3Rd Quarter 2019

3rd Quarter 2019

DFLORIDAISCUSSIONCOMMUNITYMATERIALSBANK LANDSCAPE

Financial Institutions Group Table of Contents

SECTION DESCRIPTION

I. 3rd Quarter Feature – 2019 FDIC Deposit Data

II. Florida Bank Regulatory Data

II. 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 - Florida

Florida Florida 2019 2019 Number of Deposits In Market Total Market Number of Deposits In Market Total Market 2019 Rank Institutions (ST) Branches ($000) Share(%) 2019 Rank Institutions (ST) Branches ($000) Share(%) 1 Bank of America Corporation (NC) 517 115,813,293 20.00 26 New York Community Bancorp, Inc. (NY) 26 3,269,731 0.56 2 Wells Fargo & Company (CA) 580 79,047,506 13.65 27 TFS Financial Corporation (MHC) (OH) 16 2,705,412 0.47 3 BB&T Corporation (NC) 666 66,486,397 11.48 28 KeyCorp (OH) 3 2,367,508 0.41 4 JPMorgan Chase & Co. (NY) 415 38,442,747 6.64 29 Capital City Bank Group, Inc. (FL) 51 2,283,096 0.39 5 TIAA Board of Overseers (NY) 12 25,425,423 4.39 30 Bank OZK (AR) 41 2,116,045 0.37 6 Citigroup Inc. (NY) 54 17,969,000 3.10 31 Popular, Inc. (PR) 11 2,103,158 0.36 7 Regions Financial Corporation (AL) 306 17,799,604 3.07 32 First Horizon National Corporation (TN) 29 2,041,699 0.35 8 BankUnited, Inc. (FL) 78 15,189,866 2.62 33 BAC Florida Bank (FL) 1 1,903,095 0.33 9 Toronto-Dominion Bank 162 14,334,143 2.47 34 First Citizens BancShares, Inc. (NC) 29 1,891,784 0.33 10 Synovus Financial Corp. (GA) 97 13,207,453 2.28 35 Villages Bancorporation, Inc. (FL) 12 1,877,843 0.32 11 City National Bank of Florida 32 11,806,211 2.04 36 First BanCorp. (PR) 11 1,558,738 0.27 12 PNC Financial Services Group, Inc. (PA) 175 11,332,578 1.96 37 Three Shores Bancorporation, Inc. (FL) 14 1,519,819 0.26 13 Fifth Third Bancorp (OH) 154 10,860,486 1.88 38 First Federal Bancorp, MHC (FL) 22 1,513,817 0.26 14 CenterState Bank Corporation (FL) 124 10,172,282 1.76 39 Tampa Bay Banking Company (FL) 12 1,510,654 0.26 15 IBERIABANK Corporation (LA) 69 9,471,891 1.64 40 Cadence Bancorporation (TX) 14 1,485,448 0.26 16 Home BancShares, Inc. (AR) 78 6,203,472 1.07 41 Banesco USA (FL) 6 1,437,234 0.25 17 Northern Trust Corporation (IL) 18 5,806,284 1.00 42 Crews Banking Corporation (FL) 21 1,361,159 0.24 18 Seacoast Banking Corporation of Florida (FL) 50 5,541,272 0.96 43 Professional Holding Corp. (FL) 8 1,317,689 0.23 19 Amerant Bancorp Inc. (FL) 18 5,228,238 0.90 44 FineMark Holdings, Inc. (FL) 10 1,265,796 0.22 20 Valley National Bancorp (NJ) 43 4,952,020 0.85 45 TGR Financial, Inc. (FL) 7 1,205,109 0.21 21 Banco Bilbao Vizcaya Argentaria, SA 44 4,855,059 0.84 46 Bank of Montreal 18 1,177,281 0.20 22 Hancock Whitney Corporation (MS) 36 4,509,944 0.78 47 SNBNY Holdings Limited 1 1,120,927 0.19 23 HSBC Holdings Plc 17 4,123,757 0.71 48 Trustmark Corporation (MS) 16 1,023,456 0.18 24 Ameris Bancorp (GA) 56 3,962,386 0.68 49 U.S. Century Bank (FL) 11 987,079 0.17 25 Ocean Bankshares, Inc. (FL) 23 3,693,813 0.64 50 First Bancshares, Inc. (MS) 18 950,951 0.16

Total Branches Total Deposits Total For Institutions In Market 4,773 579,184,388

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

1. MIAMI-FORT LAUDERDALE-WEST PALM BEACH MSA 2. JACKSONVILLE MSA

Miami-Fort Lauderdale-Pompano Beach, FL MSA Jacksonville, FL MSA 2019 2019 2019 Number of Deposits In Market Total Market 2019 Number of Deposits In Market Total Market Rank Institutions (ST) Branches ($000) Share(%) Rank Institutions (ST) Branches ($000) Share(%) 1 Bank of America Corporation (NC) 186 44,482,298 18.49 1 Bank of America Corporation (NC) 30 24,081,979 36.83 2 Wells Fargo & Company (CA) 200 34,682,465 14.42 2 TIAA Board of Overseers (NY) 6 22,306,820 34.12 3 JPMorgan Chase & Co. (NY) 181 22,528,990 9.37 3 Wells Fargo & Company (CA) 47 6,064,820 9.28 4 BB&T Corporation (NC) 183 18,124,433 7.53 4 BB&T Corporation (NC) 33 2,642,822 4.04 5 Citigroup Inc. (NY) 53 17,951,000 7.46 5 Banco Bilbao Vizcaya Argentaria, SA 24 2,620,090 4.01 6 BankUnited, Inc. (FL) 54 12,743,618 5.30 6 Ameris Bancorp (GA) 23 1,916,600 2.93 7 City National Bank of Florida 30 11,186,100 4.65 7 Regions Financial Corporation (AL) 18 887,255 1.36 8 Toronto-Dominion Bank 80 7,497,835 3.12 8 CenterState Bank Corporation (FL) 12 856,569 1.31 9 Amerant Bancorp Inc. (FL) 18 5,228,238 2.17 9 JPMorgan Chase & Co. (NY) 21 722,444 1.10 10 IBERIABANK Corporation (LA) 25 5,104,811 2.12 10 Toronto-Dominion Bank 7 657,183 1.01 11 PNC Financial Services Group, Inc. (PA) 68 4,874,344 2.03 11 Fifth Third Bancorp (OH) 12 506,203 0.77 12 Synovus Financial Corp. (GA) 21 4,311,651 1.79 12 Synovus Financial Corp. (GA) 6 458,451 0.70 13 HSBC Holdings Plc 17 4,123,757 1.71 13 First Federal Bancorp, MHC (FL) 3 348,288 0.53 14 Regions Financial Corporation (AL) 63 3,940,262 1.64 14 Hancock Whitney Corporation (MS) 2 233,083 0.36 15 Ocean Bankshares, Inc. (FL) 23 3,693,813 1.54 15 Florida Capital Group, Inc. (FL) 2 203,007 0.31 16 Northern Trust Corporation (IL) 8 3,465,537 1.44 16 Valley National Bancorp (NJ) 3 173,893 0.27 17 New York Community Bancorp, Inc. (NY) 23 3,087,320 1.28 17 First Citizens BancShares, Inc. (NC) 4 143,986 0.22 18 Home BancShares, Inc. (AR) 17 2,407,380 1.00 18 IBERIABANK Corporation (LA) 2 132,259 0.20 19 Popular, Inc. (PR) 11 2,103,158 0.87 19 Bank OZK (AR) 1 126,711 0.19 20 BAC Florida Bank (FL) 1 1,903,095 0.79 20 Three Shores Bancorporation, Inc. (FL) 1 76,274 0.12 21 First BanCorp. (PR) 11 1,558,738 0.65 21 Southeastern Banking Corporation (GA) 2 62,897 0.10 22 Valley National Bancorp (NJ) 12 1,462,036 0.61 22 Capital City Bank Group, Inc. (FL) 2 60,230 0.09 23 Banesco USA (FL) 6 1,437,234 0.60 23 Axiom Bancshares, Inc. (FL) 2 34,391 0.05 24 TIAA Board of Overseers (NY) 3 1,319,087 0.55 24 South Banking Company (GA) 1 19,151 0.03 25 Professional Holding Corp. (FL) 8 1,317,689 0.55 25 Heritage Southeast Bancorporation, Inc. (GA) 1 18,606 0.03 Total For Institutions In Market 1,497 240,565,075 Total For Institutions In Market 275 65,384,320

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

3. TAMPA-ST. PETERSBURG-CLEARWATER MSA 4. ORLANDO-KISSIMMEE-SANFORD MSA

Tampa-St. Petersburg-Clearwater, FL MSA Orlando-Kissimmee-Sanford, FL MSA 2019 2019 2019 Number of Deposits In Market Total Market 2019 Number of Deposits In Market Total Market Rank Institutions (ST) Branches ($000) Share(%) Rank Institutions (ST) Branches ($000) Share(%) 1 Bank of America Corporation (NC) 83 13,269,784 20.56 1 BB&T Corporation (NC) 85 12,074,586 22.86 2 BB&T Corporation (NC) 112 11,311,263 17.52 2 Bank of America Corporation (NC) 56 11,445,429 21.67 3 Wells Fargo & Company (CA) 74 10,030,457 15.54 3 Wells Fargo & Company (CA) 53 7,469,629 14.14 4 Regions Financial Corporation (AL) 64 3,948,349 6.12 4 JPMorgan Chase & Co. (NY) 53 4,846,513 9.17 5 JPMorgan Chase & Co. (NY) 56 3,669,101 5.68 5 Regions Financial Corporation (AL) 37 1,887,024 3.57 6 Fifth Third Bancorp (OH) 39 2,911,122 4.51 6 Fifth Third Bancorp (OH) 35 1,789,577 3.39 7 Valley National Bancorp (NJ) 15 2,278,415 3.53 7 Seacoast Banking Corporation of Florida (FL) 13 1,544,444 2.92 8 PNC Financial Services Group, Inc. (PA) 20 1,755,199 2.72 8 IBERIABANK Corporation (LA) 12 1,362,815 2.58 9 Synovus Financial Corp. (GA) 16 1,619,055 2.51 9 Toronto-Dominion Bank 12 1,174,592 2.22 10 Tampa Bay Banking Company (FL) 11 1,498,416 2.32 10 CenterState Bank Corporation (FL) 18 1,171,508 2.22 11 Toronto-Dominion Bank 17 1,111,968 1.72 11 Synovus Financial Corp. (GA) 6 1,165,573 2.21 12 TFS Financial Corporation (MHC) (OH) 5 1,076,233 1.67 12 Three Shores Bancorporation, Inc. (FL) 4 901,863 1.71 13 CenterState Bank Corporation (FL) 15 1,021,182 1.58 13 PNC Financial Services Group, Inc. (PA) 24 805,829 1.53 14 Cadence Bancorporation (TX) 8 898,125 1.39 14 City National Bank of Florida 2 620,111 1.17 15 Bank OZK (AR) 17 733,073 1.14 15 Valley National Bancorp (NJ) 5 550,199 1.04 16 Home BancShares, Inc. (AR) 11 695,673 1.08 16 TrustCo Bank Corp NY (NY) 36 529,946 1.00 17 BankUnited, Inc. (FL) 8 628,295 0.97 17 UniSouth, Inc. (FL) 13 453,093 0.86 18 TIAA Board of Overseers (NY) 1 608,864 0.94 18 Villages Bancorporation, Inc. (FL) 3 339,744 0.64 19 Hancock Whitney Corporation (MS) 7 570,475 0.88 19 Axiom Bancshares, Inc. (FL) 9 313,349 0.59 20 Republic Bancorp, Inc. (KY) 8 385,966 0.60 20 Citizens Bancorp of Oviedo, Inc. (FL) 5 298,003 0.56 21 IBERIABANK Corporation (LA) 6 364,142 0.56 21 Winter Park National Bank (FL) 1 297,031 0.56 22 Seacoast Banking Corporation of Florida (FL) 4 363,281 0.56 22 BankUnited, Inc. (FL) 4 284,864 0.54 23 Northern Trust Corporation (IL) 2 346,029 0.54 23 FNBMD Bancshares, Inc. (FL) 4 200,920 0.38 24 First Home Bancorp, Inc. (FL) 4 333,030 0.52 24 First Colony Bank of Florida (FL) 1 199,060 0.38 25 First Citrus Bancorporation, Inc. (FL) 5 324,546 0.50 25 Home BancShares, Inc. (AR) 4 170,298 0.32 Total For Institutions In Market 663 64,544,848 Total For Institutions In Market 514 52,823,296

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 $700 $579.2 $600 $545.6 $565.5 $525.2 $490.5 $500 $451.2 $415.2 $431.2 $392.9 $403.0 $403.9 $400

$300 InBillions($) $200

$100

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

KEY OBSERVATIONS

. The state of Florida experienced deposit growth of 2.4% year over year

. The three fastest growing MSAs in the state by total deposits were Panama City, Tallahassee and Clewiston

. The fastest growing counties in the state by total deposits were Gulf, Liberty and Calhoun

Source: S&P Global Market Intelligence, Most Recent Available Quarter 7 II. FLORIDA BANK REGULATORY DATA Overview – Florida Bank Regulatory Data

Panhandle

North METHODOLOGY

. 8 county regions separated by geographic relevance Tampa Bay Central Atlantic . Data as of most recent available quarter – Coast September 30, 2019

. Regulatory call report data shown for all Southwest banks

Sunshine KEY STATE OBSERVATIONS Coast

. Median loan growth of 7.65%

South . Median NIM of 3.66%

NOTES FOR ALL REGIONS: NPAs = Nonaccrual Loans + (Loans 90+ PD ) + Restructured Loans + OREO Nonaccrual loans, Loans 90+ PD and OREO are adjusted to exclude the FDIC guaranteed portion of these assets Source: S&P Global Market Intelligence, Most Recent Available Quarter 9 Florida Panhandle Banks

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

Bank of Pensacola Pensacola $87 $47 26.0 % $75 (9.4) % 61.8 % 13.92 % 29.34 % 0.00 % 0.96 % 0.00 % $69 0.34 % 2.80 % 82.6 %

Bank of the South Pensacola 80 25 (2.8) 65 14.5 38.8 18.26 58.34 0.00 1.03 0.00 48 0.24 2.52 88.3

Beach Community Bank Fort Walton Beach 491 315 21.0 392 9.8 80.3 11.30 17.02 7.67 0.83 (0.03) 216 0.18 3.23 98.0

Capital City Bank Tallahassee 2,912 1,841 (0.9) 2,515 (13.0) 73.2 10.50 16.71 0.81 0.78 0.23 8,831 1.20 4.01 68.9

First City Bank of Florida Fort Walton Beach 146 85 (38.0) 132 (8.9) 64.1 2.42 4.63 24.29 2.92 0.36 (90) (0.24) 4.35 106.4

First Florida Bank Destin 438 246 (12.6) 372 (15.3) 66.2 12.32 24.10 0.15 1.37 0.11 1,723 1.54 3.63 55.6

FNBT Bank Fort Walton Beach 451 182 16.7 374 (2.5) 48.7 10.99 19.86 0.62 2.63 (0.15) 2,042 1.79 3.29 64.3

Frst Natl Bk NW FL Panama City 182 68 13.7 163 13.1 41.9 10.27 36.56 0.11 1.83 0.00 551 1.22 3.04 59.9

Peoples Bank of Graceville Graceville 95 42 7.7 83 (13.3) 51.2 12.14 40.93 0.86 0.94 0.00 295 1.23 2.78 60.6

PNB Community Bank Niceville 105 62 20.6 92 1.3 67.1 11.45 22.36 1.54 1.01 (0.08) 216 0.83 4.29 82.2

Prime Meridian Bank Tallahassee 484 328 22.6 434 28.0 75.6 9.24 14.15 0.67 1.22 0.33 1,046 0.90 3.66 63.0

Warrington Bank Pensacola 88 29 2.3 72 40.7 39.7 18.79 47.08 0.00 1.03 0.00 71 0.33 2.61 83.6

Average 463 272 6.4 397 3.7 59.0 11.80 27.59 3.06 1.38 0.06 1,252 0.80 3.35 76.1 Median 164 76 10.7 148 (0.6) 62.9 11.38 23.23 0.64 1.03 0.00 256 0.87 3.26 75.6

Source: S&P Global Market Intelligence, Most Recent Available Quarter 10 North Florida Banks

Columbia Bank Lake City $211 156 4.0 % 187 1.2 % 83.8 % 10.85 % 14.92 % 3.87 % 1.65 % (0.22) % $51 0.10 % 3.66 % 98.4 %

Community Bank & Trust of FL Ocala 744 294 (7.5) 673 (5.5) 43.7 8.58 16.25 0.05 1.39 (0.07) 1,781 0.96 3.18 68.7

Community State Bank Starke 126 65 15.3 114 (6.6) 57.2 8.48 15.78 1.31 0.95 0.08 195 0.62 4.51 83.2

Drummond Community Bank Chiefland 633 379 (0.9) 549 (10.3) 69.0 11.53 18.61 0.70 2.16 (0.04) 2,088 1.35 4.51 66.3

First Federal Bank Lake City 2,205 1,260 26.7 1,640 9.6 76.8 10.40 17.58 0.58 0.47 0.02 7,722 1.47 4.17 68.3

Florida Capital Bank N.A. Jacksonville 537 441 65.6 342 77.3 129.1 8.53 10.75 0.99 0.52 0.09 2,543 2.22 3.03 76.6

Lafayette State Bank Mayo 106 66 6.0 96 (10.4) 68.2 8.04 13.65 6.90 1.09 (0.71) 219 0.82 4.30 86.1

Madison County Community Bank Madison 127 65 (14.8) 114 5.8 56.6 9.33 17.71 1.53 1.49 0.03 297 0.94 3.88 64.6

TIAA FSB Jacksonville 41,159 34,675 14.1 27,088 26.2 128.0 7.65 12.80 1.01 0.43 0.08 56,558 0.56 2.17 70.2

Average 5,094 4,156 12.0 3,423 9.7 79.1 9.27 15.34 1.88 1.13 (0.08) 7,939 1.00 3.71 75.8 Median 537 294 6.0 342 1.2 69.0 8.58 15.78 1.01 1.09 0.02 1,781 0.94 3.88 70.2

Source: S&P Global Market Intelligence, Most Recent Available Quarter 11 Atlantic Coast Florida Banks

Cogent Bank Orange City $243 $179 83.8 % $201 88.6 % 89.3 % 16.62 % 22.25 % 0.54 % 1.57 % (0.44) % $36 0.06 % 3.69 % 98.8 %

Community Bank of the South Merritt Island 154 51 11.9 135 (3.3) 38.0 10.44 26.30 0.08 1.42 (0.10) 732 1.89 4.62 46.7

Florida Bus. Bank Melbourne 147 105 18.0 126 29.6 83.4 13.82 17.78 0.00 1.29 (0.10) 457 1.30 3.92 59.7

Friends Bank New Smyrna Beach 99 71 (4.8) 87 2.1 80.9 8.50 14.48 1.33 1.93 0.00 61 0.25 3.71 278.1

Intracoastal Bank Palm Coast 339 234 12.0 305 3.2 76.7 8.95 11.92 0.58 1.25 0.00 1,577 1.86 4.00 51.4

Mainstreet Community Bk of FL Deland 465 351 9.3 421 28.7 83.4 8.37 10.94 0.49 1.38 (0.02) 1,198 1.06 4.44 65.6

Marine B&TC Vero Beach 278 232 17.0 241 (11.5) 96.4 9.08 14.21 0.34 1.10 (0.01) 460 0.68 3.94 77.2

Seacoast National Bank Stuart 6,891 5,013 8.8 5,673 9.5 88.4 11.30 14.58 0.74 0.67 0.17 26,243 1.54 3.97 48.4

Sunrise Bank Cocoa Beach 234 162 (11.5) 195 9.5 83.0 11.55 16.35 0.00 0.95 0.00 778 1.34 4.01 67.3

Surety Bank Deland 131 73 3.1 116 40.4 63.0 11.42 19.00 1.10 1.30 (0.02) 552 1.79 4.21 69.2

Average 898 647 14.8 750 19.7 78.2 11.01 16.78 0.52 1.29 (0.05) 3,209 1.18 4.05 86.2 Median 238 170 10.6 198 9.5 83.2 10.87 15.47 0.52 1.30 (0.02) 642 1.32 3.99 66.5

Source: S&P Global Market Intelligence, Most Recent Available Quarter 12 Central Florida Banks

Axiom Bank, NA Maitland $685 $529 (8.7) % $500 (7.8) % 105.8 % 13.04 % 17.99 % 1.62 % 0.90 % 0.29 % $670 0.40 % 4.11 % 87.9 %

Bank of Central Florida Lakeland 512 352 4.3 463 (6.8) 76.1 9.07 13.84 0.03 0.90 (0.05) 1,351 1.05 3.51 60.3

CenterState Bank NA Winter Haven 17,409 12,042 7.9 13,369 4.6 90.1 10.04 12.04 0.31 0.35 0.08 56,609 1.32 4.19 59.6

Citizens Bank & Trust Lake Wales 666 386 3.3 588 9.0 65.7 7.69 12.99 0.63 0.96 0.05 1,983 1.20 3.84 73.1

Citizens Bank of Florida Oviedo 354 222 3.9 317 17.3 70.1 8.46 12.65 1.13 1.40 0.00 752 0.87 3.84 70.4

Citizens First Bank The Villages 2,345 780 (8.8) 1,924 9.8 40.5 11.53 18.08 0.16 1.21 0.01 12,053 2.05 2.96 41.6

Commerce National Bank & Trust Winter Park 114 85 (20.8) 91 (36.1) 93.9 12.58 19.38 0.38 2.27 0.00 227 0.79 3.31 80.2

First Colony Bank of Florida Maitland 231 162 (13.5) 208 17.1 78.2 9.88 13.60 0.14 1.05 2.02 1,225 2.15 4.13 44.3

First NB of Mount Dora Mount Dora 245 102 (3.0) 201 0.1 50.8 15.57 27.41 1.81 2.58 (0.04) 844 1.40 3.65 71.9

One Florida Bank Orlando 351 201 212.6 241 234.7 83.3 35.56 53.81 0.16 1.00 0.00 (1,201) (1.59) 2.89 127.4

Seaside National Bank & Trust Orlando 1,857 1,337 13.9 1,510 (2.7) 88.6 8.78 12.22 0.45 1.08 (0.23) 4,784 1.05 2.76 60.3

United Southern Bank Umatilla 533 310 8.2 473 (2.2) 65.4 10.00 16.49 1.02 2.22 (0.03) 1,486 1.11 3.97 66.7

Winter Park National Bank Winter Park 342 184 16.4 297 (0.0) 61.8 12.76 21.01 0.00 1.29 0.00 1,225 1.49 2.95 44.6

Average 1,973 1,284 16.6 1,552 18.2 74.6 12.69 19.35 0.60 1.32 0.16 6,308 1.02 3.55 68.3 Median 512 310 3.9 463 0.1 76.1 10.04 16.49 0.38 1.08 0.00 1,225 1.11 3.65 66.7

Source: S&P Global Market Intelligence, Most Recent Available Quarter 13 Tampa Bay Banks

Bank of Tampa Tampa $1,874 $1,206 2.4 % $1,640 34.1 % 73.5 % 9.52 % 12.59 % 0.49 % 1.16 % 0.06 % $5,974 1.33 % 3.99 % 58.4 %

Brannen Bank Inverness 540 307 (3.2) 503 3.5 61.0 6.53 16.25 0.82 1.05 0.00 2,626 1.96 3.83 53.6

Central Bank Tampa 189 149 10.2 157 1.6 95.1 9.44 12.64 0.55 1.51 0.00 398 0.86 3.76 73.3

Century Bank of Florida Tampa 82 55 8.8 65 (14.8) 84.2 8.85 14.53 0.76 1.14 (0.01) 137 0.65 3.98 82.6

First Citrus Bank Tampa 416 322 11.8 344 23.6 93.6 9.80 12.16 0.60 0.78 0.37 843 0.84 3.89 69.5

First Home Bank Saint Petersburg 507 373 5.4 414 27.6 90.2 10.79 17.59 0.91 2.85 0.90 1,678 1.44 4.49 77.2

First National Bank of Pasco Dade City 180 127 9.2 146 (9.7) 86.9 12.77 18.08 0.86 1.87 (0.02) 205 0.46 4.40 81.5

Flagship Community Bk Clearwater 116 84 (31.0) 99 (21.7) 85.0 13.95 19.47 1.03 1.00 0.30 140 0.47 3.71 83.3

Freedom Bank Saint Petersburg 306 249 17.9 276 (49.5) 90.1 9.12 11.12 0.34 1.15 0.00 1,080 1.39 4.16 58.3

Hillsboro Bank Plant City 154 79 (18.3) 132 2.1 59.7 13.37 25.03 0.17 1.31 0.05 659 1.72 3.89 47.9

Pilot Bank Tampa 426 342 26.1 354 19.6 96.7 9.82 12.24 0.93 0.62 0.00 741 0.72 3.21 69.4

TCM Bank NA Tampa 312 282 (7.6) 244 (3.4) 115.9 16.95 18.98 0.96 3.16 2.46 1,441 1.84 7.06 70.8

Average 425 298 2.6 364 1.1 86.0 10.91 15.89 0.70 1.47 0.34 1,327 1.14 4.20 68.8 Median 309 266 7.1 260 1.8 88.5 9.81 15.39 0.79 1.16 0.03 792 1.10 3.94 70.2

Source: S&P Global Market Intelligence, Most Recent Available Quarter 14 Southwest Florida Banks

Charlotte State Bank & Trust Port Charlotte $379 $213 (0.7) % $339 4.6 % 63.0 % 10.28 % 19.67 % 0.61 % 2.03 % (0.46) % $2,682 2.86 % 3.98 % 53.3 %

Edison National Bank Fort Myers 302 140 (8.7) 266 (15.7) 52.7 8.05 19.26 0.00 1.45 0.00 884 1.14 3.34 67.6

Englewood Bank & Trust Englewood 304 196 8.8 271 (11.2) 72.2 10.06 17.36 0.75 1.71 0.01 2,036 2.66 4.12 48.2

FineMark National Bk & Tr Fort Myers 2,104 1,471 2.9 1,607 20.4 91.5 9.54 16.81 0.08 1.05 0.00 5,145 1.01 2.38 64.6

First Bank Clewiston 386 274 1.1 346 (17.4) 79.3 9.45 14.19 0.31 1.55 (0.02) 950 0.97 4.13 68.2

First Florida Integrity Bank Naples 1,525 1,132 9.6 1,243 12.5 91.1 9.25 11.74 0.01 0.86 0.03 4,368 1.18 3.52 57.8

First National Bk of Wauchula Wauchula 72 52 18.7 61 6.1 84.7 12.00 18.77 2.32 1.79 (0.19) 66 0.36 4.97 95.2

Crews Bank & Trust Arcadia 155 80 (6.7) 135 (15.6) 58.9 11.98 24.94 1.01 3.45 (0.01) 434 1.12 3.96 74.8

Gulfside Bank Sarasota 83 26 306.5 61 88.8 43.2 26.42 51.44 0.00 1.25 0.00 (438) (2.20) 2.46 173.2

Heartland National Bank Sebring 415 159 10.4 362 1.0 43.8 10.05 23.15 0.22 1.51 (0.13) 1,509 1.51 3.53 48.3

Sabal Palm Bank Sarasota 238 183 17.1 214 3.6 85.7 9.01 14.22 0.00 1.26 (0.12) 455 0.75 3.80 72.7

Sanibel Captiva Community Bank Sanibel 460 397 (0.2) 381 (17.6) 104.2 7.56 10.77 1.54 0.86 (0.02) 1,897 1.74 4.88 55.9

Wauchula State Bank Wauchula 692 444 (1.2) 597 (6.0) 74.3 12.67 21.10 2.20 1.85 0.14 3,927 2.25 4.20 49.5

Average 547 367 27.5 453 4.1 72.7 11.26 20.26 0.70 1.59 (0.06) 1,840 1.18 3.79 71.5 Median 379 196 2.9 339 1.0 74.3 10.05 18.77 0.31 1.51 (0.01) 1,509 1.14 3.96 64.6

Source: S&P Global Market Intelligence, Most Recent Available Quarter 15 Sunshine Coast Florida Banks

American National Bank Oakland Park $301 $222 (21.7) % $252 (30.3) % 88.4 % 14.11 % 19.43 % 0.05 % 1.08 % 0.00 % $1,118 1.39 % 4.31 % 50.5 %

Anchor Bank Juno Beach 143 116 5.0 116 2.9 100.5 9.55 12.57 0.05 0.84 (0.49) 118 0.33 3.22 93.1

Bank of Belle Glade Belle Glade 99 35 (4.9) 89 (18.9) 39.8 9.70 27.46 1.20 1.13 0.00 193 0.76 2.99 67.5

BankFlorida Jupiter 91 69 (14.2) 75 42.6 92.7 8.59 12.61 0.92 0.84 0.01 (34) (0.15) 3.28 107.5

Desjardins Bank NA Hallandale Beach 211 165 (3.8) 178 18.3 92.9 15.24 31.68 0.96 1.40 0.00 288 0.55 4.54 86.2

First Bank of the Palm Beaches West Palm Beach 189 150 14.2 172 12.7 87.5 8.91 12.51 0.14 0.73 0.00 353 0.77 4.19 72.7

Flagler Bank West Palm Beach 322 241 27.2 251 15.0 96.1 10.12 15.10 0.05 0.83 (0.23) 1,520 1.92 3.45 43.8

Home Federal Bank of Hollywood Hallandale Beach 57 41 30.6 45 63.4 92.6 12.52 20.75 0.38 0.91 0.00 (190) (1.37) 3.67 119.5

Legacy Bank of Florida Boca Raton 458 398 13.9 359 18.8 110.9 10.79 11.99 0.05 0.65 (0.01) 1,139 1.01 3.21 63.1

Natbank NA Hollywood 178 148 20.8 132 54.7 112.1 17.69 31.11 0.65 0.61 0.00 199 0.47 4.06 82.0

OptimumBank Plantation 119 94 54.4 93 33.7 100.9 9.76 12.70 1.46 2.23 (0.03) (116) (0.41) 2.97 108.6

Paradise Bank Boca Raton 319 221 20.8 280 (10.3) 78.9 10.98 16.71 0.19 0.70 0.00 1,377 1.69 4.81 65.0

TransCapital Bank Sunrise 208 163 7.7 163 8.3 99.8 18.83 25.49 1.16 0.96 0.00 1,203 2.33 3.88 39.2

Average 207 159 11.5 170 16.2 91.8 12.06 19.24 0.56 0.99 (0.06) 551 0.71 3.74 76.8 Median 189 150 13.9 163 15.0 92.9 10.79 16.71 0.38 0.84 0.00 288 0.76 3.67 72.7

Source: S&P Global Market Intelligence, Most Recent Available Quarter 16 South Florida Banks (1 of 2)

Amerant Bank NA Coral Gables $7,855 $5,754 (4.1) % $5,721 (10.4) % 100.6 % 10.83 % 14.37 % 0.39 % 0.93 % 0.16 % $15,255 0.77 % 2.90 % 74.4 %

Apollo Bank Miami 747 545 14.1 656 10.3 83.0 9.68 13.92 0.65 1.03 0.00 1,867 1.01 3.43 60.6

BAC Florida Bank Coral Gables 2,271 1,681 (12.2) 1,813 (19.0) 92.7 9.97 18.55 1.53 1.03 (0.02) 8,932 1.55 3.06 48.6

Banco Do Brasil Americas Miami 654 465 (6.2) 578 3.8 80.5 9.37 19.40 0.75 1.01 0.02 1,249 0.75 3.43 81.6

Banesco USA Coral Gables 1,836 1,312 130.2 1,551 112.6 84.6 7.56 11.98 0.33 0.86 0.07 14,275 3.14 2.77 52.6

BankUnited NA Miami Lakes 32,874 22,902 1.5 24,230 2.0 94.5 9.14 13.38 0.60 0.47 0.10 81,983 0.99 2.42 52.2

City National Bank of Florida Miami 15,248 10,745 4.1 11,559 (8.4) 93.0 10.76 14.12 0.37 0.40 0.03 42,802 1.13 2.87 45.1

Continental National Bank Miami 457 326 7.7 400 (15.5) 81.5 8.86 14.28 0.35 1.16 (0.03) 1,442 1.24 3.61 75.8

Eastern National Bank Miami 357 283 (42.5) 318 (13.5) 89.0 9.00 13.44 2.75 2.29 0.03 (716) (0.79) 3.46 126.0

Executive National Bank Miami 467 383 0.5 393 9.1 97.7 11.13 16.95 0.40 1.29 0.16 212 0.18 3.73 90.6

First National Bk South Miami South Miami 804 555 (3.7) 677 3.6 82.0 9.91 15.73 0.35 1.40 0.00 1,685 0.84 3.24 69.5

First State Bk of the FL Keys Key West 968 655 2.3 731 (5.6) 89.6 8.91 16.32 1.06 1.13 (0.08) 3,237 1.35 3.53 65.5

Grove Bank & Trust Miami 715 298 17.4 563 18.0 52.9 16.55 29.90 0.35 2.60 0.00 553 0.32 2.78 91.1

Helm Bank USA Miami 838 533 0.8 719 (12.4) 74.2 11.49 28.96 1.86 1.91 (0.01) 2,278 1.06 3.64 70.0

Interamerican Bank A FSB Miami 199 169 1.2 169 (1.7) 100.3 13.90 19.17 5.73 2.73 0.03 354 0.71 4.40 82.2

Intercredit Bank NA Miami 376 304 16.3 296 (3.8) 102.7 10.20 14.94 0.85 1.71 0.00 111 0.12 2.85 99.2

South Florida banks list continued on following page

Source: S&P Global Market Intelligence, Most Recent Available Quarter 17 South Florida Banks (2 of 2)

International Finance Bank Miami 753 594 27.2 681 21.2 87.2 6.83 10.03 0.32 1.10 0.01 1,259 0.70 3.61 69.6

Marquis Bank Coral Gables 677 565 0.7 579 13.9 97.6 9.72 12.17 0.27 0.94 0.00 2,322 1.38 3.54 51.8

Ocean Bank Miami 4,306 3,271 9.7 3,676 (1.9) 89.0 10.84 14.46 1.05 1.43 0.11 7,293 0.68 3.58 74.1

Pacific National Bank Miami 586 404 38.6 449 52.8 90.1 12.26 17.44 0.30 0.77 0.00 393 0.28 2.75 76.8

Plus International Bank Miami 83 64 7.5 68 20.5 94.5 17.03 28.60 4.95 1.23 0.00 25 0.12 4.05 97.2

Professional Bank Coral Gables 963 771 27.3 826 35.7 93.4 8.33 12.36 0.53 0.84 0.00 803 0.35 3.30 81.9

Sunstate Bank Miami 458 237 11.2 349 2.7 67.9 9.57 11.97 0.18 0.70 0.14 1,676 1.51 3.37 38.5

Terrabank N.A. Miami 425 285 7.3 384 9.7 74.2 9.36 15.00 0.01 1.06 0.00 658 0.64 3.51 79.5

U.S. Century Bank Doral 1,283 965 22.5 1,039 21.2 92.9 9.10 12.74 0.39 1.22 (0.05) 2,681 0.84 3.28 69.1

Average 3,048 2,163 11.2 2,337 9.8 87.4 10.41 16.41 1.05 1.25 0.03 7,705 0.83 3.32 72.9 Median 747 545 7.3 656 3.6 89.6 9.72 14.46 0.40 1.10 0.00 1,676 0.77 3.43 74.1

State of Florida Summary Statistics

Max. $41,159 $34,675 306.5 % $27,088 234.7 % 129.1 % 35.56 % 58.34 % 24.29 % 3.45 % 2.46 % $81,983 3.14 % 7.06 % 278.1 % Min. 57 25 (42.5) 45 (49.5) 38.0 2.42 4.63 0.00 0.35 (0.71) (1,201) (2.20) 2.17 38.5 Average 1,656 1,199 12.8 1,254 10.2 79.7 11.16 18.72 1.10 1.30 0.05 4,114 0.96 3.66 74.0

Source: S&P Global Market Intelligence, Most Recent Available Quarter 18 Florida Publicly Traded Banks (Incl. OTC)

Sorted by Market Capitalization Market Data Financial Highlights

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

CSFL CenterState Bank Corp. Winter Haven NASDAQ $3,318.8 $26.53 215.1 % 14.5 x 1.7 % 2.5 % 2.9 % 3.1 % 78.8 % 8.0 % $17,420.4 $12,041.6 9.6 0.31 1.41 8.49

BKU BankUnited Inc. Miami Lakes NYSE 3,360.7 35.35 118.7 12.9 2.4 4.0 1.8 1.0 98.3 9.4 32,950.5 22,901.8 8.6 0.43 0.85 9.31

SBCF Seacoast Banking Corp. of FL Stuart NASDAQ 1,515.6 29.61 207.1 17.5 0.0 2.3 3.0 2.1 85.3 12.5 6,890.6 5,013.1 11.0 0.76 1.30 9.82

AMTB Amerant Bancorp Inc. Coral Gables NASDAQ 840.0 21.62 116.1 17.7 -- 1.1 2.9 29.6 17.9 3.0 7,864.3 5,753.7 10.3 0.42 0.65 6.75

CCBG Capital City Bank Group Inc. Tallahassee NASDAQ 511.7 30.55 216.1 16.8 1.7 0.7 3.3 36.6 39.1 28.0 2,934.5 1,840.8 8.3 0.81 1.04 9.88

FNBT FineMark Holdings Inc. Fort Myers OTCQX 221.8 25.05 126.4 15.1 -- 0.1 0.0 46.9 30.0 -16.5 2,108.1 1,474.1 8.3 0.07 0.78 9.15

TSHR Three Shores Bancorp. Inc. Orlando OTC Pink 219.1 9.02 130.9 15.3 -- 0.0 -- 0.0 0.8 -0.4 1,857.3 NA 7.2 0.46 0.75 9.42

TGRF TGR Financial Inc. Naples OTCQX 207.7 12.00 154.8 13.6 -- 0.1 0.0 0.0 2.7 0.0 1,528.0 1,132.4 8.8 0.01 1.16 12.56

FMIA First Miami Bancorp Inc. South Miami OTC Pink 111.3 1,275.00 109.0 NA 0.4 0.0 0.0 76.4 -- 0.0 852.8 559.7 NA NA NA NA

PFHD Professional Holding Corp. Coral Gables OTC Pink 65.0 18.50 NA NA -- 0.2 0.0 0.0 6.2 7.9 890.4 721.9 NA NA NA NA

PMHG Prime Meridian Holding Co. Tallahassee OTCQX 65.4 20.50 118.8 16.7 0.6 0.1 0.0 20.4 12.1 3.7 484.1 327.7 11.4 0.54 0.89 7.48

FCIT First Citrus Bancorp. Inc. Tampa OTC Pink 54.8 26.95 151.3 13.6 -- 0.1 0.0 21.4 1.2 13.2 416.9 320.9 8.7 0.70 1.02 11.61

PLBN Pilot Bancshares Inc. Tampa OTCQX 53.0 3.46 124.4 NA 0.0 0.1 0.0 0.0 4.1 -2.5 426.8 340.6 10.0 0.93 NA NA

OPHC OptimumBank Holdings Inc. Fort Lauderdale NASDAQ 6.3 3.26 124.6 NM -- 2.0 0.7 35.3 5.6 -26.6 111.3 82.9 4.5 NA -1.38 -26.50

Avg. 753.7 147.2 15.4 1.0 1.0 1.1 19.5 29.4 2.8 5,481.1 4,039.3 8.9 0.49 0.77 6.18 Median 213.4 126.4 15.2 0.6 0.2 0.0 11.7 12.1 3.3 1,692.6 1,132.4 8.7 0.46 0.89 9.31

Note: Market data as of November 5, 2019 Source: S&P Global Market Intelligence, Most Recent Available Quarter 19 Recent Florida M&A Transactions

Sorted by date announced Terms of the Transaction Target Financials Deal Purchase Price to Core Dep. Total NPA/ TCE/ LTM Date Considr Value Tg. Bk Erngs Assets Premium Assets Assets TA ROAA Announced Buyer St. Seller City St. Type ($M) (%) (x) (%) (%) ($M) (%) (%) (%) 09/25/19 City National Bank of Florida -- Executive Banking Corp. Miami FL -- $75.0 176.2 22.2 16.5 9.5 $455.3 0.45 11.28 0.87 08/12/19 Professional Holding Corp. FL Marquis Bancorp Inc. Coral Gables FL -- NA NA NM NA NA 680.3 0.27 9.31 1.19 07/22/19 First Bancshares Inc. MS First Florida Bancorp Inc. Destin FL Mix 84.3 176.6 17.3 18.7 13.7 451.0 0.14 11.74 1.24 05/30/19 West Florida Banking Corp. FL Flagship Community Bk Clearwater FL Mix 22.7 138.9 14.5 18.6 9.2 122.0 1.25 13.36 1.31 05/15/19 First American Bank Corp. IL Continental National Bank Miami FL Cash NA NA NM NA NA 478.5 0.24 7.75 -0.80 05/14/19 Banesco USA FL Brickell Bank Miami FL -- NA NA NM NA NA 439.8 2.48 5.25 -0.82 05/06/19 Banco Bradesco SA -- BAC Florida Bank Coral Gables FL Cash 500.0 246.1 16.8 22.0 32.6 2,274.8 1.57 8.49 1.37 05/03/19 MIDFLORIDA Credit Union FL Community Bank & Trust of FL Ocala FL Cash NA NA NM NA NA 733.3 0.09 9.16 1.10 03/27/19 Power Financial Credit Union FL TransCapital Bank Sunrise FL Cash NA NA NM NA NA 204.1 1.50 18.00 2.44 03/05/19 BancorpSouth Bank MS Summit Financial Entrprs Inc. Panama City FL Mix 100.3 173.1 14.3 21.3 11.5 471.9 0.75 11.71 1.58 02/25/19 Investor Group FL First City Bank of Florida Fort Walton Beach FL Cash NA NA NM NA NA 157.9 23.31 2.50 -0.54 02/19/19 FAIRWINDS CU FL Friends Bank New Smyrna Beach FL -- NA NA NM NA NA 95.3 1.56 10.83 1.27 01/24/19 Addition Financial CU FL Fidelity Bank of Florida NA Merritt Island FL Cash NA NA NM NA NA 174.4 0.87 17.04 -0.88 01/14/19 VyStar CU FL Citizens State Bank Perry FL Cash NA NA NM NA NA 279.7 0.44 9.74 1.30 11/16/18 First Citizens BancShares Inc. NC Biscayne Bancshares Inc. Coconut Grove FL Cash 119.5 178.8 11.2 12.1 10.1 989.9 0.26 8.45 1.36 08/08/18 Investor group -- One South Bank Chipley FL -- NA NA NM NA NA 46.9 1.18 12.87 0.67 07/26/18 IBM Southeast Employees' CU FL Oculina Bank Vero Beach FL -- NA NA NM NA NA 358.6 0.16 8.70 1.07 07/24/18 Synovus Financial Corp. GA FCB Financial Holdings Inc. Weston FL Stock 2,868.9 228.6 20.6 23.5 23.3 12,192.3 0.22 9.88 1.24 07/24/18 First Bancshares Inc. MS FMB Banking Corp. Monticello FL Mix 80.3 207.1 21.3 16.7 11.2 480.4 2.45 8.51 1.09 07/23/18 Drummond Banking Co. FL PSB BancGroup Inc. Lake City FL Cash NA NA NM NA NA 86.9 3.81 8.68 0.35

Max $2,868.9 246.1 22.2 23.5 32.6 $12,192.3 23.31 18.00 2.44 Min 22.7 138.9 11.2 12.1 9.2 46.9 0.09 2.50 -0.88 Avg. 481.4 190.7 17.3 18.7 15.1 1,058.7 2.15 10.16 0.82 Median 92.3 177.7 17.1 18.6 11.3 445.4 0.81 9.52 1.15

Note: Includes whole bank transactions where 100% equity was acquired; Data as of November 3, 2019 Source: S&P Global Market Intelligence 20 III. OVERVIEW - JANNEY MONTGOMERY SCOTT LLC Expanding Breadth of Capabilities & Expertise

. Janney recently completed its acquisition of FIG Partners LLC, an Atlanta-based investment banking and research firm focused exclusively on community banks

. The experienced team at FIG Partners brings nationally recognized expertise within the community bank sector to Janney’s existing financial institutions sector coverage

. The addition gives Janney a total of more than 200 capital markets professionals, who provide investment banking, equity, and fixed income expertise to corporate, institutional and municipal clients

FIG PARTNERS BY THE NUMBERS COMMUNITY BANK M&A LEAGUE TABLE(1) # Of Deal Value . 49 M&A transactions, totaling approximately $4.8 billion in Rank Adviser transaction value since 2017 Deals ($M) 1 Keefe, Bruyette & Woods 61 $2,824 . $1.2 billion of equity capital and more than $225.0 million of debt 2 Sandler O'Neill & Partners, L.P. 72 2,585 capital raised since 2017 3 FIG Partners, LLC 41 1,390 4 Hovde Group, LLC 51 1,183 . Over 25 investment bankers 5 D.A. Davidson & Co. 31 1,030 . Research coverage of 130 community bank stocks 6 Boenning & Scattergood, Inc. 24 860 7 Stephens Inc. 20 844 . Market maker for over 800 bank and thrift stocks 8 Raymond James & Associates, Inc. 22 841 9 Piper Jaffray & Co. 19 789 10 Banks Street Partners, LLC 23 724 11 ProBank Austin 27 528 12 Vining-Sparks IBG, L.P. 16 461 13 Sheshunoff & Co. Investment Banking LP 22 436 14 Performance Trust Capital Partners, LLC 21 414 15 FinPro, Inc. 10 307

(1) For banks with total assets <$500 million Source: S&P Global Market Intelligence 22 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

23 … 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

24 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 25 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

26 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 27 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 28 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 29 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 FIG Partners 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 FIG is among the premier investment banking and capital markets firms First Internet Bancorp IN INBK Sub Debt $35.0 M Jun-19 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 FIG has a deep stable of high net worth and home office investors to 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 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 FIG Research team is a leading provider to community banks with 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 coverage of over 100 banks, mostly small-cap, throughout the entire First Bancshares, Inc. MS FBMS Co-Manager $58.4 M Oct-17 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

30 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 31 Janney Florida Team

Lozan Aleksandrov’s primary responsibilities include advising community banks on capital raising, buy-side and sell-side merger & acquisition transactions, branch sales and other strategic transactions. He also specializes in providing fairness opinions and various bank valuation services. Lozan joined Janney in 2019 when Janney acquired FIG Partners. Lozan joined FIG Partners in 2005 and spent two years as an equity research associate, actively following 46 small- and mid-cap banks and thrifts, before joining the investment banking team in 2007. Mr. Lozan Aleksandrov, CFA Aleksandrov has an MBA degree from Tulane University and is a CFA charterholder. At Tulane Managing Director University, Mr. Aleksandrov served as an Associate Director for the Burkenroad Reports Program, Financial Institutions Group a student-run equity research shop. Direct (404) 601-7211 Mobile (404) 202-4663 [email protected] Mr. Aleksandrov’s most recent transaction experience includes advising Grand Mountain Bancshares, Inc. on its acquisition by BayCom Corp. in November 2019. Prior to that he was involved in the Red River Bancshares, Inc.’s $31 million Initial Public Offering in May 2019. He also advised Pilot Bancshares, Inc. on its $10 million private placement of common stock in October 2018. Mr. Aleksandrov also helped Citizens Community Bancorp, Inc. raise $65 million in capital via a private placement in June 2018 and helped BayCom Corp. raise $72 million in capital in its Initial Public Offering in May 2018.

32 Janney Florida Team

Prior to joining Janney in 2019, Matt Veneri joined FIG Partners in 2005 and has 20 years of financial services experience. He co-leads the investment banking team and serves as a strategic advisor to financial institutions. Matt focuses on M&A transactions, bank and thrift valuations and capital offerings. He has extensive experience working with community banks and has served as an advisor on more than 75 bank transactions totaling more than $3 billion. Before joining FIG, he was Vice President at Hovde Group, where he worked with financial institutions located across the Southeast, Texas, and the Rocky Mountain regions. Before that, Matt worked at Ambassador Matt Veneri Financial Group, (formerly Danielson Associates, Inc.), a regional investment banking firm that Managing Director, Co-Head of served community bank clients in the Southeast and Mid-Atlantic states. Matt received a Investment Banking Direct (404) 601-7222 Bachelor of Business Administration degree in Economics from the University of Pennsylvania. Mobile (202) 258-2450 [email protected]

John Schramm has an extensive investment banking background focused on community banks. John joined Janney in 2019. Most recently he was a Managing Director with Ranieri Partners. Prior to that he was a Managing Director in the investment banking group at Howe Barnes Hoefer & Arnett, where he co-led Howe Barnes’ expansion in the Southeast. In 2002, John co-founded the Financial Institutions Group at Triangle Capital Partners. From 1987-2002 he worked at Trident Securities, a division of McDonald Investments. John began his career as a management information systems consultant with Arthur Andersen & Co. He has a BA in Economics from John Schramm Northwestern University and an MBA in Finance from Duke University. Managing Director, Financial Institutions Group Mobile (919) 349-8541 [email protected]

33 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

34 Financial Institutions Group