Company: CCNE
Filing Date: 2025-04-09
Form Type: 425
Source: 0001193125-25-076836
Chunk: 7

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-04-09
Form: 425
Chunk 7
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 |     |            | 66.3 |     |          |  8.71 |     |     | 2.85 |     |        | 0.44 |     |      | 0.94 |     |      |  8.70 |

Source: S&P Global Market Intelligence.

| (1) | Financial data was as of or for the 12 months ending September 30, 2024. |

10. The disclosure under the heading “The Merger — Opinion of ESSA’s Financial Advisor — Discounted Cash Flow Analysis of ESSA” is hereby amended by deleting that disclosure on page 138 of the joint proxy statement/prospectus and replacing it in its entirety with the following disclosure: 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, which terminal value multiples were selected based on PNC FIG Advisory’s professional judgment and taking into account the results of the Selected Company Analysis of ESSA described above. 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. In assuming discount rates of 10%, 12% and 14% for this discounted cash flow analysis, PNC FIG Advisory employed the Kroll Cost of Capital Navigator in determining an appropriate discount rate. The discount

rate for ESSA common stock equals the sum of the risk-free rate, the equity risk premium, the applicable size premium and the industry premium as described below from the Kroll Cost of Capital Navigator. This discount rate calculation for ESSA common stock indicated a calculated discount rate of