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

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$80.5m

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.

First Resource Bancorp

Market Cap: US$77.5m

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.

Oak View Bankshares

Market Cap: US$69.7m

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.

Chino Commercial Bancorp

Market Cap: US$69.6m

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

Harford Bank

Market Cap: US$68.6m

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

FCN Banc

Market Cap: US$66.0m

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.

Farmers and Merchants Bancshares

Market Cap: US$60.5m

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.

Northeast Indiana Bancorp

Market Cap: US$56.5m

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

Infinity Bancorp

Market Cap: US$55.9m

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

Oconee Financial

Market Cap: US$55.8m

Operates as the bank holding company for Oconee State Bank that provides a range of commercial and consumer banking products and services to consumers, businesses, and communities.

Pacific Valley Bancorp

Market Cap: US$50.5m

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

Woodlands Financial Services

Market Cap: US$49.0m

Operates as the financial services holding company for Woodlands Bank and Woodlands Stock Corporation that provides commercial and consumer banking, and trust services in Lycoming and Clinton counties in Pennsylvania.

Community Capital Bancshares

Market Cap: US$43.3m

Operates as the holding company for AB&T that provides various banking products and services to individual and corporate customers.

Community Bancorp of Santa Maria

Market Cap: US$41.9m

Operates as the bank holding company for Community Bank of Santa Maria that provides various banking products and services for businesses and individuals.

Farmers Bank of Appomattox

Market Cap: US$35.3m

Together with its subsidiary Farmers Bank Financial Services, Inc., provides various personal and business banking products and services.

Elmer Bancorp

Market Cap: US$33.6m

Operates as the bank holding company for The First National Bank of Elmer that provides business and personal banking products and services in New Jersey.

Huron Valley Bancorp

Market Cap: US$32.0m

Operates as the bank holding company for Huron Valley State Bank that provides various banking products and services to individuals and businesses in Michigan.

CNB Financial Services

Market Cap: US$31.2m

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

Crazy Woman Creek Bancorp

Market Cap: US$18.0m

Operates as the holding company for Buffalo Federal Bank that provides a range of banking products and services to individuals, families, and businesses in North-Central Wyoming.

Summit Bancshares

Market Cap: US$13.7m

Through its subsidiary, Summit Bank, provides commercial credit and other banking services in California.

Southern Banc Company

Market Cap: US$12.6m

Operates as the holding company for The Southern Bank company that provides various banking products and services in Alabama.

Chester Bancorp

Market Cap: US$3.8m

Operates as the holding company for Chester National Bank that provides various banking products and services to individuals and businesses in Chester, Illinois.