COMMUNITY BANK LANDSCAPE North Carolina 1St Quarter 2019

COMMUNITY BANK LANDSCAPE North Carolina 1st Quarter 2019

RESEARCH | INVESTMENT BANKING | EQUITY SALES & TRADING | FIXED INCOME | CORPORATE & PRIVATE CLIENT SERVICES TABLE OF CONTENTS

SECTION DESCRIPTION

I. NORTH CAROLINA BANK REGULATORY DATA

II. FIG PARTNERS UPDATE

2 I. NORTH CAROLINA BANK REGULATORY DATA OVERVIEW – NORTH CAROLINA BANK REGULATORY DATA

Piedmont Mountains Coastal Plain

METHODOLOGY ▪ 3 regions separated by geographic KEY STATE OBSERVATIONS relevance ▪ Median loan growth of 4.69% ▪ Data as of most recent available ▪ Median NIM of 3.77% quarter as of March 31, 2019

▪ Regulatory call report data shown for all banks

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 Does not include Bank of America, NA Source: S&P Global Market Intelligence, Most Recent Available Quarter 4 NORTH CAROLINA BANKS – MOUNTAINS REGION

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

Black Mountain SB SSB Black Mountain $40 $29 3.3 % $34 (6.4) % 85.6 % 12.74 % 31.62 % 0.00 % 0.00 % 0.0 % 0.14 % 0.00 % $41 0.41 % 3.00 % 82.9 %

Entegra Bank Franklin 1,6681,089 2.0 1,251 8.2 87.1 9.67 14.35 0.80 0.437.8 1.11 0.024,046 0.98 3.17 68.3

HomeTrust Bank Asheville3,455 2,674 4.7 2,332 10.2 114.7 10.25 12.22 1.09 0.40 10.0 0.91 0.383,373 0.39 3.34 69.7

Jackson SB SSB Sylva 32 26 (1.5) 26 (1.3)101.7 20.97 40.77 1.20 1.035.7 0.22 0.00 81 1.00 3.6969.2

Lifestore Bank (MHC) West Jefferson 293 1853.2 2257.7 82.2 10.99 18.61 1.13 1.139.6 1.31 0.00 713 0.98 3.4672.8

Morganton SB S.S.B. Morganton 91 61 24.0 54 7.2 113.2 27.63 33.73 1.40 1.405.1 1.92 0.00 214 0.95 3.9780.6

Nantahala B&TC Franklin 154 1087.7 1310.8 82.8 5.72 8.5711.99 11.97 254.6 1.14 (0.07) 74 0.20 3.7193.5

Average 819 596 6.2 579 3.8 95.3 14.00 22.84 2.52 2.34 41.83 0.96 0.05 1,220 0.703.48 76.7 Median 154 108 3.3 131 7.2 87.1 10.99 18.61 1.13 1.03 7.851.11 0.00 214 0.953.46 72.8

Source: S&P Global Market Intelligence, Most Recent Available Quarter 5 NORTH CAROLINA BANKS – PIEDMONT REGION

Alliance B&TC Gastonia $139 $101 11.6 % $126 (14.4) % 79.6 % 8.73 % 12.50 % 2.09 % 1.29 % 21.0 % 1.43 % (0.03) % $291 0.84 % 4.80 % 70.1 %

Aquesta Bank Cornelius 475 379 12.4 363 53.3 104.5 10.80 14.35 0.28 0.26 2.6 0.97 (0.02) 1,118 0.95 3.51 66.4

Bank of Oak Ridge Oak Ridge 468 378 6.4 398 15.8 94.9 9.82 12.97 0.56 0.56 5.2 0.87 0.02 1,155 0.99 3.79 70.7

Belmont Savings Bank SSB Belmont 92 68 0.5 73 (0.2) 94.1 20.57 40.67 0.58 0.29 2.8 0.39 0.00 58 0.25 3.10 88.6

blueharbor bank Mooresville 226 188 19.1 189 25.3 99.5 13.36 15.92 0.85 0.85 6.2 1.00 0.00 596 1.08 3.89 62.9

Branch Banking & Trust Co. Winston-Salem 219,793 144,404 (0.4) 168,312 (0.5) 85.8 9.49 13.24 0.51 0.26 5.7 0.89 0.20 851,000 1.55 3.35 56.9

Carolina Trust Bank Lincolnton 621 474 82.3 527 122.5 89.9 10.64 13.25 0.71 0.71 6.4 0.86 (0.01) 689 0.45 4.23 84.5

Farmers & Merchants Bank Salisbury 632 441 (5.6) 556 15.8 79.4 11.49 17.32 1.87 1.17 15.2 1.72 0.02 2,633 1.72 4.55 58.3

Fidelity Bank Fuquay-Varina 2,001 1,154 5.1 1,777 13.8 64.9 10.25 15.65 0.70 0.14 6.7 1.47 (0.04) 6,569 1.36 3.82 60.3

First Bank Southern Pines 6,051 4,308 5.0 4,804 11.9 89.7 10.63 14.14 0.62 0.43 6.2 0.49 0.04 23,160 1.56 4.05 54.5

First FSB of Lincolnton Lincolnton 396 335 0.4 308 15.3 109.0 15.92 26.83 1.01 0.51 6.3 0.61 (0.06) 1,125 1.17 3.70 60.7

First S&L Association Mebane 55 34 5.7 42 19.6 80.5 23.70 53.36 0.37 0.37 1.6 0.56 0.00 49 0.37 2.89 86.6

First-Citizens B&TC Raleigh 35,829 25,518 (0.8) 31,260 7.2 81.6 9.56 13.32 0.72 0.45 7.6 0.90 0.10 105,017 1.18 3.85 66.0

Mechanics & Farmers Bank Durham 268 176 2.6 242 15.7 72.5 7.73 12.05 1.79 0.46 21.5 1.16 0.01 205 0.30 3.48 92.3

North State Bank Raleigh 941 760 2.3 856 21.5 88.8 8.54 11.46 0.21 0.18 2.3 0.59 (0.01) 2,976 1.28 4.22 71.9

Peoples Bank Newton 1,110 824 9.6 915 16.4 90.1 12.52 15.54 0.25 0.25 1.9 0.80 0.03 3,940 1.44 4.60 69.4

Piedmont FSB Winston-Salem 896 516 (3.6) 662 (3.1) 78.0 25.82 69.52 0.04 0.04 0.2 0.19 0.00 539 0.24 2.40 85.9

Roxboro Savings Bank SSB Roxboro 230 115 6.0 174 12.0 65.9 20.93 45.68 1.57 0.73 7.8 0.99 0.00 644 1.14 3.20 59.0

Surrey Bank & Trust Mount Airy 312 236 6.6 262 3.0 90.2 14.54 20.43 0.98 0.44 6.1 1.83 (0.11) 967 1.26 4.56 60.8

Taylorsville Savings Bank SSB Taylorsville 105 85 (1.8) 93 16.3 91.3 10.93 18.12 2.59 0.74 23.6 1.58 0.00 190 0.73 4.24 76.9

Uwharrie Bank Albemarle 653 372 (3.5) 589 14.1 63.1 8.64 13.65 0.74 0.27 10.5 0.60 0.03 1,004 0.63 3.57 83.5

Wake Forest FS&LA (MHC) Wake Forest 104 68 20.0 79 (2.1) 85.7 22.45 38.63 0.00 0.00 0.0 2.11 0.00 378 1.45 3.58 46.6

Average 12,336 8,224 8.2 9,664 17.2 85.4 13.50 23.12 0.87 0.47 7.62 1.00 0.01 45,650 1.00 3.79 69.7 Median 472 375 5.1 381 14.7 87.3 10.87 15.60 0.70 0.43 6.18 0.90 0.00 986 1.11 3.81 67.9

Source: S&P Global Market Intelligence, Most Recent Available Quarter 6 NORTH CAROLINA BANKS – COASTAL PLAIN REGION

Coastal Bank & Trust Jacksonville $117 $72 1.6 % $99 31.0 % 72.5 % 15.82 % 24.47 % 0.05 % 0.05 % 0.3 % 1.47 % 0.00 % $181 0.65 % 3.95 % 80.0 %

First Capital Bank Laurinburg 100 72 31.7 78 53.9 93.0 21.58 28.31 1.40 0.78 6.7 1.42 0.21 (172) (0.75) 4.56 107.9

First Carolina Bank Rocky Mount 521 296 27.6 460 (0.7) 64.3 12.00 17.58 0.00 0.00 0.0 0.57 (0.01) 1,054 0.85 2.92 56.4

First Federal Bank Dunn 186 126 10.7 165 3.0 76.6 11.33 20.91 1.28 1.07 10.8 1.46 0.00 122 0.27 3.67 90.7

Hertford Savings Bank SSB Hertford 13 9 10.2 11 5.5 85.9 16.52 31.08 2.03 2.03 11.9 0.73 0.00 14 0.42 3.54 87.8

KS Bank Inc. Smithfield 397 301 2.4 326 (6.1) 92.5 9.63 14.13 0.90 0.33 8.7 1.33 0.00 979 0.99 3.55 69.2

Live Oak Banking Co. Wilmington 4,040 2,775 36.5 3,541 47.4 78.4 11.02 16.14 1.18 0.54 10.5 1.27 0.01 7,142 0.75 3.77 73.6

Lumbee Guaranty Bank Pembroke 341 183 (1.1) 294 6.1 62.1 12.01 19.64 2.69 1.62 22.6 1.20 (0.03) 820 0.97 4.09 73.7

New Republic SB Roanoke Rapids 65 55 (6.5) 50 1.6 110.0 10.01 15.61 1.54 1.54 14.0 1.04 0.00 0 0.00 3.79 100.0

Providence Bank Rocky Mount 466 364 9.8 360 12.7 101.0 10.47 13.31 0.47 0.47 4.3 0.96 0.01 1,712 1.48 4.00 45.4

Roanoke Rapids SB SSB Roanoke Rapids 74 43 (5.0) 55 (14.6) 78.9 23.41 50.15 0.59 0.38 2.4 0.45 0.00 90 0.47 4.10 84.0

Select B&TC Dunn 1,240 992 2.2 985 (11.8) 100.7 13.02 15.43 1.24 0.85 9.2 0.86 0.11 3,626 1.17 4.15 60.8

Sound Bank Morehead City 310 222 13.3 275 64.7 80.7 8.33 11.15 0.44 0.42 5.7 0.44 0.00 227 0.31 3.79 85.2

Southern B&TC Mount Olive 2,693 1,686 (5.5) 2,359 8.9 71.5 9.95 13.52 0.45 0.36 4.5 1.17 (0.03) 9,326 1.41 3.82 66.5

Tarboro SB SSB Tarboro 48 37 (2.3) 41 5.1 89.5 14.59 26.65 0.81 0.81 5.5 0.34 0.37 50 0.41 3.46 82.1

Union Bank Greenville 771 519 7.9 639 7.3 81.2 8.89 14.04 0.26 0.26 2.8 0.82 0.01 1,639 0.86 3.77 67.0

Average 711 484 8.3 609 13.4 83.7 13.04 20.76 0.96 0.72 7.50 0.97 0.04 1,676 0.64 3.81 76.9 Median 325 202 5.1 284 5.8 80.9 11.67 16.86 0.86 0.51 6.21 1.00 0.00 524 0.70 3.79 76.8

Source: S&P Global Market Intelligence, Most Recent Available Quarter 7 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) (%) (%) (%)

04/30/19 Hancock Whitney Corp. MS MidSouth Bancorp Inc. Lafayette LA Mix $217.0 158.4 NM 12.5 5.8 $1,743.4 1.82 8.03 -1.50

04/24/19 CBS Banc-Corp. AL PrimeSouth Bank Tallassee AL Cash NA NA NM NA NA 253.2 0.65 0.00 1.08

04/24/19 First Citizens BancShares Inc. NC Entegra Financial Franklin NC Cash 213.7 154.2 15.2 13.3 8.0 1,636.4 0.91 0.00 0.86

04/24/19 Chambers Bancshares Inc. AR Bank of Dardanelle Bkshs Inc. Dardanelle AR Mix NA NA NM NA NA 134.5 3.61 0.00 0.90

04/18/19 Big Creek Bancshares Inc AR Tyronza Bancshares Inc. Marked Tree AR Mix NA NA NM NA NA 59.6 0.22 0.00 0.83

03/29/19 Dancar Bus. Corp FL Citizens B&TC Atwood TN Cash NA NA NM NA NA 25.3 0.37 0.00 0.73

03/27/19 Power Financial Credit Union FL TransCapital Bank Sunrise FL Cash NA NA NM NA NA 204.1 1.50 0.00 2.44

03/05/19 BancorpSouth Bank MS Summit Financial Entrprs Inc. Panama City FL Mix 100.3 173.1 14.3 21.3 11.5 471.9 0.75 0.00 1.58

03/01/19 F & M Bancshares Inc. TN Chester County Bancshares Inc. Henderson TN Cash NA NA NM NA NA 111.9 NA 0.00 NA

02/26/19 Commerce Bancorp Inc MS Peoples Commerce Corp. North Carrollton MS Stock NA NA NM NA NA 71.7 0.00 0.00 1.24

02/25/19 Investor Group FL First City Bank of Florida Fort Walton Beach FL Cash NA NA NM NA NA 157.9 23.31 0.00 -0.54

02/25/19 Stone Bancshares Inc. AR DBT Financial Corp. De Witt AR Mix NA NA NM NA NA 94.4 6.14 0.00 2.60

02/19/19 FAIRWINDS CU FL Friends Bank New Smyrna Beach FL Mix NA NA NM NA NA 95.3 1.56 0.00 1.27

02/07/19 BB&T Corp. NC SunTrust Banks Inc. Atlanta GA Stock 28,188.3 178.3 11.0 13.1 8.1 215,543.0 1.35 0.00 1.34

02/05/19 United Community Banks Inc. GA First Madison Bank & Trust Athens GA Cash 52.0 171.5 11.4 20.1 14.2 258.3 0.00 11.74 1.96

01/25/19 NB Holdings LLC AL Citizens Bancorp. Inc. Valley Head AL Cash 4.3 130.1 NM 14.8 4.1 28.8 3.64 11.35 0.35

01/24/19 Central Florida Educators FCU FL Fidelity Bank of Florida NA Merritt Island FL Cash NA NA NM NA NA 174.4 0.87 17.04 -0.88

01/16/19 Farmers & Merchants Bkshs Inc AR Mountain Home Bancshares Inc. Mountain Home AR Cash NA NA NM NA NA 498.6 0.17 8.73 1.06

01/15/19 SmartFinancial Inc. TN Entegra Financial Franklin NC Mix 158.2 119.4 23.8 9.5 2.8 1,669.6 0.88 7.86 0.43

01/14/19 VyStar CU FL Citizens State Bank Perry FL Cash NA NA NM NA NA 279.7 0.44 9.74 1.30

Avg. 4,133.4 155.0 15.1 14.9 7.8 11,175.6 2.54 3.72 0.90 Median 158.2 158.4 14.3 13.3 8.0 189.3 0.88 0.00 1.06 Note: Includes whole bank transactions where 100% equity was acquired; Data as of May 1, 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 8 II. FIG PARTNERS UPDATE FIG PARTNERS MISSION

“WE ARE DEDICATED TO COMMUNITY BANKS AND WE EXIST TO BE THE TRUSTED ADVISOR FOR COMMUNITY BANKS AND THEIR INVESTORS ”

Founded in 2003, FIG Partners is a recognized Industry Specific, Client Focused industry expert in our five primary services: M&A

Capital Strategic Raising Advisory

Market Valuation Makers Services

www.figpartners.com Fixed Equity Income Capital Markets

Equity Sales & Research Trading

10 INVESTMENT BANKING AND CAPITAL MARKETS

Capital Mergers & Advisory Markets Acquisitions Services

• Public Equity & Debt • Whole Bank Sales • Valuation Services Offerings • Branch Divestitures • Strategic Planning • Private Placements of Debt & • Acquisition Analysis • Fairness Opinions Equity • Merger of Equals • Distressed Asset Sales • Private Equity Transactions • Change of Control • Succession Planning • Recapitalizations Transactions • Capital Advisory

▪ Providing guidance and maximizing value for clients:1 • Participated in 143 equity capital offerings, helping raise > $4.7 billion of equity capital since inception • Participated in 35 debt capital offerings, helping raise > $800 million of debt capital since inception • Advised on 120 whole bank transactions, totaling > $8.0 billion in transaction value since inception ▪ A seasoned team of more than 17 experienced and veteran professionals: • Involved in over $5.0 billion of equity raises • More than 275 bank transactions throughout the nation • Combined experience of more than 225 years

(1) Updated as of May 8, 2019 Source: S&P Global Market Intelligence, FIG Partners 11 RECENT FIG PARTNERS TRANSACTIONS

Agreed to be Agreed to Acquire Acquired by $31,050,000 $13,000,000 $26,250,000 Initial Public Common Stock Common Stock Offering Offering Offering Financial Advisor Lead Book Runner Sole Placement Agent Sole Placement Agent Financial Advisor May 2019 May 2019 April 2019 April 2019 March 2019

Agreed to Acquire $3,000,000 $16,000,000 $23,000,000 $81,900,000 Subordinated Debt Common Stock Common Stock Offering Offering Offering Initial Public Offering Sole Placement Agent Sole Placement Agent Lead Manager Financial Advisor Co-Manager March 2019 February 2019 February 2019 January 2019 December 2018

Agreed to Merge with Agreed to be $1,500,000 Agreed to be Agreed to Acquire Acquired by Acquired by Subordinated Debt Offering Financial Advisor Sole Placement Agent Financial Advisor Financial Advisor Financial Advisor December 2018 December 2018 December 2018 December 2018 December 2018

Note: Dates are as of announcement date for M&A transactions, unless noted otherwise 12 A NATIONALLY RECOGNIZED CAPITAL RAISING LEADER

▪ Since January 1, 2017, FIG has helped Capital Offerings League Tables < $1.0 Billion Assets¹ Number of raise more than $1.2 billion of equity Rank Advisor Offerings capital, and more than $190 million of National debt capital, successfully completing 40 1FIG Partners LLC 65 equity capital raises and 13 debt capital 2Sandler O'Neill 42 3Stifel / KBW 28 raises

2 ▪ Since Inception, FIG has helped raise more Capital Offerings League Tables < $50.0 Million Offered Capital Offerings League Tables < $1.0 Billion Assets¹ Number of than $4.7 billion of equity capital, and Rank Advisor Offerings more than $800 million of debt capital, National successfully completing 143 equity capital 1Sandler O'Neill 94 raises and 35 debt capital raises 2Stifel / KBW 75 3FIG Partners, LLC 71

$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 May 8, 2019 (2) Preferred and common stock offerings < $50M, from January 1, 2011 to May 8, 2019 Source: S&P Global Market Intelligence, FIG Partners 13 A STRONG HISTORY OF CAPITAL RAISING EFFORTS

Date of Company State Symbol Offering/Role Offering Size Offering ▪ Specialization Most Recent FIG Partners Capital Raises Red River Bancshares, Inc. LA RRBI Lead Book Runner $31.1 M May-19 FIG is among the premier investment banking and capital BankFirst Capital Corporation MS Private Sole Placement Agent $13.0 M Apr-19 markets firms focused on serving the needs of small-cap United Bancorporation of Alabama, Inc. AL UBAB Sole Placement Agent $26.3 M Apr-19 financial institutions. Victory Bancorp, Inc. PA VTYB Sub Debt $3.0 M Mar-19 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 ▪ Institutional Distribution Mercantil Bank Holding Corporation FL AMTB Co-Manager $81.9 M Dec-18 Grand Mountain Bancshares, Inc. CO GMBB Sub Debt $1.5 M Dec-18 Our Equity Capital Markets team has excellent long-term Embassy Bancshares, Inc. GA Private Sub Debt $5.0 M Dec-18 relationships with leading institutions focused on investing in GrandSouth Bancorporation SC GRRB Sub Debt $10.0 M Nov-18 Pilot Bancshares, Inc. FL PLBN Sole Placement Agent $10.0 M Oct-18 small- and mid-cap banks. Revere Bank MD REVB Co-Manager $47.1 M Sep-18 HarborOne Bancorp, Inc. (MHC) MA HONE Sub Debt $35.0 M Aug-18 ▪ Accredited Investor and Retail Network Select Bancorp, Inc. NC SLCT Sole Book Runner $63.3 M Aug-18 MainStreet Bancshares, Inc. VA MNSB Sole Placement Agent $45.0 M Aug-18 FIG has a deep stable of high net worth and home office 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 investors to ensure success on smaller market cap names. 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 ▪ After Market Support Studio Bank TN Private Sole Placement Agent $46.0 M Jun-18 BayCom Corp. CA BCML Lead Book Runner $72.1 M May-18 Our Sales and Trading desk is a leading market maker in small- Gateway Bank, F.S.B. CA Private Sole Placement Agent $10.5 M May-18 Porter Bancorp, Inc. KY PBIB Financial Advisor $15.0 M Mar-18 cap stocks, often trading far more shares than any of the other Village Bank and Trust Financial Corp. VA VBFC Sub Debt $5.7 M Mar-18 financial institution “boutique” firms. SB Financial Group, Inc. OH SBFG Sole Book Runner $30.0 M Feb-18 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 ▪ Research Capabilities 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 FIG Research team is a leading provider to community banks First Bancshares, Inc. MS FBMS Co-Manager $58.4 M Oct-17 with coverage of over 100 banks, mostly small-cap, 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 throughout the entire nation. Gold Coast Bancorp NY GLDT Sub Debt $13.5 M Sep-17 Fidelity Financial Corporation KS Private Sub Debt $42.0 M Sep-17 ▪ Experienced Deal Team Pilot Bancshares, Inc. FL PLBN Sole Placement Agent $7.5 M Sep-17 First Internet Bancorp IN INBK Co-Manager $55.0 M Sep-17 We will devote significant investment banking resources to FS Bancorp, Inc. WA FSBW Co-Manager $27.6 M Sep-17 ensure the highest level of execution. Our investment bankers 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 have a tremendous amount of experience leading equity Citizens Community Bancorp, Inc. WI CZWI Sub Debt $15.0 M Aug-17 capital transactions for our clients. Bank of Fincastle VA BFTL Sole Placement Agent $14.3 M Jul-17 RBB Bancorp CA RBB Co-Manager $86.3 M Jul-17 Metropolitan Capital Bancorp, Inc. IL Private Sub Debt $6.0 M Jul-17 Coastal Carolina Bancshares SC CCNB Sole Placement Agent $16.5 M Jun-17 Sussex Bancorp NJ SBBX Co-Manager $30.0 M Jun-17 14 A NATIONALLY RECOGNIZED, LEADING M&A ADVISOR

1 ▪ Since January 1, 2017, FIG has U.S. Bank M&A Advisory League Tables Number of advised on 45 M&A transactions, Rank Advisor Transactions

totaling approximately $4.7 billion Since January 1, 2017 in transaction value 1Sandler O'Neill 117

2Stifel / KBW 95 ▪ Since Inception, FIG has advised 3Hovde Group, LLC 58 on 120 M&A transactions, totaling more than $8.0 billion in 4FIG Partners, LLC 45 transaction value 5Stephens Inc. 39

$751 Million $305 Million $80 Million $1.4 Billion $117 Million

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

Financial Advisor Financial Advisor Financial Advisor Financial Advisor Financial Advisor December 2018 August 2018 July 2018 May 2018 April 2018

(1) Data as of May 8, 2019 Source: S&P Global Market Intelligence, FIG Partners 15 FIG PARTNERS HISTORICAL WHOLE BANK TRANSACTIONS Since its inception in 2003, FIG Partners has advised on 120 community bank deal nationwide. This represents over $8.0 billion in deal value.

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

05/08/19 Southern States Bancshares, Inc. East Alabama Financial Group, Inc. -- 241.1 06/28/17 Bank of McKenney CCB Bankshares Inc. 19.0 216.1 03/19/19 First Bank Grand Bank NA 19.4 196.9 06/26/17 BayCom Corp. Plaza Bank 10.6 69.7 01/22/19 Citizens Community Bancorp, Inc. F. & M. Bancorp of Tomah Inc. 21.6 194.6 06/01/17 Charter Financial Corporation Resurgens Bancorp 26.3 166.8 12/20/18 CCF Holding Company Heritage Bncp, Inc./ Providence Bk 105.0 628.7 05/04/17 Trona Valley Community Federal Credit Union State Bank -- 37.0 12/17/18 Ameris Bancorp Fidelity Southern Corp. 750.7 4,812.1 05/04/17 Seacoast Banking Corporation of Florida Palm Beach Community Bank 71.3 346.0 12/13/18 Delmar Bancorp Virginia Partners Bank 55.1 420.1 04/24/17 Sierra Bancorp OCB Bancorp 35.5 270.3 12/12/18 Morris State Bancshares, Inc. FMB Equibanc Inc. 23.6 193.0 03/28/17 FNS Bancshares, Inc. Commerce Bancshares Inc. 21.8 159.1 12/10/18 BayCom Corp Uniti Financial Corp. 63.9 325.4 03/17/17 Citizens Community Bancorp, Inc. Wells Financial Corp. 40.2 268.5 11/15/18 BankFirst Capital Corporation FNB Bcshs of Central AL Inc. 47.4 273.2 02/17/17 West Town Bancorp, Inc. Sound Banking Co. 22.9 185.3 09/13/18 Park National Corporation CAB Financial Corp. 141.8 730.7 02/06/17 First Busey Corporation First Community Finl Partners 242.0 1,268.2 08/23/18 Lakeland Bancorp, Inc. Highlands Bancorp Inc. 56.7 487.9 12/15/16 BayCom Corp. First ULB Corp. 36.9 452.6 08/22/18 First Busey Corporation Banc Ed Corp. 304.9 1,853.1 12/13/16 Southern National Bancorp of Virginia, Inc. Eastern Virginia Bankshares 180.9 1,314.9 08/13/18 BayCom Corp Bethlehem Financial Corp 23.5 156.8 11/15/16 Little Bank, Inc. Union Banc Corp. 30.7 299.5 07/24/18 First Bancshares, Inc. FMB Banking Corp. 80.0 480.4 11/03/16 Bay Banks of Virginia, Inc. Virginia BanCorp Inc. 31.6 323.6 06/21/18 Citizens Community Bancorp, Inc. United Bank 50.7 280.8 10/20/16 Independent Bank Corp. Island Bancorp Inc 24.5 194.1 06/15/18 Carolina Trust BancShares, Inc. Clover Community Bkshs Inc. 21.5 130.2 07/01/16 North Shore Bank, FSB Layton Park Financial Grp Inc 5.7 122.9 06/12/18 First Mid-Illinois Bancshares, Inc. SCB Bancorp Inc. 70.4 437.8 06/08/16 Farmers & Merchants Bancorp Delta National Bancorp 7.2 106.0 06/07/18 First Midwest Bancorp, Inc. Northern States Financial Corp 91.0 487.1 05/12/16 Coastal Carolina Bancshares, Inc. VistaBank 12.2 110.1 05/18/18 Citizens Bancshares Corporation Regional Bankshares Inc. 11.3 117.0 04/26/16 First Mid-Illinois Bancshares, Inc. First Clover Leaf Fin Corp. 89.5 636.9 05/13/18 Cadence Bancorporation State Bank Finl Corp. 1,373.7 4,892.3 03/14/16 First Community Financial Partners, Inc. Mazon State Bank 8.5 84.6 05/10/18 Stifel Financial Corp. Bus. Bancshares Inc. 127.4 619.5 01/04/16 Sierra Bancorp Coast Bancorp 13.8 146.9 04/23/18 RBB Bancorp First American Intl Corp 116.8 873.4 12/17/15 Pacific Commerce Bancorp ProAmérica Bank 29.8 211.1 04/19/18 Premier Financial Bancorp, Inc. First Bank of Charleston Inc. 27.8 189.2 12/03/15 First Busey Corporation Pulaski Financial Corp. 211.6 1,521.7 03/14/18 HarborOne Bancorp, Inc. (MHC) Coastway Bncp, Inc. 125.6 738.9 12/03/15 Charter Financial Corporation CBS Financial Corp. 58.7 368.7 12/20/17 Heritage Commerce Corp Tri-Valley Bank 31.1 147.2 11/23/15 BNH Financial Community Guaranty Corp. 12.9 115.1 12/13/17 South Atlantic Bancshares, Inc. Atlantic Bancshares Inc. 18.1 87.0 11/10/15 RBB Bancorp TFC Holding Co. 83.2 486.9 12/11/17 Union Savings and Loan Association Hibernia Bancorp Inc 28.0 136.5 10/26/15 Fidelity Southern Corporation American Enterprise Bkshs Inc 26.9 205.4 12/11/17 First Mid-Illinois Bancshares, Inc. First BancTrust Corp. 73.8 465.6 10/21/15 Southern BancShares (N.C.), Inc. Heritage Bankshares Inc. 50.2 340.9 10/24/17 Bangor Bancorp, MHC First Colebrook Bancorp Inc. 45.0 262.4 10/19/15 Bank of the Ozarks, Inc. Community & Southern Hldgs Inc 799.5 3,859.5 09/27/17 Old Line Bancshares, Inc. Bay Bancorp Inc. 127.6 645.9 10/14/15 NCAL Bancorp Commercial Bank of California -- 328.2 09/25/17 First Reliance Bancshares, Inc. Independence Bancshares Inc. 2.6 89.8 08/24/15 Avadian Credit Union American Bank of Huntsville 9.2 123.1 09/18/17 First American Bank Corporation Southport Financial Corp. 44.0 285.3 08/14/15 BNC Bancorp Southcoast Financial Corp. 95.5 505.6 08/16/17 National Commerce Corporation FirstAtlantic Finl Hldgs Inc 107.9 462.4 07/30/15 Glacier Bancorp, Inc. Cañon Bank Corp. 31.7 253.1 08/01/17 PB Financial Corporation CB Financial Corp. 11.2 106.8 07/20/15 HCBF Holding Company, Inc. OGS Investments Inc. 23.5 231.1 07/21/17 Delmar Bancorp Liberty Bell Bank 16.8 147.8 05/14/15 FNB Bancorp America California Bank 21.5 132.6

Source: S&P Global Market Intelligence, FIG Partners 16 We are Dedicated to the Success of Community Banks and Their Investors

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