Global Banks Undervalued over 20% based on DCF

First Berlin Bancorp

Market Cap: US$101.4m

Operates as the banking holding company for Fortifi Bank that provides a range of financial products and services to individual and corporate customers.

Adirondack Trust

Market Cap: US$100.0m

Provides various banking products and services to individuals and businesses in New York.

Crystal Valley Financial

Market Cap: US$99.7m

Operates as the holding company for First State Bank that provides various personal and business banking products and services in the United States.

US Metro Bancorp

Market Cap: US$99.7m

Operates as the bank holding company for US Metro Bank that provides various banking services to commercial business and individual consumers.

JBT Bancorp

Market Cap: US$97.3m

Operates as the bank holding company for Jonestown Bank and Trust Company that provides financial services in Pennsylvania.

Uwharrie Capital

Market Cap: US$96.8m

Operates as the bank holding company for Uwharrie Bank that provides commercial banking services to individuals and small to medium-sized businesses in North Carolina.

Consumers Bancorp

Market Cap: US$96.3m

Operates as the bank holding company for Consumers National Bank that provides various banking products and services for individuals, farmers, and small and medium-sized businesses.

Philippine Business Bank

Market Cap: ₱5.7b

A savings bank, provides banking products and services to individual and corporate clients in the Philippines.

United Bancorp

Market Cap: US$91.8m

Operates as the bank holding company for Unified Bank that provides commercial and retail banking services in Ohio.

Citizens Bancshares

Market Cap: US$90.2m

Operates as the bank holding company for The Citizens Bank that provides community banking services and financial products.

First US Bancshares

Market Cap: US$89.3m

Operates as the bank holding company for First US Bank that provides commercial banking products and services in the United States.

Agram banka d.d

Market Cap: €77.1m

Provides various banking products and services in the Republic of Croatia.

KS Bancorp

Market Cap: US$88.6m

Operates as the bank holding company for KS Bank, Inc.

Tohoku Bank

Market Cap: JP¥13.9b

Provides various banking and financial services for individual and corporate customers in Japan.

Golden State Bancorp

Market Cap: US$88.3m

Operates as the holding company for Golden State Bank that provides personal and business banking services in Los Angeles, Orange, Riverside, San Diego, Ventura, and San Bernardino counties in California.

Oregon Pacific Bancorp

Market Cap: US$88.0m

Operates as the bank holding company for Oregon Pacific Banking Company that provides various banking products and services to individual and business customers in the United States.

Citizens Financial

Market Cap: US$85.2m

Operates as the bank holding company for Citizens Bank of West Virginia, Inc.

Pureun Savings Bank

Market Cap: ₩120.6b

Provides various banking products and services in South Korea.

InsCorp

Market Cap: US$84.6m

Operates as a bank holding company for InsBank that provides banking products and services in Tennessee.

Juniata Valley Financial

Market Cap: US$84.3m

Operates as the bank holding company for The Juniata Valley Bank that provides retail and commercial banking services to small and mid-sized businesses in central and northern Pennsylvania, the United States.

Daito Bank

Market Cap: JP¥13.3b

Provides various banking products and services to individual and corporate customers in Japan.

Miyazaki Taiyo Bank

Market Cap: JP¥12.0b

Provides various banking products and services for individual and corporate customers primarily in Japan.

First Resource Bancorp

Market Cap: US$76.3m

Operates as the bank holding for First Resource Bank that provides personal and business banking products and services to businesses and families primarily in the southeastern area of Pennsylvania.

First Bancshares

Market Cap: US$76.0m

Operates as the bank holding company for Stockmens Bank that provides banking and mortgage services to individual and corporate customers in southern Missouri, eastern Colorado, and southwestern Nebraska.

Mission Valley Bancorp

Market Cap: US$75.3m

Operates as a bank holding company, providing various banking products and services to individuals and corporate customers.

SVB & T

Market Cap: US$74.5m

Operates as a financial holding company for Springs Valley Bank & Trust Company, providing banking and financial services to families and businesses in Dubois, Daviess, Gibson, Orange, and surrounding counties in southern Indiana.

Harford Bank

Market Cap: US$69.5m

Provides commercial and retail banking products and services for individuals, businesses, and governmental units.

Farmers and Merchants Bancshares

Market Cap: US$63.7m

Operates as the bank holding company for Farmers and Merchants Bank that provides commercial and retail banking services to individuals and businesses in Maryland.

Redwood Capital Bancorp

Market Cap: US$62.8m

Operates as the bank holding company for Redwood Capital Bank that provides various banking products and services to individuals and businesses in California.

FCN Banc

Market Cap: US$62.8m

Operates as the bank holding company for FCN Bank, NA that provides personal and commercial banking services in southeast Indiana and southwest Ohio.

Sturgis Bancorp

Market Cap: US$62.8m

Operates as the bank holding company for Sturgis Bank & Trust Company that provides banking products and services in Michigan, the United States.

Kraft Bank

Market Cap: NOK 588.0m

Provides refinancing of loans with mortgages on housing and loans without collateral to individuals in Norway.

Lifestore Financial Group

Market Cap: US$60.5m

LifeStore Financial Group, Inc. operates as a federally chartered thrift holding company for LifeStore Bank that provides banking, investment, and insurance services in North Carolina.

FFW

Market Cap: US$59.3m

Operates as the bank holding company for Crossroads Bank that provides various banking products and services.

MBT Bancshares

Market Cap: US$59.3m

Operates as a bank holding company for the Metairie Bank and Trust Company that provides various banking products and services in the United States.

Northeast Indiana Bancorp

Market Cap: US$57.7m

Operates as the bank holding company for First Federal Savings Bank, which provides various banking and financial advisory services in the United States.