Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 250

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 250
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     |    |   |     |             |    1,612 |   |     |     |    |   |     |          |   794,306 |   |
| Total liabilities and equity                                |     | $         | 6,014,844 |   |     | $        | 2,187,717 |   |     | $           |  (44,488 | ) |     |     |    |   |     | $           |  (95,023 | ) |     |     |    |   |     | $        | 8,063,050 |   |

191

Footnotes to Unaudited Pro Forma Balance Sheet at September 30, 2024 The following pro forma adjustments have been reflected in the unaudited pro forma combined consolidated financial statements presented for CNB. Unless otherwise noted, all adjustments are based on assumptions and valuations as of September 30, 2024 for the respective pending acquisition and are subject to change.

| (A) | Reflects both CNB and ESSA transaction expenses incurred which are expected to be approximately $27.6 million or $23.3 million (net of tax effect). |

| (B) | Reflects net cash proceeds from sale of $204.4 million worth of loans and $97.1 million of deposits as part of the divestiture adjustments. |

| (C) | Reflects fair value adjustment on securities held to maturity. |

| (D) | Reflects the total fair value discount of $117.7 million plus estimated PCD CECL gross-up of $8.2 million. |

| (E) | Reflects reduction in loans receivable for the $204.4 million worth of sold loans and the estimated $0.4 million of associated PCD credit gross up as part of the divestiture adjustments. |

| (F) | Reflects elimination of ESSA’s allowance for credit losses as a part of purchase accounting adjustments, recording an ACL of $8.2 million on PCD loans, and a credit mark of $15.3 million on non-PCD loans. |

| (G) | Reflects reversal of allowance for credit losses associated with the sold loan portfolio as part of the divestiture adjustments. |

| (H) | Book value assumed to equal ESSA’s fair value of real property. |

| (I) | Reflects projected goodwill that will be recognized as a part of purchase accounting