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4Th Quarter 2019

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4Th Quarter 2019 4th Quarter 2019 DSISCUSSIONOUTH CAROLINAMATERIALSCOMMUNITY BANK LANDSCAPE Financial Institutions Group Table of Contents SECTION DESCRIPTION I. South Carolina Bank Regulatory Data II. 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. SOUTH CAROLINA BANK REGULATORY DATA Overview – South Carolina Bank Regulatory Data METHODOLOGY . 3 county regions separated by geographic relevance Upstate . Data as of most recent available quarter as of December 31, 2019 Midlands . Regulatory call report data shown for all banks Lowcountry KEY STATE OBSERVATIONS . Median loan growth of 3.23% . Median NIM of 3.62% Source: S&P Global Market Intelligence 4 Upstate Region Banks Company Information Balance Sheet Highlights Capital Adequacy Asset Quality Financial Performance Total MRQ Total MRQ Lns / Leverage RBC NPA/ LLR/ NCOs/ MRQ MRQ MRQ MRQ S-Corp? Assets Growth Deposits Growth Dep. Ratio Ratio Assets Loans Loans Net Inc. ROAA1 N.I.M. Efficiency Name City (Y/N) ($M) (%) ($M) (%) (%) (%) (%) (%) (%) (%) ($000) (%) (%) (%) Abbeville First Bank, SSB Abbeville No $78 12.9 $59 8.3 82.3 9.21 17.81 1.74 1.23 0.05 ($1,067) (5.49) 3.18 288.8 Arthur State Bank Union No 516 12.9 460 4.1 79.5 9.35 14.22 1.30 0.75 (0.01) 568 0.44 4.31 86.4 Bank of Travelers Rest Travelers Rest Yes 805 5.9 710 3.3 71.4 9.94 15.59 0.42 1.80 0.27 3,142 1.39 3.46 60.2 Bank of York York No 225 (11.5) 194 (3.4) 41.4 11.41 26.87 1.14 1.00 0.17 172 0.29 3.03 82.2 Blue Ridge Bank Walhalla No 133 5.6 119 7.2 59.6 10.01 19.68 1.69 1.54 (0.01) 151 0.46 3.59 87.2 Citizens Building and Loan SSB Greer No 142 9.1 102 10.8 96.4 20.81 41.00 0.05 0.89 0.00 208 0.59 3.02 73.4 Commercial Bank Honea Path Yes 190 3.8 161 1.1 43.0 14.64 48.39 1.15 1.53 0.06 527 0.94 3.02 65.2 Community First Bank Walhalla No 418 13.4 355 0.4 90.8 10.56 14.24 0.92 1.16 (0.17) 116 0.11 3.77 96.7 Countybank Greenwood Yes 438 (9.4) 369 8.9 74.0 8.15 12.95 0.89 0.89 0.06 442 0.37 3.62 94.0 Frst Piedmont FS&LA of Gaffney Gaffney No 419 (1.9) 297 (3.2) 102.0 26.05 41.37 0.37 0.70 0.00 1,722 1.64 4.53 58.0 GrandSouth Bank Greenville No 911 20.1 815 11.2 92.8 10.05 12.65 0.58 1.36 0.23 2,347 1.04 5.01 67.3 Oconee FS&LA (MHC) Seneca No 505 (0.7) 416 (6.1) 86.6 16.03 30.43 0.82 0.36 0.00 1,213 0.94 3.08 67.1 Peoples Bank Iva Yes 297 13.9 249 7.3 64.2 12.02 19.55 2.23 1.24 0.04 710 0.89 3.31 74.2 Pickens S&L Association FA Pickens No 101 12.4 81 34.4 69.6 11.23 22.85 0.46 1.52 0.00 106 0.43 3.21 87.7 Southern First Bank Greenville No 2,267 19.5 1,891 (4.9) 104.2 10.80 13.31 0.53 0.84 0.05 7,598 1.40 3.54 55.3 Spratt Savings Bank Chester No 130 1.2 101 46.0 35.5 22.75 67.87 0.23 3.26 0.00 78 0.24 2.39 88.0 Woodruff FS&LA Woodruff No 103 (1.6) 70 58.0 83.1 31.39 70.92 1.72 1.19 0.00 73 0.29 2.23 84.6 Average 452 6.2 379 10.8 75.1 14.38 28.81 0.96 1.25 0.04 1,065 0.35 3.43 89.2 Median 297 5.9 249 7.2 79.5 11.23 19.68 0.89 1.19 0.00 442 0.46 3.31 82.2 (1): MRQ ROAA tax adjusted for Subchapter S Institutions Source: S&P Global Market Intelligence, Most Recent Available Quarter 5 Midlands Region Banks Company Information Balance Sheet Highlights Capital Adequacy Asset Quality Financial Performance Total MRQ Total MRQ Lns / Leverage RBC NPA/ LLR/ NCOs/ MRQ MRQ MRQ MRQ S-Corp? Assets Growth Deposits Growth Dep. Ratio Ratio Assets Loans Loans Net Inc. ROAA1 N.I.M. Efficiency Name City (Y/N) ($M) (%) ($M) (%) (%) (%) (%) (%) (%) (%) ($000) (%) (%) (%) Anderson Brothers Bank Mullins No $877 5.7 $772 7.9 93.9 9.64 12.54 0.96 1.85 1.22 $3,271 1.53 7.59 61.5 Bank of Clarendon Manning No 279 5.7 237 9.3 66.7 13.75 21.81 0.57 1.09 0.02 505 0.73 3.77 80.3 Carolina Bank & Trust Co. Florence No 490 (10.3) 421 7.6 77.9 13.23 20.95 0.96 1.48 0.15 1,672 1.37 3.85 61.8 Citizens Bank Olanta No 577 8.4 491 3.3 78.4 9.73 15.11 0.57 0.93 (0.03) 1,252 0.87 4.03 74.1 Dedicated Community Bank Darlington No 69 2.1 62 (4.2) 78.8 9.56 13.52 1.12 0.57 0.13 160 0.92 4.00 78.9 Enterprise Bk of SC Ehrhardt No 339 9.7 309 5.7 65.4 8.51 15.41 4.21 1.34 0.37 901 1.09 3.87 75.2 Farmers & Merchants Bank of SC Holly Hill No 425 (4.7) 376 171.5 23.6 13.47 46.02 1.51 1.74 (0.29) 550 0.61 2.72 75.5 First Community Bank Lexington No 1,170 1.3 992 16.6 75.4 9.97 14.26 0.46 0.89 (0.04) 2,912 1.02 3.64 69.1 First National Bank of SC Holly Hill No 201 8.5 167 (0.6) 48.4 12.87 29.15 0.82 2.08 0.06 377 0.75 3.42 74.9 First Palmetto Bank Camden No 719 3.4 637 (2.2) 76.0 10.64 17.53 0.51 1.31 0.06 1,671 0.93 3.26 64.3 First Reliance Bank Florence No 659 (5.7) 506 (3.4) 100.4 9.23 11.54 0.76 0.70 0.14 1,046 0.65 4.09 77.5 Home FS&LA Bamberg No 42 (5.0) 36 (6.0) 95.3 12.68 23.31 0.80 0.18 0.00 36 0.34 3.44 82.7 Mutual SB Hartsville No 52 10.9 38 11.5 103.5 25.72 41.24 0.70 0.51 0.00 (4) (0.03) 3.12 100.9 Pee Dee FSB Marion No 35 (16.3) 28 (23.7) 40.0 18.48 45.61 0.98 7.56 (0.26) 16 0.18 3.88 89.3 Security Federal Bank Aiken No 963 (0.3) 797 (11.2) 58.0 10.35 19.44 0.50 2.00 (0.23) 1,865 0.76 3.17 72.9 Optus Bank Columbia No 78 21.2 69 31.4 73.7 10.02 18.59 0.91 1.19 (0.51) 143 0.78 3.81 81.8 South State Bank Columbia No 15,917 2.0 12,199 5.1 93.7 9.59 12.60 0.36 0.54 0.05 52,113 1.32 3.70 59.2 Average 1,347 2.1 1,067 12.9 73.5 12.20 22.27 0.98 1.53 0.05 4,029 0.81 3.84 75.3 Median 425 2.1 376 5.1 76.0 10.35 18.59 0.80 1.19 0.02 901 0.78 3.77 75.2 (1): MRQ ROAA tax adjusted for Subchapter S Institutions Source: S&P Global Market Intelligence, Most Recent Available Quarter 6 Lowcountry Region Banks 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 S-Corp? Assets Lns Growth Deposits Growth Dep. Ratio Ratio Assets Loans Loans Net Inc. ROAA1 N.I.M. Efficiency Name City (Y/N) ($M) ($M) (%) ($M) (%) (%) (%) (%) (%) (%) (%) ($000) (%) (%) (%) Bank of Greeleyville Greeleyville Yes $93 $61 (0.6) $81 24.4 75.6 12.47 19.91 0.96 1.04 (0.32) $239 0.90 4.67 77.8 Bank of South Carolina Charleston No 445 279 (1.9) 381 (8.5) 73.4 11.14 16.46 0.50 1.43 0.23 1,825 1.63 4.47 55.0 Bank of the Lowcountry Walterboro No 227 110 (57.8) 191 (12.5) 57.8 10.84 22.26 1.84 1.45 0.01 586 1.02 3.67 68.9 Beacon Community Bank Charleston No 136 116 141.5 103 145.5 112.9 23.92 27.58 0.09 1.15 0.00 (1,035) (3.55) 3.32 174.5 CresCom Bank Charleston No 4,710 3,260 72.4 3,428 78.8 95.1 15.42 16.88 0.76 0.51 0.03 16,916 1.71 3.98 50.3 Conway National Bank Conway No 1,261 519 1.2 1,022 4.2 50.8 9.70 19.69 0.28 1.24 0.20 3,303 1.05 3.09 61.5 Coastal Carolina National Bank Myrtle Beach No 445 355 33.2 386 2.3 92.0 9.52 12.15 0.58 0.81 0.25 912 0.83 3.76 65.7 Coastal States Bank Hilton Head Island No 707 550 6.5 607 18.5 90.6 10.32 12.37 1.10 0.72 0.24 671 0.38 4.05 80.5 1st FSB of SC Inc (MHC) Walterboro No 97 81 0.6 82 (10.3) 99.4 9.34 17.67 0.19 1.06 0.03 136 0.55 3.98 83.7 Kingstree FS&LA Kingstree No 35 23 1.4 29 11.8 81.3 16.39 36.13 2.49 0.87 0.00 53 0.62 2.47 88.8 Palmetto State Bank Hampton No 547 177 1.0 463 18.5 38.2 12.75 21.88 0.96 1.86 4.12 2,279 1.64 3.22 46.6 Sandhills Bank North Myrtle Beach No 193 146 3.2 163 (18.1) 90.1 9.08 14.19 0.18 0.88 0.01 186 0.38 3.47 85.4 South Atlantic Bank Myrtle Beach No 714 578 2.7 631 3.8 91.5 9.07 11.91 0.14 0.91 (0.01) 1,629 0.92 4.06 71.2 Average 739 481 15.6 582 19.9 80.7 12.30 19.16 0.78 1.07 0.37 2,131 0.62 3.71 77.7 Median 445 177 1.4 381 4.2 90.1 10.84 17.67 0.58 1.04 0.03 671 0.90 3.76 71.2 (1): MRQ ROAA tax adjusted for Subchapter S Institutions Source: S&P Global Market Intelligence, Most Recent Available Quarter 7 Publicly Traded South Carolina Banks Sorted by Market Capitalization Market Data Financial Highlights Price to: Div.
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