Selected Companies William Penn 25th Percentile Median Average 75th Percentile Price/LTMEPS ..................................... NM 11.0x 12.7x 13.3x 13.6x Price/2024EPSEstimate ............................. NM 11.7x 13.2x 15.8x 18.6x Price/2025EPSEstimate ............................. NM 10.5x 11.4x 11.9x 13.1x Price/2026EPSEstimate ............................. 15.3x 9.2x 10.0x 10.8x 12.1x DividendYield ...................................... 0.9% 1.6% 2.8% 2.8% 3.5% LTM Dividend Payout Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . NM 15.6% 25.3% 45.0% 38.2% No company used as a comparison in the above selected companies analysis is identical to William 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. Selected Transactions Analysis. KBW reviewed publicly available information related to nine selected U.S. bank transactions announced since June 30, 2023 with announced deal values between $75 million and $150 million. The selected transactions were as follows: Acquiror Acquired Company TowneBank Village Bank and Trust Financial Corp. Camden National Corporation Northway Financial, Inc. ACNB Corporation Traditions Bancorp, Inc. CBC Bancorp Bay Community Bancorp Alerus Financial Corporation HMN Financial, Inc. Hope Bancorp, Inc. Territorial Bancorp Inc. Business First Bancshares, Inc. Central Valley Community Bancorp Oakwood Bancshares, Inc. Community West Bancshares Peoples Financial Services Corp. FNCB Bancorp, Inc. For each selected transaction, KBW derived the following implied transaction statistics, in each case based on the transaction consideration value paid for the acquired company and using financial data based on the acquired company’s then latest publicly available financial statements prior to the announcement of the respective transaction and, to the extent publicly available, the one-year forward EPS estimates for the acquired company at the announcement of the respective transaction: • Price per common share to tangible book value per share of the acquired company (in the case of one of the selected transactions involving a private acquired company, this transaction statistic was calculated as total transaction consideration divided by total tangible common equity); • Pay to Trade ratio (calculated as the price to tangible book value multiple paid in the respective transaction divided by the acquiror’s standalone closing stock price to tangible book value multiple) in the eight selected transactions involving a public acquiror; • Tangible equity premium to core deposits (total deposits less time deposits greater than $100,000) of the acquired company, referred to as core deposit premium; • Price per common share to LTM EPS of the acquired company (in the case of one of the selected transactions involving a private acquired company, this transaction statistic was calculated as total transaction consideration divided by LTM earnings); and • Price per common share to estimated EPS of the acquired company for the fiscal year after the announcement of the respective transaction, referred to as Forward EPS, in the two selected transactions in which Forward EPS for the acquired company was available at announcement. 81
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