Selected Companies Mid Penn 25th Percentile Median Average 75th Percentile Price / Tangible Book Value per Share . . . . . . . . . . . . . . . . . . 1.21x 1.03x 1.29x 1.20x 1.40x Price/LTMEPS.................................... 11.0x 10.5x 13.3x 14.6x 19.1x Price/2024EPSEstimate ............................ 11.5x 9.8x 11.0x 12.2x 13.1x Price/2025EPSEstimate ............................ 10.2x 8.7x 9.4x 9.9x 10.9x Price/2026EPSEstimate ............................ 9.5x 7.8x 8.1x 8.3x 8.8x Dividend Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5% 2.4% 3.3% 3.6% 5.2% LTM Dividend Payout Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . 27.5% 22.9% 49.5% 48.1% 68.7% No company used as a comparison in the above selected companies analysis is identical to Mid Penn. Accordingly, an analysis of these results is not mathematical. Rather, it involves complex considerations and judgments concerning differences in financial and operating characteristics of the companies involved. William Penn Selected Companies Analysis. Using publicly available information, KBW compared the financial performance, financial condition and market performance of William Penn to 13 selected major exchange-traded banks headquartered in the Mid-Atlantic U.S., Virginia or West Virginia with total assets less than $2.0 billion. Carver Bancorp, Inc., Chain Bridge Bancorp, Inc., Esquire Financial Holdings, Inc., and Northeast Community Bancorp, Inc. were excluded from the selected companies due to their differentiated business models. The selected companies were as follows (shown by column in descending order of total assets): First United Corporation SR Bancorp, Inc. National Bankshares, Inc. Bank of the James Financial Group, Inc. Virginia National Bankshares Corporation Magyar Bancorp, Inc. CB Financial Services, Inc. BV Financial, Inc. Old Point Financial Corporation PB Bankshares, Inc. Pathfinder Bancorp, Inc. Glen Burnie Bancorp AmeriServ Financial, Inc. To perform this analysis, KBW used profitability and other financial information for most recent completed fiscal quarter or latest twelve months available or as of the end of such periods and market price information as of October 30, 2024. KBW also used 2024, 2025 and 2026 EPS estimates taken from financial forecasts and projections of William Penn provided by Mid Penn management (which gave effect to the realignment of the William Penn franchise) and 2024, 2025 and 2026 EPS estimates taken from publicly available consensus “street estimates” for the selected companies to the extent publicly available (consensus “street estimates” were not publicly available for 10 of the selected companies). Where consolidated holding company level financial data for the selected companies was unreported, subsidiary bank level data was utilized to calculate ratios. Data necessary to calculate CET1 Ratio and Total Capital Ratio was not publicly available for William Penn and one of the selected companies due to utilization of Community Bank Leverage Ratio (CBLR) framework. Certain financial data presented in the tables below may not correspond to the data presented in William Penn’s historical financial statements, or the data presented under the section “The Merger — Opinion of William Penn’s Financial Advisor,” as a result of the different periods, assumptions and methods used to compute the financial data presented. 79
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