Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 186

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 186
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 |   |     |          | 103,383 |
| Median          |     |                    | 10.8 |   |     |              | 11.4 |   |     |           | 141 |   |     |           | 10.2 |   |     |          | 3.65 |   |     |          |  90,748 |
| 25th Percentile |     |                    |  9.7 |   |     |              |  9.5 |   |     |           | 113 |   |     |           |  9.3 |   |     |          | 2.87 |   |     |          |  62,731 |
| Low             |     |                    |  8.3 |   |     |              |  7.8 |   |     |           |  90 |   |     |           |  6.6 |   |     |          | 2.43 |   |     |          |  25,567 |
| CNB             |     |                    | 10.3 | x |     |              |  9.9 | x |     |           | 100 | % |     |           |  8.4 | % |     |          | 2.93 | % |     |          |  49,806 |

Source: S&P Global Market Intelligence.

| (1) | Financial data was as of September 30, 2024 or for the 12 or three months ended September 30, 2024. Market data was as of January 8, 2025. |

| (2) | Average volume of shares traded daily over the past three months. |

PNC FIG Advisory also reviewed the historical stock price performance of CNB relative to the selected companies and selected stock indices, as indicated in the following tables: CNB Historical Stock Performance Relative to Selected Companies and Selected Indices

140

Discounted Cash Flow Analysis of CNB PNC FIG Advisory performed a discounted cash flow analysis to estimate a range for the implied equity value of CNB common stock based on the present value of implied future dividends over a seven-year period and implied terminal values at the end of such period. In this analysis, PNC FIG Advisory assumed discount rates of 8.5%, 10.5% and 12.5% and calculated terminal values of 10.0x and 13.