Inside this issue California Banks and Thriftscarpentercompany.com/uploads/files/86541837_Monthly Stock Repo… · (P/TBV) at the end of September equaled 0.77x, compared with 0.73x

CaliforniaBanksandThrifts:MonthlyStockPerformanceReport

Insidethisissue

California Bank Overview ........................ 2

LTM P/E Ra os ........................................ 3

Price/Book Ra os ................................... 4

Industry Ra o Comparison ..................... 5

Assets Under $125M .............................. 6

Assets Between $125M and $250M .... 7‐8

Assets Between $250M and $500M ....... 9

Assets Between $500M and $1B .......... 10

Assets Between $1B and $5B ................ 11

Assets Between $5B and $10 B ............. 12

Assets Over $10B .................................. 12

California Thri s ................................... 13

Appendix—Economic and Banking Update

ReportforSeptember2013

CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTOVERVIEW OF MARKET PERFORMANCE BY PEER GROUP

California Banks: Overview of Market Performance

by Asset Group for September 2013

The number of publicly-traded California banks with less than $125 million in total assets, as of June 2013, increased by one by the end of the September. BKOT declined below $125 million in assets to rejoin this group. Of the 22 banks in this class, nine reported monthly gains in stock prices, eight declined in price, and five were unchanged. Two banks did not trade in the month. Four banks reported price gains in excess of 10% last month, notably CABB (50%), CTBP (42%), CMUV (17%), CKTM (12%) and CCBC (10%). The average Price to Tangible Book Value (P/TBV) at the end of September equaled 0.77x, compared with 0.73x in August. The average ratio for price to LTM (last 12 months through June 2013) earnings equaled 17.5x in September from 18.5x at the end of August.

The number of banks with assets between $125 and $250 million declined by one in September. BKOT rejoined the smaller asset class. Of the 43 banks in this group, 16 reported stock price gains, 18 declined in price, and 9 were unchanged in price. Three banks did not trade in September. FMBP recorded a notable stock price gain of 42%. The average P/E ratio for this asset class equaled 18.2x in August and fell to 16.6x at the end of September. The average P/TBV at the end of September equaled 1.08x, unchanged from August.

The class of banks between $250-$500 million in total assets was unchanged in September. Of the 24 banks in this sector, 12 reported increased stock prices, 11 recorded price declines, and one stock was unchanged in price. All banks traded in the month. Notable price increases occurred for UABK (50%) and MNHN (23%). The average P/E ratio equaled 16.0x at the end of August and rose to 16.2x in September. The Price to Tangible Book Value ratio averaged 1.09x at the end of September, compared to 1.08x at the end of August.

The class of banks with assets between $500 million and $1 billion held steady in September. Of the 18 banks in the group, 11 recorded stock price gains, five experienced stock price declines, and two stocks were unchanged in price. One bank did not trade in the month. The Price of PFCP rose a notable 58%. The Price to LTM Earnings ratio averaged 13.9x in August and climbed to 14.4x at the end of September. The average Price to Tangible Book Value ratio at the end of September was 1.25x, compared with 1.18x in August.

The number and composition of banks between $1 and $5 billion in assets held steady in September. For the 18 banks in this class, 14 reported stock price gains, three experienced price declines, and one bank did not trade. Significant price increases in the month were experienced by HTBK (11%), TCBK (11%), and PFBC (11%). At the end of September, the average P/E ratio was 15.6x, compared with 14.9x in August. The average Price/Tangible Book Value ratio in September was 1.47x, up from 1.41x in August.

The number of banks with total assets between $10 and $100 billion was unchanged at five. All five banks gained in stock price in the month. At the end of September, the P/E ratio for this group averaged 17.5x, compared to 16.7x in August. The Price/Tangible Book Value ratio at the end of August equaled 1.99x, and rose to 2.09x by the end of September.

Of the six publicly-traded California thrifts, five thrifts reported stock price increases for the month of September, while one thrift reported a decline in stock price. A notable price gain was experienced by BYFC (21%). The average Price to LTM Earnings ratio for the thrift class equaled 14.9x in September from 14.7x in August. The Price/Tangible Book Value ratio at the end of August was 1.61x and climbed to 1.64x by the end of September.

2

The number of banks in the $5-$10 billion asset class was unchanged in September. All five banks in this class increased in stock price. The average ratio for Price/Tangible Book Value equaled 1.80x in September, compared with 1.74x in August. The price to LTM earnings averaged 16.9x in September up from 16.3x in August.

Under$125M

$125M‐$250M

$250M‐$500M

$500M‐$1B

$1B‐$5B

$5B‐$10B

$10B‐$100B

CaliforniaThrifts

CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTAVERAGE LTM P/E RATIOS BY ASSET GROUP

3 Informa on is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.

9/30/2013 Previous Month 12/31/2012 % Change Monthly % Change YTDTotal Assets:

Under $125M 17.47 18.54 16.27 -5.79% 7.32%$125M - $250M 16.60 18.25 17.19 -9.05% -3.45%$250M - $500M 16.22 16.02 15.31 1.27% 5.96%$500M - $1Bn 14.37 13.88 14.19 3.49% 1.26%$1Bn - $5Bn 15.63 14.87 12.21 5.10% 28.04%$5Bn - $10Bn 16.90 16.34 15.72 3.45% 7.53%Over $10Bn 17.54 16.67 13.59 5.23% 29.09%CA Thrifts 14.95 14.68 12.75 1.82% 17.27%

*LTM= Last Twelve Months. LTM P/E calculated based on last twelve months earnings through 6/30/2013.

Average LTM* P/E Ratio

02468

101214161820

Under$125M

$125M -$250M

$250M -$500M

$500M -$1Bn

$1Bn -$5Bn

$5Bn -$10Bn

Over$10Bn

CAThrifts

12/31/2012 Previous Month 9/30/2013

CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTPRICE/BOOK RATIOS BY ASSET GROUP


9/30/2013 Previous Month 12/31/2012 % Change Monthly % Change YTDTotal Assets:

Under $125M 0.77 0.73 0.69 4.70% 11.54%$125M - $250M 1.08 1.08 0.93 0.59% 15.87%$250M - $500M 1.09 1.08 0.87 0.13% 24.25%$500M - $1Bn 1.25 1.18 0.97 5.40% 28.70%$1Bn - $5Bn 1.47 1.41 1.23 4.06% 19.14%$5Bn - $10Bn 1.80 1.74 1.62 3.54% 10.61%Over $10Bn 2.09 1.99 1.55 5.38% 34.87%CA Thrifts 1.64 1.61 1.05 1.65% 55.98%

Average Price/T. Book Ratio

0.0

0.5

1.0

1.5

2.0

2.5

Under$125M

$125M -$250M

$250M -$500M

$500M -$1Bn

$1Bn -$5Bn

$5Bn -$10Bn

Over$10Bn

CAThrifts

12/31/2012 Previous Month 9/30/2013

CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTINDUSTRY‐WIDE RATIO COMPARISON


California Banks SNL Banks California Banks SNL Banks California Banks SNL BanksTotal Assets:

Less than $250M 0.77 3.10 0.73 2.98 0.86 1.14Less than $500M 1.08 1.18 1.08 1.15 0.86 0.93$250M - $500M 1.09 1.10 1.08 1.08 0.87 0.92$500M - $1Bn 1.25 1.22 1.18 1.20 0.97 1.01$1Bn - $5Bn 1.47 1.91 1.41 1.79 1.23 1.51$5Bn - $10Bn 1.80 1.95 1.74 1.84 1.62 1.50Over $10Bn 2.09 1.59 1.99 1.58 1.55 1.37Thrifts 1.64 1.59 1.61 1.53 1.05 1.34

Carpenter California Banks - SNL Bank Index: Price/Tangible Book Ratio (x)

9/30/2013 Previous Month 12/31/2012

0.00

1.00

2.00

3.00

4.00

Less than$250M

Less than$500M

$250M -$500M

$500M -$1Bn

$1Bn - $5Bn $5Bn -$10Bn

Over $10Bn Thrifts

Current Month Comparison

California Banks SNL Banks California Banks SNL Banks California Banks SNL Banks California Banks SNL BanksTotal Assets:

Less than $250M 16.82 NA 18.32 NA 16.99 NALess than $500M 16.62 13.12 17.58 12.84 16.52 14.86$250M - $500M 16.22 13.12 16.02 12.84 15.31 14.86$500M - $1Bn 14.37 14.98 13.88 14.81 14.19 12.27$1Bn - $5Bn 15.63 16.89 14.87 15.93 12.21 14.00$5Bn - $10Bn 16.90 18.12 16.34 17.16 15.72 13.27Over $10Bn 17.54 14.78 16.67 14.87 13.59 14.67Thrifts 14.95 18.35 14.68 18.06 12.75 17.37

Previous Month 12/31/20129/30/2013

Carpenter California Banks - SNL Bank Index: Price/LTM EPS Ratio (x)

0.00

5.00

10.00

15.00

20.00

Less than$250M

Less than$500M

$250M -$500M

$500M -$1Bn

$1Bn - $5Bn $5Bn -$10Bn

Over $10Bn Thrifts

Current Month Comparison

California Banks SNL Banks

CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTCALIFORNIA BANKS WITH TOTAL ASSETS Under $125 MILLION TOTALMARKETCAPITALIZATION:$160MILLION


Symbol Name Monthly Mkt Cap LTM Price/Date Price ($) Volume ($) P/E T. Book ($) (%) ($) (%)

AUNB AMERICAS UNITED BANK 30-Sep 5.65 11,800 16,261,548 9.11 0.90 -0.15 -2.6% 0.35 6.6%BKOT BANK ON IT , INC 27-Sep 1.95 10,844 3,038,701 N/M 0.70 -0.07 -3.5% 0.21 12.1%CABB CALIFORNIA BUSINESS BANK 30-Sep 0.30 76,470 1,069,672 N/M 1.01 0.10 50.0% -0.05 -14.3%CCBC CHINO COMMERCIAL BANCORP 30-Sep 16.50 9,122 13,749,120 19.64 1.67 1.50 10.0% 6.00 57.1%CKTM COMMERCE BANK OF TEMECULA VA 17-Sep 4.25 2,563 6,385,090 N/M 0.73 0.45 11.8% 0.00 0.0%CMUV COMMUNITY VALLEY BANK 25-Sep 4.66 41,154 7,596,215 8.85 0.82 0.66 16.5% -0.34 -6.8%CRSB CORNERSTONE COMMUNITY BANK 19-Sep 8.80 300 10,560,000 8.98 0.88 0.00 0.0% 0.80 10.0%CTBP COAST BANCORP 24-Sep 2.98 748 2,523,705 N/M N/M 0.88 41.9% 1.63 120.7%DEBC DELTA NATIONAL BANCORP 6-May 7.00 0 2,662,121 N/M 0.29 0.00 0.0% 1.00 16.7%FHLB FRIENDLY HILLS BANK 30-Sep 5.30 2,100 8,564,800 37.86 0.68 0.05 1.0% 0.80 17.8%GSBB GOLDEN STATE BANK 5-Sep 0.36 150 664,056 N/M 0.14 -0.14 -28.0% 0.16 80.0%MOKB MISSION OAKS BANCORP 30-Sep 0.50 26,155 5,548,721 N/M N/M -0.05 -9.1% 0.41 455.6%MOLB MOTHER LODE BANK 13-Sep 0.71 4,200 3,150,969 5.91 0.59 -0.04 -5.3% 0.14 24.6%PAMB PAN AMERICAN BANK 29-May 0.55 0 9,636,057 N/M N/M 0.00 0.0% 0.25 83.3%PPFC PAN PACIFIC BANK 12-Sep 2.30 1,000 11,276,348 17.83 0.78 0.00 0.0% 0.39 20.4%SAGN SAIGON NATIONAL BANK 27-Sep 0.14 4,700 9,719,662 N/M N/M 0.00 0.0% -0.11 -44.0%SBKK SUNCREST BANK 30-Sep 6.45 7,300 12,357,568 16.31 0.91 -0.15 -2.3% 0.33 5.4%SFRK SECURITY FIRST BANK 11-Sep 4.05 1,500 6,885,000 16.20 0.58 -0.25 -5.8% 0.55 15.7%SUTB SUTTER COMMUNITY BANK 17-Sep 6.25 9,356 5,947,988 28.42 0.67 0.05 0.8% 0.25 4.2%SVBA SIERRA VISTA BANK 16-Sep 2.53 4,200 9,890,243 23.00 0.89 -0.17 -6.3% 0.98 63.2%TRVB TRI-VALLEY BANK 30-Sep 0.40 45,189 9,929,212 N/M 1.11 0.01 2.6% -0.01 -1.6%USMT US METRO BANK 26-Sep 1.13 4,800 2,237,400 N/M 0.42 0.01 0.9% -1.97 -63.5%

Average 17.47 0.77Median 16.31 0.76

High 37.86 1.67Low 5.91 0.14

9/30/2013Monthly ChangeLast Trade YTD Change

CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTCALIFORNIA BANKS WITH TOTAL ASSETS BETWEEN $125 MILLION AND $250 MILLION TOTALMARKETCAPITALIZATION:$792MILLION


Theremaining21publicly‐tradedcompaniesinthisassetclassarelistedonpage8.


ABNK ALTAPACIFIC BANK 30-Sep 7.40 139,620 39,664,673 N/M 1.12 0.00 0.0% 0.00 0.0%ACAL AMERICAN CALIFORNIA BANK 7-Aug 4.56 0 6,553,691 8.22 0.60 0.00 0.0% 1.06 30.3%ARBV AMERICAN RIVIERA BANK 30-Sep 9.40 19,225 24,020,798 15.96 1.10 0.20 2.2% 1.90 25.3%BNNP BANK OF NAPA NA 25-Sep 8.41 10,254 19,249,514 10.01 1.03 -0.09 -1.1% 1.01 13.6%BSCA BANK OF SANTA CLARITA 27-Sep 8.80 4,533 19,584,479 20.47 1.02 0.17 2.0% 1.65 23.1%CALW CALWEST BANCORP 27-Sep 0.48 20,469 1,210,314 N/M N/M -0.12 -20.0% 0.03 6.7%CBBC COMMUNITY BUSINESS BANK 23-Sep 8.75 2,725 18,842,233 21.03 1.13 -0.10 -1.1% 2.63 43.0%CBJC CAPITAL BANK 11-Sep 18.95 2,150 29,269,166 17.86 2.11 -0.55 -2.8% -2.05 -9.8%CBYAA COMMUNITY BANK OF THE BAY 27-Sep 4.20 48,827 17,284,781 8.57 1.38 -0.16 -3.7% 1.30 44.8%CFBN COMMUNITY 1ST BANK 30-Sep 4.20 14,690 22,886,816 35.00 1.39 -0.29 -6.5% 1.20 40.0%CNBF COMMERCE NATIONAL BANK 23-Sep 14.85 3,787 39,565,241 27.00 1.51 -0.02 -0.1% 4.89 49.1%CNYB COUNTY COMMERCE BANK 30-Sep 15.55 8,687 22,288,577 14.03 1.28 0.05 0.3% -0.45 -2.8%CYSM COMMUNITY BANK OF SANTA MARIA 30-Sep 6.81 35,450 16,176,038 20.85 0.97 -0.04 -0.6% -0.54 -7.3%FBBN BANK OF SOUTHERN CALIFORNIA NA 13-Jun 7.60 0 24,802,858 23.03 1.44 0.00 0.0% 1.95 34.5%FBCP FOUNDERS BANCORP 30-Sep 10.50 25,200 11,882,850 13.48 1.08 0.40 4.0% 0.50 5.0%FMBP FIRST MOUNTAIN BANK 30-Sep 7.50 87,784 11,736,945 N/M N/M 2.20 41.5% 1.70 29.3%FOLB FOLSOM LAKE BANK 30-Sep 7.45 4,286 11,868,677 15.85 1.03 -0.54 -6.8% 0.64 9.4%FSNF FRESNO FIRST BANK 30-Sep 10.80 17,172 20,073,474 N/M 1.45 0.00 0.0% 1.11 11.5%FTFS F&T FINANCIAL SERVICES, INC. 26-Sep 70.50 800 20,650,508 13.03 0.73 -0.50 -0.7% 7.50 11.9%GVYB GOLDEN VALLEY BANCORP 19-Sep 9.50 1,260 18,930,859 15.28 1.24 0.35 3.8% 1.01 11.9%LGHT LIGHTHOUSE BANK 30-Sep 10.34 5,151 22,130,082 11.01 1.14 0.14 1.4% -0.66 -6.0%LIBC LIBERTY BANCORP INC 24-Sep 11.00 500 9,752,732 17.19 0.90 0.00 0.0% 0.97 9.7%

Monthly ChangeLast Trade YTD Change9/30/2013

CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTCALIFORNIA BANKS WITH TOTAL ASSETS BETWEEN $125 MILLION AND $250 MILLION TOTALMARKETCAPITALIZATION:$792MILLION




MNBO MNB HOLDINGS CORP 26-Sep 22.00 1,600 10,071,006 9.54 0.72 0.50 2.3% 3.33 17.8%NCNB NORTHERN CALIFORNIA NATIONAL B 17-Jul 8.90 0 12,102,807 15.39 0.88 0.00 0.0% 0.75 9.2%NRLB NORTHERN CALIFORNIA BANCORP IN 30-Sep 1.55 3,003 2,768,131 N/M 0.24 0.05 3.3% 1.15 287.5%NWBN NEW RESOURCE BANK 24-Sep 4.40 17,800 24,581,806 21.15 0.98 -0.35 -7.4% 0.40 10.0%OCBB ORANGE COUNTY BUSINESS BANK NA 27-Sep 7.25 17,680 34,253,176 21.97 1.02 0.65 9.8% 3.34 85.4%OJCB OJAI COMMUNITY BANK 25-Sep 5.71 58,470 11,881,242 11.51 1.03 -0.19 -3.2% -1.29 -18.4%OPBK OPEN BANK 30-Sep 6.00 80,600 43,340,904 8.11 1.58 -0.20 -3.2% 3.90 185.7%PBNK PINNACLE BANK 30-Sep 4.40 7,322 14,480,435 N/M 0.96 0.00 0.0% -0.08 -1.8%PFBN PACIFIC ALLIANCE BANK 3-Sep 4.75 1,000 8,824,009 11.51 0.61 0.20 4.4% 0.94 24.7%PFCI PACIFIC COMMERCE BANK 24-Sep 5.00 10,800 22,306,275 18.52 1.40 0.00 0.0% 2.60 108.3%PMRA PROMERICA BANK 20-Sep 4.85 900 13,342,350 12.44 0.76 -0.15 -3.0% 1.26 35.1%PSBK PREMIER SERVICE BANK 4-Sep 3.61 100 4,553,224 5.73 0.74 -0.04 -1.1% 2.71 301.1%PVBK PACIFIC VALLEY BANK 30-Sep 8.50 6,149 30,574,084 13.49 1.53 -0.99 -10.4% -1.50 -15.0%RVVY RIVER VALLEY COMMUNITY BANK 24-Sep 15.50 300 26,683,126 20.63 1.53 -0.50 -3.1% 0.50 3.3%RWCB REDWOOD CAPITAL BANCORP 24-Sep 8.40 7,646 15,190,409 10.24 1.15 0.00 0.0% 1.30 18.3%SCCB SEACOAST COMMERCE BANK 30-Sep 6.45 17,676 35,932,511 N/M 1.84 0.33 5.4% 1.95 43.3%SCVE SANTA CLARA VALLEY BANK NA 30-Sep 5.65 22,369 8,317,744 N/M 0.90 0.07 1.3% -0.34 -5.7%SMAL SUMMIT BANCSHARES INC 25-Sep 10.60 880 13,781,887 15.14 0.70 -0.10 -0.9% 3.10 41.3%UIFC UNITI FINANCIAL CORP 30-Sep 1.15 3,800 14,237,871 44.63 0.72 0.05 4.5% 0.60 109.1%VBBK VIBRA BANK 19-Sep 18.25 3,750 13,484,286 N/M 1.13 0.20 1.1% -0.26 -1.4%VCBC VALLEY COMMUNITY BANK 28-Aug 1.55 3,336 2,912,273 N/M 0.32 0.10 6.9% 0.85 121.4%

Average 16.60 1.08Median 15.28 1.03

High 44.63 2.11Low 5.73 0.24

CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTCALIFORNIA BANKS WITH TOTAL ASSETS BETWEEN $250 MILLION AND $500 MILLION MARKETCAPITALIZATION:$945MILLION



AVBH AVIDBANK HOLDINGS INC 27-Sep 10.60 23,381 45,304,548 11.78 0.96 -0.15 -1.4% 1.35 14.6%BCML BAY COMMERCIAL BANK 27-Sep 9.80 149,060 47,338,479 18.15 0.91 0.80 8.9% 1.60 19.5%CABC CALIFORNIA BANK OF COMMERCE 27-Sep 10.70 2,325 29,502,500 14.30 1.11 0.00 0.0% 3.07 40.2%CWBK COMMERCEWEST BANK 30-Sep 13.50 73,053 58,824,347 10.89 1.22 0.05 0.4% 4.55 50.8%FCSB FOCUS BUSINESS BANK 30-Sep 9.45 3,005 27,652,108 8.48 1.06 0.05 0.5% 1.75 22.7%FCTY 1ST CENTURY BANCSHARES INC 30-Sep 7.51 356,372 69,448,748 9.05 1.30 0.06 0.8% 2.90 62.9%FISB 1ST CAPITAL BANK 30-Sep 11.35 34,787 37,532,872 19.57 1.07 -0.15 -1.3% 0.60 5.6%GSCB GREATER SACRAMENTO BANCORP 24-Sep 15.60 8,640 40,726,717 13.45 1.19 -0.40 -2.5% -0.30 -1.9%MISN MISSION COMMUNITY BANCORP 16-Sep 4.20 800 36,771,277 13.55 1.07 -0.01 -0.2% 0.80 23.5%MNHN MANHATTAN BANCORP 30-Sep 4.90 1,400 61,290,513 14.00 1.25 0.90 22.5% 1.15 30.7%MSBC MISSION BANCORP 30-Sep 24.25 6,808 34,146,231 19.36 1.05 -0.35 -1.4% -0.50 -2.0%MVLY MISSION VALLEY BANCORP 26-Sep 6.80 3,392 17,892,384 22.67 1.17 -0.25 -3.5% 1.85 37.4%NCAL NCAL BANCORP 26-Sep 0.85 7,167 2,044,458 N/M 1.37 -0.20 -19.0% -1.10 -56.4%NCLC NORCAL COMMUNITY BANCORP 30-Sep 3.08 45,336 32,777,175 6.42 1.24 0.14 4.8% 1.22 65.6%PDOB PRESIDIO BANK 27-Sep 8.83 19,650 36,813,038 42.05 1.03 0.28 3.3% 1.33 17.7%PLBC PLUMAS BANCORP 30-Sep 6.20 40,019 29,645,542 12.16 1.02 0.38 6.5% 2.94 90.2%PLZB PLAZA BANK 26-Sep 3.45 3,918 58,995,245 14.38 1.23 0.09 2.7% 1.40 68.3%SCAF SECURITY CALIFORNIA BANCORP 30-Sep 9.85 96,339 55,843,748 20.87 1.00 -0.40 -3.9% 1.84 23.0%SCZC SANTA CRUZ COUNTY BANK 18-Sep 18.01 3,293 35,448,381 11.12 1.15 0.39 2.2% 4.11 29.6%SDPB SAN DIEGO PRIVATE BANK 27-Sep 11.25 3,200 45,605,351 25.18 1.01 0.25 2.3% 2.10 23.0%SSBI SUMMIT STATE BANK 30-Sep 9.36 84,666 44,711,883 12.01 1.03 -0.60 -6.0% 2.61 38.7%UABK UNITED AMERICAN BANK 26-Sep 0.30 40,800 725,759 N/M 0.09 0.10 50.0% 0.05 20.0%VCBP VALLEY COMMERCE BANCORP 30-Sep 13.85 7,477 38,822,312 10.11 0.99 -0.10 -0.7% 3.50 33.8%VLLX VALLEY REPUBLIC BANK 16-Sep 16.45 4,149 56,938,961 27.42 1.52 -0.05 -0.3% 1.45 9.7%

Average 16.22 1.09Median 13.77 1.07

High 42.05 1.52Low 6.42 0.09

9/30/2013Last Trade Monthly Change YTD Change

CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTCALIFORNIA BANKS WITH TOTAL ASSETS BETWEEN $500 MILLION AND $1 BILLION MARKETCAPITALIZATION:$1.6BILLION


Symbol Name Monthly Mkt Cap LTM LTM Price/Date Price ($) Volume ($) EPS($) P/E T. Book ($) (%) ($) (%)

AMRB AMERICAN RIVER BANKSHARES 27-Sep 8.80 568,888 77,735,346 28.39 28.39 1.08 0.32 3.8% 1.89 27.4%BOCH BANK OF COMMERCE HLDG 30-Sep 5.74 658,093 86,041,636 13.35 13.35 0.99 0.36 6.7% 1.14 24.8%CFNB CALIFORNIA FIRST NATIONAL BANCORP 30-Sep 14.95 68,775 156,186,044 24.39 24.39 0.99 0.00 0.0% 0.00 0.0%CRPB CALIFORNIA REPUBLIC BANK 30-Sep 22.00 22,425 114,400,000 11.47 11.47 1.96 0.60 2.8% 5.50 33.3%CVCY CENTRAL VALLEY COMMUNITY BANCOR 30-Sep 10.15 148,204 110,764,260 14.30 14.30 1.22 0.70 7.4% 2.39 30.8%CWBB COMMONWEALTH BUSINESS BNAK 30-Sep 20.10 44,650 68,281,288 7.67 7.67 1.19 0.30 1.5% 11.15 124.6%CWBC COMMUNITY WEST BANCSHARES 30-Sep 5.53 68,115 43,492,814 8.38 8.38 0.93 0.03 0.5% 2.18 65.1%FENB 1ST ENTERPRISE BANK 23-Sep 19.50 15,721 74,403,986 19.12 19.12 1.46 0.75 4.0% 4.20 27.5%FNBG FNB BANCORP 30-Sep 23.00 10,818 86,487,015 10.92 10.92 1.10 0.60 2.7% 4.45 24.0%FNRN FIRST NORTHERN COMMUNITY BANCOR 30-Sep 6.89 9,285 65,305,487 15.53 15.53 0.94 0.22 3.3% 1.69 32.5%NOVB NORTH VALLEY BANCORP 30-Sep 18.90 126,199 129,185,129 19.29 19.29 1.40 0.41 2.2% 4.66 32.7%OVLY OAK VALLEY BANCORP 30-Sep 7.96 33,129 63,120,651 11.37 11.37 0.99 -0.11 -1.4% 0.51 6.8%PFCF PACIFIC CITY FINANCIAL CORP 24-Sep 4.75 200 119,315,264 13.47 13.47 2.24 1.75 58.3% 2.95 163.9%PMBC PACIFIC MERCANTILE BANCORP 30-Sep 6.21 402,741 117,405,894 NM N/M 0.98 -0.03 -0.5% -0.08 -1.3%PVLY PREMIER VALLEY BANK 25-Sep 6.05 124,899 77,833,250 13.44 13.44 1.43 -0.19 -3.0% 0.75 14.2%SAEB SAEHAN BANCORP 25-Sep 0.45 158,351 105,553,054 NM N/M 1.82 -0.02 -3.3% 0.10 27.1%SWBC SUNWEST BANK 1-Aug 33,000.00 0 73,491,000 7.28 7.28 0.79 0.00 0.0% 6000.00 22.2%UBFO UNITED SECURITY BANCSHARES 30-Sep 4.23 70,737 61,370,003 11.51 11.51 0.92 -0.05 -1.2% 1.67 65.2%

Average 14.37 1.25Median 13.40 1.09

High 28.39 2.24Low 7.28 0.79


CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTCALIFORNIA BANKS WITH TOTAL ASSETS BETWEEN $1 BILLION AND $5 BILLION MARKETCAPITALIZATION:$5.8BILLION



AMBZ AMERICAN BUSINESS BANK 30-Sep 28.80 29,552 140,507,021 10.48 1.41 -0.65 -2.2% 2.25 8.5%BBNK BRIDGE CAPITAL HOLDINGS 30-Sep 16.98 367,123 267,171,131 19.52 1.74 0.94 5.9% 1.42 9.1%BMRC BANK OF MARIN BANCORP 30-Sep 41.55 401,987 226,652,882 14.38 1.43 2.14 5.4% 4.09 10.9%BSRR SIERRA BANCORP 30-Sep 15.73 415,851 222,895,972 22.47 1.31 1.31 9.1% 4.30 37.6%CUNB CU BANCORP 30-Sep 18.25 435,974 195,985,308 38.83 1.69 1.57 9.4% 6.54 55.8%CYHT COMMUNITY BANK 28-Dec 85.75 0 267,833,351 9.85 1.08 0.00 0.0% 0.05 0.1%EXSR EXCHANGE BANK 20-Sep 65.00 2,678 111,432,360 9.26 0.84 -0.50 -0.8% 11.25 20.9%FMCB FARMERS & MERCHANTS BANCORP ( 30-Sep 415.00 602 322,821,030 13.56 1.59 2.92 0.7% 10.00 2.5%HAFC HANMI FINANCIAL CORP 30-Sep 16.57 4,227,203 523,729,432 11.20 1.33 0.24 1.5% 2.98 21.9%HEOP HERITAGE OAKS BANCORP 30-Sep 6.40 406,031 162,270,432 11.64 1.49 0.15 2.4% 0.60 10.3%HTBK HERITAGE COMMERCE CORP 30-Sep 7.65 381,133 201,489,686 23.91 1.38 0.77 11.2% 0.67 9.6%MCHB MECHANICS BANK 16-Sep 13,250.00 3 256,785,000 9.95 0.87 -200.00 -1.5% 2450.00 22.7%PFBC PREFERRED BANK 30-Sep 17.79 474,050 235,814,206 14.83 1.21 1.71 10.6% 3.59 25.3%PPBI PACIFIC PREMIER BANCORP 30-Sep 13.42 991,855 223,368,803 17.90 1.56 0.15 1.1% 3.18 31.1%RCBC RIVER CITY BANK 12-Sep 102.00 700 124,635,942 12.64 0.93 3.00 3.0% 31.50 44.7%TCBK TRICO BANCSHARES 30-Sep 22.78 1,651,963 366,226,360 14.99 1.64 2.28 11.1% 6.03 36.0%WABC WESTAMERICA BANCORP 30-Sep 49.74 2,557,815 1,331,615,654 18.35 3.31 2.67 5.7% 7.15 16.8%WIBC WILSHIRE BANCORP INC 30-Sep 8.17 10,254,278 578,191,055 7.64 1.66 0.04 0.5% 2.30 39.2%

Average 15.63 1.47Median 13.97 1.42

High 38.83 3.31Low 7.64 0.84

Monthly Change9/30/2013

Last Trade YTD Change

CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTCALIFORNIA BANKS WITH TOTAL ASSETS BETWEEN $5 BILLION AND $10 BILLION MARKETCAPITALIZATION:$7.0BILLION


CALIFORNIA BANKS WITH TOTAL ASSETS OVER $10 BILLION MARKETCAPITALIZATION:$20.0BILLION


BBCN BBCN BANCORP 30-Sep 13.75 8,367,635 1,088,972,253 13.35 1.59 0.39 2.9% 2.18 18.8%CSE CAPITAL SOURCE, INC. 30-Sep 11.88 39,896,936 2,295,671,420 18.28 1.70 0.33 2.9% 4.30 56.7%CVBF CVB FINANCIAL CORP 30-Sep 13.52 11,000,314 1,419,601,595 18.27 2.04 0.78 6.1% 3.12 30.0%FMBL FARMERS & MERCHANTS BAN 27-Sep 5,050.00 218 661,186,400 10.97 0.89 75.00 1.5% 740.00 17.2%PACW PACWEST BANCORP 30-Sep 34.29 12,820,124 1,580,016,849 23.65 2.76 1.04 3.1% 9.52 38.4%

Average 16.90 1.80Median 18.27 1.70

High 23.65 2.76Low 10.97 0.89



CATY CATHAY GENERAL BANCORP 30-Sep 23.37 4,670,737 1,843,643,081 18.12 1.70 1.35 6.1% 3.84 19.7%CYN CITY NATIONAL CORP 30-Sep 66.66 6,284,298 3,624,080,222 17.05 2.12 1.19 1.8% 17.14 34.6%EWBC EAST WEST BANCORP INC 30-Sep 31.95 20,669,078 4,400,846,229 16.06 2.35 2.72 9.3% 10.46 48.7%FRC FIRST REPUBLIC BANK 30-Sep 46.63 15,670,681 6,150,250,514 14.99 2.16 2.35 5.3% 13.85 42.3%SIVB SVB FINANCIAL GROUP 30-Sep 86.37 5,497,936 3,934,259,044 21.49 2.12 3.57 4.3% 30.40 54.3%

Average 17.54 2.09Median 17.05 2.12

High 21.49 2.35Low 14.99 1.70


CARPENTERANDCOMPANY‐MONTHLYSTOCKPERFORMANCEREPORTCALIFORNIA THRIFTS MARKETCAPITALIZATION:$1.5BILLION



BANC BANC OF CALIFORNIA 30-Sep 13.83 1,838,256 241,164,553 15.37 1.13 0.53 4.0% 1.56 12.7%BOFI BOFI HOLDINGS INC 30-Sep 64.81 5,092,278 893,437,438 22.43 3.38 0.04 0.1% 37.00 133.0%BYFC BROADWAY FINANCIAL CORP 30-Sep 1.21 230,659 7,445,036 N/M N/M 0.21 21.0% 0.55 83.3%MLGF MALAGA FINANCIAL CORP 30-Sep 18.00 48,870 107,097,642 9.52 1.14 0.49 2.8% 1.20 7.1%PROV PROVIDENT FINANCIAL HOLDINGS INC 30-Sep 16.61 908,306 169,635,472 6.98 N/M -1.16 -6.5% -0.89 -5.1%SMPL SIMPLICITY BANCORP, INC 30-Sep 15.55 214,345 125,361,612 20.46 0.89 0.73 4.9% 0.60 4.0%

Average 14.95 1.64Median 15.37 1.14

High 22.43 3.38Low 6.98 0.89


-1-

Banking and Economic Update

September 2013

Market Trends

Historically, September produced more down stock markets than risingones. This September ran countertotrend.TheDowJones IndustrialAverage inishedthemonthwitha2.16%gain.Yeartodate(YTD),theDow climbed 15.5%. This YTDresultcomparedwiththedeclineof5.7% for the irst nine months of2011 and the 10.0% gain for thecomparableperiodin2012.TheS&P500indexincreased2.97%inSeptemberforaYTDgainof17.9%.Themajor indices forbankstocksshowedonlyslightgains in themonth,with theKBWindexup0.1%andtheS&Pbank indexup0.2%.Thebankindices,however,experiencedimpressiveYTDgainsof21.4%forKBWand20.0%forS&Pbanks.Therallyingoldpricesthatstartedin July lost steam in September.The price of gold declined morethan $100/ounce from September2nd to October 1st, the irst day ofthefederalgovernmentshutdown.Also declining as the budgetimpasseintensi iedwereoilprices.During September oil pricesdeclined 6.0% for West TexasIntermediate and 7.0% for theBrent index. Expectations that thegovernment shutdown could sloweconomic activity in the fourthquarter played a role in the near‐term reductions for both gold andoilprices.

TheFederalDepositInsuranceCorporationreportedthatbranchdepositsintheU.S.equaled$9.4trillion,asofJune30,2013.Thistotalrepresenteda gain of 5.4% over the year. U.S. banks and thrifts operated 96,311branchesnationwide.Thisbranchtotalrepresentedadeclineof1.0%overthe year and was the fourth consecutive annual decline in the branchcount.Depositsperbranchinthenationequaled$97.7million,a6.9%up‐tickovertheaveragefor2012.Of all the states, New York had themost branch deposits at $1.15trillion, producing a deposit marketshare of 12.2%. New York rankedirst in depositmarket share for thepast fouryears,andthestaterankedirstintotaldepositsforsevenoutofthe past 20 years. California had thehighestdepositmarketsharein13ofthepast20years.In2009Californiabranch deposits exceededNewYork deposits by 5.5%,whereas in 2013California’s deposits were 11.5% below the New York deposit total.California’smarketshareofthenation’sdepositsin2013equaled10.8%.With$1.15trillioninbranchdeposits,BankofAmericacarriedthelargestmarket share of deposits of any bank holding company at 12.2%. Thenation’s ive largest bank holding companies controlled 39.8% of thenation’sbranchdepositsin2013,upfromthe2012marketshareof39.1%.California reported total branchdepositsof$1.015trillionatJune30,2013,againof6.5%overtheyear.Atthe end of June, the state had 7,296branches,whichwereownedby276institutions. The branch count wasunchanged from the prior year. Yet,the number of institutions servingtheCaliforniamarketplacewasdownby6.4%over2012.

Branch Deposit Trends

0.90

0.95

1.00

1.05

1.10

1.15

1.20

1.25

J F M A M J J A S

January-September Change in DJIA

2011

2012

2013

12/31= 1.0

1,150

1,250

1,350

1,450

1,550

1,650

A M J J A S O

RecentTrendsinGoldPrices$/oz.

60

70

80

90

100

110

120

130

11 12 13

OilPrice:Brentvs.WestTX

Brent

West TX6,000

6,200

6,400

6,600

6,800

7,000

7,200

7,400

7,600

200

300

400

500

600

700

800

900

1,000

1,100

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

CaliforniaDeposits&Branches

Deposits(Bars,leftscale) Branches(line,rightscale)

Deposits$billions #ofBranches

0

200

400

600

800

1,000

1,200

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

Californiavs.NewYorkBranchDeposits

CA

NY

$Trillion

-2-


September 2013

Major California counties that reported signi icant growth in branchdeposits were Contra Costa, San Mateo, Santa Clara, and Los Angelescounties.Deposits inLosAngelesCountygrew14%,while inSantaClaraCountydepositswere11%higher.Althoughthenumberofbrancheswasunchanged for the entire state, LosAngeles, San Francisco, Contra Costa,Orange and Santa Clara counties reported signi icant increases in theirbranchcounts.Theadditionof12branchesinLosAngelesCountywasthelargestgain.SanFranciscoCountyreportedthehighestvolumeofdepositsperbranchatanaverageof$645million.Thestate‐wideaveragedepositsperbranchequaled$139million.

Duetothegovernmentshutdown,thereleaseoftheSeptemberjobsreportwasdelayed.Therefore,theADP/Moody’sNationalEmploymentReportforSeptember received signi icant attention from inancialmarketwatchers.The ADP survey showed a 166,000 rise in non‐farm, private sector jobs,while the estimates for July andAugust were revised lower by54,000 jobs. This year’s peakwasthe 220,000 jobs created inJanuary.Jobsintheservicessectoraccounted for 88.5% of theSeptember rise in payrolls. Thetrade, transportation and utilityindustry generated 34.7% of theincreaseinservice‐producingjobs.

Branch Deposit Trends (continued) The pace of auto sales eased inSeptember, falling back to thelowest level since April. AutodataCorp. estimates that sales ofmotorvehicles equaled 15.3million units,5.1%belowAugust.Onayear‐over‐year (YoY) basis, September saleswere up 3.4% compared with the11.1% advance in August. The fall‐off in sales was greatest fordomestic light trucks. Imported trucks sales were the only categoryshowingamonth‐to‐monthadvance.Results of the September survey bytheInstituteforSupplyManagement(ISM) indicated that manufacturingcontinued to signal expansion. At56.2, the ISM reading was at itshighest level since April 2011.Trends in the index implieda likelyfourthquarterpick‐upinthepaceofindustrial production. Contributingto the rise in the ISM index were higher prices paid, increasedemployment, and an expansion in inventories. Although still stronglyexpansionary,neworders reversedaportionof the robustadvance thathad occurred in August. Export orders were positive for the tenthconsecutivemonth.

Withtheshutdownof18%ofthefederalgovernmentlimitingthe lowofeconomicdata, on‐going uncertaintypersisted over the future course ofiscal and monetary policy. The rancor over the FY2014 budgetnegotiationsandtheextensionofthefederaldebtceilingmayprolongthecurrentgovernmentshutdownandcouldtriggerdefaultsordelaysinthepayment of federal government obligations. The delay in issuing theSeptemberemploymentreportcomplicatedtheassessmentoftheFederal

Recent Trends

0

50

100

150

200

250

300

350

11 12 13

MonthlyChangeinJobs(ADPSurvey)(000)

11

12

13

14

15

16

17

11 Q2 Q3 Q4 12 Q2 Q3 Q4 13 Q2 Q3

Motor Vehicle Salesmillions of units

48

50

52

54

56

58

60

62

11 J 12 J 13

ISM Report on Manufacturing ActivityUnder 50 signals contraction

1,400

1,450

1,500

1,550

1,600

1,650

1,700

1,750

1,800

1,850

50,000

100,000

150,000

200,000

250,000

300,000

350,000

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

LosAngelesCountyDeposits&Branches


Deposits $ millions # of Branches

300

310

320

330

340

350

360

370

0

10,00020,00030,00040,000

50,00060,00070,000

80,00090,000

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

SantaClaraCountyDeposits&Branches


Deposits$millions #ofBranches

Financial Developments

-3-


September 2013

CARPENTER & COMPANY 5ParkPlazaSuite950Irvine,CA92614‐8527Website:www.carpentercompany.comPhone:949‐261‐8888Fax:949‐261‐0880E‐mail:[email protected]

CARPENTER & COMPANY

Carpenter&Companywasfoundedin1974andhasprovidedstrategicconsultingandinvestmentbankingservicestoover1,100insureddepositoryinstitutions.WithintheCarpentergroupofcompaniesisaFINRAregulatedbrokerdealer,anSECregisteredinvestmentadvisorandtheCarpenterCommunityBancFunds,abankholdingcompanythatinvestsincommunitybankstohelpthemprosperandbuildlong‐termvalue.

Financial Developments

Reserve’sviewsoncurrenteconomicactivityandthepotentialtimingofataperingintheFed’sassetpurchaseprogram.Thedollarrecentlycameundersellingpressures relative the euro. The eurorose to a nine‐month high versus thedollar. Although uncertainty over U.S.government policy was a factortriggering the dollar sell‐off, economicactivity in Europe during Septembershowedthesteepestadvanceintwoyears.At its September meeting, the FOMC reaf irmed that its program ofpurchasing$85billionpermonthinlonger‐termassetswouldremaininplace. As a result of the FOMC announcement, the sell‐off in the bondmarketsappearedtoebb,asindicatedbythefollowingtable:BasisPointChangeinInterestRates

Thisyear’srun‐upinlonger‐termrateswassteepestfor

ten‐yeartreasuries.NeartheendofSeptember,thatratewas32basispointsbelow

thisyear’sratepeakofearlySeptember.Therateona

conventional30‐yearmortgageendedSeptember26basispointsbelowitsrecentpeak.

Longer‐termcorporatedebtdidnotexperienceassteeparun‐uporassteep a drop‐off as did the treasury ormortgage rates. Rates on AAAdebtincreased102basispointsfromlateApriltoearlySeptember.ThedecreaseintheBAAratesexceededthedropintheAAArate.Thus,theriskspreadbetweenAAAandBAAratesnarrowedto83basispointsinlateSeptember,thelowestspreadsinceJuly2011.

1.4%

1.6%

1.8%

2.0%

2.2%

2.4%

2.6%

2.8%

3.0%

3.2%

12

A J O 13

A J

2012-2013 YTD -- 10 Year Treasury Note

0.6

0.7

0.8

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

11 A J O 12 A J O 13 A J

2011-13 YTD Spread Between AAA & BAA CorporatesPct Pts

1.20

1.22

1.24

1.26

1.28

1.30

1.32

1.34

1.36

1.38

12

A J O 13

A J

Dollar to Euro 2012-2013 YTD Daily Trends$‐€

3.2

3.4

3.6

3.8

4.0

4.2

4.4

4.6

4.8

12 A J O 13 A J O

Rateon30yearConventionalMortgages2012‐2013YTD%

2013 Min to Max

Max to late Sept.

10 Year treasuries 132 -32

30 year mortgages 124 -26

AAA corporate 102 -16

BAA corporate 103 -18

3.1

3.6

4.1

4.6

5.1

5.6

6.1

12 A J O 13 A J

AAA&BAACorporateRates

AAA BAA

%

Documents

Inside this issue California Banks and Thriftscarpentercompany.com/uploads/files/86541837_Monthly Stock Repo… · (P/TBV) at the end of September equaled 0.77x, compared with 0.73x