3Rd Quarter 2019

3rd Quarter 2019

DAISCUSSIONLABAMA COMMUNITYMATERIALSBANK LANDSCAPE

Financial Institutions Group Table of Contents

SECTION DESCRIPTION

I. 3rd Quarter Feature – 2019 FDIC Deposit Data

II. Alabama 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 - Alabama

Alabama Alabama 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institution (ST) Branches Market ($000) Share(%) Rank Institution (ST) Branches Market ($000) Share(%) 1 Regions Financial Corporation (AL) 211 24,881,504 23.16 26 Metro Bank (AL) 9 629,017 0.59 2 Banco Bilbao Vizcaya Argentaria, SA 89 16,177,354 15.06 27 First US Bancshares, Inc. (AL) 16 577,199 0.54 3 Wells Fargo & Company (CA) 109 8,643,788 8.05 28 First Metro Bancorp (AL) 9 570,860 0.53 4 ServisFirst Bancshares, Inc. (AL) 12 5,587,436 5.20 29 Oakworth Capital, Inc. (AL) 2 542,753 0.51 5 Synovus Financial Corp. (GA) 34 4,312,210 4.01 30 West Alabama Capital Corp. (AL) 14 512,838 0.48 6 BB&T Corporation (NC) 70 3,739,908 3.48 31 United Bancorporation of Alabama, Inc. (AL) 17 499,114 0.46 7 PNC Financial Services Group, Inc. (PA) 63 2,909,180 2.71 32 SmartFinancial, Inc. (TN) 9 497,087 0.46 8 Cadence Bancorporation (TX) 27 2,585,417 2.41 33 Firstbanc of Alabama, Inc. (AL) 7 471,292 0.44 9 Trustmark Corporation (MS) 43 1,791,467 1.67 34 First Bancshares of Stevenson, Inc. (AL) 10 469,545 0.44 10 IBERIABANK Corporation (LA) 14 1,435,807 1.34 35 Citizens B & T Holdings, Inc. (AL) 8 455,144 0.42 11 BancIndependent Incorporated (AL) 29 1,385,862 1.29 36 FNS Bancshares, Inc. (AL) 11 390,256 0.36 12 Bryant Bank (AL) 15 1,373,710 1.28 37 Home BancShares, Inc. (AR) 5 354,750 0.33 13 Hancock Whitney Corporation (MS) 13 1,239,389 1.15 38 Central Alabama Bancshares, Inc. (AL) 7 346,838 0.32 14 CenterState Bank Corporation (FL) 10 1,210,088 1.13 39 1st Jackson Bancshares, Inc. (AL) 7 343,814 0.32 15 BancorpSouth Bank (MS) 31 1,149,150 1.07 40 Peoples Independent Bancshares, Inc. (AL) 14 337,740 0.31 16 Valley National Bancorp (NY) 16 1,121,158 1.04 41 SouthPoint Bancshares, Inc. (AL) 4 331,856 0.31 17 River Financial Corporation (AL) 17 1,109,784 1.03 42 Traditions Bancshares, Inc. (AL) 6 331,606 0.31 18 Renasant Corporation (MS) 20 1,070,557 1.00 43 Southern National Corporation (AL) 2 316,045 0.29 19 Progress Financial Corporation (AL) 7 982,466 0.91 44 MidSouth Bancorporation (AL) 8 314,694 0.29 20 CBS Banc-Corp. (AL) 25 875,511 0.82 45 HomeTown Bancorp of Alabama, Inc. (AL) 5 312,453 0.29 21 Henderson Bancshares, Inc. (AL) 13 868,177 0.81 46 BankFirst Capital Corporation (MS) 6 297,684 0.28 22 Southern States Bancshares, Inc. (AL) 10 744,210 0.69 47 Traders & Farmers Bancshares, Inc. (AL) 9 293,591 0.27 23 Auburn National Bancorporation, Inc. (AL) 8 742,860 0.69 48 Central State Bancorporation (AL) 5 283,983 0.26 24 Altrust Financial Services, Inc. (AL) 27 723,097 0.67 49 RBC, Inc. (AL) 7 278,014 0.26 25 First Bancshares, Inc. (MS) 17 632,036 0.59 50 Merchants Financial Services, Inc. (AL) 5 265,244 0.25

Total Branches Total Deposits Total For Institutions In Market 1,460 107,423,824

Note: Data as of 6/30/2019 Source: S&P Global Market Intelligence, FDIC Survey of Deposits 2019 4 2019 Deposit Market Share – Largest MSAs

1. BIRMINGHAM-HOOVER MSA 2. MONTGOMERY MSA

Birmingham-Hoover, AL MSA Montgomery, AL MSA 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institution (ST) Branches Market ($000) Share(%) Rank Institution (ST) Branches Market ($000) Share(%) 1 Regions Financial Corporation (AL) 64 13,331,314 32.12 1 Regions Financial Corporation (AL) 18 1,865,195 22.00 2 Banco Bilbao Vizcaya Argentaria, SA 28 10,074,737 24.27 2 Banco Bilbao Vizcaya Argentaria, SA 7 1,543,160 18.21 3 Wells Fargo & Company (CA) 31 3,755,488 9.05 3 ServisFirst Bancshares, Inc. (AL) 2 743,163 8.77 4 ServisFirst Bancshares, Inc. (AL) 3 3,033,131 7.31 4 Synovus Financial Corp. (GA) 3 663,315 7.83 5 Synovus Financial Corp. (GA) 10 1,596,947 3.85 5 Wells Fargo & Company (CA) 8 652,675 7.70 6 Cadence Bancorporation (TX) 11 1,401,196 3.38 6 BB&T Corporation (NC) 7 620,217 7.32 7 BB&T Corporation (NC) 20 1,249,938 3.01 7 Valley National Bancorp (NY) 6 482,575 5.69 8 PNC Financial Services Group, Inc. (PA) 13 832,760 2.01 8 River Financial Corporation (AL) 6 479,912 5.66 9 IBERIABANK Corporation (LA) 8 730,582 1.76 9 Central Alabama Bancshares, Inc. (AL) 7 346,838 4.09 10 Oakworth Capital, Inc. (AL) 1 493,398 1.19 10 Trustmark Corporation (MS) 7 270,383 3.19 11 Bryant Bank (AL) 6 483,330 1.16 11 CBS Banc-Corp. (AL) 3 147,521 1.74 12 CenterState Bank Corporation (FL) 2 479,662 1.16 12 PNC Financial Services Group, Inc. (PA) 6 126,575 1.49 13 Metro Bank (AL) 6 466,141 1.12 13 Cadence Bancorporation (TX) 1 89,677 1.06 14 Renasant Corporation (MS) 6 371,796 0.90 14 USAL Bancorp, Inc. (AL) 3 87,280 1.03 15 SouthPoint Bancshares, Inc. (AL) 4 331,856 0.80 15 Renasant Corporation (MS) 2 78,595 0.93 16 HomeTown Bancorp of Alabama, Inc. (AL) 5 312,453 0.75 16 Hancock Whitney Corporation (MS) 2 59,673 0.70 17 Valley National Bancorp (NY) 6 291,235 0.70 17 First Citizens-Crenshaw Bancshares, Inc. (AL) 2 52,846 0.62 18 Central State Bancorporation (AL) 5 283,983 0.68 18 MetroCity Bankshares, Inc. (GA) 1 44,830 0.53 19 BancorpSouth Bank (MS) 7 268,524 0.65 19 Hope Bancorp, Inc. (CA) 1 43,387 0.51 20 First US Bancshares, Inc. (AL) 6 220,569 0.53 20 BancorpSouth Bank (MS) 2 33,673 0.40 21 River Financial Corporation (AL) 3 164,900 0.40 21 Liberty Financial Services, Inc. (LA) 2 20,240 0.24 22 Progress Financial Corporation (AL) 2 154,252 0.37 22 Brantley Bancorp, Inc. (AL) 1 11,202 0.13 23 Union Bancshares, Inc. (AL) 10 150,927 0.36 23 Woodforest Financial Group, Inc. (TX) 6 6,960 0.08 24 Altrust Financial Services, Inc. (AL) 7 148,700 0.36 24 Merchants and Farmers Bancshares, Inc. (AL) 1 6,524 0.08 25 FirstFed Bancorp, Inc. (AL) 7 136,026 0.33 25 Thrivent Trust Co. (WI) 1 0 0.00 Total For Institutions In Market 304 41,507,192 Total For Institutions In Market 105 8,476,416

Note: Data as of 6/30/2019 Source: S&P Global Market Intelligence, FDIC Survey of Deposits 2019 5 2019 Deposit Market Share – Largest MSAs

3. HUNTSVILLE MSA 4. MOBILE MSA

Huntsville, AL MSA Mobile, AL MSA 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institution (ST) Branches Market ($000) Share(%) Rank Institution (ST) Branches Market ($000) Share(%) 1 Regions Financial Corporation (AL) 20 1,627,931 19.79 1 Regions Financial Corporation (AL) 24 2,260,035 31.11 2 Banco Bilbao Vizcaya Argentaria, SA 9 1,073,308 13.05 2 Hancock Whitney Corporation (MS) 7 840,523 11.57 3 ServisFirst Bancshares, Inc. (AL) 2 888,251 10.80 3 Banco Bilbao Vizcaya Argentaria, SA 12 833,065 11.47 4 Synovus Financial Corp. (GA) 5 652,198 7.93 4 PNC Financial Services Group, Inc. (PA) 13 676,222 9.31 5 Wells Fargo & Company (CA) 7 571,268 6.94 5 Wells Fargo & Company (CA) 10 616,759 8.49 6 Progress Financial Corporation (AL) 3 523,357 6.36 6 IBERIABANK Corporation (LA) 2 354,039 4.87 7 Cadence Bancorporation (TX) 4 391,029 4.75 7 First Bancshares, Inc. (MS) 10 344,831 4.75 8 BB&T Corporation (NC) 7 388,990 4.73 8 ServisFirst Bancshares, Inc. (AL) 2 337,100 4.64 9 CenterState Bank Corporation (FL) 2 272,663 3.31 9 Trustmark Corporation (MS) 6 334,810 4.61 10 PNC Financial Services Group, Inc. (PA) 7 263,649 3.21 10 BancorpSouth Bank (MS) 4 118,043 1.63 11 IBERIABANK Corporation (LA) 3 261,461 3.18 11 BB&T Corporation (NC) 4 106,750 1.47 12 First Pulaski National Corporation (TN) 3 197,176 2.40 12 Community Bancshares of Mississippi, Inc. (MS) 2 100,348 1.38 13 Trustmark Corporation (MS) 6 168,407 2.05 13 Bancorp of Lucedale, Inc. (MS) 5 92,283 1.27 14 BancIndependent Incorporated (AL) 4 167,765 2.04 14 SmartFinancial, Inc. (TN) 2 53,736 0.74 15 Bryant Bank (AL) 2 162,546 1.98 15 Oakworth Capital, Inc. (AL) 1 49,355 0.68 16 BancorpSouth Bank (MS) 4 124,436 1.51 16 CNB Bancorp, Inc. (AL) 2 43,589 0.60 17 Renasant Corporation (MS) 3 108,913 1.32 17 Bank OZK (AR) 2 39,864 0.55 18 BOLC Corp. (TN) 4 93,237 1.13 18 BancPlus Corporation (MS) 1 33,571 0.46 19 FB Financial Corporation (TN) 1 52,165 0.63 19 Renasant Corporation (MS) 1 22,767 0.31 20 Citizens B & T Holdings, Inc. (AL) 3 48,385 0.59 20 Woodforest Financial Group, Inc. (TX) 4 6,234 0.09 21 CBS Banc-Corp. (AL) 4 47,713 0.58 21 FEB Bancshares, Inc. (AL) 1 229 0.00 22 Southern States Bancshares, Inc. (AL) 1 38,469 0.47 Total For Institutions In Market 115 7,264,153 23 SmartFinancial, Inc. (TN) 1 19,343 0.24 24 1st Jackson Bancshares, Inc. (AL) 1 17,920 0.22 25 EvaBank (AL) 1 15,931 0.19 Total For Institutions In Market 119 8,225,677

Please contact a Janney representative for additional information on deposit markets not illustrated

Note: Data as of 6/30/2019 Source: S&P Global Market Intelligence, FDIC Survey of Deposits 2019 6 2019 Deposit Market Share – Other Observations

Total Deposits $120,000 $107,424 $100,324 $100,726 $97,039 $100,000 $91,362 $86,001 $88,809 $82,082 $81,846 $84,081 $84,423 $80,000

$60,000 In MillionsIn ($) $40,000

$20,000

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

KEY OBSERVATIONS

. The state of Alabama experienced deposit growth of 6.7% year over year

. The three fastest growing MSAs in the state by total deposits were Birmingham-Hoover (12.6%), Columbus (10.5%), and Daphne-Fairhope-Foley (7.0%)

. The fastest growing counties in the state by total deposits were Jefferson (14.0%), Sumter (11.9%), and Russell (11.7%)

Note: Data as of 6/30/2019 Source: S&P Global Market Intelligence, FDIC Survey of Deposits 2019 7 II. ALABAMA BANK REGULATORY DATA Overview – Alabama Bank Regulatory Data

METHODOLOGY North . 4 county regions separated by geographic relevance

North . Data as of most recent available quarter as Central of September 30, 2019

. Regulatory call report data shown for all banks South Central

KEY STATE OBSERVATIONS . Median loan growth of 2.43% South . Median NIM of 3.87%

NOTES FOR ALL REGIONS: Note: Texas Ratio = (NPAs + Loans 90+ PD)/ (TCE+LLR) NPAs = Nonaccrual Loans + (Loans 90+ PD ) + Restructured Loans + OREO Nonaccrual loans, Loans 90+ PD and OREO are adjusted to exclude the FDIC guaranteed portion of these assets Source: S&P Global Market Intelligence, Most Recent Available Quarter 9 North Alabama 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. ROAA ¹ N.I.M.Efficiency Name City (Y/N) ($M) (%) ($M) (%) (%) (%) (%) (%) (%) (%) ($000) (%) (%) (%)

Bank Independent Sheffield No $1,707 (3.1) $1,409 6.7 92.0 9.36 12.33 0.91 1.00 1.57 $6,971 1.66 5.58 62.2

CB&S Bank Inc. Russellville No 1,915 80.4 1,604 67.8 60.8 10.31 16.05 1.32 0.93 0.31 4,292 0.90 3.45 68.9

Citizens Bank & Trust Guntersville No 542 22.9 465 8.9 74.7 9.99 15.17 0.35 1.16 0.15 1,583 1.20 3.87 67.1

Community Spirit Bank Red Bay No 149 5.3 128 1.8 79.8 10.93 17.17 1.34 1.10 0.35 283 0.77 4.33 78.8

Farmers & Merchants Bank Waterloo No 89 0.6 68 12.1 9.5 21.65 51.37 0.48 4.27 0.18 330 1.52 2.24 42.1

First Bank of Boaz Boaz No 241 (2.5) 174 (0.9) 32.1 17.25 35.64 0.04 1.54 0.01 892 1.49 3.03 43.1

First Fidelity Bank Fort Payne No 102 (3.4) 92 6.2 49.4 9.65 20.70 0.60 1.51 0.00 156 0.62 3.05 74.4

First Jackson Bank Inc. Stevenson No 276 26.7 225 11.3 85.3 12.47 17.58 0.30 0.96 0.03 1,096 1.64 3.86 45.2

First Metro Bank Muscle Shoals No 673 (10.9) 591 14.0 69.7 12.11 21.26 0.13 0.61 0.06 2,625 1.60 3.63 47.3

First Southern Bank Florence No 266 18.7 232 21.1 90.7 9.81 13.88 0.41 1.43 0.04 742 1.15 3.78 61.9

First Southern State Bank Stevenson No 404 (1.6) 358 0.4 63.9 10.06 17.63 0.24 1.53 0.16 1,411 1.41 3.86 53.7

First State Bk of DeKalb Cnty Fort Payne No 193 11.9 168 17.4 64.3 11.16 14.92 1.20 0.94 0.31 725 1.53 4.97 54.1

FNB Bank Scottsboro No 688 7.8 586 1.8 81.3 10.79 14.77 1.51 0.92 0.09 2,037 1.21 4.30 68.8

Liberty Bank Geraldine No 148 0.2 130 8.7 62.6 11.72 17.88 0.90 1.19 0.07 260 0.71 4.32 76.9

Merit Bank Huntsville No 64 285.3 44 269.7 46.4 34.56 77.86 1.18 0.90 (0.03) (839) (6.03) 3.76 233.8

North Alabama Bank Hazel Green No 114 (5.2) 99 23.4 80.3 10.88 14.19 1.49 0.93 (0.03) 314 1.13 5.61 64.0

Peoples Independent Bank Boaz Yes 306 8.8 267 7.1 52.7 10.01 15.52 1.23 1.07 (0.03) 1,010 1.30 3.79 66.0

Progress Bank & Trust Huntsville No 1,209 1.2 1,012 (2.2) 95.7 11.59 12.56 0.34 0.90 0.03 2,969 1.02 3.49 58.5

Valley State Bank Russellville No 124 13.1 101 2.5 65.0 17.51 35.58 0.18 1.86 0.09 266 0.84 3.21 63.4

Vantage Bank of Alabama Albertville No 135 3.9 116 16.4 76.5 13.13 20.92 0.94 0.96 0.15 580 1.76 4.31 52.6

Average 467 23.0 393 24.7 66.6 13.25 23.15 0.75 1.29 0.18 1,385 0.87 3.92 69.1 Median 254 4.6 199 8.8 67.3 11.05 17.38 0.75 1.04 0.08 817 1.21 3.83 62.8

Note: ROAA shown is tax adjusted for Subchapter S Election Source: S&P Global Market Intelligence, Most Recent Available Quarter 10 North Central Alabama Banks (1 of 2)

Alamerica Bank Birmingham Yes $21 (23.4) $16 11.2 75.7 17.21 22.85 16.56 1.34 (0.10) ($353) NA 3.53 NM

Bank of Vernon Vernon No 163 7.1 136 9.7 83.2 15.97 23.29 0.51 1.55 (0.05) 536 1.34 3.86 61.4

Bank of Walker County Jasper Yes 72 (7.2) 64 7.2 82.3 11.11 15.87 2.10 1.06 0.00 199 0.97 4.52 73.6

Bryant Bank Tuscaloosa Yes 1,733 11.0 1,410 10.6 73.5 10.23 14.99 0.18 0.99 0.01 6,211 1.23 3.50 60.2

Central State Bank Calera Yes 328 15.4 288 6.2 75.1 10.87 17.17 0.12 1.37 0.11 1,169 1.26 4.13 64.5

Cheaha Bank Oxford No 207 3.1 177 (4.2) 67.2 12.96 22.21 0.33 1.21 (0.02) 684 1.32 4.13 63.0

Citizens Bank of Fayette Fayette Yes 190 (15.8) 145 (2.8) 27.9 20.90 45.78 1.10 1.24 0.22 508 0.96 2.92 54.8

Citizens Bank of Winfield Winfield No 249 16.5 142 (6.4) 41.0 22.82 45.83 0.77 2.48 1.33 941 1.57 3.71 42.1

Citizens State Bank Vernon Yes 72 (3.5) 46 12.3 57.0 15.00 38.42 0.01 1.57 0.70 177 0.87 2.13 56.3

CommerceOne Bank Birmingham No 175 64.6 127 24.9 107.3 26.92 31.42 0.00 1.20 0.00 596 1.39 3.63 83.4

Cullman Savings Bank (MHC) Cullman No 301 0.2 199 2.9 123.2 15.80 23.08 0.96 0.89 0.00 972 1.29 3.94 61.3

EvaBank Cullman No 380 (16.5) 256 (3.2) 108.5 24.50 35.37 4.79 2.14 0.85 2,040 2.24 6.18 38.8

Exchange Bank of Alabama Altoona No 288 (4.4) 244 4.7 77.7 14.34 22.00 0.40 1.27 0.02 790 1.11 3.67 63.3

Farmers & Merchants Bank Piedmont No 228 5.2 194 6.4 63.1 13.74 21.66 0.58 1.16 0.12 599 1.06 4.35 69.2

First Bank Wadley Yes 88 8.0 78 11.2 40.1 9.48 14.59 0.83 1.02 (0.01) 241 1.15 4.02 72.3

First Bank of Alabama Talladega No 559 6.1 475 3.1 76.1 12.82 19.33 1.55 1.07 (0.04) 2,306 1.67 4.40 51.4

First Community Bk of Cullman Cullman No 125 11.4 95 (1.8) 107.5 8.33 11.92 0.19 1.09 0.05 67 0.22 3.54 59.7

First Federal Bank A FSB Tuscaloosa Yes 141 10.6 96 (5.4) 119.3 11.25 16.13 1.79 0.39 (0.02) 927 2.44 3.11 78.7

First Financial Bank Bessemer Yes 168 (3.0) 151 3.8 51.5 9.55 15.62 1.51 1.05 0.05 (25) NA 3.84 98.6

First National Bank Hamilton Yes 284 (7.2) 232 (7.6) 51.5 17.93 34.21 0.02 1.34 0.23 1,262 1.56 4.07 57.4

First US Bank Birmingham No 772 25.9 678 (3.0) 81.2 9.55 13.62 0.00 1.02 0.29 1,345 0.69 5.27 76.6

FirstState Bank Lineville No 245 1.0 202 5.5 66.4 12.24 18.98 0.56 1.16 0.05 737 1.21 3.99 64.0

Frst State Bk of the South Inc Sulligent No 103 1.8 84 (0.1) 48.3 15.97 25.90 0.24 1.01 0.09 205 0.78 3.89 77.4

HomeTown Bank of AL Oneonta No 382 9.4 315 2.9 83.6 14.57 24.27 0.61 0.70 0.26 2,258 2.40 4.41 50.6

Note: ROAA shown is tax adjusted for Subchapter S Election Source: S&P Global Market Intelligence, Most Recent Available Quarter 11 North Central Alabama Banks (2 of 2)

Merchants Bank of Alabama Cullman No $303 4.6 $271 8.3 66.8 10.48 17.71 0.93 1.08 0.06 $979 1.33 4.13 63.7

Metro Bank Pell City No 762 13.1 639 6.6 69.8 15.82 24.21 1.24 1.18 0.10 3,128 1.67 4.08 52.2

Millennial Bank Leeds No 79 30.7 69 16.5 75.8 11.88 14.88 0.00 1.01 0.02 106 0.54 5.40 87.5

NobleBank & Trust Anniston No 267 9.7 239 10.9 70.4 9.47 14.32 1.20 2.73 0.27 (1,353) (2.03) 4.08 66.9

Oakworth Capital Bank Birmingham No 647 18.1 554 8.1 96.8 11.85 13.60 0.00 1.10 0.09 1,925 1.22 3.77 62.5

Peoples Bank of Alabama Cullman Yes 826 6.0 721 (1.3) 86.3 9.53 12.93 1.12 1.69 0.22 3,935 1.60 4.57 67.2

PeoplesTrust Bank Hamilton No 104 23.6 90 11.2 82.9 12.00 14.87 0.80 1.15 0.00 304 1.18 4.04 58.2

Pinnacle Bank Jasper No 236 2.8 201 6.6 53.8 12.85 20.04 0.07 1.43 0.23 829 1.43 4.06 60.4

Premier Bank of the South Cullman Yes 195 2.3 175 (1.6) 76.9 9.28 15.43 0.79 1.48 0.19 541 0.95 4.61 72.0

Regions Bank Birmingham No 127,543 (3.5) 97,165 (4.7) 85.8 10.29 13.01 0.85 1.04 0.44 455,000 1.47 3.54 54.8

Security FSB Jasper Yes 35 (0.4) 28 (15.6) 52.8 13.56 26.79 0.13 1.14 0.45 69 0.61 3.94 81.1

ServisFirst Bank Birmingham No 9,005 3.1 7,735 17.3 90.9 9.59 12.24 0.52 1.10 0.49 38,269 1.72 3.50 31.0

Southern Bank Co. Gadsden No 97 (13.9) 83 (0.5) 69.8 10.80 18.12 1.38 1.48 0.83 128 0.53 5.03 84.9

Southern States Bank Anniston No 1,128 73.2 984 66.5 84.6 12.11 13.40 1.29 1.15 1.85 (1,983) (0.81) 3.68 83.4

SouthFirst Bank Sylacauga No 79 (1.8) 68 (11.7) 80.5 11.84 20.67 4.60 1.73 1.43 (143) (0.70) 3.93 97.1

SouthPoint Bank Birmingham No 407 6.3 368 43.0 91.8 9.23 11.00 0.37 1.05 0.21 1,452 1.45 3.90 64.9

State Bank & Trust Winfield Yes 241 2.2 203 (17.8) 41.2 10.84 23.63 1.05 1.32 0.27 471 0.71 2.73 71.4

Traders & Farmers Bank Haleyville No 367 2.6 289 (6.9) 57.9 16.42 30.06 0.78 1.24 0.12 804 0.87 3.65 67.3

Traditions Bank Cullman No 372 (0.5) 329 (2.9) 93.0 10.41 14.28 1.43 1.30 0.46 1,245 1.35 5.97 65.4

Union State Bank Pell City No 206 (12.1) 190 (14.6) 46.9 7.39 12.34 1.80 1.48 (0.97) 243 0.47 3.61 89.3

West Alabama Bank & Trust Reform No 636 (4.4) 519 4.6 75.2 12.97 19.69 0.82 1.11 0.10 1,839 1.16 3.47 61.3

Average 3,351 6.2 2,595 4.7 74.2 13.17 20.84 1.26 1.27 0.24 11,826 1.06 4.01 66.4 Median 245 3.1 201 3.8 75.7 12.00 18.98 0.79 1.16 0.11 737 1.21 3.94 64.2

Note: ROAA shown is tax adjusted for Subchapter S Election Source: S&P Global Market Intelligence, Most Recent Available Quarter 12 South Central Alabama 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. ROAA ¹ N.I.M.Efficiency Name City (Y/N) ($M) ($M) (%) ($M) (%) (%) (%) (%) (%) (%) (%) ($000) (%) (%) (%)

AmeriFirst Bank Montgomery No $185 $137 (9.8) $156 6.0 87.5 10.43 14.39 1.15 1.40 0.52 $320 0.68 3.87 73.8

AuburnBank Auburn No 826 466 (10.0) 725 (9.5) 64.3 11.22 17.96 0.03 1.03 0.04 2,206 1.06 3.37 64.2

Bank of Moundville Moundville No 93 25 7.6 84 25.0 30.2 10.21 22.36 0.62 0.97 0.02 198 0.87 2.66 82.1

Bank of York York Yes 102 47 5.5 84 8.6 56.1 11.46 18.22 0.02 1.10 (0.01) (11) NA 3.19 98.7

Citizens Bank Greensboro No 96 42 (3.4) 79 5.5 52.7 14.76 28.06 0.24 1.27 0.08 304 1.28 3.22 48.9

Community Bank & Trust - AL Union Springs No 46 17 (1.0) 42 (4.5) 41.9 8.75 22.12 2.62 5.26 (0.02) 26 0.23 3.65 96.1

Farmers & Merchants Bank LaFayette No 166 65 7.9 139 2.4 46.7 14.12 23.30 0.53 1.24 0.26 505 1.23 3.73 62.2

First Bank of Linden Linden No 80 30 (0.8) 68 9.5 43.7 14.87 25.00 0.47 1.21 (0.07) 225 1.14 3.89 65.9

First Cahawba Bank Selma No 127 84 9.6 112 23.9 74.7 11.61 17.20 0.17 1.04 0.01 227 0.73 4.46 76.9

First Cmnty Bk of Central AL Wetumpka Yes 378 258 4.1 343 (4.6) 75.3 8.05 11.89 0.56 2.30 0.07 2,250 2.05 4.18 47.2

Marion B&TC Marion Yes 288 180 4.3 239 13.0 75.5 11.62 17.43 3.40 1.34 0.00 1,452 1.84 3.41 52.7

Merchants & Farmers Bank Eutaw Yes 72 49 1.7 63 14.7 78.0 10.47 15.81 1.71 1.01 0.18 198 0.90 5.13 79.7

Peoples Bank of Greensboro Greensboro Yes 91 49 (3.1) 78 0.9 62.9 9.39 17.70 0.51 0.99 0.07 205 0.72 3.60 69.8

Phenix-Girard Bank Phenix City Yes 191 75 (6.7) 152 (8.7) 49.0 15.39 29.48 1.67 1.26 0.22 640 1.09 3.43 62.9

River Bank & Trust Prattville No 1,139 765 5.4 983 6.2 77.8 10.29 14.40 0.52 0.99 0.03 3,610 1.28 3.98 57.5

Robertson Banking Co. Demopolis Yes 337 259 3.8 290 17.6 89.1 10.76 14.27 0.11 1.29 0.00 1,384 1.49 4.21 55.4

Sweet Water State Bank Sweet Water Yes 98 67 (6.2) 84 (10.6) 78.9 11.49 15.40 3.34 1.29 0.41 203 0.67 5.31 79.4

Average 253.8 153.8 0.5 218.9 5.6 63.8 11.5 19.1 1.0 1.5 0.1 820.1 1.1 3.8 69.0 Median 127.0 66.6 1.7 112.1 6.0 64.3 11.2 17.7 0.5 1.2 0.0 304.0 1.1 3.7 65.9

Note: ROAA shown is tax adjusted for Subchapter S Election Source: S&P Global Market Intelligence, Most Recent Available Quarter 13 South Alabama Banks (1 of 2)

22nd State Bank Louisville Yes $135 (6.9) $111 (20.0) 87.1 10.67 17.06 3.18 1.56 0.14 $5 0.01 3.30 99.5

Bank of Brewton Brewton No 47 35.7 36 (37.3) 51.9 22.73 43.03 8.00 1.29 1.01 58 0.48 3.80 80.0

Bank of Evergreen Evergreen No 60 (13.9) 52 7.8 67.4 13.74 25.17 3.47 2.14 1.15 83 0.56 4.13 72.7

BankSouth Dothan Yes 182 (4.7) 145 5.5 91.9 20.29 33.64 0.00 2.12 (0.30) 574 1.12 3.44 59.9

Brantley B&TC Brantley No 69 33.3 57 (5.3) 56.1 15.47 27.11 0.51 1.35 0.33 218 1.24 4.87 63.0

CCB Community Bank Andalusia Yes 510 3.9 428 (2.9) 97.0 11.21 14.81 1.09 0.98 0.32 2,079 1.39 4.25 58.6

Citizens Bank Enterprise No 147 (27.1) 131 11.5 81.7 10.28 15.00 2.09 1.35 0.19 432 1.17 4.15 64.6

Citizens' Bank Inc. Robertsdale Yes 107 (10.7) 93 (6.8) 78.1 12.56 19.77 3.64 1.31 0.18 74 0.24 2.10 93.1

Commercial Bank of Ozark Ozark Yes 91 3.0 82 (4.3) 59.0 8.69 19.35 1.23 0.85 (0.03) 154 0.65 3.59 80.7

Commonwealth National Bank Mobile No 49 (13.4) 43 (4.4) 37.5 10.70 29.48 4.18 3.11 (0.83) (34) (0.27) 3.38 106.5

Community Neighbor Bank Camden No 103 (2.7) 87 (10.9) 74.8 15.73 24.39 1.33 1.74 0.07 380 1.45 5.14 67.6

Escambia County Bank Flomaton Yes 74 (3.0) 62 3.6 44.7 15.76 34.84 1.18 1.67 0.00 56 0.29 3.34 91.7

First Citizens Bank Luverne No 244 1.4 199 (0.6) 75.3 13.98 20.57 0.72 1.76 0.10 989 1.62 4.48 55.7

First National Bank & Trust Atmore Yes 155 25.0 136 (25.9) 71.7 11.39 16.58 1.44 1.30 0.09 300 0.70 3.66 84.9

First National Bank of Dozier Dozier No 36 (1.8) 30 42.2 25.2 14.21 38.83 0.00 1.73 (0.05) 37 0.42 2.82 85.0

First National Bk of Brundidge Brundidge No 83 (1.6) 67 (11.8) 82.2 17.33 28.60 0.75 1.20 0.11 124 0.59 4.10 81.6

First National Bk of Hartford Hartford Yes 122 (1.8) 101 3.1 72.0 14.77 24.28 0.95 1.50 (0.42) 262 0.80 4.37 81.1

First Progressive Bank Brewton No 30 (0.9) 22 3.2 38.4 27.76 74.64 0.81 1.09 0.00 51 0.68 2.91 58.8

Friend Bank Slocomb Yes 133 (5.7) 119 (5.1) 76.2 9.84 16.21 0.56 1.80 0.05 450 1.17 4.60 63.2

Note: ROAA shown is tax adjusted for Subchapter S Election Source: S&P Global Market Intelligence, Most Recent Available Quarter 14 South Alabama Banks (2 of 2)

HNB First Bank Headland Yes 158 15.7 139 7.5 83.1 10.48 14.37 0.52 1.04 (0.01) 657 1.42 3.97 62.4

MidSouth Bank Dothan Yes 416 16.6 364 5.8 71.6 12.43 16.60 0.53 2.02 0.03 986 0.79 3.83 74.2

Peoples Bank of Red Level Red Level No 15 0.7 13 (2.4) 46.6 13.73 28.12 2.10 1.44 0.34 63 1.68 5.41 55.9

Peoples Exchange Bank Monroeville No 69 8.3 59 (5.0) 84.6 14.76 20.35 1.16 0.89 0.01 246 1.40 5.07 69.6

Samson Banking Co. Samson Yes 80 8.2 68 (12.1) 53.0 13.97 29.77 0.05 1.37 0.00 306 1.26 3.76 62.8

Southern Independent Bank Opp No 242 1.4 193 4.9 67.7 12.26 19.67 0.34 1.35 0.03 795 1.33 3.16 54.9

SunSouth Bank Dothan No 107 (8.6) 91 (9.4) 68.2 6.77 17.78 1.50 1.36 (0.03) 13 0.05 2.95 98.2

Town-Country National Bank Camden Yes 109 3.1 87 (8.0) 78.2 18.86 28.69 1.18 3.65 (0.04) 636 2.04 5.29 57.1

Trinity Bank Dothan No 165 14.7 146 10.2 92.8 10.35 15.37 0.82 1.57 0.02 439 1.07 4.27 69.1

Troy B&TC Troy No 946 (7.6) 831 16.3 68.2 11.04 16.56 1.93 1.48 0.16 2,547 1.09 3.48 63.8

United Bank Atmore No 692 17.7 616 17.0 72.7 9.29 13.56 0.71 1.07 0.18 2,623 1.55 4.14 59.1

Average 179.3 2.6 153.6 (1.1) 68.5 13.7 24.8 1.5 1.6 0.1 520.1 0.9 3.9 72.5 Median 108.3 (0.1) 91.7 (2.6) 71.9 13.1 20.5 1.1 1.4 0.0 281.0 1.1 3.9 68.4

Note: ROAA shown is tax adjusted for Subchapter S Election Source: S&P Global Market Intelligence, Most Recent Available Quarter 15 Alabama Publicly Traded Banks

Sorted by Market Capitalization Market Data Financial Highlights

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

RF Regions Financial Corp. Birmingham NYSE $15,954.2 $16.55 154.7 % 11.0 x 3.7 % 6.3 % 1.4 % 1.2 % 76.4 % -0.1 % $128,147.0 $83,334.0 8.4 % 0.79 % 1.28 % 10.26 %

SFBS ServisFirst Bancshares Inc. Birmingham NASDAQ 1,902.0 $35.49 238.9 13.3 1.7 1.3 5.5 15.3 47.6 -1.0 9,005.1 7,030.8 8.9 0.49 1.74 19.44

RVRF River Financial Corp. Prattville OTC Pink 159.8 $28.00 168.4 16.8 1.2 0.0 -- 12.2 -- 34.8 1,117.3 754.9 8.7 0.31 0.93 8.92

AUBN Auburn National Bancorp. Auburn NASDAQ 155.1 $43.50 160.4 16.6 2.3 0.8 1.0 34.7 10.8 10.8 825.0 466.2 11.7 0.02 1.15 10.38

UBAB United Bancorp. of Alabama Atmore OTC Pink 77.4 $21.00 95.6 6.4 0.8 0.1 0.0 0.0 8.1 -3.4 713.5 448.2 11.3 NA 1.34 15.10

FUSB First US Bancshares Inc Birmingham NASDAQ 59.2 $9.52 79.1 13.4 0.8 0.5 0.0 5.9 16.2 7.2 771.9 550.1 9.8 0.35 0.61 5.95

CULL Cullman Bancorp Inc (MHC) Cullman OTC Pink 63.0 $27.50 132.7 NA 1.3 0.0 0.0 -- -- 1.3 302.9 245.7 17.5 0.13 1.23 7.14

PCLB Pinnacle Bancshares Inc. Jasper OTC Pink 29.7 $28.80 96.5 10.3 2.6 0.2 0.0 17.1 -- 22.6 235.4 108.0 13.1 NA 1.27 10.15

SRNN Southern Banc Co. Gadsden OTC Pink 6.2 $8.10 55.5 13.3 0.0 0.1 0.0 -- -- -14.7 97.7 59.8 12.0 1.42 0.49 4.11

SCBS Southern Community Bancshares Cullman OTC Pink 4.3 $8.55 NA NA 0.7 0.0 0.0 -- -- -5.4 124.6 99.3 8.4 0.17 0.66 7.65

SZBI SouthFirst Bancshares Inc. Sylacauga OTC Pink 1.6 $2.25 NA NA 0.0 0.8 0.0 -- -- -43.8 81.0 55.2 NA NA NA NA

Avg. 1,673.9 131.3 12.6 1.4 0.9 0.8 12.4 31.8 0.8 12,856.5 8,468.4 11.0 0.46 1.07 9.91 Median 63.0 132.7 13.3 1.2 0.2 0.0 12.2 16.2 -0.1 713.5 448.2 10.6 0.33 1.19 9.54

Note: Market data as of November 1, 2019 Source: S&P Global Market Intelligence, Most Recent Available Quarter 16 Recent Southeast 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) (%) (%) (%) 10/29/19 SmartFinancial Inc. TN Progressive Financial Grp Inc Jamestown TN Mix $41.4 124.9 27.0 14.2 4.2 $292.0 2.22 10.36 0.67 10/23/19 Reliant Bancorp Inc. TN First Advantage Bancorp Clarksville TN Mix 123.1 146.5 17.9 16.8 NA 732.6 1.31 11.03 1.06 09/25/19 Banco de Credito e Inversiones -- Executive Banking Corp. Miami FL Mix 75.0 176.2 22.2 16.5 9.5 455.3 0.45 11.28 0.87 09/24/19 First Citizens BancShares Inc. NC Community Financial Holding Co Duluth GA Cash 2.3 NM 2.2 1.0 4.5 222.6 5.87 4.75 0.70 09/19/19 BancPlus Corp. MS State Capital Corp. Ridgeland MS Stock 136.5 162.8 18.7 11.7 5.6 1,167.3 0.52 7.36 0.63 09/16/19 Reliant Bancorp Inc. TN Tennessee Cmnty Bk Hldgs Inc. Ashland City TN Mix 38.4 144.0 15.2 15.3 7.3 251.4 0.43 10.60 1.07 08/20/19 Community First Bcshs (MHC) GA ABB Financial Group Inc. Atlanta GA Cash 40.3 158.1 14.9 13.1 9.4 307.5 0.53 10.71 0.96 08/12/19 Professional Holding Corp. FL Marquis Bancorp Inc. Coral Gables FL Mix NA NA NM NA NA 680.3 0.27 9.31 1.19 08/05/19 First Guaranty Bancshares Inc. LA Union Bancshares Inc. Marksville LA Cash 43.0 152.8 12.7 16.5 8.8 261.4 1.78 10.77 1.28 07/30/19 Investar Holding Corp. LA Bank of York York AL Cash 15.0 146.9 16.7 15.2 8.5 99.5 0.02 11.28 1.06 07/25/19 Guaranty Capital Corp. MS First Alliance Bancshares Inc. Cordova TN Cash 18.3 NA NM 13.0 NA 140.6 0.43 7.81 0.99 07/25/19 First Financial Banc Corp. AR First National Corp. of Wynne Wynne AR Cash 60.2 153.6 12.7 18.4 9.0 327.1 0.59 12.21 1.48 07/22/19 First Bancshares Inc. MS First Florida Bancorp Inc. Destin FL Mix 84.3 176.6 17.3 18.7 13.7 451.0 0.14 11.74 1.24 07/18/19 First Bcshs of Stevenson Inc. AL Vantage Bancshares Inc. Albertville AL Cash NA NA NM NA NA 128.8 1.12 12.80 1.26 07/15/19 Carolina Financial Corp. SC Carolina Trust BancShares Inc. Lincolnton NC Mix 100.1 161.1 21.8 16.2 9.7 617.4 0.82 10.12 0.74 06/05/19 River Financial Corp. AL Trinity Bancorp Inc. Dothan AL Mix 27.9 175.4 11.4 17.4 11.6 160.5 0.83 9.89 1.61 05/30/19 West Florida Banking Corp. FL Flagship Community Bk Clearwater FL Mix 22.7 138.9 14.5 18.6 9.2 122.0 1.25 13.36 1.31 05/21/19 Citizens Holding Co. MS Charter Bank Biloxi MS Mix 19.9 138.5 NM 12.4 6.2 160.5 2.76 8.93 0.21 05/20/19 Magnolia Banking Corp. AR Prescott Bancshares Inc. Prescott AR Cash NA NA NM NA NA 67.9 0.54 14.69 0.68 05/15/19 First American Bank Corp. IL Continental National Bank Miami FL Cash NA NA NM NA NA 478.5 0.24 7.75 -0.80

Avg. 53.0 154.0 16.1 14.7 8.4 356.2 1.11 10.34 0.91 Median 40.8 153.2 15.9 15.7 8.9 276.7 0.57 10.65 1.03

Note: Includes whole bank transactions where 100% equity was acquired; Data as of November 4, 2019 Note: Most recent 20 transactions in the Southeast; Southeast consists of AL, AR, FL, GA, LA, MS, NC, SC and TN Source: S&P Global Market Intelligence 17 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

19 … 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

20 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 21 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

22 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 23 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 24 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 25 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

26 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 27 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

28 Financial Institutions Group