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.

Consumers Bancorp

Market Cap: US$101.0m

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.

Bank of South Carolina

Market Cap: US$100.4m

Operates as a bank holding company for The Bank of South Carolina that provides financial products and services primarily in Charleston, Dorchester, and Berkeley counties of South Carolina.

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.

JBT Bancorp

Market Cap: US$98.3m

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

Uwharrie Capital

Market Cap: US$97.9m

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.

National Bank

Market Cap: ৳11.6b

Provides financial services in Bangladesh.

Philippine Business Bank

Market Cap: ₱5.8b

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

Citizens Bancshares

Market Cap: US$93.8m

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

Tohoku Bank

Market Cap: JP¥14.8b

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

First US Bancshares

Market Cap: US$92.1m

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

KS Bancorp

Market Cap: US$89.7m

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

Agram banka d.d

Market Cap: €77.1m

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

Daito Bank

Market Cap: JP¥14.1b

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

Miyazaki Taiyo Bank

Market Cap: JP¥14.0b

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

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.

United Bancorp

Market Cap: US$87.8m

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

Citizens Financial

Market Cap: US$86.1m

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

Pureun Savings Bank

Market Cap: ₩119.2b

Provides various banking products and services in South Korea.

InsCorp

Market Cap: US$85.4m

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

Partners Bank of California

Market Cap: US$84.5m

Provides various banking products and services to individuals, and small and medium market businesses in California.

Juniata Valley Financial

Market Cap: US$82.8m

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.

First Bancshares

Market Cap: US$82.2m

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.

SVB & T

Market Cap: US$78.9m

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.

First Resource Bancorp

Market Cap: US$76.7m

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.

Mission Valley Bancorp

Market Cap: US$74.5m

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

Harford Bank

Market Cap: US$68.6m

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

Oak View Bankshares

Market Cap: US$68.0m

Operates as the bank holding company for Oak View National Bank that provides banking services for individual and corporate customers in the counties of Marshall, Warrenton, Culpeper, and Rappahannock, and Virginia.

FCN Banc

Market Cap: US$64.3m

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$63.0m

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

Redwood Capital Bancorp

Market Cap: US$62.9m

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

Kraft Bank

Market Cap: NOK 585.9m

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

Farmers and Merchants Bancshares

Market Cap: US$62.1m

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

MBT Bancshares

Market Cap: US$59.6m

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

FFW

Market Cap: US$58.3m

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