Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 161

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 161
---
 were adequate to cover such losses and would be adequate on a pro forma basis for the combined entity.

In preparing its analyses, Piper Sandler used publicly available mean analyst earnings per share estimates for CNB for the quarter ending December 31, 2024 and the years ending December 31, 2025 and December 31, 2026, as well as an estimated long-term annual earnings growth rate for the years ending December 31, 2027 and December 31, 2028 and estimated dividends per share for CNB for the quarter ending December 31, 2028, as provided by the senior management of CNB. In addition, Piper Sandler used certain financial projections for ESSA for the quarter ending December 31, 2024 and the years ending December 31, 2025 through December 31, 2028, as provided by the senior management of CNB. Piper Sandler also received and used in its pro forma analyses certain assumptions relating to transaction expenses, purchase accounting adjustments and cost savings, as well as the divestiture of certain ESSA branches and the sale of certain ESSA loans subsequent to the closing of the merger, as provided by the senior management of CNB and its representatives. With respect to the foregoing information, the senior management of CNB confirmed to Piper Sandler that such information reflected (or, in the case of the publicly available analyst estimates referred to above, were consistent with) the best currently available projections, estimates and judgments of senior management as to the future financial performance of CNB and ESSA, respectively, and the other matters covered thereby, and Piper Sandler assumed that the future financial performance reflected in such information would be achieved. Piper Sandler expressed no opinion as to such information, or the assumptions on which such information was based. Piper Sandler also assumed that there had been no material change in the respective assets, financial condition, results of operations, business or prospects of CNB or ESSA since the date of the most recent financial statements made available to Piper Sandler. Piper Sandler assumed in all respects material to its analysis that CNB and ESSA would remain as going concerns for all periods relevant to its analysis.

Piper Sandler also assumed, with CNB’s consent, that (i) each of the parties to the merger agreement would comply in all material respects with all material terms and conditions of the merger agreement and all related agreements, that all of the representations and warranties contained in such agreements were true and