Janney Weekly Bank & Thrift Newsletter · 11/25/2019 · JANNEY MONTGOMERY SCOTT ©2019 Janney Montgomery Scott LLC Member: NYSE, FINRA, SIPC JODY LURIE ALAN SCHANKEL DIRECTOR MANAGING

NOVEMBER 25, 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.

JANNEY MONTGOMERY SCOTT

www.janney.com

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

JODY LURIE ALAN SCHANKEL D I R ECTOR MANAGI NG D I R ECTOR

D A I L Y F IX JANNEY INVESTMENT STRATEGY GROUP

What to Watch

Today: Oct Chicago Fed national activity index - Nov Dallas Fed manufacturing activity index - $40B auction for 2-year treasuries - Fed Chair Powell speaks

Tuesday: Oct retail and wholesale inventories - 3Q house price index, Sep FHFA house price index, Sep S&P/Case-Shiller home price index; Oct new home sales - Nov Conference Board consumer confidence - $41B auction for 5-year treasuries, $18B for 2-year floating-rate treasuries - Fed’s Brainard speaks

Wednesday: 3Q GDP (second reading)

- $32B auction for 7-year treasuries - Oct durable goods orders - Oct personal income & spending and PCE deflator - Oct pending home sales - fed Beige Book

Monday, November 25, 2019

Expectations for a quieter week, but news headlines might provide some volatility

After a relatively volatile day, including an early morning rally on mixed manufacturing PMI readings outside the US, treasuries reversed their gains on Friday after better-than-expected US manufacturing PMI coupled with improved consumer sentiment. The University of Michigan final consumer sentiment report for November noted the “much sharper partisan divisions in the economic expectations among consumers as well as the wide gap in optimism between consumers and business firms,” with one side expecting recession and the other “an uninterrupted expansion in the year ahead.” After the ups and downs, the 10-year treasury closed the day unchanged, but the rest of the curve saw some notable movements, with the 2-year yield ending 2bps higher and the 30-year yield 1bp lower. Compared to the start of the month, the 10-year yield remains 8bps higher, while 2- and 5-year yields are 10-11bps higher. Among the various factors contributing to elevated treasury rates are comments by members of the FOMC, signs of US/China trade progress, and a robust US corporate issuance calendar.

Taxable Fixed Income

Only about 20 companies in the S&P 500 have not reported 3Q results, so it is safe to say that earnings season is mostly over. Although the quarter surprised on the upside for revenue (a meager 0.4%) and earnings (a healthy 4.7%), the bigger story should be on growth. After all, management teams are experts at guiding down analysts’ expectations to beat them more easily. In terms of growth, the average company recorded a 3.6% boost year-over-year for the top line, but a 1.0% contraction for the bottom line. The largest contributor to the earnings decline in the quarter was the sizable average loss seen in Energy, Materials, and IT, along with a modest drop in consumer discretionary (retail, autos, etc.). In general, firms did not benefit this over last year from the tax law changes that bolstered the bottom line a year ago. Main themes for the quarter included reduced expectations for 2020, hesitancy to spend on capex, and the underlying pressures related to uncertainty about the US/China trade situation and the global economy. The healthy growth at the top line should not be ignored, but recent merger & acquisition activity indicate many firms anticipate reduced organic growth near-term.

Municipal Fixed Income

The muni market absorbed yet another high volume week of issues last week, with about $14.5B priced, 30% of which was taxable. Although benchmark tax free yields were unchanged on Friday, they finished lower for the week by 6-7bps in longer maturities. The background themes of heavy volume and strong fund inflows seems poised to continue into year-end. Activity will slow this week due to the Thanksgiving holiday, with a primary calendar total of only $2B, but the recently busy pace will resume next week with a primary calendar that adds up to about $10B so far. Many of last week’s offerings traded better in post sale trading. For example, 30-year tax free bonds from the largest issuer of the week, Port Authority of NY-NJ (Aa3/AA-/AA-), priced initially with a 4% coupon to yield 2.66% to the 10-year call, printed block trades on Friday at 2.52% ytc for a 14bps pick-up.

Fitch lowered its rating of three New Jersey public universities while affirming the rating of a fourth. Fitch had the schools on criteria watch after publishing an updated higher education criteria in June, but the downgrades incorporate factors beyond the criteria change. New Jersey City University (Baa1/NR/BBB), located in Jersey City, NJ, was downgraded to BBB from A- on weakened financial position as enrollment fell by 4% in the past 3 years. William Patterson University (A2/NR/A-) and Montclair State University (A2/NR/A+) received one notch downgrades. Stockton University’s (Baa1/NR/A-) rating was unchanged after a Fitch review. Unlike the other schools, Stockton’s enrollment has grown by 18% over the past 5 years, benefitting in part from the school’s newly opened (Fall 2018) Atlantic City campus.

Treasury Yield 22-Nov Muni Muni/Treasury

2-year 1.63% 1.11% 68%

5-year 1.63% 1.19% 73%

10-year 1.77% 1.52% 86%

30-year 2.22% 2.17% 98%

Mortgage-Backed Securities Yield

Fannie Mae 3.0% 2.70%

Ginnie Mae 3.0% 2.39%

Agency Securities Yield

FNMA 1 7/8 09/24/26 1.78%

FHLMC 6 1/4 07/15/32 2.06%

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

US Aggregate 0.01% 8.63% 10.81%

US Treasury (0.01%) 7.36% 9.88%

US Municipal 0.01% 7.02% 8.93%

US IG Corporates 0.09% 13.74% 15.21%

US HY Corporates 0.07% 11.61% 9.53%

US Mortgage-Backed (0.02%) 6.00% 8.38%

Euro Aggregate 0.16% 6.78% 7.98%

Asian Pacific Aggregate (0.20%) 2.26% 2.67%

Global Infl-Linked (0.14%) 6.69% 7.46%

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

0%

1%

2%

3%

4%

0y 10y 20y 30y

Yield Curve

22-Nov22-Nov-2018

300

500

700

70

95

120

145

170

Nov-2018 Feb-2019 May-2019 Aug-2019

US Corporate Option Adj'd Spread (bps)IGHY (right axis)

2. Bank, Thrift & MHC Summary Valuation

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 11/22/2019

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. 52,072 7,232 16.30 18.03 13.66 12.44 12.15 170.0 4.36 8.30 0.58 81.54 1.04 7.60 57.72 12.96 (1.03) WBS Webster Financial Corp. 29,895 4,397 47.78 60.98 42.29 11.49 11.69 179.8 3.35 8.83 1.02 68.73 1.38 13.12 56.27 (3.06) (1.04) BWFG Bankwell Financial Group Inc. 1,859 223 28.82 31.89 24.67 12.59 11.91 130.5 1.80 9.33 0.70 101.80 0.96 10.11 58.05 0.38 (0.35) SAL Salisbury Bancorp Inc. 1,144 121 42.85 44.69 33.20 11.37 11.37 125.1 2.61 8.56 1.14 67.53 0.96 10.06 67.11 18.44 5.00 PNBK Patriot National Bancorp Inc. 972 47 12.12 18.40 12.12 NM 18.94 71.8 0.33 6.83 2.39 36.21 (0.10) (1.41) 88.40 (14.95) (2.02) PBBI PB Bancorp Inc.* 544 107 15.13 15.14 10.50 28.02 - 142.9 1.85 14.68 NA NA 0.73 4.56 71.63 40.09 0.40 FGFI First Greenwich Financial Inc. 389 26 10.25 10.25 10.20 - - - NA NA NA NA NA NA NA 0.00 -

WSFS WSFS Financial Corp. 12,273 2,287 43.86 46.05 33.75 14.82 11.98 178.5 1.09 11.01 0.58 67.43 1.30 9.43 54.69 15.70 0.69 TBBK Bancorp Inc 4,944 606 10.68 11.76 7.64 10.57 9.98 126.0 NA 9.74 NA NA 1.26 13.08 64.95 34.11 (4.00) MDCT MidCoast Community Bancorp Inc* 266 29 6.10 7.75 5.30 - - - NA 10.16 - NM 0.95 9.59 78.97 14.02 -

NACB National Capital Bank 514 62 218.00 233.00 200.00 21.67 - 127.6 1.01 9.49 0.05 NM 0.60 6.31 79.63 1.40 (0.09) IBWC IBW Financial Corp. 425 16 26.51 30.00 24.00 - - 42.8 0.45 8.83 3.43 28.76 0.29 3.30 93.60 (8.59) (0.15)

BKU BankUnited Inc. 32,951 3,309 34.85 37.32 28.05 12.77 11.73 117.1 2.41 8.61 0.49 66.93 0.85 9.31 58.86 16.40 0.87 CSFL CenterState Bank Corp. 17,420 3,164 25.29 26.83 19.55 13.82 12.22 205.0 1.74 9.65 0.31 76.75 1.41 8.49 51.08 20.20 (1.75) AMTB Amerant Bancorp Inc. 7,864 830 21.41 21.89 10.65 17.55 18.30 114.9 NA 10.26 0.42 163.42 0.65 6.75 72.93 64.57 3.43 SBCF Seacoast Banking Corp. of FL 6,891 1,502 29.35 29.96 22.35 17.37 15.01 205.3 - 11.05 0.76 64.59 1.30 9.82 52.72 12.80 0.31 CCBG Capital City Bank Group Inc. 2,935 489 29.17 30.85 21.04 16.03 16.39 206.4 1.78 8.31 0.81 60.32 1.04 9.88 71.84 25.68 (1.02) FNBT FineMark Holdings Inc. 2,108 223 25.15 30.00 24.10 15.15 - 126.9 NA 8.32 NA NA 0.78 9.15 71.90 (16.17) - TSHR Three Shores Bancorp. Inc. 1,857 219 9.02 10.25 8.96 - - 124.6 NA 8.55 0.45 170.78 0.75 9.42 60.63 (0.44) - TGRF TGR Financial Inc. 1,528 217 12.55 12.70 10.11 14.26 - 161.9 NA 9.13 0.01 NM 1.16 12.56 58.74 21.02 3.72 PFHD Professional Holding Corp. 890 85 19.00 19.13 15.08 - - - NA NA NA NA NA NA NA 25.00 - FMIA First Miami Bancorp Inc. 853 111 1,275.00 1,302.00 1,235.00 - - - 0.39 NA NA NA NA NA NA (0.39) - PMHG Prime Meridian Holding Co. 484 65 20.50 21.24 17.75 16.67 - 118.8 0.59 11.37 NA NA 0.89 7.48 65.20 11.53 (3.48) PLBN Pilot Bancshares Inc. 426 43 3.45 3.59 2.90 - - - - 9.98 0.93 53.15 NA NA NA 0.00 1.17 FCIT First Citrus Bancorp. Inc. 417 54 26.76 26.95 20.75 13.52 - 150.2 NA 8.84 NA NA 1.02 11.61 65.36 28.96 - PBKC Pioneer Bankcorp Inc. 386 NA 35.00 35.00 35.00 11.22 - 109.5 1.43 9.75 0.33 331.51 0.93 10.36 69.86 0.00 - MBOF Marine Bancorp of Florida Inc 278 24 17.75 17.75 17.35 - - - NA NA NA NA NA NA NA 0.00 0.85

STI SunTrust Banks Inc.* 227,368 31,398 70.71 71.76 46.05 12.95 12.79 174.2 3.17 9.11 1.08 69.14 1.17 10.25 62.89 40.19 0.18 SNV Synovus Financial Corp. 47,661 5,579 38.07 40.41 29.93 11.26 9.73 148.5 3.15 9.17 0.62 89.23 1.20 12.14 52.23 19.01 (0.29) ABCB Ameris Bancorp 17,764 2,972 42.80 44.76 29.97 14.86 11.23 211.0 1.40 8.43 0.81 24.62 1.11 8.38 53.56 35.14 (1.83) UCBI United Community Banks Inc. 12,809 2,433 30.80 31.60 20.23 13.63 13.05 193.8 2.34 10.07 0.56 87.81 1.45 12.09 53.91 43.52 (2.16) ACBI Atlantic Capital Bcshs Inc. 2,410 410 18.71 19.79 15.11 8.83 16.34 135.8 NA 12.80 0.77 97.43 1.94 15.68 55.11 14.29 (0.58) MCBS MetroCity Bankshares Inc. 1,645 361 14.14 17.00 12.38 7.90 7.68 184.9 3.11 11.36 0.91 45.85 2.91 25.13 40.59 (14.30) (1.46)

DISTRICT OF COLUMBIA BANKS AND THRIFTS

GEORGIA BANKS AND THRIFTS

CONNECTICUT BANKS AND THRIFTS

DELAWARE BANKS AND THRIFTS

FLORIDA 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 11/22/2019




CBAN Colony Bankcorp Inc. 1,478 149 15.68 18.95 12.29 13.18 - 135.1 1.91 7.56 1.52 29.33 0.77 9.74 71.00 7.40 (0.06) THVB Thomasville Bancshares Inc. 954 273 45.50 47.14 38.50 - - - 3.08 9.31 0.54 321.56 1.91 20.76 47.25 11.00 3.41 FIEB First IC Corp. 619 70 8.70 9.61 7.47 - - - NA 12.11 0.13 745.24 1.91 13.76 52.56 12.59 - HSBI Heritage Southeast Bncp, Inc. 577 142 20.25 26.00 18.00 - - - - NA NA NA NA NA NA (7.95) (3.57) SGB Southwest Georgia Financial 548 52 20.55 23.50 19.13 10.32 - 108.1 2.34 8.84 0.38 167.30 0.94 11.20 72.45 1.31 (0.18) SCSG SouthCrest Financial Group Inc 524 58 9.35 10.82 8.56 15.85 14.61 - 2.14 NA NA NA 0.91 8.57 72.40 1.63 2.19 SEBC Southeastern Banking Corp. 422 66 21.00 23.90 17.50 9.09 - 106.8 2.48 14.70 NA NA 1.71 12.70 56.81 20.00 - TMAK Touchmark Bancshares Inc. 418 41 9.06 9.43 8.05 7.85 - - - NA NA NA 1.27 10.37 53.15 11.85 (0.33) CZBS Citizens Bancshares Corp. 415 24 11.25 11.75 9.03 - - - 2.67 11.16 1.21 32.58 0.97 9.04 74.92 8.17 (0.76) OSBK Oconee Financial Corp. 356 32 35.41 38.00 32.55 13.07 - - 1.69 9.46 0.17 437.30 0.71 7.67 79.25 8.79 3.84 CFBI Community First Bcshs (MHC) 310 84 11.05 11.70 9.82 NM - 109.1 NA 24.71 NA NA 0.06 0.24 100.41 (5.15) 0.47 EXCH Exchange Bankshares Inc. 259 30 48.00 48.00 43.10 - - - 1.83 13.62 1.19 87.41 1.20 9.14 66.07 2.13 6.67 UNBK United National Bank 224 22 32.00 34.00 29.25 - - - NA 13.99 3.47 61.08 1.43 10.31 55.09 2.24 - ALBY Community Capital Bancshares 188 14 11.00 11.10 9.07 - - - 3.64 NA NA NA NA NA NA 17.27 (0.90)

EGBN Eagle Bancorp Inc 9,003 1,496 44.54 60.77 37.08 10.36 10.31 139.1 1.98 12.14 0.74 111.33 1.72 12.93 36.21 (8.56) (1.10) SASR Sandy Spring Bancorp Inc. 8,438 1,256 35.26 36.79 29.83 11.09 10.83 160.1 3.40 9.71 0.49 132.17 1.38 10.46 51.54 12.51 0.14 OLBK Old Line Bancshares Inc 3,097 490 28.83 31.22 24.12 13.41 13.73 169.4 1.66 9.68 0.38 67.64 1.22 9.53 51.37 9.54 (1.54) REVB Revere Bank* 2,835 437 36.00 36.49 26.45 14.23 13.77 162.6 NA 9.46 0.23 339.39 1.22 11.17 48.43 26.32 (0.28) HBMD Howard Bancorp Inc. 2,293 317 16.63 19.20 12.60 28.67 16.71 135.8 NA 10.53 1.06 39.32 0.50 3.70 59.94 16.29 0.30 TCFC Community Finl Corp. 1,856 192 34.38 34.68 26.47 12.73 12.41 124.4 1.45 8.37 1.42 42.81 0.88 9.41 58.45 17.58 1.66 SHBI Shore Bancshares Inc. 1,562 207 16.30 17.00 12.95 8.58 12.64 119.3 2.94 11.29 1.34 49.93 1.64 13.12 59.62 12.10 (0.61) FUNC First United Corp. 1,441 171 24.01 24.80 14.75 13.49 - 144.2 2.17 8.28 1.41 59.09 0.90 10.30 69.04 50.82 (0.17) CBNK Capital Bancorp Inc. 1,311 203 14.70 14.75 10.21 13.36 12.46 158.5 NA 9.75 0.55 178.98 1.33 12.77 72.45 28.83 3.30 SVBI Severn Bancorp Inc. 826 112 8.78 9.94 7.22 11.55 - 108.4 1.82 12.55 1.84 48.80 1.06 9.68 68.69 10.03 3.29 DBCP Delmar Bancorp 793 136 7.65 7.93 6.95 - - 116.7 1.31 8.32 2.16 41.16 0.83 8.80 64.06 10.07 2.68 TYCB Calvin B. Taylor Bankshares 557 97 35.05 40.00 33.11 11.48 - 109.1 2.85 16.01 1.02 13.27 1.61 9.83 48.80 4.25 0.57 CMHF Community Heritage Finl Inc 489 46 20.35 25.05 18.05 19.38 - 98.6 0.59 9.54 0.39 212.96 0.51 5.11 79.80 (9.56) 1.50 PSBP PSB Holding Corp. 457 40 27.70 27.80 22.40 12.31 - 99.8 NA 8.80 NA NA 0.74 8.80 73.24 21.76 - FCBI Frederick County Bancorp* 453 55 34.50 37.52 23.00 24.30 - 146.4 0.93 8.36 0.75 100.41 0.52 6.18 77.42 27.78 (0.66) FMFG Farmers & Merchants Bcshs Inc. 435 54 18.30 23.50 9.88 11.60 - 110.5 2.75 11.28 0.49 118.53 1.09 9.91 63.15 5.17 0.27 HFBK Harford Bank 390 40 28.01 29.75 26.75 11.62 - 94.7 2.43 10.79 1.42 56.92 0.94 8.50 68.82 0.04 (0.14) GLBZ Glen Burnie Bancorp 383 32 11.35 12.21 10.00 23.65 - 90.6 3.52 9.22 1.34 44.79 0.35 3.98 85.22 8.82 (0.44) DLMV Delmarva Bancshares Inc. 378 32 8.15 8.53 7.49 13.15 - 86.2 2.45 12.46 NA NA 1.00 7.99 64.56 4.49 (0.61) BVFL BV Financial Inc. (MHC) 297 110 15.52 20.00 13.50 41.95 - - - 21.36 2.13 21.59 0.79 4.86 68.88 7.03 0.26 HRBK Harbor Bankshares Corporation 296 4 0.65 0.80 0.46 - - - - NA NA NA NA NA NA (13.33) - PEBC Peoples Bancorp Inc 246 25 34.50 36.00 29.50 10.15 - 104.7 2.03 9.91 1.71 80.90 1.02 9.23 77.26 16.95 (3.50) CBMB CBM Bancorp Inc. 218 55 14.05 15.30 12.07 NM - 97.8 NA 27.91 0.61 97.97 0.29 1.02 83.91 12.22 0.36 CROL Carroll Bancorp Inc. 186 15 13.50 14.00 12.38 41.63 - 86.4 NA 9.71 2.08 29.13 0.19 2.08 93.86 4.23 2.66

MARYLAND BANKS AND THRIFTS

MASSACHUSETTS BANKS AND THRIFTS


Page 2


As of 11/22/2019




STT State Street Corp. 244,606 26,879 73.92 77.00 48.62 14.64 12.74 225.1 2.81 6.65 - NM 0.94 8.49 72.62 17.20 1.90 BHLB Berkshire Hills Bancorp Inc. 13,532 1,558 31.49 34.97 25.77 17.69 13.12 140.5 2.92 9.05 0.55 84.28 0.68 5.20 56.80 16.76 (1.32) INDB Independent Bank Corp. 11,539 2,856 83.09 87.64 62.33 17.60 14.77 249.1 2.12 10.42 0.59 98.06 1.45 10.92 51.32 18.18 (2.49) BPFH Boston Private Financial 8,691 956 11.49 13.08 9.78 10.16 12.35 129.1 4.18 8.59 0.28 307.99 1.08 11.97 68.33 8.66 (0.52) BRKL Brookline Bancorp Inc. 7,878 1,259 15.80 16.34 12.84 14.63 14.36 165.1 2.91 9.94 0.73 102.17 1.16 9.65 55.21 14.33 (0.69) EBSB Meridian Bancorp Inc. 6,363 1,007 19.74 20.18 13.67 16.45 15.54 152.6 1.42 10.87 0.10 764.84 1.01 9.03 52.74 37.85 (1.10) CNBK.A Century Bancorp Inc. 5,299 483 86.68 95.70 65.15 12.42 - 147.9 0.55 6.16 0.07 838.53 0.76 12.59 58.83 27.98 (0.37) HONE HarborOne Bancorp Inc 3,949 618 10.58 11.18 8.35 41.90 24.05 106.0 NA 15.06 1.13 51.74 0.39 3.52 83.23 19.54 (0.47) EBTC Enterprise Bancorp Inc. 3,139 356 30.41 36.50 26.85 11.22 - 126.1 2.10 9.10 0.99 108.86 1.05 11.99 64.11 (5.44) (0.65) CATC Cambridge Bancorp 2,842 385 79.35 89.00 71.24 15.14 12.68 184.4 2.57 7.43 0.13 491.68 0.98 11.82 63.93 (4.68) 0.06 HIFS Hingham Instit. for Savings 2,480 412 192.90 229.99 163.00 13.07 - 173.0 0.83 9.59 0.11 558.27 1.31 14.42 30.38 (2.45) 1.31 WNEB Western New England Bancorp 2,174 256 9.79 10.52 8.50 19.20 19.58 120.3 2.04 10.01 NA NA 0.65 5.95 69.71 (2.49) 0.10 PVBC Provident Bancorp Inc 1,078 227 11.67 14.08 9.80 19.99 11.22 167.1 NA 12.60 NA NA 1.11 8.54 58.01 8.80 (0.68) WEBK Wellesley Bancorp 986 81 32.76 35.50 27.74 12.90 - 117.3 0.73 7.28 NA NA 0.70 9.48 68.57 18.10 (0.12) RNDB Randolph Bancorp Inc 641 84 16.00 17.05 13.16 36.36 23.88 - NA NA 0.88 73.91 0.38 3.00 95.60 13.07 (0.06) GABK Grand Bank Corp. 364 68 6,000.00 6,200.00 5,990.00 - - - 2.00 NA NA NA NA NA NA (0.83) - MELR Melrose Bancorp Inc 341 37 17.70 19.70 16.99 31.61 38.48 - 1.92 11.93 NA NA 0.38 2.93 79.76 (1.45) -

VLY Valley National Bancorp 33,766 3,925 11.83 12.14 8.42 11.71 12.93 176.9 3.72 7.44 0.58 81.98 1.08 10.14 57.13 33.22 (0.67) ISBC Investors Bancorp Inc 26,725 3,170 12.04 12.92 9.94 17.71 15.64 116.3 3.65 10.68 0.44 194.56 0.68 6.05 58.78 15.77 (1.07) PFS Provident Financial Services 9,918 1,590 24.18 27.94 22.74 12.73 13.66 165.5 3.80 10.13 0.86 66.90 1.25 8.88 53.79 0.21 (3.16) OCFC OceanFirst Financial Corp. 8,135 1,200 23.83 26.25 20.46 13.02 11.48 160.4 2.85 9.73 0.45 45.30 1.17 8.33 54.12 5.86 (1.12) CLBK Columbia Financial Inc. (MHC) 7,070 1,771 16.28 17.10 14.25 32.56 33.57 189.1 NA 13.96 NA NA 0.82 5.69 62.61 6.47 (0.55) KRNY Kearny Financial Corp. 6,641 1,174 14.15 14.30 11.26 29.48 28.88 137.2 1.70 13.93 0.41 117.99 0.63 3.65 62.99 10.37 0.57 LBAI Lakeland Bancorp 6,492 839 16.62 17.25 13.77 12.40 11.87 151.9 3.01 8.72 0.34 176.59 1.10 10.07 55.25 12.19 (1.39) CNOB ConnectOne Bancorp Inc. 6,161 874 24.85 25.47 17.07 12.06 10.80 159.3 1.45 9.21 1.22 51.69 1.23 10.58 40.26 34.54 (1.51) PGC Peapack-Gladstone Financial 4,925 556 30.06 30.89 23.96 12.79 12.50 126.0 0.67 9.28 0.65 128.95 0.98 9.58 60.66 19.38 0.23 NFBK Northfield Bancorp Inc. 4,808 829 16.78 17.24 12.76 19.74 20.22 126.8 2.62 13.64 0.51 113.58 0.88 5.94 58.45 23.84 (1.18) ORIT Oritani Financial Corp.* 3,990 819 18.89 19.50 14.07 16.28 16.28 161.0 3.81 13.27 0.16 440.80 1.25 9.54 35.40 28.07 (1.05) BCBP BCB Bancorp Inc. 2,825 217 13.18 14.96 10.12 10.72 10.89 112.4 4.25 7.74 0.78 111.76 0.78 10.04 61.83 25.88 1.23 FRBA First Bank 2,047 217 10.60 12.90 10.29 14.13 13.77 107.2 1.13 9.98 0.89 94.47 0.79 7.07 59.40 (12.54) (2.57) SBBX SB One Bancorp 1,934 216 23.25 24.73 19.30 10.97 9.81 128.9 1.46 8.76 0.87 57.84 1.10 10.69 55.77 13.75 0.91 UNTY Unity Bancorp Inc. 1,664 239 22.03 24.70 16.74 10.34 10.57 157.1 1.45 9.17 0.49 197.56 1.54 16.25 52.45 6.12 (0.59) PKBK Parke Bancorp Inc. 1,598 252 23.37 24.50 16.71 8.75 - 147.0 2.74 10.86 1.79 73.76 1.97 18.25 28.79 24.87 1.56 BPRN Bank of Princeton 1,380 199 29.39 33.33 25.92 19.21 19.08 110.0 1.36 13.19 0.89 102.29 0.81 5.64 58.95 5.34 0.41 FCCY 1st Constitution Bancorp 1,343 200 19.59 20.65 16.47 12.40 11.87 135.7 1.53 9.43 0.96 69.68 1.14 10.48 60.29 (1.71) 1.14 MRLN Marlin Bus. Services Corp. 1,247 251 20.89 26.90 17.51 10.39 9.76 130.6 2.68 15.76 NA NA 2.05 12.56 54.96 (6.45) 4.92 TRCB Two River Bncp* 1,147 183 21.14 21.46 11.54 16.78 15.84 175.0 1.32 9.32 0.77 133.20 0.97 9.25 59.89 38.53 (0.05) CMRB First Commerce Bank 1,004 133 5.92 6.50 5.55 - - - NA 14.01 2.24 69.66 0.86 6.23 63.44 (8.22) 1.19 SSFN Stewardship Financial Corp. 964 NA NA NA NA - - - NA 8.72 0.59 147.28 0.74 8.77 69.35 NA NABKJ Bancorp of New Jersey Inc.* 962 137 18.73 19.01 12.49 30.21 - 146.7 - 9.68 1.54 58.76 0.50 5.07 71.88 43.86 (1.32) MGYR Magyar Bancorp Inc. (MHC) 630 71 12.25 12.75 10.93 24.02 - 130.5 NA 8.67 3.12 24.83 0.47 5.66 78.12 0.00 2.00

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MSBF MSB Financial Corp. 591 75 14.93 18.90 13.26 18.66 - 120.9 - 10.86 2.24 42.78 0.71 6.08 68.40 (16.36) (7.27) FCOB 1st Colonial Bancorp 545 47 10.06 13.00 9.90 10.62 - 99.7 NA 8.66 1.24 80.97 0.77 9.48 64.81 (14.12) (0.89) NMBF NMB Financial Corp. 449 NA 5.51 6.50 4.05 - - - NA 8.60 0.38 312.99 0.96 11.07 63.20 19.78 - LPBC Lincoln Park Bancorp (MHC) 307 15 8.07 11.60 8.06 NM - - - 6.08 NA NA (0.52) (10.15) 151.48 (19.30) (4.72) ELMA Elmer Bancorp Inc. 285 21 18.50 19.00 17.26 11.01 - 79.9 3.24 9.31 1.89 63.69 0.68 7.47 74.99 6.94 2.78 CFIC Cornerstone Financial Corp. 255 7 9.00 10.25 7.83 - - - NA NA NA NA NA NA NA (2.70) - BRBW Brunswick Bancorp 216 24 8.65 10.00 8.35 20.98 - 63.3 - 17.86 NA NA 0.59 3.14 80.21 1.76 (0.57) PEBA Penn Bancshares 198 16 42.00 42.00 42.00 - - - - NA NA NA NA NA NA 0.00 -

JPM JPMorgan Chase & Co. 2,764,661 410,159 130.79 131.29 91.11 12.91 12.70 219.0 2.75 7.94 0.43 110.32 1.29 13.48 56.94 33.98 0.97 C Citigroup Inc. 2,014,802 163,456 74.87 76.28 48.42 9.94 9.92 108.5 2.72 8.59 0.52 119.98 0.96 9.55 57.74 43.81 0.63 BK Bank of New York Mellon Corp. 373,168 45,003 48.80 54.27 40.52 12.64 12.20 261.6 2.54 5.94 0.03 104.10 1.14 9.42 68.69 3.68 0.47 MTB M&T Bank Corp. 125,501 21,764 164.91 176.11 133.78 11.85 11.83 220.3 2.43 9.23 1.09 76.05 1.67 12.70 55.63 15.22 0.57 NYCB New York Community Bancorp 52,538 5,618 12.02 13.79 8.61 15.82 15.82 149.2 5.66 8.52 0.14 210.18 0.76 5.92 49.62 27.74 (1.15) CIT CIT Group Inc. 51,403 4,273 45.11 54.02 35.50 9.42 9.18 81.1 3.10 10.97 NA NA 1.01 8.22 57.30 17.87 0.11 SBNY Signature Bank 49,412 6,572 123.73 137.94 98.54 11.19 11.46 143.0 1.81 9.51 0.31 159.85 1.25 13.29 38.13 20.35 (0.21) STL Sterling Bancorp 30,078 4,150 20.54 22.17 15.62 10.12 9.98 159.3 1.36 9.71 0.76 45.76 1.44 9.80 39.53 24.41 (0.53) CBU Community Bank System Inc. 11,597 3,460 66.92 69.50 54.46 20.98 20.59 345.8 2.45 9.29 0.29 148.25 1.54 9.53 58.58 14.79 (1.05) NBTB NBT Bancorp Inc. 9,661 1,747 39.90 40.93 30.36 14.62 14.72 215.4 2.71 8.65 0.51 145.60 1.26 11.58 58.97 15.35 (0.94) FFIC Flushing Financial Corp. 7,111 584 21.00 23.75 18.80 14.69 13.21 107.1 4.00 7.78 0.27 116.62 0.59 7.35 66.93 (2.46) (1.45) TMP Tompkins Financial Corporation 6,628 1,292 86.46 90.44 69.02 16.60 16.72 231.2 2.41 8.60 NA NA 1.19 12.51 62.54 15.26 (0.79) DCOM Dime Community Bancshares Inc. 6,425 706 19.70 22.50 15.94 17.13 16.98 128.0 2.84 8.69 0.26 162.78 0.66 6.88 57.31 16.02 (0.23) TRST TrustCo Bank Corp NY 5,222 843 8.70 8.92 6.51 14.05 14.50 160.4 3.13 10.07 0.67 126.93 1.18 11.95 55.63 26.82 (0.34) AMAL Amalgamated Bank 5,030 601 19.00 21.60 14.58 12.03 12.88 128.9 1.68 9.31 1.42 47.09 1.06 11.25 65.01 (2.56) (0.16) BDGE Bridge Bancorp Inc. 4,736 637 32.61 34.13 24.12 12.64 12.74 171.1 2.82 8.17 0.75 90.50 1.10 11.05 56.40 27.93 (1.78) FISI Financial Institutions Inc. 4,333 510 32.21 32.74 24.49 12.29 11.67 151.5 3.10 8.39 0.17 430.04 1.01 10.53 59.80 25.33 0.47 FLIC First of Long Island Corp. 4,163 577 23.85 24.47 17.53 14.11 13.79 148.7 3.02 9.32 0.05 NM 1.01 10.88 51.30 19.55 (0.58) MCB Metropolitan Bank Holding Corp 3,243 377 45.29 46.78 29.05 13.44 12.88 136.6 NA 8.70 0.19 396.05 1.13 10.42 55.40 46.81 (1.24) AROW Arrow Financial Corp. 3,113 536 35.78 36.83 29.56 14.64 14.54 199.2 2.91 8.71 0.19 351.49 1.22 13.14 57.39 15.09 (0.61) CNND Canandaigua National Corp. 2,984 375 200.02 200.02 160.00 9.88 - 155.2 3.00 8.13 0.28 267.23 1.32 15.78 60.48 14.30 0.01 CHMG Chemung Financial Corp. 1,794 211 43.50 51.00 36.87 12.36 13.22 132.3 2.39 9.00 1.37 97.17 0.98 10.07 66.69 5.30 (3.78) PCSB PCSB Financial Corp. 1,659 335 20.26 20.88 18.45 37.52 38.96 129.8 0.79 16.65 NA NA 0.57 3.11 73.40 3.58 0.15 EVBN Evans Bancorp Inc. 1,456 196 40.18 42.92 30.61 11.25 11.60 149.5 2.59 9.16 NA NA 1.23 13.03 67.86 23.59 (0.47) GCBC Greene County Bncp Inc. (MHC) 1,410 236 27.62 34.68 26.04 13.09 - 202.4 1.59 8.27 0.37 259.24 1.45 16.62 50.83 (11.25) 0.07 PBFS Pioneer Bancorp (MHC) 1,386 341 13.11 15.19 12.12 - - - NA 8.86 0.94 107.53 NA NA NA 31.10 (0.23) OCBI Orange County Bancorp Inc. 1,244 134 30.00 31.00 24.00 12.30 - 121.0 2.67 8.96 NA NA 0.95 9.88 68.93 11.11 4.35 ADKT Adirondack Trust Company 1,204 128 1,670.00 1,706.00 1,556.00 - - - 3.08 9.48 0.17 590.91 1.08 10.07 69.63 6.03 - LYBC Lyons Bancorp Inc 1,150 122 38.50 75.00 37.25 11.77 - - 3.22 NA NA NA 0.98 NA NA (6.33) (0.26) BKUT Bank of Utica 1,135 116 610.00 610.00 534.00 15.82 - 64.7 2.46 20.76 0.36 31.65 0.87 4.18 48.74 2.87 - PDLB PDL Community Bancorp (MHC) 1,100 249 14.16 14.72 12.42 NM NM 155.0 NA 14.60 1.73 63.93 0.29 1.76 88.28 11.15 0.35 PBHC Pathfinder Bancorp Inc. 1,056 62 13.48 16.25 12.55 19.25 - 92.1 1.78 8.04 0.76 103.96 0.36 4.79 80.62 (13.94) 1.71

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NECB NorthEast Community Bncp (MHC) 1,038 141 11.75 12.39 10.55 9.68 - - 1.02 NA NA NA 1.60 11.16 NA 5.86 (0.42) EMPK Empire Bancorp Inc.* 1,013 104 13.54 13.98 10.35 29.43 - - NA NA NA NA 0.35 4.68 82.47 19.82 (0.44) SOBS Solvay Bank Corp. 970 81 36.75 43.50 35.49 - - - 3.81 9.34 0.29 201.54 0.95 10.35 62.36 (9.26) 1.10 RBKB Rhinebeck Bancorp Inc (MHC) 946 117 10.88 12.30 10.25 - - 113.6 NA 11.29 NA NA 0.61 5.98 74.03 8.80 2.84 CYHC Country Bank Holding Co.* 783 106 48,000.00 48,000.00 27,000.00 - - - 3.33 NA NA NA NA NA NA 65.52 5.91 ESQ Esquire Financial Holdings Inc 760 183 24.32 26.38 17.62 14.31 13.22 171.6 NA 14.07 0.14 612.82 1.86 13.60 55.00 12.07 0.87 BERK Berkshire Bancorp Inc. 713 169 11.75 13.50 11.75 - - - - NA NA NA NA NA NA (10.30) (2.41) ESBK Elmira Savings Bank 616 52 14.79 19.90 13.97 14.79 - 112.8 6.22 7.64 0.80 93.04 0.58 5.96 76.93 (15.27) 0.17 LSBK Lake Shore Bancorp Inc. (MHC) 597 88 15.15 16.24 14.25 23.31 - 109.3 3.17 13.82 0.73 95.44 0.70 4.83 75.37 0.60 0.23 CARV Carver Bancorp Inc. 587 11 2.86 6.05 2.30 NM - 170.9 - 8.74 1.67 47.14 (0.87) (10.09) 125.44 (4.03) - SBHO Steuben Trust Corporation* 576 105 66.00 67.00 38.00 15.57 - - 2.15 11.37 0.66 109.83 1.26 11.73 62.25 64.79 (0.84) GLDT Gold Coast Bancorp Inc.* 562 64 16.30 16.67 10.02 23.97 - 136.6 NA 8.35 NA NA 0.48 5.96 72.04 59.80 (0.67) BSPA Ballston Spa Bancorp Inc. 552 42 56.00 60.00 49.00 - - 112.1 2.36 6.76 NA NA 0.80 11.52 73.57 14.26 - JFBC Jeffersonville Bancorp 517 73 17.35 20.25 16.50 10.98 - 104.1 3.46 13.63 NA NA 1.28 9.83 62.52 (4.41) (0.86) GLNV Glenville Bank Holding Co. 479 20 98.00 98.00 96.60 - - - 2.04 NA 0.19 506.52 0.64 8.37 78.41 5.38 - CSKL Catskill Hudson Bancorp Inc. 464 16 23.00 26.80 21.41 - - - 1.91 NA NA NA NA NA NA (14.18) - ESBS ES Bancshares Inc. 422 36 5.40 5.50 3.40 15.43 - 99.0 NA 5.33 NA NA 0.39 7.07 77.72 35.00 21.35 BARK Bank of Akron 389 NA 177.00 263.00 176.00 11.23 - 138.2 1.58 9.88 1.22 123.59 1.30 13.00 66.46 (16.71) - VSBN VSB Bancorp Inc. 376 37 20.60 22.68 19.71 10.10 - 100.0 2.52 10.14 0.60 76.26 0.95 10.30 68.66 4.52 - NCXS National Bank of Coxsackie 335 21 43.55 55.00 38.75 12.45 - 72.0 2.30 8.53 0.76 73.23 0.55 6.13 78.92 2.78 (0.46) FSBC FSB Bancorp Inc. 325 32 16.95 19.33 15.96 NM - 103.0 NA 9.83 0.32 166.28 0.00 0.02 97.21 (0.32) (0.09) SCAY Seneca-Cayuga Bncp Inc. (MHC) 323 26 10.35 11.70 9.01 NM - - NA 8.09 1.76 30.39 (0.11) (1.24) 107.67 0.39 - DWNX Delhi Bank Corp. 305 52 32.75 33.00 31.00 19.85 - 167.8 2.22 10.12 0.43 34.85 0.86 9.01 67.97 3.97 0.77 SNNF Seneca Financial Corp. (MHC) 210 17 9.35 9.50 7.61 15.08 - 87.9 NA 9.67 0.79 71.52 0.58 5.96 77.62 17.61 - 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 2,426,330 298,458 33.18 33.60 22.66 12.29 11.56 173.0 2.17 8.39 0.43 90.96 1.17 10.38 56.99 34.66 0.76 BBT BB&T Corp. 236,750 41,894 54.67 55.66 40.68 13.74 12.83 224.4 3.29 9.63 NA NA 1.46 10.65 56.05 26.20 0.11 FCNC.A First Citizens BancShares Inc. 37,748 5,450 515.66 520.00 355.18 13.18 - 173.9 0.31 8.63 0.70 86.20 1.22 12.60 62.30 36.76 0.29 FBNC First Bancorp 6,069 1,139 38.48 40.47 30.50 12.06 12.10 193.9 1.25 10.09 0.58 55.12 1.60 12.04 54.59 17.82 1.18 LOB Live Oak Bancshares Inc. 4,604 733 18.19 20.46 13.09 34.32 47.25 145.1 0.66 11.03 0.73 127.79 0.55 4.27 77.94 22.82 (0.60) HTBI HomeTrust Bancshares Inc. 3,655 462 26.24 28.79 23.93 17.04 18.48 121.3 1.07 10.62 1.04 56.01 0.81 6.88 66.30 0.23 1.04 SBNC Southern BancShares (NC) 2,943 313 3,855.00 3,901.00 3,275.00 9.42 - 105.4 0.26 10.92 0.41 171.81 1.29 11.21 64.74 14.39 - ENFC Entegra Financial* 1,704 208 30.02 30.24 19.18 15.32 15.16 133.3 NA 9.30 0.76 95.12 0.83 8.10 63.04 44.67 0.07 SLCT Select Bancorp Inc. 1,270 221 11.92 12.91 10.14 15.89 15.48 118.9 NA 14.93 1.52 41.75 1.14 6.79 62.68 (3.72) (0.42) PEBK Peoples Bancorp of NC Inc. 1,223 179 30.31 34.32 20.03 12.47 - 135.1 1.85 10.85 0.27 200.30 1.31 11.48 70.27 23.92 2.96 UBNC Union Bank 788 86 14.47 15.10 14.05 - - 123.4 1.38 9.06 0.31 201.59 0.92 8.76 65.47 0.49 (0.34) UWHR Uwharrie Capital Corp 661 40 5.60 5.98 4.42 12.77 - 104.2 NA 7.40 1.16 27.06 0.58 8.05 85.10 8.80 3.85 CART Carolina Trust BancShares Inc.* 623 117 12.55 12.99 7.38 24.61 - 184.6 NA 10.30 0.68 94.05 0.78 7.08 60.91 65.57 10.38 AQFH Aquesta Financial Holdings 505 60 11.10 12.50 10.76 14.61 - 114.8 0.99 10.39 0.26 298.07 0.86 9.23 69.33 (2.80) 0.45 BKOR Oak Ridge Financial Services 470 41 15.55 15.80 12.45 9.31 - 103.8 1.29 8.37 NA NA 0.94 12.09 72.48 24.90 1.30

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As of 11/22/2019




KSBI KS Bancorp Inc. 404 29 26.20 29.00 25.00 8.04 - 111.7 1.37 6.43 NA NA 0.91 15.43 71.22 (2.96) 0.65 SRYB Surrey Bancorp 332 60 14.36 15.50 14.00 11.13 - 125.7 2.79 14.36 0.31 395.09 1.72 11.70 55.52 2.06 - LSFG LifeStore Financial Grp (MHC) 310 36 34.50 35.45 27.75 8.60 - - 0.81 NA NA NA 1.38 13.97 71.37 22.12 - WTWB West Town Bancorp Inc. 309 76 22.10 26.10 20.51 6.16 - - NA NA NA NA 2.23 13.42 98.49 (6.95) (1.78) MFBP M&F Bancorp Inc. 267 6 2.75 2.77 1.88 7.43 - 25.6 - 8.17 1.67 42.51 0.29 3.69 93.45 31.58 5.77 BLHK blueharbor bank 240 37 12.63 13.00 9.30 14.19 - 118.0 NA 12.96 0.33 254.09 1.20 9.15 60.02 25.05 0.16

FITB Fifth Third Bancorp 171,079 21,361 30.10 30.89 22.12 9.90 10.71 142.8 3.19 10.15 0.66 100.97 1.42 12.00 54.59 27.92 0.10 KEY KeyCorp 146,691 18,970 19.26 19.48 13.66 11.89 10.70 155.0 3.84 9.86 0.64 95.41 1.21 10.70 61.05 30.31 1.53 HBAN Huntington Bancshares Inc. 108,735 15,347 14.86 15.16 11.12 11.61 11.43 181.8 4.04 9.06 1.16 62.20 1.33 12.63 56.95 24.66 0.47 TFSL TFS Financial Corp (MHC) 14,542 5,448 19.78 20.15 15.01 NM NM 328.3 5.46 11.61 NA NA 0.56 4.58 67.75 22.63 0.41 FFBC First Financial Bancorp. 14,480 2,376 23.91 28.59 22.07 11.55 11.28 192.4 3.85 9.24 0.56 69.78 1.46 9.63 49.61 0.80 (0.54) PRK Park National Corp. 8,724 1,631 99.79 103.69 79.27 15.33 14.76 208.2 4.05 9.15 1.36 47.11 1.27 11.86 63.28 17.47 (0.48) PEBO Peoples Bancorp Inc. 4,396 666 32.65 35.01 28.35 12.46 11.34 164.0 4.17 9.77 0.71 68.97 1.28 9.67 61.45 8.47 (0.21) FDEF First Defiance Financial 3,351 599 30.35 31.83 22.78 12.49 12.24 190.7 2.90 9.67 0.75 120.95 1.52 12.26 59.14 23.83 (0.65) UCFC United Community Finl Corp.* 2,907 540 11.23 11.94 8.49 13.86 13.53 178.1 2.85 10.52 0.85 81.03 1.38 12.38 55.24 26.89 (0.27) FMNB Farmers National Banc Corp. 2,433 423 15.28 15.63 11.56 12.22 12.03 168.9 2.62 10.47 0.47 124.84 1.48 12.78 57.57 19.94 0.39 CIVB Civista Bancshares Inc. 2,269 336 21.73 23.19 15.55 10.92 10.70 142.3 2.02 11.23 0.39 158.58 1.53 10.90 60.22 24.74 (1.45) LCNB LCNB Corp. 1,644 237 18.36 19.94 14.56 12.49 12.66 146.1 3.92 10.27 0.64 39.67 1.18 8.70 61.99 21.19 1.89 FMAO Farmers & Merchants Bancorp 1,575 282 25.73 41.95 24.30 16.39 14.92 162.5 2.33 11.57 NA NA 1.23 8.78 61.48 (33.15) 0.78 MBCN Middlefield Banc Corp. 1,281 161 25.06 26.43 19.25 12.56 12.95 135.6 2.23 9.40 1.03 53.27 1.07 9.76 63.78 18.12 3.98 HLAN Heartland BancCorp 1,138 196 97.00 97.00 78.00 15.04 15.28 158.2 2.14 10.90 0.32 236.60 1.20 11.19 63.11 19.75 5.43 OVBC Ohio Valley Banc Corp. 1,046 180 37.60 40.97 26.45 17.33 - 152.8 2.23 11.32 1.70 34.70 0.99 8.52 71.68 6.24 3.13 SBFG SB Financial Group Inc 1,043 117 18.32 19.16 15.76 12.55 11.67 112.9 2.07 11.36 0.44 185.05 1.14 8.79 71.02 11.40 1.80 CNUN Community Bancshares Inc. 1,006 80 61.00 61.00 54.50 9.18 - 73.2 - 10.91 0.50 118.98 0.91 7.75 71.41 11.93 - CHBH Croghan Bancshares Inc. 882 122 54.00 55.00 48.76 10.02 - 123.0 3.48 11.57 0.50 130.86 1.46 10.41 61.68 8.54 0.93 UBOH United Bancshares Inc. 876 72 22.01 23.99 17.85 8.06 - 116.6 2.36 7.29 0.35 129.09 1.06 10.63 72.28 9.93 2.88 CSBB CSB Bancorp Inc. 787 112 40.85 43.00 37.27 10.86 - 142.2 2.74 10.07 0.68 126.25 1.39 13.05 57.62 6.10 2.77 CFBK Central Federal Corp. 786 73 13.70 13.95 10.62 7.37 - 114.2 - 6.85 0.69 130.23 1.15 16.50 65.88 17.19 1.46 CLDB Cortland Bancorp 701 96 22.03 28.68 19.10 12.88 - 130.1 2.18 10.58 1.30 50.90 1.07 10.96 66.56 7.44 (0.79) UBCP United Bancorp Inc. 676 71 12.47 12.90 10.25 12.60 10.39 126.2 4.41 8.67 NA NA 0.92 10.45 67.80 9.10 0.97 CBKM Consumers Bancorp Inc. 565 53 19.19 23.00 16.85 9.69 - 99.4 2.81 9.38 0.16 436.76 1.01 11.10 71.50 13.89 0.47 KLIB Killbuck Bancshares Inc. 558 109 185.00 239.98 175.00 - - - 1.95 10.54 0.05 NM 1.43 12.38 56.59 0.00 - MTFC Minster Financial Corp. 495 60 57.25 57.37 55.00 - - - 3.84 NA NA NA NA NA NA 0.44 - WAYN Wayne Savings Bancshares 494 58 22.15 24.50 17.66 9.43 - 126.1 3.61 9.34 0.74 103.22 1.31 13.61 55.99 18.77 (1.56) FFDF FFD Financial Corp. 445 63 63.00 63.00 50.15 9.62 - 156.6 3.02 9.02 0.31 268.24 1.64 17.35 50.79 25.50 0.37 ANDC Andover Bancorp Inc. 428 46 19.25 24.00 18.50 - - - 3.79 9.46 0.34 90.03 0.92 9.29 74.80 (18.09) - PFOH Perpetual Federal Savings Bank 392 73 29.50 32.27 27.85 11.90 - 96.2 3.25 19.33 0.46 280.83 1.56 8.24 34.58 4.39 (0.64) LBSI Liberty Bancshares Inc. 343 40 52.00 52.00 39.50 11.82 - 97.9 5.23 13.83 0.60 134.93 1.13 8.44 64.76 31.65 - FSDK First Citizens National Bank 293 34 106.00 107.00 86.75 16.25 - 81.7 2.04 14.21 1.44 64.07 0.73 5.16 78.14 17.78 - CBCZ Comunibanc Corp. 292 26 31.00 32.05 27.49 - - - 2.52 10.10 1.43 32.63 0.47 4.86 84.36 10.28 (0.64)

OHIO BANKS AND THRIFTS


Page 6


As of 11/22/2019




FAHE Fahey Banking Co. 292 NA 1,815.00 1,900.00 1,600.00 - - - 4.41 16.40 0.58 185.86 (1.44) (8.94) 148.29 (3.20) (3.20) HCKG Hocking Valley Bcshs Inc. 271 139 740.00 740.00 714.95 - - - 0.16 NA NA NA NA NA NA 2.07 - FIBH First Bancshares Inc. 242 21 39.00 50.00 36.35 8.75 - 102.3 3.08 8.48 NA NA 1.06 12.47 71.43 (1.27) - FIDS FNB Inc. 234 26 38.80 39.80 31.00 - - 113.9 4.12 9.81 0.21 400.60 NA NA NA 23.88 15.44 CNNB Cincinnati Bancorp (MHC) 221 28 15.20 16.25 11.80 11.09 - 118.7 NA 10.52 0.80 79.77 1.18 10.59 93.11 26.67 (2.56) HLFN Home Loan Financial Corp. 215 50 35.75 40.00 30.25 13.39 - 170.3 3.02 13.68 2.03 52.68 1.78 13.22 50.50 18.18 - FBOO First Bank of Ohio 205 33 585.00 585.00 585.00 - - - NA 34.90 0.12 NM 1.50 4.04 45.00 1.74 - PDRB Pandora Bancshares Inc. 187 NA NA NA NA - - - NA 8.78 1.49 54.40 0.69 8.08 80.81 NA NAGVFF Greenville Federal Finl (MHC) 186 24 11.24 11.70 9.76 41.63 - 111.8 2.49 11.68 NA NA 0.30 2.54 90.01 12.40 9.66 CIBN Community Investors Bancorp 178 15 18.25 18.49 16.40 13.52 - 99.8 1.97 8.18 1.57 55.26 0.67 7.72 83.32 9.28 - FMOO F&M Bancorp 171 21 65.00 68.40 58.00 - - - 1.54 NA NA NA NA NA NA 15.04 -

PNC PNC Financial Services Group 408,916 66,974 152.85 154.75 108.45 13.67 13.48 186.6 3.01 10.01 0.70 95.83 1.37 11.20 58.49 30.74 1.32 FNB F.N.B. Corp. 34,329 4,016 12.47 12.72 9.35 10.57 10.57 170.2 3.85 7.78 0.55 103.19 1.17 8.38 54.04 26.73 (0.48) FULT Fulton Financial Corp. 21,704 2,805 17.09 17.86 14.38 12.38 12.12 156.6 3.04 8.45 0.93 82.32 1.13 10.33 62.91 10.40 (0.06) CUBI Customers Bancorp Inc 11,724 748 23.89 25.72 16.72 13.73 11.89 95.0 NA 8.57 0.25 171.23 0.67 7.10 65.97 31.26 (1.32) NWBI Northwest Bancshares, Inc. 10,580 1,772 16.61 18.81 15.46 15.67 15.24 179.9 4.33 9.64 0.83 59.97 1.10 8.59 61.94 (1.95) (1.37) FCF First Commonwealth Financial 8,152 1,390 14.16 14.78 11.33 13.23 12.76 193.6 2.82 9.18 0.48 126.71 1.33 10.55 56.85 17.22 (0.35) STBA S&T Bancorp Inc. 7,572 1,288 37.62 42.56 33.30 12.62 12.50 185.9 2.98 9.51 NA NA 1.42 10.83 51.59 (0.58) (0.74) TSC TriState Capital Holdings Inc. 7,198 704 24.03 25.65 18.20 12.32 12.85 166.8 NA 7.55 0.06 301.62 0.96 11.60 60.87 23.48 (0.66) UVSP Univest Financial Corp. 5,354 747 25.46 27.80 20.18 10.88 11.49 153.0 3.14 9.42 0.75 83.31 1.35 10.73 59.82 18.03 (1.58) BMTC Bryn Mawr Bank Corp. 4,829 778 38.65 41.33 32.84 13.06 12.78 195.7 2.69 8.58 0.40 107.88 1.31 10.40 60.08 12.35 (0.87) CCNE CNB Financial Corp. 3,541 478 31.60 33.78 21.43 12.49 12.49 186.1 2.15 7.37 0.65 87.46 1.17 14.07 60.17 37.69 (0.60) FRBK Republic First Bancorp Inc. 3,086 234 3.97 7.85 3.86 NM NM 96.8 NA 7.84 0.81 33.98 0.04 0.46 95.93 (33.50) (2.70) PFIS Peoples Financial Services 2,373 362 48.99 49.81 39.76 13.39 - 156.7 2.86 10.01 NA NA 1.17 9.53 60.05 11.19 (0.24) ORRF Orrstown Financial Services 2,314 244 21.78 23.48 17.30 16.38 11.31 124.2 2.75 8.57 0.50 127.70 0.65 7.20 71.34 19.60 (0.23) MPB Mid Penn Bancorp Inc. 2,249 230 27.10 27.48 21.51 12.84 12.66 138.7 2.66 7.60 0.25 167.77 0.85 7.89 69.98 17.72 1.12 CVLY Codorus Valley Bancorp Inc. 1,869 211 21.72 24.96 19.65 11.31 - 108.5 2.95 10.01 1.95 57.96 1.02 10.13 65.20 2.21 (2.25) ESSA ESSA Bancorp Inc. 1,799 189 17.16 17.29 14.15 14.54 15.32 111.2 2.33 9.79 NA NA 0.69 6.80 68.63 9.93 1.48 ACNB ACNB Corp. 1,736 249 35.23 41.00 32.29 10.39 - 153.9 2.84 9.46 0.50 160.30 1.43 13.71 58.70 (10.24) (1.26) PWOD Penns Woods Bancorp Inc. 1,673 220 31.26 31.65 23.23 12.92 - 160.6 4.01 8.28 1.31 65.12 1.03 11.59 62.66 16.53 0.32 CZNC Citizens & Northern Corp. 1,643 364 26.54 29.25 22.52 17.35 15.25 170.7 4.07 13.21 0.92 61.30 1.36 9.13 60.40 0.42 0.64 CZFS Citizens Financial Services 1,475 210 59.44 63.65 54.96 11.05 10.69 164.2 3.03 8.80 1.64 56.57 1.31 12.91 55.00 8.07 0.75 CBFV CB Financial Services Inc. 1,328 155 28.50 28.97 22.77 12.72 12.42 140.5 3.37 8.54 0.60 121.57 0.93 8.56 65.15 15.01 0.65 FRAF Franklin Financial Services 1,302 159 36.50 39.56 26.83 10.37 - 135.4 3.29 9.06 1.29 72.82 1.26 12.94 64.89 15.87 1.39 SOME Somerset Trust Holding Company 1,293 100 41.00 47.00 40.00 9.13 - 90.6 3.61 8.53 0.96 87.21 0.88 11.67 78.00 (1.20) (2.50) PBIP Prudential Bancorp Inc. 1,289 158 17.75 19.57 13.92 16.59 - 118.6 1.13 10.37 1.16 36.17 0.82 7.09 57.99 0.85 0.17 MLVF Malvern Bancorp Inc 1,265 176 22.91 23.43 18.03 18.78 18.78 124.8 - 11.26 1.60 49.76 0.80 6.78 54.30 16.12 (0.26) QNBC QNB Corp. 1,246 133 37.95 45.00 36.07 11.10 - 111.9 3.48 9.55 1.13 67.39 0.99 10.42 64.26 (1.43) 0.50 NWFL Norwood Financial Corp. 1,216 214 34.16 38.05 28.08 15.39 - 174.6 2.81 10.24 0.24 283.67 1.16 10.99 58.61 3.52 (1.70) FNCB FNCB Bancorp Inc. 1,197 166 8.25 10.68 7.03 10.19 - 125.5 2.42 11.07 1.36 57.29 1.20 12.95 70.54 (2.25) 0.49

PENNSYLVANIA BANKS AND THRIFTS


Page 7


As of 11/22/2019




ASRV AmeriServ Financial Inc. 1,171 71 4.15 4.30 3.92 9.88 - 78.6 2.41 7.81 0.17 426.42 0.62 7.38 83.06 2.98 (0.24) EMYB Embassy Bancorp Inc. 1,161 129 17.25 17.25 14.06 12.23 - 133.5 1.16 8.32 0.25 269.79 0.94 11.54 60.76 15.38 0.29 ENBP ENB Financial Corp 1,146 116 20.57 21.50 17.11 10.85 - 101.0 6.22 10.09 0.34 240.15 0.98 10.24 69.25 19.07 0.44 MRBK Meridian Corp. 1,127 118 18.44 19.25 16.15 12.22 11.90 105.0 NA 10.04 0.61 134.37 0.98 8.64 77.91 7.43 (1.38) DNBF DNB Financial Corp.* 1,113 199 45.79 47.30 25.84 17.96 17.09 188.5 0.61 9.59 NA NA 0.96 9.57 62.85 60.72 (0.74) RIVE Riverview Financial Corp. 1,110 110 11.95 13.45 9.90 19.92 - 122.5 2.51 8.28 0.52 122.24 0.49 4.77 76.36 9.63 3.02 FSMK 1st Summit Bncp Johnstown Inc. 1,098 137 125.00 125.00 123.00 - - - - 10.06 0.41 120.37 0.99 10.34 62.62 11.61 - FKYS First Keystone Corp. 1,020 136 23.35 27.00 20.01 13.42 - 124.5 4.63 10.87 1.38 49.22 1.00 8.31 67.65 11.46 5.37 FDBC Fidelity D & D Bancorp Inc. 1,011 253 66.84 70.00 53.25 21.77 - 241.7 1.68 10.34 0.55 171.22 1.20 12.07 62.04 4.14 2.34 STND Standard AVB Financial Corp. 991 131 28.93 32.89 26.97 16.07 - 119.8 3.06 11.77 0.29 167.36 0.87 6.12 63.07 (3.18) 0.63 FBIP FNB Bancorp Inc. 954 130 175.00 175.00 133.65 - - - 2.06 9.51 0.18 263.57 1.24 14.40 59.84 29.63 2.34 EMCF Emclaire Financial Corp 941 87 32.25 37.75 29.07 13.90 - 142.7 3.60 7.08 0.58 119.26 0.75 8.37 65.57 6.30 (1.76) KISB Kish Bancorp Inc. 901 78 30.00 33.50 28.00 - - 127.9 3.33 6.75 NA NA 0.74 10.60 77.79 (6.25) (0.83) CFCX Centric Financial Corp. 792 84 9.60 10.75 9.40 11.16 - 112.1 NA 9.48 1.14 86.63 1.00 10.39 65.76 (1.44) 0.52 HARL Harleysville Financial Corp. 779 90 23.80 27.00 22.75 11.17 - 117.5 4.20 9.78 1.27 48.19 1.04 10.99 57.16 2.15 1.06 CCFN CCFNB Bancorp Inc. 758 104 49.45 55.00 48.10 12.09 - 114.8 3.15 12.11 0.92 107.72 1.19 9.07 61.21 (0.60) 2.79 DIMC Dimeco Inc. 723 106 42.50 45.00 40.00 12.14 - 123.1 2.82 11.91 2.29 51.13 1.27 10.84 66.42 4.29 (0.05) HONT Honat Bancorp 706 168 114.00 125.00 105.00 - - - 1.61 14.80 0.59 215.90 1.31 8.62 61.33 8.05 (0.65) JUVF Juniata Valley Financial Corp. 667 100 19.55 22.00 19.41 17.94 - 155.1 4.50 9.79 0.52 87.44 0.87 8.07 77.23 (8.00) (2.25) AMBK American Bank Inc. 638 69 12.25 13.55 10.95 - - 118.4 3.92 9.10 NA NA NA NA NA (2.00) 1.24 JNES Jonestown Bank and Trust Co. 630 55 22.85 27.00 22.01 10.83 - 97.1 3.33 9.03 1.00 95.52 0.83 9.23 70.60 (4.79) (2.77) NUBC Northumberland Bancorp 544 49 36.62 37.50 34.80 13.79 - 87.9 2.29 10.16 0.48 130.55 0.66 6.68 76.98 5.23 (0.76) YRKB York Traditions Bank 538 59 19.10 22.00 16.55 11.27 - 106.4 NA 10.37 0.53 137.53 1.07 10.19 69.61 12.35 0.53 FMFP First Community Finl Corp. 535 67 23.60 28.50 21.25 - - - 4.58 NA NA NA NA NA NA 2.61 (1.67) NTBP New Tripoli Bancorp Inc. 499 80 1,250.00 1,500.00 876.00 - - - 3.36 11.39 0.83 113.25 0.98 8.77 63.22 35.72 - MYBF Muncy Bank Financial 493 58 38.00 43.00 31.00 11.34 - 118.5 3.68 9.96 0.80 100.76 1.07 10.80 67.13 14.82 1.71 SQCF Susquehanna Community Finl Inc 476 58 19.70 20.70 16.37 11.07 - 121.7 2.64 10.03 0.15 358.09 1.15 NA NA (1.50) 1.03 MCHT Mauch Chunk Trust Finl Corp 460 47 14.00 14.55 12.40 15.79 - 102.1 2.14 9.11 0.76 71.93 0.60 6.93 75.44 0.46 3.63 MIFF Mifflinburg Bancorp Inc. 455 53 28.50 29.00 23.15 10.71 - 108.9 NA 10.77 NA NA 1.12 10.81 60.20 20.51 - CNAF Commercial National Financial 432 59 20.69 24.65 19.95 12.69 - 90.4 5.03 15.16 0.08 375.41 1.12 7.50 71.81 (1.71) 0.39 WDFN Woodlands Fnl Services Co 425 52 34.00 34.00 28.00 9.69 - 115.5 3.06 10.69 1.85 51.21 1.29 12.69 67.60 17.85 9.68 WMPN William Penn Bncp Inc. (MHC) 418 137 34.30 38.25 33.25 35.73 - - 1.17 NA NA NA 0.94 5.11 67.85 3.16 0.15 MNBC MNB Corporation 413 40 35.00 35.00 31.00 10.53 - 101.1 2.51 9.50 0.54 123.90 0.94 10.82 68.87 7.63 2.01 PPLL Peoples Ltd. 406 50 75.26 80.00 60.93 11.26 - 133.8 2.92 9.25 0.34 201.59 1.16 12.91 61.35 23.47 (1.22) MNBP Mars Bancorp Inc. 403 31 389.00 411.00 380.00 16.70 - 83.0 3.08 9.30 0.02 NM 0.47 5.20 83.60 2.37 1.04 HMLN Hamlin B&TC 389 100 269.52 300.00 269.52 - - 111.7 4.08 23.14 1.33 72.06 0.85 3.91 57.27 (5.43) (5.43) NEFB Neffs Bancorp Inc. 370 72 450.30 450.30 367.00 - - - 1.78 18.65 0.84 65.62 1.19 6.55 53.97 22.70 - WVFC WVS Financial Corp. 359 28 15.76 18.44 13.88 9.85 - 83.3 2.54 10.22 - NM 0.80 8.09 48.97 6.70 (2.35) HVBC HV Bancorp Inc. 357 32 15.18 16.75 14.25 33.00 - 103.5 NA 9.33 1.07 34.93 0.29 2.97 87.39 1.34 (0.13) GNBF GNB Financial Services Inc 357 44 56.00 60.00 50.50 - - - 2.00 NA NA NA NA NA NA 5.66 - FRSB First Resource Bk 322 26 9.36 10.80 7.67 11.24 - 94.7 NA 8.48 1.27 60.27 0.78 8.89 68.60 15.62 0.11 LDKB Landmark Bancorp Inc. 321 36 15.20 18.00 13.60 NM - 106.9 2.11 10.42 0.92 105.84 (0.11) (1.09) 84.81 10.55 (0.65)


Page 8


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CTYP Community Bankers' Corporation 311 18 7.96 8.50 7.50 - - - 4.52 NA NA NA NA NA NA (6.35) - EFSG Enterprise Financial Services 311 12 10.40 10.40 9.00 - - - - NA 5.05 3.37 0.58 6.20 83.37 15.56 3.59 QNTO Quaint Oak Bancorp Inc. 294 27 13.85 14.00 11.82 11.54 - 111.9 2.60 8.43 1.12 69.22 0.86 9.91 71.26 17.17 1.47 VTYB Victory Bancorp Inc. 268 20 10.31 10.60 6.90 8.97 - 104.1 0.97 7.22 NA NA 0.83 11.70 71.09 42.21 (0.39) FLEW Fleetwood Bank Corp. 255 22 76.00 92.45 72.55 - - - 2.63 9.78 0.23 332.08 0.73 7.93 76.29 2.36 - JTNB JTNB Bancorp Inc. 202 15 16.00 17.75 15.00 - - - 1.50 9.82 0.25 182.16 0.68 7.13 79.03 (2.32) - SSBP SSB Bancorp Inc. (MHC) 201 17 7.60 9.20 7.30 - - 82.4 NA 10.31 NA NA 0.25 2.37 85.57 (12.14) 0.66 CCYY Clarion County Community Bk 174 14 8.25 10.00 8.00 14.47 - 78.7 1.82 10.06 0.45 140.15 0.58 5.70 76.98 (3.17) - APLO Apollo Bancorp Inc. 161 21 40.00 47.00 39.26 11.70 - 98.7 5.10 13.08 NA NA 1.08 8.71 70.80 (11.60) 0.25

CFG Citizens Financial Group Inc. 164,362 16,776 38.59 38.66 27.62 10.16 10.13 125.9 3.73 9.37 0.92 83.44 1.13 8.55 57.16 29.80 1.55 WASH Washington Trust Bancorp Inc. 5,199 898 51.74 54.24 45.21 12.78 12.90 210.4 3.94 8.32 0.37 139.00 1.39 15.25 53.26 8.86 (1.82)

SSB South State Corporation 15,752 2,762 82.05 83.64 56.55 15.57 14.76 214.8 2.24 8.81 0.29 130.08 1.23 7.88 57.95 36.86 1.43 CARO Carolina Financial Corp.* 3,980 933 42.15 42.59 27.62 15.38 14.31 195.5 0.95 12.50 0.63 64.05 1.61 10.44 53.74 42.45 9.23 SFST Southern First Bancshares Inc 2,202 325 42.63 43.50 27.33 12.50 12.04 163.6 NA 9.02 0.58 123.63 1.33 14.57 54.97 32.93 0.52 CNBW CNB Corp. 1,250 134 84.00 85.00 74.50 - - - 2.98 10.15 0.33 155.08 1.16 11.71 59.73 12.75 - FCCO First Community Corp. 1,130 152 20.42 23.85 17.08 14.18 14.33 147.6 2.15 9.21 0.50 117.14 1.00 9.58 68.60 5.10 0.84 SFDL Security Federal Corp. 991 101 34.00 35.00 27.75 13.65 - 110.3 1.18 9.20 NA NA 0.82 9.12 75.07 20.14 0.65 GRRB GrandSouth Bancorporation 888 91 17.45 17.58 14.85 11.79 - 124.3 1.83 8.36 NA NA 0.94 11.72 68.39 2.71 2.05 SABK South Atlantic Bancshares Inc. 714 92 12.23 13.75 10.66 15.10 - 114.8 NA 11.30 NA NA 0.91 7.51 72.76 10.88 (0.24) COSO CoastalSouth Bancshares Inc. 663 97 12.25 14.00 9.20 - - 115.1 NA 12.88 NA NA 0.14 1.21 88.08 21.17 2.08 FSRL First Reliance Bcshs 658 65 7.90 8.18 5.15 13.62 - 117.7 NA 8.41 0.76 50.55 0.76 8.70 80.45 44.95 - OFED Oconee Fed Finl Corp. (MHC) 522 127 22.50 27.49 21.65 34.62 - 150.7 1.78 16.47 0.88 28.27 0.74 4.46 70.37 (9.64) (0.04) BKSC Bank of South Carolina Corp. 453 104 18.75 20.81 16.75 14.31 - 206.1 3.41 11.11 0.41 221.80 1.69 15.56 53.66 2.97 (0.08) CCNB Coastal Carolina Bcshs Inc. 436 48 7.76 8.30 6.38 19.79 - 110.2 NA 10.02 0.60 107.11 0.65 5.71 74.67 19.55 0.13 CFOK Community First Bancorporation 420 40 7.29 8.40 7.07 8.19 - 89.5 NA 11.41 NA NA 1.03 10.18 96.42 (3.70) 1.67

FHN First Horizon National Corp. 43,718 4,991 16.04 17.42 12.30 12.24 9.96 164.4 3.49 8.13 0.89 49.65 1.05 8.92 60.01 21.88 (1.53) PNFP Pinnacle Financial Partners 27,548 4,635 60.87 61.60 43.23 11.71 11.38 192.6 1.05 9.44 0.40 83.94 1.56 9.79 46.30 32.04 1.43 FBK FB Financial Corp. 6,089 1,181 38.17 39.71 30.33 15.21 13.52 211.7 0.84 9.45 0.73 70.41 1.45 11.39 64.28 8.99 0.16 FSB Franklin Financial Network Inc 3,818 491 33.33 35.17 25.25 21.78 15.87 125.3 0.72 10.25 0.09 774.09 0.56 6.07 58.50 26.39 (0.12) SMBK SmartFinancial Inc. 2,390 311 22.25 22.90 16.17 11.84 13.82 135.9 0.90 9.88 0.20 204.26 1.15 9.19 61.70 21.78 0.41 CSTR CapStar Financial Hlgs Inc. 2,034 311 16.94 17.33 13.51 19.47 12.69 139.2 1.18 11.23 0.29 217.76 0.82 6.32 61.15 15.00 0.77 RBNC Reliant Bancorp Inc. 1,852 251 22.44 25.00 19.03 15.69 15.48 149.1 1.60 9.35 NA NA 0.92 7.66 74.19 (2.60) 1.08 FIZN First Citizens Bancshares Inc. 1,786 246 62.00 62.00 54.26 13.84 - - 1.94 10.01 NA NA 1.03 9.69 68.91 0.00 - FFMH First Farmers Merchants Corp. 1,369 182 41.37 44.90 40.55 11.40 - 135.8 2.03 9.88 0.19 343.73 1.19 11.95 69.87 2.02 0.05 MCBI Mountain Commerce Bancorp Inc. 909 132 21.25 21.50 17.40 11.24 - 150.5 NA 9.63 NA NA 1.37 14.70 49.03 19.92 2.91 FABK First Advantage Bancorp* 733 110 28.40 29.25 22.60 16.61 - 135.7 2.11 11.03 1.31 56.34 1.06 9.18 66.88 15.92 1.00

RHODE ISLAND BANKS AND THRIFTS

SOUTH CAROLINA BANKS AND THRIFTS

TENNESSEE BANKS AND THRIFTS


Page 9


As of 11/22/2019




IBTN InsCorp Inc. 538 50 17.00 17.78 15.05 - - - 1.18 8.67 NA NA 0.81 9.29 NA 12.96 - TRUX Truxton Corporation 521 129 46.70 50.01 35.80 13.94 - 200.6 2.14 12.35 NA NA 1.88 15.87 55.88 29.90 (2.40) PGNN Paragon Finl Solutions Inc. 414 45 10.26 10.65 8.10 13.15 - - NA 11.11 0.27 402.89 0.87 8.14 71.11 21.42 0.59 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 5.25 5.65 4.71 - - - NA NA NA NA NA NA NA (1.87) - SCYT Security Bancorp Inc. 218 22 57.00 59.00 56.25 - - - 1.75 11.04 0.41 181.56 1.18 10.94 62.69 0.97 - UNTN United Tennessee Bankshares 216 20 24.00 37.60 20.61 12.56 - 82.0 2.29 11.56 0.74 91.48 0.77 6.90 68.46 14.29 - FCCT First Community Corp. 181 11 6.85 7.25 6.30 - - - 3.65 NA NA NA NA NA NA 0.88 (2.00)

UNB Union Bankshares Inc. 845 155 34.60 49.00 25.54 20.72 - 227.0 3.58 8.08 NA NA 0.93 11.28 69.01 (27.54) (4.00) CMTV Community Bancorp. 729 84 16.15 17.95 15.07 9.91 - 155.5 4.71 7.77 1.22 66.11 1.22 13.48 64.55 (2.12) - MDVT Middlebury National Corp. 384 33 37.00 40.20 35.50 8.83 - 85.7 2.70 9.76 0.50 119.02 0.99 10.31 71.42 2.78 (0.27) PPAL Peoples Tr Co St Albns 272 33 55.25 80.00 54.75 16.05 - 96.3 1.54 12.60 1.49 55.54 0.76 6.13 81.65 0.33 -

COF Capital One Financial Corp. 378,810 45,687 98.10 99.62 69.90 8.70 8.26 121.5 1.63 11.93 1.16 160.26 1.52 10.44 53.58 29.78 0.74 AUB Atlantic Union Bkshs Corp. 17,441 3,042 37.72 40.20 26.48 15.85 13.72 201.8 2.65 9.23 0.36 68.89 1.15 7.92 51.71 33.62 (0.53) TOWN TowneBank 12,021 2,005 27.92 28.94 22.88 14.39 15.01 180.8 2.58 9.85 0.41 111.45 1.26 9.22 63.66 16.58 (0.64) CARE Carter Bank & Trust 4,020 540 20.50 21.14 14.45 20.30 19.34 130.0 - 10.48 4.58 21.93 0.65 5.86 65.20 36.67 0.94 BHRB Burke & Herbert Bank & Trust 2,916 413 2,205.00 2,990.00 2,039.00 - - - 3.63 12.37 0.60 103.61 0.96 8.08 73.77 (24.95) (0.14) SONA Southern National Bncp of VA 2,699 378 15.65 16.27 12.87 11.95 10.72 144.9 2.30 10.09 0.26 158.95 1.17 8.97 52.69 18.38 (1.32) AMNB American National Bankshares 2,455 417 37.56 41.50 28.39 19.46 13.02 186.0 2.88 9.50 NA NA 0.86 6.93 57.41 28.15 0.97 FCBC First Community Bankshares Inc 2,205 479 30.77 36.48 27.06 12.77 14.11 199.5 3.25 11.40 1.16 72.13 1.73 11.53 55.78 (2.26) (1.79) FBLV First Bancorp Inc. 1,930 236 57.00 57.00 44.00 17.64 - 225.9 2.39 10.84 1.16 79.72 1.45 13.26 56.46 29.55 - CFFI C&F Financial Corp. 1,619 185 53.97 56.00 45.66 10.14 - 126.4 2.74 9.14 0.49 415.90 1.20 12.00 69.27 1.43 2.02 FVCB FVCBankcorp Inc. 1,565 236 17.03 20.49 15.53 18.31 16.07 141.5 NA 10.72 0.91 70.36 0.96 8.24 54.82 (3.29) (1.84) JMSB John Marshall Bancorp Inc. 1,513 192 16.15 17.50 13.91 15.24 - 134.2 NA 10.40 0.15 449.07 1.01 9.80 59.90 8.03 (1.22) ESXB Community Bankers Trust Corp 1,423 191 8.55 9.21 6.62 12.76 12.57 125.1 1.40 10.73 1.06 56.45 1.07 10.55 64.49 18.42 (2.73) NKSH National Bankshares Inc. 1,273 298 45.93 48.82 32.52 17.87 18.60 165.8 3.14 14.22 0.60 95.08 1.38 9.31 53.86 26.08 6.12 MNSB MainStreet Bcshs 1,234 176 21.76 25.50 16.62 12.73 12.80 134.9 NA 10.79 0.23 332.62 1.24 11.20 55.52 27.55 0.18 BAYK Bay Banks of Virginia Inc. 1,112 113 8.44 8.95 7.01 19.18 16.23 99.8 - 10.25 1.16 58.16 0.54 4.88 73.00 14.83 0.48 OPOF Old Point Financial Corp. 1,051 151 28.97 30.05 19.00 20.69 - 140.7 1.66 10.21 1.10 92.15 0.70 6.93 78.76 32.71 12.55 CPKF Chesapeake Financial Shares 944 116 23.52 26.49 19.04 10.32 10.45 109.3 2.13 11.25 0.56 98.78 1.28 11.96 74.20 14.97 (0.97) EFSI Eagle Financial Services Inc. 851 109 31.90 34.00 29.50 12.22 - 116.0 3.26 11.11 0.61 94.22 1.11 10.03 67.54 2.94 0.31 FMBM F & M Bank Corp. 813 95 30.00 35.70 25.15 18.99 - - 3.47 NA 1.90 58.28 0.73 6.28 69.38 0.00 5.45 FXNC First National Corp. 777 99 20.00 31.00 16.74 10.81 - 132.3 1.80 9.66 0.22 292.56 1.20 13.15 65.91 3.09 1.27 BRBS Blue Ridge Bankshares Inc. 736 90 20.60 22.50 16.50 15.04 - - 2.77 NA NA NA 0.83 9.32 75.14 19.42 0.49 FBSS Fauquier Bankshares Inc. 726 77 20.25 23.31 17.21 11.25 - 116.2 2.37 9.08 0.80 92.78 0.97 10.97 73.63 5.58 1.76 BOTJ Bank of the James Finl Grp Inc 708 64 14.75 15.50 12.60 11.61 - 105.8 1.63 8.62 0.63 107.84 0.81 9.62 74.87 13.46 (1.50) NWPP New Peoples Bankshares Inc 707 48 2.00 2.20 1.25 20.00 - 88.3 NA 7.67 NA NA 0.33 4.43 89.78 38.89 6.38 BMBN Benchmark Bankshares Inc. 700 87 19.00 21.55 18.15 10.05 - 126.2 3.05 9.88 NA NA 1.41 13.56 NA (6.40) -

VERMONT BANKS AND THRIFT

VIRGINIA BANKS AND THRIFT


Page 10


As of 11/22/2019




PKKW Parkway Acquisition Corp 695 77 12.50 12.50 10.67 12.38 - 104.8 1.92 10.65 1.44 39.60 0.92 8.07 68.09 14.68 1.21 VABK Virginia National Bkshs Corp. 661 101 37.50 38.57 32.76 14.49 - 135.0 3.20 11.33 0.43 141.04 1.08 9.54 64.14 14.10 0.67 BSSC Bk of Southside Virginia Corp. 581 163 303.00 333.00 302.00 - - - - NA NA NA NA NA NA (7.34) - HLND Highlands Bankshares Inc.* 575 68 8.25 8.80 5.06 25.00 - 125.1 - 10.67 2.58 28.09 0.57 5.91 73.33 58.65 (1.55) VBFC Village Bank & Trust Finl Corp 560 51 35.00 36.00 28.77 12.54 - 122.5 NA 7.41 1.91 28.99 0.77 10.45 76.76 14.94 0.29 FDVA Freedom Bank of Virginia 507 72 10.03 11.25 9.25 37.15 27.11 114.5 NA 12.45 0.55 162.04 0.40 3.28 86.77 (1.96) 0.10 BORT Bank of Botetourt 485 50 28.93 30.30 27.00 10.56 - 100.5 2.21 10.21 1.14 68.27 1.02 9.88 66.04 (0.24) - PPBN Pinnacle Bankshares Corp. 482 48 31.05 35.00 26.60 9.58 - 105.3 1.80 9.51 0.42 173.41 1.06 11.56 71.35 13.11 (1.43) TSBA Touchstone Bank 472 45 13.43 13.72 12.08 17.91 - 97.3 2.08 9.77 0.61 78.29 0.57 5.56 81.06 5.33 (0.37) CZBT Citizens Bancorp of Virginia 401 56 25.75 26.50 22.50 11.06 - 103.3 3.73 13.52 1.51 41.79 1.28 9.63 62.75 10.75 0.98 OAKV Oak View National Bank 256 28 9.90 10.25 7.10 14.35 - 120.4 NA 9.25 0.12 568.25 0.82 8.91 72.21 26.11 0.71 VCBS Virginia Community Bankshares* 251 42 59.00 59.00 34.00 21.14 - 163.6 - 10.29 0.72 85.09 0.81 7.98 77.41 73.53 0.82 FBPA Farmers Bank of Appomattox 236 29 27.00 31.00 26.33 11.19 - 88.5 3.11 14.00 0.77 55.00 1.12 8.17 65.36 (8.78) 1.89 BFTL Bank of Fincastle 222 32 3.16 3.40 2.23 33.26 - 119.6 - 11.89 2.93 39.14 0.44 3.59 83.99 26.40 (2.77) VABB Virginia Bank Bankshares Inc. 221 27 14.50 16.00 14.00 14.13 - 109.2 4.41 11.01 0.92 53.53 0.93 8.00 73.31 1.40 - PNBI Pioneer Bankshares Inc. 219 28 28.52 31.00 26.41 12.96 - 94.5 3.09 13.54 NA NA 1.01 7.41 74.25 (2.16) (0.28) PBVA Peoples Bankshares Inc.* 194 21 54.00 55.00 27.20 NM - 134.1 - 8.13 NA NA (0.45) (5.85) 76.02 42.11 (1.82)

UBSI United Bankshares Inc. 19,751 3,847 37.89 40.70 29.13 14.86 14.69 208.6 3.69 10.11 0.80 48.60 1.35 7.89 49.32 21.79 (4.10) WSBC WesBanco Inc. 12,594 2,010 36.75 43.88 33.19 12.09 12.39 169.4 3.37 10.16 0.39 109.19 1.33 8.22 53.92 0.16 (1.71) CHCO City Holding Co. 4,958 1,296 79.50 83.04 65.32 16.84 14.83 245.1 2.87 10.93 NA NA 1.61 12.75 49.63 17.62 (0.30) SMMF Summit Financial Group Inc. 2,324 325 26.17 27.47 17.94 10.51 11.48 148.9 2.29 9.53 2.46 22.64 1.39 13.56 53.67 35.53 (0.57) MVBF MVB Financial Corp 1,962 252 21.27 21.99 14.31 10.48 17.15 143.1 0.94 9.44 0.59 102.47 1.44 13.91 78.70 17.90 3.65 PFBI Premier Financial Bancorp Inc. 1,710 258 17.61 19.00 14.07 10.73 - 139.7 3.41 11.13 1.91 42.35 1.42 10.78 54.06 18.08 0.54 PTBS Potomac Bancshares Inc. 505 57 13.76 14.95 13.70 18.85 - 110.1 2.03 10.23 0.68 104.62 0.61 6.02 79.24 (2.41) (0.43) HBSI Highlands Bankshares Inc. 419 54 40.45 47.00 40.12 15.86 - 102.4 4.45 12.65 NA NA 0.82 6.36 75.83 (12.07) (0.12) JFWV Jefferson Security Bank 320 26 92.00 100.00 80.40 9.08 - 95.6 1.85 8.39 2.00 31.32 0.91 11.45 70.07 (8.00) - MKIN MCNB Banks Inc. 298 22 20.30 23.25 18.05 10.10 - 66.5 - 11.33 6.98 15.36 0.75 6.82 71.26 (12.69) - CIWV Citizens Financial Corp. 283 28 15.42 17.00 13.35 - - - 3.89 9.94 1.87 49.85 1.15 11.47 61.39 14.39 (3.32)

WEST VIRGINIA BANKS AND THRIFTS


Page 11


As of 11/22/2019

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 7 12.44 11.91 136.67 2.23 8.70 1.02 68.73 0.96 8.83 62.58 0.38 (0.35) FL Delaware 3 12.69 10.98 152.23 1.09 10.16 0.29 67.43 1.26 9.59 64.95 15.70 -

Discrict of Columbia 2 21.67 - 85.23 0.73 9.16 1.74 28.76 0.44 4.80 86.61 (3.60) (0.12) GA Florida 15 14.71 15.01 126.95 1.01 9.39 0.45 71.84 0.93 9.42 65.20 12.80 - MD Georgia 20 12.11 12.79 142.20 2.34 10.61 0.79 87.61 1.20 10.34 55.96 9.89 (0.12) MA Maryland 24 13.15 12.55 113.60 2.00 9.75 1.06 59.09 0.94 9.23 68.69 10.05 0.07 NJ Massachusetts 17 15.80 14.57 150.28 2.07 9.59 0.41 108.86 0.96 9.25 64.02 13.07 (0.37) NY New Jersey 32 12.91 12.93 133.15 1.53 9.56 0.82 88.23 0.87 8.82 60.09 6.47 (0.55) NC New York 57 13.26 13.04 136.64 2.56 9.08 0.51 110.08 0.98 9.85 65.01 11.15 - OH North Carolina 21 12.62 15.16 123.40 1.25 10.09 0.63 94.59 1.14 10.38 65.47 22.12 0.29 PA Ohio 45 12.06 11.85 138.91 2.87 10.21 0.64 100.97 1.18 10.45 63.28 13.14 - RI Pennsylvania 80 12.38 12.58 119.18 2.85 9.64 0.63 104.51 0.98 9.13 65.57 7.06 - SC Rhode Island 2 11.47 11.52 168.14 3.84 8.84 0.65 111.22 1.26 11.90 55.21 19.33 (0.13) TN South Carolina 14 14.25 14.32 124.26 1.99 10.08 0.58 117.14 0.97 9.35 69.48 16.15 0.59 VT Tennessee 19 13.50 13.52 144.12 1.75 9.94 0.40 181.56 1.06 9.24 62.69 14.29 - VA Vermont 4 12.98 - 125.90 3.14 8.92 1.22 66.11 0.96 10.79 70.22 (0.90) (0.13) WV Virginia 43 14.24 13.92 125.06 2.34 10.44 0.75 88.62 0.99 9.10 69.27 14.68 0.10

West Virginia 11 11.41 14.69 141.40 2.87 10.16 1.87 48.60 1.33 10.78 61.39 14.39 (0.30)

By Asset Size

10,000 >= $10 billion 45 12.70 12.12 176.87 2.97 9.23 0.57 86.20 1.21 9.53 56.95 22.63 (0.21) 1,000 $1 billion to $10 billion 158 13.07 13.11 142.69 2.41 9.74 0.64 105.74 1.08 10.09 60.76 14.02 -

500 $500 million to $1billion 87 13.62 14.61 117.49 2.18 9.67 0.68 95.44 0.91 9.32 69.33 6.20 0.14 250 $250 million to $500 million 94 11.57 38.48 103.28 2.21 9.98 0.74 87.41 0.90 8.44 71.35 4.50 - 100 $150 million to $250 million 32 13.45 - 101.04 2.39 11.04 0.79 71.52 0.85 7.57 76.50 4.23 -

Total Companies 416 12.86 12.83 129.11 2.42 9.78 0.65 95.26 1.01 9.53 64.85 11.13 -


Page 12

MHC COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 11/22/2019


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


CFBI Community First Bcshs (MHC) 310 84 11.05 11.70 9.82 NM NM 109.1 NA 24.71 NA NA 0.06 0.24 100.41 (5.15) 0.47

BVFL BV Financial Inc. (MHC) 297 110 15.52 20.00 13.50 41.95 NM - - 21.36 2.13 21.59 0.79 4.86 68.88 7.03 0.26

HONE HarborOne Bancorp Inc 3,949 618 10.58 11.18 8.35 41.90 37.6 106.0 NA 15.06 1.13 51.74 0.39 3.52 83.23 19.54 (0.47) PVBC Provident Bancorp Inc 1,078 227 11.67 14.08 9.80 19.99 NM 167.1 NA 12.60 NA NA 1.11 8.54 58.01 8.80 (0.68)

CLBK Columbia Financial Inc. (MHC) 7,070 1,771 16.28 17.10 14.25 32.56 37.9 189.1 NA 13.96 NA NA 0.82 5.69 62.61 6.47 (0.55) MGYR Magyar Bancorp Inc. (MHC) 630 71 12.25 12.75 10.93 24.02 NM 130.5 NA 8.67 3.12 24.83 0.47 5.66 78.12 0.00 2.00 LPBC Lincoln Park Bancorp (MHC) 307 15 8.07 11.60 8.06 NM NM - - 6.08 NA NA (0.52) (10.15) 151.48 (19.30) (4.72)

GCBC Greene County Bncp Inc. (MHC) 1,410 236 27.62 34.68 26.04 13.09 NM 202.4 1.59 8.27 0.37 259.24 1.45 16.62 50.83 (11.25) 0.07 PDLB PDL Community Bancorp (MHC) 1,100 249 14.16 14.72 12.42 NM NM 155.0 NA 14.60 1.73 63.93 0.29 1.76 88.28 11.15 0.35 NECB NorthEast Community Bncp (MHC) 1,038 141 11.75 12.39 10.55 9.68 NM - 1.02 NA NA NA 1.60 11.16 NA 5.86 (0.42) LSBK Lake Shore Bancorp Inc. (MHC) 597 88 15.15 16.24 14.25 23.31 NM 109.3 3.17 13.82 0.73 95.44 0.70 4.83 75.37 0.60 0.23 SCAY Seneca-Cayuga Bncp Inc. (MHC) 323 26 10.35 11.70 9.01 NM NM - NA 8.09 1.76 30.39 (0.11) (1.24) 107.67 0.39 - SNNF Seneca Financial Corp. (MHC) 210 17 9.35 9.50 7.61 15.08 NM 87.9 NA 9.67 0.79 71.52 0.58 5.96 77.62 17.61 -

LSFG LifeStore Financial Grp (MHC) 310 36 34.50 35.45 27.75 8.60 NM - 0.81 NA NA NA 1.38 13.97 71.37 22.12 -

TFSL TFS Financial Corp (MHC) 14,542 5,448 19.78 20.15 15.01 NM 62.8 328.3 5.46 11.61 NA NA 0.56 4.58 67.75 22.63 0.41 CNNB Cincinnati Bancorp (MHC) 221 28 15.20 16.25 11.80 11.09 NM 118.7 NA 10.52 0.80 79.77 1.18 10.59 93.11 26.67 (2.56) GVFF Greenville Federal Finl (MHC) 186 24 11.24 11.70 9.76 41.63 NM 111.8 2.49 11.68 NA NA 0.30 2.54 90.01 12.40 9.66

WMPN William Penn Bncp Inc. (MHC) 418 137 34.30 38.25 33.25 35.73 NM - 1.17 NA NA NA 0.94 5.11 67.85 3.16 0.15 SSBP SSB Bancorp Inc. (MHC) 201 17 7.60 9.20 7.30 - NM 82.4 NA 10.31 NA NA 0.25 2.37 85.57 (12.14) 0.66

OFED Oconee Fed Finl Corp. (MHC) 522 127 22.50 27.49 21.65 - NM 150.7 1.78 16.47 0.88 28.27 0.74 4.46 70.37 (9.64) (0.04)

One Year

SOUTH CAROLINA MHCs

GEORGIA MHCs

MARYLAND MHCs

MASSACHUSETTS MHCs

NEW JERSEY MHCs

NEW YORK MHCs

NORTH CAROLINA MHCs

OHIO MHCs

PENNSYLVANIA MHCs


Page 13

MHC COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 11/22/2019

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 - - 109.10 - 24.71 - - 0.06 0.24 100.41 (5.15) 0.47 FL Maryland 1 41.95 - - - 21.36 2.13 21.59 0.79 4.86 68.88 7.03 0.26

Massachussets 2 30.94 37.61 136.51 - 13.83 1.13 51.74 0.75 6.03 70.62 14.17 (0.58) GA New Jersey 3 28.29 37.86 159.78 - 8.67 3.12 24.83 0.47 5.66 78.12 - (0.55) MD New York 6 14.09 - 132.16 1.59 9.67 0.79 71.52 0.64 5.40 77.62 3.23 0.04 MA North Carolina 1 8.60 - - 0.81 - - - 1.38 13.97 71.37 22.12 - NJ Ohio 3 26.36 62.79 118.70 3.98 11.61 0.80 79.77 0.56 4.58 90.01 22.63 0.41 NY Pennsylvania 2 35.73 - 82.37 1.17 10.31 - - 0.60 3.74 76.71 (4.49) 0.40 NC South Carolina 1 - - 150.70 1.78 16.47 0.88 28.27 0.74 4.46 70.37 (9.64) (0.04)

By Asset Size

10,000 >= $10 billion 1 - 37.86 178.08 1.59 13.28 - - 0.82 5.69 65.18 8.80 (0.42) 1,000 $1 billion to $10 billion 6 19.99 37.74 167.06 1.31 13.96 1.13 63.93 0.97 7.12 62.61 7.64 (0.45)

500 $500 million to $1billion 3 23.66 - 130.47 2.47 13.82 0.88 28.27 0.70 4.83 75.37 - 0.23 250 $150 million to $500 million 10 25.40 - 109.10 0.81 10.42 1.28 50.96 0.44 3.70 87.79 5.10 0.07

TOTAL MHCs 20 23.31 37.86 124.58 1.38 11.68 1.00 57.83 0.64 4.85 77.62 6.17 0.04


Page 14

BANK & THRIFT TOTAL RETURN YTD

As of 11/22/2019

31.8%

8.5%

19.0%

16.2%

26.3%

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

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 November 25, 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) (%) (%)

11/19/2019 NA Seacoast Banking Corp. of FL FL First Bank of the Palm Beaches FL 189,126 8.69 0.60 6.87 0.14 32.90 5.91 NA 200.19 200.19 30.32 17.40 11.41 11/18/2019 NA United Bankshares Inc. WV Carolina Financial Corp. SC 3,979,888 15.62 1.61 10.44 0.60 1,117.89 44.65 15.69 159.81 207.06 16.29 28.09 27.42 11/1/2019 11/1/2019 IBW Financial Corp. DC City National Bank of NJ NJ NA NA NA NA NA NA NA NA NA NA NA NA NA10/29/2019 NA SmartFinancial Inc. TN Progressive Financial Grp Inc TN 291,991 10.44 0.67 6.58 2.22 41.38 1,996.91 NA 124.15 124.94 27.00 14.17 4.21 10/25/2019 NA Flushing Financial Corp. NY Empire Bancorp Inc. NY 1,012,542 8.02 0.35 4.68 NA 110.28 14.24 11.71 134.62 141.00 30.96 10.89 3.60 10/25/2019 10/25/2019 Buckeye State Bancshares OH Resolute Bank OH NA NA NA NA NA NA NA NA NA NA NA NA NA10/23/2019 NA Reliant Bancorp Inc. TN First Advantage Bancorp TN 732,562 11.03 1.06 9.18 1.31 123.05 30.67 23.57 146.52 146.52 17.94 16.80 NA10/22/2019 NA Centreville Bank RI PB Bancorp Inc. CT 538,030 15.81 0.82 5.09 1.20 115.55 15.25 33.20 133.50 145.30 25.42 21.48 NA10/21/2019 NA Community Bank System Inc. NY Steuben Trust Corporation NY 576,601 11.06 1.25 11.96 0.55 108.61 64.03 39.20 170.35 170.52 15.36 18.84 11.50 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 1.05 10.14 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 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 93.15 9.01 22.54 155.18 155.18 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 0.97 474.89 9.78 1.75 148.01 159.99 12.54 16.55 9.23 9/5/2019 NA BV Financial Inc. (MHC) MD MB Bancorp Inc MD 147,096 22.84 1.38 6.31 NA 31.91 15.85 (3.94) 92.49 92.49 14.03 21.69 (2.82) 8/30/2019 NA Farmers National Banc Corp. OH Maple Leaf Financial Inc. OH 276,736 14.48 0.56 3.78 4.86 39.62 633.01 NA 120.03 120.03 43.02 14.32 7.44 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 1.42 113.43 15.48 12.58 122.04 122.04 19.60 12.27 4.62 8/13/2019 NA C&F Financial Corp. VA Peoples Bankshares Inc. VA 194,037 8.13 (0.45) (5.85) NA 21.53 54.99 94.31 136.51 136.51 NM 11.09 4.41 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 0.80 183.35 20.79 53.68 148.25 174.24 15.40 15.89 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 11/8/2019 Guaranty Capital Corp. MS First Alliance Bancshares Inc. TN 141,075 8.15 NA NA NA 18.25 NA NA 158.68 NA NA 12.94 NA7/24/2019 NA Investors Bancorp Inc NJ Gold Coast Bancorp Inc. NY 572,323 8.07 0.45 5.65 NA 63.63 15.84 21.83 134.91 134.91 25.14 11.12 5.05 7/23/2019 11/22/2019 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 10/31/2019 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 11/1/2019 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 62.34 38.20 41.50 162.69 162.69 21.83 14.09 8.29 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 11/8/2019 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

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) (%) (%)

6/7/2019 11/1/2019 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 10/24/2019 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 10/23/2019 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 0.81 8.02 1.07 44.61 62.18 59.43 182.43 182.43 21.74 17.80 9.72 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 10/1/2019 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 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 11/8/2019 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 1,669,151 10.24 0.86 8.94 0.90 213.43 30.18 27.61 122.17 145.40 14.87 12.99 6.97 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 10/11/2019 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 17.28 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 10/21/2019 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 631,996 8.97 0.86 10.04 NA 93.16 62.00 74.40 164.49 184.31 17.13 14.74 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 238,460 9.22 NA NA NA 37.31 1.15 22.34 169.72 NA NA 15.64 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 11/15/2019 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

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 4 4 10.22 0.80 6.58 1.17 149.01 15.12 23.19 119.82 135.25 21.35 13.13 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 1.19 10.76 0.75 79.63 12.88 NA 176.37 176.37 17.07 18.63 11.43 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 4 4 11.78 1.21 8.66 0.27 262.04 33.16 20.33 141.36 168.03 14.41 16.92 10.47

NJ Massachusetts 5 5 10.55 0.72 6.72 0.76 328.71 32.42 20.70 159.75 159.75 14.87 11.06 7.97 NY New Jersey 7 7 10.90 0.94 9.84 0.78 125.34 16.42 12.58 143.30 150.32 16.36 15.09 8.85 NC New York 5 5 8.62 0.66 7.85 0.55 102.23 62.00 39.20 151.00 151.00 17.13 13.05 7.50 OH North Carolina 2 2 10.78 0.80 7.90 0.86 156.78 20.43 33.48 132.11 153.23 18.33 14.61 8.36 PA Ohio 7 7 12.37 0.31 2.02 1.15 36.48 340.00 32.90 138.29 144.28 21.41 15.44 8.34 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 2 2 12.42 1.61 10.44 0.60 577.60 22.90 19.02 164.77 207.06 16.29 21.87 27.42 VT Tennessee 4 4 10.52 1.05 9.18 1.31 39.87 35.98 23.57 145.26 143.99 17.94 14.72 5.73 WV Virginia 4 4 9.79 0.47 4.87 1.07 50.04 34.19 40.99 145.85 145.85 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 6 11.96 1.24 10.03 0.64 - 757.43 28.22 9.86 133.02 177.97 13.84 16.00 9.50 1,000,000 10,000,000 $1B to $3B 9 10.24 0.94 10.07 0.93 - 213.43 25.49 17.24 148.25 159.99 15.40 15.89 8.60

500,000 1,000,000 $500M to $1B 13 9.56 0.83 9.18 0.82 - 105.10 15.79 36.20 148.76 153.09 18.77 14.99 7.85 250,000 500,000 $250M to $500M 19 10.44 0.81 8.40 0.46 - 52.56 37.09 26.27 162.49 162.49 17.30 15.09 9.30

0 250,000 < $250M 24 11.02 0.70 6.48 1.31 - 23.13 34.65 29.37 153.32 137.72 21.41 15.30 6.22

Total Deals 71 10.35 0.85 8.67 0.80 - 79.63 28.22 22.54 152.16 159.75 17.21 15.26 8.74

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

Documents

Janney Weekly Bank & Thrift Newsletter · 11/25/2019 · JANNEY MONTGOMERY SCOTT ©2019 Janney Montgomery Scott LLC Member: NYSE, FINRA, SIPC JODY LURIE ALAN SCHANKEL DIRECTOR MANAGING