Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 187

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 187
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0x earnings at the end of seven years. PNC FIG Advisory used research analysts’ estimates for CNB in calendar years 2025 and 2026 and long-term growth rate and other assumptions for CNB provided to PNC FIG Advisory by the management of CNB. This analysis indicated an implied present value range of CNB common stock of $20.85 per share to $33.18 per share, which are 8.9x and 14.2x, respectively, of CNB’s earnings per share for the 12 months ended September 30, 2024 and 87% and 138%, respectively, of CNB’s tangible book value per share as of September 30, 2024. Financial Impact Analysis on CNB PNC FIG Advisory also conducted a financial impact analysis assuming that the merger would close at the end of the second quarter of 2025. PNC FIG Advisory used historical financial data as of September 30, 2024, financial projections and forecasts for ESSA provided to PNC FIG Advisory by the management of ESSA, research analysts’ estimates for CNB in calendar years 2025 and 2026, long-term growth rate and other assumptions for CNB provided to PNC FIG Advisory by the management of CNB and projected cost savings anticipated by the management of CNB to be realized from the merger. PNC FIG Advisory also incorporated other pro forma assumptions as provided by CNB. The analysis indicated that the merger could be dilutive to CNB’s estimated tangible book value per share as of June 30, 2025 and could be accretive to CNB’s projected earnings per share (excluding transaction expenses) for each of the calendar years 2025, 2026, 2027 and 2028. All of the results of PNC FIG Advisory’s financial impact analysis may vary materially from the actual results achieved by CNB. Other Disclosures PNC FIG Advisory, as part of its financial advisory business, is regularly engaged in the valuation of businesses and their securities in connection with mergers and acquisitions and valuations for corporate and other purposes. ESSA selected PNC FIG Advisory to act as a financial advisor and to provide a fairness opinion based on PNC FIG Advisory’s experience, including in connection with mergers and acquisitions of commercial banks and bank holding companies. ESSA has agreed to pay PNC FIG Advisory a fee for its services currently estimated to be approximately $2.6 million, a portion of which fee