3Rd Quarter 2019

3rd Quarter 2019

DCISCUSSIONALIFORNIA MCOMMUNITYATERIALS BANK LANDSCAPE

Financial Institutions Group Table of Contents

SECTION DESCRIPTION

I. 3rd Quarter Feature – 2019 FDIC Deposit Data

II. California Bank Regulatory Data

III. Overview – Janney Montgomery Scott LLC

Disclaimer Janney Montgomery Scott LLC prohibits its employees from directly or indirectly offering a favorable research rating or specific price target, or offering to change a rating or price target, as consideration or inducement either for the receipt of business or for compensation.

2 I. 3RD QUARTER FEATURE – 2019 FDIC DEPOSIT DATA 2019 Deposit Market Share – California

California California 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institutions (ST) Branches Market ($000) Share(%) Rank Institutions (ST) Branches Market ($000) Share(%)

1 Bank of America Corporation (NC) 864 311,124,885 21.72 26 TriCo Bancshares (CA) 78 5,347,670 0.37 2 Wells Fargo & Company (CA) 1,019 256,288,577 17.89 27 Luther Burbank Corporation (CA) 12 5,196,928 0.36 3 JPMorgan Chase & Co. (NY) 981 157,671,895 11.01 28 Banco Bilbao Vizcaya Argentaria, SA 61 4,969,331 0.35 4 Mitsubishi UFJ Financial Group, Inc. 319 84,610,418 5.91 29 Opus Bank (CA) 28 4,898,753 0.34 5 First Republic Bank (CA) 59 56,785,003 3.96 30 Westamerica Bancorporation (CA) 80 4,733,286 0.33 6 Citigroup Inc. (NY) 292 55,740,000 3.89 31 First Foundation Inc. (CA) 19 4,565,400 0.32 7 SVB Financial Group (CA) 6 51,073,569 3.57 32 Sumitomo Mitsui Financial Group, Inc. 10 4,130,111 0.29 8 BNP Paribas SA 231 50,676,528 3.54 33 Hanmi Financial Corporation (CA) 22 4,052,531 0.28 9 U.S. Bancorp (MN) 581 40,015,877 2.79 34 Fremont Bancorporation (CA) 22 3,866,999 0.27 10 CIT Group Inc. (NY) 67 36,117,679 2.52 35 Heritage Commerce Corp (CA) 19 3,365,406 0.23 11 Royal Bank of Canada 58 33,456,927 2.34 36 Preferred Bank (CA) 12 3,258,822 0.23 12 East West Bancorp, Inc. (CA) 82 28,921,149 2.02 37 Farmers & Merchants Bancorp (CA) 31 3,027,091 0.21 13 Comerica Incorporated (TX) 96 17,980,306 1.26 38 FB Corporation (MO) 43 2,880,340 0.20 14 2011 TCRT (TX) 145 14,537,657 1.01 39 CTBC Financial Holding Co., Ltd. 11 2,516,559 0.18 15 PacWest Bancorp (CA) 75 12,220,775 0.85 40 1867 Western Financial Corporation (CA) 19 2,502,531 0.17 16 Zions Bancorporation, National Association (UT) 86 11,253,862 0.79 41 Sterling Bancorp, Inc. (MI) 26 2,400,368 0.17 17 Cathay General Bancorp (CA) 38 11,233,936 0.78 42 Exchange Bank (CA) 19 2,268,161 0.16 18 HSBC Holdings Plc 38 10,798,500 0.75 43 Sierra Bancorp (CA) 41 2,181,243 0.15 19 Hope Bancorp, Inc. (CA) 32 9,309,460 0.65 44 Bank of Marin Bancorp (CA) 24 2,115,123 0.15 20 CVB Financial Corp. (CA) 59 8,695,049 0.61 45 Boston Private Financial Holdings, Inc. (MA) 12 2,110,069 0.15 21 Pacific Premier Bancorp, Inc. (CA) 37 8,174,376 0.57 46 Big Poppy Holdings, Inc. (CA) 15 1,879,607 0.13 22 Western Alliance Bancorporation (AZ) 12 7,664,628 0.54 47 River City Bank (CA) 11 1,826,088 0.13 23 Umpqua Holdings Corporation (OR) 74 6,615,044 0.46 48 Banner Corporation (WA) 36 1,789,694 0.12 24 Banc of California, Inc. (CA) 33 6,352,998 0.44 49 El Dorado Savings Bank, F.S.B. (CA) 31 1,788,019 0.12 25 Palomar Enterprises, LLC (CA) 25 5,725,019 0.40 50 Northern Trust Corporation (IL) 8 1,718,558 0.12

Total Branches Total Deposits Total For Institutions In Market 6,639 1,432,291,965

Source: S&P Global Market Intelligence, FDIC Summary of Deposits 2019 4 2019 Deposit Market Share – Largest MSAs

1. LOS ANGELES-LONG BEACH-ANAHEIM MSA 2. SAN FRANCISCO-OAKLAND-HAYWARD MSA

Los Angeles-Long Beach-Anaheim, CA San Francisco-Oakland-Berkeley, CA 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institutions (ST) Branches Market ($000) Share(%) Rank Institutions (ST) Branches Market ($000) Share(%)

1 Bank of America Corporation (NC) 325 103,463,814 18.40 1 Bank of America Corporation (NC) 136 124,268,673 33.22 2 Wells Fargo & Company (CA) 342 78,060,625 13.88 2 Wells Fargo & Company (CA) 163 79,788,176 21.33 3 JPMorgan Chase & Co. (NY) 388 71,713,760 12.75 3 First Republic Bank (CA) 31 40,182,997 10.74 4 Mitsubishi UFJ Financial Group, Inc. 108 48,839,751 8.69 4 JPMorgan Chase & Co. (NY) 148 28,475,359 7.61 5 CIT Group Inc. (NY) 56 34,294,166 6.10 5 BNP Paribas SA 54 24,157,770 6.46 6 Royal Bank of Canada 39 28,874,855 5.14 6 Citigroup Inc. (NY) 69 16,468,000 4.40 7 East West Bancorp, Inc. (CA) 52 23,626,085 4.20 7 Mitsubishi UFJ Financial Group, Inc. 32 9,416,682 2.52 8 Citigroup Inc. (NY) 127 23,326,000 4.15 8 U.S. Bancorp (MN) 84 4,998,704 1.34 9 U.S. Bancorp (MN) 182 12,732,136 2.26 9 SVB Financial Group (CA) 3 4,349,483 1.16 10 BNP Paribas SA 64 11,381,447 2.02 10 HSBC Holdings Plc 9 4,088,479 1.09 11 Cathay General Bancorp (CA) 22 8,785,777 1.56 11 East West Bancorp, Inc. (CA) 20 3,713,800 0.99 12 Hope Bancorp, Inc. (CA) 28 8,550,387 1.52 12 Fremont Bancorporation (CA) 20 3,681,882 0.98 13 PacWest Bancorp (CA) 30 8,078,380 1.44 13 2011 TCRT (TX) 26 3,134,055 0.84 14 First Republic Bank (CA) 10 7,544,172 1.34 14 Comerica Incorporated (TX) 17 2,835,011 0.76 15 Comerica Incorporated (TX) 38 6,824,783 1.21 15 Royal Bank of Canada 7 2,675,966 0.72 16 Banc of California, Inc. (CA) 28 5,844,505 1.04 16 Sterling Bancorp, Inc. (MI) 19 1,716,649 0.46 17 Palomar Enterprises, LLC (CA) 24 5,700,018 1.01 17 Bank of Marin Bancorp (CA) 16 1,650,602 0.44 18 HSBC Holdings Plc 22 5,420,802 0.96 18 Heritage Commerce Corp (CA) 11 1,531,546 0.41 19 Zions Bancorporation, National Association (UT) 35 4,992,841 0.89 19 Boston Private Financial Holdings, Inc. (MA) 3 1,223,622 0.33 20 CVB Financial Corp. (CA) 32 4,758,490 0.85 20 Westamerica Bancorporation (CA) 16 1,182,434 0.32 21 Opus Bank (CA) 20 4,570,959 0.81 21 Zions Bancorporation, National Association (UT) 10 1,158,557 0.31 22 Pacific Premier Bancorp, Inc. (CA) 12 4,561,202 0.81 22 Cathay General Bancorp (CA) 8 1,121,109 0.30 23 Sumitomo Mitsui Financial Group, Inc. 9 4,046,034 0.72 23 Umpqua Holdings Corporation (OR) 8 1,090,534 0.29 24 First Foundation Inc. (CA) 9 3,866,701 0.69 24 TriCo Bancshares (CA) 12 910,922 0.24 25 Hanmi Financial Corporation (CA) 19 3,739,036 0.67 25 California BanCorp (CA) 2 847,084 0.23

Total For Institutions In Market 2,315 562,248,445 Total For Institutions In Market 1,019 374,117,013

Source: S&P Global Market Intelligence, FDIC Summary of Deposits 2019 5 2019 Deposit Market Share – Largest MSAs

3. SAN JOSE-SUNNYVALE-SANTA CLARA MSA 4. SAN DIEGO-CARLSBAD MSA

San Jose-Sunnyvale-Santa Clara, CA San Diego-Chula Vista-Carlsbad, CA 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institutions (ST) Branches Market ($000) Share(%) Rank Institutions (ST) Branches Market ($000) Share(%)

1 SVB Financial Group (CA) 2 46,564,086 31.59 1 Wells Fargo & Company (CA) 96 19,348,340 23.69 2 Wells Fargo & Company (CA) 65 24,691,420 16.75 2 Bank of America Corporation (NC) 71 13,888,704 17.01 3 Bank of America Corporation (NC) 56 21,199,087 14.38 3 JPMorgan Chase & Co. (NY) 91 12,904,552 15.80 4 JPMorgan Chase & Co. (NY) 58 11,679,904 7.92 4 Mitsubishi UFJ Financial Group, Inc. 55 10,824,568 13.25 5 Citigroup Inc. (NY) 24 7,525,000 5.11 5 U.S. Bancorp (MN) 71 3,589,222 4.39 6 Comerica Incorporated (TX) 13 6,834,338 4.64 6 Zions Bancorporation, National Association (UT) 24 3,504,357 4.29 7 First Republic Bank (CA) 7 5,236,927 3.55 7 Western Alliance Bancorporation (AZ) 7 2,280,881 2.79 8 BNP Paribas SA 23 4,383,059 2.97 8 First Republic Bank (CA) 6 2,210,499 2.71 9 Western Alliance Bancorporation (AZ) 1 4,108,548 2.79 9 Citigroup Inc. (NY) 18 1,946,000 2.38 10 Mitsubishi UFJ Financial Group, Inc. 17 3,303,939 2.24 10 PacWest Bancorp (CA) 15 1,701,664 2.08 11 Heritage Commerce Corp (CA) 8 1,833,860 1.24 11 BNP Paribas SA 5 938,113 1.15 12 U.S. Bancorp (MN) 33 1,472,498 1.00 12 Seacoast Commerce Banc Holdings (CA) 4 918,474 1.12 13 HSBC Holdings Plc 7 1,289,219 0.87 13 CIT Group Inc. (NY) 4 722,903 0.89 14 East West Bancorp, Inc. (CA) 5 946,136 0.64 14 Pacific Premier Bancorp, Inc. (CA) 5 633,303 0.78 15 Cathay General Bancorp (CA) 4 884,526 0.60 15 Banco Bilbao Vizcaya Argentaria, SA 6 617,084 0.76 16 Avidbank Holdings, Inc. (CA) 2 836,527 0.57 16 Royal Bank of Canada 5 540,341 0.66 17 CTBC Financial Holding Co., Ltd. 2 801,617 0.54 17 Banner Corporation (WA) 8 495,205 0.61 18 Luther Burbank Corporation (CA) 2 516,412 0.35 18 Private Bancorp of America, Inc. (CA) 3 476,095 0.58 19 Boston Private Financial Holdings, Inc. (MA) 3 408,041 0.28 19 Comerica Incorporated (TX) 14 470,073 0.58 20 Zions Bancorporation, National Association (UT) 3 350,197 0.24 20 Banc of California, Inc. (CA) 4 443,356 0.54 21 Hope Bancorp, Inc. (CA) 1 300,690 0.20 21 First Citizens BancShares, Inc. (NC) 7 382,703 0.47 22 Pinnacle Bank (CA) 2 274,400 0.19 22 Bank of Southern California, National Association (CA) 4 339,102 0.42 23 Royal Bank of Canada 2 239,124 0.16 23 Umpqua Holdings Corporation (OR) 2 236,957 0.29 24 BayCom Corp (CA) 2 166,402 0.11 24 C3 Bancorp (CA) 3 228,889 0.28 25 2011 TCRT (TX) 3 164,664 0.11 25 HomeStreet, Inc. (WA) 5 215,096 0.26

Total For Institutions In Market 368 147,391,080 Total For Institutions In Market 565 81,668,880 Please contact a Janney representative for additional information on deposit markets not illustrated

Source: S&P Global Market Intelligence, FDIC Summary of Deposits 2019 6 2019 Deposit Market Share – Other Observations

Total Deposits $1,600,000 $1,432,292 $1,369,702 $1,400,000 $1,321,841 $1,238,235 $1,200,000 $1,132,195 $1,059,452 $988,617 $1,000,000 $931,833 $867,980 $827,584 $837,292 $800,000

In MillionsIn($) $600,000

$400,000

$200,000

$0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

KEY OBSERVATIONS

. The state of California experienced deposit growth of 4.57% year over year

. The three fastest growing MSAs in the state by total deposits were Chico (36.6%), Redding (9.4%) and Red Bluff (8.7%)

. The fastest growing counties in the state by total deposits were Butte (36.6%), Mono (14.5%) and Shasta (9.4%)

Source: S&P Global Market Intelligence, FDIC Summary of Deposits 2019 7 II. CALIFORNIA BANK REGULATORY DATA OVERVIEW – CALIFORNIA BANK REGULATORY DATA

Northern California METHODOLOGY . 7 county regions separated by geographic relevance Sacramento Valley . Data as of most recent available quarter as of September 30, 2019

. Regulatory call report data shown for all banks

Bay Area San Joaquin Valley KEY STATE OBSERVATIONS & Central Sierra . Median loan growth of 5.87%

Central Southern . Median NIM of 3.98% Coast California

Southern Border

Source: S&P Global Market Intelligence 9 NORTHERN CALIFORNIA REGION

Company Information Balance Sheet Highlights Capital Adequacy Asset Quality Financial Performance Total Total MRQ Total MRQ Lns / Leverage RBC NPA/ LLR/ NCOs/ MRQ MRQ MRQ MRQ Assets Lns Growth Deposits Growth Dep. Ratio Ratio Assets Loans Loans Net Inc. ROAA N.I.M. Efficiency Name City ($M) ($M) (%) ($M) (%) (%) (%) (%) (%) (%) (%) ($000) (%) (%) (%)

Plumas Bank Quincy 888 605 6.4 777 21.1 77.9 10.17 14.08 0.00 1.19 0.09 4,136 1.92 4.84 48.4

Redwood Capital Bank Eureka 375 274 (4.2) 338 15.4 80.8 9.21 13.62 0.11 1.54 (0.88) 1,559 1.69 4.14 58.9

Savings Bank of Mendocino County Ukiah 1,109 534 1.9 917 5.2 58.3 16.96 28.25 0.29 2.18 0.00 3,885 1.41 3.87 52.7

Average 742 404 (1.1) 628 10.3 69.5 13.09 20.94 0.20 1.86 (0.44) 2,722 1.55 4.01 55.8 Median 742 404 (1.1) 628 10.3 69.5 13.09 20.94 0.20 1.86 (0.44) 2,722 1.55 4.01 55.8

Source: S&P Global Market Intelligence, Most Recent Available Quarter 10 SACRAMENTO VALLEY REGION

American River Bank Rancho Cordova 722 375 12.8 613 21.8 61.2 9.31 16.77 0.96 1.32 (0.08) 1,708 0.97 3.64 61.6

Bank of Feather River Yuba City 136 114 20.3 106 17.8 107.3 11.41 13.15 0.00 1.28 0.02 407 1.25 5.03 62.5

Cornerstone Community Bank Red Bluff 304 233 20.1 270 21.8 86.3 10.03 12.37 0.04 0.99 0.12 961 1.31 4.39 55.6

El Dorado Savings Bank, F.S.B. Placerville 2,161 582 (1.5) 1,902 0.8 30.6 11.26 37.92 0.37 0.84 (0.01) 4,711 0.87 2.47 58.4

Five Star Bank Rancho Cordova 1,423 1,145 26.5 1,236 8.1 92.7 9.43 11.28 0.06 1.22 0.15 8,290 2.43 4.24 34.3

Golden Pacific Bank, National Association Sacramento 132 101 (6.6) 115 15.7 87.6 10.34 16.22 0.74 1.34 (0.73) 127 0.39 4.73 88.6

Golden Valley Bank Chico 344 171 19.0 304 (5.6) 56.2 8.07 14.47 0.03 1.30 0.00 1,697 1.94 3.40 61.5

Northern California National Bank Chico 265 104 4.7 238 8.5 43.6 9.37 23.43 0.21 1.64 (0.01) 767 1.17 3.25 49.1

Merchants Bank of Commerce Redding 1,472 1,035 (1.4) 1,267 9.0 81.7 11.74 15.34 1.21 1.19 0.06 5,197 1.43 4.14 52.5

River City Bank Sacramento 2,461 1,821 16.3 2,038 46.4 89.4 9.33 12.47 0.00 2.11 0.00 7,042 1.15 2.68 38.7

River Valley Community Bank Yuba City 419 195 17.5 314 61.8 62.0 8.46 12.40 0.00 1.24 (0.01) 1,005 0.99 3.22 54.6

Tri Counties Bank Chico 6,383 4,190 7.8 5,301 (3.5) 79.1 11.24 15.14 0.39 0.75 0.10 24,101 1.49 4.50 56.2

Average 1,352 839 11.3 1,142 16.9 73.1 10.00 16.75 0.33 1.27 (0.03) 4,668 1.28 3.81 56.1 Median 571 304 14.5 464 12.4 80.4 9.73 14.81 0.14 1.26 0.00 1,703 1.21 3.89 55.9

Source: S&P Global Market Intelligence, Most Recent Available Quarter 11 BAY AREA REGION (1 OF 2)

` Company Information Balance Sheet Highlights Capital Adequacy Asset Quality Financial Performance Total Total MRQ Total MRQ Lns / Leverage RBC NPA/ LLR/ NCOs/ MRQ MRQ MRQ MRQ Assets Lns Growth Deposits Growth Dep. Ratio Ratio Assets Loans Loans Net Inc. ROAA N.I.M. Efficiency Name City ($M) ($M) (%) ($M) (%) (%) (%) (%) (%) (%) (%) ($000) (%) (%) (%)

Avidbank San Jose 1,112 909 24.0 894 27.7 101.7 11.22 11.54 0.34 1.22 0.05 3,614 1.39 4.62 57.8

Bank of Marin Novato 2,592 1,799 7.7 2,239 23.4 80.3 11.33 14.60 0.48 0.90 0.00 9,716 1.55 4.11 50.7

Bank of San Francisco San Francisco 361 311 6.4 318 9.7 97.8 10.89 16.35 0.00 1.36 0.00 1,086 1.20 4.27 58.5

Bank of the Orient San Francisco 927 754 5.5 800 9.7 94.3 10.59 14.51 1.50 1.62 3.00 919 0.40 3.74 62.8

Bank of the West San Francisco 91,026 63,232 (3.5) 69,777 2.7 90.6 10.17 13.17 0.52 0.98 0.24 166,737 0.74 2.81 62.9

Beacon Business Bank NA San Francisco 141 97 (15.3) 121 10.4 80.3 13.02 20.62 0.52 3.07 0.00 48 0.14 4.05 96.7

Beneficial State Bank Oakland 1,056 749 (11.2) 853 1.3 87.9 10.39 15.81 0.75 2.14 0.32 958 0.36 4.09 88.7

California Bank of Commerce Lafayette 1,095 936 10.2 926 18.8 101.0 11.22 12.09 0.55 1.11 0.69 2,036 0.77 4.20 71.4

California Pacific Bank San Francisco 75 56 15.2 41 (15.7) 136.7 43.57 50.27 5.53 7.50 0.00 303 1.61 6.03 63.5

Community Bank of the Bay Oakland 491 395 35.6 401 38.6 98.6 11.95 13.49 0.16 1.03 (0.04) 1,298 1.14 4.49 59.9

Exchange Bank Santa Rosa 2,608 1,579 8.5 2,296 4.9 68.8 10.22 15.40 0.61 2.51 0.07 9,355 1.44 4.03 58.3

First FS&LA of San Rafael San Rafael 206 194 12.4 151 0.7 128.3 20.49 25.95 0.00 0.48 0.00 197 0.39 3.40 83.5

First Northern Bank of Dixon Dixon 1,287 771 13.5 1,141 16.9 67.5 10.03 15.24 0.43 1.59 0.30 3,786 1.21 3.95 61.3

First Repub Bank San Francisco 111,029 86,337 19.9 85,721 11.0 100.7 8.50 12.61 0.14 0.56 0.02 234,844 0.88 2.74 63.4

Fremont Bank Fremont 4,507 3,357 15.7 4,126 26.8 81.4 7.69 10.99 0.39 1.41 0.00 13,916 1.30 3.90 73.4

Gateway Bank F.S.B. Oakland 118 79 (24.3) 86 4.6 92.2 13.38 26.10 4.88 2.00 0.00 78 0.27 3.59 113.6

Heritage Bank of Commerce San Jose 3,181 1,879 (0.9) 2,710 10.1 69.3 10.65 15.25 0.44 1.38 0.03 12,147 1.57 4.35 49.8

Liberty Bank South San Francisco 271 209 14.4 234 14.2 89.4 13.55 15.29 0.99 1.38 0.00 472 0.72 3.78 76.5

Luther Burbank Savings Santa Rosa 7,159 6,260 (1.1) 5,404 9.7 115.8 10.35 19.54 0.22 0.56 (0.01) 14,311 0.80 1.99 43.2

Mechanics Bank Walnut Creek 17,299 9,974 442.9 14,668 839.6 68.0 14.81 13.27 0.28 0.35 0.40 (13,336) (0.54) 4.16 99.3

Source: S&P Global Market Intelligence, Most Recent Available Quarter 12 BAY AREA REGION (2 OF 2)

Metropolitan Bank Oakland 180 136 (16.2) 151 0.5 90.3 12.01 19.43 0.99 1.81 (0.30) 465 1.04 3.94 62.6

Mission National Bank San Francisco 243 189 (4.3) 209 14.8 90.4 12.84 20.68 0.00 1.68 (0.19) 468 0.75 3.56 74.7

Pacific Coast Bankers Bank Walnut Creek 880 259 NM 678 4.2 38.2 9.51 16.65 0.00 1.94 (0.01) 2,978 1.23 2.12 70.2

Pinnacle Bk Gilroy 400 323 0.8 342 (4.5) 94.7 12.94 15.45 0.23 1.21 0.28 1,339 1.33 5.46 62.9

Poppy Bank Santa Rosa 2,347 1,888 15.1 1,985 22.4 95.1 11.02 16.23 0.57 1.19 0.00 12,342 2.16 3.56 34.9

Santa Cruz County Bank Santa Cruz 723 507 (3.4) 631 10.7 80.2 10.79 16.17 0.22 2.00 0.00 3,027 1.68 4.78 50.0

Silicon Valley Bank Santa Clara 67,060 31,049 25.6 60,432 32.1 51.4 7.48 12.36 0.19 0.98 0.44 247,758 1.55 3.38 44.9

Summit Bank Oakland 251 173 0.5 210 1.8 82.4 13.00 16.99 0.56 2.00 0.00 944 1.47 5.34 60.0

Summit State Bank Santa Rosa 681 561 13.0 605 54.8 92.7 9.44 12.62 0.07 1.17 (0.01) 2,045 1.25 3.63 53.9

United Business Bank Walnut Creek 1,770 1,237 5.5 1,502 (2.0) 82.4 11.96 18.46 0.30 0.51 0.00 5,680 1.28 4.33 56.2

WestAmerica Bank San Rafael 5,589 1,133 (9.8) 4,799 5.6 23.6 7.60 12.98 0.14 1.75 0.10 20,559 1.49 3.02 46.5

Average 10,538 7,011 20.1 8,531 38.9 86.2 12.34 17.10 0.71 1.59 0.17 24,519 1.05 3.92 64.9 Median 1,056 754 7.0 853 10.1 90.3 11.02 15.40 0.39 1.38 0.00 2,045 1.21 3.95 62.6

Source: S&P Global Market Intelligence, Most Recent Available Quarter 13 CENTRAL COAST REGION

1st Capital Bank Salinas 637 494 10.5 566 3.0 87.4 10.67 15.30 0.00 1.33 (0.01) 1,938 1.26 4.06 60.6

American Riviera Bank Santa Barbara 697 548 4.5 603 27.2 90.8 10.32 12.62 0.01 1.12 (0.04) 1,550 0.92 4.31 68.3

Community Bank of Santa Maria Santa Maria 264 182 0.0 234 13.0 78.0 11.31 14.73 0.19 1.11 (0.01) 753 1.17 4.70 65.9

Community West Bank NA Goleta 903 789 2.1 762 (1.8) 103.6 9.02 11.18 0.99 1.12 (0.03) 2,156 0.99 4.13 67.8

Montecito Bank & Trust Santa Barbara 1,538 1,017 15.0 1,343 (3.2) 75.8 10.65 14.97 0.52 1.28 0.01 2,678 0.69 3.92 76.7

Monterey County Bank Monterey 172 91 (15.6) 143 8.3 63.5 10.52 14.02 10.42 0.98 0.33 597 1.40 4.31 82.4

Pacific Valley Bank Salinas 340 252 15.2 304 25.3 83.1 10.74 14.90 0.32 1.82 (0.01) 786 0.96 3.78 65.5

Average 650 482 4.5 565 10.3 83.2 10.46 13.96 1.78 1.25 0.03 1,494 1.06 4.17 69.6 Median 637 494 4.5 566 8.3 83.1 10.65 14.73 0.32 1.12 (0.01) 1,550 0.99 4.13 67.8

Source: S&P Global Market Intelligence, Most Recent Available Quarter 14 SAN JOAQUIN VALLEY & CENTRAL SIERRA REGION

BAC Community Bank Stockton 645 450 1.2 570 6.7 79.1 10.30 14.66 0.54 1.36 0.00 2,259 1.40 4.03 64.8

Bank of Stockton Stockton 3,312 1,903 (1.4) 2,564 9.8 74.2 17.23 15.45 0.37 3.05 0.14 38,922 4.80 4.05 45.3

Bank of the Sierra Porterville 2,636 1,801 4.5 2,205 4.3 81.7 11.38 14.93 0.60 0.62 0.01 9,516 1.46 4.16 52.0

Central Valley Community Bank Fresno 1,584 943 (7.4) 1,312 5.2 71.9 11.36 15.98 0.26 1.01 0.07 5,846 1.48 4.54 61.2

Farmers & Mrchnt Bk Central CA Lodi 3,569 2,617 2.8 3,141 15.1 83.3 9.98 12.33 0.36 2.10 0.03 14,233 1.63 4.32 51.3

Fresno First Bank Fresno 539 363 65.6 487 74.2 74.5 9.62 16.44 0.10 1.14 0.00 2,245 1.80 4.80 50.1

Mission Bank Bakersfield 800 616 19.8 718 27.5 85.8 9.57 12.01 0.02 1.20 0.00 3,379 1.72 4.74 49.5

Murphy Bank Fresno 309 265 0.3 267 3.1 99.1 10.82 14.40 0.31 1.00 0.04 1,431 1.86 4.11 50.0

Oak Valley Community Bank Oakdale 1,101 731 8.0 978 12.2 74.8 9.54 12.12 0.11 1.23 0.00 3,378 1.25 4.15 59.2

Premier Valley Bank Fresno 888 543 12.6 719 17.3 75.5 10.66 13.45 0.09 0.72 0.00 3,301 1.52 4.53 54.0

Suncrest Bank Visalia 997 657 5.1 843 25.2 77.9 10.90 14.67 0.74 0.91 (0.01) 3,067 1.27 4.35 50.8

United Security Bank Fresno 956 570 (2.3) 823 (23.2) 69.2 12.29 18.18 2.18 1.45 0.16 3,826 1.56 4.23 48.8

Valley Republic Bank Bakersfield 915 589 6.3 809 22.8 72.9 10.14 13.53 0.00 1.35 0.00 2,265 1.00 3.28 56.8

Average 1,404 927 8.9 1,187 15.4 78.4 11.06 14.47 0.44 1.32 0.03 7,205 1.75 4.25 53.4 Median 956 616 4.5 823 12.2 75.5 10.66 14.66 0.31 1.20 0.00 3,378 1.52 4.23 51.3

Source: S&P Global Market Intelligence, Most Recent Available Quarter 15 SOUTHERN CALIFORNIA REGION (1 OF 3)

American Business Bank Los Angeles 2,332 1,430 31.6 2,099 19.8 68.1 8.91 13.81 0.07 1.40 0.00 5,418 0.95 3.69 58.7

American Continental Bank City of Industry 268 200 7.7 232 43.2 86.2 13.49 17.45 0.03 1.59 0.00 838 1.32 3.42 54.9

American Plus Bank N.A. Arcadia 566 482 (14.9) 477 (3.2) 101.0 13.87 16.18 0.23 1.26 0.00 2,740 1.92 3.52 30.9

Asian Pacific National Bank San Gabriel 56 21 1.9 46 (5.3) 46.8 17.74 32.64 0.00 2.56 0.00 23 0.17 2.79 94.1

Banc of California NA Santa Ana 8,599 6,407 (49.8) 5,857 (31.3) 109.4 10.75 15.65 0.60 0.98 2.10 (11,784) (0.54) 3.00 59.3

Bank of Hemet Riverside 722 561 19.3 636 (14.8) 88.2 10.87 14.36 0.00 1.28 0.02 5,070 2.75 4.33 38.1

Bank of Hope Los Angeles 15,380 12,135 5.0 12,256 2.1 99.0 12.37 14.74 0.66 0.77 0.06 46,389 1.23 3.39 51.6

Bank of Santa Clarita Santa Clarita 317 230 (9.5) 244 31.2 94.0 11.65 15.48 0.26 1.00 0.00 913 1.17 3.21 55.9

Bank of Whittier NA Whittier 72 30 (34.6) 60 27.3 49.9 15.33 23.77 0.00 3.84 (0.12) 155 0.87 2.12 72.0

Broadway Federal Bank F.S.B. Los Angeles 412 366 (17.2) 284 (19.9) 129.0 11.74 20.57 1.22 0.77 0.00 (70) (0.07) 2.39 103.8

California Business Bank Irvine 83 64 (8.3) 55 15.7 115.9 15.15 23.38 0.00 2.82 0.00 (95) (0.46) 3.76 111.0

California First National Bank Irvine 145 99 (70.7) 71 (92.8) 138.4 43.44 54.62 0.00 1.45 0.00 1,686 4.25 5.36 31.1

California Intl Bank NA Westminster 45 31 (30.4) 24 (12.3) 125.9 30.04 44.10 0.00 7.99 (0.06) (43) (0.38) 5.30 104.9

Calwest Bank Irvine 226 173 12.1 195 (26.9) 88.7 9.21 12.08 0.00 1.43 (0.04) 5,887 10.22 4.00 79.9

Capital B&TC Irvine 205 - NA 1 - 0.0 73.90 165.49 0.00 NA NA 10,477 22.36 2.51 79.4

Cathay Bank Los Angeles 17,971 14,833 4.6 14,691 8.2 101.0 11.43 NA 0.54 0.85 (0.14) 74,543 1.71 3.64 40.6

Chino Commercial Bank N.A. Chino 235 130 (26.6) 189 21.4 69.1 10.97 17.94 0.58 1.84 (0.06) 684 1.20 4.03 63.3

Citizens Bus. Bank Ontario 11,330 7,494 (2.2) 8,825 6.0 84.9 12.09 15.65 0.15 0.92 0.00 51,992 1.86 4.37 35.6

CommerceWest Bank Irvine 635 441 23.2 565 38.1 78.1 9.81 13.28 0.01 1.25 0.00 2,016 1.35 3.70 52.1

Commercial Bank of California Irvine 1,017 746 9.8 901 16.7 82.8 9.83 12.84 0.08 1.34 0.07 2,151 0.85 4.36 75.1

Source: S&P Global Market Intelligence, Most Recent Available Quarter 16 SOUTHERN CALIFORNIA REGION (2 OF 3)

Commonwealth Business Bank Los Angeles 1,160 947 8.0 990 (16.4) 95.7 12.10 15.75 0.53 1.05 0.15 3,548 1.20 3.80 60.2

Community Commerce Bank Claremont 277 203 4.6 183 (1.6) 110.8 19.12 25.74 0.99 1.12 (0.29) 686 0.99 3.47 66.7

CTBC Bank Corp. (USA) Los Angeles 3,563 2,912 (5.1) 3,007 2.8 96.8 14.37 20.92 0.57 1.20 0.00 8,686 0.98 3.26 56.6

East West Bank Pasadena 43,243 34,025 3.5 36,856 2.0 92.3 10.24 13.74 0.41 1.02 0.27 175,623 1.63 3.63 40.5

Eastern International Bank Los Angeles 123 90 (0.7) 102 70.2 87.6 18.20 23.30 0.00 1.32 0.00 144 0.52 3.96 81.0

EH National Bank Beverly Hills 237 188 15.3 154 1.9 122.3 13.67 16.83 0.00 1.83 0.84 (278) (0.48) 3.23 121.8

EverTrust Bank Pasadena 933 658 (8.5) 735 26.2 89.5 17.12 19.82 0.33 1.39 0.00 3,591 1.58 4.08 43.7

F&M Bank of Long Beach Long Beach 7,597 4,387 1.3 5,849 8.7 75.0 14.05 20.70 0.07 1.43 0.01 22,835 1.20 3.43 60.8

First Choice Bank Cerritos 1,656 1,329 (4.7) 1,340 26.6 99.2 12.56 NA 0.32 0.93 0.12 8,303 2.05 5.61 43.3

First Credit Bank Los Angeles 455 318 19.7 240 (8.7) 132.3 44.63 49.91 0.00 2.76 0.00 5,856 5.16 6.46 5.5

First Foundation Bank Irvine 6,342 4,876 (28.7) 5,185 35.9 94.0 8.33 11.14 0.36 0.42 (0.01) 17,563 1.13 2.96 50.0

First General Bank Rowland Heights 983 920 19.4 819 7.7 112.3 14.10 17.51 0.21 0.89 0.00 5,155 2.11 4.19 29.5

Friendly Hills Bk Whittier 160 103 19.4 120 13.3 85.9 11.62 19.40 0.00 1.48 0.00 314 0.79 3.82 71.9

GBC International Bank Los Angeles 583 500 16.3 473 22.2 105.9 10.80 14.42 0.00 0.87 (0.02) 1,543 1.07 3.52 61.3

Golden State Bank Glendale 353 257 31.7 294 23.0 87.5 9.21 11.92 2.77 1.31 0.00 518 0.60 3.80 71.5

Hanmi Bank Los Angeles 5,513 4,576 1.3 4,697 (6.3) 97.4 11.86 14.65 1.22 1.11 0.02 14,610 1.07 3.54 59.1

Infinity Bank Santa Ana 110 46 171.2 82 22.6 56.7 26.26 41.20 0.00 1.25 0.00 (298) (1.20) 3.75 123.7

International City Bank Long Beach 327 120 6.5 229 6.0 52.5 9.28 20.10 0.00 1.19 (0.02) (2,766) (3.53) 2.45 (121.6)

Malaga Bank F.S.B. Palos Verdes Estates 1,231 1,127 29.7 779 3.0 144.6 13.01 22.90 0.04 0.31 0.00 4,017 1.36 2.92 31.1

Manufacturers Bank Los Angeles 4,492 2,089 2.1 3,898 (22.5) 53.6 8.16 14.06 0.14 1.68 0.13 7,409 0.64 2.06 52.4

Source: S&P Global Market Intelligence, Most Recent Available Quarter 17 SOUTHERN CALIFORNIA REGION (3 OF 3)

Mega Bank San Gabriel 350 271 (13.0) 280 10.5 96.6 12.74 19.82 0.00 1.12 0.00 691 0.80 2.83 76.2

Mission Valley Bank Sun Valley 338 248 8.3 291 7.8 85.3 11.72 15.78 0.51 1.45 0.13 1,609 1.84 4.85 59.7

Nano Banc Irvine 910 661 66.2 827 105.1 79.9 9.45 11.96 0.00 0.90 0.00 513 0.28 4.83 81.6

New OMNI Bank NA Alhambra 483 353 6.8 370 21.0 95.3 14.52 24.54 0.00 1.33 0.00 1,209 1.02 3.88 62.2

Open Bank Los Angeles 1,152 965 7.0 999 9.7 96.6 11.83 15.03 0.25 1.00 0.07 4,597 1.63 4.16 54.4

Opus Bank Irvine 7,771 5,802 (4.5) 6,282 3.2 92.4 9.70 15.26 0.10 0.78 0.33 21,998 1.14 2.82 61.9

Pacific Alliance Bank Rosemead 277 197 7.6 230 (30.6) 85.9 13.51 18.89 0.00 1.77 0.00 469 0.66 2.72 74.0

Pacific City Bank Los Angeles 1,699 1,391 (1.3) 1,435 (3.7) 97.0 12.72 17.08 0.15 0.94 0.04 6,935 1.60 4.14 51.9

Pacific Enterprise Bank Irvine 487 374 (12.2) 414 (13.1) 90.3 10.53 14.96 0.70 1.06 0.08 553 0.47 5.10 87.1

Pacific Mercantile Bank Costa Mesa 1,438 1,165 28.0 1,220 4.6 95.5 10.91 13.19 0.92 1.04 0.54 2,111 0.59 3.71 64.0

Pacific Premier Bank Irvine 11,812 8,765 (0.7) 8,890 (2.5) 98.6 12.20 13.41 0.06 0.40 0.06 44,742 1.57 4.59 48.7

Pacific Western Bank Beverly Hills 26,683 18,735 5.7 19,839 19.7 94.4 10.72 11.52 0.38 0.74 0.10 114,388 1.74 4.56 40.9

Partners Bank of California Mission Viejo 285 235 (2.2) 241 52.9 97.7 12.13 14.17 0.21 1.52 (0.03) 575 0.87 4.15 68.3

Preferred Bank Los Angeles 4,497 3,692 8.0 3,870 20.9 95.4 10.27 13.53 0.15 0.93 0.05 20,033 1.83 3.87 32.1

Provident SB F.S.B. Riverside 1,105 931 20.0 849 (2.3) 109.7 10.21 17.37 1.83 0.74 (0.01) 2,798 1.03 3.70 65.3

Royal Bus. Bank Los Angeles 2,816 2,431 11.9 2,293 2.2 106.0 14.98 21.54 0.22 0.80 0.00 9,597 1.39 3.35 46.7

Sunwest Bank Irvine 1,347 1,124 (0.5) 1,033 9.2 108.8 12.75 14.38 0.82 2.20 (0.21) 5,862 1.74 4.51 51.0

Tustin Community Bank Tustin 74 58 1.5 58 (22.3) 99.0 14.92 18.62 0.05 3.76 0.64 199 1.09 6.44 71.9

United Pacific Bank City of Industry 144 119 45.2 105 5.6 113.9 17.02 21.84 0.04 2.29 0.00 243 0.68 3.52 76.1

Average 3,451 2,594 5.8 2,767 7.4 93.0 14.98 21.95 0.32 1.46 0.08 12,122 1.59 3.81 58.9 Median 635 500 4.6 565 6.0 95.4 12.13 16.83 0.14 1.23 0.00 2,151 1.13 3.71 59.7

Source: S&P Global Market Intelligence, Most Recent Available Quarter 18 SOUTHERN BORDER REGION

Axos Bank San Diego 10,878 9,887 17.3 9,254 10.7 106.8 9.12 12.46 0.58 0.60 0.02 44,601 1.69 3.93 43.9

Balboa T&LA Chula Vista 325 301 6.0 283 13.7 106.3 12.49 14.45 0.43 1.60 1.40 561 0.69 5.96 57.1

Bank of Southern California NA San Diego 839 685 39.3 693 38.4 98.8 11.68 14.10 0.14 0.75 0.02 1,716 0.88 4.27 67.4

C3bank National Association Encinitas 327 277 21.6 282 (10.0) 98.0 12.78 16.04 0.00 1.30 4.46 (1,699) (2.02) 3.92 59.2

CalPrivate Bank La Jolla 1,000 821 12.9 828 49.6 99.2 10.89 12.82 0.00 0.96 4.65 (4,751) (1.96) 4.83 75.3

Community Valley Bank El Centro 190 153 18.2 159 (11.8) 96.0 11.58 15.74 0.70 1.17 0.06 857 1.81 5.18 47.9

Endeavor Bank San Diego 116 83 103.2 97 52.5 86.0 17.04 18.74 0.00 1.58 0.00 (708) (2.64) 3.92 142.2

Home Bank of California San Diego 176 161 (2.0) 128 (11.0) 126.0 13.72 19.05 0.00 0.87 0.00 1,217 2.74 4.82 39.7

Neighborhood National Bank San Diego 68 46 (5.0) 51 30.1 90.8 16.85 27.13 0.40 2.62 (0.04) (338) (2.11) 4.71 128.1

Seacoast Commerce Bank San Diego 1,083 921 2.8 852 (62.6) 108.1 8.72 14.85 0.14 0.64 0.00 3,728 1.36 6.23 68.1

Average 1,500 1,333 21.4 1,263 10.0 101.6 12.49 16.54 0.24 1.21 1.06 4,518 0.04 4.78 72.9 Median 326 289 15.1 283 12.2 99.0 12.09 15.30 0.14 1.07 0.02 709 0.79 4.77 63.3

Source: S&P Global Market Intelligence, Most Recent Available Quarter 19 RECENT WESTERN TRANSACTIONS

Sorted by date announced Terms of the Transaction Target Financials Deal Purchase Price to Core Dep. Total NPA/ TCE/ LTM Date Considr Value Tg. Bk Erngs Assets Premium Assets Assets TA ROAA Announced Buyer St. Seller City St. Type ($M) (%) (x) (%) (%) ($M) (%) (%) (%) 10/21/19 Bank of Southern California NACA CalWest Bancorp Rancho Santa Margarita CA Cash 32.0 182.5 NM 13.6 7.2 234.4 NA 7.44 0.67 09/30/19 Glacier Bancorp Inc. MT State Bank Corp Lake Havasu City AZ Mix 135.3 212.1 15.6 19.9 NA 678.6 NA 9.47 1.31 09/23/19 American Bancor Ltd. ND Beartooth Financial Corp. Billings MT Mix NA NA NM NA NA 46.7 1.21 17.06 1.11 08/09/19 Eagle Bancorp Montana Inc. MT Western Hldg Co. of Wolf Point Wolf Point MT Mix 13.5 119.1 16.1 13.4 3.5 100.2 0.00 10.95 1.28 07/24/19 Banner Corp. WA AltaPacific Bancorp Santa Rosa CA Mix 87.6 168.0 17.4 20.1 11.3 434.7 NA NA 1.23 07/03/19 Bridger Co. MT Valley Bk Glasgow/Frst Sec Bk Glasgow/Malta MT Cash NA NA NM NA NA 75.6 NA NA NA 06/03/19 American Bancor Ltd. ND Prairie Mountain Bank Great Falls MT Stock NA NA NM NA NA 93.7 0.86 10.67 1.18 05/28/19 Santa Cruz County Bank CA Lighthouse Bank Santa Cruz CA Stock 68.9 164.7 12.7 21.9 13.5 314.4 0.00 12.81 1.79 05/16/19 Heritage Commerce Corp CA Presidio Bank San Francisco CA Mix 197.6 202.8 15.3 21.8 14.2 906.1 0.41 10.22 1.49 04/03/19 Glacier Bancorp Inc. MT Heritage Bancorp Reno NV Mix 240.8 239.6 12.9 28.7 20.8 840.5 0.75 13.05 2.37 03/15/19 Mechanics Bank CA Rabobank NA Roseville CA Mix 2,100.0 156.9 14.5 15.1 8.2 13,870.1 1.91 9.85 1.07 01/31/19 Lewis & Clark Bank OR Clatsop Community Bank Seaside OR Mix 14.9 130.8 15.1 15.7 4.4 95.3 0.00 11.99 1.02

Max $2,100.0 239.6 17.4 28.7 20.8 $13,870.1 1.91 17.06 2.37 Min 13.5 119.1 12.7 13.4 3.5 46.7 0.00 7.44 0.67 Avg. 321.2 175.2 14.9 18.9 10.4 1,474.2 0.64 11.35 1.32 Median 87.6 168.0 15.2 19.9 9.8 274.4 0.58 10.81 1.23

Note: Transactions announced since 1/1/2019 Note: Includes whole bank transactions where 100% equity was acquired; Data as of November 6, 2019 Note: Most recent 20 transactions in the West; West consists of CA, ID, MT, NV, OR, WA, and WY Source: S&P Global Market Intelligence 20 III. OVERVIEW – JANNEY MONTGOMERY SCOTT LLC A Leading Middle Market Investment Bank…

. Janney has completed its 186th year of providing financial advice and superior By-the-Numbers service to individuals, families, corporations and institutions – 12th largest U.S. brokerage firm 1832 Janney Founded – 2,051 employees in 119 offices across 21 states 836 Financial Advisors . Janney continues to demonstrate profitability in times of market turbulence – LTM Revenue of $723.5 million 250+ Capital Markets Professionals – 69 total investment banking transactions representing more than $6.8 billion in 187 Companies Under Coverage aggregate transaction value in 2018 – 126 consecutive quarters of profitability $88B Assets under Management . Janney’s strategy is focused on growth 69 2018 Banking Transactions – 2019 Q2: 116 new professionals and 28 promoted – Private Client Group: 13 Capital Markets Offices – 2019 YTD: Recruited 33 Financial Advisors with a total of $2.5 billion in assets under 10 Publishing Analysts management at hire – Capital Markets: 6 Dedicated Industry Groups – Recently acquired FIG Partners, an Atlanta-based investment banking and research firm focused on community banks 1 Firm Approach . Janney is an independent subsidiary of Penn Mutual, one of the largest and oldest mutual insurance companies in the United States – Assets of $25.8 billion and 2018 Revenue of $3.2 billion – Superior ratings profile: – Penn Mutual: S&P: A+ | Moody’s: Aa3 | KBRA: AA- – Janney: KBRA: A The stability of Janney’s platform allows us to be completely focused on our clients and transactions

22 … With the Benefit of Full-Service Capabilities

JANNEY’S CAPABILITIES JANNEY’S GEOGRAPHIC FOOTPRINT

. 447 transactions aggregating $52.0+ billion in . Janney has 118 offices in over 21 states across the Investment transaction value since 2013 United States Banking . 6 targeted industry coverage sectors with an additional dedicated Financial Sponsors effort . Institutional sales force across 13 institutional offices with over 100 equity and fixed income sales Private Client . 836 financial advisors with approximately $87.6 professionals throughout Janney’s geographic Services billion of client assets under management footprint

Municipal . 43 professionals and 2,800+ transactions Finance totaling $185.0 billion from 2010 – 2017

Asset . 15 person team with discretionary investment Management management of $3.9 billion in client assets

Fixed Income . 100+ sales and trading professionals covering Sales & Trading 1,000+ accounts

Equity . 11 professionals covering 500+ accounts and Sales & Trading market makers in 1,300+ stocks

Equity . 25 person research team with 10 publishing Research analysts who combined cover 187 companies

Janney’s investment banking team has access to the Firm’s full-service capabilities

23 A Comprehensive Investment Banking Platform

CAPITAL MARKETS INVESTMENT BANKING INDUSTRY GROUPS

Investment Business Financial Banking Equity Services Institutions Research

Private Client Equity Sales Industry Services & Trading Basic Healthcare Industries Coverage Groups

Municipal Fixed Income Finance Sales & Trading Asset Real Estate Infrastructure Management

INVESTMENT BANKING SERVICES INVESTMENT BANKING PRODUCTS . Capital Markets – Initial Public Offerings – Subordinated Debt – Follow-on Offerings – Convertible Securities – – PIPEs & High-Grade and High-Yield Debt Share Repurchases Public / Private Mergers & Financial Registered – At-the-Market-Offerings (ATMs) Equity Acquisitions Sponsors Directs Coverage . Mergers & Acquisitions M&A and – Exclusive Sales & Exit Planning – Leveraged & Management Buyouts Equity / Debt Sponsor – Acquisition Advisory – Fairness Opinions & Corporate Defense Capital Markets Coverage . Private Placements Financial Proprietary – – PIPEs & Registered Directs Private Debt Senior / Mezzanine / Advisory & Deal – Private Equity – Convertible & Preferred Securities Structured Debt Junior Capital Restructuring Sourcing . Financial Advisory & Restructuring – Valuations – Loan Workouts & Debt Restructurings – Capital Structure Optimization – Distressed Asset Sales – Board Advisory & Dispute Services – Special Situations 24 Positioned to Deliver Results for Our Clients

Service offerings: Bulge Bracket Boutique

Highly experienced executives

“Hands-on” senior team

Resources of a large corporation

Full-service advisory practice

Advice free of conflicts

Committed to smaller clients

Janney is uniquely positioned with the capabilities of a “bulge bracket” investment bank while providing the highly focused attention of a boutique

25 A Nationally Recognized, Leading Bank M&A Advisor

. Since January 1, 2017, the Financial U.S. Bank M&A Advisory League Tables1 Number of Institutions Group in place has advised Rank Advisor Transactions on 56 M&A transactions, totaling Since January 1, 2017 approximately $5.1 billion in 1 Sandler O'Neill 145 transaction value 2 Stifel / KBW 116 . The Financial Institutions Group has 3 Hovde Group, LLC 66 advised on 130 M&A transactions, totaling more than $8.4 billion in 4 Janney Montgomery Scott 56 transaction value 5 D.A. Davidson & Co. 46

$86 Million $875 Million $81 Million $261 Million $834 Million

Agreed to be Acquired Agreed to be Acquired Agreed to Acquire Agreed to Acquire Agreed to be Acquired by by by

Financial Advisor Financial Advisor Financial Advisor Financial Advisor Financial Advisor August 2019 July 2019 July 2019 January 2019 January 2019

(1) Data as of November 4, 2019 Note: Completion metrics shown unless unavailable Source: S&P Global Market Intelligence, Janney Montgomery Scott, LLC 26 Historical Whole Bank Transactions Advised by FIG Group

The Financial Institutions Group has advised on 130 community bank deals Nationwide This represents over $8.4 billion in deal value

Announcement Deal Value Total Assets Announcement Deal Value Total Assets Date Buyer Seller ($M) ($M) Date Buyer Seller ($M) ($M)

11/4/2019 BayCom Corp Grand Mountain Bancshares Inc. 13.9 130.6 12/20/17 Heritage Commerce Corp Tri-Valley Bank 31.1 147.2 10/21/2019 Banc of Southern California CalWest Bancorp 32.0 234.4 12/13/17 South Atlantic Bancshares, Inc. Atlantic Bancshares Inc. 18.1 87.0 9/18/2019 Citizens Financial Services MidCoast Community Bancorp 31.2 268.5 12/11/17 Union Savings and Loan Association Hibernia Bancorp Inc 28.0 136.5 9/6/2019 RBB Bancorp PGB Holdings 33.0 223.3 12/11/17 First Mid-Illinois Bancshares, Inc. First BancTrust Corp. 73.8 465.6 8/12/2019 Professional Holding Corp. Marquis Bancorp, Inc. 86.3 680.3 10/24/17 Bangor Bancorp, MHC First Colebrook Bancorp Inc. 45.0 262.4 7/31/2019 Investar Holding Corp. Bank of York 15.0 99.5 09/27/17 Old Line Bancshares, Inc. Bay Bancorp Inc. 127.6 645.9 07/22/19 First Bancshares, Inc. First Florida Bancorp Inc. 85.0 451.0 09/18/17 First American Bank Corporation Southport Financial Corp. 44.0 285.3 07/01/19 BayCom Corp TIG Bancorp 39.4 228.9 08/16/17 National Commerce Corporation FirstAtlantic Finl Hldgs Inc 107.9 462.4 06/18/19 Verve Credit Union South Central Bank NA -- 295.9 08/01/17 PB Financial Corporation CB Financial Corp. 11.2 106.8 05/28/19 Santa Cruz County Bank Lighthouse Bank 68.9 314.4 07/21/17 Delmar Bancorp Liberty Bell Bank 16.8 147.8 05/21/19 Citizens Holding Company Charter Bank 20.0 160.5 06/28/17 Bank of McKenney CCB Bankshares Inc. 19.0 216.1 05/08/19 Southern States Bancshares, Inc. East Alabama Financial Group, Inc. -- 241.1 06/26/17 BayCom Corp. Plaza Bank 10.6 69.7 03/19/19 First Bank Grand Bank NA 19.4 196.9 06/01/17 Charter Financial Corporation Resurgens Bancorp 26.3 166.8 01/22/19 Citizens Community Bancorp, Inc. F. & M. Bancorp of Tomah Inc. 21.6 194.6 05/04/17 Trona Valley Community Federal Credit Union State Bank -- 37.0 12/20/18 CCF Holding Company Heritage Bncp, Inc./ Providence Bk 105.0 628.7 05/04/17 Seacoast Banking Corporation of Florida Palm Beach Community Bank 71.3 346.0 12/17/18 Ameris Bancorp Fidelity Southern Corp. 750.7 4,812.1 04/24/17 Sierra Bancorp OCB Bancorp 35.5 270.3 12/13/18 Delmar Bancorp Virginia Partners Bank 55.1 420.1 03/28/17 FNS Bancshares, Inc. Commerce Bancshares Inc. 21.8 159.1 12/12/18 Morris State Bancshares, Inc. FMB Equibanc Inc. 23.6 193.0 03/17/17 Citizens Community Bancorp, Inc. Wells Financial Corp. 40.2 268.5 12/10/18 BayCom Corp Uniti Financial Corp. 63.9 325.4 02/17/17 West Town Bancorp, Inc. Sound Banking Co. 22.9 185.3 11/15/18 BankFirst Capital Corporation FNB Bcshs of Central AL Inc. 47.4 273.2 02/06/17 First Busey Corporation First Community Finl Partners 242.0 1,268.2 09/13/18 Park National Corporation CAB Financial Corp. 141.8 730.7 12/15/16 BayCom Corp. First ULB Corp. 36.9 452.6 08/23/18 Lakeland Bancorp, Inc. Highlands Bancorp Inc. 56.7 487.9 12/13/16 Southern National Bancorp of Virginia, Inc. Eastern Virginia Bankshares 180.9 1,314.9 08/22/18 First Busey Corporation Banc Ed Corp. 304.9 1,853.1 11/15/16 Little Bank, Inc. Union Banc Corp. 30.7 299.5 08/13/18 BayCom Corp Bethlehem Financial Corp 23.5 156.8 11/03/16 Bay Banks of Virginia, Inc. Virginia BanCorp Inc. 31.6 323.6 07/24/18 First Bancshares, Inc. FMB Banking Corp. 80.0 480.4 10/20/16 Independent Bank Corp. Island Bancorp Inc 24.5 194.1 06/21/18 Citizens Community Bancorp, Inc. United Bank 50.7 280.8 07/01/16 North Shore Bank, FSB Layton Park Financial Grp Inc 5.7 122.9 06/15/18 Carolina Trust BancShares, Inc. Clover Community Bkshs Inc. 21.5 130.2 06/08/16 Farmers & Merchants Bancorp Delta National Bancorp 7.2 106.0 06/12/18 First Mid-Illinois Bancshares, Inc. SCB Bancorp Inc. 70.4 437.8 05/12/16 Coastal Carolina Bancshares, Inc. VistaBank 12.2 110.1 06/07/18 First Midwest Bancorp, Inc. Northern States Financial Corp 91.0 487.1 04/26/16 First Mid-Illinois Bancshares, Inc. First Clover Leaf Fin Corp. 89.5 636.9 05/18/18 Citizens Bancshares Corporation Regional Bankshares Inc. 11.3 117.0 03/14/16 First Community Financial Partners, Inc. Mazon State Bank 8.5 84.6 05/13/18 Cadence Bancorporation State Bank Finl Corp. 1,373.7 4,892.3 01/04/16 Sierra Bancorp Coast Bancorp 13.8 146.9 05/10/18 Stifel Financial Corp. Bus. Bancshares Inc. 127.4 619.5 12/17/15 Pacific Commerce Bancorp ProAmérica Bank 29.8 211.1 04/23/18 RBB Bancorp First American Intl Corp 116.8 873.4 12/03/15 First Busey Corporation Pulaski Financial Corp. 211.6 1,521.7 04/19/18 Premier Financial Bancorp, Inc. First Bank of Charleston Inc. 27.8 189.2 12/03/15 Charter Financial Corporation CBS Financial Corp. 58.7 368.7 03/14/18 HarborOne Bancorp, Inc. (MHC) Coastway Bncp, Inc. 125.6 738.9 11/23/15 BNH Financial Community Guaranty Corp. 12.9 115.1

Note: Data as of November 4, 2019 Source: S&P Global Market Intelligence, Janney Montgomery Scott, LLC 27 A Nationally Recognized Capital Raising Leader

. Since January 1, 2017, the Financial Institutions Capital Offerings League Tables < $1.0 Billion Assets¹ Group has helped raise more than $1.3 billion of Rank Advisor Number of Offerings equity capital, and more than $225 million of debt National capital, successfully completing 42 equity capital 1 Janney Montgomery Scott 67 raises and 14 debt capital raises 2 Sandler O'Neill 46 3 Stifel / KBW 29

Capital Offerings League Tables < $50.0 Million Offered2 Capital Offerings League Tables < $1.0 Billion Assets¹ . The Financial Institutions Group has helped raise Number of more than $4.7 billion of equity capital, and more Rank Advisor Offerings than $825 million of debt capital, successfully National completing 144 equity capital raises and 36 debt 1 Sandler O'Neill 95 2 Stifel / KBW 75 capital raises 3 Janney Montgomery Scott 72

$31.1 Million $26.3 Million $63.3 Million $45.0 Million $72.1 Million

Initial Public Common Stock Common Stock Common Stock Initial Public Offering Offering Offering Offering Offering Lead Book Runner Sole Placement Agent Sole Book Runner Sole Placement Agent Lead Book Runner May 2019 April 2019 August 2018 August 2018 May 2018

(1) Preferred and common stock offerings from January 1, 2009 to November 4, 2019 (2) Preferred and common stock offerings from January 1, 2011 to November 4, 2019 28 Source: S&P Global Market Intelligence, Janney Montgomery Scott, LLC Strong History of Capital Raising Efforts

Date of Company State Symbol Offering/Role Offering Size Offering . Specialization Most Recent Janney FIG Group Capital Raises Eureka Homestead Bancorp, Inc. WI ERKH IPO-Conversion $14.3 M Jul-19 BankGuam Holding Company GU BKGM.F Sub Debt $15.0 M Jun-19 Janney is among the premier investment banking and capital markets First Internet Bancorp IN INBK Sub Debt $35.0 M Jun-19 firms focused on serving the needs of small-cap financial institutions. Home Bancorp Wisconsin, Inc. WI HWIS Sole Placement Agent $4.1 M Jun-19 Red River Bancshares, Inc. LA RRBI Lead Book Runner $31.1 M May-19 BankFirst Capital Corporation MS Private Sole Placement Agent $13.0 M Apr-19 . Institutional Distribution United Bancorporation of Alabama, Inc. AL UBAB Sole Placement Agent $26.3 M Apr-19 Victory Bancorp, Inc. PA VTYB Sub Debt $3.0 M Mar-19 Our Equity Capital Markets team has excellent long-term relationships First Southern Bank GA Private Sole Placement Agent $16.0 M Feb-19 FNCB Bancorp, Inc. PA FNCB Lead Manager $23.0 M Feb-19 with leading institutions focused on investing in small- and mid-cap Mercantil Bank Holding Corporation FL AMTB Co-Manager $81.9 M Dec-18 banks. Grand Mountain Bancshares, Inc. CO GMBB Sub Debt $1.5 M Dec-18 Embassy Bancshares, Inc. GA Private Sub Debt $5.0 M Dec-18 GrandSouth Bancorporation SC GRRB Sub Debt $10.0 M Nov-18 . Accredited Investor and Retail Network Pilot Bancshares, Inc. FL PLBN Sole Placement Agent $10.0 M Oct-18 Revere Bank MD REVB Co-Manager $47.1 M Sep-18 Janney has a deep stable of high net worth and home office investors HarborOne Bancorp, Inc. (MHC) MA HONE Sub Debt $35.0 M Aug-18 Select Bancorp, Inc. NC SLCT Sole Book Runner $63.3 M Aug-18 to ensure success on smaller market cap names. MainStreet Bancshares, Inc. VA MNSB Sole Placement Agent $45.0 M Aug-18 Freedom Bancorp, Inc. NJ Private Sub Debt $12.0 M Jun-18 Citizens Community Bancorp, Inc. WI CZWI Senior Placement Agent $65.0 M Jun-18 . After Market Support First Mid-Illinois Bancshares, Inc. IL FMBH Lead Book Runner $36.0 M Jun-18 First Internet Bancorp, Inc. IN INBK Co-Manager $57.5 M Jun-18 Our Sales and Trading desk is a leading market maker in small-cap Studio Bank TN Private Sole Placement Agent $46.0 M Jun-18 BayCom Corp. CA BCML Lead Book Runner $72.1 M May-18 stocks, often trading far more shares than any of the other financial Gateway Bank, F.S.B. CA Private Sole Placement Agent $10.5 M May-18 institution “boutique” firms. Porter Bancorp, Inc. KY PBIB Financial Advisor $15.0 M Mar-18 Village Bank and Trust Financial Corp. VA VBFC Sub Debt $5.7 M Mar-18 SB Financial Group, Inc. OH SBFG Sole Book Runner $30.0 M Feb-18 . Research Capabilities First Capital Bancshares, Inc. NC FCPB Financial Advisor $30.0 M Feb-18 Ben Franklin Financial, Inc. IL BFFI Sole Placement Agent $4.5 M Feb-18 Janney FIG Research team is a leading provider to community banks McHenry Bancorp, Inc. IL Private Sole Placement Agent $23.0 M Jan-18 Coastal Bank & Trust NC Private Sole Placement Agent $8.0 M Jan-18 with coverage of over 100 banks, mostly small-cap, throughout the First Bancshares, Inc. MS FBMS Co-Manager $58.4 M Oct-17 entire nation. Eagle Bancorp Montana, Inc. MT EBMT Co-Manager $21.7 M Oct-17 FFBW, Inc. WI FFBW Sole Placement Agent $29.5 M Oct-17 Gold Coast Bancorp NY GLDT Sub Debt $13.5 M Sep-17 . Experienced Deal Team Fidelity Financial Corporation KS Private Sub Debt $42.0 M Sep-17 Pilot Bancshares, Inc. FL PLBN Sole Placement Agent $7.5 M Sep-17 We will devote significant investment banking resources to ensure the First Internet Bancorp IN INBK Co-Manager $55.0 M Sep-17 FS Bancorp, Inc. WA FSBW Co-Manager $27.6 M Sep-17 highest level of execution. Our investment bankers have a tremendous Grand Mountain Bancshares, Inc. CO Private Sole Placement Agent $5.6 M Sep-17 Bay Banks of Virginia, Inc. VA BAYK Sole Placement Agent $35.0 M Aug-17 amount of experience leading equity capital transactions for our clients. Citizens Community Bancorp, Inc. WI CZWI Sub Debt $15.0 M Aug-17 Bank of Fincastle VA BFTL Sole Placement Agent $14.3 M Jul-17

29 Recent Financial Institutions Group Transactions

Agreed to be Acquired Agreed to be Acquired Agreed to be Agreed to be Acquired by by Agreed to Acquire Acquired by by

Financial Advisor Financial Advisor Financial Advisor Financial Advisor Financial Advisor November 2019 October 2019 September 2019 September 2019 August 2019

Agreed to Purchase Agreed to Acquire 4 Branches from Agreed to Acquire Agreed to Acquire TIG Bancorp Subordinated Debt Offering Holding Company for $15,000,000 6.35% Fixed to Floating rate Financial Advisor Financial Advisor Financial Advisor Financial Advisor Sole Placement Agent July 2019 July 2019 July 2019 July 2019 June 2019

Agreed to Sell A Agreed to be $35,000,000 Single Branch to Agreed to Acquire Acquired by $4,075,000 Subordinated Debt Offering Common Stock Offering Co-Manager Financial Advisor Financial Advisor Sole Placement Agent Financial Advisor June 2019 June 2019 June 2019 June 2019 May 2019

Note: Dates are as of announcement date for M&A transactions, unless noted otherwise 30 Disclaimer

The information in this presentation is based upon various sources of information which have been supplied to Janney and reflects prevailing conditions and Janney’s views as of this date, all of which are accordingly subject to change. This information is from third party sources which are deemed reliable but Janney makes no representations or warranties as to the accuracy or completeness of this information. Any Janney estimates constitute Janney's judgment and should be regarded as indicative, preliminary and for illustrative purposes only. In preparing this presentation, relied, without independent investigation, upon the accuracy and completeness of all financial and other information provided to us or which is publicly available. Janney’s analysis is not and does not purport to be appraisals of the assets, stock or business of the any company or any other entity. Janney does not make representations as to the actual value which may be received in connection with a transaction nor the legal, tax or accounting effects of consummating a transaction. Unless expressly contemplated hereby, the information in this presentation does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. This presentation does not represent a fairness opinion, recommendation, valuation or opinion of any kind. The information contained herein, as well as any other advice, services or other information provided to you by Janney, is being provided in for informational purposes only and may not be used or relied upon in any manner, nor are any duties or obligations created with respect thereto, except and to the extent specifically set forth in a written engagement letter or other agreement with Janney. This presentation does not constitute a commitment by Janney or any of its affiliates to underwrite, subscribe for or place any securities to extend or arrange credit or to provide any other service. Janney policy mandates that no Janney employee may directly or indirectly offer a Company favorable research or threaten to change research as consideration or inducement for the receipt of business or compensation. Member: NYSE, FINRA, SIPC

31 Financial Institutions Group