Michigan Community Banking Financial Update

1st Quarter 2019

For more information contact: Dan Flaherty Pat Ahern Matt Veneri Principal Managing Director Co‐Head of Investment Investment Banking Fixed Income Banking (404) 601‐7225 (312) 461‐4344 (404) 601‐7222 [email protected] [email protected] [email protected]

RESEARCH | INVESTMENT BANKING | EQUITY SALES & TRADING | FIXED INCOME | CORPORATE & PRIVATE CLIENT SERVICES Michigan Banking Landscape

Michigan 2018 2018 Number of Deposits In Total Market Rank Institution (ST) Branches Market ($000) Share(%) 1 JPMorgan Chase & Co. (NY) 229 43,832,874 20.17 2 Comerica Incorporated (TX) 195 30,157,710 13.88 3 Bank of America Corp. (NC) 106 19,264,225 8.86 4 PNC Financial Services Group, Inc. (PA) 182 17,288,602 7.96 5 Fifth Third Bancorp (OH) 209 16,530,079 7.61 6 Huntington Bancshares Incorporated (OH 318 15,766,972 7.26 7 Chemical Financial Corporation (MI) 186 13,123,415 6.04 8 Flagstar Bancorp, Inc. (MI) 114 11,001,987 5.06 9 Citizens Financial Group, Inc. (RI) 90 5,719,311 2.63 10 TCF Financial Corporation (MN) 51 3,193,936 1.47 11 Independent Bank Corporation (MI) 69 2,820,474 1.30 12 Mercantile Bank Corporation (MI) 47 2,540,482 1.17 13 Wells Fargo & Company (CA) 2 1,739,032 0.80 14 Macatawa Bank Corporation (MI) 29 1,586,861 0.73 15 KeyCorp (OH) 23 1,480,768 0.68 16 Old National Bancorp (IN) 24 1,367,201 0.63 17 Arbor Bancorp, Inc. (MI) 8 1,314,821 0.61 18 Canadian Imperial Bank of Commerce 1 1,310,893 0.60 19 Isabella Bank Corporation (MI) 30 1,278,191 0.59 20 First Merchants Corporation (IN) 21 1,149,052 0.53 21 Meta Financial Group, Inc. (SD) 1 1,122,266 0.52 22 Level One Bancorp, Inc. (MI) 12 1,083,158 0.50 23 First National Bancshares, Inc. (MI) 3 1,045,707 0.48 24 Mackinac Financial Corporation (MI) 24 881,548 0.41 25 Northpointe Bancshares, Inc. (MI) 1 734,226 0.34 26 Fentura Financial, Inc. (MI) 15 701,991 0.32 27 Horizon Bancorp, Inc. (IN) 15 624,946 0.29 28 First State Financial Corporation (MI) 11 608,120 0.28 29 Southern Michigan Bancorp, Inc. (MI) 16 599,458 0.28 30 CNB Community Bancorp, Inc. (MI) 13 570,466 0.26 31 Northstar Financial Group, Inc. (MI) 11 556,337 0.26 32 County Bank Corp (MI) 13 547,487 0.25 33 ChoiceOne Financial Services, Inc. (MI) 13 529,093 0.24 34 United Bank Financial Corporation (MI) 14 491,625 0.23 35 Keweenaw Financial Corporation (MI) 10 487,262 0.22 36 First National Bancorp, Inc. (MI) 5 444,161 0.20 37 West Michigan Community Bank (MI) 9 402,999 0.19 38 Commercial National Financial Corporati 10 402,834 0.19 39 Oxford Bank Corporation (MI) 8 391,560 0.18 40 First Bancshares Corporation (MI) 9 378,495 0.17

Total For Institutions In Market 2,495 217,316,128

Source: S&P Global Market Intelligence 2 Market‐Based Pricing Data

3 Publicly Traded Michigan Banks – (NYSE & NASDAQ)

Sorted By Market Capitalization Market Data Financial Highlights

Price to: Deposit Div. Weekly Short Insider Institut. LTM Total Total Total TCE NPAs/ YTD YTD Mkt Cap Tg Bk MRQ EPS NTM EPS Prem. Yield Volume Interest Own. Own. Return Assets Loans Deposits /TA Assets ROAA ROAE Ticker Institution City Exchange ($M) (%) (x) (x) (%) (%) (%) (%) (%) (%) (%) ($M) ($M) ($M) (%) (%) (%) (%)

CHFC Chemical Financial Corp. Detroit NASDAQ $2,926 168.6 % 11.8 x 9.7 x 7.4 % 3.3 % 3.2 % 6.3 % 1.1 % 88.3 % ‐25.0 % $21,800 $15,348 $16,062 8.4 % 0.68 % 1.17 % 8.82 %

FBC Flagstar Bancorp Inc. Troy NYSE 1,816 130.5 12.8 9.2 3.2 0.5 3.3 3.3 1.4 51.0 ‐7.2 19,445 14,280 13,453 7.2 0.45 0.78 9.10

MBWM Mercantile Bank Corp. Grand Rapids NASDAQ 538 163.5 11.4 12.7 8.0 3.2 1.1 0.5 3.3 48.5 ‐3.5 3,552 2,800 2,611 9.4 0.70 1.37 12.58

SBT Sterling Bancorp Inc. Southfield NASDAQ 516 152.6 8.3 8.9 7.3 0.4 0.7 0.4 70.4 29.8 ‐27.5 3,252 2,944 2,437 10.4 0.43 1.94 18.44

IBCP Independent Bank Corp. Grand Rapids NASDAQ 504 163.0 13.8 11.1 6.6 3.4 2.6 1.2 3.2 73.8 ‐11.4 3,384 2,662 2,934 9.3 1.80 1.12 10.99

MCBC Macatawa Bank Corp. Holland NASDAQ 361 182.5 12.1 12.3 10.1 2.6 0.5 0.8 23.1 31.9 ‐4.1 1,926 1,385 1,618 10.3 1.01 1.57 15.81

LEVL Level One Bancorp Inc. Farmington Hills NASDAQ 190 129.7 13.9 11.9 10.7 0.7 1.1 1.8 34.4 37.3 ‐14.0 1,457 1,145 1,151 10.1 1.23 0.96 8.99

MFNC Mackinac Financial Corp Manistique NASDAQ 173 133.0 13.4 12.0 3.8 3.0 0.8 0.3 5.2 57.3 3.5 1,317 1,045 1,097 10.1 0.97 0.96 8.24

Avg. 878 152.9 12.2 11.0 7.1 2.1 1.7 1.8 17.8 52.2 ‐11.2 7,017 5,201 5,170 9.4 0.91 1.23 11.62 Market Pricing Date 20‐May‐19 Median 510 157.8 12.4 11.5 7.4 2.8 1.1 1.0 4.2 49.8 ‐9.3 3,318 2,731 2,524 9.7 0.84 1.14 10.04 Merger Targets

MBTF MBT Financial Corp. Monroe NASDAQ 255 209.7 16.3 13.0 10.7 3.6 1.0 0.3 5.7 34.8 10.7 1,337 769 1,183 9.5 0.75 1.33 14.47

Source: S&P Global Market Intelligence, data as of most recently reported GAAP quarter 4 OTC Listed – Michigan Banks

Sorted By Market Capitalization Market Data Financial Highlights

Price to: Deposit Div. Weekly Short Insider Institut. LTM Total Total Total TCE NPAs/ YTD YTD Mkt Cap Tg Bk MRQ EPS Prem. Yield Volume Interest Own. Own. Return Assets Loans Deposits /TA Assets ROAA ROAE Ticker Institution City Exchange ($M) (%) (x) (%) (%) (%) (%) (%) (%) (%) ($M) ($M) ($M) (%) (%) (%) (%)

ISBA Isabella Bank Corporation Mount Pleasant OTCQX $178 115.5 % 13.1 x 1.9 % 4.6 % 0.1 % 0.0 % 7.2 % 0.9 % ‐12.7 % $1,807 $1,145 $1,278 8.8 % 1.66 % 0.77 % 7.00 %

COFS ChoiceOne Financial Services Sparta OTC Pink 105 152.2 16.1 6.4 2.8 0.1 0.0 8.8 0.0 15.2 670 432 564 10.5 0.58 0.98 8.03

KEFI Keweenaw Financial Corporation Hancock OTC Pink 100 48.9 5.2 6.5 1.4 0.0 ‐‐ 24.9 ‐‐ ‐47.6 558 306 484 12.2 1.96 1.17 9.78

FETM Fentura Financial Inc. Fenton OTCQX 96 108.9 9.5 1.0 1.4 0.1 0.0 8.0 2.9 2.3 946 812 790 9.3 0.13 1.08 10.93

SOMC Southern Michigan Bancorp Inc. Coldwater OTC Pink 88 138.5 11.4 3.7 2.4 0.3 0.0 20.4 2.5 4.8 786 549 652 8.2 NA 1.01 10.05

FNHM FNBH Bancorp Inc. Howell OTC Pink 58 117.3 10.5 2.4 0.0 0.0 0.0 69.2 ‐‐ ‐2.3 412 326 361 12.0 NA 0.81 6.81

STBI Sturgis Bancorp Sturgis OTCQX 52 146.8 12.3 4.7 2.4 0.3 0.0 2.2 6.9 33.4 441 325 352 8.1 1.74 0.96 10.23

GNRV Grand River Commerce Inc. Grandville OTC Pink 46 ‐‐ 56.7 NA ‐‐ 0.2 0.0 16.1 9.8 15.1 276 254 225 ‐‐ 0.00 0.53 3.77

CEFC Commercial National Financial Ithaca OTC Pink 45 144.6 10.2 NA 4.5 0.0 0.0 18.6 ‐‐ 0.9 528 378 424 ‐‐ 0.49 0.83 12.39

UNIB University Bancorp Inc. Ann Arbor OTCQB 45 178.2 NM 9.8 ‐‐ 0.2 0.0 59.2 4.8 ‐20.0 247 116 200 10.2 0.25 1.22 8.51

CYFL Century Financial Corp. Coldwater OTC Pink 43 112.4 8.0 1.7 3.0 0.1 0.0 18.1 6.4 18.2 316 206 274 12.0 0.92 1.26 10.40

OXBC Oxford Bank Corporation Oxford OTC Pink 42 103.1 11.6 0.3 0.0 0.2 0.0 30.9 4.9 8.5 456 328 412 9.0 1.65 0.81 8.98

WSSH West Shore Bank Corporation Ludington OTC Pink 42 111.8 11.9 1.2 2.8 0.1 0.0 15.1 ‐‐ 4.7 440 324 359 8.6 1.15 0.77 8.79

HCBN HCB Financial Corp. Hastings OTC Pink 33 105.1 15.5 0.6 2.2 0.2 0.0 ‐‐ ‐‐ 9.7 316 213 260 10.0 0.45 0.67 6.84

EFIN Eastern Michigan Fncl. Corp Croswell OTC Pink 31 88.3 8.3 ‐1.3 2.6 0.2 0.0 12.7 ‐‐ 8.0 361 178 324 9.8 NA 1.05 10.67

CBSU Central Bank Corp. Sault Sainte Marie OTC Pink 24 74.6 6.3 ‐3.6 0.0 0.0 0.0 8.7 ‐‐ 20.6 254 153 216 12.7 3.24 1.25 10.12

CNBZ CNB Corp. Cheboygan OTC Pink 24 95.5 10.0 ‐0.4 4.0 0.0 0.0 19.2 0.1 ‐7.7 296 157 266 8.6 0.97 0.82 9.73

CKFC Clarkston Financial Corp. Waterford OTC Pink 22 116.7 9.6 1.6 ‐‐ 0.0 0.0 45.0 14.0 ‐18.8 219 195 195 8.4 0.32 1.07 12.76

EGDW Edgewater Bancorp Inc Saint Joseph OTC Pink 17 115.7 23.1 0.9 ‐‐ 0.4 0.0 15.6 ‐‐ 35.5 169 129 145 9.2 NA 0.43 4.77

HVLM Huron Valley Bancorp Inc. Milford OTC Pink 13 107.7 7.6 0.7 0.6 0.0 0.0 60.1 ‐‐ 14.8 151 132 135 8.2 NA 1.11 14.00

CSHB Community Shores Bank Corp. Muskegon OTC Pink 11 86.7 NM ‐1.0 ‐‐ 0.1 0.0 63.0 ‐‐ ‐5.5 185 148 165 7.1 NA ‐0.50 ‐6.94

Avg. 53 113.4 13.5 2.0 2.2 0.1 0.0 26.2 4.8 3.7 468 324 385 9.6 1.03 0.86 8.46 Market Pricing Date 20‐May‐19 Median 43 112.1 10.5 1.2 2.4 0.1 0.0 18.3 4.8 4.8 361 254 324 9.2 0.92 0.96 9.73

Source: S&P Global Market Intelligence, GAAP‐based financials as the most recently reported quarter (Please note that not all OTC listed companies are SEC filers and certain holding company financials may not be as of the most recent calendar quarter – please refer to bank level data on the following pages for most up to date information) 5 Regulatory‐Based Financial Data – Stock Owned Banks

Note: Due to the changes on the small bank holding company policy, bank holding companies under $3.0 billion in assets no longer report consolidated financials 6 Upper Peninsula Michigan ‐ Stock Banks

Sorted by Asset Size Financial Highlights Balance Sheet Highlights Capital Adequacy YTD Financial Performance Asset Quality Top Total Total Total Loans/ TCE Leverage Total RBC NPAs/ Reserves NCOs/ Level Assets Loans Deposits Deposits /TA Ratio Ratio ROAA ROAE N.I.M. Efficiency Assets /Loans Avg. Lns Institution City County Ticker ($M) ($M) ($M) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

mBank Manistique Schoolcraft MFNC $1,314 $1,045 $1,100 95.1 % 9.76 % 9.44 % 12.58 % 1.05 % 9.31 % 4.48 % 67.7 % 0.97 % 0.49 % 0.05 %

Superior Natl B&TC Hancock Houghton KEFI 571 305 492 62.0 12.34 12.71 23.80 1.06 8.71 3.63 67.2 1.68 1.68 0.03

First Bank Upper Michigan Gladstone Delta ‐‐ 468 347 384 90.3 10.38 10.62 13.78 1.61 12.40 4.25 63.6 3.01 1.27 0.03

Range Bank NA Marquette Marquette ‐‐ 366 226 328 68.9 9.44 9.38 14.35 0.62 6.61 3.64 79.1 1.28 1.37 ‐0.01

First National B&TC Iron Mountain Dickinson ‐‐ 323 172 282 61.0 9.28 9.24 14.97 0.63 6.82 3.75 79.0 1.49 1.14 0.10

First Natl Bank of St. Ignace Saint Ignace Mackinac ‐‐ 256 84 227 36.9 8.50 7.69 16.06 0.28 3.44 2.58 90.4 1.82 1.20 0.09

Central SB Sault Sainte Marie Chippewa CBSU 251 154 215 71.8 13.29 13.45 21.04 1.28 9.82 3.92 62.8 2.48 1.34 0.02

Upper Peninsula State Bank Escanaba Delta ‐‐ 203 136 165 82.5 16.12 17.15 24.53 1.25 7.81 3.94 62.8 0.44 1.59 0.09

Northern Interstate Bank NA Norway Dickinson ‐‐ 159 90 139 64.7 11.21 11.44 20.59 0.78 6.73 3.83 75.1 1.60 0.89 0.21

Peoples State Bank of Munising Munising Alger ‐‐ 144 93 124 74.6 11.75 11.83 17.01 1.61 12.91 4.17 58.6 0.93 2.05 ‐0.02

Miners State Bank Iron River Iron ‐‐ 130 93 114 82.3 10.02 10.27 13.21 1.47 14.80 4.18 71.4 1.36 0.74 0.00

State Savings Bk of Manistique Manistique Schoolcraft ‐‐ 129 60 106 56.1 11.35 11.75 18.48 0.99 8.74 3.58 69.1 1.20 0.97 0.11

Gogebic Range Bank Ironwood Gogebic ‐‐ 128 75 114 65.8 9.91 10.28 16.05 1.12 10.64 4.60 62.4 0.88 1.29 ‐0.03

Old Mission Bank Sault Sainte Marie Chippewa ‐‐ 117 60 102 58.7 11.16 11.11 19.27 0.82 7.47 3.61 79.9 1.13 1.46 0.07

Baybank Gladstone Delta ‐‐ 103 76 89 85.0 8.98 9.19 12.19 1.00 11.14 4.22 67.3 2.07 0.93 0.28

Citizens State Bk of Ontonagon Ontonagon Ontonagon ‐‐ 56 14 49 28.5 12.28 12.43 43.76 (0.24) (1.94) 3.02 81.6 1.86 2.42 2.30

First National Bk of Wakefield Wakefield Gogebic ‐‐ 49 20 44 44.2 9.55 9.99 24.91 0.45 4.85 3.80 87.4 1.21 1.48 0.04

Avg. 280 179 240 66.4 10.90 11.06 19.21 0.93 8.25 3.84 72.1 1.50 1.31 0.20 Financial Data as of: 3/31/2019 Med. 159 93 139 65.8 10.38 10.62 17.01 1.00 8.71 3.83 69.1 1.36 1.29 0.05

Source: S&P Global Market Intelligence 7 Northern Michigan ‐ Stock Banks

West Shore Bank Ludington Mason WSSH $459 $323 $364 88.9 % 8.52 % 8.61 % 12.87 % 0.66 % 7.40 % 3.70 % 82.4 % 1.18 % 0.94 % 0.00 %

First Community Bank Harbor Springs Emmet ‐‐ 307 264 263 100.4 9.67 9.69 12.69 1.42 14.91 4.46 70.0 0.15 1.07 ‐0.03

Citizens Natl Bk of Cheboygan Cheboygan Cheboygan CNBZ 296 157 266 59.0 8.48 8.82 16.57 0.82 9.97 3.70 76.7 0.97 1.09 ‐0.01

Lake‐Osceola State Bank Baldwin Lake ‐‐ 260 213 212 100.4 9.42 9.16 13.29 1.16 12.66 4.04 64.3 1.74 1.18 0.09

Honor Bank Honor Benzie ‐‐ 239 193 208 92.7 9.07 9.16 11.89 0.93 10.17 4.20 74.3 0.52 1.26 0.13

State SB Frankfort Benzie ‐‐ 214 160 188 84.8 11.16 11.13 16.22 (0.07) (0.67) 3.93 106.3 1.46 0.69 0.01

Huron Community Bank East Tawas Iosco ‐‐ 213 140 179 78.4 11.79 11.75 18.13 0.95 8.16 3.99 71.5 0.84 1.31 0.00

Alden State Bank Alden Antrim ‐‐ 195 146 169 86.3 12.89 13.10 16.23 1.29 9.96 4.54 58.0 1.40 1.76 ‐0.35

Charlevoix State Bank Charlevoix Charlevoix ‐‐ 187 109 169 64.3 9.26 9.58 16.35 1.79 19.30 3.94 61.5 1.02 1.13 0.05

Huron National Bank Rogers City Presque Isle ‐‐ 63 38 53 71.7 15.20 15.09 22.31 0.23 1.54 3.81 80.4 4.29 1.22 ‐0.04

Avg. 244 174 207 82.7 10.55 10.61 15.66 0.92 9.34 4.03 74.5 1.36 1.17 ‐0.02 Financial Data as of: 3/31/2019 Med. 226 158 198 85.6 9.55 9.64 16.23 0.94 9.97 3.97 72.9 1.10 1.16 0.00

Source: S&P Global Market Intelligence 8 Tri Cities Michigan ‐ Stock Banks

State Bank Fenton Genesee FETM $945 $812 $794 102.2 % 9.92 % 10.05 % 12.85 % 1.19 % 11.52 % 3.86 % 62.4 % 0.09 % 0.58 % ‐0.02 %

Northstar Bank Bad Axe Huron ‐‐ 650 500 571 87.5 9.60 9.90 12.89 2.82 28.16 4.68 60.8 1.85 1.64 ‐0.13

Lakestone Bank & Trust Lapeer Lapeer CBNC 636 387 562 69.0 9.83 10.38 15.56 1.16 11.75 3.72 68.5 0.32 0.44 0.01

Eastern Michigan Bank Croswell Sanilac EFIN 361 178 325 54.8 9.63 9.82 17.69 1.04 10.83 3.40 63.7 0.92 0.83 0.33

Tri‐County Bank Brown City Sanilac ‐‐ 311 228 274 83.2 11.45 11.85 16.58 1.56 13.51 4.46 58.8 0.53 0.82 0.01

1st State Bank Saginaw Saginaw ‐‐ 286 201 241 83.4 9.52 9.49 11.95 1.01 10.75 4.27 67.7 0.87 1.47 ‐0.01

Thumb Bank & Trust Pigeon Huron ‐‐ 266 166 238 69.8 9.01 8.94 12.97 0.57 6.37 3.60 86.0 0.42 1.32 0.00

Exchange State Bank Carsonville Sanilac ‐‐ 163 100 143 69.9 11.94 11.82 18.27 1.36 11.61 3.76 61.9 0.37 1.25 0.00

Bay Port State Bank Bay Port Huron ‐‐ 105 92 97 94.8 7.47 7.60 11.08 0.84 11.19 4.18 73.5 0.82 1.29 0.00

Mayville State Bank Mayville Tuscola ‐‐ 87 37 78 47.6 10.75 10.79 24.37 0.53 5.01 3.18 82.5 0.65 1.54 0.01

Port Austin State Bank Port Austin Huron ‐‐ 51 40 41 97.1 18.26 18.17 29.52 1.39 7.71 3.96 59.8 0.30 0.76 ‐0.01

Freeland State Bank Freeland Saginaw ‐‐ 51 7 41 18.0 17.75 17.69 112.58 0.12 0.72 2.21 94.5 1.84 2.77 ‐0.37

Avg. 326 229 284 73.1 11.26 11.38 24.69 1.13 10.76 3.77 70.0 0.75 1.23 ‐0.02 Financial Data as of: 3/31/2019 Med. 276 172 239 76.5 9.88 10.22 16.07 1.10 11.01 3.81 65.7 0.59 1.27 0.00

Source: S&P Global Market Intelligence 9 West Michigan ‐ Stock Banks

Mercantile Bank Corp. Grand Rapids Kent MBWM $3,552 $2,800 $2,611 107.2 % 9.41 % 11.11 % 12.55 % 1.37 % 12.57 % 3.83 % 57.3 % 0.69 % 0.83 % 0.01 %

Macatawa Bank Holland Ottawa MCBC 1,924 1,385 1,624 85.3 12.03 11.90 15.73 1.69 14.48 3.62 52.9 1.01 1.22 ‐0.08

Northpointe Bank Grand Rapids Kent ‐‐ 1,575 1,418 974 145.7 6.69 7.52 10.71 1.81 22.23 2.78 76.7 0.88 0.33 0.00

United Bank of Michigan Grand Rapids Kent ‐‐ 668 586 509 115.0 9.88 9.98 11.79 0.88 8.89 4.08 74.0 1.26 0.91 0.14

ChoiceOne Bank Sparta Kent COFS 666 432 566 76.3 9.72 9.68 12.93 0.95 8.25 3.63 75.0 0.50 1.10 ‐0.05

First National Bank of MI Kalamazoo Kalamazoo ‐‐ 556 463 453 102.3 9.53 9.81 11.67 1.03 10.73 3.69 63.5 0.27 1.31 0.61

West Michigan Community Bank Hudsonville Ottawa ‐‐ 542 464 454 102.2 10.06 10.28 11.97 1.09 10.86 3.88 63.8 0.44 1.40 ‐0.01

Sturgis B&TC Sturgis Saint Joseph STBI 441 325 352 92.3 8.30 8.71 13.45 0.95 9.86 3.88 74.3 1.74 1.00 0.00

Highpoint Community Bank Hastings Barry HCBN 316 213 260 81.9 9.97 9.83 17.28 0.68 6.99 3.60 82.6 0.45 0.61 0.00

Grand River Bank Grandville Kent GNRV 276 254 235 107.8 10.01 10.34 11.80 0.60 5.86 3.04 73.7 0.00 1.08 0.00

Shelby State Bank Shelby Oceana ‐‐ 250 168 220 76.5 8.36 8.86 12.40 0.73 8.22 3.98 82.4 1.21 1.02 0.10

Community Shores Bank Muskegon Muskegon CSHB 200 154 181 85.0 9.23 9.20 12.09 0.51 5.32 3.97 84.9 3.76 1.15 ‐0.02

Edgewater Bank Saint Joseph Berrien EGDW 169 129 146 88.3 10.03 9.32 15.15 0.58 5.81 3.58 79.9 0.67 1.09 0.04

New Buffalo SB New Buffalo Berrien NWBB 120 89 99 90.4 12.87 12.96 18.13 1.45 11.36 3.28 70.9 3.85 1.21 0.00

Kalamazoo County State Bank Schoolcraft Kalamazoo ‐‐ 99 43 88 48.3 11.16 12.00 22.61 0.35 3.16 3.59 86.6 0.54 0.83 0.24

G.W. Jones Exchange Bank Marcellus Cass ‐‐ 60 24 53 45.4 11.28 11.04 32.16 0.49 4.49 3.91 86.4 1.24 1.28 0.00

First State Bank of Decatur Decatur Van Buren ‐‐ 54 30 42 73.0 20.02 20.29 43.86 0.83 4.17 3.62 75.6 0.77 1.36 0.48

Avg. 675 528 522 89.6 10.50 10.75 16.84 0.94 9.01 3.64 74.2 1.13 1.04 0.09 Financial Data as of: 3/31/2019 Med. 316 254 260 88.3 9.97 9.98 12.93 0.88 8.25 3.63 75.0 0.77 1.09 0.00

Source: S&P Global Market Intelligence 10 Mid Michigan ‐ Stock Banks

Independent Bank Corp. Grand Rapids Kent IBCP $3,384 $2,663 $2,946 90.4 % 9.26 % 10.51 % 14.29 % 1.12 % 10.99 % 3.86 % 69.4 % 1.76 % 0.95 % 0.05 %

First National Bancshares Inc. East Lansing Ingham ‐‐ 2,005 1,842 1,253 147.0 9.62 10.04 17.03 2.62 27.94 5.54 42.6 3.07 1.21 0.06

Isabella Bank Mount Pleasant Isabella ISBA 1,754 1,145 1,281 89.4 8.10 8.23 12.24 0.89 10.84 2.92 70.2 1.59 0.73 0.00

Southern Michigan Bank & Trust Coldwater Branch SOMC 784 549 653 84.1 9.44 9.83 12.58 1.05 9.28 3.77 69.3 0.40 0.96 0.00

Hillsdale County National Bank Hillsdale Hillsdale CNBB 693 580 609 95.3 9.15 9.38 12.98 1.40 14.54 4.35 64.6 0.78 1.21 0.10

Commercial Bank Alma Gratiot CEFC 527 378 425 89.0 8.51 8.57 14.27 0.95 10.42 3.03 64.7 2.12 0.71 0.00

Dart Bank Mason Ingham ‐‐ 495 344 396 86.7 7.97 8.16 12.28 0.61 7.32 3.61 85.9 1.74 1.09 ‐0.02

Century Bank & Trust Coldwater Branch CYFL 319 209 276 75.6 12.32 12.73 17.04 1.44 11.72 4.06 66.3 0.93 1.25 0.02

Union Bank Lake Odessa Ionia ‐‐ 192 153 169 90.4 9.31 9.14 10.41 0.61 6.08 4.39 85.1 3.63 0.84 0.05

OSB Community Bank Brooklyn Jackson ‐‐ 107 78 89 87.6 9.27 9.41 13.44 0.14 1.46 3.67 96.5 1.25 1.14 ‐0.03

Farmers State Bank of Munith Munith Jackson ‐‐ 83 48 75 64.4 9.50 9.80 19.08 0.78 8.10 4.09 78.4 1.42 0.87 ‐0.08

Sidney State Bank Sidney Montcalm ‐‐ 80 64 64 99.2 8.28 8.51 14.72 0.51 6.04 4.09 83.1 1.76 1.05 ‐0.04

Avg. 868 671 686 91.6 9.23 9.53 14.20 1.01 10.39 3.95 73.0 1.71 1.00 0.01 Financial Data as of: 3/31/2019 Med. 511 361 411 89.2 9.27 9.40 13.86 0.92 9.85 3.96 69.8 1.67 1.01 0.00

Source: S&P Global Market Intelligence 11 Southeast Michigan ‐ Stock Banks

Chemical Financial Corp. Detroit Wayne CHFC $21,800 $15,348 $16,062 95.6 % 8.41 % 8.66 % 11.72 % 1.17 % 8.82 % 3.32 % 57.5 % 0.69 % 0.72 % 0.05 %

Flagstar Bancorp Inc. Troy Oakland ‐‐ 19,445 14,280 13,618 104.9 7.23 8.37 12.49 0.78 9.16 3.16 79.6 0.50 0.89 0.03

Sterling Bancorp Inc. Southfield Oakland SBT 3,257 2,949 2,462 119.8 10.40 10.49 21.64 1.94 18.50 3.87 37.9 0.43 0.70 0.02

Level One Bank Farmington Hills Oakland LEVL 1,454 1,145 1,165 98.3 10.48 10.56 13.15 1.02 9.29 3.75 67.5 1.19 1.04 0.01

Monroe Bank & Trust Monroe Monroe MBTF 1,332 767 1,184 64.8 9.65 9.55 15.63 (1.41) (14.95) 3.76 64.5 0.76 0.98 0.14

First State Bank Saint Clair Shores Macomb ‐‐ 764 540 684 78.9 10.25 10.51 14.50 1.02 9.70 3.74 70.2 1.25 1.45 ‐0.12

Oxford Bank Oxford Oakland OXBC 456 328 412 79.5 9.18 9.32 12.97 0.83 8.98 4.15 75.2 1.59 1.03 ‐0.01

First National Bank in Howell Howell Livingston FNHM 410 333 361 92.2 11.46 11.37 13.17 1.12 9.78 4.41 73.9 0.61 1.68 0.07

Ann Arbor State Bank Ann Arbor Washtenaw ‐‐ 320 234 261 89.4 11.69 11.96 14.81 1.22 10.46 3.63 59.6 0.50 0.81 0.00

Chelsea State Bank Chelsea Washtenaw CBMI 314 177 277 63.9 11.23 11.30 19.84 1.47 13.13 3.77 61.9 0.57 1.88 ‐0.16

First Independence Bank Detroit Wayne ‐‐ 272 180 202 89.1 8.24 9.98 13.03 1.36 16.42 4.50 81.5 0.38 0.81 ‐0.02

University Bank Ann Arbor Washtenaw UNIB 267 120 221 54.5 8.71 9.43 14.73 (1.31) (10.86) 5.62 105.9 0.50 0.49 ‐0.02

Main Street Bank Bingham Farms Oakland ‐‐ 261 244 233 104.9 8.83 8.86 11.72 (0.05) (0.57) 3.80 100.9 0.35 0.55 ‐0.02

Hantz Bank Southfield Oakland ‐‐ 229 195 198 98.7 11.89 12.21 19.94 0.89 6.67 3.97 76.9 0.40 0.94 ‐0.02

Clarkston State Bank Waterford Oakland CKFC 218 195 196 99.5 10.20 10.13 11.84 1.17 11.37 3.95 62.7 0.40 1.06 0.00

Huron Valley State Bank Milford Oakland HVLM 154 129 139 93.5 10.04 10.31 13.01 1.16 11.35 4.18 64.8 0.39 1.20 0.00

Blissfield State Bank Blissfield Lenawee ‐‐ 100 49 89 55.4 10.65 10.95 19.64 0.71 6.71 3.45 77.8 2.01 1.82 0.01

Avg. 3,003 2,189 2,221 87.2 9.91 10.23 14.93 0.77 7.29 3.94 71.7 0.74 1.06 0.00 Financial Data as of: 3/31/2019 Med. 320 244 277 92.2 10.20 10.31 13.17 1.02 9.29 3.80 70.2 0.50 0.98 0.00

Source: S&P Global Market Intelligence 12 Michigan ‐ Mutual Banks

Eaton FSB Charlotte Eaton ‐‐ $370 $224 $272 82.3 % 14.55 % 14.70 % 25.47 % 0.84 % 5.67 % 3.31 % 73.4 % 0.92 % 1.00 % ‐0.02 %

Dearborn FSB Dearborn Wayne ‐‐ 269 202 174 116.5 28.34 28.73 58.34 0.50 1.76 2.97 76.4 1.82 1.18 0.00

Homestead SB Albion Calhoun ‐‐ 66 48 61 77.9 6.74 6.14 12.47 0.45 7.30 3.90 9 0.2 2.89 0.79 0.28

Avg. 235 158 169 92.2 16.54 16.52 32.09 0.60 4.91 3.39 80.0 1.88 0.99 0.09 Financial Data as of: 3/31/2019 Med. 269 202 174 82.3 14.55 14.70 25.47 0.50 5.67 3.31 76.4 1.82 1.00 0.00

Source: S&P Global Market Intelligence 13 Regional Transactions

14 Historical Michigan M&A Transactions

Sorted By Date Announced Terms of the Transaction Target Financials Total Deal Purchase Price to Core Dep. Market Total NPA/ TCE LTM Announce Assets Considr Value Tg. Bk Erngs Assets Premium Premium Assets Assets /TA ROAA Date Ticker Buyer Name St. ($M) Seller Name City St. Type ($M) (%) (%) (%) (%) (%) ($M) (%) (%) (%) 04/26/19 ‐‐ Teachers Credit Union IN $3,172.0 New Bancorp Inc. New Buffalo MI Cash 21.3 128.4 % 48.2 x 18.0 % ‐‐ % 67.2 % $117.8 NA % 13.51 % 0.33 % 03/25/19 COFS ChoiceOne Financial Service MI 670.5 County Bank Corp Lapeer MI Stock 89.0 150.5 ‐‐ 14.4 5.7 11.9 616.6 NA NA NA 01/28/19 CHFC Chemical Financial Corp. MI 21,498.3 TCF Financial Corp. Wayzata MN Stock 3,551.9 161.3 12.4 15.0 ‐‐ 0.0 23,699.6 NA 9.32 1.37 11/14/18 ‐‐ Advia CU MI 1,700.0 Golden Eagle Community Bank Woodstock IL Cash ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ 155.1 1.19 10.44 0.40 10/10/18 FRME First Merchants Corp. IN 9,734.7 MBT Financial Corp. Monroe MI Stock 290.9 240.1 23.3 22.0 ‐‐ 9.3 1,321.9 0.91 9.10 0.96 06/07/18 MFNC Mackinac Financial Corp MI 983.9 Lincoln Community Bank Merrill WI Cash 8.5 123.1 12.7 13.1 3.0 ‐‐ 65.1 0.69 10.60 1.07 05/04/18 ‐‐ CU ONE MI 1,173.5 Hantz Bank Southfield MI Cash ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ 228.6 0.68 11.14 0.89 02/21/18 ‐‐ Eaton FSB MI 294.5 Stockbridge Bancorp. Inc. Stockbridge MI Cash 6.4 125.0 42.5 9.6 2.3 ‐‐ 66.2 1.47 7.64 0.23 01/16/18 MFNC Mackinac Financial Corp MI 1,015.1 First Fed of Northern MI Bncp Alpena MI Mix 34.1 132.0 18.3 10.4 3.2 13.8 336.3 NA 10.09 0.54 01/09/18 CASH Meta Financial Group Inc. SD 5,228.3 Crestmark Bancorp Inc. Troy MI Stock 321.2 404.0 17.0 28.9 27.1 ‐‐ 1,113.3 0.68 8.80 2.15 12/04/17 IBCP Independent Bank Corp. MI 2,753.4 TCSB Bancorp Inc Traverse City MI Mix 62.8 210.1 24.7 18.1 12.7 ‐‐ 346.9 1.45 9.47 0.82 08/07/17 ‐‐ Lake Michigan CU MI 5,180.3 Encore Bank Naples FL Cash ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ 396.8 0.31 8.59 0.56 06/14/17 HBNC Horizon Bancorp IN 3,169.6 Wolverine Bancorp Inc. Midland MI Mix 91.8 141.3 17.8 24.2 17.4 31.2 379.3 1.60 16.47 1.21 01/09/17 ‐‐ Advia CU MI 1,342.1 Peoples Bank Elkhorn WI Mix ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ 232.8 2.56 10.69 0.83 12/02/16 ‐‐ West End Financial Corp. MI 92.8 Ewen Bancshares Inc. Ewen MI Mix ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ 65.4 0.37 16.08 1.23 07/20/16 ‐‐ Arbor Bancorp Inc. MI 1,193.4 Birmingham Bloomfield Bcshrs Birmingham MI Mix 33.3 172.1 19.2 12.1 7.5 79.7 274.7 NA 6.59 0.65 06/16/16 CEFC Commercial National Financ MI 408.2 Capital Directions Inc. Mason MI Mix 14.0 ‐‐ ‐‐ 11.5 ‐‐ ‐24.1 122.3NANANA 05/24/16 MFNC Mackinac Financial Corp MI 732.9 Niagara Bancorp. Inc. Niagara WI Mix 3.6 99.3 18.2 5.3 ‐0.1 ‐‐ 68.4 1.40 10.83 0.40 04/14/16 WSSH West Shore Bank Corporatio MI 396.3 West MI Bank & Trust Frankfort MI Mix 3.8 134.9 NM 10.5 3.6 ‐‐ 40.8 0.36 17.93 ‐0.14 03/24/16 FETM Fentura Financial Inc. MI 445.0 Community Bancorp Inc. Saint Charles MI Cash 21.6 115.4 17.3 11.1 1.7 ‐‐ 195.8 3.29 9.71 0.69 02/18/16 ‐‐ Advia CU MI 1,184.1 Mid America Bank Janesville WI Cash ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ 83.4 5.23 11.14 ‐0.04 02/18/16 CBNC County Bank Corp MI 324.2 Capac Bancorp Inc. Capac MI Stock 20.2 89.8 12.2 8.2 ‐1.1 0.8 245.3 0.46 9.16 0.69 01/26/16 CHFC Chemical Financial Corp. MI 9,188.8 Talmer Bancorp Inc. Troy MI Mix 1,117.8 145.9 19.3 17.0 10.4 ‐2.2 6,595.9 1.68 10.77 0.95 01/19/16 MFNC Mackinac Financial Corp MI 739.3 First Natl Bk of Eagle River Eagle River WI Cash 12.5 98.3 48.8 8.8 ‐0.2 ‐‐ 142.6 3.59 8.91 0.28 12/01/15 ‐‐ West End Financial Corp. MI 67.0 Gresham Bancshares Inc. Gresham WI Cash ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ 24.4 0.00 21.23 1.54 11/17/15 ‐‐ First Bancshares Corp. MI 182.7 Northern Michigan Bank & TrusEscanaba MI Cash ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ 243.5 5.84 8.73 0.59 11/12/15 ‐‐ Northern Interstate Finl Inc MI 95.5 C.F.C. Bancorp Inc. Crystal Falls MI Mix ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ 72.6 3.72 12.05 0.20 11/09/15 EFIN Eastern Michigan Fncl. Corp MI 283.6 Ruth Bank Corp. Ruth MI Cash 8.2 105.3 NM 24.4 1.6 ‐‐ 33.8 0.37 9.650.45 10/22/15 ‐‐ Level One Bancorp Inc. MI 907.3 Bank of Michigan Farmington Hil MI Cash 16.5 149.0 13.5 14.8 7.8 ‐‐ 111.5 3.23 9.96 1.13 01/06/15 CHFC Chemical Financial Corp. MI 7,322.1 Lake Michigan Financial Corp. Holland MI Mix 186.5 208.3 17.9 15.7 17.4 ‐‐ 1,185.0 1.24 7.56 0.90 11/20/14 ‐‐ Level One Bancorp Inc. MI 681.3 Lotus Bancorp Inc. Novi MI Cash 17.1 132.2 30.4 16.8 8.0 ‐‐ 101.8 1.04 11.52 0.48

Avg. 269.7 155.5 23.0 15.0 7.1 18.8 1247.9 1.73 10.95 0.74 Median 21.4 134.9 18.3 14.6 4.7 10.6 195.8 1.24 10.09 0.69

Source: S&P Global Market Intelligence 15 Historical Michigan Capital Offerings

($ Dollars in Thousands, except per share data) Offering Details Financial Highlights ‐ MRQ Common Equity Offerings Gross Type Price to Price to Price to Market Amount of NPAs/ TCE/ Assets Completion Proceeds of Deal ATM Tg. Book PF Tg. BK PF EPS Discount PF Bank1 ROAA ROAE Assets TA Tkr Company Name Exchange ($000) Date ($000) ? ? (%) (%) (x) (%) (%) (%) (%) (%) (%)

1 FETM Fentura Financial, Inc. OTCQX 909,901 11/26/18 21,578 Private No 130.1 123.9 ‐‐ 0.2% 21.2 1.62 21.72 0.10 6.81

2 MFNC Mackinac Financial Corp. NASDAQ 983,929 06/13/18 34,500 Public No 132.1 123.9 14.4 ‐8.0% 26.0 0.63 7.51 1.22 7.61

3 LEVL Level One Bancorp, Inc. NASDAQ 1,301,291 04/19/18 38,640 Public No 184.0 ‐‐ ‐‐ 0.0% ‐‐ 0.30 3.43 1.22 7.58

4 SBT Sterling Bancorp, Inc. NASDAQ 2,635,920 11/16/17 207,000 Public No 296.1 343.0 9.1 0.0% 27.6 1.91 26.80 0.14 6.96

5 GNRV Grand River Commerce, Inc. OTC Pink 196,158 05/03/17 14,400 Private No 101.3 102.8 28.2 ‐3.5% 39.2 0.46 4.13 NA NA

6 FETM Fentura Financial, Inc. OTCQX 500,560 12/12/16 15,000 Private No 101.6 102.7 9.3 ‐9.7% 29.6 1.06 14.94 NA 7.00

Average: 61,908 163.0 168.1 15.3 ‐4.2% 30.6 0.87 11.36 0.86 7.29 Median: 34,500 132.1 113.3 11.8 ‐3.5% 28.6 0.63 7.51 1.22 7.29

($ Dollars in Thousands, except per share data) Offering Details Financial Highlight Sorted by Date Completed Type Gross Interest Adjustable NPAs/ Lev Company Completion of Deal Maturity Assets Proceeds Rate Rate ROAA ROAE Assets Ratio Company Name Tkr Date ? Term ‐ Years ($000) ($000) (%) (Yes/No) (%) (%) (%)(%)

1 Northpointe Bancshares, Inc. ‐‐ 09/28/18 Private 10 1,032,006 15,000 6.88 Yes 2.34 25.91 1.67 9.38

2 Sterling Bancorp, Inc. SBT 08/31/17 Private 10 2,416,171 15,000 7.00 Yes 0.93 11.46 0.15 7.62

3 Northpointe Bancshares, Inc. ‐‐ 02/13/17 Private 10 693,951 8,500 7.00 Yes 1.34 14.96 3.00 8.18

4 Sterling Bancorp, Inc. SBT 04/14/16 Private 10 1,712,008 50,000 7.00 Yes 1.61 17.72 0.41 8.42

Average: 1,463,534 22,125 6.97 1.56 17.51 1.31 8.40 Median: 1,372,007 15,000 7.00 1.48 16.34 1.04 8.30

Source: S&P Global Market Intelligence 16 FIG Partners – Northeast Regional Activity

17 Dan Flaherty, CFA – Northeast Investment Banking

Dan Flaherty, CFA Principal, Investment Banking

Direct (404) 601‐7225 Main (404) 601‐7200 Mobile (404) 991‐8724 [email protected]

May‐19 Acquisition of Mortgage World by PDL Community Bancorp (Bronx, NY)

Mar‐19 Acquisition of Grand Bank by First Bank (Hamilton, NJ) for $19.4M

Mr. Flaherty joined FIG Partners in September 2011 and has 14+ Feb‐19 Common Stock follow‐on of $20.0M FNCB Bancorp, Inc. (Dunmore, PA) years of experience in the community banking industry. Prior to Aug‐18 Private placement of $35.0M subordinated debt for HarborneOne Bancorp, Inc. (Brockton, MA)

joining FIG Partners, Mr. Flaherty worked in the investment Aug‐18 Sale of Highlands Bancorp, Inc. (Vernon, NJ) to Lakeland Bancorp, Inc. (Oak Ridge, NJ) banking divisions of Sterne Agee (Atlanta, GA) and the Carson Jun‐18 Private placement of $12.0M subordinated debt for Freedom Bancorp, Inc. (Maywood, NJ) Medlin Company (Tampa, FL), providing corporate finance and investment banking services to Southeast‐based community Jun‐18 Common stock offering of $40.0M for Studio Bank (Nashville, TN) financial institutions. Mr. Flaherty’s experience includes advising Mar‐18 Acquisition of Coastway Bancorp (Warwick, RI) by HarborOne Bancorp (Brockton, MA) for $125.6M community banks on strategic options, capital planning, sell‐side Feb‐18 Common Stock follow‐on of $30M by SB Financial (Defiance, OH) as sole book runner mergers, buy‐side mergers an d capital raising. Mr. Flaherty has participated in 63 M&A transactions, representing over $1.5 Dec‐17 Branch purchase of $23M by SAL (Lakeville, CT) from OCBI (Middletown, NY) billion in deal value and 42 capital offerings representing more Oct‐17 Acquisition of First Colebrook Bancorp (Colebrook, NH) by Bangor Bancorp for $45M

than $1.2 billion in his career. In April 2017, Mr. Flaherty became Jul‐17 Sale of Liberty Bell Bank (Marlton, NJ) to Delmar Bancorp (Salisbury, MD) one of eleven partners at FIG. Jun‐17 Common Stock follow‐on of $30M by Sussex Bancorp (Rockaway, NJ) as a co‐manager Mr. Flaherty received a B.A. in Economics from Tufts University, an M.B.A. in Accounting and Finance from the University of Tampa May‐17 Common Stock follow‐on of $40M by First Bank (Hamilton, NJ) as a co‐manager and is a CFA charterholder. Mr. Flaherty holds the Series 7, 24, 63 Apr‐17 Acquisition of State Bank by Trona Valley FCU (Green River, WY) for $5.7M

& 79 FINRA licenses. Mr. Flaherty, a New England native, grew up Jan‐17 Branch purchase of $31M by Salisbury Bancorp (Lakeville, CT) from ESBS (New Paltz, NY) in Fairfield, CT and is a graduate of Fairfield Prep. Dec‐16 Common stock offering of $8.5M for Highlands Bancorp, Inc. (Vernon, NJ)

Nov‐16 Common stock offering of $5.0M for First Colebrook Bancorp, Inc. (Colebrook, NH)

Oct‐16 Sale of Island Bancorp, Inc. (Edgartown, MA) to Independent Bancorp, Inc 18 A Robust Northeast Investment Banking Practice

Selected Recent Northeast Investment Banking Transactions

Agreed to Acquire Agreed to Acquire $35,000,000 Agreed to be $23,000,000 Acquired by Common Stock Subordinated Debt Offering Offering

Financial Advisor Financial Advisor Lead Manager Lead Placement Agent Financial Advisor May 2019 March 2019 February 2019 August 2018 August 2018

Agreed to Acquire Agreed to Agreed to Acquire $30,000,000 A Single Branch From $12,000,000 Acquire Subordinated Debt Common Stock Offering Offering

Sole Placement Agent Financial Advisor Sole Book‐runner Financial Advisor Financial Advisor June 2018 March 2018 February 2018 December 2017 October 2017

Agreed to Acquire $13,500,000 Agreed to be $30,000,000 $40,000,000 A Single Branch From Acquired by Subordinated Debt Common Stock Common Stock Offering Offering Offering

Sole Placement Agent Financial Advisor Co‐Manager Co‐Manager Financial Advisor September 2017 July 2017 June 2017 May 2017 January 2017

19 Regional Northeast Market Making

New England New York & New Jersey Pennsylvania Michigan Ohio

Market Making Coverage Market Making Coverage Market Making Coverage Market Making Coverage Market Making Coverage Ticker State Ticker State Ticker State Ticker State Ticker State Ticker State Ticker State Ticker State BWFG CT BCBP NJ BDGE NY AMBK PA FSMK PA CBMI MI ANDC OH FBOO OH DRWB CT BPRN NJ CHMG NY APLO PA GNBF PA CBNC MI BKYT OH FFDF OH PBBI CT CLBK NJ EVBN NY BMTC PA HARL PA CBSU MI CBCZ OH FIBH OH SAL CT FCCY NJ FSBC NY BNCL PA HMLN PA CEFC MI CBKM OH FIDS OH SBTB CT FRBA NJ LSBK NY CCFN PA HONT PA CKFC MI CCSB OH FMOO OH SIFI CT ISBC NJ PBHC NY CCYY PA JNES PA CNBZ MI CHBH OH FNFI OH ABBB MA KRNY NJ PCSB NY CFCX PA JTNB PA COFS MI CIBN OH FSDK OH BHBK MA MSBF NJ PDLB NY CNAF PA JUVF PA CSHB MI CLDB OH GVFF OH BHLB MA NFBK NJ SBNY NY CTYP PA KISB PA CYFL MI CNNB OH HCKG OH BLMT MA OCFC NJ ADKT NY CUBI PA LDKB PA EFIN MI CNUN OH HLAN OH BPFH MA ORITNJBARKNY CVLY PA MANR PA EGDW MI CSBB OH HLFN OH CATC MA SBBX NJ BERK NY CZFS PA MCHT PA FETM MI CZID OH KLIB OH CNBKB MA SSFN NJ BKUT NY DIMC PA MIFF PA FNHM MI DMNB OH PFOH OH DMSQ MA TRCB NJ BKUTK NY DNBF PA MNBC PA GNRV MI EBSH OH PPSF OH EBSB MA ASCNNJBSPANY EFSG PA MNBP PA HCBN MI EFBI OH SDGB OH GABK MA BRBW NJ CNND NY EMYB PA MYBF PA HVLM MI FAHE OH VERF OH HONE MA CANJ NJ CSKL NY ENBP PA NEFB PA IBCP MI FDEF OH WAYN OH KTHN MA CFIC NJ CYHC NY ESSA PA NEFBP PA ISBA MI FFBC OH MELR MA CMRBNJDWNXNY FBIP PA NTBP PA KEFI MI FITB OH PLRM MA ELMA NJ EMPK NY FKYS PA NUBC PA MBWM MI FMAO OH PVBC MA FCOB NJ ESBS NY FLEW PA PPLL PA MCBC MI FMNB OH RNDB ME LPBC NJ FIGR NY FMFP PA QNBC PA NWBB MI MBCN OH UBNK ME NMBF NJ GLDT NY FNCB PA QNTO PA OXBC MI SBFG OH WNEB ME PEBA NJ GOVB NY FRAF PA SOME PA SBT MI TFSL OH GUAA NH SHRC NJ JFBC NY FRSB PA SQCF PA SOMC MI UBOH OH LFGP NH LYBC NY HVBC PA SSBP PA STBI MI NWYF NH NCXS NY MLVF PA TVNB PA UFCP MI PRMY NH NECB NY MPB PA UNPA PA UNIB MI CMTV VT NUBK NY NWBI PA VTYB PA WSSH MI MDVT VT OCBI NY PBIP PA WDFN PA PPAL VT PUNB NY RIVE PA WMPN PA SBHO NY STND PA YRKB PA SCAY NY SNNF NY SNNY NY SOBS NY VSBN NY 20 Rapidly Expanding Northeast Regional Research Coverage

Sorted By Market Cap Market Data Financial Highlights FIG Coverage

Price to: Deposit Div. Weekly Insider Institut. LTM Total YTD YTD Current Date Mkt Cap Tg Bk MRQ EPS NTM EPS Prem. Yield Volume Own. Own. Return Assets ROAA ROAE FIG Coverage Ticker Institution City State Exchange ($M) (%) (x) (x) (%) (%) (%) (%) (%) (%) ($M) (%) (%) Rating Initiated

FITB Fifth Third Bancorp Cincinnati OH NASDAQ $20,107.5 146.9 % 6.1 x 9.3 x 5.1 % 3.2 % 4.7 % 0.5 % 77.8 % ‐17.0 % $167,853.0 2.08 % 18.19 % M Winter 2018

SBNY Signature Bank New York NY NASDAQ 6,757.5 152.6 11.7 10.8 6.1 1.8 4.6 2.9 97.4 ‐3.2 48,546.5 1.20 12.86 O Fall 2017

PBCT People's United Financial Inc. Bridgeport CT NASDAQ 6,498.3 180.1 13.8 11.8 8.2 4.3 4.5 1.2 75.2 ‐7.0 48,091.9 0.96 6.99 O Winter 2018

NYCB New York Community Bancorp Westbury NY NYSE 5,140.8 138.9 14.5 13.6 4.6 6.2 6.1 3.7 67.3 ‐0.9 52,131.0 0.76 5.91 M Spring 2017

STL Sterling Bancorp Montebello NY NYSE 4,363.4 174.5 11.1 9.4 8.8 1.3 5.6 2.0 101.8 ‐13.2 29,956.6 1.32 9.19 O Fall 2016

FNB F.N.B. Corp. Pittsburgh PA NYSE 3,731.0 167.4 10.3 9.7 6.2 4.1 3.9 1.1 76.6 ‐10.7 33,695.4 1.13 8.09 O Fall 2013

ISBC Investors Bancorp Inc Short Hills NJ NASDAQ 2,946.4 107.2 15.3 16.6 0.4 4.0 4.6 2.7 70.1 ‐15.5 26,545.6 0.73 6.45 M Fall 2013

CHFC Chemical Financial Corp. Detroit MI NASDAQ 2,985.8 172.0 12.0 9.7 7.8 3.3 3.2 1.1 82.8 ‐23.7 21,800.3 1.17 8.82 M Spring 2012

FFBC First Financial Bancorp. Cincinnati OH NASDAQ 2,402.2 198.2 13.0 10.8 11.7 3.6 1.8 2.3 75.1 ‐21.3 14,074.3 1.31 8.76 M Winter 2012

BHLB Berkshire Hills Bancorp Inc. Boston MA NYSE 1,347.3 138.1 14.7 11.1 3.9 3.1 3.4 16.1 76.1 ‐19.2 12,173.4 0.78 5.97 M Spring 2016

OCFC OceanFirst Financial Corp. Toms River NJ NASDAQ 1,248.1 172.1 14.7 11.0 8.2 2.8 1.8 2.4 72.0 ‐7.5 8,092.9 1.08 7.71 O Fall 2015

BPFH Boston Private Financial Boston MA NASDAQ 932.4 131.4 11.1 11.4 3.3 4.3 2.8 2.6 90.7 ‐30.2 8,572.1 0.92 10.20 M Spring 2003

LBAI Lakeland Bancorp Oak Ridge NJ NASDAQ 819.7 157.0 13.1 11.1 5.9 3.1 1.2 6.4 55.3 ‐15.2 6,365.1 1.01 9.28 O Fall 2016

BMTC Bryn Mawr Bank Corp. Bryn Mawr PA NASDAQ 755.9 204.6 17.7 11.8 10.6 2.7 1.4 2.0 74.0 ‐15.5 4,632.0 0.94 7.46 O Summer 2016

FDEF First Defiance Financial Defiance OH NASDAQ 580.8 198.1 12.9 12.3 10.7 2.6 1.3 3.9 63.4 0.0 3,221.2 1.44 11.62 M Summer 2012

MBWM Mercantile Bank Corp. Grand Rapids MI NASDAQ 549.5 166.9 11.6 12.7 8.4 3.1 1.1 3.3 48.3 0.5 3,551.8 1.37 12.58 M Winter 2018

PGC Peapack‐Gladstone Financial Bedminster NJ NASDAQ 525.0 119.5 11.9 10.9 1.9 0.7 1.8 10.1 62.7 ‐15.1 4,662.3 0.98 9.65 M Winter 2018

IBCP Independent Bank Corp. Grand Rapids MI NASDAQ 504.7 163.3 13.8 10.9 6.6 3.3 2.5 3.2 73.6 ‐9.3 3,383.6 1.12 10.99 M Summer 2018

WNEB Western New England Bancorp Westfield MA NASDAQ 251.5 122.2 18.4 17.4 2.5 2.1 0.9 5.4 53.8 ‐10.5 2,115.7 0.65 5.97 M Fall 2013

CHMG Chemung Financial Corp. Elmira NY NASDAQ 236.9 159.5 13.3 12.2 5.6 2.1 0.9 19.9 22.1 5.1 1,769.6 1.02 10.68 M Fall 2018

SBBX SB One Bancorp Rockaway NJ NASDAQ 214.1 133.5 9.2 9.0 3.7 1.3 1.6 14.6 28.4 ‐24.1 1,840.1 1.28 12.39 O Fall 2015

DNBF DNB Financial Corp. Downingtown PA NASDAQ 178.6 180.0 17.2 14.8 8.1 0.7 0.8 12.3 39.1 18.9 1,166.7 0.89 9.09 M Fall 2013

TRCB Two River Bncp Tinton Falls NJ NASDAQ 127.4 127.1 11.6 11.0 2.7 1.9 0.8 14.3 24.1 ‐12.3 1,140.5 0.99 9.45 O Winter 2016

SBFG SB Financial Group Inc Defiance OH NASDAQ 114.8 115.2 15.9 10.9 1.8 2.0 0.6 3.1 38.2 ‐3.0 1,021.3 0.89 6.76 O Spring 2018

SAL Salisbury Bancorp Inc. Lakeville CT NASDAQ 117.7 129.3 12.2 11.3 2.8 2.7 0.4 12.2 10.0 ‐0.2 1,118.9 0.87 9.29 O Summer 2017

Avg. 2,537.5 154.2 13.1 11.7 5.8 2.8 2.5 6.0 62.2 ‐10.0 20,300.9 1.08 9.37 Pricing Date May 14, 2019 Median 819.7 157.0 13.0 11.1 5.9 2.8 1.8 3.2 70.1 ‐10.7 6,365.1 1.01 9.19

21 First Bank (FRBA) Agreed to Acquire Grand Bank, National Association

Buy‐Side Advisory Transaction Summary Key Deal Observations Announcement Date: March 19, 2019 Purchase Price ($M): $19.4 • FIG Partners served as the financial advisor for First Bank Purchase Price Per Share: $37,295.59 • The combined company is projected to have Price / Tangible Book Value: 87.5% Price / LTM Earnings (Tax Adjusted): 24.5x approximately $1.9 billion in total assets Price / Assets: 9.9% • Core Deposit Premium: ‐1.8% First Bank will have 18 branches located in seven New Consideration: Stock Jersey counties and two Pennsylvania counties Expected Completion Date: Third Quarter 2019 • Grand Bank shareholders will receive 3,262.956 shares of FRBA Grand Bank, N.A. First Bank common stock per each Grand Bank common Stock Price at Announcement: $11.43 NA MRQ Financial Period: 12/31/18 12/31/18 share outstanding in an all stock exchange Assets ($000): $1,711,159 $196,935 Pro Forma Branch Map Loans ($000): 1,447,381 162,619 Deposits ($000): 1,393,204 161,761 Grand Bank Tangible Common Equity ($000): 177,399 22,201 FRBA LTM ROAA: 1.09% 0.49% LTM ROAE: 9.70% 4.56% LTM Efficiency Ratio: 55.2% 84.4% TCE / TA: 10.47% 11.27% NPAs / Assets: 0.43% 4.15%

Source: S&P Global Market Intelligence, FIG Partners 22 FNCB Bancorp, Inc. (FNCB) Public Offering of $23.0 million Case Study – Capital Raising Efforts Key Offering Observations Offering Details • FIG Partners served as lead manager in the transaction Completion Date: February 8, 2019 Offering Size: $23.0 Million Security Type: Common Stock • The company plans to use the net proceeds for general Price Per Share: $7.00 Per Share corporate purposes, including funding regulatory capital Price/ Tangible Book 121.1% needs Price/ PF Tangible Book 118.4% Price/ PF Earnings 16.7x • The option to underwrite an additional 428,550 common shares was fully exercised Franchise Map

Financial Highlights MRQ Financial Period: 12/31/18 Assets ($000): $1,237,732 Loans ($000): 839,100 Deposits ($000): 1,095,629 MRQ ROAA: 2.28% MRQ ROAE: 32.53% MRQ NIM: 3.17% TCE / TA: 7.85% NPAs / Assets: 1.29%

Source: S&P Global Market Intelligence, FIG Partners 23 HarborOne Bancorp, Inc. (MHC) (HONE) Subordinated Debt offering of $35.0M Case Study – Capital Raising Efforts

Offering Details Key Offering Observations Announcement Date: August 30, 2018 • FIG Partners served as lead placement agent in the transaction Offering Size: $35.0 million • The notes have a maturity date of September 1, 2028 and bear a Security Type: Subordinated Debt fixed rate of 5.625% for the first 5 years upon which the interest Maturity 10 Years rate will be adjusted to an annual floating rate equal the three‐ Coupon Rate: 5.625%; Fixed to Float month LIBOR plus a spread of 278 basis points until maturity Egan‐Jones Rating: BBB+ Use of Proceeds: General corporate planning purposes • Proceeds will be used for future growth opportunities and general corporate purposes

Financial Highlights • The Notes were assigned an investment grade rating of BBB+ by MRQ Financial Period: 6/30/18 Egan‐Jones Ratings Company Assets ($000): $2,879,714 Franchise Map Loans ($000): 2,352,468 Deposits ($000): 2,202,502 Tang. Common Equity ($000): 334,859 MRQ ROAA: 0.46% MRQ ROAE: 3.59% MRQ NIM: 3.26% MRQ Efficiency Ratio: 83.37% TCE / TA: 11.68% NPAs / Assets: 1.23%

Note: Map includes pending acquisition of Coastway Bancorp, Inc. Source: S&P Global Market Intelligence, FIG Partners 24 Highlands Bancorp, Inc. (HSBK) acquired by Lakeland Bancorp, Inc. (LBAI) Sell‐Side Advisory Transaction Summary Key Deal Observations Announcement Date: August 23, 2018 • FIG Partners served as financial advisor to Highlands Bancorp, Purchase Price ($M): $56.7 Purchase Price Per Share: $19.79 Inc. in this transaction Market Premium: 20.0% • The combined company will have over $6.0 billion in total Price / Tangible Book Value: 189.0% assets, $4.7 billion in total loans and $4.8 billion in total Price / LTM Earnings:1 17.6x deposits Price / Assets: 11.6% Core Deposit Premium:2 8.3% • The transaction is expected to be immediately accretive to Consideration: Common Stock Lakeland earnings in 2019 and minimally dilutive to tangible Expected Completion Date: Early 1Q'19 book value with an estimated pay back in under two years LBAI HSBK Stock Price at Announcement: $19.50 $16.50 MRQ Financial Period: 6/30/18 6/30/18 Pro Forma Branch Map Assets ($000): $5,534,488 $487,870 Loans ($000): 4,279,231 433,603 Deposits ($000): 4,400,019 401,878 Tangible Common Equity ($000): 459,379 29,125 LTM ROAA: 1.08% 0.55% LTM ROAE: 9.95% 8.60% LTM Efficiency Ratio: 54.3% 69.5% TCE / TA: 8.51% 8.26% NPAs / Assets: 0.44% 0.74%

HSBK LBAI

1) LTM earnings adjusted for $658k DTA write‐down due to tax reform 2) Core deposits equal total deposits less CDs greater than $100,000 Source: S&P Global Market Intelligence, FIG Partners, Investor Presentation 25 We are dedicated to Community Banks and we exist to be the Trusted Advisor for Community Banks and their Investors

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