Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 241

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 241
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 |     |           |  0.70 |     |          |  0.60 |     |          |  0.70 |     |     | (AL | ) |     |            |  0.60 |     |     | (AM | ) |
| Book Value Per Common Share (at period end) |     |           | 24.57 |     |          | 21.79 |     |          | 25.27 |     |     | (AK | ) |     |            | 21.59 |     |     | (AM | ) |

Footnotes to Unaudited Comparative Per-ShareData The following pro forma adjustments have been reflected in the unaudited pro forma combined consolidated financial statements presented for CNB. Unless otherwise noted, all adjustments are based on assumptions and valuations as of September 30, 2024 for the respective pending acquisition and are subject to change.

| (AK) | Pro forma combined amounts are calculated utilizing the standalone historical amounts adjusted for all purchase 
 accounting and transaction related adjustment.                                                                  |

| (AL) | Pro forma combined dividends per share represent CNB’s historical dividends per share. |

| (AM) | The pro forma equivalent per share is based upon the pro forma combined amounts multiplied by the exchange 
 ratio of 0.8547x.                                                                                          |

197

Footnotes to Proforma Condensed Combined Financial Statements Preliminary Purchase Price Allocation and Sensitivity Analysis The pro forma adjustments include the accounting entries to record the merger transaction under the acquisition method of accounting for business combinations. The excess of the purchase price over the fair value of net assets acquired was allocated to goodwill and other intangible assets. Fair value adjustments included in the pro forma financial statements are based upon available information and certain assumptions which are considered reasonable, and will be revised as additional information becomes available. In addition to disclosing the share price used when valuing the consideration as of February 13, 2025, a sensitivity analysis indicating the range of possible outcomes is included based on reasonably likely increases and decreases in the stock price. The pro forma purchase price for the merger is as follows (dollars in thousands):

| Purchase Price Calculation                          
 Shares Outstanding                                  
 Restricted stock awards, non-vested                 
 ESSA Bank ESOP termination                          
 Total shares outstanding                            
 Shares exchanged for CNB stock                      
 Stock value as of February 13, 2025                 
 Aggregate purchase price                            
 Fair Value of Assets Acquired:                      |     |   | 10,