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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.
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