Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 166

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 166
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100.0 | % |     |     |           126.3 | % |
| NASDAQ Bank Index |     |     |           100.0 | % |     |     |            81.9 | % |

Comparable Company Analyses Piper Sandler used publicly available information to compare selected financial information for CNB with a group of financial institutions selected by Piper Sandler. The CNB peer group included major exchange-traded (NASDAQ, NYSE and NYSEAM) banks headquartered in the Mid-Atlanticregion, as defined by S&P Capital IQ Pro, with total assets between $3.0 billion and $9.0 billion, but excluded The Bancorp, Inc. (TBBK) due to its non-traditionalbusiness model and targets of announced merger transactions (the “CNB Peer Group”). The CNB Peer Group consisted of the following companies:

| Amalgamated Financial Corp.       |     | Northfield Bancorp, Inc. (Staten Island, NY) |
| Arrow Financial Corporation       |     | Orrstown Financial Services, Inc.            |
| BCB Bancorp, Inc.                 |     | Peapack-Gladstone Financial Corporation      |
| Citizens Financial Services, Inc. |     | Peoples Financial Services Corp.             |
| Financial Institutions, Inc.      |     | Ponce Financial Group, Inc.                  |
| First Bank                        |     | Shore Bancshares, Inc.                       |
| Kearny Financial Corp.            |     | Tompkins Financial Corporation               |
| Metropolitan Bank Holding Corp.   |     | TrustCo Bank Corp NY                         |
| Mid Penn Bancorp, Inc.            |     | Univest Financial Corporation                |

123

The analysis compared publicly available financial information for CNB with corresponding data for the CNB Peer Group as of or for the year ended September 30, 2024 (unless otherwise noted) with pricing data as of January 7, 2025. The table below sets forth the data for CNB and the median, mean, low and high data for the CNB Peer Group. Certain financial data prepared by Piper Sandler, as referenced in the table presented below, may not correspond to the data presented in CNB’s historical financial statements, as a result of the different periods, assumptions and methods used by Piper Sandler to compute the financial data presented. CNB Comparable Company Analysis

|                                               |     | CNB |       |     | CNB        
 Peer Group 
 Median     |