Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 165

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 165
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5, Piper Sandler calculated the following implied transaction metrics:

| Market Premium as of January 7, 2025                                           |     |  9.4 | %  |
|:-------------------------------------------------------------------------------|:----|-----:|:---|
| Core Deposit Premium(1)                                                        |     | (1.1 | %) |
| Transaction Price Per Share / September 30, 2024 Tangible Book Value Per Share |     |   96 | %  |
| Transaction Price Per Share / LTM Earnings per Share                           |     | 11.6 | x  |
| Transaction Price Per Share / Estimated 2025 Earnings Per Share2               |     | 11.0 | x  |

| (1) | Core deposits defined as total deposits less time deposits with balances greater than $100,000. |

| (2) | As provided and confirmed by CNB senior management. |

Stock Trading History Piper Sandler reviewed the publicly available historical reported trading prices of CNB common stock and ESSA common stock for the one-yearand three-year periods ended January 7, 2025. Piper Sandler then compared the relationship between the movements in the price of CNB common stock and ESSA common stock, respectively, to movements in their respective peer groups (as described below) as well as certain stock indices. CNB’s One-YearStock Performance

|                   |     |     | Beginning Value 
 January 7, 2024 |   |     |     |    Ending Value 
 January 7, 2025 |   |
|:------------------|:----|:----|----------------:|:--|:----|:----|----------------:|:--|
| CNB               |     |     |           100.0 | % |     |     |           109.6 | % |
| CNB Peer Group    |     |     |           100.0 | % |     |     |           110.3 | % |
| S&P 500 Index     |     |     |           100.0 | % |     |     |           125.8 | % |
| NASDAQ Bank Index |     |     |           100.0 | % |     |     |           117.9 | % |

CNB’s Three-Year Stock Performance

|                   |     |     | Beginning Value 
 January 7, 2022 |   |     |     |    Ending Value 
 January