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DECEMBER 27, 2016 JANNEY MONTGOMERY SCOTT INVESTMENT BANKING Janney Weekly Bank & Thrift Newsletter

December 27, 2016

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Page 1: December 27, 2016

DECEMBER 27, 2016

JANNEY MONTGOMERY SCOTT INVESTMENT BANKING

Janney Weekly Bank & Thrift Newsletter

Page 2: December 27, 2016

2

Table of Contents

1. Janney Daily Fix

2. Janney Outlook 2017

3. Bank, Thrift & MHC Summary Valuation

4. Recent Bank M&A Transactions

5. Relevant Janney Capital Markets Professionals

Page 3: December 27, 2016

1.) Janney Daily Fix

Page 5: December 27, 2016

2.) Janney Outlook 2017

Page 6: December 27, 2016

T H E H I G H E S T S T A N D A R D O F S U C C E S S I N F I N A N C I A L R E L AT I O N S H I P SWWW. JANNEY.COM • © JANNEY MONTGOMERY SCOTT LLC • MEMBER: NYSE, FINRA, SIPCREF. 161215 • OUTLOOK 2017 • PAGE 1

J a n n e y O u t l o o k 2 0 1 7

Macro & Equity ThemesBy Mark Luschini, Chief Investment Strategist

We are fairly sanguine about prospects for the U.S. economy and equity markets in 2017. Why? We believe the possibility is open that the robust labor market which is generating real income gains, if combined with a revival of C-suite animal spirits, could engender a self-reinforcing lift in activity.

In our judgment, the prospective pro-growth policies articulated by President-elect Donald Trump are, on balance, economically favorable. Those include the heightened probability for corporate and individual tax reform, a friendlier regulatory environment, and a sizeable fiscal spending package. To be sure, worries about trade practices and the strength of the U.S. dollar currency, both of which could become a stiff headwind to multinational company profits, could escalate concerns that all is not without risk on the domestic front, and therefore, bears monitoring.

Still, with employment and wage growth moving in the right direction, and households regaining the ability to add some debt, a pickup in consumption could amplify the effects of policy stimulus and give rise to an extended period of notably stronger growth. All else equal, that would warrant positioning for higher stock prices. Prior to the election, our base case for the economy and markets in 2017 was for more of the same. In other words, steady but below-trend growth is pushing stocks modestly higher. Now we handicap the odds for an improved outlook to be greater than those associated with endangering the achievement of our base case. That feeds our view that stocks could stage a rather healthy advance in 2017. Investors should expect intermittent bouts of market indigestion, for reasons including, but not limited to, U.S. policy moves falling short of expectations in delivery or timing, geopolitical risks, or a crisis erupting from within the emerging market complex. However, we expect stocks to deliver a positive carry that is sufficiently rewarding for accepting the inevitable and shifting market-impacting uncertainties.

Investment Strategy Group

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Scenario Analysis (S&P price is 2,262 as of this writing)

Optimistic Case (30%)

Economy and MarketsThe economy gathers momentum and growth is augmented by the legislation of tax reform, regulatory relief, and fiscal spending. Corporate profits accelerate and investors rotate from bonds to stocks. While the Fed raises rates, the market reacts positively because the economy warrants it. Better earnings, market-friendly policy reforms, and business confidence that lifts to directionally match that of the consumer sets up a self-fulfilling and sustainable cycle of above-trend economic activity. The S&P 500 nears 2,500 on double-digit profit gains and multiple expansion.

Investment StrategyValue stocks and small-cap stocks are favored, as investors bid for their leverage on domestic economic activity. Cyclical sectors such as Financials, Energy, Materials, and Industrials perform well, but Defensives should be faded. Gold could benefit from an environment that could breed an above-trend inflationary impulse.

Base Case (60%)

Economy and MarketsThe economy continues to grow, perhaps somewhat better than last year. While President Trump’s pro-growth policy reforms are mostly enacted, they are not effective until later in the year and may even have a greater impact in 2018. The Fed lifts rates several times during the year, but moves gradually—ensuring market participants that it would rather risk faster-than-expected growth than slower. Occasional bouts of volatility are common because of evolving divergences, including but not limited to central bank policies, European elections, military skirmishes, and emerging market flare-ups. Stocks produce a healthy return, with an advance in line with earnings growth in the mid-to-upper single digits. The S&P 500 Index achieves a level of 2,410.

Investment Strategy Economically sensitive sectors perform well, and even some defensive sectors such as Staples and REITs hold luster for their dividends—a theme that will not be completely doused by interest rates moving somewhat higher. Gold suffers, as real interest rates climb and inflation remains benign.

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Scenario Analysis (S&P price is 2,262 as of this writing)

Pessimistic Case (10%)

Economy and MarketsA strengthening U.S. dollar, protectionist trade practices, and a delay in some of the Trump Administration’s pro-growth initiatives darken investor enthusiasm, and valuations fall to reflect a corporate profit landscape that while positive, is underwhelming. Business confidence fades some, and the dollar softens. Economic activity remains positive, but markets correct to discount much of what was pulled into last year’s rally. The S&P 500 falls to the low 2,000s before recovering somewhat, and regains the 2,190 level.

Investment Strategy Defensive sectors such as Telecom, Utilities, and Consumer Staples do relatively well. Temper exposure to economically-sensitive sectors. Cash is preferred as both a hedge and as a source of purchasing power as, all else being equal, the pullback would create a buying opportunity.

Where could we be wrong?

Upside surprise (65%)• Business spending increases earlier in the

year and faster than anticipated. • Job and wage gains accelerate. • Fiscal stimulus is sizeable, and the multiplier

effect amplifies growth.• Consumers spend down their savings from

current elevated levels, as they believe savings will accumulate through further wage gains.

• Non-U.S. economic activity picks up.

Downside surprise (35%)• The dollar strengthens another 10%,

financial conditions tighten, and export activity is suffocated.

• Trade policies enacted by the new Administration are disruptive and crimp U.S. multi-national exports, and in turn hurt S&P 500 profits, of which over 40% are generated by this cohort.

• Business confidence slips as hopes for policy reform are dashed either by the magnitude of what is legislated, or by gridlock that leads to policy stalemate.

• Emerging market crisis is precipitated by too-low oil prices, a dollar-induced crash in currency, or apolitical blunder.

• Inflation/oil price spike causes a de-rating of stock prices, the Fed to act unexpectedly aggressively, or stifling of economic activity.

• A central banking miscalculation occurs that over- or under-estimates the economy’s stability and which forces monetary officials to act in a fashion unanticipated by market participants.

The net effect of these two scenarios is a forecast that underlying conditions foster a better growth environment in 2017 and, extrapolating from prospective policy adjustments, gives us confidence that such an outcome is more likely to be realized than not.

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U.S. Economy

Indicators are pointing favorably. Data have been improving comparatively, giving rise to the Leading Economic Indicators index “moving up and to the right”. In addition, activity in the manufacturing and services sector remains expansionary, and hiring plans are lifting. Inflation remains below average, and while expected to increase, does not illicit signs of moving meaningfully higher.

Household incomes jumped more than 5% in the past year, improving personal income statements, while debt has been pared and interest service ratios are near multi-decade lows.

Surveys of confidence are the highest in more than a decade with both the current conditions component as well as expectations contributing positively.

Chart 4: Conference Board Consumer Confidence

(Source: Janney ISG, Conference Board)  

Chart 1: Leading Economic Indicators (LEI)

(Source: Janney ISG, Conference Board)

Chart 2: U.S. Unemployment Rate

(Source: Janney ISG, Bloomberg)

Consumption drives 70% of U.S. economic activity.The Consumer will remain the economic driver. Steady job and wage gains support the propensity to spend. Household Net Worth, on the back of a lift in financial asset and housing prices, stands at an all-time-high. Inflation and energy costs have been relatively benign, freeing disposable incomes to be split between spending and savings.

Chart 3: U.S. Household Net Worth (Nominal USD)

(Source: Janney ISG, Federal Reserve)

 

Global Economy The global backdrop is encouraging. The International Monetary Fund and World Bank have released forecasts for global activity pointing to better growth in 2017. Europe’s economy elicits signs of continued positive growth, supported by the highly accommodative policies of the Mario Draghi-led European Central Bank. China has seen its economy decelerate somewhat, but it has plenty of scope to stem its decline to maintain its target growth at or near 6.5%.Economic blocs of other significance are either growing tepidly or emerging from steep recessions, i.e., Russia and Brazil, and are not expected to similarly detract from global performance next year.

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What Areas Would We Underweight or Avoid?While inflation expectations have been rising, albeit slowly, some of the policies espoused by the new Administration could have an inflationary impact. Given their interest rate sensitivity due to two factors—capital intensity, and their use as bond surrogates very often—the following sectors could come under pressure going forward:

• Utilities – Rich valuations and rising cost of capital are counterproductive features for this group’s profitability.

• Telecommunications – Capital costs and changing mix of business (acquisitive efforts directed to expand their ownership of content-rich media companies) makes them vulnerable to shifts in market sponsorship.

• REITs – While normally successful as passing along rent increases to adjust for inflation, their starting point from such low yields leaves this group vulnerable to competing yields offered by fixed-income alternatives.

• Globally-Geared Large Caps – The dollar could rally further, undermining the profit growth generated by their overseas activities. In addition, the effective tax rate of this group has already been pared—marginalizing the benefits of further corporate tax cuts.

• Emerging Markets – Stocks and currencies of emerging market countries tend to suffer when the dollar is rising. In addition, China’s effort to rebalance its economy to a more consumption-led model will continue to weigh on commodity-producing countries, as the over-capacity many have will continue to be under-utilized. Finally, fiscal imbalances will further erode in those countries whose debt is dollar-denominated—a common characteristic within the emerging market universe.

Chart 5: JPM Global Manufacturing Composite PMI

(Source: Janney ISG, JP Morgan)

JP Morgan Manufacturing Composite PMI

Chart 6: JPM Global Services Composite PMI

(Source: Janney ISG, JP Morgan)

JP Morgan Global Services Composite PMI

Investable Themes for the Coming Year• Capitalization – We favor small and mid-sized

enterprises (SME), as their domestic-facing posture largely shields them from the dollar’s strength and their profitability will benefit profoundly from lower corporate tax rates.

• Style – Economically, sectors that are prominent in Value indices should outperform if the uptick in economic activity that we postulate comes to fruition.

• Go overseas but hedge – Both European and Japanese equity markets are attractive, as they host companies whose valuations are at handsome discounts compared to their U.S. based counterparts. Using a hedge, or means by which to mitigate the effects of the currency cross between the U.S. dollar and the Euro or Yen, will be important—if less so for exposure to European equities than Japanese equities in the upcoming year.

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the potential to rise more sustainably. That rise will be the province of a Federal Reserve which, empowered by a possible fiscal stimulus package, may raise interest rates slightly faster than the markets have priced in for 2017. Our base case forecast includes three rate hikes beyond the one in December 2016.

Interest RatesBy Guy LeBas, Chief Fixed Income Strategist

Going Nowhere Fast? In contrast to the extraordinarily negative market feel in November to early December, interest rates are very close to unchanged year-over-year. Indeed, our year-ago forecasts for 10-year Treasury yields at the end of 2016 were for the benchmark to be trading around 2.25%, within 0.15% of level at the time of this publication. Where we are is clear, but how we got there traces a course of risk aversion, politics, and finally a reflation narrative with unusual power. It’s this last point, the “reflation narrative”, which dominated in the wake of Donald Trump’s surprise election and drove the subsequent 0.75% run up in long-term interest rates. That narrative is fading in strength and, while it may push interest rates even higher in the short run, its long run power is negligible. Fundamentals of inflation will carry the day—it’s just a question of when.

In the intermediate term, the only reliable correlation between long-term interest rates and economic variables lies in inflation. As we posited in our Outlook 2016, we, as an economic society, cannot be certain what causes inflation, as data from the last several years basically rebut all of the theories on inflation. The result is that the most likely place inflation will be one year from now is essentially right where it is today, plus or minus a couple tenths of a percent. Meanwhile, the power of the reflation narrative in November and December has pushed inflation expectations higher. The five year forward five year inflation breakeven (a measure of what investors pay to hedge core inflation risk) rose from about 2.10% at the beginning of November to about 2.50% today. That’s a big move, and one that may well continue until the 3% mark. But if that does indeed occur, the narrative will eventually be rebutted by muted inflation readings in 2017—thereby dragging interest rates down to more fundamentally-based levels.

The net result, as you can see in our Outlook 2017 Interest Rate Forecasts detailed below, is that we expect long rates will continue to rise moderately in the early portion of 2017 and then come sliding back to levels not far from where they trade today. Shorter-term interest rates, however, have

Chart 7: The Great Reflation Narrative of 2016

(Source: Janney ISG; Bloomberg)

  

Chart 8: Outlook 2017 Interest Rate Forecasts

(Source: Janney ISG)

Central Bank Rates Current 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 2Q 2018 4Q 2018Fed Funds Lower 0.25% 0.50% 0.75% 1.00% 1.25% 1.25% 1.25% 1.25%Fed Funds Upper 0.50% 0.75% 1.00% 1.25% 1.50% 1.50% 1.50% 1.50%

Treasury Curve Current 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 2Q 2018 4Q 20183m Bill 0.48% 0.74% 0.89% 1.08% 1.25% 1.29% 1.30% 1.30%2yr Note 1.12% 1.07% 1.34% 1.38% 1.42% 1.36% 1.56% 1.86%5yr Note 1.84% 1.76% 2.16% 2.11% 2.10% 1.97% 2.06% 2.35%10yr Note 2.39% 2.24% 2.65% 2.55% 2.46% 2.33% 2.36% 2.63%30yr Bond 3.06% 2.96% 3.23% 3.12% 3.04% 2.89% 2.90% 3.14%

2s/10s 127 bps 118 bps 131 bps 117 bps 104 bps 97 bps 80 bps 77 bps5s/30s 123 bps 120 bps 106 bps 101 bps 94 bps 92 bps 83 bps 79 bps10s/30s 68 bps 72 bps 58 bps 57 bps 58 bps 56 bps 54 bps 50 bps

LIBOR/Swaps Curve Current 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 2Q 2018 4Q 20181m LIBOR 0.41% 0.66% 0.82% 1.01% 1.18% 1.22% 1.22% 1.23%3m LIBOR 0.95% 1.20% 1.35% 1.54% 1.72% 1.75% 1.76% 1.76%2yr Swap 1.34% 1.28% 1.56% 1.60% 1.64% 1.58% 1.78% 2.08%5yr Swap 1.83% 1.76% 2.16% 2.11% 2.10% 1.97% 2.06% 2.35%10yr Swap 2.23% 2.09% 2.50% 2.40% 2.31% 2.17% 2.20% 2.48%30yr Swap 2.52% 2.42% 2.69% 2.58% 2.50% 2.34% 2.35% 2.59%

All numbers are period end forecasts.

Where could we go wrong? Much of the reflation narrative and the Fed thesis rest on the expectation that Congress and President Trump will launch a sizable fiscal stimulus package. Such a package makes it mathematically hard to have a recession in 2017, as even $50 billion of incremental spending in the second half of 2017 would boost economic growth by about +0.8%. Impediments which significantly downsize, delay, or prevent such a stimulus package bring recession risk back on the table, however, and will (a) cause the Fed to undershoot on those three rate hikes, as well as (b) reintroduce deflationary risk from an economic slowdown. In that alternate scenario, we can expect long rates

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Credit: Invested in Change?By Jody K. Lurie, CFA, Director, Fixed Income Strategy & Research

The year 2016 was a rough start for corporates. High yield credit spreads were meaningfully wider, as investors were “risk off” with the fall in energy and commodity prices starting in mid-2014. The year’s expectations included increased default rates. Since mid-February, however, the dialogue shifted to one with cautious optimism. The improving outlook shifted attitude into “risk on” position, which hardly wavered after the Brexit vote, as investors hunted for yield. Issuance remained robust through September, but fell off as central bank discussions took center stage. The surprising U.S. presidential election results encouraged increased optimism in the financial markets. Hope coupled with speculations about the new Administration’s policies towards infrastructure spending, taxes, and decreased financial regulation caused tightening of credit spreads, despite the selloff in rates.

If, in fact, the new Administration is successful in its endeavors, the economic optimism will help credit quality of both financial and nonfinancial firms, and a potential reduction in regulation and taxation rates could support long-term organic growth plans, which have been lagging in recent years. Robust multi-year capex plans have been the missing piece of the economic puzzle in the post-recession era, and companies have been hesitant to spend on longer-term initiatives because of the

to revisit their 2016 lows—ironically, an outcome that would be bad for longer-term bond investors who are seeking higher income generated by higher rates.

Fixed Income Strategy & Research

risk involved and the short-term gains provided by shorter-term cash usage plans—including acquisitions, share buybacks, and dividends. Should a Trump presidency result in a less-favorable approach towards mega-mergers, large corporations will opt out of pursuing M&A and instead use cash flow for organic capex. Helping the case would be a tax repatriation holiday. This shift in plans at large firms would trickle down into smaller companies as well. In a changing or potentially rising rate environment, borrowing in the debt markets would not be as compelling an alternative to spending domestic cash.

Chart 9: Companies Have Not Committed as Much Cash to Capex as Pre-Recession

(Source: Janney FISR; Federal Reserve)

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Total CashLTM CapexCapex to Cash

At the same time, an outlook that includes economic growth would help corporate credit quality, particularly at cyclical firms. Although

Disclosures

This is for informative purposes only and in no event should be construed as a recommendation by us or as an offer to sell, or solicitation of an offer to buy, any securities. The information given herein is taken from sources that we believe to be reliable, but is not guaranteed by us as to accuracy or completeness. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of individual investors. Employees of Janney Montgomery Scott LLC or its affiliates may, at times, release written or oral commentary, technical analysis, or trading strategies that differ from the opinions expressed here.

Returns reflect results of various indices based on target allocation weightings. Weightings are subject to change. Index returns are for illustrative purposes only and do not represent the performance of any investment. Index performance returns do not reflect any management fees, transaction costs, or expenses. Indexes are unmanaged, and you cannot invest directly in an index.

Performance data quoted represents past performance and is no guarantee of future results. Current returns may be either higher or lower than those shown.

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credit spreads of energy and commodity debt have tightened meaningfully since the bottom at the start of 2016, they remain wide of other sectors’ spreads. Financials, for example, which saw some volatility brought on by the selloff in energy, did not experience the same widening shown in energy and commodity credit spreads. Even though financial firms are likely to benefit from a reduction in regulation, there is minimal opportunity in the corporate space versus alternatives. Nonetheless, effects of post-recession regulation and a rise in institutional money invested in corporates are likely to cause increased volatility throughout the year, given the uncertainty around fiscal policy. Because of the changing rate environment, we may see more volatility in longer-term securities, including perpetual preferreds. In the end, much of the outlook for corporates is dependent on guidance provided by the new Administration, so investors’ appetite for corporates and the trend in credit quality could move differently than what is expected currently.

Munis: Steady As She Goes?By Alan Schankel, Managing Director, Municipal Strategy, and Eric Kazatsky, Director, Municipal Credit Analyst

In many ways, 2016 was a “steady as she goes” year for the municipal bond market—at least until the November election. Tax-free yields drifted downward during the first half of 2016, with the June 23rd Brexit vote and the resultant, albeit temporary, flight-to-quality trade pushing yields to the lowest level in more than 50 years, in the days following the July 4th holiday. With a noisy, contentious election season as background, rates drifted higher through the summer and into the fall months—with November’s election results triggering a selloff that drove the 10-year MMA benchmark yield higher by 82 basis points by December 1. The Bloomberg Barclays Municipal Bond Total Return Index registered a -3.73% return in November 2016—the worst monthly showing since September 2008, when markets were dealing with the Lehman bankruptcy, federal takeover of Fannie and Freddie, and the string of negative events generated by the subprime mortgage crisis.

In the coming year, we’ll be looking at potential tax reform efforts, with an eye on the status of the municipal tax exemption. A reduction in tax rates as proposed by the President-elect, with the top federal bracket dropping from 39.6% to 33%, might perhaps impact tax-free demand on the margins, but the tax exemption would remain valuable to high bracket investors. If more comprehensive reforms included elimination or other change to the exemption, the impact on municipal investors could be more significant. If the exemption were eliminated, as proposed by the bi-partisan Simpson-Bowles Commission in 2010, we believe outstanding municipal debt would be grandfathered. A lowering of the corporate tax rate to 15% from the existing 35% rate would almost certainly reduce bank demand for tax-free bonds.

State and local government credit conditions will continue to stabilize in 2017, but the challenge of rising fixed costs due to underfunded pensions will weigh on the sector. Post-election uncertainty is particularly evident in the nonprofit healthcare sector, with the “repeal and replace” mantra surrounding the Affordable Care Act putting into question whether recent increases in the insured population (hospital customers) will reverse. We expect new issue volume to be in the $435 billion area—with refundings diminishing, but new money borrowing growing as the downside of postponed infrastructure investment becomes an increasing challenge to state and local government.

Chart 10: Low New Money Volume of Recent Years Underlies Critical Need for Infrastructure Investment

(Source: Janney FISR; Bond Buyer)

 

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T H E H I G H E S T S T A N D A R D O F S U C C E S S I N F I N A N C I A L R E L AT I O N S H I P SWWW. JANNEY.COM • © JANNEY MONTGOMERY SCOTT LLC • MEMBER: NYSE, FINRA, SIPCREF. 161215 • OUTLOOK 2017 • PAGE 9

Disclosures

This report is the intellectual property of Janney Montgomery Scott LLC (Janney) and may not be reproduced, distributed, or published by any person for any purpose without Janney’s express prior written consent.

This presentation has been prepared by Janney Fixed Income Strategy & Research (FISR) and is to be used for informational purposes only. In no event should it be construed as a solicitation or offer to purchase or sell a security. The information presented herein is taken from sources believed to be reliable, but is not guaranteed by Janney as to accuracy or completeness. Any issue named or rates mentioned are used for illustrative purposes only, and may not represent the specific features or securities available at a given time. Preliminary Official Statements, Final Official Statements, or Prospectuses for any new issues mentioned herein are available upon request. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, securities prices, market Indices, as well as operational or financial conditions of issuers or other factors. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. We have no obligation to tell you when opinions or information contained in Janney FISR presentations or publications change.

Definition of Ratings

Overweight: Janney FISR expects the target asset class or sector to outperform the comparable benchmark (below) in its asset class in terms of total return.

Marketweight: Janney FISR expects the target asset class or sector to perform in line with the comparable benchmark (below) in its asset class in terms of total return.

Underweight: Janney FISR expects the target asset class or sector to underperform the comparable benchmark (below) in its asset class in terms of total return.

Benchmarks

Asset Classes: Janney FISR ratings for domestic fixed income asset classes including Treasuries, Agencies, Mortgages, Investment Grade Credit, High Yield Credit, and Municipals employ the “Barclay’s US Aggregate Bond Market Index” as a benchmark.

Treasuries: Janney FISR ratings employ the “Barclay’s US Treasury Index” as a benchmark.

Agencies: Janney FISR ratings employ the “Barclay’s US Agency Index” as a benchmark.

Mortgages: Janney FISR ratings employ the “Barclay’s US MBS Index” as a benchmark.

Investment Grade Credit: Janney FISR ratings employ the “Barclay’s US Credit Index” as a benchmark.

High Yield Credit: Janney FISR ratings for employ “Barclay’s US Corporate High Yield Index” as a benchmark.

Municipals: Janney FISR ratings employ the “Barclay’s Municipal Bond Index” as a benchmark.

Analyst Certification

We, Alan Schankel, Eric Kazatsky, and Jody Lurie, the Primarily Responsible Analysts for this report, hereby certify that all views expressed in this report accurately reflect our personal views about any and all of the subject sectors, industries, securities, and issuers. No part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Page 15: December 27, 2016

3.) Bank, Thrift & MHC Summary Valuation

Page 16: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

PBCT People's United Financial Inc. 40,692 6,029 19.36 20.13 13.62 21.27 21.07 215.7 3.51 7.23 0.78 71.19 0.71 5.77 63.07 19.88 1.31

WBS Webster Financial Corp. 25,634 5,009 54.61 55.80 30.09 26.00 25.76 275.3 1.83 7.74 1.17 62.71 0.81 8.20 61.55 46.84 2.11

UBNK United Financial Bancorp 6,545 919 18.19 18.46 10.28 20.21 18.37 171.7 2.64 8.32 0.85 74.24 0.72 7.12 62.21 41.23 1.06

FBNK First Connecticut Bancorp, Inc 2,832 346 21.90 25.00 14.42 24.61 22.35 135.4 1.64 9.03 1.01 73.97 0.49 5.34 72.20 25.79 (0.68)

BWFG Bankwell Financial Group Inc. 1,566 250 33.05 33.08 18.48 21.46 20.40 181.8 0.85 8.80 0.49 226.50 0.83 8.55 57.59 66.50 3.48

SIFI SI Financial Group Inc. 1,538 192 15.75 16.23 12.30 29.72 - 135.3 1.02 9.35 1.13 66.19 0.42 3.98 75.02 15.38 0.96

SAL Salisbury Bancorp Inc. 928 105 37.90 38.30 29.50 14.36 - 132.1 2.96 8.66 2.35 27.06 0.80 7.83 65.47 13.22 4.56

PNBK Patriot National Bancorp Inc. 683 57 14.34 16.50 12.57 39.83 - 90.7 - 9.16 NA NA 0.22 2.28 80.06 (1.45) 1.19

DRWB Darien Rowayton Bank 599 NA 0.45 0.45 0.45 - - - NA 9.30 0.01 NM (0.53) (6.23) 118.23 NA -

PBBI PB Bancorp Inc. 506 79 10.00 10.00 8.20 NM - 100.3 1.20 15.72 NA NA 0.18 1.23 83.67 17.31 4.17

SBTB SBT Bancorp Inc. 505 30 22.41 22.96 19.05 23.35 - 98.4 2.50 6.14 NA NA 0.27 4.12 85.93 5.98 2.11

FSFF First Suffield Financial Inc. 251 36 7,200.00 7,410.00 7,190.00 - - - 2.50 NA NA NA NA NA NA 2.86 -

WSFS WSFS Financial Corp. 6,628 1,442 46.05 47.60 26.40 23.38 20.56 277.6 0.61 8.05 0.64 91.85 1.04 9.85 55.57 42.31 1.54

TBBK Bancorp Inc 4,218 445 8.04 8.20 3.88 NM NM 133.4 NA 7.92 NA NA (1.15) (15.69) 97.97 26.22 6.07

NACB National Capital Bank 406 51 176.00 188.88 135.00 8.65 - 116.9 1.14 10.66 1.04 113.67 1.42 14.38 76.94 13.55 3.07

IBWC IBW Financial Corp. 389 11 18.00 18.90 17.15 - - - 0.56 10.29 3.44 31.04 0.33 3.31 88.14 0.06 -

EVER EverBank Financial* 28,703 2,458 19.41 19.47 12.32 20.22 13.86 143.4 1.24 6.45 0.74 42.62 0.49 7.07 71.47 21.46 0.31

BKU BankUnited Inc. 27,265 3,941 37.84 38.47 27.85 18.73 18.59 171.7 2.22 8.44 0.43 132.24 0.88 9.51 58.71 4.94 1.50

FCB FCB Financial Holdings Inc. 8,531 1,972 48.15 48.25 28.64 20.49 21.02 223.9 NA 10.42 0.50 83.92 1.32 11.34 44.54 34.53 3.77

CSFL CenterState Banks 5,015 1,220 25.39 25.83 12.57 32.97 19.91 283.3 0.63 8.80 0.79 64.71 0.80 7.14 57.53 62.24 2.38

SBCF Seacoast Banking Corp. of FL 4,514 851 22.37 22.47 13.40 33.39 22.37 239.2 - 8.02 1.12 44.97 0.62 6.23 67.50 49.33 4.09

USAB USAmeriBancorp Inc. 4,040 393 39.00 39.00 39.00 9.92 - 136.0 1.79 7.41 1.26 75.13 1.12 14.10 51.48 11.43 11.43

SGBK Stonegate Bank 2,936 607 42.81 43.13 28.21 20.68 20.00 214.8 0.75 9.84 0.78 81.79 1.12 9.30 50.81 30.28 1.64

CCBG Capital City Bank Group Inc. 2,753 351 20.87 23.15 12.83 32.11 32.61 182.9 0.96 7.19 2.05 24.37 0.40 3.98 83.91 35.96 2.81

TGRF TGR Financial Inc. 1,227 139 8.05 15.00 5.75 25.97 - 143.0 NA 8.34 0.24 317.11 0.48 5.47 71.75 NA 1.00

ACFC Atlantic Coast Financial Corp. 937 110 7.12 7.35 5.03 21.58 18.74 128.2 - 9.19 4.29 20.26 0.59 6.10 74.94 21.50 0.28

FMIA First Miami Bancorp Inc. 654 52 600.00 600.00 462.10 - - - 0.67 NA NA NA NA NA NA 29.03 -

SBCP Sunshine Bancorp Inc 564 136 16.95 17.85 13.84 NM 67.80 142.2 NA 11.32 0.41 124.50 (0.26) (1.85) 108.43 11.51 (3.42)

BCBF Beach Community Bancshares Inc 536 1 0.25 0.55 0.25 - - - NA NA NA NA NA NA NA (26.47) -

FFHD FirstAtlantic Finl Hldgs Inc 437 67 11.10 11.35 9.50 18.81 - 114.0 1.08 13.44 NA NA 0.83 6.07 66.20 10.23 (0.89)

PFHD Professional Holding Corp. 391 NA NA NA NA - - - NA NA NA NA NA NA NA NA NA

FCIT First Citrus Bancorp. Inc. 306 20 13.10 13.10 10.72 20.05 - - NA 7.50 NA NA 0.38 4.78 NA 19.61 0.77

PMHG Prime Meridian Holding Co. 290 30 15.25 17.00 13.25 14.52 - 112.8 0.33 9.26 0.40 246.60 0.79 8.11 68.20 8.93 -

CONNECTICUT BANKS AND THRIFTS

DELAWARE BANKS AND THRIFTS

FLORIDA BANKS AND THRIFTS

DISTRICT OF COLUMBIA BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 1

Page 17: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

JFBF Jefferson Bankshares Inc. 279 31 11.40 13.36 8.68 19.93 - 124.8 NA 8.84 NA NA 0.59 6.33 72.27 14.00 (12.24)

PLBN Pilot Bancshares Inc. 238 25 2.57 2.65 2.00 - - 93.1 - 11.22 2.47 28.11 NA NA NA 24.76 1.98

FLBD First NB of Mount Dora 223 NA 41.50 NA NA - - - 2.17 15.11 3.50 40.99 0.90 6.36 73.60 0.00 -

SSNF Sunshine Financial Inc. 167 20 19.55 20.20 18.45 NM - 94.4 NA 12.78 2.90 18.38 (0.04) (0.27) 97.83 3.71 1.03

STI SunTrust Banks Inc. 205,091 27,568 56.17 56.30 31.07 15.60 15.73 166.0 1.85 9.11 1.74 48.82 0.97 7.96 62.56 31.12 1.63

SNV Synovus Financial Corp. 29,727 5,094 41.65 41.74 25.48 23.27 21.25 183.5 1.15 9.70 1.30 65.70 0.81 7.98 62.11 28.63 2.54

UCBI United Community Banks Inc. 10,298 2,088 29.47 30.22 15.74 23.20 20.18 226.5 1.09 9.09 0.98 62.41 0.93 8.79 57.47 51.21 2.26

ABCB Ameris Bancorp 6,493 1,551 44.40 47.70 24.96 22.42 21.76 308.9 0.90 7.90 1.28 27.58 1.16 11.78 61.70 30.63 (1.66)

LION Fidelity Southern Corp. 4,396 633 24.22 24.24 14.01 20.18 18.49 189.5 1.98 7.62 NA NA 0.75 9.54 75.51 8.56 5.05

STBZ State Bank Finl Corp. 3,616 992 26.89 27.25 17.34 20.07 20.37 192.2 2.08 14.45 0.52 145.30 1.41 9.06 59.08 27.86 2.52

ACBI Atlantic Capital Bcshs Inc. 2,761 478 19.10 19.10 11.55 NM 31.06 169.2 NA 10.30 0.37 179.99 0.14 1.27 72.12 27.50 12.68

SBFC Southeastern Bank Finl Corp.* 1,876 435 63.96 67.00 32.55 23.17 - 230.8 1.00 10.05 0.93 122.23 1.00 10.48 60.87 93.82 0.91

HMBH Hamilton State Bancshares 1,826 291 7.25 8.25 7.25 17.23 - 133.9 NA 12.04 0.77 98.19 0.94 7.08 60.99 11.54 -

CHFN Charter Financial Corp. 1,438 238 15.84 16.35 12.34 20.05 21.12 139.5 1.39 12.14 0.87 82.77 0.98 5.90 67.85 19.91 (0.63)

CBAN Colony Bankcorp Inc. 1,153 106 12.55 12.60 8.11 15.30 - 122.7 - 8.73 3.76 21.21 0.74 8.54 71.54 31.69 4.58

MCBS MetroCity Bankshares Inc. 960 NA NA NA NA - - - NA 10.70 0.41 140.51 2.59 20.60 44.75 NA NA

THVB Thomasville Bancshares Inc. 753 197 33.20 37.00 28.00 - - 315.2 2.11 8.38 0.62 296.16 1.50 17.62 48.21 15.48 -

SCSG SouthCrest Financial Group Inc 546 42 8.25 8.90 6.35 3.39 - - - NA NA NA 2.35 22.35 86.42 10.00 -

SGB Southwest Georgia Financial 443 46 18.13 18.50 13.27 11.92 - 118.3 2.43 8.82 0.31 222.04 0.92 10.26 71.82 13.64 1.77

CCFH CCF Holding Co. 415 8 1.51 1.75 0.70 - - - - NA NA NA NA NA NA 101.33 0.67

SEBC Southeastern Banking Corp. 407 41 13.25 13.33 10.32 11.83 - 84.1 3.02 12.11 2.34 36.29 0.87 7.65 73.76 28.02 0.38

CZBS Citizens Bancshares Corp. 407 20 9.09 9.41 6.45 9.88 - 48.2 0.88 12.91 2.50 18.52 0.57 4.43 82.85 13.77 1.11

FIEB First Intercontinental Bank 331 42 7.10 8.20 6.50 - - 78.7 NA 16.11 1.14 121.07 2.22 13.86 48.97 0.00 -

EXCH Exchange Bankshares Inc. 237 22 34.00 38.50 29.76 7.37 - 72.3 2.12 12.90 1.83 61.21 1.31 10.47 65.19 10.57 -

TMAK Touchmark Bancshares Inc. 236 26 7.60 7.63 5.80 11.34 - 77.2 NA 14.45 NA NA 1.09 7.16 61.85 26.67 -

UNBK United National Bank 194 17 24.50 24.50 19.55 - - - NA 13.82 2.36 65.25 1.08 8.10 59.49 27.21 -

FMBE FMB Equibanc Inc. 177 12 5.00 5.10 3.05 - - - NA NA NA NA NA NA NA 66.67 -

EGBN Eagle Bancorp Inc 6,762 2,102 62.50 64.95 43.75 22.64 22.28 296.4 - 10.64 0.45 187.37 1.53 12.14 39.94 23.84 1.96

SASR Sandy Spring Bancorp Inc. 4,811 968 40.50 40.75 24.17 20.56 20.66 214.9 2.57 9.53 0.69 132.15 1.02 9.10 61.24 50.22 3.69

OLBK Old Line Bancshares Inc 1,650 266 24.36 25.99 16.75 24.61 21.18 191.2 0.99 8.45 0.69 56.07 0.71 7.43 61.87 38.65 1.50

FUNC First United Corp. 1,338 93 14.90 15.32 8.82 9.31 - 111.5 - 7.82 2.76 32.60 0.92 10.66 73.96 27.35 1.71

REVB Revere Bank 1,327 112 17.15 19.00 14.95 14.17 - 114.2 NA 7.40 0.11 759.69 0.75 8.81 54.88 61.03 (9.74)

TCFC Community Finl Corp. 1,282 135 29.00 30.40 19.19 19.59 18.47 129.9 1.38 8.11 2.16 34.92 0.58 6.69 66.77 38.36 5.26

SHBI Shore Bancshares Inc. 1,158 203 16.00 16.90 10.23 21.92 21.62 142.9 1.25 12.39 2.33 31.88 0.82 6.19 67.76 47.06 2.11

HBMD Howard Bancorp Inc. 1,015 104 14.90 15.00 11.65 22.58 17.95 127.1 NA 8.09 1.18 47.09 0.51 5.49 76.64 12.54 4.20

SVBI Severn Bancorp Inc. 778 85 7.05 7.20 4.99 6.18 - 102.6 - 11.12 4.11 28.10 2.00 17.36 83.34 22.61 2.17

MARYLAND BANKS AND THRIFTS

GEORGIA BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 2

Page 18: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

BYBK Bay Bancorp Inc. 606 69 6.65 6.90 4.57 47.50 - 111.5 - 10.27 2.60 15.55 0.33 2.49 79.93 31.42 (1.48)

HBK Hamilton Bancorp Inc 517 48 14.20 14.85 13.19 NM - 92.5 NA 10.32 1.23 30.61 (0.01) (0.04) 87.28 (0.42) -

TYCB Calvin B. Taylor Bankshares 513 80 27.75 29.50 26.25 16.39 - 96.2 3.50 16.23 1.47 13.55 1.02 6.23 53.76 (5.93) 0.54

DBCP Delmar Bancorp 509 49 6.00 7.79 5.20 - - - 1.33 9.44 3.52 36.59 0.78 8.41 66.24 6.95 1.69

GLBZ Glen Burnie Bancorp 392 31 11.25 12.77 9.86 27.44 - 89.6 3.56 8.92 0.73 81.34 0.29 3.33 87.55 (6.56) (4.66)

FCBI Frederick County Bancorp 383 33 21.85 26.50 18.95 16.94 - 105.1 1.28 8.08 1.94 42.17 0.55 6.62 77.96 (8.77) 0.46

FMFG Farmers & Merchants Bcshs Inc. 370 42 25.26 27.25 24.10 10.48 - 107.1 2.85 10.56 0.76 90.61 1.13 10.62 60.30 4.81 (2.81)

PSBP PSB Holding Corp. 362 18 40.75 43.00 36.08 22.57 - 57.4 0.49 8.83 2.23 33.80 0.24 2.93 75.49 5.84 -

HFBK Harford Bank 329 35 26.00 29.13 24.33 19.84 - 99.3 2.46 10.59 2.90 22.43 0.56 5.18 73.20 (2.70) 6.78

NWID New Windsor Bancorp Inc.* 311 34 34.00 34.00 15.31 21.38 - 149.3 0.71 7.35 NA NA 0.52 7.12 81.73 120.78 6.25

DCBB DCB Bancshares Inc. 310 20 12.15 12.60 9.78 17.94 - 77.5 0.66 8.16 1.25 74.39 0.37 4.44 93.36 5.65 0.25

DLMV Delmarva Bancshares Inc. 305 NA 5.89 6.00 4.56 - - - NA NA NA NA NA NA NA 24.00 2.43

PEBC Peoples Bancorp Inc 253 15 19.20 23.00 18.00 11.11 - 60.9 2.40 9.75 4.83 36.59 0.56 5.53 86.04 6.67 -

HRBK Harbor Bankshares Corporation 252 3 2.75 4.71 2.00 - - - - NA NA NA NA NA NA 21.15 -

CECB Cecil Bancorp Inc. 238 1 0.18 0.65 0.07 - - - - NA NA NA NA NA NA (41.33) 3.53

CUMD County First Bank 227 19 20.50 21.75 16.30 21.14 - - 1.46 NA 3.70 30.52 0.41 3.75 82.84 25.38 -

IFSB Colombo Bank 203 107 0.31 0.82 0.31 NM - 524.4 - 10.05 1.44 109.82 0.07 0.68 106.14 (11.55) (31.11)

CROL Carroll Bancorp Inc. 165 15 16.00 17.00 15.50 69.57 - 94.8 NA 9.87 0.22 267.88 0.15 1.37 90.76 (1.54) 3.23

STT State Street Corp. 256,140 30,353 78.69 81.91 50.60 16.09 15.49 271.0 1.93 5.81 - NM 0.93 9.73 71.92 18.58 0.09

BHLB Berkshire Hills Bancorp Inc. 7,931 1,302 36.60 37.35 24.71 17.51 16.56 194.9 2.19 7.71 0.49 111.13 0.82 7.24 61.04 25.73 0.55

BPFH Boston Private Financial 7,682 1,401 16.85 16.85 9.34 21.60 20.30 255.1 2.37 8.01 0.58 174.77 0.98 9.60 69.56 48.59 6.65

INDB Independent Bank Corp. 7,502 1,885 69.80 71.95 39.58 23.27 22.89 302.5 1.66 8.33 0.72 107.32 1.08 9.95 59.93 50.04 (0.50)

BRKL Brookline Bancorp Inc. 6,380 1,153 16.35 16.50 9.91 22.09 22.09 211.2 2.20 8.92 0.99 93.06 0.90 8.05 56.23 42.17 2.19

CNBKA Century Bancorp Inc. 4,298 349 62.60 62.60 38.26 14.56 - 150.8 0.77 5.38 0.12 478.23 0.58 10.86 63.35 44.04 1.29

EBSB Meridian Bancorp Inc. 4,173 1,026 19.10 20.55 12.28 34.11 31.31 175.9 0.63 14.03 0.69 134.22 0.80 5.05 58.01 35.46 2.69

EBTC Enterprise Bancorp Inc. 2,471 427 37.32 38.00 20.01 21.70 - 203.1 1.39 8.53 1.17 109.66 0.80 9.65 67.43 63.33 0.21

BHBK Blue Hills Bancorp Inc 2,314 499 18.65 18.90 13.22 66.61 NM 132.9 0.64 16.45 0.35 221.90 0.33 1.78 75.28 21.82 2.47

BLMT BSB Bancorp Inc. 2,074 264 28.95 29.50 20.72 24.33 - 168.0 NA 7.56 0.41 152.15 0.57 7.15 58.82 23.77 2.30

HIFS Hingham Instit. for Savings 1,960 415 194.75 203.01 115.05 18.71 - 269.2 0.66 7.86 0.28 193.31 1.21 15.48 33.12 62.56 5.27

CATC Cambridge Bancorp 1,801 250 61.99 62.90 45.30 15.23 - 184.2 2.97 7.54 0.09 987.10 0.93 12.61 68.87 30.78 (0.02)

WNEB Western New England Bancorp 1,378 290 9.60 9.75 7.35 38.40 28.24 121.2 1.25 10.54 0.59 122.46 0.33 3.11 76.30 14.29 5.49

WEBK Wellesley Bancorp 666 67 27.15 27.75 18.05 20.41 - 120.5 0.59 8.31 NA NA 0.50 5.81 74.16 42.89 6.47

RNDB Randolph Bancorp Inc 490 95 16.23 16.29 12.06 - - 111.1 NA 17.52 1.41 44.87 NA 2.73 90.92 NA 5.94

GABK Grand Bank Corp. 324 63 5,650.00 5,750.00 5,300.00 - - - - NA NA NA NA NA NA 2.54 -

GTWN Georgetown Bancorp Inc.* 315 47 25.75 26.00 18.26 59.88 - 146.1 0.78 10.30 NA NA 0.25 2.39 86.02 36.10 (0.58)

MELR Melrose Bancorp Inc 267 44 16.75 17.00 14.60 40.84 - 100.8 NA 16.23 - NM 0.42 2.26 76.40 9.59 (1.49)

PLRM Pilgrim Bancshares Inc 251 34 15.00 15.00 12.35 36.59 - 104.6 NA 12.88 1.63 24.71 0.38 2.60 78.28 15.12 0.67

IDBP Island Bancorp Inc* 194 12 243.00 243.00 243.00 - - 83.2 - 8.32 - NM 0.48 5.09 75.28 21.50 -

MASSACHUSETTS BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 3

Page 19: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

ISBC Investors Bancorp Inc 22,536 4,346 14.05 14.39 10.67 24.22 23.81 144.1 2.28 13.49 0.49 201.18 0.83 5.44 53.68 12.94 1.44

VLY Valley National Bancorp 22,368 3,117 11.82 12.14 8.31 25.70 19.06 210.6 3.72 7.11 0.61 81.73 0.57 5.59 67.02 20.00 5.35

PFS Provident Financial Services 9,390 1,874 28.38 28.69 17.71 20.72 20.57 228.1 2.54 9.16 0.76 85.79 0.96 7.12 57.87 40.84 1.90

LBAI Lakeland Bancorp 4,904 920 19.50 20.05 9.72 21.43 20.53 241.5 1.95 7.53 0.69 92.70 0.88 8.51 57.71 65.39 2.09

KRNY Kearny Financial Corp. 4,523 1,381 15.60 16.10 11.31 NM NM 137.5 0.51 22.89 0.57 96.81 0.39 1.51 67.37 23.13 0.65

CNOB ConnectOne Bancorp, Inc. 4,328 829 25.95 26.65 14.86 18.54 26.75 223.6 1.16 8.39 2.83 30.67 1.04 8.80 41.39 38.84 (0.76)

OCFC OceanFirst Financial Corp. 4,151 961 29.88 30.49 15.98 27.93 20.40 222.6 2.01 8.50 1.25 30.03 0.69 6.95 61.55 49.18 7.91

ORIT Oritani Financial Corp. 3,795 828 18.30 18.55 14.95 16.34 20.68 153.2 3.83 14.22 0.30 262.92 1.37 9.19 42.47 10.91 2.81

NFBK Northfield Bancorp Inc. 3,785 971 20.10 20.59 14.31 38.65 35.89 167.4 1.59 15.50 0.88 72.98 0.66 3.93 61.78 26.26 1.98

PGC Peapack-Gladstone Financial 3,774 525 31.00 31.86 16.17 21.38 19.25 171.7 0.65 8.11 0.78 103.95 0.67 8.22 60.11 50.34 0.85

SNBC Sun Bancorp Inc. 2,189 501 26.50 26.80 19.52 NM NM 219.8 0.15 10.58 0.32 224.40 0.31 2.63 92.20 28.39 1.92

BCBP BCB Bancorp Inc. 1,679 151 13.40 13.50 9.75 26.80 - 129.1 4.18 7.88 2.69 38.88 0.39 5.05 80.22 28.85 6.77

CSBK Clifton Bancorp Inc 1,312 388 16.84 17.49 13.09 NM NM 128.4 1.43 23.08 0.38 105.14 0.36 1.40 71.45 17.43 (0.36)

UNTY Unity Bancorp Inc. 1,153 171 16.40 17.10 8.75 12.26 - 176.6 1.22 7.52 0.72 153.35 1.15 15.50 58.80 44.67 (1.80)

FCCY 1st Constitution Bancorp 1,055 139 17.35 17.95 11.27 16.06 15.92 152.3 1.15 8.73 0.62 113.73 0.90 8.99 63.37 41.55 2.97

BPRN Bank of Princeton* 1,009 141 30.00 30.00 28.00 12.93 - 138.8 NA 10.07 0.87 123.32 1.14 12.16 58.99 NA -

FRBA First Bank 1,008 136 11.95 12.50 6.25 22.98 19.27 156.1 0.67 8.66 0.53 175.53 0.58 7.12 62.10 80.79 7.17

PKBK Parke Bancorp Inc. 955 128 18.70 19.05 9.88 9.10 - 121.6 2.14 13.12 5.01 31.11 2.09 16.24 38.65 64.82 1.36

TRCB Two River Bncp 909 119 14.89 15.73 8.75 15.51 15.35 147.3 1.07 9.03 1.12 92.56 0.89 8.18 65.53 49.65 (1.06)

MRLN Marlin Bus. Services Corp. 869 275 21.85 22.92 13.46 17.62 16.01 173.0 2.56 18.26 0.27 424.66 1.91 10.11 55.81 36.05 (3.10)

BKJ Bancorp of New Jersey Inc. 835 85 13.50 13.50 9.75 20.77 - 111.7 - 9.11 1.24 80.65 0.50 5.43 67.02 21.29 1.89

SBBX Sussex Bancorp 809 100 21.16 21.95 11.43 19.96 19.24 177.5 0.76 6.92 1.13 69.45 0.67 8.78 70.36 61.67 15.96

SSFN Stewardship Financial Corp. 758 56 9.20 10.20 5.51 12.78 - 109.2 1.30 6.80 1.21 88.94 0.60 9.05 76.83 52.57 6.98

FCOB 1st Colonial Bancorp 482 38 9.75 10.50 6.90 - - 111.4 NA 7.04 0.70 141.71 0.75 11.83 61.78 36.50 -

CKPB Capital Bank of New Jersey 448 41 16.60 17.00 16.60 - - - 0.90 9.06 0.22 435.98 1.03 10.37 58.67 18.57 18.57

MSBF MSB Financial Corp. 434 85 14.80 14.95 12.20 NM - 116.5 - 16.74 3.60 25.94 0.18 0.90 83.06 18.40 -

HSBK Highlands Bancorp Inc. 385 26 9.75 9.85 6.85 12.34 - 102.5 0.82 4.44 0.90 101.90 0.49 7.37 78.19 21.88 0.47

CMTB Community Bk of Bergen County 337 24 12.75 13.50 0.00 13.24 - 82.1 - 8.83 2.43 36.95 0.56 6.84 74.73 27.51 1.12

NMNB New Millennium Bank 274 13 3.50 3.65 3.12 - - - NA 7.59 1.40 89.18 0.73 9.63 77.99 (4.11) -

SHRC Shore Community Bank 264 24 8.80 8.85 6.41 14.35 - 91.7 NA 9.87 1.95 54.91 0.69 6.81 70.07 29.07 1.73

CFIC Cornerstone Financial Corp. 254 7 0.93 1.98 0.92 - - - NA NA NA NA NA NA NA (38.82) (11.43)

ELMA Elmer Bancorp Inc. 240 19 17.00 17.50 15.80 20.01 - 83.8 3.53 9.70 1.44 68.77 0.41 4.12 78.26 3.34 -

ENBN Enterprise Bank N.J. 207 29 9.10 10.00 6.41 - - 107.9 NA 13.01 0.72 154.27 0.91 7.23 57.80 30.00 -

PEBA Penn Bancshares 205 16 43.51 43.51 42.20 - - - - NA NA NA NA NA NA 2.74 -

BRBW Brunswick Bancorp 178 24 7.75 8.09 5.20 33.47 - 64.2 - 20.56 NA NA 0.38 1.85 85.95 47.62 1.17

ASCN Absecon Bancorp 153 9 77.00 79.00 66.45 21.27 - 55.5 - 10.77 0.41 92.73 0.29 2.94 84.40 12.41 -

JPM JPMorgan Chase & Co. 2,521,029 311,488 87.05 87.17 52.50 15.01 14.78 173.0 2.21 8.34 0.63 89.09 0.96 9.41 59.07 31.83 2.48

NEW JERSEY BANKS AND THRIFTS

NEW YORK BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 4

Page 20: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

C Citigroup Inc. 1,818,117 173,805 60.99 61.00 34.52 13.26 12.95 93.3 1.05 11.53 0.86 79.28 0.82 6.47 62.42 17.86 2.08

BK Bank of New York Mellon Corp. 374,114 50,308 47.58 49.54 32.20 16.13 15.10 334.7 1.60 5.40 0.05 82.68 0.92 8.60 68.47 15.43 0.04

MTB M&T Bank Corp. 126,841 24,358 157.10 157.27 100.08 21.06 20.03 233.9 1.78 9.53 1.00 77.07 1.03 7.85 55.76 29.64 3.02

NYCB New York Community Bancorp 49,463 7,691 15.79 17.68 13.74 NM 15.09 210.5 4.31 7.77 0.12 300.69 (0.05) (0.39) 43.44 (3.25) (8.09)

SBNY Signature Bank 37,792 8,211 150.35 157.46 113.53 20.62 20.46 231.0 NA 9.41 0.73 74.20 1.10 11.91 31.98 (1.97) 3.19

AF Astoria Financial Corp.* 14,814 1,880 18.55 19.05 13.92 28.98 28.98 135.0 0.86 10.41 1.69 34.97 0.49 4.41 72.58 17.03 3.06

STL Sterling Bancorp 13,617 3,224 23.85 24.65 13.44 23.61 21.68 312.3 1.17 7.78 0.79 55.27 1.07 7.74 46.91 47.04 1.27

NBTB NBT Bancorp Inc. 8,773 1,810 41.93 42.49 23.81 23.56 23.29 287.7 2.19 7.40 0.73 102.87 0.93 8.76 61.98 50.39 2.47

CBU Community Bank System Inc. 8,728 2,727 61.35 61.98 34.27 27.76 26.56 358.8 2.09 9.20 0.33 161.99 1.14 8.30 59.28 53.61 1.66

TMP Tompkins Financial Corporation 6,102 1,410 93.64 95.41 50.54 24.71 24.55 309.2 1.92 7.63 0.36 156.05 1.00 10.73 62.27 66.74 1.89

FFIC Flushing Financial Corp. 5,999 839 29.30 29.66 18.95 13.63 19.53 169.0 2.32 8.30 0.57 64.06 1.07 12.80 60.50 35.40 3.24

DCOM Dime Community Bancshares Inc. 5,822 745 19.85 20.45 15.61 8.78 16.14 149.2 2.82 8.67 0.28 124.85 1.57 15.89 47.91 13.49 1.53

TRST TrustCo Bank Corp NY 4,813 837 8.75 8.85 5.17 19.93 19.89 192.3 3.00 9.04 0.88 104.22 0.88 9.92 55.68 42.51 3.55

BDGE Bridge Bancorp Inc. 3,834 729 38.20 38.95 26.23 19.59 19.29 265.9 2.41 6.74 0.14 467.91 0.91 9.78 54.78 25.53 0.92

FISI Financial Institutions Inc. 3,687 493 33.95 34.55 24.56 17.23 17.50 211.7 2.47 6.93 0.12 671.01 0.86 9.56 60.48 21.25 2.11

FLIC First of Long Island Corp. 3,434 683 28.85 29.67 17.43 21.86 20.98 218.9 1.94 9.03 0.09 942.92 0.92 10.72 50.23 44.25 2.49

AROW Arrow Financial Corp. 2,580 557 41.35 41.70 23.83 21.04 20.88 271.4 2.42 8.02 0.30 218.22 1.07 12.01 56.78 56.76 4.68

CNND Canandaigua National Corp. 2,430 261 139.00 178.00 129.00 11.71 - 150.4 2.81 7.19 0.64 137.99 0.98 12.17 65.65 (2.11) -

SCNB Suffolk Bancorp* 2,196 510 42.80 44.70 22.88 25.78 24.46 238.3 0.93 9.74 0.68 137.02 0.91 9.64 62.30 50.97 0.85

CHMG Chemung Financial Corp. 1,729 170 36.19 36.75 26.05 18.65 17.57 142.0 2.87 7.03 1.12 79.38 0.56 6.48 76.01 31.60 2.29

ADKT Adirondack Trust Company 1,156 124 1,618.00 1,650.00 1,456.00 - - - 3.15 8.29 0.39 224.75 0.56 5.64 78.04 0.50 0.87

EVBN Evans Bancorp Inc. 1,085 143 33.30 37.67 22.87 18.71 17.57 163.9 2.28 8.09 1.77 71.54 0.78 8.25 75.80 29.47 (9.63)

BKUT Bank of Utica 1,036 129 514.90 552.00 438.00 12.03 - 66.0 2.66 18.82 0.12 182.42 1.09 6.37 33.13 (7.23) 9.55

LYBC Lyons Bancorp Inc 927 94 31.36 31.95 28.00 - - - 3.19 7.85 NA NA NA NA NA 1.16 (0.44)

OCBI Orange County Bancorp Inc. 899 90 45.85 49.25 45.50 43.04 - 101.7 3.58 9.90 NA NA 0.25 2.22 82.96 (4.97) 0.77

SOBS Solvay Bank Corp. 866 75 36.25 36.75 32.00 11.20 - 99.8 3.42 8.70 0.58 112.87 0.82 9.22 64.80 8.44 2.11

FAIT First American Intl Corp 793 38 17.35 18.50 14.65 19.94 - 69.8 NA 8.93 NA NA 0.39 3.94 85.11 5.15 4.46

EMPK Empire Bancorp Inc 768 86 12.40 12.48 8.76 33.51 - 125.5 NA 8.93 NA NA 0.38 3.94 79.94 29.57 1.22

BERK Berkshire Bancorp Inc. 767 138 9.55 12.00 7.68 - - - 1.05 NA NA NA NA NA NA 23.21 (11.16)

PBHC Pathfinder Bancorp Inc. 717 55 12.98 13.90 10.76 17.78 - 101.5 1.54 7.66 0.89 95.91 0.48 4.88 79.72 0.58 1.49

CARV Carver Bancorp Inc. 702 14 3.80 5.99 1.92 NM - 151.1 - 7.75 2.45 27.64 (0.06) (0.80) 104.49 1.33 (5.00)

CYHC Country Bank Holding Co. 596 39 20,000.00 20,000.00 15,500.00 - - - 5.00 NA NA NA NA NA NA 25.39 -

ESBK Elmira Savings Bank 567 59 21.60 22.25 16.83 17.14 - 175.7 4.26 7.83 NA NA 0.77 7.81 69.63 8.64 0.94

SBHO Steuben Trust Corporation 528 57 33.75 38.00 31.50 10.26 - 104.6 3.50 10.39 0.38 177.12 1.08 10.50 62.37 5.47 (11.18)

JFBC Jeffersonville Bancorp 488 68 16.18 16.50 12.94 12.94 - 111.2 3.46 12.61 NA NA 1.10 8.78 67.49 19.81 1.09

GLNV Glenville Bank Holding Co. 467 16 77.25 78.00 77.25 - - - 2.33 7.32 0.43 199.25 0.48 5.93 78.74 (0.96) (0.96)

GHDS Greater Hudson Bank 460 55 4.50 5.00 3.90 13.24 - 96.9 NA 12.44 1.65 49.49 0.82 7.36 66.44 12.50 4.65

CSKL Catskill Hudson Bancorp Inc. 452 12 17.00 18.50 15.95 - - - 1.65 NA NA NA NA NA NA 19.30 -

NUBK Kinderhook Bank Corp. 448 25 33.75 35.55 29.50 13.24 - 96.7 2.73 8.28 NA NA 0.63 7.30 72.68 (2.17) 5.47

BSPA Ballston Spa Bancorp Inc. 440 27 37.00 37.95 33.39 - - 92.4 3.35 6.79 NA NA 0.49 6.90 78.52 9.63 4.23

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 5

Page 21: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

GLDT Gold Coast Bank 400 47 12.00 14.00 10.50 - - - NA 10.18 0.15 535.50 0.54 6.15 71.25 NA 11.63

VSBN VSB Bancorp Inc. 331 29 15.90 15.99 12.11 12.23 - 95.9 2.01 9.18 0.79 50.63 0.70 7.75 71.19 21.56 7.43

DWNX Delhi Bank Corp. 310 42 27.50 35.35 26.50 34.81 - 154.8 2.37 8.75 0.59 30.35 0.41 4.33 78.22 (0.90) (0.00)

NCXS National Bank of Coxsackie 298 29 60.60 73.25 60.56 18.82 - 110.5 1.65 8.70 1.73 21.97 0.51 6.40 79.99 (14.59) 0.07

BARK Bank of Akron 293 21 70.00 70.00 70.00 12.41 - 74.8 4.00 9.59 2.93 53.30 0.61 6.39 71.92 1.45 -

FSBC FSB Bancorp Inc. 260 28 14.50 14.90 9.19 49.09 - 89.5 NA 12.11 0.01 NM 0.22 2.52 91.23 40.28 0.62

ESBS ES Bancshares Inc. 247 11 3.34 3.69 2.62 NM - 73.3 NA 6.12 NA NA 0.04 0.49 85.72 23.25 2.77

FIGR First National Bank of Groton 173 27 450.00 450.00 430.00 14.29 - 116.0 3.82 13.45 1.27 57.53 1.13 8.66 57.77 2.27 -

PUNB Putnam County NB of Carmel 170 NA 105.00 NA NA - - - NA 21.32 5.22 14.18 0.06 0.32 113.76 0.00 -

BAC Bank of America Corp. 2,195,314 228,374 22.60 23.39 10.99 16.50 15.37 132.7 1.33 9.31 0.87 61.18 0.76 6.27 66.46 34.28 (0.26)

BBT BB&T Corp. 222,622 38,575 47.54 47.85 29.95 17.61 17.10 234.1 2.52 9.23 0.76 89.36 1.08 8.16 58.60 25.73 2.04

FCNCA First Citizens BancShares Inc. 32,972 4,326 364.82 367.00 217.41 20.32 - 152.6 0.33 8.76 0.78 81.98 0.67 7.28 73.88 41.31 1.61

CBF Capital Bank Finl Corp 7,792 1,699 39.30 40.00 27.12 28.48 23.67 192.4 1.22 11.55 1.03 54.83 0.81 6.03 57.95 22.89 3.56

YDKN Yadkin Financial Corporation* 7,351 1,793 34.65 35.18 20.42 28.17 26.86 277.8 1.15 9.24 1.16 14.19 0.86 6.51 53.37 37.66 3.37

BNCN BNC Bancorp 6,802 1,684 32.30 33.05 19.45 23.07 19.82 264.6 0.62 8.91 0.78 68.69 1.02 9.43 52.42 27.27 2.87

FBNC First Bancorp 3,537 577 27.74 28.49 17.15 22.02 21.59 200.9 1.15 8.25 1.98 35.02 0.77 7.30 70.39 48.03 1.95

PSTB Park Sterling Corporation 3,227 577 10.82 10.83 5.90 29.24 26.39 203.3 1.48 9.00 0.44 81.80 0.62 5.48 64.54 47.81 6.60

HTBI HomeTrust Bancshares Inc. 2,754 474 26.35 27.05 16.97 36.10 40.54 137.4 NA 12.62 1.83 41.60 0.46 3.52 73.90 30.12 1.74

SBNC Southern BancShares (NC) 2,491 164 2,000.00 2,000.00 1,600.00 13.45 - 90.5 0.08 9.16 0.40 135.94 0.60 5.93 76.03 15.94 16.28

LOB Live Oak Bancshares Inc. 1,670 650 19.00 20.20 12.10 48.72 50.00 303.6 0.42 12.83 0.41 223.14 1.11 6.85 73.71 33.80 1.60

PBNC Paragon Commercial Corp. 1,479 231 42.40 43.38 26.25 15.94 16.03 171.1 NA 9.13 0.47 113.17 0.93 11.76 56.57 55.60 (1.40)

ENFC Entegra Financial 1,218 131 20.35 20.35 16.11 22.12 18.84 97.4 NA 11.12 1.78 41.94 0.54 4.45 70.78 5.13 0.74

PEBK Peoples Bancorp of NC Inc. 1,098 140 25.80 25.80 18.28 14.33 - 126.3 1.55 10.08 0.56 131.71 0.95 9.21 73.81 33.40 7.54

FSBK First South Bancorp Inc. 986 113 11.90 11.90 7.86 17.50 - 137.1 1.01 8.41 0.84 102.71 0.69 7.66 77.28 39.18 1.54

SLCT Select Bancorp Inc. 845 119 10.20 10.86 7.58 17.59 17.00 124.4 NA 11.39 1.01 92.33 0.83 6.64 61.72 26.08 2.62

ASBB ASB Bncp Inc 797 110 29.10 29.50 24.07 19.79 - 120.6 NA 11.46 1.31 61.95 0.70 5.91 74.83 12.09 0.33

FOFN Four Oaks Fincorp Inc. 723 86 2.55 2.77 1.73 23.18 - 132.7 - 8.98 0.95 141.36 0.49 5.53 84.52 45.71 (5.56)

CLBH Carolina Bank Holdings Inc.* 709 131 25.99 26.37 13.04 26.25 - 200.0 NA 9.25 2.49 32.60 0.70 7.89 76.46 40.94 2.20

UWHR Uwharrie Capital Corp 552 37 5.25 6.00 3.73 28.01 - 108.5 NA 8.11 1.76 29.31 0.36 4.32 89.82 29.04 (1.87)

BKOR Oak Ridge Financial Services 381 30 12.75 13.60 9.30 13.14 - 110.3 NA 7.24 NA NA 0.71 8.94 78.68 11.84 -

CART Carolina Trust BancShares Inc. 372 31 6.68 6.68 5.60 37.11 - 107.1 NA 8.49 2.42 40.93 0.29 3.36 82.82 7.74 3.57

LTLB Little Bank Inc 367 44 13.25 13.52 11.43 13.64 - 119.2 1.28 10.18 0.29 332.95 0.90 9.22 65.24 13.57 -

KSBI KS Bancorp Inc. 352 26 19.79 19.91 11.75 13.55 - 103.5 0.40 7.11 NA NA 0.56 8.06 78.82 58.32 (0.60)

AQFH Aquesta Financial Holdings 347 28 9.10 10.50 7.00 14.56 - 121.9 1.15 6.67 0.59 125.81 0.65 8.32 76.82 29.23 (1.09)

MFBP M&F Bancorp Inc. 310 8 4.00 4.35 2.75 - - 39.9 - 10.35 7.19 11.19 (1.26) (10.33) 101.81 25.00 -

SRYB Surrey Bancorp 268 39 11.06 12.50 9.50 13.17 - 105.6 NA 15.26 1.58 89.66 1.33 8.82 58.58 (2.97) (2.55)

PARA Premara Financial Inc. 244 30 9.50 9.95 6.70 NM - 123.8 NA 9.97 0.84 100.34 0.02 0.20 91.19 22.58 (4.52)

SNBN Sound Banking Co. 191 14 8.02 8.45 7.25 - - 83.6 NA 8.56 1.10 95.93 0.61 6.86 73.63 10.62 0.12

NORTH CAROLINA BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 6

Page 22: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

BLHK BlueHarbor Bank 169 24 8.75 10.75 7.16 23.54 - 101.1 NA 13.89 0.73 126.14 0.70 4.82 71.23 16.67 (1.02)

FITB Fifth Third Bancorp 143,279 20,915 27.68 27.88 13.84 12.36 14.65 160.6 2.02 10.21 1.29 68.57 1.29 11.09 57.10 37.71 3.28

KEY KeyCorp 135,805 19,961 18.47 18.61 9.88 20.99 17.10 182.1 1.84 9.13 0.71 89.73 0.76 6.82 65.57 40.03 1.71

HBAN Huntington Bancshares Inc. 100,765 14,558 13.42 13.64 7.83 18.90 18.64 211.5 2.38 8.09 1.33 45.89 0.86 8.76 62.40 21.34 3.07

FFBC First Financial Bancorp. 8,368 1,769 28.55 29.80 13.76 20.84 20.11 271.5 2.24 7.99 NA NA 1.04 10.21 58.62 58.00 2.15

PRK Park National Corp. 7,364 1,834 119.53 120.64 79.01 21.16 20.82 270.0 3.15 9.31 1.79 40.64 1.18 11.93 61.05 32.11 1.54

PEBO Peoples Bancorp Inc. 3,364 583 32.04 32.98 16.34 22.10 18.10 197.0 2.12 9.19 0.80 67.84 0.80 6.14 65.25 70.06 3.32

FDEF First Defiance Financial 2,450 452 50.32 52.31 34.80 16.34 16.13 197.4 1.75 9.59 1.14 92.53 1.19 9.93 61.89 33.19 0.20

UCFC United Community Finl Corp. 2,160 435 9.35 9.50 5.28 24.61 22.80 170.7 1.28 11.81 1.96 43.09 0.89 7.33 62.30 58.47 1.63

FMNB Farmers National Banc Corp. 1,961 398 14.70 15.50 8.00 21.30 19.09 233.7 1.09 8.88 0.82 65.29 0.97 8.95 61.92 70.93 0.34

CIVB Civista Bancshares Inc. 1,372 162 19.71 19.87 9.75 12.88 12.76 180.0 1.22 8.18 0.91 107.26 1.18 12.91 64.67 53.62 8.90

LCNB LCNB Corp. 1,334 235 23.50 25.00 15.51 20.09 19.92 209.0 2.72 8.65 1.39 20.52 0.90 8.14 62.01 43.64 (0.42)

FMAO Farmers & Merchants Bancorp 1,044 185 40.00 50.00 25.87 16.39 16.95 151.3 2.30 11.75 0.29 221.29 1.12 9.16 60.94 48.70 15.77

OVBC Ohio Valley Banc Corp. 970 128 27.45 29.34 21.40 16.74 - 129.7 3.06 10.25 2.68 28.98 0.80 7.21 70.78 11.81 (1.79)

CNUN Community Bancshares Inc. 894 NA NA NA NA - - - NA 10.47 0.83 74.31 0.81 7.16 68.41 NA NA

CHBH Croghan Bancshares Inc. 809 96 42.11 44.99 35.25 10.86 - 122.4 3.42 10.00 1.08 53.41 1.12 8.78 63.68 18.62 0.29

SBFG SB Financial Group Inc 802 80 16.58 18.44 9.74 12.75 - 144.3 1.57 8.89 0.57 160.88 1.09 10.02 69.52 48.83 9.01

HLAN Heartland BancCorp 791 109 69.00 73.24 44.55 12.75 - 152.6 2.27 9.04 0.78 95.40 1.16 12.64 62.91 53.33 (5.48)

MBCN Middlefield Banc Corp. 762 87 38.45 39.00 31.19 11.83 12.09 117.6 2.81 9.71 1.31 63.23 0.87 9.66 66.98 18.68 0.92

CSBB CSB Bancorp Inc. 654 83 30.20 33.51 21.35 12.96 - 136.6 2.65 9.34 1.40 54.69 0.99 10.10 60.90 23.27 (9.85)

CLDB Cortland Bancorp 621 78 17.70 19.00 14.15 16.24 - 129.7 1.58 9.71 1.46 54.12 0.81 8.25 72.48 11.32 -

UBOH United Bancshares Inc. 615 71 21.55 22.00 16.00 13.15 - 109.5 2.04 10.67 1.30 42.47 0.88 7.36 72.81 18.15 (0.92)

DCBF DCB Financial Corp* 565 133 18.15 18.55 6.72 NM - 224.3 - 10.50 1.74 46.54 0.05 0.50 95.62 142.32 1.68

KLIB Killbuck Bancshares Inc. 494 64 107.00 125.00 107.00 12.46 - 122.8 3.08 10.52 0.03 NM 1.05 9.84 58.24 (3.60) (14.34)

WAYN Wayne Savings Bancshares 446 45 16.07 16.35 11.90 17.47 - 112.6 2.24 8.94 0.96 68.11 0.57 6.20 76.07 21.65 (0.80)

MTFC Minster Financial Corp. 435 54 51.50 51.50 50.00 - - - 4.08 NA NA NA NA NA NA 5.10 -

CBKM Consumers Bancorp Inc. 433 44 16.06 18.45 15.30 18.89 - 99.4 2.99 10.16 0.72 117.40 0.55 5.34 73.37 (8.23) (1.17)

UBCP United Bancorp Inc. 426 73 13.50 15.25 8.72 19.29 - 171.0 3.26 10.05 NA NA 0.86 8.43 69.37 40.77 5.88

CFBK Central Federal Corp. 408 28 1.75 1.80 1.10 8.33 - 100.9 - 9.58 1.03 164.20 1.31 12.37 79.60 32.50 5.36

ANDC Andover Bancorp Inc. 401 60 24.00 25.00 23.00 17.37 - 150.8 2.96 9.94 0.68 49.96 0.86 8.25 72.00 0.00 -

PFOH Perpetual Federal Savings Bank 387 60 24.14 25.10 19.40 12.01 - 88.7 3.65 17.37 1.83 67.32 1.33 7.52 33.14 20.10 (0.45)

CMOH Commercial Bancshares Inc.* 347 69 57.44 58.59 29.15 17.73 - 179.7 1.74 11.12 1.26 88.98 1.15 10.48 65.48 87.65 (0.54)

OLCB Ohio Legacy Corp* 346 43 21.93 22.00 10.25 36.55 - 164.7 NA 8.44 0.92 90.87 0.43 4.72 77.08 113.95 0.23

FFDF FFD Financial Corp. 297 32 32.63 33.95 27.50 8.68 - 115.1 3.49 9.47 0.92 108.64 1.33 14.17 57.70 18.66 (3.89)

CBCZ Comunibanc Corp. 283 18 22.32 23.00 20.17 15.20 - 64.1 3.49 10.16 3.72 15.81 0.43 4.48 80.02 1.45 0.31

ASBN ASB Financial Corp. 273 27 13.49 14.00 11.35 12.73 - 106.5 5.34 9.29 NA NA 0.80 7.73 76.14 6.05 1.43

HCKG Hocking Valley Bcshs Inc. 245 29 630.00 630.00 590.00 - - - 0.19 NA NA NA NA NA NA 3.28 1.61

FSDK First Citizens National Bank 241 27 84.25 85.00 80.25 18.95 - 65.7 2.56 17.06 0.03 NM 0.59 3.51 77.60 4.01 -

OHIO BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 7

Page 23: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

FIDS FNB Inc. 224 24 35.00 38.00 32.00 - - - 2.86 NA NA NA NA NA NA 3.55 -

FIBH First Bancshares Inc. 214 19 32.50 34.00 31.55 14.13 - 112.3 2.46 7.71 NA NA 0.67 8.27 79.26 0.62 -

HLFN Home Loan Financial Corp. 201 36 25.50 25.75 20.78 11.33 - 141.4 3.92 12.56 NA NA 1.58 12.66 50.97 9.68 (0.97)

CZID Ctzns Independent Bncp Inc. 181 18 26.50 26.50 18.30 17.32 - 96.9 - 10.45 2.54 42.50 0.57 5.79 86.77 (74.76) 20.45

FBOO First Bank of Ohio 175 31 539.75 562.00 531.10 15.09 - 47.1 NA 36.99 0.32 419.46 1.18 3.18 46.12 (5.80) 1.63

PDRB Pandora Bancshares Inc. 158 11 88.30 88.30 85.50 13.73 - 79.9 2.49 8.85 1.65 56.95 0.54 6.20 81.22 18.52 -

HCFL Home City Financial Corp. 156 17 21.05 23.57 17.10 11.96 - 96.2 2.28 11.23 1.06 158.26 0.95 8.80 62.66 16.62 (10.58)

PNC PNC Financial Services Group 369,348 57,388 117.96 118.33 77.40 16.36 16.44 175.3 1.87 10.40 0.99 71.64 1.10 8.58 61.69 23.76 2.70

FNB F.N.B. Corp. 21,584 3,418 16.24 16.43 11.16 21.37 17.85 248.9 2.96 7.22 0.94 77.48 0.81 6.67 55.40 21.74 3.90

FULT Fulton Financial Corp. 18,701 3,335 19.25 19.45 11.48 21.15 20.70 208.6 2.08 8.79 1.11 78.01 0.87 7.61 66.91 47.96 2.12

NWBI Northwest Bancshares, Inc. 9,715 1,829 18.05 19.10 11.78 44.02 21.11 222.6 3.32 8.76 1.24 52.51 0.46 3.57 63.85 34.80 (2.38)

CUBI Customers Bancorp Inc 9,603 1,089 36.39 36.53 21.66 15.23 14.70 180.5 NA 8.06 0.30 133.37 0.87 12.17 52.48 33.69 5.23

STBA S&T Bancorp Inc. 6,718 1,358 38.90 39.11 23.06 19.07 18.70 250.7 2.06 8.44 0.80 99.73 1.10 8.77 54.09 26.22 3.48

FCF First Commonwealth Financial 6,666 1,254 14.09 14.34 7.85 24.29 22.02 213.8 1.99 9.02 0.98 83.99 0.78 7.03 58.57 55.35 3.00

BNCL Beneficial Bancorp Inc 5,580 1,401 18.45 19.00 12.30 59.52 51.25 165.8 1.30 15.70 0.30 261.73 0.44 2.13 73.26 38.51 0.82

UVSP Univest Corp. of Pennsylvania 4,140 815 30.65 31.15 18.43 30.35 21.43 249.6 2.61 8.24 0.62 66.26 0.62 4.94 68.22 46.93 (0.16)

TSC TriState Capital Holdings Inc. 3,716 619 21.85 22.60 10.77 23.00 23.00 224.6 NA 7.55 0.69 79.34 0.79 8.04 65.21 56.18 2.10

BMTC Bryn Mawr Bank Corp. 3,174 706 41.75 42.45 23.92 35.08 19.79 279.4 2.01 8.28 0.54 104.04 0.67 5.53 62.57 45.37 4.24

CCNE CNB Financial Corp. 2,540 403 27.85 28.43 16.51 19.21 17.41 232.4 2.37 6.94 1.00 61.79 0.89 10.05 61.14 54.46 3.42

PFIS Peoples Financial Services 1,971 365 49.33 50.09 32.74 19.50 - 193.4 2.51 9.91 0.72 110.48 1.00 7.42 58.69 29.54 2.81

ESSA ESSA Bancorp Inc. 1,772 190 16.67 16.84 12.69 22.84 19.38 118.7 2.16 9.11 1.26 40.40 0.45 4.40 76.80 21.86 0.42

FRBK Republic First Bancorp Inc. 1,734 507 8.95 9.00 3.70 NM NM 295.9 NA 6.63 2.06 26.48 0.28 3.64 85.54 106.70 5.92

CVLY Codorus Valley Bancorp Inc. 1,523 242 28.74 29.34 18.72 19.22 - 157.4 1.72 10.06 0.60 156.77 0.83 8.09 65.68 48.36 1.38

ORRF Orrstown Financial Services 1,354 192 23.15 23.75 16.60 30.46 28.94 137.4 1.56 10.32 1.12 91.05 0.47 4.49 85.03 29.76 (1.70)

PWOD Penns Woods Bancorp Inc. 1,347 243 51.32 52.65 34.76 18.26 - 200.9 3.66 9.10 1.42 66.44 1.00 9.54 64.31 20.87 1.68

CZNC Citizens & Northern Corp. 1,245 314 26.00 26.13 19.26 20.31 21.31 175.9 4.00 14.48 1.87 36.16 1.27 8.25 62.21 23.81 1.40

ACNB ACNB Corp. 1,209 194 32.00 32.85 20.65 17.39 - 170.6 2.50 9.46 1.03 115.91 0.96 9.52 68.05 50.23 (0.47)

CZFS Citizens Financial Services 1,198 171 51.00 53.50 46.53 14.12 - 165.7 3.29 8.76 1.19 57.32 1.03 9.94 57.38 5.12 1.49

ASRV AmeriServ Financial Inc. 1,146 71 3.75 3.85 2.90 28.85 - 80.5 1.60 7.77 0.17 510.02 0.22 2.41 84.09 17.19 1.35

NWFL Norwood Financial Corp. 1,125 138 33.50 34.50 26.25 27.69 - 133.6 3.82 9.29 0.29 188.39 0.55 4.25 56.90 16.53 0.31

FNCB FNCB Bancorp Inc. 1,122 101 6.10 6.90 4.75 2.96 - 105.0 1.97 8.61 0.77 98.87 3.13 40.46 75.78 16.19 -

FRAF Franklin Financial Services 1,107 121 28.05 29.00 20.11 13.96 - 111.8 2.99 9.82 2.16 44.61 0.81 7.61 65.64 19.36 0.39

QNBC QNB Corp. 1,072 122 35.80 37.00 29.20 14.09 - 124.2 3.35 9.14 1.10 64.29 0.84 9.25 63.56 13.65 0.56

MPB Mid Penn Bancorp Inc. 1,043 97 23.00 24.75 14.65 13.45 - 137.6 2.09 6.81 0.63 113.66 0.76 10.11 70.60 42.86 (2.13)

SOME Somerset Trust Holding Company 1,039 110 45.00 45.00 36.55 10.69 - 115.9 2.84 9.16 1.32 74.75 1.00 11.37 77.83 3.45 1.12

FSMK 1st Summit Bncp Johnstown Inc. 991 113 103.00 103.00 95.00 11.34 - 125.2 2.33 9.13 0.54 117.24 1.05 11.59 57.09 7.29 -

ENBP ENB Financial Corp 971 97 33.93 34.00 31.50 12.66 - 96.8 3.30 10.30 0.15 505.44 0.84 7.88 76.42 4.38 0.97

FKYS First Keystone Corp. 968 141 24.95 27.80 23.80 16.31 - 145.2 4.33 10.25 1.62 44.76 0.88 7.63 58.26 (2.12) (4.04)

PENNSYLVANIA BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 8

Page 24: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

FBIP FNB Bancorp Inc. 922 119 160.50 160.50 146.66 - - - 2.09 8.98 1.49 30.85 0.75 7.98 71.71 5.25 -

EMYB Embassy Bancorp Inc. 889 96 12.90 13.57 10.15 13.30 - 131.2 1.01 8.21 0.72 97.52 0.86 10.00 63.58 18.24 3.20

CBFV CB Financial Services Inc. 834 104 25.55 26.90 19.00 14.27 14.19 128.5 3.44 9.84 0.94 95.72 0.88 8.26 63.65 11.47 (3.40)

MLVF Malvern Bancorp Inc 821 139 21.20 21.20 15.00 11.40 25.85 147.0 - 11.52 0.53 124.86 1.59 14.05 67.63 20.73 1.44

RBPAA Royal Bancshares of PA 811 97 3.37 3.49 1.85 8.87 - 175.9 - 8.60 1.66 76.05 1.64 18.32 70.94 61.24 (0.88)

FDBC Fidelity D & D Bancorp Inc. 770 88 36.00 37.50 31.00 11.84 - 108.3 3.22 10.59 1.32 90.54 1.00 9.54 62.42 4.35 (0.69)

DNBF DNB Financial Corp. 770 122 28.95 29.50 23.05 20.53 25.39 139.6 0.97 7.68 1.30 52.85 0.54 6.89 72.08 (1.86) 9.45

HARL Harleysville Savings Financial 747 80 21.69 22.25 18.00 14.96 - 121.8 3.87 8.79 1.39 38.01 0.72 8.47 61.36 1.36 0.65

KISB Kish Bancorp Inc. 729 56 45.00 45.75 40.00 - - 104.0 3.82 7.38 NA NA 0.63 8.37 80.31 4.65 0.11

EMCF Emclaire Financial Corp 694 62 29.00 30.00 22.60 16.86 - 140.5 3.59 6.49 NA NA 0.58 6.87 72.51 20.83 5.38

CCFN CCFNB Bancorp Inc. 680 96 45.00 45.00 38.85 13.64 - 123.4 3.20 11.58 0.69 136.71 1.08 8.40 62.20 13.49 8.43

DIMC Dimeco Inc. 638 73 44.45 45.00 37.00 14.97 - 102.4 3.42 11.19 3.34 39.78 0.79 7.06 65.38 15.45 2.18

HONT Honat Bancorp 609 117 77.00 175.00 68.30 15.52 - 125.1 1.61 15.39 0.47 297.39 1.25 8.47 59.27 11.59 0.88

JUVF Juniata Valley Financial Corp. 577 89 18.55 19.10 17.10 22.62 - 158.0 4.74 9.88 1.03 45.23 0.70 6.65 70.21 5.10 (2.88)

FPBK First Priority Financial Corp. 572 42 6.46 6.65 5.30 26.92 - 102.3 NA 7.85 0.82 70.43 0.43 4.49 77.61 8.03 1.57

PBIP Prudential Bancorp Inc. 559 136 16.85 17.33 13.80 46.81 - 118.9 0.71 20.38 3.39 17.24 0.51 2.36 73.04 10.86 1.57

AMBK American Bank Inc. 557 65 11.50 12.70 9.73 15.97 - 132.9 3.13 8.82 NA NA 0.81 9.55 55.41 15.00 0.35

RIVE Riverview Financial Corp. 527 38 11.78 13.20 11.00 18.12 - 102.1 4.67 7.16 1.63 42.29 0.42 5.19 77.50 (10.76) 1.64

NUBC Northumberland Bancorp 498 39 29.60 30.00 23.77 20.34 - 80.4 2.43 9.80 0.48 113.76 0.40 3.96 87.13 16.77 0.68

STND Standard Financial Corp 495 65 25.00 26.50 22.70 20.49 - 100.3 1.76 13.24 0.20 391.75 0.64 4.14 67.64 (1.96) 1.63

JNES Jonestown Bank and Trust Co. 495 46 19.76 20.25 16.19 10.03 - 100.1 3.24 9.26 2.12 47.14 0.95 10.43 66.55 8.87 1.33

FMFP First Community Finl Corp. 477 47 33.50 40.00 31.00 - - - 5.01 NA NA NA NA NA NA 3.88 -

CBTC CBT Financial Corp. 467 42 28.80 31.40 25.55 12.10 - 107.8 4.17 8.45 1.27 55.97 0.77 7.38 70.54 10.34 -

CFCX Centric Financial Corp. 464 45 7.11 12.00 5.13 16.93 - 124.4 NA 7.79 0.60 151.64 0.63 7.22 69.72 1.57 (6.32)

HMLN Hamlin B&TC 447 104 280.00 295.00 265.00 - - 129.0 3.93 18.10 1.47 43.31 1.43 8.71 54.09 8.95 3.70

AVLY Allegheny Valley Bancorp Inc.* 445 53 51.50 56.87 37.71 16.79 - 123.9 3.56 9.86 1.48 57.00 0.73 6.21 70.67 15.63 -

MIFF Mifflinburg Bancorp Inc. 414 44 44.15 44.15 42.20 10.32 - 99.1 3.85 10.60 NA NA 1.08 9.96 57.00 4.62 -

NTBP New Tripoli Bancorp Inc. 401 57 885.00 985.00 884.99 11.47 - 109.3 4.29 12.96 1.18 89.84 1.29 10.59 55.43 (11.50) -

YRKB York Traditions Bank 398 29 13.20 15.00 11.70 10.00 - 90.2 NA 8.21 1.04 66.96 0.79 9.45 71.86 13.21 -

SQCF Susquehanna Community Finl Inc 397 52 17.70 25.00 17.35 11.84 - 127.7 - 10.34 0.10 533.42 1.20 12.68 61.77 (0.28) 1.09

MCHT Mauch Chunk Trust Finl Corp 395 42 13.75 14.00 12.00 13.74 - 102.2 3.05 10.46 0.48 112.28 0.80 8.36 74.85 3.77 -

MYBF Muncy Bank Financial 394 52 35.00 41.50 29.01 13.11 - 120.4 3.43 11.03 1.26 66.48 1.06 9.61 64.14 11.11 (0.71)

WDFN Woodlands Fnl Services Co 390 43 27.66 27.97 20.20 12.52 - 115.1 2.89 9.48 0.94 85.96 0.90 9.71 69.51 3.79 -

CNAF Commercial National Financial 372 63 22.10 22.50 19.50 14.44 - 106.7 4.71 15.90 0.17 252.35 1.15 8.19 76.33 0.45 0.45

MNBC MNB Corporation 371 27 23.56 27.00 19.50 14.73 - 86.9 3.06 8.28 1.21 42.61 0.52 5.95 81.54 19.29 -

MNBP Mars National Bancorp Inc. 371 31 381.90 397.00 377.00 25.38 - 86.3 3.14 9.56 0.05 NM 0.33 3.46 89.20 (4.53) 0.24

WVFC WVS Financial Corp. 335 30 14.80 15.40 10.73 20.00 - 90.0 1.08 9.85 0.08 149.21 0.42 4.32 62.84 20.33 1.37

NEFB Neffs Bancorp Inc. 331 51 318.00 318.00 285.00 - - 86.6 2.39 18.13 1.62 37.66 1.35 7.49 45.45 10.57 -

PPLL Peoples Ltd. 328 35 60.01 61.90 59.80 11.62 - - 3.05 8.82 0.75 86.64 0.95 10.78 67.27 (0.38) -

GNBF GNB Financial Services Inc 309 37 47.00 50.00 38.00 - - - 5.11 NA NA NA NA NA NA 3.07 -

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 9

Page 25: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

LDKB Landmark Bancorp Inc. 307 25 13.40 14.10 11.40 22.33 - 91.7 2.39 9.48 3.40 29.96 0.41 4.47 75.32 (3.94) 3.16

PBCP Polonia Bncp, Inc.* 284 40 12.00 12.25 10.35 NM - 107.4 NA 13.17 NA NA (0.16) (1.19) 121.09 3.99 1.61

CTYP Community Bankers' Corporation 272 16 7.75 8.50 6.60 - - - 4.49 NA NA NA NA NA NA 0.52 -

SDLJ Scottdale Bank & Trust Company 267 23 453.00 499.00 441.00 NM - 49.5 - 17.41 0.89 32.01 0.07 0.40 83.41 (4.63) (1.95)

EFSG Enterprise Financial Services 262 7 8.00 8.04 6.50 - - - - NA NA NA NA NA NA 18.52 -

FLEW Fleetwood Bank Corp. 242 19 65.00 65.00 58.30 17.35 - 85.0 3.08 9.23 0.69 83.64 0.47 4.96 81.95 8.42 -

FRSB First Resource Bk 222 17 8.16 8.50 6.02 14.57 - 98.3 NA 7.80 2.15 31.13 0.55 6.55 74.81 24.17 -

QNTO Quaint Oak Bancorp Inc. 209 23 12.00 12.10 11.50 16.22 - 116.8 1.33 9.26 1.43 49.72 0.74 7.33 70.75 (0.83) -

BKCS Bucks County Bank 203 16 6.60 6.60 5.55 - - 74.5 NA 10.70 2.05 45.69 0.31 2.86 82.57 11.86 -

JTNB JTNB Bancorp Inc. 192 14 15.00 16.00 13.00 14.44 - 77.3 4.27 9.57 0.39 114.89 0.51 5.39 82.34 18.20 -

MCBG Mercersburg Financial Corp. 176 18 22.00 33.00 17.50 18.50 - 89.0 2.18 11.36 0.52 168.71 0.57 4.87 77.90 25.71 -

APLO Apollo Bancorp Inc. 162 23 43.50 46.00 39.00 16.23 - 109.5 4.51 12.79 NA NA 0.84 6.82 77.35 11.54 (5.43)

CFG Citizens Financial Group Inc. 147,015 18,597 36.33 36.33 18.04 19.64 19.02 144.2 1.32 9.49 1.22 69.03 0.70 4.95 65.44 38.72 2.86

WASH Washington Trust Bancorp Inc. 4,204 970 56.65 57.90 34.59 21.62 21.14 302.1 2.61 7.77 0.73 83.06 1.17 11.78 57.21 43.35 0.80

CWAY Coastway Bncp, Inc. 633 69 15.49 15.50 12.10 19.61 - 99.8 NA 10.95 2.20 17.65 0.59 4.83 75.85 18.44 1.25

SSB South State Corporation 8,797 2,134 88.10 91.85 59.19 20.83 20.44 286.6 1.45 8.84 0.48 96.30 1.19 9.45 60.05 22.45 2.62

CARO Carolina Financial Corp. 1,654 384 30.61 30.97 15.26 22.67 19.25 252.2 0.52 9.25 0.72 87.08 1.09 11.54 66.20 70.06 6.28

SFST Southern First Bancshares Inc 1,290 227 35.50 36.85 21.21 18.88 18.83 213.7 NA 8.22 1.26 89.09 1.02 12.75 56.28 56.39 3.35

CNBW CNB Corp. 1,111 107 66.00 66.00 54.75 12.75 - 99.7 2.65 9.69 0.94 73.27 0.79 8.08 66.62 22.22 1.54

FCCO First Community Corp. 915 125 18.70 18.95 12.66 19.28 19.08 160.8 1.71 8.58 0.77 71.93 0.74 7.97 70.37 25.34 -

SFDL Security Federal Corp. 824 103 35.00 35.00 20.00 18.13 - 138.8 0.91 11.70 1.64 60.11 0.79 6.82 75.15 64.71 -

CRLN Carolina Alliance Bank 626 80 12.20 12.20 8.83 20.86 - 121.7 NA 10.55 0.92 83.07 0.62 5.62 74.13 19.72 6.09

CBCO Coastal Banking Co. 613 54 14.85 14.94 11.25 7.73 - 110.8 NA 7.90 NA NA 1.19 15.56 86.86 23.75 0.68

OFED Oconee Federal Financial Corp. 484 133 23.00 24.25 18.21 26.44 - 162.8 1.74 17.03 1.15 17.39 1.05 6.21 60.23 23.32 0.00

GRRB GrandSouth Bancorporation 482 62 13.60 15.30 12.51 - - - 2.94 10.67 NA NA NA NA NA (2.51) (0.73)

SABK South Atlantic Bancshares Inc. 437 61 16.00 16.00 9.96 21.89 - 159.9 NA 8.77 NA NA 0.61 7.00 76.41 33.33 1.59

BKSC Bank of South Carolina Corp. 410 110 22.27 23.97 14.05 21.83 - 262.0 2.52 10.27 0.76 120.19 1.27 12.75 57.89 38.64 (3.71)

FSRL First Reliance Bcshs 409 27 5.90 5.94 3.75 11.57 - 104.5 NA 6.35 NA NA 0.83 8.49 76.78 29.67 0.85

HCFB HCSB Financial Corp. 381 77 0.16 0.50 0.11 NM - 210.0 NA 9.60 6.76 18.14 1.18 37.72 129.57 (3.13) 2.38

GRBS Greer Bancshares Inc.* 381 56 22.60 22.60 9.60 18.99 - 204.6 0.88 7.22 NA NA 0.78 11.57 72.11 135.42 6.35

CFOK Community First Bancorporation 324 28 6.70 8.50 5.35 NM - 93.0 NA 10.21 2.09 45.50 0.09 0.94 99.14 3.24 5.35

FSBS First South Bancorp Inc. 236 9 0.85 1.35 0.78 - - - - NA NA NA NA NA NA 6.25 (15.00)

FHN First Horizon National Corp. 28,449 4,777 20.48 20.76 11.51 22.51 21.20 223.2 1.37 8.96 1.62 43.70 0.87 8.70 69.28 41.05 4.22

PNFP Pinnacle Financial Partners 10,978 3,249 70.35 71.85 43.32 25.40 23.85 357.3 0.80 8.73 0.41 134.67 1.25 9.38 53.52 36.97 3.99

RHODE ISLAND BANKS AND THRIFTS

SOUTH CAROLINA BANKS AND THRIFTS

TENNESSEE BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 10

Page 26: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

FBK FB Financial Corp 3,187 619 25.81 26.27 19.81 10.84 11.71 223.3 NA 8.84 0.78 93.99 1.40 16.03 73.56 NA 3.74

FSB Franklin Financial Network Inc 2,703 531 40.85 41.55 22.83 18.48 17.38 220.9 NA 7.39 0.06 976.21 1.06 12.73 52.04 30.18 3.94

WBHC Wilson Bank Holding Co. 2,170 NA NA NA NA - - - NA 11.02 0.61 176.55 1.20 10.77 59.29 NA NA

FIZN First Citizens Bancshares Inc. 1,624 210 51.00 51.00 45.75 12.91 - 142.4 1.96 9.03 0.57 99.01 1.02 9.87 61.27 5.15 -

FFMH First Farmers Merchants Corp. 1,345 131 28.75 29.60 25.21 13.37 - 115.8 2.64 8.47 0.26 264.88 0.78 8.26 68.93 28.64 1.77

CSTR CapStar Financial Hlgs Inc. 1,318 238 21.24 21.91 15.50 27.23 26.55 193.1 NA 10.07 0.41 212.71 0.68 7.35 67.70 NA 8.76

SMBK SmartFinancial Inc. 1,041 116 19.64 20.58 14.21 26.19 24.25 133.6 - 9.53 0.66 72.53 0.53 5.24 75.23 22.06 (0.61)

CUBN Commerce Union Bancshares Inc. 920 165 21.19 22.99 13.50 18.92 - 171.1 1.04 10.60 0.92 103.76 0.91 7.95 73.60 54.56 4.49

FABK First Advantage Bancorp 526 64 17.00 17.95 15.41 21.25 - 97.8 2.35 12.49 2.05 59.71 0.64 4.77 76.00 3.66 (1.45)

AFCB Athens Bancshares Corporation 426 61 34.00 34.00 23.07 19.77 - 137.7 0.59 10.42 1.16 83.84 0.86 6.57 73.84 37.37 2.26

TRUX Truxton Corporation 398 73 27.80 30.00 23.00 13.97 - 158.9 2.59 11.61 NA NA 1.27 12.15 64.54 11.20 (1.56)

IBTN InsCorp Inc. 362 33 18.50 19.00 13.01 - - 88.9 0.97 10.42 0.25 412.74 NA NA NA NA -

PGNN Paragon Finl Solutions Inc. 330 32 7.70 7.75 6.16 17.68 - 90.9 NA 10.77 0.64 184.17 0.59 5.71 76.01 6.21 1.32

SVRH Sevier County Bancshares Inc. 322 22 15.00 15.00 15.00 NM - 116.2 NA 5.89 10.09 8.90 (0.05) (0.79) 101.74 NA -

TNCB Tennessee Cmnty Bk Hldgs Inc. 211 NA NA NA NA - - - NA 10.39 1.70 73.07 0.55 5.37 86.12 NA NA

UNTN United Tennessee Bankshares 203 16 19.00 19.00 17.75 10.33 - 74.5 2.74 10.59 0.77 118.19 0.78 7.50 65.62 7.04 -

SCYT Security Bancorp Inc. 186 16 42.00 42.00 36.50 14.06 - 84.5 2.38 10.32 0.43 187.88 0.61 6.19 72.37 15.07 2.44

FCCT First Community Corp. 177 8 4.75 4.93 3.90 - - - - NA NA NA NA NA NA 18.75 -

SBKT Sumner Bank & Trust 154 24 16.70 20.00 12.00 - - - NA 9.23 1.19 67.60 0.40 4.51 78.89 67.00 -

MBVT Merchants Bancshares Inc.* 1,995 371 53.85 54.50 27.00 26.14 22.58 236.8 2.08 7.55 0.22 283.07 0.72 9.41 65.34 71.01 0.89

UNB Union Bankshares Inc. 673 191 42.90 50.15 26.50 23.57 - 355.7 2.61 8.03 0.81 95.84 1.27 14.72 66.91 53.70 (7.54)

CMTV Community Bancorp. 606 78 15.50 16.00 13.15 15.20 - 198.2 4.13 7.06 1.39 61.71 0.87 9.88 68.95 8.77 (1.59)

MDVT Middlebury National Corp. 338 27 31.00 31.00 28.75 - - - 2.84 NA NA NA NA NA NA 3.33 -

PPAL Peoples Tr Co St Albns 259 23 37.00 37.25 28.00 17.89 - 70.7 1.35 12.52 2.02 42.41 0.50 4.17 85.25 23.33 -

COF Capital One Financial Corp. 345,061 43,253 89.68 91.64 58.03 12.79 12.65 148.4 1.78 10.13 1.46 124.39 1.16 7.93 51.86 24.24 0.01

UBSH Union Bkshs Corp 8,258 1,569 36.01 36.50 20.57 21.31 20.58 230.5 2.22 8.57 0.47 94.64 0.95 7.50 61.93 42.67 2.01

TOWN TowneBank 7,830 2,074 33.25 34.55 16.50 30.23 23.42 271.9 1.56 10.29 0.80 64.98 0.96 7.28 62.68 59.32 1.06

CARE Carter Bank & Trust 4,744 342 13.01 14.12 11.70 10.58 - 90.2 3.07 8.09 4.26 15.33 0.66 7.45 55.95 (3.62) (0.07)

CFNL Cardinal Financial Corp.* 4,220 1,076 32.81 34.75 17.51 22.63 21.31 258.9 1.46 9.94 0.01 NM 1.20 11.29 56.25 44.22 2.66

XBKS Xenith Bankshares Inc. 3,325 684 29.62 30.13 15.50 3.80 19.75 157.6 - 13.19 2.32 43.69 6.38 47.00 82.47 60.98 0.75

BHRB Burke & Herbert Bank & Trust 2,922 386 2,020.00 2,050.00 1,876.00 12.30 - 111.8 4.26 11.81 0.96 62.97 1.16 9.82 68.64 (0.49) 1.00

FCBC First Community Bancshares Inc 2,450 522 30.72 31.94 16.67 21.79 20.90 229.1 2.08 9.73 1.43 56.01 1.01 7.32 61.34 64.90 1.09

WFBI WashingtonFirst Bankshares Inc 1,917 382 29.91 29.96 18.57 22.76 22.14 215.2 0.89 9.40 0.58 117.39 0.97 9.20 64.09 38.72 5.50

AMNB American National Bankshares 1,616 308 35.80 36.25 22.29 18.45 20.11 195.2 2.68 10.06 0.42 189.53 1.07 8.37 58.30 39.79 0.85

FBLV First Bancorp Inc. 1,566 253 61.15 61.15 61.15 13.07 - 151.4 1.64 10.68 1.28 79.91 1.29 11.91 56.05 114.56 -

CFFI C&F Financial Corp. 1,425 177 51.15 53.40 37.02 13.98 - 142.4 2.58 8.81 0.73 355.79 0.90 9.43 64.25 31.15 2.61

VERMONT BANKS AND THRIFT

VIRGINIA BANKS AND THRIFT

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 11

Page 27: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

ANCX Access National Corp. 1,363 303 28.53 28.91 16.26 17.50 17.19 253.3 2.10 8.78 0.51 209.94 1.40 15.31 62.67 39.44 1.17

MBRG Middleburg Financial Corp.* 1,335 256 35.50 36.66 17.86 32.57 26.30 201.1 1.46 9.42 1.78 47.12 0.59 6.14 71.10 92.10 (0.36)

EVBS Eastern Virginia Bankshares* 1,315 134 10.23 10.50 6.60 22.73 24.36 140.6 1.17 9.02 1.78 44.64 0.65 6.37 76.72 42.48 1.79

ESXB Community Bankers Trust Corp 1,204 155 7.05 7.05 4.45 16.40 16.40 136.5 - 9.42 1.73 47.86 0.80 8.62 66.14 31.28 4.44

NKSH National Bankshares Inc. 1,203 299 42.95 45.35 31.75 19.79 19.88 167.8 2.84 14.88 1.13 61.32 1.26 8.45 49.77 20.85 (1.04)

SONA Southern National Bncp of VA 1,135 202 16.50 16.78 11.60 19.41 18.75 178.1 1.94 10.11 1.08 69.33 0.99 8.60 55.54 26.34 3.38

JMSB John Marshall Bank 1,017 192 19.00 19.00 16.00 25.33 - 165.6 NA 11.42 0.08 905.81 0.84 7.08 56.66 13.43 0.80

OPOF Old Point Financial Corp. 906 119 24.00 24.34 15.41 36.92 - 123.4 1.67 10.65 2.10 40.84 0.37 3.40 84.44 39.86 (1.03)

FVCB FVCBankcorp Inc. 837 135 16.55 19.75 13.41 24.06 19.94 169.4 NA 9.50 NA NA 0.84 8.24 58.41 19.93 1.22

FMBM F & M Bank Corp. 745 87 26.62 27.00 21.30 10.78 - 116.6 3.31 11.43 2.45 41.51 1.37 11.25 60.17 17.27 (0.30)

CPKF Chesapeake Financial Shares 719 91 22.50 22.75 17.14 14.07 - 112.0 2.22 11.24 1.48 45.19 0.96 8.79 81.38 29.68 (0.04)

FXNC First National Corp. 713 64 12.90 13.13 8.65 12.65 - 129.0 0.93 6.93 0.55 143.19 0.74 10.39 73.90 44.13 0.39

EFSI Eagle Financial Services Inc. 668 88 25.25 26.00 22.25 15.12 - 109.1 3.49 12.07 2.22 31.33 0.90 7.45 72.59 9.78 3.06

NWPP New Peoples Bankshares Inc 634 41 1.75 1.75 1.36 35.00 - 83.8 NA 7.70 NA NA 0.19 2.56 94.09 15.89 2.94

FBSS Fauquier Bankshares Inc. 624 61 16.16 16.44 14.13 NM - 111.8 2.97 8.70 1.59 44.51 (0.15) (1.64) 79.24 6.00 (1.19)

HLND Highlands Bankshares Inc. 612 48 5.87 7.75 4.55 NM - 99.3 - 9.05 3.26 25.05 (0.15) (1.73) 86.15 21.03 5.77

VABK Virginia National Bkshs Corp. 570 64 26.85 29.00 22.75 12.04 - 109.3 1.94 10.24 0.49 116.49 0.96 9.40 66.88 11.64 0.22

BSSC Bk of Southside Virginia Corp. 566 110 205.00 245.00 200.00 - - - - NA NA NA NA NA NA (12.39) -

BOTJ Bank of the James Finl Grp Inc 560 66 15.01 16.23 11.55 16.68 - 128.8 1.60 9.11 0.94 94.13 0.72 8.08 74.88 16.09 (0.86)

PKKW Parkway Acquisition Corp 559 44 8.67 8.67 7.96 - - 80.7 1.38 9.69 NA NA NA NA NA NA 2.18

BMBN Benchmark Bankshares Inc. 543 75 14.60 15.50 11.56 11.50 - 117.4 2.88 11.83 1.34 63.47 1.22 10.67 66.86 14.51 3.91

MNSB MainStreet Bcshs 536 59 13.95 13.95 11.02 15.85 - 131.0 NA 8.45 NA NA 0.75 8.66 70.91 12.96 0.36

HMTA HomeTown Bankshares Corp. 508 53 9.11 10.19 8.37 19.08 - 109.7 NA 9.51 2.30 30.37 0.62 6.44 70.46 5.26 (1.52)

FDVA Freedom Bank of Virginia 494 67 10.90 11.25 7.75 25.35 25.95 131.5 NA 10.34 0.25 331.98 0.55 5.37 77.32 31.33 3.81

BAYK Bay Banks of Virginia Inc. 468 36 7.60 7.75 5.61 26.21 - 92.7 - 8.41 NA NA 0.30 3.39 80.60 32.17 (1.94)

VBFC Village Bank & Trust Finl Corp 446 39 27.15 27.45 18.01 3.14 - - NA NA 3.96 19.33 3.09 41.49 101.67 42.89 2.45

PPBN Pinnacle Bankshares Corp. 422 42 27.35 27.35 18.25 12.84 - 115.5 1.46 8.56 0.56 121.79 0.86 9.11 74.51 38.83 14.92

FBVA Farmers Bankshares Inc. 408 57 18.50 18.50 10.90 13.70 - 129.1 2.16 10.75 NA NA 1.00 9.79 69.07 66.67 8.82

SOVA Southwest VA Bkshs Inc. 362 42 44.50 NA NA - - 97.2 - 11.93 1.49 57.17 0.76 6.59 72.17 - -

CZBT Citizens Bancorp of Virginia 356 54 24.75 25.00 18.40 15.76 - 111.4 3.23 13.63 NA NA 0.98 7.23 66.84 27.58 (1.00)

BORT Bank of Botetourt 353 27 19.30 19.34 17.50 11.49 - 81.7 2.49 9.52 2.65 29.32 0.71 7.16 72.70 11.88 0.84

BRBS Blue Ridge Bankshares Inc. 285 31 22.25 24.00 16.00 14.26 - 126.6 2.11 8.64 NA NA 0.83 8.56 60.62 36.92 1.14

FBPA Farmers Bank of Appomattox 235 25 23.00 23.00 18.80 8.51 - 83.7 3.04 12.68 0.75 36.82 1.28 10.25 62.30 22.34 0.44

VCBS Virginia Community Bankshares 225 20 27.00 27.25 14.25 - - 87.1 - 10.33 NA NA NA NA NA 86.21 -

BFTL Bank of Fincastle 225 NA 5.80 12.00 5.00 - - - - 9.18 8.61 11.74 (1.28) (12.95) 89.30 NA 3.43

BOMK Bank of McKenney 222 19 10.20 10.50 9.50 12.09 - 74.3 2.75 11.76 3.13 37.16 0.74 6.42 77.33 0.49 0.99

CZYB CCB Bankshares Inc. 207 14 9.37 9.50 8.45 19.52 - 74.7 0.96 9.16 NA NA 0.39 3.88 78.54 7.70 (0.53)

PNBI Pioneer Bankshares Inc. 196 23 24.00 24.20 21.75 12.18 - 91.7 3.17 12.93 NA NA 1.01 7.60 NA - 0.00

OAKV Oak View National Bank 196 17 5.80 6.25 5.25 16.16 - 86.9 NA 9.78 0.03 NM 0.56 5.50 76.12 9.42 0.50

VABB Virginia Bank Bankshares Inc. 188 27 14.50 14.50 13.81 14.87 - 110.0 6.07 12.89 1.01 68.51 0.97 7.50 72.10 2.47 -

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 12

Page 28: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

Total Market One Year LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

PBVA Peoples Bankshares Inc. 170 9 24.00 25.00 18.64 8.43 - 62.4 1.67 8.84 2.57 57.74 0.67 7.65 75.79 26.32 -

UBSI United Bankshares Inc. 14,345 3,782 46.65 49.35 32.22 23.80 23.38 313.6 2.83 8.45 0.99 51.19 1.09 7.73 47.40 26.12 2.87

WSBC WesBanco Inc. 9,812 1,890 43.10 43.46 26.93 19.41 18.42 250.3 2.23 8.19 0.52 83.10 1.00 7.37 55.87 43.57 3.56

CHCO City Holding Co. 3,866 1,011 67.35 68.89 40.74 19.99 20.82 284.3 2.55 9.39 1.22 41.56 1.36 11.96 53.96 47.57 0.55

SMMF Summit Financial Group Inc. 1,658 299 27.96 30.06 11.13 17.81 18.27 207.3 1.43 8.88 4.07 17.22 1.10 11.38 54.76 135.35 0.39

PFBI Premier Financial Bancorp Inc. 1,498 217 20.44 21.24 13.14 17.70 - 158.1 2.94 9.43 2.41 30.13 0.81 6.94 61.63 36.76 0.39

MVBF MVB Financial Corp 1,469 128 12.80 14.00 9.50 10.49 - 115.2 0.63 7.32 1.10 56.39 0.85 10.13 82.22 (2.29) (0.78)

FTSB First Sentry Bancshares Inc. 510 47 33.00 37.00 31.10 - - - 3.03 NA NA NA NA NA NA 6.45 -

FCBS First Century Bankshares Inc.* 413 53 28.05 31.00 18.70 24.23 - 134.0 2.85 9.78 2.92 29.51 0.54 4.81 76.96 38.52 (4.10)

HBSI Highlands Bankshares Inc. 399 46 34.75 34.75 25.00 12.92 - 94.3 3.22 12.40 NA NA 0.84 7.31 71.89 36.27 3.42

PTBS Potomac Bancshares Inc. 375 30 9.01 9.90 8.27 12.69 - 91.6 2.89 8.76 2.02 38.78 0.67 7.12 75.49 4.77 (1.53)

FWVB First WV Bancorp Inc. 341 32 18.50 22.00 17.12 14.23 - 89.3 4.32 10.49 0.81 65.05 0.66 6.17 84.34 5.71 (2.63)

CBFC CNB Financial Services Inc. 335 23 54.00 54.00 51.00 11.02 - 74.9 2.04 9.01 1.56 81.02 0.64 6.33 82.10 8.00 -

JFWV Jefferson Security Bank 293 18 64.90 66.00 62.30 16.12 - 79.2 1.54 7.90 2.47 24.71 0.40 4.82 87.07 (1.67) -

CIWV Citizens Financial Corp. 236 19 10.34 11.50 10.11 - - - 3.09 9.82 2.11 40.02 0.74 7.30 70.32 (6.00) -

WEST VIRGINIA BANKS AND THRIFTS

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 13

Page 29: December 27, 2016

BANK AND THRIFT COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Equity/ NPAs + Rsrvs/

LTM 2016E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Number of EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Medians Companies (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

By State

CT Connecticut 12 23.35 21.07 135.37 1.83 8.80 0.93 71.19 0.49 5.34 72.20 17.31 1.25

FL Delaware 2 23.38 20.56 205.51 0.61 7.98 0.64 91.85 (0.05) (2.92) 76.77 34.26 3.81

Discrict of Columbia 2 8.65 - 116.92 0.85 10.47 2.24 72.35 0.87 8.85 82.54 6.80 1.54

GA Florida 21 20.35 20.00 142.63 0.75 9.01 0.79 64.71 0.62 6.33 69.84 19.61 0.89

MD Georgia 23 16.42 20.75 152.74 1.27 10.50 1.06 74.24 0.98 8.79 62.11 27.35 0.52

MA Maryland 27 20.56 20.92 109.28 1.12 9.53 1.47 36.59 0.56 6.21 76.07 12.54 1.50

NJ Massachusetts 20 22.09 22.09 168.03 1.01 8.33 0.49 128.34 0.69 7.15 69.56 30.78 0.98

NY New Jersey 36 19.99 19.84 141.46 1.15 9.09 0.78 92.70 0.68 7.18 64.45 28.85 1.15

NC New York 50 18.68 19.89 149.79 2.39 8.70 0.64 95.91 0.82 7.74 66.96 17.03 1.38

OH North Carolina 30 20.32 20.70 125.38 1.15 9.24 0.91 85.67 0.70 6.74 73.76 28.15 1.14

PA Ohio 44 16.24 18.10 139.04 2.38 9.71 1.07 67.58 0.89 8.27 65.48 20.10 0.23

RI Pennsylvania 83 16.31 20.91 123.36 2.98 9.29 0.99 77.74 0.79 7.61 68.05 13.21 0.39

SC Rhode Island 3 19.64 20.08 144.17 1.97 9.49 1.22 69.03 0.70 4.95 65.44 38.72 1.25

TN South Carolina 17 19.28 19.17 160.80 1.58 9.43 0.94 73.27 0.83 8.49 72.11 23.75 1.54

VT Tennessee 21 18.48 22.52 137.67 1.37 10.20 0.66 103.76 0.78 7.50 72.37 22.06 1.32

VA Vermont 5 20.73 22.58 217.51 2.61 7.79 1.10 78.77 0.80 9.64 67.93 23.33 -

WV Virginia 53 15.81 20.34 120.40 1.94 9.78 1.34 57.74 0.88 7.79 70.46 26.32 0.80

West Virginia 14 16.91 19.62 124.62 2.84 9.01 1.79 40.79 0.81 7.30 71.89 17.06 -

By Asset Size

10,000 >= $10 billion 32 20.62 18.64 209.54 1.84 8.88 0.87 74.20 0.87 7.89 61.90 25.92 2.12

1,000 $1 billion to $10 billion 153 20.68 20.57 181.84 1.94 8.92 0.75 92.70 0.90 8.51 62.21 35.43 1.72

500 $500 million to $1billion 98 16.53 18.91 122.43 2.10 9.34 1.30 61.95 0.77 7.85 72.28 15.47 0.35

250 $250 million to $500 million 125 14.48 25.95 105.36 2.39 9.85 1.16 66.48 0.68 7.12 74.79 10.84 -

100 $50 million to $250 million 55 14.87 - 85.99 2.18 10.59 1.27 66.42 0.58 5.64 77.35 10.57 -

Total Companies 463 18.47 20.30 131.54 2.02 9.30 0.94 77.27 0.80 7.50 68.94 21.29 0.83

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 14

Page 30: December 27, 2016

MHC COMPARABLE COMPANY ANALYSIS - JANNEY UNIVERSE

As of 12/23/2016

BS Market Data Capital Ratio Asset Quality Profitability Price Perf.

Tang.

Price / Price/ Equity/ NPAs + Rsrvs/

Total Market LTM 2015E Tang. Div. Tang. 90 Day/ NPAs + LTM Eff.

Assets Value Stock High Low EPS EPS Book Yield Assets Assets 90 Day ROAA ROAE Ratio YTD 1 Week

Ticker Institution ($M) ($M) Price ($) ($) (x) (x) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)

BVFL BV Financial Inc. (MHC) 167 19 6.50 7.20 6.16 NM 28.3 92.8 - 12.57 4.55 28.75 (0.08) (0.61) 81.02 (5.11) -

HONE HarborOne Bancorp Inc (MHC) 2,347 644 20.05 20.11 12.53 - NM 204.9 NA 13.47 2.17 31.03 0.20 1.99 87.82 NA 3.62

PVBC Provident Bancorp Inc (MHC) 768 179 18.85 19.15 12.76 - NM 165.3 NA 14.10 0.65 168.33 0.82 5.71 68.66 45.11 0.80

MGYR Magyar Bancorp Inc. (MHC) 584 70 11.95 11.95 9.51 62.89 NM 145.7 NA 8.17 3.69 14.19 0.19 2.28 79.89 19.38 11.16

LPBC Lincoln Park Bancorp (MHC) 333 22 12.00 12.00 7.41 23.08 20.0 114.8 - 5.67 NA NA 0.33 4.85 77.95 61.94 1.27

GCBC Greene County Bncp Inc. (MHC) 893 183 21.60 25.20 15.23 19.64 28.1 239.9 1.76 8.56 0.62 181.02 1.12 12.84 53.98 35.21 2.86

NECB NorthEast Community Bncp (MHC) 661 91 7.45 8.20 6.08 - 53.2 - 1.61 16.09 NA NA 0.69 3.96 NA 4.63 (7.45)

LSBK Lake Shore Bancorp Inc. (MHC) 478 99 16.26 16.59 12.97 22.91 29.6 128.3 1.72 16.16 1.41 31.43 0.88 5.56 77.79 21.38 2.94

SCAY Seneca-Cayuga Bncp Inc. (MHC) 277 28 11.90 12.45 10.40 NM 13.5 110.0 NA 9.05 NA NA (0.02) (0.22) 91.69 12.26 -

LSFG LifeStore Financial Grp (MHC) 266 18 18.00 18.00 14.25 9.05 20.9 - - NA NA NA 0.78 9.92 80.58 12.85 -

TFSL TFS Financial Corp (MHC) 12,906 5,411 19.09 19.89 15.58 68.18 NM 328.7 2.62 12.80 NA NA 0.65 4.73 59.33 1.38 0.47

WMPN William Penn Bncp Inc. (MHC) 315 83 23.99 23.99 19.92 - 30.4 - 1.17 18.56 2.13 46.93 0.75 4.07 60.62 14.24 16.46

Medians by State No. of Cos.

MD Maryland 1 - 28.3 92.8 - 12.6 4.5 28.7 (0.1) (0.6) 81.0 (5.1) -

MA Massachussets 2 - - 185.1 - 13.8 1.4 99.7 0.5 3.9 78.2 45.1 2.2

NJ New Jersey 2 43.0 20.0 130.3 - 6.9 3.7 14.2 0.3 3.6 78.9 40.7 6.2

NY New York 4 21.3 28.8 128.3 1.7 12.6 1.0 106.2 0.8 4.8 77.8 16.8 1.4

NC North Carolina 1 9.0 20.9 - - - - - 0.8 9.9 80.6 12.9 -

OH Ohio 1 68.2 - 328.7 2.6 12.8 - - 0.6 4.7 59.3 1.4 0.5

PA Pennsylvania 1 - 30.4 - 1.2 18.6 2.1 46.9 0.7 4.1 60.6 14.2 16.5

Medians by Asset Size No. of Cos.

10000 >= $10 billion 1 68.2 - 266.8 2.6 13.1 - - 0.4 3.4 73.6 1.4 2.0

1000 $1 billion to $10 billion 1 - - 204.9 - 13.5 2.2 31.0 0.2 2.0 87.8 - 3.6

500 $500 million to $1billion 4 41.3 40.6 165.3 1.7 11.3 0.6 168.3 0.8 4.8 68.7 27.3 1.8

150 $150 million to $500 million 6 22.9 24.6 112.4 0.0 12.6 2.1 31.4 0.5 4.5 79.3 13.5 0.6

TOTAL MHCs 12 23.0 145.7 1.39 12.80 2.13 31.43 0.67 4.40 77.95 14.24 1.03

One Year

MARYLAND MHCs

MASSACHUSETTS MHCs

NEW JERSEY MHCs

NEW YORK MHCs

NORTH CAROLINA MHCs

OHIO MHCs

PENNSYLVANIA MHCs

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 15

Page 31: December 27, 2016

BANK & THRIFT TOTAL RETURN YTD

As of 12/23/2016

12/19/2016

12/16/2016

12/15/2016

12/14/2016

12/13/2016

12/12/2016

12/9/2016

12/8/2016

12/7/2016

12/6/2016

12/5/2016

12/2/2016

12/1/2016

11/30/2016

11/29/2016

11/28/2016

11/25/2016

11/23/2016

11/22/2016

11/21/2016

11/18/2016

11/17/2016

11/16/2016

11/15/2016

11/14/2016

11/11/2016

11/10/2016

11/9/2016

11/8/2016

25.4%

21.2%

38.7%

41.8%

13.2%

(30.0%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016

SNL Large Cap U.S. Bank & Thrift SNL Micro Cap U.S. Bank & Thrift SNL Mid Cap U.S. Bank & Thrift SNL Small Cap U.S. Bank & Thrift S&P 500

Source: SNL

Note: Universe includes publicly traded institutions with > $150 million in assets

* Indicates under agreement to be acquiredPage 16

Page 32: December 27, 2016

4.) Recent Bank M&A Transactions

Page 33: December 27, 2016

BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Transactions Announced Since December 27, 2015 (Sorted by Announcement Date)

SELLER'S FINANCIALS ANNOUNCEMENT STATISTICS

Deal Tng Bk

Value Premium/ Deal Value / Prem/

Dates Buyer Seller Total Equity/ NPAs/ Deal Per Market Tang. LTM Core

Ann. Comp. Assets Assets ROAA ROAE Assets Value Share Value Book Book EPS Assets Deps

Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%)

12/16/2016 NA Wallkill Valley FS&LA NY Hometown Bancorp Inc (MHC) NY 122,950 6.73 (0.03) (0.38) NA 7.00 3.01 NA 84.60 88.68 NM 5.70 (1.00)

12/13/2016 NA Southern National Bncp of VA VA Eastern Virginia Bankshares VA 1,314,896 10.24 0.65 6.37 1.59 180.90 9.85 NA 134.35 154.63 21.90 13.76 7.21

12/7/2016 NA NexTier Inc. PA Manor Bank PA 40,384 6.65 (1.29) (14.15) - 2.33 531.55 NA 86.80 86.80 NM 5.77 (1.00)

11/30/2016 NA CenterState Banks FL Gateway Finl Hldgs of FL Inc. FL 879,702 9.67 0.73 7.36 0.37 142.48 20.34 NA 163.57 163.57 23.73 16.20 8.65

11/22/2016 NA ACNB Corp. PA New Windsor Bancorp Inc. MD 311,061 7.35 0.52 7.11 NA 32.82 32.64 NA 143.32 143.32 20.53 10.55 NA

11/17/2016 NA Home BancShares Inc. AR Bnk of Comm and Certain Assets FL 209,077 3.36 - - 10.07 3.58 NA NA 50.95 50.95 NA 1.71 (2.66)

11/17/2016 NA Abington Bank MA Holbrook Co-operative Bank MA 99,497 9.38 0.27 2.91 1.12 NA NA NA NA NA NA NA NA

11/15/2016 NA Little Bank Inc NC Union Banc Corp. NC 299,480 10.27 0.52 4.90 1.35 30.70 11.37 NA 127.17 128.95 NA 10.25 3.74

11/8/2016 NA Carolina Financial Corp. SC Greer Bancshares Inc. SC 380,829 7.22 0.78 11.57 NA 44.40 17.72 NA 160.40 160.40 14.89 11.66 NA

11/4/2016 NA Seacoast Banking Corp. of FL FL GulfShore Bancshares Inc. FL 331,179 10.75 0.46 4.10 0.69 54.80 9.63 NA 146.00 146.00 41.55 16.55 7.31

11/3/2016 NA Bay Banks of Virginia Inc. VA Virginia BanCorp Inc. VA 323,617 10.99 0.79 7.39 1.81 29.58 7.60 NA 84.22 84.22 12.49 9.14 (2.75)

10/26/2016 NA First Boston Holdings Inc. MA Admirals Bank MA 445,570 11.69 (0.12) (1.04) 2.59 NA NA NA NA NA NA NA NA

10/24/2016 NA Access National Corp. VA Middleburg Financial Corp. VA 1,314,336 9.74 0.60 6.22 1.82 245.44 34.22 NA 189.78 195.19 31.39 18.67 13.78

10/24/2016 NA Community Bank System Inc. NY Merchants Bancshares Inc. VT 1,898,710 8.23 0.74 9.84 0.25 304.62 44.02 NA 185.65 195.83 20.96 16.04 11.48

10/20/2016 NA Independent Bank Corp. MA Island Bancorp Inc MA 186,964 9.67 0.60 6.22 - 24.51 505.77 NA 152.44 152.44 22.30 13.11 5.49

10/18/2016 NA CenterState Banks FL Platinum Bank Holding Co. FL 583,892 9.15 1.16 12.02 0.50 84.90 75.70 NA 179.03 179.03 29.25 14.54 10.40

10/14/2016 NA First Bancshares Inc. MS Gulf Coast Community Bank FL 133,444 4.34 (0.22) (5.16) 16.58 2.35 0.52 NA 40.63 40.63 NM 1.76 (3.60)

10/6/2016 NA Salem Five Bancorp MA Georgetown Bancorp Inc. MA 299,895 10.80 0.39 3.66 NA 49.15 26.00 NA 147.76 147.76 40.00 16.39 10.24

10/5/2016 NA Dollar Bank FSB PA Progressive-Home FS&LA PA 51,375 14.50 0.24 1.69 1.06 NA NA NA NA NA NA NA NA

10/3/2016 NA First Commonwealth Financial PA DCB Financial Corp OH 556,062 10.76 2.15 21.35 1.43 106.40 14.42 NA 176.83 176.83 8.90 19.13 NA

9/29/2016 NA Southern Hills Community Bank OH Ripley FSB OH 67,138 10.24 (0.12) (1.21) 7.16 NA NA NA NA NA NA NA NA

9/8/2016 NA United Community Finl Corp. OH Ohio Legacy Corp OH 320,356 9.21 0.41 4.56 1.01 40.21 17.97 NA 136.26 139.51 31.53 12.55 6.42

8/31/2016 NA National Commerce Corp. AL Private Bancshares Inc. GA 291,234 8.58 1.38 16.01 1.66 58.43 22.36 NA 177.00 177.00 23.69 20.06 13.95

8/29/2016 NA Standard Financial Corp PA Allegheny Valley Bancorp Inc. PA 434,990 11.76 0.83 7.06 1.29 53.44 51.55 NA 103.87 123.54 15.02 12.29 3.51

8/29/2016 NA United Roosevelt MHC NJ Wawel Financial Services MHC NJ 73,025 10.40 0.08 0.76 1.45 NA NA NA NA NA NA NA NA

8/24/2016 NA Stonegate Bank FL Insignia Bank FL 248,250 9.44 0.53 5.26 0.80 35.75 13.74 NA 152.63 152.63 29.92 14.40 6.93

8/23/2016 NA First Defiance Financial OH Commercial Bancshares Inc. OH 342,014 11.17 1.32 12.07 1.30 66.28 52.30 NA 163.97 163.97 14.33 19.38 11.28

8/19/2016 8/19/2016 United Bank Corp. GA Woodbury Banking Co. GA 21,426 NA NA NA NA NA NA NA NA NA NA NA NA

8/18/2016 NA United Bankshares Inc. WV Cardinal Financial Corp. VA 4,197,166 10.43 1.20 11.28 0.01 911.24 27.69 NA 205.12 223.64 19.50 21.71 19.47

8/8/2016 NA TIAA Board of Overseers NY EverBank Financial FL 27,354,310 6.79 0.48 6.72 0.58 2,513.08 19.50 NA 143.13 147.29 21.67 9.19 NA

7/28/2016 NA Middlefield Banc Corp. OH Liberty Bank NA OH 222,109 13.97 0.97 7.04 0.41 37.65 39.00 NA 137.66 137.66 18.15 17.61 6.25

7/25/2016 NA Drummond Banking Co. FL Nature Coast Bk FL 60,644 13.16 0.37 3.46 2.09 7.29 6.37 NA 89.44 89.44 31.73 12.01 (1.53)

7/21/2016 NA F.N.B. Corp. PA Yadkin Financial Corporation NC 7,455,225 13.45 0.90 6.93 1.02 1,476.07 28.47 NA 146.46 231.74 22.24 19.80 18.92

7/13/2016 11/30/2016 OceanFirst Financial Corp. NJ Ocean Shore Holding Co. NJ 1,052,149 10.82 0.65 6.27 1.01 147.67 22.40 NA 126.15 132.00 20.00 14.03 5.21

7/13/2016 NA Marlborough Bancshares Inc MA North Middlesex SB MA 410,856 9.01 0.56 6.18 1.53 NA NA NA NA NA NA NA NA

7/1/2016 11/10/2016 Pinnacle Financial Corp. GA Independence Bank of Georgia GA 184,113 12.79 0.91 7.42 0.37 30.37 16.03 NA 128.93 128.93 18.12 16.49 5.39

6/28/2016 NA Dollar Bank FSB PA Bank @LANTEC VA 111,581 11.43 0.19 1.68 0.72 NA NA NA NA NA NA NA NA

6/27/2016 12/2/2016 Berkshire Hills Bancorp Inc. MA First Choice Bank NJ 1,124,702 9.08 0.18 1.99 3.52 117.75 15.54 NA 115.28 115.99 57.81 10.47 2.42

6/27/2016 NA People's United Financial Inc. CT Suffolk Bancorp NY 2,256,386 9.03 0.90 9.50 0.75 402.35 33.55 NA 195.23 196.02 21.37 17.83 11.74

6/22/2016 NA First Bancorp NC Carolina Bank Holdings Inc. NC 705,704 8.88 0.75 8.54 2.86 97.31 19.27 NA 154.85 154.85 18.53 13.79 6.62

6/21/2016 10/14/2016 Bainbridge Bancshares Inc. GA Citizens Bank GA 32,434 14.00 (0.20) (1.55) 1.88 4.40 125.71 NA 96.89 96.89 NM 13.57 (0.64)

6/17/2016 NA South State Corporation SC Southeastern Bank Finl Corp. GA 1,877,275 9.49 1.09 11.87 0.84 334.92 49.45 NA 187.23 187.38 16.71 17.84 10.79

Source: SNL Page 1

Page 34: December 27, 2016

BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Transactions Announced Since December 27, 2015 (Sorted by Announcement Date)

SELLER'S FINANCIALS ANNOUNCEMENT STATISTICS

Deal Tng Bk

Value Premium/ Deal Value / Prem/

Dates Buyer Seller Total Equity/ NPAs/ Deal Per Market Tang. LTM Core

Ann. Comp. Assets Assets ROAA ROAE Assets Value Share Value Book Book EPS Assets Deps

Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%)

6/2/2016 NA Prudential Bancorp Inc. PA Polonia Bncp, Inc. PA 287,731 13.02 (0.19) (1.40) NA 37.98 11.30 NA 100.99 100.99 NM 13.20 NA

6/1/2016 NA Summit Financial Group Inc. WV First Century Bankshares Inc. WV 410,011 10.88 0.62 5.63 2.91 41.58 21.85 NA 93.19 105.44 16.18 10.14 0.71

5/20/2016 8/31/2016 First Citizens BancShares Inc. NC Cordia Bancorp Inc. VA 347,818 7.72 (0.60) (7.44) 1.06 37.06 5.15 NA 130.32 130.61 NM 10.65 5.45

5/19/2016 NA State Bank Finl Corp. GA S Bankshares Inc GA 108,813 9.50 0.53 5.35 0.90 10.97 57.18 NA 101.71 101.71 NM 10.08 0.25

5/12/2016 10/8/2016 Coastal Carolina Bcshs Inc. SC VistaBank SC 110,146 10.98 2.48 23.77 1.31 12.20 NA NA 100.92 100.92 4.42 11.08 0.17

5/10/2016 10/31/2016 Sunshine Bancorp Inc FL FBC Bancorp Inc. FL 302,200 10.64 0.82 7.58 0.38 39.20 12.36 NA 122.98 133.13 17.08 12.97 3.78

5/6/2016 5/6/2016 First Citizens BancShares Inc. NC First CornerStone Bank PA 103,307 NA NA NA NA NA NA NA NA NA NA NA NA

5/3/2016 NA Investors Bancorp Inc NJ Bank of Princeton NJ 1,035,489 9.17 1.11 12.80 1.17 155.36 30.60 NA 150.96 151.02 13.13 15.00 9.26

5/3/2016 9/30/2016 Revere Bank MD Monument Bank MD 513,820 8.96 0.65 7.28 1.23 65.10 NA NA 161.31 161.48 20.31 12.67 7.32

4/26/2016 9/15/2016 Stonegate Bank FL Regent Bancorp Inc. FL 362,731 7.38 NA NA NA 39.31 8.81 NA 144.00 144.00 NA 10.84 5.60

4/5/2016 NA State Bank Finl Corp. GA NBG Bancorp Inc. GA 374,631 10.75 1.28 12.58 0.74 68.00 45.45 NA 165.41 165.41 14.79 18.15 10.45

4/4/2016 7/1/2016 United Community Banks Inc. GA Tidelands Bancshares Inc SC 466,235 0.42 (0.38) (44.49) 6.20 2.22 0.52 NA NM NM NM 0.48 5.54

4/4/2016 10/21/2016 Westfield Financial Inc. MA Chicopee Bancorp Inc. MA 678,574 13.16 0.45 3.37 1.26 110.99 20.52 NA 119.74 119.74 34.19 16.36 5.32

4/4/2016 10/1/2016 DNB Financial Corp. PA East River Bk PA 310,742 9.78 0.76 7.73 0.45 48.99 19.25 NA 154.90 154.90 21.16 15.77 11.48

3/31/2016 10/20/2016 Blue Ridge Bankshares Inc. VA River Bancorp Inc. VA 114,318 9.41 1.33 15.26 1.83 12.15 16.31 NA 106.92 106.92 8.65 10.62 1.29

3/28/2016 10/7/2016 First Sentry Bancshares Inc. WV Rock Branch Community Bank Inc WV 75,021 10.51 0.41 3.90 2.27 7.28 21.11 NA 92.30 92.30 24.17 9.70 (1.68)

3/24/2016 8/5/2016 First State Bancorp Inc. OH First Safety Bank OH 49,042 20.81 0.79 3.88 0.90 12.19 30,483.00 NA 119.47 119.47 47.73 24.86 5.74

3/17/2016 11/10/2016 Independent Bank Corp. MA New England Bancorp Inc. MA 260,573 10.15 0.30 2.88 1.05 30.70 11.41 NA 138.78 138.78 47.52 11.78 6.00

3/10/2016 7/31/2016 Norwood Financial Corp. PA Delaware Bancshares Inc. NY 371,689 5.67 NA NA NA 15.19 16.42 NA 72.15 114.46 25.65 4.09 0.67

2/29/2016 10/1/2016 Summit Financial Group Inc. WV Highland County Bankshares Inc VA 126,663 11.66 0.59 5.16 1.92 21.83 38.00 NA 137.73 137.73 30.06 17.23 6.03

2/29/2016 7/22/2016 United Bankers' Bancorp. Inc. MN Bankers Bancshares Inc. OH 94,601 13.36 2.61 25.78 0.45 11.00 NA NA 82.30 82.30 4.15 11.63 (3.12)

2/20/2016 5/1/2016 Kopernik Bank MD Liberty Bank of Maryland MD 38,189 15.25 (0.65) (4.17) 2.92 NA NA NA NA NA NA NA NA

2/18/2016 7/1/2016 Lakeland Bancorp NJ Harmony Bank NJ 295,091 9.43 0.56 5.67 1.13 31.67 12.64 NA 125.38 125.38 20.51 10.73 3.36

2/10/2016 7/29/2016 Hampton Roads Bankshares Inc. VA Xenith Bankshares Inc. VA 970,988 10.38 0.33 3.09 1.51 104.51 7.83 NA 100.95 119.72 32.63 10.76 3.24

1/26/2016 8/16/2016 Huntington Bancshares Inc. OH FirstMerit Corp. OH 25,246,917 11.63 0.94 8.12 0.89 3,437.42 20.74 NA 121.15 169.14 15.25 13.62 7.37

1/7/2016 8/5/2016 Ohio Valley Banc Corp. OH Milton Bancorp Inc. OH 135,099 10.88 1.01 9.71 2.49 15.75 39,364.25 NA 156.13 181.72 11.44 11.66 7.46

1/6/2016 6/11/2016 Carolina Financial Corp. SC Congaree Bancshares Inc. SC 116,689 11.64 1.09 9.26 2.65 15.21 8.45 NA 124.22 124.22 13.86 13.04 3.99

1/5/2016 5/2/2016 OceanFirst Financial Corp. NJ Cape Bancorp Inc. NJ 1,563,241 10.85 0.85 7.16 1.07 205.65 14.79 NA 118.78 139.20 17.20 13.16 5.33

12/30/2015 7/15/2016 CNB Financial Corp. PA Lake National Bk OH 152,195 9.25 0.69 7.18 3.17 24.75 22.50 NA 175.77 175.77 24.90 16.26 11.00

12/30/2015 4/30/2016 Emclaire Financial Corp. PA United-American Savings Bank PA 90,717 8.73 0.75 8.87 1.26 14.08 42.67 NA 166.84 166.84 19.68 15.52 15.32

Source: SNL Page 2

Page 35: December 27, 2016

BANK AND THRIFT ACQUISITIONS - JANNEY UNIVERSE

Summary of Transactions Announced Since December 27, 2015

SELLER'S FINANCIALS ANNOUNCEMENT STATISTICS

Deal Tng Bk

Value Premium/ Deal Value / Prem/

Equity/ NPAs/ Deal Per Market Tang. LTM Core

Number of Assets ROAA ROAE Assets Value Share Value Book Book EPS Assets Deps

Medians Deals (%) (%) (%) (%) ($M) ($) (%) (%) (%) (x) (%) (%)

By State

GA Florida 10 10 9.29 0.48 5.26 0.69 39.26 12.36 NA NA 145.00 29.25 12.49 5.60

MD Georgia 7 7 10.12 1.00 9.65 0.87 44.40 47.45 NA 147.17 147.17 17.42 17.17 7.92

MA Maryland 3 3 8.96 0.52 7.11 2.08 48.96 32.64 NA 152.32 152.40 20.42 11.61 7.32

NJ Massachusetts 7 7 10.15 0.39 3.37 1.19 39.93 23.26 NA 143.27 143.27 37.10 14.74 5.75

NY New Jersey 6 6 9.91 0.61 5.97 1.15 147.67 15.54 NA 125.38 132.00 20.00 13.16 5.21

NC New York 3 3 6.73 0.44 4.56 0.75 15.19 16.42 NA 84.60 114.46 23.51 5.70 0.67

OH North Carolina 3 3 10.27 0.75 6.93 1.35 97.31 19.27 NA 146.46 154.85 20.39 13.79 6.62

PA Ohio 10 10 11.03 0.95 7.65 1.16 37.65 30.75 NA 137.66 163.97 15.25 16.26 6.90

RI Pennsylvania 7 7 10.77 0.50 4.38 1.06 37.98 42.67 NA 103.87 123.54 19.68 13.20 7.50

SD South Carolina 4 4 9.10 0.94 10.42 2.65 13.71 8.45 NA 124.22 124.22 13.86 11.37 3.99

VA Vermont 1 1 8.23 0.74 9.84 0.25 304.62 44.02 NA 185.65 195.83 20.96 16.04 11.48

WV Virginia 9 9 10.38 0.60 6.22 1.59 70.78 13.08 NA 132.34 134.17 21.90 12.26 5.74

West Virginia 2 2 10.69 0.52 4.77 2.59 24.43 21.48 NA 92.75 98.87 20.18 9.92 (0.49)

By Asset Size

1,000,000 10,000,000 >= $10B 2 9.21 0.71 7.42 0.73 - 2,975.25 20.12 NA 132.14 158.22 18.46 11.41 7.37

1,000,000 10,000,000 $1B to $10B 11 9.74 0.85 7.16 1.02 - 245.44 28.47 NA 150.96 187.38 20.96 16.04 10.79

500,000 1,000,000 $500M to $1B 7 9.67 0.73 7.36 1.26 - 104.51 19.80 NA 161.31 161.48 23.73 14.54 6.97

250,000 500,000 $250M to $500M 23 10.15 0.56 5.67 1.29 - 39.31 16.42 NA 137.52 139.15 20.52 11.78 5.57

0 250,000 < $250M 29 10.51 0.53 3.90 1.38 - 12.19 30.25 NA 106.92 106.92 19.68 12.01 1.29

Total Deals 72 10.24 0.61 6.25 1.23 - 39.26 20.43 NA 136.26 139.20 20.53 13.14 5.60

Source: SNL Page 3

Page 36: December 27, 2016

5.) Relevant Janney Capital Markets Professionals

Page 37: December 27, 2016

8

Financial Institutions Group Professionals

JD NELSON

Director, Financial Institutions Investment Banking

Tel: 410-583-5994 E-Mail: [email protected]

Mr. Nelson joined Janney Montgomery Scott in 2008 as a member of the Financial Institutions Group. He has over 10 years of Investment Banking experience in providing strategic and analytical support for

clients and has completed a vast array of transactions across multiple products including public equity offerings, debt offerings, mergers, acquisitions, and other corporate finance assignments. Prior to

joining Janney, Mr. Nelson was with Ferris, Baker Watts, Inc. for three years in their Financial Institutions Group where he assisted in the execution of numerous private and public capital transactions.

B.S., Applied Economics and Management, Cornell University

NOAM SAXONHOUSE

Managing Director, Real Estate Investment Banking

Tel: 215-665-6190, E-Mail: [email protected]

Mr. Saxonhouse joined Janney Montgomery Scott in 2010. He is responsible for transaction execution and management, aiding in client development and performing a variety of valuation analyses and

other financial advisory services. His experience includes public equity offerings, debt offerings, joint ventures, mergers, acquisitions, and other corporate finance assignments. Prior to Janney Montgomery

Scott, Mr. Saxonhouse was a Senior Vice President in the Real Estate Investment Banking Group at FBR Capital Markets where he was responsible for client coverage and transaction execution. Prior to

FBR Capital Markets, Mr. Saxonhouse was Vice President of Investor Relations and Finance at the Mills Corporation (NYSE:MLS). Prior to joining the Mills Corporation, Mr. Saxonhouse was an associate

with Morgan Stanley’s Real Estate Investment Banking Group

MBA, Finance and Accounting, University of Chicago; BA, Economics and History, Columbia University

JOHN PUTRINO

Managing Director, Real Estate Investment Banking

Tel: 215-665-6436, E-Mail: [email protected]

Mr. Putrino joined Janney Montgomery Scott in 2016. He is responsible for transaction execution and management, aiding in client development and performing a variety of valuation analyses and other

financial advisory services. His experience includes domestic and cross-border mergers & acquisitions, private placements, leveraged finance, IPO’s, joint ventures and equity-linked financings. Prior to

Janney Montgomery Scott, Mr. Putrino was the Chief Executive Office of Sachem Street Capital Advisors, an independent financial advisory firm focused on companies and investors in the lodging & leisure

sector. Prior to Sachem Street Capital Advisors, Mr. Putrino was the Managing Director and Head of North America Lodging & Leisure Investment Banking for BMO Capital Markets. Prior to joining BMO

Capital Markets, Mr. Putrino was a Managing Director of Lodging & Leisure Investment Banking at Imperial Capital and Credit Suisse. Mr. Putrino has over 19 years of investment banking experience and

has completed over 140 transactions representing an aggregate value of over $90 billion.

MPPM, Yale University; M.S. & BBA, Accounting, Pace University

CLIFF BOOTH

Managing Director, Head of Investment Banking

Tel: 410-583-5992, E-Mail: [email protected]

Mr. Booth joined Janney Montgomery Scott in 2008. As the Head of Investment Banking, Mr. Booth is responsible for leading the strategic direction, business development and corporate finance activities of

Janney’s Investment Banking Division within the Capital Markets Group. As Head of the Financial Institutions Group, he oversees transactions in the areas of BDCs, Specialty Finance, REITs, Banks and

Insurance. Mr. Booth has executed over 100 capital markets and mergers and acquisition transactions in the financial services and real estate areas over his career. He has executed a variety of

transactions for his clients including Initial Public Offerings, Follow-on Equity Offerings, Public to Public M&A, Private to Private M&A, Asset Backed Securitizations, Private Equity and Debt Placements, J.V.

Structures, Recapitalizations and Distressed Asset Sales. Prior to Janney Montgomery Scott, Mr. Booth was Head of the Financial Institutions Investment Banking Group at Ferris, Baker Watts, Inc., where

he built a Specialty Finance Practice and managed over $11 billion of capital transactions for his clients. Prior to Ferris, Baker Watts, Inc., Mr. Booth worked in the Real Estate Investment Banking Group of

First Union Securities (now Wells Fargo Securities)

M.S., Finance, The George Washington University B.S., Finance, Syracuse University

Page 38: December 27, 2016

9

Financial Institutions Group Professionals (continued)

TYLER CANDEE

Analyst, Financial Institutions Investment Banking

Tel: 215-665-6461 E-Mail: [email protected]

Mr. Candee joined Janney Montgomery Scott in 2015. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and other financial advisory assignments.

B.B.A., Finance, Villanova University

DEAN SALDSMAN

Analyst, Financial Institutions Investment Banking

Tel: 215-665-4479; E-Mail: [email protected]

Mr. Saldsman joined Janney Montgomery Scott in 2015. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and asset sales and divestitures.

M.S., Finance, Villanova University, B.S., Finance & Economics, Florida Gulf Coast University

BLAINE WILLENBORG

Analyst, Financial Institutions Investment Banking

Tel: 215-665-6021 E-Mail: [email protected]

Mr. Willenborg joined Janney Montgomery Scott in 2016. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and financial advisory assignments.

B. S., Economics, University of Pennsylvania: The Wharton School

JONATHAN KETZNER

Vice President, Financial Institutions Investment Banking

Tel: 215-665-6619 E-Mail: [email protected]

Mr. Ketzner joined Janney Montgomery Scott in 2010. His responsibilities include marketing the firm’s services and execution of mergers and acquisitions, branch purchases and divestitures, equity and

debt offerings and selective asset sales. Mr. Ketzner previously worked in the Corporate Strategy and Mergers & Acquisitions group at Citigroup, where he worked with senior management to implement

strategic initiatives through the execution of mergers and acquisitions, capital raisings and structural reorganizations. Mr. Ketzner also serves on the board of New York Professional Advisors for Community

Entrepreneurs

M.A., International Relations, Johns Hopkins University; B.A., History, Johns Hopkins University

TYLER ZON

Analyst, Financial Institutions Investment Banking

Tel: 215-665-6188; E-Mail: [email protected]

Mr. Zon joined Janney Montgomery Scott in 2016. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and asset sales and divestitures.

B.A., Economics and Computer Science, Swarthmore College

JUSTIN WINKLER

Analyst, Financial Institutions Investment Banking

Tel: 215-665-4586; E-Mail: [email protected]

Mr. Winkler joined Janney Montgomery Scott in 2016. His responsibilities include financial analysis for mergers & acquisitions, capital offerings, and asset sales and divestitures.

B.A., Economics, Haverford College

Page 39: December 27, 2016

10

Capital Markets Professionals

STEVE GENYK

Managing Director, Head of Fixed Income Capital Markets

Tel: 215-665-6240, E-Mail: [email protected]

Mr. Genyk joined Janney Montgomery Scott in 2008 and is responsible for leading the strategic direction, business development and financing activities of Janney’s Fixed Income Capital Markets Division.

Mr. Genyk serves on the Management Committee of the firm. Mr. Genyk began his career as a banker in corporate finance and transitioned to public finance in 1991. He joined Janney after serving the

Philadelphia Industrial Development Corporation (PIDC), the City of Philadelphia’s primary economic development agency, as Senior Vice President of the Financing Services Group. Prior to joining PIDC,

Mr. Genyk was a Managing Director with Bear Stearns and prior to that spent over eight years with Legg Mason in a variety of capacities including co-head of Public Finance. Mr. Genyk is a graduate of

Wesleyan University and holds a Masters in Government Administration from the Fels Institute of Government, University of Pennsylvania. He taught a graduate finance course at the University of

Pennsylvania for eight years and is a Board Member of the Philadelphia Zoo.

WILL CORKHILL

Managing Director, Head of Equity Capital Markets

Tel: 617-557-2970, E-Mail: [email protected]

Mr. Corkhill joined Janney Montgomery Scott in 2002 as Head of Equity Capital Markets in the firm’s Boston office. He is responsible for coordinating all public offerings for which the firm serves as an

underwriter. Prior to joining Janney, Mr. Corkhill spent five years with Boston-based Tucker Anthony Sutro. As Managing Director and Head of Equity Syndicate, he coordinated over 100 public offerings of

equity and debt securities for firms across a range of industries. From 1991 to 1996, he was a senior professional in the Equity Capital Markets group of Smith Barney in New York City. Mr. Corkhill is a past

board member of the Investment Association of New York and has been a member of the Securities Industry Association's Syndicate Committee. He holds Series 7, 9, 10, 24, 55 and 63 licenses. Mr.

Corkhill graduated from Hobart College and attended the Graduate School of Business at Fordham University.

ANDREW MADDALONI

Managing Director, Director of Research & Head of Institutional Equity Sales

Tel: 215-665-6234; E-Mail: [email protected]

Mr. Maddaloni joined Janney in the fall of 2012 as Managing Director and Head of Product Management; he assumed the role of Director of Research in April 2013. Prior to joining Janney, he served as a

Portfolio Manager and Analyst at Friess Associates, where he helped to manage a $7 billion portfolio of growth equities. Prior to joining Friess, he held equity research sales positions at Banc of America

Securities, William Blair, Credit Suisse and Donaldson Lufkin and Jenrette. Mr. Maddaloni is a 1991 graduate of Pennsylvania State University.

JOSEPH CULLEY

Managing Director, Head of Equities & Investment Banking

Tel: 215-665-6256 E-Mail: [email protected]

Mr. Culley joined Janney in 2000 and serves as Head of Equities and Investment Banking, which includes the firm's investment banking, equity research, institutional equity sales and trading, equity capital

markets and syndicate operations. He also serves as Chairperson for Janney's Equity Commitment, Private Placement and Fairness Opinion Committees. Prior to being Head of Equities and Investment

Banking, he was Co-Head of Investment Banking. Mr. Culley is currently serving on the Board of Directors of the Equity Dealers of America, the Board of Trustees of the Pennsylvania Academy of Fine Arts

and on the Board of Directors of the Mann Center for the Performing Arts. Mr. Culley previously served on the Board of Governors of the Philadelphia Securities Association. Mr. Culley received a B.A. in

Economics from Swarthmore College.