Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 174

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 174
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 Directors in connection with rendering its opinion. This summary is not a complete description of the analyses and procedures performed by PNC FIG Advisory in the course of arriving at its opinion. The financial analyses summarized below include information presented in tabular format. The tables alone do not constitute a complete description of the financial analyses. The preparation of a fairness opinion is a complex analytical process involving various determinations as to appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances. Therefore, a fairness opinion is not readily susceptible to partial analysis or summary description. In arriving at its opinion, PNC FIG Advisory did not attribute any particular weight to any analysis or factor that it considered, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Accordingly, PNC FIG Advisory believes that its analyses and the summary of its analyses must be considered as a whole and that selecting portions of the analyses and factors or focusing on the information presented below in tabular format, without considering all analyses and factors or the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the process underlying its analyses and opinion. No company, transaction or business used in PNC FIG Advisory’s analyses for comparative purposes is identical to ESSA, CNB or the proposed merger and an evaluation of the results of those analyses is not entirely mathematical. Selected Companies Analysis of ESSA PNC FIG Advisory performed a selected companies analysis by comparing the financial and stock performance of ESSA with those of the following 12 selected publicly traded financial institutions, referred to as the selected companies, that were headquartered in Pennsylvania, that were not mutual institutions or merger or acquisition targets and that had September 30, 2024 assets between $1.5 billion and $3.0 billion and return on average assets less than 1.20% and average one-yeardaily trading volumes greater than 100 shares for the 12 months ending September 30, 2024: Description of Selected Companies

| Institution                       |     | City, State      |     | Ticker |     | Exchange |
| Citizens & Northern Corporation   |     | Wellsboro, PA    |     | CZNC   |     | NASDAQCM |
| Embassy Bancorp, Inc.             |     | Bethlehem, PA    |     | EMYB   |     | OTCQX    |
| ENB Financial Corp                |     | Ephrata, PA      |     | ENBP