North Carolina Banks – Mountains Region

3rd Quarter 2019

DNISCUSSIONORTH CAROLINAMATERIALSCOMMUNITY BANK LANDSCAPE

Financial Institutions Group Table of Contents

SECTION DESCRIPTION

I. 3rd Quarter Feature – 2019 FDIC Deposit Data

II. North Carolina 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 – North Carolina

North Carolina North Carolina 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 Bank of America Corporation (NC) 139 161,668,221 44.30 26 Union Bank (NC) 15 643,941 0.18 2 BB&T Corporation (NC) 402 64,774,821 17.75 27 F & M Financial Corporation (NC) 11 566,574 0.16 3 Wells Fargo & Company (CA) 294 53,135,239 14.56 28 Uwharrie Capital Corp (NC) 10 558,466 0.15 4 First Citizens BancShares, Inc. (NC) 248 17,044,586 4.67 29 First Carolina Financial Services, Inc. (NC) 3 491,012 0.13 5 PNC Financial Services Group, Inc. (PA) 129 8,364,322 2.29 30 American National Bankshares Inc. (VA) 9 487,396 0.13 6 PacWest Bancorp (CA) 1 6,688,399 1.83 31 Regions Financial Corporation (AL) 7 467,320 0.13 7 First Horizon National Corporation (TN) 69 4,859,913 1.33 32 Carter Bank & Trust (VA) 27 398,944 0.11 8 F.N.B. Corporation (PA) 88 4,751,786 1.30 33 Oak Ridge Financial Services, Inc. (NC) 4 393,701 0.11 9 First Bancorp (NC) 96 4,674,437 1.28 34 Aquesta Financial Holdings, Inc. (NC) 8 375,415 0.10 10 Fifth Third Bancorp (OH) 52 4,296,971 1.18 35 PB Financial Corporation (NC) 5 365,812 0.10 11 Pinnacle Financial Partners, Inc. (TN) 40 4,183,116 1.15 36 First Federal Savings Bank of Lincolnton (NC) 4 326,789 0.09 12 Live Oak Bancshares, Inc. (NC) 1 3,738,537 1.02 37 KS Bancorp, Inc. (NC) 10 321,192 0.09 13 TowneBank (VA) 10 2,152,438 0.59 38 Park National Corporation (OH) 4 317,234 0.09 14 Southern BancShares (N.C.), Inc. (NC) 54 1,993,646 0.55 39 Lumbee Guaranty Bank (NC) 14 287,331 0.08 15 Fidelity BancShares (N.C.), Inc. (NC) 51 1,720,950 0.47 40 Atlantic Union Bankshares Corporation (VA) 6 270,245 0.07 16 United Community Banks, Inc. (GA) 32 1,690,183 0.46 41 Dogwood State Bank (NC) 4 253,872 0.07 17 Carolina Financial Corporation (SC) 47 1,620,494 0.44 42 Surrey Bancorp (NC) 6 246,348 0.07 18 HomeTrust Bancshares, Inc. (NC) 20 1,459,435 0.40 43 M&F Bancorp, Inc. (NC) 8 235,969 0.06 19 South State Corporation (SC) 24 1,327,932 0.36 44 LifeStore Financial Group, Inc. (MHC) (NC) 4 229,509 0.06 20 Select Bancorp, Inc. (NC) 16 988,227 0.27 45 Woodforest Financial Group, Inc. (TX) 92 224,478 0.06 21 Bank OZK (AR) 25 970,464 0.27 46 First Community Bankshares, Inc. (VA) 7 213,157 0.06 22 Peoples Bancorp of North Carolina, Inc. (NC) 21 909,142 0.25 47 blueharbor bank (NC) 4 199,713 0.05 23 Toronto-Dominion Bank 14 878,363 0.24 48 Roxboro Savings Bank, SSB (NC) 2 170,258 0.05 24 North State Bancorp (NC) 7 835,754 0.23 49 Parkway Acquisition Corp. (VA) 5 164,352 0.05 25 Piedmont Federal Savings Bank (NC) 10 655,127 0.18 50 First Federal Financial Corporation (NC) 7 163,317 0.04

Total Branches Total Deposits Total For Institutions In Market 2,225 364,920,425

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

1. CHARLOTTE – CONCORD – GASTONIA, NC-SC 2. GREENSBORO – HIGH POINT – WINSTON-SALEM, NC*

Charlotte-Concord-Gastonia, NC-SC Greensboro - High Point - Winston-Salem, NC 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 Bank of America Corporation (NC) 60 151,196,603 73.29 1BB&T Corporation (NC) 54 30,468,554 63.28 2 Wells Fargo & Company (CA) 79 30,413,734 14.74 2Wells Fargo & Company (CA) 46 5,235,554 10.87 3 BB&T Corporation (NC) 91 8,629,765 4.18 3Pinnacle Financial Partners, Inc. (TN) 20 2,346,958 4.87 4 Fifth Third Bancorp (OH) 37 3,313,462 1.61 4Bank of America Corporation (NC) 21 2,149,383 4.46 5 First Citizens BancShares, Inc. (NC) 45 2,699,658 1.31 5First Horizon National Corporation (TN) 27 1,662,414 3.45 6 South State Corporation (SC) 21 1,629,430 0.79 6F.N.B. Corporation (PA) 26 1,449,365 3.01 7 Pinnacle Financial Partners, Inc. (TN) 9 887,681 0.43 7First Citizens BancShares, Inc. (NC) 24 1,323,767 2.75 8 F.N.B. Corporation (PA) 14 865,962 0.42 8First Bancorp (NC) 16 794,556 1.65 9 First Horizon National Corporation (TN) 13 832,719 0.40 9Piedmont Federal Savings Bank (NC) 8605,884 1.26 10 PNC Financial Services Group, Inc. (PA) 18 741,787 0.36 10 PNC Financial Services Group, Inc. (PA) 9399,613 0.83 11 F & M Financial Corporation (NC) 11 566,574 0.27 11 Oak Ridge Financial Services, Inc. (NC) 4393,701 0.82 12 TowneBank (VA) 1 559,105 0.27 12 Fidelity BancShares (N.C.), Inc. (NC) 11 347,905 0.72 13 United Bankshares, Inc. (WV) 10 442,456 0.21 13 HomeTrust Bancshares, Inc. (NC) 4242,411 0.50 14 Aquesta Financial Holdings, Inc. (NC) 7 357,856 0.17 14 Bank OZK (AR) 5186,059 0.39 15 Bank OZK (AR) 9 340,301 0.16 15 American National Bankshares Inc. (VA) 3183,094 0.38 16 Regions Financial Corporation (AL) 4 327,973 0.16 16 Carter Bank & Trust (VA) 7163,627 0.34 17 First Federal Savings Bank of Lincolnton (NC) 4 326,789 0.16 17 M&F Bancorp, Inc. (NC) 246,743 0.10 18 First Bancorp (NC) 8 221,519 0.11 18 Woodforest Financial Group, Inc. (TX) 17 44,641 0.09 19 Peoples Bancorp of North Carolina, Inc. (NC) 7 216,526 0.10 19 First Carolina Financial Services, Inc. (NC) 141,531 0.09 20 Park National Corporation (OH) 2 203,325 0.10 20 Parkway Acquisition Corp. (VA) 124,997 0.05 21 blueharbor bank (NC) 4 199,713 0.10 21 Blue Ridge Bankshares, Inc. (VA) 116,474 0.03 22 Uwharrie Capital Corp (NC) 4 198,175 0.10 22 Southern First Bancshares, Inc. (SC) 113,340 0.03 23 York Bancshares, Inc. (SC) 4 195,399 0.09 23 First Reliance Bancshares, Inc. (SC) 1 7,681 0.02 24 Toronto-Dominion Bank 3 171,486 0.08 24 Bank of New York Mellon Corporation (NY) 1 0 0.00 25 Select Bancorp, Inc. (NC) 2 128,094 0.06 25 TowneBank (VA) 1 0 0.00 Total For Institutions In Market 510 206,290,771 Total For Institutions In Market 311 48,148,252

*Includes both Greensboro – High Point and Winston-Salem MSAs Source: S&P Global Market Intelligence, FDIC Summary of Deposits 2019 5 2019 Deposit Market Share – Largest MSAs

3. RALEIGH – DURHAM – CHAPEL HILL, NC* 4. WILMINGTON, NC

Raleigh - Durham - Chapel Hill, NC Wilmington, NC 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 Wells Fargo & Company (CA) 62 9,162,072 20.11 1 Live Oak Bancshares, Inc. (NC) 1 3,738,537 41.25 2 BB&T Corporation (NC) 75 8,856,769 19.44 2 BB&T Corporation (NC) 11 1,162,407 12.83 3 PacWest Bancorp (CA) 1 6,688,399 14.68 3 Wells Fargo & Company (CA) 9 1,073,595 11.85 4 Bank of America Corporation (NC) 30 5,169,197 11.35 4 First Citizens BancShares, Inc. (NC) 10 829,488 9.15 5 First Citizens BancShares, Inc. (NC) 42 3,943,462 8.66 5 Bank of America Corporation (NC) 6 664,057 7.33 6 PNC Financial Services Group, Inc. (PA) 33 2,881,210 6.33 6 PNC Financial Services Group, Inc. (PA) 6 355,792 3.93 7 First Horizon National Corporation (TN) 26 2,396,637 5.26 7 F.N.B. Corporation (PA) 4 245,157 2.70 8 TowneBank (VA) 2 962,088 2.11 8 First Bancorp (NC) 5 235,766 2.60 9 F.N.B. Corporation (PA) 14 765,646 1.68 9 South State Corporation (SC) 4 229,907 2.54 10 North State Bancorp (NC) 6 714,708 1.57 10 Toronto-Dominion Bank 2 153,058 1.69 11 Fidelity BancShares (N.C.), Inc. (NC) 20 698,744 1.53 11 North State Bancorp (NC) 1 121,046 1.34 12 Pinnacle Financial Partners, Inc. (TN) 7 603,171 1.32 12 Bank OZK (AR) 1 105,528 1.16 13 Fifth Third Bancorp (OH) 5 539,119 1.18 13 United Bankshares, Inc. (WV) 3 53,476 0.59 14 United Community Banks, Inc. (GA) 11 496,026 1.09 14 Select Bancorp, Inc. (NC) 1 30,553 0.34 15 KS Bancorp, Inc. (NC) 8 252,918 0.56 15 Southern BancShares (N.C.), Inc. (NC) 1 18,923 0.21 16 Union Bank (NC) 7 232,326 0.51 16 Dogwood State Bank (NC) 1 18,630 0.21 17 Roxboro Savings Bank, SSB (NC) 2 170,258 0.37 17 Aquesta Financial Holdings, Inc. (NC) 1 17,559 0.19 18 M&F Bancorp, Inc. (NC) 5 145,171 0.32 18 Union Bank (NC) 1 5,678 0.06 19 First Bancorp (NC) 5 143,627 0.32 19 JRMB II Inc. (OK) 2 4,217 0.05 20 Regions Financial Corporation (AL) 2 101,451 0.22 Total For Institutions In Market 70 9,063,374 21 First Carolina Financial Services, Inc. (NC) 1 77,451 0.17 22 Wake Forest Bancshares, Inc. (MHC) (NC) 1 77,425 0.17 23 United Bankshares, Inc. (WV) 2 68,488 0.15 24 Southern BancShares (N.C.), Inc. (NC) 3 57,687 0.13 25 Southern First Bancshares, Inc. (SC) 1 54,693 0.12 Total For Institutions In Market 409 45,552,664

Please contact a Janney representative for additional information on deposit markets not illustrated

*Includes both Raleigh – Cary and Durham – Chapel Hill MSAs Source: S&P Global Market Intelligence, FDIC Summary of Deposits 2019 6 2019 Deposit Market Share – Other Observations

Total Deposits

$400,000 $366,363 $364,920 $353,353 $363,306 $341,761 $348,055 $339,873 $347,371 $350,000 $304,589 $300,000 $284,210

$250,000 $207,413 $200,000

$150,000 InMillions ($) $100,000

$50,000 $0 FDIC Summary of Deposits 2019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

KEY OBSERVATIONS

. Total deposits in the state of North Carolina shrank (0.4%) year over year

. The three fastest growing MSAs in the state by total deposits were Morehead City, Wilmington and Laurinburg

. The fastest growing counties in the state by total deposits were Macon, Jones and Columbus

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

Piedmont Mountains Coastal Plain

METHODOLOGY . 3 regions separated by geographic KEY STATE OBSERVATIONS relevance . Median loan growth of 6.12% . Data as of most recent available quarter as . Median NIM of 3.83% of September 30, 2019

. Regulatory call report data shown for all banks

Source: S&P Global Market Intelligence 9 NORTH CAROLINA BANKS – MOUNTAINS REGION

Company Information Balance Sheet Highlights Capital Adequacy Asset Quality Financial Performance Total Total MRQ Total MRQ Lns / Leverage RBC NPA/ 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) (%) (%) (%)

Black Mountain SB SSB Black Mountain $41 $28 (9.7) % $35 (0.4) % 81.3 % 12.45 % 31.83 % 0.00 % 0.15 % 0.00 % $6 0.06 % 2.61 % 97.0 %

Entegra Bank Franklin 1,703 1,088 (4.0) 1,285 10.7 84.7 9.73 14.77 0.70 1.13 (0.04) 4,450 1.07 3.10 59.7

HomeTrust Bank Asheville 3,653 2,797 11.0 2,516 29.4 111.2 10.16 11.82 0.94 0.76 0.02 8,878 1.00 3.28 66.4

Jackson SB SSB Sylva 33 26 (1.7) 26 (7.4) 100.1 20.87 41.53 1.86 0.24 0.00 29 0.35 3.28 85.1

Lifestore Bank (MHC) West Jefferson 305 194 (0.5) 238 15.7 81.4 11.13 18.06 0.98 1.27 (0.03) 990 1.32 3.53 64.5

Morganton SB S.S.B. Morganton 95 67 19.6 53 (13.9) 125.3 26.98 33.05 1.54 2.22 (1.41) 209 0.89 4.43 66.1

Nantahala B&TC Franklin 162 112 4.4 137 20.5 81.2 8.54 12.14 10.58 1.15 0.05 184 0.47 3.85 86.3

Average 856 616 2.7 613 7.8 95.0 14.27 23.31 2.37 0.99 (0.20) 2,107 0.74 3.44 75.0 Median 162 112 (0.5) 137 10.7 84.7 11.13 18.06 0.98 1.13 0.00 209 0.89 3.28 66.4

Source: S&P Global Market Intelligence 10 NORTH CAROLINA BANKS – PIEDMONT REGION

Alliance B&TC Gastonia $151 $106 11.4 % $137 20.1 % 77.3 % 8.70 % 12.18 % 1.63 % 1.02 % (0.03) % $271 0.74 % 4.24 % 77.5 %

American Bank & Trust Monroe 40 4 NM 19 869.3 23.4 62.90 184.16 0.00 1.27 0.00 (627) (7.39) 1.89 NM

Aquesta Bank Cornelius 505 396 18.6 393 19.3 100.5 10.94 14.50 0.26 0.98 (0.01) 1,019 0.84 3.70 68.9

Bank of Oak Ridge Oak Ridge 467 388 5.1 394 (0.1) 98.6 10.28 13.08 1.03 0.82 (0.11) 1,362 1.18 4.08 67.3

Belmont Savings Bank SSB Belmont 92 70 7.0 73 2.7 96.6 20.51 40.01 0.49 0.37 0.00 100 0.44 3.14 80.2

blueharbor bank Mooresville 240 198 11.8 205 11.3 96.6 13.38 15.91 0.33 1.00 (0.07) 869 1.50 4.05 55.9

Branch Banking & Trust Co. Winston-Salem 229,886 145,101 (8.4) 173,213 11.4 83.8 9.73 13.95 0.42 0.90 0.21 847,000 1.51 3.24 58.8

Carolina Trust Bank Lincolnton 623 483 (1.9) 519 (0.3) 93.1 11.22 13.86 0.75 0.82 0.11 2,074 1.35 4.15 57.2

Dogwood State Bank Raleigh 330 231 32.8 227 (42.6) 101.8 24.06 31.23 0.25 0.50 (0.02) (1,276) (1.53) 3.58 147.5

Farmers & Merchants Bank Salisbury 633 429 (6.3) 555 (8.4) 77.4 11.40 18.16 1.87 1.84 (0.12) 2,624 1.66 4.47 60.8

Fidelity Bank Fuquay-Varina 2,057 1,186 4.6 1,814 7.9 65.4 10.49 16.52 0.97 1.45 0.02 8,684 1.71 3.85 57.3

First Bank Southern Pines 6,070 4,413 6.2 4,882 2.4 90.4 11.14 14.85 0.53 0.44 0.04 25,809 1.71 4.04 53.5

First FSB of Lincolnton Lincolnton 392 329 (5.4) 326 (1.1) 100.9 16.37 29.10 1.21 0.61 0.00 1,504 1.53 3.58 52.6

First S&L Association Mebane 55 35 16.7 42 (11.1) 82.1 22.35 53.16 0.89 0.59 0.00 (22) (0.16) 2.63 97.2

First-Citizens B&TC Raleigh 37,665 27,331 7.4 32,807 0.9 83.3 9.42 13.03 0.73 0.83 0.10 128,489 1.37 3.84 63.9

Mechanics & Farmers Bank Durham 267 175 0.4 240 7.6 72.9 8.16 12.31 1.67 1.08 0.00 365 0.56 3.57 89.0

North State Bank Raleigh 948 793 8.8 858 10.8 92.5 8.61 11.40 0.10 0.62 (0.02) 3,865 1.63 4.28 69.8

Peoples Bank Newton 1,222 850 6.8 965 24.5 88.1 12.66 16.00 0.27 0.77 0.18 3,899 1.37 4.47 68.0

Piedmont FSB Winston-Salem 882 511 (4.2) 646 (5.8) 79.2 26.25 69.30 0.03 0.20 0.02 885 0.40 2.37 80.3

Roxboro Savings Bank SSB Roxboro 225 120 15.5 169 (3.6) 70.9 21.86 47.57 1.58 1.04 0.00 691 1.25 3.35 58.6

Surrey Bank & Trust Mount Airy 332 239 (11.1) 279 21.7 85.9 14.62 20.86 0.31 1.71 0.42 1,686 2.12 4.95 51.6

Taylorsville Savings Bank SSB Taylorsville 108 86 0.6 92 10.8 92.5 11.09 18.31 2.52 1.54 0.07 188 0.72 4.13 77.0

Uwharrie Bank Albemarle 659 373 (4.6) 590 22.6 63.2 8.88 13.74 1.09 0.56 0.03 1,152 0.72 3.54 82.4

Wake Forest FS&LA (MHC) Wake Forest 104 68 8.1 79 9.3 86.5 23.22 38.96 0.00 2.09 0.00 417 1.61 3.67 42.6

Average 11,831 7,663 5.2 9,147 40.8 83.5 16.18 30.51 0.79 0.96 0.03 42,960 0.70 3.70 70.3 Median 429 351 6.2 360 7.7 86.2 11.31 16.26 0.63 0.87 0.00 1,086 1.30 3.77 67.3

Source: S&P Global Market Intelligence 11 NORTH CAROLINA BANKS – COASTAL PLAIN REGION

Coastal Bank & Trust Jacksonville $113 $78 19.6 % $94 (9.0) % 82.6 % 15.67 % 22.87 % 0.55 % 1.33 % (0.02) % $229 0.80 % 4.40 % 78.1 %

First Capital Bank Laurinburg 110 72 (0.2) 74 (27.3) 98.1 23.01 34.29 1.27 1.50 0.00 (77) (0.29) 4.21 109.2

First Carolina Bank Rocky Mount 593 380 67.1 513 17.7 74.1 10.85 14.62 0.00 0.58 (0.01) 1,606 1.12 3.00 46.8

First Federal Bank Dunn 185 133 12.0 161 (5.0) 82.3 11.45 20.30 1.20 1.38 (0.01) 111 0.24 3.76 92.1

Hertford Savings Bank SSB Hertford 13 10 3.9 11 (5.0) 97.3 16.52 29.13 2.80 0.66 0.00 9 0.28 3.96 88.4

KS Bank Inc. Smithfield 404 303 (6.9) 328 9.0 92.1 9.76 14.24 0.85 1.34 (0.02) 1,112 1.13 3.72 66.9

Live Oak Banking Co. Wilmington 4,579 3,345 34.0 4,030 31.2 83.0 10.02 15.11 1.06 1.28 0.28 4,594 0.42 4.19 73.9

Lumbee Guaranty Bank Pembroke 346 190 6.1 300 17.0 63.4 12.01 19.86 2.44 1.14 0.11 804 0.93 3.97 74.5

New Republic SB Roanoke Rapids 63 54 (12.1) 49 (6.7) 111.7 10.06 16.05 1.47 1.03 0.08 (24) (0.15) 3.82 103.8

Providence Bank Rocky Mount 483 382 3.0 375 9.6 102.0 10.78 13.74 0.48 0.94 0.01 1,959 1.63 3.95 42.7

Roanoke Rapids SB SSB Roanoke Rapids 72 45 7.2 51 (22.5) 88.3 24.47 48.51 0.54 0.46 0.00 125 0.67 4.33 78.3

Select B&TC Dunn 1,269 1,017 7.5 1,013 (19.3) 100.4 12.97 15.62 1.51 0.79 0.19 3,590 1.11 4.07 62.6

Southern B&TC Mount Olive 2,854 1,788 8.2 2,451 6.8 72.9 9.64 13.33 0.43 1.15 0.00 9,224 1.32 3.84 62.6

Tarboro SB SSB Tarboro 49 37 (0.4) 42 11.0 88.2 14.49 25.88 2.22 0.36 0.01 46 0.37 3.54 80.9

Union Bank Greenville 788 555 14.2 657 8.1 84.6 8.99 13.73 0.31 0.89 0.01 1,903 0.98 3.82 64.8

Average 795 559 10.9 677 1.0 88.1 13.38 21.15 1.14 0.99 0.04 1,681 0.70 3.91 75.0 Median 346 190 7.2 300 6.8 88.2 11.45 16.05 1.06 1.03 0.00 804 0.80 3.95 74.5

Source: S&P Global Market Intelligence 12 RECENT SOUTHEAST TRANSACTIONS

Sorted by date announced Terms of the Transaction Target Financials Deal Purchase Price to Core Dep. Total NPA/ TCE/ LTM Date Considr Value Tg. Bk Erngs AssetsPremium Assets Assets TA ROAA Announced Buyer St. Seller City St. Type ($M) (%) (x) (%) (%) ($M) (%) (%) (%) 10/29/19 SmartFinancial Inc. TN Progressive Financial Grp Inc Jamestown TN Mix $41.4 124.9 27.0 14.2 4.2 $292.0 2.22 10.36 0.67 10/23/19 Reliant Bancorp Inc. TN First Advantage Bancorp Clarksville TN Mix 123.1 146.5 17.9 16.8 NA 732.6 1.31 11.03 1.06 09/25/19 Banco de Credito e Inversiones -- Executive Banking Corp. Miami FL -- 75.0 176.2 22.2 16.5 9.5 455.3 0.45 11.28 0.87 09/24/19 First Citizens BancShares Inc. NC Community Financial Holding Co Duluth GA Cash 2.3 NM 2.2 1.0 4.5 222.6 5.87 4.75 0.70 09/19/19 BancPlus Corp. MS State Capital Corp. Ridgeland MS Stock 136.5 162.8 18.7 11.7 5.6 1,167.3 0.52 7.36 0.63 09/16/19 Reliant Bancorp Inc. TN Tennessee Cmnty Bk Hldgs Inc. Ashland City TN Mix 38.4 144.0 15.2 15.3 7.3 251.4 0.43 10.60 1.07 08/20/19 Community First Bcshs (MHC) GA ABB Financial Group Inc. Atlanta GA Cash 40.3 158.1 14.9 13.1 9.4 307.5 0.53 10.71 0.96 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 08/05/19 First Guaranty Bancshares Inc. LA Union Bancshares Inc. Marksville LA Cash 43.0 152.8 12.7 16.5 8.8 261.4 1.78 10.77 1.28 07/30/19 Investar Holding Corp. LA Bank of York York AL Cash 15.0 146.9 16.7 15.2 8.5 99.5 0.02 11.28 1.06 07/25/19 First Financial Banc Corp. AR First National Corp. of Wynne Wynne AR Cash 60.2 153.6 12.7 18.4 9.0 327.1 0.59 12.21 1.48 07/25/19 Guaranty Capital Corp. MS First Alliance Bancshares Inc. Cordova TN Cash 18.3 NA NM 13.0 NA 140.6 NA NA NA 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 07/18/19 First Bcshs of Stevenson Inc. AL Vantage Bancshares Inc. Albertville AL Cash NA NA NM NA NA 128.8 1.12 12.80 1.26 07/15/19 Carolina Financial Corp. SC Carolina Trust BancShares Inc. Lincolnton NC Mix 100.1 161.1 21.8 16.2 9.7 617.4 0.82 10.12 0.74 06/05/19 River Financial Corp. AL Trinity Bancorp Inc. Dothan AL Mix 27.9 175.4 11.4 17.4 11.6 160.5 0.83 9.89 1.61 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 05/21/19 Citizens Holding Co. MS Charter Bank Biloxi MS Mix 19.9 138.5 NM 12.4 6.2 160.5 2.76 8.93 0.21 05/20/19 Magnolia Banking Corp. AR Prescott Bancshares Inc. Prescott AR Cash NA NA NM NA NA 67.9 0.54 14.69 0.68 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

Max $136.5 176.6 27.0 18.7 13.7 $1,167.3 5.87 14.69 1.61 Min 2.3 124.9 2.2 1.0 4.2 67.9 0.02 4.75 -0.80 Avg. 53.0 154.0 16.1 14.7 8.4 356.2 1.14 10.47 0.91 Median 40.8 153.2 15.9 15.7 8.9 276.7 0.59 10.71 1.06

Note: Includes whole bank transactions where 100% equity was acquired; Data as of November 3, 2019 Note: Most recent 20 transactions in the Southeast; Southeast consists of AL, AR, FL, GA, LA, MS, NC, SC and TN Source: S&P Global Market Intelligence 13 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

15 … 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

16 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 17 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

18 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 19 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 20 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 21 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

22 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 23 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

24 Financial Institutions Group