3Rd Quarter 2019

3rd Quarter 2019

DINDIANAISCUSSIONCOMMUNITYMATERIALSBANK LANDSCAPE

Financial Institutions Group Table of Contents

SECTION DESCRIPTION

I. 3rd Quarter Feature – 2019 FDIC Deposit Data

II. Indiana 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 - Indiana

Indiana Indiana 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institutions (ST) Branches Market ($000) Share(%) Rank Institutions (ST) Branches Market ($000) Share(%) 1 JPMorgan Chase & Co. (NY) 142 19,193,426 13.96 26 First Savings Financial Group (IN) 15 898,155 0.65 2 PNC Financial Services Group, Inc. (PA) 113 10,798,509 7.85 27 NorthWest Indiana Bancorp (IN) 16 855,165 0.62 3 Fifth Third Bancorp (OH) 115 9,323,858 6.78 28 U.S. Bancorp (MN) 17 805,005 0.59 4 First Merchants Corporation (IN) 98 7,486,190 5.44 29 Richmond Mutual Bancorporation, Inc. (IN) 8 684,051 0.50 5 Old National Bancorp (IN) 91 7,404,845 5.39 30 FS Bancorp (IN) 11 654,293 0.48 6 1st Source Corporation (IN) 72 5,172,240 3.76 31 First Berne Financial Corporation (IN) 8 549,214 0.40 7 Merchants Bancorp (IN) 5 4,529,061 3.29 32 First Capital, Inc. (IN) 13 517,943 0.38 8 First Financial Bancorp. (OH) 72 4,504,152 3.28 33 Greenfield Bancshares, Inc. (IN) 7 495,433 0.36 9 Bank of Montreal 60 4,444,811 3.23 34 Town Financial Corporation (IN) 14 489,116 0.36 10 KeyCorp (OH) 40 4,332,351 3.15 35 Farmers Bancorp (IN) 10 482,343 0.35 11 Lakeland Financial Corporation (IN) 52 4,222,080 3.07 36 Crystal Valley Financial Corporation (IN) 6 469,347 0.34 12 First Bancshares, Inc. (IN) 62 3,761,468 2.74 37 Bancorp. of Southern Indiana (IN) 10 467,547 0.34 13 Huntington Bancshares Incorporated (OH) 43 3,740,604 2.72 38 Civista Bancshares, Inc. (OH) 8 460,764 0.34 14 Horizon Bancorp, Inc. (IN) 61 3,182,401 2.31 39 FCN Banc Corp. (IN) 6 447,988 0.33 15 First Internet Bancorp (IN) 1 3,055,633 2.22 40 WesBanco, Inc. (WV) 12 442,259 0.32 16 German American Bancorp, Inc. (IN) 56 2,899,832 2.11 41 Lizton Financial Corporation (IN) 9 434,764 0.32 17 Bank of America Corporation (NC) 3 2,528,339 1.84 42 CITBA Financial Corporation (IN) 9 432,226 0.31 18 Regions Financial Corporation (AL) 52 2,514,675 1.83 43 Wells Fargo & Company (CA) 1 416,506 0.30 19 STAR Financial Group, Inc. (IN) 39 1,746,585 1.27 44 Freedom Bancorp (IN) 4 391,621 0.28 20 National Bank of Indianapolis Corporation (IN) 13 1,678,257 1.22 45 Fidelity Federal Bancorp (IN) 9 370,295 0.27 21 First Financial Corporation (IN) 33 1,653,918 1.20 46 FFW Corporation (IN) 6 368,493 0.27 22 MutualFirst Financial, Inc. (IN) 39 1,581,185 1.15 47 Friendship Bancorp (IN) 8 342,348 0.25 23 First Farmers Financial Corporation (IN) 29 1,225,978 0.89 48 SVB&T Corporation (IN) 5 340,260 0.25 24 First Midwest Bancorp, Inc. (IL) 14 1,103,746 0.80 49 DeMotte Bancorp (IN) 12 330,979 0.24 25 Flagstar Bancorp, Inc. (MI) 33 1,079,009 0.78 50 American Midwest Financial Corp. (IN) 6 330,565 0.24

Total Branches Total Deposits Total For Institutions In Market 1,948 137,490,070

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

1. CHICAGO-NAPERVILLE-ELGIN MSA 2. CINCINNATI MSA

Chicago-Naperville-Elgin, IL-IN-WI MSA Cincinnati, OH-KY-IN MSA 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institutions (ST) Branches Market ($000) Share(%) Rank Institution (ST) Branches Market ($000) Share(%) 1 JPMorgan Chase & Co. (NY) 334 87,840,179 21.16 1 U.S. Bancorp (MN) 93 72,846,430 52.50 2 Bank of Montreal 215 63,391,597 15.27 2 Fifth Third Bancorp (OH) 119 36,857,325 26.56 3 Bank of America Corporation (NC) 139 35,572,365 8.57 3 PNC Financial Services Group, Inc. (PA) 66 6,993,783 5.04 4 Wintrust Financial Corporation (IL) 156 27,001,510 6.50 4 First Financial Bancorp. (OH) 51 3,933,062 2.83 5 Huntington Bancshares Incorporated (OH) 36 3,403,383 2.45 5 Fifth Third Bancorp (OH) 190 23,967,415 5.77 6 JPMorgan Chase & Co. (NY) 35 2,540,775 1.83 6 Northern Trust Corporation (IL) 7 23,216,879 5.59 7 BB&T Corporation (NC) 24 1,872,216 1.35 7 Canadian Imperial Bank of Commerce 20 20,107,899 4.84 8 Union Savings Bank (OH) 14 1,124,566 0.81 8 Citigroup Inc. (NY) 61 14,071,000 3.39 9 KeyCorp (OH) 22 959,338 0.69 9 PNC Financial Services Group, Inc. (PA) 140 13,468,089 3.24 10 Commonwealth Holdings, L.L.C. (KY) 19 787,561 0.57 10 First Midwest Bancorp, Inc. (IL) 110 12,629,974 3.04 11 LCNB Corp. (OH) 20 772,896 0.56 11 U.S. Bancorp (MN) 146 11,969,510 2.88 12 Guardian Bancorp, Inc. (OH) 9 720,608 0.52 12 Wells Fargo & Company (CA) 10 7,509,449 1.81 13 North Side Bank and Trust Company (OH) 9 517,215 0.37 13 TCF Financial Corporation (MI) 125 6,730,771 1.62 14 Peoples Bancorp Inc. (OH) 15 424,205 0.31 14 Associated Banc-Corp (WI) 26 4,811,685 1.16 15 WesBanco, Inc. (WV) 17 417,101 0.30 15 Byline Bancorp, Inc. (IL) 64 3,937,125 0.95 16 FCN Banc Corp. (IN) 5 396,479 0.29 16 First American Bank Corporation (IL) 51 3,364,392 0.81 17 Park National Corporation (OH) 9 290,363 0.21 17 First Bancshares, Inc. (IN) 40 3,266,977 0.79 18 Forcht Bancorp, Inc. (KY) 6 287,790 0.21 18 Huntington Bancshares Incorporated (OH) 35 2,464,627 0.59 19 Civista Bancshares, Inc. (OH) 5 228,825 0.16 19 Parkway Bancorp, Inc. (IL) 24 2,069,923 0.50 20 Republic Bancorp, Inc. (KY) 4 182,858 0.13 20 West Suburban Bancorp, Inc. (IL) 45 2,046,220 0.49 21 Central Bancshares, Inc. (KY) 4 181,898 0.13 21 Old Second Bancorp, Inc. (IL) 28 2,038,332 0.49 22 Harrison Building and Loan Association (OH) 3 176,328 0.13 22 Republic Bancorp Co. (IL) 19 1,695,038 0.41 23 Stock Yards Bancorp, Inc. (KY) 5 175,187 0.13 23 First Merchants Corporation (IN) 21 1,544,153 0.37 24 First Commonwealth Financial Corporation (PA) 5 164,577 0.12 24 Bank of Highland Park Financial Corp (IL) 2 1,489,575 0.36 25 CenterGroup Financial, Inc. (OH) 3 163,582 0.12 25 State Bank of India 1 1,486,837 0.36 Total For Institutions In Market 692 138,765,505 Total For Institutions In Market 2,553 415,216,071

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

3. INDIANAPOLIS-CARMEL-ANDERSON COUNTY MSA 4. LOUISVILLE-JEFFERSON COUNTY MSA

Indianapolis-Carmel-Anderson County, IN MSA Louisville/Jefferson County, KY-IN MSA 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institutions (ST) Branches Market ($000) Share(%) Rank Institutions (ST) Branches Market ($000) Share(%) 1 JPMorgan Chase & Co. (NY) 66 10,832,171 19.98 1 PNC Financial Services Group, Inc. (PA) 52 6,724,860 23.82 2 PNC Financial Services Group, Inc. (PA) 61 7,585,010 13.99 2 JPMorgan Chase & Co. (NY) 33 4,360,307 15.45 3 Fifth Third Bancorp (OH) 42 4,610,022 8.50 3 Fifth Third Bancorp (OH) 36 2,838,567 10.06 4 Huntington Bancshares Incorporated (OH) 40 3,579,245 6.60 4 Republic Bancorp, Inc. (KY) 22 2,748,655 9.74 5 Bank of Montreal 36 3,446,760 6.36 5 Stock Yards Bancorp, Inc. (KY) 28 2,467,686 8.74 6 First Internet Bancorp (IN) 1 3,055,633 5.64 6 BB&T Corporation (NC) 21 1,765,712 6.25 7 KeyCorp (OH) 19 3,007,934 5.55 7 U.S. Bancorp (MN) 27 942,134 3.34 8 Bank of America Corporation (NC) 3 2,528,339 4.66 8 Commonwealth Bancshares, Inc. (KY) 15 756,997 2.68 9 Merchants Bancorp (IN) 3 2,334,994 4.31 9 First Capital, Inc. (IN) 18 738,209 2.61 10 First Merchants Corporation (IN) 33 2,192,200 4.04 10 First Savings Financial Group (IN) 11 713,092 2.53 11 National Bank of Indianapolis Corporation (IN) 13 1,678,257 3.09 11 WesBanco, Inc. (WV) 17 541,671 1.92 12 Regions Financial Corporation (AL) 27 1,481,054 2.73 12 Citizens Union Bancorp of Shelbyville, Inc. (KY) 11 497,771 1.76 13 Old National Bancorp (IN) 22 1,213,044 2.24 13 Limestone Bancorp, Inc. (KY) 6 454,078 1.61 14 First Financial Bancorp. (OH) 12 814,409 1.50 14 First Financial Bancorp. (OH) 14 453,971 1.61 15 STAR Financial Group, Inc. (IN) 14 583,592 1.08 15 New Independent Bancshares, Inc. (IN) 7 282,680 1.00 16 Horizon Bancorp, Inc. (IN) 9 573,478 1.06 16 First Breckinridge Bancshares, Inc. (KY) 6 251,637 0.89 17 Greenfield Bancshares, Inc. (IN) 7 495,433 0.91 17 Old National Bancorp (IN) 5 246,757 0.87 18 Lakeland Financial Corporation (IN) 6 482,715 0.89 18 German American Bancorp, Inc. (IN) 5 164,478 0.58 19 Lizton Financial Corporation (IN) 9 434,764 0.80 19 Central Bancshares, Inc. (KY) 4 163,843 0.58 20 CITBA Financial Corporation (IN) 9 432,226 0.80 20 Farmers Financial Corporation (KY) 3 153,702 0.54 21 Wells Fargo & Company (CA) 1 415,724 0.77 21 Regions Financial Corporation (AL) 3 133,634 0.47 22 North Salem State Bancorporation (IN) 8 317,730 0.59 22 Eclipse Bank, Inc. (KY) 1 129,998 0.46 23 First National Bank Corp. (IN) 7 274,874 0.51 23 Mid-Southern Bancorp, Inc. (IN) 1 91,658 0.32 24 Home Bank SB (IN) 6 255,939 0.47 24 Lake Valley Bancorp, Inc. (KY) 2 90,394 0.32 25 First Bancshares, Inc. (IN) 6 178,686 0.33 25 Forcht Bancorp, Inc. (KY) 2 89,166 0.32 Total For Institutions In Market 525 54,224,982 Total For Institutions In Market 376 28,230,132

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

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

Total Deposits $160,000 $137,490 $140,000 $131,355 $124,384 $118,725 $120,000 $112,487 $104,573 $107,193 $97,997 $98,995 $101,587 $100,000 $93,667

$80,000

$60,000 InMillions ($) $40,000

$20,000

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

KEY OBSERVATIONS

. The state of Indiana experienced deposit growth of 4.67% year over year

. The three fastest growing MSAs in the state by total deposits were Cincinnati (23.2%), Auburn (15.8%) and Muncie (11.4%)

. The fastest growing counties in the state by total deposits were Madison (31.7%), Warren (28.9%) and Harris (26.0%)

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

METHODOLOGY

North . 3 regions separated by geographic relevance

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

Central . Regulatory call report data shown for all banks

KEY STATE OBSERVATIONS . Median loan growth of 3.48% South . Median NIM of 3.71%

Source: S&P Global Market Intelligence 9 NORTH REGION BANKS (1 OF 2)

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

1st Source Bank South Bend $6,673 $5,128 (0.0) % $5,392 (0.9) % 95.1 % 10.97 % 13.35 % 0.34 % 2.12 % (0.02) % $25,490 1.54 % 3.75 % 56.0 %

Alliance Bank Francesville 310 181 (1.3) 260 5.9 69.9 12.53 18.65 0.89 2.18 0.00 1,379 1.80 3.94 58.8

American Community Bank of IN Saint John 227 180 (10.1) 194 6.5 92.8 9.25 13.08 1.99 1.11 (0.04) 330 0.59 3.44 76.8

Bippus State Bank Huntington 183 141 4.4 154 10.5 91.7 11.37 15.08 0.70 1.00 0.00 1,154 2.52 4.35 54.1

Campbell & Fetter Bank Kendallville 312 182 (0.8) 220 (2.2) 82.6 10.55 24.47 0.02 0.90 0.00 580 0.73 3.02 71.6

Centier Bank Merrillville 4,811 4,088 7.3 3,868 11.3 105.7 9.74 12.29 0.33 1.05 0.02 18,585 1.56 3.62 53.6

Community State Bank Brook 68 51 8.3 56 (9.1) 90.8 13.12 19.99 4.27 1.35 0.40 209 1.23 3.78 60.5

Community State Bank Avilla 278 219 (10.3) 230 16.1 95.6 10.75 15.43 0.46 1.26 0.00 1,094 1.57 4.37 55.6

Community State Bank Royal Center 123 83 9.4 108 (6.0) 77.0 10.98 17.58 2.49 1.58 0.01 347 1.12 4.14 71.1

Crossroads Bank Wabash 421 294 12.9 366 (2.4) 80.3 9.47 14.13 1.19 1.34 (0.02) 1,260 1.21 3.58 64.9

DeMotte State Bank Demotte 426 237 (3.2) 332 0.7 71.6 12.74 20.36 1.66 1.19 0.05 1,171 1.11 3.71 67.8

Everence Trust Co. Goshen 9 - NA 1 - 0.0 101.99 311.06 0.00 NA NA 93 4.94 2.87 97.0

Fairmount State Bank Fairmount 43 29 24.9 37 (19.0) 79.9 15.14 21.89 1.51 0.83 0.28 96 0.86 4.38 70.9

Farmers & Merchants Bank Laotto 159 108 12.0 141 4.4 77.1 10.87 16.98 0.21 0.70 0.00 611 1.54 3.99 62.7

Farmers State Bank Lagrange 786 585 8.7 655 (8.7) 89.4 9.44 15.60 0.31 1.03 0.07 3,269 1.69 4.06 56.0

First Bank of Berne Berne 703 552 (1.9) 587 4.2 94.0 10.36 14.98 0.48 1.33 0.02 3,689 2.11 3.86 51.3

First Farmers Bank & Trust Converse 1,899 1,382 (3.1) 1,500 6.2 92.2 10.09 13.61 1.89 1.22 0.42 7,482 1.60 3.99 51.7

First FSB Huntington 352 255 (3.3) 247 1.1 103.4 11.16 16.16 1.70 1.21 0.14 1,395 1.56 3.58 52.2

First FSB Rochester 425 337 (8.4) 338 9.2 99.7 10.60 19.62 2.74 0.63 0.01 1,447 1.29 4.11 75.7

First FSB of Angola Angola 129 89 (3.6) 101 (6.1) 88.4 21.26 45.49 0.21 0.97 0.00 488 1.51 3.40 58.7

Source: S&P Global Market Intelligence, Most Recent Available Quarter 10 NORTH REGION BANKS (2 OF 2)

First NB of Monterey Monterey 330 211 8.9 265 9.5 79.5 13.04 18.70 0.72 2.27 0.00 797 0.98 3.10 65.4

First State Bank of Middlebury Middlebury 594 446 (1.7) 486 13.9 91.8 11.24 16.41 1.64 1.30 0.03 2,398 1.63 4.18 61.7

First State Bank of Porter Porter 143 83 15.3 119 7.2 70.2 16.29 27.63 1.02 1.23 0.84 350 0.99 3.77 68.2

Garrett State Bank Garrett 247 184 5.7 200 (17.5) 91.8 10.46 19.54 1.41 1.09 0.01 1,139 1.83 3.93 55.0

Grant County State Bank Swayzee 194 161 3.0 145 8.9 110.8 11.72 18.35 2.58 2.12 0.31 1,259 2.61 4.19 28.1

Horizon Bank Michigan City 5,189 3,668 (0.0) 3,973 0.2 92.3 9.35 12.08 0.44 0.49 0.08 21,384 1.68 3.86 51.8

Kentland Bank Kentland 306 173 (0.9) 253 (8.0) 68.3 14.47 20.47 0.76 1.16 0.03 1,213 1.59 4.51 56.5

Kentland FS&LA Kentland 4 4 (4.9) 3 (5.8) 130.3 13.68 28.63 2.66 0.79 0.00 (6) (0.57) 3.83 115.4

Lake City Bank Warsaw 4,937 4,031 2.6 4,291 6.5 93.9 11.73 14.33 0.51 1.26 0.09 22,441 1.83 3.42 42.7

Logansport SB Logansport 186 124 32.2 161 5.6 77.0 12.11 18.59 0.74 1.42 (0.04) 613 1.31 3.64 61.5

Ossian State Bank Ossian 107 61 (1.5) 95 (18.8) 64.6 10.15 16.11 0.52 1.29 (0.04) 353 1.29 3.69 68.5

Peoples Bank SB Munster 1,329 909 4.8 1,149 7.8 79.1 8.16 12.37 1.05 1.01 0.03 3,397 1.03 3.58 67.6

Security FSB Logansport 278 207 12.8 222 1.7 93.5 12.13 17.68 0.91 0.86 0.06 329 0.50 3.82 84.7

STAR Financial Bank Fort Wayne 2,032 1,492 1.6 1,762 3.5 84.7 11.11 13.42 0.88 1.37 0.22 7,044 1.41 3.95 63.2

Average 1,006 761 3.6 821 1.1 85.4 14.35 26.89 1.15 1.23 0.09 3,908 1.48 3.81 63.4 Median 308 196 1.6 238 2.6 90.1 11.14 17.28 0.89 1.21 0.02 1,163 1.53 3.83 61.6

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

Bank of Wolcott Wolcott $170 $114 (1.6) % $139 15.8 % 81.5 % 11.23 % 17.06 % 1.85 % 1.93 % 0.23 % $710 1.64 % 3.81 % 56.4 %

CentreBank Veedersburg 79 58 1.5 69 2.0 83.6 12.98 21.45 0.95 1.79 0.13 303 1.57 5.19 60.2

Citizens Bank Mooresville 488 359 (3.2) 432 0.2 83.0 10.70 14.26 0.18 1.36 0.05 1,512 1.26 3.51 65.4

Ctzns State Bk New Castle IN New Castle 562 361 7.7 504 11.8 71.6 10.00 16.58 0.22 1.49 0.09 1,396 1.01 3.82 67.0

Cmnty First Bk of Indiana Kokomo 298 257 37.7 257 13.1 99.8 10.88 12.18 0.72 1.72 (0.02) 810 1.13 4.75 69.3

Farmers & Merchants Bank Boswell 132 81 0.3 113 1.9 71.4 11.37 18.86 0.33 1.78 (0.01) 252 0.76 3.45 75.0

Farmers Bank Frankfort Indiana Frankfort 590 419 5.5 485 2.2 86.5 11.47 14.05 0.46 1.15 (0.03) 2,114 1.47 4.18 61.3

First Bank Richmond Richmond 954 702 2.5 653 (85.0) 107.6 15.71 21.53 0.44 0.98 0.05 2,004 0.82 3.41 65.9

First Financial Bank NA Terre Haute 3,888 2,581 135.1 3,161 125.4 81.7 12.77 15.27 0.47 0.60 0.22 12,253 1.37 3.51 61.9

First Internet Bank of Indiana Fishers 4,093 2,925 4.2 3,189 17.5 91.7 8.30 12.62 0.22 0.74 0.15 7,813 0.78 1.69 47.2

First Merchants Bank Muncie 12,305 8,307 42.0 9,882 68.4 84.1 10.88 13.05 0.23 0.97 0.07 40,307 1.43 3.56 56.4

First National Bank Cloverdale 296 155 (5.2) 263 (16.7) 58.9 10.23 21.27 0.74 2.65 (0.10) 570 0.77 3.35 73.6

Fountain Trust Co. Covington 386 234 (3.6) 334 10.9 69.9 12.21 21.80 0.57 1.67 0.14 1,825 1.92 4.41 59.0

Fowler State Bank Fowler 164 82 6.7 124 9.9 66.2 14.87 21.75 0.41 2.58 0.18 553 1.36 4.15 65.0

Greenfield Banking Co. Greenfield 577 306 18.1 514 14.7 59.6 10.97 17.09 0.57 1.35 0.14 1,759 1.24 3.82 60.2

Hendricks County Bk & Tr Co. Brownsburg 170 102 (8.3) 149 9.8 68.5 11.77 17.61 1.22 1.19 0.05 134 0.32 3.73 93.1

Home Bank SB Martinsville 322 196 19.4 257 2.1 76.3 12.40 20.40 0.50 1.17 0.09 594 0.75 3.60 81.0

Home National Bk of Thorntown Thorntown 114 58 12.9 102 (11.2) 57.3 9.88 17.32 1.41 2.05 (0.02) 179 0.63 3.44 79.2

Hoosier Heartland State Bank Crawfordsville 204 123 12.4 181 (12.0) 68.2 8.90 13.58 1.30 1.46 0.05 669 1.29 4.25 73.5

Merchants Bank of Indiana Carmel 6,145 5,110 92.3 5,355 72.9 95.4 10.31 11.17 0.19 0.26 0.01 20,700 1.42 2.31 32.4

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

Morris Plan Co Terre Haute Inc Terre Haute 91 86 29.0 64 32.2 134.9 28.09 29.96 1.18 5.14 2.66 761 3.44 11.80 33.8

Mutual SB Franklin 173 127 (12.0) 147 22.8 85.8 10.14 13.26 0.05 1.17 (0.01) 252 0.61 3.66 82.8

MutualBank Muncie 2,069 1,516 (5.5) 1,576 (1.2) 96.2 9.59 13.39 0.41 0.88 0.12 6,175 1.20 3.45 64.7

National Bank of Indianapolis Indianapolis 2,149 1,469 1.1 1,807 (0.1) 81.3 8.48 12.53 0.41 1.13 (0.05) 6,571 1.23 3.29 63.8

North Salem State Bank North Salem 366 305 13.3 328 0.8 93.1 8.98 12.38 0.95 1.85 0.04 1,216 1.35 4.32 61.0

Our Community Bank Spencer 72 54 6.5 53 (2.6) 102.1 11.64 19.66 2.08 0.93 0.10 120 0.66 3.91 83.6

Owen County State Bank Spencer 235 172 8.0 194 (2.4) 88.7 9.47 15.27 0.60 1.03 0.39 517 0.88 3.83 71.8

Peoples Community Bank SB Monticello 27 22 10.8 14 4.3 155.2 45.77 90.43 1.94 0.55 0.00 60 0.87 4.25 79.0

Peoples State Bank Ellettsville 299 147 3.4 252 0.1 58.5 10.39 17.41 0.09 1.07 0.00 941 1.27 3.18 73.4

Riddell National Bank Brazil 233 189 8.2 197 6.7 95.9 9.28 12.76 1.58 1.07 0.04 497 0.86 3.84 70.8

State Bank of Burnettsville Burnettsville 40 23 (7.3) 36 38.1 63.1 9.51 17.61 1.00 1.48 0.22 (170) (1.74) 4.30 158.1

State Bank of Lizton Lizton 503 376 (15.6) 425 (9.2) 88.5 10.40 14.16 0.74 1.59 0.00 1,851 1.43 3.87 63.0

Terre Haute SB Terre Haute 331 229 3.8 249 (29.5) 91.6 9.43 14.25 0.61 1.28 0.02 336 0.40 3.43 88.7

Tri-County B&TC Roachdale 217 91 1.8 189 (6.8) 48.2 12.03 25.73 1.30 1.21 (0.04) 572 1.05 3.57 63.7

Wayne B&TC Cambridge City 164 133 6.5 141 (6.7) 94.2 11.39 16.28 0.61 1.29 0.06 296 0.71 4.18 84.6

West End Bank S.B. Richmond 299 247 (0.9) 218 (4.8) 113.4 10.30 14.36 1.06 1.13 0.66 369 0.49 4.09 75.0

Average 1,089 770 11.9 890 8.2 84.8 12.30 18.84 0.77 1.44 0.16 3,245 1.05 3.97 70.0 Median 299 193 4.9 251 2.1 83.8 10.79 16.43 0.60 1.25 0.05 690 1.09 3.82 66.5

Source: S&P Global Market Intelligence, Most Recent Available Quarter 13 SOUTH REGION BANKS (1 OF 2)

Bath State Bank Bath $164 $135 13.4 % $137 1.0 % 98.9 % 10.01 % 14.76 % 0.97 % 1.57 % 0.30 % $480 1.17 % 3.67 % 72.1 %

Bedford FSB Bedford 133 99 (2.3) 117 12.1 85.3 12.08 19.52 1.13 1.05 0.20 184 0.57 3.94 80.7

Boonville FSB Boonville 54 36 1.8 36 (4.3) 101.0 9.03 15.68 0.15 0.49 0.03 24 0.18 3.39 87.8

ClearPoint Federal Bank & Tr Batesville 103 - NA 83 9.0 0.0 16.53 63.47 0.00 NA NA 189 0.76 2.01 88.7

Commerce Bank Evansville 188 145 3.6 149 (21.9) 97.3 11.78 14.09 0.00 1.02 0.01 340 0.72 3.56 74.2

Community State Bank Poseyville 84 59 (5.9) 74 (2.1) 79.5 10.15 16.08 0.02 1.27 0.37 296 1.40 3.98 64.9

Dearborn SB Lawrenceburg 129 101 (4.1) 107 (12.0) 94.2 9.91 17.06 0.59 0.89 0.00 223 0.69 3.02 72.2

Elberfeld State Bank Elberfeld 80 46 (16.6) 70 0.0 66.2 11.99 19.00 1.59 1.41 0.00 181 0.90 3.78 69.6

Farmers & Mechanics FSB Bloomfield 74 27 4.7 61 (0.9) 43.7 17.19 54.22 0.17 0.41 0.00 125 0.67 2.32 101.3

FCN Bank NA Brookville 463 265 5.6 390 5.7 68.0 10.81 19.17 0.63 1.27 2.15 1,370 1.19 3.65 61.1

First FS&LA of Greensburg Greensburg 149 94 8.6 131 5.1 71.2 10.61 21.60 1.65 0.93 0.13 211 0.54 3.14 75.8

First FSB Evansville 451 306 9.6 316 28.3 96.9 8.34 13.35 0.95 0.93 0.02 478 0.44 3.17 84.3

First FSB of Washington Washington 77 54 7.2 63 2.6 85.5 12.04 22.12 1.56 0.25 0.00 (2) (0.01) 2.88 98.7

First Harrison Bank Corydon 818 478 8.4 723 (8.2) 66.1 9.93 14.88 0.42 0.99 0.08 2,759 1.36 4.02 61.7

First SB Clarksville 1,220 917 6.1 845 (23.8) 108.5 9.40 12.94 1.13 1.10 0.02 5,295 1.76 3.78 74.6

Freedom Bank Huntingburg 440 395 2.7 389 (2.4) 101.5 10.55 13.56 0.44 1.79 0.02 2,400 2.18 3.37 43.7

Friendship State Bank Friendship 379 290 2.9 335 (8.8) 86.5 10.35 18.08 0.23 0.98 0.02 1,442 1.52 4.60 60.0

German American Bank Jasper 4,344 3,076 50.5 3,460 37.5 88.9 10.35 13.06 0.33 0.52 0.41 14,088 1.30 3.98 59.2

Jackson County Bank Seymour 593 435 12.3 461 (5.3) 94.4 9.43 12.96 1.28 0.89 0.00 1,656 1.13 3.29 71.4

LNB Community Bank Lynnville 117 86 6.6 99 (38.8) 86.8 10.36 18.28 0.72 1.35 0.04 376 1.24 3.71 72.5

Source: S&P Global Market Intelligence, Most Recent Available Quarter 14 SOUTH REGION BANKS (2 OF 2)

Mid-Southern Savings Bank FSB Salem 209 126 (7.5) 160 2.3 78.7 17.72 33.44 1.23 1.18 0.01 169 0.32 2.92 91.3

Napoleon State Bank Napoleon 273 222 (1.9) 235 16.2 94.6 11.37 15.19 0.47 1.40 0.24 799 1.19 4.17 61.4

New Covenant Trust Co. NA Jeffersonville 7 - NA - NA NA 88.89 294.15 0.00 NA NA 124 7.18 2.00 83.0

New Washington State Bank New Washington 340 266 (9.4) 304 (1.4) 87.5 10.17 13.88 0.60 1.19 0.03 1,417 1.66 4.55 67.2

Old National Bank Evansville 20,333 12,076 (0.3) 14,480 1.9 83.4 9.57 13.51 0.69 0.47 0.03 72,039 1.44 3.56 55.4

Peoples Bank Brownstown 208 84 4.9 183 11.5 46.1 10.98 24.15 0.40 1.67 0.01 421 0.82 3.06 72.0

Peoples Trust & SB Boonville 196 128 0.0 147 1.9 87.0 15.56 24.25 0.57 0.25 0.00 373 0.77 3.29 77.4

Scottsburg Building & Ln Assn Scottsburg 90 44 (1.1) 67 2.6 65.7 14.92 33.60 0.18 0.78 0.00 65 0.29 2.46 86.0

Spencer County Bank Santa Claus 109 68 9.6 95 (1.1) 71.3 12.91 20.89 1.08 1.03 (0.01) 199 0.76 3.57 75.8

Springs Valley B&TC Jasper 453 346 3.1 356 18.2 97.4 10.42 14.53 1.40 1.28 0.13 1,229 1.10 3.30 74.1

State Bank of Medora Medora 91 30 (14.3) 76 11.6 39.0 14.96 34.28 0.73 1.70 0.08 188 0.83 2.61 65.5

Union Savings & Loan Assn. Connersville 165 146 4.6 144 16.3 101.4 10.54 15.34 0.87 1.00 0.07 378 0.94 3.75 71.0

United Fidelity Bank FSB Evansville 966 158 25.4 791 27.2 19.9 8.92 27.65 0.85 1.24 (0.05) 851 0.37 2.16 92.8

Average 1,015 628 4.1 760 2.5 77.9 13.87 29.66 0.70 1.04 0.14 3,344 1.13 3.35 74.2 Median 188 128 3.6 147 1.9 86.0 10.55 18.08 0.63 1.03 0.02 376 0.90 3.39 72.5

State of Indiana Summary Statistics

Max $20,333 $12,076 135.1 % $14,480 125.4 % 155.2 % 101.99 % 311.06 % 4.27 % 5.14 % 2.66 % $72,039 7.18 % 11.80 % 158.1 % Min 4 0 (16.6) 0 (85.0) 0.0 8.16 11.17 0.00 0.25 (0.10) (170) (1.74) 1.69 28.1 Average 1,038 722 6.8 826 4.0 82.9 13.48 24.96 0.87 1.25 0.13 3,496 1.22 3.72 69.2 Median 278 180 3.5 220 2.0 86.1 10.88 17.06 0.72 1.19 0.03 669 1.19 3.71 67.6

Source: S&P Global Market Intelligence, Most Recent Available Quarter 15 MARKET STATISTICS OF INDIANA NASDAQ BANKS

Sorted By Market Cap Market Data Financial Highlights - (GAAP)

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

ONB Old National Bancorp Evansville NASDAQ $3,125 180.5 % 11.2 x 9.6 % 2.8 % 2.5 % 4.7 % 1.5 % 67.6 % 3.6 % $20,439 $12,075.9 $14,448.4 9.0 % 0.78 % 1.26 % 9.12 %

FRME First Merchants Corp. Muncie NASDAQ 2,266 193.8 14.4 11.2 2.5 1.8 1.1 1.5 67.6 1.3 12,325 8,307.2 9,765.5 10.0 0.25 1.46 10.35

SRCE 1st Source Corp. South Bend NASDAQ 1,326 181.8 13.7 11.1 2.2 0.9 0.7 12.1 72.7 12.4 6,691 5,128.2 5,391.7 11.0 0.45 1.44 11.72

LKFN Lakeland Financial Corp. Warsaw NASDAQ 1,199 206.9 14.2 14.5 2.5 1.6 5.3 4.2 76.4 10.6 4,948 4,030.6 4,283.4 11.7 0.50 1.75 15.64

GABC German American Bancorp Inc. Jasper NASDAQ 897 209.0 17.2 13.6 2.0 1.1 2.5 7.4 39.7 9.5 4,356 3,076.1 3,431.3 10.2 0.32 1.43 11.52

HBNC Horizon Bancorp Inc. Michigan City NASDAQ 841 181.3 10.2 9.6 2.6 0.9 1.0 18.8 47.8 11.5 5,187 3,667.7 3,916.0 9.3 0.45 1.33 10.85

THFF First Financial Corp. Terre Haute NASDAQ 617 131.3 12.1 4.6 2.3 1.3 1.2 4.1 55.1 -0.5 3,988 2,668.5 3,220.1 12.0 0.54 1.42 9.77

MBIN Merchants Bancorp Carmel NASDAQ 511 128.7 7.4 2.1 1.6 0.7 0.1 44.5 22.2 -18.7 6,337 5,254.3 5,499.6 6.3 0.12 1.31 12.65

MFSF MutualFirst Financial Inc. Muncie NASDAQ 340 172.6 14.1 9.1 2.0 0.7 0.5 11.7 44.1 13.0 2,074 1,516.7 1,573.1 9.6 0.44 1.10 10.75

INBK First Internet Bancorp Fishers NASDAQ 225 77.5 9.2 -2.1 1.0 2.0 1.6 5.0 67.1 -9.4 4,095 2,922.4 3,148.2 7.1 0.21 0.63 8.17

FCAP First Capital Inc. Corydon NASDAQ 199 229.4 17.0 15.3 1.6 0.9 3.0 4.7 11.1 37.4 823 NM 719.4 11.0 0.40 1.29 NA

RMBI Richmond Mutl Bncp Inc. Richmond NASDAQ 188 0.0 -- 11.7 -- 5.7 2.6 2.1 7.0 38.8 1,083 697.4 827.6 8.4 0.19 0.37 3.85

FSFG First Savings Financial Group Clarksville NASDAQ 145 -- 7.0 NA 1.0 0.7 0.2 19.8 23.5 -3.5 1,229 902.7 888.1 NA 1.24 1.46 15.37

MSVB Mid-Southern Bancorp Inc. Salem NASDAQ 45 92.2 NM -4.3 0.6 0.6 0.1 4.9 17.7 10.9 209 125.7 147.7 24.3 0.50 0.50 2.03

Avg. 852 152.7 12.3 8.2 1.9 1.5 1.7 10.2 44.3 8.4 5,270 3,874.9 4,090.0 10.8 0.46 1.20 10.14 Pricing Date November 4, 2019 Median 564 180.5 12.9 9.6 2.0 1.0 1.1 5.0 45.9 10.0 4,226 3,076.1 3,325.7 10.0 0.44 1.32 10.75

1) Based on Estimated tangible equity for 9/30/19 including stock offering proceeds Note: Data as of November 4, 2019 Source: S&P Global Market Intelligence 16 MARKET STATISTICS OF INDIANA OTC BANKS

Sorted By Market Cap Market Data Financial Highlights - (GAAP)

FFMR First Farmers Financial Corp Converse OTCQX 331 203.6 11.9 NA 2.7 0.0 0.0 7.0 -- 13.3 1,854 1,393.2 1,477.2 NA NA NA NA

SFIG.A STAR Financial Group Inc. Fort Wayne OTC Pink 238 -- -- 0.8 0.0 0.0 0.0 34.9 0.6 0.8 2,286 1,486.1 1,746.6 9.8 0.86 1.19 10.95

NWIN NorthWest Indiana Bancorp Munster OTC Pink 155 133.3 10.8 3.4 2.8 0.2 0.0 17.3 3.8 1.4 1,330 908.9 1,152.5 8.9 1.04 1.03 10.54

FXLG FS Bancorp Lagrange OTC Pink 132 170.5 9.7 8.4 2.3 0.1 0.0 14.1 -- -7.6 788 585.5 654.2 9.9 NA 1.65 NA

FABP Farmers Bancorp Frankfort OTC Pink 86 119.7 10.6 3.1 2.7 0.1 0.0 -- -- -3.3 583 413.6 482.1 12.2 NA 1.57 13.30

CYVF Crystal Valley Financial Corp. Middlebury OTC Pink 84 111.6 8.0 1.8 2.4 0.2 0.0 27.6 4.9 9.1 595 445.9 480.9 12.6 NA 1.64 13.38

FBVI FCN Banc Corp. Brookville OTC Pink 60 114.5 10.2 2.0 3.4 0.0 0.0 31.3 0.0 28.7 456 261.7 384.2 11.5 0.59 1.32 11.28

CBAF CITBA Financial Corp. Mooresville OTCQX 57 110.0 12.5 1.2 1.5 0.2 0.0 7.2 4.7 6.8 486 361.7 432.2 10.8 0.16 0.96 9.24

NIDB Northeast Indiana Bancorp Huntington OTCQB 50 121.8 9.1 3.6 2.4 0.2 0.0 28.6 5.3 14.4 352 255.2 246.3 11.7 1.64 1.35 11.97

FFWC FFW Corp. Wabash OTC Pink 49 109.5 9.9 1.2 2.2 0.1 0.0 -- -- 2.7 419 294.0 362.3 10.6 NA 1.19 10.94

SVBT SVB&T Corp. Jasper OTCQX 45 99.3 8.7 -0.1 1.3 0.3 0.1 -- -- 0.1 454 346.4 354.9 9.9 NA 0.92 9.30

FBPI First Bancorp of Indiana Inc. Evansville OTC Pink 37 115.9 25.9 1.7 3.0 0.1 0.0 20.0 11.2 13.2 431 298.9 293.1 7.5 NA 0.48 5.78

WEIN West End Indiana Bancshares Richmond OTC Pink 34 119.1 39.0 1.3 0.8 0.5 0.0 13.9 14.7 20.7 301 248.0 220.4 10.3 0.50 0.36 3.52

LOGN Logansport Financial Corp. Logansport OTC Pink 24 100.4 10.1 0.1 3.6 0.3 0.0 11.1 0.0 1.7 186 123.8 160.4 12.9 0.74 1.20 9.49

DSFN DSA Financial Corp. Lawrenceburg OTC Pink 19 -- 24.8 NA 3.2 0.1 0.0 -- -- 22.7 132 101.7 110.1 NA NA NA NA

AMFC AMB Financial Corp. Saint John OTC Pink 17 88.1 12.7 -1.2 0.0 0.1 0.0 38.1 -- -5.5 223 184.4 188.5 8.5 1.18 0.52 6.10

TDCB Third Century Bancorp Franklin OTC Pink 14 81.0 14.7 -2.3 2.4 0.1 0.0 22.2 -- -4.2 171 130.6 139.3 10.0 0.07 0.54 5.29

HWEN Home Financial Bancorp Spencer OTC Pink 7 80.5 15.5 -3.3 2.6 0.1 0.0 -- -- -11.6 72 53.2 53.1 12.4 NA 0.43 3.59

Avg. 80 117.4 14.4 1.4 2.2 0.2 0.0 21.0 5.0 5.7 618 438.5 496.6 10.6 0.75 1.02 8.98 Pricing Date November 4, 2019 Median 49 113.0 10.8 1.3 2.4 0.1 0.0 20.0 4.7 2.2 442 296.5 358.6 10.5 0.74 1.11 9.49

Data as of November 4, 2019 Source: S&P Global Market Intelligence 17 RECENT INDIANA M&A 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 Northwest Bancshares, Inc. PA MutualFirst Financial Inc. Muncie IN Stock 359.3 178.4 16.0 17.3 NA 2,073.6 0.44 9.60 1.09 08/29/19 FCN Banc Corp. IN DSA Financial Corp. Lawrenceburg IN Mix 18.3 NA NM 13.9 NA 131.9 NA 11.61 NA 10/29/18 Horizon Bancorp Inc. IN Salin Bancshares Inc. Indianapolis IN Mix 135.5 161.9 NM 15.2 7.4 893.1 0.64 10.09 0.55 08/20/18 Farmers & Merchants Bancorp OH Limberlost Bancshares Inc. Geneva IN Mix 88.8 288.8 19.9 31.0 31.4 286.7 0.20 10.75 2.13 06/14/18 Ruoff Financial Corp. IN SBB Bancshares Inc. Burnettsville IN Cash NA NA NM NA NA 36.0 2.64 10.95 -0.47 03/12/18 Civista Bancshares Inc. OH United Community Bancorp Lawrenceburg IN Mix 118.5 164.7 NM 21.7 NA 546.2 0.39 12.75 0.61 10/04/17 MutualFirst Financial Inc. IN Universal Bancorp Bloomfield IN Mix 65.9 158.5 23.0 16.5 9.1 398.3 1.20 11.13 0.78 07/25/17 First Financial Bancorp. OH MainSource Financial Group Greensburg IN Stock 1,005.6 266.4 22.4 24.9 NA 4,042.5 0.62 8.89 1.06 07/21/17 First Savings Financial Group IN Dearmin Bancorp Inc. Odon IN Cash 10.6 148.1 17.7 10.7 3.8 99.2 0.06 8.08 0.74 05/23/17 Horizon Bancorp IN Lafayette Community Bancorp Lafayette IN Mix 32.0 167.2 NM 19.5 10.2 171.7 1.18 11.30 0.58 04/04/17 Piper Holdings Inc. IN Farmers State Bank Brookston IN Cash 9.4 155.7 NM 13.1 6.1 71.8 1.05 8.43 -0.01 02/17/17 First Merchants Corp. IN Independent Alliance Banks Inc Fort Wayne IN Stock 249.7 265.1 27.8 26.1 22.6 1,087.6 0.57 9.98 0.94 07/12/16 Horizon Bancorp IN CNB Bancorp Attica IN Mix 5.3 108.4 29.4 10.7 1.0 56.4 0.12 20.84 0.26 05/03/16 WesBanco Inc. WV Your Community Bankshares Inc. New Albany IN Mix 222.5 172.8 14.5 14.4 8.8 1,550.5 1.20 8.00 0.95 04/26/16 Lizton Financial Corp. IN Indiana Business Bancorp Indianapolis IN Cash 12.4 103.5 19.8 19.7 1.3 63.3 1.40 18.76 0.99 03/16/16 First SB of Hegewisch IL Lake Federal Bank FSB Hammond IN Mix NA NA NM NA NA 65.5 0.06 22.02 0.18 03/10/16 Horizon Bancorp IN La Porte Bancorp Inc La Porte IN Mix 94.1 116.1 18.6 17.3 4.9 543.2 1.15 14.40 0.89 02/05/16 Horizon Bancorp IN Kosciusko Financial Inc. Mentone IN Mix 22.5 136.5 20.0 15.2 5.8 148.1 0.07 10.30 0.82 11/10/15 First Farmers Financial Corp IN Century Bank Corp. Fairmount IN Cash NA NA NM NA NA 62.3 0.05 11.88 0.28 10/26/15 German American Bancorp Inc. IN River Valley Bancorp Madison IN Mix 87.2 157.1 15.3 17.0 NA 513.7 1.81 10.75 1.12 06/29/15 First Merchants Corp. IN Ameriana Bancorp New Castle IN Mix 69.5 170.1 NM 14.4 8.5 482.7 3.60 8.39 0.45 03/20/15 NorthWest Indiana Bancorp IN Liberty Savings Bank FSB Whiting IN Mix NA NA NM NA NA 58.9 2.47 5.93 -0.97 02/19/15 Horizon Bancorp IN Peoples Bancorp Inc Auburn IN Mix 73.1 123.9 21.4 15.0 4.2 486.6 NA 12.18 0.74 10/09/14 Independent Alliance Banks Inc IN First State Bank Bourbon Ind Bourbon IN Cash 18.3 112.4 28.9 21.4 3.6 85.8 2.87 19.03 0.74 07/22/14 First Merchants Corp. IN Community Bancshares Inc. Noblesville IN Mix 46.3 122.8 19.5 17.2 3.9 268.7 9.53 14.01 1.37 06/04/14 Old National Bancorp IN LSB Financial Corp. Lafayette IN Mix 66.6 158.2 27.2 18.2 9.7 366.1 NA 11.28 0.67 04/07/14 MainSource Financial Group IN MBT Bancorp West Harrison IN Mix 34.0 142.0 19.6 14.7 5.8 231.8 2.37 10.70 0.85 12/20/13 NorthWest Indiana Bancorp IN First FS&LA of Hammond Hammond IN Mix NA NA NM NA NA 40.7 9.35 2.50 -2.84 09/10/13 Old National Bancorp IN Tower Financial Corp. Fort Wayne IN Mix 108.0 174.9 15.9 15.9 9.8 680.9 2.22 9.03 1.03 05/13/13 First Merchants Corp. IN CFS Bancorp Inc. Munster IN Stock 114.7 101.4 19.8 10.0 0.2 1,146.4 4.89 9.84 0.50

Max $1,005.6 288.8 29.4 31.0 31.4 $4,042.5 9.53 22.02 2.13 Min 5.3 101.4 14.5 10.0 0.2 36.0 0.05 2.50 -2.84 Avg. 122.7 160.6 20.9 17.2 7.9 556.3 1.93 11.45 0.55 Median 69.5 157.6 19.8 16.5 6.0 277.7 1.18 10.75 0.74

Data as of November 4, 2019 Source: S&P Global Market Intelligence 18 III. OVERVIEW - JANNEY MONTGOMERY SCOTT LLC Janney Montgomery Scott Indiana Team

Mr. Gersack joined Janney in 2019 as Managing Director, Head of Capital Markets and Head of MidWest and West Coast Depositories (FIG). He has more than 30 years of experience in financial services with a focus on community banks. Mr. Gersack specializes in advising community banks on a full range of strategic options, including capital raising initiatives and merger transactions. He has a unique understanding of the strategic needs and initiatives of banks ranging in size from $100 million to $15 billion. This depth and breadth of experience enables clients to determine the best strategic initiative – be it to raise capital, acquire a competitor, merge/sell or divest – to maximize long term shareholder value.

Before joining Janney, Mr. Gersack was Senior Managing Principal, Co-Head of Investment Banking and Partner, at FIG Partners LLC, a premier investment banking and research firm specializing in community banks. Prior to that, he was a Board Member and Director of Greg Gersack Bank Equity Sales and Trading at Howe Barnes Hoefer & Arnett, Inc. While there, he led a team that was responsible for trading and Head of MidWest & West Coast monitoring over 500 small-cap and micro-cap bank equities and the firm’s bank equity trading inventory. He also served as the primary Depositors – FIG Group contact for the firm’s largest institutional clients and assisted them with identifying investments and trading activity. Earlier in his career, he & Head of Equity Capital Markets was a Supervisory Financial Analyst in the Supervision and Regulation Division at the Federal Reserve Bank of Chicago. While there, he Direct (312) 461-4343 worked on bank merger and acquisition proposals, focusing on the financial, managerial and competitive effects of these transactions. Mr. Mobile (312) 523-3325 Gersack received an MBA in Finance from DePaul University and a Bachelor’s degree in Economics from Lawrence University. [email protected] www.janney.com

Lozan Aleksandrov’s primary responsibilities include advising community banks on capital raising, buy-side and sell-side merger & acquisition transactions, branch sales and other strategic transactions. He also specializes in providing fairness opinions and various bank valuation services. Lozan joined Janney in 2019 when Janney acquired FIG Partners. Lozan joined FIG Partners in 2005 and spent two years as an equity research associate, actively following 46 small- and mid-cap banks and thrifts, before joining the investment banking team in 2007. Mr. Aleksandrov has an MBA degree from Tulane University and is a CFA charterholder. At Tulane University, Mr. Aleksandrov served as an Associate Director for the Burkenroad Reports Program, a student-run equity research shop.

Mr. Aleksandrov’s most recent transaction experience includes advising Grand Mountain Bancshares, Inc. on its acquisition by BayCom Corp. in November 2019. Prior to that he was involved in the Red River Bancshares, Inc.’s $31 million Initial Public Offering in May 2019. Lozan Aleksandrov, CFA He also advised Pilot Bancshares, Inc. on its $10 million private placement of common stock in October 2018. Mr. Aleksandrov also Managing Director, FIG Group helped Citizens Community Bancorp, Inc. raise $65 million in capital via a private placement in June 2018 and helped BayCom Corp. raise $72 million in capital in its Initial Public Offering in May 2018. Direct (404) 601-7211 Mobile (404) 202-4663 [email protected] www.janney.com 20 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

21 … 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

22 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 23 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

24 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 25 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 26 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 27 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

28 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 29 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

30 Financial Institutions Group