Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 257

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 257
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87 |     |          |  1.99 |     |     | (AK | ) |     |            |  1.70 |     |     | (AM | ) |
| Dividends Declared per Common Share         |     |           |  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