DISCUSSION MATERIALS 4Th Quarter 2019 MICHIGAN

4th Quarter 2019

DMISCUSSIONICHIGAN COMMUNITYMATERIALSBANKING FINANCIAL UPDATE

For more information contact: DAN FLAHERTY MATT VENERI Managing Director, Investment Banking Head of Investment Banking Financial Institutions Group (FIG) Managing Director (404) 601-7225 (404) 601-7222 [email protected] [email protected]

Financial Institutions Group Michigan Banking Landscape

Michigan 2019 2019 Number of Deposits In Total Market Rank Institution (ST) Branches Market ($000) Share(%) 1 JPMorgan Chase & Co. (NY) 211 44,614,063 19.64 2 Comerica Incorporated (TX) 194 28,994,727 12.76 3 Bank of America Corporation (NC) 92 22,875,208 10.07 4 TCF Financial Corporation (MI) 233 18,175,246 8.00 5 PNC Financial Services Group, Inc. (PA) 174 17,106,666 7.53 6 Huntington Bancshares Incorporated (OH) 287 16,859,752 7.42 7 Fifth Third Bancorp (OH) 199 16,757,075 7.38 8 Flagstar Bancorp, Inc. (MI) 114 13,026,148 5.73 9 Citizens Financial Group, Inc. (RI) 85 5,769,740 2.54 10 Independent Bank Corporation (MI) 69 3,010,833 1.33 11 Mercantile Bank Corporation (MI) 46 2,627,194 1.16 12 KeyCorp (OH) 22 2,089,886 0.92 13 Macatawa Bank Corporation (MI) 29 1,667,936 0.73 14 Level One Bancorp, Inc. (MI) 16 1,506,449 0.66 15 Arbor Bancorp, Inc. (MI) 8 1,458,168 0.64 16 Old National Bancorp (IN) 24 1,412,690 0.62 17 First National Bancshares, Inc. (MI) 3 1,364,945 0.60 18 Canadian Imperial Bank of Commerce 1 1,324,478 0.58 19 Wells Fargo & Company (CA) 2 1,291,503 0.57 20 Isabella Bank Corporation (MI) 30 1,283,750 0.57 21 First Merchants Corporation (IN) 22 1,171,740 0.52 22 ChoiceOne Financial Services, Inc. (MI) 27 1,125,939 0.50 23 Northpointe Bancshares, Inc. (MI) 1 1,092,421 0.48 24 Mackinac Financial Corporation (MI) 23 915,167 0.40 25 Fentura Financial, Inc. (MI) 15 796,405 0.35 26 Horizon Bancorp, Inc. (IN) 14 788,273 0.35 27 Keweenaw Financial Corporation (MI) 12 724,261 0.32 28 First State Financial Corporation (MI) 12 714,835 0.31 29 Southern Michigan Bancorp, Inc. (MI) 16 634,409 0.28 30 CNB Community Bancorp, Inc. (MI) 13 605,321 0.27 31 Northstar Financial Group, Inc. (MI) 11 550,927 0.24 32 United Bank Financial Corporation (MI) 14 520,102 0.23 33 First National Bancorp, Inc. (MI) 5 468,786 0.21 34 West Michigan Community Bank (MI) 9 457,870 0.20 35 Oxford Bank Corporation (MI) 8 415,640 0.18 36 Commercial National Financial Corporation ( 10 411,152 0.18 37 Auto Club Insurance Association (MI) 1 401,835 0.18 38 First Bancshares Corporation (MI) 9 388,466 0.17 39 FNBH Bancorp, Inc. (MI) 9 364,569 0.16 40 Dart Financial Corporation (MI) 4 356,172 0.16 Total For Institutions In Market 2,395 227,161,319

Source: S&P Global Market Intelligence 2 MICHIGAN LANDSCAPE -MARKET BASED PRICING DATA Publicly Traded Michigan Banks – (NYSE & NASDAQ)

Sorted By Market Capitalization Market Data Financial Highlights

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

TCF TCF Financial Corp. Detroit NASDAQ 5,574 139.2 12.7 9.0 NA 3.8 2.4 2.5 1.2 83.4 -57.7 46,652 34,697 34,468 NA 0.49 0.92 7.84

FBC Flagstar Bancorp Inc. Troy NYSE 1,806 115.5 8.0 8.9 NA 0.6 2.6 1.9 1.6 61.7 -1.9 23,266 18,123 15,146 NA 0.34 1.05 12.86

MBWM Mercantile Bank Corp. Grand Rapids NASDAQ 471 129.7 8.9 11.4 4.0 3.9 1.0 1.2 4.9 50.9 -14.4 3,633 2,857 2,690 10.1 0.08 1.39 12.52

IBCP Independent Bank Corp. Grand Rapids NASDAQ 440 139.0 8.0 9.6 4.1 4.1 2.3 1.4 3.5 81.2 -12.9 3,565 2,795 3,037 9.0 1.65 1.35 13.63

SBT Sterling Bancorp Inc. Southfield NASDAQ 350 100.5 6.3 7.8 NA 0.6 0.7 0.5 69.1 28.0 -30.3 3,240 2,915 2,495 NA 0.41 1.74 16.37

MCBC Macatawa Bank Corp. Holland NASDAQ 329 151.2 10.0 11.3 6.3 3.3 0.6 0.3 23.6 33.9 -9.2 2,069 1,389 1,753 10.5 0.80 1.59 15.66

COFS ChoiceOne Financial Services Sparta NASDAQ 239 169.2 18.8 -- 9.2 2.4 0.2 0.0 8.6 0.7 40.5 1,384 853 1,155 10.0 NA 0.95 7.39

LEVL Level One Bancorp Inc. Farmington Hills NASDAQ 187 116.3 10.1 9.9 2.3 0.7 0.6 0.3 34.7 39.1 5.7 1,585 1,241 1,135 10.2 0.79 1.08 9.90

MFNC Mackinac Financial Corp Manistique NASDAQ 150 109.5 11.3 11.4 1.2 4.0 0.8 0.3 5.4 63.6 -8.4 1,320 1,059 1,076 10.6 0.56 1.04 8.78

Avg. 1,061 130.0 10.4 9.9 4.5 2.6 1.3 0.9 17.0 49.2 -9.9 9,635 7,325 6,995 10.1 0.64 1.23 11.66 Market Pricing Date 28-Feb-20 Median 350 129.7 10.0 9.8 4.0 3.3 0.8 0.5 5.4 50.9 -9.2 3,240 2,795 2,495 10.2 0.53 1.08 12.52

Source: S&P Global Market Intelligence, data as of most recently reported GAAP quarter 4 OTC Listed – Michigan Banks

Sorted By Market Capitalization Market Data Financial Highlights

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) (%) (%) (%) (%)

ISBA Isabella Bank Corporation Mount Pleasant OTCQX $189 115.1 % 10.9 x 1.9 % 4.5 % 0.2 % 0.0 % 7.4 % 0.0 % 4.1 % $1,814 $1,194 $1,309 9.3 % 1.56 % 0.89 % 7.85 %

FETM Fentura Financial Inc. Fenton OTCQX 118 121.0 11.5 2.4 1.2 0.1 0.0 16.1 11.2 23.0 1,035 890 863 9.4 0.14 1.20 12.02

SOMC Southern Michigan Bancorp Inc. Coldwater OTC Pink 88 126.3 11.9 2.8 2.4 0.3 0.0 18.4 -- 4.7 810 564 656 8.7 0.33 1.09 10.80

CNBB CNB Community Bancorp Inc. Hillsdale OTC Pink 79 133.1 9.4 2.8 2.8 0.1 0.0 5.3 1.0 13.1 737 637 652 8.3 0.44 1.31 15.25

KEFI Keweenaw Financial Corporation Hancock OTC Pink 60 -- -- -3.5 2.5 0.0 0.0 -- -- 14.9 573 314 490 13.5 1.46 1.23 9.48

OXBC Oxford Bank Corporation Oxford OTC Pink 56 121.6 9.1 2.2 0.0 0.3 0.0 31.3 -- 41.6 505 342 456 9.1 1.15 1.13 12.18

STBI Sturgis Bancorp Sturgis OTCQX 46 121.8 9.3 2.3 2.8 0.2 0.0 1.3 6.6 -7.9 473 359 353 8.0 1.35 1.09 11.82

CYFL Century Financial Corp. Coldwater OTC Pink 44 106.1 9.8 0.9 3.2 0.1 0.0 20.5 0.2 11.1 328 208 277 12.7 0.76 1.42 11.36

CEFC Commercial National Financial Ithaca OTC Pink 44 -- 8.4 NA 5.0 0.1 0.0 18.4 0.2 -1.3 505 386 390 -- 0.70 0.97 13.58

GNRV Grand River Commerce Inc. Grandville OTCQX 42 -- 26.0 NA -- 0.1 0.0 18.8 10.2 -10.7 321 294 276 -- 0.00 -- --

UNIB University Bancorp Inc. Ann Arbor OTCQB 41 153.9 4.7 4.5 -- 0.2 0.0 0.0 4.8 -14.1 383 245 322 7.0 0.28 1.09 8.78

WSSH West Shore Bank Corporation Ludington OTC Pink 38 91.8 9.4 -1.1 3.1 0.1 0.0 12.6 0.1 0.9 462 348 374 9.1 1.18 0.77 8.44

EFIN Eastern Michigan Fncl. Corp Croswell OTC Pink 36 95.7 7.4 -0.7 3.3 0.2 0.0 6.6 -- 23.8 374 181 334 10.3 0.77 1.12 11.40

HCBN HCB Financial Corp. Hastings OTC Pink 30 91.2 12.5 -1.1 3.8 0.1 0.0 14.8 9.6 -5.4 324 220 265 10.3 0.29 0.71 7.07

CNBZ CNB Corp. Cheboygan OTC Pink 28 102.3 11.7 0.2 3.5 0.0 0.0 20.2 -- 20.3 311 162 279 8.7 0.91 0.63 7.39

CBSU Central Bank Corp. Sault Sainte Marie OTC Pink 25 75.4 6.7 -3.6 0.0 0.0 0.0 -- -- 3.1 264 158 226 12.6 3.39 1.31 9.95

EGDW Edgewater Bancorp Inc Saint Joseph OTC Pink 18 111.1 10.7 NA -- 0.1 0.0 20.0 -- 18.2 186 160 153 -- 0.96 -- --

HVLM Huron Valley Bancorp Inc. Milford OTC Pink 16 -- -- NA 0.0 0.0 0.0 60.0 -- 28.7 156 135 139 -- 0.89 -- --

Avg. 55 111.9 10.6 0.7 2.5 0.1 0.0 17.0 4.4 9.3 531 378 434 9.8 0.92 1.06 10.49 Market Pricing Date 28-Feb-20 Median 43 113.1 9.6 1.4 2.8 0.1 0.0 17.2 2.9 7.9 423 304 344 9.2 0.83 1.09 10.80 Merger Targets:

FNHM FNBH Bancorp Inc. Howell OTC Pink 99 174.9 14.8 11.2 0.0 0.1 0.0 60.3 -- 75.7 435 360 376 13.0 0.57 1.38 10.99 CSHB Community Shores Bank Corp. Muskegon OTC Pink 21 149.5 23.0 4.2 -- 0.2 0.0 62.9 -- 94.2 185 147 166 7.5 3.32 0.49 6.73

NWBB New Bancorp Inc. New Buffalo OTC Pink 19 124.5 49.2 2.8 -- 0.5 0.0 17.6 -- 41.4 118 95 92 13.5 NA 0.53 4.11

Source: S&P Global Market Intelligence, GAAP-based financials as the most recently reported quarter (Please note that not all OTC listed companies are SEC filers and certain holding company financials may not be as of the most recent calendar quarter – please refer to bank level data on the following pages for most up to date information) 5 MICHIGAN LANDSCAPE –REGULATORY BASED FINANCIAL DATA

Note: Due to the changes on the small bank holding company policy, bank holding companies under $3.0 billion in assets no longer report consolidated financials Upper Peninsula Michigan - Stock Banks

Sorted by Asset Size Financial Highlights Balance Sheet Highlights Capital Adequacy YTD Financial Performance Asset Quality Top Total Total Total Loans/ TCE Leverage Total RBC NPAs/ Reserves NCOs/ Level Assets Loans Deposits Deposits /TA Ratio Ratio ROAA ROAE N.I.M. Efficiency Assets /Loans Avg. Lns Institution City County Ticker ($M) ($M) ($M) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

mBank Manistique Schoolcraft MFNC $1,317 $1,059 $1,076 98.4 % 10.25 % 9.96 % 13.06 % 1.13 % 9.82 % 4.52 % 66.4 % 1.03 % 0.50 % 0.02 %

Superior Natl B&TC Hancock Houghton KEFI 573 314 490 64.2 13.33 13.02 25.34 1.23 9.58 3.68 65.2 1.41 1.71 -0.06

First Bank Upper Michigan Gladstone Delta -- 469 346 383 90.5 11.19 10.87 14.50 1.86 14.26 4.34 59.9 3.03 1.29 0.15

Range Bank NA Marquette Marquette -- 371 236 329 71.8 10.13 9.81 14.67 0.79 7.84 3.71 74.7 1.66 1.52 0.02

First National B&TC Iron Mountain Dickinson -- 322 171 283 60.5 9.78 9.49 15.54 0.66 6.66 3.87 72.6 0.78 1.25 0.85

First Natl Bank of St. Ignace Saint Ignace Mackinac -- 263 81 232 35.0 8.70 7.20 15.67 0.41 4.81 2.75 86.7 1.77 1.28 0.03

Central SB Sault Sainte Marie Chippewa CBSU 262 158 226 69.7 12.69 12.46 19.96 1.31 9.96 3.93 61.4 3.42 1.19 0.30

Upper Peninsula State Bank Escanaba Delta -- 219 150 173 86.8 15.48 17.24 23.54 1.55 9.39 4.05 59.7 0.69 1.54 0.02

Northern Interstate Bank NA Norway Dickinson -- 154 88 133 66.0 11.69 11.73 21.60 0.83 7.11 3.91 75.1 1.64 1.02 0.04

Peoples State Bank of Munising Munising Alger -- 142 94 121 77.6 12.29 12.04 17.24 1.47 11.25 4.22 61.1 1.31 1.98 0.03

Miners State Bank Iron River Iron -- 136 102 113 89.9 10.37 10.18 12.99 1.05 10.34 4.14 71.4 0.30 0.70 -0.01

Gogebic Range Bank Ironwood Gogebic -- 123 74 107 69.2 10.20 10.21 16.32 1.19 10.96 4.57 61.7 1.07 1.31 0.23

State Savings Bk of Manistique Manistique Schoolcraft -- 123 60 104 57.5 12.74 11.95 18.97 0.87 7.31 3.61 70.6 1.27 1.05 0.06

Old Mission Bank Sault Sainte Marie Chippewa -- 119 59 102 57.4 12.13 11.48 20.21 0.86 7.47 3.70 79.3 1.36 1.51 0.00

Baybank Gladstone Delta -- 106 79 90 87.5 9.54 9.29 13.06 1.15 12.53 4.32 65.1 1.66 1.19 0.16

Citizens State Bk of Ontonagon Ontonagon Ontonagon -- 53 15 45 33.2 14.02 12.93 43.60 0.36 2.77 3.09 82.2 1.58 1.42 1.43

First National Bk of Wakefield Wakefield Gogebic -- 49 20 44 44.9 9.88 9.69 25.87 0.55 5.81 3.84 83.4 0.99 1.50 0.14

Avg. 282 183 238 68.2 11.44 11.15 19.54 1.02 8.70 3.90 70.4 1.47 1.29 0.20 Financial Data as of: 12/31/2019 Med. 154 94 133 69.2 11.19 10.87 17.24 1.05 9.39 3.91 70.6 1.36 1.29 0.04

Source: S&P Global Market Intelligence 7 Northern Michigan - Stock Banks

West Shore Bank Ludington Mason WSSH $462 $348 $374 93.0 % 9.08 % 8.79 % 12.65 % 0.77 % 8.45 % 3.71 % 80.8 % 1.11 % 0.82 % 0.05 %

First Community Bank Harbor Springs Emmet -- 312 262 266 98.6 9.92 9.91 13.00 1.63 16.55 4.61 67.2 0.06 1.06 0.01

Citizens Natl Bk of Cheboygan Cheboygan Cheboygan CNBZ 311 162 280 58.1 8.55 8.32 16.30 0.63 7.51 3.71 82.7 0.91 1.03 0.03

Lake-Osceola State Bank Baldwin Lake -- 287 218 231 94.5 8.99 9.28 13.59 1.14 12.10 4.16 68.9 1.62 1.08 0.21

Honor Bank Honor Benzie -- 243 196 213 91.8 9.60 9.53 12.32 1.07 11.67 4.21 72.3 0.54 1.27 0.09

Huron Community Bank East Tawas Iosco -- 222 144 187 76.7 12.16 11.97 18.00 0.85 7.25 3.94 68.5 0.83 1.30 0.40

State SB Frankfort Benzie -- 220 180 195 92.3 10.96 10.74 14.49 0.04 0.32 4.15 99.9 1.01 0.72 -0.01

Alden State Bank Alden Antrim -- 205 147 178 82.4 12.81 12.67 17.86 1.31 10.24 4.42 59.3 1.42 1.95 0.03

Charlevoix State Bank Charlevoix Charlevoix -- 194 113 175 64.7 9.29 9.04 15.59 1.91 20.66 4.20 62.0 0.83 1.05 0.04

Huron National Bank Rogers City Presque Isle -- 63 36 53 68.5 15.75 15.58 23.99 0.54 3.52 3.92 72.1 2.86 1.22 0.60

Avg. 252 181 215 82.1 10.71 10.58 15.78 0.99 9.83 4.10 73.4 1.12 1.15 0.15 Financial Data as of: 12/31/2019 Med. 232 171 204 87.1 9.76 9.72 15.04 0.96 9.35 4.16 70.5 0.96 1.07 0.05

Source: S&P Global Market Intelligence 8 Tri Cities Michigan - Stock Banks

State Bank Fenton Genesee FETM $1,034 $890 $866 102.8 % 10.12 % 10.47 % 13.16 % 1.32 % 12.44 % 3.94 % 60.0 % 0.12 % 0.65 % 0.00 %

Lakestone Bank & Trust Lapeer Lapeer COFS 669 427 577 74.0 10.03 10.11 16.07 1.21 12.13 3.74 65.3 0.33 0.43 -0.04

Northstar Bank Bad Axe Huron -- 650 511 572 89.3 9.40 9.33 12.29 1.52 14.68 4.36 65.2 1.51 1.60 -0.02

Eastern Michigan Bank Croswell Sanilac EFIN 374 181 334 54.2 10.12 10.01 18.36 1.12 11.43 3.41 61.8 0.80 0.87 0.07

1st State Bank Saginaw Saginaw -- 324 216 277 78.1 9.05 9.66 12.15 1.01 10.46 4.29 64.0 1.21 1.46 0.34

Tri-County Bank Brown City Sanilac -- 319 252 275 91.4 12.46 12.41 16.48 1.63 13.62 4.64 57.3 0.61 0.80 0.02

Thumb Bank & Trust Pigeon Huron -- 274 187 231 81.0 9.23 8.89 12.83 0.76 8.19 3.69 80.3 0.72 0.88 0.50

Exchange State Bank Carsonville Sanilac -- 169 106 147 71.9 12.61 12.38 18.80 1.24 10.06 3.84 66.8 0.39 1.18 0.00

Bay Port State Bank Bay Port Huron -- 113 96 104 92.2 7.52 7.59 11.56 0.96 12.80 4.27 67.5 0.80 1.26 0.21

Mayville State Bank Mayville Tuscola -- 86 40 77 51.9 11.23 11.20 24.10 0.71 6.43 3.34 78.6 0.57 1.43 0.01

Port Austin State Bank Port Austin Huron -- 53 39 42 92.5 18.36 18.38 30.03 1.52 8.30 3.95 59.0 0.20 0.74 0.00

Freeland State Bank Freeland Saginaw -- 51 6 42 14.6 18.07 18.58 133.07 0.18 0.98 2.37 96.2 1.67 2.91 -0.39

Avg. 343 246 295 74.5 11.52 11.58 26.58 1.10 10.13 3.82 68.5 0.74 1.18 0.06 Financial Data as of: 12/31/2019 Med. 297 184 253 79.5 10.12 10.29 16.28 1.17 10.95 3.89 65.2 0.66 1.03 0.01

Source: S&P Global Market Intelligence 9 West Michigan - Stock Banks

Mercantile Bank Corp. Grand Rapids Kent MBWM $3,633 $2,857 $2,690 106.2 % 10.15 % 11.22 % 13.09 % 1.39 % 12.53 % 3.77 % 57.9 % 0.40 % 0.84 % 0.01 %

Independent Bank Corp. Grand Rapids Kent IBCP 3,565 2,796 3,048 91.8 8.96 10.11 13.74 1.35 13.63 3.81 65.2 1.63 0.94 -0.02

Northpointe Bank Grand Rapids Kent -- 2,186 1,708 1,319 129.5 8.87 8.28 14.99 1.71 20.73 2.47 78.9 0.58 0.27 -0.01

Macatawa Bank Holland Ottawa MCBC 2,068 1,389 1,761 78.9 11.14 11.15 15.33 1.71 14.60 3.48 50.9 0.79 1.24 -0.06

United Bank of Michigan Grand Rapids Kent -- 695 576 539 107.0 10.09 10.29 12.57 1.03 10.38 3.94 70.1 0.69 0.95 0.16

ChoiceOne Bank Sparta Kent COFS 674 434 579 75.1 10.29 9.99 13.21 1.06 8.90 3.67 73.0 0.81 0.93 0.14

First National Bank of MI Kalamazoo Kalamazoo -- 629 491 500 98.2 9.25 10.02 11.68 1.09 11.04 3.77 62.8 0.02 1.32 0.17

West Michigan Community Bank Hudsonville Ottawa -- 596 520 509 102.2 10.16 10.31 11.68 1.23 12.08 3.92 60.8 0.27 1.41 -0.01

Sturgis B&TC Sturgis Saint Joseph STBI 473 359 353 101.6 8.01 8.41 12.67 1.19 12.62 3.93 68.3 1.34 0.96 0.02

Highpoint Community Bank Hastings Barry HCBN 325 220 265 82.8 10.26 9.94 17.46 0.73 7.24 3.54 80.9 0.29 0.60 0.01

Grand River Bank Grandville Kent GNRV 321 294 276 106.6 10.61 10.50 12.33 0.60 5.94 3.00 73.7 0.00 1.08 0.00

Shelby State Bank Shelby Oceana -- 277 173 248 69.9 8.04 8.51 12.29 0.72 8.08 3.97 83.1 1.95 1.01 0.02

Community Shores Bank Muskegon Muskegon CSHB 201 154 182 84.8 9.64 9.18 12.48 0.53 5.60 3.87 83.1 3.32 1.04 0.10

Edgewater Bank Saint Joseph Berrien EGDW 186 160 153 104.6 9.81 8.84 12.35 0.83 8.17 3.71 80.0 0.96 1.01 0.04

New Buffalo SB New Buffalo Berrien NWBB 117 86 96 89.6 13.60 13.28 18.71 0.70 5.46 3.15 86.2 3.94 1.12 0.00

Kalamazoo County State Bank Schoolcraft Kalamazoo -- 96 45 84 53.6 12.22 12.29 23.34 0.26 2.23 3.59 89.1 0.01 0.96 -0.01

G.W. Jones Exchange Bank Marcellus Cass -- 61 26 54 46.9 11.20 11.64 26.51 0.59 5.13 4.09 85.4 1.37 1.20 -0.01

First State Bank of Decatur Decatur Van Buren -- 51 30 38 79.1 22.03 21.51 46.60 0.84 3.97 3.74 75.3 0.67 1.42 0.12

Avg. 898 684 705 89.3 10.80 10.86 16.72 0.98 9.35 3.63 73.6 1.06 1.02 0.04 Financial Data as of: 12/31/2019 Med. 399 326 314 90.7 10.16 10.20 13.15 0.94 8.54 3.76 74.5 0.74 1.01 0.01

Source: S&P Global Market Intelligence 10 Mid Michigan - Stock Banks

First National Bank of America East Lansing Ingham -- $2,488 $2,310 $1,610 143.4 % 9.17 % 9.44 % 17.56 % 2.55 % 28.19 % 5.49 % 37.0 % 2.32 % 1.15 % 0.05 %

Isabella Bank Mount Pleasant Isabella ISBA 1,763 1,187 1,316 90.3 8.65 8.54 12.49 0.98 11.45 2.97 68.0 1.57 0.67 0.04

Southern Michigan Bank & Trust Coldwater Branch SOMC 807 564 658 85.7 9.77 9.71 13.13 1.14 10.13 3.71 68.2 0.33 0.92 0.03

County National Bank Hillsdale Hillsdale CNBB 737 637 652 97.8 9.20 9.29 12.56 1.36 14.21 4.27 65.0 0.81 1.18 0.04

Commercial Bank Alma Gratiot CEFC 504 386 392 98.5 9.43 9.26 14.18 1.08 11.33 3.15 61.3 2.31 0.71 -0.02

Dart Bank Mason Ingham -- 461 332 363 91.5 10.48 9.82 14.47 0.70 7.77 3.92 79.1 1.77 1.01 0.74

Century Bank & Trust Coldwater Branch CYFL 322 213 271 78.6 13.09 13.07 17.22 1.44 11.44 4.01 64.4 0.80 1.25 0.15

Union Bank Lake Odessa Ionia UFCP 207 156 182 85.5 9.13 9.12 11.10 0.74 7.47 4.43 81.5 3.90 1.09 -0.18

Bank Michigan Brooklyn Jackson -- 102 76 83 91.5 10.12 9.42 13.18 0.46 4.82 3.75 103.3 1.00 1.10 0.05

Sidney State Bank Sidney Montcalm -- 82 67 67 100.4 8.35 8.44 14.19 0.70 8.28 4.21 77.2 2.84 1.09 0.05

Farmers State Bank of Munith Munith Jackson -- 78 50 69 73.1 10.66 10.61 19.41 0.85 8.31 4.23 78.8 1.80 0.93 -0.12

Avg. 686 543 515 94.2 9.82 9.70 14.50 1.09 11.22 4.01 71.2 1.77 1.01 0.08 Financial Data as of: 12/31/2019 Med. 461 332 363 91.5 9.43 9.42 14.18 0.98 10.13 4.01 68.2 1.77 1.09 0.04

Source: S&P Global Market Intelligence 11 Southeast Michigan - Stock Banks

Flagstar Bank FSB Troy Oakland -- $23,235 $18,123 $15,943 113.7 % 8.03 % 7.71 % 11.73 % 1.17 % 12.45 % 3.14 % 73.0 % 0.41 % 0.59 % 0.25 %

Sterling Bancorp Inc. Southfield Oakland SBT 3,242 2,917 2,518 115.8 11.11 10.96 22.97 1.73 16.45 3.79 40.7 0.41 0.75 0.00

Level One Bank Farmington Hills Oakland LEVL 1,582 1,241 1,177 105.5 10.72 10.96 13.27 1.14 10.16 3.65 67.4 0.76 1.02 0.02

First State Bank Saint Clair Shores Macomb -- 772 540 687 78.6 10.82 10.39 14.96 1.05 10.11 3.69 68.5 0.74 1.70 -0.07

Oxford Bank Oxford Oakland OXBC 505 342 456 74.9 9.18 9.35 13.76 1.15 12.19 4.16 68.5 1.07 1.07 -0.05

First National Bank in Howell Howell Livingston FNHM 431 360 376 95.8 12.16 12.28 14.13 1.44 12.23 4.55 67.2 0.57 1.64 -0.07

University Bank Ann Arbor Washtenaw UNIB 357 202 300 67.3 8.17 8.15 14.55 1.48 14.72 5.55 92.2 0.44 0.32 0.02

Chelsea State Bank Chelsea Washtenaw CBMI 297 177 258 68.7 12.61 12.29 20.52 1.64 13.47 3.92 59.3 0.95 2.06 -0.22

First Independence Bank Detroit Wayne -- 296 170 209 81.1 7.63 9.02 12.50 0.57 6.88 4.29 84.7 0.98 1.74 0.10

Main Street Bank Bingham Farms Oakland KEFI 277 261 235 110.9 9.21 9.02 12.40 0.76 8.69 3.68 85.4 0.35 0.66 0.08

Clarkston State Bank Waterford Oakland -- 232 201 207 97.1 10.26 10.25 12.17 1.00 9.75 3.99 68.0 0.37 1.03 0.00

Huron Valley State Bank Milford Oakland HVLM 156 135 139 97.4 10.65 10.43 13.13 1.19 11.67 4.16 64.4 0.89 0.91 0.31

Blissfield State Bank Blissfield Lenawee -- 98 48 87 55.4 11.25 11.15 20.11 0.81 7.29 3.39 79.6 1.94 1.95 0.01

Avg. 2,422 1,901 1,738 89.4 10.14 10.15 15.09 1.16 11.24 4.00 70.7 0.76 1.19 0.03 Financial Data as of: 12/31/2019 Med. 357 261 300 95.8 10.65 10.39 13.76 1.15 11.67 3.92 68.5 0.74 1.03 0.01

Source: S&P Global Market Intelligence 12 Michigan - Mutual Banks

Eaton FSB Charlotte Eaton -- $375 $230 $275 83.8 % 15.04 % 14.92 % 23.49 % 0.58 % 3.84 % 3.35 % 78.6 % 0.72 % 0.96 % 0.01 %

Dearborn FSB Dearborn Wayne -- 256 203 164 123.7 30.18 30.12 60.25 0.46 1.57 2.96 78.2 1.97 1.18 0.00

Homestead SB Albion Calhoun -- 66 48 59 82.2 7.32 7.25 13.61 0.65 9.58 4.00 94.7 2.49 0.72 0.02

Avg. 232 160 166 96.6 17.51 17.43 32.45 0.56 5.00 3.44 83.8 1.73 0.95 0.01 Financial Data as of: 12/31/2019 Med. 256 203 164 83.8 15.04 14.92 23.49 0.58 3.84 3.35 78.6 1.97 0.96 0.01

Source: S&P Global Market Intelligence 13 MICHIGAN LANDSCAPE –REGIONAL TRANSACTIONS Historical Michigan M&A Transactions

Sorted By Date Announced Terms of the Transaction Target Financials Total Deal Purchase Price to Core Dep. Market Total NPA/ TCE LTM Announce Assets Considr Value Tg. Bk Erngs Assets Premium Premium Assets Assets /TA ROAA Date Ticker Buyer Name St. ($M) Seller Name City St. Type ($M) (%) (%) (%) (%) (%) ($M) (%) (%) (%) 02/04/20 -- Arbor Bancorp Inc. MI $1,756.5 FNBH Bancorp Inc. Howell MI Cash 101.4 184.8 % 18.3 x 23.3 % 13.7 % -- % $435.0 NA % 12.61 % 1.38 % 01/30/20 -- Private Investor MI -- Citizens Bancshares Inc. Ontonagon MI ------52.6 1.58 14.02 0.36 01/06/20 COFS ChoiceOne Financial Services MI $663.6 Community Shores Bank Corp. Muskegon MI Mix 21.9 157.2 24.1 11.9 -- 76.4 185.1 NA 7.50 0.49 09/18/19 KEFI Keweenaw Financial Corporation MI 564.7 North Star Financial Hldgs Inc Bingham Farms MI Cash 42.0 177.6 21.2 14.8 14.7 -- 283.5 0.58 8.35 0.76 08/13/19 LEVL Level One Bancorp Inc. MI 1,505.4 Ann Arbor Bancorp Inc. Ann Arbor MI Cash 67.8 169.5 15.4 21.2 14.5 -- 320.1 0.39 12.18 1.33 06/05/19 -- Waterford Bancorp Inc. OH 747.8 Clarkston Financial Corp. Waterford MI Mix 34.8 188.7 14.3 15.9 10.9 -- 219.2 NA 8.41 1.17 04/26/19 -- Teachers Credit Union IN 3,242.1 New Bancorp Inc. New Buffalo MI Cash 21.3 128.4 48.2 18.0 -- 67.2 117.8 NA 13.51 0.33 03/25/19 COFS ChoiceOne Financial Services MI 670.5 County Bank Corp Lapeer MI Stock 89.0 150.5 12.9 14.4 5.7 11.9 616.6 NA 9.61 1.13 01/28/19 TCF TCF Financial Corp. MN 23,699.6 Chemical Financial Corp. Detroit MI Stock 3,551.9 ------21,498.3 NA 8.23 1.41 11/14/18 -- Advia CU MI 1,700.0 Golden Eagle Community Bank Woodstock IL Cash ------155.1 1.19 10.44 0.40 10/10/18 FRME First Merchants Corp. IN 9,734.7 MBT Financial Corp. Monroe MI Stock 290.9 240.1 23.3 22.0 -- 9.3 1,321.9 0.91 9.10 0.96 06/07/18 MFNC Mackinac Financial Corp MI 983.9 Lincoln Community Bank Merrill WI Cash 8.5 123.1 12.7 13.1 3.0 -- 65.1 0.69 10.60 1.07 05/04/18 -- CU ONE MI 1,173.5 Hantz Bank Southfield MI Cash ------228.6 0.68 11.14 0.89 02/21/18 -- Eaton FSB MI 294.5 Stockbridge Bancorp. Inc. Stockbridge MI Cash 6.4 125.0 42.5 9.6 2.3 -- 66.2 1.47 7.64 0.23 01/16/18 MFNC Mackinac Financial Corp MI 1,015.1 First Fed of Northern MI Bncp Alpena MI Mix 34.1 132.0 18.3 10.4 3.2 13.8 336.3 NA 10.09 0.54 01/09/18 CASH Meta Financial Group Inc. SD 5,228.3 Crestmark Bancorp Inc. Troy MI Stock 321.2 404.0 17.0 28.9 27.1 -- 1,113.3 0.68 8.80 2.15 12/04/17 IBCP Independent Bank Corp. MI 2,753.4 TCSB Bancorp Inc Traverse City MI Mix 62.8 210.1 24.7 18.1 12.7 -- 346.9 1.45 9.47 0.82 08/07/17 -- Lake Michigan CU MI 5,180.3 Encore Bank Naples FL Cash ------396.8 0.31 8.59 0.56 06/14/17 HBNC Horizon Bancorp IN 3,169.6 Wolverine Bancorp Inc. Midland MI Mix 91.8 141.3 17.8 24.2 17.4 31.2 379.3 1.60 16.47 1.21 01/26/17 -- West End Financial Corp. MI 99.4 Ewen Bancshares Inc. Ewen MI Mix ------62.9 0.39 15.90 1.06 01/09/17 -- Advia CU MI 1,342.1 Peoples Bank Elkhorn WI Mix ------232.8 2.56 10.69 0.83 07/20/16 -- Arbor Bancorp Inc. MI 1,193.4 Birmingham Bloomfield Bcshrs Birmingham MI Mix 33.3 172.1 19.2 12.1 7.5 79.7 274.7 NA 6.59 0.65 06/16/16 CEFC Commercial National Financial MI 408.2 Capital Directions Inc. Mason MI Mix 14.0 -- -- 11.5 -- -24.1 122.3 NA NA NA 05/24/16 MFNC Mackinac Financial Corp MI 732.9 Niagara Bancorp. Inc. Niagara WI Mix 3.6 99.3 18.2 5.3 -0.1 -- 68.4 1.40 10.83 0.40 04/14/16 WSSH West Shore Bank Corporation MI 396.3 West MI Bank & Trust Frankfort MI Mix 3.8 134.9 NM 10.5 3.6 -- 40.8 0.36 17.93 -0.14 03/24/16 FETM Fentura Financial Inc. MI 446.4 Community Bancorp Inc. Saint Charles MI Cash 21.6 115.4 17.3 11.1 1.7 -- 195.8 3.29 9.71 0.69 02/18/16 CBNC County Bank Corp MI 324.2 Capac Bancorp Inc. Capac MI Stock 20.2 89.8 12.2 8.2 -1.1 0.8 245.3 0.46 9.16 0.69 02/18/16 -- Advia CU MI 1,184.1 Mid America Bank Janesville WI Cash ------83.4 5.23 11.14 -0.04 01/26/16 CHFC Chemical Financial Corp. MI 9,188.8 Talmer Bancorp Inc. Troy MI Mix 1,117.8 145.9 19.3 17.0 10.4 -2.2 6,595.9 1.68 10.77 0.95 01/19/16 MFNC Mackinac Financial Corp MI 739.3 First Natl Bk of Eagle River Eagle River WI Cash 12.5 98.3 48.8 8.8 -0.2 -- 142.6 3.59 8.91 0.28

Avg. 259.7 161.3 22.3 15.0 8.2 26.4 1206.8 1.45 10.63 0.78 Median 34.1 145.9 18.3 13.7 6.6 12.8 230.7 1.19 10.09 0.76

Note: Market Data as of February 18, 2020 Source: S&P Global Market Intelligence 15 Historical Michigan Capital Offerings

($ Dollars in Thousands, except per share data) Offering Details Financial Highlights - MRQ Common Equity Offerings Gross Type Price to Price to Price to Market Amount of NPAs/ TCE/ Assets Completion Proceeds of Deal ATM Tg. Book PF Tg. BK PF EPS Discount PF Bank1 ROAA ROAE Assets TA Tkr Company Name Exchange ($000) Date ($000) ? ? (%) (%) (x) (%) (%) (%) (%) (%) (%)

1 -- Northpointe Bancshares, Inc. Private 1,574,849 05/31/19 25,000 Private No ------1.81 22.23 0.88 4.42

2 FETM Fentura Financial, Inc. OTCQX 909,901 11/26/18 21,578 Private No 130.1 123.9 7.5 0.2% 21.2 1.62 21.72 0.10 6.81

3 MFNC Mackinac Financial Corp. NASDAQ 983,929 06/13/18 34,500 Public No 132.1 123.9 14.4 -8.0% 26.0 0.63 7.51 1.22 7.61

4 FBC Flagstar Bancorp, Inc. NYSE 17,736,000 06/11/18 276,000 Public No 146.1 139.5 416.3 -2.2% 12.2 0.82 9.90 0.53 7.67

5 LEVL Level One Bancorp, Inc. NASDAQ 1,301,291 04/19/18 38,640 Public No 184.0 -- -- 0.0% -- 0.30 3.43 1.22 7.58

Average: 79,144 148.1 129.1 146.0 -2.5% 19.8 1.03 12.96 0.79 6.82 Median: 34,500 139.1 123.9 14.4 -1.1% 21.2 0.82 9.90 0.88 7.58

($ Dollars in Thousands, except per share data) Offering Details Financial Highlight Sorted by Date Completed Type Gross Interest Adjustable NPAs/ Lev Company Completion of Deal Maturity Assets Proceeds Rate Rate ROAA ROAE Assets Ratio Company Name Tkr Date ? Term - Years ($000) ($000) (%) (Yes/No) (%) (%) (%) (%)

1 Level One Bancorp, Inc. LEVL 12/18/19 Private 10 1,509,463 30,000 4.75 Yes 1.16 10.58 0.84 10.12

2 Northpointe Bancshares, Inc. -- 09/09/19 Private 10 1,032,006 15,000 6.88 Yes 2.34 25.91 1.67 9.38

3 Northpointe Bancshares, Inc. -- 09/28/18 Private 10 1,032,006 15,000 6.88 Yes 2.34 25.91 1.67 9.38

Average: 1,191,158 20,000 6.17 1.95 20.80 1.39 9.63 Median: 1,032,006 15,000 6.88 2.34 25.91 1.67 9.38

Note: Market Data as of February 18, 2020 Source: S&P Global Market Intelligence 16 Historical Northeast Regional Branch Transactions

Sorted by Date Branch Transactions Transaction Details Deposits Premium Prem / Loans Ann'd Branches Transferred Paid Deposits Included Date Buyer St. Seller City St. Sold St. ($M) ($M) (%) (Yes/No)

1 01/08/20 Alaska USA FCU AK TCF Financial Corp. Detroit MI 7 AZ $191.5 -- -- % No

2 07/08/19 Bar Harbor Bankshares ME People's United Financial Inc. Bridgeport CT 8 ME 281.1 $17.7 6.30 Yes

3 06/12/19 GNB Financial Services Inc PA Riverview Financial Corp. Harrisburg PA 1 PA 12.0 $0.2 2.00 Yes

4 04/22/19 First Commonwealth Financial PA Banco Santander Boadilla del Mon -- 14 PA 525.0 $37.0 7.05 Yes

5 04/18/19 North Valley Bancshares Inc. OH Ohio Valley Banc Corp. Gallipolis OH 2 OH 26.4 $1.3 5.00 No

6 02/04/19 Bank of Princeton NJ WSFS Financial Corp. Wilmington DE 5 NJ 191.4 $14.1 7.38 No

7 12/11/18 Associated Banc-Corp WI Huntington Bancshares Inc. Columbus OH 32 WI 850.0 $34.0 4.00 Yes

8 12/06/18 Blue FCU WY Liberty Capital Inc. Wilmington OH 2 CO 106.8 -- -- Yes

9 05/22/18 United Financial Bancorp CT Webster Financial Corp. Waterbury CT 6 CT, MA, RI 120.0 $2.9 2.42 No

Avg. 256.0 15.3 4.88 Median 191.4 14.1 5.00

Note: Market Data as of February 18, 2020 Source: S&P Global Market Intelligence 17 Historical Northeast Regional Conversions

($ Dollars in Thousands, except per share data) Offering Details Financial Highlight Gross Insiders MHC Price to Fully Cnvrt Pro Forma Market NPAs/ TCE/ Lev Assets Completion Proceeds Bought Owns PF Book P/PF Bk TE / TA Discount ROAA ROAE Assets TA Ratio Tkr Company Name State Exchange ($000) Date ($000) % % (%) (%) (x) (%) (%) (%) (%) (%) (%)

1 CNNB Cincinnati Bancorp, Inc. OH NASDAQ 221,474 01/22/20 16,530 7.1 -- 81.7 -- 16.6 38.3 0.27 2.55 0.80 10.52 10.98

2 BSBK Bogota Financial Corp. (MHC) NJ NASDAQ 665,632 01/15/20 56,577 2.3 55.0 -- 72.4 17.0 4.2 0.40 3.64 NA 11.14 11.26

3 PVBC Provident Bancorp, Inc. MA NASDAQ 1,031,175 10/16/19 102,124 2.8 -- 90.1 -- 19.9 19.4 1.01 7.77 NA 12.78 NA

4 HONE HarborOne Bancorp, Inc. MA NASDAQ 3,737,424 08/14/19 310,368 0.6 -- 105.4 -- 14.4 17.3 0.53 5.21 0.92 8.04 8.30

5 PBFS Pioneer Bancorp, Inc. (MHC) NY NASDAQ 1,385,542 07/17/19 111,704 2.2 55.0 -- 76.4 16.0 -5.7 1.43 14.80 0.93 8.86 NA

6 FSEA First Seacoast Bancorp (MHC) NH NASDAQ 394,689 07/16/19 26,767 3.9 55.0 -- 73.0 13.3 -1.1 0.18 2.16 0.08 8.47 8.55

7 RBKB Rhinebeck Bancorp, Inc. (MHC) NY NASDAQ 819,707 01/16/19 47,873 3.8 57.0 -- 74.7 11.5 -8.9 0.98 13.91 NA 6.76 7.85

8 CLBK Columbia Financial, Inc. (MHC) NJ NASDAQ 5,766,500 04/19/18 498,323 4.6 54.0 -- 81.6 15.6 -6.1 0.27 3.03 NA 8.10 10.54

9 SSBP SSB Bancorp, Inc. (MHC) PA OTC Pink 158,282 01/24/18 10,117 12.3 55.0 -- 72.5 12.2 2.7 0.32 4.03 NA 7.76 7.93

10 SNNF Seneca Financial Corp. (MHC) NY OTC Pink 172,410 10/11/17 9,103 5.6 54.0 -- 71.7 10.2 4.9 0.22 3.44 0.74 6.65 8.16

11 PDLB PDL Community Bancorp (MHC) NY NASDAQ 812,996 09/29/17 83,084 3.4 51.7 -- 75.8 19.0 -1.5 0.57 4.74 3.05 11.64 12.70

12 EFBI Eagle Financial Bancorp, Inc. OH NASDAQ 119,296 07/20/17 15,728 8.2 -- 61.7 -- 20.3 87.9 0.78 6.66 0.96 11.49 11.81

13 PCSB PCSB Financial Corporation NY NASDAQ 1,240,883 04/20/17 178,264 1.4 -- 70.4 -- 18.4 64.3 0.54 5.95 1.43 8.59 9.28

14 HVBC HV Bancorp, Inc. PA NASDAQ 177,115 01/11/17 21,821 8.5 -- 70.7 -- 15.5 59.8 0.57 7.76 0.93 7.45 7.43

15 CCSB Community Savings Bancorp, Inc. OH OTC Pink 53,606 01/10/17 4,413 8.4 -- 57.3 -- 12.7 97.2 0.03 0.24 NA 12.43 12.30

16 FSBC FSB Bancorp, Inc. NY NASDAQ 257,782 07/13/16 10,346 2.9 -- 65.1 -- 11.3 53.7 0.12 1.41 0.05 8.54 NA

17 RNDB Randolph Bancorp, Inc. MA NASDAQ 390,217 07/01/16 56,868 5.1 3.1 72.9 -- 16.6 37.8 0.00 0.02 1.74 8.51 8.42

18 HONE HarborOne Bancorp, Inc. (MHC) MA NASDAQ 2,244,768 06/29/16 144,544 2.4 53.8 -- 70.3 13.2 -1.8 0.02 0.26 2.42 7.99 8.20

19 PBBI PB Bancorp, Inc. CT NASDAQ 468,737 01/07/16 36,261 1.9 -- 82.2 -- 15.1 31.7 0.34 3.13 NA 9.76 NA

Average: 91,622 4.6 49.4 75.7 74.2 15.2 26.0 0.45 4.77 1.17 9.24 9.58 Median: 47,873 3.8 54.5 71.8 73.0 15.5 17.3 0.34 3.64 0.93 8.54 8.55

Note: Market Data as of February 18, 2020 Source: S&P Global Market Intelligence 18 JANNEY MONTGOMERY SCOTT REGIONAL HIGHLIGHTS Dan Flaherty, CFA – Regional Northeast Investment Banking

DAN FLAHERTY, CFA Managing Director, Investment Banking Financial Institutions Group (FIG)

Direct (404) 601-7225 Main (404) 601-7200 Mobile (404) 991-8724 [email protected] Feb-20 Acquisition of Edon Bancorp, Inc. (Edon, OH), by SB Financial Group, Inc. (Defiance, OH) for $15.5M

Jan-20 Sale of Freedom National Bank (Greenville, RI) to Beacon Bancorp (Taunton, MA) Mr. Flaherty joined FIG Partners (now Janney) in September 2011 Dec-19 Acquisition of Damariscotta Bankshares Inc. by Bangor Bancorp MHC (Bangor, ME) for $35M and has 14+ years of experience in the community banking Sep-19 Acquisition of MidCoast (Wilmington, DE) by Citizens Financial Services, Inc. (Mansfield, PA) for $30M industry. Prior to joining FIG Partners, Mr. Flaherty worked in the May-19 Acquisition of Mortgage World by PDL Community Bancorp (Bronx, NY) investment banking divisions of Sterne Agee (Atlanta, GA) and the Mar-19 Acquisition of Grand Bank by First Bank (Hamilton, NJ) for $19.4M Carson Medlin Company (Tampa, FL), providing corporate finance Feb-19 Common Stock follow-on of $20.0M FNCB Bancorp, Inc. (Dunmore, PA) and investment banking services to community financial Aug-18 Private placement of $35.0M subordinated debt for HarborneOne Bancorp, Inc. (Brockton, MA) institutions. Mr. Flaherty’s experience includes advising community Aug-18 Sale of Highlands Bancorp, Inc. (Vernon, NJ) to Lakeland Bancorp, Inc. (Oak Ridge, NJ) banks on strategic options, capital planning, sell-side mergers, buy- Jun-18 Private placement of $12.0M subordinated debt for Freedom Bancorp, Inc. (Maywood, NJ) side mergers and capital raising. Mr. Flaherty has participated in Jun-18 Common stock offering of $46M for Studio Bank (Nashville, TN) 63 M&A transactions, representing over $1.5 billion in deal Mar-18 Acquisition of Coastway Bcp (Warwick, RI) by HarborOne Bancorp (Brockton, MA) for $125.6M value and 42 capital offerings representing more than $1.2 Feb-18 Common Stock follow-on of $30M by SB Financial (Defiance, OH) as sole book runner billion in his career. In April 2017, Mr. Flaherty became one of Dec-17 Branch purchase of $23M by SAL (Lakeville, CT) from OCBI (Middletown, NY) eleven partners at FIG. Beginning in June of 2019, Mr. Flaherty has Oct-17 Acquisition of First Colebrook Bancorp (Colebrook, NH) by Bangor Bancorp for $45M served as Managing Director at Janney Montgomery Scott, LLC. Jul-17 Sale of Liberty Bell Bank (Marlton, NJ) to Delmar Bancorp (Salisbury, MD) Mr. Flaherty received a B.A. in Economics from Tufts University, an Jun-17 Common Stock follow-on of $30M by Sussex Bancorp (Rockaway, NJ) as a co-manager M.B.A. in Accounting and Finance from the University of Tampa May-17 Common Stock follow-on of $40M by First Bank (Hamilton, NJ) as a co-manager and is a CFA charterholder. Mr. Flaherty holds the Series 7, 24, 63 Apr-17 Acquisition of State Bank by Trona Valley FCU (Green River, WY) for $5.7M & 79 FINRA licenses. Mr. Flaherty, a New England native, grew up Jan-17 Branch purchase of $31M by Salisbury Bancorp (Lakeville, CT) from ESBS (New Paltz, NY) in Fairfield, CT and is a graduate of Fairfield Prep. 20 A Robust Northeast Investment Banking Practice

SELECTED RECENT NORTHEAST INVESTMENT BANKING TRANSACTIONS

Subordinated Debt Offering Agreed to Acquire Agreed to Acquire Agreed to be Acquired Agreed to Acquire $65,000,000 by 5.375% Fixed to Floating Rate

Financial Advisor Financial Advisor Financial Advisor Joint Book Runner Financial Advisor February 2020 January 2020 December 2019 December 2019 September 2019

Agreed to Acquire Agreed to Acquire $35,000,000 Agreed to be $23,000,000 Acquired by Subordinated Debt Common Stock Offering Offering Lead Placement Agent Financial Advisor Financial Advisor Lead Manager Financial Advisor August 2018 May 2019 March 2019 February 2019 August 2018

Agreed to Acquire $12,000,000 Agreed to Acquire $30,000,000 A Single Branch From Agreed to Acquire Subordinated Debt Common Stock Offering Offering

Sole Placement Agent Financial Advisor Sole Book-runner Financial Advisor Financial Advisor June 2018 March 2018 February 2018 December 2017 October 2017

21 A Leading Middle Market Investment Bank…

. Janney has completed its 187th year of providing comprehensive financial advice By-the-Numbers and superior service to individuals, families, corporations and institutions – 12th largest U.S. brokerage firm 1832 Janney Founded – 2,091+ employees in 119 offices across 21 states 850 Financial Advisors . Janney continues to demonstrate profitability in times of market turbulence – LTM Revenue of $757 million 250+ Capital Markets Professionals – 94 total investment banking transactions representing more than $14.6 billion in aggregate transaction value in 2019 326 Companies Under Coverage – 125 consecutive quarters of profitability $97.5B Assets under Management . Janney’s strategy is focused on growth – 2019 Q4: 52 new professionals and 28 promoted 94 2018 Banking Transactions – Private Client Group: . 2019 YTD: Recruited 44 Financial Advisors with a total of $3.3 billion in assets 13 Capital Markets Offices under management at hire 14 Publishing Analysts – Capital Markets: . Recently acquired FIG Partners, an Atlanta-based investment banking and 6 Dedicated Industry Groups 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 U.S. – 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

22 … With the Benefit of Full-Service Capabilities

JANNEY’S CAPABILITIES JANNEY’S GEOGRAPHIC FOOTPRINT . Janney has 119 offices in over 21 states across the . 493 transactions aggregating over $65 billion United States Investment in transaction value since 2013 Banking . 6 targeted industry coverage sectors . Institutional sales force across 13 institutional offices with over 100 equity and fixed income sales Private Client . 850 financial advisors with approximately $97.5 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 . 23 professionals covering 500+ accounts and Sales & Trading market makers in 1,300+ stocks

Equity . 33 person research team with 14 publishing Research analysts who combined cover 326 companies

Janney’s investment banking team has access to the Firm’s full-service capabilities

23 Janney’s Regional Northeast Presence

The merger with Janney significantly increases our Northeast presence with expanded retail and institutional offices throughout the region

24 Janney Regional Northeast Research Coverage

Fifth Third Bancorp Signature Bank People’s United Financial Inc. F.N.B. Corp Park National Corporation NASDAQ: FITB NASDAQ: SBNY NASDAQ: PBCT NYSE: FNB NYSEAM: PRK

Investors Bancorp Inc First Financial Bancorp TCF Financial Corp. Ocean First Financial Corp. Boston Private Financial NASDAQ: ISBC NASDAQ: FFBC NASDAQ: TCF NASDAQ: OCFC NASDAQ: BPFH

Lakeland Bancorp Bryn Mawr Bank Corp. First Defiance Financial Mercantile Bank Corp. Peapack-Gladstone Financial NASDAQ: LBAI NASDAQ: BMTC NASDAQ: FDEF NASDAQ: MBWM NASDAQ: PGC

Independent Bank Corp. Western New England Bancorp Chemung Financial Corp. SB One Bancorp Camden National Corp. NASDAQ: IBCP NASDAQ: WNEB NASDAQ: CHMG NASDAQ: SBBX NASDAQ: CAC

HarborOne Bancorp, Inc. CNB Financial Corp. Salisbury Bancorp Inc. SB Financial Group Inc Sterling Bancorp NASDAQ: HONE NASDAQ: CCNE NASDAQ: SAL NASDAQ: SBFG NYSE: STL

New York Community Bancorp, Inc. Berkshire Hills Bancorp Inc. NYSE: NYCB NYSE: BHLB

Source: S&P Global Market Intelligence 25 Regional Northeast Market Making

NEW ENGLAND NEW YORK & NEW JERSEY PENNSYLVANIA MICHIGAN OHIO Market Making Coverage Market Making Coverage Market Making Coverage Market Making Coverage Market Making Coverage Ticker State Ticker State Ticker State Ticker State Ticker State Ticker State Ticker State Ticker State BWFG CT ASCN NJ ADKT NY AMBKPAJNESPA CBMIMI ANDC OH FMAO OH FGFI CT BCBP NJ BARK NY APLO PA JTNB PA CBSU MI BKYT OH FMNB OH FSAM CT BPRN NJ BDGE NY BMTC PA JUVF PA CEFC MI CBCZ OH FMOO OH PBBI CT CFIC NJ BERK NY CCFN PA KISB PA CKFC MI CBKM OH FNFI OH PBTC CT CLBK NJ BKUT NY CCYY PA LDKB PA CNBB MI CCSB OH FSDK OH SAL CT CMRB NJ BSPA NY CFCX PA MCHT PA CNBZ MI CHBH OH GVFF OH BHLB MA ELMA NJ CHMG NY CNAF PA MIFF PA COFS MI CIBN OH HCKG OH BPFH MA FCCY NJ CNND NY CTYP PA MLVF PA CSHB MI CNNB OH HLAN OH CATC MA FCOB NJ CSKL NY CUBI PA MNBC PA CYFL MI CNUN OH HLFN OH CNBKB MA FRBA NJ CYHC NY CVLY PA MNBP PA EFIN MI CSBB OH KLIB OH EBSB MA ISBC NJ DWNX NY CZFS PA MPB PA EGDW MI DMNB OH LBSI OH GABK MA KRNY NJ EMPK NY DIMC PA MYBF PA FETM MI EBSH OH MBCN OH HONE MA LBAI NJ ESBS NY DNBF PA NEFB PA FMFB MI EFBI OH PFOH OH MELR MA LPBC NJ EVBN NY EFSG PA NTBP PA FNHM MI FAHE OH PPSF OH PVBC MA MSBF NJ FIGR NY EMYB PA NUBC PA GNRV MI FBOO OH PRK OH RNDB MA NFBK NJ FSBC NY ENBP PA NWBI PA HCBN MI FDEF OH SBFG OH WNEB MA NMBF NJ GLDT NY ESSA PA PBIP PA HVLM MI FFBC OH SDGB OH ABBB ME OCFC NJ GOVB NY FBIP PA PPLL PA IBCP MI FFDF OH TFSL OH DMSQ ME ORIT NJ JFBC NY FKYS PA QNBC PA ISBA MI FIBH OH UBOH OH KTHN ME PEBA NJ LSBK NY FLEW PA QNTO PA KEFI MI FIDS OH VERF OH FSEA NH PGC NJ LYBC NY FMFP PA RIVE PA MBWM MI FITB OH WAYN OH GUAA NH SBBX NJ NCXS NY FNCB PA SOME PA MCBC MI LFGP NH TRCB NJ NECB NY FRAF PA SQCF PA NWBB MI NWF NH OCBI NY FRSB PA SSBP PA OXBC MI PRMY NH PBFS NY FSMK PA STND PA SBT MI CMTV VT PBHC NY GNBF PA TVNB PA SOMC MI PPAL VT PCSB NY HARL PA UNPA PA STBI MI MDVT VT PDLB NY HM LN PA VT YB PA T CF M I PUNB NY HONT PA WDFN PA UFCP MI RBKB NY HVBC PA WMPN PA UNIB MI SBHO NY WSSH MI SBNY NY SCAY NY SNNF NY SNNY NY SOBS NY VSBN NY 26 SB Financial Group, Inc. Agrees to Acquire Edon State Bank Company of Edon, OH

Buy-Side Advisory Transaction Summary Key Deal Observations Announcement Date: February 7, 2020 • The Janney FIG Team served as the financial adviser for SB Financial Purchase Price ($M): $15.53 Group, Inc. Purchase Price Per Share: $103.50 Price / Tangible Book Value: 135.0% • The pro forma company is expected to have $1.1 billion in assets Price / LTM Earnings: 36.5x • When finalized, the merger will give State Bank a presence in Edon, Ohio, Price / Assets: 25.1% strengthening the State Bank's position in the Northwest Ohio region. The Core Deposit Premium: 8.2% merger with Edon Bancorp is in keeping with SB Financial's strategic goal of Consideration: Cash investing where it can best serve its customers, and these new communities are part of that. SBFG Edon Pro Forma Branch Map Stock Price at Announcement: $19.70 NA MRQ Financial Period: 12/31/19 12/31/19 Assets ($000): $1,038,577 $61,837 Loans ($000): 825,510 18,277 Deposits ($000): 840,219 50,431 LTM ROAA: 1.16% 0.86% LTM ROAE: 8.99% 4.50% LTM Efficiency Ratio: 70.8% 66.5% TCE / TA: 11.59% 18.42% NPAs / Assets: 0.42% 0.00%

SBFG Edon

Source: S&P Global Market Intelligence, Janney Montgomery Scott LLC 27 Freedom National Bank Agrees to be Acquired by Bristol County Savings Bank

Sell-Side Advisory Transaction Summary Key Deal Observations Announcement Date: January 14, 2020 • Janney FIG Team served as the financial adviser for Freedom National Purchase Price ($M): NA Bank, a subsidiary of Berkshire Financial Services, Inc. Price / Tangible Book Value: NA • Bristol County Savings Bank will expand in Providence County, R.I., by two Price / LTM Earnings: NA branches to be ranked ninth with a 1.02% share of approximately $19.93 Price / Assets: NA billion in total market deposits Core Deposit Premium: NA Consideration: NA • Following the completion of the transaction, Bristol County Savings Bank will have consolidated assets of about $2.4 billion Bristol County SB Freedom NB MRQ Financial Period: 9/30/19 9/30/19 Pro Forma Branch Map Assets ($000): $2,279,692 $123,029 Loans ($000): 1,813,116 98,713 Deposits ($000): 1,906,705 102,968 LTM ROAA: 1.26% 0.30% LTM ROAE: 9.61% 3.03% LTM Efficiency Ratio: 73.1% 86.0% TCE / TA: 12.39% 10.03% NPAs / Assets: 0.48% 1.94%

Bristol Freedom

Source: S&P Global Market Intelligence, Janney Montgomery Scott LLC 28 Bangor Bancorp, MHC Agreed to Acquire Damariscotta Bankshares, Inc. for $35.2M

Buy-Side Advisory Transaction Summary Key Deal Observations Announcement Date: December 17, 2019 • Janney FIG Team served as the financial adviser for Bangor Purchase Price ($M): $35.2 Bancorp, MHC. Purchase Price Per Share: $27.00 Price / Tangible Book Value: 187.5% • Bangor Bancorp will enter Lincoln County, ME with three branches to Price / LTM Earnings: 27.9x be ranked third with a 7.32% share of the market Price / Assets: 18.2% • Bangor Bancorp will also expand in Knox County, ME with two Core Deposit Premium: 11.3% branches and Waldo County, ME as a result of this transaction Consideration: Cash

Bangor DMSQ Pro Forma Branch Map Stock Price at Announcement: NA $12.11 MRQ Financial Period: 9/30/19 9/30/19 Assets ($000): $4,597,222 $193,257 Loans ($000): 3,064,606 124,795 Deposits ($000): 3,537,599 172,332 LTM ROAA: 0.90% 0.65% LTM ROAE: 8.82% 6.81% LTM Efficiency Ratio: 74.3% 80.3% TCE / TA: 9.12% 9.72% NPAs / Assets: 0.28% 1.45%

Bangor DMSQ

Source: S&P Global Market Intelligence, Janney Montgomery Scott LLC 29 Citizens Financial Services, Inc. (CZFS) Agreed to Acquire MidCoast Community Bancorp, Inc. (MDCT)

Buy-Side Advisory Transaction Summary Key Deal Observations Announcement Date: September 6, 2019 Purchase Price ($M): $31.2 • Janney served as the financial advisor for Citizens Financial Purchase Price Per Share: $6.50 Services, Inc. (CZFS) Price / Tangible Book Value: 117.3% • The transaction expands the CZFS franchise into the Delaware market, Price / LTM Earnings (Tax Adjusted): 12.5x and compliments its Southeastern Pennsylvania presence Price / Assets: 11.2% Core Deposit Premium: 2.9% • Upon completion, the combined company will have approximately $1.7 Consideration: Mix billion in total assets with 31 branches located in DE, NY & PA Expected Completion Date: 3/31/20

CZFS MDCT MRQ Financial Period: 6/30/19 6/30/19 Franchise Map Assets ($000): $1,447,170 $268,546 Loans ($000): 1,087,096 228,835 Deposits ($000): 1,183,658 212,963 Tangible Common Equity ($000): 123,893 25,536 LTM ROAA: 1.28% 0.97% LTM ROAE: 12.73% 9.85% LTM Efficiency Ratio: 55.7% 79.9% TCE / TA: 8.71% 9.51% NPAs / Assets: 1.64% 0.17%

MDCT CZFS

Source: S&P Global Market Intelligence, Janney Montgomery Scott, LLC 30 Disclaimer

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31 Financial Institutions Group