Company: CCNE
Filing Date: 2025-01-10
Form Type: 425
Source: 0001193125-25-004105
Chunk: 133

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-01-10
Form: 425
Chunk 133
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 (2) Inclusive of AFS securities-related AOCI & HTM securities accretion, after-tax. (3) Inclusive of loan rate and non-PCD credit mark accretion, after-tax. (4) Inclusive of time deposit markdown amortization, CDI amortization, opportunity cost of cash, and other merger-related earnings adjustments.

Key Model Assumptions & Financial Impacts Key Financial Impacts ROAA ROATCE GAAP Cash ~35% ~14% 2026 Diluted 2026 Diluted EPS Accretion EPS Accretion (3%) (15%) TBV per share TBV per share Dilution at Close Dilution at Close 2026E 3.3yrs 1.7yrs Pro Forma TBV per share TBV per share Net Interest Margin Efficiency Ratio (1) (1) Earnback Earnback Key Assumptions: • All stock consideration • 40% annual cost savings (pre-tax) • $27.6 million one-time charges (pre-tax, at Close) • 6.7% total loan mark (interest rate + credit mark) • Balance sheet re-positioning including sale / divestiture of ~$200 million in loans and ~$100 million of deposits (5) (5) Loans / Deposits TCE / TA CRE / TRBC (2) Transaction Multiples : (3) • Indicative purchase price per share of $21.10 Pro Forma ($214 million aggregate deal value) Balance Sheet & Consolidated • Price / TBV: 0.99x (Pay-to-Trade Ratio: 96%) Capital • Price / LTM GAAP Earnings multiples: (Estimated @ - Standalone ESSA: 12.2x 6/30/2025) - Plus Cost Saves: 6.2x (4) - Fully Synergized Earnings : 4.0x Source: S&P Global Market Intelligence; FactSet; Bloomberg. Note: Market data as of 1/8/2025. (1) GAAP figures based on the cross-over method and Cash earnback based on the static earnback method. (2) Transaction multiples based on deal value after ESOP loan paydown. 11 (3) Assumes CCNE issuance price of $24.69 per share (10-day VWAP as of 1/8/2025). (4) ESSA GAAP 2024 net income plus