UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS AND PER SHARE DATA The unaudited pro forma combined condensed consolidated financial information has been prepared using the acquisition method of accounting under the provisions of the Financial Accounting Standards Board Accounting Standards Codification 805, “Business Combinations”, giving effect to the proposed merger of William Penn with and into Mid Penn, with Mid Penn as the surviving corporation. Under this method, William Penn assets and liabilities as of the date of the acquisition will be recorded at their respective fair values and added to those of Mid Penn. Any difference between the purchase price for William Penn and the fair value of the identifiable net assets acquired (including core deposit intangibles) will be recorded as goodwill. The goodwill resulting from the acquisition will not be amortized to expense but instead will be reviewed for impairment at least annually. Any core deposit intangible and other intangible assets with estimated useful lives to be recorded by Mid Penn in connection with the acquisition will be amortized to expense over such intangible asset’s estimated useful life. The financial statements of Mid Penn issued after the acquisition will reflect the results attributable to the acquired operations of William Penn beginning on the date of completion of the acquisition. The following unaudited pro forma condensed combined financial information and accompanying notes are based on and should be read in conjunction with the following historical financial statements and accompanying notes, which are incorporated by reference into this filing: • the historical unaudited consolidated financial statements of Mid Penn as of and for the nine months ended September 30, 2024 (included in Mid Penn’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024), and the historical audited consolidated financial statements of Mid Penn as of and for the year ended December 31, 2023 (included in Mid Penn’s Annual Report on Form 10-K for the year ended December 31, 2023); and • the historical unaudited consolidated financial statements of William Penn as of and for the three months ended September 30, 2024 (including in William Penn’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024), and historical audited consolidated financial statements of William Penn as of and for the twelve months ended June 30, 2024 (included in William Penn’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024), and the historical audited consolidated financial statements of William Penn as of and for the year ended June 30, 2023 (included in William Penn’s Annual Report on Form 10-K for the year ended June 30, 2023). The unaudited pro forma condensed combined financial information is provided for illustrative information purposes only. The unaudited pro forma condensed combined financial information is not necessarily, and should not be assumed to be, an indication of the actual results that would have been achieved had the merger been completed as of the dates indicated or that may be achieved in the future. The unaudited pro forma combined condensed financial statements have been prepared in accordance with Article 11 of Regulation S-X, Pro Forma Information, which requires the depiction of the accounting for the transaction, which we refer to as transaction accounting adjustments. Regulation S-X also allows for management adjustments that could include presentation of the reasonably estimable cost savings and revenue enhancements and other transaction effects that have occurred or are reasonably expected to occur. Mid Penn has elected to present one management adjustment giving effect to the previously reported November 5, 2024 consummation and issuance of 2,731,250 Mid Penn common shares at a price to the public of $29.50 per share and the receipt of net proceeds to Mid Penn of approximately $76.5 million as if it had been consummated on September 30, 2024, and will also be presenting transaction accounting adjustments in the following unaudited pro forma condensed combined financial information. The following unaudited pro forma combined consolidated balance sheet as of September 30, 2024, combines the unaudited consolidated balance sheet of Mid Penn of September 30, 2024, with the unaudited statement of financial condition of William Penn as of September 30, 2024, giving effect to the transaction and the common stock offering as if it had been consummated on September 30, 2024. The unaudited pro forma condensed 22
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