Janney Weekly Bank & Thrift Newsletter · 12/30/2019 · This report is the intellectual property of Janney Montgomery Scott LLC (Janney) and may not be reproduced, distributed,

DECEMBER 30, 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: Nov retail and wholesale inventories

- Nov pending home sales

- Dec Dallas Fed manufacturing activity index

- Dec MNI Chicago PMI

Tuesday: 2pm bond market close

- Oct FHFA house & S&P/Case-Shiller home price indices - Dec Conference Board consumer confidence

Wednesday: Bond market closed – No Daily FIX

HAPPY NEW YEAR!

Monday, December 30, 2019

It’s the penultimate trading session of 2019, a year marked by political/fiscal headlines

It was a quiet day for the economic calendar on Friday to close out a light week. This week might see slightly better market liquidity once the New Year begins on Wednesday, but we anticipate today and tomorrow ending the year on a muted note. Treasuries are starting the day with a selloff before market open after a rally on Friday that left the belly of the curve 4-5bps lower, but 10-and 30-year yields only 2bps and 1bp lower, respectively. The relative value of the US dollar hit an almost 6-month low as investors reposition their books at year-end, along with responding to progress in US/China trade relations, Brexit, and other political drivers.

In the final two sessions of 2019, investors will be watching the overnight repo market closely for volatility akin to that seen in mid-September. Unlike mid-September, however, both market participants and the Fed are more tuned into the happenings in the overnight, with the Fed injecting cash into the system each day through open market operations. Recent operations were undersubscribed, which is a notable shift from the elevated demand in September and October in particular. That said, major financial institutions that participate in the overnight market have begun adjusting their internal structures to respond to weakness in “market plumbing,” a term suggesting this issue stems from post-recession regulation, elevated treasury issuance, and quantitative easing backlash.

Taxable Fixed Income

With two sessions left, it is unlikely we will see a reversal from the almost 15% year-to-date total returns in investment grade corporates and the over 14% total returns in high yield corporates. The asset classes led the way this year as the Fed’s shift into a rate-cutting strategy midyear (i.e. “insurance cuts”) led many market participant to think about credit risk and interest rate risk, while at the same time considering how far away we are from a downshift in both credit and economic cycles. While there are some signs that market liquidity remains open to weaker credits, including spread levels nearing 10+ year tights, bouts of volatility in the lowest rated assets signal that the market may be on shaky ground. Among items to consider are the fact that lower-rated issuers do not have as stringent requirements on their debt as they did before the post-recession issuers market, making the potential loss given default greater. At the same time, issuers can delay default and restructurings due to covenant-lite terms.

Municipal Fixed Income

Municipal market activity last week was sparse, reflecting the holiday lull and the lack of primary issuance. Yields were little changed in light trading and municipal to Treasury ratios remained below the 80% floor pierced two weeks ago as demand for tax free income outpaced supply. It appears that we will end the year with an unbroken streak of weekly inflows to municipal mutual funds for the first time since 2009, with an estimated $91B of new cash flowing to muni funds, exceeding 2009’s $72B total. Only two small issues are listed for sale this week on Bloomberg’s calendar, but we expect that the strong fourth quarter primary pace will continue in the new year, with $8B already listed for sale in the week of January 6th. Additional deals will likely be added, but as it stands now, New York’s Metropolitan Transportation Authority (A1/A/AA-) tops the calendar in the first full week of 2020, with about $1.5B of bond anticipation notes (due in 2022 and 2023) and $940MM of Climate Bond Certified Green Bonds. Chicago will also be a first week factor, with a $346MM general obligation refunding issue (NR/BBB+/BBB-) as well as $912MM Sales Tax Securitization Corp (STSC) second lien bonds (NR/AA-/AAA), with taxable and tax free components. Chicago has been using the higher rated STSC, which is backed by the city’s share of state sales tax revenue, to refinance GO debt.

Treasury Yield 27-Dec Muni Muni/Treasury

2-year 1.58% 1.06% 67%

5-year 1.68% 1.14% 68%

10-year 1.88% 1.48% 79%

30-year 2.32% 2.14% 92%

Mortgage-Backed Securities Yield

Fannie Mae 3.0% 2.69%

Ginnie Mae 3.0% 2.43%

Agency Securities Yield

FNMA 1 7/8 09/24/26 1.87%

FHLMC 6 1/4 07/15/32 2.17%

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

US Aggregate 0.21% 8.87% 9.18%

US Treasury 0.21% 7.08% 7.36%

US Municipal 0.05% 7.54% 7.61%

US IG Corporates 0.28% 14.82% 15.11%

US HY Corporates 0.05% 14.31% 14.90%

US Mortgage-Backed 0.14% 6.30% 6.69%

Euro Aggregate 0.10% 6.39% 6.31%

Asian Pacific Aggregate 0.04% 2.71% 2.77%

Global Infl-Linked 0.44% 8.01% 8.18%

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

0%

1%

2%

3%

4%

0y 10y 20y 30y

Yield Curve

27-Dec

27-Dec-2018

300

500

700

70

95

120

145

170

Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019

US Corporate Option Adj'd Spread (bps)

IGHY (right axis)

https://www.janney.com/latest-articles-commentary/latest-insights/detail/insights/2019/09/23/what-is-happening-in-the-repo-market-right-now

https://www.janney.com/latest-articles-commentary/latest-insights/detail/insights/2019/10/08/oil-prices-repo-non-crisis-and-stocks-in-october

2. Bank, Thrift & MHC Summary Valuation

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/27/2019

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 7,432 16.75 18.03 13.81 12.79 12.50 174.7 4.24 8.30 0.58 81.54 1.04 7.60 57.71 16.08 (1.06) WBS Webster Financial Corp. 29,895 4,866 52.87 58.25 42.29 12.71 12.95 198.9 3.03 8.83 1.02 68.73 1.38 13.12 56.27 7.26 (0.79) BWFG Bankwell Financial Group Inc. 1,859 221 28.50 31.89 24.67 12.45 11.80 129.0 1.82 9.33 0.70 101.80 0.96 10.11 58.05 (0.73) (3.72) SAL Salisbury Bancorp Inc. 1,144 126 44.53 49.85 35.25 11.81 11.87 130.0 2.52 8.56 1.14 67.53 0.96 10.06 67.11 23.08 0.63 PNBK Patriot National Bancorp Inc. 972 49 12.66 17.74 12.02 NM 19.78 75.0 0.32 6.83 2.39 36.21 (0.10) (1.41) 88.40 (11.16) (0.57) PBBI PB Bancorp Inc.* 544 107 15.16 15.20 10.65 28.07 - 143.1 1.85 14.68 NA NA 0.73 4.56 71.63 40.37 0.46 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 2,289 43.90 46.05 36.95 14.83 11.99 178.7 1.09 11.01 0.58 67.43 1.30 9.43 54.69 15.80 (1.17) TBBK Bancorp Inc 4,944 731 12.86 13.73 7.66 12.73 12.02 151.7 NA 9.74 NA NA 1.26 13.08 64.95 61.56 (2.21) MDCT MidCoast Community Bancorp Inc* 266 30 6.40 7.75 5.35 - - - NA 10.16 - NM 0.95 9.59 78.97 19.63 0.79

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 - IBWC IBW Financial Corp. 425 17 28.00 30.00 24.00 - - 45.2 0.43 8.83 3.43 28.76 0.29 3.30 93.60 (3.45) 1.82

BKU BankUnited Inc. 32,951 3,455 36.39 37.60 29.08 13.33 12.25 122.3 2.31 8.61 0.49 66.93 0.85 9.31 58.86 21.54 (1.54) CSFL CenterState Bank Corp. 17,420 3,132 25.04 26.83 20.53 13.68 12.10 203.0 1.76 9.65 0.31 76.75 1.41 8.49 51.08 19.01 (2.53) AMTB Amerant Bancorp Inc. 7,864 848 21.75 23.59 11.83 17.83 18.59 116.8 NA 10.26 0.42 163.42 0.65 6.75 72.93 67.18 (1.14) SBCF Seacoast Banking Corp. of FL 6,891 1,551 30.30 31.42 22.35 17.93 15.50 211.9 - 11.05 0.76 64.59 1.30 9.82 52.72 16.45 (2.32) CCBG Capital City Bank Group Inc. 2,935 508 30.35 30.88 21.04 16.68 17.15 214.7 1.71 8.31 0.81 60.32 1.04 9.88 71.84 30.76 - FNBT FineMark Holdings Inc. 2,108 222 25.10 30.00 24.10 15.12 - 126.7 NA 8.32 NA NA 0.78 9.15 71.90 (16.33) - TSHR Three Shores Bancorp. Inc. 1,857 226 9.30 9.71 8.96 - - 128.5 NA 8.55 0.45 170.78 0.75 9.42 60.63 2.65 - TGRF TGR Financial Inc. 1,528 221 12.78 13.00 10.26 14.52 - 164.9 NA 9.13 0.01 NM 1.16 12.56 58.74 23.24 0.24 PFHD Professional Holding Corp. 890 85 19.00 19.13 15.35 - - - NA NA NA NA NA NA NA 25.00 - FMIA First Miami Bancorp Inc. 853 114 1,312.00 1,400.00 1,235.00 - - - 0.38 NA NA NA NA NA NA 2.50 (6.07) PMHG Prime Meridian Holding Co. 484 67 21.00 21.24 18.35 17.07 - 121.7 0.57 11.37 NA NA 0.89 7.48 65.20 14.25 1.25 PLBN Pilot Bancshares Inc. 426 53 3.43 3.59 3.00 - - - - 9.98 0.93 53.15 NA NA NA (0.58) - FCIT First Citrus Bancorp. Inc. 417 55 27.00 27.00 21.05 13.64 - 151.5 NA 8.84 NA NA 1.02 11.61 65.36 30.12 0.48 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 -

SNV Synovus Financial Corp. 47,661 5,693 38.85 40.41 31.22 11.49 9.91 151.6 3.09 9.17 0.62 89.23 1.20 12.14 52.23 21.44 0.57 ABCB Ameris Bancorp 17,764 2,965 42.70 44.90 30.50 14.83 11.22 210.5 1.41 8.43 0.81 24.62 1.11 8.38 53.56 34.83 (1.18) UCBI United Community Banks Inc. 12,809 2,442 30.92 31.66 20.97 13.68 13.10 194.6 2.33 10.07 0.56 87.81 1.45 12.09 53.91 44.08 0.82 ACBI Atlantic Capital Bcshs Inc. 2,410 402 18.36 19.79 15.11 8.66 15.90 133.3 NA 12.80 0.77 97.43 1.94 15.68 55.11 12.16 (3.27) MCBS MetroCity Bankshares Inc. 1,645 447 17.50 17.78 12.38 9.78 9.51 228.9 2.51 11.36 0.91 45.85 2.91 25.13 40.59 6.06 0.34 CBAN Colony Bankcorp Inc. 1,478 156 16.45 18.95 14.38 13.82 - 141.7 1.82 7.56 1.52 29.33 0.77 9.74 71.00 12.67 2.17

CONNECTICUT BANKS AND THRIFTS

DELAWARE BANKS AND THRIFTS

FLORIDA BANKS AND THRIFTS

DISTRICT OF COLUMBIA BANKS AND THRIFTS

GEORGIA 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 12/27/2019




HSBI Heritage Southeast Bncp, Inc. 1,286 146 20.75 25.00 18.00 - - - - 8.03 NA NA NA NA NA (5.68) 1.22 THVB Thomasville Bancshares Inc. 954 276 46.00 47.14 38.50 - - - 3.04 9.31 0.54 321.56 1.91 20.76 47.25 12.22 - FIEB First IC Corp. 702 71 8.80 9.00 7.47 - - - NA 10.79 0.12 767.97 1.83 14.29 51.93 13.88 - SGB Southwest Georgia Financial* 548 89 34.98 35.34 19.13 17.58 - 184.0 1.37 8.84 0.38 167.30 0.94 11.20 72.45 72.49 1.83 SCSG SouthCrest Financial Group Inc 524 58 9.45 10.40 8.56 16.02 14.77 - 2.12 NA NA NA 0.91 8.57 72.40 2.72 1.07 SEBC Southeastern Banking Corp. 422 66 21.00 23.90 17.50 9.09 - 106.8 2.48 14.70 NA NA 1.72 12.69 56.81 20.00 - TMAK Touchmark Bancshares Inc. 418 42 9.30 9.30 8.10 8.06 - - - NA NA NA 1.27 10.37 53.15 14.81 - CZBS Citizens Bancshares Corp. 415 24 11.30 11.75 9.40 - - - 2.65 11.16 1.21 32.58 0.97 9.04 74.92 8.65 1.71 OSBK Oconee Financial Corp. 356 31 34.27 38.00 32.55 12.65 - - 1.75 9.46 0.17 437.30 0.71 7.67 79.25 5.28 - CFBI Community First Bcshs (MHC) 310 85 11.30 11.70 9.82 NM - 111.6 NA 24.71 NA NA 0.06 0.24 100.41 (3.00) (1.74) EXCH Exchange Bankshares Inc. 256 30 48.00 48.00 43.10 - - - 1.83 13.99 1.25 84.40 1.22 9.09 65.55 2.13 - UNBK United National Bank 224 22 32.00 34.00 29.25 - - - NA 13.99 3.50 60.63 1.43 10.31 55.09 2.24 - ALBY Community Capital Bancshares 188 14 11.50 11.50 9.07 - - - - NA NA NA NA NA NA 22.60 0.88

EGBN Eagle Bancorp Inc 9,003 1,622 48.80 60.77 37.08 11.35 11.30 152.4 1.80 12.14 0.74 111.33 1.72 12.93 36.21 0.18 (1.65) SASR Sandy Spring Bancorp Inc. 8,438 1,349 37.87 38.33 29.83 11.91 11.63 172.0 3.17 9.71 0.49 132.17 1.38 10.46 51.54 20.84 (0.68) REVB Revere Bank* 2,835 472 39.38 39.45 27.05 15.57 15.06 177.9 NA 9.46 0.23 339.39 1.22 11.17 48.43 38.18 (0.18) HBMD Howard Bancorp Inc. 2,293 329 17.25 19.20 12.60 29.74 17.34 140.9 NA 10.53 1.06 39.32 0.50 3.70 59.94 20.63 (1.15) TCFC Community Finl Corp. 1,856 201 35.98 36.23 27.07 13.33 13.08 130.2 1.39 8.37 1.42 42.81 0.88 9.41 58.45 23.05 - SHBI Shore Bancshares Inc. 1,562 220 17.34 17.90 14.00 9.13 13.44 126.9 2.77 11.29 1.34 49.93 1.64 13.12 59.62 19.26 0.58 FUNC First United Corp. 1,441 171 24.03 24.80 15.07 13.50 - 144.3 2.16 8.28 1.41 59.09 0.90 10.30 69.04 50.94 (1.88) CBNK Capital Bancorp Inc. 1,311 203 14.70 15.07 10.21 13.36 12.46 158.5 NA 9.75 0.55 178.98 1.33 12.77 72.45 28.83 (0.81) SVBI Severn Bancorp Inc. 826 118 9.25 9.94 7.44 12.17 - 114.2 1.73 12.55 1.84 48.80 1.06 9.68 68.69 15.91 (2.53) DBCP Delmar Bancorp 793 142 8.01 8.25 6.95 - - 122.1 1.25 8.32 2.16 41.16 0.83 8.80 64.06 15.25 (0.50) TYCB Calvin B. Taylor Bankshares 557 100 36.09 38.00 33.11 11.82 - 112.3 3.44 16.01 1.02 13.27 1.61 9.83 48.80 7.35 1.66 CMHF Community Heritage Finl Inc 489 50 22.00 23.00 18.05 20.95 - 106.5 0.55 9.54 0.39 212.96 0.51 5.11 79.80 (2.22) - PSBP PSB Holding Corp. 457 42 28.90 28.90 22.40 12.84 - 104.1 NA 8.80 NA NA 0.74 8.80 73.24 27.03 - FCBI Frederick County Bancorp* 453 59 36.50 37.52 23.00 25.70 - 154.9 0.88 8.36 0.75 100.41 0.52 6.18 77.42 35.19 0.19 FMFG Farmers & Merchants Bcshs Inc. 435 54 18.40 23.50 9.88 11.67 - 111.2 2.83 11.28 0.49 118.53 1.09 9.91 63.15 5.75 (5.64) HFBK Harford Bank 390 42 29.50 29.50 26.75 12.24 - 99.8 2.31 10.79 1.42 56.92 0.94 8.50 68.82 5.36 4.91 GLBZ Glen Burnie Bancorp 383 32 11.29 12.21 10.17 23.52 - 90.2 3.54 9.22 1.34 44.79 0.35 3.98 85.22 8.25 2.18 DLMV Delmarva Bancshares Inc. 378 33 8.35 8.35 7.49 13.47 - 88.3 2.40 12.46 NA NA 1.00 7.99 64.56 7.05 - BVFL BV Financial Inc. (MHC) 297 121 17.12 20.00 13.50 46.27 - - - 21.36 2.13 21.59 0.79 4.86 68.88 18.07 (4.36) HRBK Harbor Bankshares Corporation 296 4 0.65 0.74 0.46 - - - - NA NA NA NA NA NA (13.33) - PEBC Peoples Bancorp Inc 246 25 34.70 36.00 29.50 10.21 - 105.3 2.02 9.91 1.71 80.90 1.02 9.23 77.26 17.63 0.87 CBMB CBM Bancorp Inc. 218 56 14.15 15.30 12.42 NM - 98.5 NA 27.91 0.61 97.97 0.29 1.02 83.91 13.02 (1.74) CROL Carroll Bancorp Inc. 186 16 14.15 14.15 12.42 43.63 - 90.5 NA 9.71 2.08 29.13 0.19 2.08 93.86 9.25 1.07

STT State Street Corp. 244,606 29,133 80.12 81.23 48.62 15.87 13.70 244.0 2.60 6.65 - NM 0.94 8.49 72.62 27.03 1.12 BHLB Berkshire Hills Bancorp Inc. 13,532 1,624 32.82 33.72 26.02 18.44 13.68 146.4 2.80 9.05 0.55 84.28 0.68 5.20 56.80 21.69 (1.06)

MARYLAND BANKS AND THRIFTS

MASSACHUSETTS BANKS AND THRIFTS


Page 2


As of 12/27/2019




INDB Independent Bank Corp. 11,539 2,880 83.78 87.64 62.33 17.75 14.93 251.1 2.10 10.42 0.59 98.06 1.45 10.92 51.32 19.16 (2.55) BPFH Boston Private Financial 8,691 1,000 12.01 12.37 9.78 10.63 12.91 135.0 4.00 8.59 0.28 307.99 1.08 11.97 68.33 13.62 (0.41) BRKL Brookline Bancorp Inc. 7,878 1,311 16.46 16.96 13.52 15.24 14.96 172.0 2.79 9.94 0.73 102.17 1.16 9.65 55.21 19.10 (1.70) EBSB Meridian Bancorp Inc. 6,363 1,032 20.23 20.86 13.73 16.86 15.87 156.4 1.58 10.87 0.10 764.84 1.01 9.03 52.74 41.27 (2.18) CNBK.A Century Bancorp Inc. 5,299 506 90.87 95.70 65.15 13.02 - 155.1 0.53 6.16 0.07 838.53 0.76 12.59 58.83 34.17 0.80 HONE HarborOne Bancorp Inc 3,949 643 11.01 11.18 8.35 43.60 28.97 110.3 NA 15.06 1.13 51.74 0.39 3.52 83.23 24.40 0.27 EBTC Enterprise Bancorp Inc. 3,139 394 33.67 36.00 26.85 12.42 - 139.6 1.90 9.10 0.99 108.86 1.05 11.99 64.11 4.70 (3.00) CATC Cambridge Bancorp 2,842 423 79.33 86.20 71.24 15.14 12.71 184.3 2.57 7.43 0.13 491.68 0.98 11.82 63.93 (4.71) (0.66) HIFS Hingham Instit. for Savings 2,480 448 209.90 211.42 163.00 14.22 - 188.3 0.78 9.59 0.11 558.27 1.31 14.42 30.38 6.15 2.99 WNEB Western New England Bancorp 2,174 251 9.61 10.20 8.50 18.84 19.41 118.1 2.08 10.01 NA NA 0.65 5.95 69.71 (4.28) (3.13) PVBC Provident Bancorp Inc 1,078 243 12.49 14.08 9.87 21.39 12.01 178.8 NA 12.60 NA NA 1.11 8.54 58.01 16.44 (0.72) WEBK Wellesley Bancorp* 986 113 45.54 45.97 27.74 17.93 - 163.0 0.53 7.28 NA NA 0.70 9.48 68.57 64.17 (0.74) RNDB Randolph Bancorp Inc 641 88 16.70 18.34 13.32 37.95 24.93 - NA NA 0.88 73.91 0.38 3.00 95.60 18.02 2.71 GABK Grand Bank Corp. 364 68 6,000.00 6,150.00 5,990.00 - - - 2.00 NA NA NA NA NA NA (0.83) - MELR Melrose Bancorp Inc* 341 52 24.62 24.65 17.46 43.96 53.52 - 1.38 11.93 NA NA 0.38 2.93 79.76 37.08 (0.12)

VLY Valley National Bancorp 33,766 4,591 11.37 12.14 8.72 11.26 12.43 170.0 3.87 7.44 0.58 81.98 1.08 10.14 57.09 28.04 (2.11) ISBC Investors Bancorp Inc 26,725 2,820 11.95 12.92 10.19 17.57 15.32 115.4 3.68 10.68 0.44 194.56 0.68 6.05 58.78 14.90 (0.83) PFS Provident Financial Services 9,918 1,620 24.63 27.94 23.08 12.96 13.92 168.6 3.74 10.13 0.86 66.90 1.25 8.88 53.79 2.07 (1.72) OCFC OceanFirst Financial Corp. 8,135 1,274 25.29 26.09 20.46 13.82 12.19 170.2 2.69 9.73 0.45 45.30 1.17 8.33 54.12 12.35 (1.06) CLBK Columbia Financial Inc. (MHC) 7,070 1,871 17.20 17.20 14.25 34.40 35.10 199.8 NA 13.96 NA NA 0.82 5.69 62.61 12.49 1.00 KRNY Kearny Financial Corp. 6,641 1,145 13.79 14.40 12.02 28.73 28.14 133.8 2.03 13.93 0.41 117.99 0.63 3.65 62.99 7.57 (1.85) LBAI Lakeland Bancorp 6,492 875 17.33 17.63 14.21 12.93 12.29 158.4 2.89 8.72 0.34 176.59 1.10 10.07 55.25 17.02 (1.25) CNOB ConnectOne Bancorp Inc. 6,161 901 25.62 26.50 17.82 12.44 11.14 164.2 1.41 9.21 1.22 51.69 1.23 10.58 40.26 38.71 (1.91) PGC Peapack-Gladstone Financial 4,925 573 30.98 31.70 24.61 13.18 12.85 129.8 0.65 9.28 0.65 128.95 0.98 9.58 60.66 23.03 (1.46) NFBK Northfield Bancorp Inc. 4,808 837 16.94 17.55 13.21 19.93 20.53 128.0 2.60 13.64 0.51 113.58 0.88 5.94 58.45 25.02 (2.76) BCBP BCB Bancorp Inc. 2,825 229 13.87 14.96 10.32 11.28 11.75 118.3 4.04 7.74 0.78 111.76 0.78 10.04 61.83 32.47 (3.68) FRBA First Bank 2,047 225 10.98 12.90 10.29 14.64 14.26 111.1 1.09 9.98 0.89 94.47 0.79 7.07 59.40 (9.41) (2.40) SBBX SB One Bancorp 1,934 232 24.95 25.24 20.24 11.77 10.75 138.4 1.36 8.76 0.87 57.84 1.10 10.69 55.77 22.06 (0.20) UNTY Unity Bancorp Inc. 1,664 246 22.67 24.70 16.74 10.64 11.06 161.6 1.41 9.17 0.49 197.56 1.54 16.25 52.45 9.20 (1.05) PKBK Parke Bancorp Inc. 1,598 271 25.15 25.45 17.00 9.42 - 158.2 2.54 10.86 1.79 73.76 1.97 18.25 28.79 34.38 (0.20) BPRN Bank of Princeton 1,380 216 31.91 33.33 25.92 20.86 20.72 119.5 1.25 13.19 0.89 102.29 0.81 5.64 58.95 14.37 (0.28) FCCY 1st Constitution Bancorp 1,343 222 21.80 22.46 16.47 13.80 13.21 151.0 1.38 9.43 0.96 69.68 1.14 10.48 60.29 9.38 0.09 MRLN Marlin Bus. Services Corp. 1,247 269 22.43 25.44 17.51 11.16 10.48 140.3 2.50 15.76 0.84 183.28 2.05 12.56 54.96 0.45 (2.48) TRCB Two River Bncp* 1,147 192 22.22 22.39 12.29 17.63 16.83 184.0 1.26 9.32 0.77 133.20 0.97 9.25 59.89 45.61 (0.27) CMRB First Commerce Bank 1,004 142 6.25 6.36 5.55 - - - NA 14.01 2.24 69.66 0.86 6.23 63.44 (3.10) 5.93 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.* 962 142 19.33 19.95 12.81 31.18 - 151.4 - 9.68 1.54 58.76 0.50 5.07 71.88 48.46 (2.42) MGYR Magyar Bancorp Inc. (MHC) 630 73 12.46 12.87 10.93 24.43 - 132.7 NA 8.67 3.12 24.83 0.47 5.66 78.12 1.71 (0.36) MSBF MSB Financial Corp.* 591 90 17.87 18.90 13.26 22.34 - 144.7 - 10.86 2.24 42.78 0.71 6.08 68.40 0.11 3.00 FCOB 1st Colonial Bancorp 545 48 10.30 13.00 9.90 10.87 - 102.1 NA 8.66 1.24 80.97 0.77 9.48 64.81 (12.07) 0.49 NMBF NMB Financial Corp. 449 NA 5.10 6.50 4.05 - - - NA 8.60 0.38 312.99 0.96 11.07 63.20 10.87 -

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As of 12/27/2019




LPBC Lincoln Park Bancorp (MHC) 307 15 8.25 10.50 8.06 NM - - - 6.08 NA NA (0.52) (10.15) 151.48 (17.50) 1.73 ELMA Elmer Bancorp Inc. 285 22 19.50 20.84 17.32 11.61 - 84.2 3.08 9.31 1.89 63.69 0.68 7.47 74.99 12.72 2.63 CFIC Cornerstone Financial Corp. 255 7 9.25 10.25 8.25 - - - NA NA NA NA NA NA NA 0.00 2.78 BRBW Brunswick Bancorp 216 26 9.15 10.00 8.35 22.19 - 67.0 - 17.86 NA NA 0.59 3.14 80.21 7.65 - PEBA Penn Bancshares 198 16 42.00 NA NA - - - - NA NA NA NA NA NA 0.00 -

JPM JPMorgan Chase & Co. 2,764,661 436,345 139.14 139.77 95.94 13.74 13.46 233.0 2.59 7.94 0.43 110.32 1.29 13.48 56.94 42.53 1.38 C Citigroup Inc. 2,014,802 173,935 79.67 80.18 50.67 10.58 10.55 115.4 2.56 8.59 0.52 119.98 0.96 9.55 57.74 53.03 1.48 BK Bank of New York Mellon Corp. 373,168 46,405 50.32 54.27 40.52 13.04 12.58 269.7 2.46 5.94 0.03 104.10 1.14 9.42 68.69 6.90 (0.61) MTB M&T Bank Corp. 125,501 22,377 169.55 176.11 140.26 12.18 12.16 226.5 2.60 9.23 1.09 76.05 1.67 12.70 55.63 18.46 0.02 NYCB New York Community Bancorp 52,538 5,510 11.79 13.79 8.96 15.51 15.51 146.3 5.77 8.52 0.14 210.18 0.76 5.92 49.62 25.29 (1.34) CIT CIT Group Inc. 51,403 4,309 45.49 54.02 37.56 9.50 9.25 81.8 3.08 10.97 NA NA 1.01 8.22 57.30 18.87 (2.21) SBNY Signature Bank 49,412 7,252 136.53 137.94 100.33 12.34 12.63 157.8 1.64 9.51 0.31 159.85 1.25 13.29 38.13 32.80 (0.52) STL Sterling Bancorp 30,078 4,239 20.98 22.17 16.16 10.33 10.20 162.7 1.33 9.71 0.76 45.76 1.44 9.80 39.53 27.07 (1.55) CBU Community Bank System Inc. 11,597 3,650 70.60 71.61 56.58 22.13 21.72 364.8 2.32 9.29 0.29 148.25 1.54 9.53 58.58 21.10 (0.52) NBTB NBT Bancorp Inc. 9,661 1,781 40.68 41.50 33.83 14.90 15.07 219.6 2.65 8.65 0.51 145.60 1.26 11.58 58.97 17.61 (1.69) FFIC Flushing Financial Corp. 7,111 600 21.55 23.75 18.80 15.07 13.55 109.9 3.90 7.78 0.27 116.62 0.59 7.35 66.93 0.09 (1.69) TMP Tompkins Financial Corporation 6,628 1,350 90.33 91.88 71.54 17.34 17.47 241.5 2.30 8.60 0.47 133.00 1.19 12.51 62.54 20.42 (0.81) DCOM Dime Community Bancshares Inc. 6,425 744 20.75 22.50 16.58 18.04 17.97 134.8 2.70 8.69 0.26 162.78 0.66 6.88 57.31 22.20 (0.95) TRST TrustCo Bank Corp NY 5,222 842 8.69 9.10 6.71 14.04 14.48 160.2 3.14 10.07 0.67 126.93 1.18 11.95 55.63 26.68 (3.77) AMAL Amalgamated Bank 5,030 620 19.59 20.50 14.58 12.40 13.28 132.9 1.63 9.31 1.42 47.09 1.06 11.25 65.01 0.46 (1.76) BDGE Bridge Bancorp Inc. 4,736 658 33.66 34.25 24.97 13.05 13.15 176.6 2.73 8.17 0.75 90.50 1.10 11.05 56.40 32.05 (0.44) FISI Financial Institutions Inc. 4,333 506 31.96 33.28 25.08 12.20 11.71 150.3 3.13 8.39 0.17 430.04 1.01 10.53 59.80 24.36 (1.81) FLIC First of Long Island Corp. 4,163 603 24.94 25.47 17.53 14.76 14.42 155.5 2.89 9.32 0.05 NM 1.01 10.88 51.30 25.01 (1.03) MCB Metropolitan Bank Holding Corp 3,243 398 47.86 48.76 29.05 14.20 13.67 144.4 NA 8.70 0.19 396.05 1.13 10.42 55.40 55.14 (0.44) AROW Arrow Financial Corp. 3,113 562 37.52 38.31 29.57 15.35 15.25 208.9 2.77 8.71 0.19 351.49 1.22 13.14 57.39 20.69 (0.69) CNND Canandaigua National Corp. 2,984 378 202.25 210.00 160.00 9.99 - 156.9 2.97 8.13 0.28 267.23 1.32 15.78 60.48 15.57 (3.69) CHMG Chemung Financial Corp. 1,794 206 42.50 51.00 38.56 12.07 12.74 129.2 2.45 9.00 1.37 97.17 0.98 10.07 66.69 2.88 (5.13) PCSB PCSB Financial Corp. 1,659 336 20.31 20.88 18.45 37.61 39.06 130.1 0.79 16.65 NA NA 0.57 3.11 73.40 3.83 (0.29) EVBN Evans Bancorp Inc. 1,456 195 39.82 41.75 31.74 11.15 11.49 148.2 2.61 9.16 NA NA 1.23 13.03 67.86 22.49 1.66 PBFS Pioneer Bancorp (MHC) 1,450 379 15.17 15.21 12.12 - - 184.1 NA 14.86 0.97 106.45 NA NA 70.83 51.70 1.07 GCBC Greene County Bncp Inc. (MHC) 1,410 249 29.13 34.26 26.04 13.81 - 213.4 1.51 8.27 0.37 259.24 1.45 16.62 50.83 (6.39) 2.57 OCBI Orange County Bancorp Inc. 1,244 131 29.40 31.00 26.50 12.05 - 118.5 2.72 8.96 NA NA 0.95 9.88 68.93 8.89 0.51 ADKT Adirondack Trust Company 1,204 132 1,719.75 1,719.75 1,556.00 - - - 2.99 9.48 0.17 590.91 1.08 10.07 69.63 9.19 2.98 LYBC Lyons Bancorp Inc 1,150 122 38.44 75.00 37.25 11.76 - - 3.23 NA NA NA 0.98 NA NA (6.47) 1.16 BKUT Bank of Utica 1,135 118 610.00 610.00 534.00 15.82 - 64.7 2.54 20.76 0.36 31.65 0.87 4.18 48.74 2.87 - PDLB PDL Community Bancorp (MHC) 1,100 259 14.75 14.85 12.42 NM NM 161.5 NA 14.60 1.73 63.93 0.29 1.76 88.28 15.78 (0.34) PBHC Pathfinder Bancorp Inc. 1,056 64 13.95 16.25 12.55 19.93 - 95.3 1.72 8.04 0.76 103.96 0.36 4.79 80.62 (10.92) 1.38 NECB NorthEast Community Bncp (MHC) 1,038 142 11.79 12.10 11.05 9.72 - - 1.02 NA NA NA 1.60 11.16 NA 6.22 0.34 EMPK Empire Bancorp Inc.* 1,013 106 13.85 13.98 10.47 30.11 - - NA NA NA NA 0.35 4.68 82.47 22.57 (0.07) SOBS Solvay Bank Corp. 970 44 36.80 43.50 35.49 - - - 3.80 9.34 0.29 201.54 0.95 10.35 62.36 (9.14) (3.16)

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RBKB Rhinebeck Bancorp Inc (MHC) 946 120 11.18 12.30 10.25 - - 116.8 NA 11.29 NA NA 0.61 5.98 74.03 11.80 1.45 CYHC Country Bank Holding Co.* 783 110 50,000.00 50,000.00 27,000.00 - - - 3.20 NA NA NA NA NA NA 72.41 - ESQ Esquire Financial Holdings Inc 760 201 26.70 28.89 20.00 15.71 14.51 188.4 NA 14.07 0.14 612.82 1.86 13.60 55.00 23.04 0.56 BERK Berkshire Bancorp Inc. 713 146 10.10 13.50 10.10 - - - - NA NA NA NA NA NA (22.90) (4.26) ESBK Elmira Savings Bank 616 54 15.38 19.18 13.97 15.38 - 117.3 5.98 7.64 0.80 93.04 0.58 5.96 76.93 (11.88) (3.35) LSBK Lake Shore Bancorp Inc. (MHC) 597 89 15.30 16.24 14.25 23.54 - 110.4 3.14 13.82 0.73 95.44 0.70 4.83 75.37 1.59 0.79 CARV Carver Bancorp Inc. 587 9 2.46 6.05 2.30 NM - 147.0 - 8.74 1.67 47.14 (0.87) (10.09) 125.44 (17.42) (0.47) BSPA Ballston Spa Bancorp Inc. 579 42 57.00 60.00 49.10 - - - 2.32 6.56 NA NA 0.73 10.52 73.94 16.30 - SBHO Steuben Trust Corporation* 576 108 68.05 69.00 38.00 16.05 - 175.5 2.09 11.37 0.66 109.83 1.26 11.73 62.25 69.91 (0.66) GLDT Gold Coast Bancorp Inc.* 562 65 16.63 16.67 10.02 24.46 - 139.3 NA 8.35 NA NA 0.48 5.96 72.04 63.04 2.53 JFBC Jeffersonville Bancorp 517 75 17.70 18.80 16.50 11.20 - 106.2 3.39 13.63 NA NA 1.28 9.83 62.52 (2.48) 1.14 GLNV Glenville Bank Holding Co. 508 20 98.00 98.00 96.60 - - - 1.84 NA 0.28 331.80 0.68 8.86 77.75 5.38 - CSKL Catskill Hudson Bancorp Inc. 464 17 24.00 26.80 21.41 - - - 1.83 NA NA NA NA NA NA (10.45) (0.21) ESBS ES Bancshares Inc. 422 33 5.00 5.50 3.40 14.29 - 91.7 NA 5.33 NA NA 0.39 7.07 77.72 25.00 - BARK Bank of Akron* 389 NA 215.00 263.00 176.00 13.64 - 167.9 1.30 9.88 1.22 123.59 1.30 13.00 66.46 1.18 12.57 VSBN VSB Bancorp Inc.* 376 59 32.40 32.49 19.71 15.88 - 157.3 1.85 10.14 0.60 76.26 0.95 10.30 68.66 64.38 47.27 NCXS National Bank of Coxsackie 335 21 44.75 55.00 38.75 12.80 - 74.0 2.23 8.53 0.76 73.23 0.55 6.13 78.92 5.62 - FSBC FSB Bancorp Inc.* 325 33 17.25 19.33 16.29 NM - 104.9 NA 9.83 0.32 166.28 0.00 0.02 97.21 1.47 - SCAY Seneca-Cayuga Bncp Inc. (MHC) 323 26 10.37 11.70 9.90 NM - 98.6 NA 8.09 1.76 30.39 (0.11) (1.25) 107.67 0.58 (2.63) DWNX Delhi Bank Corp. 305 52 33.00 33.00 31.50 20.00 - 169.1 2.21 10.12 0.43 34.85 0.86 9.01 67.97 4.76 - SNNF Seneca Financial Corp. (MHC) 210 17 9.25 9.60 7.66 14.92 - 86.9 NA 9.67 0.79 71.52 0.58 5.96 77.62 16.35 - FIGR First National Bank of Groton 181 32 540.00 600.00 470.00 11.28 - 118.3 3.04 15.15 1.10 63.59 1.57 11.21 55.63 (3.57) -

BAC Bank of America Corporation 2,426,330 317,977 35.35 35.72 24.01 13.09 12.27 184.3 2.04 8.39 0.43 90.96 1.17 10.38 56.99 43.47 1.12 TFC Truist Financial Corp. 236,750 75,740 56.48 56.92 42.61 14.19 13.20 231.9 3.19 9.63 NA NA 1.46 10.65 56.05 30.38 0.32 FCNC.A First Citizens BancShares Inc. 37,748 5,615 530.54 542.12 367.59 13.56 - 178.9 0.30 8.63 0.70 86.20 1.22 12.60 62.30 40.71 (0.40) FBNC First Bancorp 6,069 1,187 40.11 41.34 31.22 12.57 12.61 202.1 1.80 10.09 0.58 55.12 1.60 12.04 54.59 22.81 (2.19) LOB Live Oak Bancshares Inc. 4,604 767 19.05 20.46 13.09 35.94 49.48 151.9 0.63 11.03 0.73 127.79 0.55 4.27 77.94 28.63 (1.35) HTBI HomeTrust Bancshares Inc. 3,655 473 26.85 28.79 23.93 17.44 18.91 124.2 1.04 10.62 1.04 56.01 0.81 6.88 66.30 2.56 (1.07) SBNC Southern BancShares (NC) 2,944 310 3,825.00 3,901.00 3,275.00 9.35 - 104.6 0.26 10.92 0.41 171.81 1.29 11.21 64.81 13.50 - ENFC Entegra Financial* 1,704 209 30.15 30.24 19.89 15.38 15.23 133.8 NA 9.30 0.76 95.12 0.83 8.10 63.04 45.30 (0.10) SLCT Select Bancorp Inc. 1,270 228 12.29 12.53 10.14 16.39 15.96 122.5 NA 14.93 1.52 41.75 1.14 6.79 62.68 (0.73) (1.44) PEBK Peoples Bancorp of NC Inc. 1,223 191 32.34 34.32 22.09 13.31 - 144.1 1.73 10.85 0.27 200.30 1.31 11.48 70.27 32.22 3.03 UBNC Union Bank 788 88 14.80 15.10 14.40 - - 126.2 1.35 9.06 0.31 201.59 0.92 8.76 65.47 2.78 1.72 UWHR Uwharrie Capital Corp 661 38 5.40 5.98 4.47 12.32 - 100.4 NA 7.40 1.16 27.06 0.58 8.05 85.10 4.91 1.89 CART Carolina Trust BancShares Inc.* 623 118 12.64 13.14 7.49 24.78 - 185.9 NA 10.30 0.68 94.05 0.78 7.08 60.91 66.75 (3.81) AQFH Aquesta Financial Holdings 505 63 11.60 11.70 10.76 15.26 - 120.0 0.95 10.39 0.26 298.07 0.86 9.23 69.33 1.58 0.87 BKOR Oak Ridge Financial Services 470 41 15.80 15.85 12.45 9.46 - 105.4 1.27 8.37 NA NA 0.94 12.09 72.48 26.91 0.32 KSBI KS Bancorp Inc. 404 31 27.95 28.00 25.00 8.57 - 119.2 1.29 6.43 NA NA 0.91 15.43 71.22 3.52 - SRYB Surrey Bancorp 332 60 14.41 15.50 14.05 11.17 - 126.2 2.78 14.36 0.31 395.09 1.72 11.70 55.52 2.42 (2.63) LSFG LifeStore Financial Grp (MHC) 310 42 39.80 39.80 28.10 9.93 - - 0.70 NA NA NA 1.38 13.97 71.37 40.88 -

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As of 12/27/2019




WTWB West Town Bancorp Inc. 309 74 21.60 24.50 20.70 6.02 - - NA NA NA NA 2.23 13.42 98.49 (9.05) 0.47 MFBP M&F Bancorp Inc. 267 6 2.85 3.15 1.88 7.70 - 26.5 2.11 8.17 1.67 42.51 0.29 3.69 93.45 36.37 1.79 BLHK blueharbor bank 240 37 12.76 13.00 10.30 14.34 - 119.3 NA 12.96 0.33 254.09 1.20 9.15 60.02 26.34 (1.85)

FITB Fifth Third Bancorp 171,079 21,929 30.90 31.64 23.10 10.16 11.02 146.6 3.11 10.15 0.66 100.97 1.42 12.00 54.59 31.32 (0.80) KEY KeyCorp 146,691 19,975 20.28 20.53 14.50 12.52 11.26 163.3 3.65 9.86 0.64 95.41 1.21 10.70 61.05 37.21 (0.59) HBAN Huntington Bancshares Inc. 108,735 15,615 15.12 15.63 11.72 11.81 11.63 185.0 3.97 9.06 1.16 62.20 1.33 12.63 56.95 26.85 (0.20) TFSL TFS Financial Corp (MHC) 14,542 5,392 19.57 20.45 15.56 69.89 NM 324.8 5.52 11.61 NA NA 0.56 4.58 67.75 21.33 (2.25) FFBC First Financial Bancorp. 14,480 2,532 25.48 28.59 22.07 12.31 11.93 205.0 3.61 9.24 0.56 69.78 1.46 9.63 49.61 7.42 (1.85) PRK Park National Corp. 8,724 1,680 102.77 105.52 82.02 15.79 15.20 214.5 3.93 9.15 1.36 47.11 1.27 11.86 63.28 20.98 (1.38) PEBO Peoples Bancorp Inc. 4,396 707 34.65 34.78 29.03 13.23 12.03 174.1 3.92 9.77 0.71 68.97 1.28 9.67 61.45 15.12 0.58 FDEF First Defiance Financial 3,351 610 30.90 31.83 23.77 12.72 12.46 194.2 2.85 9.67 0.75 120.95 1.52 12.26 59.14 26.07 0.10 UCFC United Community Finl Corp.* 2,907 550 11.43 11.94 8.73 14.11 13.77 181.3 2.80 10.52 0.85 81.03 1.38 12.38 55.24 29.15 (0.09) FMNB Farmers National Banc Corp. 2,433 452 16.35 16.50 11.57 13.08 12.87 180.8 2.45 10.47 0.47 124.84 1.48 12.78 57.57 28.34 0.93 CIVB Civista Bancshares Inc. 2,269 370 23.93 23.97 16.27 12.03 11.73 156.7 1.84 11.23 0.39 158.58 1.53 10.90 60.22 37.37 0.84 LCNB LCNB Corp. 1,644 252 19.48 19.94 15.05 13.25 13.43 155.0 3.70 10.27 0.64 39.67 1.18 8.70 61.99 28.58 - FMAO Farmers & Merchants Bancorp 1,575 336 30.66 39.45 24.30 19.53 17.77 193.6 2.09 11.57 NA NA 1.23 8.78 61.48 (20.34) (1.10) MBCN Middlefield Banc Corp. 1,281 169 26.30 28.80 19.40 13.18 13.59 142.3 2.28 9.40 1.03 53.27 1.07 9.76 63.78 23.97 (0.83) HLAN Heartland BancCorp 1,138 194 96.00 101.21 78.00 14.88 15.12 156.6 2.17 10.90 0.32 236.60 1.20 11.19 63.11 18.52 - OVBC Ohio Valley Banc Corp. 1,046 195 40.89 41.50 29.72 18.84 - 166.2 2.05 11.32 1.70 34.70 0.99 8.52 71.68 15.54 0.91 SBFG SB Financial Group Inc 1,043 153 19.60 19.60 15.76 13.42 12.48 120.8 1.94 11.36 0.44 185.05 1.14 8.79 71.02 19.15 2.08 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. 882 121 53.50 59.99 48.76 9.93 - 121.9 3.66 11.57 0.50 130.86 1.46 10.41 61.68 7.54 - UBOH United Bancshares Inc. 876 75 22.79 23.99 17.85 8.35 - 120.8 2.28 7.29 0.35 129.09 1.06 10.63 72.28 13.82 (3.04) CSBB CSB Bancorp Inc. 787 112 40.97 43.00 37.27 10.90 - 142.6 2.73 10.07 0.68 126.25 1.39 13.05 57.62 6.42 - CFBK Central Federal Corp. 786 75 14.06 14.07 10.62 7.56 - 117.2 - 6.85 0.69 130.23 1.15 16.50 65.88 20.29 2.64 CLDB Cortland Bancorp 701 94 21.49 28.68 19.10 12.57 - 126.9 2.23 10.58 1.30 50.90 1.07 10.96 66.56 4.83 3.57 UBCP United Bancorp Inc. 676 83 14.68 14.92 10.25 14.83 12.23 148.5 3.81 8.67 NA NA 0.92 10.45 67.80 28.43 5.69 CBKM Consumers Bancorp Inc. 565 52 18.90 19.63 16.85 9.55 - 97.9 2.86 9.38 0.16 436.76 1.01 11.10 71.50 12.17 - KLIB Killbuck Bancshares Inc. 558 158 268.88 268.88 175.00 - - - 1.34 10.54 0.05 NM 1.43 12.38 56.59 45.34 - 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 22.46 24.50 17.66 9.56 - 127.8 3.56 9.34 0.74 103.22 1.31 13.61 55.99 20.43 0.63 FFDF FFD Financial Corp. 445 67 67.00 79.00 50.20 10.23 - 166.5 2.84 9.02 0.31 268.24 1.64 17.35 50.79 33.47 (1.11) ANDC Andover Bancorp Inc. 428 46 19.30 23.50 18.50 - - - 3.78 9.46 0.34 90.03 0.92 9.29 74.80 (17.87) - PFOH Perpetual Federal Savings Bank 392 77 31.15 32.27 27.85 12.56 - 101.6 3.08 19.33 0.46 280.83 1.56 8.24 34.58 10.23 1.47 LBSI Liberty Bancshares Inc. 343 40 52.00 52.00 39.50 11.82 - 97.9 2.38 13.83 0.60 134.93 1.13 8.44 64.76 31.65 - FSDK First Citizens National Bank 293 35 110.00 111.00 86.75 16.86 - 84.7 1.96 14.21 1.44 64.07 0.73 5.16 78.14 22.22 - CBCZ Comunibanc Corp. 292 27 33.00 33.00 27.49 - - 92.7 2.36 10.10 1.43 32.63 0.47 4.86 84.36 17.40 - 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) - 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 20 37.00 50.00 36.35 8.30 - 97.0 3.24 8.48 NA NA 1.06 12.47 71.43 (6.33) (5.13)

OHIO BANKS AND THRIFTS


Page 6


As of 12/27/2019




FIDS FNB Inc. 234 25 36.95 39.80 31.31 - - 108.5 4.33 9.81 0.21 400.60 NA NA NA 17.98 8.33 CNNB Cincinnati Bancorp (MHC) 221 30 16.75 17.00 11.80 12.23 - 130.8 NA 10.52 0.80 79.77 1.18 10.59 93.11 39.58 2.60 HLFN Home Loan Financial Corp. 215 50 36.00 40.00 32.20 13.48 - 171.5 3.00 13.68 2.03 52.68 1.78 13.22 50.50 19.01 0.28 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 11.00 11.70 9.76 40.74 - 109.4 2.55 11.68 NA NA 0.30 2.54 90.01 10.00 1.85 CIBN Community Investors Bancorp 178 14 18.11 18.49 16.40 13.41 - 99.0 2.21 8.18 1.57 55.26 0.67 7.72 83.32 8.44 - 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 70,462 160.81 161.72 114.85 14.38 14.17 196.3 2.86 10.01 0.70 95.83 1.37 11.20 58.49 37.55 0.62 FNB F.N.B. Corp. 34,329 4,058 12.60 12.93 9.61 10.68 10.68 171.9 3.81 7.78 0.55 103.19 1.17 8.38 54.04 28.05 (1.87) FULT Fulton Financial Corp. 21,704 2,874 17.51 18.00 14.85 12.69 12.42 160.5 2.97 8.45 0.93 82.32 1.13 10.33 62.91 13.11 (1.90) CUBI Customers Bancorp Inc 11,724 741 23.65 25.72 17.35 13.59 11.77 94.0 NA 8.57 0.25 171.23 0.67 7.10 65.97 29.95 (2.79) NWBI Northwest Bancshares, Inc. 10,580 1,766 16.56 18.81 15.46 15.62 15.19 179.4 4.35 9.64 0.83 59.97 1.10 8.59 61.94 (2.24) (1.25) FCF First Commonwealth Financial 8,152 1,422 14.48 14.93 11.72 13.53 13.05 198.0 2.76 9.18 0.48 126.71 1.33 10.55 56.85 19.87 (2.23) STBA S&T Bancorp Inc. 7,572 1,377 40.20 42.02 33.30 13.49 13.36 198.7 2.79 9.51 1.19 68.91 1.42 10.83 51.59 6.24 (1.47) TSC TriState Capital Holdings Inc. 7,198 755 25.77 26.14 18.89 13.22 13.78 178.9 NA 7.55 0.06 301.62 0.96 11.60 60.81 32.43 (0.66) UVSP Univest Financial Corp. 5,354 783 26.71 27.80 21.10 11.41 11.92 160.5 3.00 9.42 0.75 83.31 1.35 10.73 59.82 23.83 (1.87) BMTC Bryn Mawr Bank Corp. 4,829 829 41.18 41.41 33.10 13.91 13.41 208.5 2.53 8.58 0.40 107.88 1.31 10.40 60.08 19.71 (0.22) CCNE CNB Financial Corp. 3,541 496 32.75 33.78 21.80 12.94 12.94 192.9 2.08 7.37 0.65 87.46 1.17 14.07 60.17 42.70 (1.74) FRBK Republic First Bancorp Inc. 3,086 244 4.15 6.73 3.86 NM NM 101.2 NA 7.84 0.81 33.98 0.04 0.46 95.93 (30.49) 3.75 PFIS Peoples Financial Services 2,373 369 50.00 53.88 39.76 13.66 - 159.9 2.80 10.01 0.49 194.24 1.17 9.53 60.05 13.48 (6.42) ORRF Orrstown Financial Services 2,314 255 22.75 23.48 17.30 17.11 11.82 129.8 2.64 8.57 0.50 127.70 0.65 7.20 71.34 24.93 (2.40) MPB Mid Penn Bancorp Inc. 2,249 249 29.38 29.88 21.51 13.92 13.73 150.4 2.45 7.60 0.25 167.77 0.85 7.89 69.98 27.63 3.78 CVLY Codorus Valley Bancorp Inc. 1,869 224 23.06 24.63 19.65 12.01 - 115.1 2.78 10.01 1.95 57.96 1.02 10.13 65.20 8.52 (1.03) ESSA ESSA Bancorp Inc. 1,799 176 16.81 17.73 14.15 14.25 15.01 109.0 2.62 9.79 0.58 121.58 0.69 6.80 68.63 7.69 (0.83) ACNB ACNB Corp. 1,736 265 37.39 41.00 32.29 11.03 - 163.4 2.67 9.46 0.50 160.30 1.43 13.71 58.70 (4.74) (0.35) PWOD Penns Woods Bancorp Inc. 1,673 249 35.40 36.27 23.23 14.63 - 181.9 3.62 8.28 1.31 65.12 1.03 11.59 62.66 31.96 1.55 CZNC Citizens & Northern Corp. 1,643 375 27.40 29.25 22.52 17.91 15.75 176.3 3.94 13.21 0.92 61.30 1.36 9.13 60.40 3.67 2.09 CZFS Citizens Financial Services 1,475 215 61.00 63.65 54.96 11.34 10.97 168.5 2.95 8.80 1.64 56.57 1.31 12.91 55.00 10.91 1.67 CBFV CB Financial Services Inc. 1,328 166 30.59 30.90 22.77 13.66 13.33 150.8 3.14 8.54 0.60 121.57 0.93 8.56 65.15 23.45 (0.65) SOME Somerset Trust Holding Company 1,310 110 45.00 47.00 40.00 9.67 - 94.6 3.29 8.84 1.04 83.48 0.90 11.23 77.88 8.43 4.05 FRAF Franklin Financial Services 1,302 168 38.69 39.56 26.83 10.99 - 143.6 3.10 9.06 1.29 72.82 1.26 12.94 64.89 22.83 (0.54) PBIP Prudential Bancorp Inc. 1,289 163 18.35 19.57 15.21 17.15 - 122.6 1.53 10.37 1.16 36.17 0.81 7.06 59.24 4.26 0.55 MLVF Malvern Bancorp Inc 1,265 179 23.30 23.75 18.99 19.10 19.10 127.0 - 11.26 1.60 49.76 0.80 6.78 53.23 18.09 0.30 QNBC QNB Corp. 1,246 137 38.94 39.00 36.07 11.39 - 114.8 3.39 9.55 1.13 67.39 0.99 10.42 64.26 1.14 2.26 NWFL Norwood Financial Corp. 1,216 246 39.25 39.69 28.08 17.68 - 200.6 2.55 10.24 0.24 283.67 1.16 10.99 58.61 18.94 0.08 FNCB FNCB Bancorp Inc. 1,197 171 8.46 10.68 7.03 10.44 - 128.7 2.36 11.07 1.36 57.29 1.20 12.95 70.54 0.24 (1.40) ASRV AmeriServ Financial Inc. 1,171 73 4.24 4.30 3.92 10.10 - 80.3 2.36 7.81 0.17 426.42 0.62 7.38 83.06 5.21 (1.17) EMYB Embassy Bancorp Inc. 1,161 138 18.45 18.97 14.10 13.09 - 142.8 1.08 8.32 0.25 269.79 0.94 11.54 60.76 23.41 2.33 ENBP ENB Financial Corp 1,146 117 20.75 21.50 17.11 10.95 - 101.9 6.17 10.09 0.34 240.15 0.98 10.24 69.25 20.12 0.00

PENNSYLVANIA BANKS AND THRIFTS


Page 7


As of 12/27/2019




MRBK Meridian Corp. 1,127 127 19.75 20.77 16.50 13.08 12.74 112.4 NA 10.04 0.61 134.37 0.98 8.64 77.91 15.03 3.08 RIVE Riverview Financial Corp. 1,110 110 12.00 13.00 9.90 20.00 - 123.0 2.50 8.28 0.52 122.24 0.49 4.77 76.36 10.09 1.69 FSMK 1st Summit Bncp Johnstown Inc. 1,098 136 124.00 125.00 119.00 - - 123.2 - 10.06 0.41 120.37 0.99 10.34 62.62 10.71 - FKYS First Keystone Corp. 1,020 134 23.02 27.00 20.50 13.23 - 122.8 4.69 10.87 1.38 49.22 1.00 8.31 67.65 9.88 0.44 FDBC Fidelity D & D Bancorp Inc. 1,011 240 63.42 70.00 53.25 20.66 - 229.3 1.77 10.34 0.55 171.22 1.20 12.07 62.04 (1.18) (2.28) STND Standard AVB Financial Corp. 991 140 30.92 32.89 26.97 17.18 - 128.0 2.86 11.77 0.29 167.36 0.87 6.12 63.07 3.48 1.58 FBIP FNB Bancorp Inc. 954 149 169.00 175.00 133.65 - - - 2.13 9.51 0.18 263.57 1.24 14.40 59.84 25.19 - EMCF Emclaire Financial Corp 941 90 33.50 37.75 29.07 14.44 - 148.3 3.46 7.08 0.58 119.26 0.75 8.37 65.57 10.42 (1.47) KISB Kish Bancorp Inc. 901 80 30.75 32.25 28.00 - - 131.1 3.25 6.75 NA NA 0.74 10.60 77.79 (3.91) 2.43 CFCX Centric Financial Corp. 792 85 9.75 10.75 9.40 11.34 - 113.8 NA 9.48 1.14 86.63 1.00 10.39 65.76 0.10 (1.52) HARL Harleysville Financial Corp. 779 92 24.50 27.00 22.75 11.50 - 120.9 4.08 9.78 1.27 48.19 1.04 10.99 57.16 5.15 3.81 CCFN CCFNB Bancorp Inc. 758 103 48.70 55.00 48.10 11.91 - 113.0 3.20 12.11 0.92 107.72 1.19 9.07 61.21 (2.11) - DIMC Dimeco Inc. 723 105 42.25 45.00 40.00 12.07 - 122.4 2.84 11.91 2.29 51.13 1.27 10.84 66.42 3.68 - HONT Honat Bancorp 707 177 120.00 120.00 105.25 20.28 - 167.9 1.53 14.88 0.59 215.59 1.31 8.57 61.10 13.73 3.45 JUVF Juniata Valley Financial Corp. 667 99 19.35 22.00 19.35 17.75 - 153.5 4.55 9.79 0.52 87.44 0.87 8.07 77.23 (8.94) (0.05) AMBK American Bank Inc. 638 68 12.00 13.55 11.50 - - 116.0 4.00 9.10 NA NA NA NA NA (4.00) 1.01 JNES Jonestown Bank and Trust Co. 630 57 23.75 27.00 22.01 11.26 - 101.0 3.20 9.03 1.00 95.52 0.83 9.23 70.60 (1.04) - NUBC Northumberland Bancorp 544 48 36.40 37.50 34.80 13.71 - 87.4 2.31 10.16 0.48 130.55 0.66 6.68 76.98 4.60 - YRKB York Traditions Bank 538 60 19.40 22.00 16.59 11.44 - 108.1 NA 10.37 0.53 137.53 1.07 10.19 69.61 14.12 0.52 FMFP First Community Finl Corp. 535 63 22.10 28.50 21.25 - - - 4.89 NA NA NA NA NA NA (3.91) - NTBP New Tripoli Bancorp Inc. 499 80 1,250.00 1,500.00 930.00 - - - 3.36 11.39 0.83 113.25 0.98 8.77 63.22 35.72 - MYBF Muncy Bank Financial 493 66 43.00 43.00 31.00 12.83 - 134.1 3.26 9.96 0.80 100.76 1.07 10.80 67.13 29.93 6.17 SQCF Susquehanna Community Finl Inc 476 56 19.25 20.70 16.37 10.81 - 118.3 2.70 10.03 0.15 358.09 1.15 NA NA (3.75) (1.43) MCHT Mauch Chunk Trust Finl Corp 460 50 15.00 15.00 12.40 16.85 - 109.4 2.00 9.11 0.76 71.93 0.59 6.91 75.47 7.63 10.29 MIFF Mifflinburg Bancorp Inc. 455 53 28.50 29.00 28.00 10.71 - 108.9 NA 10.77 NA NA 1.12 10.81 60.20 20.51 - CNAF Commercial National Financial 432 58 20.25 23.97 19.95 12.42 - 88.5 5.14 15.16 0.08 375.41 1.12 7.50 71.81 (3.80) (1.70) WDFN Woodlands Fnl Services Co 425 50 32.50 34.00 28.00 9.26 - 110.4 3.20 10.69 1.85 51.21 1.29 12.69 67.60 12.65 - WMPN William Penn Bncp Inc. (MHC) 418 155 38.90 44.00 33.25 40.52 - 223.3 1.03 16.82 0.96 78.83 0.94 5.11 67.47 16.99 - MNBC MNB Corporation* 413 71 62.45 66.00 31.00 18.87 - 180.2 1.41 9.51 0.54 123.90 0.94 10.79 68.96 92.04 - PPLL Peoples Ltd. 406 52 78.50 80.00 60.95 11.74 - 139.6 2.80 9.25 0.34 201.59 1.16 12.91 61.35 28.79 - MNBP Mars Bancorp Inc. 403 31 388.00 410.00 380.00 16.65 - 82.8 3.09 9.30 0.02 NM 0.47 5.20 83.60 2.11 1.57 HMLN Hamlin B&TC 389 97 260.00 300.00 260.00 - - 107.8 4.23 23.14 1.33 72.06 0.85 3.91 57.27 (8.77) (7.14) NEFB Neffs Bancorp Inc. 370 74 465.00 465.00 380.00 - - - 1.72 18.65 0.84 65.62 1.19 6.55 53.97 26.70 2.20 GNBF GNB Financial Services Inc 370 43 55.00 60.00 51.50 - - - 5.16 NA NA NA NA NA NA 3.77 - WVFC WVS Financial Corp. 359 29 16.11 18.44 14.51 10.07 - 85.1 2.48 10.22 - NM 0.80 8.09 48.97 9.05 0.04 HVBC HV Bancorp Inc. 357 36 16.86 17.00 14.25 36.66 - 114.9 NA 9.33 1.07 34.93 0.29 2.97 87.39 12.56 5.13 FRSB First Resource Bk 322 30 10.70 10.80 8.10 12.85 - 108.3 NA 8.48 1.27 60.27 0.78 8.89 68.60 32.18 3.08 LDKB Landmark Bancorp Inc. 321 38 15.95 18.00 13.60 NM - 112.2 2.01 10.42 0.92 105.84 (0.11) (1.09) 84.81 16.00 1.92 CTYP Community Bankers' Corporation 311 19 8.20 8.50 7.50 - - - 4.39 NA NA NA NA NA NA (3.53) 2.50 EFSG Enterprise Financial Services 311 12 10.28 10.48 9.00 - - - - NA 5.05 3.37 0.58 6.20 83.37 14.22 2.80 QNTO Quaint Oak Bancorp Inc. 294 28 14.40 14.40 11.82 12.00 - 116.4 2.50 8.43 1.12 69.22 0.86 9.91 71.26 21.83 0.21 VTYB Victory Bancorp Inc. 268 20 10.30 10.69 6.90 8.95 - 103.9 0.97 7.22 NA NA 0.83 11.70 71.09 42.00 0.15


Page 8


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FLEW Fleetwood Bank Corp. 255 23 78.00 92.45 72.55 - - - 2.56 9.78 0.23 332.08 0.73 7.93 76.29 5.05 2.63 JTNB JTNB Bancorp Inc. 202 15 16.00 17.75 15.00 - - - 4.63 9.82 0.25 182.16 0.68 7.13 79.03 (2.32) - SSBP SSB Bancorp Inc. (MHC) 201 18 8.06 9.09 7.30 - - 87.4 NA 10.31 NA NA 0.25 2.37 85.57 (6.82) (1.10) CCYY Clarion County Community Bk 174 14 8.12 9.50 7.95 14.24 - 77.5 1.85 10.06 0.45 140.15 0.58 5.70 76.98 (4.69) 0.87 APLO Apollo Bancorp Inc. 161 21 40.00 46.50 39.10 11.70 - 98.7 5.20 13.08 NA NA 1.08 8.71 70.80 (11.60) (2.32)

CFG Citizens Financial Group Inc. 164,362 17,597 40.48 40.92 29.27 10.65 10.61 132.1 3.56 9.37 0.92 83.44 1.13 8.55 57.16 36.16 (0.15) WASH Washington Trust Bancorp Inc. 5,199 937 54.03 54.96 45.21 13.34 13.47 219.7 3.78 8.32 0.37 139.00 1.39 15.25 53.26 13.68 (0.95)

SSB South State Corporation 15,752 2,922 86.79 88.10 57.74 16.47 15.61 227.2 2.12 8.81 0.29 130.08 1.23 7.88 57.95 44.77 (0.30) CARO Carolina Financial Corp.* 3,980 946 42.73 43.85 28.22 15.59 14.53 198.2 0.94 12.50 0.63 64.05 1.61 10.44 53.74 44.41 (0.79) SFST Southern First Bancshares Inc 2,202 326 42.84 44.43 30.75 12.56 12.15 164.4 NA 9.02 0.58 123.63 1.33 14.57 54.97 33.58 0.30 CNBW CNB Corp. 1,250 134 84.00 85.00 74.50 - - - 3.27 10.15 0.33 155.08 1.16 11.71 59.73 12.75 - FCCO First Community Corp. 1,130 157 21.20 22.79 17.08 14.72 14.88 153.2 2.08 9.21 0.50 117.14 1.00 9.58 68.60 9.11 1.00 SFDL Security Federal Corp. 991 100 33.75 35.00 27.75 13.55 - 109.5 1.19 9.20 NA NA 0.82 9.12 75.07 19.26 (0.74) GRRB GrandSouth Bancorporation 888 91 17.50 17.75 14.85 11.82 - 124.6 1.83 8.36 NA NA 0.94 11.72 68.39 3.00 - SABK South Atlantic Bancshares Inc. 714 95 12.60 12.90 10.66 15.56 - 118.3 NA 11.30 NA NA 0.91 7.51 72.76 14.23 0.80 COSO CoastalSouth Bancshares Inc. 691 98 12.38 14.00 11.50 - - 114.6 NA 12.53 NA NA 0.35 2.87 81.57 22.45 (0.96) FSRL First Reliance Bcshs 658 65 7.85 8.18 5.15 13.53 - 116.9 NA 8.41 0.76 50.55 0.76 8.70 80.45 44.04 - OFED Oconee Fed Finl Corp. (MHC) 522 148 26.16 27.49 21.65 40.24 - 175.2 1.53 16.47 0.88 28.27 0.74 4.46 70.37 5.04 (3.13) BKSC Bank of South Carolina Corp. 453 104 18.79 20.81 17.01 14.34 - 206.5 3.41 11.11 0.41 221.80 1.69 15.56 53.66 3.19 (0.05) CCNB Coastal Carolina Bcshs Inc. 436 48 7.74 8.30 6.38 19.74 - 109.9 NA 10.02 0.60 107.11 0.65 5.71 74.67 19.24 (0.26) CFOK Community First Bancorporation 420 41 7.50 8.40 7.07 8.43 - 92.0 NA 11.41 NA NA 1.03 10.18 96.42 (0.92) (0.00)

FHN First Horizon National Corp. 43,718 5,138 16.51 17.42 12.85 12.60 10.25 169.2 3.39 8.13 0.89 49.65 1.05 8.92 60.01 25.46 (1.49) PNFP Pinnacle Financial Partners 27,548 4,856 63.77 65.00 45.06 12.26 11.93 201.8 1.00 9.44 0.40 83.94 1.56 9.79 46.30 38.33 (1.07) FBK FB Financial Corp. 6,089 1,223 39.52 40.33 30.33 15.75 14.06 219.2 0.81 9.45 0.73 70.41 1.45 11.39 64.28 12.85 (0.28) FSB Franklin Financial Network Inc 3,818 501 34.01 35.49 25.94 22.23 16.43 127.8 0.71 10.25 0.09 774.09 0.56 6.07 58.50 28.97 (1.59) SMBK SmartFinancial Inc. 2,390 332 23.68 23.99 16.96 12.60 14.62 144.6 0.84 9.88 0.20 204.26 1.15 9.19 61.70 29.61 0.17 CSTR CapStar Financial Hlgs Inc. 2,034 305 16.62 17.48 14.11 19.10 12.45 136.5 1.20 11.23 0.29 217.76 0.82 6.32 61.15 12.83 (2.41) RBNC Reliant Bancorp Inc. 1,852 249 22.20 25.00 19.03 15.52 15.31 147.5 1.62 9.35 0.38 175.74 0.92 7.66 74.19 (3.65) (1.81) 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. 1,369 183 41.53 44.90 40.60 11.44 - 136.3 2.02 9.88 0.19 343.73 1.19 11.95 69.87 2.42 0.02 MCBI Mountain Commerce Bancorp Inc. 909 136 22.00 22.00 17.40 11.64 - 155.8 NA 9.63 NA NA 1.37 14.70 49.03 24.15 - 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 - IBTN InsCorp Inc. 538 53 18.00 18.00 15.05 - - - 1.11 8.67 NA NA 0.80 9.29 61.41 19.60 - TRUX Truxton Corporation 521 134 48.49 50.01 35.80 14.47 - 208.3 2.06 12.35 NA NA 1.88 15.87 55.88 34.88 (0.02) PGNN Paragon Finl Solutions Inc. 414 47 10.76 10.76 8.45 13.79 - - NA 11.11 0.27 402.89 0.87 8.14 71.11 27.34 2.48 SVRH Sevier County Bancshares Inc. 306 62 15.36 15.36 15.36 - - - NA NA NA NA NA NA NA 2.40 -

SOUTH CAROLINA BANKS AND THRIFTS

TENNESSEE BANKS AND THRIFTS

RHODE ISLAND BANKS AND THRIFTS


Page 9


As of 12/27/2019




TVLF TN Valley Financial Hldgs Inc. 238 10 5.49 5.50 4.71 - - - NA NA NA NA NA NA NA 2.62 - SCYT Security Bancorp Inc. 218 22 59.00 59.00 56.60 - - - 1.69 11.04 0.41 181.56 1.18 10.94 62.69 4.52 - UNTN United Tennessee Bankshares 216 20 23.25 37.60 20.61 12.17 - 79.5 2.37 11.56 0.74 91.48 0.77 6.90 68.46 10.71 - FCCT First Community Corp. 181 12 7.10 7.25 6.30 - - - 3.52 NA NA NA NA NA NA 4.57 -

UNB Union Bankshares Inc. 845 166 37.08 49.00 25.54 22.20 - 243.3 3.34 8.08 0.50 137.18 0.93 11.28 69.01 (22.35) 2.49 CMTV Community Bancorp. 729 84 16.00 17.95 15.07 9.82 - 154.0 4.75 7.77 1.22 66.11 1.22 13.48 64.55 (3.03) (3.61) MDVT Middlebury National Corp. 384 33 37.20 40.20 36.00 8.88 - 86.2 2.69 9.76 0.50 119.02 0.99 10.31 71.42 3.33 0.54 PPAL Peoples Tr Co St Albns 272 33 55.50 80.00 54.75 16.12 - 96.7 1.53 12.60 1.49 55.54 0.76 6.14 81.65 0.78 -

COF Capital One Financial Corp. 378,810 47,969 103.00 105.70 74.23 9.14 8.74 127.6 1.55 11.93 1.16 160.26 1.52 10.44 53.58 36.26 (0.36) AUB Atlantic Union Bkshs Corp. 17,441 3,057 37.91 40.20 27.51 15.93 13.79 202.8 2.64 9.23 0.36 68.89 1.15 7.92 51.71 34.29 (1.46) TOWN TowneBank 12,021 2,006 27.93 29.02 23.32 14.40 15.02 180.9 2.58 9.85 0.41 111.45 1.26 9.22 63.66 16.62 (2.48) CARE Carter Bank & Trust 4,020 614 23.33 23.66 14.45 23.10 22.01 147.9 - 10.48 4.58 21.93 0.65 5.86 65.20 55.53 0.86 BHRB Burke & Herbert Bank & Trust 2,916 407 2,175.00 2,990.00 2,039.00 14.39 - 112.8 3.68 12.37 0.60 103.61 0.96 8.08 73.77 (25.97) (3.97) SONA Southern National Bncp of VA 2,699 396 16.39 16.85 12.87 12.51 11.23 151.7 2.20 10.09 0.26 158.95 1.17 8.97 52.69 23.98 (1.92) AMNB American National Bankshares 2,455 439 39.50 41.50 28.39 20.47 13.69 195.6 2.73 9.50 0.19 273.60 0.86 6.93 57.41 34.77 (1.79) FCBC First Community Bankshares Inc 2,205 483 30.99 36.48 29.71 12.86 14.22 200.9 3.23 11.40 1.16 72.13 1.73 11.53 55.78 (1.56) (0.70) FBLV First Bancorp Inc. 1,930 472 57.00 57.00 44.00 17.64 - 225.9 - 10.84 1.16 79.72 1.45 13.26 56.46 29.55 - CFFI C&F Financial Corp. 1,619 191 55.78 57.61 45.66 10.48 - 130.6 2.72 9.14 0.49 415.90 1.20 12.00 69.27 4.83 1.97 FVCB FVCBankcorp Inc. 1,565 240 17.28 19.64 15.93 18.58 16.30 143.6 NA 10.72 0.91 70.36 0.96 8.24 54.82 (1.87) (1.09) JMSB John Marshall Bancorp Inc. 1,513 196 16.50 17.50 13.91 15.57 - 137.1 NA 10.40 0.15 449.07 1.01 9.80 59.90 10.37 (0.30) ESXB Community Bankers Trust Corp 1,423 198 8.88 9.21 7.11 13.25 12.87 129.9 1.80 10.73 1.06 56.45 1.07 10.55 64.49 22.99 0.34 NKSH National Bankshares Inc. 1,273 299 46.06 48.82 32.52 17.92 18.65 166.3 3.13 14.22 0.60 95.08 1.38 9.31 53.86 26.43 (0.69) MNSB MainStreet Bcshs 1,234 186 23.00 25.50 16.62 13.45 13.53 142.6 NA 10.79 0.23 332.62 1.24 11.20 55.52 34.82 0.52 BAYK Bay Banks of Virginia Inc. 1,112 114 8.55 8.70 7.01 19.42 16.43 101.0 - 10.25 1.16 58.16 0.54 4.88 73.00 16.26 0.41 OPOF Old Point Financial Corp. 1,051 146 28.02 30.05 19.80 20.01 - 136.1 1.71 10.21 1.10 92.15 0.70 6.93 78.76 28.36 (1.79) CPKF Chesapeake Financial Shares 944 118 24.00 26.49 20.46 10.53 10.67 111.5 2.08 11.25 0.56 98.78 1.28 11.96 74.20 17.31 - EFSI Eagle Financial Services Inc. 851 106 31.05 34.00 29.52 11.90 - 112.9 3.35 11.11 0.61 94.22 1.11 10.03 67.54 0.19 (0.64) FMBM F & M Bank Corp. 813 92 29.00 35.70 25.15 18.35 - 113.0 3.59 10.83 1.90 58.28 0.73 6.28 69.38 (3.33) 0.00 FXNC First National Corp. 777 102 20.50 31.00 16.74 11.08 - 135.6 1.76 9.66 0.22 292.56 1.20 13.15 65.91 5.67 (2.89) BRBS Blue Ridge Bankshares Inc. 736 90 20.60 23.00 16.50 15.04 - 147.6 2.77 8.32 NA NA 0.83 9.32 74.36 19.42 (0.72) FBSS Fauquier Bankshares Inc. 726 81 21.48 23.31 18.26 11.93 - 123.2 2.33 9.08 0.80 92.78 0.97 10.97 73.63 12.01 2.30 BOTJ Bank of the James Finl Grp Inc 708 67 15.40 15.50 13.00 12.13 - 110.5 1.56 8.62 0.63 107.84 0.81 9.62 74.87 18.46 2.53 NWPP New Peoples Bankshares Inc 707 51 2.15 3.30 1.30 21.50 - 94.9 NA 7.67 NA NA 0.33 4.43 89.78 49.31 (2.27) BMBN Benchmark Bankshares Inc. 700 86 18.66 20.50 18.15 9.87 - 124.0 3.32 9.88 NA NA 1.41 13.56 64.71 (8.08) (1.79) PKKW Parkway Acquisition Corp 695 78 12.65 12.65 10.67 12.52 - 106.0 1.90 10.65 1.44 39.60 0.92 8.07 68.09 16.06 - VABK Virginia National Bkshs Corp. 661 101 37.60 38.10 32.76 14.53 - 135.4 3.19 11.33 0.43 141.04 1.08 9.54 64.14 14.40 (0.03) BSSC Bk of Southside Virginia Corp. 581 166 305.00 333.00 302.00 - - - - NA NA NA NA NA NA (6.73) - HLND Highlands Bankshares Inc.* 575 68 8.30 8.80 5.18 25.15 - 125.8 - 10.67 2.58 28.09 0.57 5.91 73.33 59.62 (0.36)

VERMONT BANKS AND THRIFT

VIRGINIA BANKS AND THRIFT


Page 10


As of 12/27/2019




VBFC Village Bank & Trust Finl Corp 560 55 38.00 38.00 29.60 13.62 - 133.0 NA 7.41 1.91 28.99 0.77 10.45 76.76 24.79 2.70 FDVA Freedom Bank of Virginia 507 76 10.55 11.25 9.37 39.07 28.51 120.4 NA 12.45 0.55 162.04 0.40 3.28 86.77 3.13 (1.22) BORT Bank of Botetourt 485 51 29.50 29.50 27.00 10.77 - 102.5 2.17 10.21 1.14 68.27 1.02 9.88 66.04 1.72 - PPBN Pinnacle Bankshares Corp. 482 49 31.77 35.00 26.77 9.81 - 107.7 1.76 9.51 0.42 173.41 1.06 11.56 71.35 15.74 - TSBA Touchstone Bank 472 45 13.56 13.76 12.08 18.08 - 98.2 2.06 9.77 0.61 78.29 0.57 5.56 81.06 6.35 0.44 CZBT Citizens Bancorp of Virginia 401 55 25.25 26.50 22.75 10.84 - 101.3 3.80 13.52 1.51 41.79 1.28 9.63 62.75 8.60 1.04 OAKV Oak View National Bank 256 27 9.45 10.25 7.25 13.70 - 114.9 NA 9.25 0.12 568.25 0.82 8.91 72.21 20.38 - FBPA Farmers Bank of Appomattox 236 29 27.00 29.60 26.33 11.19 - 88.5 3.11 14.00 0.77 55.00 1.12 8.17 65.36 (8.78) 1.28 PNBI Pioneer Bankshares Inc. 224 28 29.00 30.25 26.41 13.18 - 95.0 3.03 13.40 NA NA 0.99 7.32 74.82 (0.51) - BFTL Bank of Fincastle 222 30 2.97 3.40 2.23 31.26 - 112.4 - 11.89 2.93 39.14 0.44 3.59 83.99 18.80 (0.08) VABB Virginia Bank Bankshares Inc. 221 27 14.50 16.00 14.20 14.13 - 109.2 4.41 11.01 0.92 53.53 0.93 8.00 73.31 1.40 0.69 PBVA Peoples Bankshares Inc.* 194 21 54.50 55.00 27.20 NM - 135.3 - 8.13 NA NA (0.45) (5.85) 76.02 43.42 -

UBSI United Bankshares Inc. 19,751 3,900 38.41 40.70 30.43 15.06 14.89 211.5 3.64 10.11 0.80 48.60 1.35 7.89 49.32 23.47 (1.08) WSBC WesBanco Inc. 12,594 2,576 37.87 43.13 33.19 12.46 12.79 174.6 3.27 10.16 0.39 109.19 1.33 8.22 53.92 3.22 (1.17) CHCO City Holding Co. 4,958 1,342 82.29 83.07 66.63 17.43 15.38 253.7 2.77 10.93 NA NA 1.61 12.75 49.63 21.75 (0.38) SMMF Summit Financial Group Inc. 2,324 334 26.90 27.83 18.53 10.80 11.80 153.0 2.23 9.53 2.46 22.64 1.39 13.56 53.67 39.31 (1.32) MVBF MVB Financial Corp 1,962 292 24.72 27.00 14.31 12.18 19.94 166.3 1.13 9.44 0.59 102.47 1.44 13.91 78.70 37.03 6.46 PFBI Premier Financial Bancorp Inc. 1,710 265 18.11 20.38 14.07 11.04 - 143.7 3.31 11.13 1.91 42.35 1.42 10.78 54.06 21.46 0.06 PTBS Potomac Bancshares Inc. 505 58 14.10 14.75 13.70 19.32 - 112.9 1.99 10.23 0.68 104.62 0.61 6.02 79.24 0.00 1.22 HBSI Highlands Bankshares Inc. 419 52 39.10 46.70 39.01 15.33 - 99.0 4.60 12.65 NA NA 0.82 6.36 75.83 (15.00) (3.46) 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 15.88 17.00 13.55 - - - 3.78 9.94 1.87 49.85 1.15 11.47 61.39 17.80 1.79

WEST VIRGINIA BANKS AND THRIFTS


Page 11


As of 12/27/2019

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 12.71 12.50 136.59 2.18 8.70 1.02 68.73 0.96 8.83 62.58 7.26 (0.57) FL Delaware 3 13.78 12.01 165.20 1.09 10.16 0.29 67.43 1.26 9.59 64.95 19.63 (1.17)

Discrict of Columbia 2 21.67 - 86.44 0.72 9.16 1.74 28.76 0.44 4.80 86.61 (1.03) 0.91 GA Florida 15 14.82 15.50 128.46 1.00 9.39 0.45 71.84 0.93 9.42 65.20 16.45 - MD Georgia 19 12.65 12.16 151.59 1.83 10.43 0.77 87.81 1.22 10.37 55.11 12.22 - MA Maryland 23 13.34 13.08 114.18 2.02 9.83 1.20 58.01 0.92 9.01 68.75 15.91 - NJ Massachusetts 17 17.30 14.95 159.71 2.04 9.59 0.41 108.86 0.96 9.25 64.02 19.10 (0.66) NY New Jersey 31 13.80 13.03 140.27 1.41 9.43 0.85 88.23 0.86 8.77 60.29 11.61 (0.32) NC New York 57 14.12 13.50 147.04 2.57 9.19 0.49 110.32 0.98 9.85 65.74 15.78 (0.07) OH North Carolina 21 13.20 15.23 126.16 1.29 10.09 0.63 94.59 1.14 10.38 65.47 26.34 - PA Ohio 45 12.57 12.47 142.64 2.82 10.21 0.64 100.97 1.18 10.45 63.28 18.25 - RI Pennsylvania 79 13.09 13.33 122.90 2.80 9.78 0.63 104.51 0.98 9.10 65.67 10.42 - SC Rhode Island 2 12.00 12.04 175.88 3.67 8.84 0.65 111.22 1.26 11.90 55.21 24.92 (0.55) TN South Carolina 14 14.53 14.71 124.62 1.95 10.08 0.58 117.14 0.97 9.35 69.48 16.74 (0.03) VT Tennessee 19 13.82 14.06 146.07 1.69 9.94 0.39 178.65 1.06 9.24 62.20 12.85 - VA Vermont 4 12.97 - 125.39 3.02 8.92 0.86 92.57 0.96 10.79 70.22 (1.12) 0.27 WV Virginia 42 13.91 14.00 125.82 2.20 10.48 0.70 92.46 0.99 9.22 68.09 16.16 -

West Virginia 11 12.32 14.89 148.37 2.77 10.16 1.87 48.60 1.33 10.78 61.39 17.80 -

By Asset Size

10,000 >= $10 billion 44 13.21 12.42 179.16 2.80 9.24 0.56 87.01 1.22 9.48 56.94 26.15 (1.06) 1,000 $1 billion to $10 billion 156 13.66 13.67 150.35 2.41 9.75 0.63 108.86 1.08 10.13 60.81 17.31 (0.32)

500 $500 million to $1billion 87 14.46 14.77 122.82 2.13 9.67 0.68 95.52 0.89 9.31 69.17 8.98 - 250 $250 million to $500 million 92 12.56 53.52 106.82 2.19 9.98 0.76 81.62 0.91 8.50 71.26 7.34 - 100 $150 million to $250 million 32 13.45 - 98.85 2.46 11.04 0.79 71.52 0.85 7.52 76.50 7.65 -

Total Companies 411 13.49 13.43 134.10 2.36 9.78 0.65 95.83 1.00 9.51 64.92 14.23 -


Page 12

MHC COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/27/2019


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


CFBI Community First Bcshs (MHC) 310 85 11.30 11.70 9.82 NM NM 111.6 NA 24.71 NA NA 0.06 0.24 100.41 (3.00) (1.74)

BVFL BV Financial Inc. (MHC) 297 121 17.12 20.00 13.50 46.27 NM - - 21.36 2.13 21.59 0.79 4.86 68.88 18.07 (4.36)

HONE HarborOne Bancorp Inc 3,949 643 11.01 11.18 8.35 43.60 39.1 110.3 NA 15.06 1.13 51.74 0.39 3.52 83.23 24.40 0.27 PVBC Provident Bancorp Inc 1,078 243 12.49 14.08 9.87 21.39 NM 178.8 NA 12.60 NA NA 1.11 8.54 58.01 16.44 (0.72)

CLBK Columbia Financial Inc. (MHC) 7,070 1,871 17.20 17.20 14.25 34.40 40.0 199.8 NA 13.96 NA NA 0.82 5.69 62.61 12.49 1.00 MGYR Magyar Bancorp Inc. (MHC) 630 73 12.46 12.87 10.93 24.43 NM 132.7 NA 8.67 3.12 24.83 0.47 5.66 78.12 1.71 (0.36) LPBC Lincoln Park Bancorp (MHC) 307 15 8.25 10.50 8.06 NM NM - - 6.08 NA NA (0.52) (10.15) 151.48 (17.50) 1.73

GCBC Greene County Bncp Inc. (MHC) 1,410 249 29.13 34.26 26.04 13.81 NM 213.4 1.51 8.27 0.37 259.24 1.45 16.62 50.83 (6.39) 2.57 PDLB PDL Community Bancorp (MHC) 1,100 259 14.75 14.85 12.42 NM NM 161.5 NA 14.60 1.73 63.93 0.29 1.76 88.28 15.78 (0.34) NECB NorthEast Community Bncp (MHC) 1,038 142 11.79 12.10 11.05 9.72 NM - 1.02 NA NA NA 1.60 11.16 NA 6.22 0.34 LSBK Lake Shore Bancorp Inc. (MHC) 597 89 15.30 16.24 14.25 23.54 NM 110.4 3.14 13.82 0.73 95.44 0.70 4.83 75.37 1.59 0.79 SCAY Seneca-Cayuga Bncp Inc. (MHC) 323 26 10.37 11.70 9.90 NM NM 98.6 NA 8.09 1.76 30.39 (0.11) (1.25) 107.67 0.58 (2.63) SNNF Seneca Financial Corp. (MHC) 210 17 9.25 9.60 7.66 14.92 NM 86.9 NA 9.67 0.79 71.52 0.58 5.96 77.62 16.35 -

LSFG LifeStore Financial Grp (MHC) 310 42 39.80 39.80 28.10 9.93 NM - 0.70 NA NA NA 1.38 13.97 71.37 40.88 -

TFSL TFS Financial Corp (MHC) 14,542 5,392 19.57 20.45 15.56 69.89 62.1 324.8 5.52 11.61 NA NA 0.56 4.58 67.75 21.33 (2.25) CNNB Cincinnati Bancorp (MHC) 221 30 16.75 17.00 11.80 12.23 NM 130.8 NA 10.52 0.80 79.77 1.18 10.59 93.11 39.58 2.60 GVFF Greenville Federal Finl (MHC) 186 24 11.00 11.70 9.76 40.74 NM 109.4 2.55 11.68 NA NA 0.30 2.54 90.01 10.00 1.85

WMPN William Penn Bncp Inc. (MHC) 418 155 38.90 44.00 33.25 40.52 NM 223.3 1.03 16.82 0.96 78.83 0.94 5.11 67.47 16.99 - SSBP SSB Bancorp Inc. (MHC) 201 18 8.06 9.09 7.30 - NM 87.4 NA 10.31 NA NA 0.25 2.37 85.57 (6.82) (1.10)

OFED Oconee Fed Finl Corp. (MHC) 522 148 26.16 27.49 21.65 - NM 175.2 1.53 16.47 0.88 28.27 0.74 4.46 70.37 5.04 (3.13)

GEORGIA MHCs

MARYLAND MHCs

MASSACHUSETTS MHCs

NEW JERSEY MHCs

NEW YORK MHCs

NORTH CAROLINA MHCs

OHIO MHCs

PENNSYLVANIA MHCs

One Year

SOUTH CAROLINA MHCs


Page 13

MHC COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/27/2019

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 - - 111.57 - 24.71 - - 0.06 0.24 100.41 (3.00) (1.74) FL Maryland 1 46.27 - - - 21.36 2.13 21.59 0.79 4.86 68.88 18.07 (4.36)

Massachussets 2 32.50 39.14 144.53 - 13.83 1.13 51.74 0.75 6.03 70.62 20.42 (0.22) GA New Jersey 3 29.42 40.00 166.24 - 8.67 3.12 24.83 0.47 5.66 78.12 1.71 1.00 MD New York 6 14.36 - 110.39 1.51 9.67 0.79 71.52 0.64 5.40 77.62 3.90 0.17 MA North Carolina 1 9.93 - - 0.70 - - - 1.38 13.97 71.37 40.88 - NJ Ohio 3 40.74 62.13 130.80 4.03 11.61 0.80 79.77 0.56 4.58 90.01 21.33 1.85 NY Pennsylvania 2 40.52 - 155.32 1.03 13.57 0.96 78.83 0.59 3.74 76.52 5.09 (0.55) NC South Carolina 1 - - 175.18 1.53 16.47 0.88 28.27 0.74 4.46 70.37 5.04 (3.13)

By Asset Size

10,000 >= $10 billion 1 27.90 40.00 189.29 1.51 13.28 - - 0.82 5.69 65.18 15.78 0.27 1,000 $1 billion to $10 billion 6 21.39 39.57 178.80 1.26 13.96 1.13 63.93 0.97 7.12 62.61 14.13 0.31

500 $500 million to $1billion 3 23.98 - 132.71 2.33 13.82 0.88 28.27 0.70 4.83 75.37 1.71 (0.36) 250 $150 million to $500 million 10 27.72 - 109.39 0.70 10.52 0.96 71.52 0.44 3.70 87.79 13.18 -

TOTAL MHCs 20 23.98 40.00 131.75 1.27 12.14 0.96 63.93 0.64 4.85 77.62 11.25 -


Page 14

BANK & THRIFT TOTAL RETURN YTD

As of 12/27/2019

37.9%

11.6%

23.1%

21.6%

31.8%

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

12/3

1/20

18

1/7/

2019

1/14

/201

9

1/21

/201

9

1/28

/201

9

2/4/

2019

2/11

/201

9

2/18

/201

9

2/25

/201

9

3/4/

2019

3/11

/201

9

3/18

/201

9

3/25

/201

9

4/1/

2019

4/8/

2019

4/15

/201

9

4/22

/201

9

4/29

/201

9

5/6/

2019

5/13

/201

9

5/20

/201

9

5/27

/201

9

6/3/

2019

6/10

/201

9

6/17

/201

9

6/24

/201

9

7/1/

2019

7/8/

2019

7/15

/201

9

7/22

/201

9

7/29

/201

9

8/5/

2019

8/12

/201

9

8/19

/201

9

8/26

/201

9

9/2/

2019

9/9/

2019

9/16

/201

9

9/23

/201

9

9/30

/201

9

10/7

/201

9

10/1

4/20

19

10/2

1/20

19

10/2

8/20

19

11/4

/201

9

11/1

1/20

19

11/1

8/20

19

11/2

5/20

19

12/2

/201

9

12/9

/201

9

12/1

6/20

19

12/2

3/20

19

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 December 30, 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) (%) (%)

12/23/2019 NA Northfield Bancorp Inc. NJ VSB Bancorp Inc. NY 375,704 10.14 0.95 10.30 0.58 63.20 33.30 51.36 161.62 161.62 16.32 16.82 9.11 12/19/2019 NA Evans Bancorp Inc. NY FSB Bancorp Inc. NY 324,810 9.83 0.00 0.02 0.32 34.77 17.83 6.06 108.40 108.40 NM 10.71 1.84 12/18/2019 NA Pinnacle Financial Corp. GA SBT Bancorp Inc. GA 224,546 8.88 1.21 13.42 0.83 36.00 27.37 NA 176.24 176.24 16.54 16.03 10.66 12/18/2019 NA Kearny Financial Corp. NJ MSB Financial Corp. NJ 591,253 10.86 0.71 6.08 2.24 95.71 18.29 21.13 148.14 148.14 22.86 16.19 8.54 12/18/2019 NA First Bancshares Inc. MS Southwest Georgia Financial GA 547,544 8.84 0.94 11.20 0.38 87.92 34.50 59.16 181.47 181.47 17.34 16.06 9.00 12/18/2019 NA CNB Financial Corp. PA Bank of Akron NY 388,877 9.88 1.30 13.00 1.21 65.78 219.25 23.87 171.21 171.21 13.91 16.91 9.58 12/18/2019 NA Citizens & Northern Corp. PA Covenant Financial Inc. PA 512,146 10.14 1.04 10.24 0.93 77.24 16.75 NA 193.99 193.99 20.81 15.08 14.13 12/18/2019 NA Cambridge Financial Group Inc. MA Melrose Bancorp Inc MA 340,813 11.93 0.38 2.93 NA 52.76 25.00 39.90 129.80 129.80 44.64 15.48 7.10 12/10/2019 NA Fidelity D & D Bancorp Inc. PA MNB Corporation PA 412,770 9.51 0.94 10.79 0.53 78.67 69.45 97.07 200.40 200.40 20.98 19.06 11.56 12/5/2019 NA William Penn Bncp Inc. (MHC) PA Washington SB PA 159,367 8.50 (0.36) (4.30) 0.11 NA NA NA NA NA NA NA NA12/5/2019 NA William Penn Bncp Inc. (MHC) PA Fidelity S&L Association PA 85,921 14.91 0.36 2.46 1.51 NA NA NA NA NA NA NA NA12/5/2019 NA Cambridge Bancorp MA Wellesley Bancorp MA 985,867 7.28 0.70 9.48 NA 119.76 44.29 37.03 158.53 158.53 17.44 12.15 7.89 12/4/2019 NA Bridgewater Financial MHC MA Mansfield Co-operative Bank MA 527,235 10.66 0.60 5.77 0.35 NA NA NA NA NA NA NA NA12/3/2019 NA Suncoast CU FL Apollo Bank FL 746,768 9.78 1.24 12.87 0.64 NA NA NA NA NA NA NA NA12/3/2019 NA Columbia Financial Inc. (MHC) NJ RSB Bancorp MHC NJ 442,128 13.68 (0.80) (5.52) 0.47 NA NA NA NA NA NA NA NA11/19/2019 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 110.24 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 1.31 123.98 30.67 23.57 146.52 146.52 17.94 16.92 10.03 10/22/2019 NA Centreville Bank RI PB Bancorp Inc. CT 538,030 15.81 0.82 5.09 1.20 115.52 15.25 33.20 133.50 145.30 25.42 21.47 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 0.18 460.71 37.10 27.92 155.14 173.36 14.78 17.54 12.85 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

Source: SNL Page 1






9/18/2019 NA Citizens Financial Services PA MidCoast Community Bancorp Inc DE 268,546 9.51 0.97 9.85 0.17 29.90 6.26 2.59 117.09 117.09 12.24 11.13 2.90 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 15.43 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 12/1/2019 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 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 11/30/2019 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 NA

Source: SNL Page 2






5/30/2019 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 12/15/2019 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 9/30/2019 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 12/6/2019 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 NA

Source: SNL Page 3




Value Premium/ Deal Value / Prem/Equity/ NPAs/ Deal Per Market Tang. LTM Core

Number of Assets ROAA ROAE Assets Value Share Value Book Book EPS Assets DepsMedians Deals (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%)

By State

CT Connecticut 3 3 9.87 0.81 8.07 0.94 115.52 15.25 33.20 133.50 145.30 17.28 14.91 6.78 Delaware 1 1 9.51 0.97 9.85 0.17 29.90 6.26 2.59 117.09 117.09 12.24 11.13 2.90

GA Florida 16 16 9.76 1.22 11.77 0.70 79.63 12.88 NA 176.37 176.37 17.07 18.63 11.43 MD Georgia 8 8 9.80 0.95 11.35 1.09 46.15 34.50 33.08 171.46 176.24 13.14 14.58 9.22 MA Maryland 4 4 11.78 1.21 8.66 0.27 261.53 33.16 20.33 141.36 168.03 14.41 16.90 10.47

NJ Massachusetts 7 7 10.66 0.60 5.77 0.76 86.26 34.64 38.47 144.17 144.17 31.04 13.82 7.50 NY New Jersey 9 9 11.07 0.77 8.09 0.78 113.43 16.54 16.86 148.14 148.14 17.31 15.89 8.54 NC New York 8 8 9.40 0.86 10.04 0.56 79.47 47.65 31.54 156.31 156.31 16.32 13.90 8.31 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 6 6 13.68 0.56 3.78 1.15 39.62 633.01 1.75 128.57 128.57 21.41 14.32 7.44 RI Pennsylvania 5 5 9.86 0.94 9.76 0.93 78.67 47.28 55.43 193.99 200.40 20.81 17.66 12.85 SD 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 7.25 WV Virginia 3 3 9.76 0.62 6.50 1.84 44.61 54.99 59.43 155.18 155.18 23.38 15.23 7.33

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

By Asset Size

1,000,000 10,000,000 >= $3B 5 12.66 1.28 9.62 0.60 - 758.03 29.22 6.99 127.68 177.02 13.69 16.26 10.20 1,000,000 10,000,000 $1B to $3B 7 10.24 1.05 10.07 0.93 - 213.43 25.49 20.70 148.25 173.36 15.40 16.55 9.37

500,000 1,000,000 $500M to $1B 18 9.79 0.83 9.48 0.80 - 101.18 17.52 37.03 153.09 156.86 18.77 15.16 8.54 250,000 500,000 $250M to $500M 24 10.29 0.84 8.80 0.50 - 52.94 37.09 40.70 162.49 162.49 17.28 15.98 9.30

0 250,000 < $250M 24 11.24 0.65 6.40 1.31 - 22.35 41.18 22.34 138.93 136.51 18.09 15.84 5.35

Total Deals 78 10.35 0.86 8.94 0.77 - 76.12 30.18 23.87 153.32 159.99 17.30 15.96 9.06

Source: SNL Page 4

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

Associate, 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



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

Analyst, Financial Institutions Investment Banking


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 · 12/30/2019 · This report is the intellectual property of Janney Montgomery Scott LLC (Janney) and may not be reproduced, distributed,