3rd Quarter 2019 DMISCUSSIONINNESOTA CMOMMUNITYATERIALS BANK LANDSCAPE Financial Institutions Group Table of Contents SECTION DESCRIPTION I. 3rd Quarter Feature – 2019 FDIC Deposit Data II. Minnesota Bank Regulatory Data III. Overview – Janney Montgomery Scott LLC Disclaimer Janney Montgomery Scott LLC prohibits its employees from directly or indirectly offering a favorable research rating or specific price target, or offering to change a rating or price target, as consideration or inducement either for the receipt of business or for compensation. 2 I. 3RD QUARTER FEATURE – 2019 FDIC DEPOSIT DATA 2019 DEPOSIT MARKET SHARE – MINNESOTA Minnesota Minnesota 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institutions (ST) Branches Market ($000) Share(%) Rank Institutions (ST) Branches Market ($000) Share(%) 1 U.S. Bancorp (MN) 138 76,048,256 32.24 26 Deerwood Bancshares, Inc. (MN) 14 609,057 0.26 2 Wells Fargo & Company (CA) 147 70,357,719 29.83 27 215 Holding Company (MN) 16 595,782 0.25 3 Bremer Financial Corporation (MN) 53 8,195,738 3.47 28 HMN Financial, Inc. (MN) 12 583,123 0.25 4 TCF Financial Corporation (MI) 89 6,893,833 2.92 29 MidCountry Acquisition Corporation (MN) 13 582,755 0.25 5 Bank of Montreal 23 3,997,930 1.69 30 Mesaba Bancshares, Inc. (MN) 16 560,639 0.24 6 Old National Bancorp (IN) 35 3,175,510 1.35 31 Citizens Bank Group, Inc. (MN) 7 555,686 0.24 7 Bank of America Corporation (NC) 11 3,133,900 1.33 32 Fishback Financial Corporation (SD) 7 535,098 0.23 8 Ameriprise Financial, Inc. (MN) 2 2,205,519 0.94 33 Waseca Bancshares, Inc. (MN) 9 520,481 0.22 9 State Bankshares, Inc. (ND) 12 2,040,050 0.86 34 Heartland Financial USA, Inc. (IA) 2 515,310 0.22 10 Associated Banc-Corp (WI) 19 1,879,607 0.80 35 Border Bancshares, Inc. (ND) 9 513,743 0.22 11 Bridgewater Bancshares, Inc. (MN) 9 1,728,890 0.73 36 First Bemidji Holding Company (MN) 4 505,940 0.21 12 Stearns Financial Services, Inc. (MN) 6 1,659,780 0.70 37 Farmers State Corporation (MN) 12 502,877 0.21 13 Minnwest Corporation (MN) 27 1,530,114 0.65 38 Alliance Financial Services, Inc. (MN) 7 501,943 0.21 14 Merchants Financial Group, Inc. (MN) 22 1,510,202 0.64 39 Finlayson Bancshares, Inc. (MN) 22 496,486 0.21 15 Think Mutual Bank (MN) 11 1,367,720 0.58 40 Security Bancshares Company (MN) 17 491,387 0.21 16 Frandsen Financial Corporation (MN) 35 1,343,451 0.57 41 Goodenow Bancorporation (IA) 6 484,922 0.21 17 University Financial Corp, GBC (MN) 6 986,511 0.42 42 N.A. Corporation (MN) 5 484,255 0.21 18 BNP Paribas SA 22 978,724 0.41 43 Walker Ban Co. (MN) 9 480,770 0.20 19 Alerus Financial Corporation (ND) 6 907,454 0.38 44 Crosstown Holding Company (MN) 7 469,943 0.20 20 MidWestOne Financial Group, Inc. (IA) 13 837,752 0.36 45 Vermillion Bancshares, Inc. (MN) 6 469,360 0.20 21 Premier Bank (MN) 8 739,926 0.31 46 Centra Ventures, Inc. (MN) 5 454,406 0.19 22 American National Corporation (NE) 7 725,068 0.31 47 Hopkins Financial Corporation (SD) 15 441,026 0.19 23 Tradition Bancshares, Inc. (MN) 3 700,080 0.30 48 Midwest Bank Group, Inc. (MN) 7 423,583 0.18 24 Forstrom Bancorporation, Inc. (MN) 9 648,284 0.27 49 NATCOM Bancshares, Inc. (WI) 9 423,373 0.18 25 Choice Financial Holdings, Inc. (ND) 5 624,445 0.26 50 Fidelity Holding Company (MN) 1 395,722 0.17 Total Branches Total Deposits Total For Institutions In Market 1,654 235,875,054 Source: S&P Global Market Intelligence, FDIC Summary of Deposits 2019 4 2019 DEPOSIT MARKET SHARE – LARGEST MSAS 1. MINNEAPOLIS-ST. PAUL-BLOOMINGTON MSA 2. FARGO MSA Minneapolis-St. Paul-Bloomington, MN-WI Fargo, ND-MN 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institutions (ST) Branches Market ($000) Share(%) Rank Institutions (ST) Branches Market ($000) Share(%) 1 U.S. Bancorp (MN) 99 73,464,421 38.87 1 State Bankshares, Inc. (ND) 11 3,469,095 39.52 2 Wells Fargo & Company (CA) 96 64,630,788 34.20 2 Wells Fargo & Company (CA) 6 716,591 8.16 3 TCF Financial Corporation (MI) 85 6,678,784 3.53 3 U.S. Bancorp (MN) 7 669,061 7.62 4 Bremer Financial Corporation (MN) 20 4,717,182 2.50 4 Gate City Bank (ND) 17 647,222 7.37 5 Bank of Montreal 26 4,098,778 2.17 5 Watford City Bancshares, Inc. (ND) 5 597,084 6.80 6 Bank of America Corporation (NC) 11 3,133,900 1.66 6 Bremer Financial Corporation (MN) 3 363,500 4.14 7 Old National Bancorp (IN) 31 2,994,173 1.58 7 Alerus Financial Corporation (ND) 3 311,218 3.55 8 Ameriprise Financial, Inc. (MN) 2 2,205,519 1.17 8 Choice Financial Holdings, Inc. (ND) 3 287,909 3.28 9 Associated Banc-Corp (WI) 20 1,971,146 1.04 9 Western State Agency, Inc. (ND) 2 282,072 3.21 10 Bridgewater Bancshares, Inc. (MN) 9 1,728,890 0.91 10 Vision Bank Holdings, Inc. (ND) 3 175,608 2.00 11 State Bankshares, Inc. (ND) 4 1,277,525 0.68 11 BNP Paribas SA 3 153,485 1.75 12 University Financial Corp, GBC (MN) 6 986,511 0.52 12 American Federal Corporation (ND) 3 148,900 1.70 13 Alerus Financial Corporation (ND) 6 907,454 0.48 13 Starion Bancorporation (ND) 3 119,778 1.36 14 MidWestOne Financial Group, Inc. (IA) 14 893,590 0.47 14 Westbrand, Inc. (ND) 2 114,073 1.30 15 Premier Bank (MN) 8 739,926 0.39 15 Northwestern Bancshares, Inc. (MN) 3 112,584 1.28 16 American National Corporation (NE) 7 725,068 0.38 16 Bankshares of Hawley, Inc. (MN) 2 98,417 1.12 17 Tradition Bancshares, Inc. (MN) 3 700,080 0.37 17 First Financial Corporation (ND) 3 96,681 1.10 18 Choice Financial Holdings, Inc. (ND) 4 611,851 0.32 18 Cornerstone Holding Company, Inc. (ND) 2 94,191 1.07 19 Heartland Financial USA, Inc. (IA) 2 515,310 0.27 19 Border Bancshares, Inc. (ND) 2 83,443 0.95 20 N.A. Corporation (MN) 5 484,255 0.26 20 Midwest Bank Group, Inc. (MN) 1 60,685 0.69 21 Crosstown Holding Company (MN) 7 469,943 0.25 21 HSB Financial Corp. (ND) 1 35,321 0.40 22 Vermillion Bancshares, Inc. (MN) 6 469,360 0.25 22 Ramsey Financial Corporation (ND) 1 30,296 0.35 23 Fidelity Holding Company (MN) 1 395,722 0.21 23 Hunter Holding Company (ND) 2 28,151 0.32 24 Metro North Bancshares, Inc. (MN) 5 392,238 0.21 24 Kindred State Bank (ND) 1 27,093 0.31 25 Highland Bancshares, Inc. (MN) 5 386,163 0.20 25 Aspire Bancshares, Inc. (ND) 1 19,145 0.22 Total For Institutions In Market 773 188,984,903 Total For Institutions In Market 94 8,777,825 Source: S&P Global Market Intelligence, FDIC Summary of Deposits 2019 5 2019 DEPOSIT MARKET SHARE – LARGEST MSAS 3. ROCHESTER MSA 4. ST. CLOUD MSA Rochester, MN St. Cloud, MN 2019 2019 2019 Number of Deposits In Total Market 2019 Number of Deposits In Total Market Rank Institutions (ST) Branches Market ($000) Share(%) Rank Institutions (ST) Branches Market ($000) Share(%) 1 Think Mutual Bank (MN) 7 1,149,909 20.64 1 Stearns Financial Services, Inc. (MN) 3 1,519,915 27.64 2 Wells Fargo & Company (CA) 5 990,256 17.77 2 Bremer Financial Corporation (MN) 4 656,804 11.94 3 U.S. Bancorp (MN) 4 470,019 8.43 3 Wells Fargo & Company (CA) 4 509,491 9.27 4 Bremer Financial Corporation (MN) 6 405,161 7.27 4 U.S. Bancorp (MN) 5 408,592 7.43 5 HMN Financial, Inc. (MN) 6 360,212 6.46 5 Centra Ventures, Inc. (MN) 3 339,857 6.18 6 Premier Bank Rochester (MN) 4 200,857 3.60 6 American Heritage Holding Company (MN) 3 211,748 3.85 7 Plainview Bankshares, Inc. (MN) 2 200,218 3.59 7 ABDO Investments, Inc. (MN) 1 184,701 3.36 8 Merchants Financial Group, Inc. (MN) 4 199,167 3.57 8 Saint Joseph Bancshares Acquisitions, In 4 167,954 3.05 9 WRZ Bankshares, Inc. (MN) 3 144,508 2.59 9 Liberty Financial Services of St. Cloud, 5 158,658 2.89 10 Sterling Financial Group, Inc. (MN) 2 137,757 2.47 10 Deerwood Bancshares, Inc. (MN) 3 152,830 2.78 11 Associated Banc-Corp (WI) 4 131,614 2.36 11 First Bancshares, Inc., of Cold Spring 1 112,266 2.04 12 F & M Financial Services, Inc. (MN) 3 115,591 2.07 12 Minnwest Corporation (MN) 1 106,606 1.94 13 Minnwest Corporation (MN) 5 113,524 2.04 13 TCF Financial Corporation (MI) 1 105,870 1.93 14 WNB Holding Company (MN) 2 109,837 1.97 14 Sauk Centre Financial Services, Inc.