Company: CCNE
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000736772-25-000169
Chunk: 191

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 191
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413 2,057 Merger Costs357 — 1,886 — Other non-interest expenses5,374 4,355 10,103 9,111 Total non-interest expenses39,617 35,989 80,655 73,413 INCOME BEFORE INCOME TAXES17,250 16,002 31,594 31,435 INCOME TAX EXPENSE 3,294 3,045 6,157 5,878 SEGMENT NET INCOME$13,956 $12,957 $25,437 $25,557 Reconciliation of profit or lossAdjustments and reconciling items— — — — CONSOLIDATED NET INCOME$13,956 $12,957 $25,437 $25,557 Reconciliation of assetsAdjustments and reconciling items— — — — TOTAL CONSOLIDATED ASSETS$6,318,477 $5,886,571 $6,318,477 $5,886,571 

48

15.    SUBSEQUENT EVENT

On July 23, 2025, the Corporation completed its previously announced acquisition of ESSA and its subsidiary bank, ESSA Bank & Trust Company ("ESSA Bank"), pursuant to the definitive merger agreement (the "Merger Agreement") dated as of January 9, 2025. The Corporation's acquisition of ESSA was an all-stock transaction. Under the terms of the Merger Agreement, ESSA merged with and into the Corporation, with the Corporation as the surviving entity, and immediately thereafter, ESSA Bank merged with and into CNB Bank, with CNB Bank as the surviving bank (the "Merger"). Banking offices of ESSA Bank operate under the trade name ESSA Bank, a division of CNB Bank.Pursuant to the Merger Agreement, each outstanding share of ESSA common stock was converted into the right to receive 0.8547 shares of the Corporation's common stock. The total consideration paid to ESSA shareholders was approximately $202.5 million, comprised of approximately 8,357,157 shares of the Corporation's common stock, valued at approximately $202.5 million based on the July 23, 2025 closing price of $24.23 per share of the Corporation's common stock, and $20 thousand in cash (cash