Company: CCNE
Filing Date: 2025-01-10
Form Type: 425
Source: 0001193125-25-004105
Chunk: 134

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-01-10
Form: 425
Chunk 134
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 fully phased-in cost savings, purchase accounting accretion, and all other merger-related adjustments. (5) CCNE estimated at Close.

Compelling & Efficient Utilization of Capital Significant CET1 Capital Generation Materially Higher Returns Than a Share Buyback Pro Forma (3) ~140bps CET1 Annually (4) Excluding Asset Growth Pro Forma BHC CET1 Ratios CET1 Ratio Earnback in ~2 Years Source: S&P Global Market Intelligence; FactSet; Bloomberg. Note: Market data as of 1/8/2025. (1) Assumes $24.69 price per share (10-day VWAP as of 1/8/2025) and 4.50% yield on cash. (2) Inclusive of all purchase accounting marks (excluding loan interest rate and credit marks), net of other merger-related adjustments. (3) Based on $0.72 annual dividend per share assumed. 12 (4) Based on estimated risk weighted assets (RWA) at Close of $6.2 billion; illustrative CET1 annual accretion excludes RWA growth. (5) Peers defined as nationwide major exchange-traded banks with total assets between $5 and $15 billion with 2026 median research analyst consensus estimates, excluding specialty business models, merger targets, and mutuals.

Positioned for Upside & Outperformance (1) Pro Forma CNB vs. Peers (2) (3) Pro Forma Profitability Pro Forma Trading Valuation (4) 2026E Consensus ROAA Trading Price / Pro Forma TBV Standalone Pro Forma Standalone Pro Forma (5) 2026E Consensus ROATCE Trading Price / Pro Forma 2026E Diluted EPS Standalone Pro Forma Pro Forma Standalone Source: S&P Global Market Intelligence; FactSet; Bloomberg. Note: Market data as of 1/8/2025. (1) Peers are defined as nationwide major exchange-traded banks with total assets between $5 and $15 billion with 2026 median research analyst consensus estimates, excluding specialty business models, merger targets, and mutuals. (2) 2026 median research analyst consensus estimates used for Peers. 13 (3) Based CCNE’s 10-day VWAP of $24.69 as of 1/8/2025. (4) CNB Standalone based on TBV per share at 2024Q3