Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 173

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 173
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 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, (ii) 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, and (iii) certain assumptions relating to transaction expenses, purchase accounting adjustments and cost savings, as well as the divestiture of certain ESSA branches and the sale of certain ESSA loans subsequent to the closing of the merger, as provided by the senior management of CNB and its representatives. The analysis indicated that the transaction could be accretive to CNB’s estimated earnings per share (excluding one-timetransaction costs and expenses) in the years ending December 31, 2025 through December 31, 2027 and dilutive to CNB’s estimated tangible book value per share at close and in the years ending December 31, 2025 through December 31, 2027. In connection with this analysis, Piper Sandler considered and discussed with the CNB Board of Directors how the analysis would be affected by changes in the underlying assumptions, including the impact of final purchase accounting adjustments determined at the closing of the transaction, and noted that the actual results achieved by the combined company may vary from projected results and the variations may be material. Piper Sandler’s Relationship Piper Sandler received a $395,000 fee from CNB upon rendering its opinion. CNB has also agreed to indemnify Piper Sandler against certain claims and liabilities arising out of Piper Sandler’s engagement and to reimburse Piper Sandler for certain of its out-of-pocketexpenses incurred in connection with Piper Sandler’s engagement. In the two years preceding the date of Piper Sandler’s opinion, Piper Sandler did not provide any other investment banking services to CNB, nor did Piper Sandler provide any investment banking services to ESSA in the two years preceding the date of its opinion. In the ordinary course of Piper Sandler’s business as a broker-dealer, Piper Sandler may purchase securities from and sell securities to CNB, ESSA and their respective affiliates. Piper Sandler may also actively trade the equity and debt securities of CNB, ESSA and their respective affiliates for Piper Sandler’s account and for the accounts