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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 0.9x - 1.0x | 0.9x |
| Historical Pb Multiple | 1.0x - 1.5x | 1.4x |
| Fair Value | $19.89 - $21.99 | $20.94 |
| Upside | -14.0% - -4.9% | -9.4% |
| Benchmarks | - | Full Ticker |
| Horizon Bancorp, Inc. | - | NasdaqGS:HBNC |
| Civista Bancshares, Inc. | - | NasdaqCM:CIVB |
| Preferred Bank | - | NasdaqGS:PFBC |
| RBB Bancorp | - | NasdaqGS:RBB |
| Independent Bank Corp. | - | NasdaqGS:INDB |
| The First Bancorp, Inc. | - | NasdaqGS:FNLC |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| HBNC | CIVB | PFBC | RBB | INDB | FNLC | |||
| NasdaqGS:HBNC | NasdaqCM:CIVB | NasdaqGS:PFBC | NasdaqGS:RBB | NasdaqGS:INDB | NasdaqGS:FNLC | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -11.8% | -1.3% | 11.0% | -7.4% | 3.1% | 1.2% | ||
| 3Y CAGR | -25.9% | -8.4% | 11.1% | -22.2% | 16.7% | -9.3% | ||
| Latest Twelve Months | 26.6% | -25.1% | -12.9% | -37.2% | -19.8% | -8.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 30.1% | 28.4% | 50.7% | 35.1% | 31.4% | 39.1% | ||
| Prior Fiscal Year | 15.3% | 26.2% | 54.4% | 32.4% | 33.8% | 37.1% | ||
| Latest Fiscal Year | 19.0% | 20.8% | 48.9% | 25.4% | 29.4% | 33.9% | ||
| Latest Twelve Months | 19.0% | 20.8% | 48.9% | 25.4% | 29.4% | 33.9% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 9.9% | 10.7% | 18.7% | 10.0% | 8.0% | 13.8% | ||
| Prior Fiscal Year | 4.0% | 11.7% | 22.6% | 8.5% | 8.3% | 12.5% | ||
| Latest Twelve Months | 4.8% | 8.2% | 17.9% | 5.2% | 6.5% | 10.9% | ||
| Next Fiscal Year | 9.9% | 9.1% | 16.2% | 5.7% | 8.0% | #NUM! | ||
| Two Fiscal Years Forward | 9.8% | 9.0% | 15.9% | 6.6% | 11.1% | 11.2% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 3.1x | 2.0x | 3.9x | 2.6x | 3.5x | 3.2x | ||
| Price / LTM EPS | 16.2x | 9.4x | 7.9x | 10.2x | 12.0x | 9.5x | ||
| Price / Book | 0.8x | 0.8x | 1.3x | 0.5x | 0.8x | 1.0x | ||
| Price / Fwd Book | 0.7x | 0.7x | 1.3x | 0.5x | 0.8x | 1.1x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.5x | 0.8x | 1.3x | |||||
| Historical P/B Ratio | 1.0x | 1.4x | 1.5x | |||||
| Selected P/B Multiple | 0.9x | 0.9x | 1.0x | |||||
| (x) Book Value | 252 | 252 | 252 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | HBNC | CIVB | PFBC | RBB | INDB | FNLC | |
| Value of Common Equity | 585 | 302 | 1,047 | 271 | 2,354 | 259 | |
| (/) Shares Outstanding | 44.0 | 15.5 | 13.2 | 17.7 | 42.6 | 11.2 | |
| Implied Stock Price | 13.29 | 19.49 | 79.04 | 15.28 | 55.24 | 23.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.29 | 19.49 | 79.04 | 15.28 | 55.24 | 23.12 | |
| 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 | |