Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 165

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 165
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 $28.81 |     | $30.87 |

Piper Sandler noted that the net present value analysis is a widely used valuation methodology, but the results of such methodology are highly dependent upon the numerous assumptions that must be made, and the results thereof are not necessarily indicative of actual values or future results. 128

Pro Forma Transaction Analysis Piper Sandler analyzed certain potential pro forma effects of the merger on CNB assuming the transaction closes on September 30, 2025. Piper Sandler utilized the following information and assumptions: (i) publicly available mean analyst earnings per share estimates for CNB for the quarter ending December 31, 2024 and the years ending December 31, 2025 and December 31, 2026, as well as an estimated long-term annual earnings growth rate for the years ending December 31, 2027 and December 31, 2028 and estimated 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