Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 251

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 251
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 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. |

| (S) | Reflects gain on sale associated with the sale of the loan and deposit portfolio as part of the divestiture adjustments. |

| (T) | Reflects elimination of ESSA’s treasury stock. |

| (U) | Reflects elimination of ESSA’s AOCI. |

192

CNB FINANCIAL CORPORATION UNAUDITED PRO FORMA INCOME STATEMENT FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 (In thousands)

| INTEREST AND DIVIDEND INCOME                                    
 Loans receivable including fees                                 |     | Acquirer  
 (CNB      
 Financial 
 Corp.)    |         |   |     | Target   
 (ESSA    
 Bancorp, 
 Inc.)    |        |   |     | Purchase    
 Accounting  
 Adjustments |        |   |     | Ref |     |   |     | Divestiture 
 Adjustments |        |   |     | Ref |     |   |     | Pro      
 Forma    
 Combined |         |   |
|:----------------------------------------------------------------|:----|:----------