Company: CCNE
Filing Date: 2025-03-05
Form Type: 424B3
Source: 0001193125-25-047258
Chunk: 177

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-05
Form: 424B3
Chunk 177
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| CNB             |     |                    | 10.3 | x |     |              |  9.9 | x |     |           | 100 | % |     |           |  8.4 | % |     |          | 2.93 | % |     |          |  49,806 |

Source: S&P Global Market Intelligence.

| (1) | Financial data was as of September 30, 2024 or for the 12 or three months ended September 30, 2024. 
 Market data was as of January 8, 2025.                                                              |

| (2) | Average volume of shares traded daily over the past three months. |

PNC FIG Advisory also reviewed the historical stock price performance of CNB relative to the selected companies and selected stock indices, as indicated in the following tables: CNB Historical Stock Performance Relative to Selected Companies and Selected Indices

140

Discounted Cash Flow Analysis of CNB PNC FIG Advisory performed a discounted cash flow analysis to estimate a range for the implied equity value of CNB common stock based on the present value of implied future dividends over a seven-year period and implied terminal values at the end of such period. In this analysis, PNC FIG Advisory assumed discount rates of 8.5%, 10.5% and 12.5% and calculated terminal values of 10.0x and 13.0x earnings at the end of seven years. PNC FIG Advisory used research analysts’ estimates for CNB in calendar years 2025 and 2026 and long-term growth rate and other assumptions for CNB provided to PNC FIG Advisory by the management of CNB. This analysis indicated an implied present value range of CNB common stock of $20.85 per share to $33.18 per share, which are 8.9x and 14.2x, respectively, of CNB’s earnings per share for the 12 months ended September 30, 2024 and 87% and 138%, respectively, of CNB’s tangible book value per share as of September 30, 2024. Financial Impact Analysis on CNB PNC FIG Advisory also conducted a financial impact analysis assuming that the merger would close at the end of the second quarter of 2025. PNC FIG Advisory used historical financial data as of September 30, 2024, financial projections and forecasts for ESSA provided to PNC FIG Advisory by the management of ESS