Company: CCNE
Filing Date: 2025-02-20
Form Type: S-4
Source: 0001193125-25-030821
Chunk: 164

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-02-20
Form: S-4
Chunk 164
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 number of factors taken into consideration by the CNB Board of Directors in making its determination to approve the merger agreement and the analyses described below should not be viewed as determinative of the decision of the CNB Board of Directors with respect to the fairness of the merger consideration.

Summary of Proposed Merger Consideration and Implied Transaction Metrics

Piper Sandler reviewed the financial terms of the proposed merger. Pursuant to the terms of the merger agreement, at the effective time of the merger each share of ESSA common stock issued and outstanding immediately prior to the effective time of the transaction, except for certain shares as set forth in the merger agreement, shall be converted into the right to receive 0.8547 shares of CNB common stock. Piper Sandler**

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calculated an aggregate implied transaction value of approximately $201.5 million and an implied purchase price per share of $20.62 consisting of the implied value of 9,776,644 shares of ESSA common stock, including 31,106 non-vestedrestricted stock awards and excluding 378,170 unearned ESSA Bank ESOP shares required to retire the outstanding ESSA Bank ESOP loan estimated at closing, and based on the closing price of CNB common stock on January 7, 2025. Based upon financial information for ESSA as of or for the last twelve months (“LTM”) ended September 30, 2024 and the closing price of ESSA’s common stock on January 7, 2025, Piper Sandler calculated the following implied transaction metrics:

| Market Premium as of January 7, 2025                                           |     |  9.4 | %  |
|:-------------------------------------------------------------------------------|:----|-----:|:---|
| Core Deposit Premium(1)                                                        |     | (1.1 | %) |
| Transaction Price Per Share / September 30, 2024 Tangible Book Value Per Share |     |   96 | %  |
| Transaction Price Per Share / LTM Earnings per Share                           |     | 11.6 | x  |
| Transaction Price Per Share / Estimated 2025 Earnings Per Share2               |     | 11.0 | x  |

| (1) | Core deposits defined as total deposits less time deposits with balances greater than $100,000. |

| (2) | As provided and confirmed by CNB senior management. |

Stock Trading History Piper