U.S. Banks Undervalued over 20% based on DCF

Cashmere Valley Bank

Market Cap: US$310.2m

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

GBank Financial Holdings

Market Cap: US$307.9m

Operates as a bank holding company for GBank that provides banking services to commercial and consumer customers in Nevada.

Truxton

Market Cap: US$297.5m

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

First Northern Community Bancorp

Market Cap: US$286.9m

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.

Oak Valley Bancorp

Market Cap: US$286.2m

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.

First United

Market Cap: US$277.1m

Operates as the bank holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals in the United States.

C&F Financial

Market Cap: US$276.2m

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

Exchange Bank

Market Cap: US$275.2m

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

Hawthorn Bancshares

Market Cap: US$270.6m

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

First Internet Bancorp

Market Cap: US$255.0m

Operates as the bank holding company for First Internet Bank of Indiana that provides various commercial, small business, consumer, and municipal banking products and services to individuals and commercial customers in the United States.

Virginia National Bankshares

Market Cap: US$253.3m

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

First Farmers and Merchants

Market Cap: US$249.7m

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.

Meridian

Market Cap: US$237.3m

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

Peoples Bancorp of North Carolina

Market Cap: US$235.9m

Operates as the bank holding company for Peoples Bank that provides various banking products and services for individuals and small-to medium-sized businesses in the North Carolina, United States.

Malaga Financial

Market Cap: US$232.0m

Operates as the holding company for Malaga Bank that provides various community banking products and services to personal and business customers in the United States.

Community Bancorp

Market Cap: US$230.9m

Operates as the bank holding company for Community National Bank that provides various financial services to individuals, businesses, nonprofit organizations, and municipalities in northern and central Vermont.

OP Bancorp

Market Cap: US$228.5m

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

CF Bankshares

Market Cap: US$224.6m

Operates as the bank holding company for CFBank, National Association that provides various banking products and services.

QNB

Market Cap: US$219.4m

Operates as the bank holding company for QNB Bank that engages in the provision of commercial and retail banking products, and retail brokerage services in the United States.

FS Bancorp

Market Cap: US$212.4m

Operates as the holding company for Farmers State Bank that provides banking products and services to individuals and business customers in Indiana and Michigan.

Oakworth Capital

Market Cap: US$211.9m

Operates as a bank holding company for Oakworth Capital Bank that provides range of banking services in the United States.

Citizens Bancorp Investment

Market Cap: US$210.5m

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

PB Financial

Market Cap: US$209.2m

Operates as a bank holding company for Providence Bank that provides commercial and retail banking products and services in the United States.

BayFirst Financial

Market Cap: US$197.1m

Operates as the bank holding company for BayFirst National Bank that provides community banking services for small and medium sized businesses and individuals.

Lyons Bancorp

Market Cap: US$196.8m

Operates as a financial holding company for The Lyons National Bank that provides a range of commercial and retail banking services to individual and small business customers.

FinWise Bancorp

Market Cap: US$194.4m

Operates as the bank holding company for FinWise Bank that provides various banking products and services to individual and corporate customers in Utah.

CSB Bancorp

Market Cap: US$193.1m

Operates as the bank holding company for The Commercial and Savings Bank of Millersburg that provides various banking, trust, financial, and brokerage services to corporate, institutional, and individual customers in Northeast Ohio.

Benchmark Bankshares

Market Cap: US$191.5m

Operates as the holding company for Benchmark Community Bank that provides various banking products and services in the United States.

MainStreet Bancshares

Market Cap: US$170.2m

Operates as the bank holding company for MainStreet Bank that provides various banking products and services for individuals, small to medium-sized businesses, and professional service organizations.

ENB Financial

Market Cap: US$166.9m

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

Embassy Bancorp

Market Cap: US$165.5m

Operates as the bank holding company for Embassy Bank for the Lehigh Valley that provides banking and financial products and services in Pennsylvania.

Dimeco

Market Cap: US$159.7m

Operates as the bank holding company for The Dime Bank that provides banking products and services to individuals and businesses in Pennsylvania.

Calvin B. Taylor Bankshares

Market Cap: US$153.2m

Operates as the holding company for Calvin B.

Skyline Bankshares

Market Cap: US$149.9m

Operates as the bank holding company for the Skyline National Bank that provides a range of retail and commercial banking services to individuals, and small and medium-sized businesses in the United States.

Southern Michigan Bancorp

Market Cap: US$144.2m

Operates as the bank holding company for Southern Michigan Bank & Trust that provides a range of commercial banking services to individuals, businesses, institutions, and government agencies primarily in the southwest and south-central Michigan communities.

Pinnacle Bankshares

Market Cap: US$142.6m

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