Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 175

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 175
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     |              | 10.6 | X |     |           |  87 | % |     |           |  8.6 | % |     |          | 3.06 | % |     |        | 11,753 |

Source: S&P Global Market Intelligence.

| (1) | Financial data was as of September 30, 2024 or for the 12 or three months ended September 30, 2024. 
 Market data was as of January 8, 2025.                                                              |

PNC FIG Advisory also reviewed the historical stock price performance of ESSA relative to the selected companies and selected stock indices, as indicated in the following tables: ESSA Historical Stock Performance Relative to Selected Companies and Selected Indices

Source: S&P Global Market Intelligence. 137

Discounted Cash Flow Analysis of ESSA PNC FIG Advisory performed a discounted cash flow analysis to estimate a range for the implied equity value of ESSA common stock based on the present value of implied future dividends over a seven-year period and implied terminal values at the end of such period. In this analysis, PNC FIG Advisory assumed discount rates of 10%, 12% and 14% and calculated terminal values of 10.0x and 13.0x earnings at the end of seven fiscal years ending September 30, 2031. PNC FIG Advisory used financial projections and forecasts for ESSA provided to PNC FIG Advisory by the management of ESSA. This analysis indicated an implied present value reference range of ESSA common stock of $11.18 per share to $17.16 per share, which are 6.7x and 10.3x, respectively, of ESSA’s earnings for the 12 months ended September 30, 2024 and 52% and 80%, respectively, of ESSA’s tangible book value as of September 30, 2024. Selected Transactions Analysis of ESSA PNC FIG Advisory performed a selected transactions analysis by reviewing the following information for purposes of comparison with selected implied transaction ratios for the merger:

| • |     | Publicly available acquisition metrics of selected transactions in which the acquired bank was located in                                                                             
 Pennsylvania, New Jersey or New York that were announced from January 1, 2022 through January 8, 2025 and had assets between $1.0 billion and $4.0 billion (“Regional Transactions”). |

Transactions with announced deal values of less