Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 183

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 183
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 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 analysis and the application of those methods to the particular circumstances. Therefore, a fairness opinion is not readily susceptible to partial analysis or summary description. In arriving at its opinion, PNC FIG Advisory did not attribute any particular weight to any analysis or factor that it considered, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Accordingly, PNC FIG Advisory believes that its analyses and the summary of its analyses must be considered as a whole and that selecting portions of the analyses and factors or focusing on the information presented below in tabular format, without considering all analyses and factors or the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the process underlying its analyses and opinion. No company, transaction or business used in PNC FIG Advisory’s analyses for comparative purposes is identical to ESSA, CNB or the proposed merger and an evaluation of the results of those analyses is