporation has approximately $2.3 billion in outstanding loans receivable balances that are rate sensitive balances over the next twelve months.

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ITEM 4

CONTROLS AND PROCEDURES

The Corporation’s management, under the supervision of and with the participation of the Corporation’s Principal Executive Officer and Principal Financial Officer, has carried out an evaluation of the design and effectiveness of the Corporation’s disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this report. Based upon that evaluation, management, including the Principal Executive Officer and Principal Financial Officer, have concluded that, as of the end of such period, the Corporation’s disclosure controls and procedures are effective to provide reasonable assurance that all material information required to be disclosed in reports the Corporation files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

There was no significant change in the Corporation’s internal control over financial reporting that occurred during the quarter ended September 30, 2024 that has materially affected, or that is reasonably likely to materially affect, our internal control over financial reporting.

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PART II

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There are no pending legal proceedings to which the Corporation or any of its subsidiaries is a party, or of which any of their properties is the subject, except ordinary routine proceedings which are incidental to the business.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors disclosed in Part I, Item 1A of the 2023 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table provides information with respect to any purchase of shares of the Corporation’s common stock made by or on behalf of the Corporation for the three months ended September 30, 2024.

Period			Total Number of Shares Purchased						Average Price Paid per Common Share (2)						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1 – 31, 2024			—						$	—					—						500,000
August 1 – 31, 2024			—						—						—						500,000
September 1 – 30, 2024			—						—						—						500,000
Total			—						$	—					—						500,000

 (1) On June 12, 2024, the Corporation received acknowledgement from the Federal Reserve of the Corporation’s 2024 Common Share Repurchase Program (the "2024 Plan"). The Corporation’s Board of Directors previously approved the 2024 Plan, subject to the Federal Reserve Bank's response, authorizing the repurchase from time to time by the Corporation of up to 500,000 shares of the Corporation’s common stock, provided that the aggregate purchase price of shares of common stock repurchased does not exceed $15,000,000. Pursuant to the 2024 Plan, repurchase of common stock, if any, are authorized to be made during the period beginning on June 12, 2024 (the date on which the Corporation received acknowledgement from the Federal Reserve Bank) through and including May 14, 2025, through open market purchases, privately negotiated transactions or in such other manner as will comply with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, subject to compliance with any material agreement to which the Corporation is a party. Depending on market conditions and other factors, these repurchases may be commenced or suspended without prior notice. As of September 30, 2024, there were 500,000 shares remaining for repurchase under the 2024 Plan.

(2) The aggregate purchase price and weighted average price per share does not include the effect of excise tax expense incurred on net stock repurchases.

Additionally, during the quarter ended September 30, 2024, certain employees surrendered shares of common stock owned by them to satisfy their statutory minimum U.S. federal and state tax obligations associated with the vesting of shares of restricted common stock issued under the CNB Financial Corporation 2019 Omnibus Incentive Plan.

Dividend Restrictions

The Corporation is a legal entity separate and distinct from the Bank. Declaration and payment of cash dividends by the Corporation depends upon cash dividend payments to the Corporation by the Bank, which is our primary source of revenue and cash flow.

As a Pennsylvania state-chartered bank, the Bank is subject to regulatory restrictions on the payment and amounts of dividends under the Pennsylvania Banking Code. Further, the ability of banking subsidiaries to pay dividends is also subject to their profitability, financial condition, capital expenditures and other cash flow requirements.

The payment of dividends by the Bank and the Corporation may also be affected by other factors, such as the requirement to maintain adequate capital above regulatory requirements. The federal banking agencies have indicated that paying dividends that deplete a depository institution’s capital base to an inadequate level would be an unsafe and unsound banking practice. A depository institution may not pay any dividend if payment would cause it to become undercapitalized or if it already is undercapitalized. Moreover, the federal banking agencies have issued policy statements that provide that bank holding companies and insured banks should generally only pay dividends out of current operating earnings. Federal banking regulators have the authority to prohibit banks and bank holding companies from paying a dividend if the regulators deem such payment to be an unsafe or unsound practice.

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The amount and timing of dividends is subject to the discretion of the Board of Directors and depends upon business conditions and regulatory requirements. The Board of Directors has the discretion to change the dividend at any time for any reason. The Board of Directors presently intends to continue the policy of paying quarterly cash dividends. The amount of any future dividends will depend on economic and market conditions, the Corporation's financial condition and operating results and other factors, including applicable government regulations and policies.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the quarter ended September 30, 2024, none of the Corporation’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Corporation securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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ITEM 6. EXHIBITS

Exhibit No.						Description
3.1						Third Amended and Restated Articles of Incorporation of CNB Financial Corporation (incorporated by reference to Exhibit 3.1 to the Corporation’s Current Report on Form 8-K filed on April 18, 2024)
3.2						Third Amended and Restated Bylaws of CNB Financial Corporation (incorporated by reference to Exhibit 3.2 to the Corporation’s Current Report on Form 8-K filed on April 18, 2024)
31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended, adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS						Inline XBRL Instance Document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definitions Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CNB FINANCIAL CORPORATION

(Registrant)

DATE: November 6, 2024

/s/ Michael D. Peduzzi

Michael D. Peduzzi

President and Chief Executive Officer

(Principal Executive Officer)

DATE: November 6, 2024

/s/ Tito L. Lima

Tito L. Lima

Treasurer

(Principal Financial and Accounting Officer)

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