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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 11.1x - 12.2x | 11.7x |
| Selected Fwd P/E Multiple | 9.1x - 10.1x | 9.6x |
| Fair Value | $16.64 - $18.39 | $17.51 |
| Upside | -14.7% - -5.7% | -10.2% |
| Benchmarks | - | Full Ticker |
| Citizens & Northern Corporation | - | NasdaqCM:CZNC |
| C&F Financial Corporation | - | NasdaqGS:CFFI |
| Orrstown Financial Services, Inc. | - | NasdaqCM:ORRF |
| Heritage Commerce Corp | - | NasdaqGS:HTBK |
| Provident Financial Services, Inc. | - | NYSE:PFS |
| ESSA Bancorp, Inc. | - | NasdaqGS:ESSA |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| CZNC | CFFI | ORRF | HTBK | PFS | ESSA | |||
| NasdaqCM:CZNC | NasdaqGS:CFFI | NasdaqCM:ORRF | NasdaqGS:HTBK | NYSE:PFS | NasdaqGS:ESSA | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 5.8% | 1.0% | 5.4% | 0.0% | 0.5% | 6.1% | ||
| 3Y CAGR | -5.3% | -11.6% | -12.5% | -5.3% | -11.7% | 1.1% | ||
| Latest Twelve Months | 16.0% | 6.0% | -9.9% | -24.6% | 22.9% | -17.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 25.4% | 20.1% | 22.9% | 29.6% | 29.4% | 26.5% | ||
| Prior Fiscal Year | 22.9% | 19.8% | 27.7% | 33.7% | 28.5% | 27.0% | ||
| Latest Fiscal Year | 24.3% | 17.4% | 12.5% | 23.8% | 19.0% | 25.0% | ||
| Latest Twelve Months | 24.7% | 18.7% | 15.5% | 24.1% | 21.1% | 22.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.8x | 1.9x | 3.0x | 3.4x | 3.4x | 3.0x | ||
| LTM P/E Ratio | 11.3x | 10.3x | 19.3x | 14.0x | 15.9x | 13.3x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 10.3x | 14.0x | 19.3x | |||||
| Historical LTM P/E Ratio | 7.4x | 9.9x | 10.5x | |||||
| Selected P/E Multiple | 11.1x | 11.7x | 12.2x | |||||
| (x) LTM Net Income | 15 | 15 | 15 | |||||
| (=) Equity Value | 164 | 172 | 181 | |||||
| (/) Shares Outstanding | 10.1 | 10.1 | 10.1 | |||||
| Implied Value Range | 16.21 | 17.07 | 17.92 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 16.21 | 17.07 | 17.92 | 19.50 | ||||
| Upside / (Downside) | -16.9% | -12.5% | -8.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CZNC | CFFI | ORRF | HTBK | PFS | ESSA | |
| Value of Common Equity | 302 | 224 | 611 | 586 | 2,349 | 197 | |
| (/) Shares Outstanding | 15.5 | 3.2 | 19.5 | 61.6 | 130.7 | 10.1 | |
| Implied Stock Price | 19.47 | 69.20 | 31.30 | 9.51 | 17.98 | 19.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19.47 | 69.20 | 31.30 | 9.51 | 17.98 | 19.50 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |