Carver Bancorp, Inc. Pathfinder Bancorp, Inc. Dimeco, Inc. Peoples Ltd. ES Bancshares, Inc. Quaint Oak Bancorp, Inc. First Commerce Bancorp, Inc. Solvay Bank Corp. First Keystone Corporation SR Bancorp, Inc. First Resource Bancorp, Inc. Susquehanna Community Financial, Inc. Harleysville Financial Corporation Woodlands Financial Services Company The analysis compared publicly available financial information as well as certain preliminary financial information, as provided by the senior management of William Penn, for William Penn with corresponding data for the William Penn Peer Group as of or for the period ended September 30, 2024 (unless otherwise noted) with pricing data as of October 29, 2024. The table below sets forth the data for William Penn and the median, mean, low and high data for the William Penn Peer Group. Certain financial data prepared by Piper Sandler, as referenced in the table presented below, may not correspond to the data presented in William Penn’s historical financial statements, as a result of the different periods, assumptions and methods used by Piper Sandler to compute the financial data presented. William Penn Comparable Company Analysis William Penn William Penn Peer Group Median William Penn Peer Group Mean William Penn Peer Group Low William Penn Peer Group High Total assets ($M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 812 898 953 571 1,468 Loans / Deposits1 (%) .................................... 73.8 90.1 89.6 58.1 113.8 Non-performing assets / Total assets2 (%) .................... 0.38 0.31 0.52 0.00 1.70 Tangible common equity / Tangible assets3 (%) ............... 15.25 7.91 8.51 2.43 17.26 Tier 1 Leverage Ratio4 (%) ............................... 17.075 9.82 10.22 7.94 16.83 Total RBC Ratio6 (%) .................................... — 14.00 14.08 11.25 17.00 Bank Level CRE / Total RBC Ratio7, 8 (%) ................... 117.58, 9 228.5 231.6 74.1 384.7 LTM Return on average assets (%) . . . . . . . . . . . . . . . . . . . . . . . . . (0.00) 0.66 0.42 (1.10) 1.57 LTM Return on average equity10 (%) ........................ (0.03) 7.22 4.75 (15.11) 15.39 LTM Net interest margin11 (%) ............................ 2.24 2.78 2.91 1.78 4.44 LTM Efficiency ratio12 (%) ............................... 110.2 73.1 75.8 53.1 112.9 Price / Tangible book value (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 91 86 48 165 Price / LTM Earnings per share13 (x) ........................ NM 9.8 10.6 7.5 15.2 Current Dividend Yield (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9 3.8 3.6 0.0 9.5 Market Capitalization ($M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 69 65 9 114 1 Bank level Call Report data shown as of June 30, 2024 for AmeriServ Financial, Inc., SR Bancorp, Inc., and Susquehanna Community Financial, Inc. 2 Bank level Call Report data shown as of September 30, 2024 for Harleysville Financial Corporation, JBT Bancorp, Inc., Jeffersonville Bancorp, and Magyar Bancorp, Inc.; Bank level Call Report data shown as of June 30, 2024 for American Bank Incorporated, AmeriServ Financial, Inc., Dimeco, Inc., ES Bancshares, Inc., Juniata Valley Financial Corp., Quaint Oak Bancorp, Inc., Susquehanna Community Financial, Inc., and Woodlands Financial Services Company 3 Bank level Call Report data shown as of June 30, 2024 for American Bank Incorporated and Susquehanna Community Financial, Inc. 4 Bank level Call Report data shown as of September 30, 2024 for 1st Colonial Bancorp, Inc., First Resource Bancorp, Inc., JBT Bancorp, Inc., Jeffersonville Bancorp, and Magyar Bancorp, Inc.; Bank level Call Report data shown as of June 30, 2024 for American Bank Incorporated, AmeriServ Financial, Inc., Dimeco, Inc., ES 63
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