Financial Performance - Net income for the three months ended March 31, 2023, was $16,489,000, compared to $15,245,000 for the same period in 2022, representing an increase of approximately 8.15%[10] - The company reported a comprehensive income of $22,328,000 for the three months ended March 31, 2023, compared to a loss of $11,708,000 in the same period of 2022[6] - Net income for Q1 2023 was $16,489,000, an increase from $15,245,000 in Q1 2022, which is a growth of 8%[162] - Basic earnings per common share for Q1 2023 was $0.73, unchanged from Q1 2022, while diluted earnings per share also remained at $0.73[162] - Income before income taxes for Q1 2023 was $20,401,000, compared to $18,736,000 in Q1 2022, which is an increase of 9%[162] Cash Flow and Investments - Net cash provided by operating activities was $4,814,000 for the three months ended March 31, 2023, compared to $3,788,000 for the same period in 2022, reflecting an increase of approximately 27%[10] - The net cash used by investing activities was $16,606,000 for the three months ended March 31, 2023, significantly lower than $300,551,000 in the same period of 2022, indicating a reduction in cash outflow[10] - The total cash and cash equivalents at the end of the period were $188,593,000, down from $404,974,000 at the end of March 31, 2022, representing a decrease of about 53.5%[10] Credit Losses and Loan Quality - The provision for credit loss expense was $1,290,000 for the three months ended March 31, 2023, down from $1,643,000 in the same period of 2022, indicating a decrease of about 21.5%[10] - The allowance for credit losses totaled $20.989 billion, with $13.921 billion in loans receivable not past due, indicating a significant portion of the portfolio remains healthy[36] - The aging of past-due loans receivable showed a total of $12.208 million in past-due loans, with $4.262 billion in total loans receivable, highlighting a past-due ratio of approximately 0.29%[36] - The Corporation reported no modified loans and leases that had a payment default during the three months ended March 31, 2023, suggesting effective risk management practices[39] - The allowance for unfunded commitments included in the provision for credit losses was $59 thousand for the three months ended March 31, 2023, compared to $586 thousand for the same period in 2022, showing a significant decrease of approximately 90%[64] Loan Portfolio and Composition - Total loans receivable increased to $4,301,297 thousand as of March 31, 2023, compared to $4,275,178 thousand on December 31, 2022, reflecting a growth of 0.6%[199] - Residential mortgages secured by first liens accounted for 22.1% of total loans, increasing from 22.0% in the previous quarter, with a total of $949,691 thousand[199] - Non-owner occupied, nonfarm nonresidential properties represented 19.6% of total loans, up from 18.6% in the prior quarter, totaling $841,486 thousand[199] - The total past-due loans for residential mortgages secured by first liens amounted to $3.615 million, with a total of $942.531 million in residential mortgages[36] - Overall, the company demonstrated a stable loan portfolio with slight shifts in specific segments, indicating a cautious but positive outlook for future performance[199] Market and Economic Conditions - The Corporation's stock price and market capitalization decreased due to economic uncertainty and market volatility[186] - The Corporation's financial performance for the three months ended March 31, 2023, is not necessarily indicative of the full year results[183] - The Corporation is evaluating the impact of new accounting standards effective January 1, 2024, which may affect its consolidated financial statements[22] Other Financial Metrics - Total interest and dividend income for Q1 2023 was $66,640,000, a 44% increase from $46,254,000 in Q1 2022[162] - Non-interest income decreased to $8,042,000 in Q1 2023 from $9,654,000 in Q1 2022, representing a decline of 17%[162] - Total non-interest expenses rose to $33,990,000 in Q1 2023, compared to $31,892,000 in Q1 2022, marking a 7% increase[162] - The Corporation's total debt securities at amortized cost and fair value as of March 31, 2023, amounted to $9,416 million, a decrease from $9,615 million as of December 31, 2022[130]

Table of Contents The Corporation is a bank holding company that has elected financial holding company status, and the Bank is a Pennsylvania statechartered bank that is not a member of the Federal Reserve System. Accordingly, the Corporation is subject to the oversight of the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") and the Pennsylvania Department of Banking and is regulated under the BHC Act, and the Bank is subject to the oversight of the Pennsylvania Department of B ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Securities registered pursuant to Section 12(b) of the Act: Title of Class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value CCNE The NASDAQ Stock Market LLC Depositary Shares (each representing a 1/40th interest in a share of 7.125% Series A NonCumulative, perpetual preferred stock) CCNEP The NASDAQ Stock Market LLC Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHA ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Securities registered pursuant to Section 12(b) of the Act: Title of Class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value CCNE The NASDAQ Stock Market LLC Depositary Shares (each representing a 1/40th interest in a share of 7.125% Series A NonCumulative, perpetual preferred stock) CCNEP The NASDAQ Stock Market LLC Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHA ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Securities registered pursuant to Section 12(b) of the Act: Title of Class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value CCNE The NASDAQ Stock Market LLC Depositary Shares (each representing a 1/40th interest in a share of 7.125% Series A NonCumulative, perpetual preferred stock) CCNEP The NASDAQ Stock Market LLC Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHA ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 F O R M 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | --- | --- | |-----------------------------------------------------------------------------------------------------|------------------------------------------| | For the transition pe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Securities registered pursuant to Section 12(b) of the Act: Title of Class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value CCNE The NASDAQ Stock Market LLC Depositary Shares (each representing a 1/40th interest in a share of 7.125% Series A NonCumulative, perpetual preferred stock) CCNEP The NASDAQ Stock Market LLC Non-accelerated filer ☐ Smaller reporting company ☐ Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PUR ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Securities registered pursuant to Section 12(b) of the Act: Title of Class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value CCNE The NASDAQ Stock Market LLC Depositary Shares (each representing a 1/40th interest in a share of 7.125% Series A NonCumulative, perpetual preferred stock) CCNEP The NASDAQ Stock Market LLC Non-accelerated filer ☐ Smaller reporting company ☐ Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PUR ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Securities registered pursuant to Section 12(b) of the Act: Title of Class Trading Symbol(s) Name of each exchange on which registered Common Stock, no par value CCNE The NASDAQ Stock Market LLC Depositary Shares (each representing a 1/40th interest in a share of 7.125% Series A NonCumulative, perpetual preferred stock) CCNEP The NASDAQ Stock Market LLC Large Accelerated Filer ☐ Accelerated Filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Washingto ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 F O R M 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | --- | --- | |-----------------------------------------------------------------------------------------------------|------------------------------------------| | For the transition pe ...