U.S. Undiscovered Gems With Strong Fundamentals

Waterstone Financial

Market Cap: US$285.4m

Operates as a bank holding company for WaterStone Bank SSB that provides various financial services to customers in southeastern Wisconsin, the United States.

G. Willi-Food International

Market Cap: US$270.4m

Designs, imports, markets, and distributes food products under the Willi-Food and Euro European Dairies brand name worldwide.

GAMCO Investors

Market Cap: US$518.6m

A publicly owned holding investment manager.

TrustCo Bank Corp NY

Market Cap: US$673.7m

Operates as the holding company for Trustco Bank that provides personal and business banking services to individuals and businesses.

National HealthCare

Market Cap: US$1.9b

Engages in the operation of services to skilled nursing facilities, assisted and independent living facilities, homecare and hospice agencies, and health hospitals.

Natural Grocers by Vitamin Cottage

Market Cap: US$923.0m

Natural Grocers by Vitamin Cottage, Inc., together with its subsidiaries, retails natural and organic groceries, and dietary supplements in the United States.

BankFirst Capital

Market Cap: US$252.3m

Operates as the bank holding company for BankFirst Financial Services that provides banking and financial services to individual and corporate customers in Mississippi, and northwest and west Alabama.

Exchange Bank (Santa Rosa CA)

Market Cap: US$197.1m

A community bank, provides a range of personal, commercial, and trust and investment management services in California.

Diamond Hill Investment Group

Market Cap: US$383.5m

Through its subsidiary, Diamond Hill Capital Management, Inc., provides investment advisory and fund administration services in the United States.

Unit

Market Cap: US$302.5m

Engages in the exploration, acquisition, development, and production of oil and natural gas properties in the United States.

Five Point Holdings

Market Cap: US$893.2m

Designs, owns, and develops mixed-use planned communities in Orange County, Los Angeles County, and San Francisco County.

McRae Industries

Market Cap: US$102.3m

Manufactures, sells, and distributes boot products for the western/lifestyle and work boot markets.

United Bancshares

Market Cap: US$109.9m

Operates as the bank holding company for The Union Bank Company that provides various commercial and consumer banking services.

Dacotah Banks

Market Cap: US$446.2m

Operates as the bank holding company for Dacotah Bank that provides various banking products and services in Minnesota, North Dakota, and South Dakota.

FG Merger II

Market Cap: US$109.2m

Does not have significant operations.

Main Street Financial Services

Market Cap: US$124.9m

Operates as the holding company for Main Street Bank Corp.

River City Bank

Market Cap: US$557.5m

Provides various banking services in El Dorado, Placer, Sacramento, and Yolo, California.

Tri City Bankshares

Market Cap: US$146.7m

Through its subsidiary, Tri City National Bank, provides various banking products and services in Southeastern Wisconsin.

PB Financial

Market Cap: US$157.3m

Operates as the financial holding company for Providence Bank that provides commercial and retail banking products and services.

Mountain Commerce Bancorp

Market Cap: US$133.2m

Operates as the bank holding company for Mountain Commerce Bank that provides banking services for small- and medium-sized businesses, professionals, and affluent individuals.

Virginia National Bankshares

Market Cap: US$203.5m

Operates as the holding company for Virginia National Bank that provides a range of commercial and retail banking products and services in Virginia.

Pioneer Bancorp

Market Cap: US$322.4m

Operates as a holding company for Pioneer Bank, National Association that provides various banking products and services in New York.

Hawthorn Bancshares

Market Cap: US$205.7m

Operates as the bank holding company for Hawthorn Bank that provides various banking products and services to families and businesses.

Landmark Bancorp

Market Cap: US$154.2m

Operates as the financial holding company for Landmark National Bank that provides various financial and banking services to its local communities.

Greene County Bancorp

Market Cap: US$372.2m

Operates as a holding company for The Bank of Greene County that provides various financial services in the United States.

Q.E.P

Market Cap: US$121.7m

Designs, manufactures, and distributes flooring installation solutions for commercial and home improvement projects in the United States and internationally.

Copper Property CTL Pass Through Trust

Market Cap: US$931.5m

Owns, operates, and leases retail properties in the United States.

BNCCORP

Market Cap: US$107.5m

Operates as the bank holding company for BNC National Bank that provides commercial and retail banking, and wealth management services in the United States.

Primary Bank

Market Cap: US$119.2m

Provides financial services to small and medium-sized businesses in New Hampshire, the United States.

Weis Markets

Market Cap: US$1.8b

Engages in the retail sale of food through a chain of supermarkets in Pennsylvania.

Summit Bank Group

Market Cap: US$124.8m

Summit Bank Group, Inc., together with its subsidiaries, commercial banking, financing, real estate lending, and other services in Lane, Deschutes, Multnomah, and Washington counties in Oregon.

UTG

Market Cap: US$144.9m

An insurance holding company, provides individual life insurance products and services in the United States.

BEO Bancorp

Market Cap: US$127.9m

Operates as the bank holding company for Bank of Eastern Oregon that provides commercial and consumer financing, banking, mortgage lending, and other services in Northeastern Oregon and Southeastern Washington, the United States.

Hills Bancorporation

Market Cap: US$704.3m

Operates as the bank holding company for Hills Bank and Trust Company that provides commercial banking in the state of Iowa.

Smith-Midland

Market Cap: US$192.5m

Smith-Midland Corporation invents, develops, manufactures, markets, leases, licenses, sells, and installs various precast concrete products and systems.

First Farmers and Merchants

Market Cap: US$174.7m

Operates as the bank holding company for First Farmers and Merchants Bank that provides a range of banking and financial services to individual and corporate customers in Middle Tennessee and Northern Alabama.