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DECEMBER 5, 2016 JANNEY MONTGOMERY SCOTT INVESTMENT BANKING Janney Weekly Bank & Thrift Newsletter

Transcript of Janney Weekly Bank & Thrift Newsletter Library/Bank and Thrift Newsletter/Janney... · Janney...

DECEMBER 5, 2016

JANNEY MONTGOMERY SCOTT INVESTMENT BANKING

Janney Weekly Bank & Thrift Newsletter

2

Table of Contents

1. Janney Daily Fix

2. Rates of a Different Color

3. Bank, Thrift & MHC Summary Valuation

4. Recent Bank M&A Transactions

5. Relevant Janney Capital Markets Professionals

1.) Janney Daily Fix

2.) Rates of a Different Color

Rat e s o f a D i f f e R e n t Co l o Rj a n n e y f i x e D in C o m e st R at e g y & Re s e a R C hDe C e m b e R 2, 2016

JANNEY MONTGOMERY SCOTT

www.janney.com

© 2016 Janney Montgomery Scott LLC

Member: NYSE, FINRA, SIPC

Interest rates • Page 1

Contents

Selloff: Portfolio effectS

our recommendation

information & diSclaimerS

Jody Lurie, CFA director fixed income Strategy & research 215 665 6191 [email protected]

See page 3 for important information regarding certifications, our ratings system as well as other disclaimers.

Investors may be more focused on the rally in equities than the selloff in treasuries until they look at the month’s performance.

• Since the election, treasury rates have changed tune, and the selloff has spread into other parts of fixed income.

• Various factors have contributed to this selloff, and what happens next remains to be seen.

• For illustrative purposes, we have provided a list of securities across the fixed income spectrum to display the effects of the recent selloff in treasuries.

The rates market is different now than it was a month ago. In the few weeks leading up to the US presidential election on November 8, there was a flight to quality due to the uncertainty of the election outcome, particularly given the FBI announcement followed by the backpedaling a few days before the election. At the same time, the market anticipated a Clinton victory, so the surprise around a Trump victory first caused a selloff in the equities market in the overnight session, followed by a sharp rebound come November 9. At the same time that the equities market rallied, treasury rates rose on expectations that a Trump presidency meant reduced banking regulation, increased infrastructure stimulus, tax policy changes, a shift in the healthcare sector, and a potential for market optimism, whether or not it is warranted.

Beyond the election results, several other events over the past month have caused a selloff in rates. Most recently, the agreement reached by OPEC members and non-member Russia related to produc-tion cuts caused a rally in energy prices, a fall in the relative strength of the dollar, and a steepening of the yield curve. What’s more, as we get insight into whom President-elect Trump picks for his cabinet, investors are speculating further about what that means for the new Administration’s ap-proach to the markets. For example, recent comments from Trump’s Treasury secretary pick Mnuchin added to the selloff. Further, the market has priced in a December rate hike as a foregone conclusion, contributing to the sentiment that inflation and economic growth may be returning, hence the first hike by the FOMC since last December.

Apart from events happening domestically, the international markets are causing ripple effects into the US markets, as the European Central Bank, Bank of Japan, and other central banks potentially look to maintain monetary support. The Bank of Japan, for instance, announced an “experimental” bond-buying program, in which it will purchase an unlimited amount of securities at a fixed rate.

The 30-year Treasury Has Been Volatile; A Similar Move Can Be Seen with the 10-year

Source: Janney FISR; Bloomberg; Various Newswires

2.00%

2.20%

2.40%

2.60%

2.80%

3.00%

3.20%

Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16

Dec 16, 2015: FOMC raises fed funds target rate

to 0.25-0.50%

Nov 9, 2016: Selloff in treasuries, rally in equities day after US presidential election

Nov 8, 2016: US presidential election

Nov 29, 2016: Day

before OPEC deal announced

Nov 17, 2016: Fed Chair Yellen testifies in CongressNov 16, 2016: BoJ

announces unlimited bond buying program

Jun 23, 2016: British vote on Brexit or Bremain; Brexit vote

results in flight to quality

Jan 20, 2016: Oil prices reach low point

Feb 10 & 11, 2016: Oil prices reach another

low point before rebounding

Nov 4, 2016: Session before FBI announced no material findings re: Clinton emailsSep 21, 2016: FOMC rates decision with

"unchanged" winning against "rate hike"

j a n n e y f i x e d i n c o m e s t r at e g yde c e m b e r 2, 2016

JANNEY MONTGOMERY SCOTT

www.janney.com

© 2016 Janney Montgomery Scott LLC

Member: NYSE, FINRA, SIPC

Interest rates • Page 2

Contents

Selloff: Portfolio effectS

our recommendation

information & diSclaimerS

Plans by international central banks may counteract Fed policies, though the possibility of expan-sionary fiscal policy remains the main driver of the selloff in rates currently.

How tHe Recent Selloff AffectS YouR PoRtfolio

Without going into too much of the math behind bond prices, we note that for as much as investors may have benefited over the past month from the rally in the equities market, they likely have experi-enced erosion in their fixed income portfolios. (For the “why,” please see our series on Interest Rates, including the note, “Effects of Interest Rates on Bonds.”) Although not all areas of the fixed income market demonstrated the full movement seen in treasuries, the selloff in rates and the steepening of the yield curve were felt to some degree across asset classes.

Note that main drivers of bond prices are interest rate risk and credit risk. In some cases, the im-provement in an individual issuer’s credit quality—whether it be actual performance metrics improv-ing or speculative improvements based on the change in Administration—offset headwinds caused by the rise in interest rates. In most instances, however, issuers’ credit risk did not reduce enough to compensate for the volatile swing in rates.

For illustrative purposes, we have included below a list of fairly liquidity securities across the fixed income spectrum to demonstrate the change in bond prices from the start of November to today. One could deduce that a similar move would appear in his/her portfolio.

ouR RecommendAtion

The near-term rates environment is uncertain. Key milestones before year-end, including the Italian referendum vote, the European Central Bank’s December 8 meeting, and the December 14 FOMC rate decision, among other items, are likely to affect the direction and degree of movements across the yield curve. Nonetheless, it is too early to tell the true effect the new Administration’s policies will have on rates, and there exists the possibility that treasuries are oversold at this point. We, therefore, suggest investors do not hit the “panic” button, but rather employ the various tools to create a defensive portfolio, as outlined in our recent note, “Preparing for Changes in Interest Rates.” Year-end is usually a good time for investors to review with their financial advisor their current port-folio strategy, so the recent volatility may just be another topic to consider when having the portfolio strategy meeting.

Asset Class

Security Description TenorPrice Yield

Dec 1 Nov 1 Chg Dec 1 Nov 1 ChgTreasury US Treasury 0.750% Oct-2018 2 years 99.3 99.8 (1%) 1.15% 0.83%+32bpsTreasury US Treasury 1.250% Oct-2021 5 years 97.2 99.8 (3%) 1.93% 1.29%+63bpsTreasury US Treasury 1.500% Aug-2026 10 years 92.3 97.1 (5%) 2.47% 1.83%+64bpsTreasury US Treasury 2.250% Aug-2046 30 years 84.1 93.2 (10%) 3.13% 2.58%+55bps

Corp: IG Apple Inc 2.450% Aug-2026 10 years 93.4 97.8 (4%) 3.23% 2.70%+54bpsCorp: IG JPMorgan Chase & Co 4.850% Feb-2044 27 years 109.0 116.3 (6%) 4.26% 3.85%+41bpsCorp: IG CVS Health Corp 5.125% Jul-2045 29 years 109.0 116.1 (6%) 4.55% 4.14%+40bps

Corp: HY HCA Inc 5.250% Jun-2026 10 years 99.4 104.1 (5%) 5.33% 4.69%+65bpsCorp: HY CenturyLink Inc 7.650% Mar-2042 25 years 84.7 86.6 (2%) 9.16% 8.94%+22bps

Preferred Wells Fargo & Co 6.000% (WFC.V) Perpetual 24.7 26.0 (5%) 6.08% 5.10%+97bps

Munis Phila Water & WW Rev 5.000% Oct-2026 10 years 115.3 124.3 (7%) 3.14% 2.24%+90bpsMunis Met Transport Auth 3.125% Nov-2035 19 years 87.1 98.2 (11%) 4.10% 3.24%+86bps

Agencies Fannie Mae 1.875% Sep-2026 10 years 91.9 97.7 (6%) 2.83% 2.14%+69bpsAgencies Fannie Mae 5.625% Jul-2037 21 years 133.3 143.6 (7%) 3.35% 2.80%+56bps

MBS Ginnie Mae 3.000% N/A 100.9 104.1 (3%) 2.85% 2.35%+50bps

Change in Price of Various Liquid Fixed Income Securities

Source: Janney FISR; Bloomberg; using last price shown with decimals over fractions; note that some high yield corporate sectors, for example, showed price improvement due to their correlation with equities and economic cyclicality

j a n n e y f i x e d i n c o m e s t r at e g yde c e m b e r 2, 2016

JANNEY MONTGOMERY SCOTT

www.janney.com

© 2016 Janney Montgomery Scott LLC

Member: NYSE, FINRA, SIPC

Interest rates • Page 3

Contents

Selloff: Portfolio effectS

our recommendation

information & diSclaimerS

Analyst Certification

I, Jody Lurie, the Primarily Responsible Analyst for this report, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of the subject sectors, industries, securities, and issuers. No part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Janney Montgomery scott LLC (“Janney”) Debt Research Disclosure Legend

Janney may seek compensation for investment banking services for any company listed in this report in the next 3 months. the research analyst is compensated based on, in part, Janney’s profitability, which includes its investment banking revenues. additional information available upon request.

Definition of Issuer/Company outlooks

Janney FIS employs a rating system which considers the company, but not any specific debt or equity securities of the company and is not making a recommendation with regard to any specific debt securities of the company. Outlooks reflect our opinion about how credit factors of the company may affect its credit rating(s).

Positive: Janney FIS believes there are factors which point towards improving issuer or sector credit quality which may result in potential credit ratings upgrades

Stable: Janney FIS believes there are factors which point towards stable issuer or sector credit quality which are unlikely to result in either potential credit ratings upgrades or downgrades.

Cautious: Janney FIS believes there are factors which introduce the potential for declines in issuer or sector credit quality that may result in potential credit ratings downgrades.

Negative: Janney FIS believes there are factors which point towards weakening in issuer credit quality that will likely result in credit ratings downgrades.

Definition of sector/Industry Ratings

Overweight: Janney FIS expects the target asset class or sector to outperform the comparable benchmark (below) in its asset class in terms of total return.

Marketweight: Janney FIS expects the target asset class or sector to perform in line with the comparable benchmark (below) in its asset class in terms of total return.

Underweight: Janney FIS expects the target asset class or sector to underperform the comparable benchmark (below) in its asset class in terms of total return.

Benchmarks

Asset Classes: Janney FIS ratings for domestic fixed income asset classes including Treasuries, Agencies, Mortgages, Investment Grade Credit, High Yield Credit, and Municipals employ the “Barclay’s U.S. Aggregate Bond Market Index” as a benchmark. Treasuries: Janney FIS ratings employ the “Barclay’s U.S. Treasury Index” as a benchmark. Agencies: Janney FIS ratings employ the “Barclay’s U.S. Agency Index” as a benchmark. Mortgages: Janney FIS ratings employ the “Barclay’s U.S. MBS Index” as a benchmark. Investment Grade Credit: Janney FIS ratings employ the “Barclay’s U.S. Credit Index” as a benchmark. High Yield Credit: Janney FIS ratings for employ “Barclay’s U.S. Corporate High Yield Index” as a benchmark. Municipals: Janney FIS ratings employ the “Barclay’s Municipal Bond Index” as a benchmark.

Disclaimer

Janney or its affiliates may from time to time have a proprietary position in the various debt obligations of the issuers mentioned in this publication.

Unless otherwise noted, market data is from Bloomberg, Barclays, and Janney Fixed Income Strategy & Research (Janney FIS).

This report is the intellectual property of Janney Montgomery Scott LLC (Janney) and may not be reproduced, distributed, or published by any person for any purpose without Janney’s express prior written consent.

This report has been prepared by Janney and is to be used for informational purposes only. In no event should it be construed as a solicitation or offer to purchase or sell a security. The information presented herein is taken from sources believed to be reliable, but is not guaranteed by Janney as to accuracy or completeness. Any issue named or rates mentioned are used for illustrative purposes only, and may not represent the specific features or securities available at a given time. Preliminary Official Statements, Final Official Statements, or Prospectuses for any new issues mentioned herein are available upon request. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, securities prices, market indexes, as well as operational or financial conditions of issuers or other factors. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. We have no obligation to tell you when opinions or information contained in Janney FIS publications change.

Janney Fixed Income Strategy does not provide individually tailored investment advice and this document has been prepared without regard to the circumstances and objectives of those who receive it. The appropriateness of an investment or strategy will depend on an investor’s circumstances and objectives. For investment advice specific to your individual situation, or for additional information on this or other topics, please contact your Janney Financial Consultant and/or your tax or legal advisor.

3.) Bank, Thrift & MHC Summary Valuation

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

PBCT People's United Financial Inc. 40,692 5,792 18.60 19.00 13.62 20.44 20.27 207.2 3.66 7.23 0.78 71.19 0.71 5.77 63.07 15.17 0.16

WBS Webster Financial Corp. 25,634 4,706 51.31 51.31 30.09 24.43 24.20 258.6 1.95 7.74 1.17 62.71 0.81 8.20 61.55 37.97 4.50

UBNK United Financial Bancorp 6,545 859 17.00 17.45 10.28 18.89 17.17 160.4 2.82 8.32 0.85 74.24 0.72 7.12 62.21 31.99 0.95

FBNK First Connecticut Bancorp, Inc 2,832 344 21.75 22.95 14.42 24.44 22.19 134.5 1.66 9.03 1.01 73.97 0.49 5.34 72.20 24.93 (2.90)

BWFG Bankwell Financial Group Inc. 1,566 221 29.24 29.89 18.48 18.99 18.05 160.9 0.96 8.80 0.49 226.50 0.83 8.55 57.59 47.30 3.03

SIFI SI Financial Group Inc. 1,538 172 14.05 14.47 12.30 26.51 - 120.7 1.14 9.35 1.13 66.19 0.42 3.98 75.02 2.93 (1.06)

SAL Salisbury Bancorp Inc. 928 96 34.90 38.30 29.50 13.22 - 121.7 3.21 8.66 2.35 27.06 0.80 7.83 65.47 4.26 (0.29)

PNBK Patriot National Bancorp Inc. 683 55 13.80 16.50 12.57 38.33 - 87.3 - 9.16 NA NA 0.22 2.28 80.06 (5.15) (1.08)

DRWB Darien Rowayton Bank 599 NA 0.45 0.45 0.45 - - - NA 9.30 0.01 NM (0.53) (6.23) 118.23 NA -

PBBI PB Bancorp Inc. 506 74 9.40 9.75 8.17 NM - 94.3 1.28 15.72 NA NA 0.18 1.23 83.67 10.27 1.08

SBTB SBT Bancorp Inc. 505 29 21.60 22.96 19.05 22.50 - 94.9 2.59 6.14 NA NA 0.27 4.12 85.93 2.13 (4.00)

FSFF First Suffield Financial Inc. 251 36 7,200.00 7,410.00 7,190.00 - - - 2.50 NA NA NA NA NA NA 2.86 -

WSFS WSFS Financial Corp. 6,628 1,347 43.00 44.60 26.40 21.83 19.20 259.2 0.65 8.05 0.62 95.52 1.04 9.85 55.56 32.88 1.78

TBBK Bancorp Inc 4,218 383 6.93 7.84 3.88 NM NM 115.0 NA 7.92 NA NA (1.15) (15.69) 97.97 8.79 (8.82)

NACB National Capital Bank 406 49 170.00 188.88 135.00 8.35 - 112.9 1.18 10.66 1.04 113.67 1.42 14.38 76.94 9.68 0.01

IBWC IBW Financial Corp. 389 11 18.00 18.90 17.15 - - - 0.72 10.29 3.44 31.04 0.33 3.31 88.14 0.06 2.86

EVER EverBank Financial* 28,703 2,448 19.33 19.47 12.32 20.14 13.81 142.8 1.24 6.45 0.74 42.62 0.49 7.07 71.47 20.96 -

BKU BankUnited Inc. 27,265 3,737 35.88 38.16 27.85 17.76 17.66 162.8 2.34 8.44 0.43 132.24 0.88 9.51 58.71 (0.50) 0.84

FCB FCB Financial Holdings Inc. 8,531 1,831 44.70 45.15 28.64 19.02 19.52 207.8 NA 10.42 0.50 83.92 1.32 11.34 44.54 24.90 3.83

CSFL CenterState Banks 5,015 1,149 23.92 24.25 12.57 31.06 18.76 266.9 0.67 8.80 0.79 64.71 0.80 7.14 57.53 52.84 7.12

SBCF Seacoast Banking Corp. of FL 4,514 783 20.59 21.10 13.40 30.73 20.59 220.2 - 8.02 1.12 44.97 0.62 6.23 67.50 37.45 3.62

USAB USAmeriBancorp Inc. 4,040 352 35.00 NA NA 8.91 - 122.1 1.43 7.41 1.26 75.13 1.12 14.10 51.48 0.00 -

SGBK Stonegate Bank 2,936 558 39.30 40.85 28.21 18.99 18.36 197.2 0.81 9.84 0.78 81.79 1.12 9.30 50.81 19.60 (0.71)

CCBG Capital City Bank Group Inc. 2,753 310 18.46 19.69 12.83 28.40 27.97 161.8 1.08 7.19 2.05 24.37 0.40 3.98 83.91 20.26 (5.09)

TGRF TGR Financial Inc. 1,227 138 8.00 15.00 5.75 25.81 - 142.1 NA 8.34 0.24 317.11 0.48 5.47 71.75 NA (3.61)

ACFC Atlantic Coast Financial Corp. 937 108 6.95 7.10 5.03 21.06 21.72 125.2 - 9.19 4.29 20.26 0.59 6.10 74.94 18.60 (1.56)

FMIA First Miami Bancorp Inc. 654 52 600.00 600.00 440.00 - - - 0.67 NA NA NA NA NA NA 29.03 -

SBCP Sunshine Bancorp Inc 564 128 15.97 16.80 13.84 NM - 134.0 NA 11.32 0.41 124.50 (0.26) (1.85) 108.43 5.07 0.38

BCBF Beach Community Bancshares Inc 536 1 0.25 0.55 0.25 - - - NA NA NA NA NA NA NA (26.47) (16.67)

FFHD FirstAtlantic Finl Hldgs Inc 437 66 10.95 11.35 9.50 18.56 - 112.5 1.10 13.44 NA NA 0.83 6.07 66.20 8.74 0.37

PFHD Professional Holding Corp. 391 NA NA NA NA - - - NA NA NA NA NA NA NA NA NA

FCIT First Citrus Bancorp. Inc. 306 19 12.80 12.80 10.72 19.59 - - NA 7.50 NA NA 0.38 4.78 NA 16.88 0.40

PMHG Prime Meridian Holding Co. 290 29 14.71 17.00 12.11 14.01 - 108.8 0.34 9.26 0.40 246.60 0.79 8.11 68.20 5.07 (0.27)

CONNECTICUT BANKS AND THRIFTS

DELAWARE BANKS AND THRIFTS

FLORIDA BANKS AND THRIFTS

DISTRICT OF COLUMBIA BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 1

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

JFBF Jefferson Bankshares Inc. 279 35 13.00 13.36 8.68 22.73 - 142.3 NA 8.84 NA NA 0.59 6.33 72.27 30.00 0.08

PLBN Pilot Bancshares Inc. 238 23 2.35 2.40 1.80 - - 85.2 - 11.22 2.47 28.11 NA NA NA 14.08 -

FLBD First NB of Mount Dora 223 NA 41.50 NA NA - - - 1.69 15.11 3.50 40.99 0.90 6.36 73.60 0.00 -

SSNF Sunshine Financial Inc. 167 19 18.75 20.20 18.45 NM - 90.5 NA 12.78 2.90 18.38 (0.04) (0.27) 97.83 (0.53) -

STI SunTrust Banks Inc. 205,091 25,541 52.04 53.04 31.07 14.46 14.66 153.8 2.00 9.11 1.74 48.82 0.97 7.96 62.56 21.48 (0.80)

SNV Synovus Financial Corp. 29,727 4,790 39.17 39.49 25.48 21.88 19.97 172.6 1.23 9.70 1.30 65.70 0.81 7.98 62.11 20.97 (0.13)

UCBI United Community Banks Inc. 10,298 1,957 27.61 27.69 15.74 21.74 18.85 212.2 1.16 9.09 0.98 62.42 0.93 8.79 57.47 41.66 1.92

ABCB Ameris Bancorp 6,493 1,543 44.20 45.30 24.96 22.32 20.65 307.5 0.90 7.90 1.28 27.58 1.16 11.78 61.70 30.04 (0.90)

LION Fidelity Southern Corp. 4,396 592 22.64 23.25 14.01 18.87 17.35 177.2 2.12 7.62 NA NA 0.75 9.54 75.51 1.48 (2.46)

STBZ State Bank Finl Corp. 3,616 917 24.85 25.86 17.34 18.54 18.83 177.6 2.25 14.45 0.52 145.30 1.41 9.06 59.08 18.16 (3.04)

ACBI Atlantic Capital Bcshs Inc. 2,761 404 16.15 16.53 11.55 NM 26.48 143.1 NA 10.30 0.37 179.99 0.14 1.27 72.12 7.81 (2.12)

SBFC Southeastern Bank Finl Corp.* 1,876 420 61.74 63.37 32.55 22.37 - 222.8 1.04 10.05 0.93 122.23 1.00 10.48 60.87 87.09 (2.00)

HMBH Hamilton State Bancshares 1,775 311 7.75 8.25 7.70 19.43 - 146.3 NA 12.11 0.86 75.53 0.90 6.31 62.56 19.23 (3.13)

CHFN Charter Financial Corp. 1,443 217 14.43 14.73 12.34 18.27 19.24 127.1 1.52 12.10 0.76 94.06 0.98 5.90 67.84 9.24 (0.28)

CBAN Colony Bankcorp Inc. 1,153 97 11.50 11.65 8.11 14.02 - 112.5 - 8.73 3.76 21.21 0.74 8.54 71.54 20.67 3.14

MCBS MetroCity Bankshares Inc. 961 NA NA NA NA - - - NA 10.39 0.41 140.51 2.60 20.89 43.93 NA NA

THVB Thomasville Bancshares Inc. 753 201 34.00 34.00 27.35 - - - 2.06 8.38 0.62 296.16 1.50 17.62 48.21 18.26 -

SCSG SouthCrest Financial Group Inc 546 40 7.75 7.80 6.20 3.18 - - - NA NA NA 2.35 22.35 86.42 3.33 -

SGB Southwest Georgia Financial 443 46 18.00 18.00 13.27 11.84 - 117.4 2.44 8.82 0.31 222.04 0.92 10.26 71.82 12.85 4.35

CCFH CCF Holding Co. 415 8 1.56 1.75 0.66 - - - - NA NA NA NA NA NA 108.00 9.09

SEBC Southeastern Banking Corp. 407 39 12.55 12.98 10.25 11.21 - 79.6 3.19 12.11 2.34 36.29 0.87 7.65 73.76 21.26 6.81

CZBS Citizens Bancshares Corp. 407 17 7.72 9.00 6.45 8.39 - 41.0 1.04 12.91 2.50 18.52 0.57 4.43 82.85 (3.38) (7.32)

FIEB First Intercontinental Bank 331 42 7.10 8.20 6.50 - - - NA 16.11 1.14 121.07 2.22 13.86 48.97 0.00 -

EXCH Exchange Bankshares Inc. 237 22 34.50 38.50 29.76 7.48 - 73.4 2.09 12.90 1.83 61.21 1.31 10.47 65.19 12.20 -

TMAK Touchmark Bancshares Inc. 236 26 7.50 7.50 5.80 11.19 - 76.1 NA 14.45 NA NA 1.09 7.16 61.85 25.00 0.27

UNBK United National Bank 194 17 24.50 24.50 19.55 - - - NA 13.82 2.36 65.25 1.08 8.10 59.49 27.21 -

FMBE FMB Equibanc Inc. 177 12 5.00 5.10 3.00 - - - NA NA NA NA NA NA NA 66.67 -

EGBN Eagle Bancorp Inc 6,762 2,018 60.00 60.60 43.75 21.74 21.39 284.5 - 10.64 0.45 187.37 1.53 12.14 39.94 18.88 3.36

SASR Sandy Spring Bancorp Inc. 4,811 880 36.85 37.61 24.17 18.71 18.80 195.5 2.82 9.53 0.69 132.15 1.02 9.10 61.24 36.68 0.41

OLBK Old Line Bancshares Inc 1,650 252 23.18 23.78 16.75 23.41 20.16 181.9 1.04 8.45 0.69 56.07 0.71 7.43 61.87 31.93 8.52

FUNC First United Corp. 1,338 87 13.90 14.00 8.82 8.69 - 104.0 - 7.82 2.76 32.60 0.92 10.66 73.96 18.80 8.59

REVB Revere Bank 1,327 111 17.00 17.00 14.95 14.05 - 113.2 NA 7.40 0.11 759.69 0.75 8.81 54.88 59.62 11.11

TCFC Community Finl Corp. 1,282 133 28.53 28.60 19.19 19.28 18.29 127.8 1.40 8.11 2.16 34.92 0.58 6.69 66.77 36.12 (0.24)

SHBI Shore Bancshares Inc. 1,158 180 14.21 16.68 10.23 19.47 19.20 126.9 1.41 12.39 2.33 31.88 0.82 6.19 67.76 30.61 1.36

HBMD Howard Bancorp Inc. 1,015 103 14.70 15.00 11.65 22.27 17.71 125.4 NA 8.09 1.18 47.09 0.51 5.49 76.64 11.03 3.89

SVBI Severn Bancorp Inc. 778 79 6.50 7.20 4.99 5.70 - 94.6 - 11.12 4.11 28.10 2.00 17.36 83.34 13.04 (2.26)

GEORGIA BANKS AND THRIFTS

MARYLAND BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 2

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

BYBK Bay Bancorp Inc. 606 62 5.95 6.20 4.57 42.50 - 99.8 - 10.27 2.60 15.55 0.33 2.49 79.93 17.59 (1.65)

HBK Hamilton Bancorp Inc 517 48 14.05 15.11 13.19 NM - 91.6 NA 10.32 1.23 30.61 (0.01) (0.04) 87.28 (1.47) 0.54

TYCB Calvin B. Taylor Bankshares 510 75 27.15 29.70 26.25 16.02 - 94.1 3.57 15.65 1.47 13.55 1.02 6.23 53.70 (7.97) -

DBCP Delmar Bancorp 509 45 5.50 7.79 5.20 - - - 1.45 9.44 3.52 36.59 0.78 8.41 66.24 (1.96) (5.17)

GLBZ Glen Burnie Bancorp 392 29 10.49 12.77 9.86 25.59 - 83.5 3.81 8.92 0.73 81.34 0.29 3.33 87.55 (12.85) (1.38)

FCBI Frederick County Bancorp 383 31 21.00 27.29 18.95 16.28 - 101.0 1.33 8.08 1.94 42.17 0.55 6.62 77.96 (12.32) 5.00

FMFG Farmers & Merchants Bcshs Inc. 370 42 25.25 27.25 24.10 10.48 - 107.0 2.69 10.56 0.76 90.61 1.13 10.62 60.30 4.77 1.00

PSBP PSB Holding Corp. 362 18 40.50 42.00 35.76 22.43 - 57.1 0.49 8.83 2.23 33.80 0.24 2.93 75.49 5.19 -

HFBK Harford Bank 329 32 24.33 29.13 24.33 18.56 - 93.0 2.55 10.59 2.90 22.43 0.56 5.18 73.20 (8.95) -

NWID New Windsor Bancorp Inc.* 311 31 31.25 31.45 15.31 19.65 - 137.2 0.77 7.35 NA NA 0.52 7.12 81.73 102.92 1.78

DCBB DCB Bancshares Inc. 310 19 11.75 12.36 9.78 17.35 - 74.9 0.68 8.16 1.25 74.39 0.37 4.44 93.36 2.17 1.29

DLMV Delmarva Bancshares Inc. 305 NA 5.85 6.00 4.56 - - - NA NA NA NA NA NA NA 23.16 -

PEBC Peoples Bancorp Inc 253 15 19.20 23.00 16.20 11.11 - 60.9 2.40 9.75 4.83 36.59 0.56 5.53 86.04 6.67 -

HRBK Harbor Bankshares Corporation 252 3 2.75 4.71 2.00 - - - - NA NA NA NA NA NA 21.15 -

CECB Cecil Bancorp Inc. 238 2 0.26 0.65 0.07 - - - - NA NA NA NA NA NA (13.33) -

CUMD County First Bank 227 20 21.00 21.75 16.30 21.66 - - 1.43 NA 3.70 30.52 0.41 3.75 82.84 28.44 9.95

IFSB Colombo Bank 203 107 0.31 0.82 0.31 NM - 524.4 - 10.05 1.44 109.82 0.07 0.68 106.14 (11.55) -

CROL Carroll Bancorp Inc. 165 15 15.59 17.00 15.55 67.78 - 92.3 NA 9.87 0.22 267.88 0.15 1.37 90.76 (4.06) 0.26

STT State Street Corp. 256,140 30,257 78.44 80.99 50.60 16.04 15.44 270.2 1.94 5.81 - NM 0.93 9.73 71.92 18.20 -

BHLB Berkshire Hills Bancorp Inc. 7,931 1,068 34.25 34.78 24.71 16.39 15.50 182.4 2.34 7.71 0.49 111.13 0.82 7.24 61.04 17.66 1.03

BPFH Boston Private Financial 7,682 1,230 14.80 15.90 9.34 18.97 18.05 224.0 2.70 8.01 0.58 174.77 0.98 9.60 69.56 30.51 (4.82)

INDB Independent Bank Corp. 7,502 1,751 64.85 67.45 39.58 21.62 21.26 281.0 1.79 8.33 0.72 107.32 1.08 9.95 59.93 39.40 (2.11)

BRKL Brookline Bancorp Inc. 6,380 1,065 15.10 15.80 9.91 20.41 20.41 195.1 2.38 8.92 0.99 93.06 0.90 8.05 56.23 31.30 (0.98)

CNBKA Century Bancorp Inc. 4,298 314 56.40 56.45 38.26 13.12 - 135.9 0.85 5.38 0.12 478.23 0.58 10.86 63.35 29.77 6.42

EBSB Meridian Bancorp Inc. 4,173 959 17.85 18.95 12.28 31.88 29.26 164.4 0.67 14.03 0.69 134.22 0.80 5.05 58.01 26.60 (1.38)

EBTC Enterprise Bancorp Inc. 2,471 372 32.53 33.62 20.01 18.91 - 177.0 1.60 8.53 1.17 109.66 0.80 9.65 67.43 42.36 (1.09)

BHBK Blue Hills Bancorp Inc 2,314 475 17.75 18.20 13.22 63.39 68.27 126.5 0.68 16.45 0.35 221.90 0.33 1.78 75.28 15.94 (1.39)

BLMT BSB Bancorp Inc. 2,074 247 27.10 27.35 20.72 22.77 - 157.3 NA 7.56 0.41 152.15 0.57 7.15 58.82 15.86 1.50

HIFS Hingham Instit. for Savings 1,960 375 175.80 175.80 115.05 16.89 - 243.0 0.73 7.86 0.28 193.31 1.21 15.48 33.12 46.74 4.44

CATC Cambridge Bancorp 1,801 251 62.25 62.25 45.30 15.29 - 184.9 2.96 7.54 0.09 987.10 0.93 12.61 68.87 31.33 3.32

WNEB Western New England Bancorp 1,378 256 8.45 8.85 7.30 33.80 25.61 106.7 1.42 10.54 0.59 122.46 0.33 3.11 76.30 0.60 (0.59)

WEBK Wellesley Bancorp 666 63 25.70 25.74 18.05 19.32 - 114.1 0.62 8.31 NA NA 0.50 5.81 74.16 35.26 5.11

RNDB Randolph Bancorp Inc 490 86 14.62 15.13 12.06 - - 100.1 NA 17.52 1.41 44.87 NA 2.73 90.92 NA (3.35)

GABK Grand Bank Corp. 324 63 5,650.00 5,750.00 5,300.00 - - - - NA NA NA NA NA NA 2.54 0.71

GTWN Georgetown Bancorp Inc.* 315 47 25.58 26.00 18.26 59.48 - 145.1 0.78 10.30 NA NA 0.25 2.39 86.02 35.18 (1.25)

MELR Melrose Bancorp Inc 267 44 16.95 17.00 14.60 41.34 - 102.1 NA 16.23 - NM 0.42 2.26 76.40 10.92 6.56

PLRM Pilgrim Bancshares Inc 251 34 14.90 15.00 12.35 36.34 - 103.9 NA 12.88 1.63 24.71 0.38 2.60 78.28 14.35 2.76

IDBP Island Bancorp Inc* 194 12 243.00 243.00 243.00 - - - - 8.25 - NM 0.58 6.09 72.46 21.50 -

MASSACHUSETTS BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 3

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

ISBC Investors Bancorp Inc 22,536 4,182 13.52 14.12 10.67 23.31 22.92 138.7 2.37 13.49 0.49 201.18 0.83 5.44 53.68 8.68 (4.11)

VLY Valley National Bancorp 22,368 2,902 11.40 11.56 8.31 24.78 18.39 203.1 3.86 7.11 0.61 81.73 0.57 5.59 67.02 15.74 -

PFS Provident Financial Services 9,390 1,779 26.93 27.80 17.71 19.66 19.51 216.5 2.67 9.16 0.76 85.79 0.96 7.12 57.87 33.65 (0.99)

LBAI Lakeland Bancorp 4,904 789 17.75 18.15 9.72 19.51 18.68 219.9 2.14 7.53 0.69 92.70 0.88 8.51 57.71 50.55 (0.56)

KRNY Kearny Financial Corp. 4,523 1,350 15.25 15.60 11.31 NM NM 134.4 0.52 22.89 0.57 96.81 0.39 1.51 67.37 20.36 (0.33)

CNOB ConnectOne Bancorp, Inc. 4,328 707 23.35 24.25 14.86 16.68 16.22 201.2 1.28 8.39 2.83 30.67 1.04 8.80 41.39 24.93 (2.91)

OCFC OceanFirst Financial Corp. 4,151 821 25.52 25.73 15.98 23.85 17.48 190.1 2.35 8.50 1.25 30.03 0.69 6.95 61.55 27.41 6.38

ORIT Oritani Financial Corp. 3,795 789 17.45 18.00 14.95 15.58 19.72 146.1 4.01 14.22 0.30 262.92 1.37 9.19 42.47 5.76 (1.13)

NFBK Northfield Bancorp Inc. 3,785 901 18.64 18.93 14.31 35.85 33.29 155.3 1.72 15.50 0.88 72.98 0.66 3.93 61.78 17.09 (1.06)

PGC Peapack-Gladstone Financial 3,774 469 27.66 28.49 16.17 19.08 17.29 153.2 0.72 8.11 0.78 103.95 0.67 8.22 60.11 34.14 4.30

SNBC Sun Bancorp Inc. 2,189 436 23.05 24.90 19.52 62.30 62.30 191.2 0.17 10.58 0.32 224.40 0.31 2.63 92.20 11.68 (5.73)

BCBP BCB Bancorp Inc. 1,679 140 12.40 12.55 9.75 24.80 - 119.4 4.52 7.88 2.69 38.88 0.39 5.05 80.22 19.23 1.64

CSBK Clifton Bancorp Inc 1,312 377 16.35 16.73 13.09 NM 68.13 124.6 1.47 23.08 NA NA 0.36 1.40 71.45 14.02 (1.15)

UNTY Unity Bancorp Inc. 1,153 131 14.00 14.00 8.75 10.46 - 150.8 1.30 7.52 0.72 153.35 1.15 15.50 58.80 23.50 2.56

FCCY 1st Constitution Bancorp 1,055 126 15.75 16.40 11.27 14.58 14.45 138.2 1.27 8.73 0.62 113.73 0.90 8.99 63.37 28.50 0.64

BPRN Bank of Princeton* 1,009 141 30.00 30.00 28.00 12.93 - 138.8 NA 10.07 0.87 123.32 1.14 12.16 58.99 NA -

FRBA First Bank 1,008 119 10.40 11.00 6.25 20.00 16.77 135.8 0.77 8.66 0.53 175.53 0.58 7.12 62.10 57.34 (1.42)

PKBK Parke Bancorp Inc. 955 120 17.55 17.98 9.88 8.54 - 114.2 1.82 13.12 5.01 31.11 2.09 16.24 38.65 54.68 0.86

TRCB Two River Bncp 909 107 13.50 13.99 8.75 14.06 13.92 133.5 1.19 9.03 1.12 92.56 0.89 8.18 65.53 35.67 2.73

MRLN Marlin Bus. Services Corp. 869 242 19.30 20.95 13.46 15.56 14.14 152.8 2.90 18.26 NA NA 1.91 10.11 55.81 20.17 (5.62)

BKJ Bancorp of New Jersey Inc. 835 74 11.75 13.50 9.75 18.08 - 97.3 - 9.11 1.24 80.65 0.50 5.43 67.02 5.57 2.62

SBBX Sussex Bancorp 809 87 18.25 18.25 11.43 17.22 16.59 153.1 0.88 6.92 1.13 69.45 0.67 8.78 70.36 39.42 1.96

SSFN Stewardship Financial Corp. 758 53 8.70 8.90 5.51 12.08 - 103.2 1.38 6.80 1.21 88.94 0.60 9.05 76.83 44.28 0.58

FCOB 1st Colonial Bancorp 482 34 8.79 8.79 6.86 - - 100.5 NA 7.04 0.70 141.71 0.75 11.83 61.78 23.06 1.15

CKPB Capital Bank of New Jersey 448 35 14.00 NA NA - - - 1.07 9.06 0.22 435.98 1.03 10.37 58.67 0.00 -

MSBF MSB Financial Corp. 434 79 13.75 14.00 11.93 NM - 108.2 - 16.74 3.60 25.94 0.18 0.90 83.06 10.00 0.36

HSBK Highlands Bancorp Inc. 385 16 9.10 9.11 6.85 11.52 - 95.7 0.88 4.44 0.90 101.90 0.49 7.37 78.19 13.75 -

CMTB Community Bk of Bergen County 337 24 12.50 13.00 0.00 12.98 - 80.5 - 8.83 2.43 36.95 0.56 6.84 74.73 25.00 -

NMNB New Millennium Bank 274 13 3.55 3.70 3.12 - - - NA 7.59 1.40 89.18 0.73 9.63 77.99 (2.74) -

SHRC Shore Community Bank 264 23 8.65 8.70 6.41 14.10 - 90.2 NA 9.87 1.95 54.91 0.69 6.81 70.07 26.87 (0.57)

CFIC Cornerstone Financial Corp. 254 8 1.12 1.98 0.95 - - - NA NA NA NA NA NA NA (26.32) -

ELMA Elmer Bancorp Inc. 240 19 16.50 17.50 15.80 19.43 - 81.3 3.64 9.70 1.44 68.77 0.41 4.12 78.26 0.30 -

ENBN Enterprise Bank N.J. 207 29 9.10 10.00 6.41 - - 106.2 NA 13.01 0.72 154.27 0.91 7.23 57.80 30.00 (8.45)

PEBA Penn Bancshares 205 16 43.51 43.51 42.20 - - - - NA NA NA NA NA NA 2.74 -

BRBW Brunswick Bancorp 178 23 7.60 8.09 5.12 32.83 - 62.9 - 20.56 NA NA 0.38 1.85 85.95 44.76 (5.47)

ASCN Absecon Bancorp 153 9 77.00 79.00 66.45 21.27 - 55.5 - 10.77 0.41 92.73 0.29 2.94 84.40 12.41 1.32

JPM JPMorgan Chase & Co. 2,521,029 291,986 81.60 82.28 52.50 14.07 13.92 162.1 2.35 8.34 0.63 89.09 0.96 9.41 59.07 23.58 3.51

NEW JERSEY BANKS AND THRIFTS

NEW YORK BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 4

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

C Citigroup Inc. 1,818,117 159,642 56.02 57.57 34.52 12.18 11.87 85.7 1.14 11.53 0.86 79.28 0.82 6.47 62.42 8.25 (1.34)

BK Bank of New York Mellon Corp. 374,114 50,382 47.65 48.67 32.20 16.15 15.13 335.1 1.59 5.40 0.05 82.68 0.92 8.60 68.47 15.60 0.38

MTB M&T Bank Corp. 126,841 22,662 146.16 147.30 100.08 19.59 18.67 217.6 1.92 9.53 1.00 77.07 1.03 7.85 55.76 20.61 1.70

NYCB New York Community Bancorp 49,463 7,832 16.08 17.05 13.74 NM 15.31 214.4 4.23 7.77 0.12 300.69 (0.05) (0.39) 43.44 (1.47) 0.44

SBNY Signature Bank 37,792 8,225 150.62 158.91 113.53 20.66 20.51 231.4 NA 9.41 0.73 74.20 1.10 11.91 31.98 (1.79) 0.27

AF Astoria Financial Corp.* 14,814 1,677 16.55 16.67 13.92 25.86 25.86 120.4 0.97 10.41 1.69 34.97 0.49 4.41 72.58 4.42 1.53

STL Sterling Bancorp 13,617 3,096 22.90 23.55 13.44 22.67 20.82 299.9 1.22 7.78 0.79 55.27 1.07 7.74 46.91 41.18 (1.72)

NBTB NBT Bancorp Inc. 8,773 1,663 38.52 40.96 23.81 21.64 21.40 264.3 2.39 7.40 0.73 102.87 0.93 8.76 61.98 38.16 (2.60)

CBU Community Bank System Inc. 8,728 2,524 56.87 57.77 34.27 25.73 24.62 332.6 2.25 9.20 0.33 161.99 1.14 8.30 59.28 42.39 0.37

TMP Tompkins Financial Corporation 6,102 1,296 86.11 87.72 50.54 22.72 22.57 284.4 2.09 7.63 0.36 156.05 1.00 10.73 62.27 53.33 (0.78)

FFIC Flushing Financial Corp. 5,999 754 26.34 27.08 18.95 12.25 17.56 151.9 2.58 8.30 0.57 64.06 1.07 12.80 60.50 21.72 (0.98)

DCOM Dime Community Bancshares Inc. 5,822 704 18.75 19.25 15.61 8.30 15.24 140.9 2.99 8.67 0.28 124.85 1.57 15.89 47.91 7.20 (2.09)

TRST TrustCo Bank Corp NY 4,813 785 8.20 8.45 5.17 18.68 18.64 180.2 3.20 9.04 0.88 104.22 0.88 9.92 55.68 33.55 (1.80)

BDGE Bridge Bancorp Inc. 3,834 643 33.65 34.45 26.23 17.26 16.99 234.2 2.73 6.74 0.14 467.91 0.91 9.78 54.78 10.58 0.90

FISI Financial Institutions Inc. 3,687 445 30.65 31.55 24.56 15.56 15.80 191.1 2.74 6.93 0.12 671.01 0.86 9.56 60.48 9.46 (0.24)

FLIC First of Long Island Corp. 3,434 618 26.10 26.93 17.43 19.77 19.00 198.0 2.15 9.03 0.09 942.92 0.92 10.72 50.23 30.50 0.64

AROW Arrow Financial Corp. 2,580 512 38.00 39.58 23.83 19.33 19.19 249.4 2.63 8.02 0.30 218.22 1.07 12.01 56.78 44.06 (3.68)

CNND Canandaigua National Corp. 2,430 261 139.00 178.00 129.00 11.71 - 150.4 2.81 7.19 0.64 137.99 0.98 12.17 65.65 (2.11) -

SCNB Suffolk Bancorp* 2,196 492 41.27 42.13 22.88 24.86 23.58 229.8 0.97 9.74 0.68 137.02 0.91 9.64 62.30 45.57 0.05

CHMG Chemung Financial Corp. 1,729 150 31.94 32.95 26.05 16.46 15.81 125.3 3.26 7.03 1.12 79.38 0.56 6.48 76.01 16.15 (0.90)

ADKT Adirondack Trust Company 1,156 116 1,520.00 1,650.00 1,456.00 - - - 3.36 8.29 0.39 224.75 0.56 5.64 78.04 (5.59) -

EVBN Evans Bancorp Inc. 1,085 150 34.90 34.95 22.87 19.61 18.42 171.8 2.18 8.09 1.77 71.54 0.78 8.25 75.80 35.69 2.80

BKUT Bank of Utica 1,036 118 470.00 555.00 438.00 10.98 - 60.3 2.72 18.82 0.12 182.42 1.09 6.66 33.13 (15.32) -

LYBC Lyons Bancorp Inc 927 92 30.50 32.00 28.00 - - - 3.28 NA NA NA NA NA NA (1.61) (4.54)

OCBI Orange County Bancorp Inc. 899 90 46.05 52.00 46.00 43.23 - 102.2 3.56 9.90 NA NA 0.25 2.22 82.96 (4.56) -

SOBS Solvay Bank Corp. 866 73 35.00 35.10 32.00 - - - 3.54 8.70 0.58 112.87 0.82 9.22 64.80 4.70 2.94

FAIT First American Intl Corp 793 39 18.00 18.50 14.65 20.69 - 72.5 NA 8.93 NA NA 0.39 3.94 85.11 9.09 -

EMPK Empire Bancorp Inc 768 83 11.90 11.90 8.76 32.16 - 120.4 NA 8.93 NA NA 0.38 3.94 79.94 24.35 10.19

BERK Berkshire Bancorp Inc. 767 133 9.25 9.25 7.68 - - - 1.08 NA NA NA NA NA NA 19.34 2.78

PBHC Pathfinder Bancorp Inc. 717 53 12.58 13.32 10.76 17.23 - 98.3 1.59 7.66 0.89 95.91 0.48 4.88 79.72 (2.52) 0.56

CARV Carver Bancorp Inc. 702 19 5.10 5.99 1.92 NM - 202.8 - 7.75 NA NA (0.06) (0.80) 104.49 36.00 27.50

CYHC Country Bank Holding Co. 596 39 20,000.00 20,000.00 15,500.00 - - - 5.00 NA NA NA NA NA NA 25.39 -

ESBK Elmira Savings Bank 567 56 20.60 21.50 16.83 16.35 - 167.6 4.47 7.83 NA NA 0.77 7.81 69.63 3.61 3.52

SBHO Steuben Trust Corporation 528 55 33.50 34.00 30.00 - - - 3.52 10.38 0.38 177.12 1.08 10.50 62.37 4.69 3.08

JFBC Jeffersonville Bancorp 488 66 15.50 15.99 12.94 12.40 - 106.6 3.61 12.61 NA NA 1.10 8.78 67.49 14.81 (0.70)

GLNV Glenville Bank Holding Co. 467 16 78.00 NA NA - - - 2.31 7.32 0.43 199.25 0.48 5.93 78.74 0.00 -

GHDS Greater Hudson Bank 460 53 4.30 5.00 3.90 12.65 - 92.6 NA 12.44 1.65 49.49 0.82 7.36 66.44 7.50 1.18

CSKL Catskill Hudson Bancorp Inc. 452 12 17.00 18.50 14.25 - - - 1.65 NA NA NA NA NA NA 19.30 -

NUBK Kinderhook Bank Corp. 448 23 32.00 35.55 29.50 12.55 - 91.7 2.88 8.28 NA NA 0.63 7.30 72.68 (7.25) -

BSPA Ballston Spa Bancorp Inc. 440 26 35.50 35.50 33.39 - - 88.7 3.49 6.79 NA NA 0.49 6.90 78.52 5.19 0.14

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 5

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

GLDT Gold Coast Bank 400 41 10.55 14.00 10.50 - - - NA 10.18 0.15 535.50 0.54 6.15 71.25 NA 0.48

VSBN VSB Bancorp Inc. 331 26 14.00 14.00 12.11 10.77 - 84.4 2.00 9.18 0.79 50.63 0.70 7.75 71.19 7.03 1.74

DWNX Delhi Bank Corp. 310 42 27.50 35.35 26.50 34.81 - 154.8 2.36 8.75 0.59 30.35 0.41 4.33 78.22 (0.90) (0.90)

NCXS National Bank of Coxsackie 298 29 60.56 73.25 60.56 18.81 - 110.4 1.65 8.70 1.73 21.97 0.51 6.40 79.99 (14.65) -

BARK Bank of Akron 293 21 70.00 70.00 69.00 12.41 - 74.8 4.00 9.59 2.93 53.30 0.61 6.39 71.92 1.45 -

FSBC FSB Bancorp Inc. 260 28 14.23 14.89 9.19 48.18 - 87.8 NA 12.11 0.01 NM 0.22 2.52 91.23 37.67 (1.86)

ESBS ES Bancshares Inc. 247 10 3.10 3.69 2.62 NM - 68.0 NA 6.12 NA NA 0.04 0.49 85.72 14.39 0.98

FIGR First National Bank of Groton 173 27 450.00 450.00 430.00 14.29 - 116.0 3.82 13.45 1.27 57.53 1.13 8.66 57.77 2.27 -

PUNB Putnam County NB of Carmel 170 NA 105.00 NA NA - - - NA 21.32 5.22 14.18 0.06 0.32 113.76 0.00 -

BAC Bank of America Corp. 2,195,314 214,530 21.23 21.94 10.99 15.50 14.54 124.6 1.41 9.31 0.87 61.18 0.76 6.27 66.46 26.14 1.77

BBT BB&T Corp. 222,622 36,684 45.21 46.15 29.95 16.74 16.26 222.6 2.65 9.23 0.76 89.36 1.08 8.16 58.60 19.57 1.25

FCNCA First Citizens BancShares Inc. 32,972 4,205 353.74 364.00 217.41 19.71 - 148.0 0.34 8.76 0.78 81.98 0.67 7.28 73.88 37.02 (1.16)

CBF Capital Bank Finl Corp 7,792 1,539 35.60 36.70 27.12 25.80 21.45 174.3 1.35 11.55 1.03 54.83 0.81 6.03 57.95 11.32 (1.52)

YDKN Yadkin Financial Corporation* 7,351 1,686 32.57 33.32 20.42 26.48 24.49 261.1 1.23 9.24 1.16 14.19 0.86 6.51 53.37 29.40 0.25

BNCN BNC Bancorp 6,802 1,598 30.65 31.20 19.45 21.89 18.80 251.0 0.65 8.91 0.78 68.69 1.02 9.43 52.42 20.76 0.82

FBNC First Bancorp 3,537 501 24.91 25.79 17.15 19.77 19.61 180.4 1.28 8.25 1.98 35.02 0.77 7.30 70.39 32.92 (1.58)

PSTB Park Sterling Corporation 3,227 520 9.75 10.36 5.90 26.35 23.78 183.2 1.64 9.00 0.44 81.80 0.62 5.48 64.54 33.20 (5.06)

HTBI HomeTrust Bancshares Inc. 2,754 423 23.50 24.60 16.97 32.19 36.15 122.5 NA 12.62 1.83 41.60 0.46 3.52 73.90 16.05 (2.08)

SBNC Southern BancShares (NC) 2,491 141 1,720.00 1,750.00 1,600.00 11.56 - 77.8 0.09 9.16 0.40 135.94 0.60 5.93 76.03 (0.29) 1.18

LOB Live Oak Bancshares Inc. 1,670 582 17.00 18.00 12.10 43.59 44.74 271.6 0.47 12.83 0.41 223.14 1.11 6.85 73.71 19.72 (5.29)

PBNC Paragon Commercial Corp. 1,479 220 40.42 41.49 26.25 15.20 15.31 163.2 NA 9.13 0.47 113.17 0.93 11.76 56.57 48.33 (1.41)

ENFC Entegra Financial 1,218 125 19.46 19.90 16.11 21.15 - 93.1 NA 11.12 1.78 41.94 0.54 4.45 70.78 0.50 0.41

PEBK Peoples Bancorp of NC Inc. 1,098 122 22.50 22.99 18.28 12.50 - 110.2 1.78 10.08 0.56 131.71 0.95 9.21 73.81 16.34 0.22

FSBK First South Bancorp Inc. 986 104 10.92 11.40 7.86 16.06 - 125.8 1.10 8.41 0.84 102.71 0.69 7.66 77.28 27.72 3.80

SLCT Select Bancorp Inc. 845 109 9.38 9.59 7.32 16.17 14.66 114.4 NA 11.39 1.01 92.33 0.83 6.64 61.72 15.95 4.22

ASBB ASB Bncp Inc 797 106 28.05 28.20 24.07 19.08 - 116.3 NA 11.46 1.31 61.95 0.70 5.91 74.83 8.06 0.90

FOFN Four Oaks Fincorp Inc. 723 88 2.60 2.60 1.71 23.64 - 135.3 - 8.98 0.95 141.36 0.49 5.53 84.52 48.57 3.17

CLBH Carolina Bank Holdings Inc.* 709 119 23.61 24.20 13.04 23.85 - 181.7 NA 9.25 2.49 32.60 0.70 7.89 76.46 28.04 (1.42)

UWHR Uwharrie Capital Corp 552 40 5.71 6.00 3.48 30.46 - 118.0 NA 8.11 1.76 29.31 0.36 4.32 89.82 40.34 -

BKOR Oak Ridge Financial Services 381 31 13.00 13.60 9.30 13.40 - 112.4 NA 7.24 NA NA 0.71 8.94 78.68 14.04 8.33

CART Carolina Trust BancShares Inc. 372 29 6.20 6.40 5.60 34.44 - 99.4 NA 8.49 2.42 40.93 0.29 3.36 82.82 0.00 0.31

LTLB Little Bank Inc 367 44 12.99 13.52 10.76 13.37 - 116.9 1.31 10.18 0.29 332.95 0.90 9.22 65.24 11.34 4.93

KSBI KS Bancorp Inc. 352 24 18.00 18.25 11.75 12.33 - 94.2 0.44 7.11 NA NA 0.56 8.06 78.82 44.01 0.01

AQFH Aquesta Financial Holdings 347 26 8.46 10.50 6.96 13.54 - 113.3 1.24 6.67 0.59 125.81 0.65 8.32 76.82 20.14 (6.00)

MFBP M&F Bancorp Inc. 310 9 4.20 4.35 2.75 - - 41.9 - 10.35 7.19 11.19 (1.26) (10.33) 101.81 31.25 2.44

SRYB Surrey Bancorp 268 37 10.50 12.50 9.50 12.50 - 100.2 NA 15.26 1.58 89.66 1.33 8.82 58.58 (7.89) 2.44

PARA Premara Financial Inc. 244 29 9.20 9.20 6.70 NM - 119.9 NA 9.97 0.84 100.34 0.02 0.20 91.19 18.71 -

SNBN Sound Banking Co. 191 13 7.75 8.45 7.22 - - - NA 8.56 1.10 95.93 0.61 6.86 73.63 6.90 (6.06)

NORTH CAROLINA BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 6

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

BLHK BlueHarbor Bank 169 23 8.60 10.75 6.75 23.14 - 99.4 NA 13.89 NA NA 0.70 4.82 71.23 14.67 7.50

FITB Fifth Third Bancorp 143,279 19,563 25.89 26.70 13.84 11.56 13.70 150.3 2.01 10.21 1.29 68.57 1.29 11.09 57.10 28.81 (0.96)

KEY KeyCorp 135,805 19,345 17.90 17.99 9.88 20.34 16.57 176.5 1.90 9.13 0.71 89.73 0.76 6.82 65.57 35.71 3.29

HBAN Huntington Bancshares Inc. 100,765 14,037 12.94 13.14 7.83 18.23 17.97 204.0 2.47 8.09 1.33 45.89 0.86 8.76 62.40 17.00 3.03

FFBC First Financial Bancorp. 8,368 1,664 26.85 27.50 13.76 19.60 18.91 255.3 2.38 7.99 NA NA 1.04 10.21 58.62 48.59 0.56

PRK Park National Corp. 7,364 1,702 110.97 115.15 79.01 19.64 19.40 250.7 3.39 9.31 1.79 40.64 1.18 11.93 61.05 22.65 (2.90)

PEBO Peoples Bancorp Inc. 3,364 525 28.87 29.87 16.34 19.91 16.31 177.5 2.36 9.19 0.80 67.84 0.80 6.14 65.25 53.24 (0.62)

FDEF First Defiance Financial 2,450 414 46.09 47.74 34.80 14.96 14.77 180.8 1.91 9.59 1.14 92.53 1.19 9.93 61.89 22.00 (0.73)

UCFC United Community Finl Corp. 2,160 386 8.29 8.58 5.28 21.82 20.22 151.4 1.45 11.81 1.96 43.09 0.89 7.33 62.22 40.51 (3.38)

FMNB Farmers National Banc Corp. 1,961 323 11.95 13.00 7.60 17.32 15.52 190.0 1.34 8.88 0.82 65.29 0.97 8.95 61.92 38.95 (0.83)

CIVB Civista Bancshares Inc. 1,372 141 17.15 19.38 9.75 11.21 11.06 156.6 1.40 8.18 0.91 107.26 1.18 12.91 64.67 33.67 11.29

LCNB LCNB Corp. 1,334 204 20.40 22.70 15.07 17.44 18.38 181.4 3.14 8.65 1.39 20.52 0.90 8.14 62.01 24.69 (5.56)

FMAO Farmers & Merchants Bancorp 1,044 156 33.80 35.00 25.61 13.85 14.32 127.8 2.72 11.75 NA NA 1.12 9.16 61.17 25.65 (0.59)

OVBC Ohio Valley Banc Corp. 970 113 24.15 25.81 21.40 14.73 - 114.1 3.48 10.25 2.68 28.98 0.80 7.21 70.78 (1.63) (1.02)

CNUN Community Bancshares Inc. 894 NA NA NA NA - - - NA 10.47 0.83 74.31 0.81 7.16 68.41 NA NA

CHBH Croghan Bancshares Inc. 809 96 42.00 44.99 33.35 10.83 - 122.1 3.43 10.00 1.08 53.41 1.12 8.78 63.68 18.31 (1.18)

SBFG SB Financial Group Inc 802 68 13.93 14.99 9.74 10.72 - 121.2 1.87 8.89 0.57 160.88 1.09 10.02 69.52 25.04 (7.07)

HLAN Heartland BancCorp 791 111 70.00 70.00 44.55 12.94 - 154.8 2.23 9.04 0.78 95.40 1.16 12.64 62.91 55.56 20.38

MBCN Middlefield Banc Corp. 762 83 36.70 37.55 31.19 11.29 11.54 112.2 2.94 9.71 1.31 63.23 0.87 9.66 66.98 13.27 (0.81)

CSBB CSB Bancorp Inc. 654 79 28.75 30.00 21.35 12.34 - 130.1 2.78 9.34 1.40 54.69 0.99 10.10 60.90 17.35 (0.86)

CLDB Cortland Bancorp 621 75 17.00 19.00 14.15 15.60 - 124.5 1.65 9.71 1.46 54.12 0.81 8.25 72.48 6.92 3.03

UBOH United Bancshares Inc. 615 66 20.00 21.66 16.00 12.20 - 101.6 2.20 10.67 1.30 42.47 0.88 7.36 72.81 9.65 (1.48)

DCBF DCB Financial Corp* 565 123 16.70 16.85 6.72 NM - 206.4 - 10.50 1.74 46.54 0.05 0.50 95.62 122.96 1.64

KLIB Killbuck Bancshares Inc. 494 74 124.91 125.00 111.00 - - - 2.64 10.52 0.03 NM 1.05 9.84 58.24 12.53 -

WAYN Wayne Savings Bancshares 446 43 15.50 15.50 11.90 16.85 - 108.7 2.32 8.94 0.96 68.11 0.57 6.20 76.07 17.34 2.99

MTFC Minster Financial Corp. 435 54 51.50 51.50 50.00 - - - 4.08 NA NA NA NA NA NA 5.10 -

CBKM Consumers Bancorp Inc. 433 44 16.25 18.45 15.30 19.12 - 100.5 2.95 10.16 0.72 117.40 0.55 5.34 73.37 (7.14) (1.52)

UBCP United Bancorp Inc. 426 68 12.45 12.50 8.72 17.79 - 157.7 3.53 10.05 NA NA 0.86 8.43 69.37 29.82 2.89

CFBK Central Federal Corp. 408 23 1.46 1.68 1.10 6.95 - 84.2 - 9.58 1.03 164.20 1.31 12.37 79.60 10.61 0.69

ANDC Andover Bancorp Inc. 401 59 23.55 25.00 23.00 17.05 - 148.0 2.97 9.94 0.68 49.96 0.86 8.25 72.00 (1.88) -

PFOH Perpetual Federal Savings Bank 387 61 24.50 25.10 19.40 12.19 - 90.1 3.59 17.37 1.83 67.32 1.33 7.52 33.14 21.89 (2.00)

CMOH Commercial Bancshares Inc.* 347 65 53.80 55.00 29.15 16.60 - 168.3 1.86 11.12 1.26 88.98 1.15 10.48 65.48 75.76 1.03

OLCB Ohio Legacy Corp* 346 39 19.90 21.00 10.25 33.17 - 149.4 NA 8.44 0.92 90.87 0.43 4.72 77.08 94.15 (5.24)

FFDF FFD Financial Corp. 297 34 33.95 33.95 27.50 9.03 - 119.8 3.36 9.47 NA NA 1.33 14.14 57.70 23.45 5.43

CBCZ Comunibanc Corp. 283 18 21.75 22.10 20.17 14.81 - 62.5 3.59 10.16 3.72 15.81 0.43 4.48 80.02 (1.14) -

ASBN ASB Financial Corp. 273 25 12.77 13.75 11.35 12.05 - 100.8 5.64 9.29 NA NA 0.80 7.73 76.14 0.39 (1.01)

HCKG Hocking Valley Bcshs Inc. 245 28 620.00 621.00 590.00 - - - 0.19 NA NA NA NA NA NA 1.64 -

FSDK First Citizens National Bank 241 27 83.75 85.00 80.25 18.84 - 65.3 2.53 17.06 0.03 NM 0.59 3.51 77.60 3.40 -

OHIO BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 7

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

FIDS FNB Inc. 224 24 35.00 38.00 32.00 - - - 2.86 NA NA NA NA NA NA 3.55 -

FIBH First Bancshares Inc. 214 19 32.50 34.00 31.55 14.13 - 112.3 2.22 7.71 NA NA 0.67 8.27 79.26 0.62 0.78

HLFN Home Loan Financial Corp. 201 36 25.75 25.75 20.78 11.44 - 142.8 3.88 12.56 NA NA 1.58 12.66 50.97 10.75 7.25

CZID Ctzns Independent Bncp Inc. 181 15 22.00 23.50 18.30 14.38 - 80.4 - 10.45 2.54 42.50 0.57 5.79 86.77 (79.05) 8.37

FBOO First Bank of Ohio 175 30 531.10 562.00 531.10 14.85 - 46.3 NA 36.99 0.32 419.46 1.18 3.18 46.12 (7.31) -

PDRB Pandora Bancshares Inc. 158 11 88.30 88.30 85.50 13.73 - 79.9 2.38 8.85 1.65 56.95 0.54 6.20 81.22 18.52 -

HCFL Home City Financial Corp. 156 16 20.55 21.00 17.10 11.68 - 93.9 2.34 11.23 1.06 158.26 0.95 8.80 62.66 13.85 2.75

PNC PNC Financial Services Group 369,348 54,041 111.08 112.68 77.40 15.41 15.51 165.0 1.98 10.40 0.99 71.64 1.10 8.58 61.69 16.55 (0.88)

FNB F.N.B. Corp. 21,584 3,197 15.19 15.55 11.16 19.99 16.69 232.8 3.16 7.22 0.94 77.48 0.81 6.67 55.40 13.87 (0.20)

FULT Fulton Financial Corp. 18,701 3,093 17.85 18.40 11.48 19.62 19.19 193.4 2.24 8.79 1.11 78.01 0.87 7.61 66.91 37.20 (2.19)

NWBI Northwest Bancshares, Inc. 9,715 1,838 18.14 18.44 11.78 44.24 21.22 223.7 3.31 8.76 1.24 52.51 0.46 3.57 63.85 35.47 (1.25)

CUBI Customers Bancorp Inc 9,603 921 30.79 31.39 21.66 12.88 12.39 152.7 NA 8.06 0.30 133.37 0.87 12.17 52.48 13.12 (1.03)

STBA S&T Bancorp Inc. 6,718 1,236 35.40 36.47 23.06 17.35 17.02 228.1 2.26 8.44 0.80 99.73 1.10 8.77 54.09 14.86 0.97

FCF First Commonwealth Financial 6,666 1,134 12.74 12.85 7.85 21.97 19.91 193.3 2.20 9.02 0.98 83.99 0.78 7.03 58.57 40.46 1.68

BNCL Beneficial Bancorp Inc 5,580 1,328 17.50 17.80 12.30 56.45 48.61 157.3 1.37 15.70 0.30 261.73 0.44 2.13 73.26 31.38 1.45

UVSP Univest Corp. of Pennsylvania 4,140 760 28.60 29.20 18.43 28.32 20.00 232.9 2.80 8.24 0.62 66.26 0.62 4.94 68.22 37.10 1.60

TSC TriState Capital Holdings Inc. 3,716 591 20.85 21.15 10.77 21.95 21.67 214.3 NA 7.55 0.69 79.34 0.79 8.04 65.21 49.04 4.25

BMTC Bryn Mawr Bank Corp. 3,174 631 37.30 38.85 23.92 31.34 17.68 249.6 2.25 8.28 0.54 104.04 0.67 5.53 62.57 29.87 2.61

CCNE CNB Financial Corp. 2,540 344 23.78 25.53 16.51 16.40 14.86 198.5 2.78 6.94 1.00 61.79 0.89 10.05 61.14 31.89 (3.80)

PFIS Peoples Financial Services 1,971 332 44.91 46.54 32.74 17.75 - 176.1 2.76 9.91 0.72 110.48 1.00 7.42 58.69 17.94 1.08

ESSA ESSA Bancorp Inc. 1,772 170 14.89 14.95 12.69 20.40 17.31 106.0 2.42 9.11 NA NA 0.45 4.40 76.80 8.85 -

FRBK Republic First Bancorp Inc. 1,734 203 5.35 5.60 3.70 48.64 48.64 176.9 NA 6.63 2.06 26.48 0.28 3.64 85.54 23.56 3.88

CVLY Codorus Valley Bancorp Inc. 1,523 203 24.15 24.54 18.57 16.15 - 132.3 2.05 10.06 0.60 156.77 0.83 8.09 65.68 24.67 0.92

ORRF Orrstown Financial Services 1,354 175 21.10 23.73 16.51 27.76 26.38 125.2 1.71 10.32 1.12 91.05 0.47 4.49 85.03 18.27 (5.17)

PWOD Penns Woods Bancorp Inc. 1,347 223 47.02 49.55 34.76 16.73 - 184.1 4.00 9.10 1.42 66.44 1.00 9.54 64.31 10.74 0.41

CZNC Citizens & Northern Corp. 1,245 289 23.95 26.11 19.26 18.71 18.71 162.1 4.34 14.48 1.87 36.16 1.27 8.25 62.21 14.05 (5.67)

ACNB ACNB Corp. 1,209 187 30.80 32.85 20.65 16.74 - 164.2 2.60 9.46 1.03 115.91 0.96 9.52 68.05 44.60 (3.45)

CZFS Citizens Financial Services 1,198 174 52.00 53.50 46.09 14.39 - 169.0 3.23 8.76 1.19 57.32 1.03 9.94 57.38 7.18 0.97

ASRV AmeriServ Financial Inc. 1,146 65 3.45 3.65 2.90 26.54 - 74.0 1.74 7.77 0.17 510.02 0.22 2.41 84.09 7.81 (5.48)

NWFL Norwood Financial Corp. 1,125 132 31.91 34.50 26.25 26.37 - 127.3 3.89 9.29 0.77 71.19 0.55 4.25 56.90 10.99 (4.49)

FNCB FNCB Bancorp Inc. 1,122 101 6.07 6.90 4.75 2.95 - 104.4 1.98 8.61 0.77 98.87 3.13 40.46 75.78 15.62 5.57

FRAF Franklin Financial Services 1,107 117 27.10 27.10 20.11 13.48 - 108.0 3.10 9.82 2.16 44.61 0.81 7.61 65.64 15.32 0.37

QNBC QNB Corp. 1,072 121 35.50 35.75 29.20 13.98 - 123.2 3.38 9.14 1.10 64.29 0.84 9.25 63.56 12.70 1.43

MPB Mid Penn Bancorp Inc. 1,043 98 23.05 24.75 14.65 13.48 - 137.9 2.08 6.81 0.63 113.66 0.76 10.11 70.60 43.17 9.76

SOME Somerset Trust Holding Company 1,039 104 42.40 43.75 36.55 10.07 - 109.2 3.02 9.16 1.32 74.75 1.00 11.37 77.83 (2.53) 3.41

FSMK 1st Summit Bncp Johnstown Inc. 991 113 103.00 103.00 95.00 11.34 - 125.2 2.33 9.13 0.54 117.24 1.05 11.59 57.09 7.29 -

ENBP ENB Financial Corp 971 95 33.25 34.00 31.50 12.41 - 94.9 3.37 10.30 0.15 505.44 0.84 7.88 76.42 2.31 (0.60)

FKYS First Keystone Corp. 968 148 26.20 27.80 23.80 17.12 - 152.5 4.12 10.25 1.62 44.76 0.88 7.63 58.26 2.79 0.96

PENNSYLVANIA BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 8

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

FBIP FNB Bancorp Inc. 922 118 160.00 160.00 146.66 - - - 2.10 8.98 1.49 30.85 0.75 7.98 71.71 4.92 -

EMYB Embassy Bancorp Inc. 889 87 11.75 12.00 10.15 12.11 - 119.5 1.11 8.21 0.72 97.52 0.86 10.00 63.58 7.70 2.17

CBFV CB Financial Services Inc. 834 102 24.95 25.50 19.00 13.94 13.86 125.4 3.53 9.84 0.94 95.72 0.88 8.26 63.65 8.86 1.84

MLVF Malvern Bancorp Inc 821 134 20.40 20.50 15.00 10.97 24.88 141.5 - 11.52 0.45 148.63 1.59 14.05 67.63 16.17 -

RBPAA Royal Bancshares of PA 811 81 2.81 3.31 1.85 7.39 - 146.6 - 8.60 1.66 76.05 1.64 18.32 70.94 34.45 (0.35)

FDBC Fidelity D & D Bancorp Inc. 770 88 36.00 36.09 31.00 11.84 - 108.3 3.22 10.59 1.32 90.54 1.00 9.54 62.42 4.35 -

DNBF DNB Financial Corp. 770 115 27.30 30.00 23.05 19.36 23.95 131.7 1.03 7.68 1.30 52.85 0.54 6.89 72.75 (7.46) -

HARL Harleysville Savings Financial 747 72 19.50 21.40 18.00 13.45 - 109.5 4.31 8.79 1.39 38.01 0.72 8.47 61.36 (8.88) 3.67

KISB Kish Bancorp Inc. 729 55 44.70 45.75 40.00 - - 103.3 3.85 7.38 NA NA 0.63 8.37 80.31 3.95 (0.33)

EMCF Emclaire Financial Corp 694 55 25.65 30.00 22.60 14.91 - 124.3 4.05 6.49 NA NA 0.58 6.87 72.51 6.88 (14.50)

CCFN CCFNB Bancorp Inc. 680 87 40.95 44.00 38.85 12.41 - 112.3 3.52 11.58 0.69 136.71 1.08 8.40 62.20 3.28 (0.12)

DIMC Dimeco Inc. 638 70 42.45 43.00 37.00 14.29 - 97.8 3.58 11.19 3.34 39.78 0.79 7.06 65.38 10.26 (1.05)

HONT Honat Bancorp 609 114 75.00 175.00 67.00 15.12 - 121.9 1.65 15.39 0.47 297.39 1.25 8.47 59.27 8.70 (1.32)

JUVF Juniata Valley Financial Corp. 577 88 18.25 19.00 17.10 22.26 - 155.4 4.82 9.88 1.03 45.23 0.70 6.65 70.21 3.40 -

FPBK First Priority Financial Corp. 572 42 6.37 6.62 5.25 26.54 - 100.8 NA 7.85 0.82 70.43 0.43 4.49 77.61 6.52 (2.75)

PBIP Prudential Bancorp Inc. 559 127 15.82 16.20 13.80 43.94 - 111.6 0.76 20.38 3.39 17.24 0.51 2.36 72.90 4.08 0.06

AMBK American Bank Inc. 557 68 12.00 12.70 9.50 16.67 - 138.7 3.00 8.82 NA NA 0.81 9.55 55.41 20.00 1.26

RIVE Riverview Financial Corp. 527 37 11.50 13.20 11.00 17.69 - 99.7 4.78 7.16 1.63 42.29 0.42 5.19 77.50 (12.88) 0.88

NUBC Northumberland Bancorp 498 39 29.10 30.00 23.77 20.00 - 79.0 2.47 9.80 0.48 113.76 0.40 3.96 87.13 14.79 0.34

STND Standard Financial Corp 495 62 24.00 26.95 22.70 19.67 - 96.3 1.83 13.24 0.20 391.75 0.64 4.14 67.64 (5.88) (0.21)

JNES Jonestown Bank and Trust Co. 495 46 19.84 20.00 16.19 10.07 - 100.5 3.23 9.26 2.12 47.14 0.95 10.43 66.55 9.31 4.42

FMFP First Community Finl Corp. 477 47 33.50 40.00 31.00 - - - 5.01 NA NA NA NA NA NA 3.88 -

CBTC CBT Financial Corp. 467 41 28.50 31.40 25.55 11.97 - 106.7 4.21 8.45 1.27 55.97 0.77 7.38 70.54 9.20 (1.72)

CFCX Centric Financial Corp. 464 46 7.30 12.00 5.13 - - 127.7 NA 7.79 0.60 151.64 0.63 7.17 NA 4.29 -

HMLN Hamlin B&TC 447 100 268.50 295.00 256.50 - - 123.7 4.10 18.10 1.47 43.31 1.43 8.71 54.09 4.47 -

AVLY Allegheny Valley Bancorp Inc.* 445 54 52.00 57.00 37.80 16.92 - 124.8 3.54 9.86 1.48 57.00 0.73 6.21 70.67 16.49 4.00

MIFF Mifflinburg Bancorp Inc. 414 44 44.15 44.15 42.20 10.32 - 99.1 3.85 10.60 NA NA 1.08 9.96 57.00 4.62 -

NTBP New Tripoli Bancorp Inc. 401 57 885.00 985.00 884.99 - - - 4.29 12.96 1.18 89.84 1.29 10.59 55.43 (11.50) -

YRKB York Traditions Bank 398 32 14.38 15.00 11.65 10.89 - 98.3 NA 8.21 1.04 66.96 0.79 9.45 71.86 23.33 10.62

SQCF Susquehanna Community Finl Inc 397 52 17.50 25.00 17.35 11.71 - 126.3 2.63 10.34 0.10 533.42 1.20 12.68 61.77 (1.41) (2.72)

MCHT Mauch Chunk Trust Finl Corp 395 38 12.45 14.00 12.00 12.44 - 92.6 3.37 10.46 0.48 112.28 0.80 8.36 74.85 (6.04) (0.40)

MYBF Muncy Bank Financial 394 50 33.73 41.50 29.01 12.63 - 116.1 3.56 11.03 1.26 66.48 1.06 9.61 64.14 7.08 (0.88)

WDFN Woodlands Fnl Services Co 390 39 25.50 27.97 20.20 11.54 - 106.1 3.14 9.48 0.94 85.96 0.90 9.71 69.51 (4.32) -

CNAF Commercial National Financial 372 60 20.85 23.90 19.50 13.63 - 100.7 4.99 15.90 0.17 252.35 1.15 8.19 76.33 (5.23) 3.78

MNBC MNB Corporation 371 26 23.00 27.00 19.50 14.38 - 84.8 3.13 8.28 1.21 42.61 0.52 5.95 81.54 16.46 -

MNBP Mars National Bancorp Inc. 371 31 382.00 400.00 377.00 25.38 - 86.3 3.14 9.56 0.05 NM 0.33 3.46 89.21 (4.50) 1.32

WVFC WVS Financial Corp. 335 28 14.00 14.15 10.73 18.92 - 85.2 1.14 9.85 0.08 149.21 0.42 4.32 62.84 13.82 7.61

NEFB Neffs Bancorp Inc. 331 51 318.00 318.00 285.00 - - 86.6 2.39 18.13 1.62 37.66 1.35 7.49 45.45 10.57 4.26

PPLL Peoples Ltd. 328 35 60.48 61.90 59.80 11.71 - - 3.02 8.82 0.75 86.64 0.95 10.78 67.27 0.40 -

GNBF GNB Financial Services Inc 309 37 47.00 50.00 38.00 - - - 5.11 NA NA NA NA NA NA 3.07 -

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 9

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

LDKB Landmark Bancorp Inc. 307 24 12.99 14.55 11.40 21.65 - 88.9 2.46 9.48 3.40 29.96 0.41 4.47 75.32 (6.88) 0.70

PBCP Polonia Bncp, Inc.* 284 39 11.57 13.21 10.35 NM - 103.5 NA 13.17 NA NA (0.16) (1.19) 121.09 0.26 0.61

CTYP Community Bankers' Corporation 272 14 6.90 8.50 6.60 - - - 5.04 NA NA NA NA NA NA (10.51) -

SDLJ Scottdale Bank & Trust Company 267 23 452.00 500.00 441.00 NM - 49.4 - 17.41 0.89 32.01 0.07 0.40 83.41 (4.84) -

EFSG Enterprise Financial Services 262 7 8.00 8.00 6.50 - - - - NA NA NA NA NA NA 18.52 20.30

FLEW Fleetwood Bank Corp. 242 19 65.00 65.00 58.30 17.35 - 85.0 3.08 9.23 0.69 83.64 0.47 4.96 81.95 8.42 -

FRSB First Resource Bk 222 16 7.55 7.66 6.02 13.48 - 91.0 NA 7.80 2.15 31.13 0.55 6.55 74.81 14.89 -

QNTO Quaint Oak Bancorp Inc. 209 22 11.75 12.10 11.50 15.88 - 114.3 1.36 9.26 1.43 49.72 0.74 7.33 70.75 (2.89) (2.89)

BKCS Bucks County Bank 203 16 6.50 6.50 5.55 - - - NA 10.70 2.05 45.69 0.31 2.86 82.57 10.17 2.36

JTNB JTNB Bancorp Inc. 190 13 14.30 15.25 12.69 14.03 - 73.8 1.68 9.68 0.35 133.28 0.50 5.46 81.13 12.69 1.42

MCBG Mercersburg Financial Corp. 176 18 22.00 33.00 17.50 18.50 - 89.0 2.18 11.36 0.52 168.71 0.57 4.87 77.90 25.71 -

APLO Apollo Bancorp Inc. 162 21 40.50 44.00 39.00 15.11 - 102.0 4.74 12.79 NA NA 0.84 6.82 77.35 3.85 -

CFG Citizens Financial Group Inc. 147,015 17,481 34.15 34.91 18.04 18.46 17.88 135.5 1.41 9.49 1.22 69.03 0.70 4.95 65.44 30.39 5.21

WASH Washington Trust Bancorp Inc. 4,204 888 51.85 54.75 34.59 19.79 19.35 276.5 2.85 7.77 0.73 83.06 1.17 11.78 57.21 31.20 (1.52)

CWAY Coastway Bncp, Inc. 633 67 15.08 15.50 11.97 19.08 - 97.1 NA 10.95 2.20 17.65 0.59 4.83 75.85 15.25 8.06

SSB South State Corporation 8,797 2,053 84.75 87.75 59.19 20.04 19.66 275.7 1.51 8.84 0.48 96.30 1.19 9.45 60.05 17.79 (2.92)

CARO Carolina Financial Corp. 1,654 338 26.90 27.00 15.25 19.93 17.03 221.6 0.59 9.25 0.72 87.08 1.09 11.54 66.20 49.44 0.71

SFST Southern First Bancshares Inc 1,290 197 30.85 33.47 21.21 16.41 16.24 185.7 NA 8.22 1.26 89.09 1.02 12.75 56.28 35.90 (3.89)

CNBW CNB Corp. 1,111 102 63.00 63.00 54.75 12.17 - 95.1 2.38 9.69 0.94 73.27 0.79 8.08 66.62 16.67 -

FCCO First Community Corp. 915 114 17.00 17.00 12.66 17.53 17.53 146.2 1.88 8.58 0.77 71.93 0.74 7.97 70.37 13.94 6.58

SFDL Security Federal Corp. 824 103 34.95 35.00 20.00 18.11 - 138.6 0.92 11.70 1.64 60.11 0.79 6.82 75.15 64.47 (0.14)

CRLN Carolina Alliance Bank 626 72 11.05 11.90 8.83 18.90 - 110.2 NA 10.55 0.92 83.07 0.62 5.62 74.13 8.43 -

CBCO Coastal Banking Co. 613 53 14.55 14.78 11.25 7.58 - 108.5 NA 7.90 NA NA 1.19 15.38 86.88 21.25 1.75

OFED Oconee Federal Financial Corp. 484 130 22.46 24.25 18.21 25.82 - 159.0 1.78 17.03 1.15 17.39 1.05 6.21 60.23 20.45 1.88

GRRB GrandSouth Bancorporation 482 62 13.60 15.30 12.51 - - - 2.94 10.67 NA NA NA NA NA (2.51) -

SABK South Atlantic Bancshares Inc. 437 52 13.50 13.89 9.96 18.47 - 134.9 NA 8.77 NA NA 0.61 7.00 76.41 12.50 (2.81)

BKSC Bank of South Carolina Corp. 410 103 20.75 21.30 14.05 20.34 - 244.1 2.70 10.27 0.76 120.19 1.27 12.75 57.89 29.20 (0.48)

FSRL First Reliance Bcshs 409 26 5.62 5.70 3.75 11.02 - 99.5 NA 6.35 NA NA 0.83 8.49 76.78 23.52 (1.06)

HCFB HCSB Financial Corp. 381 75 0.15 0.50 0.11 NM - 205.1 NA 9.60 6.76 18.14 1.18 37.72 129.57 (5.38) -

GRBS Greer Bancshares Inc.* 381 50 19.90 20.00 9.50 16.72 - 180.1 1.01 7.22 NA NA 0.78 11.57 72.11 107.29 (0.50)

CFOK Community First Bancorporation 324 27 6.50 8.50 5.35 NM - 90.2 NA 10.21 2.09 45.50 0.09 0.94 99.14 0.15 (1.52)

FSBS First South Bancorp Inc. 236 11 1.05 1.25 0.78 - - - - NA NA NA NA NA NA 31.25 31.25

FHN First Horizon National Corp. 28,449 4,527 19.41 19.69 11.51 21.33 20.13 211.6 1.44 8.96 1.62 43.70 0.87 8.70 69.28 33.68 3.74

PNFP Pinnacle Financial Partners 10,978 3,046 65.95 66.40 43.32 23.81 22.36 335.0 0.85 8.73 0.41 134.67 1.25 9.38 53.52 28.41 1.07

RHODE ISLAND BANKS AND THRIFTS

SOUTH CAROLINA BANKS AND THRIFTS

TENNESSEE BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 10

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

FBK FB Financial Corp 3,187 572 23.85 23.95 19.81 10.02 10.82 206.3 NA 8.84 0.78 93.99 1.40 16.03 73.56 NA 2.27

FSB Franklin Financial Network Inc 2,703 488 37.55 38.85 22.83 16.99 15.98 203.1 NA 7.39 0.06 976.21 1.06 12.73 52.04 19.66 1.21

WBHC Wilson Bank Holding Co. 2,170 NA NA NA NA - - - NA 11.02 0.61 176.55 1.20 10.77 59.29 NA NA

FIZN First Citizens Bancshares Inc. 1,624 210 51.00 51.00 45.75 12.91 - 142.4 1.96 9.03 0.57 99.01 1.02 9.87 62.15 5.15 -

FFMH First Farmers Merchants Corp. 1,345 127 27.95 29.60 22.00 13.00 - 112.6 2.72 8.47 0.26 264.88 0.78 8.26 68.93 25.06 -

CSTR CapStar Financial Hlgs Inc. 1,318 222 19.86 20.00 15.50 25.46 24.83 180.5 NA 10.07 0.41 212.71 0.68 7.35 67.70 NA 5.30

SMBK SmartFinancial Inc. 1,041 112 18.99 19.10 14.21 25.32 23.44 129.2 - 9.53 0.66 72.53 0.53 5.24 75.23 18.02 2.54

CUBN Commerce Union Bancshares Inc. 920 159 20.50 22.99 13.50 18.30 - 165.5 0.98 10.60 0.92 103.76 0.91 7.95 73.60 49.53 (2.15)

FABK First Advantage Bancorp 526 64 16.90 17.00 15.41 21.13 - 97.2 2.37 12.49 2.05 59.71 0.64 4.77 76.00 3.05 -

AFCB Athens Bancshares Corporation 426 52 29.00 34.00 22.55 16.86 - 117.4 0.69 10.42 1.16 83.78 0.86 6.57 73.85 17.17 (3.85)

TRUX Truxton Corporation 398 73 27.75 30.00 23.00 13.94 - 158.6 2.59 11.61 NA NA 1.27 12.15 64.54 11.00 0.18

IBTN InsCorp Inc. 362 34 18.75 19.00 13.01 - - 90.1 NA 10.42 0.25 412.74 NA NA NA NA 17.19

PGNN Paragon Finl Solutions Inc. 330 31 7.50 7.70 6.16 17.22 - 88.5 NA 10.77 0.64 184.17 0.59 5.71 76.01 3.45 3.45

SVRH Sevier County Bancshares Inc. 322 22 15.00 15.00 15.00 NM - 116.2 NA 5.89 10.09 8.90 (0.05) (0.79) 101.74 NA -

TNCB Tennessee Cmnty Bk Hldgs Inc. 211 NA NA NA NA - - - NA 10.39 1.70 73.07 0.55 5.37 86.12 NA NA

UNTN United Tennessee Bankshares 203 16 18.75 18.75 17.75 10.19 - 73.5 2.77 10.59 0.77 118.19 0.78 7.50 65.62 5.63 -

SCYT Security Bancorp Inc. 186 15 40.00 40.00 36.50 13.39 - 80.4 2.50 10.32 0.43 187.88 0.61 6.19 72.37 9.59 -

FCCT First Community Corp. 177 7 4.50 4.93 3.72 - - - - NA NA NA NA NA NA 12.50 -

SBKT Sumner Bank & Trust 154 24 16.70 20.00 12.00 - - - NA 9.23 1.19 67.60 0.40 4.51 78.89 67.00 -

MBVT Merchants Bancshares Inc.* 1,995 342 49.65 50.40 27.00 24.10 20.82 218.3 2.26 7.55 0.22 283.07 0.72 9.41 65.34 57.67 (0.50)

UNB Union Bankshares Inc. 673 193 43.30 45.55 26.50 23.79 - 359.0 2.59 8.03 0.81 95.84 1.27 14.72 66.91 55.14 2.97

CMTV Community Bancorp. 606 74 14.75 14.75 13.15 14.46 - 188.7 4.34 7.06 1.39 61.71 0.87 9.88 68.95 3.51 1.72

MDVT Middlebury National Corp. 338 27 31.00 31.00 28.75 - - - 2.84 NA NA NA NA NA NA 3.33 1.31

PPAL Peoples Tr Co St Albns 259 22 36.25 37.25 26.86 17.53 - 69.3 1.38 12.52 2.02 42.41 0.50 4.17 85.25 20.83 -

COF Capital One Financial Corp. 345,061 41,478 86.00 86.77 58.03 12.27 12.13 142.3 1.86 10.13 1.46 124.39 1.16 7.93 51.86 19.15 1.69

UBSH Union Bkshs Corp 8,258 1,461 33.53 34.69 20.57 19.84 19.16 214.6 2.39 8.57 0.47 94.64 0.95 7.50 61.93 32.84 (1.47)

TOWN TowneBank 7,830 2,028 32.50 32.90 16.50 29.55 23.05 265.8 1.60 10.29 0.80 64.98 0.96 7.28 62.68 55.73 1.09

CARE Carter Bank & Trust 4,744 343 13.05 14.12 11.70 10.61 - 90.5 3.07 8.09 4.26 15.33 0.66 7.45 55.95 (3.33) 2.19

CFNL Cardinal Financial Corp.* 4,220 1,037 31.62 32.57 17.51 21.81 20.53 249.5 1.52 9.94 0.01 NM 1.20 11.29 56.25 38.99 (2.26)

XBKS Xenith Bankshares Inc. 3,325 570 2.47 2.66 1.55 3.17 54.89 131.5 - 13.19 2.32 43.69 6.38 47.00 82.47 34.24 (1.98)

BHRB Burke & Herbert Bank & Trust 2,922 382 2,000.00 2,100.00 1,876.00 12.17 - 110.7 4.30 11.81 0.96 62.97 1.16 9.82 68.64 (1.48) -

FCBC First Community Bancshares Inc 2,450 480 28.28 28.95 16.67 20.06 19.30 210.9 2.26 9.73 1.43 56.01 1.01 7.32 61.34 51.80 (1.43)

WFBI WashingtonFirst Bankshares Inc 1,917 331 27.01 28.75 19.50 19.57 19.02 185.1 1.04 9.40 0.58 117.39 0.97 9.20 64.09 19.30 0.07

AMNB American National Bankshares 1,616 267 30.95 32.30 22.29 15.95 17.39 168.7 3.10 10.06 0.42 189.53 1.07 8.37 58.30 20.85 (0.80)

FBLV First Bancorp Inc. 1,566 253 61.15 61.15 61.15 13.07 - 151.4 1.64 10.68 1.28 79.91 1.29 11.91 56.05 114.56 -

CFFI C&F Financial Corp. 1,425 155 44.75 49.30 37.02 12.23 - 124.6 2.95 8.81 0.73 355.79 0.90 9.43 63.76 14.74 (2.08)

VERMONT BANKS AND THRIFT

VIRGINIA BANKS AND THRIFT

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 11

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

ANCX Access National Corp. 1,363 293 27.66 28.10 16.26 16.97 16.76 245.6 2.17 8.78 0.51 209.94 1.40 15.31 62.67 35.19 (1.14)

MBRG Middleburg Financial Corp.* 1,335 252 34.98 35.44 17.86 32.09 25.91 198.1 1.49 9.42 1.78 47.12 0.59 6.14 71.10 89.29 (1.13)

EVBS Eastern Virginia Bankshares 1,315 121 9.21 9.64 6.60 20.47 21.93 126.6 1.30 9.02 1.78 44.64 0.65 6.37 76.72 28.27 (2.90)

ESXB Community Bankers Trust Corp 1,204 138 6.30 6.35 4.45 14.65 14.65 122.0 - 9.42 1.73 47.86 0.80 8.62 66.14 17.32 1.61

NKSH National Bankshares Inc. 1,203 254 36.45 38.75 31.75 16.80 16.88 142.4 3.35 14.88 1.13 61.32 1.26 8.45 49.77 2.56 (0.55)

SONA Southern National Bncp of VA 1,135 186 15.14 15.39 11.60 17.81 - 163.4 2.11 10.11 1.08 69.33 0.99 8.60 55.54 15.93 1.00

JMSB John Marshall Bank 1,017 187 18.51 18.75 16.00 24.68 - 161.3 NA 11.42 0.08 905.81 0.84 7.08 56.66 10.51 0.05

OPOF Old Point Financial Corp. 906 114 23.00 23.20 15.41 35.38 - 118.2 1.74 10.65 2.10 40.84 0.37 3.40 84.44 34.03 1.77

FVCB FVCBankcorp Inc. 837 136 16.70 19.75 13.41 24.27 20.12 171.0 NA 9.50 NA NA 0.84 8.24 58.41 21.01 (0.60)

FMBM F & M Bank Corp. 745 85 26.00 27.00 21.30 10.53 - 113.9 3.38 11.43 2.45 41.51 1.37 11.25 60.17 14.54 (0.76)

CPKF Chesapeake Financial Shares 719 86 21.35 22.44 17.00 13.35 - 106.2 2.34 11.24 1.48 45.19 0.96 8.79 81.38 23.05 (0.47)

FXNC First National Corp. 713 61 12.35 12.50 8.50 12.11 - 123.5 0.97 6.93 0.55 143.19 0.74 10.39 73.90 37.99 1.23

EFSI Eagle Financial Services Inc. 668 85 24.50 24.50 22.25 14.67 - 105.8 3.59 12.07 2.22 31.33 0.90 7.45 72.59 6.52 0.41

NWPP New Peoples Bankshares Inc 634 37 1.60 1.73 1.36 32.00 - 76.6 NA 7.70 NA NA 0.19 2.56 94.09 5.96 1.27

FBSS Fauquier Bankshares Inc. 624 60 16.10 16.14 14.13 NM - 111.4 2.98 8.70 1.59 44.51 (0.15) (1.64) 79.24 5.57 2.55

HLND Highlands Bankshares Inc. 612 41 5.00 7.75 4.55 NM - 84.6 - 9.05 3.26 25.05 (0.15) (1.73) 86.15 3.09 -

VABK Virginia National Bkshs Corp. 570 63 26.50 29.00 22.75 11.88 - 107.9 1.96 10.24 0.49 116.49 0.96 9.40 66.88 10.19 (8.62)

BSSC Bk of Southside Virginia Corp. 566 110 205.00 245.00 200.00 - - - - NA NA NA NA NA NA (12.39) -

BOTJ Bank of the James Finl Grp Inc 560 65 14.82 15.00 11.55 16.46 - 127.2 1.62 9.11 0.94 94.13 0.72 8.08 74.88 14.59 2.19

PKKW Parkway Acquisition Corp 559 42 8.36 8.50 7.96 - - 77.8 1.44 9.69 NA NA NA NA NA NA 1.10

BMBN Benchmark Bankshares Inc. 543 74 14.32 14.58 11.56 11.28 - 115.2 2.79 11.83 1.34 63.47 1.22 10.67 66.86 12.32 0.01

MNSB MainStreet Bcshs 536 56 13.25 13.45 11.02 15.06 - 124.4 NA 8.45 NA NA 0.75 8.66 70.91 7.29 (0.75)

HMTA HomeTown Bankshares Corp. 508 52 9.00 10.19 8.17 18.86 - 108.4 NA 9.51 2.30 30.37 0.62 6.44 70.46 4.00 1.12

FDVA Freedom Bank of Virginia 494 68 11.00 11.21 7.75 25.58 26.19 132.7 NA 10.34 NA NA 0.55 5.37 77.30 32.53 1.29

BAYK Bay Banks of Virginia Inc. 468 36 7.50 7.70 5.61 25.86 - 91.5 - 8.41 NA NA 0.30 3.39 80.60 30.43 (1.32)

VBFC Village Bank & Trust Finl Corp 446 36 25.15 27.45 18.01 2.91 - - NA NA 3.96 19.33 3.09 41.49 101.67 32.37 (3.36)

PPBN Pinnacle Bankshares Corp. 422 35 23.22 23.50 18.25 10.90 - 98.0 1.72 8.56 0.56 121.79 0.86 9.11 74.51 17.87 -

FBVA Farmers Bankshares Inc. 408 51 16.75 17.75 10.90 12.41 - 116.9 1.91 10.75 NA NA 1.00 9.79 69.07 50.90 -

SOVA Southwest VA Bkshs Inc. 358 42 44.50 NA NA - - 98.6 - 11.97 1.50 59.93 0.73 6.42 72.82 - -

CZBT Citizens Bancorp of Virginia 356 48 22.00 23.00 18.40 14.01 - 99.0 3.64 13.63 NA NA 0.98 7.23 66.84 13.40 -

BORT Bank of Botetourt 353 27 19.13 19.15 17.00 11.39 - 81.0 2.51 9.52 2.65 29.32 0.71 7.16 72.70 10.90 0.68

BRBS Blue Ridge Bankshares Inc. 285 32 23.00 24.00 16.00 14.74 - 130.9 2.04 8.64 NA NA 0.83 8.56 60.62 41.54 -

FBPA Farmers Bank of Appomattox 235 25 23.00 23.00 18.80 8.51 - 83.7 3.04 12.68 0.75 36.82 1.28 10.25 62.30 22.34 -

VCBS Virginia Community Bankshares 225 20 26.00 26.00 13.05 - - 83.8 - 10.33 NA NA NA NA NA 79.31 -

BFTL Bank of Fincastle 225 NA 5.45 12.00 5.00 - - - - 9.18 8.61 11.74 (1.28) (12.95) 89.30 NA 2.83

BOMK Bank of McKenney 222 19 10.06 10.50 9.50 11.93 - 73.3 2.78 11.76 3.13 37.16 0.74 6.42 77.33 (0.89) 5.89

CZYB CCB Bankshares Inc. 207 14 9.40 9.50 8.45 19.58 - 74.9 0.96 9.16 NA NA 0.39 3.88 78.54 8.05 1.51

PNBI Pioneer Bankshares Inc. 196 23 24.00 25.00 21.75 12.18 - 91.7 3.17 12.93 NA NA 1.01 7.60 NA - 4.35

OAKV Oak View National Bank 196 17 6.03 6.25 5.25 16.80 - 90.4 NA 9.78 0.03 NM 0.56 5.50 76.12 13.77 5.81

VABB Virginia Bank Bankshares Inc. 188 27 14.50 14.50 13.81 14.87 - 110.0 6.07 12.89 1.01 68.51 0.97 7.50 72.10 2.47 -

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 12

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

PBVA Peoples Bankshares Inc. 170 9 22.00 25.00 18.00 7.73 - 57.2 1.82 8.84 2.57 57.74 0.67 7.65 75.79 15.79 (2.18)

UBSI United Bankshares Inc. 14,345 3,483 45.55 46.80 32.22 23.24 22.83 306.2 2.90 8.45 0.99 51.19 1.09 7.73 47.40 23.14 (2.25)

WSBC WesBanco Inc. 9,812 1,740 39.66 40.77 26.93 17.86 16.99 230.3 2.42 8.19 0.52 83.10 1.00 7.37 55.87 32.11 (1.44)

CHCO City Holding Co. 3,866 927 61.78 62.49 40.74 18.33 19.04 260.8 2.78 9.39 1.22 41.56 1.36 11.96 53.96 35.36 (0.34)

SMMF Summit Financial Group Inc. 1,658 265 24.76 25.55 11.03 15.77 16.18 183.5 1.62 8.88 4.07 17.22 1.10 11.38 54.76 108.42 (0.96)

PFBI Premier Financial Bancorp Inc. 1,498 195 18.30 18.99 12.79 15.85 - 141.6 3.28 9.43 2.41 30.13 0.81 6.94 61.63 22.45 (0.79)

MVBF MVB Financial Corp 1,469 98 12.07 14.25 9.50 9.89 - 108.7 0.66 7.32 1.10 56.39 0.85 10.13 82.22 (7.86) (2.66)

FTSB First Sentry Bancshares Inc. 510 47 33.00 37.00 31.00 - - - 3.03 NA NA NA NA NA NA 6.45 -

FCBS First Century Bankshares Inc.* 413 53 27.75 27.98 18.70 23.97 - 132.6 2.88 9.78 2.92 29.51 0.54 4.83 76.96 37.04 (0.82)

HBSI Highlands Bankshares Inc. 399 41 31.02 31.02 23.77 11.53 - 84.2 3.61 12.40 NA NA 0.84 7.31 71.89 21.65 -

PTBS Potomac Bancshares Inc. 375 29 8.80 9.90 7.82 12.39 - 89.5 2.95 8.76 2.02 38.78 0.67 7.12 75.49 2.33 (0.68)

FWVB First WV Bancorp Inc. 341 38 22.00 22.00 17.12 16.92 - 106.2 3.64 10.49 0.81 65.05 0.66 6.17 84.34 25.71 19.24

CBFC CNB Financial Services Inc. 335 22 51.00 51.00 51.00 10.41 - - 2.16 9.01 1.56 81.02 0.64 6.33 82.10 2.00 2.00

JFWV Jefferson Security Bank 293 18 63.90 66.00 62.30 15.87 - 77.9 1.56 7.90 2.47 24.71 0.40 4.82 87.07 (3.18) 1.43

CIWV Citizens Financial Corp. 236 19 10.34 11.55 10.11 - - - 3.09 9.82 2.11 40.02 0.74 7.30 70.32 (6.00) -

WEST VIRGINIA BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 13

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Number of EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Medians Companies (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

By State

CT Connecticut 12 22.50 20.27 128.08 1.95 8.80 0.93 71.19 0.49 5.34 72.20 10.27 -

FL Delaware 2 21.83 19.20 187.10 0.65 7.98 0.62 95.52 (0.05) (2.92) 76.77 20.84 (3.52)

Discrict of Columbia 2 8.35 - 112.93 0.95 10.47 2.24 72.35 0.87 8.85 82.54 4.87 1.43

GA Florida 21 19.86 19.14 142.23 0.81 9.01 0.79 64.71 0.62 6.33 69.84 16.88 -

MD Georgia 23 16.36 19.04 144.71 1.38 10.34 1.06 70.61 0.98 8.79 62.56 19.95 -

MA Maryland 27 19.28 19.00 102.54 1.18 9.53 1.47 36.59 0.56 6.21 76.07 11.03 0.26

NJ Massachusetts 20 20.41 20.83 160.83 1.14 8.33 0.49 128.34 0.69 7.15 69.56 26.60 -

NY New Jersey 36 18.08 17.93 135.13 1.28 9.09 0.87 92.56 0.68 7.18 64.45 20.36 -

NC New York 50 17.97 18.64 151.17 2.61 8.70 0.63 99.39 0.82 7.74 66.96 9.09 -

OH North Carolina 30 19.71 19.61 119.87 1.23 9.24 0.95 81.98 0.70 6.74 73.76 19.64 0.28

PA Ohio 44 14.77 16.31 127.81 2.38 9.71 1.11 66.31 0.89 8.27 65.48 17.35 -

RI Pennsylvania 83 16.01 19.19 119.54 3.02 9.29 0.98 77.48 0.79 7.61 67.85 8.86 -

SC Rhode Island 3 19.08 18.61 135.52 2.13 9.49 1.22 69.03 0.70 4.95 65.44 30.39 5.21

TN South Carolina 17 18.11 17.28 146.19 1.65 9.43 0.94 73.27 0.83 8.49 72.11 20.45 -

VT Tennessee 21 16.99 21.25 129.21 1.70 10.20 0.66 103.76 0.78 7.50 72.37 17.17 -

VA Vermont 5 20.66 20.82 203.48 2.59 7.79 1.10 78.77 0.80 9.64 67.93 20.83 1.31

WV Virginia 53 14.81 19.30 116.03 1.91 9.78 1.38 58.84 0.88 7.79 70.46 15.93 -

West Virginia 14 15.86 18.01 132.58 2.89 9.01 1.79 40.79 0.81 7.30 71.89 22.05 (0.51)

By Asset Size

10,000 >= $10 billion 32 19.71 17.88 198.25 1.94 8.88 0.87 74.20 0.87 7.89 61.90 20.79 0.33

1,000 $1 billion to $10 billion 153 19.02 19.16 168.73 2.07 8.92 0.76 92.62 0.90 8.51 62.21 24.68 (0.26)

500 $500 million to $1billion 98 16.04 16.59 115.75 2.08 9.39 1.30 61.95 0.77 7.85 72.49 8.97 -

250 $250 million to $500 million 125 14.10 26.19 100.48 2.45 9.85 1.18 65.05 0.68 7.12 74.85 9.25 -

100 $50 million to $250 million 55 14.38 - 85.04 1.95 10.59 1.35 65.25 0.59 5.94 77.35 10.17 -

Total Companies 463 17.22 18.84 125.23 2.09 9.30 0.94 74.94 0.80 7.50 68.93 15.74 -

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 14

MHC COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/2/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Price/ Equity/ NPAs + Rsrvs/

Total Market LTM 2015E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

BVFL BV Financial Inc. (MHC) 167 20 6.70 7.20 6.16 NM 29.1 95.7 - 12.57 4.55 28.75 (0.08) (0.61) 81.02 (2.19) -

HONE HarborOne Bancorp Inc (MHC) 2,347 597 18.60 19.70 12.53 - NM 190.1 NA 13.47 2.17 31.03 0.20 1.99 87.82 NA (5.20)

PVBC Provident Bancorp Inc (MHC) 768 175 18.45 18.65 12.60 - NM 161.8 NA 14.10 0.65 168.33 0.82 5.71 68.66 42.03 2.79

MGYR Magyar Bancorp Inc. (MHC) 584 62 10.65 11.00 9.51 56.05 NM 129.9 NA 8.17 NA NA 0.19 2.32 79.59 6.39 0.47

LPBC Lincoln Park Bancorp (MHC) 333 20 11.25 11.50 7.41 21.63 18.8 107.6 - 5.67 NA NA 0.33 4.85 77.95 51.82 2.27

GCBC Greene County Bncp Inc. (MHC) 893 183 21.50 25.20 15.00 19.55 27.9 238.8 1.77 8.56 0.62 181.02 1.12 12.84 53.98 34.59 (0.92)

NECB NorthEast Community Bncp (MHC) 661 88 7.16 7.70 6.08 - 51.1 - 1.68 16.09 NA NA 0.69 3.96 NA 0.56 (1.92)

LSBK Lake Shore Bancorp Inc. (MHC) 478 89 14.58 16.59 12.97 20.53 26.5 115.0 1.92 16.16 1.41 31.43 0.88 5.56 77.79 8.80 2.82

SCAY Seneca-Cayuga Bncp Inc. (MHC) 277 28 12.00 12.45 10.40 NM 13.6 - NA 9.05 NA NA (0.02) (0.22) 91.69 13.21 -

LSFG LifeStore Financial Grp (MHC) 266 18 18.00 18.00 14.25 9.05 20.9 - - NA NA NA 0.78 9.92 80.58 12.85 7.46

TFSL TFS Financial Corp (MHC) 12,906 5,275 18.61 19.42 15.58 66.46 NM 320.4 2.69 12.80 NA NA 0.65 4.73 59.33 (1.17) (1.12)

WMPN William Penn Bncp Inc. (MHC) 315 69 20.00 23.00 20.00 - 25.3 - 1.40 18.56 2.13 46.93 0.75 4.07 60.62 (4.76) (0.99)

Medians by State No. of Cos.

MD Maryland 1 - 29.1 95.7 - 12.6 4.5 28.7 (0.1) (0.6) 81.0 (2.2) -

MA Massachussets 2 - - 175.9 - 13.8 1.4 99.7 0.5 3.9 78.2 42.0 (1.2)

NJ New Jersey 2 38.8 18.8 118.8 - 6.9 - - 0.3 3.6 78.8 29.1 1.4

NY New York 4 20.0 27.2 176.9 1.8 12.6 1.0 106.2 0.8 4.8 77.8 11.0 (0.5)

NC North Carolina 1 9.0 20.9 - - - - - 0.8 9.9 80.6 12.9 7.5

OH Ohio 1 66.5 - 320.4 2.7 12.8 - - 0.6 4.7 59.3 (1.2) (1.1)

PA Pennsylvania 1 - 25.3 - 1.4 18.6 2.1 46.9 0.7 4.1 60.6 (4.8) (1.0)

Medians by Asset Size No. of Cos.

10000 >= $10 billion 1 66.5 - 255.3 2.7 13.1 - - 0.4 3.4 73.6 (1.2) (3.2)

1000 $1 billion to $10 billion 1 - - 190.1 - 13.5 2.2 31.0 0.2 2.0 87.8 - (5.2)

500 $500 million to $1billion 4 37.8 39.5 161.8 1.7 11.3 0.6 174.7 0.8 4.8 68.7 20.5 (0.2)

150 $150 million to $500 million 6 20.5 23.1 107.6 0.0 12.6 2.1 31.4 0.5 4.5 79.3 10.8 1.1

TOTAL MHCs 12 21.1 145.8 1.54 12.80 1.77 39.18 0.67 4.40 77.95 8.80 0.00

MARYLAND MHCs

MASSACHUSETTS MHCs

NEW JERSEY MHCs

NEW YORK MHCs

NORTH CAROLINA MHCs

OHIO MHCs

PENNSYLVANIA MHCs

One Year

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 15

BANK & THRIFT TOTAL RETURN YTD

As of 12/2/2016

11/28/2016

11/25/2016

11/23/2016

11/22/2016

11/21/2016

11/18/2016

11/17/2016

11/16/2016

11/15/2016

11/14/2016

11/11/2016

11/10/2016

11/9/2016

11/8/2016

11/7/2016

11/4/2016

11/3/2016

11/2/2016

11/1/2016

10/31/2016

10/28/2016

10/27/2016

10/26/2016

10/25/2016

10/24/2016

10/21/2016

10/20/2016

10/19/2016

10/18/2016

18.6%

15.2%

30.1%

28.5%

9.5%

(30.0%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016

SNL Large Cap U.S. Bank & Thrift SNL Micro Cap U.S. Bank & Thrift SNL Mid Cap U.S. Bank & Thrift SNL Small Cap U.S. Bank & Thrift S&P 500

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 16

4.) Recent Bank M&A Transactions

BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Transactions Announced Since December 5, 2015 (Sorted by Announcement Date)

SELLER'S FINANCIALS ANNOUNCEMENT STATISTICS

Deal Tng Bk

Value Premium/ Deal Value / Prem/

Dates Buyer Seller Total Equity/ NPAs/ Deal Per Market Tang. LTM Core

Ann. Comp. Assets Assets ROAA ROAE Assets Value Share Value Book Book EPS Assets Deps

Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%)

11/30/2016 NA CenterState Banks FL Gateway Finl Hldgs of FL Inc. FL 879,702 9.67 0.73 7.36 0.37 142.48 20.34 NA 163.57 163.57 23.73 16.20 8.65

11/22/2016 NA ACNB Corp. PA New Windsor Bancorp Inc. MD 311,061 7.35 0.52 7.11 NA 32.82 32.64 NA 143.32 143.32 20.53 10.55 NA

11/17/2016 NA Home BancShares Inc. AR Bnk of Comm and Certain Assets FL 209,077 3.36 - - 10.07 3.58 NA NA 50.95 50.95 NA 1.71 (2.66)

11/17/2016 NA Abington Bank MA Holbrook Co-operative Bank MA 99,497 9.38 0.27 2.91 1.12 NA NA NA NA NA NA NA NA

11/15/2016 NA Little Bank Inc NC Union Banc Corp. NC 299,480 10.27 0.52 4.90 1.35 30.70 11.37 NA 127.17 128.95 NA 10.25 3.74

11/8/2016 NA Carolina Financial Corp. SC Greer Bancshares Inc. SC 380,829 7.22 0.78 11.57 NA 44.40 17.72 NA 160.40 160.40 14.89 11.66 NA

11/4/2016 NA Seacoast Banking Corp. of FL FL GulfShore Bancshares Inc. FL 331,179 10.75 0.46 4.10 0.69 54.80 9.63 NA 146.00 146.00 41.55 16.55 7.31

11/3/2016 NA Bay Banks of Virginia Inc. VA Virginia BanCorp Inc. VA 323,617 10.99 0.79 7.39 1.81 29.58 7.60 NA NM NM 0.84 9.14 13.52

10/26/2016 NA First Boston Holdings Inc. MA Admirals Bank MA 445,570 11.69 (0.12) (1.04) 2.59 NA NA NA NA NA NA NA NA

10/24/2016 NA Access National Corp. VA Middleburg Financial Corp. VA 1,314,336 9.74 0.60 6.22 1.82 245.44 34.22 NA 189.78 195.19 31.39 18.67 13.78

10/24/2016 NA Community Bank System Inc. NY Merchants Bancshares Inc. VT 1,898,710 8.23 0.74 9.84 0.25 304.62 44.02 NA 185.65 195.83 20.96 16.04 11.48

10/20/2016 NA Independent Bank Corp. MA Island Bancorp Inc MA 186,964 9.67 0.60 6.22 - 24.51 505.77 NA 152.44 152.44 22.30 13.11 5.49

10/18/2016 NA CenterState Banks FL Platinum Bank Holding Co. FL 583,892 9.15 1.16 12.02 0.50 84.90 75.70 NA 179.03 179.03 29.25 14.54 10.40

10/14/2016 NA First Bancshares Inc. MS Gulf Coast Community Bank FL 133,444 4.34 (0.22) (5.16) 16.58 2.35 0.52 NA 40.63 40.63 NM 1.76 (3.60)

10/6/2016 NA Salem Five Bancorp MA Georgetown Bancorp Inc. MA 299,895 10.80 0.39 3.66 NA 49.15 26.00 NA 147.76 147.76 40.00 16.39 10.24

10/5/2016 NA Dollar Bank FSB PA Progressive-Home FS&LA PA 51,375 14.50 0.24 1.69 1.06 NA NA NA NA NA NA NA NA

10/3/2016 NA First Commonwealth Financial PA DCB Financial Corp OH 556,062 10.76 2.15 21.35 1.43 106.40 14.42 NA 176.83 176.83 8.90 19.13 NA

9/29/2016 NA Southern Hills Community Bank OH Ripley FSB OH 67,138 10.24 (0.12) (1.21) 7.16 NA NA NA NA NA NA NA NA

11/17/2016 NA Home BancShares Inc. AR Bnk of Comm and Certain Assets FL 209,077 3.36 - - 10.07 3.58 NA NA 50.95 50.95 NA 1.71 (2.66)

9/8/2016 NA United Community Finl Corp. OH Ohio Legacy Corp OH 320,356 9.21 0.41 4.56 1.01 40.21 17.97 NA 136.26 139.51 31.53 12.55 6.42

8/31/2016 NA National Commerce Corp. AL Private Bancshares Inc. GA 291,234 8.58 1.38 16.01 1.66 58.43 22.36 NA 177.00 177.00 23.69 20.06 13.95

8/29/2016 NA Standard Financial Corp PA Allegheny Valley Bancorp Inc. PA 434,990 11.76 0.83 7.06 1.29 53.44 51.55 NA 103.87 123.54 15.02 12.29 3.51

8/29/2016 NA United Roosevelt MHC NJ Wawel Financial Services MHC NJ 73,025 10.40 0.08 0.76 1.45 NA NA NA NA NA NA NA NA

8/24/2016 NA Stonegate Bank FL Insignia Bank FL 248,250 9.44 0.53 5.26 0.80 35.75 13.74 NA 152.63 152.63 29.92 14.40 6.93

8/23/2016 NA First Defiance Financial OH Commercial Bancshares Inc. OH 342,014 11.17 1.32 12.07 1.30 66.28 52.30 NA 163.97 163.97 14.33 19.38 11.28

8/19/2016 8/19/2016 United Bank Corp. GA Woodbury Banking Co. GA 21,426 NA NA NA NA NA NA NA NA NA NA NA NA

8/18/2016 NA United Bankshares Inc. WV Cardinal Financial Corp. VA 4,197,166 10.43 1.20 11.28 0.01 911.24 27.69 NA 205.12 223.64 19.50 21.71 19.47

8/8/2016 NA TIAA Board of Overseers NY EverBank Financial FL 27,354,310 6.79 0.48 6.72 0.58 2,513.08 19.50 NA 143.13 147.29 21.67 9.19 NA

7/28/2016 NA Middlefield Banc Corp. OH Liberty Bank NA OH 222,109 13.97 0.97 7.04 0.41 37.65 39.00 NA 137.66 137.66 18.15 17.61 6.25

7/25/2016 NA Drummond Banking Co. FL Nature Coast Bk FL 60,644 13.16 0.37 3.46 2.09 7.29 6.37 NA 89.44 89.44 31.73 12.01 (1.53)

7/21/2016 NA F.N.B. Corp. PA Yadkin Financial Corporation NC 7,455,225 13.45 0.90 6.93 1.02 1,476.07 28.47 NA 146.46 231.74 22.24 19.80 18.92

7/13/2016 11/30/2016 OceanFirst Financial Corp. NJ Ocean Shore Holding Co. NJ 1,052,149 10.82 0.65 6.27 1.01 147.67 22.40 NA 126.15 132.00 20.00 14.03 5.21

7/13/2016 NA Marlborough Bancshares Inc MA North Middlesex SB MA 410,856 9.01 0.56 6.18 1.53 NA NA NA NA NA NA NA NA

7/1/2016 11/10/2016 Pinnacle Financial Corp. GA Independence Bank of Georgia GA 184,113 12.79 0.91 7.42 0.37 30.37 16.03 NA 128.93 128.93 18.12 16.49 5.39

6/28/2016 NA Dollar Bank FSB PA Bank @LANTEC VA 111,581 11.43 0.19 1.68 0.72 NA NA NA NA NA NA NA NA

6/27/2016 NA Berkshire Hills Bancorp Inc. MA First Choice Bank NJ 1,124,702 9.08 0.18 1.99 3.52 117.75 15.54 NA 115.28 115.99 57.81 10.47 2.42

6/27/2016 NA People's United Financial Inc. CT Suffolk Bancorp NY 2,256,386 9.03 0.90 9.50 0.75 402.35 33.55 NA 195.23 196.02 21.37 17.83 11.74

6/22/2016 NA First Bancorp NC Carolina Bank Holdings Inc. NC 705,704 8.88 0.75 8.54 2.86 97.31 19.27 NA 154.85 154.85 18.53 13.79 6.62

6/21/2016 10/14/2016 Bainbridge Bancshares Inc. GA Citizens Bank GA 32,434 14.00 (0.20) (1.55) 1.88 4.40 125.71 NA 96.89 96.89 NM 13.57 (0.64)

6/17/2016 NA South State Corporation SC Southeastern Bank Finl Corp. GA 1,877,275 9.49 1.09 11.87 0.84 334.92 49.45 NA 187.23 187.38 16.71 17.84 10.79

6/2/2016 NA Prudential Bancorp Inc. PA Polonia Bncp, Inc. PA 287,731 13.02 (0.19) (1.40) NA 37.98 11.30 NA 100.99 100.99 NM 13.20 NA

6/1/2016 NA Summit Financial Group Inc. WV First Century Bankshares Inc. WV 410,011 10.88 0.62 5.63 2.91 41.58 21.85 NA 93.19 105.44 16.18 10.14 0.71

Source: SNL Page 1

BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Transactions Announced Since December 5, 2015 (Sorted by Announcement Date)

SELLER'S FINANCIALS ANNOUNCEMENT STATISTICS

Deal Tng Bk

Value Premium/ Deal Value / Prem/

Dates Buyer Seller Total Equity/ NPAs/ Deal Per Market Tang. LTM Core

Ann. Comp. Assets Assets ROAA ROAE Assets Value Share Value Book Book EPS Assets Deps

Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%)

5/20/2016 8/31/2016 First Citizens BancShares Inc. NC Cordia Bancorp Inc. VA 347,818 7.72 (0.60) (7.44) 1.06 37.06 5.15 NA 130.32 130.61 NM 10.65 5.45

5/19/2016 NA State Bank Finl Corp. GA S Bankshares Inc GA 108,813 9.50 0.53 5.35 0.90 10.97 57.18 NA 101.71 101.71 NM 10.08 0.25

5/12/2016 10/8/2016 Coastal Carolina Bcshs Inc. SC VistaBank SC 110,146 10.98 2.48 23.77 1.31 12.20 NA NA 100.92 100.92 4.42 11.08 0.17

5/10/2016 10/31/2016 Sunshine Bancorp Inc FL FBC Bancorp Inc. FL 302,200 10.64 0.82 7.58 0.38 39.20 12.36 NA 122.98 133.13 17.08 12.97 3.78

5/6/2016 5/6/2016 First Citizens BancShares Inc. NC First CornerStone Bank PA 103,307 NA NA NA NA NA NA NA NA NA NA NA NA

5/3/2016 NA Investors Bancorp Inc NJ Bank of Princeton NJ 1,035,489 9.17 1.11 12.80 1.17 155.36 30.60 NA 150.96 151.02 13.13 15.00 9.26

5/3/2016 9/30/2016 Revere Bank MD Monument Bank MD 513,820 8.96 0.65 7.28 1.23 65.10 NA NA 161.31 161.48 20.31 12.67 7.32

4/26/2016 9/15/2016 Stonegate Bank FL Regent Bancorp Inc. FL 362,731 7.38 NA NA NA 39.31 8.81 NA 144.00 144.00 NA 10.84 5.60

4/5/2016 NA State Bank Finl Corp. GA NBG Bancorp Inc. GA 374,631 10.75 1.28 12.58 0.74 68.00 45.45 NA 165.41 165.41 14.79 18.15 10.45

4/4/2016 7/1/2016 United Community Banks Inc. GA Tidelands Bancshares Inc SC 466,235 0.42 (0.38) (44.49) 6.20 2.22 0.52 NA NM NM NM 0.48 5.54

4/4/2016 10/21/2016 Westfield Financial Inc. MA Chicopee Bancorp Inc. MA 678,574 13.16 0.45 3.37 1.26 110.99 20.52 NA 119.74 119.74 34.19 16.36 5.32

4/4/2016 10/1/2016 DNB Financial Corp. PA East River Bk PA 310,742 9.78 0.76 7.73 0.45 48.99 19.25 NA 154.90 154.90 21.16 15.77 11.48

3/31/2016 10/20/2016 Blue Ridge Bankshares Inc. VA River Bancorp Inc. VA 114,318 9.41 1.33 15.26 1.83 12.15 16.31 NA 106.92 106.92 8.65 10.62 1.29

3/28/2016 10/7/2016 First Sentry Bancshares Inc. WV Rock Branch Community Bank Inc WV 75,021 10.51 0.41 3.90 2.27 7.28 21.11 NA 92.30 92.30 24.17 9.70 (1.68)

3/24/2016 8/5/2016 First State Bancorp Inc. OH First Safety Bank OH 49,042 20.81 0.79 3.88 0.90 12.19 30,483.00 NA 119.47 119.47 47.73 24.86 5.74

3/17/2016 11/10/2016 Independent Bank Corp. MA New England Bancorp Inc. MA 260,573 10.15 0.30 2.88 1.05 30.70 11.41 NA 138.78 138.78 47.52 11.78 6.00

3/10/2016 7/31/2016 Norwood Financial Corp. PA Delaware Bancshares Inc. NY 371,689 5.67 0.16 2.77 NA 15.19 16.42 NA 72.15 114.46 25.65 4.09 0.67

2/29/2016 10/1/2016 Summit Financial Group Inc. WV Highland County Bankshares Inc VA 126,663 11.66 0.59 5.16 1.92 21.83 38.00 NA 137.73 137.73 30.06 17.23 6.03

2/29/2016 7/22/2016 United Bankers' Bancorp. Inc. MN Bankers Bancshares Inc. OH 94,601 13.36 2.61 25.78 0.45 11.00 NA NA 82.30 82.30 4.15 11.63 (3.12)

2/20/2016 5/1/2016 Kopernik Bank MD Liberty Bank of Maryland MD 38,189 15.25 (0.65) (4.17) 2.92 NA NA NA NA NA NA NA NA

2/18/2016 7/1/2016 Lakeland Bancorp NJ Harmony Bank NJ 295,091 9.43 0.56 5.67 1.13 31.67 12.64 NA 125.38 125.38 20.51 10.73 3.36

2/10/2016 7/29/2016 Hampton Roads Bankshares Inc. VA Xenith Bankshares Inc. VA 970,988 10.38 0.33 3.09 1.51 104.51 7.83 NA 100.95 119.72 32.63 10.76 3.24

1/26/2016 8/16/2016 Huntington Bancshares Inc. OH FirstMerit Corp. OH 25,246,917 11.63 0.94 8.12 0.89 3,437.42 20.74 NA 121.15 169.14 15.25 13.62 7.37

1/7/2016 8/5/2016 Ohio Valley Banc Corp. OH Milton Bancorp Inc. OH 135,099 10.88 1.01 9.71 2.49 15.75 39,364.25 NA 156.13 181.72 11.44 11.66 7.46

1/6/2016 6/11/2016 Carolina Financial Corp. SC Congaree Bancshares Inc. SC 116,689 11.64 1.09 9.26 2.65 15.21 8.45 NA 124.22 124.22 13.86 13.04 3.99

1/5/2016 5/2/2016 OceanFirst Financial Corp. NJ Cape Bancorp Inc. NJ 1,563,241 10.85 0.85 7.16 1.07 205.65 14.79 NA 118.78 139.20 17.20 13.16 5.33

12/30/2015 7/15/2016 CNB Financial Corp. PA Lake National Bk OH 152,195 9.25 0.69 7.18 3.17 24.75 22.50 NA 175.77 175.77 24.90 16.26 11.00

12/30/2015 4/30/2016 Emclaire Financial Corp. PA United-American Savings Bank PA 90,717 8.73 0.75 8.87 1.26 14.08 42.67 NA 166.84 166.84 19.68 15.52 15.32

12/22/2015 7/14/2016 Southeast LLC GA Barwick Banking Company GA 11,409 9.55 (0.36) (4.24) - 1.46 1,600.00 NA 220.18 220.18 NM 21.04 14.21

12/18/2015 7/8/2016 Bay Bancorp Inc. MD Hopkins Bancorp Inc. MD 239,659 14.40 0.01 0.06 2.26 23.24 96.19 NA 106.88 106.88 NM 10.39 0.90

12/17/2015 6/24/2016 TowneBank VA Monarch Financial Hldgs VA 1,121,590 10.35 1.19 11.67 0.39 220.20 18.53 NA 189.96 191.24 17.34 19.63 13.38

12/8/2015 7/1/2016 Univest Corp. of Pennsylvania PA Fox Chase Bancorp Inc. PA 1,098,797 16.02 0.91 5.62 1.11 244.34 20.39 NA 134.27 134.27 23.17 22.24 10.50

Source: SNL Page 2

BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Summary of Transactions Announced Since December 5, 2015

SELLER'S FINANCIALS ANNOUNCEMENT STATISTICS

Deal Tng Bk

Value Premium/ Deal Value / Prem/

Equity/ NPAs/ Deal Per Market Tang. LTM Core

Number of Assets ROAA ROAE Assets Value Share Value Book Book EPS Assets Deps

Medians Deals (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%)

By State

GA Florida 11 11 9.15 0.47 4.68 0.75 39.20 12.36 NA NA 144.00 29.25 12.01 4.69

MD Georgia 8 8 9.55 0.91 7.42 0.84 30.37 49.45 NA 165.41 165.41 17.42 17.84 10.45

MA Maryland 4 4 11.68 0.27 3.59 2.26 32.82 64.42 NA 143.32 143.32 20.42 10.55 4.11

NJ Massachusetts 7 7 10.15 0.39 3.37 1.19 39.93 23.26 NA 143.27 143.27 37.10 14.74 5.75

NY New Jersey 6 6 9.91 0.61 5.97 1.15 147.67 15.54 NA 125.38 132.00 20.00 13.16 5.21

NC New York 2 2 7.35 0.53 6.13 0.75 208.77 24.99 NA 133.69 155.24 23.51 10.96 6.21

OH North Carolina 3 3 10.27 0.75 6.93 1.35 97.31 19.27 NA 146.46 154.85 20.39 13.79 6.62

PA Ohio 10 10 11.03 0.95 7.65 1.16 37.65 30.75 NA 137.66 163.97 15.25 16.26 6.90

RI Pennsylvania 7 7 12.39 0.76 6.34 1.11 48.99 20.39 NA 134.27 134.27 20.42 15.52 10.99

SD South Carolina 4 4 9.10 0.94 10.42 2.65 13.71 8.45 NA 124.22 124.22 13.86 11.37 3.99

VA Vermont 1 1 8.23 0.74 9.84 0.25 304.62 44.02 NA 185.65 195.83 20.96 16.04 11.48

WV Virginia 9 9 10.38 0.60 6.22 1.51 70.78 17.42 NA 137.73 137.73 19.50 14.00 9.71

West Virginia 2 2 10.69 0.52 4.77 2.59 24.43 21.48 NA 92.75 98.87 20.18 9.92 (0.49)

By Asset Size

1,000,000 10,000,000 >= $10B 2 9.21 0.71 7.42 0.73 - 2,975.25 20.12 NA 132.14 158.22 18.46 11.41 7.37

1,000,000 10,000,000 $1B to $10B 12 10.04 0.90 8.33 1.02 - 244.89 28.08 NA 168.31 189.31 20.48 17.84 11.14

500,000 1,000,000 $500M to $1B 7 9.67 0.73 7.36 1.26 - 104.51 19.80 NA 161.31 161.48 23.73 14.54 6.97

250,000 500,000 $250M to $500M 23 10.15 0.54 5.65 1.29 - 39.31 16.42 NA 138.78 139.51 20.52 11.78 5.80

0 250,000 < $250M 30 10.70 0.47 3.89 1.64 - 12.20 38.50 NA 113.20 113.20 19.68 12.53 2.64

Total Deals 74 10.31 0.60 6.22 1.20 - 39.26 20.52 NA 137.70 139.36 20.52 13.18 6.00

Source: SNL Page 3

5.) Relevant Janney Capital Markets Professionals

8

Financial Institutions Group Professionals

JD NELSON

Director, Financial Institutions Investment Banking

Tel: 410-583-5994 E-Mail: [email protected]

Mr. Nelson joined Janney Montgomery Scott in 2008 as a member of the Financial Institutions Group. He has over 10 years of Investment Banking experience in providing strategic and analytical support for

clients and has completed a vast array of transactions across multiple products including public equity offerings, debt offerings, mergers, acquisitions, and other corporate finance assignments. Prior to

joining Janney, Mr. Nelson was with Ferris, Baker Watts, Inc. for three years in their Financial Institutions Group where he assisted in the execution of numerous private and public capital transactions.

B.S., Applied Economics and Management, Cornell University

NOAM SAXONHOUSE

Managing Director, Real Estate Investment Banking

Tel: 215-665-6190, E-Mail: [email protected]

Mr. Saxonhouse joined Janney Montgomery Scott in 2010. He is responsible for transaction execution and management, aiding in client development and performing a variety of valuation analyses and

other financial advisory services. His experience includes public equity offerings, debt offerings, joint ventures, mergers, acquisitions, and other corporate finance assignments. Prior to Janney Montgomery

Scott, Mr. Saxonhouse was a Senior Vice President in the Real Estate Investment Banking Group at FBR Capital Markets where he was responsible for client coverage and transaction execution. Prior to

FBR Capital Markets, Mr. Saxonhouse was Vice President of Investor Relations and Finance at the Mills Corporation (NYSE:MLS). Prior to joining the Mills Corporation, Mr. Saxonhouse was an associate

with Morgan Stanley’s Real Estate Investment Banking Group

MBA, Finance and Accounting, University of Chicago; BA, Economics and History, Columbia University

JOHN PUTRINO

Managing Director, Real Estate Investment Banking

Tel: 215-665-6436, E-Mail: [email protected]

Mr. Putrino joined Janney Montgomery Scott in 2016. He is responsible for transaction execution and management, aiding in client development and performing a variety of valuation analyses and other

financial advisory services. His experience includes domestic and cross-border mergers & acquisitions, private placements, leveraged finance, IPO’s, joint ventures and equity-linked financings. Prior to

Janney Montgomery Scott, Mr. Putrino was the Chief Executive Office of Sachem Street Capital Advisors, an independent financial advisory firm focused on companies and investors in the lodging & leisure

sector. Prior to Sachem Street Capital Advisors, Mr. Putrino was the Managing Director and Head of North America Lodging & Leisure Investment Banking for BMO Capital Markets. Prior to joining BMO

Capital Markets, Mr. Putrino was a Managing Director of Lodging & Leisure Investment Banking at Imperial Capital and Credit Suisse. Mr. Putrino has over 19 years of investment banking experience and

has completed over 140 transactions representing an aggregate value of over $90 billion.

MPPM, Yale University; M.S. & BBA, Accounting, Pace University

CLIFF BOOTH

Managing Director, Head of Investment Banking

Tel: 410-583-5992, E-Mail: [email protected]

Mr. Booth joined Janney Montgomery Scott in 2008. As the Head of Investment Banking, Mr. Booth is responsible for leading the strategic direction, business development and corporate finance activities of

Janney’s Investment Banking Division within the Capital Markets Group. As Head of the Financial Institutions Group, he oversees transactions in the areas of BDCs, Specialty Finance, REITs, Banks and

Insurance. Mr. Booth has executed over 100 capital markets and mergers and acquisition transactions in the financial services and real estate areas over his career. He has executed a variety of

transactions for his clients including Initial Public Offerings, Follow-on Equity Offerings, Public to Public M&A, Private to Private M&A, Asset Backed Securitizations, Private Equity and Debt Placements, J.V.

Structures, Recapitalizations and Distressed Asset Sales. Prior to Janney Montgomery Scott, Mr. Booth was Head of the Financial Institutions Investment Banking Group at Ferris, Baker Watts, Inc., where

he built a Specialty Finance Practice and managed over $11 billion of capital transactions for his clients. Prior to Ferris, Baker Watts, Inc., Mr. Booth worked in the Real Estate Investment Banking Group of

First Union Securities (now Wells Fargo Securities)

M.S., Finance, The George Washington University B.S., Finance, Syracuse University

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Financial Institutions Group Professionals (continued)

TYLER CANDEE

Analyst, Financial Institutions Investment Banking

Tel: 215-665-6461 E-Mail: [email protected]

Mr. Candee joined Janney Montgomery Scott in 2015. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and other financial advisory assignments.

B.B.A., Finance, Villanova University

DEAN SALDSMAN

Analyst, Financial Institutions Investment Banking

Tel: 215-665-4479; E-Mail: [email protected]

Mr. Saldsman joined Janney Montgomery Scott in 2015. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and asset sales and divestitures.

M.S., Finance, Villanova University, B.S., Finance & Economics, Florida Gulf Coast University

BLAINE WILLENBORG

Analyst, Financial Institutions Investment Banking

Tel: 215-665-6021 E-Mail: [email protected]

Mr. Willenborg joined Janney Montgomery Scott in 2016. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and financial advisory assignments.

B. S., Economics, University of Pennsylvania: The Wharton School

JONATHAN KETZNER

Vice President, Financial Institutions Investment Banking

Tel: 215-665-6619 E-Mail: [email protected]

Mr. Ketzner joined Janney Montgomery Scott in 2010. His responsibilities include marketing the firm’s services and execution of mergers and acquisitions, branch purchases and divestitures, equity and

debt offerings and selective asset sales. Mr. Ketzner previously worked in the Corporate Strategy and Mergers & Acquisitions group at Citigroup, where he worked with senior management to implement

strategic initiatives through the execution of mergers and acquisitions, capital raisings and structural reorganizations. Mr. Ketzner also serves on the board of New York Professional Advisors for Community

Entrepreneurs

M.A., International Relations, Johns Hopkins University; B.A., History, Johns Hopkins University

TYLER ZON

Analyst, Financial Institutions Investment Banking

Tel: 215-665-6188; E-Mail: [email protected]

Mr. Zon joined Janney Montgomery Scott in 2016. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and asset sales and divestitures.

B.A., Economics and Computer Science, Swarthmore College

JUSTIN WINKLER

Analyst, Financial Institutions Investment Banking

Tel: 215-665-4586; E-Mail: [email protected]

Mr. Winkler joined Janney Montgomery Scott in 2016. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and asset sales and divestitures.

B.A., Economics, Haverford College

10

Capital Markets Professionals

STEVE GENYK

Managing Director, Head of Fixed Income Capital Markets

Tel: 215-665-6240, E-Mail: [email protected]

Mr. Genyk joined Janney Montgomery Scott in 2008 and is responsible for leading the strategic direction, business development and financing activities of Janney’s Fixed Income Capital Markets Division.

Mr. Genyk serves on the Management Committee of the firm. Mr. Genyk began his career as a banker in corporate finance and transitioned to public finance in 1991. He joined Janney after serving the

Philadelphia Industrial Development Corporation (PIDC), the City of Philadelphia’s primary economic development agency, as Senior Vice President of the Financing Services Group. Prior to joining PIDC,

Mr. Genyk was a Managing Director with Bear Stearns and prior to that spent over eight years with Legg Mason in a variety of capacities including co-head of Public Finance. Mr. Genyk is a graduate of

Wesleyan University and holds a Masters in Government Administration from the Fels Institute of Government, University of Pennsylvania. He taught a graduate finance course at the University of

Pennsylvania for eight years and is a Board Member of the Philadelphia Zoo.

WILL CORKHILL

Managing Director, Head of Equity Capital Markets

Tel: 617-557-2970, E-Mail: [email protected]

Mr. Corkhill joined Janney Montgomery Scott in 2002 as Head of Equity Capital Markets in the firm’s Boston office. He is responsible for coordinating all public offerings for which the firm serves as an

underwriter. Prior to joining Janney, Mr. Corkhill spent five years with Boston-based Tucker Anthony Sutro. As Managing Director and Head of Equity Syndicate, he coordinated over 100 public offerings of

equity and debt securities for firms across a range of industries. From 1991 to 1996, he was a senior professional in the Equity Capital Markets group of Smith Barney in New York City. Mr. Corkhill is a past

board member of the Investment Association of New York and has been a member of the Securities Industry Association's Syndicate Committee. He holds Series 7, 9, 10, 24, 55 and 63 licenses. Mr.

Corkhill graduated from Hobart College and attended the Graduate School of Business at Fordham University.

ANDREW MADDALONI

Managing Director, Director of Research & Head of Institutional Equity Sales

Tel: 215-665-6234; E-Mail: [email protected]

Mr. Maddaloni joined Janney in the fall of 2012 as Managing Director and Head of Product Management; he assumed the role of Director of Research in April 2013. Prior to joining Janney, he served as a

Portfolio Manager and Analyst at Friess Associates, where he helped to manage a $7 billion portfolio of growth equities. Prior to joining Friess, he held equity research sales positions at Banc of America

Securities, William Blair, Credit Suisse and Donaldson Lufkin and Jenrette. Mr. Maddaloni is a 1991 graduate of Pennsylvania State University.

JOSEPH CULLEY

Managing Director, Head of Equities & Investment Banking

Tel: 215-665-6256 E-Mail: [email protected]

Mr. Culley joined Janney in 2000 and serves as Head of Equities and Investment Banking, which includes the firm's investment banking, equity research, institutional equity sales and trading, equity capital

markets and syndicate operations. He also serves as Chairperson for Janney's Equity Commitment, Private Placement and Fairness Opinion Committees. Prior to being Head of Equities and Investment

Banking, he was Co-Head of Investment Banking. Mr. Culley is currently serving on the Board of Directors of the Equity Dealers of America, the Board of Trustees of the Pennsylvania Academy of Fine Arts

and on the Board of Directors of the Mann Center for the Performing Arts. Mr. Culley previously served on the Board of Governors of the Philadelphia Securities Association. Mr. Culley received a B.A. in

Economics from Swarthmore College.