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

CW Bancorp

Market Cap: US$111.5m

Operates as a holding company for CommerceWest Bank that provides various commercial banking products and services for small and mid-sized businesses in California.

Mountain Pacific Bancorp

Market Cap: US$110.4m

A bank holding company, provides various banking services to individual and corporate customers.

Katahdin Bankshares

Market Cap: US$107.4m

Operates as the bank holding company for Katahdin Trust Company, a state-chartered commercial bank that provides various commercial and retail banking services for individuals and businesses in Maine.

Peoples

Market Cap: US$107.1m

Operates as the holding company for PS Bank that provides various financial services to individuals, small businesses, and corporate customers in Pennsylvania, the United States.

Peoples Financial

Market Cap: US$106.0m

Operates as the bank holding company for The Peoples Bank that provides banking, financial, and trust services in the United States.

Trinity Bank N.A

Market Cap: US$105.2m

Provides personal and business banking products and services in Texas.

Bank of Botetourt

Market Cap: US$102.8m

Provides various banking products and services in Virginia.

United Bancshares

Market Cap: US$102.0m

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

Harleysville Financial

Market Cap: US$101.5m

Operates as the bank holding company for Harleysville Bank that provides banking products and services in Pennsylvania.

Adirondack Trust

Market Cap: US$100.0m

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

First Berlin Bancorp

Market Cap: US$99.4m

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

CNB Community Bancorp

Market Cap: US$99.0m

Operates as the bank holding company for County National Bank that provides retail and commercial banking services in Michigan.

Crystal Valley Financial

Market Cap: US$97.8m

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

Potomac Bancshares

Market Cap: US$96.6m

Operates as the bank holding company for Bank of Charles Town, that provides various banking products and services to individuals, businesses, and local governments in the United States.

Farmers Bancorp

Market Cap: US$92.4m

Operates as the holding company of The Farmers Bank that provides a range of banking products and services for individuals and businesses in north central Indiana, the United States.

JBT Bancorp

Market Cap: US$90.0m

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

United Bancorp

Market Cap: US$90.0m

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

US Metro Bancorp

Market Cap: US$89.3m

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

Golden State Bancorp

Market Cap: US$87.3m

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.

KS Bancorp

Market Cap: US$86.9m

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

Auburn National Bancorporation

Market Cap: US$86.6m

Operates as the bank holding company for AuburnBank that provides various banking products and services in East Alabama.

Bank of South Carolina

Market Cap: US$84.8m

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.

InsCorp

Market Cap: US$82.0m

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

First Bancshares

Market Cap: US$79.3m

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.

Citizens Financial

Market Cap: US$77.2m

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

Juniata Valley Financial

Market Cap: US$75.5m

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.

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.

HCB Financial

Market Cap: US$73.2m

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

National Capital Bancorp

Market Cap: US$70.3m

Operates as the bank holding company for The National Capital Bank of Washington that provides various banking products and services to individuals and businesses in Washington.

First Resource Bancorp

Market Cap: US$67.7m

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$64.2m

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

Chino Commercial Bancorp

Market Cap: US$63.4m

Operates as the bank holding company for Chino Commercial Bank, N.A.

Home Loan Financial

Market Cap: US$63.4m

A unitary thrift holding company, provides various banking products and services in the United States.

Lifestore Financial Group

Market Cap: US$62.7m

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.

FCN Banc

Market Cap: US$61.0m

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

Redwood Capital Bancorp

Market Cap: US$59.0m

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