Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 251

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 251
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 (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 adjustments based on issuance of 8,429,143 of shares of CNB common stock at $26.30 per share (February 13, 2025 closing price). |

| (J) | Reflects the pro forma purchase accounting adjustment of the core deposit intangible asset of $31.4 million. |

| (K) | Reflects projected deferred tax asset, net recorded as a result of purchase accounting adjustments (assuming 21% tax rate). |

| (L) | Reflects reduction to deposits for sold deposits as part of the divestiture adjustments. |

| (M) | Reflects the pro forma purchase accounting adjustment of ESSA’s time deposits to fair value. |

| (N) | Reflects adjustment to other liabilities as part of the divestiture adjustments. |

| (O) | Reflects issuance of acquirer’s stock as consideration of $221.7 million and elimination of ESSA’s common stock. |

| (P) | Represents the elimination of ESSA’s additional paid in capital. |

| (Q) | Reflects elimination of the ESSA Bank ESOP. |

| (R) | Reflects elimination of ESSA’s retained earnings, impact to retained earnings of payment of transaction fees of $23.3 million and impact of incremental provision non-PCD for credit losses of $12.1 million, net of tax effect.