KBW’s analysis showed the following concerning the financial performance of Mid Penn and the selected companies: Selected Companies Mid Penn 25th Percentile Median Average 75th Percentile MRQ Core PTPP Return on Average Assets(1)(2) ........... 1.13% 0.82% 1.16% 1.19% 1.38% MRQ Core Return on Average Assets(1) ................. 0.91% 0.49% 0.80% 0.82% 0.97% MRQ Core Return on Average Tangible Common Equity(1) ......................................... 11.5% 6.4% 9.7% 8.5% 12.2% MRQNetInterestMargin............................. 3.15% 2.35% 3.14% 3.03% 3.51% MRQ Fee Income / Revenue(3) ......................... 11.4% 8.5% 13.8% 15.5% 19.0% MRQEfficiencyRatio ............................... 65.5% 66.8% 64.6% 64.2% 57.0% (1) Core net income after taxes and before extraordinary items, excluding gain on the sale of available for sale securities, amortization of intangibles, goodwill and nonrecurring items as defined by S&P Global Market Intelligence (2) Core PTPP income defined as core income excluding provision for loan losses and taxes (3) Excluded gain on sale of securities KBW’s analysis also showed the following concerning the financial condition of Mid Penn and, to the extent publicly available, the selected companies: Selected Companies Mid Penn 25th Percentile Median Average 75th Percentile Tangible Common Equity / Tangible Assets . . . . . . . . . . . . . . 8.13% 7.46% 8.31% 8.40% 8.51% LeverageRatio ..................................... 8.4% 8.1% 9.3% 9.4% 9.7% CET1Ratio ........................................ 10.1% 9.6% 10.7% 11.2% 13.3% Total Capital Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9% 11.8% 13.7% 13.7% 15.3% CRE / TRBC (1) ..................................... 404% 397% 319% 333% 251% Loans / Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94.2% 104.7% 93.0% 96.1% 88.6% Loan Loss Reserves / Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80% 1.00% 1.09% 1.07% 1.21% Nonperforming Assets / Loans + OREO (2) ............... 0.40% 0.90% 0.68% 0.74% 0.40% MRQ Net Charge-offs / Average Loans . . . . . . . . . . . . . . . . . . 0.03% 0.11% 0.03% 0.07% 0.01% (1) Commercial real estate (“CRE”)/total risk-based capital (“TRBC”) regulatory definition included non-owner occupied commercial real estate, construction and development loans, and multifamily loans, per bank level regulatory filings (2) Nonperforming assets included nonaccrual loans, restructured loans and OREO In addition, KBW’s analysis showed the following concerning the market performance of Mid Penn and, to the extent publicly available, the selected companies (excluding the impact of the LTM EPS multiples for two of the selected companies and the 2024 EPS multiples for one of the selected companies, which multiples were considered to be not meaningful because they were less than 0.0x, and excluding the impact of the LTM dividend payout ratio for two of the selected companies, which ratios were considered to be not meaningful because they were less than 0.0%): Selected Companies Mid Penn 25th Percentile Median Average 75th Percentile One-Year Stock Price Change . . . . . . . . . . . . . . . . . . . . . . . . . 64.8% 17.2% 24.3% 30.5% 41.4% One-Year Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71.0% 20.9% 29.3% 35.4% 45.2% Year-to-Date Stock Price Change . . . . . . . . . . . . . . . . . . . . . . . 31.3% (9.1%) (3.9%) 0.7% 10.1% 78
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