Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 168

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 168
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 LTM Earnings Per Share (x)            |     |      |  10.6 |     |            |  11.8 |     |            |  12.2 |     |            |   6.3 |     |            |  20.2 |
| Price / Estimated 2025 Earnings Per Share (x) |     |      |     — |     |            |   9.5 |     |            |   9.9 |     |            |   7.8 |     |            |  15.0 |
| Current Dividend Yield (%)                    |     |      |   3.2 |     |            |   3.0 |     |            |   2.9 |     |            |   0.0 |     |            |   6.1 |
| Market Capitalization ($mm)                   |     |      |   180 |     |            |   227 |     |            |   255 |     |            |   104 |     |            |   630 |

| (1) | Bank-level financial data shown for all institutions. |

Note: Institutions were not shown pro forma for pending or recently closed acquisitions or divestitures. Analysis of Precedent Transactions Piper Sandler reviewed two groups of merger and acquisition transactions, including a regional and nationwide group. The regional group consisted of bank merger and acquisition transactions announced between January 1, 2021 and January 7, 2025 with targets headquartered in Maryland, New Jersey, New York and Pennsylvania, with total assets between $1.0 billion and $5.0 billion at announcement, but excluded transactions with non-discloseddeal values, merger-of-equaltransactions, as defined by S&P Capital IQ Pro, or private investor, private equity or credit union buyers, (the “Regional Precedent Transactions”). The nationwide group consisted of bank merger and acquisition transactions nationwide announced between January 1, 2024 and January 7, 2025 with targets with total assets between $1.0 billion and $3.0 billion at announcement, but excluded transactions with non-discloseddeal values, merger-of-equaltransactions, as defined by S&P Capital IQ Pro, or private investor, private equity or credit union buyers (the “Nationwide Precedent Transactions”). 125

The Regional Precedent Transactions group was composed of the following transactions:

| Acquiror                     |     | Target