Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 182

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 182
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 by these analyses. Additionally, estimates of the value of businesses or securities do not purport to be appraisals or to reflect the prices at which such businesses or securities might actually be sold. Accordingly, these analyses and estimates are inherently subject to substantial uncertainty. In addition, PNC FIG Advisory’s opinion was among several factors taken into consideration by the ESSA Board of Directors in making its determination to approve the merger agreement and the merger. Consequently, the analyses described below should not be viewed as determinative of the decision of the ESSA board with respect to the fairness of the exchange ratio. The type and amount of consideration payable in the merger were determined through negotiation between ESSA and CNB and the decision of ESSA to enter into the merger agreement was solely that of the ESSA Board of Directors. Selected Implied Transaction Statistics for the Merger Using financial information for ESSA as of September 30, 2024 or for the 12 months ended September 30, 2024 and the closing price of ESSA common stock on January 8, 2025, PNC FIG Advisory calculated the following implied transaction statistics for the merger based on the 0.8547x exchange ratio and CNB’s closing stock price on January 8, 2025 of $24.11:

| Transaction value / tangible book value                   |     |   96 | %  |
| Transaction value / last twelve months earnings per share |     | 11.6 | x  |
| Core deposit premium(1)                                   |     | (0.5 | %) |
| Market premium to most recent closing price               |     | 10.6 | %  |

| (1) | Calculated as follows: (implied transaction value – tangible equity) / core deposits; where core deposits are defined as: total deposits, less time deposit accounts with balances over $100,000, foreign deposits, and unclassified deposits. |

135

The following is a summary of the material financial analysis presented by PNC FIG Advisory to the ESSA Board of Directors in connection with rendering its opinion. This summary is not a complete description of the analyses and procedures performed by PNC FIG Advisory in the course of arriving at its opinion. The financial analyses summarized below include information presented in tabular format. The tables alone do not constitute a complete description of the financial analyses. The preparation of a fairness opinion is a complex analytical process involving various determinations as to appropriate and relevant methods of financial