Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 252

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 252
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 |     |          |  29,261 |   |
| Average diluted shares outstanding                              |     |           |  20,896 |   |     |          |  9,585 |   |     |             | (9,585 | ) |     |     | (AD | ) |     |             |  8,429 |   |     |     | (AE | ) |     |          |  29,325 |   |

193

Footnotes to Unaudited Pro Forma Income Statement for the Nine Months ended September 30, 2024 The following pro forma adjustments have been reflected in the unaudited pro forma combined consolidated financial statements presented for CNB. Unless otherwise noted, all adjustments are based on assumptions and valuations as of September 30, 2024 for the respective pending acquisition and are subject to change.

| (V) | Reflects the adjustment to interest income to record estimated accretion of discounts on acquired loans held for investment of $104.6 million, which expected to be accreted over six years using the sum-of-years digits method, less opportunity cost of cash. |

| (W) | Reflects the net adjustment to interest income as part of the divestiture adjustments and the impact of new loan interest income from reinvesting of proceeds into new commercial and industrial loans. |

| (X) | Reflects the estimated interest accretion of discounts on acquired investment securities of $15.6 million accreted over four years using the straight-line method. |

| (Y) | Reflects the adjustment to interest expense as part of the divestiture adjustments. |

| (Z) | Reflects adjustment to operating expenses for the direct expenses as part of the divestiture adjustments. |

| (AA) | Reflects the additional state tax expense incurred from the Pennsylvania Shares tax. |

| (AB) | Reflects elimination of historical amortization expense and recognition of the core deposit intangible asset of $31.4 million amortized over ten years using the sum-of-years digits method. |

| (AC) | Reflects incremental tax impact of respective adjustments (assuming a 21% tax rate). |

| (AD) | Reflects elimination of weighted average shares outstanding of ESSA. |

| (AE) | Reflects shares issued to ESSA as part of merger consideration. This is not a divestiture adjustment, but rather the shares issued as part of the merger consideration that CNB management