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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 001-39472
CNB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania 25-1450605
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
 
1 South Second Street
P.O. Box 42
Clearfield, Pennsylvania 16830
(Address of principal executive offices)
Registrant’s telephone number, including area code, (814) 765-9621
Securities registered pursuant to Section 12(b) of the Act:
Title of ClassTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valueCCNEThe NASDAQ Stock Market LLC
Depositary Shares (each representing a 1/40th interest in a share of 7.125% Series A Non-Cumulative, perpetual preferred stock)CCNEPThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒ Yes    ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒ Yes    ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer   Accelerated Filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐ Yes     No
The number of shares outstanding of the issuer’s common stock as of April 30, 2024:
COMMON STOCK, NO PAR VALUE PER SHARE: 21,003,568 SHARES


INDEX
PART I.
FINANCIAL INFORMATION
 
 Page Number
PART II.
OTHER INFORMATION


Forward-Looking Statements and Factors that Could Affect Future Results

The information below includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, liquidity, results of operations, future performance and business of CNB Financial Corporation (the "Corporation"). These forward-looking statements are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Forward-looking statements often include the words "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future conditional verbs such as "may," "will," "should," "would" and "could." The Corporation’s actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.

Factors that could cause the actual results to differ materially from the statements, include, but are not limited to, (i) adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry; (ii) changes in the interest rate environment; (iii) the credit risks of lending activities, including our ability to estimate credit losses and the allowance for credit losses, as well as the effects of changes in the level of, and trends in, loan delinquencies and write-offs; (iv) effectiveness of our data security controls in the face of cyber attacks and any reputational risks following a cybersecurity incident; (v) the duration and scope of a pandemic and the local, national and global impact of a pandemic; (vi) changes in general business, industry or economic conditions or competition; (vii) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (viii) higher than expected costs or other difficulties related to integration of combined or merged businesses; (ix) the effects of business combinations and other acquisition transactions, including the inability to realize our loan and investment portfolios; (x) changes in the quality or composition of our loan and investment portfolios; (xi) adequacy of loan loss reserves; (xii) increased competition; (xiii) loss of certain key officers; (xiv) deposit attrition; (xv) rapidly changing technology; (xvi) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xvii) changes in the cost of funds, demand for loan products or demand for financial services; and (xviii) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices. Such developments could have an adverse impact on the Corporation's financial position and results of operations.

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.





Part I Financial Information
Item 1. Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
Dollars in thousands, except share data
(unaudited)
March 31, 2024December 31, 2023
ASSETS
Cash and cash equivalents due from banks$38,953 $54,789 
Interest-bearing deposits with Federal Reserve259,464 164,385 
Interest-bearing deposits with other financial institutions3,036 2,872 
Total cash and cash equivalents301,453 222,046 
Debt securities available-for-sale, at fair value (amortized cost of $403,994 and $395,803, respectively)
348,565 341,955 
Debt securities held-to-maturity, at amortized cost (fair value $352,138 and $360,570, respectively)
381,706 388,968 
Equity securities9,581 9,301 
Loans held for sale1,010 675 
Loans receivable
PPP loans, net of deferred processing fees39 48 
Syndicated loans78,685 108,710 
Loans4,352,674 4,359,718 
Total loans receivable4,431,398 4,468,476 
Less: allowance for credit losses(45,832)(45,832)
Net loans receivable4,385,566 4,422,644 
FHLB and other restricted stock holdings and investments31,017 30,011 
Premises and equipment, net74,712 73,700 
Operating lease right-of-use assets35,775 35,699 
Bank owned life insurance115,235 114,468 
Mortgage servicing rights1,499 1,554 
Goodwill and other intangibles43,874 43,874 
Core deposit intangible, net260 280 
Accrued interest receivable and other assets71,159 67,782 
Total Assets$5,801,412 $5,752,957 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing demand deposits$749,178 $728,881 
Interest-bearing demand deposits719,781 803,093 
Savings3,035,823 2,960,282 
Certificates of deposit532,771 506,494 
Total deposits5,037,553 4,998,750 
Short-term borrowings  
Subordinated debentures20,620 20,620 
Subordinated notes, net of unamortized issuance costs84,343 84,267 
Operating lease liabilities37,832 37,650 
Accrued interest payable and other liabilities42,424 40,423 
Total liabilities5,222,772 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 March 31, 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 March 31, 2024 and 21,235,503 at December 31, 2023
  
Additional paid in capital218,224 220,495 
Retained earnings353,780 345,935 
Treasury stock, at cost (210,808 shares at March 31, 2024 and 339,064 shares December 31, 2023)
(3,946)(6,890)
Accumulated other comprehensive loss(47,203)(46,078)
Total shareholders’ equity578,640 571,247 
Total Liabilities and Shareholders’ Equity$5,801,412 $5,752,957 
See Notes to Condensed Consolidated Financial Statements
1

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Dollars in thousands, except per share data
Three Months Ended March 31,
 20242023
INTEREST AND DIVIDEND INCOME:
Loans receivable including fees
Interest and fees on loans receivable$71,513 $62,327 
Processing fees on PPP loans 1 
Securities:
Taxable6,136 4,030 
Tax-exempt167 197 
Dividends89 85 
Total interest and dividend income77,905 66,640 
INTEREST EXPENSE:
Deposits31,548 16,699 
Borrowed funds and finance lease liabilities3 1,263 
Subordinated notes and debentures (includes $0 and $(45) accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively)
1,132 1,039 
Total interest expense32,683 19,001 
NET INTEREST INCOME45,222 47,639 
PROVISION FOR CREDIT LOSS EXPENSE1,320 1,290 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE43,902 46,349 
NON-INTEREST INCOME:
Service charges on deposit accounts1,694 1,795 
Other service charges and fees695 631 
Wealth and asset management fees1,802 1,817 
Net realized gains on available-for-sale securities (includes $0 and $22 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively)
 22 
Net realized and unrealized gains (losses) on equity securities191 (286)
Mortgage banking196 168 
Bank owned life insurance767 764 
Card processing and interchange income2,016 2,059 
Other non-interest income1,594 1,072 
Total non-interest income8,955 8,042 
NON-INTEREST EXPENSES:
Compensation and benefits18,787 17,045 
Net occupancy expense3,640 3,566 
Technology expense5,072 4,258 
State and local taxes1,143 1,050 
Legal, professional, and examination fees1,172 845 
Advertising685 544 
FDIC insurance premiums990 873 
Dues and subscriptions542 506 
Card processing and interchange expenses1,179 1,490 
Other non-interest expenses4,214 3,813 
Total non-interest expenses37,424 33,990 
INCOME BEFORE INCOME TAXES15,433 20,401 
INCOME TAX EXPENSE (includes $0 and $14 income tax expense from reclassification items, respectively)
2,833 3,912 
NET INCOME12,600 16,489 
PREFERRED STOCK DIVIDENDS1,075 1,075 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$11,525 $15,414 
AVERAGE COMMON SHARES OUTSTANDING:
Basic20,823,766 21,042,579 
Diluted20,887,088 21,077,531 
PER COMMON SHARE DATA:
Basic Earnings Per Common Share$0.55 $0.73 
Diluted Earnings Per Common Share$0.55 $0.73 
Cash Dividends Declared$0.175 $0.175 
See Notes to Condensed Consolidated Financial Statements
2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
Dollars in thousands
Three Months Ended March 31,
 20242023
NET INCOME$12,600 $16,489 
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 and $0, respectively
 (1)
Reclassification adjustment for (gains) recognized in earnings, net of tax $0 and $9, respectively
 (36)
 (37)
Net change in debt securities:
Unrealized holding gains (losses) on available-for-sale securities arising during the period, net of tax of $332 and $(1,531), respectively
(1,249)5,760 
Amortization of unrealized losses from held-to-maturity securities, net of tax of $(33) and $(35), respectively
124 133 
Reclassification adjustment for realized (losses) included in net income, net of tax of $0 and $5, respectively
 (17)
(1,125)5,876 
Other comprehensive income (loss)(1,125)5,839 
COMPREHENSIVE INCOME$11,475 $22,328 
See Notes to Condensed Consolidated Financial Statements
3

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
Income (Loss)
Total
Share-
holders’
Equity
Balance, January 1, 2024$57,785 $220,495 $345,935 $(6,890)$(46,078)$571,247 
Net income12,600 12,600 
Other comprehensive loss(1,125)(1,125)
Forfeiture of restricted stock award grants (2,443 shares)
50 (50) 
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 expense883 883 
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (7,307 shares)
(156)(156)
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(1,075)(1,075)
Cash dividends declared ($0.175 per common share)
(3,680)(3,680)
Balance, March 31, 2024$57,785 $218,224 $353,780 $(3,946)$(47,203)$578,640 
Balance, January 1, 2023$57,785 $221,553 $306,911 $(2,967)$(52,520)$530,762 
Net income16,489 16,489 
Other comprehensive loss5,839 5,839 
Forfeiture of restricted stock award grants (2,061 shares)
50 (50) 
Restricted stock award grants (97,859 shares)
(2,547)2,547  
Performance based restricted stock award grants (4,118 shares)
(111)111  
Stock-based compensation expense616 616 
Purchase of treasury stock (100,000 shares)
(2,405)(2,405)
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (3,750 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(1,075)(1,075)
Cash dividends declared ($0.175 per common share)
(3,696)(3,696)
Balance, March 31, 2023$57,785 $219,561 $318,629 $(2,867)$(46,681)$546,427 
See Notes to Condensed Consolidated Financial Statements
4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Dollars in thousands
Three Months Ended March 31,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$12,600 $16,489 
Adjustments to reconcile net income to net cash provided by operations:
Provision for credit loss expense1,320 1,290 
Depreciation and amortization of premises and equipment, operating leases assets,
core deposit intangible, and mortgage servicing rights
1,898 1,923 
Accretion of securities, deferred loan fees and costs, net yield and credit mark on
acquired loans, and unearned income
(1,395)(1,334)
Net amortization of deferred costs on borrowings76 76 
Accretion of deferred PPP processing fees (1)
Net realized gains on sales of available-for-sale securities (22)
Net realized and unrealized (gains) losses on equity securities(191)286 
Gain on sale of loans held for sale(153)(92)
Net losses on dispositions of premises and equipment and foreclosed assets45  
Proceeds from sale of loans receivable5,024 2,856 
Origination of loans held for sale(5,491)(3,381)
Income on bank owned life insurance(767)(764)
Restricted stock compensation expense883 616 
Change in:
Accrued interest receivable and other assets(3,453)277 
Accrued interest payable, lease liabilities, and other liabilities2,064 (13,405)
NET CASH PROVIDED BY OPERATING ACTIVITIES12,460 4,814 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities, prepayments and calls of available-for-sale securities9,227 10,820 
Proceeds from sales of available-for-sale securities 9,659 
Purchase of available-for-sale securities(17,516)(10,603)
Proceeds from maturities, prepayments and calls of held-to-maturity securities7,495 2,698 
Purchase of equity securities(89)(87)
Proceeds from sales of loans classified as portfolio loans438 4,994 
Net decrease (increase) in loans receivable36,878 (30,101)
Purchase of FHLB, other equity, and restricted equity interests(1,006)(479)
Purchase of premises and equipment(2,437)(3,382)
Purchase of other intangible assets (125)
Proceeds from the sale of premises and equipment and foreclosed assets119  
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES33,109 (16,606)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in checking, money market and savings accounts12,526 36,306 
Net increase in certificates of deposit26,277 95,386 
Purchase of treasury stock(210)(2,508)
Cash dividends paid, common stock(3,680)(3,696)
Cash dividends paid, preferred stock(1,075)(1,075)
Net change in short-term borrowings (30,313)
NET CASH PROVIDED BY FINANCING ACTIVITIES33,838 94,100 
NET INCREASE IN CASH AND CASH EQUIVALENTS79,407 82,308 
CASH AND CASH EQUIVALENTS, Beginning222,046 106,285 
CASH AND CASH EQUIVALENTS, Ending$301,453 $188,593 
5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (continued)
Dollars in thousands
Three Months Ended March 31,
20242023
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$30,919 $17,990 
Income taxes493 444 
SUPPLEMENTAL NONCASH DISCLOSURES:
Transfers to other real estate owned$88 $161 
Transfers from loans held for sale to loans held for investment691 538 
Transfers from loans held for investment to loans held for sale438 166 
Grant of restricted stock awards from treasury stock3,025 2,547 
Grant of performance based restricted stock awards from treasury stock179 111 
Restricted stock forfeiture50 50 
Lease liabilities arising from obtaining right-of-use assets442 2,773 
See Notes to Condensed Consolidated Financial Statements
6

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 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 March 31, 2024 and for the three months ended March 31, 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 months ended March 31, 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 March 31, 2024. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes.

7

2.    RECENT ACCOUNTING PRONOUNCEMENTS

Accounting Standards Adopted in 2023

In October 2021, the FASB issued 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.
8

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.

9

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.

Securities and Exchange Commission ("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 March 31, 2024 and December 31, 2023 were as follows:
 March 31, 2024
 AmortizedUnrealizedAllowance ForFair
 CostGainsLossesCredit LossesValue
U.S. Government sponsored entities$19,506 $ $(31)$ $19,475 
State & political subdivisions104,979 6 (13,743) 91,242 
Residential & multi-family mortgage220,199  (35,417) 184,782 
Corporate notes & bonds48,281 3 (5,317) 42,967 
Pooled SBA11,029  (930) 10,099 
Total$403,994 $9 $(55,438)$ $348,565 

 December 31, 2023
 AmortizedUnrealizedAllowance ForFair
 CostGainsLossesCredit LossesValue
U.S. Government sponsored entities$5,024 $ $(36)$ $4,988 
State & political subdivisions105,102 22 (13,315) 91,809 
Residential & multi-family mortgage225,871 1 (34,353) 191,519 
Corporate notes & bonds48,459 13 (5,333) 43,139 
Pooled SBA11,347  (847) 10,500 
Total$395,803 $36 $(53,884)$ $341,955 

10

Debt securities held-to-maturity ("HTM") at March 31, 2024 and December 31, 2023 were as follows:
 March 31, 2024
 AmortizedUnrealizedAllowance ForFair
 CostGainsLossesCredit LossesValue
U.S. Government sponsored entities$