Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 249

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 249
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 may change the amount of the purchase price allocated to goodwill and other assets and liabilities, and may impact CNB’s statement of operations due to adjustments in yield and/or amortization of the adjusted assets or liabilities. Any changes to ESSA’s shareholders’ equity, including results of operations and certain balance sheet changes from September 30, 2024 through the date the merger is completed will also change the purchase price allocation, which may include the recording of a lower or higher amount of goodwill. The final adjustments may be materially different from the unaudited pro forma adjustments presented in this joint proxy statement/prospectus. The unaudited pro forma combined financial statements should be read in conjunction with the following consolidated financial statements and accompanying notes of CNB and ESSA for the applicable periods, as well as any other information contained in or incorporated by reference into this joint proxy statement/prospectus:

189

The pro forma information does not reflect opportunities to earn additional revenue or anticipated cost savings. Included in the pro forma information are divestiture adjustments related to balance sheet repositioning through the reduction of commercial real estate loan portfolio exposure and reinvestments in commercial and industrial loans as well as branch rationalization plans involving branch sales. CNB believes these adjustments will occur at or near the closing date but that transaction negotiations and regulatory approvals could cause delays. These divestiture adjustments assume the divestiture occurred as of September 30, 2024 on the balance sheet and January 1, 2023 for the statements of income and include the sale of approximately $97 million in deposits and $204 million in loans and the reinvestment of $109 million in commercial and industrial loans. The pro forma information does not reflect the benefits of expected cost savings, which are expected to be attributable to ESSA’s non-interestexpenses. CNB management believes adjusting net income and earnings per share for these expected cost savings for the periods ended September 30, 2024 and December 31, 2023, respectively, would enhance the understanding of the pro forma information shown below. The impact of these adjustments on net income and earnings per share are included in the Footnotes to Unaudited Pro Forma Income Statements. All significant pro forma adjustments and underlying assumptions are described in the accompanying notes. The unaudited pro forma combined consolidated statements of income for the nine months ended September 30, 2024 and the year ended December 31, 2023 give effect to the merger as if it occurred on January 1, 2023