JANNEY MONTGOMERY SCOTT INVESTMENT BANKING Table of Contents

JANUARY 6, 2020

Janney Weekly Bank & Thrift Newsletter

1. Daily Fix 2. Bank, Thrift & MHC Summary Valuation 3. Recent Bank M&A Transactions 4. Relevant Janney Capital Markets Professionals 1. Daily Fix D A I L Y FIX JANNEY INVESTMENT STRATEGY GROUP

Monday, January 6, 2020 Treasury Yield 03-Jan Muni Muni/Treasury Only two sessions in and already we feel 2020 has a different tone than 2019 2-year 1.53% 1.01% 66% 5-year 1.59% 1.08% 68% Welcome to 2020! That was the feeling the markets got last week after elevated pressures from 10-year 1.79% 1.40% 78% the recent events that may have stirred conflict between the US, Iraq, and Iran. The flight-to- safety trade was alive and well after investors shifted out of treasuries in December on the 30-year 2.25% 2.06% 92% combination of year-end portfolio repositioning and improved sentiment towards risk assets Mortgage-Backed Securities Yield and the economy for 2020. The sharp retracement resulted in 10-year treasury yields falling Fannie Mae 3.0% 2.62% from 1.94% before market open on January 2 to 1.76% in the overnight before today’s open. Ginnie Mae 3.0% 2.41% Similarly, the 30-year treasury yield dropped from 2.41% early morning on January 2 to 2.22% Agency Securities Yield around the same time in the overnight last night. All eyes will be on Iran’s retaliatory measures. FNMA 1 7/8 09/24/26 1.78% Prices for Brent crude oil, the international benchmark, have stayed at recent highs and crossed FHLMC 6 1/4 07/15/32 2.07% over the $70/barrel threshold before the current $69.47/barrel, as of writing. Brent crude prices Bloomberg/Barclays Index 1D Rtn YTD Rtn 1Yr Rtn last saw $70/barrel in mid-September when Saudi Arabia suffered a drone strike that affected US Aggregate 0.39% 9.30% 8.56% its oil production. Interestingly, this volatility in oil coincided with, but was not directly related to, US Treasury 0.54% 7.62% 6.75% the volatility in the overnight repo markets. On Friday and over the weekend, various members US Municipal 0.30% 7.99% 7.51% (both current and former) of the Fed discussed the tools the Fed has in its belt for an economic US IG Corporates 0.49% 15.30% 14.55% slowdown, but cautioned that the Fed’s dealings with the repo market may need to be reworked. US HY Corporates 0.08% 14.55% 14.37% Taxable Fixed Income US Mortgage-Backed 0.09% 6.51% 5.95% The flight-to-safety that resulted in a rally in treasuries appeared in risk assets, as well, though Euro Aggregate 0.35% 6.59% 6.48% surprisingly movements were relatively benign compared to similar situations in the past. Asian Pacific Aggregate (0.12%) 2.46% 2.86% Investment grade credit spreads, the extra yield above the risk-free rate for both credit and Global Infl-Linked 0.30% 8.99% 8.43% liquidity risks, widened only 3bps since the start of 2020, while high yield credit spreads closed 4% Yield Curve Friday 1bp lower than at Tuesday’s close—mind you, they did widen 5bps between Thursday 3% and Friday. Credit spreads for US mortgage-backed securities widened 4bps, which is 2% significant considering the asset class offers less additional pickup in yield compared to US 03-Jan corporates. Expectations remain for a robust new issuance calendar in January for taxable 1% 03-Jan-2019 fixed income, but deals may be in wait-and-see mode depending on the geopolitical overhang. 0% Thursday and Friday US corporate new issuance was modest, but not a reflection of the month. 0y 10y 20y 30y Municipal Fixed Income 170 US Corporate Option Adj'd Spread (bps) 700 Tax free yields moved lower on Friday, tracing the flight-to-quality movement of treasury 145 IG HY (right axis) markets in reaction to heightened Mideast tensions. The 10-year AAA benchmark yield closed 120 500 at 1.402%, a 12-week low. January primary issuance will be plentiful, with the 30-day visible supply of new muni issues at $14.5B, about $2.5B above 2019’s weekly average. About $8B 95 of offerings are listed for the coming week after several deals were shifted into next week, 70 300 including $1.25B for Chicago (NR/BBB+/BBB-) and its Sales Tax Securitization Corp (NR/ Jan-2019 Apr-2019 Jul-2019 Oct-2019 Jan-2020 AA-/AAA) refinancing vehicle. Despite higher than average supply numbers, we expect Source: Janney ISG; Bloomberg; S&P; IG = investment grade, HY = high yield demand for tax free issues to outweigh supply in coming weeks. There are fewer tax free What to Watch offerings than the headline volume numbers suggest, since taxable bonds are accounting for  Monday : Dec Markit US services PMI about 25% of issuance vs less than 10% historically. On the other side of the scale, we believe  Tuesday: Dec ISM nonmanufacturing index demand will remain robust as strong mutual fund and ETF inflows combine with January’s - Nov factory, durable goods, capital goods orders elevated reinvestment demand (from redemptions and maturities). Prolific borrower Metro - $38B auction of 3-year treasuries Transportation Authority of New York (A1/A/AA-) tops this week’s calendar with $2.4B via  Wednesday: Dec ADP employment change competitive sale, including $1.5B notes (MIG1/SP-1/F1+) maturing in 2 and 3 years. - Nov consumer credit Muni issuer default data from Municipal Market Analytics reports that there were 51 new - Fed’s Brainard speaks payment defaults in 2019 (none from Puerto Rico), the most in three years, but less than the - $24B auction of 10-year treasuries 60-70 identified between 2013 and 2016. New impairments, which includes events such as use  Thursday: $16B auction of 30-year treasuries of reserves to pay debt service as well as technical defaults, rose to 152, 23% over 2018. - Fed’s Clarida, Williams, Evans, and Bullard speak; Notably, of the 20 most recent rated impairments, 16 were rated by only one rating agency. BoE’s Carney speaks

JODY LURIE ALAN SCHANKEL D IRECTOR M A 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 publication. Unless otherwise noted, market data is from Janney Investment Strategy Group (Janney ISG). This report is the intellectual property of Janney Montgomery Scott LLC (Janney) and may not be reproduced, 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 ©2020 Janney Montgomery Scott LLC 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 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.

2. Bank, Thrift & MHC Summary Valuation BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 1/3/2020

DELAWARE BANKS AND THRIFTS WSFS WSFS Financial Corp. 12,273 2,295 44.00 46.05 37.19 14.86 12.02 179.1 1.09 11.01 0.58 67.43 1.30 9.43 54.69 0.02 0.23 TBBK Bancorp Inc 4,944 718 12.65 13.73 7.66 12.52 11.82 149.2 - 9.74 - - 1.26 13.08 64.95 (2.51) (1.67) MDCT MidCoast Community Bancorp Inc* 266 29 6.30 7.75 5.35 - - - - 10.16 - NM 0.95 9.59 78.97 (1.56) (1.56)

DISTRICT OF COLUMBIA BANKS AND THRIFTS NACB National Capital Bank 514 62 218.00 233.00 200.00 21.67 - 127.6 1.01 9.49 0.05 NM 0.60 6.31 79.63 0.00 - IBWC IBW Financial Corp. 425 16 27.50 30.00 24.00 - - 44.4 0.44 8.83 3.43 28.76 0.29 3.30 93.60 0.00 (1.79)

FLORIDA BANKS AND THRIFTS BKU BankUnited Inc. 32,951 3,456 36.40 37.60 30.32 13.33 12.26 122.3 2.31 8.61 0.49 66.93 0.85 9.31 58.86 (0.44) 0.03 CSFL CenterState Bank Corp. 17,420 3,099 24.77 26.83 21.29 13.54 11.97 200.8 1.78 9.65 0.31 76.75 1.41 8.49 51.08 (0.84) (1.08) AMTB Amerant Bancorp Inc. 7,864 847 21.32 23.59 11.83 17.48 18.22 114.5 - 10.26 0.42 163.42 0.65 6.75 72.93 (2.16) (1.98) SBCF Seacoast Banking Corp. of FL 6,891 1,550 30.28 31.42 22.35 17.92 15.49 211.8 - 11.05 0.76 64.59 1.30 9.82 52.72 (0.95) (0.07) CCBG Capital City Bank Group Inc. 2,935 500 29.84 30.95 21.04 16.40 16.86 211.1 1.74 8.31 0.81 60.32 1.04 9.88 71.84 (2.16) (1.68) FNBT FineMark Holdings Inc. 2,108 221 25.00 30.00 24.10 15.06 - 126.2 - 8.32 - - 0.78 9.15 71.90 (0.40) (0.40) TSHR Three Shores Bancorp. Inc. 1,857 228 9.40 9.71 8.96 - - 129.8 - 8.55 0.45 170.78 0.75 9.42 60.63 0.00 1.08 TGRF TGR Financial Inc. 1,528 229 13.25 13.50 10.26 15.06 - 171.0 - 9.13 0.01 NM 1.16 12.56 58.74 3.68 3.68 PFHD Professional Holding Corp. 890 84 18.77 19.13 15.35 ------(1.21) (1.21) FMIA First Miami Bancorp Inc. 853 116 1,325.00 1,400.00 1,235.00 - - - 0.38 ------0.00 0.99 PMHG Prime Meridian Holding Co. 484 65 20.50 21.24 18.35 16.67 - 118.8 0.59 11.37 - - 0.89 7.48 65.20 0.00 (2.38) PLBN Pilot Bancshares Inc. 426 53 3.47 3.59 3.00 - - - - 9.98 0.93 53.15 - - - 0.00 1.17 FCIT First Citrus Bancorp. Inc. 417 55 26.92 27.00 21.05 13.60 - 151.1 - 8.84 - - 1.02 11.61 65.36 0.00 (0.30) PBKC Pioneer Bankcorp Inc. 386 0 35.00 35.00 35.00 11.22 - 109.5 1.43 9.75 0.33 331.51 0.93 10.36 69.86 0.00 - MBOF Marine Bancorp of Florida Inc 278 24 17.75 17.75 17.35 ------0.00 -

GEORGIA BANKS AND THRIFTS SNV Synovus Financial Corp. 47,661 5,726 39.07 40.41 31.80 11.56 10.01 152.5 3.07 9.17 0.62 89.23 1.20 12.14 52.23 (0.33) 0.57 ABCB Ameris Bancorp 17,764 2,956 42.57 44.90 32.07 14.78 11.20 209.8 1.41 8.43 0.81 24.62 1.11 8.38 53.56 0.07 (0.30) UCBI United Community Banks Inc. 12,809 2,435 30.83 31.66 22.08 13.64 13.06 194.0 2.34 10.07 0.56 87.81 1.45 12.09 53.91 (0.16) (0.29) ACBI Atlantic Capital Bcshs Inc. 2,410 395 18.06 19.79 15.11 8.52 15.64 131.1 - 12.80 0.77 97.43 1.94 15.68 55.11 (1.58) (1.63) MCBS MetroCity Bankshares Inc. 1,645 453 17.73 17.78 12.38 9.91 9.64 231.9 2.48 11.36 0.91 45.85 2.91 25.13 40.59 1.26 1.31

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 1/3/2020

MARYLAND BANKS AND THRIFTS EGBN Eagle Bancorp Inc 9,003 1,610 48.42 60.77 37.08 11.26 11.21 151.2 1.82 12.14 0.74 111.33 1.72 12.93 36.21 (0.43) (0.78) SASR Sandy Spring Bancorp Inc. 8,438 1,363 38.25 38.45 29.83 12.03 11.75 173.7 3.14 9.71 0.49 132.17 1.38 10.46 51.54 0.98 1.00 REVB Revere Bank* 2,835 475 39.60 39.60 27.05 15.65 15.14 178.9 - 9.46 0.23 339.39 1.22 11.17 48.43 1.02 0.56 HBMD Howard Bancorp Inc. 2,293 318 16.67 19.20 12.60 28.74 16.75 136.2 - 10.53 1.06 39.32 0.50 3.70 59.94 (1.24) (3.36) TCFC Community Finl Corp. 1,856 205 34.83 36.23 27.30 12.90 12.67 126.0 1.44 8.37 1.42 42.81 0.88 9.41 58.45 (2.08) (3.20) SHBI Shore Bancshares Inc. 1,562 214 16.88 17.90 14.00 8.88 13.09 123.6 2.84 11.29 1.34 49.93 1.64 13.12 59.62 (2.76) (2.65) FUNC First United Corp. 1,441 171 24.00 24.80 15.85 13.48 - 144.2 2.17 8.28 1.41 59.09 0.90 10.30 69.04 (0.37) (0.12) CBNK Capital Bancorp Inc. 1,311 198 14.32 15.07 10.84 13.02 12.14 154.4 - 9.75 0.55 178.98 1.33 12.77 72.45 (3.83) (2.59) SVBI Severn Bancorp Inc. 826 116 9.08 9.94 7.44 11.95 - 112.1 1.76 12.55 1.84 48.80 1.06 9.68 68.69 (2.47) (1.84) DBCP Delmar Bancorp 793 143 8.05 8.25 7.00 - - 122.8 1.24 8.32 2.16 41.16 0.83 8.80 64.06 (0.62) 0.50 TYCB Calvin B. Taylor Bankshares 557 99 35.60 38.00 33.27 11.66 - 110.8 3.48 16.01 1.02 13.27 1.61 9.83 48.80 (1.36) (1.36) CMHF Community Heritage Finl Inc 489 49 21.88 23.00 18.05 20.84 - 106.0 0.55 9.54 0.39 212.96 0.51 5.11 79.80 0.05 (0.55) PSBP PSB Holding Corp. 457 40 27.79 28.90 22.46 12.35 - 100.1 - 8.80 - - 0.74 8.80 73.24 0.00 (3.84) FCBI Frederick County Bancorp* 453 60 37.32 37.52 23.00 26.28 - 158.3 0.86 8.36 0.75 100.41 0.52 6.18 77.42 (0.32) 2.25 FMFG Farmers & Merchants Bcshs Inc. 435 54 18.36 23.50 9.88 11.64 - 110.9 2.83 11.28 0.49 118.53 1.09 9.91 63.15 (0.22) (0.22) HFBK Harford Bank 390 41 29.00 29.50 26.75 12.03 - 98.1 2.34 10.79 1.42 56.92 0.94 8.50 68.82 1.61 (1.69) GLBZ Glen Burnie Bancorp 383 32 11.25 12.21 10.21 23.44 - 89.8 3.56 9.22 1.34 44.79 0.35 3.98 85.22 (2.17) (0.36) DLMV Delmarva Bancshares Inc. 378 33 8.40 8.40 7.55 13.55 - 88.8 2.38 12.46 - - 1.00 7.99 64.56 0.60 0.60 BVFL BV Financial Inc. (MHC) 297 119 16.82 20.00 13.50 45.46 - - - 21.36 2.13 21.59 0.79 4.86 68.88 (2.49) (1.75) HRBK Harbor Bankshares Corporation 296 4 0.55 0.74 0.46 ------0.00 (15.38) PEBC Peoples Bancorp Inc 246 25 34.70 36.00 29.50 10.21 - 105.3 2.02 9.91 1.71 80.90 1.02 9.23 77.26 0.00 - CBMB CBM Bancorp Inc. 218 56 14.15 15.30 12.42 NM - 98.5 - 27.91 0.61 97.97 0.29 1.02 83.91 0.21 - CROL Carroll Bancorp Inc. 186 16 14.31 14.40 12.42 44.13 - 91.6 - 9.71 2.08 29.13 0.19 2.08 93.86 (0.63) 1.13

MASSACHUSETTS BANKS AND THRIFTS 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 1/3/2020

NEW JERSEY BANKS AND THRIFTS VLY Valley National Bancorp 33,766 4,535 11.23 12.14 9.14 11.12 12.34 167.9 3.92 7.44 0.58 81.98 1.08 10.14 57.09 (1.92) (1.23) ISBC Investors Bancorp Inc 26,725 2,821 11.96 12.92 10.35 17.58 15.33 115.4 3.68 10.68 0.44 194.56 0.68 6.05 58.78 0.34 0.04 PFS Provident Financial Services 9,918 1,611 24.50 27.94 23.08 12.89 13.84 167.7 3.76 10.13 0.86 66.90 1.25 8.88 53.79 (0.61) (0.53) OCFC OceanFirst Financial Corp. 8,135 1,263 25.08 26.09 20.46 13.70 12.09 168.8 2.71 9.73 0.45 45.30 1.17 8.33 54.12 (1.80) (0.83) CLBK Columbia Financial Inc. (MHC) 7,070 1,844 16.95 17.20 14.25 33.90 34.59 196.9 - 13.96 - - 0.82 5.69 62.61 0.06 (1.45) KRNY Kearny Financial Corp. 6,641 1,130 13.62 14.40 12.02 28.36 27.79 132.1 2.06 13.93 0.41 117.99 0.63 3.65 62.99 (1.55) (1.27) LBAI Lakeland Bancorp 6,492 868 17.19 17.63 14.21 12.83 12.19 157.1 2.91 8.72 0.34 176.59 1.10 10.07 55.25 (1.09) (0.81) CNOB ConnectOne Bancorp Inc. 6,161 906 25.77 26.50 18.81 12.51 11.20 165.2 1.40 9.21 1.22 51.69 1.23 10.58 40.26 0.19 0.59 PGC Peapack-Gladstone Financial 4,925 567 30.61 31.70 24.95 13.03 12.70 128.3 0.65 9.28 0.65 128.95 0.98 9.58 60.66 (0.94) (1.19) NFBK Northfield Bancorp Inc. 4,808 840 17.00 17.55 13.35 20.00 20.61 128.4 2.59 13.64 0.51 113.58 0.88 5.94 58.45 0.24 0.35 BCBP BCB Bancorp Inc. 2,825 226 13.70 14.96 10.80 11.14 11.42 116.9 4.09 7.74 0.78 111.76 0.78 10.04 61.83 (0.65) (1.23) FRBA First Bank 2,047 222 10.85 12.05 10.29 14.47 14.09 109.7 1.11 9.98 0.89 94.47 0.79 7.07 59.40 (1.81) (1.18) SBBX SB One Bancorp 1,934 229 24.63 25.24 20.48 11.62 10.62 136.6 1.38 8.76 0.87 57.84 1.10 10.69 55.77 (1.16) (1.28) UNTY Unity Bancorp Inc. 1,664 239 22.00 24.70 16.74 10.33 10.73 156.8 1.45 9.17 0.49 197.56 1.54 16.25 52.45 (2.53) (2.96) PKBK Parke Bancorp Inc. 1,598 265 24.60 25.45 17.81 9.21 - 154.7 2.60 10.86 1.79 73.76 1.97 18.25 28.79 (3.11) (2.19) BPRN Bank of Princeton 1,380 208 30.86 33.33 25.92 20.17 20.04 115.5 1.30 13.19 0.89 102.29 0.81 5.64 58.95 (2.00) (3.29) FCCY 1st Constitution Bancorp 1,343 227 22.31 22.91 16.47 14.12 13.52 154.5 1.34 9.43 0.96 69.68 1.14 10.48 60.29 0.81 2.34 MRLN Marlin Bus. Services Corp. 1,247 253 21.10 25.44 17.51 10.50 9.86 132.0 2.65 15.76 0.84 183.28 2.05 12.56 54.96 (4.00) (5.93) CMRB First Commerce Bank 1,004 142 6.25 6.36 5.55 - - - - 14.01 2.24 69.66 0.86 6.23 63.44 0.00 - SSFN Stewardship Financial Corp. 964 0 - - - - - 0.0 - 8.72 0.59 147.28 0.74 8.77 69.35 0.00 - BKJ Bancorp of New Jersey Inc. 962 131 17.89 19.95 12.81 28.85 - 140.1 - 9.68 1.54 58.76 0.50 5.07 71.88 0.00 (7.45) MGYR Magyar Bancorp Inc. (MHC) 630 72 12.40 12.87 10.93 24.31 - 132.1 - 8.67 3.12 24.83 0.47 5.47 77.04 0.81 (0.48)

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 1/3/2020

NEW YORK BANKS AND THRIFTS JPM JPMorgan Chase & Co. 2,764,661 433,836 138.34 141.10 98.09 13.66 13.37 231.6 2.60 7.94 0.43 110.32 1.29 13.48 56.94 (0.76) (0.57) C Citigroup Inc. 2,014,802 174,001 79.70 81.26 53.66 10.58 10.56 115.5 2.56 8.59 0.52 119.98 0.96 9.55 57.74 (0.24) 0.04 BK Bank of New York Mellon Corp. 373,168 46,359 50.27 54.27 40.52 13.02 12.57 269.4 2.47 5.94 0.03 104.10 1.14 9.42 68.69 (0.12) (0.10) MTB M&T Bank Corp. 125,501 22,346 169.32 176.11 141.50 12.16 12.16 226.2 2.60 9.23 1.09 76.05 1.67 12.70 55.63 (0.25) (0.14) NYCB New York Community Bancorp 52,538 5,580 11.94 13.79 9.38 15.71 15.71 148.2 5.70 8.52 0.14 210.18 0.76 5.92 49.62 (0.67) 1.27 CIT CIT Group Inc. 51,403 4,290 45.29 54.02 39.17 9.46 9.21 81.5 3.09 10.97 - - 1.01 8.22 57.30 (0.75) (0.44) SBNY Signature Bank 49,412 7,219 135.90 137.94 106.02 12.29 12.57 157.1 1.65 9.51 0.31 159.85 1.25 13.29 38.13 (0.52) (0.46) STL Sterling Bancorp 30,078 4,235 20.96 22.17 16.77 10.33 10.19 162.5 1.34 9.71 0.76 45.76 1.44 9.80 39.53 (0.57) (0.10) CBU Community Bank System Inc. 11,597 3,649 70.57 71.61 56.58 22.12 21.71 364.7 2.32 9.29 0.29 148.25 1.54 9.53 58.58 (0.52) (0.04) NBTB NBT Bancorp Inc. 9,661 1,781 40.68 41.50 34.12 14.90 15.07 219.6 2.65 8.65 0.51 145.60 1.26 11.58 58.97 0.30 - FFIC Flushing Financial Corp. 7,111 594 21.36 23.75 18.80 14.94 13.43 108.9 3.93 7.78 0.27 116.62 0.59 7.35 66.93 (1.13) (0.88) TMP Tompkins Financial Corporation 6,628 1,369 91.66 91.99 71.54 17.59 17.73 245.1 2.27 8.60 0.47 133.00 1.19 12.51 62.54 0.17 1.47 DCOM Dime Community Bancshares Inc. 6,425 738 20.59 22.50 17.20 17.90 17.83 133.8 2.72 8.69 0.26 162.78 0.66 6.88 57.31 (1.44) (0.77) TRST TrustCo Bank Corp NY 5,222 849 8.77 9.10 6.89 14.16 14.61 161.6 3.11 10.07 0.67 126.93 1.18 11.95 55.63 1.10 0.86 AMAL Amalgamated Bank 5,030 607 19.18 20.50 14.58 12.14 13.00 130.2 1.67 9.31 1.42 47.09 1.06 11.25 65.01 (1.39) (2.09) BDGE Bridge Bancorp Inc. 4,736 647 33.11 34.25 25.47 12.83 12.93 173.7 2.78 8.17 0.75 90.50 1.10 11.05 56.40 (1.25) (1.63) FISI Financial Institutions Inc. 4,333 506 31.94 33.28 25.57 12.19 11.70 150.2 3.13 8.39 0.17 430.04 1.01 10.53 59.80 (0.50) (0.06) FLIC First of Long Island Corp. 4,163 598 24.70 25.53 20.05 14.62 14.28 154.0 2.91 9.32 0.05 NM 1.01 10.88 51.30 (1.52) (0.96) MCB Metropolitan Bank Holding Corp 3,243 391 47.03 48.76 30.50 13.96 13.44 141.9 - 8.70 0.19 396.05 1.13 10.42 55.40 (2.49) (1.73) AROW Arrow Financial Corp. 3,113 556 37.12 38.31 29.57 15.19 15.09 206.7 2.80 8.71 0.19 351.49 1.22 13.14 57.39 (1.80) (1.07) CNND Canandaigua National Corp. 2,984 393 210.00 210.00 160.00 10.37 - 162.9 2.86 8.13 0.28 267.23 1.32 15.78 60.48 3.83 3.83 CHMG Chemung Financial Corp. 1,794 204 42.03 51.00 38.56 11.94 12.60 127.8 2.47 9.00 1.37 97.17 0.98 10.07 66.69 (1.11) (1.11) PCSB PCSB Financial Corp. 1,659 333 20.12 20.88 18.45 37.26 38.69 128.9 0.80 16.65 - - 0.57 3.11 73.40 (0.64) (0.94) EVBN Evans Bancorp Inc. 1,456 195 39.82 41.75 32.41 11.15 11.49 148.2 2.61 9.16 - - 1.23 13.03 67.86 (0.70) - PBFS Pioneer Bancorp (MHC) 1,450 381 15.23 15.35 12.12 - - 184.8 - 14.86 0.97 106.45 - - 70.83 (0.52) 0.40 GCBC Greene County Bncp Inc. (MHC) 1,410 247 28.91 34.26 26.04 13.70 - 211.8 1.52 8.27 0.37 259.24 1.45 16.62 50.83 0.42 (0.76) OCBI Orange County Bancorp Inc. 1,244 132 29.50 31.00 26.50 12.09 - 118.9 2.71 8.96 - - 0.95 9.88 68.93 0.34 0.34 ADKT Adirondack Trust Company 1,204 132 1,719.75 1,719.75 1,556.00 - - - 2.99 9.48 0.17 590.91 1.08 10.07 69.63 0.00 - LYBC Lyons Bancorp Inc 1,150 125 39.25 75.00 37.25 12.00 - - 3.16 - - - 0.98 - - (1.26) 2.11 BKUT Bank of Utica 1,135 117 610.00 610.00 534.00 15.82 - 64.7 2.54 20.76 0.36 31.65 0.87 4.18 48.74 0.00 - PDLB PDL Community Bancorp (MHC) 1,100 255 14.49 14.85 12.42 NM NM 158.6 - 14.60 1.73 63.93 0.29 1.76 88.28 (1.43) (1.76)

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 1/3/2020

NORTH CAROLINA BANKS AND THRIFTS BAC Bank of America Corporation 2,426,330 313,929 34.90 35.72 25.03 12.93 12.20 182.0 2.06 8.39 0.43 90.96 1.17 10.38 56.99 (0.91) (1.27) TFC Truist Financial Corp. 236,750 75,364 56.20 56.92 44.51 14.12 13.17 230.7 3.20 9.63 - - 1.46 10.65 56.05 (0.21) (0.50) FCNC.A First Citizens BancShares Inc. 37,748 5,628 531.80 542.12 381.50 13.59 - 179.4 0.30 8.63 0.70 86.20 1.22 12.60 62.30 (0.08) 0.24 FBNC First Bancorp 6,069 1,168 39.44 41.34 31.81 12.36 12.40 198.7 1.83 10.09 0.58 55.12 1.60 12.04 54.59 (1.18) (1.67) LOB Live Oak Bancshares Inc. 4,604 757 18.80 20.46 13.09 35.47 43.72 149.9 0.64 11.03 0.73 127.79 0.55 4.27 77.94 (1.10) (1.31) HTBI HomeTrust Bancshares Inc. 3,655 466 26.48 28.79 23.93 17.19 18.65 122.4 1.06 10.62 1.04 56.01 0.81 6.88 66.30 (1.30) (1.38) SBNC Southern BancShares (NC) 2,944 310 3,825.00 3,901.00 3,275.00 9.35 - 104.6 0.26 10.92 0.41 171.81 1.29 11.21 64.81 0.00 - SLCT Select Bancorp Inc. 1,270 224 12.11 12.52 10.14 16.15 15.73 120.8 - 14.93 1.52 41.75 1.14 6.79 62.68 (1.54) (1.46) PEBK Peoples Bancorp of NC Inc. 1,223 192 32.45 34.32 22.09 13.35 - 144.6 1.73 10.85 0.27 200.30 1.31 11.48 70.27 (1.22) 0.34 UBNC Union Bank 788 87 14.56 15.10 14.40 - - 124.2 1.37 9.06 0.31 201.59 0.92 8.76 65.47 0.00 (1.62) UWHR Uwharrie Capital Corp 661 41 5.74 5.98 4.47 13.09 - 106.8 - 7.40 1.16 27.06 0.58 8.05 85.10 0.00 6.30 AQFH Aquesta Financial Holdings 505 63 11.60 11.70 10.76 15.26 - 120.0 0.95 10.39 0.26 298.07 0.86 9.23 69.33 0.00 - BKOR Oak Ridge Financial Services 470 42 15.85 15.85 12.70 9.49 - 105.8 1.26 8.37 - - 0.94 12.09 72.48 0.00 0.32 KSBI KS Bancorp Inc. 404 30 26.84 28.00 25.00 8.23 - 114.4 1.34 6.43 - - 0.91 15.43 71.22 (3.97) (3.97)

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 1/3/2020

OHIO BANKS AND THRIFTS FITB Fifth Third Bancorp 171,079 21,602 30.44 31.64 24.17 10.01 10.85 144.4 3.15 10.15 0.66 100.97 1.42 12.00 54.59 (0.98) (1.49) KEY KeyCorp 146,691 19,611 19.91 20.53 14.82 12.29 11.05 160.3 3.72 9.86 0.64 95.41 1.21 10.70 61.05 (1.63) (1.82) HBAN Huntington Bancshares Inc. 108,735 15,295 14.81 15.63 12.15 11.57 11.39 181.2 4.05 9.06 1.16 62.20 1.33 12.63 56.95 (1.79) (2.05) TFSL TFS Financial Corp (MHC) 14,542 5,431 19.71 20.45 15.89 NM NM 327.1 5.48 11.61 - - 0.56 4.58 67.75 0.15 0.72 FFBC First Financial Bancorp. 14,480 2,534 25.50 28.59 22.07 12.32 11.92 205.2 3.61 9.24 0.56 69.78 1.46 9.63 49.61 0.24 0.08 PRK Park National Corp. 8,724 1,660 101.58 105.52 86.85 15.60 15.03 212.0 3.98 9.15 1.36 47.11 1.27 11.86 63.28 (0.78) (1.16) PEBO Peoples Bancorp Inc. 4,396 705 34.53 34.94 29.81 13.18 11.99 173.5 3.94 9.77 0.71 68.97 1.28 9.67 61.45 (0.38) (0.35) FDEF First Defiance Financial 3,351 630 31.95 32.39 25.00 13.15 12.88 200.8 2.75 9.67 0.75 120.95 1.52 12.26 59.14 1.46 3.40 UCFC United Community Finl Corp.* 2,907 568 11.81 12.81 8.80 14.58 14.23 187.3 2.71 10.52 0.85 81.03 1.38 12.38 55.24 1.29 3.32 FMNB Farmers National Banc Corp. 2,433 444 16.06 16.50 12.56 12.85 12.65 177.6 2.49 10.47 0.47 124.84 1.48 12.78 57.57 (1.59) (1.77) CIVB Civista Bancshares Inc. 2,269 367 23.73 24.32 17.33 11.92 11.63 155.4 1.85 11.23 0.39 158.58 1.53 10.90 60.22 (1.13) (0.84) LCNB LCNB Corp. 1,644 243 18.83 19.94 15.05 12.81 12.99 149.8 3.82 10.27 0.64 39.67 1.18 8.70 61.99 (2.44) (3.34) FMAO Farmers & Merchants Bancorp 1,575 324 29.60 39.45 24.30 18.85 17.16 186.9 2.16 11.57 - - 1.23 8.78 61.48 (1.82) (3.46) MBCN Middlefield Banc Corp. 1,281 170 26.50 28.80 19.40 13.28 13.70 143.4 2.26 9.40 1.03 53.27 1.07 9.76 63.78 1.57 0.76 HLAN Heartland BancCorp 1,138 194 96.00 101.21 78.00 14.88 15.12 156.6 2.17 10.90 0.32 236.60 1.20 11.19 63.11 0.89 - OVBC Ohio Valley Banc Corp. 1,046 185 38.75 41.50 29.72 17.86 - 157.5 2.17 11.32 1.70 34.70 0.99 8.52 71.68 (2.20) (5.23) SBFG SB Financial Group Inc 1,043 149 19.07 20.00 15.76 13.06 12.15 117.5 1.99 11.36 0.44 185.05 1.14 8.79 71.02 (3.15) (2.70) CNUN Community Bancshares Inc. 1,006 80 61.00 61.00 54.50 9.18 - 73.2 - 10.91 0.50 118.98 0.91 7.75 71.41 0.00 - CHBH Croghan Bancshares Inc. 882 121 53.40 59.99 49.10 9.91 - 121.7 3.67 11.57 0.50 130.86 1.46 10.41 61.68 (0.19) (0.19) UBOH United Bancshares Inc. 876 75 23.00 23.99 17.85 8.42 - 121.9 2.26 7.29 0.35 129.09 1.06 10.63 72.28 1.28 0.94 CSBB CSB Bancorp Inc. 787 110 40.22 43.00 37.27 10.70 - 140.0 2.78 10.07 0.68 126.25 1.39 13.05 57.62 (1.83) (1.83) CFBK Central Federal Corp. 786 74 13.91 14.17 11.67 7.48 - 115.9 - 6.85 0.69 130.23 1.15 16.50 65.88 (0.29) (1.08) CLDB Cortland Bancorp 701 94 21.43 28.68 19.10 12.53 - 126.5 2.24 10.58 1.30 50.90 1.07 10.96 66.56 (1.74) (0.29) UBCP United Bancorp Inc. 676 82 14.40 15.56 10.25 14.55 12.00 145.7 3.89 8.67 - - 0.92 10.45 67.80 0.70 (1.91) CBKM Consumers Bancorp Inc. 565 54 19.70 20.00 16.90 9.95 - 102.1 2.74 9.38 0.16 436.76 1.01 11.10 71.50 0.77 4.23 KLIB Killbuck Bancshares Inc. 558 105 179.00 268.88 175.00 - - - 2.01 10.54 0.05 NM 1.43 12.38 56.59 0.00 (33.43) MTFC Minster Financial Corp. 495 60 57.25 57.37 55.00 - - - 3.84 ------0.00 - WAYN Wayne Savings Bancshares 494 59 22.67 24.93 17.66 9.65 - 129.0 3.53 9.34 0.74 103.22 1.31 13.61 55.99 (3.53) 0.93 FFDF FFD Financial Corp. 445 67 67.01 79.00 50.30 10.23 - 166.6 2.84 9.02 0.31 268.24 1.64 17.35 50.79 0.01 0.01 ANDC Andover Bancorp Inc. 428 47 19.50 23.50 18.50 - - - 3.74 9.46 0.34 90.03 0.92 9.29 74.80 0.00 1.04 PFOH Perpetual Federal Savings Bank 392 74 30.00 32.27 28.05 12.10 - 97.9 3.20 19.33 0.46 280.83 1.56 8.24 34.58 (3.69) (3.69) LBSI Liberty Bancshares Inc. 343 40 52.00 52.00 39.50 11.82 - 97.9 2.38 13.83 0.60 134.93 1.13 8.44 64.76 0.00 - FSDK First Citizens National Bank 293 35 110.00 111.00 86.75 16.86 - 84.7 1.96 14.21 1.44 64.07 0.73 5.16 78.14 0.00 - CBCZ Comunibanc Corp. 292 26 31.00 33.00 27.49 - - 87.1 2.52 10.10 1.43 32.63 0.47 4.86 84.36 0.00 (6.06)

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 1/3/2020

PENNSYLVANIA BANKS AND THRIFTS PNC PNC Financial Services Group 408,916 69,595 158.83 161.79 117.17 14.21 13.99 193.9 2.90 10.01 0.70 95.83 1.37 11.20 58.49 (0.50) (1.23) FNB F.N.B. Corp. 34,329 4,065 12.62 12.93 10.08 10.69 10.69 172.2 3.80 7.78 0.55 103.19 1.17 8.38 54.04 (0.63) 0.16 FULT Fulton Financial Corp. 21,704 2,879 17.54 18.00 14.85 12.71 12.44 160.8 2.96 8.45 0.93 82.32 1.13 10.33 62.91 0.63 0.17 CUBI Customers Bancorp Inc 11,724 728 23.24 25.72 17.35 13.36 11.56 92.4 - 8.57 0.25 171.23 0.67 7.10 65.97 (2.39) (1.73) NWBI Northwest Bancshares, Inc. 10,580 1,764 16.54 18.81 15.46 15.60 15.17 179.2 4.35 9.64 0.83 59.97 1.10 8.59 61.94 (0.54) (0.12) FCF First Commonwealth Financial 8,152 1,429 14.55 14.93 12.02 13.60 13.11 199.0 2.75 9.18 0.48 126.71 1.33 10.55 56.85 0.28 0.48 STBA S&T Bancorp Inc. 7,572 1,387 40.50 42.02 33.30 13.59 13.46 200.2 2.77 9.51 1.19 68.91 1.42 10.83 51.59 0.52 0.75 TSC TriState Capital Holdings Inc. 7,198 762 26.00 26.43 18.95 13.33 13.90 180.5 - 7.55 0.06 301.62 0.96 11.60 60.81 (0.46) 0.89 UVSP Univest Financial Corp. 5,354 775 26.43 27.80 22.19 11.29 11.80 158.8 3.03 9.42 0.75 83.31 1.35 10.73 59.82 (1.31) (1.05) BMTC Bryn Mawr Bank Corp. 4,829 820 40.77 41.41 33.26 13.77 13.28 206.4 2.55 8.58 0.40 107.88 1.31 10.40 60.08 (1.14) (1.00) CCNE CNB Financial Corp. 3,541 490 32.40 33.78 23.26 12.81 12.81 190.8 2.10 7.37 0.65 87.46 1.17 14.07 60.17 (0.86) (1.07) FRBK Republic First Bancorp Inc. 3,086 243 4.13 6.73 3.86 NM NM 100.7 - 7.84 0.81 33.98 0.04 0.46 95.93 (1.20) (0.48) PFIS Peoples Financial Services 2,373 365 49.40 53.88 39.76 13.50 - 158.0 2.83 10.01 0.49 194.24 1.17 9.53 60.05 (1.89) (1.20) ORRF Orrstown Financial Services 2,314 248 22.13 23.48 18.09 16.64 11.50 126.2 2.71 8.57 0.50 127.70 0.65 7.20 71.34 (2.17) (2.73) MPB Mid Penn Bancorp Inc. 2,249 242 28.49 29.88 21.51 13.50 13.31 145.8 2.53 7.60 0.25 167.77 0.85 7.89 69.98 (1.08) (3.03) CVLY Codorus Valley Bancorp Inc. 1,869 220 22.65 24.63 19.65 11.80 - 113.1 2.83 10.01 1.95 57.96 1.02 10.13 65.20 (1.65) (1.78) ESSA ESSA Bancorp Inc. 1,799 178 17.03 17.73 14.15 14.43 15.21 110.4 2.58 9.79 0.58 121.58 0.69 6.80 68.63 0.47 1.31 ACNB ACNB Corp. 1,736 259 36.56 41.00 32.29 10.78 - 159.7 2.74 9.46 0.50 160.30 1.43 13.71 58.70 (3.33) (2.22) PWOD Penns Woods Bancorp Inc. 1,673 242 34.36 36.27 23.23 14.20 - 176.5 3.73 8.28 1.31 65.12 1.03 11.59 62.66 (3.37) (2.94) CZNC Citizens & Northern Corp. 1,643 385 28.10 29.25 22.52 18.37 16.15 180.8 3.84 13.21 0.92 61.30 1.36 9.13 60.40 (0.53) 2.55 CZFS Citizens Financial Services 1,475 217 61.60 63.65 55.00 11.46 11.08 170.2 2.92 8.80 1.64 56.57 1.31 12.91 55.00 0.16 0.98 CBFV CB Financial Services Inc. 1,328 166 30.58 30.90 22.77 13.65 13.32 150.8 3.14 8.54 0.60 121.57 0.93 8.56 65.15 1.46 (0.03) SOME Somerset Trust Holding Company 1,310 107 44.00 47.00 40.00 9.45 - 92.5 3.36 8.84 1.04 83.48 0.90 11.23 77.88 0.00 (2.22) FRAF Franklin Financial Services 1,302 167 38.40 39.56 26.83 10.91 - 142.5 3.13 9.06 1.29 72.82 1.26 12.94 64.89 (0.75) (0.75) PBIP Prudential Bancorp Inc. 1,289 164 18.42 19.57 15.21 17.21 - 123.1 1.52 10.37 1.16 36.17 0.81 7.06 59.24 (0.59) 0.38 MLVF Malvern Bancorp Inc 1,265 176 23.00 23.75 19.27 18.85 18.85 125.3 - 11.26 1.60 49.76 0.80 6.78 53.23 (0.39) (1.29) QNBC QNB Corp. 1,246 136 38.65 39.00 36.07 11.30 - 113.9 3.42 9.55 1.13 67.39 0.99 10.42 64.26 0.00 (0.74) NWFL Norwood Financial Corp. 1,216 244 38.92 39.69 28.08 17.53 - 198.9 2.57 10.24 0.24 283.67 1.16 10.99 58.61 0.05 (0.84)

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 1/3/2020

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) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) FNCB FNCB Bancorp Inc. 1,197 168 8.35 10.68 7.03 10.31 - 127.0 2.40 11.07 1.36 57.29 1.20 12.95 70.54 (1.18) (1.30) ASRV AmeriServ Financial Inc. 1,171 71 4.15 4.30 3.92 9.88 - 78.6 2.41 7.81 0.17 426.42 0.62 7.38 83.06 (1.19) (2.12) EMYB Embassy Bancorp Inc. 1,161 139 18.65 18.97 14.50 13.23 - 144.3 1.07 8.32 0.25 269.79 0.94 11.54 60.76 0.81 1.08 ENBP ENB Financial Corp 1,146 118 20.85 21.50 17.11 11.00 - 102.4 6.14 10.09 0.34 240.15 0.98 10.24 69.25 0.48 0.48 MRBK Meridian Corp. 1,127 125 19.54 20.77 16.50 12.94 12.61 111.2 - 10.04 0.61 134.37 0.98 8.64 77.91 (3.22) (1.06) RIVE Riverview Financial Corp. 1,110 116 12.64 13.60 9.90 21.07 - 129.6 2.37 8.28 0.52 122.24 0.49 4.77 76.36 1.20 5.33 FSMK 1st Summit Bncp Johnstown Inc. 1,098 136 124.00 125.00 119.00 - - 123.2 - 10.06 0.41 120.37 0.99 10.34 62.62 0.00 - FKYS First Keystone Corp. 1,020 144 24.75 27.00 21.00 14.22 - 132.0 4.36 10.87 1.38 49.22 1.00 8.31 67.65 0.00 7.52 FDBC Fidelity D & D Bancorp Inc. 1,011 235 62.16 70.00 53.25 20.25 - 224.8 1.80 10.34 0.55 171.22 1.20 12.07 62.04 (0.08) (1.99) STND Standard AVB Financial Corp. 991 137 30.30 32.89 26.97 16.83 - 125.5 2.92 11.77 0.29 167.36 0.87 6.12 63.07 1.10 (2.01) FBIP FNB Bancorp Inc. 954 149 169.00 175.00 133.65 - - - 2.13 9.51 0.18 263.57 1.24 14.40 59.84 0.00 - EMCF Emclaire Financial Corp 941 89 33.08 37.75 29.07 14.26 - 146.4 3.51 7.08 0.58 119.26 0.75 8.37 65.57 1.68 (1.27) KISB Kish Bancorp Inc. 901 80 30.75 32.25 28.00 - - 131.1 3.25 6.75 - - 0.74 10.60 77.79 0.00 - CFCX Centric Financial Corp. 792 83 9.50 10.75 9.40 11.05 - 110.9 - 9.48 1.14 86.63 1.00 10.39 65.76 (2.56) (2.56) HARL Harleysville Financial Corp. 779 89 23.51 27.00 22.75 11.04 - 116.1 4.25 9.78 1.27 48.19 1.04 10.99 57.16 (4.04) (4.04) CCFN CCFNB Bancorp Inc. 758 103 48.70 55.00 48.10 11.91 - 113.0 3.20 12.11 0.92 107.72 1.19 9.07 61.21 0.00 - DIMC Dimeco Inc. 723 105 42.35 45.00 40.00 12.10 - 122.7 2.83 11.91 2.29 51.13 1.27 10.84 66.42 0.59 0.24 HONT Honat Bancorp 707 178 121.00 121.00 105.25 20.45 - 169.3 1.52 14.88 0.59 215.59 1.31 8.57 61.10 0.83 0.83 JUVF Juniata Valley Financial Corp. 667 99 19.36 22.00 19.35 17.76 - 153.5 4.55 9.79 0.52 87.44 0.87 8.07 77.23 0.05 0.05 AMBK American Bank Inc. 638 73 12.84 13.55 11.50 - - 124.1 3.74 9.10 - - - - - 7.00 7.00 JNES Jonestown Bank and Trust Co. 630 58 24.02 27.00 22.01 11.38 - 102.1 3.16 9.03 1.00 95.52 0.83 9.23 70.60 (7.62) 1.14 NUBC Northumberland Bancorp 544 48 36.50 37.50 34.80 13.72 - 87.1 2.30 10.23 0.48 130.55 0.66 6.67 77.00 0.27 0.27 YRKB York Traditions Bank 538 60 19.30 22.00 16.59 11.38 - 107.5 - 10.37 0.53 137.53 1.07 10.19 69.61 (3.50) (0.52) FMFP First Community Finl Corp. 535 63 22.10 28.50 22.10 - - - 4.89 ------0.00 - NTBP New Tripoli Bancorp Inc. 499 80 1,250.00 1,500.00 930.00 - - - 3.36 11.39 0.83 113.25 0.98 8.77 63.22 0.00 - MYBF Muncy Bank Financial 493 64 42.00 43.00 31.00 12.53 - 131.0 3.33 9.96 0.80 100.76 1.07 10.80 67.13 2.44 (2.33) SQCF Susquehanna Community Finl Inc 476 57 19.60 20.70 16.37 11.01 - 120.5 2.65 10.03 0.15 358.09 1.15 - - 1.82 1.82 MCHT Mauch Chunk Trust Finl Corp 460 46 15.00 15.00 12.40 16.85 - 109.4 2.00 9.11 0.76 71.93 0.59 6.91 75.47 0.00 - MIFF Mifflinburg Bancorp Inc. 455 53 28.50 29.00 28.00 10.71 - 108.9 - 10.77 - - 1.12 10.81 60.20 0.00 - CNAF Commercial National Financial 432 58 20.42 23.97 19.95 12.52 - 89.2 5.09 15.16 0.08 375.41 1.12 7.50 71.81 0.07 0.81 WDFN Woodlands Fnl Services Co 425 50 32.50 34.00 28.00 9.26 - 110.4 3.20 10.69 1.85 51.21 1.29 12.69 67.60 0.00 - WMPN William Penn Bncp Inc. (MHC) 418 155 38.90 44.00 33.25 40.52 - 223.3 1.03 16.82 0.96 78.83 0.94 5.11 67.47 0.00 - MNBC MNB Corporation* 413 71 62.45 66.00 31.00 18.87 - 180.2 1.41 9.51 0.54 123.90 0.94 10.79 68.96 0.00 - PPLL Peoples Ltd. 406 52 78.50 80.00 61.48 11.74 - 139.6 2.80 9.25 0.34 201.59 1.16 12.91 61.35 0.00 - MNBP Mars Bancorp Inc. 403 31 388.00 410.00 380.00 16.65 - 82.8 3.09 9.30 0.02 NM 0.47 5.20 83.60 0.00 - HMLN Hamlin B&TC 389 98 263.00 300.00 260.00 - - 109.0 4.18 23.14 1.33 72.06 0.85 3.91 57.27 1.15 1.15 NEFB Neffs Bancorp Inc. 370 74 461.10 465.00 380.00 - - 107.9 1.73 18.65 0.84 65.62 1.19 6.55 53.97 0.00 (0.84) GNBF GNB Financial Services Inc 370 42 54.00 60.00 51.50 - - - 5.26 ------0.00 (1.82) WVFC WVS Financial Corp. 359 29 16.26 18.44 14.51 10.16 - 85.9 2.46 10.22 - NM 0.80 8.09 48.97 (1.15) 0.96 HVBC HV Bancorp Inc. 357 35 16.50 17.00 14.25 35.87 - 112.5 - 9.33 1.07 34.93 0.29 2.97 87.39 (2.94) (2.15) FRSB First Resource Bk 322 30 10.70 10.80 8.38 12.85 - 108.3 - 8.48 1.27 60.27 0.78 8.89 68.60 (0.47) -

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 1/3/2020

RHODE ISLAND BANKS AND THRIFTS CFG Citizens Financial Group Inc. 164,362 17,350 39.91 40.92 30.89 10.50 10.46 130.2 3.61 9.37 0.92 83.44 1.13 8.55 57.16 (1.72) (1.41) WASH Washington Trust Bancorp Inc. 5,199 923 53.17 54.96 45.21 13.13 13.26 216.2 3.84 8.32 0.37 139.00 1.39 15.25 53.26 (1.15) (1.59)

SOUTH CAROLINA BANKS AND THRIFTS SSB South State Corporation 15,752 2,932 87.09 88.10 60.53 16.53 15.64 228.0 2.11 8.81 0.29 130.08 1.23 7.88 57.95 0.39 0.35 CARO Carolina Financial Corp.* 3,980 940 42.47 43.85 29.81 15.50 14.45 197.0 0.94 12.50 0.63 64.05 1.61 10.44 53.74 (1.76) (0.61) SFST Southern First Bancshares Inc 2,202 319 41.92 44.43 30.86 12.29 11.89 160.9 - 9.02 0.58 123.63 1.33 14.57 54.97 (1.34) (2.15) CNBW CNB Corp. 1,250 134 84.00 85.00 74.50 - - - 3.27 10.15 0.33 155.08 1.16 11.71 59.73 0.00 - FCCO First Community Corp. 1,130 159 21.48 22.79 17.08 14.92 15.07 155.2 2.05 9.21 0.50 117.14 1.00 9.58 68.60 (0.60) 1.32 SFDL Security Federal Corp. 991 101 34.01 35.00 27.75 13.66 - 110.4 1.18 9.20 - - 0.82 9.12 75.07 (2.83) 0.77 GRRB GrandSouth Bancorporation 888 91 17.55 18.00 14.85 11.86 - 125.0 1.82 8.36 - - 0.94 11.72 68.39 (2.23) 0.29 SABK South Atlantic Bancshares Inc. 714 94 12.47 12.90 10.66 15.40 - 117.1 - 11.30 - - 0.91 7.51 72.76 (1.03) (1.03) COSO CoastalSouth Bancshares Inc. 691 100 12.55 14.00 11.50 - - 116.2 - 12.53 - - 0.35 2.87 81.57 0.00 1.37 FSRL First Reliance Bcshs 658 64 7.82 8.18 5.28 13.48 - 116.5 - 8.41 0.76 50.55 0.76 8.70 80.45 0.00 (0.38) OFED Oconee Fed Finl Corp. (MHC) 522 152 26.87 27.49 21.65 41.34 - 180.0 1.49 16.47 0.88 28.27 0.74 4.46 70.37 2.91 2.73 BKSC Bank of South Carolina Corp. 453 103 18.70 20.81 17.32 14.27 - 205.5 3.42 11.11 0.41 221.80 1.69 15.56 53.66 (0.43) (0.48) CCNB Coastal Carolina Bcshs Inc. 436 48 7.76 8.30 6.47 19.79 - 110.2 - 10.02 0.60 107.11 0.65 5.71 74.67 0.26 0.26 CFOK Community First Bancorporation 420 41 7.50 8.40 7.07 8.43 - 92.0 - 11.41 - - 1.03 10.18 96.42 0.00 -

TENNESSEE BANKS AND THRIFTS FHN First Horizon National Corp. 43,718 5,054 16.24 17.42 13.30 12.40 10.09 166.5 3.45 8.13 0.89 49.65 1.05 8.92 60.01 (1.93) (1.64) PNFP Pinnacle Financial Partners 27,548 4,850 63.69 65.00 46.79 12.25 11.92 201.6 1.00 9.44 0.40 83.94 1.56 9.79 46.30 (0.48) (0.13) FBK FB Financial Corp. 6,089 1,217 39.35 40.33 30.33 15.68 14.00 218.3 0.81 9.45 0.73 70.41 1.45 11.39 64.28 (0.61) (0.43) FSB Franklin Financial Network Inc 3,818 499 33.88 35.49 26.06 22.14 16.37 127.3 0.71 10.25 0.09 774.09 0.56 6.07 58.50 (1.31) (0.38) SMBK SmartFinancial Inc. 2,390 325 23.19 23.99 17.15 12.34 14.31 141.7 0.86 9.88 0.20 204.26 1.15 9.19 61.70 (1.95) (2.07) CSTR CapStar Financial Hlgs Inc. 2,034 302 16.45 17.48 14.11 18.91 12.32 135.1 1.22 11.23 0.29 217.76 0.82 6.32 61.15 (1.20) (1.02) RBNC Reliant Bancorp Inc. 1,852 244 21.80 25.00 19.03 15.24 15.03 144.8 1.65 9.35 0.38 175.74 0.92 7.66 74.19 (1.98) (1.80) FIZN First Citizens Bancshares Inc. 1,786 246 62.00 62.00 54.26 13.84 - - 1.94 10.01 - - 1.03 9.69 68.91 0.00 - FFMH First Farmers Merchants Corp. 1,369 185 42.00 44.90 40.60 11.57 - 137.9 2.00 9.88 0.19 343.73 1.19 11.95 69.87 0.00 1.13

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 1/3/2020

VERMONT BANKS AND THRIFT UNB Union Bankshares Inc. 845 157 35.12 49.00 25.54 21.03 - 230.5 3.53 8.08 0.50 137.18 0.93 11.28 69.01 (3.14) (5.29) CMTV Community Bancorp. 729 85 16.30 17.95 15.07 10.00 - 156.9 4.66 7.77 1.22 66.11 1.22 13.48 64.55 1.88 1.88 MDVT Middlebury National Corp. 384 33 37.72 40.20 36.00 9.00 - 87.4 2.65 9.76 0.50 119.02 0.99 10.31 71.42 1.40 1.40 PPAL Peoples Tr Co St Albns 272 33 55.50 80.00 54.75 16.12 - 96.7 1.53 12.60 1.49 55.54 0.76 6.14 81.65 0.00 -

VIRGINIA BANKS AND THRIFT COF Capital One Financial Corp. 378,810 47,504 102.00 105.70 76.82 9.05 8.65 126.3 1.57 11.93 1.16 160.26 1.52 10.44 53.58 (0.88) (0.97) AUB Atlantic Union Bkshs Corp. 17,441 3,030 37.57 40.20 29.98 15.79 13.66 201.0 2.66 9.23 0.36 68.89 1.15 7.92 51.71 0.05 (0.90) TOWN TowneBank 12,021 1,983 27.61 29.02 23.71 14.23 14.84 178.8 2.61 9.85 0.41 111.45 1.26 9.22 63.66 (0.75) (1.15) CARE Carter Bank & Trust 4,020 576 21.86 24.25 15.00 21.64 20.62 138.6 - 10.48 4.58 21.93 0.65 5.86 65.20 (7.84) (6.30) BHRB Burke & Herbert Bank & Trust 2,916 418 2,235.00 2,990.00 2,039.00 14.79 - 115.9 3.58 12.37 0.60 103.61 0.96 8.08 73.77 (0.06) 2.76 SONA Southern National Bncp of VA 2,699 393 16.25 16.85 13.69 12.40 11.13 150.4 2.22 10.09 0.26 158.95 1.17 8.97 52.69 (0.61) (0.85) AMNB American National Bankshares 2,455 430 38.68 41.50 30.10 20.04 13.41 191.6 2.79 9.50 0.19 273.60 0.86 6.93 57.41 (2.25) (2.08) FCBC First Community Bankshares Inc 2,205 478 30.67 36.48 29.71 12.73 14.07 198.8 3.26 11.40 1.16 72.13 1.73 11.53 55.78 (1.13) (1.03) FBLV First Bancorp Inc. 1,930 472 57.00 57.00 44.00 17.64 - 225.9 - 10.84 1.16 79.72 1.45 13.26 56.46 0.00 - CFFI C&F Financial Corp. 1,619 184 53.80 57.61 45.66 10.11 - 126.0 2.83 9.14 0.49 415.90 1.20 12.00 69.27 (2.77) (3.55) FVCB FVCBankcorp Inc. 1,565 240 17.29 19.64 15.93 18.59 16.31 143.7 - 10.72 0.91 70.36 0.96 8.24 54.82 (1.03) 0.06 JMSB John Marshall Bancorp Inc. 1,513 197 16.60 17.50 13.91 15.66 - 138.0 - 10.40 0.15 449.07 1.01 9.80 59.90 0.61 0.61 ESXB Community Bankers Trust Corp 1,423 197 8.80 9.21 7.11 13.13 12.75 128.8 1.82 10.73 1.06 56.45 1.07 10.55 64.49 (0.90) (0.90) NKSH National Bankshares Inc. 1,273 278 42.82 48.82 32.52 16.66 17.34 154.6 3.36 14.22 0.60 95.08 1.38 9.31 53.86 (4.70) (7.03) MNSB MainStreet Bcshs 1,234 185 22.82 25.50 16.67 13.35 13.42 141.5 - 10.79 0.23 332.62 1.24 11.20 55.52 (0.78) (0.78) BAYK Bay Banks of Virginia Inc. 1,112 116 8.70 9.15 7.44 19.77 16.73 102.8 - 10.25 1.16 58.16 0.54 4.88 73.00 0.58 1.81 OPOF Old Point Financial Corp. 1,051 143 27.41 30.05 19.80 19.58 - 133.1 1.75 10.21 1.10 92.15 0.70 6.93 78.76 (0.29) (2.18) CPKF Chesapeake Financial Shares 944 118 24.00 26.49 21.58 10.53 10.67 111.5 2.08 11.25 0.56 98.78 1.28 11.96 74.20 0.00 - EFSI Eagle Financial Services Inc. 851 106 31.05 34.00 29.52 11.90 - 112.9 3.35 11.11 0.61 94.22 1.11 10.03 67.54 0.00 - FMBM F & M Bank Corp. 813 89 28.00 35.70 25.15 17.72 - 109.1 3.71 10.83 1.90 58.28 0.73 6.28 69.38 (3.45) (3.45) FXNC First National Corp. 777 106 21.40 31.00 16.74 11.57 - 141.6 1.68 9.66 0.22 292.56 1.20 13.15 65.91 0.00 4.39 BRBS Blue Ridge Bankshares Inc. 736 91 20.87 23.00 16.50 15.23 - 149.6 2.73 8.32 - - 0.83 9.32 74.36 (0.38) 1.31 FBSS Fauquier Bankshares Inc. 726 82 21.63 23.31 18.54 12.02 - 124.1 2.31 9.08 0.80 92.78 0.97 10.97 73.63 1.84 0.69

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 1/3/2020

WEST VIRGINIA BANKS AND THRIFTS UBSI United Bankshares Inc. 19,751 3,876 38.18 40.70 32.04 14.97 14.80 210.2 3.67 10.11 0.80 48.60 1.35 7.89 49.32 (1.24) (0.60) WSBC WesBanco Inc. 12,594 2,538 37.31 43.13 33.19 12.27 12.60 172.0 3.32 10.16 0.39 109.19 1.33 8.22 53.92 (1.27) (1.48) CHCO City Holding Co. 4,958 1,336 81.96 83.07 66.63 17.36 15.32 252.7 2.78 10.93 - - 1.61 12.75 49.63 0.01 (0.40) SMMF Summit Financial Group Inc. 2,324 324 26.13 27.83 19.34 10.49 11.46 148.7 2.30 9.53 2.46 22.64 1.39 13.56 53.67 (3.54) (2.86) MVBF MVB Financial Corp 1,962 277 23.46 27.00 14.31 11.56 18.92 157.8 1.19 9.44 0.59 102.47 1.44 13.91 78.70 (5.86) (5.10) PFBI Premier Financial Bancorp Inc. 1,710 261 17.84 20.38 14.07 10.88 - 141.6 3.36 11.13 1.91 42.35 1.42 10.78 54.06 (1.65) (1.49) PTBS Potomac Bancshares Inc. 505 58 14.04 14.75 13.75 19.23 - 112.4 1.99 10.23 0.68 104.62 0.61 6.02 79.24 (0.43) (0.43) HBSI Highlands Bankshares Inc. 419 52 39.25 46.70 38.75 15.39 - 99.4 4.59 12.65 - - 0.82 6.36 75.83 0.38 0.38 JFWV Jefferson Security Bank 320 26 92.33 100.00 80.40 9.11 - 95.9 1.84 8.39 2.00 31.32 0.91 11.45 70.07 0.36 0.36 MKIN MCNB Banks Inc. 298 26 23.25 23.25 18.05 11.57 - 76.2 - 11.33 6.98 15.36 0.75 6.82 71.26 0.00 14.53 CIWV Citizens Financial Corp. 283 28 15.88 17.00 14.00 - - - 3.78 9.94 1.87 49.85 1.15 11.47 61.39 0.00 -

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 1/3/2020

Market Data Capital Ratio Asset Quality Profitability Price Perf. Tang. Price / Equity/ NPAs + Rsrvs/ LTM 2018E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff. Number of EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week Medians Companies (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) By State CT Connecticut 7 12.69 12.40 136.94 1.85 8.56 0.70 67.53 0.96 7.60 58.05 (0.13) - FL Delaware 3 13.69 11.92 164.13 - 10.16 - 33.71 1.26 9.59 64.95 (1.56) (1.56) Discrict of Columbia 2 21.67 - 86.03 0.72 9.16 1.74 28.76 0.44 4.80 86.61 - (0.89) GA Florida 15 15.06 15.49 129.84 - 8.84 0.31 56.73 0.85 9.15 58.86 - (0.07) MD Georgia 19 12.65 12.13 152.45 1.75 9.46 0.54 45.85 1.20 10.31 55.09 - - MA Maryland 23 12.96 12.67 112.08 1.44 9.75 1.02 49.93 0.90 8.80 68.69 (0.37) (0.55) NJ Massachusetts 17 16.85 14.85 155.70 1.95 9.10 0.11 91.17 0.94 9.03 63.93 (0.49) (0.69) NY New Jersey 30 13.03 12.70 132.07 1.32 9.37 0.72 71.72 0.82 7.90 59.84 (0.26) (0.67) NC New York 56 14.06 13.40 148.18 2.32 8.85 0.30 93.04 0.97 9.67 62.53 (0.51) (0.02) OH North Carolina 19 13.01 14.45 122.44 1.06 9.63 0.33 56.01 1.17 10.65 66.30 - (0.50) PA Ohio 45 12.32 12.40 141.71 2.71 10.10 0.56 79.77 1.15 9.76 61.99 - - RI Pennsylvania 79 13.23 13.28 124.14 2.74 9.55 0.58 87.46 0.98 8.77 65.15 - - SC Rhode Island 2 11.82 11.86 173.20 3.72 8.84 0.65 111.22 1.26 11.90 55.21 (1.44) (1.50) TN South Carolina 14 14.60 14.76 124.97 1.06 10.08 0.37 57.30 0.97 9.35 69.48 (0.21) 0.13 VT Tennessee 19 13.66 14.00 143.24 1.22 9.88 0.20 70.41 1.03 9.18 61.41 - (0.28) VA Vermont 4 13.06 - 126.84 3.09 8.92 0.86 92.57 0.96 10.79 70.22 0.70 0.70 WV Virginia 42 13.67 13.87 124.09 1.96 10.44 0.60 75.21 0.98 9.10 67.81 - (0.03) West Virginia 11 11.92 14.80 145.11 2.78 10.16 0.80 42.35 1.33 10.78 61.39 (0.43) (0.43) By Asset Size 10,000 >= $10 billion 44 13.02 12.37 179.12 2.75 9.24 0.55 84.28 1.22 9.48 56.94 (0.52) (0.45) 1,000 $1 billion to $10 billion 154 13.59 talk 148.42 2.08 9.75 0.56 101.99 1.08 10.12 60.71 (0.84) (0.82) 500 $500 million to $1billion 85 13.70 14.77 122.72 1.84 9.48 0.50 54.55 0.86 9.23 68.57 - - 250 $250 million to $500 million 92 12.35 53.48 106.39 1.83 9.76 0.40 53.15 0.84 7.80 69.41 - - 100 $150 million to $250 million 32 13.29 - 98.54 1.62 10.42 0.37 53.53 0.68 6.43 72.37 - - Total Companies 407 13.35 13.28 132.01 2.06 9.66 0.50 73.03 0.98 9.23 64.06 - (0.08)

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 1/3/2020

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) 310 86 11.32 11.69 9.82 NM NM 111.8 - 24.71 - - 0.06 0.24 100.41 (1.14) 0.18

MARYLAND MHCs BVFL BV Financial Inc. (MHC) 297 119 16.82 20.00 13.50 45.46 NM - - 21.36 2.13 21.59 0.79 4.86 68.88 (2.49) (1.75)

MASSACHUSETTS MHCs HONE HarborOne Bancorp Inc 3,949 642 10.98 11.18 8.35 43.48 39.0 110.0 - 15.06 1.13 51.74 0.39 3.52 83.23 (0.09) (0.27) PVBC Provident Bancorp Inc 1,078 244 12.52 14.08 10.41 21.45 NM 179.2 - 12.60 - - 1.11 8.54 58.01 0.56 0.24

NEW JERSEY MHCs CLBK Columbia Financial Inc. (MHC) 7,070 1,844 16.95 17.20 14.25 33.90 39.4 196.9 - 13.96 - - 0.82 5.69 62.61 0.06 (1.45) MGYR Magyar Bancorp Inc. (MHC) 630 72 12.40 12.87 10.93 24.31 NM 132.1 - 8.67 3.12 24.83 0.47 5.47 77.04 0.81 (0.48) LPBC Lincoln Park Bancorp (MHC) 307 15 8.30 10.50 8.06 NM NM - - 6.08 - - (0.52) (10.15) 151.48 0.00 0.61

NEW YORK MHCs GCBC Greene County Bncp Inc. (MHC) 1,410 247 28.91 34.26 26.04 13.70 NM 211.8 1.52 8.27 0.37 259.24 1.45 16.62 50.83 0.42 (0.76) PDLB PDL Community Bancorp (MHC) 1,100 255 14.49 14.85 12.42 NM NM 158.6 - 14.60 1.73 63.93 0.29 1.76 88.28 (1.43) (1.76) NECB NorthEast Community Bncp (MHC) 1,038 144 11.95 12.10 11.11 9.85 NM - 1.00 - - - 1.60 11.16 - (0.83) 1.36 LSBK Lake Shore Bancorp Inc. (MHC) 597 89 15.25 16.24 14.25 23.46 NM 110.0 3.15 13.82 0.73 95.44 0.70 4.83 75.37 (0.85) (0.33) SCAY Seneca-Cayuga Bncp Inc. (MHC) 323 26 10.51 11.70 10.05 NM NM 99.9 - 8.09 1.76 30.39 (0.11) (1.25) 107.67 0.00 1.30 SNNF Seneca Financial Corp. (MHC) 210 17 9.40 9.60 7.80 15.16 NM 88.3 - 9.67 0.79 71.52 0.58 5.96 77.62 0.00 1.62

NORTH CAROLINA MHCs LSFG LifeStore Financial Grp (MHC) 310 42 39.50 39.80 28.10 9.85 NM - 0.71 - - - 1.38 13.97 71.37 0.00 (0.75)

OHIO MHCs TFSL TFS Financial Corp (MHC) 14,542 5,431 19.71 20.45 15.89 NM 62.6 327.1 5.48 11.61 - - 0.56 4.58 67.75 0.15 0.72 CNNB Cincinnati Bancorp (MHC) 221 30 16.50 17.00 11.80 12.04 NM 128.8 - 10.52 0.80 79.77 1.18 10.59 93.11 (1.49) (1.49) GVFF Greenville Federal Finl (MHC) 186 24 10.85 11.70 9.76 40.19 NM 107.9 2.58 11.68 - - 0.30 2.54 90.01 (1.36) (1.36)

PENNSYLVANIA MHCs WMPN William Penn Bncp Inc. (MHC) 418 155 38.90 44.00 33.25 40.52 NM 223.3 1.03 16.82 0.96 78.83 0.94 5.11 67.47 0.00 - SSBP SSB Bancorp Inc. (MHC) 201 18 8.01 9.09 7.30 - NM 86.8 - 10.31 - - 0.25 2.37 85.57 0.00 (0.62)

SOUTH CAROLINA MHCs OFED Oconee Fed Finl Corp. (MHC) 522 152 26.87 27.49 21.65 - NM 180.0 1.49 16.47 0.88 28.27 0.74 4.46 70.37 2.91 2.73

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 1/3/2020

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 1/3/2020

45.0%

40.0%

37.1%

35.0%

31.7% 30.0%

25.0%

22.6%

20.7% 20.0%

15.0%

11.1% 10.0%

5.0%

0.0%

(5.0%) 1/7/2019 2/4/2019 3/4/2019 4/1/2019 4/8/2019 5/6/2019 6/3/2019 7/1/2019 7/8/2019 8/5/2019 9/2/2019 9/9/2019 1/14/2019 1/21/2019 1/28/2019 2/11/2019 2/18/2019 2/25/2019 3/11/2019 3/18/2019 3/25/2019 4/15/2019 4/22/2019 4/29/2019 5/13/2019 5/20/2019 5/27/2019 6/10/2019 6/17/2019 6/24/2019 7/15/2019 7/22/2019 7/29/2019 8/12/2019 8/19/2019 8/26/2019 9/16/2019 9/23/2019 9/30/2019 10/7/2019 11/4/2019 12/2/2019 12/9/2019 12/31/2018 10/14/2019 10/21/2019 10/28/2019 11/11/2019 11/18/2019 11/25/2019 12/16/2019 12/23/2019 12/30/2019 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 3. Recent Bank M&A Transactions BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Summary of Transactions Announced Since January 6, 2020

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 AssetsROAAROAEAssets Value Share Value Book Book EPS Assets Deps Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%) 12/23/2019 NA Northfield Bancorp Inc. NJ VSB Bancorp Inc. NY 375,704 10.14 0.95 10.30 0.58 63.20 33.30 51.36 161.62 161.62 16.32 16.82 9.11 12/19/2019NA Evans Bancorp Inc. NY FSB Bancorp Inc. NY 324,810 9.83 0.00 0.02 0.32 34.77 17.83 6.06 108.40 108.40 NM 10.71 1.84 12/18/2019 NA Pinnacle Financial Corp. GA SBT Bancorp Inc. GA 224,546 8.88 1.21 13.42 0.83 36.00 27.37 NA 176.24 176.24 16.54 16.03 10.66 12/18/2019 NA Kearny Financial Corp. NJ MSB Financial Corp. NJ 591,253 10.86 0.71 6.08 2.24 95.71 18.29 21.13 148.14 148.14 22.86 16.19 8.54 12/18/2019 NA First Bancshares Inc. MS Southwest Georgia Financial GA 547,544 8.84 0.94 11.20 0.38 87.92 34.50 59.16 181.47 181.47 17.34 16.06 9.00 12/18/2019NA CNB Financial Corp. PA Bank of Akron NY 388,877 9.88 1.30 13.00 1.21 65.78 219.25 23.87 171.21 171.21 13.91 16.91 9.58 12/18/2019 NA Citizens & Northern Corp. PA Covenant Financial Inc. PA 512,146 10.14 1.04 10.24 0.93 77.24 16.75 NA 193.99 193.99 20.81 15.08 14.13 12/18/2019 NA Cambridge Financial Group Inc. MA Melrose Bancorp Inc MA 340,813 11.93 0.38 2.93 NA 52.76 25.00 39.90 129.80 129.80 44.64 15.48 7.10 12/10/2019 NA Fidelity D & D Bancorp Inc. PA MNB Corporation PA 412,770 9.51 0.94 10.79 0.53 78.67 69.45 97.07 200.40 200.40 20.98 19.06 11.56 12/5/2019 NA William Penn Bncp Inc. (MHC) PA Washington SB PA 159,367 8.50 (0.36) (4.30) 0.11 NA NA NA NA NA NA NA NA 12/5/2019 NA William Penn Bncp Inc. (MHC) PA Fidelity S&L Association PA 85,921 14.91 0.36 2.46 1.51 NA NA NA NA NA NA NA NA 12/5/2019 NA Cambridge Bancorp MA Wellesley Bancorp MA 985,867 7.28 0.70 9.48 NA 119.76 44.29 37.03 158.53 158.53 17.44 12.15 7.89 12/4/2019 NA Bridgewater Financial MHC MA Mansfield Co-operative Bank MA 527,235 10.66 0.60 5.77 0.35 NA NA NA NA NA NA NA NA 12/3/2019 NA Suncoast CU FL Apollo Bank FL 746,768 9.78 1.24 12.87 0.64 NA NA NA NA NA NA NA NA 12/3/2019 NA Columbia Financial Inc. (MHC) NJ RSB Bancorp MHC NJ 442,128 13.68 (0.80) (5.52) 0.47 NA NA NA NA NA NA NA NA 11/19/2019 NA Seacoast Banking Corp. of FL FL First Bank of the Palm Beaches FL 189,126 8.69 0.60 6.87 0.14 32.90 5.91 NA 200.19 200.19 30.32 17.40 11.41 11/18/2019 NA United Bankshares Inc. WV Carolina Financial Corp. SC 3,979,888 15.62 1.61 10.44 0.60 1,117.89 44.65 15.69 159.81 207.06 16.29 28.09 27.42 11/1/2019 11/1/2019 IBW Financial Corp. DCCity National Bank of NJ NJ NA NA NA NA NA NA NA NA NA NA NA NA NA 10/29/2019 NA SmartFinancial Inc. TN Progressive Financial Grp Inc TN 291,991 10.44 0.67 6.58 2.22 41.38 1,996.91 NA 124.15 124.94 27.00 14.17 4.21 10/25/2019 NA Flushing Financial Corp. NY Empire Bancorp Inc. NY 1,012,542 8.02 0.35 4.68 NA 110.24 14.24 11.71 134.62 141.00 30.96 10.89 3.60 10/25/201910/25/2019Buckeye State Bancshares OHResolute Bank OH NA NA NA NA NA NA NA NA NA NA NA NA NA 10/23/2019 NA Reliant Bancorp Inc. TN First Advantage Bancorp TN 732,562 11.03 1.06 9.18 1.31 123.98 30.67 23.57 146.52 146.52 17.94 16.92 10.03 10/22/2019NA Centreville Bank RI PB Bancorp Inc. CT 538,030 15.81 0.82 5.09 1.20 115.52 15.25 33.20 133.50 145.30 25.42 21.47 NA 10/21/2019 NA Community Bank System Inc. NY Steuben Trust Corporation NY 576,601 11.06 1.25 11.96 0.55 108.61 64.03 39.20 170.35 170.52 15.36 18.84 11.50 9/27/2019 NA First MHC OHWarsaw FS&LA OH 55,979 13.68 (1.08) (7.89) 1.84 NA NA NA NA NA NA NA NA 9/25/2019 NA Banco de Credito e Inversiones NA Executive Banking Corp. FL 455,303 11.28 0.87 8.25 0.45 75.00 NA NA176.17 176.17 22.19 16.47 9.53 9/24/2019 NA Sandy Spring Bancorp Inc. MD Revere Bank MD 2,626,721 10.90 1.22 11.54 0.18 460.71 37.10 27.92 155.14 173.36 14.78 17.54 12.85 9/24/2019 NA First Citizens BancShares Inc. NC Community Financial Holding Co GA 222,562 4.75 0.70 20.29 5.87 2.33 NA NA NM NM 2.22 1.04 4.48

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

Summary of Transactions Announced Since January 6, 2020

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 AssetsROAAROAEAssets Value Share Value Book Book EPS Assets Deps Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%) 9/18/2019 NA Citizens Financial Services PA MidCoast Community Bancorp Inc DE 268,546 9.51 0.97 9.85 0.17 29.90 6.26 2.59 117.09 117.09 12.24 11.13 2.90 9/17/2019 NA Summit Financial Group Inc. WV Cornerstone Financial Svcs Inc WV 169,666 11.20 0.92 9.28 - 29.14 5,827.68 NA 153.32 153.32 27.26 17.17 8.74 9/16/2019 NA Reliant Bancorp Inc. TN Tennessee Cmnty Bk Hldgs Inc. TN 251,417 10.60 1.05 10.14 0.43 38.36 35.98 NA 143.99 143.99 15.43 15.26 7.25 9/16/2019 NA First Commerce Credit Union FL Assets and liabilities GA 248,139 13.99 0.89 6.48 2.39 NA NA NA NA NA NA NA NA 9/11/2019 NA First Community Bankshares Inc VA Highlands Bankshares Inc. VA 611,721 9.81 0.62 6.50 2.61 93.15 9.01 22.54 155.18 155.18 25.02 15.23 7.33 9/9/2019 NA First Defiance Financial OH United Community Finl Corp. OH 2,869,116 11.07 1.36 12.16 0.97 474.89 9.78 1.75 148.01 159.99 12.54 16.55 9.23 9/5/2019 NA BV Financial Inc. (MHC) MD MB Bancorp Inc MD 147,096 22.84 1.38 6.31 NA 31.91 15.85 (3.94) 92.49 92.49 14.03 21.69 (2.82) 8/30/2019 NA Farmers National Banc Corp. OH Maple Leaf Financial Inc. OH 276,736 14.48 0.56 3.78 4.86 39.62 633.01 NA 120.03 120.03 43.02 14.32 7.44 8/20/2019 NA Community First Bcshs (MHC) GA ABB Financial Group Inc. GA 307,542 10.71 0.96 9.20 0.53 40.30 7.50 NA 158.06 158.06 14.90 13.10 9.44 8/16/2019 NA ConnectOne Bancorp Inc. NJ Bancorp of New Jersey Inc. NJ 924,718 10.01 0.65 6.56 1.42 113.43 15.48 12.58 122.04 122.04 19.60 12.27 4.62 8/13/2019 NA C&F Financial Corp. VA Peoples Bankshares Inc. VA 194,037 8.13 (0.45) (5.85) NA 21.53 54.99 94.31 136.51 136.51 NM 11.09 4.41 8/12/2019 NA Professional Holding Corp. FL Marquis Bancorp Inc. FL 680,271 9.31 1.19 12.77 0.27 NA NA NA NA NA NA NA NA 8/9/2019 NA OceanFirst Financial Corp. NJ Two River Bncp NJ 1,153,797 10.52 1.05 10.07 0.80 183.35 20.79 53.68 148.25 174.24 15.40 15.89 9.50 8/9/2019 NA OceanFirst Financial Corp. NJ Country Bank Holding Co. NY 783,352 8.62 NA NA NA 102.23 46,280.00 44.62 151.00 151.00 9.80 13.05 7.50 7/25/2019 11/8/2019 Guaranty Capital Corp. MS First Alliance Bancshares Inc. TN 141,075 8.15 NA NA NA 18.25 NA NA158.68 NA NA 12.94 NA 7/24/2019 NA Investors Bancorp Inc NJ Gold Coast Bancorp Inc. NY 572,323 8.07 0.45 5.65 NA 63.63 15.84 21.83 134.91 134.91 25.14 11.12 5.05 7/23/2019 11/22/2019 WesBanco Inc. WV Old Line Bancshares Inc MD 3,075,613 12.66 1.20 9.44 0.27 500.06 29.22 12.73 127.58 177.02 13.98 16.26 12.65 7/22/2019 10/31/2019 First Bancshares Inc. MS First Florida Bancorp Inc. FL 451,015 11.74 1.24 10.76 0.14 84.27 12.88 NA 176.57 176.57 17.32 18.68 13.69 7/15/2019 NA Carolina Financial Corp. SC Carolina Trust BancShares Inc. NC 617,423 11.32 0.74 6.87 0.82 100.12 10.67 39.35 142.05 161.06 21.78 16.22 9.74 7/15/2019 11/1/2019 People's United Financial Inc. CT United Financial Bancorp CT 7,339,940 9.87 0.79 8.07 0.68 758.03 14.74 4.49 104.05 125.20 13.16 10.33 4.40 7/2/2019 NA ACNB Corp. PA Frederick County Bancorp MD 442,421 8.18 0.65 7.87 0.46 62.34 38.20 41.50 162.69 162.69 21.83 14.09 8.29 6/26/2019 12/1/2019 Valley National Bancorp NJ Oritani Financial Corp. NJ 4,074,702 13.02 1.28 9.62 0.27 744.63 16.29 0.48 138.35 138.35 13.69 18.27 10.20 6/24/2019 11/8/2019 1st Constitution Bancorp NJ Shore Community Bank NJ 273,938 11.62 1.45 13.20 0.62 53.11 16.54 11.03 162.29 162.29 13.23 19.39 10.70 6/18/2019 NA Fidelity MHC MA Family Federal Savings F.A. MA 97,894 11.76 0.05 0.47 1.36 NA NA NA NA NA NA NA NA 6/14/2019 NA Consumers Bancorp Inc. OH Peoples Bncp Mt. Pleasant Inc OH 79,222 10.27 0.73 6.78 0.16 10.28 1,202.23 NA 128.57 128.57 21.41 12.97 3.84 6/7/2019 11/1/2019 Columbia Financial Inc. (MHC) NJ Stewardship Financial Corp. NJ 961,130 8.56 0.83 10.08 0.77 137.25 15.75 76.97 166.74 166.74 17.31 14.28 8.19 6/5/2019 11/30/2019 S&T Bancorp Inc. PA DNB Financial Corp. PA 1,166,694 9.86 0.94 9.76 0.96 206.01 47.28 13.78 177.92 206.36 19.22 17.66 NA

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

Summary of Transactions Announced Since January 6, 2020

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 AssetsROAAROAEAssets Value Share Value Book Book EPS Assets Deps Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%) 5/30/2019 10/24/2019 West Florida Banking Corp. FL Flagship Community Bk FL 122,014 13.36 1.31 10.12 1.25 22.66 14.57 NA 138.93 138.93 14.47 18.57 9.19 5/15/2019 10/23/2019 First American Bank Corp. IL Continental National Bank FL 478,545 8.16 (0.80) (9.99) 0.24 NA NA NA NA NA NA NA NA 5/14/2019 12/15/2019 Blue Ridge Bankshares Inc. VA Virginia Community Bankshares VA 250,636 9.76 0.81 8.02 1.07 44.61 62.18 59.43 182.43 182.43 21.74 17.80 9.72 5/14/2019 9/3/2019 Banesco USA FL Brickell Bank FL 439,847 5.25 (0.82) (15.88) 2.48 NA NA NA NA NA NA NA NA 5/9/2019 9/30/2019 Allegheny Bancshares Inc. WV Mount Hope Bankshares Inc. WV 124,540 13.24 1.01 7.99 0.10 21.78 58.00 NA 135.37 135.37 18.09 17.49 6.22 5/6/2019 NA Banco Bradesco SA NA BAC Florida Bank FL 2,274,769 9.37 1.37 14.95 1.57 500.00 NA NA246.14 246.14 16.82 21.98 32.60 5/3/2019 11/8/2019 MIDFLORIDA Credit Union FL Community Bank & Trust of FL FL 733,320 9.16 1.10 12.94 0.09 NA NA NA NA NA NA NA NA 4/24/2019 NA First Citizens BancShares Inc. NC Entegra Financial NC 1,669,151 10.24 0.86 8.94 0.90 213.43 30.18 27.61 122.17 145.40 14.87 12.99 6.97 4/9/2019 10/1/2019 North Shore Bancorp MA Beverly Financial MHC MA 486,825 8.53 0.72 8.40 0.30 NA NA NA NA NA NA NA NA 3/27/2019 NA Power Financial Credit Union FL TransCapital Bank FL 204,107 18.00 2.44 14.05 1.50 NA NA NA NA NA NA NA NA 3/21/2019 10/11/2019Liberty Bank CT SBT Bancorp Inc. CT 478,676 7.34 0.81 12.42 NA 71.39 51.32 44.28 201.95 201.95 17.28 14.91 9.15 3/19/2019 9/30/2019 First Bank NJ Grand Bank NA NJ 196,935 11.27 0.49 4.56 4.15 22.05 37,719.77 NA 99.33 101.74 27.83 11.20 0.27 3/5/2019 9/1/2019 BancorpSouth Bank MS Summit Financial Entrprs Inc. FL 471,912 11.71 1.58 13.64 0.75 100.30 NA NA173.10 173.14 14.30 21.25 11.45 2/27/2019 10/21/2019 Hometown Financial Group MHC MA Millbury SB MA 228,126 12.46 0.81 6.72 0.76 NA NA NA NA NA NA NA NA 2/25/2019 NA Investor Group FL First City Bank of Florida FL 157,934 2.50 (0.54) (21.92) 23.31 NA NA NA NA NA NA NA NA 2/19/2019 10/1/2019 FAIRWINDS CU FL Friends Bank FL 95,299 10.83 1.27 12.80 1.56 NA NA NA NA NA NA NA NA 2/7/2019 12/6/2019 BB&T Corp. NC SunTrust Banks Inc. GA 215,543,000 11.26 1.34 11.50 1.35 28,282.62 62.85 6.99 127.68 178.91 10.95 13.12 8.17 2/6/2019 5/17/2019 Hometown Financial Group MHC MA Abington Bank MA 314,124 10.55 0.47 4.45 1.31 NA NA NA NA NA NA NA NA 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 NA 171.46 171.46 11.38 20.13 14.20 2/1/2019 8/31/2019 Valley Central MHC OH American SB OH 42,530 18.40 0.05 0.26 1.15 NA NA NA NA NA NA NA NA 1/24/2019 9/1/2019 Addition Financial CU FL Fidelity Bank of Florida NA FL 174,418 17.04 (0.88) (5.13) 0.87 NA NA NA NA NA NA NA NA 1/22/2019 7/12/2019 Community Bank System Inc. NY Kinderhook Bank Corp. NY 631,996 8.97 0.86 10.04 NA 93.16 62.00 74.40 164.49 184.31 17.13 14.74 9.14 1/14/2019 8/2/2019 VyStar CU FL Citizens State Bank FL 279,724 9.74 1.30 13.01 0.44 NA NA NA NA NA NA NA NA 1/11/2019 8/30/2019 First Chatsworth Bkshs Inc. GA Northside Bancshares Inc. GA 124,028 8.71 (0.23) (3.19) 3.42 NA NA NA NA NA NA NA NA 1/10/2019 5/1/2019 First Citizens BancShares Inc. NC First South Bancorp Inc. SC 238,460 9.22 NA NA NA 37.31 1.15 22.34 169.72 NA NA 15.64 NA

Source: SNL Page 3 BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Summary of Transactions Announced Since January 6, 2020

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 3 3 9.87 0.81 8.07 0.94 115.52 15.25 33.20 133.50 145.30 17.28 14.91 6.78 Delaware 1 1 9.51 0.97 9.85 0.17 29.90 6.26 2.59 117.09 117.09 12.24 11.13 2.90 GA Florida 16 16 9.76 1.22 11.77 0.70 79.63 12.88 NA 176.37 176.37 17.07 18.63 11.43 MD Georgia 8 8 9.80 0.95 11.35 1.09 46.15 34.50 33.08 171.46 176.24 13.14 14.58 9.22 MA Maryland 4 4 11.78 1.21 8.66 0.27 261.53 33.16 20.33 141.36 168.03 14.41 16.90 10.47 NJ Massachusetts 7 7 10.66 0.60 5.77 0.76 86.26 34.64 38.47 144.17 144.17 31.04 13.82 7.50 NY New Jersey 9 9 11.07 0.77 8.09 0.78 113.43 16.54 16.86 148.14 148.14 17.31 15.89 8.54 NC New York 8 8 9.40 0.86 10.04 0.56 79.47 47.65 31.54 156.31 156.31 16.32 13.90 8.31 OH North Carolina 2 2 10.78 0.80 7.90 0.86 156.78 20.43 33.48 132.11 153.23 18.33 14.61 8.36 PA Ohio 6 6 13.68 0.56 3.78 1.15 39.62 633.01 1.75 128.57 128.57 21.41 14.32 7.44 RI Pennsylvania 5 5 9.86 0.94 9.76 0.93 78.67 47.28 55.43 193.99 200.40 20.81 17.66 12.85 SD South Carolina 2 2 12.42 1.61 10.44 0.60 577.60 22.90 19.02 164.77 207.06 16.29 21.87 27.42 VT Tennessee 4 4 10.52 1.05 9.18 1.31 39.87 35.98 23.57 145.26 143.99 17.94 14.72 7.25 WV Virginia 3 3 9.76 0.62 6.50 1.84 44.61 54.99 59.43 155.18 155.18 23.38 15.23 7.33 West Virginia 2 2 12.22 0.97 8.64 0.05 25.46 2,942.84 NA 144.35 144.35 22.68 17.33 7.48 By Asset Size

1,000,000 10,000,000 >= $3B 5 12.66 1.28 9.62 0.60 - 758.03 29.22 6.99 127.68 177.02 13.69 16.26 10.20

1,000,000 10,000,000 $1B to $3B 7 10.24 1.05 10.07 0.93 - 213.43 25.49 20.70 148.25 173.36 15.40 16.55 9.37

500,000 1,000,000 $500M to $1B 18 9.79 0.83 9.48 0.80 - 101.18 17.52 37.03 153.09 156.86 18.77 15.16 8.54

250,000 500,000 $250M to $500M 24 10.29 0.84 8.80 0.50 - 52.94 37.09 40.70 162.49 162.49 17.28 15.98 9.30

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

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

Source: SNL Page 4 4. Relevant Janney Capital Markets Professionals Financial Institutions Group Professionals

JOSEPH CULLEY Senior Vice President, Head of Capital Markets Group 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 Chairman of FIG Partners and as Chairperson for Janney’s Equity and Fixed Income Commitment Committees. Prior to being Head of Capital Markets Group, he was Head of Equities and Investment Banking. Mr. Culley is currently serving on the Board of Directors of the American Securities Association, the Board of Trustees of the Pennsylvania Academy of Fine Arts, the Board of Directors of the Philadelphia Children's Alliance and on the Board of Directors of the Mann Center for the Performing Arts. Mr. Culley previously served on the Board of the Equity Dealers of America and on the Board of the Philadelphia Securities Association. Mr. Culley received a B.A. in Economics from Swarthmore College. 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)

MATT PAUL Associate, Financial Institutions Investment Banking Tel: 215-665-6022; E-Mail: [email protected] Mr. Paul joined Janney Montgomery Scott in 2018. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and financial advisory assignments. B.S., Economics, Pennsylvania State University

JOE ANZUR Associate, 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 Associate, 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 Associate, 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

ZACK STRAUSS Analyst, Financial Institutions Investment Banking Tel: 215-665-4451; E-Mail: [email protected] Mr. Strauss joined Janney Montgomery Scott in 2019. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and other financial advisory assignments. B.S., Finance, Economics, Tulane University