Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 170

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 170
---
 |   |     |      | 31.8 |
| Transaction Price / Tangible Book Value Per Share (%) |     |       |   96 |   |     |                                 |  135 |     |      |  127 |     |     |    31 |   |     |      |  212 |
| Tangible Book Value Premium to Core Deposits (%)      |     |       | (1.1 | ) |     |                                 |  3.7 |     |      |  2.9 |     |     | (14.2 | ) |     |      | 15.7 |
| 1-Day Market Premium (%)                              |     |       |  9.4 |   |     |                                 | 28.7 |     |      | 29.3 |     |     | (13.3 | ) |     |      | 80.0 |

126

Net Present Value Analyses Piper Sandler performed an analysis that estimated the net present value of a share of CNB common stock assuming CNB performed in accordance with publicly available mean analyst earnings per share estimates for CNB for the quarter ending December 31, 2024 and the years ending December 31, 2025 and December 31, 2026, as well as an estimated long-term annual earnings growth rate for the years ending December 31, 2027 and December 31, 2028 and estimated dividends per share for CNB for the quarter ending December 31, 2024 and the years ending December 31, 2025 through December 31, 2028, as provided by the senior management of CNB. To approximate the terminal value of a share of CNB common stock at January 7, 2025, Piper Sandler applied price to 2028 earnings multiples ranging from 9.0x to 14.0x and multiples of December 31, 2028 tangible book value ranging from 90% to 140%. The terminal values were then discounted to present values using different discount rates ranging from 10.0% to 14.0%, which were chosen to reflect different assumptions regarding required rates of return of holders or prospective buyers of CNB common stock. As illustrated in the following tables, the analysis indicated an imputed range of values per share of CNB common stock of $19.21 to $33.19 when applying multiples of earnings and $19.41 to $33.55 when