Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 171

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 171
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.20 |     | $18.85 |     | $20.51 |     | $22.16 |     | $23.81 |     | $25.46 |
| (10.0%)                  |     | $19.06 |     | $20.92 |     | $22.78 |     | $24.64 |     | $26.50 |     | $28.36 |
| 0.0%                     |     | $20.92 |     | $22.99 |     | $25.05 |     | $27.12 |     | $29.18 |     | $31.25 |
| 10.0%                    |     | $22.78 |     | $25.05 |     | $27.32 |     | $29.60 |     | $31.87 |     | $34.14 |
| 20.0%                    |     | $24.64 |     | $27.12 |     | $29.60 |     | $32.08 |     | $34.55 |     | $37.03 |

127

Piper Sandler also performed an analysis that estimated the net present value per share of ESSA common stock, assuming ESSA performed in accordance with 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. To approximate the terminal value of a share of ESSA common stock at January 7, 2025, Piper Sandler applied price to 2028 earnings multiples ranging from 9.0x to 14.0x and multiples of December 31, 2028 tangible book value ranging from 80% to 155%. The terminal values were then discounted to present values using different discount rates ranging from 10.0% to 14.0%, which were chosen to reflect different assumptions regarding required rates of return of holders or prospective buyers of ESSA common stock. As illustrated in the following tables, the analysis indicated an imputed range of values per share of ESSA common stock of $16.07 to $27.68 when applying multiples of earnings and $14.56 to $30.71 when applying multiples of tangible book value. Earnings Per Share Multiples

| Discount Rate |     |   9.