CNB Financial Corporation Peoples Financial Services Corp. Farmers & Merchants Bancorp, Inc. Primis Financial Corp. Farmers National Banc Corp. Shore Bancshares, Inc. Financial Institutions, Inc. TrustCo Bank Corp NY First Bank The analysis compared publicly available financial information for Mid Penn with corresponding data for the Mid 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 Mid Penn and the median, mean, low and high data for the Mid Penn Peer Group. Mid Penn Comparable Company Analysis Mid Penn Mid Penn Peer Group Median Mid Penn Peer Group Mean Mid Penn Peer Group Low Mid Penn Peer Group High Total assets ($M) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,527 4,613 4,823 3,224 6,794 Loans / Deposits1 (%) .............................. 94.2 90.6 90.9 75.2 114.6 Non-performing assets / Total assets2 (%) .............. 0.32 0.45 0.84 0.07 6.27 Tangible common equity/Tangible assets3 (%) .......... 8.13 8.33 8.42 4.98 11.84 Tier 1 Leverage Ratio4 (%) ......................... 8.40 9.53 9.42 8.00 12.03 Total RBC Ratio5 (%) ............................. 11.90 13.92 14.10 11.55 19.78 Bank Level CRE / Total RBC Ratio6, 7 (%) ............. 394.8 282.9 289.0 18.7 490.3 LTM Return on average assets (%) . . . . . . . . . . . . . . . . . . . 0.90 0.71 0.74 (0.22) 1.86 LTM Return on average equity (%) . . . . . . . . . . . . . . . . . . . 8.77 7.33 7.62 (2.21) 16.98 LTM Net interest margin (%) . . . . . . . . . . . . . . . . . . . . . . . 3.06 2.83 3.03 2.10 4.46 LTMEfficiencyratio(%) .......................... 66.6 67.1 66.2 48.7 82.6 Price / Tangible book value (%) . . . . . . . . . . . . . . . . . . . . . . 122 110 131 71 298 Price / LTM Earnings per share8 (x) .................. 11.0 14.2 14.8 7.7 29.8 Price / 2024E Earnings per share (x) . . . . . . . . . . . . . . . . . . 11.6 14.0 13.0 6.8 19.4 Price / 2025E Earnings per share (x) . . . . . . . . . . . . . . . . . . 10.2 10.2 11.0 6.4 16.2 Current Dividend Yield (%) . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 3.3 3.3 0.0 5.2 Market Capitalization ($M) . . . . . . . . . . . . . . . . . . . . . . . . . 534 487 528 208 1,731 1 Bank level Call Report data shown as of June 30, 2024 for First Bank and Peapack-Gladstone Financial Corporation 2 Bank level Call Report data shown as of September 30, 2024 for BCB Bancorp, Inc. and Farmers National Banc Corp.; Bank level Call Report data shown as of June 30, 2024 for Financial Institutions, Inc., First Bank, and Northfield Bancorp, Inc. (Staten Island, NY) 3 Regulatory holding company data shown as of June 30, 2024 for Primis Financial Corp. 4 Bank level Call Report data shown as of September 30, 2024 for BCB Bancorp, Inc.; Bank level Call Report data shown as of June 30, 2024 First Community Bankshares, Inc., Shore Bancshares, Inc., and TrustCo Bank Corp NY 5 Bank level Call Report data shown as of June 30, 2024 for Famers & Merchants Bancorp, Inc., First Community Bankshares, Inc., and TrustCo Bank Corp NY; Data not applicable for BCB Bancorp, Inc., MVB Financial Corp., and Northfield Bancorp, Inc. (Staten Island, NY) due to the banks’ election into the Community Bank Leverage Ratio (CBLR) Framework 6 Bank level Call Report data shown as of September 30, 2024 for BCB Bancorp, Inc., CNB Financial Corporation, Farmers National Banc Corp., and Mid Penn; Bank level Call Report data shown as of June 30, 2024 for Arrow Financial Corporation, Carter Bankshares, Inc., City Holding Company, Civista Bancshares, Inc., Farmers & Merchants Bancorp, Inc., Financial Institutions, Inc., First Bank, First Community Bankshares, Inc., MVB Financial Corp., Northfield Bancorp, Inc. (Staten Island, NY), 65
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