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CNB Financial Corp
CCNE
#6273
Rank
HK$7.11 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
HK$240.12
Share price
-0.52%
Change (1 day)
41.64%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. CNB Financial Corp
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-06

CNB Financial Corp - 10-Q quarterly report FY


Text size:
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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, 2026
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 May 6, 2026:
COMMON STOCK, NO PAR VALUE PER SHARE: 29,629,013 SHARES

Table of Contents
INDEX
PART I.
FINANCIAL INFORMATION
 
 Page Number
Condensed Consolidated Balance Sheets –
March 31, 2026 (unaudited) and December 31, 2025 (audited)
1
Condensed Consolidated Statements of Income –
Three months ended March 31, 2026 and 2025 (unaudited)
2
Condensed Consolidated Statements of Comprehensive Income –
Three months ended March 31, 2026 and 2025 (unaudited)
3
Condensed Consolidated Statements of Changes in Shareholders' Equity –
Three months ended March 31, 2026 and 2025 (unaudited)
4
Condensed Consolidated Statements of Cash Flows –
Three months ended March 31, 2026 and 2025 (unaudited)
5
Notes to Condensed Consolidated Financial Statements
7
49
72
73
PART II.
OTHER INFORMATION
74
74
74
75
75
75
76
77

Table of Contents
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 interest rates; (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) changes in general business, industry or economic conditions or competition; (vi) 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; (vii) adverse economic effects from international trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, or similar events impacting economic activity; (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.




Table of Contents
Part I Financial Information
Item 1. Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
Dollars in thousands, except share data
(unaudited)
March 31, 2026December 31, 2025
ASSETS
Cash and cash equivalents due from banks$78,740 $78,197 
Interest-bearing deposits with Federal Reserve517,652 441,501 
Interest-bearing deposits with other financial institutions6,068 8,198 
Total cash and cash equivalents602,460 527,896 
Debt securities available-for-sale, at fair value (amortized cost of $734,788 and $618,912, respectively)
695,532 584,330 
Debt securities held-to-maturity, at amortized cost (fair value of $212,570 and $229,694, respectively)
225,193 242,138 
Equity securities10,904 10,865 
Loans held for sale280 2,517 
Loans receivable
Syndicated loans78,341 70,798 
Loans6,355,679 6,422,942 
Total loans receivable6,434,020 6,493,740 
Less: allowance for credit losses(67,055)(67,055)
Net loans receivable6,366,965 6,426,685 
FHLB and other restricted stock holdings and investments75,493 58,547 
Premises and equipment, net88,895 90,220 
Operating & finance lease right-of-use assets57,407 58,293 
Bank owned life insurance160,488 159,502 
Mortgage servicing rights2,542 2,608 
Goodwill and other intangibles88,512 88,512 
Core deposit intangible, net32,688 33,693 
Accrued interest receivable and other assets107,537 110,629 
Total Assets$8,514,896 $8,396,435 
LIABILITIES AND SHAREHOLDERS' EQUITY
Non-interest-bearing demand deposits$1,125,257 $1,092,076 
Interest-bearing demand deposits1,015,327 1,014,606 
Savings3,846,595 3,822,639 
Certificates of deposit1,153,097 1,097,788 
Total deposits7,140,276 7,027,109 
Short-term borrowings164,000 164,000 
Deposits held for sale89,923 88,119 
Subordinated debentures20,620 20,620 
Subordinated notes, net of unamortized issuance costs84,950 84,874 
Operating lease liabilities43,101 43,747 
Accrued interest payable and other liabilities82,925 95,839 
Total liabilities7,625,795 7,524,308 
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, 2026 and December 31, 2025
57,785 57,785 
Common stock, no par value; 50,000,000 shares authorized;
Shares issued 29,761,611 at March 31, 2026 and 29,594,933 at December 31, 2025
— — 
Additional paid in capital423,292 422,653 
Retained earnings445,265 424,935 
Treasury stock, at cost (130,555 shares at March 31, 2026 and 121,581 shares December 31, 2025)
(2,971)(2,581)
Accumulated other comprehensive loss(34,270)(30,665)
Total shareholders' equity889,101 872,127 
Total Liabilities and Shareholders' Equity$8,514,896 $8,396,435 
See Notes to Condensed Consolidated Financial Statements
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Dollars in thousands, except per share data
Three Months Ended March 31,
 20262025
INTEREST AND DIVIDEND INCOME:
Loans receivable including fees
Interest and fees on loans receivable$101,327 $72,379 
Securities:
Taxable10,147 9,745 
Tax-exempt148 156 
Dividends416 99 
Total interest and dividend income112,038 82,379 
INTEREST EXPENSE:
Deposits35,967 32,634 
Borrowed funds and finance lease liabilities1,702 236 
Subordinated notes and debentures1,046 1,078 
Total interest expense38,715 33,948 
NET INTEREST INCOME73,323 48,431 
PROVISION FOR CREDIT LOSS EXPENSE998 1,556 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE72,325 46,875 
NON-INTEREST INCOME:
Service charges on deposit accounts2,034 1,714 
Other service charges and fees422 510 
Wealth and asset management fees2,357 1,796 
Net realized gains on available-for-sale securities (includes $331 and $0 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively)
331 — 
Net realized and unrealized gains on equity securities(89)(249)
Mortgage banking341 96 
Bank owned life insurance986 760 
Card processing and interchange income2,586 2,107 
Other non-interest income1,030 1,773 
Total non-interest income9,998 8,507 
NON-INTEREST EXPENSES:
Compensation and benefits24,983 20,564 
Net occupancy expense5,449 4,038 
Amortization of core deposit intangible1,005 17 
Technology expense7,181 5,378 
State and local taxes821 1,292 
Legal, professional, and examination fees772 849 
Advertising788 514 
FDIC insurance premiums807 985 
Card processing and interchange expenses1,507 1,160 
Merger and integration costs— 1,529 
Other non-interest expenses5,874 4,712 
Total non-interest expenses49,187 41,038 
INCOME BEFORE INCOME TAXES33,136 14,344 
INCOME TAX EXPENSE (includes $70 and $0 income tax expense from reclassification items, respectively)
6,100 2,863 
NET INCOME27,036 11,481 
PREFERRED STOCK DIVIDENDS1,075 1,075 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$25,961 $10,406 
AVERAGE COMMON SHARES OUTSTANDING:
Basic29,317,224 20,866,970 
Diluted29,439,453 20,925,388 
PER COMMON SHARE DATA:
Basic Earnings Per Common Share$0.88 $0.50 
Diluted Earnings Per Common Share$0.88 $0.50 
Cash Dividends Declared$0.190 $0.180 
See Notes to Condensed Consolidated Financial Statements
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Dollars in thousands
Three Months Ended March 31,
 20262025
NET INCOME$27,036 $11,481 
Other comprehensive income (loss), net of tax:
Net change in debt securities:
Unrealized holding gains (losses) on available-for-sale securities arising during the period, net of benefit (tax) of $912 and $(1,841), respectively
(3,431)6,924 
Amortization of unrealized losses from held-to-maturity securities, net of tax of $(23) and $(37), respectively
87 137 
Reclassification adjustment for realized gains included in net income, net of tax of $70 and $0, respectively
(261)— 
(3,605)7,061 
Other comprehensive income (loss)(3,605)7,061 
COMPREHENSIVE INCOME$23,431 $18,542 
See Notes to Condensed Consolidated Financial Statements
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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, January 1, 2026$57,785 $422,653 $424,935 $(2,581)$(30,665)$872,127 
Net income27,036 27,036 
Other comprehensive loss(3,605)(3,605)
Forfeiture of restricted stock award grants (8,364 shares)
131 (131)— 
Performance based restricted stock award grants (15,294 shares)
(283)283 — 
Stock-based compensation expense791 791 
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (17,716 shares)
(491)(491)
Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting (1,812 shares)
(51)(51)
Preferred cash dividend declared(1,075)(1,075)
Cash dividends declared ($0.19 per common share)
(5,631)(5,631)
Balance, March 31, 2026$57,785 $423,292 $445,265 $(2,971)$(34,270)$889,101 
Balance, January 1, 2025$57,785 $219,876 $381,296 $(4,689)$(43,573)$610,695 
Net income11,481 11,481 
Other comprehensive income7,061 7,061 
Forfeiture of restricted stock award grants (3,558 shares)
90 (90)— 
Performance based restricted stock award grants (8,916 shares)
(167)167 — 
Stock-based compensation expense455 455 
Purchase of treasury stock for the purpose of tax withholding related to restricted stock award vesting (11,145 shares)
(282)(282)
Purchase of treasury stock for the purpose of tax withholding related to performance based restricted stock award vesting (1,960 shares)
(50)(50)
Preferred cash dividend declared(1,075)(1,075)
Cash dividends declared ($0.18 per common share)
(3,777)(3,777)
Balance, March 31, 2025$57,785 $220,254 $387,925 $(4,944)$(36,512)$624,508 
See Notes to Condensed Consolidated Financial Statements

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Dollars in thousands
Three Months Ended March 31,
 20262025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$27,036 $11,481 
Adjustments to reconcile net income to net cash provided by operations:
Provision for credit loss expense998 1,556 
Depreciation and amortization of premises and equipment, operating leases assets,
core deposit intangible, and mortgage servicing rights		3,644 2,059 
Accretion of securities, deferred loan fees and costs, net yield and credit mark on
acquired loans, and unearned income		(4,578)(1,605)
Net amortization of deferred costs on borrowings76 76 
Net realized gains on sales of available-for-sale securities(331)— 
Net realized and unrealized losses on equity securities89 249 
Gain on sale of loans held for sale(356)(34)
Net (gains) losses on dispositions of premises and equipment and foreclosed assets16 (13)
Proceeds from sale of loans held for sale9,350 2,750 
Origination of loans held for sale(7,778)(2,848)
Income on bank owned life insurance(986)(760)
Restricted stock compensation expense791 455 
Change in:
Accrued interest receivable and other assets3,779 (667)
Accrued interest payable, lease liabilities, and other liabilities(12,560)(1,100)
NET CASH PROVIDED BY OPERATING ACTIVITIES19,190 11,599 
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities, prepayments and calls of available-for-sale securities27,875 19,608 
Proceeds from sales of available-for-sale securities36,670 — 
Purchase of available-for-sale securities(179,896)(58,805)
Proceeds from maturities, prepayments and calls of held-to-maturity securities17,129 24,167 
Purchase of equity securities(128)(86)
Net decrease (increase) in loans receivable63,252 (1,258)
Purchase of FHLB, other equity, and restricted equity interests(16,946)(1,142)
Purchase of premises and equipment(362)(1,721)
Proceeds from the sale of premises and equipment and foreclosed assets57 1,230 
NET CASH USED BY INVESTING ACTIVITIES(52,349)(18,007)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in checking, money market and savings accounts57,858 73,972 
Net increase in certificates of deposit55,309 14,742 
Net increase in deposits held for sale1,804 — 
Purchase of treasury stock(542)(332)
Cash dividends paid, common stock(5,631)(3,777)
Cash dividends paid, preferred stock(1,075)(1,075)
NET CASH PROVIDED BY FINANCING ACTIVITIES107,723 83,530 
NET INCREASE IN CASH AND CASH EQUIVALENTS74,564 77,122 
CASH AND CASH EQUIVALENTS, Beginning527,896 443,035 
CASH AND CASH EQUIVALENTS, Ending$602,460 $520,157 
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (continued)
Dollars in thousands
Three Months Ended March 31,
20262025
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$37,391 $33,782 
Income taxes356 389 
SUPPLEMENTAL NONCASH DISCLOSURES:
Transfers to other real estate owned$760 $366 
Transfers from loans held for sale to loans held for investment866 — 
Grant of performance based restricted stock awards from treasury stock283 167 
Restricted stock forfeiture131 90 
Lease liabilities arising from obtaining right-of-use assets155 — 
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, Northwest and Northeast 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 March 31, 2026 and for the three months ended March 31, 2026 and 2025 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, 2026 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, 2025 (the "2025 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.

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. At March 31, 2026, the Corporation had goodwill of $88.4 million, including $44.6 million related to the acquisition of ESSA Bancorp, Inc. ("ESSA"). . 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, 2025 and therefore, believes that there is no impairment as of March 31, 2026. 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 2025

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. The Corporation adopted ASU 2023-05 on January 1, 2025 and the update did not have a material impact on the Corporation's 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. The Corporation adopted ASU 2023-09 and the adoption of the update did result in expanded disclosures for the Corporation's consolidated financial statements.

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 is to 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. The Corporation adopted ASU 2024-01 and the update did not have a material impact on the Corporation's consolidated financial statements and related disclosures.

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 is to 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. The Corporation adopted ASU 2024-02 and the update did not have a material impact on the Corporation's consolidated financial statements and related disclosures.

In March 2025, the FASB issued ASU 2025-02, "Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122." This ASU amends an SEC paragraph noted in the Codification pursuant to the issuance of SEC Staff Accounting Bulletin No. 122 which removes the text of SAB Topic 5.FF, Accounting for Obligations To Safeguard Crypto-Assets an Entity Holds for Its Platform Users. The amendments in ASU 2025-02 are effective immediately upon issuance. The Corporation adopted ASU 2025-02 and the update did not have a material impact on the Corporation's consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-08, "Financial Instruments—Credit Losses (Topic 326): Purchased Loans." The update expands the population of acquired financial assets subject to the gross-up approach in Topic 326 to include acquired seasoned loans without credit deterioration (excluding credit cards). This guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods with early adoption permitted. The amendments in this update are to be applied prospectively to loans that are acquired on or after the initial application date. The Corporation adopted ASU 2025-08 effective January 1, 2025. In connection with the adoption of ASU 2025-08, the Corporation recorded a $16.4 million allowance for credit losses on these loans by adding the allowance to the purchase price and establishing a new amortized cost basis and no provision expense was recorded at the date of acquisition.

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Accounting Standards Adopted in 2026

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets." This ASU added a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. This ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Corporation adopted ASU 2025-05 on January 1, 2026 and the update did not have a material impact on the Corporation's consolidated financial statements and related disclosures.

Accounting Pronouncements Pending Adoption

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 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 is to 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.

In January 2025, the FASB issued ASU 2025-01, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)." The amendment in this ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. The Corporation is evaluating the effect that ASU 2024-03 will have on its consolidated financial statements and related disclosures.

In May 2025, the FASB issued ASU 2025-03, "Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity." The ASU amends the guidance to improve the requirements for identifying the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity ("VIE"). The amendments require entities to consider the general accounting acquirer factors in Topic 805 when the transaction is primarily effected by the exchange of equity interests. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Corporation is evaluating the effect that ASU 2025-03 will have on its consolidated financial statements and related disclosures.

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In May 2025, the FASB issued ASU 2025-04, "Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer." This ASU clarifies the guidance on the accounting for share-based payment awards that are granted by an entity as consideration payable to its customer, with the intent to reduce diversity in practice and improve existing guidance by revising the definition of a "performance condition" and eliminating a forfeiture policy election for service conditions associated with share-based consideration payable to a customer. ASU 2025-04 also clarifies the guidance in Topic 606 on the variable consideration constraint does not apply to share-based consideration payable to a customer "regardless of whether an award's grant date has occurred." This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Corporation is evaluating the effect that ASU 2025-04 will have on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." This ASU removed the language around project stages that was used to assess when costs could be capitalized for an internal-use software. The update also requires internal-use software to be disclosed under the ASC 360 Property, Plant, and Equipment guidance. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Corporation is evaluating the effect that ASU 2025-06 will have on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-07, "Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606)." This ASU refines the scope of derivative accounting under ASC 815, and clarify the treatment of share-based noncash consideration under ASC 606. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Corporation is evaluating the effect that ASU 2025-07 will have on its consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements." This ASU includes amendments intended to more closely align hedge accounting with the underlying economics of the Company’s risk management activities. The amendments are effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years, with early adoption permitted. The Corporation is evaluating the effect that ASU 2025-09 will have on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting." This ASU is intended to improve the navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements and interim disclosures requirements, and establishes a principle under which an entity must disclose events occuring since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Corporation is evaluating the effect that ASU 2025-11 will have on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12, "Codification Improvements." This ASU addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities are required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively. The Corporation is evaluating the effect that ASU 2025-12 will have on its consolidated financial statements and related disclosures.

3.    BUSINESS COMBINATION

On July 23, 2025, the Corporation completed its previously announced acquisition of ESSA and its subsidiary bank, ESSA Bank & Trust Company ("ESSA Bank"), pursuant to the definitive merger agreement (the "Merger Agreement") dated as of January 9, 2025. The Corporation's acquisition of ESSA was an all-stock transaction. Under the terms of the Merger Agreement, ESSA merged with and into the Corporation, with the Corporation as the surviving entity, and immediately thereafter, ESSA Bank merged with and into CNB Bank, with CNB Bank as the surviving bank (the "Merger"). Banking offices of ESSA Bank operate under the trade name ESSA Bank, a division of CNB Bank.

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Pursuant to the Merger Agreement, each outstanding share of ESSA common stock was converted into the right to receive 0.8547 shares of the Corporation's common stock. The total consideration paid to ESSA shareholders was approximately $202.6 million, comprised of approximately 8,359,430 shares of the Corporation's common stock, valued at approximately $202.5 million based on the July 23, 2025 closing price of $24.23 per share of the Corporation's common stock, and $21 thousand in cash in lieu of fractional shares. The Merger has extended CNB Bank’s branch network into the Northeastern Region including the Lehigh Valley of Pennsylvania through the addition of ESSA’s 20 community offices.

As a result of the Merger, the Corporation recorded preliminary goodwill totaling $49.9 million at July 23, 2025, which reflects anticipated synergies and strategic benefits from combining operations. While the Corporation believes the information available on July 23, 2025, provided a reasonable basis for estimating fair value, the Corporation may obtain additional information and evidence within the one-year measurement period that could result in changes to the estimated fair value amounts and associated goodwill. Valuations subject to change include, but are not limited to, loans receivable, premises and equipment, identified intangible assets, certain deposits, and deferred income taxes. Measurement period adjustments recognized during the year ended December 31, 2025 totaled a net $5.3 million, primarily related to additional information obtained regarding other liabilities and loans receivable, including the related deferred tax impact, which resulted in a corresponding decrease to goodwill. The resultant goodwill balance as a result of the Merger is $44.6 million as of March 31, 2026 and December 31, 2025. Merger and integration related costs associated with the Merger were zero and $1.5 million for the three months ended March 31, 2026 and 2025, respectively. Such costs include employee severance, professional fees, system conversion, and lease and contract termination expenses, which have been expensed as incurred, and are recorded in “Merger and integration costs” on the Corporation's condensed Consolidated Statements of Income. Goodwill is not deductible for income tax purposes as the transaction qualifies as a tax free “reorganization” within the meaning of Section 368(a).

The following tables provides a summary of the consideration transferred and the fair value of the assets acquired, and liabilities assumed as of the date of the Merger (dollars in thousands):

July 23, 2025
Merger consideration
Value of stock consideration assigned to ESSA common shares exchanged for stock paid to shareholders$202,549 
Value of cash consideration for ESSA common stock exchanged for cash21 
Total merger consideration$202,570 

July 23, 2025
Identifiable net assets acquired, at fair value
Assets acquired
Cash and cash equivalents$27,424 
Debt securities available-for-sale229,098 
Loans receivable1,658,693 
Premises and equipment16,019 
Operating lease right of use assets3,706 
Accrued interest receivable and other assets52,610 
FHLB interests24,218 
Bank owned life insurance40,835 
Core deposit intangible35,335 
Goodwill44,638 
Total assets acquired2,132,576 
Liabilities assumed
Deposits1,455,805 
Short-term borrowings437,000 
Accrued interest payable and other liabilities33,600 
Operating lease liabilities3,601 
Total liabilities assumed1,930,006 
Net assets acquired$202,570 

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The Corporation accounted for the Merger using the acquisition method of accounting and accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair value on the acquisition date, in accordance with purchase accounting. The Corporation assessed the fair values based on the following methods for the significant assets acquired and liabilities assumed:

Cash and cash equivalents: The fair value was determined to approximate the carrying amount based on the short-term nature of these assets.

Debt securities AFS: The fair value of the investment portfolio was based on quoted market prices and dealer quotes and pricing obtained from independent pricing services. Following the completion of the Merger, the Corporation sold approximately $204.1 million of $229.1 million in debt securities it acquired through the Merger. These debt securities were sold at fair value and therefore no gain or loss was recognized upon the sale.

Loans receivable: The fair value of loans acquired from ESSA were estimated using the discounted cash flow method on an individual loan basis. To estimate the value of the loans, each loans’ contractual cash flows were projected, adjusted for expected prepayments and credit losses. Assumptions for credit losses were based off the risk characteristics of each loan. For loans specifically evaluated by the Corporation, credit losses were based on the estimated loss identified by the Corporation. The projected cash flows were then discounted to present value using a discount rate based on the relative risk of the cash flows.

Effective January 1, 2025, the Corporation early adopted ASU 2025-08 (Topic 326) on a prospective basis. See Note 1, "Summary of Significant Accounting Policies." The Corporation first assessed which of the acquired loans have experienced more than insignificant credit deterioration since origination. These loans are deemed to be Purchased Credit Deteriorated ("PCD") and are recorded at the amount paid. An allowance for credit loss is determined using the same methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit loss expense.

The Corporation evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) modifications for borrowers experiencing financial difficulty; (3) risk ratings of watch, special mention, substandard or doubtful; and (4) loans greater than 60 days past due.

Of the $1.7 billion net loans held for investment acquired, $138.6 million were identified as PCD loans on the acquisition date. The following table provides a summary of these PCD loans at acquisition:

July 23, 2025
Par value of acquired loans at acquisition$144,573 
Allowance for credit losses at acquisition(1,857)
Non-credit discount at acquisition(4,121)
Total merger consideration$138,595 

Non-PCD loans acquired were considered Purchased Seasoned Loans ("PSL") and were recognized using the gross-up approach. In connection with the adoption of ASU 2025-08, the Corporation recorded a $16.4 million allowance for credit losses on these loans by adding the allowance to the purchase price and establishing a new amortized cost basis; no provision expense was recorded at the date of acquisition. The Corporation elected for PSLs estimated using non-DCF methods to measure the subsequent allowance related to the ESSA transaction on amortized cost basis.

Premises and equipment: The fair value of bank premises and equipment held for use was valued by obtaining recent market data for similar property types with adjustments for characteristics of individual properties. The Corporation acquired 20 branches from ESSA, 10 of which were owned premises.

Operating lease right of use (“ROU”) assets and lease liabilities: The fair value of the lease ROU assets was measured at an amount equal to the lease liability and evaluated for favorable or unfavorable lease terms when compared with market terms on a lease-by-lease basis.

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Accrued interest receivable and other assets: Consists mainly of accrued interest receivable, other accounts receivable, defined benefit pension assets, and deferred tax assets. The accrued interest receivable and accounts receivable was fair valued based on the cash value expected to be received. The defined benefit pension asset was recorded at its acquisition-date fair value, representing the excess of plan assets over the projected benefit obligation. Deferred taxes represent the expected book and tax differences which approximate fair value.

FHLB interests: Included in the identifiable assets acquired is FHLB stock, which represents the acquired entity’s required membership stock in the Federal Home Loan Bank system, carried at par value (cost) with no readily determinable fair market value, consistent with ASC 942-325.

Bank owned life insurance (“BOLI”): The fair value of BOLI is carried at its current cash surrender value, which is the most reasonable estimate of fair value.

Core deposit intangibles (“CDI”): CDI represents the future economic benefit of acquired customer deposits. The fair value of the CDI was estimated based on a discounted cash flow methodology that incorporated expected customer attrition rates, cost of deposit base, net maintenance cost associated with customer deposits, and the cost for alternative funding sources. The discount rates used were based on market rates. The core deposit intangible asset is amortized over its estimated useful life, which is approximately 10 years.

Deposits: The fair value of interest bearing and non-interest bearing deposits is the amount payable on demand at the acquisition date. The fair value of time deposits was estimated using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for certificates of deposits that mature in the same period.

Short-term Borrowings: Acquired other borrowings consisted of FHLB short-term borrowings with maturities less than 12 months. The carrying amount of short-term borrowings was determined to approximate fair value. Subsequent to the completion of the acquisition, the Corporation repaid $273.0 million of $437.0 million in FHLB borrowings.

Accrued interest payable and other liabilities: Accrued interest payable and other liabilities were fair valued using the expected amount of cash to be paid.

4.    SECURITIES

Debt securities available-for-sale ("AFS") at March 31, 2026 and December 31, 2025 were as follows:
 March 31, 2026
 AmortizedUnrealizedAllowance ForFair
 CostGainsLossesCredit LossesValue
U.S. Government sponsored entities$98,859 $— $(1,000)$— $97,859 
State & political subdivisions95,432 28 (9,064)— 86,396 
Residential & multi-family mortgage491,697 278 (27,939)— 464,036 
Corporate notes & bonds41,538 282 (1,447)— 40,373 
Pooled SBA7,262 1 (395)— 6,868 
Total$734,788 $589 $(39,845)$— $695,532 

 December 31, 2025
 AmortizedUnrealizedAllowance ForFair
 CostGainsLossesCredit LossesValue
U.S. Government sponsored entities$113,211 $100 $(216)$— $113,095 
State & political subdivisions96,607 47 (8,806)— 87,848 
Residential & multi-family mortgage352,004 492 (24,249)— 328,247 
Corporate notes & bonds49,512 180 (1,752)— 47,940 
Pooled SBA7,578 2 (380)— 7,200 
Total$618,912 $821 $(35,403)$— $584,330 

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Debt securities held-to-maturity ("HTM") at March 31, 2026 and December 31, 2025 were as follows:
 March 31, 2026
 AmortizedUnrealizedAllowance ForFair
CostGainsLossesCredit LossesValue
U.S. Government sponsored entities$162,621 $— $(5,804)$— $156,817 
Residential & multi-family mortgage62,572 — (6,819)— 55,753 
Total$225,193 $— $(12,623)$— $212,570 

 December 31, 2025
 AmortizedUnrealizedAllowance ForFair
 CostGainsLossesCredit LossesValue
U.S. Government sponsored entities$177,569 $— $(6,061)$— $171,508 
Residential & multi-family mortgage64,569 — (6,383)— 58,186 
Total$242,138 $— $(12,444)$— $229,694 

Information pertaining to security sales on AFS securities is as follows:
ProceedsGross
Gains		Gross
Losses
Three months ended March 31, 2026$36,670 $331 $— 
Three months ended March 31, 2025— — — 

The tax provision related to these net realized gains (losses) was $70 thousand for the three months ended March 31, 2026 and zero for the three months ended March 31, 2025, respectively.

The table below illustrates the maturity distribution of debt securities at amortized cost and fair value as of March 31, 2026:
Available-for-saleHeld-to-maturity
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
1 year or less$7,420 $7,392 $82,771 $81,826 
1 year – 5 years81,352 78,198 70,870 66,987 
5 years – 10 years132,271 127,593 8,980 8,003 
After 10 years14,786 11,445 — — 
235,829 224,628 162,621 156,816 
Residential & multi-family mortgage491,697 464,036 62,572 55,754 
Pooled SBA7,262 6,868 — — 
Total debt securities$734,788 $695,532 $225,193 $212,570 

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 March 31, 2026 and December 31, 2025, securities carried at $712.7 million and $583.8 million, respectively, were pledged to secure public deposits and for other purposes as provided by law.

At March 31, 2026 and December 31, 2025, 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.

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AFS debt securities with unrealized losses at March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

March 31, 2026
 Less than 12 Months12 Months or MoreTotal
Description of SecuritiesFair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
U.S. Government sponsored entities$97,859 $(1,000)$— $— $97,859 $(1,000)
State & political subdivisions6,291 (29)73,196 (9,035)79,487 (9,064)
Residential & multi-family mortgage280,110 (4,311)137,764 (23,628)417,874 (27,939)
Corporate notes and bonds7,707 (290)19,938 (1,157)27,645 (1,447)
Pooled SBA200 (1)6,461 (394)6,661 (395)
$392,167 $(5,631)$237,359 $(34,214)$629,526 $(39,845)

December 31, 2025
 Less than 12 Months12 Months or MoreTotal
 Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
U.S. Government sponsored entities$42,705 $(216)$— $— $42,705 $(216)
State & political subdivisions2,380 (1)75,516 (8,805)77,896 (8,806)
Residential & multi-family mortgage123,186 (835)143,001 (23,414)266,187 (24,249)
Corporate notes and bonds13,146 (333)24,175 (1,419)37,321 (1,752)
Pooled SBA57 (1)6,876 (379)6,933 (380)
$181,474 $(1,386)$249,568 $(34,017)$431,042 $(35,403)

HTM debt securities with unrealized losses at March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

March 31, 2026
 Less than 12 Months12 Months or MoreTotal
Description of SecuritiesFair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
U.S. Government sponsored entities$— $— $156,817 $(5,804)$156,817 $(5,804)
Residential & multi-family mortgage— — 55,753 (6,819)55,753 (6,819)
$— $— $212,570 $(12,623)$212,570 $(12,623)

December 31, 2025
 Less than 12 Months12 Months or MoreTotal
 Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
U.S. Government sponsored entities$— $— $171,508 $(6,061)$171,508 $(6,061)
Residential & multi-family mortgage— — 58,186 (6,383)58,186 (6,383)
$— $— $229,694 $(12,444)$229,694 $(12,444)

At March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025.

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First, an assessment was performed to determine if the Corporation intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost. Management determined it does not intend to sell and will not be required to sell any of the securities before recovery of its amortized cost. Next, management performed an evaluation relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. 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 Securities and Exchange Commission, in order to evaluate the securities' credit quality and the issuer's ability to repay its debt obligations. 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. Based on the results of the assessment, management believes the decline in fair value is not the result of credit losses. As a result no credit allowance is required as of March 31, 2026.

As of March 31, 2026 and December 31, 2025, management concluded the debt securities described in the previous paragraphs did not decline in fair value due to credit factors 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 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 March 31, 2026 and December 31, 2025 were as follows:
March 31, 2026December 31, 2025
Corporate equity securities$4,686 $4,745 
Mutual funds3,972 3,792 
Money market funds247 245 
Corporate notes1,999 2,083 
Total$10,904 $10,865 

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5.    LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

Total net loans receivable at March 31, 2026 and December 31, 2025 are summarized as follows:
March 31, 2026Percentage
of Total		December 31, 2025Percentage
of Total
Farmland$27,049 0.42 %$27,583 0.43 %
Owner-occupied, nonfarm nonresidential properties630,332 9.80 636,444 9.80 
Agricultural production and other loans to farmers6,053 0.09 5,989 0.09 
Loans to depository institutions— — 2,439 0.04 
Commercial and Industrial814,246 12.66 778,978 12.00 
Obligations (other than securities and leases) of states and political subdivisions169,180 2.63 171,486 2.64 
Other loans47,344 0.74 47,719 0.74 
Other construction loans and all land development and other land loans423,467 6.58 366,174 5.64 
Multifamily (5 or more) residential properties645,921 10.04 709,832 10.93 
Non-owner occupied, nonfarm nonresidential properties1,368,029 21.26 1,419,643 21.86 
1-4 Family Construction33,131 0.52 41,659 0.64 
Home equity lines of credit257,851 4.01 250,823 3.86 
Residential Mortgages secured by first liens1,746,877 27.15 1,763,071 27.15 
Residential Mortgages secured by junior liens132,593 2.06 140,790 2.17 
Other revolving credit plans51,529 0.80 48,953 0.75 
Automobile16,784 0.26 17,037 0.26 
Other consumer49,092 0.76 51,474 0.79 
Credit cards14,315 0.22 13,276 0.20 
Overdrafts227 — 370 0.01 
Total loans receivable$6,434,020 100.00 %$6,493,740 100.00 %
Less: Allowance for credit losses(67,055)(67,055)
Loans receivable, net$6,366,965 $6,426,685 
Net deferred loan origination fees (costs) included in the above loan table$(628)$(259)

The Corporation's outstanding loans receivable and related unfunded commitments are primarily concentrated within Central, Northwest and Northeast regions of 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 $78.3 million and $70.8 million as of March 31, 2026 and December 31, 2025, respectively.

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Transactions in the allowance for credit losses for the three months ended March 31, 2026 were as follows:
Beginning
Allowance		(Charge-offs)Recoveries
Provision (Benefit) for Credit Losses on Loans Receivable(1)
Ending Allowance
Farmland$162 $— $— $(1)$161 
Owner-occupied, nonfarm nonresidential properties6,176 (47)— 32 6,161 
Agricultural production and other loans to farmers37 — — 1 38 
Loans to depository institutions20 — — (20)— 
Commercial and Industrial9,360 (108)45 851 10,148 
Obligations (other than securities and leases) of states and political subdivisions1,823 — — (53)1,770 
Other loans454 — — — 454 
Other construction loans and all land development and other land loans4,366 — — 342 4,708 
Multifamily (5 or more) residential properties
4,314 — — (153)4,161 
Non-owner occupied, nonfarm nonresidential properties15,467 — 3 (465)15,005 
1-4 Family Construction350 — — (71)279 
Home equity lines of credit1,884 — — 213 2,097 
Residential Mortgages secured by first liens15,910 (73)2 (477)15,362 
Residential Mortgages secured by junior liens1,732 — — (149)1,583 
Other revolving credit plans1,222 (26)19 199 1,414 
Automobile207 (3)3 (1)206 
Other consumer3,056 (489)21 499 3,087 
Credit cards146 (90)7 131 194 
Overdrafts369 (174)26 6 227 
Total loans$67,055 $(1,010)$126 $884 $67,055 
(1) Excludes provision for credit losses related to unfunded commitments. Note 10, "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 three months ended March 31, 2025 were as follows:
Beginning
Allowance		(Charge-offs)Recoveries
Provision (Benefit) for Credit Losses on Loans Receivable(1)
Ending Allowance
Farmland$167 $— $— $(6)$161 
Owner-occupied, nonfarm nonresidential properties5,696 (23)14 140 5,827 
Agricultural production and other loans to farmers37 — — 2 39 
Commercial and Industrial7,759 (650)— 101 7,210 
Obligations (other than securities and leases) of states and political subdivisions1,369 — — 2 1,371 
Other loans329 — — (3)326 
Other construction loans and all land development and other land loans2,571 — — (2)2,569 
Multifamily (5 or more) residential properties2,969 — — 123 3,092 
Non-owner occupied, nonfarm nonresidential properties10,110 — — 62 10,172 
1-4 Family Construction198 — — (76)122 
Home equity lines of credit1,340 — — 224 1,564 
Residential Mortgages secured by first liens8,958 (34)— 175 9,099 
Residential Mortgages secured by junior liens1,343 — — 108 1,451 
Other revolving credit plans960 (3)1 (103)855 
Automobile275 — — (13)262 
Other consumer2,892 (567)12 584 2,921 
Credit cards127 (122)4 116 125 
Overdrafts257 (98)27 5 191 
Total loans$47,357 $(1,497)$58 $1,439 $47,357 
(1) Excludes provision for credit losses related to unfunded commitments. Note 10, "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 months ended March 31, 2026, the allowance for credit losses remained unchanged, reflecting stable credit quality in the loan portfolio. Significant uncertainty persists in the domestic and global economic environment due to changes in U.S. tariffs and related actions by U.S. trading partners, elevated interest rates, inflationary pressures, fluctuating consumer confidence, and geopolitical events. The Corporation continues to monitor these conditions and other economic factors that may affect the financial strength of corporate and consumer borrowers, and management will update its estimate of expected credit losses as additional information becomes available.

Provision for credit losses was $998 thousand for the three months ended March 31, 2026, compared to $1.6 million for the three months ended March 31, 2025. The decrease in provision for credit losses was primarily due to a decrease in the loan portfolio, coupled with lower loan net charge-offs. In addition, included in the provision for credit losses for the three months ended March 31, 2026 was a provision of $114 thousand related to the allowance for unfunded commitments compared to $117 thousand provision, related to the allowance for unfunded commitments for the three months ended March 31, 2025.

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 March 31, 2026 and December 31, 2025, respectively:

March 31, 2026
NonaccrualNonaccrual With No Allowance for Credit LossLoans Receivable Past Due over 89 Days Still Accruing
Farmland$594 $594 $— 
Owner-occupied, nonfarm nonresidential properties8,753 8,057 — 
Commercial and Industrial10,125 8,602 — 
Other construction loans and all land development and other land loans4,036 367 — 
Multifamily (5 or more) residential properties782 137 — 
Non-owner occupied, nonfarm nonresidential properties4,987 2,787 — 
Home equity lines of credit2,018 2,018 — 
Residential Mortgages secured by first liens13,040 13,040 1 
Residential Mortgages secured by junior liens1,024 1,024 — 
Other revolving credit plans52 52 — 
Automobile88 88 — 
Other consumer640 640 — 
Credit cards— — 105 
Total$46,139 $37,406 $106 

December 31, 2025
NonaccrualNonaccrual With No Allowance for Credit LossLoans Receivable Past Due over 89 Days Still Accruing
Farmland$554 $554 $— 
Owner-occupied, nonfarm nonresidential properties5,849 5,153 — 
Commercial and Industrial8,856 8,335 — 
Other construction loans and all land development and other land loans4,011 378 — 
Multifamily (5 or more) residential properties799 155 — 
Non-owner occupied, nonfarm nonresidential properties2,883 470 — 
Home equity lines of credit2,004 2,004 — 
Residential Mortgages secured by first liens12,971 12,685 — 
Residential Mortgages secured by junior liens1,088 587 — 
Other revolving credit plans41 41 — 
Automobile55 55 — 
Other consumer734 734 — 
Credit cards— — 42 
Total$39,845 $31,151 $42 

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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 March 31, 2026:
Real Estate CollateralNon-Real Estate Collateral
Farmland$273 $— 
Owner-occupied, nonfarm nonresidential properties2,315 — 
Commercial and Industrial366 2,937 
Other construction loans and all land development and other land loans3,669 — 
Multifamily (5 or more) residential properties782 — 
Non-owner occupied, nonfarm nonresidential properties2,200 — 
Home equity lines of credit1,002 — 
Residential Mortgages secured by first liens2,423 — 
Residential Mortgages secured by junior liens391 — 
Total$13,421 $2,937 

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, 2025:
Real Estate CollateralNon-Real Estate Collateral
Farmland$312 $— 
Owner-occupied, nonfarm nonresidential properties2,542 — 
Commercial and Industrial373 3,045 
Other construction loans and all land development and other land loans3,633 — 
Multifamily (5 or more) residential properties799 — 
Non-owner occupied, nonfarm nonresidential properties2,413 — 
Home equity lines of credit1,011 — 
Residential Mortgages secured by first liens2,487 — 
Residential Mortgages secured by junior liens501 — 
Total$14,071 $3,045 

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The following table presents the aging of the amortized cost basis in past-due loans receivable as of March 31, 2026 by class of loans:
30 - 59
Days Past Due		60 - 89
Days Past Due		Greater Than 89
Days Past Due		Total Past DueLoans Receivable Not Past DueTotal
Farmland$— $358 $255 $613 $26,436 $27,049 
Owner-occupied, nonfarm nonresidential properties904 821 5,745 7,470 622,862 630,332 
Agricultural production and other loans to farmers— — — — 6,053 6,053 
Loans to depository institutions— — — — — — 
Commercial and Industrial745 605 8,004 9,354 804,892 814,246 
Obligations (other than securities and leases) of states and political subdivisions— — — — 169,180 169,180 
Other loans— — — — 47,344 47,344 
Other construction loans and all land development and other land loans174 — 1,565 1,739 421,728 423,467 
Multifamily (5 or more) residential properties437 — 645 1,082 644,839 645,921 
Non-owner occupied, nonfarm nonresidential properties669 200 2,256 3,125 1,364,904 1,368,029 
1-4 Family Construction— — — — 33,131 33,131 
Home equity lines of credit349 1,007 493 1,849 256,002 257,851 
Residential Mortgages secured by first liens13,968 3,758 6,272 23,998 1,722,879 1,746,877 
Residential Mortgages secured by junior liens298 48 180 526 132,067 132,593 
Other revolving credit plans13 10 37 60 51,469 51,529 
Automobile120 115 58 293 16,491 16,784 
Other consumer459 345 299 1,103 47,989 49,092 
Credit cards73 48 105 226 14,089 14,315 
Overdrafts— — — — 227 227 
Total$18,209 $7,315 $25,914 $51,438 $6,382,582 $6,434,020 

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The following table presents the aging of the amortized cost basis in past-due loans receivable as of December 31, 2025 by class of loans:
30 - 59
Days Past Due		60 - 89
Days Past Due		Greater Than 89
Days Past Due		Total Past DueLoans Receivable Not Past Due Total
Farmland$— $— $241 $241 $27,342 $27,583 
Owner-occupied, nonfarm nonresidential properties3,962 4,316 2,454 10,732 625,712 636,444 
Agricultural production and other loans to farmers— — — — 5,989 5,989 
Loans to depository institutions— — — — 2,439 2,439 
Commercial and Industrial975 1,376 6,715 9,066 769,912 778,978 
Obligations (other than securities and leases) of states and political subdivisions— — — — 171,486 171,486 
Other loans— — — — 47,719 47,719 
Other construction loans and all land development and other land loans2,660 62 1,565 4,287 361,887 366,174 
Multifamily (5 or more) residential properties— — 645 645 709,187 709,832 
Non-owner occupied, nonfarm nonresidential properties3,171 — — 3,171 1,416,472 1,419,643 
1-4 Family Construction— — — — 41,659 41,659 
Home equity lines of credit1,115 373 801 2,289 248,534 250,823 
Residential Mortgages secured by first liens13,304 8,450 7,935 29,689 1,733,382 1,763,071 
Residential Mortgages secured by junior liens281 538 198 1,017 139,773 140,790 
Other revolving credit plans78 34 21 133 48,820 48,953 
Automobile217 19 23 259 16,778 17,037 
Other consumer426 319 329 1,074 50,400 51,474 
Credit cards139 67 42 248 13,028 13,276 
Overdrafts— — — — 370 370 
Total$26,328 $15,554 $20,969 $62,851 $6,430,889 $6,493,740 

Loan Modifications

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 March 31, 2026 that were both experiencing financial difficulty and modified during the three months ended March 31, 2026, 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 ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Payment Delay and Term ExtensionTotal Class of Financing Receivable
Commercial and Industrial$— $— $136 $— $— — %
Other construction loans and all land development and other land loans— 143 — — — — 
Total$— $143 $136 $— $— — %

The following table presents the amortized cost basis of loans at March 31, 2025 that were both experiencing financial difficulty and modified during the three months ended March 31, 2025, 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 ForgivenessPayment DelayTerm ExtensionInterest Rate ReductionCombination Payment Delay and Term ExtensionTotal Class of Financing Receivable
Commercial and Industrial$— $6,961 $166 $— $— 1.0 %
Other construction loans and all land development and other land loans— — 10,115 — — 3.5 
Non-owner occupied, nonfarm nonresidential properties— — 1,962 — — 0.2 
Total$— $6,961 $12,243 $— $— 0.4 %

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 twelve months ended March 31, 2026:

Current30 - 59
Days Past Due		60 - 89
Days Past Due		Greater Than 89
Days Past Due		Total Past Due
Owner-occupied, nonfarm nonresidential properties$2,174 $— $— $— $— 
Commercial and Industrial136 — — — — 
Other construction loans and all land development and other land loans2,440 — — — — 
Multifamily (5 or more) residential properties
— 137 — — 137 
Non-owner occupied, nonfarm nonresidential properties2,200 — — — — 
Residential Mortgages secured by first liens200 — — — — 
Residential Mortgages secured by junior liens392 — — — — 
Total$7,542 $137 $— $— $137 

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The following table presents the performance of such loans that have been modified during the twelve months ended March 31, 2025:

Current30 - 59
Days Past Due		60 - 89
Days Past Due		Greater Than 89
Days Past Due		Total Past Due
Farmland$1,041 $— $— $— $— 
Owner-occupied, nonfarm nonresidential properties696 — — — — 
Commercial and Industrial7,127 — — — — 
Other construction loans and all land development and other land loans10,115 — — — — 
Non-owner occupied, nonfarm nonresidential properties7,186 — — — — 
Residential Mortgages secured by first liens350 — — — — 
Residential Mortgages secured by junior liens28 — — — — 
Total$26,543 $— $— $— $— 

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2026:

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

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2025:

Principal ForgivenessWeighted Average
Term Extension
(in years)		Weighted Average
Interest Rate Reduction
Commercial and Industrial$— 0.96— %
Other construction loans and all land development and other land loans— 0.75— 
Non-owner occupied, nonfarm nonresidential properties— 0.50— 
Total$— 0.71— %

There were no loans that had a payment default during the three months ended March 31, 2026 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.

There were no loans that had a payment default during the three months ended March 31, 2025 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.

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.

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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.

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.

March 31, 2026
Non-Pass Rated
PassSpecial MentionSubstandardDoubtfulTotal Non-PassTotal
Farmland$21,674 $— $5,375 $— $5,375 $27,049 
Owner-occupied, nonfarm nonresidential properties594,612 7,223 28,497 — 35,720 630,332 
Agricultural production and other loans to farmers6,053 — — — — 6,053 
Loans to depository institutions— — — — — — 
Commercial and Industrial753,023 5,714 55,509 — 61,223 814,246 
Obligations (other than securities and leases) of states and political subdivisions169,180 — — — — 169,180 
Other loans46,194 1,150 — — 1,150 47,344 
Other construction loans and all land development and other land loans416,995 2,660 3,812 — 6,472 423,467 
Multifamily (5 or more) residential properties
637,892 3,300 4,729 — 8,029 645,921 
Non-owner occupied, nonfarm nonresidential properties1,337,374 10,782 19,873 — 30,655 1,368,029 
Total$3,982,997 $30,829 $117,795 $— $148,624 $4,131,621 

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Table of Contents
December 31, 2025
Non-Pass Rated
PassSpecial MentionSubstandardDoubtfulTotal Non-PassTotal
Farmland$22,370 $— $5,213 $— $5,213 $27,583 
Owner-occupied, nonfarm nonresidential properties607,698 2,708 26,038 — 28,746 636,444 
Agricultural production and other loans to farmers5,989 — — — — 5,989 
Loans to depository institutions2,439 — — — — 2,439 
Commercial and Industrial714,190 5,960 58,828 — 64,788 778,978 
Obligations (other than securities and leases) of states and political subdivisions171,486 — — — — 171,486 
Other loans46,569 1,150 — — 1,150 47,719 
Other construction loans and all land development and other land loans362,193 — 3,981 — 3,981 366,174 
Multifamily (5 or more) residential properties
699,736 3,432 6,664 — 10,096 709,832 
Non-owner occupied, nonfarm nonresidential properties1,390,810 10,788 18,045 — 28,833 1,419,643 
Total$4,023,480 $24,038 $118,769 $— $142,807 $4,166,287 

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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 March 31, 2026. Current period originations may include modifications.
Term Loans Amortized Cost Basis by Origination Year
20262025202420232022PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Farmland
Risk rating
Pass$252 $3,730 $122 $745 $4,565 $11,809 $451 $— $21,674 
Special mention— — — — — — — — — 
Substandard— — 155 100 4,739 381 — — 5,375 
Total$252 $3,730 $277 $845 $9,304 $12,190 $451 $— $27,049 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Owner-occupied, nonfarm nonresidential properties
Risk rating
Pass$11,853 $74,103 $80,309 $69,030 $111,188 $232,752 $15,377 $— $594,612 
Special mention27 1,215 — 2,464 233 2,928 356 — 7,223 
Substandard— 99 14,652 2,002 6,387 4,551 806 — 28,497 
Total$11,880 $75,417 $94,961 $73,496 $117,808 $240,231 $16,539 $— $630,332 
Current period gross write offs$— $— $— $— $42 $5 $— $— $47 
Agricultural production and other loans to farmers
Risk rating
Pass$— $52 $4,767 $393 $— $31 $810 $— $6,053 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total$— $52 $4,767 $393 $— $31 $810 $— $6,053 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Loans to depository institutions
Risk rating
Pass$— $— $— $— $— $— $— $— $— 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total$— $— $— $— $— $— $— $— $— 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Commercial and Industrial
Risk rating
Pass$73,640 $118,629 $100,580 $25,208 $65,863 $55,554 $313,549 $— $753,023 
Special mention— 18 409 30 — 1,183 4,074 — 5,714 
Substandard133 1,526 228 3,808 12,417 1,490 35,907 — 55,509 
Total$73,773 $120,173 $101,217 $29,046 $78,280 $58,227 $353,530 $— $814,246 
Current period gross write offs$— $— $37 $— $71 $— $— $— $108 
Obligations (other than securities and leases) of states and political subdivisions
Risk rating
Pass$703 $1,122 $6,260 $30,708 $17,900 $109,044 $3,443 $— $169,180 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total$703 $1,122 $6,260 $30,708 $17,900 $109,044 $3,443 $— $169,180 
Current period gross write offs$— $— $— $— $— $— $— $— $— 

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Table of Contents
Term Loans Amortized Cost Basis by Origination Year
20262025202420232022PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Other loans
Risk rating
Pass$200 $23,281 $819 $2,885 $11,728 $5,567 $1,714 $— $46,194 
Special mention— — — — — — 1,150 — 1,150 
Substandard— — — — — — — — — 
Total$200 $23,281 $819 $2,885 $11,728 $5,567 $2,864 $— $47,344 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Other construction loans and all land development and other land loans
Risk rating
Pass$13,155 $154,533 $108,836 $72,238 $36,351 $6,195 $25,687 $— $416,995 
Special mention— 2,660 — — — — — — 2,660 
Substandard— — 2,297 — 143 1,372 — — 3,812 
Total$13,155 $157,193 $111,133 $72,238 $36,494 $7,567 $25,687 $— $423,467 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Multifamily (5 or more) residential properties
Risk rating
Pass$5,044 $123,085 $43,504 $88,189 $252,264 $123,170 $2,636 $— $637,892 
Special mention— — — — — 3,300 — — 3,300 
Substandard— 3,947 — 137 — 645 — — 4,729 
Total$5,044 $127,032 $43,504 $88,326 $252,264 $127,115 $2,636 $— $645,921 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Non-owner occupied, nonfarm nonresidential properties
Risk rating
Pass$18,597 $155,713 $173,050 $214,382 $373,403 $388,447 $13,782 $— $1,337,374 
Special mention— 10,112 — 57 205 — 408 — 10,782 
Substandard— 62 13,630 739 468 4,974 — — 19,873 
Total$18,597 $165,887 $186,680 $215,178 $374,076 $393,421 $14,190 $— $1,368,029 
Current period gross write offs$— $— $— $— $— $— $— $— $— 

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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, 2025. Current period originations may include modifications.
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Farmland
Risk rating
Pass$3,753 $123 $852 $4,898 $5,664 $6,500 $580 $— $22,370 
Special mention— — — — — — — — — 
Substandard— 163 — 4,618 — 432 — — 5,213 
Total$3,753 $286 $852 $9,516 $5,664 $6,932 $580 $— $27,583 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Owner-occupied, nonfarm nonresidential properties
Risk rating
Pass$73,282 $73,484 $77,896 $118,194 $113,910 $139,469 $11,463 $— $607,698 
Special mention50 — 226 236 337 1,749 110 — 2,708 
Substandard102 14,681 2,239 3,097 933 4,179 807 — 26,038 
Total$73,434 $88,165 $80,361 $121,527 $115,180 $145,397 $12,380 $— $636,444 
Current period gross write offs$— $— $— $1,516 $— $— $— $— $1,516 
Agricultural production and other loans to farmers
Risk rating
Pass$98 $4,816 $410 $5 $12 $24 $624 $— $5,989 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total$98 $4,816 $410 $5 $12 $24 $624 $— $5,989 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Loans to depository institutions
Risk rating
Pass$— $2,439 $— $— $— $— $— $— $2,439 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total$— $2,439 $— $— $— $— $— $— $2,439 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Commercial and Industrial
Risk rating
Pass$133,217 $109,670 $38,959 $81,882 $44,264 $31,010 $275,188 $— $714,190 
Special mention20 423 60 — 1,339 26 4,092 — 5,960 
Substandard2,250 274 3,947 12,928 407 925 38,097 — 58,828 
Total$135,487 $110,367 $42,966 $94,810 $46,010 $31,961 $317,377 $— $778,978 
Current period gross write offs$22 $49 $98 $9 $26 $147 $656 $31 $1,038 
Obligations (other than securities and leases) of states and political subdivisions
Risk rating
Pass$933 $6,563 $30,181 $18,655 $39,626 $71,173 $4,355 $— $171,486 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total$933 $6,563 $30,181 $18,655 $39,626 $71,173 $4,355 $— $171,486 
Current period gross write offs$— $— $— $— $— $— $— $— $— 

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Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
Other loans
Risk rating
Pass$23,315 $860 $2,903 $11,888 $4,537 $1,362 $1,704 $— $46,569 
Special mention— — — — — — 1,150 — 1,150 
Substandard— — — — — — — — — 
Total$23,315 $860 $2,903 $11,888 $4,537 $1,362 $2,854 $— $47,719 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Other construction loans and all land development and other land loans
Risk rating
Pass$126,890 $108,759 $71,368 $36,239 $7,249 $2,635 $9,053 $— $362,193 
Special mention— — — — — — — — — 
Substandard— 2,462 — 147 — 1,372 — — 3,981 
Total$126,890 $111,221 $71,368 $36,386 $7,249 $4,007 $9,053 $— $366,174 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Multifamily (5 or more) residential properties
Risk rating
Pass$129,491 $60,801 $91,724 $278,967 $79,805 $56,441 $2,507 $— $699,736 
Special mention— — — — 3,432 — — — 3,432 
Substandard5,721 — 299 — 644 — — — 6,664 
Total$135,212 $60,801 $92,023 $278,967 $83,881 $56,441 $2,507 $— $709,832 
Current period gross write offs$— $— $— $1,072 $— $— $— $— $1,072 
Non-owner occupied, nonfarm nonresidential properties
Risk rating
Pass$175,561 $163,033 $246,911 $388,071 $230,700 $179,764 $6,770 $— $1,390,810 
Special mention10,115 — 56 206 — — 411 — 10,788 
Substandard— 13,340 744 471 — 3,490 — — 18,045 
Total$185,676 $176,373 $247,711 $388,748 $230,700 $183,254 $7,181 $— $1,419,643 
Current period gross write offs$— $— $— $— $— $— $— $— $— 

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.

March 31, 2026December 31, 2025
PerformingNonperformingTotalPerformingNonperformingTotal
1-4 Family Construction$33,131 $— $33,131 $41,659 $— $41,659 
Home equity lines of credit255,833 2,018 257,851 248,819 2,004 250,823 
Residential Mortgages secured by first liens1,733,837 13,040 1,746,877 1,750,100 12,971 1,763,071 
Residential Mortgages secured by junior liens131,569 1,024 132,593 139,702 1,088 140,790 
Other revolving credit plans51,477 52 51,529 48,912 41 48,953 
Automobile16,696 88 16,784 16,982 55 17,037 
Other consumer48,452 640 49,092 50,740 734 51,474 
Total$2,270,995 $16,862 $2,287,857 $2,296,914 $16,893 $2,313,807 
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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 March 31, 2026. Current period originations may include modifications.
Term Loans Amortized Cost Basis by Origination Year
20262025202420232022PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
1-4 Family Construction
Payment performance
Performing$1,242 $15,837 $12,678 $3,322 $— $38 $14 $— $33,131 
Nonperforming— — — — — — — — — 
Total$1,242 $15,837 $12,678 $3,322 $— $38 $14 $— $33,131 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Home equity lines of credit
Payment performance
Performing$13,746 $74,912 $46,028 $25,312 $29,345 $49,508 $9,025 $7,957 $255,833 
Nonperforming— — — — — 32 35 1,951 2,018 
Total$13,746 $74,912 $46,028 $25,312 $29,345 $49,540 $9,060 $9,908 $257,851 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Residential mortgages secured by first lien
Payment performance
Performing$29,445 $180,985 $181,552 $190,491 $344,037 $804,775 $2,552 $— $1,733,837 
Nonperforming— 26 579 3,196 2,363 6,876 — — 13,040 
Total$29,445 $181,011 $182,131 $193,687 $346,400 $811,651 $2,552 $— $1,746,877 
Current period gross write offs$— $— $— $— $72 $1 $— $— $73 
Residential mortgages secured by junior liens
Payment performance
Performing$5,511 $27,382 $22,701 $24,004 $25,512 $24,710 $1,749 $— $131,569 
Nonperforming— 392 44 180 45 305 58 — 1,024 
Total$5,511 $27,774 $22,745 $24,184 $25,557 $25,015 $1,807 $— $132,593 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Other revolving credit plans
Payment performance
Performing$2,408 $8,575 $6,397 $5,229 $6,521 $22,347 $— $— $51,477 
Nonperforming— — 4 2 6 40 — — 52 
Total$2,408 $8,575 $6,401 $5,231 $6,527 $22,387 $— $— $51,529 
Current period gross write offs$— $— $— $— $4 $22 $— $— $26 
Automobile
Payment performance
Performing$1,790 $4,541 $3,595 $4,143 $1,651 $976 $— $— $16,696 
Nonperforming— — 23 11 53 1 — — 88 
Total$1,790 $4,541 $3,618 $4,154 $1,704 $977 $— $— $16,784 
Current period gross write offs$— $3 $— $— $— $— $— $— $3 
Other consumer
Payment performance
Performing$3,956 $18,765 $13,071 $5,906 $2,188 $4,566 $— $— $48,452 
Nonperforming— 141 253 101 73 72 — — 640 
Total$3,956 $18,906 $13,324 $6,007 $2,261 $4,638 $— $— $49,092 
Current period gross write offs$— $136 $201 $113 $27 $12 $— $— $489 

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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, 2025.
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
1-4 Family Construction
Payment performance
Performing$18,062 $20,514 $3,043 $— $— $40 $— $— $41,659 
Nonperforming— — — — — — — — — 
Total$18,062 $20,514 $3,043 $— $— $40 $— $— $41,659 
Current period gross write offs$— $— $— $— $— $— $— $— $— 
Home equity lines of credit
Payment performance
Performing$73,131 $48,440 $27,018 $31,431 $10,894 $41,169 $10,387 $6,349 $248,819 
Nonperforming— — 47 — — 57 — 1,900 2,004 
Total$73,131 $48,440 $27,065 $31,431 $10,894 $41,226 $10,387 $8,249 $250,823 
Current period gross write offs$— $— $— $— $— $70 $— $— $70 
Residential mortgages secured by first lien
Payment performance
Performing$175,742 $183,335 $192,874 $350,908 $277,658 $567,167 $2,416 $— $1,750,100 
Nonperforming31 616 3,147 2,318 1,477 5,382 — — 12,971 
Total$175,773 $183,951 $196,021 $353,226 $279,135 $572,549 $2,416 $— $1,763,071 
Current period gross write offs$— $— $— $300 $32 $20 $— $— $352 
Residential mortgages secured by junior liens
Payment performance
Performing$27,734 $31,840 $25,138 $26,987 $11,589 $15,252 $1,162 $— $139,702 
Nonperforming501 44 133 31 111 210 58 — 1,088 
Total$28,235 $31,884 $25,271 $27,018 $11,700 $15,462 $1,220 $— $140,790 
Current period gross write offs$260 $— $— $— $— $— $— $— $260 
Other revolving credit plans
Payment performance
Performing$9,962 $4,754 $4,194 $6,642 $2,736 $20,470 $154 $— $48,912 
Nonperforming— 4 2 4 5 26 — — 41 
Total$9,962 $4,758 $4,196 $6,646 $2,741 $20,496 $154 $— $48,953 
Current period gross write offs$— $38 $4 $3 $7 $106 $— $— $158 
Automobile
Payment performance
Performing$5,071 $3,973 $4,780 $2,028 $342 $788 $— $— $16,982 
Nonperforming— 26 11 17 — 1 — — 55 
Total$5,071 $3,999 $4,791 $2,045 $342 $789 $— $— $17,037 
Current period gross write offs$18 $11 $23 $— $— $— $— $— $52 
Other consumer
Payment performance
Performing$21,250 $15,173 $6,872 $2,617 $1,166 $3,662 $— $— $50,740 
Nonperforming147 282 163 60 51 31 — — 734 
Total$21,397 $15,455 $7,035 $2,677 $1,217 $3,693 $— $— $51,474 
Current period gross write offs$141 $1,068 $715 $188 $72 $15 $— $— $2,199 

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 March 31, 2026December 31, 2025
Credit card
Payment performance
Performing$14,210 $13,234 
Nonperforming105 42 
Total$14,315 $13,276 
Current period gross write offs$90 $502 

Holiday's loan portfolio, included in other consumer loans above, is summarized as follows at March 31, 2026 and December 31, 2025:

March 31, 2026December 31, 2025
Gross other consumer$9,934 $12,746 
Less: other consumer unearned discounts(1,006)(1,489)
Total other consumer loans, net of unearned discounts$8,928 $11,257 

6.    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.

LeasesClassificationMarch 31, 2026December 31, 2025
Assets:
Operating lease assetsOperating lease right-of-use assets$40,118 $40,876 
Finance lease assetsFinance lease right-of-use assets17,289 17,417 
Finance lease assets
Premises and equipment, net (1)
54 71 
Total leased assets$57,461 $58,364 
Liabilities:
Operating lease liabilitiesOperating lease liabilities$43,101 $43,747 
Finance lease liabilitiesAccrued interest payable and other liabilities18,026 18,051 
Total leased liabilities$61,127 $61,798 
(1) Finance lease assets are recorded net of accumulated amortization of $1.2 million as of March 31, 2026 and $1.1 million as of December 31, 2025.

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The components of the Corporation's net lease expense for the three months ended March 31, 2026 and 2025, respectively, were as follows:
Three Months Ended March 31,
Lease CostClassification20262025
Operating lease costNet occupancy expense$1,047 $790 
Variable lease costNet occupancy expense76 49 
Finance lease cost:
Amortization of leased assetsNet occupancy expense146 147 
Interest on lease liabilitiesInterest expense - borrowed funds236 236 
Sublease income (1)
Net occupancy expense(28)(26)
Net lease cost$1,477 $1,196 
(1) Sublease income excludes rental income from owned properties.

The following table sets forth future minimum rental payments under noncancellable leases with initial terms in excess of one year as of March 31, 2026:
Maturity of Lease Liabilities as of March 31, 2026
Operating Leases (1)
Finance LeasesTotal
2026$2,774 $779 $3,553 
20273,408 934 4,342 
20283,357 978 4,335 
20293,196 978 4,174 
20303,156 9784,134 
After 203053,821 37,15690,977 
Total lease payments69,712 41,803 111,515 
Less: Interest26,611 23,777 50,388 
Present value of lease liabilities$43,101 $18,026 $61,127 
(1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised.

Lease terms and discount rates related to the Corporation's lease liabilities as of March 31, 2026 and December 31, 2025 were as follows:
Lease Term and Discount RateMarch 31, 2026December 31, 2025
Weighted-average remaining lease term (years)
Operating leases21.521.6
Finance leases33.733.9
Weighted-average discount rate
Operating leases4.38 %4.33 %
Finance leases5.29 %5.32 %

Other information related to the Corporation's lease liabilities as of March 31, 2026 and 2025, respectively, was as follows:
Other InformationMarch 31, 2026March 31, 2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$494 $286 

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7.    DEPOSITS

The following table reflects time certificates of deposit accounts included in total deposits and their remaining maturities at March 31, 2026:
Time deposits maturing:
2026$808,966 
2027287,802 
202837,483 
202910,122 
20305,803 
Thereafter2,921 
$1,153,097 

Certificates of deposits of $250 thousand or more totaled $201.4 million and $194.3 million at March 31, 2026 and December 31, 2025, respectively.

The Corporation had $303.2 million in brokered deposits as of March 31, 2026 compared to $254.8 million at December 31, 2025. In addition, the Corporation had $917.9 million and $1.1 billion in reciprocal deposits at March 31, 2026 and December 31, 2025, respectively.

8.    BORROWINGS

At March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025.

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 March 31, 2026, and December 31, 2025 were $3.5 billion and $3.6 billion, respectively. The Bank could obtain advances of up to approximately $1.9 billion from the FHLB at March 31, 2026 and $1.9 billion at December 31, 2025.

At March 31, 2026 and December 31, 2025, outstanding advances from the FHLB were as follows:

March 31, 2026December 31, 2025
Open Repo borrowing at an interest rate of 3.97% and 3.93% at March 31, 2026 and December 31, 2025, respectfully. The maximum amount of the Open Repo borrowing available is $250,000.
$164,000 $164,000 
Total$164,000 $164,000 

At March 31, 2026 and December 31, 2025, municipal deposit letters of credit issued by the FHLB on behalf of the Bank naming applicable municipalities as beneficiaries were $224.8 million and $260.1 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 March 31, 2026, the Bank had borrowing capacity through the Federal Reserve BIC program of $206.1 million. Borrowings under the BIC program are overnight advances with interest chargeable at the discount window ("primary credit") borrowing rate. At March 31, 2026, the Bank had pledged certain qualifying loans with an unpaid principal balance of $225.6 million and securities with a carrying value of $62.2 million as collateral.

At March 31, 2026 and December 31, 2025, the Bank had no borrowings from the Federal Reserve BIC program and discount window.

Other Borrowings

At March 31, 2026 and December 31, 2025, 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 5.49% at March 31, 2026 and 5.53% at December 31, 2025. 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 $0.1 million and $0.1 million as of March 31, 2026 and December 31, 2025, respectively.

9.    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.

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Loans to principal officers, directors, and their affiliates during the three months ended March 31, 2026 were as follows:

Beginning balance$40,617 
New loans and advances232 
Effect of changes in composition of related parties309 
Repayments(1,210)
Ending balance$39,948 

Deposits from directors, executive officers, and their affiliates were $13.1 million and $13.3 million at March 31, 2026 and December 31, 2025, respectively.

10.    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 March 31, 2026 and December 31, 2025, 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 13, "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.

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 March 31, 2026 and December 31, 2025 were as follows:
 March 31, 2026December 31, 2025
 Fixed RateVariable RateFixed RateVariable Rate
Commitments to extended credit$125,165 $485,604 $137,684 $535,116 
Unused lines of credit55,927 1,053,424 71,368 1,049,890 
Standby letters of credit23,630 10,502 24,136 12,322 

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.

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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 5, "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 months ended March 31, 2026 and 2025, respectively:
Three Months Ended
 March 31,
 20262025
Beginning balance$1,152 $944 
Provision for credit losses on unfunded loan commitments (1)
114 117 
Ending balance$1,266 $1,061 
(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 March 31, 2026 and December 31, 2025 were $26.7 million and $27.7 million, respectively. Unfunded capital commitments in investments in SBICs and CDEs totaled $8.0 million and $12.2 million as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025 were $8.2 million and $6.8 million, respectively. The related amortization for the three months ended March 31, 2026 and 2025 was $282 thousand and $172 thousand, respectively. Unfunded commitments, reported in accrued interest payable and other liabilities on the condensed consolidated balance sheets, as of March 31, 2026 and December 31, 2025 were $225 thousand and $1.0 million, respectively.

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 both March 31, 2026 and December 31, 2025 were $4.1 million. The investments do not have any related amortization for the three months ended March 31, 2026 and 2025. Unfunded commitments, reported in accrued interest payable and other liabilities on the condensed consolidated balance sheets, as of March 31, 2026 and December 31, 2025 were $2.4 million and $3.2 million, 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.

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11.    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. In April 2025, the Corporation's shareholders approved the CNB Financial Corporation 2025 Omnibus Incentive Plan (the "2025 Stock Incentive Plan"), which replaces the CNB Financial Corporation 2019 Omnibus Incentive Plan (the "2019 Stock Incentive Plan") and provides for the issuance of up to 782,246 shares of common stock (including shares that remained available for future awards under the 2019 Stock Incentive Plan as of the effective date of the 2025 Plan and shares related to outstanding awards under the 2019 Stock Incentive Plan that may become available after expiration, forfeiture or cancellation of such awards). The 2025 Stock Incentive Plan provides for the issuance of common stock through the grant of a variety of awards, including stock options, stock appreciation rights, restricted stock units, unrestricted stock, dividend equivalent rights and other equity-based awards. The 2025 Stock Incentive Plan terminates in January 2035, unless terminated earlier by the Board of Directors.

For key employees, the vesting of time-based restricted stock is generally one-third or one-fourth of the granted restricted shares per year, beginning one year after the grant date, with 100% vesting on the third or fourth anniversary of the grant date, respectively. Stock compensation received by non-employee directors vests in full as of the year-end of the year of grant.

At March 31, 2026, 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 months ended March 31, 2026 and 2025.

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 $791 thousand for the three months ended March 31, 2026, and $455 thousand for the three months ended March 31, 2025. The total income tax benefit related to the recognized compensation cost of vested restricted stock awards was $166 thousand for the three months ended March 31, 2026, and $96 thousand for the three months ended March 31, 2025.

A summary of changes in time-based unvested restricted stock awards for the three months ended March 31, 2026 follows:
SharesPer Share Weighted Average Grant Date Fair Value
Unvested at beginning of period247,184 $22.50 
Granted170,302 27.70 
Forfeited(8,364)24.79 
Vested(98,827)22.85 
Unvested at end of period310,295 $25.18 

As of March 31, 2026 and December 31, 2025, there was $7.4 million and $3.6 million, respectively, of total unrecognized compensation cost related to non-vested shares granted under the 2025 Stock Incentive Plan. The fair value of shares vested was $2.7 million during the three months ended March 31, 2026, respectively and $1.5 million during the three months ended March 31, 2025, 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 2026, awards representing a maximum of 48,848 shares in aggregate were granted to key employees. In 2025, awards representing a maximum of 55,575 shares in aggregate were granted to key employees. In 2024, awards representing a maximum of 44,988 shares in aggregate were granted to key employees.

In 2026, the 2023 PBRSAs were fully earned and in 2026, 15,294 shares were fully distributed. The fair value of the shares distributed in 2025 was $424 thousand.

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12.    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 months ended March 31, 2026 and 2025, 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.

The computation of basic and diluted earnings per common share is shown below:
Three Months Ended March 31,
 20262025
Basic earnings per common share computation:
Net income per condensed consolidated statements of income$25,961 $10,406 
Net earnings allocated to participating securities(237)(57)
Net earnings allocated to common stock$25,724 $10,349 
Distributed earnings allocated to common stock$5,572 $3,756 
Undistributed earnings allocated to common stock20,152 6,593 
Net earnings allocated to common stock$25,724 $10,349 
Weighted average common shares outstanding, including shares considered participating securities29,576 20,981 
Less: Average participating securities(259)(114)
Weighted average shares29,317 20,867 
Basic earnings per common share$0.88 $0.50 
Diluted earnings per common share computation:
Net earnings allocated to common stock$25,724 $10,349 
Weighted average common shares outstanding for basic earnings per common share29,317 20,867 
Add: Dilutive effect of stock compensation122 58 
Weighted average shares and dilutive potential common shares29,439 20,925 
Diluted earnings per common share$0.88 $0.50 

13.    DERIVATIVE INSTRUMENTS

As of March 31, 2026 and December 31, 2025, 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.

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.

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The Corporation pledged cash collateral to another financial institution with a balance of $523 thousand as of March 31, 2026 and $1.3 million as of December 31, 2025. This balance is included in cash and cash equivalents due from banks on the condensed consolidated balance sheets. The Corporation received cash collateral from another financial institution with a balance $3.3 million as of March 31, 2026 and $2.6 million balance as of December 31, 2025. This balance is included in interest bearing deposits 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.

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 March 31, 2026 and December 31, 2025:
Fair Value
Notional
Amount		AssetLiability
March 31, 2026$174,897 $5,198 (a)$5,198 (b)
December 31, 2025$181,171 $5,873 (a)$5,873 (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 $64.8 million as of March 31, 2026 and $53.1 million as of December 31, 2025.

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 $28.6 million as of March 31, 2026 and $28.7 million as of December 31, 2025.

The fair value of the RPAs swaps was $22 thousand and $18 thousand as of March 31, 2026 and December 31, 2025, respectively, and is reported in accrued interest payable and other liabilities within the condensed consolidated balance sheets.

14.    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.
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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).

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.

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Assets and liabilities measured at fair value on a recurring basis are as follows at March 31, 2026 and December 31, 2025:

  Fair Value Measurements at March 31, 2026 Using:
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
DescriptionTotal(Level 1)(Level 2)(Level 3)
Assets:
Securities Available-For-Sale:
U.S. Government sponsored entities$97,859 $68,072 $29,787 $— 
States and political subdivisions86,396 — 86,396 — 
Residential and multi-family mortgage464,036 — 464,036 — 
Corporate notes and bonds40,373 — 40,373 — 
Pooled SBA6,868 — 6,868 — 
Total Securities Available-For-Sale$695,532 $68,072 $627,460 $— 
Interest Rate swaps$5,198 $— $5,198 $— 
Equity Securities:
Corporate equity securities$4,686 $4,686 $— $— 
Mutual funds3,972 3,972 — — 
Money market funds247 247 — — 
Corporate notes1,999 — 1,999 — 
Total Equity Securities$10,904 $8,905 $1,999 $— 
Liabilities:
Interest Rate Swaps$(5,198)$— $(5,198)$— 

  Fair Value Measurements at December 31, 2025 Using:
  Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Inputs
DescriptionTotal(Level 1)(Level 2)(Level 3)
Assets:
Securities Available-For-Sale:
U.S. Government sponsored entities$113,095 $88,113 $24,982 $— 
States and political subdivisions87,848 — 87,848 — 
Residential and multi-family mortgage328,247 — 328,247 — 
Corporate notes and bonds47,940 — 47,940 — 
Pooled SBA7,200 — 7,200 — 
Total Securities Available-For-Sale$584,330 $88,113 $496,217 $— 
Interest Rate swaps$5,873 $— $5,873 $— 
Equity Securities:
Corporate equity securities$4,745 $4,745 $— $— 
Mutual funds3,792 3,792 — — 
Money market funds245 245 — — 
Corporate notes2,083 — 2,083 — 
Total Equity Securities$10,865 $8,782 $2,083 $— 
Liabilities:
Interest Rate Swaps$(5,873)$— $(5,873)$— 

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Assets and liabilities measured at fair value on a non-recurring basis are as follows at March 31, 2026 and December 31, 2025:

  Fair Value Measurements at March 31, 2026 Using
DescriptionTotalQuoted 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$273 $— $— $273 
Owner-occupied, nonfarm nonresidential properties1,955 — — 1,955 
Commercial and industrial2,730 — — 2,730 
Other construction loans and all land development loans and other land loans2,543 — — 2,543 
Multifamily (5 or more) residential properties632 — — 632 
Non-owner occupied, nonfarm nonresidential1,063 — — 1,063 
Home equity lines of credit1,002 — — 1,002 
Residential mortgages secured by first liens2,423 — — 2,423 
Residential mortgages secured by junior liens391 — — 391 

  Fair Value Measurements at December 31, 2025 Using
DescriptionTotalQuoted 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$313 $— $— $313 
Owner-occupied, nonfarm nonresidential properties2,192 — — 2,192 
Commercial and industrial3,207 — — 3,207 
Other construction loans and all land development loans and other land loans2,608 — — 2,608 
Multifamily (5 or more) residential properties654 — — 654 
Non-owner occupied, nonfarm nonresidential1,305 — — 1,305 
Home equity lines of credit1,011 — — 1,011 
Residential mortgages secured by first liens2,387 — — 2,387 
Residential mortgages secured by junior liens437 — — 437 

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 March 31, 2026:
Fair
value		Valuation
Technique		Unobservable InputsRange
(Weighted
Average)
Collateral-dependent loans receivable:
Farmland$273 Valuation of third party appraisal on underlying collateralLoss severity rates
27% (27%)
Owner-occupied, nonfarm nonresidential properties1,955 Valuation of third party appraisal on underlying collateralLoss severity rates
15%-100% (45%)
Commercial and industrial2,730 Valuation of third party appraisal on underlying collateralLoss severity rates
4%-100% (35%)
Other construction loans and all land development loans and other land loans2,543 Valuation of third party appraisal on underlying collateralLoss severity rates
32%-40% (37%)
Multifamily (5 or more) residential properties632 Valuation of third party appraisal on underlying collateralLoss severity rates
27%-32% (31%)
Non-owner occupied, nonfarm nonresidential1,063 Valuation of third party appraisal on underlying collateralLoss severity rates
87% (87%)
Home equity lines of credit1,002 Valuation of third party appraisal on underlying collateralLoss severity rates
15%-22% (17%)
Residential Mortgages secured by first liens2,423 Valuation of third party appraisal on underlying collateralLoss severity rates
15%-27% (17%)
Residential mortgages secured by junior liens391 Valuation of third party appraisal on underlying collateralLoss severity rates
17% (17%)

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, 2025:
Fair
value		Valuation
Technique		Unobservable InputsRange
(Weighted
Average)
Collateral-dependent loans receivable:
Farmland$313 Valuation of third party appraisal on underlying collateralLoss severity rates
27% (27%)
Owner-occupied, nonfarm nonresidential properties2,192 Valuation of third party appraisal on underlying collateralLoss severity rates
15%-100% (50%)
Commercial and industrial3,207 Valuation of third party appraisal on underlying collateralLoss severity rates
10%-100% (33%)
Other construction loans and all land development loans and other land loans2,608 Valuation of third party appraisal on underlying collateralLoss severity rates
32%-38% (36%)
Multifamily (5 or more) residential properties654 Valuation of third party appraisal on underlying collateralLoss severity rates
27%-32% (31%)
Non-owner occupied, nonfarm nonresidential1,305 Valuation of third party appraisal on underlying collateralLoss severity rates
87% (87%)
Home equity lines of credit1,011 Valuation of third party appraisal on underlying collateralLoss severity rates
15%-22% (17%)
Residential mortgages secured by first liens2,387 Valuation of third party appraisal on underlying collateralLoss severity rates
15%-60% (28%)
Residential mortgages secured by junior liens437 Valuation of third party appraisal on underlying collateralLoss severity rates
17% (17%)
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Fair Value of Financial Instruments

The following table presents the carrying amount and fair value of financial instruments at March 31, 2026:
 CarryingFair Value Measurement Using:Total
 AmountLevel 1Level 2Level 3Fair Value
ASSETS
Cash and cash equivalents$602,460 $602,460 $— $— $602,460 
Debt securities available-for-sale695,532 68,072 627,460 — 695,532 
Debt securities held-to-maturity225,193 53,676 158,894 — 212,570 
Equity securities10,904 8,905 1,999 — 10,904 
Loans held for sale280 — 278 — 278 
Net loans receivable6,366,965 — — 6,385,256 6,385,256 
FHLB and other restricted stock holdings and investments75,493 n/an/an/an/a
Interest rate swaps5,198 — 5,198 — 5,198 
Accrued interest receivable34,148 687 3,108 30,353 34,148 
LIABILITIES
Deposits$(7,140,276)$(5,987,179)$(1,148,128)$— $(7,135,307)
Short-term borrowings(164,000)— (164,032)— (164,032)
Subordinated notes and debentures(105,570)— (118,748)— (118,748)
Deposits held for sale(89,923)(72,371)(17,476)— (89,847)
Interest rate swaps(5,198)— (5,198)— (5,198)
Accrued interest payable(8,648)— (8,648)— (8,648)

The following table presents the carrying amount and fair value of financial instruments at December 31, 2025:
 CarryingFair Value Measurement Using:Total
 AmountLevel 1Level 2Level 3Fair Value
ASSETS
Cash and cash equivalents$527,896 $527,896 $— $— $527,896 
Debt securities available-for-sale584,330 88,113 496,217 — 584,330 
Debt securities held-to-maturity242,138 58,483 171,211 — 229,694 
Equity securities10,865 8,782 2,083 — 10,865 
Loans held for sale2,517 — 2,506 — 2,506 
Net loans receivable6,426,685 — — 6,444,201 6,444,201 
FHLB and other restricted stock holdings and investments58,547 n/an/an/an/a
Interest rate swaps5,873 — 5,873 — 5,873 
Accrued interest receivable34,324 1,078 2,911 30,335 34,324 
LIABILITIES
Deposits$(7,027,109)$(5,929,321)$(1,094,998)$— $(7,024,319)
Short-term borrowings(164,000)— (164,145)— (164,145)
Subordinated notes and debentures(105,494)— (119,450)— (119,450)
Deposits held for sale(88,119)(70,524)(17,550)— (88,074)
Interest rate swaps(5,873)— (5,873)— (5,873)
Accrued interest payable(7,324)— (7,324)— (7,324)

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.

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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.

15.    SEGMENT REPORTING

The Corporation generates revenue through the operation of a full-service bank and manages the business activities on a consolidated basis. The nature of the products and services offered, and the types of customers served are similar across the geographic footprint the Bank operates in. The banking segment derives its revenue primarily through the operations as a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. There are branch offices located in Pennsylvania, Ohio, New York and Virginia. The accounting policies of the banking segment are the same as those described in the summary of significant accounting policies. Accordingly, all of the financial service operations are considered by management to be aggregated in one reportable operating segment.

The Corporation's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer, Michael D. Peduzzi. The CODM assesses performance for the banking segment and decides how to allocate resources based on consolidated net income as reported on the income statement. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM uses net income to evaluate overall financial performance and profitability, and it is utilized as a key metric in evaluating the achievement of the Corporation's strategic plan. Net income is used to monitor budget versus actual results. The comparison of budgeted versus actual net income results are used in assessing the banking segment's performance and in establishing management's compensation.

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Information reported internally for performance assessment by the CODM follows, including reconciliation to the financial statements.

Three Months Ended March 31,
20262025
INTEREST AND DIVIDEND INCOME:
Loans including fees
Interest and fees on loans$101,327 $72,379 
Investment Securities10,711 10,000 
Total interest and dividend income112,038 82,379 
Interest Expense:
Deposits35,967 32,634 
Borrowed funds and finance lease liabilities2,748 1,314 
Total interest expense38,715 33,948 
NET INTEREST INCOME73,323 48,431 
PROVISION FOR CREDIT LOSS EXPENSE998 1,556 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE72,325 46,875 
NON-INTEREST INCOME:
Service charges on deposit accounts2,034 1,714 
Other service charges and fees422 510 
Wealth and asset management fees2,357 1,796 
Net realized and unrealized gains (losses) on securities242 (249)
Mortgage banking341 96 
Bank owned life insurance986 760 
Card processing and interchange income2,586 2,107 
Other non-interest income1,030 1,773 
Total non-interest income9,998 8,507 
NON-INTEREST EXPENSES:
Salaries16,944 13,726 
Incentive1,889 1,768 
Benefits6,150 5,070 
Net occupancy expense5,449 4,038 
Amortization of core deposit intangible1,005 17 
Technology expense7,181 5,378 
State and local taxes821 1,292 
Legal, professional and examination fees772 849 
Advertising788 514 
FDIC insurance807 985 
Card processing and interchange expenses1,507 1,160 
Merger and integration costs— 1,529 
Other non-interest expenses5,874 4,712 
Total non-interest expenses49,187 41,038 
INCOME BEFORE INCOME TAXES33,136 14,344 
INCOME TAX EXPENSE 6,100 2,863 
SEGMENT NET INCOME$27,036 $11,481 
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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 is a financial holding company registered under the BHC Act. It was incorporated under the laws of the Commonwealth of Pennsylvania in 1983 for the purpose of engaging in the business of a financial holding company. The Corporation's subsidiary, the Bank, provides financial services to individuals and businesses. The CNB 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, Niagara, and Ontario. Ridge View Bank, a division of the Bank, operates in the Virginia counties of Botetourt, Craig, Franklin, New River Valley, and Roanoke. ESSA Bank, a division of the Bank, operates in the Pennsylvania counties of Delaware, Chester, Lackawanna, Lehigh, Luzerne, Monroe, and Northampton. 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. Effective February 12, 2026, the Bank became a member bank of the Federal Reserve System, and its primary federal regulator is now the Federal Reserve Board, instead of the Federal Deposit Insurance Corporation.

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, 2025, included the 2025 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 months ended March 31, 2026 are not necessarily indicative of the results for the full year ending December 31, 2026, or any future period.

RECENT EVENTS

On July 23, 2025, the Corporation completed its acquisition of ESSA Bancorp, Inc. (“ESSA”), which added total assets, net of estimated purchase accounting fair value adjustments, of $2.1 billion, comprised primarily of $1.7 billion in loans. The acquisition also added $1.5 billion in deposits to CNB Bank's funding base as the transaction added 20 offices to CNB Bank’s branch network and extended its operating footprint into the Northeastern Pennsylvania Region including the Lehigh Valley of Pennsylvania.

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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:

•Merger transaction related expenses, net of tax;
•Income available to common (excluding merger transaction related expenses);
•Tangible book value per common share;
•Tangible common equity;
•Tangible common equity/tangible assets;
•Efficiency ratio (fully tax-equivalent basis) and efficiency ratio (fully tax-equivalent basis and excluding merger and integration costs);
•Net interest margin (fully tax-equivalent basis) and net interest margin, excluding purchase accounting loan accretion (fully tax-equivalent basis);
•Basic and diluted earnings per share (excluding merger transaction related expenses);
•Return on average equity (excluding merger transaction related expenses); and
•Return on average tangible common equity and return on average tangible common equity (excluding merger transaction related expenses).

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

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 $602.5 million at March 31, 2026, including additional excess liquidity of $517.7 million held at the Federal Reserve, compared to $527.9 million at December 31, 2025. These excess funds, when combined with collective contingent liquidity resources of $6.2 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 available liquidity sources for the Corporation to be approximately 5.3 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.

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SECURITIES

AFS debt securities and equity securities combined totaled $706.4 million and $595.2 million at March 31, 2026 and December 31, 2025, respectively. At March 31, 2026, the total balance of investments classified as HTM debt securities was $225.2 million compared to $242.1 million at December 31, 2025.

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 4, "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 March 31, 2026. 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.

March 31, 2026
 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$2,132 3.55 %$14,403 3.60 %$81,324 4.18 %$— — %$97,859 4.08 %
State and Political Subdivisions4,269 3.19 47,745 2.09 22,937 2.55 11,445 2.33 86,396 2.30 
Residential and multi-family mortgage37 1.93 7,049 2.15 14,608 1.75 442,342 3.78 464,036 3.69 
Corporate notes and bonds991 4.43 16,050 6.79 23,332 5.01 — — 40,373 5.70 
Pooled SBA— — 1,085 3.90 4,812 2.27 971 2.07 6,868 2.50 
Total$7,429 3.45 %$86,332 3.24 %$147,013 3.75 %$454,758 3.74 %$695,532 3.68 %

The following table summarizes the maturity distribution schedule with corresponding weighted-average yields of HTM debt securities as of March 31, 2026:

March 31, 2026
 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$82,771 1.58 %$70,870 1.67 %$8,980 2.27 %$— — %$162,621 1.66 %
Residential and multi-family mortgage46 2.76 58 3.25 3,313 2.87 59,155 2.57 62,572 2.59 
Total$82,817 1.58 %$70,928 1.67 %$12,293 2.43 %$59,155 2.57 %$225,193 1.92 %

The following table summarizes the weighted average modified duration of AFS securities as of March 31, 2026:

 Weighted Average Modified Duration
(in Years)
U.S. Government Sponsored Entities5.43 
State and Political Subdivisions4.37 
Residential and multi-family mortgage4.56 
Corporate notes and bonds4.12 
Pooled SBA2.33 
Total4.61 

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The following table summarizes the weighted average modified duration of securities HTM as of March 31, 2026:

 Weighted Average Modified Duration
(in Years)
U.S. Government Sponsored Entities1.67 
Residential and multi-family mortgage4.81 
Total2.54 

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

The Corporation’s securities portfolio serves as a source of liquidity, provides collateral for pledging requirements, and generates interest income. 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 the Corporation's customers.

LOANS RECEIVABLE

Note 5, "Loans Receivable and Allowance for Credit Losses," to the condensed consolidated financial statements provides more detail concerning the loan portfolio of the Corporation.

Excluding $78.3 million of syndicated loan balances, total loans were $6.4 billion as of March 31, 2026. Organic loans decreased $67.3 million, or 1.05% year to date decrease (4.25% annualized), from December 31, 2025. The decrease in loans for the three months ended March 31, 2026 compared to December 31, 2025 was primarily driven by an increased level of commercial real estate ("CRE") loan prepayments, including full repayments of $71.4 million of CRE loans acquired in 2025 as a result of the ESSA acquisition, and a full payoff of $40.0 million of the Corporation’s largest office building loan related to a CRE property in the BankOnBuffalo division.

At March 31, 2026, the Corporation's condensed consolidated balance sheet reflected an increase in syndicated lending balances of $7.5 million compared to December 31, 2025. The syndicated loan portfolio totaled $78.3 million, or 1.22% of total loans, at March 31, 2026, compared to $70.8 million, or 1.09% of total loans at December 31, 2025. The Corporation continues to focus on evaluating the level and composition of its syndicated loan portfolio to ensure it continues to provide strong credit quality, profitable use of excess liquidity, and complements the Corporation’s loan growth from its in-market customer relationships. The Corporation’s portfolio of syndicated credits includes only commercial and industrial loans and no CRE exposure.

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.

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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 to identify any concentration risk issues that could lead to additional credit loss exposure. An important and recurring part of this process involves the Corporation’s continued measurement and evaluation of its exposure to the office, hospitality, and multifamily industries within its commercial real estate portfolio. Even with the Corporation’s historically sound underwriting protocols and high credit quality standards for borrowers in the commercial real estate industry segments, the Corporation monitors numerous relevant sensitivity elements, including 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 March 31, 2026, the Corporation had the following key metrics related to its office, hospitality, and multifamily portfolios with such metrics including the impact on the respective portfolios of loans acquired during the third quarter of 2025 in the ESSA acquisition, as well as notable early payoffs of larger CRE credits occurring in the first quarter of 2026 as previously noted:

•Commercial office loans:
◦There were 142 outstanding loans, totaling $146.7 million, or 2.28% of total loans outstanding;
◦There were two nonaccrual commercial office loans that totaled $2.1 million, or 1.44% of total commercial office loans outstanding;
◦There were three past-due commercial office loans that totaled $2.3 million, or 1.58% of the total commercial office loans outstanding; and
◦The average outstanding balance per commercial office loan was $1.0 million.

•Commercial hospitality loans:
◦There were 158 outstanding loans, totaling $346.5 million, or 5.39% of total loans outstanding;
◦There were no nonaccrual commercial hospitality loans;
◦There were no past-due commercial hospitality loans; and
◦The average outstanding balance per commercial hospitality loan was $2.2 million.

•Commercial multifamily loans:
◦There were 352 outstanding loans, totaling $558.2 million, or 8.68% of total loans outstanding;
◦There were two nonaccrual commercial multifamily loans that totaled $782 thousand, or 0.14% of total multifamily loans outstanding;
◦There were four past-due commercial multifamily loan that totaled $1.1 million, or 0.19% of total multifamily loans outstanding; and
◦The average outstanding balance per commercial multifamily loan was $1.6 million.

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The following table summarizes the geographic region (based upon metropolitan statistical areas) in which the commercial office, hospitality and multifamily loans were originated as of March 31, 2026:

 March 31, 2026
Commercial Office
Geographic Region:
Buffalo, NY23.67 %
Cleveland, OH21.27 
Allentown-Bethlehem-Easton, PA8.79 
Cincinnati, OH7.40 
Erie-Meadville, PA3.89 
All other geographical regions34.98 
Total Commercial Office100.00 %
Commercial Hospitality
Geographic Region:
Buffalo, NY17.52 %
Pittsburgh, PA13.83 
Columbus, OH13.76 
Cleveland, OH8.65 
Roanoke, VA8.08 
All other geographical regions38.16 
Total Commercial Hospitality100.00 %
Commercial Multifamily
Geographic Region:
Cleveland, OH25.42 %
Buffalo, NY19.65 
Allentown-Bethlehem-Easton, PA15.21 
Philadelphia, PA10.19 
Columbus, OH8.45 
All other geographical regions21.08 
Total Commercial Multifamily100.00 %

As of March 31, 2026, the Corporation had no commercial office, hospitality or multifamily loan relationships considered by the banking regulators to be high volatility commercial real estate ("HVCRE") credits.
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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 March 31, 2026. 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.

 March 31, 2026
 Due in
One Year
or Less		After One,
but Within
Five Years		After Five but Within Fifteen YearsAfter
Fifteen Years		Total
Loans Receivable with Fixed Interest Rate
Farmland$864 $2,078 $5,009 $— $7,951 
Owner-occupied, nonfarm nonresidential properties8,088 51,670 42,033 2,071 103,862 
Agricultural production and other loans to farmers27 35 — 7 69 
Loans to depository institutions— — — — — 
Commercial and Industrial27,112 184,664 100,471 37,221 349,468 
Obligations (other than securities and leases) of states and political subdivisions5,397 17,130 103,761 7,382 133,670 
Other loans19 767 35,201 359 36,346 
Other construction loans and all land development and other land loans (1)
21,989 56,648 8,092 4,603 91,332 
Multifamily (5 or more) residential properties
41,962 143,112 16,081 7,144 208,299 
Non-owner occupied, nonfarm nonresidential properties94,999 242,108 92,937 879 430,923 
1-4 Family Construction (1)
1,484 2,712 — 6,432 10,628 
Home equity lines of credit2 175 555 34,459 35,191 
Residential Mortgages secured by first liens7,270 59,940 322,736 574,567 964,513 
Residential Mortgages secured by junior liens193 11,022 80,336 26,964 118,515 
Other revolving credit plans4 3 5 — 12 
Automobile412 13,084 3,288 — 16,784 
Other consumer4,173 24,830 8,787 10,874 48,664 
Credit cards— — — — — 
Overdrafts— — — — — 
Total$213,995 $809,978 $819,292 $712,962 $2,556,227 
Loans Receivable with Variable or Floating Interest Rate
Farmland$3,752 $1,603 $6,704 $7,039 $19,098 
Owner-occupied, nonfarm nonresidential properties55,642 80,492 340,954 49,382 526,470 
Agricultural production and other loans to farmers798 442 4,744 — 5,984 
Loans to depository institutions— — — — — 
Commercial and Industrial307,809 82,372 68,446 6,151 464,778 
Obligations (other than securities and leases) of states and political subdivisions3,394 2,952 14,055 15,109 35,510 
Other loans2,857 641 7,500 — 10,998 
Other construction loans and all land development and other land loans (1)
119,356 128,170 48,366 36,243 332,135 
Multifamily (5 or more) residential properties
77,650 76,148 278,003 5,821 437,622 
Non-owner occupied, nonfarm nonresidential properties120,157 263,951 506,959 46,039 937,106 
1-4 Family Construction (1)
14,838 3,348 2,018 2,299 22,503 
Home equity lines of credit8,753 8,231 38,869 166,807 222,660 
Residential Mortgages secured by first liens16,322 32,311 143,817 589,914 782,364 
Residential Mortgages secured by junior liens1,389 1,214 9,675 1,800 14,078 
Other revolving credit plans3,798 2,599 43,981 1,139 51,517 
Automobile— — — — — 
Other consumer206 109 57 56 428 
Credit cards14,315 — — — 14,315 
Overdrafts227 — — — 227 
Total$751,263 $684,583 $1,514,148 $927,799 $3,877,793 
(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 March 31, 2026, 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 March 31, 2026 and December 31, 2025:

March 31, 2026December 31, 2025
Nonaccrual loans$46,139 $39,845 
Accrual loans greater than 90 days past due106 42 
Total nonperforming loans46,245 39,887 
Other real estate owned2,930 2,280 
Total nonperforming assets$49,175 $42,167 
Total loans receivable$6,434,020 $6,493,740 
Nonaccrual loans as a percentage of total loans receivable0.72 %0.61 %
Total assets$8,514,896 $8,396,435 
Nonperforming assets as a percentage of total assets0.58 %0.50 %
Allowance for credit losses on loans receivable$67,055 $67,055 
Allowance for credit losses / Total loans1.04 %1.03 %
Ratio of allowance for credit losses to nonaccrual loans    145.33 %168.29 %

Total nonperforming assets were $49.2 million, or 0.58% of total assets, as of March 31, 2026, compared to $42.2 million, or 0.50% of total assets, as of December 31, 2025. In addition, the allowance for credit losses as a percentage of nonaccrual loans was 145.33% at March 31, 2026, compared to 168.29% at December 31, 2025. The increase in nonperforming assets for the three months ended March 31, 2026, compared to December 31, 2025 was primarily driven by one commercial relationship.

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.

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 2025 Form 10-K and Note 5, "Loans Receivable and Allowance for Credit Losses," to these condensed consolidated financial statements elsewhere in this report.

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The tables below provide an allocation of the allowance for credit losses on loans receivable by loan portfolio segment at March 31, 2026 and December 31, 2025; 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.

March 31, 2026
Amount of Allowance AllocatedPercent of Loans in Each Category to Total Loans ReceivableTotal Loans ReceivableRatio of Allowance Allocated to Loans Receivable in Each Category
Farmland$161 0.42 %$27,049 0.60 %
Owner-occupied, nonfarm nonresidential properties6,161 9.80 630,332 0.98 
Agricultural production and other loans to farmers38 0.09 6,053 0.63 
Loans to depository institutions— — — — 
Commercial and Industrial10,148 12.66 814,246 1.25 
Obligations (other than securities and leases) of states and political subdivisions1,770 2.63 169,180 1.05 
Other loans454 0.74 47,344 0.96 
Other construction loans and all land development and other land loans4,708 6.58 423,467 1.11 
Multifamily (5 or more) residential properties
4,161 10.04 645,921 0.64 
Non-owner occupied, nonfarm nonresidential properties15,005 21.26 1,368,029 1.10 
1-4 Family Construction279 0.52 33,131 0.84 
Home equity lines of credit2,097 4.01 257,851 0.81 
Residential Mortgages secured by first liens15,362 27.15 1,746,877 0.88 
Residential Mortgages secured by junior liens1,583 2.06 132,593 1.19 
Other revolving credit plans1,414 0.80 51,529 2.74 
Automobile206 0.26 16,784 1.23 
Other consumer3,087 0.76 49,092 6.29 
Credit cards194 0.22 14,315 1.36 
Overdrafts227 — 227 100.00 
Total$67,055 100.00 %$6,434,020 1.04 %

December 31, 2025
Amount of Allowance AllocatedPercent of Loans in Each Category to Total Loans ReceivableTotal Loans ReceivableRatio of Allowance Allocated to Loans Receivable in Each Category
Farmland$162 0.43 %$27,583 0.59 %
Owner-occupied, nonfarm nonresidential properties6,176 9.80 636,444 0.97 
Agricultural production and other loans to farmers37 0.09 5,989 0.62 
Loans to depository institutions20 0.04 2,439 0.82 
Commercial and Industrial9,360 12.00 778,978 1.20 
Obligations (other than securities and leases) of states and political subdivisions1,823 2.64 171,486 1.06 
Other loans454 0.74 47,719 0.95 
Other construction loans and all land development and other land loans4,366 5.64 366,174 1.19 
Multifamily (5 or more) residential properties
4,314 10.93 709,832 0.61 
Non-owner occupied, nonfarm nonresidential properties15,467 21.86 1,419,643 1.09 
1-4 Family Construction350 0.64 41,659 0.84 
Home equity lines of credit1,884 3.86 250,823 0.75 
Residential Mortgages secured by first liens15,910 27.15 1,763,071 0.90 
Residential Mortgages secured by junior liens1,732 2.17 140,790 1.23 
Other revolving credit plans1,222 0.75 48,953 2.50 
Automobile207 0.26 17,037 1.22 
Other consumer3,056 0.79 51,474 5.94 
Credit cards146 0.20 13,276 1.10 
Overdrafts369 0.01 370 99.73 
Total$67,055 100.00 %$6,493,740 1.03 %
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The allowance for credit losses measured as a percentage of total loans receivable was 1.04% as of March 31, 2026 and 1.03% as of December 31, 2025.

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 three months ended March 31, 2026, the allowance for credit losses remained unchanged, reflecting stable credit quality in the loan portfolio. Significant uncertainty persists in the domestic and global economic environment due to changes in U.S. tariffs and related actions by U.S. trading partners, elevated interest rates, inflationary pressures, fluctuating consumer confidence, and geopolitical events. The Corporation continues to monitor these conditions and other economic factors that may affect the financial strength of corporate and consumer borrowers, and management will update its estimate of expected credit losses as additional information becomes available.

Note 5, "Loans Receivable and Allowance for Credit Losses," to the condensed consolidated financial statements provides further disclosure of loan balances by portfolio segment as of March 31, 2026 and December 31, 2025.

Additional information related to provision for credit loss expense and net charge-offs and recoveries for the three months ended March 31, 2026 and 2025 is presented in the tables below.
Three Months Ended March 31, 2026
Provision (Benefit) for Credit Losses on Loans Receivable (1)
Net
(Charge-Offs)
Recoveries		Average Loans ReceivableRatio of Annualized Net (Charge-Offs) Recoveries to Average Loans Receivable
Farmland$(1)$— $27,271 — %
Owner-occupied, nonfarm nonresidential properties32 (47)631,879 (0.03)
Agricultural production and other loans to farmers1 — 6,054 — 
Loans to depository institutions(20)— 1,200 — 
Commercial and Industrial851 (63)803,889 (0.03)
Obligations (other than securities and leases) of states and political subdivisions(53)— 169,909 — 
Other loans— — 47,952 — 
Other construction loans and all land development and other land loans342 — 403,904 — 
Multifamily (5 or more) residential properties
(153)— 687,701 — 
Non-owner occupied, nonfarm nonresidential properties(465)3 1,383,719 — 
1-4 Family Construction(71)— 38,168 — 
Home equity lines of credit213 — 254,688 — 
Residential Mortgages secured by first liens(477)(71)1,750,854 (0.02)
Residential Mortgages secured by junior liens(149)— 138,463 — 
Other revolving credit plans199 (7)49,818 (0.06)
Automobile(1)— 16,864 — 
Other consumer499 (468)50,569 (3.75)
Credit cards131 (83)14,758 (2.28)
Overdrafts6 (148)266 (225.65)
Total$884 $(884)$6,477,926 (0.06)%
(1) Excludes provision for credit losses related to unfunded commitments. Note 10, "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 March 31, 2025
Provision (Benefit) for Credit Losses on Loans Receivable (1)
Net
(Charge-Offs)
Recoveries		Average Loans ReceivableRatio of Annualized Net (Charge-Offs) Recoveries to Average Loans Receivable
Farmland$(6)$— $30,912 — %
Owner-occupied, nonfarm nonresidential properties140 (9)530,038 (0.01)
Agricultural production and other loans to farmers2 — 6,574 — 
Commercial and Industrial101 (650)727,769 (0.36)
Obligations (other than securities and leases) of states and political subdivisions2 — 142,098 — 
Other loans(3)— 28,932 — 
Other construction loans and all land development and other land loans(2)— 277,841 — 
Multifamily (5 or more) residential properties
123 — 402,532 — 
Non-owner occupied, nonfarm nonresidential properties62 — 1,006,641 — 
1-4 Family Construction(76)— 20,584 — 
Home equity lines of credit224 — 172,126 — 
Residential Mortgages secured by first liens175 (34)1,014,716 (0.01)
Residential Mortgages secured by junior liens108 — 106,878 — 
Other revolving credit plans(103)(2)36,608 (0.02)
Automobile(13)— 20,314 — 
Other consumer584 (555)52,237 (4.31)
Credit cards116 (118)14,352 (3.33)
Overdrafts5 (71)243 (118.50)
Total$1,439 $(1,439)$4,591,395 (0.13)%
(1) Excludes provision for credit losses related to unfunded commitments. Note 10, "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.

Provision for credit losses was $998 thousand for the three months ended March 31,2026, compared to $1.6 million for the three months ended March 31, 2025, respectively. The decrease in provision for credit losses was primarily due to a decrease in the loan portfolio, coupled with lower loan net charge-offs. In addition, included in the provision for credit losses for the three months ended March 31, 2026 was a provision of $114 thousand related to the allowance for unfunded commitments compared to $117 thousand provision, related to the allowance for unfunded commitments for the three months ended March 31, 2025.

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.

March 31, 2026Percent of Deposits in Each Category to Total DepositsDecember 31, 2025Percent of Deposits in Each Category to Total DepositsPercentage Change in Each Category
2026 vs. 2025
Demand, non-interest-bearing$1,125,257 15.76 %$1,092,076 15.54 %3.0%
Demand, interest-bearing1,015,327 14.22 1,014,606 14.44 0.1
Savings deposits3,846,595 53.87 3,822,639 54.40 0.6
Time deposits1,153,097 16.15 1,097,788 15.62 5.0
Total deposits$7,140,276 100.00 %$7,027,109 100.00 %1.6%

At March 31, 2026, total deposits were $7.1 billion. Including $89.9 million in deposits classified as held for sale, organic deposit growth for the quarter totaled $115.0 million, or 1.62%, from December 31, 2025. The quarter-over-quarter increase in organic deposit balances as of March 31, 2026, compared to December 31, 2025, was driven primarily by expanded Treasury Management activity among municipal deposit relationships, supplemented by growth in corporate and wholesale deposits.
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The following table sets forth the average balances of and the average rates paid on deposits for the periods indicated.
 Three Months Ended March 31,
 20262025
 Average
Amount		Annual
Rate		Average
Amount		Annual
Rate
Demand, non-interest-bearing$1,124,770 — %$814,441 — %
Demand, interest-bearing1,015,629 0.93 704,874 0.88 
Savings deposits3,819,819 2.52 3,131,697 3.09 
Time deposits1,109,982 3.61 738,129 3.99 
Total$7,070,200 $5,389,141 


The following table presents additional information about our March 31, 2026 and December 31, 2025 deposits:
March 31, 2026December 31, 2025
Time deposits not covered by deposit insurance$74,151 $75,807 
Total deposits not covered by deposit insurance2,113,531 2,006,055 

At March 31, 2026, the total estimated uninsured deposits for the Bank were approximately $2.1 billion, or approximately 29.11% of total Bank deposits. However, when excluding $32.1 million of affiliate company deposits and $808.1 million of pledged-investment collateralized deposits, the adjusted amount and percentage of total estimated uninsured deposits was approximately $1.3 billion, or approximately 17.54% of total Bank deposits as of March 31, 2026.

At December 31, 2025, the total estimated uninsured deposits for the Bank were approximately $2.0 billion, or approximately 28.13% of total Bank deposits. However, when excluding affiliate company deposits of $18.4 million and pledged-investment collateralized deposits of $680.4 million, the adjusted amount and percentage of total estimated uninsured deposits was approximately $1.3 billion, or approximately 18.33% of total Bank deposits as of December 31, 2025.

Scheduled maturities of time deposits not covered by deposit insurance at March 31, 2026 were as follows:
March 31, 2026
3 months or less$12,508 
Over 3 through 6 months21,402 
Over 6 through 12 months19,527 
Over 12 months20,714 
Total$74,151 

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 March 31, 2027 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.

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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.

At March 31, 2026, the Corporation's cash and cash equivalents position was approximately $602.5 million, including liquidity of $517.7 million held at the Federal Reserve. These excess funds, when combined with $6.2 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 available liquidity sources for the Corporation to be approximately 5.3 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 March 31, 2026:

Net Available
FHLB borrowing capacity (1)
$1,864,316 
Federal Reserve borrowing capacity (2)
367,740 
Brokered deposits (3)
2,594,469 
Other third-party funding channels (3) (4)
1,412,443 
Total net available liquidity and borrowing capacity$6,238,968 
(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 March 31, 2026, 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 March 31, 2026. The Corporation's material contractual obligations as of March 31, 2026 consisted of (i) long-term borrowings - Note 8, "Borrowings," (ii) operating leases - Note 6, "Leases," (iii) time deposits with stated maturity dates - Note 7, "Deposits," and (iv) commitments to extend credit and standby letters of credit - Note 10, "Off-Balance Sheet Commitments and Contingencies."

Shareholders' Equity, Capital Ratios and Metrics

As of March 31, 2026, the Corporation's total shareholders' equity was $889.1 million, representing an increase of $17.0 million, or 1.95%, from December 31, 2025, primarily due to an increase in additional paid in capital related to the ESSA acquisition, growth in earnings, and a decrease in accumulated other comprehensive loss, partially offset by the payment of common and preferred stock dividends to shareholders.

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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.

As of March 31, 2026, all of the Corporation's capital ratios exceeded regulatory "well-capitalized" levels. The Corporation's capital ratios and book value per common share at March 31, 2026 and December 31, 2025 were as follows:

March 31, 2026December 31, 2025
Total risk-based ratio15.23 %14.78 %
Tier 1 risk-based ratio13.03 %12.65 %
Common equity tier 1 ratio11.81 %11.44 %
Tier 1 leverage ratio10.03 %9.87 %
Common shareholders' equity/total assets9.76 %9.70 %
Tangible common equity/tangible assets (1)
8.46 %8.36 %
Book value per common share$28.06 $27.63 
Tangible book value per common share (1)
$23.97 $23.48 
(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 March 31, 2026, the Corporation's pre-tax net unrealized losses on the combined portfolios of available-for-sale and held-to-maturity securities totaled approximately $51.9 million, or 5.83% of total shareholders' equity, compared to $47.0 million, or 5.39% of total shareholders' equity at December 31, 2025. The change in unrealized losses was primarily due to changes in the yield curve, coupled with the Corporation's scheduled bond maturities, which were all realized at par. Importantly, all regulatory capital ratios for the Corporation would exceed regulatory "well-capitalized" levels as of both March 31, 2026 and December 31, 2025 if the net unrealized losses at the respective dates were fully recognized.
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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 5, "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 March 31, 2026 and 2025:
Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
For the Three Months Ended,
 March 31, 2026March 31, 2025
Average
Balance		Annual
Rate		Interest
Inc./Exp.		Average
Balance		Annual
Rate		Interest
Inc./Exp.
ASSETS:
Securities:
Taxable (1) (4)
$869,333 3.13 %$6,940 $765,654 2.73 %$5,461 
Tax-exempt (1) (2) (4)
24,006 2.82 175 25,345 2.69 181 
Equity securities (1) (2)
29,305 6.32 457 7,428 5.84 107 
Total securities (4)
922,644 3.22 7,572 798,427 2.75 5,749 
Loans receivable:
Commercial (2) (3)
1,758,527 6.76 29,300 1,466,323 6.74 24,369 
Commercial & residential mortgages and loans held for sale (2) (3)
4,586,641 6.09 68,907 3,001,317 6.02 44,572 
Consumer (3)
132,758 10.54 3,451 123,755 12.01 3,665 
Total loans receivable (3)
6,477,926 6.36 101,658 4,591,395 6.41 72,606 
Interest-bearing deposits with the Federal Reserve and other financial institutions361,022 3.60 3,206 413,704 4.20 4,284 
Total earning assets7,761,592 5.85 $112,436 5,803,526 5.73 $82,639 
Non-interest-bearing assets:
Cash and cash equivalents due from banks78,471 58,152 
Premises and equipment147,949 129,188 
Other assets444,142 277,051 
Allowance for credit losses(67,028)(47,342)
Total non-interest-bearing assets603,534 417,049 
TOTAL ASSETS$8,365,126 $6,220,575 
LIABILITIES AND SHAREHOLDERS' EQUITY:
Demand—interest-bearing$1,015,629 0.93 %$2,331 $704,874 0.88 %$1,527 
Savings3,819,819 2.52 23,763 3,131,697 3.09 23,840 
Time1,109,982 3.61 9,873 738,129 3.99 7,267 
Total interest-bearing deposits5,945,430 2.45 35,967 4,574,700 2.89 32,634 
Short-term borrowings164,000 3.63 1,466 — 0.00 — 
Finance lease liabilities18,038 5.31 236 15,143 6.32 236 
Subordinated notes and debentures105,532 4.02 1,046 105,228 4.15 1,078 
Total interest-bearing liabilities6,233,000 2.52 $38,715 4,695,071 2.93 $33,948 
Demand—non-interest-bearing1,124,770 814,441 
Other liabilities120,531 91,654 
Total liabilities7,478,301 5,601,166 
Shareholders' equity886,825 619,409 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$8,365,126 $6,220,575 
Interest income/Earning assets5.85 %$112,436 5.73 %$82,639 
Interest expense/Interest-bearing liabilities2.52 38,715 2.93 33,948 
Net interest spread3.33 %$73,721 2.80 %$48,691 
Interest income/Earning assets5.85 %$112,436 5.73 %$82,639 
Interest expense/Earning assets2.01 38,715 2.36 33,948 
Net interest margin (fully tax-equivalent)3.84 %$73,721 3.37 %$48,691 
(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 March 31, 2026 and 2025 was $398 thousand and $260 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 March 31, 2026 and 2025 was $(32.2) million and $(48.1) million, respectively.

VOLUME ANALYSIS OF CHANGES IN NET INTEREST INCOME

The following table presents the change in net interest income for the three months ended March 31, 2026 and 2025:
Net Interest Income Rate-Volume Variance
For Three Months Ended March 31, 2026 over (under) March 31, 2025 Due to Change In (1)
VolumeRateNet
Assets
Securities:
Taxable$622 $857 $1,479 
Tax-exempt (2)
(14)8 (6)
Equity securities (2)
315 35 350 
Total securities923 900 1,823 
Loans receivable:
Commercial (2)
4,844 87 4,931 
Mortgage (2) (3)
23,543 792 24,335 
Consumer267 (481)(214)
Total loans receivable28,654 398 29,052 
Other earning assets(544)(534)(1,078)
Total Earning Assets$29,033 $764 $29,797 
Liabilities and Shareholders' Equity
Interest-Bearing Deposits
Demand – interest-bearing$679 $125 $804 
Savings5,292 (5,369)(77)
Time3,646 (1,040)2,606 
Total interest-bearing deposits9,617 (6,284)3,333 
Short-Term Borrowings1,466 — 1,466 
Finance lease liabilities45 (45)— 
Subordinated debentures2 (34)(32)
Total Interest-Bearing Liabilities$11,130 $(6,363)$4,767 
Change in Net Interest Income$17,903 $7,127 $25,030 
(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 March 31, 2026 and March 31, 2025.
(3) Includes loans held for sale.

















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RESULTS OF OPERATIONS
Three Months Ended March 31, 2026 and 2025

OVERVIEW

Net income available to common shareholders ("earnings") was $26.0 million, or $0.88 per diluted share, for the three months ended March 31, 2026, compared to $10.4 million, or $0.50 per diluted share, for the three months ended March 31, 2025. Excluding after-tax merger transaction related expenses, a non-GAAP measure, earnings were $11.9 million, or $0.57 per diluted share, for the three months ended March 31, 2025. Earnings for the three months ended March 31, 2026 increased $14.1 million, or $0.31 per diluted share, a 54.39% increase compared to adjusted earnings per share for the three months ended March 31, 2025, due primarily to the overall impact of the acquisition of ESSA.

Annualized return on average equity was 12.36% and 7.52% for the three months ended March 31, 2026 and March 31, 2025, respectively. Excluding after-tax merger transaction related expenses, annualized return on average equity was 8.49% for the three months ended March 31, 2025. Annualized return on average tangible common equity, a non-GAAP measure, was 14.89% and 8.15% for the three months ended March 31, 2026 and March 31, 2025, respectively. Excluding after-tax merger transaction related expenses, annualized return on average tangible common equity was 9.32% for the three months ended March 31, 2025.

The Corporation's efficiency ratio was 59.03% and 72.07% for the three months ended March 31, 2026 and March 31, 2025, respectively, and 57.32% and 71.28%, respectively, on a fully tax-equivalent basis, a non-GAAP measure. Excluding merger and integration costs, the efficiency ratio on fully tax-equivalent basis was 68.62% for the three months ended March 31, 2025.

NET INTEREST INCOME

Net interest income was $73.3 million for the three months ended March 31, 2026, compared to $48.4 million for the three months ended March 31, 2025. When comparing the first quarter of 2026 to the first quarter of 2025, the increase in net interest income of $24.9 million, or 51.40%, was primarily due to the acquisition of ESSA, including $3.0 million in purchase accounting loan accretion. This accretion reflects the recognition of fair value marks on acquired loans, which are accreted into interest income over the expected life of the assets.

Net interest margin was 3.83% and 3.38% for the three months ended March 31, 2026 and March 31, 2025, respectively. Net interest margin on a fully tax-equivalent basis, a non-GAAP measure, was 3.84% and 3.37% for the three months ended March 31, 2026 and March 31, 2025, respectively. Excluding the $3.0 million in purchase accounting loan accretion in the first quarter of 2026, the net interest margin on a fully tax-equivalent basis for the three months ended March 31, 2026 was 3.68%.

The yield on earning assets of 5.85% for the three months ended March 31, 2026 increase 12 basis points compared to the three months ended March 31, 2025. The increase in yield in the first quarter of 2026 compared to the first quarter of 2025 was primarily attributable to year-over-year loan growth and the impact from the ESSA acquisition.

PROVISION FOR CREDIT LOSSES

The provision for credit losses was $998 thousand and $1.6 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

Management believes the charges to the provision for credit losses for the three months ended March 31, 2026 were appropriate and the allowance for credit losses was adequate to absorb current expected credit losses in the loan portfolio at March 31, 2026.

NON-INTEREST INCOME

Total non-interest income was $10.0 million for the three months ended March 31, 2026, compared to $8.5 million for the three months ended March 31, 2025. The year-over-year increase in non-interest income was driven by increases in wealth and asset management fees, card processing and interchange income, and net realized gains on available-for-sale securities, partially offset by a decrease in other non-interest income resulting from lower pass-through income from small business investment companies ("SBICs").

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NON-INTEREST EXPENSE

For the three months ended March 31, 2026, total non-interest expense was $49.2 million, compared to $41.0 million for the three months ended March 31, 2025. Excluding merger and integration costs, total non-interest expense for the three months ended March 31, 2025 was $39.5 million. Excluding merger costs, the $9.7 million increase in non-interest expense compared to the three months ended March 31, 2025 was primarily driven by employees, facilities, required software licensing and core accounting system volume fee increases, and other costs added from the acquisition of ESSA.

INCOME TAX EXPENSE

Income tax expense for the three months ended March 31, 2026 was $6.1 million, representing an 18.41% effective tax rate, compared to $2.9 million, representing a 19.96% effective tax rate, for the three months ended March 31, 2025.

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 10, "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 4, "Loans Receivable and Allowance for Credit Losses," of the 2025 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 significant changes in the application of accounting policies since December 31, 2025.

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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)
Three Months Ended
March 31,
20262025
Calculation of merger transaction related expenses, net of tax (non-GAAP)(1):
Merger transaction related expenses - non deductible$— $1,327 
Merger transaction related expenses - deductible— 202 
Statutory federal tax rate21 %21 %
Tax benefit of merger and integration costs— 42 
Merger transaction related expenses - deductible, net of tax— 160 
Merger transaction related expenses, net of tax (non-GAAP)$— $1,487 
(1) Merger transaction related expenses represent legal, advisory, severance, technology conversion, and other expenses directly related to the ESSA acquisition. Management believes exclusion of these non-recurring charges provides more meaningful period-over-period comparisons of operating performance.

(unaudited)
Three Months Ended
March 31,
20262025
Calculation of net income available to common (GAAP):
Net income$27,036 $11,481 
Less: preferred stock dividends1,075 1,075 
Net income available to common shareholders$25,961 $10,406 
Adjusted calculation of net income available to common (non-GAAP):
Net income available to common shareholders$25,961 $10,406 
Add: merger transaction related expenses, net of tax (non-GAAP)— 1,487 
Adjusted net income available to common shareholders (non-GAAP):$25,961 $11,893 


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NON-GAAP FINANCIAL MEASURES (continued)

(unaudited)(unaudited)
March 31,December 31,
20262025
Calculation of tangible book value per common share and tangible common equity/tangible assets (non-GAAP):
Shareholders' equity$889,101 $872,127 
Less: preferred equity57,785 57,785 
Common shareholders' equity831,316 814,342 
Less: goodwill and other intangibles88,512 88,512 
Less: core deposit intangible32,688 33,693 
Tangible common equity (non-GAAP)$710,116 $692,137 
Total assets$8,514,896 $8,396,435 
Less: goodwill and other intangibles88,512 88,512 
Less: core deposit intangible32,688 33,693 
Tangible assets (non-GAAP)$8,393,696 $8,274,230 
Ending shares outstanding29,631,056 29,473,352 
Book value per common share (GAAP)$28.06 $27.63 
Tangible book value per common share (non-GAAP)$23.97 $23.48 
Common shareholders' equity / Total assets (GAAP)9.76 %9.70 %
Tangible common equity / Tangible assets (non-GAAP)8.46 %8.36 %

(unaudited)
Three Months Ended
March 31,
20262025
Calculation of efficiency ratio:
Non-interest expense$49,187 $41,038 
Non-interest income$9,998 $8,507 
Net interest income73,323 48,431 
Total revenue$83,321 $56,938 
Efficiency ratio59.03 %72.07 %
Calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):
Non-interest expense$49,187 $41,038 
Less: core deposit intangible amortization1,005 17 
Adjusted non-interest expense (non-GAAP)$48,182 $41,021 
Non-interest income$9,998 $8,507 
Net interest income$73,323 $48,431 
Less: tax exempt investment and loan income, net of TEFRA (non-GAAP)1,965 1,464 
Add: tax exempt investment and loan income (fully tax equivalent basis) (non-GAAP)2,704 2,076 
Adjusted net interest income (fully tax equivalent basis) (non-GAAP)74,062 49,043 
Adjusted net revenue (fully tax equivalent basis) (non-GAAP)$84,060 $57,550 
Efficiency ratio (fully tax equivalent basis) (non-GAAP)57.32 %71.28 %
Adjusted calculation of efficiency ratio (fully tax equivalent basis) (non-GAAP):
Adjusted non-interest expense (non-GAAP)$48,182 $41,021 
Less: merger and integration costs (non-GAAP)— 1,529 
Adjusted non-interest expense (non-GAAP)$48,182 $39,492 
Adjusted net revenue (fully tax equivalent basis) (non-GAAP)$84,060 $57,550 
Adjusted efficiency ratio (fully tax equivalent basis) (non-GAAP)57.32 %68.62 %

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NON-GAAP FINANCIAL MEASURES (continued)

(unaudited)
Three Months Ended
March 31,
20262025
Calculation of net interest margin:
Interest income$112,038 $82,379 
Interest expense38,715 33,948 
Net interest income$73,323 $48,431 
Average total earning assets$7,761,592 $5,803,526 
Net interest margin (GAAP) (annualized)3.83 %3.38 %
Calculation of net interest margin (fully tax equivalent basis) (non-GAAP):
Interest income$112,038 $82,379 
Tax equivalent adjustment (non-GAAP)398 260 
Adjusted interest income (fully tax equivalent basis) (non-GAAP)112,436 82,639 
Interest expense38,715 33,948 
Net interest income (fully tax equivalent basis) (non-GAAP)$73,721 $48,691 
Average total earning assets$7,761,592 $5,803,526 
Less: average mark to market adjustment on investments (non-GAAP)(32,170)(48,070)
Adjusted average total earning assets, net of mark to market (non-GAAP)$7,793,762 $5,851,596 
Net interest margin, fully tax equivalent basis (non-GAAP) (annualized)3.84 %3.37 %
Calculation of net interest margin, excluding purchase accounting loan accretion (fully tax equivalent basis) (non-GAAP)(1):
Net interest income (fully tax equivalent basis) (non-GAAP)$73,721 $48,691 
Less: purchase accounting loan accretion(3,040)— 
Adjusted net interest income (fully tax equivalent basis) (non-GAAP)$70,681 $48,691 
Adjusted average total earning assets, net of mark to market (non-GAAP)$7,793,762 $5,851,596 
Adjusted net interest margin, fully tax equivalent basis (non-GAAP) (annualized)3.68 %3.37 %
(1) Purchase accounting loan accretion represents income recognized on fair value adjustments to acquired loans.



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NON-GAAP FINANCIAL MEASURES (continued)

(unaudited)
Three Months Ended
March 31,
20262025
Basic earnings per common share computation:
Net income available to common shareholders$25,961 $10,406 
Less: net income available to common shareholders allocated to participating securities237 57 
Net income available to common shareholders allocated to common stock$25,724 $10,349 
Weighted average common shares outstanding, including shares considered participating securities29,576 20,981 
Less: average participating securities259 114 
Weighted average shares29,317 20,867 
Basic earnings per common share$0.88 $0.50 
Diluted earnings per common share computation:
Net income available to common shareholders allocated to common stock$25,724 $10,349 
Weighted average common shares outstanding for basic earnings per common share29,317 20,867 
Add: dilutive effect of stock compensation122 58 
Weighted average shares and dilutive potential common shares29,439 20,925 
Diluted earnings per common share$0.88 $0.50 
Adjusted basic earnings per common share computation (non-GAAP):
Net income available to common shareholders$25,961 $10,406 
Add: merger transaction related expenses, net of tax (non-GAAP)— 1,487 
Less: net income available to common shareholders allocated to participating securities237 57 
Less: adjustment to net income available to common shareholders allocated to participating securities for merger transaction related expenses, net of tax (non-GAAP)— 8 
Adjusted net income available to common shareholders allocated to common stock (non-GAAP)$25,724 $11,828 
Weighted average common shares outstanding, including shares considered participating securities29,576 20,981 
Less: Average participating securities259 114 
Weighted average shares29,317 20,867 
Adjusted basic earnings per common share (non-GAAP)$0.88 $0.57 
Adjusted diluted earnings per common share computation (non-GAAP):
Adjusted net income available to common shareholders allocated to common stock (non-GAAP)$25,724 $11,828 
Weighted average common shares outstanding for basic earnings per common share29,317 20,867 
Add: dilutive effect of stock compensation122 58 
Weighted average shares and dilutive potential common shares29,439 20,925 
Adjusted diluted earnings per common share (non-GAAP)$0.88 $0.57 


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NON-GAAP FINANCIAL MEASURES (continued)



(unaudited)
Three Months Ended
March 31,
20262025
Calculation of return on average tangible common equity (non-GAAP):
Net income$27,036 $11,481 
Less: preferred stock dividends1,075 1,075 
Net income available to common shareholders$25,961 $10,406 
Average shareholders' equity$886,825 $619,409 
Less: average goodwill & intangibles121,859 44,074 
Less: average preferred equity57,785 57,785 
Average tangible common shareholders' equity (non-GAAP)$707,181 $517,550 
Return on average equity (GAAP) (annualized)12.36 %7.52 %
Return on average common equity (GAAP) (annualized)12.70 %7.51 %
Return on average tangible common equity (non-GAAP) (annualized)14.89 %8.15 %
Adjusted calculation of return on average equity (non-GAAP):
Net income$27,036 $11,481 
Add: merger transaction related expenses, net of tax (non-GAAP)— 1,487 
Adjusted net income (non-GAAP)$27,036 $12,968 
Average shareholders' equity$886,825 $619,409 
Adjusted return on average equity (non-GAAP) (annualized)12.36 %8.49 %
Adjusted calculation of return on average tangible common equity (non-GAAP):
Net income available to common shareholders$25,961 $10,406 
Add: merger transaction related expenses, net of tax (non-GAAP)— 1,487 
Adjusted net income available to common shareholders$25,961 $11,893 
Average tangible common shareholders' equity (non-GAAP)$707,181 $517,550 
Adjusted return on average tangible common equity (non-GAAP) (annualized)14.89 %9.32 %


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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
March 31, 2026December 31, 2025
+300 basis points0.4%1.6%
+200 basis points0.7%1.5%
+100 basis points0.5%1.0%
-100 basis points(0.9)%(1.8)%
-200 basis points(0.1)%(2.0)%
-300 basis points0.6%(2.8)%

At March 31, 2026, the Corporation has approximately $3.9 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 March 31, 2026 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 2025 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 quarter ended March 31, 2026.
PeriodTotal Number of Shares PurchasedAverage Price Paid per Common ShareTotal 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)
January 1 – 31, 2026— $— — 500,000 
February 1 – 28, 2026— — — 500,000 
March 1 – 31, 2026— — — 500,000 
Total— $— — 500,000 
 (1) On June 23, 2025, the Corporation received acknowledgement from the Federal Reserve Bank of the Corporation's 2025 Common Share Repurchase Program (the "Plan"). The Corporation's Board of Directors previously approved the 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, no par value per share, provided that the aggregate purchase price of shares of common stock repurchased does not exceed $15,000,000. Pursuant to the Plan, repurchases of common stock, if any, are authorized to be made during the period beginning on June 23, 2025 (the date on which the Corporation received acknowledgement from the Federal Reserve Bank) through and including June 10, 2026, 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 March 31, 2026, there were 500,000 shares remaining for repurchase under the Plan.

Additionally, during the quarter ended March 31, 2026, 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 2025 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 March 31, 2026, 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
2.1
Agreement and Plan of Merger, dated as of January 9, 2025, by and among CNB Financial Corporation, CNB Bank, ESSA Bancorp, Inc. and ESSA Bank & Trust (incorporated by reference to Exhibit 2.1 to the Registrant's Current Report on Form 8-K filed on January 10, 2025)
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)
3.3
Amendment No. 1 to the Third Amended and Restated Bylaws of CNB Financial Corporation (incorporated by reference to Exhibit 3.1 to the Corporation's Current Report on Form 8-K filed on July 21, 2025)
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.INSInline XBRL Instance Document
101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definitions Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover 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: May 6, 2026   /s/ Michael D. Peduzzi
   Michael D. Peduzzi
   President and Chief Executive Officer
   (Principal Executive Officer)
DATE: May 6, 2026   /s/ Tito L. Lima
   Tito L. Lima
   Treasurer
   (Principal Financial and Accounting Officer)
77

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