JANNEY MONTGOMERY SCOTT INVESTMENT BANKING Table of Contents

JUNE 10, 2019

Janney Weekly Bank & Thrift Newsletter

1. Janney Expands Capital Markets Group 2. Daily Fix 3. Muni Monthly 4. Bank, Thrift & MHC Summary Valuation 5. Recent Bank M&A Transactions 6. Relevant Janney Capital Markets Professionals 1. Janney Expands Capital Markets Group JANNEY EXPANDS CAPITAL MARKETS GROUP Adds to Leadership Team, Forms Banks & Thrifts sector

PHILADELPHIA – June 3, 2019 – Janney Montgomery Scott LLC, a leading full-service wealth management, capital markets, and asset management firm, has expanded its Capital Markets Group as a result of its acquisition of FIG Partners LLC, the leading investment banking and research firm specializing in community banks. The acquisition was announced in March 2019 and closed in April 2019.

As a result of the integration of FIG Partners, Janney’s Capital Markets leadership team now includes executives from FIG Partners, and its Financial Institutions Group has been expanded to include a Banks & Thrifts sector.

“With our leadership team today, the addition of all FIG Partners associates to Janney, and the expansion of our Financial Institutions Group to include banks and thrifts expertise, we have set the stage for continued growth by enhancing our capabilities for clients and investors,” said Joseph Culley, Head of the Capital Markets Group. “Janney is now poised to deliver unmatched investment banking and research solutions that encompass the entire financial services ecosystem.”

“Janney is poised to deliver unmatched investment banking and research solutions that encompass the entire financial services ecosystem.”

- Joseph Culley, Head of Capital Markets Group The additions to Janney’s Capital Markets leadership team include:

Geoff Hodgson, most recently FIG Partners CEO and Co-Founder, has been named Janney’s Head of Equities and Investment Banking with oversight of institutional equity sales, trading, and research; as well as equity capital markets and investment banking. Matthew Veneri, formerly FIG’s Co-Head of Investment Banking, has been named Co-Head of Investment Banking, alongside Cliff Booth, who has led Janney’s Investment Banking Group for four years. Mr. Veneri has more than 20 years of investment banking experience. Greg Gersack, formerly FIG’s Co-Head of Investment Banking, has been named Head of Equity Capital Markets. Mr. Gersack has more than 30 years of experience in community banking. Christopher Marinac has been named Janney’s Director of Research, the role he previously held at FIG Partners. Mr. Marinac has more than 27 years of experience and was a Co-Founder of FIG Partners. Dan Wantrobski has been named Associate Director of Research and remains Janney’s Technical Strategist.

“We’re honored to join Janney’s Capital Markets Group,” said Mr. Hodgson. “Over the last several months, we all have been working closely with our new business partners at Janney and I am confident that together we will help clients raise more capital, issue more debt, advise on more deals, and offer more research and insight to investors.”

Janney’s Banks & Thrifts team covers more than 125 small and mid-size banks, and the equity trading team serves as market maker for more than 800 community bank stocks.

About Janney

Janney provides advice to individual, corporate, and institutional clients. Our expertise includes guidance about asset management, corporate and public finance, equity and fixed income investing, equity research, institutional equity and fixed income sales and trading, investment strategy, financial planning, mergers and acquisitions, public and private capital raising, portfolio management, retirement and income planning, and wealth management. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company and is a member of the Financial Industry Regulatory Authority, New York Stock Exchange, and Securities Investor Protection Corporation. Additional company information is available at www.janney.com.

Janney Montgomery Scott LLC The Highest Standard of Success in Financial Relationships www.Janney.com

2. Daily Fix D A I L Y FIX JANNEY INVESTMENT STRATEGY GROUP

Monday, June 10, 2019 07-Jun Muni Muni/Treasury Treasuries are weaker this morning after Trump suspends tariffs on Mexico 2-year 1.85% 1.36% 74% 5-year 1.85% 1.40% 75% Treasury yields are higher this morning after President Trump’s weekend suspension of plans 10-year 2.08% 1.63% 78% to impose tariffs on all imports from Mexico. The weekend selloff more than retraced Friday’s 30-year 2.57% 2.38% 92% bond market improvement after an unexpectedly weak payrolls report indicated only 75,000 Mortgage-Backed Securities Yield jobs were added in May, the second sub-100,000 read of this year. The unemployment rate Fannie Mae 3.0% 2.89% held at 3.6%, a 49-year low, but hourly earnings growth of 3.1% YoY was short of expectations. Ginnie Mae 3.0% 2.64% Inflation data will be front and center this week with PPI on Tuesday and CPI on Wednesday, Agency Securities Yield which are expected to show year over year growth of 2.0% and 1.9%, respectively. Friday’s FNMA 1 7/8 09/24/26 2.09% Retail Sales data for May (+0.6%.MoM exp) may offer insight into the impact of trade war FHLMC 6 1/4 07/15/32 2.38% concerns on the consumer sector which has been the primary driver of the past decade’s US Bloomberg/Barclays Index 1D Rtn YTD Rtn 1Yr Rtn economic growth. This morning’s JOLTs report on job openings may add some color to Friday’s US Aggregate 0.26% 5.17% 7.37% disappointing jobs report. US Treasury 0.27% 4.57% 7.24%

US Municipal 0.13% 4.92% 6.74% Taxable Fixed Income US IG Corporates 0.40% 7.81% 8.66% US HY Corporates 0.33% 8.47% 5.91% Corporate markets digested a larger than expected $23.4B of investment grade new issue last US Mortgage-Backed 0.17% 3.70% 6.36% week. The supply did not deter buyers, and credit spreads ended the week slightly narrower Euro Aggregate 0.34% 4.41% 5.80% at 127 bps. This week is expected to be similarly busy, with as much as $25B, likely topped by Asian Pacific Aggregate (0.01%) 1.61% 1.78% FIServ (Baa2/BBB/BBB), which is exploring a $12B offering to fund its acquisition of First Data, Global Infl-Linked 0.63% 6.53% 4.60% part of which is expected to be denominated in European currencies. Despite recent mutual 4% fund outflows, high yield had a strong week, with yields hitting a 5-week low and the Bloomberg Yield Curve high yield index spread closing to 407 bps. 3% 2% Municipal Fixed Income 07-Jun 1% 07-Jun-2018 Through May, municipal new issuance is off to the slowest start in five years ($134B), but the 0% narrative seems poised to change as the primary pace picks up this week. The Bond Buyer 0y 10y 20y 30y 30-day visible supply, at $12.7B, is the highest in 7 months, and this week’s calendar tops 170 US Corporate Option Adj'd Spread (bps) 700 $10B. Pennsylvania (Aa3/A+/AA-) is among four states tapping the market with a $900MM GO issue as well as $226MM for Penn State University (Aa1/AA/NR), about half of which will 145 IG HY (right axis) be taxable. The state’s FY 2020 budget is still percolating in Harrisburg, but despite divided 120 500 government (R-legislature and D-governor), a damaging impasse, such as experienced for 95 fiscal year 2016 and 2017 budgets, is unlikely this year. Revenues for the current fiscal year (ends June 30th) will likely beat initial projections by $800-900MM, and the FY 2020 budget, 70 300 unlike past years, includes no tax increases. The Commonwealth’s 10-year credit spreads Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 have narrowed from 72 bps a year ago and 47 bps in February to under 30 bps in recent trading. Source: Janney ISG; Bloomberg; S&P; IG = investment grade, HY = high yield North Carolina plans to borrow $300MM for transportation with appropriation backed bonds What to Watch

(Aa1/AA+/AA+), while Ohio (Aa1/AA+/AA+) and Maine (Aa2/AA/NR) will issue GO bonds.  Today – Apr JOLTS job openings

 Tuesday – NFIB Small Business Optimism, May PPI

Illinois (Baa3/BBB-/BBB) has no near term bond sales scheduled, but it is among the few (+0.1% MoM exp), $38B 3-year Treasury auction states with a 2020 budget passed and signed, quite a contrast to the 793-day impasse that  Wednesday –May CPI (+0.1% MoM exp), $27B 10-year ended in July 2017. Weighed down by growing unfunded pension liabilities, the state continues Treasury auction to contribute to its pension funding in amounts that are less than the needed to keep pension  Thursday - $19B 30-year Treasury auction liabilities from growing. In November, voters will vote on a legislatively passed constitutional  Friday – May Retail Sales (+0.6% MoM exp), May amendment that would end the requirement for a flat tax, with expectation that if the amendment Industrial Production (+0.2% MoM exp), University of is passed, the rate for taxpayers in the highest income tax brackets would rise from the current Michigan Sentiment 4.95% rate. We discuss Illinois in more depth in our recently published Muni Monthly.

JODY LURIE ALAN SCHANKEL D IRECTOR MA N A G I N G D IRECTOR Janney may from time to time have a proprietary position in the various debt obligations of the issuers mentioned in this pub lication. 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, JANNEY MONTGOMERY SCOTT 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 www.janney.com 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 ©2019 Janney Montgomery Scott LLC Member: NYSE, FINRA, SIPC 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.

3. Muni Monthly

June 7, 2019 Inside: Alan Schankel, Managing Director, Municipal Strategist Illinois passes a budget, but huge pension funding issues After Falling for 5 Months, M/T Ratios Reversed in Late May remain; the higher education sector and demographics

Yields moved lower through the first five months of 2019, with both Treasury yields and tax free yields (AAA benchmarks) falling to multi-year lows. For most of the year, tax free yields declined at a faster pace than Treasury yields generating a distinct municipal outperformance evidenced by our favored relative Yields, and Until Recently Ratios, Have Been Dropping value indicator, municipal to Treasury ratios. The 10-year M/T ratio, which began 3.10% 90% 2019 at 86% (10-year tax free yield of 2.32% was 86% of the 10-year Treasury M/T Ratio AAA Muni Treas yield of 2.69%), fell below 72% three weeks ago, before reversing direction and 2.70% 85% hitting 78% as May came to an end. This outperformance has been particularly notable since the 10-year ratio has been above 80% since before the 2008 2.30% 80% financial crisis and subsequent Great Recession. 1.90% 75% Supply/Demand Imbalance Will Continue 1.50% 70% The underlying driver of muni outperformance has been the supply/demand Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 imbalance. Pared by provisions of the 2017 Tax Cuts and Jobs Act, which Source: Bloomberg eliminated a category of issuance for advance refunding of outstanding debt, last year’s supply fell to a 5-year low ($339 billion). Through five months of this year, total new issuance is flat compared to 2018’s tepid pace. Notably, for the first time this year, monthly new money issuance fell in April and May compared to 2018, an indication that state and local governments are financing fewer capital projects, despite widespread agreement that infrastructure investment (roads, airports, public utilities etc.) is falling further behind. Complementing the lack of supply pressure is the sustained strong demand for tax free income. Inflows of investor cash into municipal mutual funds and ETFs are setting a record pace in 2019, with more Mutual Fund Inflows Have Strongest Start on Record than $40 billion of new funds added to muni mutual funds. $60 bln 2013 2014 2015 2016 2017 2018 We believe demand will continue to outpace supply into the second half of $40 bln 2019 Nov 2016 2019. Approximately $140 billion of municipal debt will be redeemed or will Federal Election $20 bln mature in the next three months (June-August). In most cases, investors will seek to reinvest funds from these called or matured bonds into new tax free $0 bln -$20 bln June 2013 bonds. With about $80 billion of new issuance projected for the same period Taper Tantrum (Fed) (based on 2019’s $26.4 billion of average monthly supply) there will continue -$40 bln to be more buyers than sellers in coming months. M/T ratios may not -$60 bln immediately reverse and explore new low levels, but market imbalance will Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec continue to support strong municipal performance. Source: Investment Company Institute; cumulative flows (annual)

Illinois Passes a Budget

Illinois finances were already stressed as the state ushered in 4 years of divided government (Republican governor and Democratic legislature) in January 2015. January 2015 is also when a lower 3.75% personal income tax rate kicked in following the yearend 2014 sunset of a previous increase to 5% (the corporate income tax rate fell from 7% to 5.25%). Income tax revenue of $19.8 billion in FY2014, about 60% of total non-federal state revenue, fell to $14.9 billion by FY 2016 leaving a trail of unpaid bills and funding reductions across state agencies. Matters deteriorated further with the failure of the governor and legislature to agree on a budget for the fiscal year that began on July 1, 2015 – a failure that extended to a 793-day budget impasse and triggered multiple rating downgrades, lowering the state’s credit profile from A3/A-/A- to Baa3/BBB-/BBB. The budget impasse ended in July 2017 when the legislature overrode a veto, raising the personal income tax rate to 4.95%, with final budget issues related to education funding resolved in August, ending the crisis.

On the surface, the fiscal outlook for Illinois is brighter today. Single party control of the executive and legislative branches supported passage of the FY 2020 budget which the legislature sent to the governor for signature nearly a month before the new fiscal year begins. Before an unexpected surge of tax revenue in April, the administration planned to extend the amortization period for pension plans, which would have allowed a lower state SEE PAGE 4 FOR IMPORTANT INFORMATION REGARDING CERTIFICATIONS, OUR RATINGS SYSTEM AS WELL AS OTHER DISCLAIMERS

ALAN SCHANKEL, MANAGING DIRECTOR [email protected] 215.665.6088 1 WWW.JANNEY.COM © JANNEY MONTGOMERY SCOTT LLC MEMBER: NYSE, FINRA, SIPC

contribution in FY 2020, further weakening the state’s worst-in-the-country pension funding. The extra $1.5 billion of tax revenue was sufficient to leave amortization (and the planned contribution) unchanged.

Pension Funding Remains a Huge Challenge Illinois Pension Liabilities Continue to Grow Illinois’ poor pension funding has been a daunting issue for many years. Under a statutory formula, annual contributions to the state’s five retirement plans Reported Funded Ratio - Rt Axis have been consistently below actuarially required contributions (ARC) $300 bln Reported Unfunded Liability 48% Moody's Adjusted Net Pension Liabilty specified by GASB accounting standards, with state contributions, as a $225 bln 45% percentage of ARC, ranging from 66.8% (2018) to 89.6% (2014). Reported funding levels have been relatively steady in recent years primarily because $150 bln 42% strong equity market performance has increased asset values. Note: $75 bln 39%

Moody’s Adjusted Net Pension Liability metric uses a lower and consistent $0 bln 36% discount rate to calculate future liabilities, which we believe more accurately 2010 2011 2012 2013 2014 2015 2016 2017 2018 reflects pension funding levels. Source: Illinois disclosure, Moody's

Will a Constitutional Amendment Improve Illinois Finances?

The Illinois constitution states that “a tax on or measured by income shall be at a non-graduated rate” – a flat tax in other words. Last month, Illinois’ legislature voted on a constitutional amendment to eliminate the flat tax requirement. The amendment goes to voters in November. Passage of the amendment is not assured, with opposition from groups such as the Illinois Chamber of Commerce and the Illinois Manufacturers’ Association likely, but if it is approved, the state will gain the ability to increase tax revenue. The governor proposes increasing the personal income tax rate to nearly 8% for the highest earning taxpayers, compared to the current 4.95% flat rate, which, with other changes, could raise about $3.5 billion of new revenue (2018 revenue was $36.2 billion, excluding federal payments, primarily Medicaid).

Opponents of the amendment and probable tax increase argue that higher taxes will discourage business investment and encourage population movement to lower-tax states. This is a valid concern, especially since the state has seen little population growth over the past decade. According to the US Census Bureau, Illinois is one of eight states losing population from 2017 to 2018, and one of only three states with population loss since the 2010 census (-0.7%). We would argue an equally important consideration is how additional revenues might be used. If earmarked entirely for increased pension contributions, the tax increase would go directly towards improving the state’s fiscal stability, a worthwhile tradeoff to higher taxes in Illinois’ case. If new revenue is used to support new programs or expand existing programs, the benefit of higher taxes is more dubious.

Illinois Risk/Reward Balance Remains Favorable Illinois Spreads Have Narrowed More Than CT and NJ Spreads 250 bps Municipal bond investors, who understand the risks, may consider including IL CT NJ 200 bps Illinois GO as a yield enhancer within a diversified municipal bond portfolio. Credit spreads, the differential between the yield of a given bond (10-year 150 bps Illinois GO) and the yield of a AAA benchmark (10-year Bloomberg BVal 100 bps yield), have narrowed over the past year, with much of the change 50 bps occurring within the past month as the state finalized its budget. In May 0 bps 2018, when the 10-year spread for Illinois was above 200 basis points, in a

report titled Should I Buy Illinois Bonds?, we said that “the risk/reward Jul-18

Apr-18 Oct-18 Apr-19

Jan-18 Jan-19 Jun-19 Jun-18

Feb-18 Mar-18 Feb-19 Mar-19

Nov-18 Dec-18

Aug-18 Sep-18 May-19 balance of owning some Illinois GO debt is favorable for investors who May-18 Source: Bloomberg, 10-year maturities understand the risks and have risk oriented investment objectives.” With the 10-year Illinois spread currently at 133 bps, the argument is less compelling, but we still believe the risk/reward balance favors investors. In a market where low rated senior living offerings price at 100-110 basis point spread to the AAA benchmark (Polk Co, FL IDA – Carpenters Home 5% of 2029 rated BBB- by Fitch priced at +104 bps spread on May 17th for example), the Illinois spread stands out.

Investors must consider the risks. For example, should the tax related constitutional amendment fail to pass in November, spreads would almost certainly move wider. Illinois is more vulnerable to the fiscal impact of a recession than most states. And other than the proposed constitutional amendment, state leaders took no concrete action during budget formulation to address the state’s huge pension liabilities. Nevertheless recent momentum is positive. To be clear, we do not suggest “loading up” on Illinois bonds, but rather believe a moderate allocation to Illinois in a diversified portfolio will enhance portfolio yield without significantly elevating portfolio risk.

ALAN SCHANKEL, MANAGING DIRECTOR [email protected] 215.665.6088 2 WWW.JANNEY.COM © JANNEY MONTGOMERY SCOTT LLC MEMBER: NYSE, FINRA, SIPC

Higher Education Sector Despite Overall Contraction, Private College Enrollment Has Grown The higher education sector of the municipal bond market faces its share of challenges, making it one of the weakest public finance sectors. 12.5 mln 4-year Public 4-year Private Rating downgrades from all three primary rating agencies have exceeded 10.0 mln 2-year Public 4-year For-profit upgrades in each year for at least the last 5 years. Affordability continues to 7.5 mln be an underlying concern, but demographic shifts across the country are also a contributing factor. The number of graduating high school seniors in 5.0 mln the country (prospective college customers) has been falling in recent Students Enrolled 2.5 mln years, which in turn has led to declining college enrollment numbers since 0.0 mln high school graduates are the primary source of tuition paying (direct or 2011 2012 2013 2014 2015 2016 2017 2018 2019 through aid) enrollees. Source: National Student Clearinghouse Research Center

A recently released Spring 2019 report from the National Student Clearinghouse Research Center illustrates how the ongoing declines in the number of graduating high school students has translated into declining college enrollment. Enrollment at US colleges and universities continues to fall, with total enrollment (17,542,109) dropping by 1.7% vs a year ago, the eighth consecutive year of decline. For-profit colleges experienced the biggest setback, with enrollment falling by 19.7% in the past year. Enrollment at private 4-year schools bucked the trend, growing by 3.2% over the past year following two down years.

Select Rating Actions Positive Rating Actions Negative Rating Actions Current Current Date Issuer Action Date Issuer Action Ratings Ratings Local Government Local Government 5/1 Aspen, CO Aaa/NR/NR Moody's to Aaa from Aa1 5/1 Pawtucket, RI A3/NR/A+ Moody's outlook ↓ to negative 5/3 Sunrise, FL Utility Rev NR/AA/AA+ S&P to AA from AA- 5/13 Easton, PA NR/A/NR S&P to A from A+ 5/3 Garden City, NY UF Sch Dist Aaa/NR/NR Moody's to Aaa from Aa1 5/14 Allentown, PA Sch Dist A2/BBB-/NR S&P to BBB- from BBB 5/6 Passaic Valley, NJ Sew Comm A2/NR/NR Moody's to A2 from A3 5/21 Onondaga County, NY Aa3/AA/AAA Moody's to Aa3 from Aa2 5/14 Austin, TX Util Sys Aa3/AA/AA Fitch to AA from AA- 5/24 Memphis, TN Electric Sys Aa2/AA-/NR S&P to AA- from AA 5/16 Brunswick County, NC Aa1/AAA/AA+ Moody's to Aa1 from Aa2 Healthcare 5/22 Marple Newtown Sch Dist, PA Aa1/NR/NR Moody's to Aa1 from Aa2 5/8 UPMC Health, PA A1/A+/A+ Fitch to A+ from AA- 5/24 Brevard County, FL Wtr/Sew NR/AA/AA- S&P to AA from AA- 5/17 Monongalia Health Sys, WV NR/BBB+/BBB+ Fitch to BBB+ from A- 5/28 Scioto County, OH A1/NR/NR Moody's to A1 from A2 5/29 Virginia Comm Univ Health Aa3/AA-/NR Moody's outlook ↓ to negative 5/29 Leesburg, FL Util Aa3/AA-/AA- S&P to AA- from A+ Higher Education 5/31 Richmond, CA Baa3/AA-/NR S&P to AA- from A- 5/1 Georgian Court Univ, NJ Baa3/BBB-/NR Moody's outlook ↓ to negative Healthcare 5/30 DePauw Univ, IN A3/NR/NR Moody's outlook ↓ to negative 5/6 Mt Nittany Med Ctr, PA NR/A+/AA- S&P to A+ from A Transportation 5/8 Carilion Clinic, VA Aa3/AA-/NR Moody's to Aa3 from A1 5/1 Miami-Dade Co FL X-way A2/A/A- S&P to A from A+ 5/8 RWJ Barnabas Health A1/AA-/NR Moody's outlook ↑ to positive 5/10 Miami-Dade Co FL X-way A2/A/A- Moody's to A2 from A1 5/8 Novant Health, NC Aa3/AA-/AA- S&P to AA- from A+ 5/24 Kansas City Airport A1/A/NR S&P to A from A+ Higher Education 5/31 Manchester, NH Airport Baa1/BBB+/NR Moody's outlook ↓ to negative 5/2 University of Kansas Aa2/AA-/NR Moody's outlook ↑ to stable Tobacco 5/13 Sweet Briar College, VA NR/BB-/NR S&P to BB- from B+ 5/10 240 tobacco bond tranches various S&P CreditWatch negative 5/13 Various IL Public Universities Moody's outlook ↑ to stable 5/23 Stockton University, NJ Baa1/NR/A- Moody's outlook ↑ to positive Transportation Source: Moody’s, S&P, Fitch 5/2 Miami Dade FL Port Auth A3/NR/A Moody's to A3 from Baa1

5/8 NC Tpk Auth - Monroe X-way Baa3/BBB/NR S&P to BBB from BBB-

ALAN SCHANKEL, MANAGING DIRECTOR [email protected] 215.665.6088 3 WWW.JANNEY.COM © JANNEY MONTGOMERY SCOTT LLC MEMBER: NYSE, FINRA, SIPC

Analyst Certification

I, Alan Schankel, the Primarily Responsible Analyst for this report, hereby certify that all of the views expressed in this report accurately reflect my personal views about any and all of the subject sectors, industries, securities, and issuers. No part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Janney Montgomery Scott LLC (“Janney”) Debt Research Disclosure Legend Janney may seek compensation for investment banking services for any company in this report in the next 3 months. The research analyst is compensated based on, in part, Janney’s profitability, which includes its investment banking revenues. Additional information available upon reques

Disclaimer

Janney or its affiliates 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 Bloomberg, and 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 has been prepared by Janney and 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. Estimates of future performance are based on assumptions that may not be realized. We have no obligation to tell you when opinions or information contained in Janney FIS publications change.

Janney Investment Strategy Group does not provide individually tailored investment advice and this document has been prepared without regard to the circumstances and objectives of those who receive it. The appropriateness of an investment or strategy will depend on an investor’s circumstances and objectives. For investment advice specific to your individual situation, or for additional information on this or other topics, please contact your Janney Financial Consultant and/or your tax or legal advisor.

Definition of Outlooks

Positive: Janney ISG believes there are apparent factors which point towards improving issuer or sector credit quality which may result in potential credit ratings upgrades Stable: Janney ISG believes there are factors which point towards stable issuer or sector credit quality which are unlikely to result in either potential credit ratings upgrades or downgrades. Cautious: Janney ISG believes there are factors which introduce the potential for declines in issuer or sector credit quality that may result in potential credit ratings downgrades. Negative: Janney ISG believes there are factors which point towards weakening in issuer credit quality that will likely result in credit ratings downgrade

ALAN SCHANKEL, MANAGING DIRECTOR [email protected] 215.665.6088 4 WWW.JANNEY.COM © JANNEY MONTGOMERY SCOTT LLC MEMBER: NYSE, FINRA, SIPC 4. Bank, Thrift & MHC Summary Valuation BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

DELAWARE BANKS AND THRIFTS WSFS WSFS Financial Corp. 12,184 2,130 39.89 57.70 33.75 11.91 10.91 174.7 1.20 10.45 0.52 73.11 1.46 12.63 56.63 5.22 0.50 TBBK Bancorp Inc 4,627 499 8.84 11.73 7.64 5.42 9.31 115.7 - 9.33 - -2.16 24.44 68.70 11.06 (0.67) MDCT MidCoast Community Bancorp Inc 260 31 6.65 7.75 5.05 11.67 - 121.7 - 9.78 0.36 237.37 1.11 11.32 80.36 24.30 -

DISTRICT OF COLUMBIA BANKS AND THRIFTS NACB National Capital Bank 481 60 212.00 233.00 200.00 22.51 - 133.0 1.04 9.45 0.06 NM 0.59 6.28 79.46 (1.40) - IBWC IBW Financial Corp. 433 16 27.25 35.00 26.00 - - 45.7 0.44 8.37 3.11 31.04 0.20 2.28 92.18 (6.03) -

FLORIDA BANKS AND THRIFTS BKU BankUnited Inc. 32,703 3,264 33.18 44.97 28.05 11.56 11.77 114.8 2.53 8.72 0.52 67.64 0.97 10.03 61.45 10.82 2.16 CSFL CenterState Bank Corp. 12,588 2,919 22.35 32.11 19.55 12.49 10.67 184.4 1.97 9.90 0.40 79.66 1.44 9.27 50.36 6.23 2.10 AMTB Mercantil Bank Holding Corp. 7,902 722 18.34 259.23 10.65 15.81 14.27 104.6 - 9.61 0.26 294.00 0.60 6.60 71.67 40.97 (1.50) SBCF Seacoast Banking Corp. of FL 6,783 1,201 23.49 34.95 21.74 16.31 12.02 181.0 - 10.18 0.74 65.70 1.14 9.15 56.03 (9.72) 1.29 CCBG Capital City Bank Group Inc. 3,052 398 23.70 26.95 19.92 15.00 13.94 177.7 1.86 7.56 0.91 50.90 0.93 8.97 75.24 2.11 1.24 FNBT FineMark Holdings Inc. 1,931 226 25.50 30.00 24.10 15.55 - 138.0 - 8.49 - -0.82 9.63 70.62 (15.00) 3.03 TSHR Three Shores Bancorp. Inc. 1,893 164 9.00 12.00 9.00 - - 139.8 - 7.60 0.10 753.92 0.74 9.91 59.36 (0.66) (7.31) TGRF TGR Financial Inc. 1,489 198 11.45 13.00 10.11 13.96 - 160.9 - 8.63 0.01 NM 1.14 12.64 59.26 10.41 1.33 FMIA First Miami Bancorp Inc. 770 113 1,299.99 1,302.00 1,235.00 - - 111.2 0.38 13.25 - -0.38 2.86 65.29 1.56 4.00 PFHD Professional Holding Corp. 729 62 17.62 18.10 15.08 ------15.92 - PMHG Prime Meridian Holding Co. 427 64 20.40 23.25 17.75 15.34 - 124.1 0.59 12.11 - -1.05 8.48 62.48 10.99 0.49 FCIT First Citrus Bancorp. Inc. 396 49 25.55 28.10 20.75 11.94 - 150.8 - 8.82 - -1.12 13.14 62.31 23.13 (1.73) PLBN Pilot Bancshares Inc. 361 41 3.31 3.93 2.90 ------(4.06) -

GEORGIA BANKS AND THRIFTS STI SunTrust Banks Inc.* 220,425 27,815 62.67 75.08 46.05 11.01 10.88 170.1 3.19 8.63 1.35 55.35 1.29 11.25 60.63 24.25 4.43 SNV Synovus Financial Corp. 46,630 5,160 32.76 57.40 29.93 9.81 8.12 134.3 3.66 8.76 0.53 103.34 1.26 13.11 54.15 2.41 2.50 UCBI United Community Banks Inc. 12,506 2,156 27.28 34.18 20.23 12.75 11.71 183.0 2.49 9.67 0.55 90.05 1.39 12.20 54.83 27.12 2.90 ABCB Ameris Bancorp 11,656 1,735 36.58 58.10 29.97 12.79 9.09 185.4 1.09 8.46 0.78 31.41 1.26 10.18 52.87 15.50 3.66 LION Fidelity Southern Corp.* 4,790 808 29.23 33.32 21.18 21.03 18.80 183.6 1.64 9.22 1.10 59.23 0.80 8.83 78.92 12.34 3.76 ACBI Atlantic Capital Bcshs Inc. 2,856 404 16.78 21.40 14.44 15.12 15.12 136.7 - 10.59 0.67 94.09 1.03 9.06 56.51 2.50 2.57 MCBS MetroCity Bankshares Inc. 1,488 332 27.50 33.20 24.75 -- -- 11.03 0.75 58.46 2.77 24.61 42.00 (16.67) - CBAN Colony Bankcorp Inc. 1,279 157 16.54 19.20 12.29 12.07 - 139.2 1.81 7.85 1.88 27.40 0.95 12.70 70.16 13.29 (0.96)

Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 1 BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

MARYLAND BANKS AND THRIFTS EGBN Eagle Bancorp Inc 8,388 1,860 53.86 65.42 45.15 12.35 11.53 178.3 1.63 12.60 0.79 105.28 1.84 14.14 38.44 10.57 1.47 SASR Sandy Spring Bancorp Inc. 8,328 1,173 32.96 43.62 29.83 10.74 10.14 158.5 3.64 9.28 0.50 127.85 1.36 10.53 51.40 5.17 2.52 OLBK Old Line Bancshares Inc 3,077 427 25.07 35.72 24.12 14.41 11.55 157.9 1.91 9.12 0.32 79.90 1.02 8.03 50.21 (4.75) 1.79 REVB Revere Bank 2,510 343 28.45 31.45 26.45 11.33 10.84 138.0 - 9.87 0.12 645.73 1.22 12.08 50.45 (0.18) (0.14) HBMD Howard Bancorp Inc. 2,251 258 13.55 19.65 12.60 42.34 13.69 115.4 - 10.30 1.13 34.56 0.28 2.08 65.74 (5.24) (2.52) TCFC Community Finl Corp. 1,712 174 31.15 37.75 26.47 12.41 10.93 119.4 1.61 8.57 1.84 34.52 0.85 9.15 59.42 6.53 0.39 SHBI Shore Bancshares Inc. 1,486 200 15.64 20.08 12.95 8.10 11.76 119.8 2.56 11.39 1.63 43.02 1.70 14.21 58.73 7.57 1.89 FUNC First United Corp. 1,417 131 18.47 24.32 14.75 11.54 - 117.5 1.95 7.92 1.53 53.16 0.84 9.75 69.83 16.02 2.61 CBNK Capital Bancorp Inc. 1,124 161 11.76 14.28 10.21 11.64 11.04 136.0 - 10.55 0.66 153.11 1.22 12.86 73.42 3.07 (2.00) SVBI Severn Bancorp Inc. 885 109 8.53 9.94 7.22 11.85 - 109.3 1.41 11.28 1.81 50.48 1.06 9.57 68.50 6.89 (1.95) DBCP Delmar Bancorp 760 76 7.65 8.22 6.95 - - 124.1 1.31 8.17 - -0.76 8.66 65.45 10.07 4.08 TYCB Calvin B. Taylor Bankshares 521 100 36.00 41.00 33.11 13.04 - 116.4 2.78 16.57 1.14 11.78 1.47 9.10 51.75 7.08 - CMHF Community Heritage Finl Inc 471 52 23.00 26.87 19.15 29.11 - 112.5 0.52 9.78 0.60 129.44 0.42 3.98 79.91 2.22 - FCBI Frederick County Bancorp 442 42 27.00 35.00 23.00 15.43 - 115.0 1.19 8.18 0.46 167.51 0.65 7.87 77.95 0.00 13.68 FMFG Farmers & Merchants Bcshs Inc. 428 51 30.52 34.00 29.00 10.90 - 110.0 2.88 10.90 0.79 74.96 1.13 10.50 62.42 0.23 - PSBP PSB Holding Corp. 427 37 25.85 27.50 20.88 10.82 - 102.9 - 8.36 - -0.81 10.25 67.70 15.40 0.19 GLBZ Glen Burnie Bancorp 393 30 10.70 13.55 10.00 20.58 - 87.5 3.74 8.77 0.86 76.75 0.36 4.36 84.45 2.59 1.71 DLMV Delmarva Bancshares Inc. 388 33 8.23 8.70 7.49 14.19 - 92.0 2.43 11.63 - -0.97 7.75 65.63 5.51 - HFBK Harford Bank 369 41 28.74 31.90 26.60 12.28 - 100.1 2.37 11.01 1.74 47.45 0.93 8.56 68.54 2.64 1.73 BVFL BV Financial Inc. (MHC) 301 99 14.00 15.75 8.71 56.00 - 68.5 - 20.52 2.26 25.74 0.42 3.11 78.46 (3.45) (0.00) HRBK Harbor Bankshares Corporation 283 1 0.51 1.50 0.46 ------(32.00) (31.08) PEBC Peoples Bancorp Inc 243 25 34.02 35.00 27.90 11.74 - 109.3 2.06 9.47 1.95 73.92 0.87 8.22 76.94 15.32 - CBMB CBM Bancorp Inc. 217 54 13.70 15.30 12.02 - - 95.0 - 28.09 0.99 59.64 0.34 1.65 79.90 9.42 (1.15) CROL Carroll Bancorp Inc. 194 15 12.85 14.00 12.38 37.48 - 83.7 - 9.11 2.95 20.01 0.20 2.23 90.87 (0.79) -

Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 2 BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

MASSACHUSETTS BANKS AND THRIFTS STT State Street Corp. 228,332 21,128 56.62 101.18 55.12 9.50 8.85 184.0 3.32 6.99 -NM 1.03 10.25 70.15 (10.23) 2.48 SC Santander Holdings USA, Inc 138,957 0 - - ---0.0- 14.34 5.14 53.80 0.73 4.04 60.25 0.00 - BHLB Berkshire Hills Bancorp Inc. 12,173 1,560 30.46 44.25 25.77 13.48 11.81 140.7 3.02 8.83 0.51 100.39 0.87 6.66 55.44 12.94 4.35 INDB Independent Bank Corp. 8,997 2,393 69.75 95.00 66.12 15.00 12.68 235.3 2.52 9.56 0.73 98.69 1.52 12.65 53.96 (0.80) 0.58 BPFH Boston Private Financial 8,572 905 10.80 17.85 10.00 12.00 11.55 127.5 4.44 8.35 0.22 393.32 0.94 10.56 68.95 2.18 5.37 BRKL Brookline Bancorp Inc. 7,519 1,170 14.68 19.35 12.84 13.59 12.77 160.2 3.00 9.99 0.96 80.54 1.22 10.02 54.37 6.22 2.30 EBSB Meridian Bancorp Inc. 6,281 891 17.42 20.30 13.67 15.42 14.28 140.6 1.61 10.60 0.32 272.57 1.01 8.72 52.80 21.65 0.87 CNBK.A Century Bancorp Inc. 5,306 482 86.55 95.70 65.15 12.71 - 157.2 0.55 5.78 0.12 460.17 0.76 13.16 58.72 27.79 (3.41) HONE HarborOne Bancorp Inc (MHC) 3,656 569 18.02 19.95 14.90 50.06 46.21 205.1 - 7.99 1.02 57.02 0.36 3.18 83.97 13.40 0.45 EBTC Enterprise Bancorp Inc. 3,074 327 28.01 44.04 26.96 10.73 - 126.9 2.28 8.49 1.00 110.04 1.05 12.53 64.46 (12.90) (0.11) BHBK Blue Hills Bancorp Inc 2,806 0 - - -- -0.0 - 14.12 0.52 132.30 0.91 6.10 61.10 0.00 - HIFS Hingham Instit. for Savings 2,497 398 186.49 229.99 163.00 13.02 - 179.5 0.82 8.88 0.08 706.65 1.34 14.94 30.26 (5.69) 3.28 CATC Cambridge Bancorp 2,139 378 78.10 95.06 71.35 13.33 12.32 187.4 2.61 8.04 0.03 NM 1.20 15.13 65.91 (6.19) (5.02) WNEB Western New England Bancorp 2,116 244 9.28 11.25 8.50 15.73 17.03 118.4 2.16 10.06 0.82 68.14 0.77 6.89 67.28 (7.57) 1.31 PVBC Provident Bancorp Inc (MHC) 999 249 26.86 30.80 19.81 26.33 - 201.6 - 12.85 - -1.02 7.68 60.44 23.89 14.06 WEBK Wellesley Bancorp 912 81 33.04 35.50 27.74 14.12 - 124.8 0.73 7.37 - -0.69 9.20 68.64 19.11 (0.72) RNDB Randolph Bancorp Inc 614 82 14.90 17.45 13.16 NM NM - - - 1.05 66.34 (0.24) (1.82) 107.49 5.31 0.01 GABK Grand Bank Corp. 356 69 6,150.00 6,800.00 6,000.00 -- -1.63 ------1.65 1.23 MELR Melrose Bancorp Inc 326 39 18.39 20.15 16.99 27.04 35.36 105.5 1.85 13.04 - -0.50 3.59 75.99 2.37 (2.67)

NEW JERSEY BANKS AND THRIFTS VLY Valley National Bancorp 32,477 3,387 10.21 13.37 8.42 10.64 10.86 161.3 4.31 7.37 0.56 85.28 1.07 9.99 59.06 14.98 3.97 ISBC Investors Bancorp Inc 26,546 2,906 10.83 13.72 9.94 15.70 14.64 105.7 4.06 10.84 0.52 169.69 0.75 6.32 56.85 4.13 4.03 PFS Provident Financial Services 9,803 1,592 23.90 28.99 22.22 12.78 12.58 166.2 3.85 10.19 0.78 72.46 1.25 9.05 53.48 (0.95) 0.25 OCFC OceanFirst Financial Corp. 8,093 1,240 24.49 30.90 21.30 13.68 11.18 171.1 2.78 9.53 0.52 39.61 1.15 8.42 54.45 8.80 2.81 CLBK Columbia Financial Inc. (MHC) 6,817 1,613 14.47 17.45 14.01 62.91 29.53 169.6 - 14.52 - -0.40 2.82 78.26 (5.36) (5.24) KRNY Kearny Financial Corp. 6,659 1,169 13.39 14.80 11.26 29.76 27.33 130.1 1.79 14.61 0.39 127.84 0.62 3.33 60.81 4.45 (0.15) LBAI Lakeland Bancorp 6,365 789 15.64 21.05 13.77 11.94 10.94 151.1 3.20 8.41 0.36 166.08 1.11 10.27 56.02 5.60 1.49 CNOB ConnectOne Bancorp, Inc. 6,049 750 21.20 27.35 17.07 10.29 9.30 144.6 1.70 8.83 1.01 60.11 1.26 11.05 41.90 14.78 0.90 PGC Peapack-Gladstone Financial 4,662 532 27.96 36.42 23.96 12.10 11.55 121.0 0.72 9.70 0.63 132.53 1.01 9.92 60.85 11.04 3.40 NFBK Northfield Bancorp Inc. 4,555 759 15.24 17.33 12.76 18.59 20.05 118.5 2.89 14.17 0.54 111.26 0.89 5.84 57.25 12.47 1.53 ORIT Oritani Financial Corp. 4,075 695 16.09 18.01 14.07 13.52 13.99 136.7 6.22 13.02 0.27 258.27 1.28 9.62 34.32 9.08 0.56 BCBP BCB Bancorp Inc. 2,718 205 12.51 15.85 10.12 12.15 10.43 110.2 4.48 7.78 1.12 75.48 0.69 8.95 62.72 19.48 2.21 SBBX SB One Bancorp 1,840 209 22.26 30.65 19.30 13.09 8.94 130.3 1.35 8.86 1.35 36.89 0.93 8.97 59.24 8.90 1.41 FRBA First Bank 1,777 210 11.19 15.00 10.73 11.66 11.60 115.2 1.07 10.34 0.51 172.23 1.06 9.43 56.76 (7.67) (0.09) UNTY Unity Bancorp Inc. 1,590 216 19.97 25.50 16.74 9.74 9.16 153.1 1.60 8.89 0.52 189.97 1.54 16.86 52.09 (3.81) (0.89) PKBK Parke Bancorp Inc. 1,558 235 21.88 24.80 16.71 9.12 - 148.1 2.56 10.34 1.73 73.38 1.97 17.56 29.49 16.91 7.78 BPRN Bank of Princeton 1,297 192 28.50 35.45 26.77 17.27 16.29 103.1 0.42 14.35 0.91 100.99 0.92 6.31 57.32 2.15 1.60 MRLN Marlin Bus. Services Corp. 1,247 281 23.01 31.60 17.51 12.05 9.96 152.1 2.43 15.16 0.64 210.05 2.08 12.44 57.27 3.05 3.18 FCCY 1st Constitution Bancorp 1,191 161 18.66 27.00 16.45 12.87 11.66 136.4 1.61 10.01 0.83 87.54 1.08 10.15 60.38 (6.37) - TRCB Two River Bncp 1,141 125 14.55 19.90 11.54 11.19 10.86 124.8 1.92 9.00 0.98 103.24 1.04 9.94 61.25 (4.65) 0.48 CMRB First Commerce Bank 979 133 5.90 7.50 5.55 -- -- 13.82 3.28 47.75 1.14 8.61 52.38 (8.53) (0.84)

Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 3 BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

NEW YORK BANKS AND THRIFTS JPM JPMorgan Chase & Co. 2,737,188 354,060 109.16 119.24 91.11 11.79 10.92 191.8 2.93 7.87 0.46 107.60 1.25 12.85 57.25 11.82 3.02 C Citigroup Inc. 1,958,413 151,906 65.69 75.24 48.42 9.56 8.63 100.2 2.74 8.82 0.55 113.93 0.94 9.17 57.73 26.18 5.70 BK Bank of New York Mellon Corp. 346,132 42,514 44.40 58.02 42.43 11.47 10.98 248.3 2.52 6.38 0.07 64.32 1.20 9.76 68.22 (5.67) 4.01 HSBC HSBC USA Inc. 180,921 0 ------0.62 52.33 0.38 3.35 76.66 0.00 - UB MUFG Americas Holdings Corp. 170,707 0 - - ---0.0- 7.96 0.55 54.55 0.65 5.92 75.97 0.00 - MTB M&T Bank Corp. 120,025 22,646 165.76 180.77 133.78 11.93 11.38 233.0 2.41 9.49 1.09 78.06 1.75 13.21 53.63 15.81 3.86 NYCB New York Community Bancorp 52,131 4,720 10.10 12.72 8.61 12.95 12.70 127.5 6.73 8.46 0.15 198.95 0.81 6.14 49.65 7.33 1.71 CIT CIT Group Inc. 50,782 4,717 48.95 55.48 35.50 12.09 10.19 93.4 2.86 10.84 - -0.97 7.40 55.13 27.91 2.97 SBNY Signature Bank 48,546 6,339 116.66 137.94 98.54 10.36 10.56 143.1 1.92 9.29 0.44 110.22 1.33 14.41 35.77 13.47 1.84 STL Sterling Bancorp 29,957 4,282 20.42 25.55 15.62 10.21 9.63 171.3 1.37 9.36 0.72 45.75 1.45 10.26 38.47 23.68 5.75 CBU Community Bank System Inc. 10,916 3,285 63.76 67.79 54.46 19.50 19.38 344.5 2.38 9.42 0.27 168.35 1.60 10.16 57.64 9.37 3.15 NBTB NBT Bancorp Inc. 9,534 1,599 36.55 41.88 30.36 13.90 13.84 214.7 2.85 8.06 0.48 155.82 1.22 11.61 59.45 5.67 1.67 FFIC Flushing Financial Corp. 6,867 594 21.31 27.91 20.27 11.97 12.32 110.6 3.94 7.93 0.29 105.62 0.77 9.39 64.74 (1.02) 1.33 TMP Tompkins Financial Corporation 6,739 1,220 79.64 91.99 69.02 14.78 14.61 222.9 2.51 8.26 0.36 164.17 1.24 13.73 61.36 6.17 0.77 DCOM Dime Community Bancshares Inc. 6,475 662 18.36 20.70 15.48 14.02 13.91 120.1 3.05 8.58 0.26 131.27 0.77 7.91 56.77 8.13 3.26 TRST TrustCo Bank Corp NY 5,156 718 7.42 9.45 6.51 11.72 11.78 143.2 3.67 9.72 0.72 121.03 1.24 12.76 54.47 8.16 0.54 AMAL Amalgamated Bank 4,914 523 16.42 22.97 14.58 10.95 11.56 120.0 1.46 8.89 1.15 55.51 1.04 11.47 66.26 (15.79) (0.48) BDGE Bridge Bancorp Inc. 4,675 550 28.17 37.70 24.12 13.95 10.36 157.0 3.27 7.80 0.42 160.01 0.88 8.81 55.57 10.51 1.22 FISI Financial Institutions Inc. 4,303 431 27.19 34.35 24.49 10.75 9.96 137.6 3.68 7.86 0.12 642.02 0.99 10.62 60.96 5.80 0.59 FLIC First of Long Island Corp. 4,223 534 21.45 26.80 17.53 13.32 12.62 138.3 3.17 9.15 0.08 933.51 0.97 10.87 51.46 7.52 0.47 AROW Arrow Financial Corp. 2,985 478 33.01 38.98 30.45 13.15 13.00 188.8 3.15 8.55 0.23 299.91 1.25 13.76 56.79 3.09 2.61 CNND Canandaigua National Corp. 2,945 340 182.00 195.00 160.00 9.25 - 152.1 2.97 7.66 0.31 246.70 1.33 16.50 61.36 4.00 1.68 MCB Metropolitan Bank Holding Corp 2,545 323 38.80 55.00 29.05 11.72 10.32 124.9 - 10.41 0.12 697.96 1.35 10.78 53.64 25.77 (2.34) CHMG Chemung Financial Corp. 1,770 222 45.98 53.99 36.87 11.35 11.97 149.7 2.26 8.50 0.91 122.71 1.14 12.44 67.48 11.30 2.63 PCSB PCSB Financial Corp. 1,524 318 19.20 21.00 18.16 34.29 36.92 125.7 0.83 17.92 - -0.62 3.25 73.20 (1.84) (2.24) EVBN Evans Bancorp Inc. 1,456 170 34.99 49.23 30.61 10.32 10.48 139.9 2.97 8.42 - -1.21 13.17 67.87 7.63 (0.28) GCBC Greene County Bncp Inc. (MHC) 1,274 248 29.02 35.00 28.85 14.66 - 228.9 1.38 8.50 0.35 290.90 1.44 16.95 50.71 (6.75) (0.79) ADKT Adirondack Trust Company 1,168 124 1,620.00 1,700.00 1,556.00 -- -3.18 9.11 0.19 528.75 1.08 10.54 69.17 2.86 - OCBI Orange County Bancorp Inc. 1,131 119 26.65 33.04 24.00 13.19 - 115.8 3.00 9.19 - -0.79 8.70 72.15 (1.30) (1.30)

Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 4 BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

NORTH CAROLINA BANKS AND THRIFTS BAC Bank of America Corporation 2,377,164 261,761 27.53 31.91 22.66 10.23 9.66 151.4 2.18 8.51 0.52 78.20 1.22 10.77 57.48 11.73 3.50 BBT BB&T Corp. 227,683 37,400 48.83 54.96 40.68 12.39 11.40 217.1 3.32 9.37 - -1.46 10.88 56.81 12.72 4.45 FCNC.A First Citizens BancShares Inc. 35,962 4,894 435.85 488.44 355.18 12.50 - 153.1 0.37 9.08 0.67 95.02 1.17 11.86 64.57 15.59 3.75 FBNC First Bancorp 6,050 1,067 35.88 43.14 30.50 11.73 11.59 198.2 1.34 9.28 0.66 52.63 1.57 12.18 54.94 9.86 1.33 LOB Live Oak Bancshares Inc. 4,058 634 15.77 32.95 13.09 15.77 46.38 133.9 0.76 11.74 0.76 113.39 1.15 8.60 73.94 6.48 1.55 HTBI HomeTrust Bancshares Inc. 3,458 442 24.41 30.00 23.93 17.44 17.19 117.8 0.98 11.04 1.13 62.73 0.79 6.44 66.19 (6.76) (0.29) SBNC Southern BancShares (NC) 2,761 300 3,700.00 3,940.00 3,275.00 10.08 - 114.7 0.27 10.38 0.42 170.09 1.22 10.92 63.15 9.79 0.07 ENFC Entegra Financial* 1,669 205 29.63 30.70 19.18 14.60 13.78 142.8 - 8.75 0.90 80.47 0.86 8.94 63.63 42.80 (0.07) SLCT Select Bancorp Inc. 1,242 215 11.10 14.25 10.14 12.47 14.42 114.7 - 15.38 1.27 53.95 1.23 8.42 60.51 (10.34) 0.45 PEBK Peoples Bancorp of NC Inc. 1,111 162 27.22 33.49 20.03 11.94 - 129.0 2.06 11.39 0.25 231.92 1.25 11.37 71.10 11.28 (0.48) UBNC Union Bank 771 88 14.77 18.93 13.84 - - 133.7 1.32 8.74 0.26 214.59 0.94 9.01 64.99 2.58 0.01 Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 5 BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

OHIO BANKS AND THRIFTS FITB Fifth Third Bancorp 167,853 19,510 26.83 31.96 22.12 8.41 9.51 144.0 3.28 9.37 0.69 96.04 1.57 13.99 53.94 14.02 1.25 KEY KeyCorp 141,515 16,849 16.71 21.91 13.66 9.72 9.28 145.2 4.07 9.45 0.62 100.11 1.33 12.10 61.58 13.06 4.63 HBAN Huntington Bancshares Inc. 108,203 13,876 13.26 16.53 11.12 10.69 10.05 174.8 4.22 8.63 1.21 58.51 1.35 12.80 56.95 11.24 4.82 TFSL TFS Financial Corp (MHC) 14,207 4,911 17.83 17.99 14.19 61.48 61.48 289.3 5.61 12.16 - -0.59 4.70 65.52 10.54 3.84 FFBC First Financial Bancorp. 14,074 2,225 22.56 33.70 22.07 11.81 10.54 183.5 3.90 9.21 0.60 67.43 1.35 9.21 50.69 (4.89) 1.08 PRK Park National Corp. 7,852 1,632 98.04 118.96 79.27 14.68 13.49 211.2 4.12 9.38 1.20 56.42 1.36 12.99 61.49 15.41 3.76 PEBO Peoples Bancorp Inc. 4,017 620 31.15 39.58 28.35 12.46 10.89 162.9 4.37 9.76 0.50 104.69 1.23 9.66 62.06 3.49 0.78 FDEF First Defiance Financial 3,221 541 27.42 35.00 22.78 12.19 11.62 184.4 2.77 9.40 0.95 92.36 1.48 11.81 60.05 11.87 1.18 UCFC United Community Finl Corp. 2,852 452 9.27 11.98 8.49 12.36 11.24 155.7 3.02 10.28 0.86 82.89 1.34 11.98 56.56 4.75 1.20 FMNB Farmers National Banc Corp. 2,356 387 13.92 16.90 11.56 11.70 11.09 168.6 2.59 9.92 0.56 105.28 1.46 13.10 58.12 9.26 3.49 CIVB Civista Bancshares Inc. 2,278 331 21.17 25.88 15.55 22.28 10.53 151.5 2.08 10.38 0.38 160.37 0.89 6.83 62.06 21.53 (2.44) LCNB LCNB Corp. 1,632 223 16.79 20.65 14.56 12.72 10.76 139.3 4.05 10.23 0.70 36.19 1.07 8.15 61.11 10.83 (1.06) FMAO Farmers & Merchants Bancorp 1,466 314 28.55 49.99 26.68 19.16 16.60 191.6 2.10 11.70 0.12 368.67 1.25 9.67 62.35 (25.82) (3.38) MBCN Middlefield Banc Corp. 1,281 130 40.00 54.43 38.50 10.13 10.11 113.9 2.80 9.05 1.12 50.05 1.09 10.07 62.97 (5.73) 1.88 HLAN Heartland BancCorp 1,064 161 80.00 105.00 78.00 12.14 12.50 138.0 2.60 11.00 0.22 326.13 1.17 12.64 62.96 (1.23) (0.62) OVBC Ohio Valley Banc Corp. 1,045 178 37.40 56.15 26.45 18.07 - 158.0 2.25 10.86 1.84 41.63 0.94 8.48 70.89 5.68 3.03 SBFG SB Financial Group Inc 1,021 110 17.02 20.53 16.05 11.82 10.84 110.3 2.12 11.33 0.42 189.48 1.18 8.94 70.54 3.47 (3.79) CFBI Community Bancshares Inc. 982 0 - - -- -0.0- 10.71 0.55 110.13 0.92 7.83 71.19 0.00 - UBOH United Bancshares Inc. 852 75 22.97 24.00 18.80 9.15 - 136.8 2.26 6.67 0.26 164.81 1.01 10.52 72.90 14.71 2.07 CHBH Croghan Bancshares Inc. 834 119 52.60 59.25 48.76 10.19 - 126.6 3.42 11.67 0.49 137.09 1.43 10.43 60.80 5.73 (4.15) CSBB CSB Bancorp Inc. 735 111 40.50 44.99 37.27 11.34 - 149.9 2.57 10.15 0.55 156.67 1.35 13.10 57.75 5.19 2.14 CFBK Central Federal Corp. 720 54 12.30 16.95 10.62 10.17 - 113.4 - 6.61 0.71 137.29 0.86 11.82 71.97 5.22 (0.89) CLDB Cortland Bancorp 685 101 23.00 28.68 19.10 10.60 - 146.5 1.91 9.97 1.28 49.39 1.39 14.96 64.57 12.20 - UBCP United Bancorp Inc. 621 63 11.42 14.00 10.25 13.28 - 129.2 4.73 8.42 0.28 120.75 0.87 9.93 68.46 (0.10) 1.05 KLIB Killbuck Bancshares Inc. 537 109 185.30 190.00 155.00 -- -1.83 11.29 0.08 828.57 1.42 12.60 55.97 0.16 - CBKM Consumers Bancorp Inc. 528 52 19.07 25.00 16.85 9.26 - 106.2 2.73 9.29 0.40 171.24 1.11 12.53 71.33 13.18 0.05 MTFC Minster Financial Corp. 490 14 57.25 57.25 55.00 -- -3.84 ------0.44 - WAYN Wayne Savings Bancshares 478 56 20.75 22.00 17.66 9.70 - 125.5 3.28 9.36 0.57 127.93 1.24 13.17 58.70 11.26 0.73 FFDF FFD Financial Corp. 408 52 52.70 53.99 45.85 8.96 - 142.3 3.04 9.05 0.39 219.62 1.54 16.76 52.42 4.98 - ANDC Andover Bancorp Inc. 402 49 20.45 24.00 20.25 -- -3.57 9.42 0.40 83.93 0.91 9.57 73.55 (12.98) - PFOH Perpetual Federal Savings Bank 392 73 29.58 32.27 27.85 11.55 - 97.9 3.25 19.03 0.55 237.30 1.61 8.72 33.33 4.67 (1.40) Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 6 BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

PENNSYLVANIA BANKS AND THRIFTS PNC PNC Financial Services Group 392,837 59,987 132.88 149.30 108.45 12.19 11.66 171.1 2.86 10.21 0.75 91.38 1.41 11.44 58.93 13.66 4.42 FNB F.N.B. Corp. 33,695 3,689 11.44 14.19 9.35 10.04 9.78 165.5 4.20 7.49 0.61 90.73 1.17 8.36 54.34 16.26 4.00 FULT Fulton Financial Corp. 20,975 2,716 16.09 18.45 14.38 13.08 11.53 154.8 3.23 8.64 0.99 77.83 1.06 9.51 63.63 3.94 2.09 NWBI Northwest Bancshares, Inc. 10,297 1,808 17.02 18.81 15.50 16.69 15.33 191.2 4.23 9.53 0.90 59.82 1.10 8.50 62.03 0.47 1.49 CUBI Customers Bancorp Inc 10,144 632 20.30 32.22 16.72 13.44 9.23 84.9 - 9.50 0.42 103.33 0.61 6.62 65.54 11.54 2.94 FCF First Commonwealth Financial 7,973 1,254 12.75 17.91 11.33 11.70 11.49 176.6 3.14 9.26 0.47 133.75 1.41 11.27 57.16 5.55 1.43 STBA S&T Bancorp Inc. 7,229 1,267 36.90 47.77 35.16 12.64 12.55 193.9 2.93 9.41 1.02 83.23 1.44 11.07 51.28 (2.48) (2.12) TSC TriState Capital Holdings Inc. 6,344 620 21.12 30.10 18.20 10.94 10.94 158.7 - 6.84 0.16 140.74 1.05 12.52 60.70 8.53 2.67 UVSP Univest Financial Corp. 5,036 715 24.42 29.05 20.18 13.27 11.36 155.3 3.28 9.47 0.54 115.34 1.11 8.69 60.03 13.21 2.26 BMTC Bryn Mawr Bank Corp. 4,632 759 37.69 50.35 32.84 12.95 12.24 205.6 2.65 8.34 0.53 84.09 1.34 10.71 58.58 9.56 3.09 CCNE CNB Financial Corp. 3,287 388 25.59 32.86 21.43 10.84 10.47 165.5 2.66 7.26 0.81 76.65 1.16 14.09 61.13 11.50 3.39 FRBK Republic First Bancorp Inc. 2,805 281 4.77 8.70 4.55 36.69 45.43 117.6 - 8.54 0.82 34.28 0.28 3.05 87.04 (20.10) (1.45) PFIS Peoples Financial Services 2,318 312 42.20 52.00 39.01 12.23 - 142.5 3.22 9.73 0.60 157.98 1.13 9.29 59.61 (4.22) (2.76) MPB Mid Penn Bancorp Inc. 2,148 204 24.10 36.25 21.54 13.77 10.95 129.2 2.99 7.60 0.35 113.10 0.74 7.00 69.40 4.69 0.42 ORRF Orrstown Financial Services 1,973 236 21.01 27.05 17.30 14.80 10.80 122.3 2.86 8.32 0.33 216.15 0.69 7.79 73.36 15.38 (1.08) ESSA ESSA Bancorp Inc. 1,836 171 15.51 16.80 14.77 14.50 14.23 104.9 2.58 9.26 0.56 119.92 0.64 6.49 68.47 (0.64) 2.38 CVLY Codorus Valley Bancorp Inc. 1,825 195 20.65 31.86 19.65 10.02 - 108.4 3.10 9.89 1.76 62.68 1.10 11.22 62.96 (2.82) (1.76) PWOD Penns Woods Bancorp Inc. 1,705 197 42.08 47.00 34.84 12.79 - 153.3 4.47 7.64 1.26 63.96 0.96 10.94 64.04 4.57 0.57 ACNB ACNB Corp. 1,671 243 34.40 41.45 30.80 10.68 - 161.8 2.91 9.10 0.60 138.67 1.38 13.80 59.24 (12.36) (3.64) CZFS Citizens Financial Services 1,448 225 64.25 66.50 55.51 12.36 12.31 189.5 2.77 8.33 1.67 54.19 1.28 12.87 55.41 15.66 0.39 CBFV CB Financial Services Inc. 1,303 125 23.08 36.00 22.77 14.34 11.04 121.9 4.16 8.14 0.44 162.78 0.70 6.59 69.97 (6.86) (1.75) CZNC Citizens & Northern Corp. 1,290 367 26.83 29.25 23.60 14.58 14.66 174.8 4.03 14.88 1.08 59.00 1.77 11.92 60.73 1.51 (2.79) SOME Somerset Trust Holding Company 1,266 102 42.00 47.00 41.00 9.67 - 98.4 3.33 8.21 1.18 74.30 0.87 11.94 78.57 1.20 (1.75) FNCB FNCB Bancorp Inc. 1,214 145 7.20 12.00 7.14 8.89 - 117.0 2.78 10.19 1.42 53.77 1.13 15.08 68.53 (14.69) (2.04) FRAF Franklin Financial Services 1,213 169 38.20 39.25 29.26 28.94 - 149.8 3.14 9.34 1.48 70.86 0.49 5.05 68.73 21.27 0.53 MLVF Malvern Bancorp Inc 1,210 153 19.93 27.25 18.03 15.45 14.87 112.7 - 11.37 1.68 49.27 0.82 7.27 56.58 1.01 0.15 NWFL Norwood Financial Corp. 1,204 201 32.12 40.58 28.08 14.73 - 175.4 2.99 9.66 0.24 288.99 1.18 11.53 57.92 (2.67) 0.22 QNBC QNB Corp. 1,203 130 37.25 47.30 36.15 11.02 - 117.9 3.54 9.17 0.81 92.43 1.00 10.68 64.03 (3.25) (0.27) Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 7 BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

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 Week Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) PBIP Prudential Bancorp Inc. 1,202 153 17.17 19.87 13.92 17.17 - 120.5 1.16 10.64 1.21 35.85 0.86 7.13 57.53 (2.44) (0.98) ASRV AmeriServ Financial Inc. 1,168 73 4.18 4.55 3.92 9.29 - 84.2 2.39 7.54 0.10 694.09 0.68 8.15 82.37 3.72 1.46 DNBF DNB Financial Corp.* 1,167 194 44.48 46.86 25.84 18.08 16.63 194.2 0.63 8.61 0.96 60.13 0.94 9.76 64.36 56.12 4.96 RIVE Riverview Financial Corp. 1,139 103 11.25 14.55 10.11 14.06 - 120.6 - 7.69 0.52 108.88 0.64 6.56 74.08 3.21 4.07 EMYB Embassy Bancorp Inc. 1,123 120 16.00 18.35 14.06 11.76 - 130.6 1.06 8.16 0.28 239.10 0.95 12.01 60.98 7.02 - ENBP ENB Financial Corp 1,112 107 37.75 37.95 34.15 11.34 - 100.6 3.28 9.61 0.19 427.01 0.90 9.58 71.59 9.26 0.40 FSMK 1st Summit Bncp Johnstown Inc. 1,081 135 123.00 123.00 123.00 -- -- 9.52 0.42 126.47 1.02 11.33 62.22 9.82 - MRBK Meridian Corp. 1,028 107 16.73 18.88 15.26 12.12 11.62 100.2 - 10.47 0.67 121.53 0.94 8.29 79.58 (2.56) (1.65) FKYS First Keystone Corp. 991 142 24.50 28.00 20.01 14.58 - 138.5 4.41 10.52 1.85 36.93 0.96 8.42 67.75 16.95 2.08 STND Standard AVB Financial Corp. 990 127 27.22 39.45 26.97 14.63 - 117.2 3.25 11.65 0.31 144.29 0.90 6.50 62.86 (8.90) - FDBC Fidelity D & D Bancorp Inc. 964 237 62.70 75.00 53.01 21.18 - 243.1 1.66 10.12 0.62 159.36 1.20 12.41 61.87 (2.31) 5.38 FBIP FNB Bancorp Inc. 940 121 163.00 164.00 133.65 -- -2.21 8.61 0.44 108.54 1.01 13.27 62.57 20.74 - EMCF Emclaire Financial Corp 890 84 31.08 38.70 28.67 16.36 - 147.0 3.73 7.05 0.51 147.30 0.60 7.32 65.49 2.44 (4.86) KISB Kish Bancorp Inc. 872 80 30.70 48.88 29.88 - - 133.6 3.26 6.79 - -0.72 10.42 77.42 (4.06) - HARL Harleysville Financial Corp. 793 93 24.70 27.00 22.50 11.33 - 125.3 4.05 9.37 1.29 42.44 1.08 11.60 56.72 6.01 1.86 CFCX Centric Financial Corp. 734 90 10.25 12.70 9.40 10.35 - 125.8 - 9.71 - -1.17 12.55 61.79 5.24 - CCFN CCFNB Bancorp Inc. 726 104 49.28 58.99 47.23 12.90 - 119.9 3.17 12.24 0.88 114.32 1.12 8.84 62.90 (0.94) (5.05) DIMC Dimeco Inc. 686 101 40.75 44.00 34.80 12.35 - 124.6 2.94 11.86 2.83 43.89 1.23 10.66 68.00 0.00 - HONT Honat Bancorp 670 159 108.00 125.00 104.00 -- -1.63 15.00 0.39 354.68 1.37 8.91 60.76 2.36 (8.47) AMBK American Bank Inc. 637 68 12.00 12.50 10.95 - - 119.0 4.00 8.89 - - - - -(4.00) - JUVF Juniata Valley Financial Corp. 628 106 20.75 24.00 19.41 18.86 - 177.1 4.24 9.66 0.52 91.14 0.90 8.58 73.26 (2.35) (1.19) JNES Jonestown Bank and Trust Co. 607 54 22.20 29.25 22.01 10.57 - 98.4 3.42 8.97 1.26 75.59 0.84 9.52 71.16 (7.50) 0.86 NUBC Northumberland Bancorp 534 47 35.62 37.50 34.20 14.96 - 89.3 2.25 9.92 0.58 103.42 0.60 6.34 78.07 2.36 - FMFP First Community Finl Corp. 512 76 27.00 28.50 21.25 18.00 - 164.3 2.07 9.08 - -0.83 9.26 70.94 17.39 - YRKB York Traditions Bank 489 56 18.10 18.80 16.36 11.99 - 108.3 - 10.61 0.66 117.58 1.01 9.72 70.83 6.47 3.43 NTBP New Tripoli Bancorp Inc. 487 76 1,198.00 1,200.00 876.00 -- -3.17 11.19 0.88 108.65 1.01 9.07 60.43 30.08 - MYBF Muncy Bank Financial 472 55 35.90 39.05 30.48 11.78 - 117.8 3.68 9.89 0.87 97.39 1.03 10.47 69.01 8.47 (0.28) SQCF Susquehanna Community Finl Inc 466 51 17.25 21.69 16.37 10.21 - 117.6 3.01 9.29 0.23 285.44 1.20 12.13 - (13.75) 0.23 MCHT Mauch Chunk Trust Finl Corp 450 47 15.49 16.00 14.60 17.40 - 119.1 2.84 8.83 0.70 71.79 0.61 7.47 75.06 1.04 - MIFF Mifflinburg Bancorp Inc. 444 44 23.65 23.65 23.15 7.05 - 95.5 - 10.42 - -1.12 11.30 58.39 0.00 - WDFN Woodlands Fnl Services Co 425 47 30.25 33.00 28.00 7.52 - 108.6 3.31 10.11 - -1.51 15.41 66.26 4.85 0.83 CNAF Commercial National Financial 422 66 23.00 25.18 19.95 14.65 - 105.5 4.52 14.79 0.14 223.33 1.10 7.65 72.52 9.26 0.09 WMPN William Penn Bncp Inc. (MHC) 406 146 36.80 42.00 30.15 45.32 - 210.5 0.87 17.40 1.62 47.93 0.82 4.52 67.23 10.68 - MNBC MNB Corporation 404 38 33.50 33.50 31.00 10.41 - 110.5 2.51 8.49 0.56 118.03 0.92 11.50 67.38 3.01 - HMLN Hamlin B&TC 399 107 287.50 335.00 276.00 - - 122.8 3.83 21.86 1.08 83.59 0.70 3.36 55.54 0.88 0.88 PPLL Peoples Ltd. 393 43 67.12 67.12 60.95 10.00 - - 3.16 8.77 0.40 166.45 1.15 13.44 67.53 4.88 - MNBP Mars Bancorp Inc. 393 31 385.04 425.00 362.00 17.27 - 86.0 3.12 9.12 0.02 NM 0.45 5.20 84.31 1.33 - NEFB Neffs Bancorp Inc. 369 67 419.00 425.00 362.00 -- -1.91 18.04 0.81 68.75 1.23 6.83 49.91 14.17 - WVFC WVS Financial Corp. 356 31 17.26 18.44 12.25 11.28 - 95.0 2.32 9.90 0.06 222.71 0.79 8.11 49.26 16.84 0.33 GNBF GNB Financial Services Inc 345 45 58.25 71.90 50.50 - - 113.3 1.92 11.67 - - - - -9.91 - LDKB Landmark Bancorp Inc. 330 40 17.00 18.00 13.60 NM - 123.2 1.88 9.81 - -(0.14) (1.56) 86.23 23.64 (2.86) HVBC HV Bancorp Inc. 307 32 15.40 17.50 14.55 45.28 - 109.3 - 10.37 0.81 42.40 0.23 2.24 87.99 2.78 (1.74) CTYP Community Bankers' Corporation 306 18 7.77 8.85 7.77 -- -4.63 ------(8.59) - Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 8 BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

RHODE ISLAND BANKS AND THRIFTS CFG Citizens Financial Group Inc. 161,342 15,520 33.86 42.87 27.62 9.23 8.76 117.6 3.78 9.34 0.95 81.55 1.13 8.70 57.65 13.89 3.93 WASH Washington Trust Bancorp Inc. 5,155 857 49.48 62.55 45.93 12.37 12.11 215.1 3.80 7.83 0.38 141.64 1.45 16.11 52.99 4.10 0.79

SOUTH CAROLINA BANKS AND THRIFTS SSB South State Corporation 15,407 2,385 68.09 92.65 56.55 13.70 12.85 183.3 2.35 9.16 0.28 131.41 1.24 7.68 57.64 13.58 3.34 CARO Carolina Financial Corp. 3,842 744 33.53 45.49 27.62 12.46 11.98 167.7 1.07 12.05 0.49 79.09 1.62 10.90 52.03 13.32 0.99 SFST Southern First Bancshares Inc 2,014 265 35.34 47.90 27.33 11.82 11.13 146.4 - 8.99 0.64 124.54 1.26 13.79 56.50 10.20 (0.81) CNBW CNB Corp. 1,203 119 74.50 80.25 74.50 9.02 - 101.7 3.36 9.75 0.28 185.28 1.12 11.60 60.99 0.00 - FCCO First Community Corp. 1,097 134 17.52 26.25 17.08 12.25 12.25 134.4 2.51 9.24 0.56 103.93 1.01 10.09 67.77 (9.83) (1.46) SFDL Security Federal Corp. 937 98 33.00 34.64 27.75 13.52 - 116.1 1.09 8.97 - -0.84 9.61 74.33 16.61 3.13 GRRB GrandSouth Bancorporation 829 83 16.00 19.95 15.65 11.35 - 122.2 - 8.20 - -0.93 12.35 69.08 (5.83) 1.46 SABK South Atlantic Bancshares Inc. 680 93 12.46 14.75 10.66 23.96 - 124.6 - 11.15 - -0.62 5.06 74.69 12.96 0.08 COSO CoastalSouth Bancshares Inc. 614 61 12.25 14.00 9.20 -- -- 10.08 1.47 32.61 - - -21.17 (12.50) FSRL First Reliance Bcshs 604 60 7.20 7.64 5.15 18.95 - 115.7 - 8.60 0.98 50.57 0.53 5.86 86.28 32.11 - OFED Oconee Fed Finl Corp. (MHC) 512 132 23.26 29.60 22.26 36.92 - 159.3 1.72 16.51 1.08 23.66 0.74 4.47 70.80 (6.59) 0.09 BKSC Bank of South Carolina Corp. 432 98 17.80 22.00 16.75 14.24 - 207.5 3.60 10.96 0.14 674.96 1.63 15.82 56.22 (2.25) 1.24 CCNB Coastal Carolina Bcshs Inc. 398 46 7.52 8.95 6.38 23.02 - 111.3 - 10.55 0.54 119.06 0.59 4.97 77.30 15.85 (8.85) CFOK Community First Bancorporation 393 30 7.30 8.85 7.10 7.23 - 88.8 - 9.49 1.01 90.10 1.16 13.00 94.26 (3.57) 1.25

TENNESSEE BANKS AND THRIFTS FHN First Horizon National Corp. 41,099 4,418 14.01 19.43 12.30 8.29 9.42 153.7 4.00 8.26 1.02 44.31 1.40 12.08 63.25 6.46 4.47 PNFP Pinnacle Financial Partners 25,558 4,211 55.06 67.45 43.23 11.52 10.79 192.4 1.16 9.30 0.46 73.43 1.52 9.47 46.19 19.44 3.98 FBK FB Financial Corp. 5,335 1,097 35.55 44.69 30.33 14.00 12.51 200.5 0.90 10.54 0.65 85.63 1.61 12.33 63.84 1.51 2.18 FSB Franklin Financial Network Inc 4,238 400 27.16 41.50 25.25 14.92 11.06 108.6 0.59 8.64 0.29 227.91 0.66 7.66 57.68 3.00 3.47 WBHC Wilson Bank Holding Co. 2,673 0 - - -- -0.0- 11.27 0.22 488.26 1.35 11.65 59.61 0.00 - SMBK SmartFinancial Inc. 2,354 292 20.95 27.69 16.17 14.25 12.40 138.0 - 9.31 0.19 197.37 0.92 7.57 62.94 14.67 2.15 CSTR CapStar Financial Hlgs Inc. 2,036 265 14.99 20.27 13.51 19.72 12.19 129.8 1.33 10.76 0.20 323.57 0.67 5.55 63.14 1.77 1.08 RBNC Reliant Bancorp Inc. 1,762 248 21.95 30.00 19.03 17.70 14.63 154.4 1.64 9.56 0.38 168.98 0.85 6.90 73.83 (4.73) 0.87 FIZN First Citizens Bancshares Inc. 1,704 246 62.00 62.00 52.65 -- -1.94 ------0.00 - FFMH First Farmers Merchants Corp. 1,346 197 44.32 46.60 40.55 12.08 - 154.6 1.90 9.53 0.11 601.69 1.20 12.95 69.28 9.30 (0.67) MCBI Mountain Commerce Bancorp Inc. 866 117 18.82 21.50 17.40 10.92 - 144.6 - 9.30 - -1.31 14.62 48.62 6.21 0.11 FABK First Advantage Bancorp 682 97 25.00 26.25 22.30 14.04 - 124.4 2.40 11.46 1.49 51.53 1.18 9.86 66.19 2.04 1.54 Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 9 BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

VERMONT BANKS AND THRIFT UNB Union Bankshares Inc. 813 149 33.42 54.00 29.52 21.56 - 232.8 3.71 7.91 0.63 108.32 0.90 11.23 65.89 (30.01) 1.52 CMTV Community Bancorp. 707 87 16.85 19.39 15.94 10.73 - 173.0 4.51 7.49 1.00 80.93 1.19 13.45 66.29 2.12 2.74 MDVT Middlebury National Corp. 368 33 37.50 40.20 35.23 9.69 - 92.7 2.67 9.59 0.21 291.95 0.94 10.13 72.74 4.17 (1.32) PPAL Peoples Tr Co St Albns 269 33 55.10 60.00 54.78 16.89 - 98.2 1.54 12.46 1.63 50.78 0.72 6.02 82.39 0.05 0.57

VIRGINIA BANKS AND THRIFT COF Capital One Financial Corp. 373,191 42,386 90.26 101.26 69.90 7.50 8.10 123.4 1.77 10.80 1.17 167.12 1.67 11.90 53.43 19.41 5.11 AUB Atlantic Union Bkshs Corp. 16,898 2,728 33.25 42.74 26.48 13.63 11.69 189.0 2.77 9.09 0.38 63.84 1.19 8.37 53.94 17.78 2.94 TOWN TowneBank 11,568 1,880 26.17 33.85 22.88 13.42 13.28 181.0 2.75 9.59 0.40 115.60 1.32 9.58 62.34 9.27 3.19 CARE Carter Bank & Trust 4,083 527 20.00 20.10 14.45 50.00 - 134.6 - 9.72 4.76 20.35 0.26 2.44 60.95 33.33 1.27 BHRB Burke & Herbert Bank & Trust 3,004 498 2,660.00 2,990.00 2,650.00 14.62 - - 3.01 11.74 0.84 69.25 1.15 10.06 68.59 (9.46) (1.44) SONA Southern National Bncp of VA 2,704 343 14.21 18.24 12.87 10.93 10.01 141.3 2.53 9.35 0.31 141.61 1.16 9.18 51.17 7.49 2.90 FCBC First Community Bankshares Inc 2,242 534 33.90 36.48 27.06 15.00 15.48 227.6 2.95 10.98 1.30 62.71 1.62 11.00 55.06 7.69 3.48 AMNB American National Bankshares 1,868 393 35.15 42.85 28.39 13.47 11.72 166.6 2.84 10.13 0.15 457.03 1.24 10.46 58.47 19.92 0.77 FBLV First Bancorp Inc. 1,863 236 57.00 57.00 44.00 17.78 - 235.9 - 10.74 0.79 117.65 1.49 13.72 55.25 29.55 - CFFI C&F Financial Corp. 1,549 173 49.95 67.40 45.77 9.76 - 125.0 2.96 9.09 0.49 439.53 1.18 12.10 68.88 (6.13) 3.93 JMSB John Marshall Bancorp Inc. 1,425 192 14.75 18.75 14.26 15.86 - 130.6 - 10.33 0.26 261.09 0.95 9.02 63.10 (1.34) - FVCB FVCBankcorp Inc. 1,420 248 18.00 21.20 15.53 20.69 15.00 159.1 - 11.03 0.83 80.96 0.96 8.92 54.01 2.21 1.41 ESXB Community Bankers Trust Corp 1,398 164 7.38 10.05 6.62 11.35 11.18 115.0 1.63 10.18 1.28 49.34 1.07 10.98 64.94 2.22 1.37 NKSH National Bankshares Inc. 1,258 241 37.08 49.75 33.65 14.83 14.48 139.3 3.61 13.86 0.62 94.25 1.38 9.24 51.76 1.78 (2.32) MNSB MainStreet Bcshs 1,146 196 24.15 25.50 16.62 16.66 15.58 159.4 - 10.91 0.30 264.51 1.06 10.48 57.25 41.56 2.07 BAYK Bay Banks of Virginia Inc. 1,104 109 8.20 10.20 7.01 25.63 17.08 101.5 - 9.85 1.14 62.46 0.41 3.65 79.42 11.56 0.74 OPOF Old Point Financial Corp. 1,027 114 21.94 29.90 19.00 18.91 - 110.8 2.19 10.05 1.49 65.78 0.58 5.96 78.94 0.50 3.00 CPKF Chesapeake Financial Shares 893 107 26.10 32.25 22.85 9.96 9.92 109.6 2.22 10.95 1.08 54.46 1.32 12.14 75.65 6.31 (2.06) EFSI Eagle Financial Services Inc. 809 109 31.70 38.20 29.50 12.15 - 120.3 3.15 11.28 0.73 96.75 1.15 10.54 65.64 2.29 (0.47) FMBM F & M Bank Corp. 780 92 28.73 40.00 28.11 12.17 - - 3.48 - 2.30 27.50 1.10 9.14 69.23 (4.23) (0.03) FXNC First National Corp. 775 104 20.89 31.00 17.61 10.66 - 149.5 1.72 8.95 0.30 214.39 1.28 15.13 64.45 7.68 0.67 NWPP New Peoples Bankshares Inc 722 44 1.85 2.10 1.25 30.83 - 85.1 - 7.21 - -0.18 2.46 94.43 28.47 5.71 BMBN Benchmark Bankshares Inc. 705 101 20.00 21.75 19.11 11.17 - 136.5 2.70 10.39 0.71 102.77 1.44 12.89 64.95 (1.48) - FBSS Fauquier Bankshares Inc. 701 79 21.00 26.90 17.21 12.80 - 127.9 2.29 8.87 0.96 78.63 0.91 10.50 76.44 9.49 (0.24) BOTJ Bank of the James Finl Grp Inc 684 61 13.98 18.00 12.60 11.27 - 107.1 1.72 8.35 0.92 74.21 0.81 9.74 72.55 7.54 (0.50) PKKW Parkway Acquisition Corp 673 73 11.75 13.49 10.67 13.35 - 104.0 2.04 10.53 1.60 33.59 0.82 7.52 69.66 7.80 (0.42) VABK Virginia National Bkshs Corp. 636 98 38.25 53.98 34.40 14.11 - 136.6 3.14 11.29 0.45 173.08 1.08 9.92 58.77 10.84 0.47 HLND Highlands Bankshares Inc. 612 51 6.24 7.75 5.06 16.00 - 99.7 - 9.56 2.51 26.69 0.68 7.29 75.29 20.00 (4.15) Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 10 BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

WEST VIRGINIA BANKS AND THRIFTS UBSI United Bankshares Inc. 19,645 3,802 37.24 39.95 29.13 14.96 14.69 214.4 3.65 9.78 0.78 50.18 1.36 7.90 49.32 19.70 4.08 WSBC WesBanco Inc. 12,601 1,922 35.19 51.12 34.14 12.18 10.83 173.5 3.52 9.48 0.35 109.94 1.26 8.34 53.35 (4.09) (0.96) CHCO City Holding Co. 4,918 1,223 74.19 83.27 65.32 15.92 14.00 245.8 2.86 10.37 1.01 29.48 1.65 13.66 49.51 9.76 1.56 SMMF Summit Financial Group Inc. 2,250 320 25.23 28.00 17.94 11.36 11.09 157.4 2.38 9.20 2.77 21.10 1.29 12.82 53.88 30.66 1.94 MVBF MVB Financial Corp 1,790 186 15.96 19.90 14.31 15.35 14.78 120.3 1.00 9.14 0.65 97.12 0.74 7.51 80.95 (11.53) 0.69 PFBI Premier Financial Bancorp Inc. 1,728 228 15.60 21.40 14.07 10.40 - 132.3 3.85 10.30 2.31 33.77 1.34 10.63 55.90 4.63 (0.06) PTBS Potomac Bancshares Inc. 496 58 14.01 15.91 13.70 16.68 - 115.6 2.00 10.09 0.92 75.27 0.67 6.97 78.04 (0.64) (0.36) HBSI Highlands Bankshares Inc. 417 58 43.50 49.50 42.80 16.29 - 112.0 4.14 12.50 - -0.87 6.78 74.88 (5.43) 1.64 CBFC CNB Financial Services Inc. 397 21 51.00 51.00 51.00 -- -2.27 8.63 0.86 107.35 0.78 9.29 76.31 0.00 - JFWV Jefferson Security Bank 314 23 81.75 100.00 72.41 -- -2.08 7.86 1.82 34.65 0.87 11.64 71.06 (18.25) - MKIN MCNB Banks Inc. 298 26 23.25 25.00 16.31 10.49 - 79.3 - 10.88 6.53 15.61 0.83 7.84 72.43 0.00 - CIWV Citizens Financial Corp. 280 27 15.15 17.00 12.53 -- -3.96 9.61 2.22 37.76 1.23 12.19 60.80 12.39 -

Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 11 BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

Market Data Capital Ratio Asset Quality Profitability Price Perf. Tang. Price / Equity/ NPAs + Rsrvs/ LTM 2018E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff. Number of EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week Medians Companies (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) By State CT Connecticut 8 12.48 12.18 124.95 2.67 8.29 0.81 65.70 0.83 8.58 68.04 6.28 0.57 FL Delaware 3 11.67 10.11 121.70 - 9.78 0.36 73.11 1.46 12.63 68.70 11.06 - Discrict of Columbia 2 22.51 - 89.34 0.74 8.91 1.59 31.04 0.39 4.28 85.82 (3.71) - GA Florida 13 15.00 12.02 139.78 - 8.72 0.01 25.45 0.93 9.15 61.45 6.23 1.24 MD Georgia 22 12.37 11.71 124.26 1.78 9.16 0.58 56.91 1.23 10.78 59.39 3.97 - MA Maryland 24 12.35 11.29 114.98 1.51 9.83 0.83 51.82 0.86 8.61 66.72 4.12 - NJ Massachusetts 19 13.54 12.68 140.65 1.63 8.83 0.32 80.54 0.91 8.72 61.10 2.18 0.58 NY New Jersey 33 12.82 11.55 130.19 1.60 9.70 0.64 79.59 0.93 8.97 59.06 3.05 0.25 NC New York 59 13.05 11.67 126.64 2.38 8.82 0.31 81.05 0.90 9.17 64.30 5.63 0.20 OH North Carolina 21 11.94 13.78 128.58 0.76 9.28 0.66 64.62 1.15 10.88 65.13 6.48 0.01 PA Ohio 44 11.81 10.87 137.96 2.75 9.84 0.55 92.36 1.13 9.91 62.10 5.29 - RI Pennsylvania 80 12.79 11.62 120.52 2.86 9.39 0.57 84.09 0.94 8.87 65.51 3.47 - SC Rhode Island 2 10.80 10.44 166.36 3.79 8.59 0.66 111.60 1.29 12.40 55.32 9.00 2.36 TN South Carolina 14 13.52 12.11 124.55 0.54 9.62 0.52 84.59 0.97 9.85 68.42 11.58 0.08 VT Tennessee 19 12.95 12.19 133.91 1.33 9.53 0.22 73.43 0.92 9.47 63.25 3.00 0.11 VA Vermont 4 13.81 - 135.61 3.19 8.75 0.82 94.62 0.92 10.68 69.52 1.09 1.04 WV Virginia 45 13.47 13.28 123.23 2.19 10.14 0.79 64.81 0.96 9.18 68.59 6.48 - West Virginia 12 14.96 14.00 132.26 2.62 9.70 0.96 36.21 1.05 8.81 65.93 - - By Asset Size 10,000 >= $10 billion 47 11.92 10.88 171.20 2.86 9.21 0.55 78.13 1.25 9.76 57.25 11.73 3.50 1,000 $1 billion to $10 billion 155 12.79 12.06 138.75 2.16 9.41 0.56 100.99 1.07 10.06 60.98 4.10 0.54 500 $500 million to $1billion 91 14.05 15.22 123.14 1.69 9.08 0.52 45.82 0.90 9.52 68.00 2.72 - 250 $250 million to $500 million 98 12.14 33.52 108.57 1.90 9.60 0.51 57.42 0.81 8.05 71.80 3.11 - 100 $150 million to $250 million 33 13.03 - 93.11 2.02 10.51 0.31 35.07 0.74 7.28 74.26 2.35 - Total Companies 424 12.72 11.66 125.32 2.08 9.41 0.55 74.07 0.96 9.28 64.17 4.86 -

Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 12 MHC COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

BS Market Data Capital Ratio Asset Quality Profitability Price Perf. Tang. Price / Equity/ NPAs + Rsrvs/ Total MarketOne Year LTM 2018E 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 Week Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) GEORGIA MHCs CFBI Community First Bcshs (MHC) 308 74 9.98 11.92 9.82 55.44 NM 97.1 - 24.78 - - 0.45 1.76 85.89 (14.33) 0.30

MARYLAND MHCs BVFL BV Financial Inc. (MHC) 301 99 14.00 15.75 8.71 56.00 NM 68.5 - 20.52 2.26 25.74 0.42 3.11 78.46 (3.45) (0.00)

MASSACHUSETTS MHCs HONE HarborOne Bancorp Inc (MHC) 3,656 569 18.02 19.95 14.90 50.06 35.7 205.1 - 7.99 1.02 57.02 0.36 3.18 83.97 13.40 0.45 PVBC Provident Bancorp Inc (MHC) 999 249 26.86 30.80 19.81 26.33 NM 201.6 - 12.85 - - 1.02 7.68 60.44 23.89 14.06

NEW JERSEY MHCs CLBK Columbia Financial Inc. (MHC) 6,817 1,613 14.47 17.45 14.01 62.91 33.7 169.6 - 14.52 - - 0.40 2.82 78.26 (5.36) (5.24) MGYR Magyar Bancorp Inc. (MHC) 665 69 11.80 13.50 11.26 25.11 NM 128.8 - 8.02 2.51 27.53 0.44 5.37 76.41 (3.67) (3.44) LPBC Lincoln Park Bancorp (MHC) 338 17 9.37 13.00 9.35 NM NM - - 5.16 - - (0.22) (4.83) 117.40 (6.30) 0.21

NEW YORK MHCs GCBC Greene County Bncp Inc. (MHC) 1,274 248 29.02 35.00 28.85 14.66 NM 228.9 1.38 8.50 0.35 290.90 1.44 16.95 50.71 (6.75) (0.79) PDLB PDL Community Bancorp (MHC) 1,034 245 13.89 16.13 12.42 NM NM 150.5 - 16.47 1.74 69.06 0.24 1.43 87.94 9.03 (1.35) NECB NorthEast Community Bncp (MHC) 932 136 11.35 13.30 10.55 10.87 NM 104.9 1.06 14.16 - - 1.47 10.10 - 2.25 0.35 LSBK Lake Shore Bancorp Inc. (MHC) 554 87 14.87 17.49 14.53 22.88 NM 110.1 3.23 14.62 0.77 82.53 0.73 4.99 76.67 (1.26) 0.13 SCAY Seneca-Cayuga Bncp Inc. (MHC) 316 27 10.89 13.00 9.01 NM NM 105.0 - 8.14 1.32 39.81 (0.25) (2.83) 107.77 5.63 2.74 SNNF Seneca Financial Corp. (MHC) 202 16 8.55 9.25 7.61 17.81 NM 84.9 - 9.77 0.90 60.34 0.48 4.86 82.51 7.55 (5.00)

NORTH CAROLINA MHCs LSFG LifeStore Financial Grp (MHC) 297 34 32.51 34.00 25.50 8.74 NM - - -- - 1.30 14.14 72.21 15.08 -

OHIO MHCs TFSL TFS Financial Corp (MHC) 14,207 4,911 17.83 17.99 14.19 61.48 56.6 289.3 5.61 12.16 - - 0.59 4.70 65.52 10.54 3.84 CNNB Cincinnati Bancorp (MHC) 205 25 13.70 14.40 11.80 11.14 NM 109.3 - 11.10 1.15 59.58 1.14 10.28 91.42 14.17 - GVFF Greenville Federal Finl (MHC) 181 22 10.50 13.51 9.50 23.33 NM 105.1 2.67 12.02 - - 0.47 3.95 83.86 5.00 4.48

PENNSYLVANIA MHCs WMPN William Penn Bncp Inc. (MHC) 406 146 36.80 42.00 30.15 45.32 NM 210.5 0.87 17.40 1.62 47.93 0.82 4.52 67.23 10.68 - SSBP SSB Bancorp Inc. (MHC) 196 19 8.25 9.55 8.25 - NM 90.3 - 10.51 - - 0.21 2.11 86.99 (4.62) (0.90)

SOUTH CAROLINA MHCs OFED Oconee Fed Finl Corp. (MHC) 512 132 23.26 29.60 22.26 - NM 159.3 1.72 16.51 1.08 23.66 0.74 4.47 70.80 (6.59) 0.09

Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 13 MHC COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 6/7/2019

Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 14 BANK & THRIFT TOTAL RETURN YTD

As of 6/7/2019

25.0%

20.0%

15.7% 15.0%

11.7%

10.0% 9.9%

6.2%

5.0% 4.2%

0.0%

(5.0%)

SNL Large Cap U.S. Bank & Thrift SNL Micro Cap U.S. Bank & Thrift SNL Mid Cap U.S. Bank & Thrift SNL Small Cap U.S. Bank & Thrift S&P 500

Source: SNL Note: Universe includes publicly traded institutions with > $150 million in assets * Indicates under agreement to be acquired Page 15 5. Recent Bank M&A Transactions BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Summary of Transactions Announced Since June 10, 2019

SELLER'S FINANCIALS ANNOUNCEMENT STATISTICS Deal 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 Deps Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%) 6/7/2019 NA Columbia Financial Inc. (MHC) NJ Stewardship Financial Corp. NJ 961,130 8.56 0.83 10.08 0.77 137.25 15.75 76.97 166.74 166.74 17.31 14.28 8.19 5/30/2019 NA West Florida Banking Corp. FL Flagship Community Bk FL 122,014 13.36 1.31 10.12 1.25 -14.57 ------5/15/2019 NA First American Bank Corp. IL Continental National Bank FL 478,545 8.16 (0.80) (9.99) 0.24 ------5/14/2019 NA Blue Ridge Bankshares Inc. VA Virginia Community Bankshares VA 247,470 10.24 0.97 9.54 0.87 46.63 62.18 59.43 183.98 183.98 19.32 18.84 10.88 5/14/2019 NA Banesco USA FL Brickell Bank FL 439,847 5.25 (0.82) (15.88) 2.48 ------5/9/2019 NA Allegheny Bancshares Inc. WV Mount Hope Bankshares Inc. WV 124,540 13.24 1.01 7.99 0.10 21.78 58.00 - 135.37 135.37 18.09 17.48 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 - - 258.88 258.88 16.82 21.98 33.70 5/3/2019 NA MIDFLORIDA Credit Union FL Community Bank & Trust of FL FL 733,320 9.16 1.10 12.94 0.09 ------4/24/2019 NA First Citizens BancShares Inc. NC Entegra Financial NC 1,636,441 9.95 0.86 8.98 0.91 213.43 30.18 27.61 128.18 154.20 15.17 13.25 7.99 4/9/2019 NA North Shore Bancorp MA Beverly Financial MHC MA 486,825 8.53 0.72 8.40 0.30 ------3/27/2019 NA Power Financial Credit Union FL TransCapital Bank FL 204,107 18.00 2.44 14.05 1.50 ------3/21/2019 NA Liberty Bank CT SBT Bancorp Inc. CT 478,676 7.34 0.81 12.42 -71.39 51.32 44.28 201.95 201.95 17.05 14.91 9.15 3/19/2019 NA First Bank NJ Grand Bank NA NJ 196,935 11.27 0.49 4.56 4.15 22.05 - -99.33 101.74 27.83 11.20 0.27 3/5/2019 NA BancorpSouth Bank MS Summit Financial Entrprs Inc. FL 471,912 11.71 1.58 13.64 0.75 100.30 - - 173.10 173.14 14.30 21.25 11.45 2/27/2019 NA Hometown Financial Group MHC MA Millbury SB MA 228,126 12.46 0.81 6.72 0.76 ------2/25/2019 NA Investor Group FL First City Bank of Florida FL 157,934 2.50 (0.54) (21.92) 23.31 ------2/19/2019 NA FAIRWINDS CU FL Friends Bank FL 95,299 10.83 1.27 12.80 1.56 ------2/7/2019 NA BB&T Corp. NC SunTrust Banks Inc. GA 215,543,000 11.26 1.34 11.50 1.35 28,188.29 62.85 6.99 127.25 178.32 10.95 13.08 8.10 2/6/2019 5/17/2019 Hometown Financial Group MHC MA Abington Bank MA 314,124 10.55 0.47 4.45 1.31 ------2/5/2019 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 - 171.46 171.46 11.38 20.13 14.20 2/1/2019 NA Valley Central MHC OH American SB OH 42,530 18.40 0.05 0.26 1.15 ------1/24/2019 NA Central Florida Educators FCU FL Fidelity Bank of Florida NA FL 174,418 17.04 (0.88) (5.13) 0.87 ------1/22/2019 NA Community Bank System Inc. NY Kinderhook Bank Corp. NY 636,157 8.56 0.68 7.99 - 93.16 62.00 74.40 171.16 192.93 23.40 14.64 9.14 1/14/2019 NA VyStar CU FL Citizens State Bank FL 279,724 9.74 1.30 13.01 0.44 ------1/11/2019 NA First Chatsworth Bkshs Inc. GA Northside Bancshares Inc. GA 126,316 8.39 (0.33) (4.82) 3.42 ------1/10/2019 5/1/2019 First Citizens BancShares Inc. NC First South Bancorp Inc. SC 229,628 8.76 - - - 37.31 1.15 22.34 185.39 - - 16.25 - 12/20/2018 NA CCF Holding Co. GA Heritage Bncp/Providence Bk GA 0 0.00 - - - 105.10 ------12/20/2018 4/30/2019 Merchants Bancorp Inc. OH Ctzns Independent Bncp Inc. OH 199,149 9.87 (0.00) (0.04) - 33.33 47.00 64.05 164.45 164.45 NM 16.74 10.11 12/18/2018 5/1/2019 Colony Bankcorp Inc. GA LBC Bancshares Inc. GA 227,881 8.21 0.91 10.26 0.35 34.09 22.30 - 184.18 184.18 24.38 14.96 9.30 12/17/2018 NA Ameris Bancorp GA Fidelity Southern Corp. GA 4,812,056 8.98 0.98 11.32 1.03 756.83 27.22 27.06 171.70 180.73 16.01 15.73 8.80 12/13/2018 NA Delmar Bancorp MD Virginia Partners Bank VA 420,060 9.89 0.32 3.24 0.01 55.46 13.40 (2.19) 135.37 135.37 43.84 13.20 6.83 12/12/2018 5/1/2019 Morris State Bancshares Inc. GA FMB Equibanc Inc. GA 193,041 7.59 - - - 23.60 9.25 29.37 161.64 - - 12.23 - 12/11/2018 5/17/2019 Berkshire Hills Bancorp Inc. MA SI Financial Group Inc. CT 1,607,135 10.58 0.41 3.82 1.17 182.47 15.00 13.17 106.14 117.50 27.26 11.35 2.60 11/27/2018 4/1/2019 People's United Financial Inc. CT BSB Bancorp Inc. MA 2,971,807 6.66 0.74 11.00 0.19 328.71 32.42 20.70 159.75 159.75 14.87 11.06 7.97 11/16/2018 4/2/2019 First Citizens BancShares Inc. NC Biscayne Bancshares Inc. FL 989,888 8.45 1.36 16.42 0.26 119.54 25.05 - 178.81 178.82 11.22 12.08 10.14 11/6/2018 4/30/2019 North Easton Savings Bank MA Mutual Bank MA 517,988 8.99 0.59 6.65 0.31 ------10/25/2018 1/31/2019 OceanFirst Financial Corp. NJ Capital Bank of New Jersey NJ 495,306 9.31 1.20 13.23 0.06 77.46 30.24 23.42 168.05 168.05 13.27 15.64 7.78 10/23/2018 5/1/2019 Orrstown Financial Services PA Hamilton Bancorp Inc MD 525,275 10.46 (1.07) (9.38) 2.14 58.35 16.85 16.71 104.82 125.76 NM 11.11 4.30 10/5/2018 2/1/2019 Union Bkshs Corp VA Access National Corp. VA 2,920,585 14.87 0.95 6.51 0.25 617.97 29.19 8.80 139.78 243.36 22.28 21.16 -

Source: SNL Page 1 BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Summary of Transactions Announced Since June 10, 2019

SELLER'S FINANCIALS ANNOUNCEMENT STATISTICS Deal 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 Deps Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%) 10/1/2018 4/1/2019 American National Bankshares VA HomeTown Bankshares Corp. VA 558,741 9.48 0.71 7.56 1.51 95.96 16.19 20.78 178.68 178.68 24.52 17.17 10.86 9/20/2018 NA Hanover Bancorp Inc. NY Chinatown FSB NY 131,610 19.39 0.01 0.03 2.15 13.60 66.47 - 131.74 131.74 NM 11.68 3.65 9/20/2018 4/1/2019 Independent Bank Corp. MA Blue Hills Bancorp Inc MA 2,741,162 14.60 0.70 4.54 0.52 725.38 25.87 12.00 173.72 177.91 34.96 26.46 19.21 9/13/2018 4/1/2019 Park National Corp. OH CAB Financial Corp. SC 730,731 10.79 0.70 6.27 0.58 143.48 18.75 54.34 171.12 182.61 27.99 19.63 13.56 8/29/2018 2/28/2019 BV Financial Inc. (MHC) MD Kopernik Bank MD 157,729 24.10 2.63 12.83 2.87 ------8/23/2018 1/4/2019 Lakeland Bancorp NJ Highlands Bancorp Inc. NJ 487,870 6.21 0.55 8.60 0.74 56.69 19.79 19.95 177.51 189.00 22.49 11.62 8.30 8/14/2018 4/1/2019 Equitable Bancorp MHC MA South Shore MHC MA 522,836 9.15 0.29 3.07 1.12 ------8/8/2018 1/18/2019 Investor group NA One South Bank FL 46,913 12.87 0.67 5.45 1.18 ------7/26/2018 4/3/2019 IBM Southeast Employees' CU FL Oculina Bank FL 358,563 8.70 1.07 12.03 0.16 ------7/25/2018 11/1/2018 First Citizens BancShares Inc. NC Palmetto Heritage Bcshs Inc. SC 166,602 9.99 1.02 10.24 2.24 29.79 135.00 - 173.06 173.06 17.85 17.88 19.62 7/25/2018 1/31/2019 Hometown Financial Group MHC MA Pilgrim Bancshares Inc MA 265,562 12.93 0.52 4.04 1.34 53.80 23.00 11.65 151.43 151.43 35.38 20.26 14.91 7/25/2018 12/8/2018 Richwood Bancshares Inc. OH Home City Financial Corp. OH 165,705 12.05 0.91 7.75 0.45 31.69 37.32 24.82 153.00 153.00 20.85 19.12 16.28 7/24/2018 10/31/2018 First Bancshares Inc. MS FMB Banking Corp. FL 480,403 8.51 1.09 11.80 2.45 80.26 205.38 - 207.11 207.11 21.30 16.71 11.23 7/24/2018 1/1/2019 Summit Financial Group Inc. WV Peoples Bankshares Inc. WV 131,046 14.88 0.64 4.18 0.03 25.38 46.83 - 122.31 122.31 32.80 19.37 4.76 7/24/2018 1/1/2019 Synovus Financial Corp. GA FCB Financial Holdings Inc. FL 12,192,299 10.97 1.24 11.03 0.22 2,868.92 58.15 (1.77) 203.41 228.57 20.62 23.53 23.29 7/23/2018 1/1/2019 Drummond Banking Co. FL PSB BancGroup Inc. FL 86,888 8.68 0.35 3.90 3.81 ------7/17/2018 11/30/2018 PeoplesBancorp MHC MA First Suffield Financial Inc. CT 281,475 10.56 - - - 60.01 12,001.85 26.34 201.85 - - 21.32 - 7/13/2018 12/4/2018 PBD Holdings LLC TN First Columbia Bancorp Inc. FL 207,588 10.05 (1.11) (10.55) 5.91 21.45 5.03 - 109.38 109.38 NM 10.57 1.21 7/12/2018 1/2/2019 ConnectOne Bancorp, Inc. NJ Greater Hudson Bank NY 519,643 10.13 (0.59) (5.13) 1.09 76.33 6.16 15.17 144.98 144.98 NM 14.69 6.84 6/28/2018 10/24/2018 FNS Bancshares Inc. AL Catoosa Bancshares Inc. GA 121,947 9.77 1.48 14.69 0.61 16.19 - - 194.04 194.04 13.43 13.27 7.58 6/26/2018 10/31/2018 Forcht Bancorp Inc. KY MW Bancorp Inc OH 163,159 10.30 (0.35) (3.13) 0.80 27.99 30.00 30.43 166.50 166.50 NM 17.16 12.79 6/21/2018 10/20/2018 Roanoke Rapids SB SSB NC Roanoke Valley Savings Bk SSB NC 35,662 26.74 0.18 0.69 1.53 ------6/20/2018 12/21/2018 SB One Bancorp NJ Enterprise Bank N.J. NJ 243,703 12.45 0.81 6.25 1.07 49.77 13.77 35.03 148.25 148.25 24.36 20.42 16.77 6/19/2018 10/1/2018 People's United Financial Inc. CT First Connecticut Bancorp, Inc CT 3,137,645 8.82 0.57 6.23 0.71 552.26 32.33 24.33 186.64 186.64 29.93 17.60 13.01 6/15/2018 1/1/2019 Carolina Trust BancShares Inc. NC Clover Community Bkshs Inc. SC 130,221 10.14 0.77 7.37 3.69 21.61 22.12 - 160.74 160.74 21.33 16.59 7.61 6/14/2018 10/15/2018 United Bancorp Inc. OH Powhatan Point Cmnty Bcshs Inc OH 58,769 8.49 0.61 7.12 - 6.84 129.10 - 132.92 132.92 24.50 11.63 3.35 6/11/2018 10/19/2018 Seacoast Banking Corp. of FL FL First Green Bancorp Inc. FL 730,851 10.48 0.91 8.11 0.07 135.06 23.45 - 178.26 178.26 35.76 18.48 13.27

Source: SNL Page 2 BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Summary of Transactions Announced Since June 10, 2019

SELLER'S FINANCIALS ANNOUNCEMENT STATISTICS Deal Tng Bk 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 Deps Medians Deals (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%) By State CT Connecticut 4 49.69 0.28 3.12 0.36 306.14 6,017.09 25.34 194.25 93.32 14.97 19.46 6.51 GA Florida 19 19 9.38 0.99 9.57 1.33 50.86 14.24 - 143.82 143.82 20.62 13.64 6.22 MD Georgia 8 89.77 1.48 14.69 0.61 16.19 -- 194.04 194.04 13.43 13.27 7.58 MA Maryland 2 2 NANANANANANANANANANANANA NJ Massachusetts 8 8 12.93 0.52 4.04 1.34 53.80 23.00 11.65 151.43 151.43 35.38 20.26 14.91 NY New Jersey 5 5 12.45 0.81 6.25 1.07 49.77 13.77 35.03 148.25 148.25 24.36 20.42 16.77 NC New York 3 3 10.13 (0.59) (5.13) 1.09 76.33 6.16 15.17 144.98 144.98 NA 14.69 6.84 OH North Carolina 2 2 26.74 0.18 0.69 1.53 ------PA Ohio 5 5 10.30 0.61 7.12 0.45 27.99 37.32 24.82 153.00 153.00 22.68 17.16 12.79 RI Pennsylvania 0 0 NANANANANANANANANANANANA SC Rhode Island 0 0 NANANANANANANANANANANANA SD South Carolina 4 4 10.06 0.90 8.81 2.97 25.70 78.56 - 166.90 166.90 19.59 17.24 13.62 WV Virginia 4 4 NANANANANANANANANANANANA West Virginia 2 2 14.88 0.64 4.18 0.03 25.38 46.83 - 122.31 122.31 32.80 19.37 4.76 By Asset Size

1,000,000 10,000,000 >= $3B 49.97 1.11 11.17 0.87 - 1,812.88 45.24 15.66 179.17 183.69 18.32 16.67 10.91

1,000,000 10,000,000 $1B to $3B 6 10.58 0.74 6.51 0.52 - 328.71 29.19 13.17 139.78 159.75 22.28 13.25 7.97

500,000 1,000,000 $500M to $1B 11 9.48 0.68 6.65 0.58 - 93.16 16.85 15.17 171.12 178.26 23.40 14.64 9.14

250,000 500,000 $250M to $500M 15 9.74 0.81 11.80 0.30 - 55.46 19.79 - 168.05 151.43 13.27 14.91 7.78

0 250,000 < $250M 30 10.57 0.55 4.37 1.17 - 14.89 0.58 - 115.85 50.87 - 11.42 0.14

Total Deals 66 10.09 0.69 6.58 0.76 - 33.71 16.52 - 142.38 140.18 13.87 13.14 5.80

Source: SNL Page 3 6. Relevant Janney Capital Markets Professionals Financial Institutions Group Professionals

CLIFF BOOTH Managing Director, Co-Head of Investment Banking Tel: 410-583-5992; E-Mail: [email protected] 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

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

JONATHAN KETZNER Vice President, Financial Institutions Investment Banking Tel: 215-665-6619; E-Mail: [email protected] 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 Financial Institutions Group Professionals (continued)

BLAINE WILLENBORG Associate, Financial Institutions Investment Banking Tel: 215-665-6021; E-Mail: [email protected] Mr. Willenborg joined Janney Montgomery Scott in 2016. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and financial advisory assignments. B.S., Economics, Concentration: Finance, University of Pennsylvania: The Wharton School

JOE ANZUR Analyst, Financial Institutions Investment Banking Tel: 215-665-4586; E-Mail: [email protected] 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 Analyst, Financial Institutions Investment Banking Tel: 215-665-6188; E-Mail: [email protected] 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

ADAM MARKIEWICZ Analyst, Financial Institutions Investment Banking Tel: 215-665-6292; E-Mail: [email protected] 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 Capital Markets Professionals

JOSEPH CULLEY Managing Director, Head of Capital Markets Tel: 215-665-6256; E-Mail: [email protected] 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 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 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.

ANDREW MADDALONI Managing Director, Head of Equities Tel: 215-665-6234; E-Mail: [email protected] Mr. Maddaloni joined Janney in the fall of 2012 as Managing Director and Head of Product Management; he assumed the role of Director of Research in April 2013. Prior to joining Janney, he served as a Portfolio Manager and Analyst at Friess Associates, where he helped to manage a $7 billion portfolio of growth equities. Prior to joining Friess, he held equity research sales positions at Banc of America Securities, William Blair, Credit Suisse and Donaldson Lufkin and Jenrette. Mr. Maddaloni is a 1991 graduate of Pennsylvania State University.

WILL CORKHILL Managing Director, Head of Equity Capital Markets Tel: 617-557-2970; E-Mail: [email protected] Mr. Corkhill joined Janney Montgomery Scott in 2002 as Head of Equity Capital Markets in the firm’s Boston office. He is responsible for coordinating all public offerings for which the firm serves as an underwriter. Prior to joining Janney, Mr. Corkhill spent five years with Boston-based Tucker Anthony Sutro. As Managing Director and Head of Equity Syndicate, he coordinated over 100 public offerings of equity and debt securities for firms across a range of industries. From 1991 to 1996, he was a senior professional in the Equity Capital Markets group of Smith Barney in New York City. Mr. Corkhill is a past board member of the Investment Association of New York and has been a member of the Securities Industry Association's Syndicate Committee. He holds Series 7, 9, 10, 24, 55 and 63 licenses. Mr. Corkhill graduated from Hobart College and attended the Graduate School of Business at Fordham University.