Community Bank Monthly April 2014 DAVENPORT FINANCIAL INSTITUTIONS GROUP The Davenport Community Bank Monthly, which summarizes monthly capital markets activity for community banks in the United States and the Federal Reserve’s fifth district, is produced by the Financial Institutions Group of Davenport & Company LLC. The Federal Reserve’s fifth district includes Maryland, North Carolina, South Carolina, Virginia, Washington D.C. and West Virginia. M&A Summary - U.S. Announced 3/24/14 3/21/14 3/20/14 3/19/14 3/17/14 3/13/14 3/11/14 3/11/14 3/6/14 3/4/14 3/4/14 Buyer State AR VA TN CT TX TX MI GA MS NC MA Buyer Simmons First National Corporation Xenith Bankshares, Inc. First Citizens Bancshares, Inc. Salisbury Bancorp, Inc. CBFH, Inc. South Texas Bancshares, Inc. Chemical Financial Corporation Ameris Bancorp First Bancshares, Inc. HomeTrust Bancshares, Inc. Eastern Bank Corporation Target Delta Trust & Banking Corporation Colonial Virginia Bank Southern Heritage Bancshares, Inc. Riverside Bank MC Bancshares, Inc. First Amherst Bancshares, Inc. Northwestern Bancorp Coastal Bankshares, Inc. BCB Holding Company, Inc. Bank of Commerce Centrix Bank & Trust Target Assets ($000) 431,378 114,921 236,853 221,343 279,776 18,067 873,772 432,787 78,679 129,315 907,683 Target State AR VA TN NY TX TX MI GA AL NC NH Deal Value ($M) 66.0 9.6 32.2 27.3 56.4 1.9 120.0 37.0 3.9 10.0 131.9 Target Financials MRQ MRQ Tan. Equity/ ROAA ROAE Tan. Assets (%) (%) (%) 1.0 10.9 9.2 0.5 4.6 10.6 1.2 9.4 12.6 0.8 7.5 11.3 0.6 7.0 8.0 -1.6 -8.6 17.4 -0.2 -2.5 7.6 0.3 3.1 10.2 0.1 0.8 7.0 0.3 3.6 9.0 0.9 9.2 9.4 NPAs/ Assets (%) 2.2 4.9 1.1 1.1 0.0 0.0 6.2 5.5 2.9 NA 0.9 Tan. Book Premium Core Deposits (%) 7.5 -3.3 6.3 1.2 10.9 2.8 7.4 5.0 0.9 NA 11.3 Purchase Price Tan. Book LTM EPS (%) (x) 163.5 15.5 79.2 17.7 160.4 11.8 108.8 15.1 188.2 36.7 127.5 NM 179.4 NM 190.6 44.7 115.2 NM 118.6 40.2 216.1 17.9 1 Day Price Premium (%) NA 31.2 NA NA NA NA NM NA NA 48.8 49.1 M&A Summary - LTM M&A Summary - LTM $4,500 30 $4,000 25 $3,500 180.0 160.0 140.0 $3,000 20 $2,500 15 $2,000 $1,500 10 120.0 100.0 80.0 60.0 $1,000 5 $500 $0 0 Apr May 2013 2013 Jun 2013 Jul 2013 Aug 2013 Sep 2013 Oct 2013 Nov 2013 Dec 2013 Aggregate Deal Value ($M) (left axis) Jan 2014 Feb Mar 2014 2014 40.0 20.0 0.0 Apr 2013 Number of Deals (right axis) May 2013 Jun 2013 Jul 2013 Aug 2013 Sep 2013 Oct 2013 Nov 2013 Dec 2013 Jan 2014 Feb 2014 Mar 2014 Median Deal Value/ Tangible Book Value (%) Common Stock Offerings - U.S. Common Stock Offering Summary - LTM* Completed Company Name State Assets ($000) Gross Offering Amount Offering Price/ Offered Price Book ($000) ($) (%) Offering Price/ Tangible Book (%) 3/27/14 Codorus Valley Bancorp, Inc. PA 1,150,641 13,000 20.00 116.2 116.2 3/26/14 Square 1 Financial, Inc. NC 2,163,452 104,060 18.00 238.4 238.4 3/24/14 FNBH Bancorp, Inc. MI 301,799 1,610 0.70 3.5 3.5 3/20/14 F & M Bank Corp. VA 552,788 12,775 16.50 77.1 81.2 3/4/14 Guaranty Federal Bancshares, Inc. MO 619,888 15,000 11.50 81.9 81.9 3/3/14 MBT Financial Corp. 1,223,322 2,750 4.25 79.2 79.2 MI (1) Excludes offerings involving banks with > $5 billion in total assets $2,500,000 12 $2,000,000 10 8 $1,500,000 6 $1,000,000 4 $500,000 2 $0 0 Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar 2013 2013 2013 2013 2013 2013 2013 2013 2013 2014 2014 2014 Aggregate Offering Amount ($thousands) (left axis) Number of Offerings (right axis) * Includes all bank and thrift offerings completed in the U.S. over the last twelve months Signs of Net Interest Margin Stabilization Federal Reserve Fifth District Price Performance - Year to Date Price Performance 10.0% % Change Price/ One Three LTM Component YTD Year Year EPS Index Companies (%) (%) (%) (x) S&P 500 500 2.0 20.7 41.5 17.7 NASDAQ Bank 417 4.2 31.6 47.0 NA Bank & Thrifts in the Federal Reserve Fifth District by Asset Size* $0-$500M 75 9.3 31.8 38.4 18.6 $500M-$1B 27 7.5 15.6 45.2 16.2 $1B-$3B 25 -0.7 19.2 57.4 17.9 $3B-$10B 11 3.0 36.9 66.8 18.4 Price/ TBV (%) NA NA 8.0% 92.8 106.7 143.0 200.2 2.0% * Includes banks with average daily trading volume > 100 shares during the most recent month Company Name Provident Community Bancshares, Inc. Bank of Commerce Carolina Trust Bank Independence Bancshares, Inc. Crescent Financial Bancshares, Inc. Southcoast Financial Corporation Coastal Banking Company, Inc. Yadkin Valley Financial Corporation First West Virginia Bancorp, Inc. Union First Market Bankshares Corporation 4.0% 0.0% -2.0% S&P 500 NASDAQ Bank $0-$500M $500M-$1B $1B-$3B $3B-$10B Top 10 Price Laggards in the Federal Reserve Fifth District* Top 10 Price Leaders in the Federal Reserve Fifth District* Monthly Price Change State (%) SC 57.4 NC 46.2 NC 32.5 SC 29.0 NC 17.4 SC 14.8 SC 13.2 NC 12.9 WV 11.6 VA 10.3 6.0% 4/1/14 Price/ Tangible Book Merger (%) Target NM Yes 116.5 Yes 107.3 No 286.6 No 207.4 Yes 120.3 No 78.4 No 202.4 No 111.9 No 171.6 No Company Name First Mariner Bancorp HCSB Financial Corporation First South Bancorp, Inc. Bank of the Carolinas Corporation Tidelands Bancshares, Inc. Congaree Bancshares, Inc. Community First Bancorporation C&F Financial Corporation Greer Bancshares Incorporated Cardinal Bankshares Corporation Monthly Price Change State (%) MD -88.8 SC -48.7 SC -38.0 NC -15.0 SC -13.0 SC -12.0 SC -10.9 VA -8.6 SC -7.5 VA -7.3 4/1/14 Price/ Tangible Book Merger (%) Target NM No NM No NA No NM No NM No 57.5 No 63.0 No 122.5 No 76.9 No 61.2 No * Includes banks with average daily trading volume > 100 shares during the most recent month Nonaccrual Loans DAVENPORT FINANCIAL INSTITUTIONS GROUP Robert F. Mizell, Head of Corporate Finance Gary S. Penrose, Director of Financial Institutions Group David A. Wright, Director of Capital Raising Alan P. Vaughan, First Vice President Lauren C. Jones, Associate Vice President [email protected] [email protected] [email protected] [email protected] [email protected] (804) 780-2089 (804) 697-2929 (804) 780-2005 (804) 697-2927 (804) 698-2682 Davenport & Company LLC (“Davenport”) is a member firm of the NYSE, FINRA and SIPC. This material is not a Davenport research product and is not in any sense a recommendation or an offer, or solicitation of an offer, for the purchase or sale of securities. Davenport may have underwritten, have positions, effect trades or make markets in any security described herein. The contents of this report are based upon information or are obtained from sources that Davenport generally considers reliable, but Davenport makes no representations or warranties with respect to their accuracy or completeness or otherwise, and assumes no responsibility to update them for subsequent events or knowledge. Davenport is not responsible for your use of this information. Source: SNL Financial, the FDIC, the OCC and the Federal Reserve
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