Global Banks Undervalued over 20% based on DCF

First Farmers Financial

Market Cap: US$471.5m

Operates as the financial holding company for First Farmers Bank & Trust, which provides banking products and services to individuals, families, and businesses.

Bank of Marin Bancorp

Market Cap: US$470.7m

Operates as the holding company for Bank of Marin that provides a range of financial services to small to medium-sized businesses, not-for-profit organizations, and commercial real estate investors in the United States.

West Bancorporation

Market Cap: US$470.1m

Operates as the bank holding company for West Bank that provides community banking and trust services to individuals and small- to medium-sized businesses in the United States.

Commercial Bancgroup

Market Cap: US$469.1m

Operates as the bank holding company for Commercial Bank that provides a range of banking and financial services to individual and corporate customers in the United States.

Triodos Bank

Market Cap: €401.5m

Provides retail, business, and private banking and financial products and services in the Netherlands, the United Kingdom, Spain, Belgium, and Germany.

First Bank

Market Cap: US$457.2m

Provides various banking products and services to small and mid-sized businesses and individuals.

Bank BTPN Syariah

Market Cap: Rp8.0t

Operates as a sharia commercial bank providing a comprehensive range of banking products and services in Indonesia.

SpareBank 1 Helgeland

Market Cap: NOK 4.3b

Provides various banking products and services to private customers, small and medium-sized enterprises, municipalities, and institutions in Norway.

East West Banking

Market Cap: ₱26.7b

Operates as a commercial bank that provides a range of financial products and services to consumer and corporate clients in the Philippines and internationally.

Djurslands Bank

Market Cap: DKK 2.8b

Provides various banking products and services in Denmark.

Investar Holding

Market Cap: US$416.6m

Operates as the bank holding company for Investar Bank that provides a range of commercial banking products to individuals, professionals, and small to medium-sized businesses in south Louisiana, southeast Texas, and Alabama in the United States.

Canandaigua National

Market Cap: US$411.9m

Operates as the bank holding company for The Canandaigua National Bank & Trust Company and Canandaigua National Trust Company of Florida, which provide various banking and financial services.

Glarner Kantonalbank

Market Cap: CHF 332.1m

Engages in providing various banking products and services to private and corporate customers primarily in Switzerland.

Primis Financial

Market Cap: US$406.5m

Operates as the bank holding company for Primis Bank that provides various financial services to individuals, and small and medium sized businesses in the United States.

CIMB Thai Bank

Market Cap: ฿12.9b

Provides various banking and financial products and services to individuals and commercial customers in Thailand.

Morrow Bank

Market Cap: SEK 3.6b

Provides unsecured financing to consumers in Norway, Sweden, and Finland.

Chemung Financial

Market Cap: US$375.8m

Operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services.

River Financial

Market Cap: US$375.0m

Operates as the bank holding company for River Bank & Trust that provides commercial and consumer banking services to small to medium-sized businesses, organizations, entrepreneurs, and individuals in Alabama and the Florida Panhandle.

Hypothekarbank Lenzburg

Market Cap: CHF 301.8m

Provides various banking services and products in Switzerland.

Philippine Savings Bank

Market Cap: ₱22.8b

Primarily engages in savings and mortgage banking activities in the Philippines.

Citizens Financial Services

Market Cap: US$359.6m

A bank holding company, provides various banking products and services for individual, business, governmental, and institutional customers.

Timberland Bancorp

Market Cap: US$351.2m

Operates as the bank holding company for Timberland Bank that provides various community banking services in Washington.

CoastalSouth Bancshares

Market Cap: US$329.4m

Operates as the bank holding company for Coastal States Bank that provides various banking products and services to retail and commercial customers.

Merchants Financial Group

Market Cap: US$321.2m

Operates as the bank holding company for Merchants Bank, National Association that provides various banking products and services to individuals and companies in the United States.

First Community

Market Cap: US$314.1m

Operates as the bank holding company for First Community Bank that provides various commercial and retail banking products and services to small-to-medium sized businesses, professionals, and individuals.

Fidelity D & D Bancorp

Market Cap: US$306.0m

Operates as the bank holding company for The Fidelity Deposit and Discount Bank that provides a range of banking, trust, and financial services to individuals, small businesses, and corporate customers.

First Northern Community Bancorp

Market Cap: US$305.5m

Operates as the bank holding company for First Northern Bank of Dixon that provides commercial banking products and services to individuals, and small and medium sized businesses.

GrønlandsBANKEN

Market Cap: DKK 2.0b

Provides various financial services to private and business customers, and public institutions in Greenland.

Cashmere Valley Bank

Market Cap: US$286.6m

A state chartered bank, provides banking products and services to small and middle-market businesses, and retail customers.

Truxton

Market Cap: US$285.9m

Through its subsidiaries, provides various banking, investment management, and trust administration services to individuals, businesses, and charitable institutions in the United States.

Oak Valley Bancorp

Market Cap: US$284.6m

Operates as the bank holding company for Oak Valley Community Bank that provides a range of commercial banking services to individuals and small to medium-sized businesses in the Central Valley and the Eastern Sierras.

Exchange Bank

Market Cap: US$282.9m

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

Utkarsh Small Finance Bank

Market Cap: ₹26.7b

Provides banking and financial services for individuals and businesses in India.

C&F Financial

Market Cap: US$260.0m

Operates as a bank holding company for Citizens and Farmers Bank that provides banking services to individuals and businesses.

Meridian

Market Cap: US$245.4m

Operates as the bank holding company for Meridian Bank that provides commercial banking products and services in Pennsylvania, New Jersey, Delaware, Maryland, and Florida.

FS Bancorp

Market Cap: US$240.5m

Operates as a bank holding company for 1st Security Bank of Washington that provides banking and financial services to local families, local and regional businesses, and industry niches in Washington.