Company: CCNE
Filing Date: 2025-01-10
Form Type: 425
Source: 0001193125-25-004105
Chunk: 135

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-01-10
Form: 425
Chunk 135
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 and CNB Pro Forma estimated at Close. (5) Based on 2026E standalone and Pro Forma diluted EPS.

Merger with ESSA Checks Key Strategic Boxes CCNE Investment Thesis From September 2022 Capital Raise Presentation: ✓Deep rooted community bank established in 1865✓Deep rooted community bank established in 1916 A Premier (1) ✓Top 5 ranked market share in legacy CNB markets and in the ✓Top 5 ranked market share in Greater Lehigh Valley Franchise Buffalo MSA ✓Meaningful scale in key growth markets (Buffalo, NY; ✓Lehigh Valley adds another key growth market to CNB franchise Diversified Columbus, OH; Cleveland, OH and Roanoke, VA) (1) ✓#1 largest headquartered bank in the Greater Lehigh Valley Markets ✓Diversified & balanced loan portfolio ✓Merger allows mark-to-market of long duration 1-4 family loan Attractive portfolio and re-positioning of non-core earning assets ✓Robust C&I lending comprising of 32% of the portfolio Business Mix ✓Highly granular and long-tenured core deposit book ✓Stable funding base ✓Well-regarded executive team✓Seasoned management team has built one of the most highly Experienced regarded franchises in Eastern Pennsylvania Leadership ✓Extensive M&A integration experience✓3 completed deals since 2011 ✓Strong balance sheet with capital ratios bolstered✓Pro Forma capital ratios leave room for further growth Strong Financial ✓Strives to achieve and maintain top quartile performance ✓Pro Forma profitability ratios projected to be top quartile of the metrics peer group Positioning ✓Demonstrated credit quality track record✓Pristine credit track record - 4bps of NCOs in prior 5 years ✓Strong and successful track record of organic growth ✓Significant opportunity to deploy CNB's C&I/treasury Consistent management playbook into ESSA's attractive markets ✓Complemented by brand extensions in growth markets with ✓Additional capital & product suite will enhance customer Growth Story strong C&I lending and deposit opportunities experience in legacy ESSA markets (1) Greater Lehigh Valley is defined as Carbon, Lehigh, Monroe, and Northampton counties in Pennsylvania. 14

Model Assumptions & Diligence

Model Assumptions Detail (1) • Aggregate deal value of approximately $214 million | Deal value of $206 million , inclusive of ESOP loan pay-down • Indicative purchase price per ESS