Janney Weekly Bank & Thrift Newsletter€¦ · 10/7/2019 · initial modest selloff when the...

OCTOBER 7, 2019

JANNEY MONTGOMERY SCOTT INVESTMENT BANKING

Janney Weekly Bank & Thrift Newsletter

Table of Contents

1. Daily Fix

2. Bank, Thrift & MHC Summary Valuation

3. Recent Bank M&A Transactions

4. Relevant Janney Capital Markets Professionals

1. Daily Fix

Janney 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 Janney Investment Strategy Group (Janney ISG). 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 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. For investment advice specific to your situation, or for additional information on this or other topics, please contact your Janney FA and/or your tax or legal advisor. Jody Lurie, the fixed income analyst responsible for preparing comments on General Electric debt, owns the common equity (GE) in the form of a long position.

JANNEY MONTGOMERY SCOTT

www.janney.com

©2019 Janney Montgomery Scott LLC Member: NYSE, FINRA, SIPC

JODY LURIE ALAN SCHANKEL D IRE CT OR MA NA G IN G D IRE CT OR

D A I L Y F I X JANNEY INVESTMENT STRATEGY GROUP

Monday, October 7, 2019

More Fedspeak this week combined with 3-, 10-, and 30-year treasury auctions

Yields continued to fall last week, as the mound of negative headlines from geopolitical risks to economic data overshadowed the positive economic data. All parts of the yield curve closed the week lower, with 2-year yields 23bps lower at Friday’s close from the prior Friday’s close, while 10- and 30-year yields ended only 15bps and 11bps lower, respectively. The weaker headline nonfarm payrolls number and lack of wage inflation signs mixed with a 50-year low unemployment reading (3.5%) to leave the yield curve mostly unchanged on Friday after an initial modest selloff when the report first released before market open. After all, employment data becomes a lagging indicator versus a leading one this late in the cycle. Market expectations for a rate cut at the FOMC October meeting fell to 73% probability as of writing from 85% at the end of Thursday. Comments from various FOMC members filtered into the markets throughout the week, with attention being paid both to soft manufacturing data of late and strong consumer spending trends that have not wavered yet despite US/China trade tensions playing in the background. Fed Chair Powell on Friday characterized the economy as being in a “good place” even in the face of various risks.

Taxable Fixed Income

Creditors are once again focused on General Electric (Baa1/BBB+/BBB+), which announced plans to reduce its pension deficit by $5-8B and net debt by $4-6B to add to the $5B net debt reduction of late. GE will freeze the US pension plan for about 20,000 employees with salaried benefits and supplementary pension benefits for about 700 employees. It will pre-fund roughly $4-5B of ERISA required funding for 2021 and 2022 using a portion of the $38B generated through key divestitures. Further, it will offer a lump-sum payout to 100,000 former employees who have not started their pension payments. GE reiterated its goal to reach leverage of <2.5x net debt to EBITDA by year-end 2020. We see the company’s legacy pension obligations—GE has not accepted new entrants since 2012—in the face of the uncertain rate environment (lower for longer?) as an issue that is not specific to GE, but magnified given investors’ heavy scrutiny of the firm’s balance sheet recently. This morning’s announcement caused an immediate improvement in GE bond prices on expectations that the debt load will fall.

Municipal Fixed Income

Tax free yields finished last week lower by 11-12bps across the curve, with the recent bull flattening trend (long rates fall faster than short rates) pushing the AAA 30-year tax free benchmark yield to within a few basis points of the multi-decade low established in late August. The coming week will be busy with about $10B of new issues scheduled for sale, but as we noted in Friday’s Daily FIX, more than a quarter of offerings are taxable bonds, a significantly larger share than the 11.7% taxable share of new issuance in the first 3 quarters of this year. Restrictions on use of tax free bonds for advance refundings put in place by December 2017 tax reform have dovetailed with recent cyclical low interest rates to encourage use of taxable refunding deals. Topping the calendar is a $547MM Massachusetts Water Resources Auth (Aa1/AA+/AA+) taxable refunding offering. The Authority provides water & wastewater services on a wholesale basis to about 3MM people in the eastern and central regions of the state.

S&P adjusted its outlook for the rating of Suffolk County, NY (Baa1/A-/A-) to negative from stable. Positively, the rating agency noted the county’s “significant progress on improving its financial management policies and practices” as well as new labor contracts that generated “significant health benefits savings,” and “modest salary increases.” However, recent deficits and a weak reserve position (FY2018 fund balance is -5.8% of operating expenditures), leaves county finances vulnerable to economic slowdown (S&P says chance of recession in next 12 months is 30-35%), with county finances highly dependent on economically sensitive sales tax revenues, which provided 45% of the county’s FY2018 $3.3B of total revenue.

What to Watch

Today: Aug consumer credit

Tuesday: Sep NFIB small business optimism - Sep PPI (1.8% year-over-year expected, 1.8% Aug) and ex-food & energy (2.3% expected, 2.3% Aug) - Fed Chair Powell, Fed’s Evans (voting) and Kashkari, BoE’s Carney speak - $38B in 3-year treasury auction

Wednesday: Aug JOLTS job openings - Sep 18 FOMC meeting minutes - Fed Chair Powell speaks - $24B in 10-year treasury auction

Treasury Yield 04-Oct Muni Muni/Treasury

2-year 1.41% 1.15% 82%

5-year 1.35% 1.17% 87%

10-year 1.53% 1.36% 89%

30-year 2.02% 1.99% 99%

Mortgage-Backed Securities Yield

Fannie Mae 3.0% 2.55%

Ginnie Mae 3.0% 2.31%

Agency Securities Yield

FNMA 1 7/8 09/24/26 1.52%

FHLMC 6 1/4 07/15/32 1.83%

Bloomberg/Barclays Index 1D Rtn YTD Rtn 1Yr Rtn

US Aggregate 0.12% 9.35% 12.00%

US Treasury 0.12% 8.84% 12.45%

US Municipal 0.07% 7.35% 9.65%

US IG Corporates 0.18% 14.14% 14.91%

US HY Corporates 0.11% 10.87% 6.11%

US Mortgage-Backed 0.06% 5.90% 8.96%

Euro Aggregate (0.01%) 8.40% 9.78%

Asian Pacific Aggregate 0.27% 2.38% 3.68%

Global Infl-Linked 0.11% 8.93% 8.98%

Source: Janney ISG; Bloomberg; S&P; IG = investment grade, HY = high yield

0%

1%

2%

3%

4%

0y 10y 20y 30y

Yield Curve

04-Oct04-Oct-2018

300

500

700

70

95

120

145

170

Oct-2018 Jan-2019 Apr-2019 Jul-2019 Oct-2019

US Corporate Option Adj'd Spread (bps)

IGHY (right axis)

https://www.janney.com/File%20Library/Fixed%20Income%20Daily/Janney-Daily-FIX--2019-10-04-.pdf



2. Bank, Thrift & MHC Summary Valuation

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 10/4/2019

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.Tang.

Price / Equity/ NPAs + Rsrvs/Total Market One Year LTM 2019E 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 WeekTicker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

PBCT People's United Financial Inc. 51,623 5,996 15.27 18.03 13.66 11.66 11.57 163.1 4.65 8.18 0.57 83.32 1.04 7.66 57.75 5.82 (2.83) WBS Webster Financial Corp. 28,942 4,119 44.69 63.34 42.62 10.59 10.92 174.4 3.58 8.82 1.00 73.06 1.43 13.68 56.46 (9.33) (5.46) UBNK United Financial Bancorp* 7,336 676 13.35 17.14 12.01 17.80 16.08 114.0 3.60 8.29 0.75 97.14 0.52 5.33 68.37 (9.18) (2.48) BWFG Bankwell Financial Group Inc. 1,860 213 27.45 31.89 24.67 11.49 11.20 123.6 1.89 9.38 0.87 85.71 1.00 10.61 57.96 (4.39) (0.18) SAL Salisbury Bancorp Inc. 1,119 112 39.75 44.69 33.20 11.20 11.15 119.5 2.82 8.51 1.06 74.58 0.91 9.69 68.00 9.87 0.68 PNBK Patriot National Bancorp Inc. 978 49 12.67 23.50 12.52 NM 19.80 74.9 0.32 6.80 2.38 36.37 (0.03) (0.34) 83.79 (11.09) 1.12 PBBI PB Bancorp Inc. 538 81 11.54 12.05 10.50 19.23 - 110.0 2.43 14.72 1.29 44.30 0.82 5.09 71.62 6.85 3.78 SBTB SBT Bancorp Inc.* 481 71 51.19 51.50 35.27 19.10 - 190.6 1.17 7.72 NA NA 0.74 10.53 71.59 44.20 0.16

WSFS WSFS Financial Corp. 12,157 2,308 43.55 49.40 33.75 13.87 12.20 183.3 1.10 10.92 0.59 63.32 1.33 10.34 55.30 14.88 (1.54) TBBK Bancorp Inc 4,604 556 9.80 10.87 7.64 5.70 10.43 122.3 NA 9.89 NA NA 2.26 23.99 67.63 23.12 (1.90) MDCT MidCoast Community Bancorp Inc* 269 55 6.10 7.75 5.30 11.93 - 111.1 NA 9.51 0.17 466.44 0.97 9.85 79.91 14.02 -

NACB National Capital Bank 485 65 226.00 233.00 200.00 22.97 - 136.3 0.97 9.76 0.06 NM 0.60 6.39 79.33 5.12 - IBWC IBW Financial Corp. 436 16 26.00 30.16 24.00 - - 42.3 0.46 8.54 3.66 26.39 0.21 2.37 92.58 (10.34) 8.33

BKU BankUnited Inc. 33,092 3,152 33.16 37.32 28.05 11.59 11.42 113.4 2.53 8.45 0.46 74.22 0.93 9.87 61.16 10.75 (2.47) CSFL CenterState Bank Corp. 17,037 3,088 23.93 28.58 19.55 13.08 11.67 196.4 1.84 10.07 0.24 98.83 1.44 8.88 50.64 13.74 (0.66) AMTB Amerant Bancorp Inc. 7,927 772 19.67 40.50 10.65 16.26 15.86 108.2 NA 9.93 0.41 175.28 0.64 6.83 72.05 51.19 (4.88) SBCF Seacoast Banking Corp. of FL 6,825 1,276 24.93 29.86 21.74 16.19 12.95 182.7 - 10.65 0.71 68.96 1.20 9.35 54.53 (4.19) (2.14) CCBG Capital City Bank Group Inc. 3,018 451 26.93 28.00 19.92 16.13 15.84 196.3 1.93 7.83 0.84 57.52 0.97 9.24 73.65 16.03 (0.70) FNBT FineMark Holdings Inc. 1,998 222 25.10 30.00 24.10 16.19 - 130.3 NA 8.55 NA NA 0.75 8.82 72.19 (16.33) (0.40) TSHR Three Shores Bancorp. Inc. 1,850 219 9.02 10.25 8.96 - - 130.9 NA 8.24 0.10 734.39 0.74 9.70 60.36 (0.44) - TGRF TGR Financial Inc. 1,479 181 10.46 12.55 10.11 12.31 - 139.9 NA 9.12 - NM 1.15 12.68 58.89 0.87 (1.13) PFHD Professional Holding Corp. 890 63 17.87 18.50 15.08 - - - NA NA NA NA NA NA NA 17.57 0.08 FMIA First Miami Bancorp Inc. 853 111 1,272.00 1,302.00 1,235.00 - - - 0.39 NA NA NA NA NA NA (0.63) 0.08 PMHG Prime Meridian Holding Co. 451 64 20.11 22.83 17.75 16.09 - 119.3 0.60 11.76 NA NA 0.94 7.79 65.03 9.41 (0.05) PLBN Pilot Bancshares Inc. 403 42 3.40 3.69 2.90 - - - - 10.62 1.00 48.74 NA NA NA (1.45) (0.58) FCIT First Citrus Bancorp. Inc. 396 51 26.82 27.30 20.75 12.97 - 153.9 NA 9.06 NA NA 1.07 12.34 63.92 29.25 -

STI SunTrust Banks Inc.* 222,288 29,522 66.50 69.57 46.05 11.71 11.98 169.7 3.37 9.04 1.09 69.41 1.25 10.98 62.60 31.84 (3.41) SNV Synovus Financial Corp. 47,318 5,264 34.49 46.40 29.93 10.17 8.65 135.2 3.48 8.97 0.57 94.70 1.25 12.83 53.07 7.81 (3.25) UCBI United Community Banks Inc. 12,779 2,214 28.00 29.79 20.23 12.73 12.17 182.3 2.43 9.77 0.56 87.69 1.42 12.17 54.52 30.48 (2.15) ABCB Ameris Bancorp 11,889 2,750 39.65 46.65 29.97 11.53 10.57 190.5 1.51 8.68 0.75 35.51 1.44 11.25 52.68 25.20 (1.52) ACBI Atlantic Capital Bcshs Inc. 2,390 392 17.15 19.79 14.44 8.53 15.38 127.3 NA 13.25 0.63 120.10 1.82 15.32 54.85 4.76 (3.11) MCBS MetroCity Bankshares Inc. 1,529 339 13.40 29.00 13.00 - - - 6.57 11.55 1.15 36.96 2.84 24.79 41.87 (59.39) (13.55) CBAN Colony Bankcorp Inc. 1,507 143 15.08 18.95 12.29 12.16 - 134.0 1.99 7.19 1.67 26.96 0.83 10.91 70.05 3.29 (1.76)

GEORGIA BANKS AND THRIFTS

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 acquired

Page 1


As of 10/4/2019




THVB Thomasville Bancshares Inc. 962 252 42.04 46.27 38.25 - - - 3.33 9.06 0.59 282.36 1.93 20.90 47.64 2.56 (4.45) FIEB First IC Corp. 619 70 8.70 10.27 7.47 - - - NA 12.11 0.13 745.24 1.91 13.76 52.56 12.59 - HSBI Heritage Southeast Bncp, Inc. 577 176 25.00 26.00 18.00 - - - - NA NA NA NA NA NA 13.64 - SGB Southwest Georgia Financial 552 52 20.30 24.04 19.13 10.80 - 109.8 2.36 8.52 0.33 188.62 0.90 10.90 73.57 0.10 1.40 SCSG SouthCrest Financial Group Inc 529 53 8.60 10.82 8.56 15.93 14.83 - 2.33 NA NA NA 0.85 8.25 74.25 (6.52) 0.47 SEBC Southeastern Banking Corp. 429 63 20.00 23.90 17.50 9.17 - 105.0 2.60 13.99 NA NA 1.62 12.43 56.83 14.29 - CZBS Citizens Bancshares Corp. 419 24 11.20 12.10 9.03 - - - 2.68 10.86 1.20 31.28 1.02 9.66 73.75 7.69 0.18 TMAK Touchmark Bancshares Inc. 418 41 9.05 9.70 8.05 7.84 - - - NA NA NA 1.27 10.37 53.15 11.73 (2.69) OSBK Oconee Financial Corp. 350 31 34.50 38.00 32.55 - - - 1.74 9.46 0.18 397.49 0.63 7.05 81.01 5.99 - CFBI Community First Bcshs (MHC) 305 77 10.18 11.92 9.82 NM - 100.2 NA 25.16 NA NA 0.28 1.10 91.46 (12.62) (0.10) EXCH Exchange Bankshares Inc. 259 29 45.00 49.00 43.10 - - - 1.96 13.62 1.19 87.41 1.20 9.14 66.07 (4.26) - UNBK United National Bank 219 23 34.00 34.00 29.25 - - - NA 13.95 3.55 58.39 1.39 10.14 55.64 8.63 -

EGBN Eagle Bancorp Inc 8,670 1,447 41.90 60.77 37.08 9.61 9.81 134.0 2.10 12.61 0.46 179.14 1.79 13.61 36.63 (13.98) (6.54) SASR Sandy Spring Bancorp Inc. 8,399 1,202 33.48 39.92 29.83 10.53 10.36 156.2 3.58 9.49 0.47 137.89 1.39 10.68 51.11 6.81 (1.86) OLBK Old Line Bancshares Inc* 3,076 485 28.55 31.67 24.12 13.66 13.60 173.0 1.68 9.46 0.36 71.84 1.20 9.44 50.75 8.47 (1.96) REVB Revere Bank* 2,627 410 33.80 35.00 26.45 13.47 12.93 158.0 NA 9.87 0.18 450.99 1.22 11.54 49.76 18.60 (1.74) HBMD Howard Bancorp Inc. 2,296 307 16.11 19.52 12.60 29.29 17.14 134.9 NA 10.26 1.13 35.24 0.48 3.52 62.29 12.66 (2.48) TCFC Community Finl Corp. 1,756 182 32.57 34.15 26.47 11.89 11.55 120.9 1.54 8.63 1.47 42.33 0.91 9.77 58.18 11.39 (2.78) SHBI Shore Bancshares Inc. 1,489 196 15.37 18.32 12.95 8.01 11.87 114.7 2.60 11.66 1.57 44.18 1.68 13.67 59.03 5.71 (0.65) FUNC First United Corp. 1,406 161 22.63 23.24 14.75 14.69 - 139.6 2.30 8.26 1.62 52.55 0.79 9.15 69.58 42.15 2.40 CBNK Capital Bancorp Inc. 1,234 182 13.23 14.50 10.21 12.72 11.92 147.4 NA 9.98 0.61 159.54 1.27 12.59 73.09 15.95 (3.71) SVBI Severn Bancorp Inc. 862 103 8.05 9.94 7.22 10.88 - 101.2 1.99 11.80 1.95 48.02 1.06 9.65 68.69 0.88 1.13 DBCP Delmar Bancorp 770 73 7.32 8.05 6.95 - - 114.8 1.37 8.33 2.25 40.81 0.88 9.52 63.48 5.32 0.27 TYCB Calvin B. Taylor Bankshares 524 96 34.50 41.00 33.11 11.68 - 109.4 2.90 16.79 1.09 12.37 1.56 9.61 49.38 2.62 - CMHF Community Heritage Finl Inc 477 45 20.00 26.55 18.05 24.39 - 99.1 0.60 9.57 0.44 186.83 0.41 4.05 80.86 (11.11) (0.20) FCBI Frederick County Bancorp* 455 54 33.89 37.52 23.00 23.53 - 144.1 0.94 8.15 0.83 91.81 0.53 6.38 79.33 25.52 0.41 PSBP PSB Holding Corp. 444 39 27.60 27.80 22.40 12.24 - 101.9 NA 8.66 NA NA 0.74 9.00 72.49 21.32 - FMFG Farmers & Merchants Bcshs Inc. 436 52 30.70 34.00 29.00 10.81 - 108.8 2.87 10.94 0.50 118.05 1.14 10.44 62.84 0.82 0.99 GLBZ Glen Burnie Bancorp 378 31 10.88 12.73 10.00 23.65 - 88.0 3.68 9.24 1.44 45.16 0.33 3.84 83.89 4.31 (0.82) DLMV Delmarva Bancshares Inc. 370 32 8.10 8.55 7.49 13.50 - 87.6 2.47 12.50 NA NA 0.98 7.89 65.35 3.85 2.53 HFBK Harford Bank 368 40 28.07 31.00 26.75 11.79 - 96.5 2.42 11.21 1.52 55.53 0.94 8.54 68.62 0.25 (1.51) BVFL BV Financial Inc. (MHC) 300 117 16.50 16.50 13.50 53.23 - 79.6 - 20.92 2.51 22.04 0.64 4.56 73.13 13.79 8.20 HRBK Harbor Bankshares Corporation 296 4 0.65 1.00 0.46 - - - - NA NA NA NA NA NA (13.33) - PEBC Peoples Bancorp Inc 247 25 34.30 36.00 29.25 11.13 - 105.6 2.04 9.76 1.79 77.42 0.93 8.55 77.94 16.27 - CBMB CBM Bancorp Inc. 221 55 13.90 15.30 12.02 40.88 - 96.3 NA 27.67 0.82 70.94 0.30 1.25 81.60 11.02 (1.91) CROL Carroll Bancorp Inc. 190 14 12.70 14.00 12.38 NM - 82.7 NA 9.33 2.80 22.00 0.11 1.20 96.14 (1.95) -

STT State Street Corp. 241,540 21,189 56.87 87.79 48.62 10.34 9.97 175.9 3.66 6.79 - NM 1.00 9.38 71.62 (9.83) (4.90) BHLB Berkshire Hills Bancorp Inc. 13,654 1,470 29.07 41.49 25.77 14.25 12.53 130.6 3.16 9.01 0.54 85.03 0.78 5.97 56.50 7.79 (2.22)

MARYLAND BANKS AND THRIFTS

MASSACHUSETTS BANKS AND THRIFTS


Page 2


As of 10/4/2019




INDB Independent Bank Corp. 11,603 2,483 72.25 87.64 64.68 16.38 13.09 225.8 2.44 9.92 0.61 93.65 1.38 10.88 52.46 2.76 (3.73) BPFH Boston Private Financial 8,713 954 11.37 14.37 9.78 10.43 12.23 130.5 4.22 8.44 0.29 300.85 1.08 12.09 68.18 7.57 (3.93) BRKL Brookline Bancorp Inc. 7,637 1,161 14.56 17.19 12.84 13.48 13.48 155.0 3.02 10.08 0.82 93.61 1.19 9.80 54.90 5.32 (2.02) EBSB Meridian Bancorp Inc. 6,369 951 18.66 19.32 13.67 16.23 15.81 147.9 1.50 10.60 0.14 592.31 0.99 8.78 53.21 30.31 (0.11) CNBK.A Century Bancorp Inc. 5,201 487 87.46 95.70 65.15 12.69 - 154.0 0.55 6.08 0.14 386.62 0.76 12.86 58.97 29.13 (0.53) HONE HarborOne Bancorp Inc 3,737 586 10.03 11.18 8.35 43.90 27.09 199.2 NA 8.04 0.92 64.74 0.38 3.60 83.85 13.27 (0.45) EBTC Enterprise Bancorp Inc. 3,168 329 28.09 36.50 26.85 10.68 - 120.6 2.28 8.70 0.99 109.66 1.03 12.13 64.36 (12.66) (4.97) CATC Cambridge Bancorp 2,741 363 74.80 89.45 71.24 14.17 12.07 179.3 2.73 7.48 0.05 NM 1.02 12.61 65.37 (10.15) (0.55) HIFS Hingham Instit. for Savings 2,614 401 187.99 229.99 163.00 12.81 - 174.7 0.85 8.78 0.08 730.58 1.33 14.80 30.47 (4.93) (1.21) WNEB Western New England Bancorp 2,127 247 9.47 10.88 8.50 17.87 18.39 118.3 2.11 10.12 NA NA 0.68 6.17 69.58 (5.68) (1.04) PVBC Provident Bancorp Inc (MHC) 1,031 222 23.93 28.64 19.81 23.23 - 174.7 NA 12.78 NA NA 1.00 7.62 59.62 10.38 (0.54) WEBK Wellesley Bancorp 957 77 31.10 35.50 27.74 13.18 - 114.3 0.77 7.28 NA NA 0.68 9.06 69.23 12.11 0.23 RNDB Randolph Bancorp Inc 653 78 14.61 17.10 13.16 NM 20.87 - NA NA 0.78 82.01 0.18 1.38 98.87 3.25 (0.14) GABK Grand Bank Corp. 364 68 6,000.00 6,305.00 5,990.00 - - - 1.67 NA NA NA NA NA NA (0.83) 0.17 MELR Melrose Bancorp Inc 342 37 17.62 20.00 16.99 27.53 35.96 100.7 1.93 11.90 NA NA 0.46 3.39 77.41 (1.89) (0.84)

VLY Valley National Bancorp 33,028 3,573 10.77 11.53 8.42 11.10 11.90 165.2 4.09 7.44 0.56 83.48 1.06 9.95 58.34 21.28 (1.37) ISBC Investors Bancorp Inc 27,064 3,001 11.32 12.92 9.94 16.90 15.72 110.3 3.89 10.53 0.48 177.18 0.70 6.06 57.93 8.85 (2.33) PFS Provident Financial Services 9,938 1,615 24.31 27.94 22.22 12.47 13.85 169.2 3.78 10.04 0.86 73.47 1.30 9.30 53.01 0.75 (1.34) OCFC OceanFirst Financial Corp. 8,029 1,177 23.27 27.74 20.46 12.65 11.35 159.7 2.92 9.76 0.47 42.49 1.17 8.49 54.01 3.38 (0.89) CLBK Columbia Financial Inc. (MHC) 6,981 1,765 15.87 16.55 14.01 33.77 37.34 183.1 NA 14.37 NA NA 0.79 5.42 62.06 3.79 0.70 KRNY Kearny Financial Corp. 6,635 1,110 13.14 14.24 11.26 28.57 26.82 128.6 1.83 14.19 0.37 135.35 0.63 3.52 62.48 2.50 0.61 LBAI Lakeland Bancorp 6,407 771 15.27 18.23 13.77 11.57 10.99 143.2 3.27 8.61 0.31 192.40 1.10 10.14 56.06 3.11 (1.80) CNOB ConnectOne Bancorp Inc. 6,109 775 21.92 23.78 17.07 10.64 9.83 146.1 1.64 8.93 1.13 54.43 1.24 10.81 41.90 18.68 (1.08) PGC Peapack-Gladstone Financial 4,871 524 27.55 30.88 23.96 12.08 11.48 116.0 0.73 9.55 0.72 113.94 0.98 9.53 61.14 9.41 (3.20) NFBK Northfield Bancorp Inc. 4,768 786 15.93 16.31 12.76 20.95 20.82 121.9 2.76 13.57 0.53 109.61 0.81 5.41 58.91 17.53 (1.88) ORIT Oritani Financial Corp.* 4,071 753 17.37 18.55 14.07 14.72 14.97 148.0 5.76 13.00 0.27 263.65 1.27 9.60 35.44 17.76 (2.09) BCBP BCB Bancorp Inc. 2,738 210 12.76 14.96 10.12 10.63 10.72 109.9 4.39 7.89 1.04 83.32 0.77 10.06 62.32 21.87 (1.54) SBBX SB One Bancorp 1,866 207 22.18 25.62 19.30 11.20 9.32 128.5 1.53 8.88 1.13 45.70 1.07 10.28 57.06 8.51 (2.51) FRBA First Bank 1,831 199 10.59 13.20 10.29 11.90 13.32 107.4 1.13 10.20 0.87 105.43 0.96 8.53 57.98 (12.62) (3.11) UNTY Unity Bancorp Inc. 1,627 241 22.17 24.70 16.74 10.61 10.48 163.9 1.44 9.04 0.37 266.26 1.54 16.53 52.21 6.79 0.41 PKBK Parke Bancorp Inc. 1,550 234 21.76 24.45 16.71 8.63 - 142.0 2.94 10.79 1.97 66.34 1.96 17.88 28.99 16.27 (2.77) BPRN Bank of Princeton 1,361 190 28.16 33.33 25.92 18.41 18.05 107.7 0.43 13.08 0.76 120.01 0.83 5.74 57.80 0.93 (2.49) FCCY 1st Constitution Bancorp 1,304 164 19.00 20.85 16.47 11.73 11.88 134.8 1.58 9.44 0.72 91.70 1.19 11.04 59.83 (4.67) 0.21 MRLN Marlin Bus. Services Corp. 1,280 293 24.20 29.24 17.51 12.87 10.48 155.7 2.31 15.09 0.60 219.25 1.97 11.99 57.19 8.37 (2.58) TRCB Two River Bncp* 1,154 178 20.45 20.89 11.54 15.15 15.32 171.4 1.37 9.10 0.80 126.63 1.05 10.07 60.83 34.01 (0.78) CMRB First Commerce Bank 1,000 128 5.70 7.21 5.55 - - - NA 13.82 2.96 51.55 1.00 7.31 56.47 (11.63) - SSFN Stewardship Financial Corp.* 964 136 15.65 15.90 8.20 19.32 - 162.2 0.77 8.72 0.59 147.28 0.74 8.77 69.35 71.98 0.51 BKJ Bancorp of New Jersey Inc.* 925 121 16.60 17.20 12.49 21.01 - 130.9 - 10.01 1.47 62.84 0.65 6.56 69.64 27.50 (0.36) MGYR Magyar Bancorp Inc. (MHC) 633 70 12.06 13.50 10.93 24.61 - 129.4 NA 8.57 2.69 27.63 0.45 5.54 76.61 (1.55) (2.19) MSBF MSB Financial Corp. 581 73 16.12 19.96 13.26 19.66 - 127.6 - 11.42 2.47 39.49 0.75 6.29 67.70 (9.69) 0.12 FCOB 1st Colonial Bancorp 544 48 10.26 13.00 10.12 9.82 - 103.2 NA 8.53 1.12 84.69 0.86 10.88 62.93 (12.41) (0.87)

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As of 10/4/2019




NMBF NMB Financial Corp. 445 NA 5.51 6.50 4.05 - - - NA 8.34 0.52 224.74 0.99 11.03 62.83 19.78 - LPBC Lincoln Park Bancorp (MHC) 331 17 9.00 12.00 8.40 NM - - - 5.70 NA NA (0.39) (8.09) 133.04 (10.00) 2.86 SHRC Shore Community Bank* 283 51 16.48 17.20 11.87 15.12 - 159.2 1.82 11.43 1.26 72.78 1.27 11.23 53.89 36.65 (0.84) ELMA Elmer Bancorp Inc. 283 21 18.01 19.50 17.26 11.12 - 79.6 3.33 9.19 1.95 61.77 0.65 7.36 74.83 4.10 0.06 CFIC Cornerstone Financial Corp. 255 7 9.10 10.25 7.83 - - - NA NA NA NA NA NA NA (1.62) (9.00) BRBW Brunswick Bancorp 216 24 8.55 10.00 8.35 20.74 - 62.6 - 17.86 NA NA 0.59 3.14 80.21 0.59 - PEBA Penn Bancshares 198 16 42.00 42.00 42.00 - - - - NA NA NA NA NA NA 0.00 -

JPM JPMorgan Chase & Co. 2,727,379 366,442 114.62 120.40 91.11 11.71 11.37 194.9 3.14 8.03 0.44 108.72 1.29 13.31 57.07 17.41 (2.63) C Citigroup Inc. 1,988,226 154,022 68.18 73.12 48.42 9.48 9.04 100.8 2.99 8.74 0.52 121.25 0.95 9.37 57.71 30.96 (1.84) BK Bank of New York Mellon Corp. 381,168 40,186 42.63 54.27 40.52 11.07 10.85 229.7 2.91 5.88 0.06 65.77 1.17 9.57 68.63 (9.43) (4.27) MTB M&T Bank Corp. 121,555 20,591 154.05 176.11 133.78 11.02 10.99 210.3 2.60 9.46 1.02 82.85 1.73 13.06 54.52 7.63 (2.62) NYCB New York Community Bancorp 52,776 5,982 12.80 13.39 8.61 16.62 16.41 159.7 5.31 8.44 0.13 219.87 0.78 6.02 49.72 36.03 0.95 CIT CIT Group Inc. 50,558 4,167 44.00 54.02 35.50 9.91 9.12 81.0 3.18 10.91 NA NA 1.00 7.88 56.03 14.97 (2.76) SBNY Signature Bank 48,877 6,427 119.32 137.94 98.54 10.70 10.98 141.8 1.88 9.46 0.34 149.08 1.29 13.82 36.99 16.06 (0.81) STL Sterling Bancorp 30,238 3,995 19.47 22.65 15.62 9.93 9.27 157.1 1.44 9.42 0.78 44.20 1.41 9.78 39.34 17.93 (4.32) CBU Community Bank System Inc. 10,745 3,156 61.17 67.79 54.46 18.71 18.88 312.6 2.68 10.15 0.27 167.52 1.60 9.98 58.38 4.92 (1.15) NBTB NBT Bancorp Inc. 9,636 1,588 36.27 39.58 30.36 13.53 13.61 201.9 2.87 8.41 0.46 164.59 1.24 11.61 59.38 4.84 (1.83) FFIC Flushing Financial Corp. 6,946 574 20.60 24.47 18.80 12.34 13.00 105.8 4.08 7.92 0.29 107.16 0.70 8.65 66.31 (4.32) 0.78 TMP Tompkins Financial Corporation 6,654 1,206 79.85 85.14 69.02 15.27 15.47 217.1 2.50 8.53 0.39 156.30 1.19 12.94 62.50 6.45 (2.11) DCOM Dime Community Bancshares Inc. 6,498 773 21.50 22.00 15.48 16.04 15.25 139.5 2.60 8.58 0.13 252.53 0.77 8.04 57.40 26.62 (0.23) TRST TrustCo Bank Corp NY 5,228 778 8.03 8.64 6.51 12.87 13.38 150.9 3.39 9.85 0.69 123.38 1.21 12.34 55.18 17.06 (2.13) AMAL Amalgamated Bank 4,938 519 16.28 22.97 14.58 11.15 11.38 114.2 1.47 9.24 1.50 45.48 1.00 10.81 64.91 (16.51) 0.68 BDGE Bridge Bancorp Inc. 4,715 576 29.48 33.88 24.12 13.34 11.75 159.5 3.12 7.96 0.48 137.09 0.96 9.58 56.03 15.65 (0.67) FISI Financial Institutions Inc. 4,314 470 29.71 31.82 24.49 11.98 10.78 144.2 3.37 8.18 0.25 315.01 0.96 10.22 60.72 15.60 (3.00) FLIC First of Long Island Corp. 4,202 556 22.54 24.45 17.53 13.74 13.26 142.1 3.19 9.31 0.09 773.60 0.99 10.82 50.98 12.98 (1.70) AROW Arrow Financial Corp. 3,006 492 32.92 36.46 29.56 13.78 13.38 188.4 3.16 8.76 0.23 299.02 1.21 13.16 57.50 5.90 (1.53) MCB Metropolitan Bank Holding Corp 2,961 329 39.58 44.99 29.05 11.92 11.86 123.8 NA 9.20 0.17 458.06 1.25 10.53 54.85 28.30 (0.60) CNND Canandaigua National Corp. 2,936 366 195.00 200.00 160.00 9.28 - 154.5 3.08 8.10 0.34 238.11 1.39 16.98 59.87 11.43 - CHMG Chemung Financial Corp. 1,753 203 41.90 51.00 36.87 9.21 12.89 130.4 2.48 8.99 1.17 95.63 1.27 13.52 66.37 1.43 (0.29) PCSB PCSB Financial Corp. 1,638 329 19.98 20.88 18.16 39.96 38.42 129.4 0.80 16.85 NA NA 0.55 2.92 74.32 2.15 (1.38) EVBN Evans Bancorp Inc. 1,471 178 36.52 47.32 30.61 10.43 10.71 139.7 2.85 8.81 NA NA 1.23 13.24 68.41 12.33 (1.59) PBFS Pioneer Bancorp (MHC) 1,386 328 12.64 15.19 12.12 - - - NA 8.86 0.94 107.53 NA NA NA 26.40 (0.24) GCBC Greene County Bncp Inc. (MHC) 1,269 238 27.85 34.68 26.04 13.59 - 211.6 1.58 8.85 0.40 260.92 1.46 16.83 50.92 (10.51) 1.24 OCBI Orange County Bancorp Inc. 1,209 123 27.50 29.00 24.00 12.22 - 114.0 2.91 9.00 1.20 81.62 0.88 9.46 70.93 1.85 (1.01) ADKT Adirondack Trust Company 1,192 127 1,651.00 1,706.00 1,556.00 - - - 3.12 9.22 0.18 551.69 1.10 10.52 68.90 4.83 0.67 BKUT Bank of Utica 1,140 114 534.00 605.00 534.00 9.27 - 57.3 2.81 20.45 0.29 39.20 1.32 6.31 47.05 (9.95) - LYBC Lyons Bancorp Inc 1,139 124 39.00 75.00 36.25 12.07 - 154.1 3.18 7.51 NA NA 0.99 13.57 67.32 (5.11) (2.26) PDLB PDL Community Bancorp (MHC) 1,056 238 13.80 14.72 12.42 NM NM 150.2 NA 15.64 1.82 65.21 0.26 1.57 87.75 8.32 (3.09) EMPK Empire Bancorp Inc. 1,037 101 12.62 14.50 10.35 26.85 - - NA NA NA NA 0.35 4.99 81.44 11.68 (2.55) PBHC Pathfinder Bancorp Inc. 1,013 60 13.02 16.25 12.55 18.34 - 90.7 1.84 8.25 0.71 108.59 0.34 4.78 82.00 (16.86) (0.99)

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NECB NorthEast Community Bncp (MHC) 949 140 11.65 13.30 10.55 11.12 - 104.9 1.03 14.28 NA NA 1.43 9.89 NA 4.95 - SOBS Solvay Bank Corp. 932 80 36.25 44.25 35.49 - - - 3.86 9.53 0.33 183.76 0.95 10.64 62.36 (10.49) 0.11 RBKB Rhinebeck Bancorp Inc (MHC) 913 112 10.50 12.30 10.25 - - 112.5 NA 11.40 NA NA 0.62 6.77 74.34 5.00 0.96 CYHC Country Bank Holding Co.* 783 98 44,200.00 45,000.00 27,000.00 - - - 3.62 NA NA NA NA NA NA 52.41 (1.78) ESQ Esquire Financial Holdings Inc 732 185 24.55 26.38 17.62 17.17 13.56 180.8 NA 13.97 - NM 1.64 11.91 55.70 13.13 0.29 BERK Berkshire Bancorp Inc. 713 189 13.14 13.75 12.85 - - - - NA NA NA NA NA NA 0.30 0.30 ESBK Elmira Savings Bank 610 49 14.09 20.47 13.97 13.68 - 107.6 6.53 7.70 0.81 89.38 0.62 6.17 76.43 (19.24) 0.24 LSBK Lake Shore Bancorp Inc. (MHC) 578 87 14.96 16.30 14.25 24.13 - 109.1 3.21 14.13 0.74 90.47 0.68 4.69 76.63 (0.66) 0.40 SBHO Steuben Trust Corporation 577 86 51.00 58.49 38.00 - - - 2.75 11.05 0.61 119.22 1.26 12.01 61.81 27.34 18.60 GLDT Gold Coast Bancorp Inc.* 572 62 15.70 15.84 10.02 24.92 - 133.7 NA 8.07 NA NA 0.45 5.65 74.01 53.92 (0.88) CARV Carver Bancorp Inc. 572 10 2.80 6.67 2.30 NM - 145.9 - 9.13 2.10 38.86 (1.02) (12.19) 129.89 (6.04) (7.89) BSPA Ballston Spa Bancorp Inc. 552 42 56.75 60.00 49.00 - - 113.6 2.33 6.76 NA NA 0.80 11.52 73.57 15.79 (5.42) JFBC Jeffersonville Bancorp 520 72 17.00 21.00 16.50 10.63 - 103.9 3.53 13.33 NA NA 1.30 10.13 63.11 (6.34) (1.56) GLNV Glenville Bank Holding Co. 479 20 98.00 98.00 93.00 - - - 2.04 NA 0.19 506.52 0.64 8.37 78.41 5.38 - CSKL Catskill Hudson Bancorp Inc. 464 16 23.00 27.40 21.41 - - - 1.91 NA NA NA NA NA NA (14.18) - ESBS ES Bancshares Inc. 419 17 4.10 4.75 3.40 12.81 - 76.5 NA 5.28 NA NA 0.35 6.34 76.23 2.50 (3.30) VSBN VSB Bancorp Inc. 391 37 20.10 22.68 19.71 11.49 - 100.0 2.59 9.44 0.43 98.99 0.82 9.03 70.26 1.98 0.35 BARK Bank of Akron 377 NA 263.00 263.00 176.00 19.52 - 210.0 1.06 9.96 1.28 119.80 1.15 11.39 66.00 23.76 32.83 FSBC FSB Bancorp Inc. 327 32 17.02 19.33 15.96 NM - 103.9 NA 9.73 0.40 126.22 (0.01) (0.15) 97.92 0.12 (0.23) SCAY Seneca-Cayuga Bncp Inc. (MHC) 314 27 10.76 12.10 9.01 NM - - NA 8.17 1.83 28.83 (0.27) (3.04) 108.93 4.36 - NCXS National Bank of Coxsackie 311 21 43.75 55.00 38.75 13.59 - 73.8 2.29 9.04 0.81 71.01 0.51 5.83 80.99 3.26 - DWNX Delhi Bank Corp. 305 51 32.60 33.00 30.25 19.76 - 167.0 2.23 10.12 NA NA 0.86 9.01 67.97 3.49 - SNNF Seneca Financial Corp. (MHC) 206 18 9.25 9.30 7.61 16.82 - 88.9 NA 9.75 0.93 59.97 0.53 5.43 79.69 16.35 1.09 FIGR First National Bank of Groton 181 35 585.00 600.00 470.00 12.12 - 131.8 2.75 14.70 1.07 65.52 1.58 11.68 55.35 4.46 -

BAC Bank of America Corporation 2,395,892 264,076 28.37 31.17 22.66 10.13 10.06 150.6 2.54 8.63 0.46 87.16 1.24 10.96 56.91 15.14 (3.34) BBT BB&T Corp. 230,872 39,580 51.66 53.90 40.68 12.79 12.17 218.5 3.48 9.63 NA NA 1.48 10.94 56.20 19.25 (3.37) FCNC.A First Citizens BancShares Inc. 37,655 5,064 465.11 486.14 355.18 12.35 - 161.0 0.34 8.65 0.68 88.02 1.22 12.48 63.65 23.35 (1.86) FBNC First Bancorp 6,012 1,055 35.51 41.74 30.50 11.49 11.27 186.2 1.35 9.83 0.58 59.41 1.57 11.99 55.01 8.73 (1.39) LOB Live Oak Bancshares Inc. 4,274 721 17.92 26.48 13.09 22.97 38.54 146.2 0.67 11.61 0.70 126.87 0.86 6.49 75.87 21.00 (1.92) HTBI HomeTrust Bancshares Inc. 3,476 461 26.00 29.54 23.93 17.81 18.31 122.8 0.92 11.04 1.05 58.87 0.80 6.62 66.28 (0.69) (0.46) SBNC Southern BancShares (NC) 2,837 305 3,755.00 3,901.00 3,275.00 8.03 - 107.9 0.27 10.83 0.37 189.60 1.49 13.21 63.95 11.42 - ENFC Entegra Financial* 1,664 208 30.03 30.24 19.18 15.81 14.54 138.8 NA 9.15 0.84 86.77 0.80 8.10 64.37 44.72 0.07 SLCT Select Bancorp Inc. 1,317 215 11.48 12.91 10.14 13.51 15.11 116.2 NA 14.75 1.56 40.51 1.24 7.78 61.12 (7.27) (0.86) PEBK Peoples Bancorp of NC Inc. 1,117 174 29.35 34.32 20.03 12.28 - 134.0 1.91 11.64 0.27 215.38 1.31 11.64 70.60 19.99 1.45 UBNC Union Bank 777 88 14.69 15.39 13.84 - - 128.2 1.33 9.00 0.21 280.54 0.92 8.80 65.85 2.01 (0.34) UWHR Uwharrie Capital Corp 627 36 5.20 5.45 4.51 13.14 - 98.3 NA 7.66 0.90 38.51 0.54 7.54 86.42 (0.95) - CART Carolina Trust BancShares Inc.* 617 96 10.36 10.96 7.20 21.14 - 156.3 NA 10.12 0.84 79.56 0.74 6.87 63.05 36.68 0.58 AQFH Aquesta Financial Holdings 476 60 10.97 12.65 10.76 14.63 - 116.2 1.00 10.78 0.25 310.43 0.82 9.60 69.76 (3.94) 0.09 BKOR Oak Ridge Financial Services 468 38 14.61 16.25 12.45 9.23 - 101.7 1.37 8.05 NA NA 0.91 11.91 73.63 17.35 0.07 KSBI KS Bancorp Inc. 397 28 25.16 29.99 24.01 7.69 - 111.5 1.43 6.30 NA NA 0.92 16.43 71.11 (6.83) (0.81)

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As of 10/4/2019




SRYB Surrey Bancorp 315 60 14.50 15.50 14.00 12.08 - 130.6 2.76 14.68 0.69 205.40 1.61 11.02 56.63 3.06 1.75 WTWB West Town Bancorp Inc. 303 78 22.65 28.55 20.51 7.63 - - NA NA NA NA 1.76 11.63 99.47 (4.63) (0.66) LSFG LifeStore Financial Grp (MHC) 301 36 34.25 34.25 26.50 8.87 - - 0.82 NA NA NA 1.35 14.10 72.04 21.24 - MFBP M&F Bancorp Inc. 263 5 2.65 2.77 1.88 4.21 - 25.2 - 8.14 1.72 45.77 0.48 6.44 95.93 26.79 - BLHK blueharbor bank 236 37 12.62 13.00 9.30 15.39 - 121.5 NA 12.76 0.80 103.83 1.14 8.72 60.79 24.95 -

FITB Fifth Third Bancorp 168,802 19,047 26.50 30.20 22.12 9.01 9.40 132.4 3.62 9.84 0.71 93.46 1.41 12.25 55.13 12.62 (3.57) KEY KeyCorp 144,545 17,326 17.27 20.64 13.66 10.28 9.59 143.1 4.28 9.89 0.59 104.83 1.28 11.45 61.63 16.85 (3.30) HBAN Huntington Bancshares Inc. 108,247 14,447 13.92 15.67 11.12 10.96 10.71 176.5 4.31 8.86 1.16 61.55 1.35 12.84 57.16 16.78 (3.00) FFBC First Financial Bancorp. 14,438 2,559 24.36 29.89 22.07 11.77 11.60 188.9 3.78 9.41 0.63 68.16 1.47 9.84 49.67 2.70 (1.79) TFSL TFS Financial Corp (MHC) 14,372 4,916 17.85 18.61 14.19 63.75 66.11 293.9 6.05 11.84 NA NA 0.57 4.56 66.71 10.66 (0.56) PRK Park National Corp. 8,657 1,535 93.54 106.94 79.27 15.14 13.80 202.0 4.32 8.96 1.09 57.35 1.23 11.58 62.98 10.11 (1.63) PEBO Peoples Bancorp Inc. 4,276 632 30.97 35.74 28.35 12.15 10.79 158.3 4.39 9.87 0.72 69.79 1.25 9.64 61.53 2.89 (3.16) FDEF First Defiance Financial 3,278 559 28.31 31.30 22.78 12.20 11.87 183.2 2.68 9.60 0.78 112.84 1.49 11.95 60.02 15.50 (2.55) UCFC United Community Finl Corp.* 2,869 509 10.58 11.06 8.49 13.56 12.59 173.0 3.03 10.32 0.97 73.87 1.36 12.16 56.22 19.49 (3.07) FMNB Farmers National Banc Corp. 2,406 397 14.34 15.37 11.56 11.85 11.38 164.9 2.79 10.22 0.52 114.45 1.45 12.86 58.39 12.56 (1.10) CIVB Civista Bancshares Inc. 2,203 337 21.56 24.39 15.55 17.67 10.73 146.0 2.04 11.33 0.35 176.29 1.09 8.08 60.81 23.77 (1.06) LCNB LCNB Corp. 1,642 223 17.19 19.94 14.56 12.02 11.94 139.7 3.96 10.12 0.69 36.48 1.15 8.56 61.20 13.47 (1.66) FMAO Farmers & Merchants Bancorp 1,531 282 25.59 46.93 24.30 15.89 14.46 164.4 2.34 11.68 0.17 253.34 1.31 9.68 60.62 (33.52) (2.66) MBCN Middlefield Banc Corp. 1,288 152 46.99 50.48 38.50 11.75 12.38 130.3 2.38 9.20 1.06 53.24 1.09 10.00 63.25 10.75 0.38 HLAN Heartland BancCorp 1,101 168 83.00 91.00 78.00 12.75 13.07 138.3 2.51 11.01 0.22 329.65 1.18 11.81 63.24 2.47 (0.81) OVBC Ohio Valley Banc Corp. 1,035 172 36.00 41.47 26.45 17.22 - 147.7 2.33 11.31 1.96 36.50 0.95 8.39 71.70 1.72 (0.83) SBFG SB Financial Group Inc 1,029 107 16.38 20.49 15.76 11.96 10.17 103.5 2.20 11.48 0.43 186.65 1.10 8.42 72.13 (0.43) (0.12) CHBH Croghan Bancshares Inc. 861 120 52.80 58.50 48.76 10.48 - 123.2 3.56 11.62 0.48 139.38 1.38 9.97 61.73 6.13 (0.23) UBOH United Bancshares Inc. 855 67 20.40 23.99 17.85 8.03 - 113.9 2.55 7.09 0.27 168.88 1.00 10.28 73.05 1.90 0.74 CSBB CSB Bancorp Inc. 750 107 39.00 43.00 37.27 10.66 - 139.6 2.87 10.28 0.74 117.11 1.37 13.09 57.61 1.30 0.85 CFBK Central Federal Corp. 721 55 12.30 14.99 10.62 8.15 - 108.0 - 7.06 0.75 129.30 0.98 13.90 69.28 5.22 (0.97) CLDB Cortland Bancorp 691 91 20.70 28.68 19.10 12.03 - 127.4 2.13 10.30 1.30 49.88 1.09 11.43 66.46 0.98 (5.48) UBCP United Bancorp Inc. 649 62 10.97 13.50 10.25 11.80 - 116.9 5.01 8.56 NA NA 0.90 10.26 68.16 (4.00) (2.55) CBKM Consumers Bancorp Inc. 554 50 18.30 24.00 16.85 8.97 - 97.8 2.95 9.24 0.21 318.59 1.07 11.96 71.60 8.61 (1.61) KLIB Killbuck Bancshares Inc. 540 109 185.00 239.98 170.00 - - - 1.84 11.86 0.02 NM 1.42 12.40 56.44 0.00 4.91 MTFC Minster Financial Corp. 495 14 57.37 57.37 55.00 - - - 3.83 NA NA NA NA NA NA 0.65 - WAYN Wayne Savings Bancshares 489 55 21.35 22.00 17.66 9.36 - 124.3 3.75 9.49 0.57 129.10 1.30 13.62 57.09 14.48 - ANDC Andover Bancorp Inc. 420 47 19.60 24.00 18.50 - - - 3.72 9.43 0.34 93.63 0.88 9.02 74.16 (16.60) - FFDF FFD Financial Corp. 414 62 62.50 62.50 49.75 9.84 - 161.5 2.56 9.32 0.28 303.48 1.63 17.50 51.43 24.50 9.46 PFOH Perpetual Federal Savings Bank 391 72 29.00 32.27 27.85 11.37 - 95.7 3.31 19.14 0.50 262.28 1.61 8.58 33.99 2.62 (1.69) LBSI Liberty Bancshares Inc. 359 39 50.55 52.00 39.50 - - - 5.38 12.86 0.54 140.05 1.15 9.01 62.79 27.97 - FSDK First Citizens National Bank 290 34 106.00 106.00 86.75 17.55 - 82.8 2.04 14.18 1.46 63.41 0.68 4.85 79.23 17.78 - FAHE Fahey Banking Co. 285 NA 1,875.00 1,900.00 1,600.00 - - - NA 16.39 0.66 150.19 (1.64) (9.65) 151.11 0.00 - CBCZ Comunibanc Corp. 281 25 30.50 32.05 27.49 19.22 - 87.4 2.56 10.28 1.51 31.57 0.46 5.01 84.29 8.50 (0.49) FIDS FNB Inc. 233 22 33.01 33.25 31.00 - - 95.1 4.85 10.01 0.29 283.72 NA NA NA 5.40 (0.72)

OHIO BANKS AND THRIFTS


Page 6


As of 10/4/2019




FIBH First Bancshares Inc. 231 20 37.00 50.00 36.35 8.41 - 100.1 3.24 8.60 NA NA 1.08 12.73 70.86 (6.33) - HLFN Home Loan Financial Corp. 215 50 35.80 49.50 29.00 13.41 - 170.6 3.02 13.68 2.03 52.68 1.78 13.22 50.50 18.35 0.14 CNNB Cincinnati Bancorp (MHC) 206 29 15.85 16.25 11.80 12.19 - 124.6 NA 11.21 0.74 92.31 1.17 10.48 91.66 32.08 7.68 FBOO First Bank of Ohio 195 33 585.00 585.00 585.00 15.31 - 47.0 NA 36.10 0.15 NM 1.18 3.13 49.28 1.74 - PDRB Pandora Bancshares Inc. 181 NA NA NA NA - - - NA 8.79 1.47 57.58 0.70 8.27 80.97 NA NAGVFF Greenville Federal Finl (MHC) 180 24 10.89 12.90 9.87 36.30 - 109.2 2.57 11.99 NA NA 0.33 2.79 89.43 8.90 (1.00) FMOO F&M Bancorp 171 22 68.40 68.40 58.00 - - - 1.46 NA NA NA NA NA NA 21.06 - CIBN Community Investors Bancorp 169 14 18.00 18.49 16.30 14.17 - 101.0 2.00 8.39 1.55 57.32 0.65 7.42 79.63 7.78 1.41

PNC PNC Financial Services Group 405,761 62,545 140.47 144.32 108.45 12.70 12.51 174.9 3.27 10.08 0.71 94.09 1.40 11.36 58.81 20.15 0.06 FNB F.N.B. Corp. 33,903 3,701 11.49 12.98 9.35 9.82 9.91 161.5 4.18 7.66 0.56 98.43 1.18 8.46 53.95 16.77 (0.43) FULT Fulton Financial Corp. 21,309 2,640 15.88 17.60 14.38 11.50 11.30 149.4 3.28 8.54 1.01 79.48 1.16 10.54 62.69 2.55 (2.85) CUBI Customers Bancorp Inc 11,182 623 19.95 23.96 16.72 18.64 9.73 82.1 NA 8.74 0.30 145.21 0.48 5.03 67.37 9.62 (5.50) NWBI Northwest Bancshares, Inc. 10,505 1,744 16.35 18.81 15.46 16.03 15.72 180.7 4.40 9.52 0.83 60.54 1.07 8.33 62.30 (3.48) (1.18) FCF First Commonwealth Financial 8,071 1,275 12.96 16.46 11.33 12.34 11.78 173.3 3.09 9.46 0.50 126.35 1.33 10.57 57.56 7.28 (3.43) STBA S&T Bancorp Inc. 7,335 1,225 35.58 44.59 33.30 11.59 12.25 180.9 3.04 9.58 0.92 91.47 1.49 11.43 52.05 (5.97) (3.37) TSC TriState Capital Holdings Inc. 6,846 634 21.61 28.37 18.20 11.26 11.74 156.2 NA 7.70 0.08 268.87 0.99 11.99 61.38 11.05 1.79 UVSP Univest Financial Corp. 5,154 727 24.82 27.80 20.18 11.03 11.65 153.2 3.22 9.54 0.53 120.20 1.33 10.51 59.95 15.07 (2.32) BMTC Bryn Mawr Bank Corp. 4,737 717 35.62 47.69 32.84 11.99 11.83 185.9 2.92 8.50 0.37 121.21 1.34 10.68 59.73 3.55 (2.57) CCNE CNB Financial Corp. 3,401 421 27.81 30.54 21.43 11.35 11.30 170.8 2.45 7.36 0.67 93.77 1.17 14.18 61.12 21.18 (3.40) FRBK Republic First Bancorp Inc. 2,941 244 4.14 7.85 3.86 41.40 NM 100.8 NA 8.25 0.75 36.66 0.19 2.18 90.42 (30.65) (3.72) ORRF Orrstown Financial Services 2,400 248 22.11 24.58 17.30 18.43 11.31 129.2 2.71 8.10 0.33 183.34 0.56 6.32 71.49 21.42 (0.45) PFIS Peoples Financial Services 2,324 339 45.77 49.71 39.01 12.71 - 149.7 2.97 10.02 0.55 173.03 1.17 9.57 59.46 3.88 0.18 MPB Mid Penn Bancorp Inc. 2,136 208 24.50 28.75 21.51 13.46 11.40 128.0 2.94 7.84 0.33 124.27 0.75 7.03 68.96 6.43 (5.19) CVLY Codorus Valley Bancorp Inc. 1,842 212 22.55 30.48 19.65 11.68 - 115.1 2.84 10.05 1.61 71.21 1.02 10.28 63.86 6.12 (1.53) ESSA ESSA Bancorp Inc. 1,800 176 15.98 17.17 14.15 14.53 14.27 105.3 2.50 9.70 1.07 65.62 0.66 6.55 68.94 2.37 (3.21) PWOD Penns Woods Bancorp Inc. 1,712 213 30.31 31.07 20.23 13.14 - 159.9 4.14 7.88 1.20 68.24 0.99 11.28 63.55 12.98 (1.01) ACNB ACNB Corp. 1,679 240 34.00 41.18 32.29 10.12 - 153.5 2.94 9.46 0.49 170.84 1.43 13.98 59.08 (13.38) (0.64) CZNC Citizens & Northern Corp. 1,610 350 25.55 29.25 22.52 16.07 14.35 166.8 4.23 13.28 1.01 50.63 1.47 9.85 60.46 (3.33) (3.77) CZFS Citizens Financial Services 1,447 206 58.40 63.65 54.96 11.24 10.81 166.2 3.08 8.71 1.65 55.57 1.28 12.73 55.72 6.18 0.69 CBFV CB Financial Services Inc. 1,305 143 26.35 29.39 22.77 13.38 12.49 133.7 3.64 8.46 0.78 94.69 0.83 7.70 68.07 6.34 (4.04) SOME Somerset Trust Holding Company 1,293 104 42.50 47.00 41.00 9.47 - 93.9 3.48 8.53 0.96 87.21 0.88 11.67 78.00 2.41 (0.47) MLVF Malvern Bancorp Inc 1,266 163 21.30 22.76 18.03 16.51 17.46 118.4 - 11.03 1.58 50.44 0.83 7.14 55.26 7.96 (3.27) FRAF Franklin Financial Services 1,252 153 35.25 39.56 26.83 10.37 - 134.5 3.40 9.24 1.40 71.41 1.25 12.84 65.09 11.90 (0.06) NWFL Norwood Financial Corp. 1,223 195 31.24 39.80 28.08 14.33 - 163.9 3.07 9.90 0.25 271.37 1.16 11.21 58.83 (5.33) (0.35) QNBC QNB Corp. 1,212 128 36.55 46.00 36.07 10.56 - 110.4 3.61 9.56 0.80 94.70 1.01 10.73 63.86 (5.06) - FNCB FNCB Bancorp Inc. 1,199 147 7.31 10.68 7.03 9.14 - 113.6 2.74 10.82 1.31 57.12 1.15 13.78 69.73 (13.39) (6.16) PBIP Prudential Bancorp Inc. 1,191 149 16.72 19.57 13.92 16.23 - 116.0 1.20 10.82 1.20 37.31 0.84 7.07 60.61 (5.00) (1.47) ASRV AmeriServ Financial Inc. 1,191 72 4.15 4.46 3.92 9.22 - 80.6 2.41 7.60 0.14 481.98 0.68 8.12 82.41 2.98 0.73 DNBF DNB Financial Corp.* 1,154 188 43.39 46.86 25.84 16.75 16.19 183.7 0.65 8.99 1.09 52.95 0.98 9.98 63.84 52.30 (3.06) EMYB Embassy Bancorp Inc. 1,134 125 16.75 17.81 14.06 12.14 - 133.8 1.19 8.25 0.28 244.75 0.94 11.75 61.25 12.04 4.69

PENNSYLVANIA BANKS AND THRIFTS


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As of 10/4/2019




ENBP ENB Financial Corp 1,132 118 20.75 21.50 17.11 11.31 - 105.1 2.99 9.94 0.18 436.71 0.97 10.26 70.45 20.12 (2.12) RIVE Riverview Financial Corp. 1,120 105 11.50 14.30 9.90 17.69 - 120.1 2.61 8.04 0.45 139.54 0.53 5.30 76.43 5.50 (1.54) FSMK 1st Summit Bncp Johnstown Inc. 1,104 137 125.00 125.00 123.00 - - - - 9.91 0.39 127.35 1.00 10.80 62.63 11.61 - MRBK Meridian Corp. 1,056 114 17.75 18.88 15.26 12.59 12.16 103.9 NA 10.42 0.68 120.19 0.93 8.32 78.69 3.40 1.11 FKYS First Keystone Corp. 1,004 130 22.50 27.00 20.01 13.31 - 122.2 4.80 10.82 1.41 47.80 0.97 8.27 67.20 7.40 - FDBC Fidelity D & D Bancorp Inc. 997 239 63.21 71.50 53.01 20.93 - 236.2 1.65 10.15 0.62 154.31 1.20 12.30 61.87 (1.51) 2.36 STND Standard AVB Financial Corp. 990 126 27.64 33.17 26.97 15.61 - 116.2 3.20 11.80 0.30 151.06 0.86 6.13 63.58 (7.51) 2.36 FBIP FNB Bancorp Inc. 963 130 175.00 175.00 133.65 - - - 2.06 9.28 0.14 328.71 1.07 13.31 60.85 29.63 - EMCF Emclaire Financial Corp 909 81 29.92 37.75 28.67 14.74 - 136.0 3.88 7.16 0.70 103.93 0.67 7.72 64.75 (1.40) (7.09) KISB Kish Bancorp Inc. 906 75 29.11 48.88 28.00 - - 125.4 3.44 6.66 NA NA 0.75 10.78 77.08 (9.03) (0.82) HARL Harleysville Financial Corp. 795 88 23.25 27.00 22.77 10.67 - 116.4 4.30 9.45 1.24 46.25 1.07 11.41 56.98 (0.21) 1.53 CFCX Centric Financial Corp. 787 85 9.65 12.10 9.40 10.16 - 115.2 NA 9.32 0.95 103.33 1.13 11.77 63.14 (0.92) (0.52) CCFN CCFNB Bancorp Inc. 731 104 49.25 58.99 48.50 12.22 - 116.3 3.17 12.38 0.81 123.45 1.18 9.14 62.20 (1.01) (0.51) DIMC Dimeco Inc. 710 106 42.75 45.00 40.00 12.18 - 126.4 2.81 11.89 2.61 45.34 1.29 11.09 66.16 4.91 - HONT Honat Bancorp 697 174 118.00 125.00 105.00 20.35 - 167.7 1.49 14.85 0.45 303.28 1.31 8.54 61.45 11.84 - JUVF Juniata Valley Financial Corp. 662 100 19.55 22.00 19.41 17.00 - 158.1 4.50 9.67 0.39 116.72 0.93 2.81 74.18 (8.00) (2.20) AMBK American Bank Inc. 638 70 12.30 12.70 10.95 - - 118.9 3.90 9.10 NA NA NA NA NA (1.60) (1.60) JNES Jonestown Bank and Trust Co. 619 56 23.00 28.49 22.01 10.95 - 99.5 3.30 9.01 1.09 87.51 0.84 9.38 71.40 (4.17) 0.88 FMFP First Community Finl Corp. 535 68 23.89 28.50 21.25 - - - 2.34 NA NA NA NA NA NA 3.87 (0.25) NUBC Northumberland Bancorp 534 49 36.85 37.50 34.70 14.86 - 89.6 2.28 10.20 0.47 129.24 0.62 6.43 78.07 5.89 - YRKB York Traditions Bank 520 54 17.51 22.00 16.36 10.77 - 100.6 NA 10.41 0.59 125.41 1.06 10.12 69.78 3.00 0.34 SQCF Susquehanna Community Finl Inc 500 57 19.42 20.70 16.37 11.36 - 119.7 2.68 9.58 0.28 202.82 1.16 11.33 NA (2.90) - NTBP New Tripoli Bancorp Inc. 495 76 1,200.00 1,500.00 876.00 - - - 3.17 11.23 0.87 109.26 0.95 8.52 62.70 30.29 - MYBF Muncy Bank Financial 479 58 38.00 42.00 31.00 11.84 - 121.5 3.47 10.00 0.85 97.91 1.05 10.61 68.60 14.82 (5.47) MCHT Mauch Chunk Trust Finl Corp 474 47 15.50 16.00 14.50 17.22 - 113.9 2.84 8.77 0.69 69.09 0.61 7.29 75.16 1.11 - MIFF Mifflinburg Bancorp Inc. 445 53 28.50 29.00 23.15 10.78 - 112.7 NA 10.63 NA NA 1.12 11.02 59.66 20.51 - WDFN Woodlands Fnl Services Co 433 49 31.50 32.00 28.00 8.97 - 109.5 3.30 10.24 1.56 59.80 1.30 13.09 67.09 9.19 3.11 CNAF Commercial National Financial 426 61 21.18 24.65 19.95 13.49 - 93.1 4.91 15.27 0.09 371.35 1.08 7.48 72.66 0.62 3.32 WMPN William Penn Bncp Inc. (MHC) 416 137 34.50 38.25 33.25 35.64 - 194.5 1.16 17.23 0.97 77.92 0.92 5.14 67.98 3.76 - MNBC MNB Corporation 409 38 33.76 35.00 31.00 9.86 - 101.4 2.49 9.22 0.55 121.09 0.97 11.75 67.05 3.81 0.48 HMLN Hamlin B&TC 393 107 287.00 317.00 276.00 - - 122.1 3.83 22.27 1.12 81.15 0.69 3.23 56.28 0.70 - MNBP Mars Bancorp Inc. 393 31 390.00 425.00 380.00 17.15 - 84.5 3.08 9.39 0.02 NM 0.46 5.20 84.07 2.63 1.04 PPLL Peoples Ltd. 390 51 80.00 80.00 63.98 11.86 - - 2.75 9.35 0.36 188.59 1.14 13.00 61.99 25.00 - NEFB Neffs Bancorp Inc. 373 69 430.00 445.00 362.00 - - - 1.86 18.51 0.79 69.57 1.25 6.92 51.69 17.17 - GNBF GNB Financial Services Inc 357 45 58.00 60.00 50.50 - - - 1.93 NA NA NA NA NA NA 9.43 0.83 WVFC WVS Financial Corp. 356 28 16.03 18.44 12.25 10.21 - 86.4 2.50 10.13 0.06 243.56 0.80 8.13 49.69 8.53 (0.19) HVBC HV Bancorp Inc. 344 32 15.00 16.75 14.25 34.88 - 104.1 NA 9.49 1.03 33.29 0.28 2.81 86.50 0.13 0.13 LDKB Landmark Bancorp Inc. 334 38 16.20 18.00 13.60 NM - 114.3 1.98 9.97 0.98 95.21 (0.17) (1.86) 88.51 17.82 - FRSB First Resource Bk 313 26 9.40 10.80 7.67 12.01 - 97.6 NA 8.51 1.25 64.53 0.76 8.58 68.61 16.12 - CTYP Community Bankers' Corporation 311 18 7.80 8.55 7.50 - - - 4.62 NA NA NA NA NA NA (8.24) - EFSG Enterprise Financial Services 305 11 9.95 11.00 9.00 - - - - NA 4.36 5.70 0.72 7.68 78.85 10.56 - QNTO Quaint Oak Bancorp Inc. 285 27 13.38 14.00 11.82 11.84 - 111.4 2.69 8.44 0.99 75.71 0.83 9.49 71.95 13.18 -


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FLEW Fleetwood Bank Corp. 266 21 73.00 92.45 72.55 - - - 2.74 9.23 0.20 371.98 0.73 8.03 76.24 (1.68) (1.35) VTYB Victory Bancorp Inc. 259 20 10.05 10.44 6.90 9.14 - 105.0 1.00 7.22 NA NA 0.82 11.71 71.21 38.62 - SSBP SSB Bancorp Inc. (MHC) 196 18 7.90 9.43 7.90 - - 86.3 NA 10.56 NA NA 0.25 2.35 85.38 (8.67) (3.07) JTNB JTNB Bancorp Inc. 187 15 15.80 17.75 15.00 - - 80.0 1.52 10.11 0.27 183.79 0.59 6.59 79.25 (3.54) - CCYY Clarion County Community Bk 165 14 8.19 10.00 8.00 13.22 - 79.7 1.71 10.37 0.53 120.34 0.64 6.35 75.24 (3.87) - APLO Apollo Bancorp Inc. 163 21 41.00 48.00 39.65 11.52 - 101.8 4.98 12.79 NA NA 1.12 9.19 70.93 (9.39) (0.61)

CFG Citizens Financial Group Inc. 162,749 15,094 33.76 39.45 27.62 9.03 8.88 112.3 4.27 9.58 0.91 82.63 1.13 8.68 57.78 13.56 (4.58) WASH Washington Trust Bancorp Inc. 5,190 820 47.31 57.46 45.21 11.89 12.13 198.8 4.31 8.06 0.30 178.04 1.40 15.50 53.56 (0.46) (3.82)

SSB South State Corporation 15,683 2,580 75.56 82.71 56.55 14.96 13.74 199.6 2.28 8.99 0.27 135.11 1.22 7.68 58.37 26.04 0.71 CARO Carolina Financial Corp. 3,888 781 35.22 38.40 27.62 13.24 12.51 169.5 1.02 12.36 0.48 84.71 1.60 10.45 53.31 19.03 (1.15) SFST Southern First Bancshares Inc 2,116 295 38.74 41.99 27.33 12.07 11.34 154.2 NA 8.97 0.60 126.68 1.31 14.25 55.90 20.80 (2.44) CNBW CNB Corp. 1,225 130 81.00 83.00 74.50 - - - 3.09 10.26 0.36 146.92 1.14 11.61 60.29 8.72 (2.41) FCCO First Community Corp. 1,116 142 19.20 23.96 17.08 13.62 14.01 142.6 2.29 9.20 0.54 105.07 1.00 9.73 68.13 (1.18) 1.00 SFDL Security Federal Corp. 973 98 33.15 35.00 27.75 13.48 - 111.4 1.21 9.05 NA NA 0.83 9.37 76.15 17.14 0.15 GRRB GrandSouth Bancorporation 864 90 17.40 18.75 14.85 12.08 - 127.5 - 8.33 NA NA 0.94 12.04 68.15 2.41 7.54 SABK South Atlantic Bancshares Inc. 736 93 12.42 14.20 10.66 16.13 - 119.9 NA 10.65 NA NA 0.89 7.24 74.13 12.60 0.08 COSO CoastalSouth Bancshares Inc. 663 96 12.05 14.00 9.20 - - 113.2 NA 12.88 NA NA 0.14 1.21 88.08 19.19 - FSRL First Reliance Bcshs 635 66 7.90 8.18 5.15 16.46 - 122.2 NA 8.50 0.82 57.12 0.66 7.38 83.59 44.95 (1.13) OFED Oconee Fed Finl Corp. (MHC) 528 127 22.33 27.49 21.65 34.89 - 150.6 1.79 16.27 0.90 27.43 0.73 4.34 70.51 (10.32) (5.18) BKSC Bank of South Carolina Corp. 442 101 18.27 20.92 16.75 14.38 - 204.3 3.50 11.17 0.13 706.15 1.65 15.60 55.43 0.30 (2.12) CCNB Coastal Carolina Bcshs Inc. 434 49 8.02 8.41 6.38 22.66 - 116.1 NA 9.89 0.49 124.21 0.60 5.23 76.73 23.56 0.25 CFOK Community First Bancorporation 406 39 7.11 8.85 7.07 7.41 - 87.7 NA 11.01 NA NA 1.10 11.68 95.11 (6.08) 0.28

FHN First Horizon National Corp. 42,172 5,018 16.06 17.49 12.30 8.97 10.04 169.6 3.49 8.25 1.02 44.96 1.46 12.46 60.67 22.04 (1.41) PNFP Pinnacle Financial Partners 26,540 4,279 55.91 61.60 43.23 11.25 10.60 184.8 1.14 9.43 0.43 79.96 1.54 9.61 46.07 21.28 (1.24) FBK FB Financial Corp. 5,940 1,138 36.81 39.58 30.33 15.15 13.26 214.2 0.87 9.22 0.67 75.30 1.47 11.40 64.46 5.11 (2.46) FSB Franklin Financial Network Inc 4,072 438 29.98 40.53 25.25 20.26 14.84 117.1 0.53 9.25 0.12 546.46 0.54 6.06 58.82 13.69 (2.06) SMBK SmartFinancial Inc. 2,391 286 20.52 23.99 16.17 11.40 12.99 129.4 - 9.57 0.20 192.98 1.12 9.04 62.81 12.32 (2.93) CSTR CapStar Financial Hlgs Inc. 2,018 295 16.48 17.33 13.51 20.60 12.48 138.8 1.21 11.02 0.19 331.10 0.73 5.86 61.39 11.88 (1.08) RBNC Reliant Bancorp Inc. 1,794 262 23.41 25.00 19.03 16.37 15.98 161.2 1.54 9.33 0.31 213.00 0.95 7.82 74.59 1.61 (1.14) FIZN First Citizens Bancshares Inc. 1,756 242 61.00 62.00 54.10 14.09 - - 1.97 9.80 NA NA 1.01 9.73 69.30 (1.61) - FFMH First Farmers Merchants Corp. 1,369 183 41.62 44.90 40.55 11.72 - 140.0 2.02 9.68 0.12 567.47 1.17 12.12 63.75 2.64 (1.02) MCBI Mountain Commerce Bancorp Inc. 882 119 19.22 21.30 17.40 10.68 - 141.3 NA 9.55 NA NA 1.33 14.66 48.86 8.47 0.63 FABK First Advantage Bancorp 693 99 25.50 26.25 22.30 14.91 - 124.4 2.35 11.46 1.39 55.65 1.10 9.36 66.33 4.08 3.03 IBTN InsCorp Inc. 537 47 16.07 18.95 15.05 - - - 1.24 8.44 NA NA 0.83 9.63 NA 6.78 - TRUX Truxton Corporation 488 122 44.00 45.00 35.80 13.50 - 195.9 2.27 12.70 NA NA 1.85 16.09 55.98 22.39 (0.56) PGNN Paragon Finl Solutions Inc. 405 43 9.80 11.26 8.10 13.80 - 99.6 NA 10.94 0.19 562.64 0.80 7.66 72.20 15.98 0.31

RHODE ISLAND BANKS AND THRIFTS

SOUTH CAROLINA BANKS AND THRIFTS

TENNESSEE BANKS AND THRIFTS


Page 9


As of 10/4/2019




SVRH Sevier County Bancshares Inc. 306 62 15.36 15.36 15.36 - - - NA NA NA NA NA NA NA 2.40 - TVLF TN Valley Financial Hldgs Inc. 238 10 5.49 5.70 4.71 - - - NA NA NA NA NA NA NA 2.61 - UNTN United Tennessee Bankshares 214 20 23.50 37.60 20.61 11.58 - 81.9 2.34 11.41 0.12 585.21 0.83 7.56 66.91 11.90 - SCYT Security Bancorp Inc. 212 22 57.00 59.00 56.25 - - - 1.75 11.21 0.42 179.30 1.17 11.08 63.01 0.97 - FCCT First Community Corp. 181 11 6.80 7.25 6.30 - - - 3.68 NA NA NA NA NA NA 0.15 0.74

UNB Union Bankshares Inc. 774 137 30.73 52.75 25.54 19.57 - 207.4 4.04 8.58 0.53 139.70 0.89 11.01 66.08 (35.64) (3.06) CMTV Community Bancorp. 680 82 15.80 19.39 15.07 9.63 - 156.5 4.81 8.10 1.31 64.35 1.24 13.83 64.58 (4.24) 3.95 MDVT Middlebury National Corp. 370 32 36.80 40.20 35.35 8.95 - 87.3 2.72 9.89 0.20 305.99 0.99 10.47 72.10 2.22 0.14 PPAL Peoples Tr Co St Albns 272 33 55.15 60.00 54.75 15.59 - 95.6 1.54 12.67 1.33 63.08 0.78 6.41 81.20 0.15 -

COF Capital One Financial Corp. 373,619 41,069 87.32 98.62 69.90 7.55 7.63 112.0 1.83 11.43 1.07 178.50 1.58 11.09 54.12 15.52 (4.40) AUB Atlantic Union Bkshs Corp. 17,159 3,020 36.78 40.20 26.48 15.92 13.37 201.4 2.72 9.28 0.36 68.56 1.13 7.81 52.85 30.29 (1.87) TOWN TowneBank 11,942 1,943 27.05 31.27 22.88 13.87 14.54 179.8 2.66 9.66 0.46 99.15 1.29 9.41 62.90 12.94 (2.77) CARE Carter Bank & Trust 4,063 498 18.90 21.14 14.45 43.95 17.18 122.7 - 10.13 4.51 21.81 0.28 2.55 63.18 26.00 (2.28) BHRB Burke & Herbert Bank & Trust 2,941 421 2,250.00 2,990.00 2,039.00 13.41 - 117.3 3.56 12.21 0.64 95.18 1.06 9.12 71.23 (23.42) (1.32) SONA Southern National Bncp of VA 2,724 366 15.14 16.58 12.87 11.56 11.65 144.3 2.38 9.68 0.28 150.43 1.17 9.15 52.37 14.52 (1.50) AMNB American National Bankshares 2,418 391 35.11 41.50 28.39 19.40 12.13 178.9 3.08 9.41 0.18 294.07 0.78 6.45 58.95 19.79 (0.99) FCBC First Community Bankshares Inc 2,212 538 32.36 36.48 27.06 13.60 14.84 214.0 3.09 11.18 1.21 69.41 1.70 11.47 55.17 2.80 (0.74) FBLV First Bancorp Inc. 1,891 236 57.00 57.00 44.00 17.88 - 230.9 2.39 10.82 0.69 136.79 1.46 13.36 55.86 29.55 - CFFI C&F Financial Corp. 1,568 176 51.20 58.98 45.66 9.55 - 122.9 2.89 9.27 0.43 500.99 1.23 12.37 68.67 (3.78) (3.40) JMSB John Marshall Bancorp Inc. 1,494 221 16.90 18.50 13.91 17.24 - 144.8 NA 10.22 0.16 437.71 0.96 9.26 61.53 13.04 0.90 FVCB FVCBankcorp Inc. 1,485 241 17.37 20.51 15.53 18.88 15.65 148.4 NA 10.97 0.93 72.15 0.97 8.63 54.05 (1.36) (1.03) ESXB Community Bankers Trust Corp 1,431 185 8.33 9.31 6.62 13.02 13.02 125.8 1.44 10.30 1.17 53.61 1.04 10.45 65.60 15.37 (3.36) NKSH National Bankshares Inc. 1,270 256 39.30 47.50 32.52 15.53 16.17 145.4 3.41 13.94 0.65 88.10 1.38 9.25 53.09 7.88 (1.75) MNSB MainStreet Bcshs 1,185 172 21.25 25.50 16.62 13.20 13.12 135.9 NA 10.89 0.23 335.71 1.17 10.89 56.05 24.56 0.62 BAYK Bay Banks of Virginia Inc. 1,094 109 8.20 9.55 7.01 21.58 16.08 99.0 - 10.20 1.08 63.43 0.47 4.27 76.24 11.56 0.12 OPOF Old Point Financial Corp. 1,029 124 23.80 29.27 19.00 18.59 - 117.5 2.02 10.26 1.45 71.97 0.64 6.45 78.23 9.02 0.93 CPKF Chesapeake Financial Shares 934 113 22.82 26.49 19.04 10.06 10.14 110.5 2.12 10.91 0.96 60.23 1.32 12.27 75.09 11.54 (3.75) EFSI Eagle Financial Services Inc. 834 102 29.55 37.20 29.50 11.82 - 109.3 3.38 11.13 0.83 72.41 1.08 9.86 67.36 (4.65) (0.34) FMBM F & M Bank Corp. 807 83 25.25 35.75 25.15 10.70 - - 3.96 NA 2.46 30.49 1.08 9.11 69.31 (15.83) (2.88) FXNC First National Corp. 778 91 18.35 31.00 16.74 9.71 - 125.6 1.96 9.32 0.23 278.43 1.23 13.99 65.16 (5.41) - BRBS Blue Ridge Bankshares Inc. 722 86 19.75 22.50 16.50 12.82 - 144.6 2.89 8.28 NA NA 0.93 10.64 75.09 14.49 (1.25) FBSS Fauquier Bankshares Inc. 718 72 19.03 26.90 17.21 11.82 - 112.4 2.52 8.93 0.92 81.79 0.88 10.08 75.43 (0.78) (2.41) BMBN Benchmark Bankshares Inc. 702 86 18.75 21.55 18.15 10.14 - 129.2 3.09 9.51 NA NA 1.43 13.26 64.60 (7.64) 0.54 NWPP New Peoples Bankshares Inc 702 44 1.86 2.20 1.25 26.57 - 83.7 NA 7.58 NA NA 0.24 3.20 92.60 29.17 (1.06) BOTJ Bank of the James Finl Grp Inc 690 62 14.06 16.37 12.60 11.25 - 103.9 1.71 8.59 0.92 74.79 0.81 9.69 73.69 8.15 (3.03) PKKW Parkway Acquisition Corp 680 74 12.10 13.15 10.67 12.60 - 103.6 1.98 10.74 1.57 35.85 0.89 8.00 68.14 11.01 (1.63) VABK Virginia National Bkshs Corp. 634 101 37.45 43.95 32.76 13.95 - 136.9 3.20 11.62 0.41 185.91 1.13 10.12 61.75 13.95 1.16 HLND Highlands Bankshares Inc.* 612 70 8.44 8.80 5.06 23.44 - 131.2 - 9.81 2.64 26.25 0.62 6.50 74.97 62.31 (0.71)

VERMONT BANKS AND THRIFT

VIRGINIA BANKS AND THRIFT


Page 10


As of 10/4/2019




BSSC Bk of Southside Virginia Corp. 581 163 304.50 333.00 302.00 - - - - NA NA NA NA NA NA (6.88) 0.83 VBFC Village Bank & Trust Finl Corp 537 50 34.73 36.00 28.77 14.53 - 126.5 NA 7.40 2.05 27.74 0.67 9.20 79.08 14.04 0.89 FDVA Freedom Bank of Virginia 490 72 10.00 12.22 9.25 NM 37.04 116.3 NA 12.50 0.65 138.71 0.04 0.35 90.94 (2.25) 0.50 PPBN Pinnacle Bankshares Corp. 481 48 30.82 35.00 26.11 10.34 - 106.9 1.82 9.32 0.39 179.27 0.99 10.96 71.47 12.28 (2.13) BORT Bank of Botetourt 464 49 28.55 32.50 27.00 10.38 - 101.7 2.24 10.39 1.14 70.94 0.99 9.98 66.53 (1.55) 0.18 TSBA Touchstone Bank 458 44 13.28 14.25 12.08 20.75 - 99.1 2.11 9.77 0.65 78.17 0.49 4.77 83.40 4.16 0.08 PTRS Virginia Partners Bank* 437 50 12.35 13.70 11.30 - - 108.0 NA 10.83 0.01 NM 0.71 6.86 70.18 2.75 (2.76) CZBT Citizens Bancorp of Virginia 401 53 24.28 28.50 22.50 10.65 - 97.5 3.95 13.54 1.49 41.95 1.26 9.64 63.90 4.43 (5.71) OAKV Oak View National Bank 251 27 9.50 9.50 7.10 14.18 - 118.4 NA 9.20 0.14 527.78 0.80 8.76 72.84 21.02 - VCBS Virginia Community Bankshares* 249 42 58.10 58.10 30.00 18.77 - 167.6 - 9.99 0.74 83.58 0.90 8.94 76.03 70.88 0.17 FBPA Farmers Bank of Appomattox 233 29 27.00 31.50 26.33 12.19 - 89.4 3.11 14.05 0.81 54.93 1.03 7.65 65.34 (8.78) 2.43 PNBI Pioneer Bankshares Inc. 219 28 28.09 32.98 26.41 12.77 - 93.0 3.13 13.54 NA NA 1.01 7.41 74.25 (3.64) 1.96 BFTL Bank of Fincastle 219 25 2.53 2.69 2.23 28.52 - 97.0 - 11.91 2.94 39.44 0.41 3.39 83.60 1.20 - VABB Virginia Bank Bankshares Inc. 197 28 15.25 16.00 14.00 15.99 - 116.2 5.77 12.24 0.98 52.89 0.90 7.60 75.19 6.64 - PBVA Peoples Bankshares Inc.* 194 21 52.50 54.00 27.20 NM - 130.3 - 8.13 NA NA (0.45) (5.85) 76.02 38.16 0.96

UBSI United Bankshares Inc. 19,883 3,798 37.28 39.98 29.13 14.79 14.62 208.6 3.65 9.92 0.79 48.64 1.35 7.90 49.25 19.83 (2.43) WSBC WesBanco Inc. 12,495 2,016 36.86 44.15 33.19 12.29 11.81 173.9 3.36 10.01 0.37 110.58 1.31 8.37 53.55 0.46 (1.76) CHCO City Holding Co. 4,940 1,228 74.92 83.04 65.32 15.97 14.06 238.3 3.04 10.70 0.97 28.68 1.62 13.19 49.68 10.84 (2.54) SMMF Summit Financial Group Inc. 2,299 319 25.62 27.47 17.94 10.72 11.59 151.3 2.34 9.32 2.53 22.65 1.37 13.44 54.00 32.68 (2.44) MVBF MVB Financial Corp 1,833 234 20.00 21.00 14.31 10.15 16.26 134.7 1.00 10.02 0.68 89.54 1.44 14.18 78.77 10.86 0.30 PFBI Premier Financial Bancorp Inc. 1,704 253 17.25 19.00 14.07 10.92 - 140.5 3.48 10.89 2.27 35.64 1.38 10.80 55.25 15.69 (0.46) PTBS Potomac Bancshares Inc. 511 57 13.86 14.95 13.70 18.73 - 112.3 2.02 9.99 0.88 78.79 0.61 6.08 79.66 (1.70) (0.50) JFWV Jefferson Security Bank 313 25 88.15 100.00 76.00 8.87 - 94.4 1.93 8.32 1.96 32.43 0.90 11.72 70.71 (11.85) 0.17 MKIN MCNB Banks Inc. 297 22 20.30 24.00 18.05 10.12 - 66.5 - 11.37 6.89 14.91 0.75 6.97 71.63 (12.69) (2.40) CIWV Citizens Financial Corp. 275 29 16.25 17.00 13.00 - - - 3.69 10.05 2.78 32.07 1.19 11.90 61.99 20.55 -

WEST VIRGINIA BANKS AND THRIFTS


Page 11


As of 10/4/2019

Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.Price / Equity/ NPAs + Rsrvs/

LTM 2018E 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 8 11.66 11.39 121.54 2.62 8.40 1.00 74.58 0.87 8.67 68.18 0.72 (0.01) FL Delaware 3 11.93 11.31 122.27 1.10 9.89 0.38 264.88 1.33 10.34 67.63 14.88 (1.54)

Discrict of Columbia 2 22.97 - 89.34 0.72 9.15 1.86 26.39 0.40 4.38 85.95 (2.61) 4.17 GA Florida 13 16.09 12.95 135.40 0.60 9.12 0.43 74.22 0.95 9.30 62.54 9.41 (0.58) MD Georgia 19 11.16 12.08 134.01 2.36 10.32 0.69 87.55 1.26 10.94 56.24 7.69 (0.10) MA Maryland 24 12.72 11.89 109.35 2.07 9.87 1.13 55.53 0.93 9.15 68.62 6.26 (0.10) NJ Massachusetts 17 14.17 13.48 154.00 2.20 8.78 0.41 101.66 1.00 9.22 64.86 3.25 (0.84) NY New Jersey 33 12.76 11.90 132.85 1.64 9.76 0.78 88.20 0.98 9.30 58.91 4.10 (0.89) NC New York 57 12.81 12.38 139.51 2.78 9.17 0.45 119.22 0.99 9.78 65.45 5.00 (0.60) OH North Carolina 21 12.32 14.54 128.17 1.33 9.83 0.70 87.59 1.14 10.94 65.85 15.14 - PA Ohio 43 12.02 11.74 131.32 2.95 10.22 0.66 104.83 1.16 10.13 62.88 8.14 (0.64) RI Pennsylvania 80 12.18 11.81 118.67 2.94 9.55 0.70 100.88 0.97 9.43 65.09 3.84 - SC Rhode Island 2 10.46 10.51 155.52 4.29 8.82 0.60 130.33 1.27 12.09 55.67 6.55 (4.20) TN South Carolina 14 14.00 13.12 127.52 2.03 10.08 0.49 124.21 0.97 9.55 69.33 14.87 0.04 VT Tennessee 19 13.65 12.99 140.04 1.75 9.62 0.25 202.99 1.11 9.62 63.01 6.78 - VA Vermont 4 12.61 - 126.05 3.38 9.24 0.92 102.03 0.94 10.74 69.09 (2.05) 0.07 WV Virginia 44 13.50 13.96 120.55 2.38 10.24 0.82 74.79 0.99 9.15 68.67 10.02 (0.72)

West Virginia 10 10.92 14.06 140.45 2.69 10.01 1.47 34.04 1.33 11.26 58.62 10.85 (1.13)

By Asset Size

10,000 >= $10 billion 45 11.66 11.40 173.89 3.23 9.41 0.57 87.16 1.28 9.87 56.91 14.97 (2.43) 1,000 $1 billion to $10 billion 155 12.87 12.93 139.98 2.55 9.58 0.65 108.59 1.08 10.18 61.17 7.57 (1.32)

500 $500 million to $1billion 87 12.71 14.83 116.87 2.35 9.53 0.82 84.69 0.90 9.63 68.96 2.41 - 250 $250 million to $500 million 94 12.08 36.50 104.00 2.23 9.97 0.74 93.63 0.83 8.58 71.95 4.13 - 100 $150 million to $250 million 32 13.79 - 96.95 2.19 11.31 0.82 68.23 0.90 7.56 76.02 4.46 -

Total Companies 413 12.71 12.24 128.17 2.51 9.68 0.69 93.62 1.00 9.61 64.46 6.12 (0.45)


Page 12

MHC COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 10/4/2019


Price / Equity/ NPAs + Rsrvs/Total Market LTM 2018E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.


CFBI Community First Bcshs (MHC) 305 77 10.18 11.92 9.82 NM NM 100.2 NA 25.16 NA NA 0.28 1.10 91.46 (12.62) (0.10)

BVFL BV Financial Inc. (MHC) 300 117 16.50 16.50 13.50 53.23 NM 79.6 - 20.92 2.51 22.04 0.64 4.56 73.13 13.79 8.20

HONE HarborOne Bancorp Inc 3,737 586 10.03 11.18 8.35 43.90 35.6 199.2 NA 8.04 0.92 64.74 0.38 3.60 83.85 13.27 (0.45) PVBC Provident Bancorp Inc (MHC) 1,031 222 23.93 28.64 19.81 23.23 NM 174.7 NA 12.78 NA NA 1.00 7.62 59.62 10.38 (0.54)

CLBK Columbia Financial Inc. (MHC) 6,981 1,765 15.87 16.55 14.01 33.77 36.9 183.1 NA 14.37 NA NA 0.79 5.42 62.06 3.79 0.70 MGYR Magyar Bancorp Inc. (MHC) 633 70 12.06 13.50 10.93 24.61 NM 129.4 NA 8.57 2.69 27.63 0.45 5.54 76.61 (1.55) (2.19) LPBC Lincoln Park Bancorp (MHC) 331 17 9.00 12.00 8.40 NM NM - - 5.70 NA NA (0.39) (8.09) 133.04 (10.00) 2.86

GCBC Greene County Bncp Inc. (MHC) 1,269 238 27.85 34.68 26.04 13.59 NM 211.6 1.58 8.85 0.40 260.92 1.46 16.83 50.92 (10.51) 1.24 PDLB PDL Community Bancorp (MHC) 1,056 238 13.80 14.72 12.42 NM NM 150.2 NA 15.64 1.82 65.21 0.26 1.57 87.75 8.32 (3.09) NECB NorthEast Community Bncp (MHC) 949 140 11.65 13.30 10.55 11.12 NM 104.9 1.03 14.28 NA NA 1.43 9.89 NA 4.95 - LSBK Lake Shore Bancorp Inc. (MHC) 578 87 14.96 16.30 14.25 24.13 NM 109.1 3.21 14.13 0.74 90.47 0.68 4.69 76.63 (0.66) 0.40 SCAY Seneca-Cayuga Bncp Inc. (MHC) 314 27 10.76 12.10 9.01 NM NM - NA 8.17 1.83 28.83 (0.27) (3.04) 108.93 4.36 - SNNF Seneca Financial Corp. (MHC) 206 18 9.25 9.30 7.61 16.82 NM 88.9 NA 9.75 0.93 59.97 0.53 5.43 79.69 16.35 1.09

LSFG LifeStore Financial Grp (MHC) 301 36 34.25 34.25 26.50 8.87 NM - 0.82 NA NA NA 1.35 14.10 72.04 21.24 -

TFSL TFS Financial Corp (MHC) 14,372 4,916 17.85 18.61 14.19 63.75 56.7 293.9 6.05 11.84 NA NA 0.57 4.56 66.71 10.66 (0.56) CNNB Cincinnati Bancorp (MHC) 206 29 15.85 16.25 11.80 12.19 NM 124.6 NA 11.21 0.74 92.31 1.17 10.48 91.66 32.08 7.68 GVFF Greenville Federal Finl (MHC) 180 24 10.89 12.90 9.87 36.30 NM 109.2 2.57 11.99 NA NA 0.33 2.79 89.43 8.90 (1.00)

WMPN William Penn Bncp Inc. (MHC) 416 137 34.50 38.25 33.25 35.64 NM 194.5 1.16 17.23 0.97 77.92 0.92 5.14 67.98 3.76 - SSBP SSB Bancorp Inc. (MHC) 196 18 7.90 9.43 7.90 - NM 86.3 NA 10.56 NA NA 0.25 2.35 85.38 (8.67) (3.07)

OFED Oconee Fed Finl Corp. (MHC) 528 127 22.33 27.49 21.65 - NM 150.6 1.79 16.27 0.90 27.43 0.73 4.34 70.51 (10.32) (5.18)

GEORGIA MHCs

MARYLAND MHCs

MASSACHUSETTS MHCs

NEW JERSEY MHCs

NEW YORK MHCs

NORTH CAROLINA MHCs

OHIO MHCs

PENNSYLVANIA MHCs

One Year

SOUTH CAROLINA MHCs


Page 13

MHC COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 10/4/2019

Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.Price / Equity/ NPAs + Rsrvs/

LTM 2018E 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 Georgia 1 - - 100.24 - 25.16 - - 0.28 1.10 91.46 (12.62) (0.10) FL Maryland 1 53.23 - 79.60 - 20.92 2.51 22.04 0.64 4.56 73.13 13.79 8.20

Massachussets 2 33.57 35.64 186.95 - 10.41 0.92 64.74 0.69 5.61 71.73 11.83 (0.49) GA New Jersey 3 29.19 36.91 156.26 - 8.57 2.69 27.63 0.45 5.42 76.61 (1.55) 0.70 MD New York 6 15.20 - 109.14 1.58 11.94 0.93 65.21 0.61 5.06 79.69 4.66 0.20 MA North Carolina 1 8.87 - - 0.82 - - - 1.35 14.10 72.04 21.24 - NJ Ohio 3 36.30 56.67 124.62 4.31 11.84 0.74 92.31 0.57 4.56 89.43 10.66 (0.56) NY Pennsylvania 2 35.64 - 140.39 1.16 13.90 0.97 77.92 0.59 3.75 76.68 (2.46) (1.53) NC South Carolina 1 - - 150.59 1.79 16.27 0.90 27.43 0.73 4.34 70.51 (10.32) (5.18)

By Asset Size

10,000 >= $10 billion 1 33.77 36.91 191.13 3.82 12.31 - - 0.68 4.99 64.38 9.35 (0.49) 1,000 $1 billion to $10 billion 5 28.50 36.27 183.10 1.58 12.78 0.92 65.21 0.79 5.42 62.06 8.32 (0.45)

500 $500 million to $1billion 4 24.13 - 119.28 1.79 14.20 0.90 27.63 0.71 5.12 76.61 (1.11) (1.09) 250 $150 million to $500 million 10 26.23 - 100.24 0.82 11.21 0.97 59.97 0.43 3.68 87.41 6.63 -

TOTAL MHCs 20 24.37 36.91 129.42 1.37 11.99 0.93 64.74 0.60 4.63 76.63 4.66 -


Page 14

BANK & THRIFT TOTAL RETURN YTD

As of 10/4/2019

16.7%

5.2%

12.3%

9.1%

19.6%

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

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


Page 15

3. Recent Bank M&A Transactions

BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Summary of Transactions Announced Since October 7, 2019

SELLER'S FINANCIALS ANNOUNCEMENT STATISTICSDeal 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 DepsDate Date Buyer ST Seller ST ($000) (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%)

9/27/2019 NA First MHC OH Warsaw FS&LA OH 55,979 13.68 (1.08) (7.89) 1.84 NA NA NA NA NA NA NA NA9/25/2019 NA Banco de Credito e Inversiones NA Executive Banking Corp. FL 455,303 11.28 0.87 8.25 0.45 75.00 NA NA 176.17 176.17 22.19 16.47 9.53 9/24/2019 NA Sandy Spring Bancorp Inc. MD Revere Bank MD 2,626,721 10.90 1.22 11.54 0.18 461.74 37.10 27.92 155.14 173.36 14.78 17.58 12.91 9/24/2019 NA First Citizens BancShares Inc. NC Community Financial Holding Co GA 222,562 4.75 0.70 20.29 5.87 2.33 NA NA NM NM 2.22 1.04 4.48 9/18/2019 NA Citizens Financial Services PA MidCoast Community Bancorp Inc DE 268,546 9.51 0.97 9.85 0.17 29.96 6.26 2.59 117.34 117.34 12.24 11.16 2.94 9/17/2019 NA Summit Financial Group Inc. WV Cornerstone Financial Svcs Inc WV 169,666 11.20 0.92 9.28 - 29.14 5,827.68 NA 153.32 153.32 27.26 17.17 8.74 9/16/2019 NA Reliant Bancorp Inc. TN Tennessee Cmnty Bk Hldgs Inc. TN 251,417 10.60 1.07 10.36 0.43 38.36 35.98 NA 143.99 143.99 15.15 15.26 7.25 9/16/2019 NA First Commerce Credit Union FL Certain assets and liabilities GA 248,139 13.99 0.89 6.48 2.39 NA NA NA NA NA NA NA NA9/11/2019 NA First Community Bankshares Inc VA Highlands Bankshares Inc. VA 611,721 9.81 0.62 6.50 2.61 93.16 9.01 22.54 155.19 155.19 25.02 15.23 7.33 9/9/2019 NA First Defiance Financial OH United Community Finl Corp. OH 2,869,116 11.07 1.36 12.16 0.97 474.76 9.78 1.75 148.01 159.99 12.54 16.55 9.22 9/5/2019 NA BV Financial Inc. (MHC) MD MB Bancorp Inc MD 147,096 22.84 1.38 6.31 NA 31.08 15.85 (3.94) 92.49 92.49 14.03 21.13 (4.21) 8/30/2019 NA Farmers National Banc Corp. OH Maple Leaf Financial Inc. OH 276,736 14.48 0.56 3.78 4.86 38.83 633.01 NA 117.61 117.61 42.16 14.03 6.55 8/20/2019 NA Community First Bcshs (MHC) GA ABB Financial Group Inc. GA 307,542 10.71 0.96 9.20 0.53 40.30 7.50 NA 158.06 158.06 14.90 13.10 9.44 8/16/2019 NA ConnectOne Bancorp Inc. NJ Bancorp of New Jersey Inc. NJ 924,718 10.01 0.65 6.56 1.42 113.35 15.48 12.58 122.04 122.04 19.60 12.26 4.60 8/13/2019 NA C&F Financial Corp. VA Peoples Bankshares Inc. VA 200,883 7.34 (0.28) (3.59) NA 21.53 54.99 94.31 145.96 145.96 NM 10.72 4.96 8/12/2019 NA Professional Holding Corp. FL Marquis Bancorp Inc. FL 680,271 9.31 1.19 12.77 0.27 NA NA NA NA NA NA NA NA8/9/2019 NA OceanFirst Financial Corp. NJ Two River Bncp NJ 1,153,797 10.52 1.05 10.07 0.80 182.84 20.79 53.68 148.25 174.24 15.40 15.85 9.50 8/9/2019 NA OceanFirst Financial Corp. NJ Country Bank Holding Co. NY 783,352 8.62 NA NA NA 102.23 46,280.00 44.62 151.00 151.00 9.80 13.05 7.50 7/25/2019 NA Guaranty Capital Corp. MS First Alliance Bancshares Inc. TN 140,577 7.81 NA NA NA NA NA NA NA NA NA NA NA7/24/2019 NA Investors Bancorp Inc NJ Gold Coast Bancorp Inc. NY 562,635 8.00 0.43 5.26 NA 63.63 15.84 21.83 138.45 138.45 27.31 11.31 5.21 7/23/2019 NA WesBanco Inc. WV Old Line Bancshares Inc MD 3,075,613 12.66 1.20 9.44 0.27 500.06 29.22 12.73 127.58 177.02 13.98 16.26 12.65 7/22/2019 NA First Bancshares Inc. MS First Florida Bancorp Inc. FL 451,015 11.74 1.24 10.76 0.14 84.27 12.88 NA 176.57 176.57 17.32 18.68 13.69 7/15/2019 NA Carolina Financial Corp. SC Carolina Trust BancShares Inc. NC 617,423 11.32 0.74 6.87 0.82 100.12 10.67 39.35 142.05 161.06 21.78 16.22 9.74 7/15/2019 NA People's United Financial Inc. CT United Financial Bancorp CT 7,339,940 9.87 0.79 8.07 0.68 758.03 14.74 4.49 104.05 125.20 13.16 10.33 4.40 7/2/2019 NA ACNB Corp. PA Frederick County Bancorp MD 442,421 8.18 0.65 7.87 0.46 61.79 38.20 41.50 162.69 162.69 21.83 13.97 8.12 6/26/2019 NA Valley National Bancorp NJ Oritani Financial Corp. NJ 4,074,702 13.02 1.28 9.62 0.27 744.63 16.29 0.48 138.35 138.35 13.69 18.27 10.20 6/24/2019 NA 1st Constitution Bancorp NJ Shore Community Bank NJ 273,938 11.62 1.45 13.20 0.62 53.11 16.54 11.03 162.29 162.29 13.23 19.39 10.70 6/18/2019 NA Fidelity MHC MA Family Federal Savings F.A. MA 97,894 11.76 0.05 0.47 1.36 NA NA NA NA NA NA NA NA6/14/2019 NA Consumers Bancorp Inc. OH Peoples Bncp Mt. Pleasant Inc OH 79,222 10.27 0.73 6.78 0.16 10.28 1,202.23 NA 128.57 128.57 21.41 12.97 3.84 6/7/2019 NA Columbia Financial Inc. (MHC) NJ Stewardship Financial Corp. NJ 961,130 8.56 0.83 10.08 0.77 137.25 15.75 76.97 166.74 166.74 17.31 14.28 8.19 6/5/2019 NA S&T Bancorp Inc. PA DNB Financial Corp. PA 1,166,694 9.86 0.94 9.76 0.96 206.01 47.28 13.78 177.92 206.36 19.22 17.66 NA5/30/2019 NA West Florida Banking Corp. FL Flagship Community Bk FL 122,014 13.36 1.31 10.12 1.25 22.66 14.57 NA 138.93 138.93 14.47 18.57 9.19 5/15/2019 NA First American Bank Corp. IL Continental National Bank FL 478,545 8.16 (0.80) (9.99) 0.24 NA NA NA NA NA NA NA NA5/14/2019 NA Blue Ridge Bankshares Inc. VA Virginia Community Bankshares VA 250,636 9.76 0.84 8.33 1.07 44.61 62.18 59.43 175.98 175.98 20.77 17.68 9.29 5/14/2019 9/3/2019 Banesco USA FL Brickell Bank FL 439,847 5.25 (0.82) (15.88) 2.48 NA NA NA NA NA NA NA NA5/9/2019 10/2/2019 Allegheny Bancshares Inc. WV Mount Hope Bankshares Inc. WV 124,540 13.24 1.01 7.99 0.10 21.78 58.00 NA 135.37 135.37 18.09 17.49 6.22

Source: SNL Page 1




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

5/6/2019 NA Banco Bradesco SA NA BAC Florida Bank FL 2,274,769 9.37 1.37 14.95 1.57 500.00 NA NA 246.14 246.14 16.82 21.98 32.60 5/3/2019 NA MIDFLORIDA Credit Union FL Community Bank & Trust of FL FL 733,320 9.16 1.10 12.94 0.09 NA NA NA NA NA NA NA NA4/24/2019 NA First Citizens BancShares Inc. NC Entegra Financial NC 1,636,441 9.95 0.86 8.98 0.91 213.43 30.18 27.61 128.18 154.20 15.17 13.25 7.99 4/9/2019 10/1/2019 North Shore Bancorp MA Beverly Financial MHC MA 486,825 8.53 0.72 8.40 0.30 NA NA NA NA NA NA NA NA3/27/2019 NA Power Financial Credit Union FL TransCapital Bank FL 204,107 18.00 2.44 14.05 1.50 NA NA NA NA NA NA NA NA3/21/2019 NA Liberty Bank CT SBT Bancorp Inc. CT 478,676 7.34 0.81 12.42 NA 71.39 51.32 44.28 201.95 201.95 17.05 14.91 9.15 3/19/2019 9/30/2019 First Bank NJ Grand Bank NA NJ 196,935 11.27 0.49 4.56 4.15 22.05 37,719.77 NA 99.33 101.74 27.83 11.20 0.27 3/5/2019 9/1/2019 BancorpSouth Bank MS Summit Financial Entrprs Inc. FL 471,912 11.71 1.58 13.64 0.75 100.30 NA NA 173.10 173.14 14.30 21.25 11.45 2/27/2019 NA Hometown Financial Group MHC MA Millbury SB MA 228,126 12.46 0.81 6.72 0.76 NA NA NA NA NA NA NA NA2/25/2019 NA Investor Group FL First City Bank of Florida FL 157,934 2.50 (0.54) (21.92) 23.31 NA NA NA NA NA NA NA NA2/19/2019 10/1/2019 FAIRWINDS CU FL Friends Bank FL 95,299 10.83 1.27 12.80 1.56 NA NA NA NA NA NA NA NA2/7/2019 NA BB&T Corp. NC SunTrust Banks Inc. GA 215,543,000 11.26 1.34 11.50 1.35 28,282.62 62.85 6.99 127.68 178.91 10.95 13.12 8.17 2/6/2019 5/17/2019 Hometown Financial Group MHC MA Abington Bank MA 314,124 10.55 0.47 4.45 1.31 NA NA NA NA NA NA NA NA2/5/2019 5/1/2019 United Community Banks Inc. GA First Madison Bank & Trust GA 258,311 11.74 1.96 16.23 - 52.00 40.00 NA 171.46 171.46 11.38 20.13 14.20 2/1/2019 8/31/2019 Valley Central MHC OH American SB OH 42,530 18.40 0.05 0.26 1.15 NA NA NA NA NA NA NA NA1/24/2019 9/1/2019 Addition Financial CU FL Fidelity Bank of Florida NA FL 174,418 17.04 (0.88) (5.13) 0.87 NA NA NA NA NA NA NA NA1/22/2019 7/12/2019 Community Bank System Inc. NY Kinderhook Bank Corp. NY 636,157 8.56 0.68 7.99 NA 93.16 62.00 74.40 171.16 192.93 23.40 14.64 9.14 1/14/2019 8/2/2019 VyStar CU FL Citizens State Bank FL 279,724 9.74 1.30 13.01 0.44 NA NA NA NA NA NA NA NA1/11/2019 8/30/2019 First Chatsworth Bkshs Inc. GA Northside Bancshares Inc. GA 124,028 8.71 (0.23) (3.19) 3.42 NA NA NA NA NA NA NA NA1/10/2019 5/1/2019 First Citizens BancShares Inc. NC First South Bancorp Inc. SC 229,628 8.76 NA NA NA 37.31 1.15 22.34 185.39 NA NA 16.25 NA12/20/2018 9/1/2019 CCF Holding Co. GA Heritage Bncp/Providence Bk GA 681,152 NA NA NA NA 105.10 NA NA NA NA NA NA NA12/20/2018 4/30/2019 Merchants Bancorp Inc. OH Ctzns Independent Bncp Inc. OH 199,149 9.87 (0.00) (0.04) NA 33.33 47.00 64.05 164.45 164.45 NM 16.74 10.11 12/18/2018 5/1/2019 Colony Bankcorp Inc. GA LBC Bancshares Inc. GA 227,881 8.21 0.91 10.26 0.35 34.09 22.30 NA 184.18 184.18 24.38 14.96 9.30 12/17/2018 7/1/2019 Ameris Bancorp GA Fidelity Southern Corp. GA 4,812,056 8.98 0.98 11.32 1.03 756.83 27.22 27.06 171.70 180.73 16.01 15.73 8.80 12/13/2018 NA Delmar Bancorp MD Virginia Partners Bank VA 420,060 9.89 0.32 3.23 0.01 55.46 13.40 (2.19) 135.37 135.37 43.84 13.20 6.83 12/12/2018 5/1/2019 Morris State Bancshares Inc. GA FMB Equibanc Inc. GA 193,041 7.59 NA NA NA 23.60 9.25 29.37 161.64 NA NA 12.23 NA12/11/2018 5/17/2019 Berkshire Hills Bancorp Inc. MA SI Financial Group Inc. CT 1,607,135 10.58 0.41 3.82 1.17 182.47 15.00 13.17 106.14 117.50 27.26 11.35 2.60 11/27/2018 4/1/2019 People's United Financial Inc. CT BSB Bancorp Inc. MA 2,971,807 6.66 0.74 11.00 0.19 328.71 32.42 20.70 159.75 159.75 14.87 11.06 7.97 11/16/2018 4/2/2019 First Citizens BancShares Inc. NC Biscayne Bancshares Inc. FL 989,888 8.45 1.36 16.42 0.26 119.54 25.05 NA 178.81 178.82 11.22 12.08 10.14 11/6/2018 4/30/2019 North Easton Savings Bank MA Mutual Bank MA 517,988 8.99 0.59 6.65 0.31 NA NA NA NA NA NA NA NA10/25/2018 1/31/2019 OceanFirst Financial Corp. NJ Capital Bank of New Jersey NJ 495,306 9.31 1.20 13.23 0.06 77.46 30.24 23.42 168.05 168.05 13.27 15.64 7.78 10/23/2018 5/1/2019 Orrstown Financial Services PA Hamilton Bancorp Inc MD 525,275 10.46 (1.07) (9.38) 2.14 58.35 16.85 16.71 104.82 125.76 NM 11.11 4.30

Source: SNL Page 2




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 DepsMedians Deals (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%)

By State

CT Connecticut 3 3 9.87 0.79 8.07 0.92 182.47 15.00 13.17 106.14 125.20 17.05 11.35 4.40 Delaware 1 1 9.51 0.97 9.85 0.17 29.96 6.26 2.59 117.34 117.34 12.24 11.16 2.94

GA Florida 15 15 9.74 1.24 12.77 0.75 92.28 14.57 NA 176.37 176.37 15.65 18.63 10.80 MD Georgia 10 10 8.98 0.94 10.79 1.19 46.15 24.76 27.06 166.55 178.91 13.14 13.12 9.05 MA Maryland 5 5 10.90 1.20 7.87 0.36 61.79 29.22 16.71 127.58 162.69 14.41 16.26 8.12

NJ Massachusetts 6 6 9.77 0.66 6.69 0.54 328.71 32.42 20.70 159.75 159.75 14.87 11.06 7.97 NY New Jersey 7 7 10.52 1.05 10.07 0.77 113.35 16.54 18.00 148.25 162.29 15.40 15.64 8.19 NC New York 3 3 8.56 0.55 6.62 NA 93.16 62.00 44.62 151.00 151.00 23.40 13.05 7.50 OH North Carolina 2 2 10.64 0.80 7.93 0.87 156.77 20.43 33.48 135.12 157.63 18.48 14.74 8.87 PA Ohio 6 6 12.37 0.31 2.02 1.15 36.08 340.00 32.90 138.29 144.28 21.41 15.29 7.89 RI Pennsylvania 1 1 9.86 0.94 9.76 0.96 206.01 47.28 13.78 177.92 206.36 19.22 17.66 NASD South Carolina 1 1 8.76 NA NA NA 37.31 1.15 22.34 185.39 NA NA 16.25 NAVT Tennessee 2 2 9.21 1.07 10.36 0.43 38.36 35.98 NA 143.99 143.99 15.15 15.26 7.25 WV Virginia 4 4 9.79 0.47 4.87 1.07 50.04 34.19 40.99 150.58 150.58 25.02 14.22 7.08

West Virginia 2 2 12.22 0.97 8.64 0.05 25.46 2,942.84 NA 144.35 144.35 22.68 17.33 7.48

By Asset Size

1,000,000 10,000,000 >= $3B 5 11.26 1.20 9.62 0.68 - 756.83 27.22 6.99 127.68 177.02 13.69 15.73 8.80 1,000,000 10,000,000 $1B to $3B 8 10.24 1.00 10.53 0.94 - 271.07 30.18 20.70 151.70 166.68 15.29 16.20 9.22

500,000 1,000,000 $500M to $1B 13 9.07 0.68 6.87 0.77 - 101.17 15.84 30.95 151.00 155.19 20.69 13.05 7.50 250,000 500,000 $250M to $500M 19 9.89 0.87 9.20 0.45 - 54.29 33.11 23.42 165.37 165.37 16.10 15.45 9.22

0 250,000 < $250M 23 11.20 0.72 6.40 1.36 - 23.13 47.00 29.37 145.96 138.93 19.75 15.61 5.59

Total Deals 68 9.95 0.84 8.40 0.77 - 75.00 26.13 22.44 153.32 159.99 16.01 15.10 8.19

Source: SNL Page 3

4. Relevant Janney Capital Markets Professionals

Financial Institutions Group Professionals

JD NELSON

Managing 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

JOSEPH CULLEY

Senior Vice President, Head of Capital Markets Group


Mr. Culley joined Janney in 2000 and serves on the firm’s Executive Committee. As Head of Capital Markets Group, he oversees all of the firm’s Equities, Fixed Income and Investment Banking operations.

He also serves as Chairman of FIG Partners and as Chairperson for Janney’s Equity and Fixed Income Commitment Committees. Prior to being Head of Capital Markets Group, he was Head of Equities

and Investment Banking.

Mr. Culley is currently serving on the Board of Directors of the American Securities Association, the Board of Trustees of the Pennsylvania Academy of Fine Arts, the Board of Directors of the Philadelphia

Children's Alliance and on the Board of Directors of the Mann Center for the Performing Arts. Mr. Culley previously served on the Board of the Equity Dealers of America and on the Board of the

Philadelphia Securities Association.

Mr. Culley received a B.A. in Economics from Swarthmore College.

JONATHAN KETZNER

Vice President, Financial Institutions Investment Banking


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

CLIFF BOOTH

Managing Director, Co-Head of Investment Banking


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

Financial Institutions Group Professionals (continued)

ADAM MARKIEWICZ

Analyst, Financial Institutions Investment Banking


Mr. Markiewicz joined Janney Montgomery Scott in 2017. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and other financial advisory assignments.

B.B.A., Finance, Villanova University

JOE ANZUR



Mr. Anzur joined Janney Montgomery Scott in 2018. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and other financial advisory assignments.

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

HOUDA FERRADJI



Ms. Ferradji joined Janney in 2018. Her responsibilities include financial analysis for mergers & acquisitions, capital offerings, and other financial advisory assignments. Ms. Ferradji was previously an

Analyst at Corporate Advisory Solutions, a boutique investment bank specializing in M&A advisory for the Outsourced Business Services sector.

B.A., Economics and International Relations, Lehigh University

MATT PAUL

Associate, Financial Institutions Investment Banking


Mr. Paul joined Janney Montgomery Scott in 2018. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and financial advisory assignments.

B.S., Economics, Pennsylvania State University

ZACK STRAUSS



Mr. Strauss joined Janney Montgomery Scott in 2019. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and other financial advisory assignments.

B.S., Finance, Economics, Tulane University

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