Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 361

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 361
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 make an independent evaluation of the adequacy of the allowance for loan losses of CNB or ESSA,
any of their respective subsidiaries, or the combined entity after the Merger, and we have not reviewed any individual credit files relating to CNB or ESSA or any of their respective subsidiaries. We have assumed, with your consent, that the
respective allowances for credit losses for both CNB and ESSA are adequate to cover such losses and will be adequate on a pro forma basis for the combined entity.

In preparing its analyses, Piper Sandler used publicly available mean analyst earnings per share estimates for CNB for the quarter ending
December 31, 2024 and the years ending December 31, 2025 and December 31, 2026, as well as an estimated long-term annual earnings growth rate for the years ending December 31, 2027 and December 31, 2028 and estimated
dividends per share for CNB for the quarter ending December 31, 2024 and the years ending December 31, 2025 through December 31, 2028, as provided by the senior management of CNB. In addition, Piper Sandler used certain financial
projections for ESSA for the quarter ending December 31, 2024 and the years ending December 31, 2025 through December 31, 2028, as provided by the senior management of CNB. Piper Sandler also received and used in its pro forma
analysis certain assumptions relating to transaction expenses, purchase accounting adjustments and cost savings, as well as the divestiture of certain ESSA Bank branches and the sale of certain ESSA Bank loans subsequent to the closing of the
Merger, as provided by the senior management of CNB and its representatives. With respect to the foregoing information, the senior management of CNB confirmed to us that such information reflected (or in the case of the publicly available analyst
estimates referred to above, were consistent with) the best currently available estimates and judgements of senior management as to the future financial performance of CNB and ESSA, respectively, and we assumed that the financial results reflected
in such information would be achieved. We express no opinion as to such estimates or judgements, or the assumptions on which they are based. We have also assumed that there has been no material change in CNB’s or ESSA’s assets, financial
condition, results of operations, business or prospects since the date