3Rd Quarter 2019

3rd Quarter 2019

DMISCUSSIONINNESOTA CMOMMUNITYATERIALS BANK LANDSCAPE

Financial Institutions Group Table of Contents

SECTION DESCRIPTION

I. 3rd Quarter Feature – 2019 FDIC Deposit Data

II. Minnesota 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 – MINNESOTA

Minnesota Minnesota 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 U.S. Bancorp (MN) 138 76,048,256 32.24 26 Deerwood Bancshares, Inc. (MN) 14 609,057 0.26 2 Wells Fargo & Company (CA) 147 70,357,719 29.83 27 215 Holding Company (MN) 16 595,782 0.25 3 Bremer Financial Corporation (MN) 53 8,195,738 3.47 28 HMN Financial, Inc. (MN) 12 583,123 0.25 4 TCF Financial Corporation (MI) 89 6,893,833 2.92 29 MidCountry Acquisition Corporation (MN) 13 582,755 0.25 5 Bank of Montreal 23 3,997,930 1.69 30 Mesaba Bancshares, Inc. (MN) 16 560,639 0.24 6 Old National Bancorp (IN) 35 3,175,510 1.35 31 Citizens Bank Group, Inc. (MN) 7 555,686 0.24 7 Bank of America Corporation (NC) 11 3,133,900 1.33 32 Fishback Financial Corporation (SD) 7 535,098 0.23 8 Ameriprise Financial, Inc. (MN) 2 2,205,519 0.94 33 Waseca Bancshares, Inc. (MN) 9 520,481 0.22 9 State Bankshares, Inc. (ND) 12 2,040,050 0.86 34 Heartland Financial USA, Inc. (IA) 2 515,310 0.22 10 Associated Banc-Corp (WI) 19 1,879,607 0.80 35 Border Bancshares, Inc. (ND) 9 513,743 0.22 11 Bridgewater Bancshares, Inc. (MN) 9 1,728,890 0.73 36 First Bemidji Holding Company (MN) 4 505,940 0.21 12 Stearns Financial Services, Inc. (MN) 6 1,659,780 0.70 37 Farmers State Corporation (MN) 12 502,877 0.21 13 Minnwest Corporation (MN) 27 1,530,114 0.65 38 Alliance Financial Services, Inc. (MN) 7 501,943 0.21 14 Merchants Financial Group, Inc. (MN) 22 1,510,202 0.64 39 Finlayson Bancshares, Inc. (MN) 22 496,486 0.21 15 Think Mutual Bank (MN) 11 1,367,720 0.58 40 Security Bancshares Company (MN) 17 491,387 0.21 16 Frandsen Financial Corporation (MN) 35 1,343,451 0.57 41 Goodenow Bancorporation (IA) 6 484,922 0.21 17 University Financial Corp, GBC (MN) 6 986,511 0.42 42 N.A. Corporation (MN) 5 484,255 0.21 18 BNP Paribas SA 22 978,724 0.41 43 Walker Ban Co. (MN) 9 480,770 0.20 19 Alerus Financial Corporation (ND) 6 907,454 0.38 44 Crosstown Holding Company (MN) 7 469,943 0.20 20 MidWestOne Financial Group, Inc. (IA) 13 837,752 0.36 45 Vermillion Bancshares, Inc. (MN) 6 469,360 0.20 21 Premier Bank (MN) 8 739,926 0.31 46 Centra Ventures, Inc. (MN) 5 454,406 0.19 22 American National Corporation (NE) 7 725,068 0.31 47 Hopkins Financial Corporation (SD) 15 441,026 0.19 23 Tradition Bancshares, Inc. (MN) 3 700,080 0.30 48 Midwest Bank Group, Inc. (MN) 7 423,583 0.18 24 Forstrom Bancorporation, Inc. (MN) 9 648,284 0.27 49 NATCOM Bancshares, Inc. (WI) 9 423,373 0.18 25 Choice Financial Holdings, Inc. (ND) 5 624,445 0.26 50 Fidelity Holding Company (MN) 1 395,722 0.17

Total Branches Total Deposits Total For Institutions In Market 1,654 235,875,054

Source: S&P Global Market Intelligence, FDIC Summary of Deposits 2019 4 2019 DEPOSIT MARKET SHARE – LARGEST MSAS

1. MINNEAPOLIS-ST. PAUL-BLOOMINGTON MSA 2. FARGO MSA

Minneapolis-St. Paul-Bloomington, MN-WI Fargo, ND-MN 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 U.S. Bancorp (MN) 99 73,464,421 38.87 1 State Bankshares, Inc. (ND) 11 3,469,095 39.52 2 Wells Fargo & Company (CA) 96 64,630,788 34.20 2 Wells Fargo & Company (CA) 6 716,591 8.16 3 TCF Financial Corporation (MI) 85 6,678,784 3.53 3 U.S. Bancorp (MN) 7 669,061 7.62 4 Bremer Financial Corporation (MN) 20 4,717,182 2.50 4 Gate City Bank (ND) 17 647,222 7.37 5 Bank of Montreal 26 4,098,778 2.17 5 Watford City Bancshares, Inc. (ND) 5 597,084 6.80 6 Bank of America Corporation (NC) 11 3,133,900 1.66 6 Bremer Financial Corporation (MN) 3 363,500 4.14 7 Old National Bancorp (IN) 31 2,994,173 1.58 7 Alerus Financial Corporation (ND) 3 311,218 3.55 8 Ameriprise Financial, Inc. (MN) 2 2,205,519 1.17 8 Choice Financial Holdings, Inc. (ND) 3 287,909 3.28 9 Associated Banc-Corp (WI) 20 1,971,146 1.04 9 Western State Agency, Inc. (ND) 2 282,072 3.21 10 Bridgewater Bancshares, Inc. (MN) 9 1,728,890 0.91 10 Vision Bank Holdings, Inc. (ND) 3 175,608 2.00 11 State Bankshares, Inc. (ND) 4 1,277,525 0.68 11 BNP Paribas SA 3 153,485 1.75 12 University Financial Corp, GBC (MN) 6 986,511 0.52 12 American Federal Corporation (ND) 3 148,900 1.70 13 Alerus Financial Corporation (ND) 6 907,454 0.48 13 Starion Bancorporation (ND) 3 119,778 1.36 14 MidWestOne Financial Group, Inc. (IA) 14 893,590 0.47 14 Westbrand, Inc. (ND) 2 114,073 1.30 15 Premier Bank (MN) 8 739,926 0.39 15 Northwestern Bancshares, Inc. (MN) 3 112,584 1.28 16 American National Corporation (NE) 7 725,068 0.38 16 Bankshares of Hawley, Inc. (MN) 2 98,417 1.12 17 Tradition Bancshares, Inc. (MN) 3 700,080 0.37 17 First Financial Corporation (ND) 3 96,681 1.10 18 Choice Financial Holdings, Inc. (ND) 4 611,851 0.32 18 Cornerstone Holding Company, Inc. (ND) 2 94,191 1.07 19 Heartland Financial USA, Inc. (IA) 2 515,310 0.27 19 Border Bancshares, Inc. (ND) 2 83,443 0.95 20 N.A. Corporation (MN) 5 484,255 0.26 20 Midwest Bank Group, Inc. (MN) 1 60,685 0.69 21 Crosstown Holding Company (MN) 7 469,943 0.25 21 HSB Financial Corp. (ND) 1 35,321 0.40 22 Vermillion Bancshares, Inc. (MN) 6 469,360 0.25 22 Ramsey Financial Corporation (ND) 1 30,296 0.35 23 Fidelity Holding Company (MN) 1 395,722 0.21 23 Hunter Holding Company (ND) 2 28,151 0.32 24 Metro North Bancshares, Inc. (MN) 5 392,238 0.21 24 Kindred State Bank (ND) 1 27,093 0.31 25 Highland Bancshares, Inc. (MN) 5 386,163 0.20 25 Aspire Bancshares, Inc. (ND) 1 19,145 0.22

Total For Institutions In Market 773 188,984,903 Total For Institutions In Market 94 8,777,825

Source: S&P Global Market Intelligence, FDIC Summary of Deposits 2019 5 2019 DEPOSIT MARKET SHARE – LARGEST MSAS

3. ROCHESTER MSA 4. ST. CLOUD MSA

Rochester, MN St. Cloud, MN 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 Think Mutual Bank (MN) 7 1,149,909 20.64 1 Stearns Financial Services, Inc. (MN) 3 1,519,915 27.64 2 Wells Fargo & Company (CA) 5 990,256 17.77 2 Bremer Financial Corporation (MN) 4 656,804 11.94 3 U.S. Bancorp (MN) 4 470,019 8.43 3 Wells Fargo & Company (CA) 4 509,491 9.27 4 Bremer Financial Corporation (MN) 6 405,161 7.27 4 U.S. Bancorp (MN) 5 408,592 7.43 5 HMN Financial, Inc. (MN) 6 360,212 6.46 5 Centra Ventures, Inc. (MN) 3 339,857 6.18 6 Premier Bank Rochester (MN) 4 200,857 3.60 6 American Heritage Holding Company (MN) 3 211,748 3.85 7 Plainview Bankshares, Inc. (MN) 2 200,218 3.59 7 ABDO Investments, Inc. (MN) 1 184,701 3.36 8 Merchants Financial Group, Inc. (MN) 4 199,167 3.57 8 Saint Joseph Bancshares Acquisitions, In 4 167,954 3.05 9 WRZ Bankshares, Inc. (MN) 3 144,508 2.59 9 Liberty Financial Services of St. Cloud, 5 158,658 2.89 10 Sterling Financial Group, Inc. (MN) 2 137,757 2.47 10 Deerwood Bancshares, Inc. (MN) 3 152,830 2.78 11 Associated Banc-Corp (WI) 4 131,614 2.36 11 First Bancshares, Inc., of Cold Spring 1 112,266 2.04 12 F & M Financial Services, Inc. (MN) 3 115,591 2.07 12 Minnwest Corporation (MN) 1 106,606 1.94 13 Minnwest Corporation (MN) 5 113,524 2.04 13 TCF Financial Corporation (MI) 1 105,870 1.93 14 WNB Holding Company (MN) 2 109,837 1.97 14 Sauk Centre Financial Services, Inc. (M 1 105,237 1.91 15 Country Bankers, Inc. (MN) 3 89,537 1.61 15 Freeport Bancshares, Inc. (MN) 4 101,329 1.84 16 First Southeastern Banc Group, Inc. (MN) 3 76,310 1.37 16 J & B Financial Holdings, Inc. (MN) 1 88,006 1.60 17 Olmsted Holding Corporation (MN) 3 75,504 1.35 17 Cattail Bancshares, Inc. (MN) 2 85,291 1.55 18 Alliance Financial Services, Inc. (MN) 1 70,057 1.26 18 Frandsen Financial Corporation (MN) 2 69,605 1.27 19 West Bancorporation, Inc. (IA) 1 67,949 1.22 19 Kensington Bancorp., Inc. (MN) 3 59,432 1.08 20 Johnson Bancshares, Inc. (MN) 1 59,816 1.07 20 Lindell Bancshares, Inc. (MN) 1 55,327 1.01 21 Olmsted Bancorporation, Inc. (MN) 1 59,374 1.07 21 BNP Paribas SA 1 53,732 0.98 22 Lake City Federal Bank (MN) 1 58,699 1.05 22 Bonanza Valley State Bank (MN) 1 53,324 0.97 23 Rushford State Bancorp, Inc. (MN) 1 49,155 0.88 23 MidCountry Acquisition Corporation (MN) 1 45,035 0.82 24 MBT Corp. (IA) 1 33,255 0.60 24 Farmers & Merchants Agency, Inc. (MN) 1 40,334 0.73 25 West Concord Bancshares, Inc. (MN) 1 28,869 0.52 25 Darwin Bancshares, Inc. (MN) 1 29,028 0.53

Total For Institutions In Market 83 5,572,405 Total For Institutions In Market 62 5,498,596 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 $300,000

$254,261 $250,000 $233,545 $229,926 $235,875 $221,413 $211,317 $212,473 $200,443 $200,000

$149,983 $150,000 $129,127

$114,877 In MillionsIn($) $100,000

$50,000

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

KEY OBSERVATIONS

. The state of Minnesota experienced deposit growth of 2.59% year over year

. The three fastest growing MSAs in the state by total deposits were Fargo (13.5%), Brainerd (11.8%) and Willmar (8.7%)

. The fastest growing counties in the state by total deposits were Chippewa (16.3%), Murray (15.8%) and Crow Wing (15.5%)

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

METHODOLOGY . 7 county regions separated by geographic relevance Northwest

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

. Regulatory call report data shown for all banks West Central

Central KEY STATE OBSERVATIONS Twin Cities . Median loan growth of 2.21%

Southwest . Median NIM of 3.99% Southeast

Source: S&P Global Market Intelligence 9 NORTHWEST MINNESOTA BANKS

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) (%) (%) (%)

American State Bank of Grygla Grygla $59 $38 8.8 % $53 64.5 % 71.3 % 11.04 % 17.89 % 1.24 % 1.24 % 11.4 % 1.01 % 0.14 % $265 1.97 % 4.18 % 61.4 %

Border State Bank Greenbush 633 492 16.1 527 10.1 93.4 9.25 12.40 1.10 0.66 10.9 1.15 0.01 1,701 1.10 3.77 70.1

Citizens State Bank of Roseau Roseau 221 124 7.6 191 (0.0) 65.0 13.00 16.91 1.47 1.13 10.6 1.32 (0.29) 875 1.60 3.19 56.0

Ctzns Natl Bk of Park Rapids Park Rapids 265 226 7.7 231 (5.5) 97.7 11.18 16.00 0.46 0.46 3.7 1.32 0.07 1,161 1.75 4.24 58.3

First National Bank of Bagley Bagley 92 61 (0.9) 84 9.1 73.5 8.16 13.12 0.35 0.35 3.9 1.35 0.05 217 0.95 3.93 72.8

First National Bank of Bemidji Bemidji 670 416 (2.0) 514 6.7 80.9 13.70 19.17 0.97 0.36 6.4 0.58 0.05 3,424 2.07 3.44 49.9

First National Bk of McIntosh McIntosh 26 10 (13.7) 19 23.6 51.5 27.40 75.61 0.01 0.01 0.0 2.51 0.44 35 0.55 3.06 80.6

Gary State Bank Gary 15 11 (8.7) 11 10.8 104.2 13.89 19.67 0.03 0.03 0.2 2.56 0.00 73 1.97 4.82 63.2

Marshall County State Bank Newfolden 32 7 3.7 26 (25.7) 27.3 18.16 100.52 0.05 0.05 0.2 4.69 0.00 100 1.23 2.56 56.1

Northern Sky Bank Crookston 77 46 36.3 65 (17.8) 71.1 10.57 17.53 0.00 0.00 0.0 0.03 0.00 323 1.66 3.50 48.9

Northern State Bank Thief River Falls 341 145 (0.7) 305 5.3 47.4 10.19 27.04 0.22 0.22 2.0 1.67 0.05 1,418 1.63 2.90 46.9

Northern State Bank of Gonvick Gonvick 35 7 22.3 28 (16.7) 26.9 19.14 102.37 0.30 0.30 1.4 9.14 0.00 118 1.35 2.70 52.0

Northwoods Bank of Minnesota Park Rapids 121 67 0.2 102 22.3 65.7 10.40 18.64 1.75 1.16 14.9 1.16 0.01 355 1.16 3.90 70.8

Prime Security Bank Karlstad 82 70 5.4 68 (13.1) 102.9 9.37 12.83 1.07 1.07 10.7 0.74 0.00 280 1.37 4.49 68.4

Red River State Bank Halstad 92 77 16.8 83 13.2 93.1 9.52 NA 0.80 0.61 7.9 0.85 (0.01) 406 1.78 4.48 58.8

Security Bank USA Bemidji 161 125 (0.5) 129 16.1 97.1 9.39 13.80 1.06 1.01 10.4 1.41 (0.03) 793 2.04 4.48 61.3

Security State Bank of Oklee Oklee 31 14 4.4 25 (16.2) 54.5 17.92 46.65 0.34 0.34 1.8 2.50 0.88 208 2.70 3.08 42.9

Security State Bank of Warroad Warroad 102 50 (9.5) 85 15.1 58.5 16.32 22.32 1.70 0.82 9.6 3.55 2.00 (106) (0.42) 3.92 77.6

Ultima Bank Minnesota Winger 189 178 (2.4) 157 25.6 113.4 10.50 13.36 0.68 0.68 5.8 1.23 0.16 1,168 2.48 5.09 49.4

Average 171 114 4.8 142 6.7 73.4 13.11 31.44 0.72 0.55 5.89 2.04 0.19 674 1.52 3.78 60.3 Median 92 67 3.7 84 9.1 71.3 11.04 18.27 0.68 0.46 5.83 1.32 0.01 323 1.63 3.90 58.8

Source: S&P Global Market Intelligence, Most Recent Available Quarter 10 NORTHEAST MINNESOTA BANKS

American Bank of the North Nashwauk $527 $384 (6.2) % $463 16.4 % 82.9 % 10.34 % 15.07 % 2.90 % 2.16 % 25.0 % 1.68 % (0.86) % $2,289 1.75 % 4.12 % 61.8 %

Boundary Waters Bank Ely 111 96 (2.4) 84 36.1 113.3 12.61 13.47 2.80 2.80 21.5 0.76 (0.02) 278 1.05 4.65 68.3

First National Bank of Buhl Mountain Iron 26 20 (12.2) 24 12.1 83.1 7.97 15.01 2.19 1.59 25.9 0.98 0.24 24 0.37 4.38 91.6

First National Bank of Gilbert Gilbert 46 33 35.4 39 7.2 83.4 7.95 14.95 0.01 0.01 0.1 0.85 0.00 116 1.05 4.23 71.1

First National Bank of Proctor Proctor 25 14 21.4 23 10.1 59.9 9.70 24.95 1.20 1.20 11.8 0.76 0.00 52 0.82 3.86 76.7

First National Bk of Chisholm Chisholm 74 16 60.6 66 12.7 24.2 9.22 24.66 0.35 0.35 3.5 1.38 0.03 78 0.42 3.05 95.7

First National Bk of Coleraine Coleraine 89 33 (25.3) 81 30.2 40.2 8.39 20.07 0.00 0.00 0.0 1.01 0.02 167 0.78 2.95 68.8

First Natl Bk of Moose Lake Moose Lake 110 79 (21.9) 95 8.2 83.4 13.19 17.66 0.75 0.46 5.4 1.09 (0.01) 533 1.96 4.44 60.7

First State Bank of Bigfork Bigfork 81 69 14.9 65 4.1 106.1 11.08 15.77 4.58 4.58 37.8 1.33 0.09 235 1.18 4.41 63.2

Grand Marais State Bank Grand Marais 97 55 (2.0) 89 32.0 61.8 7.59 15.31 0.03 0.03 0.4 0.96 0.00 439 1.88 3.80 53.6

Grand Rapids State Bank Grand Rapids 228 152 (10.9) 180 (5.6) 84.1 9.74 13.80 0.00 0.00 0.0 0.77 0.00 674 1.18 3.95 72.5

Grand Timber Bank McGregor 44 32 14.7 38 1.1 83.6 14.74 22.49 3.91 2.45 25.8 2.43 0.32 215 2.19 4.89 62.9

Lake Bank Two Harbors 134 100 7.8 117 3.0 85.5 10.06 16.36 0.55 0.55 5.1 1.23 (0.01) 394 1.19 3.70 60.9

Miners NB of Eveleth Eveleth 70 30 (3.9) 63 20.6 47.6 8.38 20.37 0.19 0.19 2.1 0.81 0.00 187 1.10 4.75 68.2

North Shore Bank of Commerce Duluth 288 200 19.0 259 20.4 77.1 8.81 15.63 0.53 0.11 5.6 1.04 0.00 1,440 2.05 4.94 71.6

Northern State Bk of Virginia Virginia 75 55 28.6 66 0.4 84.0 9.42 14.42 0.00 0.00 0.0 0.88 (0.01) 283 1.52 4.88 62.8

Park State Bank Duluth 139 118 (2.5) 120 8.8 98.0 13.12 15.46 0.24 0.24 2.1 0.52 (0.28) 676 2.29 6.26 53.7

Security State Bank of Aitkin Aitkin 102 61 9.3 88 2.3 69.0 12.47 19.97 0.12 0.07 0.9 1.59 0.21 452 1.78 4.38 56.3

Security State Bank of Hibbing Hibbing 135 64 (18.3) 121 13.6 53.3 10.83 20.63 1.75 0.89 16.2 1.24 0.04 323 0.97 4.05 66.7

Western National Bank Duluth 107 82 11.4 91 (2.8) 91.1 10.45 15.39 2.67 2.67 24.4 0.90 0.03 301 1.12 4.80 74.3

Woodland Bank Deer River 108 84 10.1 87 12.2 96.6 10.96 15.20 0.00 0.00 0.0 0.84 0.02 261 0.99 4.66 72.5

Average 124 85 6.1 108 11.6 76.6 10.33 17.46 1.18 0.97 10.17 1.10 (0.01) 448 1.32 4.34 68.3 Median 102 64 7.8 87 10.1 83.4 10.06 15.63 0.53 0.35 5.06 0.98 0.00 283 1.18 4.38 68.2

Source: S&P Global Market Intelligence, Most Recent Available Quarter 11 WEST CENTRAL MINNESOTA BANKS

Community Development Bank FSB Ogema $168 $107 4.3 % $145 31.3 % 74.0 % 10.52 % 14.76 % 1.18 % 1.11 % 11.4 % 1.12 % 0.74 % $196 0.49 % 3.84 % 76.3 %

Eagle Bank Glenwood 153 99 (7.3) 130 1.9 76.2 13.98 21.70 0.09 0.09 0.6 2.13 0.00 683 1.80 4.05 60.3

Farmers & Mrchnt State Bk New York Mills 61 31 9.1 50 (4.7) 62.1 16.00 25.94 0.00 0.00 0.0 1.41 0.00 180 1.19 3.56 67.1

Farmers State Bank of Hoffman Hoffman 30 15 (0.4) 26 48.1 57.5 12.66 23.75 0.17 0.17 1.2 1.35 0.00 74 0.98 3.16 69.4

Farmers State Bk of Underwood Underwood 72 52 (0.2) 63 (5.8) 82.5 9.43 13.94 0.47 0.47 4.4 1.46 (0.02) 278 1.55 4.92 65.4

First National Bank of Henning Ottertail 214 149 12.6 186 9.4 80.1 11.84 18.20 0.42 0.36 3.2 1.22 0.00 958 1.81 3.82 58.9

First National Bank of Osakis Osakis 66 43 (7.4) 59 20.4 72.3 7.74 14.05 1.19 0.81 13.0 1.17 0.00 218 1.29 2.64 63.7

First State Bank of Ashby Ashby 36 23 9.5 32 10.1 71.3 7.58 11.39 1.18 1.18 15.6 0.29 0.05 105 1.16 4.61 58.2

Glenwood State Bank Glenwood 319 295 12.3 262 11.2 112.5 9.23 10.61 1.29 0.75 12.9 1.05 (0.02) 1,302 1.67 4.02 58.8

Hometown Community Bank Cyrus 62 48 (10.3) 55 (9.1) 88.1 10.40 15.97 0.75 0.75 7.1 0.51 0.03 202 1.33 4.00 63.8

Kensington Bank Kensington 273 208 (4.6) 225 0.1 92.8 9.07 11.06 1.80 1.64 19.1 0.55 (0.01) (82) (0.12) 4.25 98.1

Lowry State Bank Lowry 55 49 14.0 43 9.1 112.7 8.40 11.13 1.15 1.00 12.4 1.01 (0.01) 308 2.27 4.77 54.9

Midwest Bank Detroit Lakes 509 466 5.6 444 19.4 105.0 9.44 11.10 1.31 0.91 12.5 1.16 0.01 2,553 2.03 4.50 41.5

Northwestern Bank NA Dilworth 146 119 23.1 129 18.6 91.9 10.02 12.73 0.81 0.81 7.5 1.30 0.01 278 0.78 6.02 81.5

Security State Bk Fergus Falls Fergus Falls 121 88 (29.5) 102 3.5 85.9 10.22 13.60 0.83 0.76 7.0 1.04 0.00 474 1.54 4.22 60.3

State Bank of Lake Park Lake Park 38 25 15.4 33 (2.8) 75.9 11.23 21.31 2.30 1.34 18.1 1.86 (0.02) 163 1.70 4.52 104.2

State Bank of Wheaton Wheaton 84 66 5.4 64 31.0 103.4 24.51 29.67 0.72 0.72 2.9 1.74 0.00 542 2.67 4.54 41.5

Union State Bk Browns Vallley Browns Valley 21 9 9.0 19 (5.0) 49.2 11.51 18.62 0.00 0.00 0.0 1.19 0.00 110 2.04 3.65 42.1

United Community Bank Perham 260 171 15.5 223 8.7 76.8 11.08 17.07 0.70 0.49 5.7 1.79 0.07 859 1.34 3.85 67.1

Valley Premier Bank Hawley 111 62 (4.5) 100 5.6 62.3 9.82 17.08 0.70 0.59 6.6 1.04 0.01 306 1.11 3.48 69.5

Vantage Bank Alexandria 32 27 6.5 28 28.7 97.5 8.72 10.84 0.00 0.00 0.0 1.17 0.00 128 1.68 4.11 69.1

Vergas State Bank Vergas 50 18 0.6 42 12.1 41.9 15.74 39.47 0.85 0.85 5.3 2.24 (0.11) 89 0.73 2.91 66.6

Viking Bank Alexandria 186 147 7.3 141 30.6 104.2 10.81 14.00 0.31 0.31 2.8 1.18 0.00 584 1.29 3.74 51.9

Average 133 101 3.7 113 11.8 81.6 11.30 17.30 0.79 0.66 7.37 1.26 0.03 457 1.41 4.05 64.8 Median 84 62 5.6 64 9.4 80.1 10.40 14.76 0.75 0.75 6.61 1.18 0.00 278 1.34 4.02 63.8

Source: S&P Global Market Intelligence, Most Recent Available Quarter 12 CENTRAL MINNESOTA BANKS (1 OF 2)

American Heritage National Bk Long Prairie $361 $249 (10.6) % $315 10.9 % 79.0 % 11.44 % 16.77 % 0.18 % 0.07 % 1.5 % 1.61 % 0.00 % $1,180 1.31 % 3.84 % 56.8 %

American National Bank of MN Brainerd 301 238 6.4 244 2.2 97.4 11.00 15.92 1.89 1.50 15.4 1.64 (0.01) 525 0.70 4.28 83.0

Bank of Elk River Elk River 449 293 8.6 403 11.2 72.7 9.58 14.86 0.00 0.00 0.0 1.09 0.00 2,112 1.92 3.99 60.3

BankVista Sartell 336 283 5.4 284 27.2 99.4 8.69 11.02 0.62 0.47 6.5 1.43 0.09 840 1.03 3.76 67.1

BANKWEST Rockford 154 99 (3.4) 137 20.1 72.1 10.27 16.53 0.00 0.00 0.0 1.26 (0.01) 699 1.90 4.48 61.9

Bonanza Valley State Bank Brooten 66 56 (3.2) 55 10.4 102.3 8.63 11.24 0.88 0.88 9.2 0.97 (0.17) 233 1.43 4.30 64.1

Brainerd S&L Association Brainerd 67 51 18.5 52 (2.2) 98.0 7.45 13.54 2.65 2.11 33.4 0.80 (0.01) (35) (0.21) 3.20 110.2

Cambridge State Bank Cambridge 79 44 (8.2) 70 18.6 62.4 12.06 20.86 1.71 1.64 14.0 0.71 (0.02) 223 1.16 3.68 67.6

Citizens State Bank of Waverly Waverly 79 53 24.1 68 13.5 78.5 8.83 13.64 0.00 0.00 0.0 1.05 0.00 334 1.71 4.30 58.2

Community First Bank Menahga 90 51 (1.4) 75 3.5 67.6 15.22 27.78 0.00 0.00 0.0 1.31 0.02 343 1.54 4.15 64.0

Deerwood Bank Waite Park 723 546 (2.3) 643 22.2 85.0 8.58 11.41 0.46 0.42 5.3 0.47 0.00 2,526 1.43 4.68 58.1

Falcon National Bank Foley 569 454 17.0 484 25.6 94.0 9.84 12.70 0.13 0.13 1.2 1.80 0.13 1,184 0.87 4.49 64.9

Farmers & Merchants State Bank Pierz 223 165 7.1 198 11.0 83.4 10.82 14.88 2.95 0.65 25.4 1.28 (0.02) 1,110 2.03 4.53 52.6

First National Bank North Walker 565 372 5.7 497 13.9 74.8 10.90 18.32 0.20 0.13 1.7 1.45 0.01 3,160 2.26 4.13 50.5

First National Bank of Cokato Cokato 61 42 (9.6) 55 (11.6) 75.7 9.46 15.48 0.00 0.00 0.0 1.36 1.56 221 1.47 4.34 56.8

First National Bank of Milaca Milaca 214 134 5.4 188 7.8 71.7 11.68 20.97 1.86 1.49 14.7 1.31 0.01 528 0.99 4.03 62.9

First National Bk of Elk River Elk River 298 175 32.0 228 40.0 76.8 9.34 13.23 0.37 0.28 3.8 0.94 (0.01) 510 0.71 3.23 79.1

First State Bank of Swanville Swanville 25 17 7.0 21 2.5 81.8 15.68 24.23 1.59 0.00 9.6 1.24 (0.05) 37 0.60 4.87 87.3

First State Bank of Wyoming Wyoming 182 62 (11.2) 148 (0.1) 41.9 17.70 40.37 1.19 0.68 6.2 2.81 (0.02) 483 1.07 3.05 61.1

First State Bk of Sauk Centre Sauk Centre 112 83 4.1 96 7.3 86.8 12.70 18.84 0.00 0.00 0.0 0.96 (0.01) 483 1.75 3.87 51.3

Freeport State Bank Freeport 119 89 (8.0) 103 8.1 86.0 10.35 13.90 0.28 0.08 2.6 0.85 (0.02) 286 0.97 4.44 71.6

Granite Community Bank Cold Spring 124 98 (8.6) 113 1.3 87.4 8.22 10.61 1.11 0.52 12.1 1.08 0.00 394 1.27 4.08 62.3

Harvest Bank Kimball 144 110 6.2 127 (3.4) 86.8 9.58 14.34 3.36 1.44 30.7 1.24 0.00 552 1.52 4.06 63.2

Highland Bank Saint Michael 526 361 2.8 395 9.0 91.4 10.07 13.90 0.00 0.00 0.0 1.34 (0.06) 1,094 0.83 3.85 79.9

Lake Area Bank Lindstrom 361 255 21.4 286 18.6 89.0 10.11 12.64 2.32 0.98 21.6 0.81 0.00 1,521 1.76 4.03 75.7

Source: S&P Global Market Intelligence, Most Recent Available Quarter 13 CENTRAL MINNESOTA BANKS (2 OF 2)

Lake Central Bank Annandale 158 87 28.8 134 4.8 64.4 13.68 17.60 0.00 0.00 0.0 1.18 0.00 971 2.54 4.01 52.4

Liberty Bank Minnesota Saint Cloud 222 111 7.0 193 15.1 57.6 12.21 25.36 0.00 0.00 0.0 1.05 0.02 597 1.10 3.35 78.9

Mid-Central FSB Wadena 116 103 (5.5) 101 5.4 102.6 9.55 16.32 0.00 0.00 0.0 0.76 0.11 204 0.71 3.75 83.3

Minnesota Lakes Bank Delano 104 66 3.0 87 4.7 76.0 9.42 13.00 0.00 0.00 0.0 0.87 0.01 202 0.80 4.78 81.1

Minnesota National Bank Sauk Centre 212 139 8.9 187 47.4 74.5 10.23 15.17 0.39 0.20 3.7 1.31 0.00 933 1.82 3.86 59.8

Neighborhood National Bank Mora 225 150 (5.1) 193 12.2 77.7 11.75 16.87 0.47 0.42 3.7 1.32 (0.01) 760 1.38 4.03 68.1

Northview Bank Sandstone 325 247 3.3 280 7.5 88.4 11.94 16.33 1.25 1.03 9.6 1.23 0.02 1,873 2.31 4.81 58.3

Pine Country Bank Little Falls 179 135 23.0 159 10.7 84.4 9.97 13.09 1.37 0.68 13.1 1.02 (0.02) 635 1.46 4.49 59.5

Pine River State Bank Pine River 119 74 0.5 108 19.1 68.2 8.89 16.08 0.99 0.45 10.3 1.24 (0.53) 356 1.20 4.15 71.9

Randall State Bank Randall 47 35 6.3 40 4.9 86.7 11.72 17.87 3.62 2.24 28.9 1.18 0.00 257 2.21 5.26 57.7

RiverWood Bank Baxter 433 330 1.4 375 (4.5) 87.9 8.49 12.31 1.83 1.82 19.2 1.29 0.04 904 0.84 3.76 70.0

Sentry Bank Saint Joseph 230 153 5.5 178 23.0 86.4 9.22 13.34 0.52 0.52 5.4 1.37 0.05 688 1.23 3.71 45.8

Sherburne State Bank Becker 127 94 17.5 115 25.5 81.8 8.37 11.21 1.34 1.34 14.0 1.73 0.00 665 2.14 4.51 49.8

St. Martin National Bank Saint Martin 22 13 28.6 18 (4.6) 69.2 15.66 31.20 0.00 0.00 0.0 1.49 0.00 103 1.92 3.67 59.6

Star Bank Maple Lake 282 240 0.3 242 (11.0) 99.1 9.53 12.32 0.00 0.00 0.0 1.25 0.00 1,331 1.86 5.04 63.4

State Bank of Cold Spring Cold Spring 63 37 (6.5) 55 (1.6) 67.3 9.51 17.97 1.62 1.21 16.0 0.87 (0.07) 183 1.14 3.38 67.0

Stearns Bank Holdingford NA Holdingford 103 85 27.8 87 28.6 98.1 16.41 19.64 0.44 0.44 2.6 1.64 0.27 409 1.65 3.29 19.5

Stearns Bank NA Saint Cloud 2,173 2,087 6.2 1,655 (25.3) 126.2 20.15 21.74 1.45 1.16 6.2 3.21 0.98 13,618 2.47 6.58 46.8

Stearns Bank Upsala NA Upsala 89 66 27.5 76 61.6 86.1 15.12 18.81 0.49 0.49 3.3 1.43 1.12 198 0.97 2.91 23.0

Wadena State Bank Wadena 176 112 (0.7) 156 7.3 71.8 9.82 15.07 0.00 0.00 0.0 1.10 (0.43) 820 1.89 3.83 52.2

Western Natl Bk of Cass Lake Cass Lake 34 20 17.1 30 (26.0) 68.5 8.59 16.36 0.25 0.25 2.8 1.06 (0.06) 81 0.97 3.94 78.2

Woodlands National Bank Onamia 206 126 5.0 177 (11.4) 71.2 11.93 16.87 1.50 1.26 11.4 1.27 0.09 776 1.47 3.91 57.0

Average 253 189 6.5 211 9.8 81.6 11.07 16.86 0.88 0.57 7.77 1.27 0.06 1,002 1.41 4.10 63.3 Median 176 110 5.4 148 8.1 81.8 10.11 15.92 0.47 0.42 3.79 1.24 0.00 552 1.43 4.03 62.3

Source: S&P Global Market Intelligence, Most Recent Available Quarter 14 SOUTHWEST MINNESOTA BANKS (1 OF 2)

Adrian State Bank Adrian $50 $42 1.6 % $45 4.3 % 94.9 % 9.78 % 12.64 % 1.31 % 1.31 % 12.2 % 1.09 % (0.02) % $298 2.36 % 4.57 % 47.1 %

CenBank Buffalo Lake 66 44 (12.4) 60 (4.4) 73.4 8.03 11.58 0.42 0.03 4.8 1.02 0.00 166 1.01 3.89 74.9

Center National Bank Litchfield 197 113 5.6 161 (2.8) 70.1 11.69 16.39 0.11 0.11 0.9 1.11 0.14 753 1.55 3.61 60.0

Citizens Alliance Bk Clara City 829 579 4.2 728 9.6 79.6 7.96 10.87 0.88 0.87 9.8 1.34 0.13 2,315 1.12 3.68 58.1

Citizens B&TC Hutchinson 216 150 (0.2) 196 (8.7) 76.7 9.02 NA 2.23 0.51 21.9 1.64 (0.01) 1,016 1.91 4.08 51.7

Citizens State Bk of Tyler Inc Tyler 22 4 (21.7) 20 (8.7) 21.7 9.97 40.81 0.23 0.23 2.1 3.28 0.00 44 0.78 3.23 69.3

Concorde Bank Blomkest 57 44 2.5 51 8.5 88.0 10.53 14.41 2.83 2.07 22.9 2.39 0.00 218 1.55 4.92 63.2

Currie State Bank Currie 83 74 (23.2) 73 0.6 101.0 9.74 12.27 1.94 1.94 17.6 1.48 0.02 286 1.38 4.97 58.1

F & M Bank Minnesota Olivia 127 83 (7.9) 98 11.3 84.1 8.71 12.07 0.31 0.20 2.9 1.25 0.00 451 1.43 4.12 61.7

Farmers & Merchants State Bank Alpha 38 27 11.1 34 (29.2) 80.6 11.70 18.13 4.80 4.65 37.9 1.11 0.21 67 0.69 3.41 72.4

Farmers & Merchants State Bk Appleton 46 36 (3.2) 40 18.0 90.9 14.30 17.12 1.18 1.18 7.4 2.06 0.73 249 2.17 4.41 46.7

Farmers State Bank of Watkins Watkins 43 21 4.9 37 1.8 57.8 13.41 24.41 0.31 0.31 2.1 1.16 0.02 187 1.75 4.04 60.2

Financial Security Bank Kerkhoven 101 87 1.2 76 3.6 114.0 8.99 10.58 1.31 1.24 13.3 0.80 0.00 282 1.11 3.82 71.4

First Community Bank Lester Prairie 63 32 1.4 56 - 58.2 10.58 18.50 1.09 1.09 9.4 1.23 0.00 174 1.12 3.61 70.9

First Independent Bank Russell 283 195 (22.1) 227 9.2 85.7 11.44 15.60 2.60 2.26 19.9 1.94 (0.01) 1,200 1.68 3.99 56.6

First National Bank Oldham 319 243 4.3 269 14.1 90.5 13.76 19.02 1.02 0.88 5.5 6.61 3.70 697 0.90 8.57 53.4

First National Bank of Fairfax Fairfax 29 17 1.1 17 (20.0) 99.9 39.60 39.33 0.80 0.80 1.9 2.91 (0.16) 95 1.27 3.61 66.7

First Security Bank - Canby Canby 64 41 (21.1) 54 (2.0) 75.9 12.98 20.17 0.18 0.18 1.2 1.26 0.00 306 1.88 4.18 55.4

First Security Bank-Hendricks Hendricks 31 14 (10.0) 27 10.3 50.6 12.27 24.99 0.19 0.19 1.4 2.00 0.00 168 2.20 3.58 46.0

First State Bank of Grove City Grove City 31 16 34.3 26 38.6 62.3 11.77 22.97 1.03 1.03 9.9 0.06 (0.03) 74 1.00 3.50 62.0

First State Bank Southwest Worthington 262 150 (3.8) 213 (1.5) 70.6 11.63 19.37 0.21 0.12 1.6 1.64 0.00 1,351 2.07 3.89 56.4

Franklin State Bank Franklin 32 19 (8.3) 27 24.0 71.1 15.59 26.87 1.60 1.21 10.2 0.81 (0.02) 52 0.67 3.27 69.1

Frst Farmers & Mrchnt Natl Bk Luverne 178 159 2.5 145 0.6 110.1 16.77 17.19 3.50 3.03 19.4 1.51 (0.03) 744 1.69 4.83 56.5

Granite Falls Bank Granite Falls 137 71 (11.8) 104 20.9 68.4 10.73 16.92 0.19 0.00 1.5 1.22 0.08 517 1.53 3.77 56.2

Heritage Bank NA Spicer 431 351 2.2 375 (7.1) 93.5 9.18 12.29 1.67 1.67 15.8 1.23 0.13 1,587 1.45 4.16 73.3

Source: S&P Global Market Intelligence, Most Recent Available Quarter 15 SOUTHWEST MINNESOTA BANKS (2 OF 2)

Home State Bank Litchfield 153 87 2.5 128 12.6 68.0 11.19 14.69 0.17 0.16 1.4 1.31 0.01 467 1.25 3.98 73.3

HomeTown Bank Redwood Falls 353 237 6.1 294 25.3 80.6 10.12 15.12 0.29 0.29 2.7 1.70 0.00 1,512 1.77 4.31 54.5

Integrity Bank Plus Wabasso 64 44 (13.3) 55 38.4 79.5 12.06 17.60 5.20 1.79 39.7 2.51 0.00 213 1.42 4.67 68.5

Jackson FS&LA Jackson 37 18 (1.9) 24 (4.8) 72.5 23.96 40.82 1.67 1.67 6.6 1.60 0.00 15 0.16 2.90 100.0

Lake Region Bank New London 114 59 (1.9) 101 19.9 58.6 9.84 18.06 1.91 1.91 18.1 0.97 (0.03) 300 1.09 4.53 78.0

Minnwest Bank Redwood Falls 1,996 1,641 (10.3) 1,713 (5.4) 95.8 10.97 14.03 1.22 0.47 9.9 1.63 (0.03) 5,458 1.09 3.89 57.7

Perennial Bank Darwin 103 34 0.6 92 (13.8) 37.1 9.40 24.77 0.32 0.32 3.0 1.68 (0.02) 346 1.31 3.21 60.3

Prairie Sun Bank Milan 50 38 (0.9) 44 29.0 85.4 9.48 11.51 0.48 0.48 4.8 1.29 (0.01) 201 1.63 4.92 58.7

PrinsBank Prinsburg 136 112 (1.4) 110 6.2 101.5 16.01 20.74 1.86 1.86 8.9 5.32 (1.99) 899 2.56 4.80 45.8

Red Rock Bank Sanborn 39 23 (7.9) 30 3.6 76.0 8.11 14.92 0.17 0.17 2.0 1.22 0.00 121 1.24 3.60 62.8

Security B&TC Glencoe 570 340 (0.9) 512 34.9 66.5 9.81 16.43 1.02 0.44 9.5 1.58 (0.02) 2,482 1.81 3.18 53.4

State Bank of Bellingham Bellingham 49 38 (18.5) 38 18.2 98.8 12.31 16.70 0.76 0.76 5.7 1.29 0.00 182 1.52 3.29 57.8

State Bank of Danvers Benson 46 22 7.8 38 31.2 57.7 12.83 21.72 0.76 0.76 5.3 2.16 (0.04) 246 2.10 3.62 60.2

State Bank of Jeffers Jeffers 28 16 (33.5) 24 0.3 65.6 13.08 17.03 0.00 0.00 0.0 1.12 (0.02) 60 0.87 3.51 66.4

State Bank of Lismore Lismore 62 54 1.0 46 0.9 118.2 10.31 11.97 0.97 0.97 8.8 0.82 0.47 151 0.98 4.19 66.1

State Bank of Taunton Taunton 48 33 17.0 40 (15.5) 82.8 11.00 14.09 0.00 0.00 0.0 1.36 (0.05) 171 1.42 4.09 77.9

United Minnesota Bank New London 32 25 (10.6) 29 13.3 83.7 8.11 12.99 0.35 0.35 4.0 0.87 0.79 110 1.39 4.65 69.6

United Prairie Bank Mountain Lake 596 476 2.7 495 (6.2) 96.1 9.71 11.74 2.12 2.12 20.0 1.21 0.00 2,283 1.55 4.33 67.0

United Southwest Bank Cottonwood 47 17 (13.0) 43 25.5 40.0 8.78 16.67 0.07 0.07 0.7 1.26 0.00 74 0.63 3.33 79.0

Wanda State Bank Wanda 140 86 (14.6) 115 17.8 75.1 16.77 24.02 1.07 1.07 5.9 2.14 0.00 345 1.02 3.02 59.3

Worthington FSB Worthington 78 55 2.7 63 5.3 86.8 16.37 39.60 0.27 0.27 1.6 0.41 0.00 147 0.76 3.17 65.1

Average 184 132 (3.4) 156 7.1 78.2 12.18 18.88 1.14 0.94 8.96 1.64 0.09 632 1.39 4.02 63.0 Median 65 44 (0.9) 58 4.8 79.6 10.99 16.92 0.93 0.76 5.78 1.30 0.00 266 1.41 3.89 61.0

Source: S&P Global Market Intelligence, Most Recent Available Quarter 16 TWIN CITIES REGION BANKS (1 OF 2)

21st Century Bank Loretto $509 $432 8.7 % $434 (30.8) % 99.7 % 12.10 % 17.17 % 1.69 % 1.63 % 13.3 % 0.54 % 0.11 % $3,942 3.05 % 3.45 % 33.4 %

Alliance Bank Saint Paul 637 517 8.8 544 33.1 95.2 11.30 13.00 1.49 1.23 11.9 2.12 (2.76) 1,787 1.17 4.14 62.5

American Equity Bank Minnetonka 51 44 0.8 43 45.2 100.9 11.83 16.83 2.56 2.56 20.0 0.85 2.92 131 0.99 4.95 89.7

American Investors Bank & Mrtg Eden Prairie 73 56 (22.0) 58 0.1 96.3 12.57 18.09 0.01 0.01 0.1 1.49 (0.08) 149 0.82 3.60 71.4

Ameriprise Bank FSB Minneapolis 2,809 92 NA 2,543 61.1 3.6 8.19 18.66 0.02 0.02 0.3 0.05 2.20 7,935 1.25 2.53 43.2

Bank of Maple Plain Maple Plain 87 44 12.4 74 17.9 59.4 13.76 24.77 1.34 1.24 9.2 1.11 (0.04) 331 1.54 3.42 57.3

BankCherokee Saint Paul 275 181 2.3 249 12.7 72.8 8.92 13.84 0.38 0.38 4.0 1.25 (0.17) 498 0.74 3.91 75.6

Bremer Bank NA Saint Paul 13,058 8,851 8.0 10,869 5.5 81.4 9.29 12.96 0.59 0.46 6.1 1.23 0.02 45,391 1.42 3.32 57.6

Bridgewater Bk Bloomington 2,227 1,840 13.8 1,829 23.1 100.6 10.88 12.44 0.05 0.04 0.4 1.20 0.03 7,934 1.47 3.66 45.3

Castle Rock Bank Castle Rock 202 96 (14.6) 171 21.1 55.9 15.50 29.31 0.79 0.56 4.8 2.47 (0.07) 745 1.49 2.96 44.0

Citizens Independent Bank Saint Louis Park 296 186 2.4 260 7.7 71.7 11.75 18.71 0.78 0.37 6.1 1.62 (0.17) 522 0.71 3.71 77.0

Citizens State Bank Norwood Young America 86 58 (11.7) 73 8.3 78.7 10.98 16.56 4.66 3.38 41.3 1.17 0.22 329 1.54 4.88 65.1

Commerce Bank Edina 210 180 (4.1) 169 8.5 106.6 12.72 14.51 6.40 6.15 46.1 1.59 (0.01) 562 1.09 3.27 65.8

Crown Bank Edina 215 151 (21.6) 183 57.0 82.7 11.73 16.03 0.37 0.23 3.2 1.27 (0.02) 1,150 2.35 4.11 60.2

Drake Bank Saint Paul 130 102 (20.2) 99 16.4 102.2 8.92 12.81 2.82 2.62 29.0 1.13 0.00 143 0.44 3.24 81.8

Eagle Community Bank Maple Grove 26 20 3.2 24 14.1 86.8 8.44 13.88 2.11 2.11 23.5 0.82 0.00 (28) (0.44) 5.30 111.3

Farmers State Bank of Hamel Hamel 134 51 11.7 118 12.2 43.3 11.09 25.46 0.00 0.00 0.0 1.27 0.00 364 1.12 3.09 66.0

Fidelity Bank Edina 614 506 44.2 409 12.9 123.9 11.69 12.60 0.02 0.02 0.2 0.87 0.00 3,172 2.34 5.33 54.8

First Minnetonka City Bank Minnetonka 216 127 7.0 191 3.5 66.5 11.30 19.03 0.16 0.16 1.3 0.87 0.01 719 1.34 3.58 65.0

First Resource Bank Lino Lakes 213 177 23.6 168 46.3 105.1 9.71 13.63 0.20 0.15 1.9 1.06 0.00 81 0.16 3.84 66.8

First State Bank & Trust Bayport 265 188 8.2 235 7.3 80.1 8.88 15.61 0.05 0.00 0.5 1.01 0.00 899 1.37 3.99 73.8

First State Bank of Rosemount Rosemount 72 39 8.3 67 (6.1) 58.8 6.84 12.37 1.25 0.70 16.8 0.79 0.02 119 0.67 3.56 77.8

Flagship Bank Minnesota Wayzata 249 202 14.6 217 37.7 93.2 9.83 12.59 0.44 0.10 4.5 0.57 0.00 662 1.14 4.28 61.1

Gateway Bank Mendota Heights 193 153 0.1 169 15.3 90.6 9.32 13.11 0.09 0.01 0.9 1.33 0.01 815 1.67 3.79 57.3

Key Community Bank Inver Grove Heights 51 29 (6.8) 46 17.4 63.2 10.54 18.30 0.04 0.04 0.3 1.39 0.00 146 1.14 3.84 71.1

Source: S&P Global Market Intelligence, Most Recent Available Quarter 17 TWIN CITIES REGION BANKS (2 OF 2)

Lake Community Bank Long Lake 120 90 7.3 103 10.5 87.6 13.02 16.98 0.47 0.28 3.2 1.52 0.00 353 1.17 3.90 59.6

Lake Elmo Bank Lake Elmo 376 276 7.4 333 7.0 82.9 10.03 15.63 0.53 0.15 4.8 1.40 0.01 1,604 1.71 4.03 60.5

Lakeview Bank Lakeville 103 80 7.2 88 3.9 90.8 9.29 13.59 0.84 0.84 8.3 1.25 0.15 316 1.24 4.41 63.9

Maple Bank Champlin 58 48 37.2 45 (15.7) 105.6 10.83 13.85 2.16 0.77 16.3 1.40 0.00 (14) (0.10) 4.43 81.4

MidCountry Bank Minneapolis 802 654 (4.7) 569 (17.2) 115.0 12.50 14.11 1.74 0.85 14.2 0.39 0.07 2,617 1.34 4.30 190.2

Minnesota Bank & Trust Edina 723 460 6.8 600 65.9 76.7 11.30 13.62 1.03 1.03 9.9 1.15 0.30 3,250 1.97 4.86 48.7

New Market Bank Elko New Market 120 71 (12.2) 109 15.6 64.9 8.03 13.62 2.00 1.25 28.3 1.19 0.00 280 0.94 5.01 75.0

North American Banking Co. Roseville 597 380 12.7 541 46.6 70.3 9.53 13.45 0.12 0.12 1.2 1.10 (0.09) 3,802 2.68 3.79 45.8

North Star Bank Roseville 294 200 3.7 263 23.1 76.0 10.57 14.06 1.29 0.88 11.7 1.15 0.00 1,121 1.58 4.03 61.2

Northeast Bank Minneapolis 510 423 8.9 395 9.8 107.2 10.76 13.20 0.44 0.21 3.8 1.05 (0.01) 2,445 1.97 4.33 55.8

Platinum Bank Oakdale 277 226 16.9 242 22.2 93.2 8.93 NA 1.04 0.90 10.7 1.31 0.53 1,037 1.55 3.99 57.5

Premier Bank Maplewood 867 655 4.0 774 18.6 84.5 10.59 13.40 1.24 1.21 11.4 0.93 0.94 3,767 1.82 4.05 42.3

Premier Bank Minnesota Farmington 263 216 22.2 232 14.9 93.1 9.97 12.21 1.10 0.76 10.6 1.01 0.64 1,333 2.10 4.29 57.2

Riverland Bank Jordan 143 131 9.4 115 (4.6) 114.1 13.31 15.90 2.00 2.00 13.8 1.22 0.00 276 0.77 4.02 79.8

Securian Trust Co. NA Saint Paul 16 - NA - NA NA 92.50 101.93 0.00 0.00 0.0 NA NA (14) (0.39) 3.16 100.8

Security State Bank of Marine Marine On Saint Croix 145 106 14.1 129 9.6 82.0 10.75 17.82 1.00 0.33 8.6 1.34 (0.04) 832 2.32 4.94 52.3

State Bank of Belle Plaine Belle Plaine 122 51 (9.9) 107 (8.5) 47.1 10.40 23.35 0.23 0.23 2.0 1.17 0.00 (26) (0.09) 3.34 100.4

Sunrise Banks NA Saint Paul 1,124 845 16.7 1,019 13.2 82.9 9.27 13.35 0.14 0.14 1.4 1.26 0.06 4,175 1.53 4.85 72.3

Tradition Capital Bank Wayzata 850 721 16.2 715 8.3 100.9 10.04 11.97 0.32 0.21 2.9 1.43 0.00 2,443 1.16 3.41 62.0

U.S. Bank NA Minneapolis 477,394 299,090 4.5 372,421 8.7 80.3 8.69 12.55 0.90 0.31 9.9 1.34 0.47 1,911,991 1.62 3.09 52.0

Union B&TC Minneapolis 168 48 19.0 153 24.0 31.1 8.88 22.57 0.00 0.00 0.0 1.35 (0.01) 377 0.97 3.20 76.3

United Bankers' Bank Bloomington 834 629 (5.5) 648 25.1 97.0 13.03 15.07 0.65 0.41 4.8 1.37 0.02 1,471 0.74 3.05 80.1

Vermillion State Bank Vermillion 592 313 (0.9) 497 23.4 62.9 16.01 27.72 0.79 0.52 4.8 1.33 0.24 4,079 2.83 3.55 24.6

Village Bank Saint Francis 302 214 1.3 266 28.2 80.5 9.26 13.51 1.83 0.88 18.3 1.41 (0.02) 938 1.29 4.40 75.4

VisionBank Saint Louis Park 93 83 13.8 83 28.2 99.9 10.79 14.34 0.29 0.15 2.5 1.16 0.00 435 1.91 4.22 51.9

Average 10,196 6,407 5.7 7,994 16.5 82.6 12.33 17.76 1.01 0.77 8.98 1.19 0.11 40,548 1.30 3.93 67.2 Median 232 179 7.2 204 14.1 82.9 10.67 14.11 0.71 0.38 4.78 1.22 0.00 780 1.32 3.91 63.2

Source: S&P Global Market Intelligence, Most Recent Available Quarter 18 SOUTHEAST MINNESOTA BANKS (1 OF 3)

1st United Bank Faribault $143 $77 2.3 % $122 0.6 % 63.0 % 11.30 % 17.35 % 0.23 % 0.14 % 2.0 % 0.87 % 0.00 % $577 1.61 % 3.92 % 58.5 %

Americana Community Bank Sleepy Eye 128 88 0.4 112 29.6 78.9 8.08 11.78 1.44 0.35 16.2 1.35 0.08 299 0.96 3.87 68.8

Arlington State Bank Arlington 51 21 (28.1) 44 (6.3) 47.8 11.48 24.68 0.46 0.46 3.7 1.99 (0.61) 288 2.24 3.64 51.3

Bank of Zumbrota Zumbrota 165 127 4.4 134 3.7 95.0 13.15 13.65 0.83 0.54 5.8 1.23 (0.12) 849 2.07 3.95 57.2

Citizens Bank Minnesota New Ulm 421 294 1.7 356 (0.9) 82.7 10.15 12.15 0.09 0.00 0.9 0.81 0.00 902 0.87 3.13 68.5

Citizens State Bk of Glenville Glenville 41 14 (6.6) 36 (2.8) 38.0 11.77 31.85 0.40 0.40 3.2 2.06 (0.03) 135 1.29 3.17 60.2

Citizens State Bk of Hayfield Hayfield 103 70 3.9 94 19.8 74.8 7.52 11.14 3.97 3.83 50.2 0.72 5.24 (125) (0.50) 4.00 69.1

Community Bank Mankato Vernon Center 315 279 (8.9) 279 6.7 99.9 8.75 11.27 1.45 1.45 15.2 1.01 0.38 720 0.93 4.04 14.0

Community Bank Owatonna Owatonna 59 43 (2.0) 53 4.8 80.7 9.16 13.08 0.47 0.08 4.7 1.09 0.00 75 0.50 3.72 80.8

Community Resource Bank Northfield 310 247 4.0 255 (5.9) 97.2 12.61 16.61 1.28 1.23 9.4 1.43 (0.08) 1,229 1.58 4.22 55.3

CornerStone State Bank Montgomery 172 108 (14.0) 150 1.7 72.1 11.79 18.27 0.65 0.59 5.2 1.42 (0.01) 609 1.43 3.73 66.9

Elysian Bank Elysian 50 31 10.3 44 23.6 70.0 11.77 18.69 0.63 0.40 5.1 1.66 0.17 308 2.53 4.80 51.6

ESB Bank Caledonia 113 87 9.1 94 16.9 92.6 9.37 12.95 1.70 1.70 16.1 1.24 (0.01) 500 1.77 3.71 63.9

F & M Community Bank NA Preston 140 107 0.3 118 7.0 90.7 11.30 14.21 1.33 1.33 10.7 1.40 0.00 696 2.01 4.19 63.0

Farmers & Merchants State Bank Springfield 120 83 3.4 100 5.6 82.9 8.86 13.91 1.42 1.42 14.6 1.39 0.00 253 0.86 3.59 75.4

Farmers & Merchants State Bank Blooming Prairie 88 67 1.2 79 17.4 84.8 8.58 13.15 0.92 0.34 10.1 1.10 0.00 488 2.27 4.66 51.7

Farmers State Bank of Hartland Hartland 172 114 5.4 153 35.0 74.7 10.54 15.50 0.00 0.00 0.0 1.28 0.22 748 1.82 4.06 57.1

Farmers State Bank of Trimont Trimont 62 31 (35.5) 50 (2.0) 61.4 16.53 22.75 7.85 7.85 44.5 1.55 1.67 118 0.77 4.85 63.5

First Bank Blue Earth Blue Earth 237 158 0.6 203 4.3 78.0 10.25 14.25 0.27 0.26 2.3 1.92 0.01 1,046 1.81 3.33 51.7

First Farmers & Merchants Bank Cannon Falls 318 228 (2.2) 268 17.0 85.0 13.99 17.75 2.14 2.14 14.7 1.12 0.37 1,428 1.82 4.52 54.2

First Farmers & Mrchnt Natl Bk Fairmont 104 90 7.9 77 (8.1) 117.7 14.59 16.88 4.52 2.75 28.5 1.25 0.25 303 1.16 4.36 71.5

First Financial Bk Winnebago Winnebago 47 33 (13.8) 38 (0.5) 86.3 14.84 19.60 2.45 1.93 15.5 0.92 0.00 178 1.49 3.97 60.8

First National Bank Minnesota Saint Peter 219 171 (0.1) 188 11.2 91.1 10.34 13.62 1.15 0.73 10.1 1.41 0.00 851 1.57 4.49 68.1

First National Bank of Waseca Waseca 140 111 (0.2) 122 19.5 90.7 9.45 12.47 0.42 0.42 4.1 1.29 0.03 692 2.06 4.63 59.6

First National Bk of Le Center Le Center 138 77 (27.3) 115 7.8 67.0 10.17 20.26 0.77 0.71 7.1 1.26 (0.02) 565 1.64 3.07 48.0

Source: S&P Global Market Intelligence, Most Recent Available Quarter 19 SOUTHEAST MINNESOTA BANKS (2 OF 3)

First Natl Bk of Northfield Northfield 248 163 (5.1) 207 22.3 78.6 10.84 14.64 0.00 0.00 0.0 0.02 0.01 198 1.00 3.23 58.0

First Security Bank Byron 71 45 (4.7) 64 28.9 70.8 8.53 14.01 0.38 0.38 4.0 1.48 (0.01) 213 1.20 3.62 68.9

First Security Bank-Sleepy Eye Sleepy Eye 184 120 (23.7) 156 (7.0) 76.7 13.30 19.85 1.11 1.09 7.8 1.08 (0.39) 1,183 2.57 4.10 59.8

First Southeast Bank Harmony 101 89 (4.5) 77 1.9 115.8 8.80 11.37 1.29 0.82 13.0 1.33 0.00 288 1.14 4.13 73.2

First State Bank Minnesota Le Roy 67 50 1.7 58 16.2 85.4 11.69 17.22 2.93 1.24 22.5 1.97 0.00 276 1.68 4.04 58.2

First State Bank of Fountain Fountain 32 17 (3.3) 27 (3.7) 62.7 10.15 17.39 0.00 0.00 0.0 1.09 0.00 11 0.14 2.84 102.5

First State Bank of Kiester Kiester 20 12 11.1 18 30.8 67.8 10.75 18.96 2.44 2.44 19.4 1.03 (0.03) 262 5.22 4.09 (35.5)

First State Bank of Le Center Le Center 87 62 5.5 77 17.7 80.1 11.03 16.89 1.86 1.20 15.7 1.29 0.27 333 1.55 4.36 58.3

First State Bank of Red Wing Red Wing 76 22 (26.4) 68 (4.3) 31.6 9.06 27.48 0.01 0.01 0.1 0.95 (1.25) 95 0.50 2.10 81.0

Foresight Bank Plainview 263 200 2.9 223 44.8 89.9 9.53 13.21 4.26 0.94 39.5 1.14 (0.01) 869 1.39 3.45 59.8

Frandsen Bank & Trust Lonsdale 1,737 1,170 2.5 1,464 4.1 80.0 8.54 11.60 0.68 0.40 7.7 1.16 (0.03) 7,118 1.66 4.37 65.3

Frost State Bank Frost 54 47 (2.2) 47 20.8 99.5 12.64 15.39 2.07 2.07 15.0 1.49 1.89 174 1.30 3.60 33.5

Frst Farmers & Mrchnt State Bk Brownsdale 74 54 (2.3) 59 (13.3) 91.0 18.59 22.53 0.00 0.00 0.0 1.11 0.44 322 1.73 4.58 62.5

Frst Natl Bk at Saint James Saint James 29 22 (14.2) 25 2.6 87.0 9.07 13.76 0.96 0.96 9.4 1.47 0.02 14 0.19 4.57 94.2

Heritage Bank Minnesota West Concord 56 44 (10.4) 46 12.0 95.5 10.38 16.01 0.48 0.48 4.2 1.33 0.51 120 0.87 4.49 79.4

Home FSB Rochester 762 599 (7.1) 672 27.5 89.2 11.00 14.56 0.29 0.27 2.4 1.37 0.01 2,235 1.20 3.92 69.3

Janesville State Bank Janesville 73 58 9.6 59 6.0 98.8 13.11 17.50 0.00 0.00 0.0 1.28 0.00 346 1.92 3.87 51.8

Lake City Federal Bank Lake City 69 52 7.6 59 0.2 87.7 12.94 23.35 0.47 0.47 3.2 1.52 (0.03) 392 2.23 3.39 75.0

Lake Country Community Bank Morristown 27 12 (25.5) 24 23.2 49.9 9.69 17.81 2.17 0.00 19.8 2.04 (0.30) 43 0.65 3.35 75.0

Merchants Bank NA Winona 1,854 1,542 8.2 1,595 31.4 96.7 10.10 11.62 0.00 0.00 0.0 1.22 0.21 5,940 1.31 4.36 64.3

MinnStar Bank NA Lake Crystal 127 109 (3.6) 108 4.4 101.3 9.61 13.14 1.12 1.12 10.2 1.44 0.04 424 1.32 4.16 69.8

MN Frst Crdt & Svgs Inc. Rochester 27 23 1.3 21 (1.2) 109.4 15.40 23.15 0.35 0.35 2.1 1.78 0.22 5 0.07 5.09 98.5

Odin State Bank Odin 46 35 2.1 38 (4.6) 93.4 10.69 14.69 5.43 5.43 43.6 1.85 0.14 121 1.04 3.88 56.4

ONB Bank Rochester 115 90 17.1 87 62.4 103.1 11.19 13.41 0.00 0.00 0.0 1.10 (0.07) 389 1.42 3.98 64.6

Ormsby State Bank Ormsby 27 11 (12.6) 22 22.4 50.5 15.68 32.42 0.00 0.00 0.0 1.80 (0.11) 88 1.34 2.96 57.5

Source: S&P Global Market Intelligence, Most Recent Available Quarter 20 SOUTHEAST MINNESOTA BANKS (3 OF 3)

Peoples State Bank of Wells Wells 55 44 (16.6) 48 13.3 91.9 11.06 15.29 0.40 0.40 3.3 1.28 0.11 269 1.97 4.04 50.8

Peoples State Bk of Plainview Plainview 282 186 (13.4) 237 6.7 78.5 8.77 13.78 0.46 0.26 4.8 1.09 0.03 1,066 1.53 3.53 59.6

Pine Island Bank Pine Island 106 90 12.4 84 8.3 106.2 10.24 14.94 0.54 0.54 4.9 1.12 0.00 579 2.22 3.88 42.4

Pioneer Bank Mapleton 651 453 72.5 569 149.2 79.6 9.39 14.15 1.12 0.85 11.5 0.88 0.62 1,977 1.23 4.96 73.3

Premier Bank Rochester Rochester 236 198 11.9 212 22.2 93.4 9.61 NA 0.76 0.49 7.5 0.85 0.68 758 1.31 3.96 53.7

Produce State Bank Hollandale 60 39 2.8 53 10.3 73.1 11.00 16.69 0.00 0.00 0.0 1.13 (0.11) 293 2.00 4.06 53.9

Profinium Inc. Truman 391 283 (13.6) 337 4.7 84.2 9.69 13.74 0.90 0.57 8.4 1.31 0.00 918 0.93 3.44 68.2

ProGrowth Bank Nicollet 119 81 21.7 101 (10.3) 80.8 10.09 17.17 0.21 0.05 1.9 1.22 0.00 266 0.90 4.23 70.9

Reliance Bank Faribault 165 121 (4.9) 142 42.7 85.2 9.80 13.44 1.16 1.16 11.3 1.22 2.79 269 0.69 3.65 65.7

Root River State Bank Chatfield 69 35 (5.1) 60 4.1 57.5 12.39 21.80 0.00 0.00 0.0 0.72 (0.01) 83 0.48 3.29 82.1

Roundbank Waseca 322 234 (0.8) 259 20.4 90.0 11.25 15.93 2.04 1.46 16.1 1.03 (0.02) 1,648 2.08 3.77 73.6

Rushford State Bank (Inc.) Rushford 56 44 1.8 50 3.0 88.7 8.59 12.80 2.29 0.70 23.4 1.62 (0.05) 124 0.88 4.49 78.7

Security Bank Minnesota Albert Lea 134 114 13.0 117 16.0 96.9 10.35 12.69 0.95 0.95 8.1 1.49 0.11 619 1.88 4.53 53.2

Security State Bank of Kenyon Kenyon 55 45 (2.9) 47 7.4 95.3 11.72 14.83 14.38 13.49 107.2 2.08 0.00 76 0.55 4.21 81.1

Security State Bk of Wanamingo Wanamingo 67 43 (12.6) 58 3.8 74.3 12.22 18.02 0.00 0.00 0.0 1.87 0.00 266 1.62 3.98 59.5

St. Clair State Bank Saint Clair 95 75 (10.3) 85 7.9 88.3 10.57 13.97 0.05 0.05 0.4 1.93 0.03 598 2.53 3.84 33.7

State Bank of Ceylon Ceylon 14 5 156.2 12 79.2 44.0 13.29 30.74 2.03 2.03 14.8 1.98 0.52 8 0.23 5.23 96.2

State Bank of Chandler Chandler 48 32 (11.3) 40 22.3 79.1 12.73 18.12 0.42 0.42 3.2 1.72 0.00 124 1.08 4.03 64.5

State Bank of Easton Easton 20 13 (19.2) 15 (9.0) 86.7 12.78 19.72 2.19 2.19 15.0 2.73 0.62 59 1.16 3.62 70.2

State Bank of Fairmont Fairmont 113 91 0.7 96 12.6 94.5 11.01 14.58 3.25 2.19 25.9 1.85 (0.01) 439 1.55 3.78 52.2

State Bank of Faribault Faribault 209 136 5.7 183 10.7 74.1 11.11 14.67 0.29 0.14 2.3 1.77 0.04 1,600 3.11 4.46 55.8

State Bank of New Richland New Richland 116 98 6.4 74 (19.4) 131.8 9.27 11.94 0.00 0.00 0.0 0.94 (0.02) 682 2.40 3.85 40.4

Sterling State Bank Austin 353 206 12.1 248 19.1 83.1 8.97 15.87 0.32 0.27 3.1 1.74 (0.01) 333 0.38 3.29 89.5

Think Mutual Bank Rochester 1,662 1,077 5.0 1,370 0.6 78.7 16.69 29.00 0.00 0.00 0.0 0.40 0.08 3,328 0.81 3.15 71.4

Triumph State Bank Trimont 73 43 9.1 65 13.4 66.9 9.85 15.00 0.90 0.66 8.6 1.43 0.00 94 0.52 4.13 75.1

United Farmers State Bank Adams 155 135 (9.0) 119 3.8 113.4 12.03 14.06 0.04 0.04 0.3 1.78 0.35 667 1.72 4.22 46.7

Welcome State Bank Welcome 30 25 13.2 25 (13.6) 97.9 11.60 16.41 0.01 0.01 0.1 2.28 (0.13) 196 2.57 4.35 49.7

WNB Financial NA Winona 418 247 (6.7) 357 10.8 69.3 10.79 16.37 0.00 0.00 0.0 1.10 0.11 1,937 1.90 3.93 69.5

Average 207 149 0.7 175 12.7 83.1 11.10 16.69 1.28 1.02 10.53 1.37 0.19 698 1.43 3.95 62.5 Median 110 82 0.3 86 7.6 84.9 10.77 15.29 0.66 0.47 5.48 1.30 0.00 333 1.41 3.98 63.3

Source: S&P Global Market Intelligence, Most Recent Available Quarter 21 Recent Midwestern 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) (%) (%) (%) 11/05/19 RGP Group LLC FL Firstate Bancorp Inc. Mason City IL Mix 5.0 128.4 NM 19.8 5.9 25.3 1.07 15.55 0.67 11/01/19 Tri-County Finl Group Inc. IL H.F. Gehant Bancorp Inc. West Brooklyn IL Mix NA NA NM NA NA 58.4 0.31 15.91 1.22 10/29/19 Northwest Bancshares, Inc. PA MutualFirst Financial Inc. Muncie IN Mix 359.3 178.4 16.0 17.3 NA 2073.6 0.44 9.60 1.09 10/28/19 Boyle Bancorp Inc. KY Farmers Deposit Bank Liberty KY Mix NA NA NM NA NA 45.0 0.59 10.09 1.19 10/27/19 Peoples Bankshares Ltd. KS Osborne Investments Inc. Osborne KS Mix NA NA NM NA NA 68.2 NA NA NA 10/17/19 CCB Financial Corp. MO Bank of the Prairie Olathe KS Mix NA NA NM NA NA 142.9 1.66 NA 0.78 10/15/19 Docking Bancshares Inc. KS Midland Financial Corp. Newton KS Mix NA NA NM NA NA 136.1 0.27 11.83 0.77 10/15/19 Citizens Union Bancorp KY Peoples B&TC Owenton KY Mix NA NA NM NA NA 53.0 2.20 14.25 1.12 10/09/19 First Waterloo Bancshares Inc. IL Best Hometown Bancorp Inc. Collinsville IL Cash 12.3 NA NM 10.8 NA 114.5 NA 10.83 NA 10/07/19 Bosshard Financial Group Inc. WI McFarland State Bank McFarland WI Mix NA NA NM NA NA 516.2 0.02 10.99 1.10 09/30/19 Community Bancshares of Americ MO Northeast Kansas Bcshs Inc. Valley Falls KS Mix NA NA NM NA NA 36.5 1.60 9.52 -0.59 09/30/19 First Cecilian Bancorp Inc. KY Hartland Financial Inc. Hartford KY Mix NA NA NM NA NA 115.2 0.11 7.75 1.44 09/27/19 First MHC OH Warsaw FS&LA Cincinnati OH Mix NA NA NM NA NA 56.0 1.84 13.68 -1.08 09/25/19 Central Bancompany Inc. MO Platte County Bancshares Inc. Platte City MO Cash NA NA NM NA NA 605.0 0.07 10.02 1.87 09/18/19 Keweenaw Financial Corporation MI 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 09/17/19 FB Financial Corp. TN FNB Financial Corp. Scottsville KY Mix 51.9 128.8 16.4 20.6 6.9 252.5 0.33 15.94 1.27 09/16/19 Cornerstone Finl Svcs Grp Inc. IA Peoples State Bank Albia IA Mix NA NA NM NA NA 119.2 0.17 13.27 0.87 09/09/19 First Defiance Financial OH United Community Finl Corp. Youngstown OH Mix 474.9 160.0 12.5 16.6 9.2 2,869.1 0.97 10.32 1.36 09/06/19 RBB Bancorp CA PGB Holdings Inc. Chicago IL Cash 32.5 169.5 9.7 14.6 9.5 223.3 0.20 10.96 1.45 09/03/19 First York Ban Corp. NE Malmo Bancorp Inc. Malmo NE Cash 7.7 155.7 26.8 20.3 14.5 38.0 0.00 13.25 0.78 08/30/19 Farmers National Banc Corp. OH Maple Leaf Financial Inc. Newbury OH Mix 39.6 120.0 NM 14.3 7.4 276.7 4.86 14.48 0.56 08/30/19 Bank Iowa Corp. IA First State Bank of Colfax Colfax IA Mix NA NA NM NA NA 64.3 0.28 23.79 2.20 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 08/28/19 First Midwest Bancorp Inc. IL Bankmanagers Corp. Milwaukee WI Mix 193.8 165.2 15.0 20.5 10.7 947.5 1.68 12.01 1.73

Max $474.9 178.4 26.8 20.6 14.7 $2,869.1 4.86 23.79 2.20 Min 5.0 120.0 9.7 10.8 5.9 25.3 0.00 7.75 -1.08 Avg. 112.5 153.7 16.8 16.7 9.9 385.5 0.92 12.45 0.98 Median 39.6 160.0 16.0 16.6 9.4 125.5 0.44 11.72 1.10

Note: Includes whole bank transactions where 100% equity was acquired; Data as of November 7, 2019 Note: Midwest consists of OH, KY, IN, MI, WI, IL, MO, IA, ND, SD, KS, NE, MN Source: S&P Global Market Intelligence 22 III. OVERVIEW – JANNEY MONTGOMERY SCOTT LLC A Leading Middle Market Investment Bank…

. Janney has completed its 186th year of providing financial advice and superior By-the-Numbers service to individuals, families, corporations and institutions – 12th largest U.S. brokerage firm 1832 Janney Founded – 2,051 employees in 119 offices across 21 states 836 Financial Advisors . Janney continues to demonstrate profitability in times of market turbulence – LTM Revenue of $723.5 million 250+ Capital Markets Professionals – 69 total investment banking transactions representing more than $6.8 billion in 187 Companies Under Coverage aggregate transaction value in 2018 – 126 consecutive quarters of profitability $88B Assets under Management . Janney’s strategy is focused on growth 69 2018 Banking Transactions – 2019 Q2: 116 new professionals and 28 promoted – Private Client Group: 13 Capital Markets Offices – 2019 YTD: Recruited 33 Financial Advisors with a total of $2.5 billion in assets under 10 Publishing Analysts management at hire – Capital Markets: 6 Dedicated Industry Groups – Recently acquired FIG Partners, an Atlanta-based investment banking and research firm focused on community banks 1 Firm Approach . Janney is an independent subsidiary of Penn Mutual, one of the largest and oldest mutual insurance companies in the United States – Assets of $25.8 billion and 2018 Revenue of $3.2 billion – Superior ratings profile: – Penn Mutual: S&P: A+ | Moody’s: Aa3 | KBRA: AA- – Janney: KBRA: A The stability of Janney’s platform allows us to be completely focused on our clients and transactions

24 … 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

25 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 26 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

27 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 28 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 29 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 30 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

31 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 32 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

33 Financial Institutions Group