Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 164

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 164
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.57 |     | $20.04 |     | $22.52 |     | $25.00 |     | $27.48 |
| 14.0%    |     | $14.56 |     | $16.95 |     | $19.34 |     | $21.72 |     | $24.11 |     | $26.50 |

Piper Sandler also considered and discussed with the CNB Board of Directors how this analysis would be affected by changes in the underlying assumptions, including variations with respect to earnings. To illustrate this impact, Piper Sandler performed a similar analysis assuming ESSA’s earnings varied from 20.0% above projections to 20.0% below projections. This analysis resulted in the following range of per share values for ESSA common stock, applying the price to 2028 earnings multiples range of 9.0x to 14.0x referred to above and a discount rate of 11.62%. Earnings Per Share Multiples

| Annual   
 Estimate 
 Variance |     |   9.0x |     |  10.0x |     |  11.0x |     |  12.0x |     |  13.0x |     |  14.0x |
| (20.0%)  |     | $14.41 |     | $15.78 |     | $17.15 |     | $18.52 |     | $19.89 |     | $21.26 |
| (10.0%)  |     | $15.95 |     | $17.49 |     | $19.03 |     | $20.58 |     | $22.12 |     | $23.66 |
| 0.0%     |     | $17.49 |     | $19.21 |     | $20.92 |     | $22.64 |     | $24.35 |     | $26.07 |
| 10.0%    |     | $19.03 |     | $20.92 |     | $22.81 |     | $24.69 |     | $26.58 |     | $28.47 |
| 20.0%    |     | $20.58 |     | $22.64 |     | $24.69 |     | $26.75 |     |