Bancshares, Inc., First Keystone Corporation, Juniata Valley Financial Corp., Pathfinder Bancorp, Inc., Quaint Oak Bancorp, Inc., Susquehanna Community Financial, Inc., and Woodlands Financial Services Company 5 Preliminary September 30, 2024 financial information as provided by the senior management of William Penn 6 Bank level Call Report data shown as of September 30, 2024 for 1st Colonial Bancorp, Inc., First Resource Bancorp, Inc., and Magyar Bancorp, Inc.; Bank level Call Report data shown as of June 30, 2024 for American Bank Incorporated, Dimeco, Inc., ES Bancshares, Inc., First Keystone Corporation, Juniata Valley Financial Corp., Pathfinder Bancorp, Inc., Quaint Oak Bancorp, Inc., Susquehanna Community Financial, Inc., and Woodlands Financial Services Company; Data not applicable for JBT Bancorp, Inc., Jeffersonville Bancorp, Peoples Ltd., Solvay Bank Corp., SR Bancorp, Inc., and William Penn due to the banks’ election into the Community Bank Leverage Ratio (CBLR) framework 7 Bank level Call Report data shown as of September 30, 2024 for 1st Colonial Bancorp, Inc., 1ST SUMMIT BANCORP of Johnstown, Inc., First Resource Bancorp, Inc., 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., Carver Bancorp, Inc., Dimeco, Inc., ES Bancshares, Inc., First Commerce Bancorp, Inc., First Keystone Corporation, Juniata Valley Financial Corp., Pathfinder Bancorp, Inc., Peoples Ltd., Quaint Oak Bancorp, Inc., Solvay Bank Corp., SR Bancorp, Inc., Susquehanna Community Financial, Inc., and Woodlands Financial Services Company 8 Bank level Call Report total risk-based capital estimated as the sum of tier 1 capital and loan loss reserve as of the most recently reported quarter for JBT Bancorp, Inc., Jeffersonville Bancorp, Peoples Ltd., Solvay Bank Corp., SR Bancorp, Inc., and William Penn 9 Preliminary September 30, 2024 bank level Call Report financial information as provided by the senior management of William Penn 10 Bank level Call Report data shown as of June 30, 2024 for American Bank Incorporated and Susquehanna Community Financial, Inc. 11 Bank level Call Report data shown as of September 30, 2024 for JBT Bancorp, Inc. and Jeffersonville Bancorp; Bank level Call Report data shown as of June 30, 2024 for Dimeco, Inc. and Susquehanna Community Financial, Inc. 12 Bank level Call Report data shown as of September 30, 2024 for Jeffersonville Bancorp; Bank level Call Report data shown as of June 30, 2024 for Dimeco, Inc. and Susquehanna Community Financial, Inc. 13 Data excluded and shown as “NM”, standing for “Not Meaningful”, for 1ST SUMMIT BANCORP of Johnstown, Inc., AmeriServ Financial, Inc., Carver Bancorp, Inc., ES Bancshares, Inc., First Keystone Corporation, SR Bancorp, Inc., William Penn, and Woodlands Financial Services Company due to a multiple greater than 40.0x or less than 0.0x Note: Financial data for 1ST SUMMIT BANCORP of Johnstown, Inc., Carver Bancorp, Inc., ES Bancshares, Inc., First Commerce Bancorp, Inc., First Keystone Corporation, Magyar Bancorp, Inc., Pathfinder Bancorp, Inc., Solvay Bank Corp., SR Bancorp, Inc., Quaint Oak Bancorp, Inc., and Woodlands Financial Services Company as of or for the period ended June 30, 2024; Institutions not shown pro forma for pending or recently closed acquisitions or divestitures Piper Sandler used publicly available information to perform a similar analysis for Mid Penn by comparing selected financial information for Mid Penn with a group of financial institutions selected by Piper Sandler. The Mid Penn peer group included major exchange-traded (NASDAQ, NYSE, NYSEAM) banks headquartered in Maryland, New Jersey, New York, Ohio, Pennsylvania, Virginia, and West Virginia with total assets between $3.0 billion and $7.0 billion as of the most recently reported quarter, but excluded targets of announced merger transactions (the “Mid Penn Peer Group”). The Mid Penn Peer Group consisted of the following companies: Arrow Financial Corporation First Community Bankshares, Inc. BCB Bancorp, Inc. MVB Financial Corp. Carter Bankshares, Inc. Northfield Bancorp, Inc. (Staten Island, NY) City Holding Company Orrstown Financial Services, Inc. Civista Bancshares, Inc. Peapack-Gladstone Financial Corporation 64
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