update february 2010 - stock valuation · update february 2010 ... ebdc.ob ebank financial services...

Proprietary analysis of the Housing Market and Financial Services Sector

Unique Coverage of Data from FDIC

UPDATE February [email protected]

Housing and Banking Woes ContinueOur banking regulators planted the seeds of “The Great Credit Crunch” nearly ten years ago

when the Federal Reserve pushed the funds rate to one percent in mid-2003 and kept it there though mid-2004.

Then, in 2007, our regulators told us that the subprime loan problems in the banking system bwould not spread to the “real economy.”

Then, as toxic mortgage securities cascaded through the banking system in 2008, our regulators and government began program after program of so-called “timely, targeted and temporary” programs intended to end the banking crisis by the end of 2009.

Now, some of the lifelines have been extended through 2012.

I predicted that the US economy would be in Recession in 2008 and that GDP would show its first year over year decline since 1948 / 1949 back in March 2007. I was proven correct as Real GDP declined 2.4% in 2009 and current dollar GDP declined 1.3%.

In the Fourth Quarter 2009, GDP rose 5.7%--but this increase was driven by business inventory adjustments. Q4 GDP faces downward revisions if Trade Deficit levels widen. If you believe the picture painted by the most-recent GDP figures, the FOMC should raise rates. Otherwise, we have a “Job-Loss Recovery.”

Commercial Real Estate Woes - There is another $1.09 trillion in loans collateralized by nonfarm nonresidential real estate, which are declining in value with defaults on the rise. This is on top of $1.28 billion in commercial real estate loans backed by apartment rents, store rents and mall properties. Defaults and write-offs in this category are on the rise as well. All of these real estate issues will continue to cascade through the banking system right through 2012.

A variety of analysts now assert that $770 billion in commercial real estate loans will be underwater between 2010 and 2014. This agrees with my analysis of the recent FDIC Quarterly Banking Profiles.

The Congressional Oversight Panel (COP) estimates that the price-per-square-foot of office space has declined by 50% through 2009. The decline in commercial real estate values exceeds that for home prices, which has be buoyed by the $8,000 and $6,500 tax credit programs.

Fannie Mae and Freddie Mac Still Off US Balance Sheet - The President’s budget keeps the estimated $6.3 trillion in mortgages and debt of Fannie and Freddie out of the budget. This is significant as the US Debt Ceiling has just been increased by $1.9 trillion to $14.3 trillion. To include Fannie and Freddie the debt ceiling would have to be $20.6 trillion.

US taxpayers are on the hook for all losses of Fannie and Freddie through 2012 on top of the $111 billion cost though the third quarter of 2009. The US Treasury projects this extra cost to be $54.4 billion in the current fiscal year ending September 30, 2010 and another $23 billion in 2011. I predict that the US Treasury is too optimistic.

On Christmas Eve 2009, Treasury Secretary Geithner gave Fannie Mae and Freddie Mac unlimited lines of credit through 2012. Under this extension of Conservatorship, all losses for the next thirteen quarters will be added on top of the $400 billion Senior Preferred lifelines. For example, if losses at Fannie and Freddie were $50 billion each in 2010 through 2012, the resulting permanent lifeline would be $700 billion exceeding all other bailouts.

For now Fannie and Freddie are considered as “non-budgetary” items not counted as federal liabilities because “they are privately owned and controlled”. That’s not what Conservatorship is all about.

Where are the “Shovel Ready” Projects? Construction Spending dropped sharply in December by 1.2% and down 12.4% in 2009. No sign of jobs created or saved in this statistic. The labor market is not as strong as economists are telling us. In addition, 43 states say that unemployment rose in December.

I predict that the “Great Credit Crunch” will intensify as housing prices resume a decline after those $8,000 and $6,500 tax credits expire for contracts on April 30th and for closings on June 30th. Loan defaults and foreclosures will continue to rise as mortgage modification programs fail to help homeowners facing waves of Alt-A mortgage resets, and as a stubbornly high unemployment rate pulls prime mortgages into default.

In 2010, commercial real estate will be the Achilles Heel for the next phase of the crisis. With this economic drag, the US Treasury and Federal Reserve forecast for economic growth through 2010 looks overly optimistic.

With housing set to slump again, and with toxic loans increasing, it will be a difficult year with Main St. woes finally trumping Wall St.'s hype.

When the FDIC releases its Quarterly Banking Profile for the 4th quarter of 2009 later this month, we will see that away from the easy profits resulting from the zero-percent funds rate, bad loans are rising and reserves for future losses are rising as well. Banks must gradually bring a variety of bad investments back onto their books beginning this year through 2012.

Total assets in the banking system should continue to decline. This will serve as a leading indicator that GDP will be vulnerable for a double dip in 2010—despite the strong GDP growth in Q4 2009.

Recent housing data for both existing and new home sales were horrific and ignored by the FOMC in a recent Fed Statement. We have a worse economic condition with Adjustable Rate and Negative Amortization Mortgages within their re-set windows. These loans are too far underwater to be helped by mortgage modification programs. Community and regional banks are falling like dominos as bad loans cascade on and off bank balance sheets. This wave is worse than the subprime era, and plants the seeds for the Double-Dip Recession.

Richard SuttmeierChief Market StrategistValuEngine.com

Failed ValuEngine Problem Banks

Below is a list of the banks that have failed recently which were tracked by our ValuEngine List of Problem Banks and FDIC loan exposure data. Banks that have failed since our last report are highlighted in RED.

Ticker Company Name ASSET C&D Loans C&D Ratio CRE Ratio PipelineAFNL.PK AmTrust Financial Corporation 11,428,318 1,205,801 3.35 3.36 1.00

BHBC.PK Beverly Hills Bancorp 1,260,354 127,805 2.38 14.47 0.85

CAPB.PK CAPITALSOUTH BANCORP 586,586 87,731 7.23 21.88 0.89

CAPE Cape Fear Bank Corp. 492,418 136,084 4.49 8.71 0.96

CBBO Columbia Bancorp 1,062,110 181,553 4.88 11.27 0.98

CBON Community Bancorp 1,556,315 661,578 43.18 69.31 0.90

CNB Colonial Bancgroup 25,455,112 4,262,980 2.77 5.95 0.87

COOP Cooperative Bankshares 966,778 390,743 8.69 11.05 0.86

CORS Corus Bankshares, Inc. 7,003,321 3,249,387 20.66 23.16 0.81

EBDC.OB Ebank Financial Services 144,688 13,086 3.30 5.78 1.00

EVGG.OB Evergreenbancorp, Inc. 488,516 81,916 4.36 15.03 0.88

FAFL.PK First Americano Financial Corp 163,372 21,871 7.26 26.99 0.77

FCWT.OB First Coweta Bank 163,755 46,337 9.22 15.04 0.98

FFED.PK FirstFed Financial Corp. 6,143,903 4,169 0.01 6.41 1.00

FFSX First Federal Bankshares Inc. 503,462 31,332 1.13 5.31 1.00

FLRB.OB Florida Community Banks Inc. 875,473 305,342 10.34 14.70 0.97

FRGB First Regional Bancorp 2,184,100 690,160 5.09 11.37 0.90

FSTF First State Financial Corporation 447,667 61,841 6.02 23.96 0.96

GAFC.PK Greater Atlantic Financial Corp. 203,262 6,200 1.42 9.37 1.00

GBFL.OB Great Basin Financial Corp 238,940 14,265 1.63 7.43 0.89

GFG Guaranty Financial Group 13,464,352 2,774,913 3.02 5.55 1.00

HRZB Horizon Financial Corp. 1,299,986 291,412 13.96 30.03 0.90

IFC Irwin Financial Corporation 3,357,898 371,480 1.41 6.24 0.92

IMPC.PK Imperial Capital Bancorp, Inc 4,046,888 333,338 1.66 12.60 0.91

MHBC.OB Michigan Heritage Bancorp 167,710 16,855 4.07 9.18 0.93

MPBK.OB MetroPacific Bank CA 75,316 10,494 3.01 8.05 0.99

MRAB.OB Mirae Bancorp 480,619 1,119 0.23 12.71 0.46

Ticker Company Name ASSET C&D Loans C&D Ratio CRE Ratio PipelineNWCB.PK Newnan Coweta Bancshares 212,616 65,908 9.02 14.26 0.97

PCBI Peoples Community Bancorp 606,153 71,711 16.22 37.24 1.00

PCST.OB Pacific Coast National Bancorp 153,446 22,018 3.45 12.39 0.95

PNVL.OB Prineville Bancorporation 199,508 28,062 25.53 81.55 0.92

SJQU.OB San Joaquin Bancorp 832,807 160,514 3.20 10.22 0.82

SBKC Security Bank Corporation 2,382,010 852,704 19.02 27.83 0.94

SNCB.PK Southern Community Bancs 371,695 97,131 5.88 10.51 0.98

TMCV Temecula Valley Bancorp Inc. 1,396,622 387,240 10.22 27.52 0.83

UCBH Ucbh Holdings, Inc. 12,789,793 1,582,803 2.11 6.78 0.72

VNBC.PK Vineyard National Bancorp 1,638,378 495,573 26.38 59.02 0.94

WGNB WGNB Corp. 832,580 141,973 10.26 20.71 0.98

Bank Failures – 2010 So FarBelow we provide a list of the failed banks for 2010 as well as their cost to the DIF.

Bank Name Closing Date DIF CostHorizon Bank 01/08/10 $539.10

Town Community Bank & Trust 01/15/10 $17.80

St. Stephen State Bank 01/15/10 $7.20

Barnes Banking Company 01/15/10 $271.30

Premier American Bank 01/22/10 $85.00

Bank of Leeton 01/22/10 $8.10

Charter Bank 01/22/10 $201.90

Evergreen Bank 01/22/10 $64.20

Columbia River Bank 01/22/10 $172.50

First National Bank of Georgia 01/29/10 $260.40

Florida Community Bank 01/29/10 $352.60

Marshall Bank, N.A. 01/29/10 $4.10

Community Bank and Trust 01/29/10 $354.50

First Regional Bank 01/29/10 $825.50

American Marine Bank 01/29/10 $58.90

1st American State Bank of Minnesota 02/05/10 $3.10

Total Cost to DIF $3,226.20

DIF 2009 Q3 -$8,400.00

Costs in Q4 -$10,236.00

2010 - 2012 Fees $45,000.00

Estimated DIF $23,137.90Courtesy of the FDIC

ValuEngine’s List of Problem Banks

The FDIC's List of Problem Banks increased to 552 at the end of the third quarter from 416 in the second quarter--which implies that the FDIC added 186 banks to the Problem List in the quarter if you assume that the 50 seized banks were on the list. Unfortunately, the FDIC still refuses to name these institutions.

Courtesy FDIC

In 2008 there were 25 bank failures, in 2009 there were 140, in January 2010 there were 15, and with the one in February the total for “The Great Credit Crunch” is 181. My prediction is that 150 to 200 banks will fail this year and that 500 to 800 banks will fail through 2012 into 2013

So far, sixteen banks have been closed by the FDIC in 2010. With the “Blizzards of Washington,” only one bank has been closed in the first two weeks of February. All sixteen bank failures were overexposed to C&D and CRE loans.

Assuming the FDIC collected $45 billion in Deposit Insurance Fees for 2010 through 2012 this fund is down to approximately $23.1 billion. This lines up with another one of my predictions for 2010, which states that the FDIC will have to tap its $500 billion temporary line of credit with the US Treasury.

In an effort to identify problem banks for the purposes of this report, we utilize proprietary FDIC data combined with our own quantitative valuation, forecast, and ratings data to come up with a list of banks that violate FDIC loan exposure guidelines and rate poorly when compared to the rest of our universe of @4,000 equities under coverage.

Reviewing the Ignored Regulatory Guidelines

Back in the fall of 2005, the Federal Reserve, US Treasury and the Federal Deposit Insurance Corporation (FDIC) realized that community banks were loaning funds to the housing and real estate markets at a pace above what these regulators thought as prudent. Guidelines were set and monitored via quarterly filings to the FDIC. These guidelines were formalized by the end of 2006. They included the following stipulations:

• Overexposure to construction and development loans: The first guideline states that if loans for construction, land development, and other land are 100% or more of total risk capital, the institution is considered to have loans concentrations above prudent risk levels, and should have heightened risk management practices.

• Overexposure to construction and development loans including loans secured by multifamily and commercial properties: If loans for construction, land development, and other land, and loans secured by multifamily and commercial property are 300% or more of total risk capital, the institution would also be considered to have a CRE concentrations above prudent levels, and should employ heightened risk management practices.

There are currently 755 publicly traded FDIC insured financial institutions overexposed to CD Loans or Nonfarm Non-Residential Real Estate loans as per the FDIC's own guidelines.

For the purposes of this report, “problem banks” are publicly traded FDIC insured financial institutions overexposed to Construction & Development Loans and/or Nonfarm nonresidential real estate loans, with “1-Engine”--Strong Sell, or “2-Engine”—Sell. We also include all other engine-rated banks-- and those with “n/a” ratings but forecast figure data points according to our models-- in violation of FDIC guidelines vis-a-vis loan exposures. Those that are not covered by ValuEngine due to poor fundamentals or because there is no available EPS estimate but are still in violation of FDIC guidelines are also listed at the end of this section as a courtesy to our subscribers.

As of February 15, 2010, there were 228 banks overexposed to C&D and/or CRE loans in the ValuEngine database with full data coverage. Of these overexposed banks, 85 were rated “1-Engine” Strong Sells, 64 were rated “2-Engine” Sells—all of which are predicted to under perform the markets as a whole, 72 were rated “3-Engine” Holds—which are predicted to roughly match the overall market, 7 were rated a “4-Engine” Buy, and none held our highest rating of “5-Engine” Strong Buy—with the 4 and 5-Engine stocks predicted to out perform the overall market.

This means that there are currently 149 banks rated Sell or Strong Sell that are also overexposed to C&D and/or CRE loans.

There are 186 overexposed institutions with only partial ValuEngine coverage and thus those banks have no rating--these are included in the problem bank list.

There are 341 additional institutions carrying C&D and/or CRE loans in excess of the FDIC guidelines that do not appear in the ValuEngine database. These are also listed in the report following the VE List of Problem Banks.

Problem Bank VE Datapoints

Ticker Company Name Market Price

Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)

1-M Forecast Retn (%)

1-Yr Forecast Retn (%)

P/E Ratio

ABCB Ameris Bancorp 9.67 -1.12 3 56.73 -10.87 -2.03 -0.44 N/A

ABCW Anchor BanCorp Wisconsin 1.21 -75 2 -28.82 -63.68 -3.3 -15.67 N/A

ABPA.OB Allegiance Bank North America

0.1 N/A N/A -94.74 N/A -6.32 -64.71 N/A

ABVA Alliance Bankshares Corporation

2.71 N/A N/A 35.5 -54.06 -2.3 -3.23 N/A

ACBP.OB American Community Bancorp, Inc.

7.8 N/A N/A -30.3 N/A -1.85 -25.48 11.56

ALBY.PK Community Capital Bancshares

1.05 N/A N/A -41.67 N/A -3.75 -27.33 39.38

ALLB Alliance Bancorp Inc of Penn

8.3 N/A N/A 10.83 -7.1 -1.66 -16.25 11.53

AMBK.OB American Bank Incorporated

6 N/A N/A 3.27 N/A -2.08 -17.23 13.95

AMBZ.OB American Business Bank 22.4 N/A N/A 26.34 N/A -1.62 -11.3 15.56

AMFI Amcore Financial, Inc. 0.65 N/A N/A -53.64 -79.79 -3.83 -32.05 N/A

AMRB American River Bankshares

8 -38.98 3 -10.91 -16.33 -1.72 -12.01 31.75

ANCX Access National Corporation

5.91 -30.74 3 30.75 -10.34 -1.17 -14.42 6.89

APAB Appalachian Bancshares, Inc.

0.2 -87.5 1 -92.37 N/A -5.31 -53.11 N/A

ASBI Ameriana Bancorp 3.01 N/A N/A -31.12 N/A -2.79 -35 5.47

ASFN Atlantic Southern Financial Group

2.84 N/A N/A -52.67 N/A -5.48 -66.26 1.92

ASRV Ameriserv Financial, Inc 1.46 N/A N/A -18.44 N/A -2.44 -14.34 N/A

ATBC Atlantic Bancgroup, Inc. 3.02 N/A N/A -35.05 N/A -4.3 -56.26 2.67

AUBN Auburn National Bancorporation

18.99 -12.93 2 -4.62 N/A -1.7 -14.73 19.75

AWBC Americanwest Bancorporation

0.42 -87.5 1 -23.66 -84.04 -3.27 -16.17 N/A

BANR Banner Corporation 2.75 -68.12 2 -20.98 -47.42 -1.77 -5.92 N/A

BARI Bancorp Rhode Island, Inc. 25.3 -33.72 3 28.49 -8.96 -1.15 -3.06 28.52

BAYN Bay National Corporation 1.78 N/A N/A 42.56 N/A -3.43 -34.42 4.24

BBT BB&T Corp 26.92 8.51 4 70.16 -8 -0.93 -0.43 26.09

BBVA Banco Bilbao Vizcaya. 13.63 -12.74 4 53.15 -4.34 -0.53 -15.12 6.59

BBX BankAtlantic Bancorp Inc. 1.26 -75 2 -32.26 -86.37 -3.13 -18.84 N/A


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

BCAR Bank Of The Carolinas Corporation

4.71 N/A N/A 9.54 N/A -2.73 -22.53 9.42

BCBP BCB Bancorp, Inc. 8.9 N/A N/A -7.58 N/A -2.23 -26.31 7.95

BDGE Bridge Bancorp, Inc. 21.69 N/A N/A 12.97 N/A -1.54 -13.96 15.17

BFIN BankFinancial Corp. 10.05 N/A N/A 2.87 -10.79 -2.23 -15.66 24.12

BFNB Beach First National Bancshares

1.01 112.87 1 -65.65 N/A -6.21 -39.07 N/A

BFSB Brooklyn Federal Bancorp Inc.

7.45 -35.51 2 -37.66 N/A -1.2 -19.94 14.39

BHLB Berkshire Hills Bancorp Inc. 17.68 -3.18 2 -23.56 -13.54 -1.86 -17.79 37.09

BKBK Britton & Koontz Capital Corp

11.9 N/A N/A 15.2 -13.12 -1.55 -18.36 7.18

BKOR Oak Ridge Financial Services, Inc.

4.36 N/A N/A -28.99 N/A -3.15 -37.49 5.59

BKSC Bank Of South Carolina Corp

10.2 N/A N/A -11.77 N/A -2.26 -20.83 13.78

BKYF.OB Bank Of Kentucky Financial 18.38 -6.17 2 -0.33 N/A -1.43 -14.08 15.03

BMRC Bank of Marin Bancorp 31.07 10.6 3 67.22 -4.94 -1.24 -4.72 13.17

BNCC.PK BNCCorp, Inc. 2.5 N/A N/A -61.48 24.06 -5.23 -68.61 1.97

BNCN BNC Bancorp 6.81 -35.06 3 6.91 -32.82 -2.03 -19.41 11.1

BOCH Bank Of Commerce Holdings

5 -40.34 3 32.63 -31.66 -1.26 -13.21 7.83

BOFI BOFI Holding Inc. 13.01 57.12 3 167.15 10.82 -1.47 -2.74 8.05

BOFL Bank of Florida Corporation 1.22 -75 1 -60.65 -65.72 -3.69 -26.3 N/A

BOJF.OB Bank Of The James Financial Grp

7.3 N/A N/A 2.24 N/A -2.25 -11.74 91.25

BOMK Bank of McKenney 5.1 N/A N/A -5.2 N/A -2.49 -26.26 7.85

BONC.OB Bank of Commerce NC 4.5 N/A N/A -28 N/A N/A N/A N/A

BOVA Bank of Virginia 3.28 N/A N/A -6.29 N/A -2.59 -12.51 N/A

BPFH Boston Private Financial 6.6 300 2 100 -27.94 -5.79 -26.88 N/A

BTFG Banctrust Financial Group 4.75 55.02 1 -38.47 -30.05 -4.18 -26.13 N/A

BUSE First Busey Corporation 3.74 256.02 1 -51.05 -34.13 -6.92 -48.39 N/A

BXS Bancorpsouth, Inc. 21.92 6.14 3 14.17 0.15 -1.02 -9.63 17.02

BYFC Broadway Financial Corp. 6.03 N/A N/A 48.89 N/A -1.84 -5.64 22.61

BYLK.OB Baylake Corp. 3.75 N/A N/A 7.14 -45.91 -27.81 -94.12 N/A

CABK.OB California Community Bank 7.35 N/A N/A 19.51 N/A N/A N/A 43.24

CACB Cascade Bancorp 0.52 N/A N/A -69.2 -67.76 -4.5 -38.47 N/A

CADE Cadence Financial Corp. 1.58 N/A N/A -65.88 -53.88 -4.03 -34.73 N/A

CART Carolina Trust Bank 5.03 N/A N/A -8.38 N/A -2.86 -27.1 8.83

CARV Carver Bancorp Inc. 7.7 N/A N/A 38.24 -44.92 -1.77 -14.26 9.13

CASB Cascade Financial Corporation

1.83 300 1 -41.72 -42.87 -7.46 -49.91 N/A

CASH Meta Financial Group, Inc 20.6 N/A N/A 114.14 N/A -0.91 3.12 12.7

CASS Cass Information Systems, 30.76 -2.9 3 21.1 N/A -1.12 -8.04 15.87


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

Inc.

CATY Cathay General Bancorp 9.07 -41.55 2 -13.87 -28.61 -4.72 -31.56 N/A

CBAN Colony Bankcorp, Inc. 3.96 N/A N/A -45.23 -56.95 -3.09 -26.06 N/A

CBBO Columbia Bancorp 0.04 N/A N/A -97.57 N/A -7.65 -69.96 N/A

CBC Capitol Bancorp Ltd. 2 N/A N/A -61.76 -55.99 -4.04 -33.41 N/A

CBCO.OB Coastal Banking Company, Inc.

3.55 N/A N/A -21.98 N/A -3.27 -40.4 4.31

CBIN Community Bank Shares Of Indiana

8 N/A N/A -12.95 N/A -2.67 -28.23 7

CBKN Capital Bank Corporation 3.1 18.35 1 -31.42 -36 -4.92 -36.11 N/A

CBNJ Cape Bancorp, Inc. 6.74 19.71 1 -8.3 N/A -2.4 -13.69 N/A

CBSO.OB CommunitySouth Financial Corp

1.25 N/A N/A -37.81 N/A -5.15 -25.99 N/A

CCBD Community Central Bank Corp

1.83 N/A N/A -8.5 -70.92 -6.33 -40.5 54.9

CCBG Capital City Bank Group, Inc.

12.26 -23.92 2 -0.33 -19.46 -2.47 -14.7 N/A

CCBP Comm Bancorp, Inc. 21 N/A N/A -43.15 -31.99 -2.47 -36.6 6.09

CCFH CCF Holding Company 0.51 N/A N/A 45.71 N/A -4.44 -24.77 8.5

CEBK Central Bancorp, Inc. 8.28 N/A N/A 31.01 N/A -2.63 -24.72 6.57

CECB.OB Cecil Bancorp, Inc. 4.27 N/A N/A -24.43 N/A -3.3 -41.57 4.11

CFBK Central Federal Corp. 1.28 N/A N/A -57.33 N/A -3.09 -29.34 N/A

CFFC Community Financial Corp. 3.92 N/A N/A -1.51 N/A -2.95 -52.74 2.31

CFFI C&F Financial Corporation 20 19.02 3 37.93 -17.88 -1.77 -10.66 13.19

CFNL Cardinal Financial Corporation

9.5 -5.4 3 72.41 -1.71 -1.01 3.5 26.49

CHBH.OB Croghan Bancshares, Inc. 23.25 N/A N/A 6.12 N/A -2.16 -22.49 8.42

CHFN.OB Charter Financial Corp. 9.37 N/A N/A 36.79 N/A -1.81 -8.09 17.14

CITZ CFS Bancorp Inc. 3.6 -68.85 3 15.05 N/A -1.42 0.82 N/A

CJBK Central Jersey Bancorp 3.24 -29.72 1 -53.71 N/A -2.18 -22.57 N/A

CLBH Carolina Bank Holdings, Inc.

3.58 37.27 1 -40.83 N/A -3.52 -31.72 20.26

CLFC Center Financial Corporation

4.79 3.08 2 59.67 -31.16 -3.31 -11.38 N/A

CMFB Commercefirst Bancorp, Inc.

6.59 N/A N/A 41.72 N/A -2.43 -16.35 9.55

CMOH.OB Commercial Bancshares, Inc.

11.5 N/A N/A -16.73 N/A -2.84 -27.6 8.85

CNBC Center Bancorp, Inc. 8.64 N/A N/A 11.92 -11.01 -1.34 -4.76 33.99

COBZ Cobiz Inc. 5.56 21.07 2 7.75 -26.45 -0.9 5.61 N/A

CPBC Community Partners Bancorp

3.06 -19.97 2 -22.14 N/A -2.03 -20.86 15

CPBK Community Capital Corporation

2.75 -1.43 1 -41.49 -41.29 -3.08 -23.57 N/A

CPF Central Pacific Financial 1.18 -75 1 -84.51 -68.91 -3.95 -42.87 N/A


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

Corp.

CRBC Citizens Republic Bancorp, Inc.

0.82 -46.65 2 -14.58 -73.1 -3.21 -15.46 N/A

CRFN Crescent Financial Corporation

3.49 29.59 1 -6.93 -28.78 -2.97 -16.48 42.22

CRRB Carrollton Bancorp 4.37 -7.99 1 -26.18 N/A -2.5 -18.15 N/A

CSBC Citizens South Banking Corp.

4.75 -29.98 2 -16.37 -21.19 -3.34 -20.93 N/A

CSBQ.OB Cornerstone Bancshares, Inc.

2.25 N/A N/A -55.18 N/A -3.98 -45.59 5.63

CSE CapitalSource Inc. 5.01 -22.45 3 25.25 -31.79 -1.78 -3.47 N/A

CSFL Centerstate Banks Of Florida

10.69 28.15 1 -23.81 -10.4 -2.34 -18.79 N/A

CSHB Community Shores Bank Corp

1 N/A N/A -58.16 -96.16 -4.33 -32.41 N/A

CSNT Crescent Banking Company

0.51 -63.33 1 -88.38 N/A -2.83 -35.75 N/A

CTBC The Connecticut Bank and Trust

4.5 N/A N/A 32.35 N/A -2.1 -3.64 N/A

CTBK City Bank 1.49 N/A N/A -28.02 -54 -3.24 -21.79 N/A

CTZN Citizens First Bancorp, Inc. 0.42 -63.32 1 -60.21 N/A -4.35 -30.48 N/A

CVBF CVB Financial Corp. 8.72 13.21 3 0.23 -9.72 -1.41 -17.61 10.55

CVBK Central Virginia Bankshares, Inc.

3.4 24.76 1 -23.25 -39.53 -3.43 -22.09 N/A

CVCY Central Valley Community Bancorp

5.34 153.25 1 -25.42 -35.06 -5.14 -38.95 20.67

CVLL Community Valley Bancorp 1.27 N/A N/A -68.33 N/A -4.36 -69.31 1.49

CVLY Codorus Valley Bancorp, Inc.

5.5 N/A N/A -28.76 N/A -3.12 -39.54 4.91

CWBC Community West Bancshares

2.91 N/A N/A -3 3.88 -3.16 -36.39 4.85

CWBK.OB CommerceWest Bank, N.A. 6.35 N/A N/A -29.44 N/A -2.93 -30.29 9.77

CWBS Commonwealth Bankshares, Inc.

1.72 -37.88 1 -64.17 N/A -3.51 -31.09 N/A

CWLZ Cowlitz Bancorporation 0.63 N/A N/A -89.36 N/A -4.95 -52.46 N/A

CXBT.OB Centrix Bank & Trust 10.25 N/A N/A 11.41 N/A -2.09 -18.64 10.85

CYBA.OB Canyon Bancorp 4 N/A N/A 14.29 -44.51 -23.75 -88.98 N/A

CZBS.OB Citizens Bancshares Corporation

3.15 N/A N/A -24.82 N/A -3.37 -48.49 3.12

CZNB.OB Citizens Bancorp 3.65 N/A N/A -51.33 N/A -3.54 -60.38 2.42

DCBF.OB DCB Financial Corp 6.25 N/A N/A -16 -58.9 -4.22 -28.68 N/A

DCOM Dime Community Banc 11.83 -14.67 3 24.53 -6.04 -0.97 -8.05 13.4

DEAR Dearborn Bancorp, Inc. 1.19 -60.95 1 -40.2 -63.58 -4.15 -19.67 N/A

DIMC.OB Dimeco, Inc 34.1 N/A N/A -11.01 N/A -2.09 -20.15 13.59

DNBF.OB DNB Financial Corporation 5.5 N/A N/A -1.96 N/A -2.72 -32.7 5.17

EBSB Meridian Interstate 9.85 8.41 2 13.35 N/A -1.94 -8.8 36.94


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

Bancorp, Inc.

EBTC Enterprise Bancorp, Inc. 10.81 N/A N/A 22.15 N/A -1.85 -12.97 15.67

ECBE ECB Bancorp, Inc. 11.8 83.58 1 -22.16 -27.51 -3.59 -25.58 126.43

EFSC Enterprise Financial Services

8.36 106.98 1 -22.81 -16.91 -4.57 -31.12 N/A

EGBN Eagle Bancorp, Inc. 11.05 21.77 3 84.17 -4.17 -1.49 0.65 21.67

EUBK Eurobancshares, Inc. 0.43 N/A N/A -68.84 -76.77 -4.41 -34.73 N/A

EVBN Evans Bancorp, Inc. 13 N/A N/A 1.01 N/A -1.99 -22.49 7.18

EVBS Eastern Virginia Bankshares, Inc.

7.5 -3.3 1 -18.39 -21.61 -2.43 -15.54 N/A

EWBC East West Bancorp, Inc. 15.44 -51.69 4 74.27 -17.29 -0.69 9.96 N/A

FBIZ First Business Financial Services

10.35 N/A N/A -24.29 N/A -2.68 -33.8 6.2

FBMI Firstbank Corporation 6.26 -16.71 2 -5.01 -28.49 -2.07 -15.48 27.62

FBMS First Bancshares, Inc., The 10.4 N/A N/A 36.84 N/A -2.4 -8.74 17.05

FBNC First Bancorp 13.99 -37.9 3 3.32 -13.36 -1.32 -28.3 4.24

FBSS Fauquier Bankshares, Inc. 13.99 16.05 2 26.95 N/A -1.92 -11.72 14.57

FCAL First California Financial 2.89 -39.12 3 -52.23 -48.68 18.91 352.68 N/A

FCBN.OB First Citizens Bancorporation

450 N/A N/A 45.74 N/A -1.8 -13.47 10.62

FCCO First Community Corporation

6 -50.86 2 -3.07 -36.25 -3 -23.48 12.72

FCCY 1st Constitution Bancorp 7.16 -8.69 2 10.56 -21.86 -2.2 -13.48 18.28

FCEC.OB First Chester County Corporation

10.1 N/A N/A 52.34 N/A -2.01 -14.83 9.27

FCFL First Community Bank Corp 2.96 N/A N/A -53.68 -63.18 -3.87 -48.48 4.19

FCLF First Clover Leaf Financial Corp.

6.5 -1.6 1 -10.59 N/A -1.83 -11.91 N/A

FCNCA First Citizens Bancshares, Inc.

172.17 39.6 3 25.38 N/A -1.51 -11.63 15.06

FCVA First Capital Bancorp, Inc. 7.9 52.83 1 29.51 -20.07 -3.4 -11.43 N/A

FCZA First Citizens Banc Corp 4.25 -20.75 2 -44.3 N/A -2.82 -27.96 27.13

FDBC.OB Fidelity D&D Bancorp, Inc. 15.75 N/A N/A -26.74 N/A -2.56 -29.35 8.95

FDEF First Defiance Financial Corp.

9.86 -26.01 3 66.55 -20.87 -1.54 -9.04 10.71

FETM.OB Fentura Financial, Inc. 1.5 N/A N/A -50 N/A -5 -65.21 0.65

FFBC First Financial Bancorp 16.93 11.08 3 103.73 -1.31 -1.06 -22.73 3.59

FFCH First Financial Holdings Inc. 11.58 -27.88 3 46.03 -18.42 -4.85 -43.44 4.58

FFDF FFD Financial Corp. 13.5 N/A N/A 29.43 N/A -1.63 -13.32 9.45

FFFD North Central Bancshares Inc.

14.9 N/A N/A 49.45 N/A -1.95 -23.24 4.95

FFIC Flushing Financial Corp. 12.69 -0.77 3 62.48 -7.06 -1.2 -4.24 12.79

FFKT Farmers Capital Bank Corp 7.36 -39.11 2 -55.18 -37.52 -3.3 -31.52 N/A

FFKY First Financial Service 8.7 -10.03 2 -12.03 -19.88 -3.54 -26.12 26.3


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

Corporation

FLFL.OB First Litchfield Financial Corp

14.6 N/A N/A 79.8 N/A -1.6 -14.55 6.89

FLIC First Of Long Island Corp 23.08 -11.95 3 13.7 N/A -0.86 -11.35 11.1

FMAR First Mariner Bancorp 1.41 N/A N/A 67.86 -51.27 -3.48 -2.09 N/A

FMBI First Midwest Bancorp, Inc. 13.17 -30.58 3 48.81 -19.33 -1.66 0.36 N/A

FMBM.OB F & M Bank Corp. 24.23 N/A N/A -10.72 N/A -1.77 -20.51 13.1

FMFC First M & F Corporation 3.01 -4.12 1 -43.53 -34.76 -3.05 -23.24 N/A

FMNB.OB Farmers National Banc Corp.

4.15 N/A N/A -10.37 N/A -2.81 -53.27 2.33

FMWC.OB First Manitowoc Bancorp, Inc.

9.36 N/A N/A 56 N/A -1.56 -15.86 8.14

FNBG.OB FNB Bancorp 7.5 N/A N/A -26.04 N/A -3.16 -46.43 3.46

FNBN FNB United Corp. 1.15 -66.15 1 -50.86 -72.02 -2.86 -22.17 N/A

FNCB.OB First National Community Bancorp

4.99 N/A N/A -43.42 N/A -3.09 -40.94 5.8

FNHM.OB Fnbh Bancorp, Inc. 0.09 N/A N/A -97.73 N/A -8.06 -85.72 0.05

FNSC First National Bancshares, Inc.

0.88 N/A N/A -61.91 N/A -5.19 -68.63 1.05

FOFN.OB Four Oaks Fincorp, Inc. 5.6 N/A N/A -28.3 -39.69 -2.96 -30.45 8.62

FPBI FPB Bancorp, Inc. 1.81 N/A N/A -31.7 N/A -3.36 -31.64 12.07

FPFC FIRST PLACE FINANCIAL 3.28 -74 3 19.27 -35.89 -1.88 -0.2 N/A

FRAF.OB Franklin Financial Services Corp

16.35 N/A N/A 2.7 N/A -2.03 -19.66 10.07

FRBK Republic First Bancorp, Inc. 4.11 -18.99 1 -43.23 -21.76 -2.13 -20.12 N/A

FRGB First Regional Bancorp 0.05 N/A N/A -95.87 N/A -8.32 -83.93 0.02

FSBK First South Bancorp, Inc. 10.6 N/A N/A 47.02 -26.66 -2.43 -17.44 9.14

FSGI First Security Group, Inc. 2.29 -56.88 2 -42.89 -32.69 -2.2 -17.85 N/A

FSNM First State Bancorporation 0.45 -87.5 1 -68.89 -74.85 -3.92 -32.74 N/A

FSRL.OB First Reliance Bancshares, Inc.

3.62 N/A N/A -11.71 N/A -2.96 -36.63 5.03

FSWA.OB First Sound Bank WA 0.48 N/A N/A -88 N/A -5.51 -52.06 N/A

FTBK Frontier Financial Corporation

3.99 N/A N/A -79.95 -76.91 -5.62 -44.49 N/A

FULT Fulton Financial Corporation

9.14 21.3 3 33.63 -12.2 -1.63 -8.41 27.67

FUNC First United Corporation 5.51 -13.73 1 -52.13 -26.58 -2.67 -25.6 N/A

FXNC.OB First National Corporation 10.1 -17.94 2 -18.88 N/A -2.04 -16.38 24.05

GBCI Glacier Bancorp, Inc. 13.75 33.86 2 -19.59 -4.11 -2.12 -19.02 36.34

GBNK Guaranty Bancorp 1.39 -67.44 2 -4.8 -52.95 -2.3 -8.62 N/A

GECR.OB Georgia-Carolina Bancshares, Inc.

7.25 N/A N/A -14.71 N/A -2.63 -26.55 9.06

GFED Guaranty Federal Bancshares, Inc.

5.58 -33.79 2 5.19 N/A -2.25 -8.61 N/A


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

GIW The Wilber Corporation 6.53 -18.15 2 -14.86 N/A -1.43 -19.42 9.78

GRAN Bank Of Granite Corporation

1.25 N/A N/A -39.02 -77.05 -4.74 -64.52 1.95

GRNB Green Bankshares, Inc. 6.17 18.82 1 -26.72 -29.34 -3.43 -20.55 N/A

GSBC Great Southern Bancorp, Inc.

22.18 -17.14 4 104.8 -9.77 -0.78 -5.08 6.79

GSCB.OB Greater Sacramento Bancorp

8 N/A N/A -16.32 N/A -3.14 -36.95 4.94

GSLA GS Financial Corp. 14 N/A N/A 24.11 5.81 -1.75 -10.61 18.26

GTWN.OB Georgetown Bancorp Inc. 5.2 N/A N/A 4 N/A -2.17 -9.1 N/A

HABC Habersham Bancorp 1.3 -30.74 1 -57.24 N/A -4.22 -27.59 N/A

HAFC Hanmi Financial Corporation

1.92 N/A N/A 17.07 -45.95 -3.79 -17.84 N/A

HBAN Huntington Bancshares 4.68 N/A N/A 162.92 -31.74 -1.66 12.08 N/A

HEOP Heritage Oaks Bancorp 4.75 8.9 1 -4.04 -21.46 -2.5 -14.17 N/A

HFBC HopFed Bancorp Inc. 10.95 41.07 2 21.13 -10.5 -2.26 -9.42 N/A

HFFC HF Financial Corp. 9.95 -34.43 3 -9.91 -12.48 -1.15 -16.56 8.45

HFWA Heritage Financial Corporation

14.07 40.21 2 17.15 -8.27 -2.36 -11.87 N/A

HIFS Hingham Institution for Savings

32.79 -2.12 3 17.44 N/A -1.44 -16.36 8.21

HLAN.OB Heartland Banccorp 22.5 N/A N/A 32.35 N/A -1.52 -6.42 16.65

HMNF HMN Financial Inc. 4.95 N/A N/A 61.24 -46.97 -10.47 -55.23 N/A

HMPR Hampton Roads Bankshares

2 N/A N/A -75.76 N/A -3.77 -60.59 3.08

HNBC Harleysville National Corp 6.42 32.71 1 -27.38 N/A -2.7 -20.31 N/A

HOMB Home Bancshares, Inc. 23.63 11.24 3 12.15 5.46 -1.1 -8.72 21.23

HRZB Horizon Financial Corp. 0.02 -87.5 1 -99.18 N/A -10.53 -81.31 N/A

HTBC.OB Hilltop Community Bancorp, Inc.

4.1 N/A N/A -34.4 N/A -2.5 -25.78 17.83

HTBK Heritage Commerce Corp 3.77 165.86 1 -51.36 -32.03 -5.67 -40.78 N/A

HTLF Heartland Financial Usa, Inc.

14 -13.9 3 5.74 -8.4 -1.55 -10.51 20.99

HUVL.OB Hudson Valley Holding Corp.

24.5 0.81 2 -41.18 N/A -2.09 -26.07 15.36

HWBK Hawthorn Bancshares, Inc. 10.06 -5.28 2 -14.53 N/A -2.42 -24.24 9.47

HWFG Harrington West Financial Group

0.58 N/A N/A -76.8 -84.53 -5.38 -41.27 N/A

HZNB.OB Horizon Bancorporation, Inc.

2 N/A N/A -71.43 N/A -3.82 -67.51 2.06

IBCA Intervest Bancshares 4.06 -32.66 3 21.19 -31.66 -2.42 -10.23 25.38

IBNK Integra Bank Corporation 0.61 111.79 1 -57.93 -72.36 -5.72 -41.85 N/A

IBOC International Bancshares 20.38 -1.51 3 24.04 N/A -1.16 -10.74 11.36

ICBN.OB ICB Financial 2.75 N/A N/A 22.22 N/A -2.65 -22.09 8.33

IIBK.OB Idaho Independent Bank 6.11 N/A N/A -33.95 N/A -3.72 -50.14 3.23


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

IMCB.OB Intermountain Community Banc

1.8 N/A N/A -64 N/A -4.4 -68.42 1.64

INCB Indiana Community Bancorp

8.74 48.26 1 -24.39 -22.01 -3.07 -19.68 N/A

INDB Independent Bank Corp. 24.46 23.92 3 54.91 -4.08 -1.67 -5.38 24.99

JAXB Jacksonville Bancorp, Inc. 9.27 N/A N/A 2.89 N/A -2.48 -21.3 11.62

JFBI Jefferson Bancshares, Inc. 4.45 N/A N/A -35.04 N/A -2.75 -27.29 15.89

KFED K-Fed Bancorp 8.15 -11.34 3 5.16 N/A -1.62 -11.45 19.72

LBAI Lakeland Bancorp, Inc. 6.97 20.14 1 -2.65 -14.37 -2.26 -12.22 N/A

LBBB Liberty Bell Bank 3.85 N/A N/A -20.62 N/A -2.38 -14.85 N/A

LBCP Liberty Bancorp Inc. 7.43 -5.52 2 25.51 N/A -2.99 -20.43 14.68

LCNB.OB LCNB Corp. 10.85 N/A N/A 31.68 N/A -1.78 -14.86 10.96

LNBB Lnb Bancorp Inc. 4.29 158.42 1 -24.61 -36.54 -4.74 -32.44 N/A

LSBI LSB Financial Corp. 10.1 N/A N/A 4.45 -5.89 -2.44 -25.75 7.15

LSBX Lsb Corporation 11.75 -11.79 3 39.55 N/A -1.42 -7.34 12.4

MBHI Western Illinois Bancshares 0.31 -62.12 1 -74.38 -85.03 -4.18 -37.31 N/A

MBNC.OB Merchants Bancorp 0.15 N/A N/A -85.15 N/A -6.6 -76.19 0.27

MBR Mercantile Bancorp, Inc. 2.23 -19.78 1 -69.03 N/A -3.13 -33.03 N/A

MBRG Middleburg Financial Corporation

13.45 27.97 2 20.52 -18.19 -2.2 -9.39 42.93

MBTF Mbt Financial Corp. 1.65 N/A N/A -35.55 -50.31 -2.96 -19.13 N/A

MBVA.OB Millennium Bankshares Corp

0.17 N/A N/A -29.17 N/A -5.57 -64.94 0.59

MBWM Mercantile Bank Corporation

3.77 -61.42 2 -13.33 -45.94 -2.4 -9.46 N/A

MCBC Macatawa Bank Corporation

1.8 -7.73 1 -13.04 -46.93 -2.93 -15.01 N/A

MCBF Monarch Community Bancorp, Inc

2.4 -18.89 1 -23.08 N/A -2.5 -14.84 N/A

MCBI Metrocorp Bancshares, Inc. 3.22 200.9 1 -16.36 -33.08 -5.61 -35.84 N/A

MCFI.OB Midcarolina Financial Corporation

5.3 N/A N/A -24.29 N/A -2.79 -17.49 N/A

METR Metro Bancorp, Inc. 12.07 -24.4 2 -39.07 -20.12 -6.62 -47.77 N/A

MFBP.OB M&F Bancorp, Inc. 2.02 N/A N/A N/A N/A N/A N/A 4.59

MFNC Mackinac Financial Corporation

4.5 -31.32 3 18.73 -22.96 -1.71 -3.55 N/A

MGYR Magyar Bancorp, Inc. 3.5 N/A N/A 0 N/A -2.52 -14.67 32.81

MI Marshall & Ilsley 6.36 21.57 3 41.02 -37.35 -2.3 -6.25 N/A

MNRK Monarch Financial Holdings, Inc

6.72 -4.92 2 11.07 N/A -1.71 -15.89 9.7

MNSB.OB MainStreet Bank 6.57 N/A N/A 28.82 N/A -2.51 -29.3 4.87

MOKB.OB Mission Oaks Bancorp 1.3 N/A N/A -72.04 N/A -4.06 -60.63 3.17

MPB Mid Penn Bancorp Inc. 10.47 1.06 1 -40.07 N/A -2.38 -20.88 N/A

MROE Monroe Bancorp 6.32 -3.89 2 -23.21 -18.89 -2.29 -20.77 14.78


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

MSFG Mainsource Financial Group

5.79 -9.44 2 -9.39 -26.17 -2.39 -11.77 N/A

MTB M&T Bank Corp 72.07 2.73 4 97.34 -6.78 -0.89 4.17 25.8

MVLY.OB Mission Valley Bancorp 4.75 N/A N/A -41.72 N/A -2.11 -25.06 36.54

NARA Nara Bancorp, Inc. 8.51 -21.81 4 224.81 -17.52 -0.66 21.65 N/A

NASB NASB Financial Inc. 20.47 -22.8 3 7.68 N/A -2.48 -24.36 9.08

NBBC NewBridge Bancorp 2.23 N/A N/A 11.5 -48.27 -2.67 -7.9 N/A

NCBC New Century Bancorp, Inc. 5.3 10.18 1 4.95 -39.29 -2.52 -11.88 N/A

NCFT.OB First Trust Bank 6.2 N/A N/A -13.89 N/A -2.79 -34.29 5.59

NCLC.OB Norcal Community Bancorp 2.2 N/A N/A -26.67 N/A -4.59 -53.61 2.77

NEBS New England Bancshares Inc.

5.75 N/A N/A -13.4 N/A -2.78 -23.56 12.23

NECB Northeast Community Bancorp, Inc.

5.65 N/A N/A -17.88 N/A -1.79 -15.08 35.31

NFSB Newport Bancorp Inc. 11.57 -2.6 2 2.21 -0.12 -1.53 -7.88 64.28

NOVB North Valley Bancorp 1.8 43.36 1 -46.27 -47.76 -4.05 -29.18 N/A

NRIM Northrim Bancorp, Inc. 15.69 -6.46 3 63.44 -6.6 -1.29 -4.13 13.08

NSBC.OB North State Bancorp 4.41 N/A N/A -36.55 N/A -3.23 -36.23 7.11

NSFC Northern States Financial Corp

3.63 300 1 9.01 -57.8 -6.67 -37.67 N/A

NVSL Naugatuck Valley Financial Corp.

5.48 -3.03 2 -19.41 N/A -1.84 -17.72 22.28

NWIN.OB Northwest Indiana Bancorp 17 N/A N/A -8.99 N/A -2.16 -26.52 7.46

NWYF.OB Northway Financial, Inc. 8.2 N/A N/A -15.98 N/A -2.65 -29.99 7.07

NXTY NEXITY FINANCIAL CORP 0.15 N/A N/A -64.29 N/A -5.75 -35.03 N/A

NYB New York Community Bancorp

15.6 0.55 4 43.38 -2.97 -0.74 -3.88 15.86

OHBK.OB Old Harbor Bank 0.6 N/A N/A -78.18 N/A -5.18 -44.04 N/A

OKFC.OB O.A.K. Financial Corporation

25 N/A N/A 57.43 N/A -1.67 -12.02 10.04

OKSB Southwest Bancorp, Inc. 7.75 58.01 1 -36.58 -19.15 -3.7 -31.37 14.45

OLBK Old Line Bancshares, Inc. 6.99 N/A N/A 21.99 N/A -1.97 -13.08 15.89

OLCB Ohio Legacy Corp. 1.65 N/A N/A -14.95 N/A -3.16 -25.06 14.56

OPHC Optimumbank Holdings, Inc.

1.16 N/A N/A -65.17 N/A -3.55 -44.07 7.25

OPOF Old Point Financial Corporation

14.38 -4.33 2 -13.32 N/A -1.72 -15.88 32

ORIT Oritani Financial Corp. 13.45 -6.5 3 1.89 -4.62 -1.21 -7.14 54.53

ORRF.OB Orrstown Financial Services, Inc.

32.51 N/A N/A 22.96 N/A -1.45 -11.13 17.2

OSBC Old Second Bancorp, Inc. 6.7 -7.34 1 -17.18 -32.96 -2.37 -14.5 N/A

OZRK Bank Of The Ozarks Inc 29.25 2.81 3 31.11 -3.33 -1.05 -7.9 13.51

PABK Pab Bankshares, Inc. 1.55 N/A N/A -60.26 -59.39 -5.14 -64.81 2.5

PACW PacWest Bancorp 19.77 44.08 3 17.54 -16.15 -1.12 -1.63 N/A


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

PATD.OB Patapsco Bancorp, Inc. 3.1 N/A N/A -35.01 N/A -3.7 -43.35 4.43

PBCE.OB Peoples Bancorporation, Inc.

1.78 N/A N/A -28.8 N/A -3.42 -50.96 3.02

PBIB Porter Bancorp Inc. 11.22 -27.36 3 -2.01 -18.15 -1.12 -20.9 7.2

PCBC Pacific Capital Bancorp 1.08 N/A N/A -88.39 -65.86 -5.07 -50.65 N/A

PCBK Pacific Continental Corporation

10.14 6.19 1 -23.18 -7.32 -2 -16.2 N/A

PCBP.OB Premier Commercial Bancorp

6.15 N/A N/A -18 N/A -2.59 -34.33 5.8

PCBS Provident Community Bancshares

2.26 N/A N/A -64.85 N/A -4.74 -68.29 1.92

PEBK Peoples Bancorp Of North Carolina

5.15 10.58 1 -20.4 -15.2 -2.65 -22.82 14.17

PFBC Preferred Bank LA 1.38 -75 1 -75.79 -60.21 -3.72 -35.75 N/A

PFBI Premier Financial Bancorp, Inc.

7.51 N/A N/A 29.04 N/A -1.87 -20.58 6.06

PFBX Peoples Financial Corporation

15.86 1.84 2 -14.59 -17.23 -1.29 -14.54 24.01

PFLC.OB Pacific Financial Corporation

4.1 N/A N/A -35.94 N/A -3.29 -42.23 4.71

PFOH.OB Perpetual Federal Savings OH

11 N/A N/A -7.49 N/A -2.73 -32.67 5.5

PFS Provident Financial Services

10.27 -19.48 3 3.01 -11.58 -1.17 -10.99 17.37

PGC Peapack-Gladstone Financial

12.21 -20.89 2 -36.44 N/A -1.81 -20.4 19.22

PGNN.OB Paragon National Bank 2.7 N/A N/A 68.75 N/A -2 1.8 N/A

PKBK Parke Bancorp, Inc 9.29 -18.61 3 49.12 -10.47 -1.43 -13.7 7.11

PLBC Plumas Bancorp 3.39 N/A N/A -43.58 N/A -3.36 -26.53 56.42

PMBC Pacific Mercantile Bancorp 3.06 -45.71 3 -19.9 N/A 1.57 23.99 N/A

PNBK Patriot National Bancorp, Inc.

1.55 -45.73 1 -76.15 N/A -3.72 -35.84 N/A

PNFP Pinnacle Financial Partners 14.27 -4.22 1 -42.48 -9.37 -2.31 -22.06 N/A

PPBI Pacific Premier Bancorp Inc.

3.71 81.7 1 -0.27 -27.1 -3.58 -20.41 N/A

PROV Provident Financial Holdings

3.2 29.83 1 -25.06 -43.44 -12.42 -66.82 N/A

PRSP Prosperity Bancshares, Inc. 39.95 14.02 3 40.32 6.81 -0.73 -3.61 16.56

PRWT Premierwest Bancorp 0.6 N/A N/A -83.78 -57.07 -4.75 -49.57 N/A

PSBC Pacific State Bancorp 0.53 -87.5 1 -78.8 -85.64 -4.63 -38.16 N/A

PSBK.OB PREMIER SERVICE BK CA

4.9 N/A N/A -18.33 N/A -2.69 -43.52 3.74

PULB Pulaski Financial Corp. 6.17 N/A N/A -0.32 -16.91 -1.2 -8.94 20.8

PVFC PVF Capital Corp. 2.79 -32.21 2 -12.54 N/A -2.08 -8.99 N/A

PVTB Privatebancorp, Inc. 12.85 -46.14 2 -8.8 -19.31 -5.21 -32.28 N/A

QCRH QCR Holdings, Inc. 9 5.02 1 -9.09 N/A -2.1 -9.93 N/A


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

QNBC.OB QNB Corp. 17.5 N/A N/A 10.48 N/A -1.89 -17.68 11.36

RBNF Rurban Financial Corp. 6.99 N/A N/A -7.78 N/A -2.3 -28.78 6.59

RBPAA Royal Bancshares Of Penn 2.44 -66.36 2 -19.74 N/A -2.98 -10.35 N/A

RCKB Rockville Financial Mhc, Inc.

9.97 -13.07 3 -4.14 N/A -1.35 -12.46 17.95

RGFC.PK R&G Financial Corporation 0.08 N/A N/A -38.46 N/A -5.13 -35.25 N/A

RIVR River Valley Bancorp 13 N/A N/A 39.04 18.8 -1.71 -10.8 12.58

RJF Raymond James Financial Inc.

25.91 2.57 3 31.93 4.27 -1.14 -6.03 20.65

RNST Renasant Corporation 14.15 11.97 3 22.83 -7.78 -1.7 -10.92 16.91

RPFG Rainier Pacific Financial Group

0.19 -26.39 1 -87.74 N/A -6.04 -51.5 N/A

RVSB Riverview Bancorp Inc. 2.43 -31.78 2 -43.75 -30.23 -2.82 -25.48 38.37

SAMB Sun American Bancorp 0.09 -87.5 1 -73.53 N/A -5.57 -37.38 N/A

SASR Sandy Spring Bancorp, Inc. 12.78 -1.22 2 -11.98 -20.14 -2.59 -12.25 N/A

SAVB Savannah Bancorp, Inc., The

7.97 -18.41 2 -7.97 -29.79 -2.19 -14.76 42.69

SBAZ State Bank Corp. 4 N/A N/A -61.17 N/A -3.59 -57.38 2.86

SBBX Sussex Bancorp 4.8 N/A N/A -6.21 -43.37 -2.75 -27.57 6.49

SBCF Seacoast Banking Corporation

1.4 -75 1 -72.71 -53.03 -2.78 -32.67 N/A

SBFC.OB Southeastern Bank Financial

11.75 N/A N/A -32.82 N/A -3.3 -38.67 5.49

SBIB Sterling Bancshares, Inc. 4.93 -40.49 3 -16.16 -13.8 -2.02 -14.41 N/A

SBNK.OB Sonoma Valley Bancorp 7.2 N/A N/A -34.25 N/A -3.35 -46.13 3.79

SBNY Signature Bank 34.24 11.26 3 18.15 1.38 -1.26 -7.17 27.94

SCBT SCBT Financial Corporation

35.2 58.05 3 52.91 4.5 -2.13 -7.64 37.07

SCMF Southern Community Financial

2.31 N/A N/A -34 -29.41 -2.62 -20.02 N/A

SEFL.PK SE Financial Corp. 5.3 N/A N/A 3.11 N/A -1.73 -6.89 N/A

SHBI Shore Bancshares, Inc. 11.9 -20.3 2 -27.31 -18.81 -1.71 -20.16 15.86

SMMF Summit Financial Group, Inc.

4.07 -8.28 1 -55.03 -38.21 -3.13 -29.22 81.4

SMTB Smithtown Bancorp, Inc. 4.54 -18.64 2 -64.97 -36.1 -3.4 -40.96 12.5

SNBC Sun Bancorp, Inc 3.47 46.35 1 -34.53 -34.28 -3.43 -24.61 N/A

SNV Synovus Financial 2.62 -30.81 2 -26.2 -47.17 -2.36 -16.53 N/A

SOCB Southcoast Financial Corporation

3.4 N/A N/A -15 -81.51 -3.2 -38.62 4.15

SOMC.OB Southern Michigan Bancorp, Inc.

10.1 N/A N/A 71.19 N/A -2.2 -22.11 5.4

SOMH Somerset Hills Bancorp 8.05 -6.02 3 36.67 -4.53 -1.48 -2.23 32.2

SSE Southern Connecticut Bancorp, Inc

3.44 N/A N/A -50.86 N/A -3 -25.2 N/A

SSFN Stewardship Financial 9.4 N/A N/A -2.08 N/A -2.08 -23.26 8.55


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

Corporation

STBA S & T Bancorp, Inc. 16.39 -27.35 2 -33.81 -16.34 -1.44 -15.33 97.95

STBC State Bancorp, Inc. 7.34 54.19 1 9.72 -32.62 -2.66 -13.54 N/A

STBK Sterling Banks, Inc 1.29 N/A N/A 13.16 N/A -3.87 -44.02 3.23

STEL StellarOne Corporation 11.56 15.71 1 -26.7 -13.17 -10.54 -62.21 N/A

STSA Sterling Financial Corporation

0.51 -87.5 1 -70.41 -78.43 -3.72 -33.42 N/A

SUBK Suffolk Bancorp 26.26 N/A N/A -9.76 -9 -1.51 -19.54 11.45

SUPR Superior Bancorp 2.76 233.54 1 -4.83 -53.07 -6.36 -36.6 N/A

SUSQ Susquehanna Bancshares 7.71 300 1 -17.28 -23.51 -6.56 -42.77 N/A

SVBI Severn Bancorp Inc. 4.11 78.89 1 -3.52 N/A -4.4 -19.16 N/A

SWS SWS Group Inc. 12.44 -6.03 2 -27.97 -12.07 -1.98 -20.44 17.12

SYBT S. Y. Bancorp, Inc. 20.56 -12.36 3 -9.71 -2.29 -1.28 -14.37 15.76

TAMB Tamalpais Bancorp 0.79 136.3 1 -87.85 -57.71 -6.77 -57.21 N/A

TAYC Taylor Capital Group, Inc. 9.01 -34.63 3 97.59 -25.81 -1.35 9.54 N/A

TBBK Bancorp, Inc., The 6.44 -9.52 3 101.88 -15.72 -1.67 3.11 64.4

TBHS Bank Holdings, The 0.15 N/A N/A -83.52 N/A -6.56 -75.32 0.63

TCBI Texas Capital Bancshares, Inc.

16.84 -11.24 3 48.76 -6.99 -1.3 -1.32 30.64

TDBK Tidelands Bancshares Inc. 3.35 N/A N/A 13.56 N/A -2.59 -10.24 N/A

TIBB Tib Financial Corp. 0.94 407.82 1 -74.46 -50.72 -10 -62.77 N/A

TNCC Tennessee Commerce Bancorp

6.02 34.05 1 -35.34 -35.13 -4.07 -26.58 N/A

TOFC Tower Financial Corporation

7 20.42 1 21.95 -13.72 -2.34 -8.25 N/A

TOWN Towne Bank 11.28 -1.46 2 -38.06 N/A -1.97 -22.74 18.53

TRUE Centrue Financial Corp. 3 N/A N/A -35.76 -7.24 -3.58 -57.44 2.44

TSBK Timberland Bancorp, Inc. 3.78 34.75 2 -25.88 -22.9 2.83 33.74 N/A

TSFG South Financial Group, The 0.39 -87.5 1 -73.65 -87.33 -3.31 -35.61 N/A

TWNE.OB Towne Bancorp Inc. 0.4 N/A N/A -90 N/A -3.61 -52.35 N/A

UBFO United Security Bancshares 5 N/A N/A -24.47 -39.24 -2.78 -37.32 4.76

UBMI.OB United Bancorp, Inc. 4.35 N/A N/A -45.63 N/A -3.89 -63.9 1.43

UBSH Union Bankshares Corporation

13.14 -13.3 2 -10.49 -12.13 -1.95 -13.4 81.45

UBSI United Bankshares, Inc. 23.76 21.3 3 25.18 -7.52 -1.64 -10.89 15.44

UCBI United Community Banks, Inc.

3.92 -61 3 9.19 -36.11 -2.2 -7.15 N/A

UCFC United Community Financial

1.59 N/A N/A 152.38 -86.04 -3.1 -45.32 2.09

UMPQ Umpqua Holdings Corporation

12.2 112.52 1 15.86 -13.78 -9.24 -54.95 N/A

UNB Union Bankshares, Inc. 17.99 12.07 2 6.32 N/A -1.61 -12.98 15.14

UNTY Unity Bancorp, Inc. 4.16 12.56 2 17.49 N/A -2.28 -7.24 N/A


Valuation (%)

VE Rating

Last 12-M Retrn (%)

Avg 5-Yr Retn (%)



P/E Ratio

UWBK United Western Bancorp, Inc.

3.36 -64.18 2 -48.78 -50.99 -5.65 -40.14 N/A

VBFC Village Bank And Trust Financial

2.31 N/A N/A -48.67 N/A -3.96 -50.44 3.79

VCBI Virginia Commerce Bancorp

5.62 -42.13 3 37.41 -15.07 -1.89 2.36 N/A

VCBP.OB Valley Commerce Bancorp 6 N/A N/A -6.69 N/A -2.87 -35.99 4.8

VIST VIST Financial Corp. 7.69 171.13 1 -8.67 -23.76 -4.97 -29.96 N/A

VLY Valley National Bancorp 13.77 4.59 3 20.58 -8.22 -1.23 -8.68 21.02

VYFC Valley Financial Corporation

3.15 0.6 N/A N/A N/A -1.66 -2.67 N/A

WABC Westamerica Bancorporation

52.67 1.7 3 16.89 -0.14 -0.83 -8.38 16.59

WAL Western Alliance Bancorp 4.64 6.2 1 -27.61 -41.1 -3.3 -22.31 N/A

WASH Washington Trust Bancorp 16.7 -14.51 3 7.4 -10.97 -1.44 -10.82 16.17

WBCO Washington Banking Company

11.48 43.64 2 39.49 -0.39 -1.82 -8.43 22.51

WBNK Waccamaw Bankshares, Inc

3.13 -8.02 1 -16.31 N/A -2.59 -15.44 N/A

WCBO West Coast Bancorp 2.5 -37.94 3 15.74 -45.6 -1.55 0.47 N/A

WEFP.OB Wells Financial Corp. 19 N/A N/A 17.79 N/A -2.41 -53.71 0.18

WFSC.OB Weststar Financial Services Corp

3.4 N/A N/A -32 N/A -2.88 -35.35 5.97

WGNB WGNB Corp. 0.1 -87.5 1 -96.61 N/A -6.42 -64.17 N/A

WHI W Holding Co. 18.5 N/A N/A 50.41 -74.57 -2.77 -11.09 N/A

WIBC Wilshire Bancorp, Inc. 9.25 33.56 3 48.24 -9.62 -2.36 -10.67 19.33

WL Wilmington Trust Corporation

12.64 -66.48 3 10.49 -20.46 -0.9 -0.61 N/A

WSB WSB Holdings, Inc. 2.4 N/A N/A -4.76 N/A -2.62 -13.82 80

WSBC Wesbanco, Inc. 13.75 -37.09 3 -32.3 -14.29 -1.61 -18.82 18.55

WSBF Waterstone Financial Inc 1.93 -75 3 -23.11 -96.44 -0.06 4.44 N/A

WSFS WSFS Financial Corp. 28.01 13.46 2 6.91 -14.68 -2.59 -13.43 N/A

WTBA West Bancorporation, Inc. 5.05 125.7 1 -38.19 -28.46 -4.29 -32.47 N/A

WTNY Whitney Holding Corporation

12.41 -24.11 3 -1.19 -17.97 -2.03 -9.27 N/A

YAVY Yadkin Valley Financial 3.71 -27.63 1 -44.04 -42.97 -4.16 -31.28 N/A

ZION Zions Bancorp 17.85 N/A N/A 53.35 -26.89 -2.43 -4.95 N/A

ValuEngine Ratings cover approximately 4,500 stocks and are established on a bell-shaped curve; only the top 2% are rated “5-Engine” strong buys, 15% are “4-Engine” buys, 60% are “3-Engine” holds, 15% are “2-Engine” sells, and 8% are “1-Engine” strong sells. ValuEngine’s Valuation and Forecast data are derived from our proprietary quantitative models and consider numerous factors including: firm-specific variables like the Long-run EPS growth rate, the Duration of the Business-growth-cycle, the Volatility of EPS growth rate, the Systematic or beta risk of the firm, the Correlation between the firm's EPS and the interest rate environment, Dividend payout ratio, and Buffer earnings. Model calculations also include interest rate-related criteria as well as technical data such as short and long-term price reversal characteristics.

VE Problem Bank Loan Exposure Data PointsTicker Company Name ASSET C&D Loans C&D Risk

RatioCRE Risk

Ratio Pipeline

ABCB Ameris Bancorp 2,227,538 264,198 126.00% 430.10% 96.00%

ABCW Anchor BanCorp Wisconsin 4,639,906 356,440 148.80% 802.70% 100.00%

ABPA.OB Allegiance Bank North America 148,023 21,581 265.00% 733.10% 85.60%

ABVA Alliance Bankshares Corporation 634,875 51,373 115.70% 481.70% 86.00%

ACBP.OB American Community Bancorp, Inc. 301,558 29,070 87.90% 311.70% 78.30%

ALBY.PK Community Capital Bancshares 171,030 4,739 33.30% 316.00% 80.70%

ALLB Alliance Bancorp Inc of Penn 451,563 25,927 52.10% 308.70% 46.70%

AMBK.OB American Bank Incorporated 477,134 23,826 50.20% 393.20% 41.70%

AMBZ.OB American Business Bank 857,068 400 0.70% 343.30% 6.80%

AMFI Amcore Financial, Inc. 4,358,923 459,311 216.50% 792.00% 92.00%

AMRB American River Bankshares 566,504 32,874 84.70% 556.70% 86.10%

ANCX Access National Corporation 694,523 45,723 63.90% 378.20% 78.40%

APAB Appalachian Bancshares, Inc. 1,153,527 343,710 743.50% 1043.80% 97.40%

ASBI Ameriana Bancorp 454,250 37,610 91.10% 326.40% 99.10%

ASFN Atlantic Southern Financial Group 1,083,259 285,356 459.50% 843.40% 94.20%

ASRV Ameriserv Financial, Inc 930,337 50,310 55.30% 421.70% 44.80%

ATBC Atlantic Bancgroup, Inc. 327,801 32,495 150.90% 620.30% 93.60%

AUBN Auburn National Bancorporation 784,604 56,956 90.10% 308.70% 74.80%

AWBC Americanwest Bancorporation 1,761,995 229,420 276.50% 986.20% 78.80%

BANR Banner Corporation 4,817,910 826,514 187.20% 444.10% 89.70%

BARI Bancorp Rhode Island, Inc. 1,569,301 23,379 17.60% 336.00% 59.70%

BAYN Bay National Corporation 297,388 25,825 145.20% 385.70% 85.30%

BBT BB&T Corp 161,394,953 15,983,282 100.60% 251.90% 87.30%

BBVA Banco Bilbao Vizcaya. 73,410,651 9,323,651 149.50% 322.50% 74.50%

BBX BankAtlantic Bancorp Inc. 4,882,685 530,994 113.30% 287.80% 100.00%

BCAR Bank Of The Carolinas Corporation 663,435 54,054 96.80% 377.80% 88.50%

BCBP BCB Bancorp, Inc. 621,503 55,435 93.10% 468.50% 83.70%

BDGE Bridge Bancorp, Inc. 853,228 9,307 15.30% 370.20% 34.60%

BFIN BankFinancial Corp. 1,574,130 37,569 18.70% 342.80% 100.00%

BFNB Beach First National Bancshares 646,024 130,472 348.30% 817.70% 96.90%

BFSB Brooklyn Federal Bancorp Inc. 525,178 116,890 156.30% 470.10% 100.00%

BHLB Berkshire Hills Bancorp Inc. 2,665,816 152,641 58.80% 325.40% 44.10%

BKBK Britton & Koontz Capital Corp 395,603 27,513 66.60% 319.80% 64.50%

BKOR Oak Ridge Financial Services, Inc. 340,887 53,842 174.80% 472.20% 85.90%

BKSC Bank Of South Carolina Corp 271,255 33,066 119.60% 344.10% 84.00%

BKYF.OB Bank Of Kentucky Financial 1,390,529 153,131 91.70% 384.70% 87.40%

BMRC Bank of Marin Bancorp 1,126,493 114,537 94.20% 501.70% 86.10%

BNCC.PK BNCCorp, Inc. 902,029 84,210 104.80% 409.40% 81.70%

Ticker Company Name ASSET C&D Loans C&D Risk Ratio

CRE Risk Ratio

Pipeline

BNCN BNC Bancorp 1,703,665 247,034 179.80% 484.60% 89.00%

BOCH Bank Of Commerce Holdings 796,280 70,837 94.00% 401.80% 84.70%

BOFI BOFI Holding Inc. 1,332,715 75 0.10% 338.30% 100.00%

BOFL Bank of Florida Corporation 1,482,576 240,403 218.00% 826.60% 87.60%

BOJF.OB Bank Of The James Financial Grp 426,469 51,791 264.00% 512.90% 93.50%

BOMK Bank of McKenney 179,185 12,455 61.30% 315.10% 86.40%

BONC.OB Bank of Commerce NC 175,695 24,726 185.40% 570.70% 83.80%

BOVA Bank of Virginia 226,323 27,225 173.50% 637.50% 79.60%

BPFH Boston Private Financial 7,155,398 576,194 96.50% 382.10% 90.90%

BTFG Banctrust Financial Group 2,031,027 395,373 182.80% 362.90% 88.50%

BUSE First Busey Corporation 3,942,827 566,345 158.60% 491.60% 79.10%

BXS Bancorpsouth, Inc. 13,269,633 1,533,620 122.50% 375.40% 77.20%

BYFC Broadway Financial Corp. 520,129 5,062 11.90% 818.40% 100.00%

BYLK.OB Baylake Corp. 1,046,305 68,329 79.80% 493.00% 96.80%

CABK.OB California Community Bank 204,037 10,307 41.50% 454.50% 64.60%

CACB Cascade Bancorp 2,269,807 421,061 266.10% 722.40% 94.10%

CADE Cadence Financial Corp. 1,755,531 216,709 175.40% 545.90% 85.80%

CART Carolina Trust Bank 175,720 33,828 157.90% 346.70% 94.00%

CARV Carver Bancorp Inc. 809,403 131,536 171.50% 675.10% 100.00%

CASB Cascade Financial Corporation 1,646,434 278,354 177.10% 510.10% 88.50%

CASH Meta Financial Group, Inc 834,540 29,071 47.10% 424.00% 100.00%

CASS Cass Information Systems, Inc. 503,744 47,339 97.30% 694.70% 74.40%

CATY Cathay General Bancorp 11,736,410 915,736 87.70% 419.50% 77.00%

CBAN Colony Bankcorp, Inc. 1,288,222 131,233 98.00% 400.90% 85.50%

CBBO Columbia Bancorp 1,062,110 181,553 487.60% 1127.10% 97.60%

CBC Capitol Bancorp Ltd. 5,578,760 561,908 153.10% 620.40% 92.20%

CBCO.OB Coastal Banking Company, Inc. 480,875 82,050 183.70% 405.10% 87.30%

CBIN Community Bank Shares Of Indiana 834,108 52,039 68.70% 343.10% 84.20%

CBKN Capital Bank Corporation 1,733,064 466,756 250.40% 477.50% 83.50%

CBNJ Cape Bancorp, Inc. 1,067,226 32,080 29.70% 451.30% 41.80%

CBSO.OB CommunitySouth Financial Corp 439,232 91,360 306.30% 711.60% 95.00%

CCBD Community Central Bank Corp 548,886 18,316 43.60% 598.80% 82.90%

CCBG Capital City Bank Group, Inc. 2,471,048 327,288 124.50% 315.20% 83.70%

CCBP Comm Bancorp, Inc. 610,162 22,216 40.60% 398.00% 76.50%

CCFH CCF Holding Company 434,409 64,201 217.50% 798.30% 96.50%

CEBK Central Bancorp, Inc. 540,403 3,671 8.50% 555.00% 72.80%

CECB.OB Cecil Bancorp, Inc. 496,112 102,410 221.10% 513.70% 83.00%

CFBK Central Federal Corp. 279,449 13,881 47.50% 456.50% 100.00%

CFFC Community Financial Corp. 542,260 89,566 181.50% 435.30% 100.00%

CFFI C&F Financial Corporation 873,007 107,486 104.50% 202.90% 93.50%

CFNL Cardinal Financial Corporation 1,882,835 200,787 107.80% 418.10% 32.10%


CRE Risk Ratio

Pipeline

CHBH.OB Croghan Bancshares, Inc. 465,848 9,875 21.50% 324.10% 46.60%

CHFN.OB Charter Financial Corp. 933,856 117,093 124.50% 389.80% 100.00%

CITZ CFS Bancorp Inc. 1,077,707 63,253 61.50% 398.60% 100.00%

CJBK Central Jersey Bancorp 578,381 22,818 35.70% 375.40% 54.60%

CLBH Carolina Bank Holdings, Inc. 676,503 125,747 181.50% 472.30% 75.00%

CLFC Center Financial Corporation 2,198,130 50,899 22.90% 563.60% 89.30%

CMFB Commercefirst Bancorp, Inc. 195,261 2,936 13.80% 532.40% 18.30%

CMOH.OB Commercial Bancshares, Inc. 282,380 10,113 42.40% 389.60% 64.40%

CNBC Center Bancorp, Inc. 1,349,275 57,915 61.90% 416.80% 60.90%

COBZ Cobiz Inc. 2,445,736 387,735 184.30% 504.00% 88.40%

CPBC Community Partners Bancorp 623,086 78,753 124.40% 494.10% 66.40%

CPBK Community Capital Corporation 765,486 177,584 276.20% 537.70% 89.30%

CPF Central Pacific Financial Corp. 5,163,027 1,003,200 219.70% 489.10% 90.00%

CRBC Citizens Republic Bancorp, Inc. 11,938,899 626,638 55.10% 310.70% 82.80%

CRFN Crescent Financial Corporation 1,063,181 178,761 169.30% 507.20% 73.10%

CRRB Carrollton Bancorp 428,827 58,165 137.20% 394.80% 74.10%

CSBC Citizens South Banking Corp. 821,375 146,753 162.50% 408.80% 100.00%

CSBQ.OB Cornerstone Bancshares, Inc. 505,979 56,467 153.10% 610.40% 85.60%

CSE CapitalSource Inc. 5,529,035 379,918 188.90% 318.10% 62.30%

CSFL Centerstate Banks Of Florida 1,786,234 116,739 72.30% 318.30% 77.00%

CSHB Community Shores Bank Corp 241,638 13,394 56.50% 379.00% 91.90%

CSNT Crescent Banking Company 1,028,761 291,370 602.70% 1157.00% 95.30%

CTBC The Connecticut Bank and Trust 238,263 16,233 61.10% 451.80% 74.90%

CTBK City Bank 1,219,356 440,881 503.90% 861.60% 89.50%

CTZN Citizens First Bancorp, Inc. 1,820,020 124,333 260.40% 966.20% 67.40%

CVBF CVB Financial Corp. 6,538,227 338,254 49.20% 318.60% 76.90%

CVBK Central Virginia Bankshares, Inc. 477,664 72,937 169.50% 323.40% 82.80%

CVCY Central Valley Community Bancorp 756,343 54,049 81.90% 353.50% 77.90%

CVLL Community Valley Bancorp 552,261 156,892 343.70% 613.30% 85.40%

CVLY Codorus Valley Bancorp, Inc. 864,630 97,977 139.90% 500.70% 74.70%

CWBC Community West Bancshares 674,235 53,408 81.00% 371.80% 91.30%

CWBK.OB CommerceWest Bank, N.A. 373,296 20,606 50.80% 310.50% 76.10%

CWBS Commonwealth Bankshares, Inc. 1,144,467 255,440 207.00% 643.90% 89.00%

CWLZ Cowlitz Bancorporation 577,835 68,119 187.30% 648.40% 93.60%

CXBT.OB Centrix Bank & Trust 582,783 41,168 79.50% 520.20% 74.20%

CYBA.OB Canyon Bancorp 262,749 32,752 119.30% 466.70% 89.10%

CZBS.OB Citizens Bancshares Corporation 380,966 19,290 48.40% 356.40% 77.80%

CZNB.OB Citizens Bancorp 387,923 61,925 199.20% 679.50% 94.40%

DCBF.OB DCB Financial Corp 716,723 37,952 61.80% 426.70% 75.20%

DCOM Dime Community Banc 3,894,439 45,959 14.80% 1017.70% 100.00%

DEAR Dearborn Bancorp, Inc. 1,040,324 94,890 141.60% 1041.10% 69.20%


CRE Risk Ratio

Pipeline

DIMC.OB Dimeco, Inc 513,859 15,567 33.30% 516.60% 47.00%

DNBF.OB DNB Financial Corporation 642,088 35,322 62.20% 316.70% 83.00%

EBSB Meridian Interstate Bancorp, Inc. 1,319,308 128,184 75.40% 340.60% 50.90%

EBTC Enterprise Bancorp, Inc. 1,286,623 108,167 95.80% 568.10% 53.40%

ECBE ECB Bancorp, Inc. 858,737 127,736 173.60% 459.80% 83.40%

EFSC Enterprise Financial Services 2,490,564 376,341 163.20% 504.00% 87.20%

EGBN Eagle Bancorp, Inc. 1,639,826 244,850 156.40% 549.50% 80.40%

EUBK Eurobancshares, Inc. 2,805,717 303,337 173.20% 513.10% 90.90%

EVBN Evans Bancorp, Inc. 601,323 20,921 42.50% 519.80% 44.20%

EVBS Eastern Virginia Bankshares, Inc. 1,104,400 91,957 94.90% 337.90% 81.20%

EWBC East West Bancorp, Inc. 12,455,199 1,069,616 76.90% 411.70% 86.20%

FBIZ First Business Financial Services 1,071,922 84,318 79.10% 504.80% 66.70%

FBMI Firstbank Corporation 1,420,232 85,383 63.50% 380.20% 83.10%

FBMS First Bancshares, Inc., The 484,998 67,759 145.70% 317.80% 90.80%

FBNC First Bancorp 3,528,111 610,043 181.90% 385.70% 87.20%

FBSS Fauquier Bankshares, Inc. 548,207 38,223 71.40% 413.90% 71.30%

FCAL First California Financial 1,466,623 94,721 81.70% 480.50% 77.00%

FCBN.OB First Citizens Bancorporation 8,303,745 853,246 128.10% 310.60% 90.80%

FCCO First Community Corporation 630,383 25,060 48.30% 372.50% 68.20%

FCCY 1st Constitution Bancorp 666,594 86,084 111.80% 256.70% 65.10%

FCEC.OB First Chester County Corporation 1,310,752 111,739 96.90% 478.00% 48.10%

FCFL First Community Bank Corp 561,845 55,649 133.80% 485.00% 100.00%

FCLF First Clover Leaf Financial Corp. 602,123 47,684 81.10% 360.50% 100.00%

FCNCA First Citizens Bancshares, Inc. 18,467,875 1,045,184 57.10% 316.60% 77.10%

FCVA First Capital Bancorp, Inc. 510,615 109,343 196.10% 429.20% 73.50%

FCZA First Citizens Banc Corp 1,102,129 24,963 25.60% 372.80% 46.10%

FDBC.OB Fidelity D&D Bancorp, Inc. 565,543 9,746 15.90% 306.30% 20.00%

FDEF First Defiance Financial Corp. 2,011,903 89,962 39.20% 362.70% 100.00%

FETM.OB Fentura Financial, Inc. 554,649 34,816 88.70% 593.50% 86.60%

FFBC First Financial Bancorp 7,247,932 405,407 67.10% 389.10% 70.00%

FFCH First Financial Holdings Inc. 3,480,518 372,754 125.00% 270.70% 100.00%

FFDF FFD Financial Corp. 192,311 6,239 33.10% 408.70% 100.00%

FFFD North Central Bancshares Inc. 453,778 11,270 23.50% 329.30% 100.00%

FFIC Flushing Financial Corp. 4,444,983 106,287 26.00% 498.10% 100.00%

FFKT Farmers Capital Bank Corp 2,231,792 234,392 150.30% 390.80% 90.20%

FFKY First Financial Service Corporation 1,106,351 183,018 164.80% 525.70% 72.00%

FLFL.OB First Litchfield Financial Corp 545,477 27,281 66.10% 311.40% 69.00%

FLIC First Of Long Island Corp 1,507,424 10,141 8.70% 307.10% 15.30%

FMAR First Mariner Bancorp 1,303,011 150,731 169.10% 562.50% 78.00%

FMBI First Midwest Bancorp, Inc. 7,634,242 694,721 90.20% 399.60% 74.90%

FMBM.OB F & M Bank Corp. 498,553 86,123 205.20% 446.80% 100.00%


CRE Risk Ratio

Pipeline

FMFC First M & F Corporation 1,674,818 187,560 122.30% 416.50% 82.80%

FMNB.OB Farmers National Banc Corp. 1,003,879 24,724 53.00% 311.80% 68.40%

FMWC.OB First Manitowoc Bancorp, Inc. 783,411 36,612 57.50% 392.50% 70.60%

FNBG.OB FNB Bancorp 699,290 51,690 82.70% 486.80% 76.60%

FNBN FNB United Corp. 2,202,313 417,880 210.50% 466.60% 83.20%

FNCB.OB First National Community Bancorp 1,385,560 63,195 45.10% 307.80% 78.90%

FNHM.OB Fnbh Bancorp, Inc. 345,853 28,825 163.30% 1161.10% 92.40%

FNSC First National Bancshares, Inc. 786,443 141,821 436.20% 1080.80% 90.20%

FOFN.OB Four Oaks Fincorp, Inc. 929,866 242,628 279.70% 506.00% 85.70%

FPBI FPB Bancorp, Inc. 267,138 2,335 22.50% 610.20% 24.80%

FPFC FIRST PLACE FINANCIAL 3,242,913 161,539 54.00% 373.10% 100.00%

FRAF.OB Franklin Financial Services Corp 973,328 106,424 264.10% 547.60% 97.20%

FRBK Republic First Bancorp, Inc. 950,049 161,559 263.80% 706.60% 88.40%

FRGB First Regional Bancorp 2,184,100 690,160 508.90% 1137.10% 89.90%

FSBK First South Bancorp, Inc. 852,496 247,888 278.80% 506.00% 87.60%

FSGI First Security Group, Inc. 1,201,441 176,570 160.00% 391.30% 77.50%

FSNM First State Bancorporation 2,883,693 725,707 374.00% 825.80% 92.50%

FSRL.OB First Reliance Bancshares, Inc. 684,055 87,174 140.80% 417.70% 89.50%

FSWA.OB First Sound Bank WA 225,064 33,521 304.10% 525.90% 88.90%

FTBK Frontier Financial Corporation 3,766,639 1,286,702 827.60% 1547.30% 98.20%

FULT Fulton Financial Corporation 16,634,309 1,448,673 101.00% 385.30% 80.20%

FUNC First United Corporation 1,675,642 221,264 127.30% 308.50% 89.70%

FXNC.OB First National Corporation 551,672 55,632 85.80% 380.30% 89.10%

GBCI Glacier Bancorp, Inc. 5,939,670 944,958 144.70% 322.80% 81.50%

GBNK Guaranty Bancorp 2,055,127 302,888 135.60% 463.10% 79.30%

GECR.OB Georgia-Carolina Bancshares, Inc. 477,765 112,999 241.30% 532.10% 80.60%

GFED Guaranty Federal Bancshares, Inc. 728,954 82,494 161.80% 493.20% 86.10%

GIW The Wilber Corporation 916,071 22,117 29.10% 359.10% 66.10%

GRAN Bank Of Granite Corporation 1,008,376 83,085 117.10% 672.80% 85.90%

GRNB Green Bankshares, Inc. 2,790,601 694,843 222.10% 399.10% 90.70%

GSBC Great Southern Bancorp, Inc. 3,725,104 472,692 168.90% 445.90% 75.90%

GSCB.OB Greater Sacramento Bancorp 358,458 61,251 189.40% 584.00% 75.20%

GSLA GS Financial Corp. 270,229 24,310 86.40% 314.00% 100.00%

GTWN.OB Georgetown Bancorp Inc. 195,200 21,771 127.00% 300.40% 100.00%

HABC Habersham Bancorp 488,704 112,103 402.20% 687.00% 93.60%

HAFC Hanmi Financial Corporation 3,450,949 127,304 45.50% 770.70% 63.20%

HBAN Huntington Bancshares 51,988,299 4,101,918 101.70% 256.00% 81.10%

HEOP Heritage Oaks Bancorp 921,579 120,085 137.90% 522.90% 72.20%

HFBC HopFed Bancorp Inc. 1,016,714 93,922 106.70% 374.50% 100.00%

HFFC HF Financial Corp. 1,166,775 54,053 50.20% 337.90% 100.00%

HFWA Heritage Financial Corporation 1,017,258 103,836 84.20% 385.40% 81.00%


CRE Risk Ratio

Pipeline

HIFS Hingham Institution for Savings 913,890 28,756 41.70% 448.40% 56.80%

HLAN.OB Heartland Banccorp 522,511 17,040 37.10% 521.10% 48.80%

HMNF HMN Financial Inc. 1,031,684 178,726 180.50% 423.00% 100.00%

HMPR Hampton Roads Bankshares 2,990,965 806,292 292.10% 550.00% 89.50%

HNBC Harleysville National Corp 5,154,901 268,762 83.70% 375.50% 68.70%

HOMB Home Bancshares, Inc. 2,622,070 353,645 124.10% 430.40% 73.30%

HRZB Horizon Financial Corp. 1,299,986 291,412 1395.90% 3003.20% 90.40%

HTBC.OB Hilltop Community Bancorp, Inc. 167,497 950 4.50% 315.80% 17.00%

HTBK Heritage Commerce Corp 1,366,030 209,107 154.00% 460.20% 92.70%

HTLF Heartland Financial Usa, Inc. 3,887,609 321,167 88.80% 334.60% 67.50%

HUVL.OB Hudson Valley Holding Corp. 2,578,309 261,827 132.10% 550.70% 83.50%

HWBK Hawthorn Bancshares, Inc. 1,220,813 106,730 80.50% 382.60% 77.20%

HWFG Harrington West Financial Group 1,055,803 131,241 196.00% 650.20% 100.00%

HZNB.OB Horizon Bancorporation, Inc. 207,827 18,309 176.00% 817.60% 94.00%

IBCA Intervest Bancshares 2,357,081 38,004 14.40% 640.20% 49.10%

IBNK Integra Bank Corporation 3,251,530 479,918 191.90% 452.50% 77.60%

IBOC International Bancshares 11,559,453 1,590,080 149.20% 301.40% 69.00%

ICBN.OB ICB Financial 271,386 5,042 15.80% 519.20% 52.80%

IIBK.OB Idaho Independent Bank 509,587 173,062 247.00% 377.10% 97.20%

IMCB.OB Intermountain Community Banc 1,057,123 179,982 165.80% 317.80% 100.00%

INCB Indiana Community Bancorp 1,052,248 134,473 126.30% 394.50% 80.90%

INDB Independent Bank Corp. 4,439,467 263,449 74.30% 434.30% 85.30%

JAXB Jacksonville Bancorp, Inc. 439,447 40,447 96.20% 689.20% 89.70%

JFBI Jefferson Bancshares, Inc. 655,206 78,325 142.50% 455.60% 69.60%

KFED K-Fed Bancorp 864,606 - 0.00% 420.60% NA

LBAI Lakeland Bancorp, Inc. 2,758,582 127,763 48.80% 355.20% 53.30%

LBBB Liberty Bell Bank 170,962 11,299 80.30% 490.10% 76.70%

LBCP Liberty Bancorp Inc. 391,844 70,542 169.20% 513.80% 100.00%

LCNB.OB LCNB Corp. 735,684 13,102 23.00% 318.80% 100.00%

LNBB Lnb Bancorp Inc. 1,180,377 70,683 66.00% 357.50% 73.20%

LSBI LSB Financial Corp. 365,055 25,709 70.10% 483.20% 100.00%

LSBX Lsb Corporation 806,953 81,461 114.20% 458.30% 61.60%

MBHI Western Illinois Bancshares 3,911,025 362,539 130.40% 585.30% 79.40%

MBNC.OB Merchants Bancorp 276,685 50,893 237.40% 590.90% 94.60%

MBR Mercantile Bancorp, Inc. 1,695,033 196,826 141.60% 313.60% 86.10%

MBRG Middleburg Financial Corporation 991,079 82,706 77.40% 303.00% 83.60%

MBTF Mbt Financial Corp. 1,441,761 71,556 63.00% 390.80% 85.30%

MBVA.OB Millennium Bankshares Corp 254,473 7,716 34.10% 340.30% 98.90%

MBWM Mercantile Bank Corporation 2,012,087 200,911 97.60% 506.10% 89.90%

MCBC Macatawa Bank Corporation 1,978,811 217,960 143.50% 484.10% 87.30%

MCBF Monarch Community Bancorp, Inc 305,885 13,107 73.00% 332.70% 90.00%


CRE Risk Ratio

Pipeline

MCBI Metrocorp Bancshares, Inc. 1,634,514 259,155 139.20% 606.40% 79.70%

MCFI.OB Midcarolina Financial Corporation 557,491 86,052 158.90% 450.50% 92.90%

METR Metro Bancorp, Inc. 2,084,805 133,554 60.70% 313.90% 87.40%

MFBP.OB M&F Bancorp, Inc. 263,198 13,161 39.60% 445.00% 57.00%

MFNC Mackinac Financial Corporation 513,334 30,492 89.30% 548.10% 93.90%

MGYR Magyar Bancorp, Inc. 565,386 94,084 210.50% 447.50% 79.70%

MI Marshall & Ilsley 60,167,339 6,372,004 103.80% 298.90% 85.00%

MNRK Monarch Financial Holdings, Inc 652,509 134,644 210.30% 440.70% 53.60%

MNSB.OB MainStreet Bank 213,257 19,048 76.50% 455.00% 70.60%

MOKB.OB Mission Oaks Bancorp 206,158 17,260 88.80% 553.90% 86.90%

MPB Mid Penn Bancorp Inc. 598,125 37,343 69.30% 515.90% 57.70%

MROE Monroe Bancorp 819,884 82,796 101.50% 453.10% 85.50%

MSFG Mainsource Financial Group 2,931,435 199,336 83.00% 316.60% 76.90%

MTB M&T Bank Corp 68,742,198 5,360,384 96.60% 306.00% 80.00%

MVLY.OB Mission Valley Bancorp 265,354 9,504 35.80% 393.80% 82.70%

NARA Nara Bancorp, Inc. 3,209,602 57,829 16.70% 484.20% 91.90%

NASB NASB Financial Inc. 1,536,370 304,303 172.40% 424.30% 100.00%

NBBC NewBridge Bancorp 2,007,613 197,351 104.70% 346.70% 85.10%

NCBC New Century Bancorp, Inc. 635,925 70,298 103.30% 388.00% 80.40%

NCFT.OB First Trust Bank 466,833 95,796 200.30% 524.00% 84.90%

NCLC.OB Norcal Community Bancorp 266,050 58,967 192.30% 461.10% 94.90%

NEBS New England Bancshares Inc. 671,152 23,658 60.10% 425.90% 81.30%

NECB Northeast Community Bancorp, Inc. 484,412 12,496 15.30% 475.80% 100.00%

NFSB Newport Bancorp Inc. 450,884 15,833 37.50% 319.10% 100.00%

NOVB North Valley Bancorp 910,266 109,345 123.70% 469.00% 86.70%

NRIM Northrim Bancorp, Inc. 981,863 111,241 91.80% 351.90% 77.50%

NSBC.OB North State Bancorp 710,230 180,519 267.80% 541.90% 89.60%

NSFC Northern States Financial Corp 635,919 62,109 110.00% 589.70% 85.00%

NVSL Naugatuck Valley Financial Corp. 540,324 49,104 107.00% 359.00% 100.00%

NWIN.OB Northwest Indiana Bancorp 679,633 54,783 97.10% 343.10% 83.30%

NWYF.OB Northway Financial, Inc. 773,503 17,571 34.90% 357.60% 35.80%

NXTY NEXITY FINANCIAL CORP 1,051,824 213,014 307.80% 552.80% 95.70%

NYB New York Community Bancorp 33,496,135 667,083 26.80% 883.70% 50.20%

OHBK.OB Old Harbor Bank 270,291 42,386 244.30% 792.70% 87.40%

OKFC.OB O.A.K. Financial Corporation 838,130 76,888 100.90% 527.20% 85.10%

OKSB Southwest Bancorp, Inc. 3,075,697 665,975 176.10% 504.30% 70.60%

OLBK Old Line Bancshares, Inc. 345,835 30,641 85.30% 449.70% 65.90%

OLCB Ohio Legacy Corp. 173,949 6,630 87.80% 837.40% 79.20%

OPHC Optimumbank Holdings, Inc. 270,675 16,893 59.90% 341.40% 100.00%

OPOF Old Point Financial Corporation 867,588 36,801 43.20% 434.60% 51.10%

ORIT Oritani Financial Corp. 1,954,302 125,989 63.20% 491.00% 66.50%


CRE Risk Ratio

Pipeline

ORRF.OB Orrstown Financial Services, Inc. 1,157,657 129,937 141.30% 438.80% 85.40%

OSBC Old Second Bancorp, Inc. 2,650,774 303,764 110.90% 488.50% 86.40%

OZRK Bank Of The Ozarks Inc 2,874,460 583,968 147.60% 319.50% 76.50%

PABK Pab Bankshares, Inc. 1,249,760 269,679 292.70% 596.90% 88.60%

PACW PacWest Bancorp 5,470,355 582,503 112.30% 584.80% 80.70%

PATD.OB Patapsco Bancorp, Inc. 258,896 24,560 102.20% 360.70% 68.00%

PBCE.OB Peoples Bancorporation, Inc. 547,389 78,812 144.90% 356.40% 89.70%

PBIB Porter Bancorp Inc. 1,719,301 322,577 186.90% 478.20% 80.80%

PCBC Pacific Capital Bancorp 7,899,684 491,401 95.70% 483.10% 84.40%

PCBK Pacific Continental Corporation 1,151,001 166,960 151.80% 533.20% 81.60%

PCBP.OB Premier Commercial Bancorp 401,782 15,183 41.80% 667.30% 70.20%

PCBS Provident Community Bancshares 465,124 63,921 144.00% 376.70% 86.20%

PEBK Peoples Bancorp Of North Carolina 1,038,550 180,653 173.40% 388.20% 90.00%

PFBC Preferred Bank LA 1,412,115 304,998 216.80% 548.10% 78.90%

PFBI Premier Financial Bancorp, Inc. 1,105,344 63,584 55.30% 319.70% 72.20%

PFBX Peoples Financial Corporation 883,814 99,936 94.70% 308.50% 65.20%

PFLC.OB Pacific Financial Corporation 680,441 83,008 123.20% 417.70% 84.50%

PFOH.OB Perpetual Federal Savings OH 354,545 1,977 3.40% 356.80% 100.00%

PFS Provident Financial Services 6,806,257 261,088 61.10% 401.50% 55.20%

PGC Peapack-Gladstone Financial 1,483,613 72,028 58.00% 336.90% 78.60%

PGNN.OB Paragon National Bank 300,634 39,325 138.30% 337.00% 90.60%

PKBK Parke Bancorp, Inc 655,053 125,204 150.40% 534.40% 67.40%

PLBC Plumas Bancorp 502,116 46,248 94.60% 318.50% 87.00%

PMBC Pacific Mercantile Bancorp 1,108,618 54,472 55.50% 453.10% 93.70%

PNBK Patriot National Bancorp, Inc. 937,000 223,459 403.90% 727.20% 86.10%

PNFP Pinnacle Financial Partners 5,095,600 583,949 139.90% 373.00% 75.60%

PPBI Pacific Premier Bancorp Inc. 843,040 - 0.00% 771.00% NA

PROV Provident Financial Holdings 1,479,685 4,218 3.80% 431.90% 100.00%

PRSP Prosperity Bancshares, Inc. 8,949,997 564,106 112.40% 373.70% 73.90%

PRWT Premierwest Bancorp 1,713,494 216,148 183.30% 593.70% 94.60%

PSBC Pacific State Bancorp 384,616 47,075 164.30% 587.00% 97.00%

PSBK.OB PREMIER SERVICE BK CA 161,661 10,526 57.90% 531.50% 77.30%

PULB Pulaski Financial Corp. 1,404,689 163,194 113.90% 304.60% 100.00%

PVFC PVF Capital Corp. 885,927 103,333 153.10% 587.00% 100.00%

PVTB Privatebancorp, Inc. 12,104,047 1,235,689 148.40% 448.40% 83.30%

QCRH QCR Holdings, Inc. 1,754,910 98,379 55.50% 315.70% 67.40%

QNBC.OB QNB Corp. 724,334 29,108 52.00% 337.10% 67.50%

RBNF Rurban Financial Corp. 652,894 8,919 18.20% 316.20% 39.60%

RBPAA Royal Bancshares Of Penn 1,381,308 148,285 109.40% 384.60% 78.80%

RCKB Rockville Financial Mhc, Inc. 1,564,449 97,310 115.20% 369.40% 68.40%

RGFC.PK R&G Financial Corporation 6,398,964 992,550 214.20% 422.00% 85.50%


CRE Risk Ratio

Pipeline

RIVR River Valley Bancorp 385,110 16,314 49.00% 319.80% 100.00%

RJF Raymond James Financial Inc. 11,154,835 266,035 29.20% 382.60% 100.00%

RNST Renasant Corporation 3,638,768 459,509 141.60% 420.60% 81.90%

RPFG Rainier Pacific Financial Group 763,872 53,937 156.90% 1280.00% 83.50%

RVSB Riverview Bancorp Inc. 862,106 195,654 206.00% 589.00% 100.00%

SAMB Sun American Bancorp 555,134 91,675 446.10% 1668.60% 85.00%

SASR Sandy Spring Bancorp, Inc. 3,630,392 446,868 124.30% 357.80% 84.70%

SAVB Savannah Bancorp, Inc., The 1,018,548 172,008 194.30% 512.00% 90.10%

SBAZ State Bank Corp. 373,261 55,656 154.60% 511.10% 84.50%

SBBX Sussex Bancorp 450,112 29,030 74.00% 481.70% 76.50%

SBCF Seacoast Banking Corporation 2,138,127 228,111 116.90% 410.20% 91.80%

SBFC.OB Southeastern Bank Financial 1,473,143 313,542 229.20% 467.40% 81.00%

SBIB Sterling Bancshares, Inc. 4,857,351 394,819 77.60% 419.20% 70.60%

SBNK.OB Sonoma Valley Bancorp 353,608 48,186 132.00% 522.40% 83.50%

SBNY Signature Bank 8,601,252 181,111 26.90% 309.20% 72.70%

SCBT SCBT Financial Corporation 2,772,666 483,689 159.00% 413.00% 93.10%

SCMF Southern Community Financial 1,720,497 182,460 112.20% 383.40% 65.20%

SEFL.PK SE Financial Corp. 310,047 25,753 108.40% 247.90% 100.00%

SHBI Shore Bancshares, Inc. 1,137,440 168,827 148.00% 403.50% 77.60%

SMMF Summit Financial Group, Inc. 1,564,467 176,618 131.50% 463.50% 85.80%

SMTB Smithtown Bancorp, Inc. 2,667,456 403,603 180.10% 806.20% 69.60%

SNBC Sun Bancorp, Inc 3,541,712 230,354 67.40% 513.40% 65.20%

SNV Synovus Financial 36,393,481 7,111,114 219.00% 470.40% 91.30%

SOCB Southcoast Financial Corporation 493,483 76,902 138.00% 327.40% 89.80%

SOMC.OB Southern Michigan Bancorp, Inc. 466,702 11,080 25.40% 310.70% 89.40%

SOMH Somerset Hills Bancorp 308,891 10,450 30.80% 321.60% 52.60%

SSE Southern Connecticut Bancorp, Inc 136,405 4,586 31.80% 387.00% 27.60%

SSFN Stewardship Financial Corporation 645,341 50,140 82.30% 443.70% 69.20%

STBA S & T Bancorp, Inc. 4,183,821 364,752 96.80% 474.60% 64.00%

STBC State Bancorp, Inc. 1,595,432 106,968 86.70% 402.30% 87.00%

STBK Sterling Banks, Inc 390,731 46,499 166.40% 440.50% 83.90%

STEL StellarOne Corporation 2,963,482 296,996 95.80% 372.60% 56.30%

STSA Sterling Financial Corporation 11,902,115 1,972,359 206.40% 537.50% 86.10%

SUBK Suffolk Bancorp 1,671,316 135,659 92.70% 343.40% 62.60%

SUPR Superior Bancorp 3,206,862 658,990 220.60% 495.80% 100.00%

SUSQ Susquehanna Bancshares 13,451,858 1,208,706 114.40% 381.40% 69.90%

SVBI Severn Bancorp Inc. 990,478 233,365 179.40% 336.30% 100.00%

SWS SWS Group Inc. 1,600,064 391,377 246.10% 550.90% 100.00%

SYBT S. Y. Bancorp, Inc. 1,735,852 188,697 105.60% 402.00% 76.90%

TAMB Tamalpais Bancorp 694,241 55,827 103.90% 949.40% 66.90%

TAYC Taylor Capital Group, Inc. 4,478,654 413,243 104.10% 395.70% 81.10%


CRE Risk Ratio

Pipeline

TBBK Bancorp, Inc., The 2,038,517 227,226 122.40% 423.70% 74.80%

TBHS Bank Holdings, The 538,144 74,930 258.20% 1065.80% 99.10%

TCBI Texas Capital Bancshares, Inc. 5,307,240 959,273 188.40% 316.40% 77.00%

TDBK Tidelands Bancshares Inc. 774,090 139,116 217.00% 432.10% 93.40%

TIBB Tib Financial Corp. 1,717,052 114,613 96.40% 620.70% 80.50%

TNCC Tennessee Commerce Bancorp 1,327,664 208,939 174.80% 321.30% 89.80%

TOFC Tower Financial Corporation 673,570 65,350 103.50% 357.20% 85.50%

TOWN Towne Bank 3,576,001 665,781 150.20% 340.60% 67.00%

TRUE Centrue Financial Corp. 1,333,287 151,620 128.90% 438.10% 87.80%

TSBK Timberland Bancorp, Inc. 691,568 174,072 231.30% 515.40% 80.10%

TSFG South Financial Group, The 12,266,533 1,851,676 162.30% 450.30% 91.30%

TWNE.OB Towne Bancorp Inc. 126,727 28,185 230.10% 550.50% 98.40%

UBFO United Security Bancshares 722,866 100,391 122.30% 272.30% 92.50%

UBMI.OB United Bancorp, Inc. 908,816 68,490 88.20% 411.00% 86.10%

UBSH Union Bankshares Corporation 2,580,901 334,793 144.20% 419.60% 89.00%

UBSI United Bankshares, Inc. 8,127,896 538,016 72.70% 330.90% 57.00%

UCBI United Community Banks, Inc. 8,430,409 1,602,620 180.50% 381.30% 88.30%

UCFC United Community Financial 2,465,264 227,160 95.90% 334.10% 77.70%

UMPQ Umpqua Holdings Corporation 9,200,918 748,849 80.10% 450.10% 84.30%

UNB Union Bankshares, Inc. 443,216 19,594 42.50% 370.20% 37.60%

UNTY Unity Bancorp, Inc. 921,740 39,385 46.20% 523.20% 59.10%

UWBK United Western Bancorp, Inc. 2,599,251 374,880 182.20% 474.90% 100.00%

VBFC Village Bank And Trust Financial 603,132 126,571 225.70% 511.30% 71.40%

VCBI Virginia Commerce Bancorp 2,730,422 438,434 142.60% 512.70% 100.00%

VCBP.OB Valley Commerce Bancorp 343,269 28,587 74.30% 383.50% 79.10%

VIST VIST Financial Corp. 1,256,172 95,928 94.90% 467.30% 60.80%

VLY Valley National Bancorp 14,209,795 446,661 51.00% 334.20% 58.90%

VYFC Valley Financial Corporation 706,549 82,503 116.50% 483.10% 79.70%

WABC Westamerica Bancorporation 4,931,595 89,884 22.00% 318.90% 76.90%

WAL Western Alliance Bancorp 5,746,947 684,807 134.10% 460.90% 81.60%

WASH Washington Trust Bancorp 2,885,876 79,998 34.10% 359.70% 45.50%

WBCO Washington Banking Company 958,194 120,134 83.60% 326.90% 88.00%

WBNK Waccamaw Bankshares, Inc 537,428 130,679 262.50% 459.30% 93.50%

WCBO West Coast Bancorp 2,649,223 185,845 85.80% 422.20% 82.20%

WEFP.OB Wells Financial Corp. 257,601 13,123 51.60% 362.40% 100.00%

WFSC.OB Weststar Financial Services Corp 223,350 68,493 303.50% 563.80% 79.60%

WGNB WGNB Corp. 832,580 141,973 1025.70% 2071.40% 97.60%

WHI W Holding Co. 13,486,847 1,352,988 136.50% 636.90% 86.50%

WIBC Wilshire Bancorp, Inc. 3,374,759 78,517 28.80% 545.90% 46.80%

WL Wilmington Trust Corporation 11,514,412 1,911,451 146.00% 348.80% 71.50%

WSB WSB Holdings, Inc. 438,992 66,397 134.30% 317.80% 100.00%


CRE Risk Ratio

Pipeline

WSBC Wesbanco, Inc. 5,547,648 251,610 58.80% 375.50% 71.00%

WSBF Waterstone Financial Inc 1,900,933 69,330 56.90% 381.00% 74.70%

WSFS WSFS Financial Corp. 3,567,551 220,247 61.30% 333.40% 100.00%

WTBA West Bancorporation, Inc. 1,492,608 128,607 84.90% 315.60% 76.60%

WTNY Whitney Holding Corporation 11,643,601 1,657,963 132.00% 313.20% 84.60%

YAVY Yadkin Valley Financial 2,048,202 370,771 203.70% 521.70% 80.90%

ZION Zions Bancorp 53,658,548 7,146,974 119.90% 377.50% 78.90%

Additional Problem Bank Loan Exposure Data Points**These institutions are not covered by the ValuEngine database. We include the FDIC loan exposure data as a courtesy to our subscribers.


CRE Risk Ratio

Pipeline

ABKH.OB American Bank Holdings Inc 565,587 101,743 199.00% 344.40% 100.00%

ABTO AB&T Financial Corp. 173,124 29,547 105.90% 294.00% 95.80%

ACAL.OB America California Bk 137,285 14,887 87.20% 494.40% 84.80%

ACBC.OB Albina Community Bancorp 216,319 19,720 137.60% 643.90% 84.30%

AKPB Alaska Pacific Bancshares, Inc 181,175 19,925 101.60% 423.40% 100.00%

ALBT.PK Albany Bank & Trust Co NA 546,989 44,644 59.90% 420.50% 86.50%

ANBD Alliance National Bank 155,737 6,771 41.30% 315.30% 93.40%

ARBV.OB American Riviera Bank 135,609 34,862 228.60% 391.00% 94.40%

ASFE.PK AF Financial Group 297,576 43,423 157.20% 228.10% 100.00%

ATBA.OB Atlantic Bancshares Inc. 92,709 17,583 209.10% 466.30% 90.30%

ATFS.OB Altrust Financial Srvcs Inc. 573,122 48,808 90.20% 344.60% 90.70%

AUNB.OB Americas United Bank 122,731 9,062 39.20% 331.50% 76.40%

BAOB.OB Baraboo Bancorporation, Inc., The

774,166 131,891 166.10% 499.60% 85.60%

BAYK.OB Bay Banks Of Virginia, Inc. 325,148 32,080 121.50% 295.40% 88.80%

BBBI.OB Birmingham Bloomfield Bcshrs 82,813 1,218 13.90% 475.60% 11.10%

BBIM.PK Bremen Bancorp, Inc. 238,279 22,057 92.40% 381.00% 91.80%

BCBF.OB Beach Community Bancshares Inc

693,334 185,088 313.10% 569.10% 94.70%

BCML.OB Bay Commercial Bank 154,068 14,991 233.00% 611.40% 82.10%

BFFI.OB Ben Franklin Finl Inc. (MHC) 122,499 5,908 49.10% 301.00% 100.00%

BFFO.OB Bank 1440 93,156 3,050 21.10% 317.20% 44.60%

BGVF.OB BankGreenville Financial Corp. 102,162 16,715 151.90% 318.00% 95.50%

BHDB.PK Inter'l Brotherhood Of Boilermakers

558,257 73,065 111.30% 306.60% 73.50%

BHRB.OB Burke & Herbert Bank 1,944,553 51,527 25.10% 390.90% 59.40%

BKFY.PK Bankshares Of Fayetteville, Inc 490,887 60,260 134.20% 442.80% 84.80%

BKGM.PK Bank Guam 1,048,318 34,730 120.70% 322.70% 72.40%

BKOT.OB Bank On It, Inc. 131,548 10,979 95.70% 322.30% 79.90%

BLVE.OB Belvedere SoCal 1,017,289 106,188 110.90% 489.10% 76.30%

BNFI.OB BNC Financial Group Inc. 292,757 39,673 123.90% 287.50% 66.10%

BNV Beverly National Corporation 529,864 3,593 8.00% 320.70% 67.50%

BORT.OB Botetourt Bankshares, Inc. 300,166 59,338 198.30% 452.80% 85.00%

BPCGF.PK Banco Comercial Portugues, S.A. 807,841 44,966 55.60% 427.40% 65.00%

BRBS.PK Blue Ridge Bankshares, Inc. 120,540 6,994 76.30% 389.20% 83.20%

BSCA.OB Bank of Santa Clarita 154,004 1,553 8.40% 375.80% 100.00%


CRE Risk Ratio

Pipeline

BTC Community Bankers Trust Corp 1,236,446 195,859 161.00% 332.50% 86.40%

BVBC.OB Blue Valley Ban Corp. 824,576 134,010 155.30% 362.50% 85.70%

CABB.OB California Business Bank 114,407 5,040 76.50% 335.30% 77.70%

CABC.OB CA BK of Commerce (CA) 177,582 16,284 113.80% 306.60% 69.10%

CARE.OB Carter Bank & Trust (VA) 3,184,703 81,214 34.10% 359.60% 60.00%

CBAO.OB Century Bank (Eugene, OR) 88,590 3,086 33.30% 301.20% 100.00%

CBBC.OB Community BUS BK CA 137,266 23,824 154.70% 337.60% 76.90%

CBCYB.PK Central Bancompany Inc. 8,900,550 981,770 129.20% 403.80% 77.50%

CBFA.PK CB Financial Corp. 199,090 26,626 164.60% 344.10% 82.10%

CBFD.PK CB Financial Corp 428,162 132,743 348.60% 682.30% 81.10%

CBFM.OB Commerce BK Folsom 92,050 13,663 155.00% 515.40% 84.50%

CBKJ.OB Cornerstone Bank (Moorestown, NJ)

302,965 21,355 81.30% 370.80% 63.00%

CBKM.OB Consumers Bancorp, Inc. 251,056 5,655 24.10% 306.00% 34.20%

CBKS.PK Cmnty Bk of South FL Inc. 580,436 74,159 130.20% 437.00% 71.60%

CBMI.PK CSB Bancorp Inc. 217,363 10,768 45.80% 321.70% 95.90%

CBNC.OB County Bank Corp 278,804 10,275 36.00% 354.30% 72.10%

CBNR.PK Chestatee Bancshares Inc. 290,948 88,863 469.50% 859.10% 96.00%

CBOF.OB CBOA Financial Inc. 206,330 35,024 161.60% 502.20% 94.10%

CBSI.PK Central Bancshares, Inc. 350,343 39,100 119.00% 365.00% 62.20%

CBTC.OB CBT Financial Corp. 352,332 7,023 27.10% 379.50% 50.00%

CBYAA.OB Community Bank Bay 71,089 3,521 52.80% 357.20% 73.70%

CCBC.OB Chino Commercial Bancorp 103,879 1,562 15.30% 478.60% 95.70%

CCVS.PK Citizens Commerce Bcshrs Inc. 344,574 36,279 131.50% 347.00% 80.30%

CCYY.PK Clarion County COMM 93,821 1,393 14.30% 335.70% 22.60%

CDBK.OB Cardinal Bankshares Corporation 223,802 15,621 105.00% 464.60% 72.90%

CDFB.OB Coronado First Bank 96,954 17,981 169.40% 458.30% 67.80%

CEFB.OB Central Florida State Bank 109,521 23,926 222.90% 478.30% 89.40%

CFBN.OB Community 1st BK CA 152,730 9,755 54.60% 358.70% 85.60%

CFGW.PK Community Financial Group Inc 226,378 20,200 85.60% 328.40% 87.50%

CFHW.OB CMTY First BK Howard 181,183 6,530 36.30% 333.20% 66.60%

CFIS.OB Community Financial Shares Inc 322,082 23,674 81.60% 419.60% 88.50%

CFNA.OB CNB Financial Corporation 285,939 24,222 92.50% 540.70% 65.20%

CHKJ.OB Cherokee Banking Company 213,960 30,958 164.70% 487.50% 83.50%

CHOB.OB Charter Oak Bank CA 154,198 16,348 94.90% 320.70% 84.60%

CIBH.PK CIB Marine Bancshares, Inc. 761,235 59,998 69.30% 371.10% 86.80%

CKFC.OB Clarkston Financial Corporation 164,905 9,428 74.90% 743.50% 99.70%

CLBC.OB Columbia Commercial Bancorp 378,431 80,956 240.40% 486.50% 92.80%

CMUY.PK Community SOUTHN BK 175,598 14,121 104.10% 268.00% 66.40%

CNBL.PK Citizens National Bancshares 340,103 54,428 174.40% 457.80% 62.30%

CNBZ.OB CNB Corporation 260,531 8,267 70.10% 329.30% 73.20%


CRE Risk Ratio

Pipeline

CNND.OB Canandaigua National Corp. 1,566,641 29,251 22.10% 317.40% 52.10%

CNRB.OB Congaree Bancshares Inc 132,997 16,448 158.60% 442.30% 86.70%

CNVB.OB Colonial VA BK 118,392 14,102 138.50% 254.90% 79.00%

CNYB.OB County Commerce Bank 157,680 5,772 40.20% 515.40% 57.40%

COTZ.PK Cortez CMNTY BK FL 84,145 32,178 228.00% 329.80% 93.30%

CPBO.OB Capital Pacific Bancorp 160,998 19,372 130.70% 518.00% 85.60%

CPKF.PK Chesapeake Financial Shares, Inc.

576,012 60,455 108.40% 229.60% 69.10%

CPTY.OB Capitol City Bancshares Inc. 322,172 34,934 146.00% 864.50% 85.00%

CRCA.OB Connecticut River 183,937 13,501 87.40% 533.90% 65.80%

CRLN.OB Carolina Alliance BK SC 187,341 21,002 88.60% 308.20% 80.80%

CRZY.PK Crazy Woman Creek Bancorp Inc. 151,512 14,622 110.60% 425.80% 100.00%

CTBP.OB Coast Bancorp 178,742 30,921 166.70% 443.90% 97.50%

CTOT.OB Cornerstone Bancorp 191,521 53,347 268.10% 494.60% 85.80%

CUMD.OB County First Bank (La Plata, MD) 176,156 29,886 138.70% 412.50% 61.10%

CVYF.PK Cashmere Valley Financial Corp 1,053,333 142,756 163.30% 303.70% 91.10%

CWBB.OB Commonwealth Business Bank 330,728 6,199 15.80% 328.30% 67.20%

CYHC.PK Country Bank Holding Company 492,734 76,811 203.50% 683.60% 100.00%

CYSM.OB Community Bank of Santa Maria 138,541 15,469 91.00% 310.60% 92.40%

CYVF Crystal Valley Financial Corp. 378,543 9,647 26.70% 322.30% 89.70%

CZBC.PK Citizens Bancorp 408,362 9,514 17.00% 302.90% 49.30%

DBCP.OB Delmar Bancorp 420,268 74,450 198.00% 560.90% 74.20%

DCBC.OB Desert Commercial BK 143,501 23,635 165.30% 471.90% 90.20%

DEBC.PK Delta National Bancorp 122,302 27,623 167.30% 418.00% 97.70%

DNVB.PK Denver Bankshares, Inc. 186,320 6,238 32.40% 516.50% 88.60%

DRTF.PK Dart Financial Corp 281,547 5,509 22.10% 348.50% 81.50%

EASB.OB Easton Bancorp, Inc. 159,066 14,970 103.10% 445.20% 87.40%

EFSG.PK Enterprise Financial Services 188,809 10,602 55.80% 586.50% 67.70%

EGNL.PK Eagle National Bancorp Inc 284,373 17,215 66.30% 364.80% 65.00%

ELMA.OB Elmer Bancorp, Inc. 220,995 24,084 112.30% 409.40% 71.40%

EMPK.OB Empire National Bank (NY) 221,074 8,895 32.60% 477.60% 27.20%

ENBN.OB Enterprise National Bank N.J. 115,574 5,760 49.60% 536.40% 69.20%

EQFC.PK Equitable Financial Corp. 200,386 9,406 51.10% 389.20% 100.00%

ESBS.OB ES Bancshares, Inc 158,646 2,938 43.10% 462.50% 86.20%

ESDF.PK East Side Financial 104,927 22,340 187.70% 256.50% 100.00%

EVGG.OB Evergreenbancorp, Inc. 488,516 81,916 435.60% 1502.90% 87.60%

EXCH.PK Exchange Bankshares, Inc. 219,420 53,451 207.30% 366.10% 93.70%

EXSR.OB Exchange Bank of Santa Rosa 1,569,465 124,926 84.40% 316.70% 78.20%

FABK First Advantage Bancorp. 352,415 48,667 117.80% 283.30% 100.00%

FBBN.OB First Business BK CA 121,562 5,175 26.80% 351.20% 59.10%

FBCI.OB First Banking Center, Inc. 941,108 119,549 191.60% 478.40% 97.80%


CRE Risk Ratio

Pipeline

FBCP.OB Founders Bancorp 110,067 11,670 171.10% 448.50% 82.50%

FBLV.PK First Bancorp Inc 1,079,987 150,001 139.90% 421.20% 82.30%

FCBE.PK FCB Bancorp, Inc. 434,174 24,366 56.70% 450.30% 66.00%

FCBF.PK FCB Financial Inc. 150,736 19,280 160.10% 506.10% 96.50%

FCBI.OB Frederick County Bancorp, Inc. 265,677 22,794 77.90% 456.90% 58.80%

FCBS.OB First Century Bankshares, Inc. 416,745 23,212 57.50% 336.70% 49.70%

FCBZ.OB FC Banc Corp 299,140 11,267 52.20% 509.10% 72.30%

FCCC.OB First Commerce Bancorp 327,784 28,123 72.50% 499.40% 58.40%

FCCT.OB First Community Corporation 240,681 26,683 99.20% 503.40% 62.90%

FCFF.PK First Commercial Finl Corp 113,257 7,850 76.70% 427.20% 86.40%

FCGA.OB Frst Commerce Cmnty Bkshs Inc. 270,614 72,511 349.30% 746.60% 99.10%

FCMP First Community Finl Partners 717,549 73,504 90.70% 488.30% 79.70%

FCPB.PK First Capital Bankshares 66,242 7,217 101.00% 402.60% 100.00%

FDBN.PK Fidelity Bancshares (N.C.), Inc. 1,380,927 135,007 88.00% 355.70% 77.90%

FDVA.OB Freedom Bank of VA 151,222 15,007 74.50% 372.50% 62.90%

FFIS 1st Financial Services Corporation 686,593 146,280 262.30% 649.90% 88.90%

FFNW First Financial Northwest, Inc. 1,305,459 215,714 115.80% 307.30% 77.60%

FGYH.PK First Guaranty Bancshares Inc. 934,741 79,294 192.80% 525.20% 91.00%

FHDG.PK First Farmers Bank Holding Co. 451,370 73,713 177.60% 435.10% 73.00%

FIEB.OB First Intercontinental BK GA 294,068 7,446 126.30% 655.50% 87.50%

FIEC.PK Frontier National Corporation 324,013 89,030 288.70% 480.10% 88.80%

FIWC.OB First Ipswich Bancorp 271,697 8,303 33.30% 390.60% 54.80%

FLRB.OB Florida Community Banks Inc. 875,473 305,342 1034.30% 1470.10% 96.50%

FMBJ.PK First Menasha Bancshares Inc. 245,253 18,156 67.20% 310.00% 44.20%

FMBP.OB First Mountain Bancorp 137,262 18,671 122.00% 537.90% 92.70%

FMFG.OB Farmers and Merchants Bank 210,617 31,895 144.30% 522.70% 57.70%

FOFC.OB Fort Orange Financial Corp. 267,225 27,791 139.00% 451.30% 77.60%

FOLB.OB Folsom Lake Bank CA 91,788 11,008 83.90% 376.40% 77.20%

FPBF.PK FPB Financial Corp. 167,578 31,389 177.50% 369.30% 100.00%

FPBN 1st Pacific Bancorp 393,001 116,110 382.20% 819.80% 91.50%

FRIE.PK Friends Bank 162,261 30,970 184.60% 544.30% 84.80%

FRSB.OB First Resource Bank 121,932 11,899 97.40% 389.30% 83.00%

FSBS.OB First South Bancorp, Inc. 453,701 46,829 96.60% 505.30% 80.40%

FSDB.PK 1st United Bancorp Inc. 669,148 59,941 104.90% 504.90% 87.40%

FSNF.OB Fresno First BK (CA) 122,472 14,976 105.10% 223.90% 74.50%

FSNJ.OB First State Bank NJ 254,013 14,136 54.80% 364.50% 91.50%

FSOF.PK First Southern Bancorp Inc. 396,114 26,806 55.40% 554.10% 71.50%

FSTA.OB First Standard BK CA 126,569 4,787 31.40% 433.10% 95.80%

FTSB.PK First Sentry Bancshares Inc. 491,720 25,923 69.20% 436.30% 66.60%

FVAB.OB First Vietnamese AM BK 65,188 7,045 186.60% 920.00% 97.20%

GABA.OB Georgia Bancshares, Inc. 441,700 92,948 321.90% 724.40% 94.60%


CRE Risk Ratio

Pipeline

GBSI.OB Granite Bancshares Inc. 121,350 11,460 144.40% 691.40% 69.10%

GFLB Great Florida Bank 1,716,557 261,677 203.30% 469.70% 91.50%

GHBD.PK Georgia Heritage BK 86,613 10,232 118.70% 382.50% 91.90%

GRBS.OB Greer Bancshares Incorporated 470,253 80,355 192.60% 368.60% 81.30%

GRRB.OB Grandsouth Bancorporation 369,546 70,733 176.70% 466.60% 86.60%

GSBB.OB Golden State Bank 161,850 25,661 175.40% 588.80% 89.50%

GTGB.PK Great Guaranty Bancshares, Inc. 111,069 15,639 157.00% 344.00% 80.30%

GVYB.OB Golden Valley BK CA 96,013 14,530 100.90% 258.30% 75.20%

HBIA.PK Hills Bancorp. 1,830,443 121,412 68.40% 331.00% 59.40%

HBKA.OB Highlands Bankshares, Inc. 657,925 47,445 92.30% 345.90% 90.60%

HBMD.OB Howard Bancorp Inc. 274,091 34,601 111.30% 363.70% 79.80%

HCFB.OB Hcsb Financial Corporation 776,015 58,800 104.70% 426.30% 76.10%

HFBA.PK HFB Financial Corporation 339,197 56,259 178.20% 288.00% 88.30%

HFBK.OB Harford Bank 256,695 13,789 52.00% 415.50% 68.50%

HMBH.PK Hamilton State Bancshares 273,154 65,509 212.30% 506.40% 89.10%

HMTW.PK HomeTown Bank 307,765 46,311 147.70% 493.80% 81.20%

HNRN.PK Henderson Bancshares Inc 782,798 84,434 131.80% 346.60% 79.60%

HPTB.PK High Point Bank Corporation 802,311 104,034 105.40% 379.30% 67.90%

HRBK.PK Harbor Bankshares Corporation 292,865 24,707 93.00% 443.80% 80.20%

HSBK.OB Highlands State Bank 161,240 4,806 31.70% 341.40% 72.40%

HTWC.OB Hometown Bancorp Inc. 154,440 23,908 144.50% 316.00% 100.00%

HVYB.OB Home Valley Bancorp 254,774 35,566 200.50% 575.10% 89.60%

HWDY.PK Hopewell Valley Community Bank 298,842 17,147 64.90% 518.00% 39.40%

HYCY.PK Henry County Bancshares Inc. 652,251 212,912 471.10% 883.80% 88.90%

IALB.PK Independent Alliance Banks Inc 877,490 52,569 62.70% 369.90% 69.30%

IBBI.OB Indiana Business Bancorp 91,706 6,075 56.70% 428.70% 89.10%

IBFL.OB Independent BancShares Inc. 199,281 12,298 78.50% 498.60% 85.80%

IDBC.OB Idaho Bancorp 239,171 40,036 208.00% 504.40% 86.10%

IDFB.OB Idaho First Bank 71,798 8,048 168.60% 515.90% 87.40%

IEBS.OB Independence Bancshares Inc. 137,702 23,235 162.40% 433.40% 91.70%

ILII.OB Illini Corporation 287,192 14,175 54.60% 315.40% 58.50%

KSBI.OB Ks Bancorp, Inc. 342,963 43,387 139.80% 331.40% 78.70%

LBZH.PK Liberty Bancshares, Inc 937,344 64,375 66.00% 388.00% 79.40%

LDKC.PK Landmark Community Bank 185,513 1,263 7.20% 342.70% 92.30%

LFG LandAmerica Financial Group Inc. 825,568 - 0.00% 799.30% NA

LFYC.PK Lafayette Community Bancorp 127,637 8,851 97.40% 319.60% 72.80%

LGHT.OB Lighthouse Bank 84,598 17,183 113.60% 275.40% 86.60%

LGYB.PK Legacy State Bank 129,714 21,853 205.30% 424.60% 95.80%

LIBC.OB Liberty Bancorp 231,724 13,066 49.60% 506.60% 86.60%

LPFG.PK Layton Park Financial Group 130,061 5,797 44.30% 510.40% 62.50%

LTLB.OB Little Bank Inc. 310,612 52,266 160.60% 405.90% 85.30%


CRE Risk Ratio

Pipeline

MBKP.PK Maryland Bankcorp Inc. 338,620 32,031 97.00% 329.20% 75.90%

MCBN.OB Marco Community Bancorp, Inc. 138,194 16,958 364.10% 673.10% 75.10%

MCBP.PK Michigan Community Bancorp 65,700 5,051 256.80% 1265.40% 95.10%

MCFC MID Central Financial Corp 100,601 8,405 113.30% 184.80% 100.00%

MCHB.OB Mechanics Bank 2,826,321 251,995 103.50% 378.80% 86.10%

MISS.OB Mission Community Bancorp 215,562 12,158 44.70% 345.60% 92.50%

MITB.PK McIntosh Bancshares Inc. 419,381 83,845 325.80% 684.80% 94.40%

MKIN.PK Mcnb Banks, Inc. 308,639 25,088 92.90% 539.00% 85.50%

MLGF.OB Malaga Financial Corp 795,558 6,988 9.30% 824.90% 100.00%

MNAT.PK Marquette National Corporation 1,816,187 107,201 63.10% 318.40% 61.00%

MNBO.OB MNB Holdings Corp 183,442 9,002 53.80% 789.10% 64.90%

MNBT.OB Mountain National Bancshares, Inc.

648,979 112,589 167.60% 359.70% 84.00%

MNBX.OB Madison National Bank 335,644 28,748 88.40% 665.40% 85.00%

MOJA.PK Mojave Desert Bank CA 93,706 5,417 62.90% 410.10% 82.10%

MOLB.OB Mother Lode Bank CA 62,627 9,532 197.40% 600.40% 81.70%

MREE.OB Mainstreet Bankshares, Inc. 227,665 39,020 170.20% 416.60% 92.60%

MTWF.PK Mountain West Financial Corp. 864,159 98,434 131.80% 506.30% 94.10%

MVBF.PK MVB Financial Corp 341,588 38,867 142.20% 442.90% 87.20%

MWFS.OB Mid-Wisconsin Financial Services 493,312 47,256 101.20% 383.90% 84.80%

MYVK.PK Mountain Valley Bancshares Inc. 153,109 25,427 158.40% 369.90% 88.20%

NAB National Australia Bank Ltd 5,204,491 390,490 106.70% 407.50% 90.50%

NABA.PK National Bancshares Inc. 1,280,786 147,597 122.70% 334.30% 89.40%

NBCT.OB Northwest Bancorporation, Inc. 392,276 80,167 185.40% 514.20% 90.40%

NCAL.OB Ncal Bancorp 418,196 38,855 70.10% 378.60% 85.40%

NCBF.OB NATURE COAST BK (FL) 57,832 3,608 54.50% 489.50% 74.10%

NCYB.PK New Century Bank 280,195 25,454 91.00% 386.20% 84.10%

NMNB.OB New Millennium Bank NJ 242,922 24,576 99.70% 547.50% 55.30%

NPBP.OB North Penn Bancorp Inc. 150,223 - 0.00% 329.90% NA

NRLB.OB Northern California Bancorp 279,684 27,965 108.70% 342.80% 93.10%

NRTW.PK Northwest Commercial Bank 83,047 7,855 83.20% 363.10% 87.50%

NSBK.OB Northern Star Financial, Inc. 46,054 6,301 144.10% 349.90% 91.30%

NWBN.OB New Resource Bank 165,635 11,263 49.20% 307.30% 92.60%

NWID.PK New Windsor Bancorp, Inc. 216,588 7,106 38.80% 377.70% 98.30%

OCBN.OB Orange Community Bancorp 217,937 6,317 26.80% 503.50% 72.40%

OCNM.PK Oconomowoc Bancshares Inc. 667,789 43,332 73.10% 561.40% 75.10%

OHPB.OB Ohana Pacific Bank 74,397 2,831 47.70% 465.60% 100.00%

OJCB.OB Ojai Community Bank 112,257 7,772 78.10% 379.20% 69.60%

OMBA.PK Omni Bancshares, Inc. 744,966 88,930 135.30% 455.50% 69.80%

OPBP.OB Oregon Pacific Bancorp 160,887 20,657 121.40% 467.00% 73.40%

OSBI.OB Ohio State Bancshares, Inc. 153,972 7,257 106.60% 654.60% 81.70%


CRE Risk Ratio

Pipeline

OVLY.OB Oak Valley Bancorp 521,053 54,862 87.40% 510.90% 82.50%

OXBC.OB Oxford Bank Corporation 347,955 11,145 70.00% 656.40% 91.10%

PBCO.OB Peoples Bank of Commerce OR 103,759 12,000 105.90% 388.20% 86.10%

PBKH Peninsula Bank Holding Company 285,032 65,360 238.90% 459.10% 77.50%

PBNK.OB Pinnacle Bank 140,307 16,963 124.60% 428.50% 73.60%

PCBN.OB Piedmont Community Bank Group 263,937 91,629 508.20% 763.10% 95.30%

PCCB.OB Pascack Community Bank 267,803 9,976 47.50% 521.40% 57.80%

PCHS.PK Peach State Bank & Trust 174,594 40,819 256.90% 519.50% 94.40%

PCST.OB Pacific Coast National Bancorp 131,418 17,522 496.00% 2048.50% 97.60%

PFBN.OB Pacific Alliance Bank 94,215 2,741 24.90% 485.50% 100.00%

PFCF.OB Pacific City Financial Corp 533,418 22,314 37.20% 506.80% 85.60%

PFCI.OB Pacific Commerce Bank CA 193,593 17,127 106.90% 450.00% 93.00%

PFNL.OB Plymouth Financial Corp. 112,500 4,547 91.40% 793.50% 56.90%

PIBW.OB Pacific International Bancorp 283,768 13,338 39.50% 587.60% 100.00%

PKWY.OB Parkway Bank 123,439 22,141 191.70% 503.20% 84.70%

PLBN.PK Pilot Bancshares, Inc. 238,610 12,738 57.20% 421.30% 74.30%

PLMT Palmetto Bancshares Inc 1,425,592 253,471 249.00% 710.80% 91.20%

PLZB.OB Plaza Bank 158,816 6,731 34.40% 352.10% 84.70%

PNBI.OB Pioneer Bankshares, Inc. 156,692 7,690 51.50% 320.60% 71.70%

PPBN.OB Pinnacle Bankshares Corporation 325,376 37,727 170.10% 338.20% 78.10%

PPFC.OB Pan Pacific Bank 80,020 2,501 24.30% 401.00% 100.00%

PPFS.OB Prime Pacific Financial Services 183,230 17,726 96.30% 399.20% 86.70%

PSBG.OB Psb Group, Inc. 474,295 13,138 42.70% 757.70% 64.90%

PSBP.PK Psb Holding Corp. 247,265 9,850 48.70% 419.80% 74.80%

PSBQ.OB Psb Holdings, Inc. 586,306 37,905 62.80% 376.40% 83.00%

PSTB.OB Park Sterling Bank 470,701 133,212 235.30% 444.60% 79.20%

PTBS Potomac Bancshares, Inc. 306,097 42,997 156.40% 418.60% 79.30%

PTOK.OB Patriot State Bank 133,162 19,189 109.50% 288.80% 77.20%

PVBK.OB Pacific Valley Bank CA 188,515 23,842 121.80% 529.10% 73.60%

PVLY.OB Premier Valley Bank 486,876 50,254 104.60% 471.40% 77.60%

PWBO.OB Pacific West Bank 73,257 13,643 221.30% 404.40% 93.30%

PZBW.OB Plaza Bank 119,694 6,081 154.80% 658.10% 86.70%

RDBN.PK Randolph Bank & Trust Company 271,798 18,375 80.50% 410.50% 68.30%

REDW.PK Redwood Financial 172,719 1,698 11.50% 350.90% 100.00%

RFHB.OB Rumson-Fair Haven BK 169,572 6,149 39.30% 310.20% 90.30%

RGBM.OB Regal Bancorp Inc. 169,329 24,240 121.60% 485.50% 81.10%

RGTB.PK Regent Bancorp Inc. 422,974 86,119 185.00% 490.10% 73.20%

RLBS.OB Reliance Bancshares Inc. 1,536,648 194,597 116.60% 581.90% 71.60%

RMGC RMG Capital Corporation 757,029 37,303 52.10% 658.60% 100.00%

RPOR.OB Rockport National Bancorp, Inc. 156,342 4,450 36.10% 390.90% 37.50%

RSAM.OB Rising Sun Bancorp 262,180 24,991 117.80% 453.70% 77.70%


CRE Risk Ratio

Pipeline

RWCB.OB Redwood Capital Bncp 190,669 13,759 98.70% 451.10% 93.90%

SAEB.OB Saehan Bancorp 829,245 30,170 72.80% 1128.00% 81.00%

SAGN.OB Saigon National Bank 67,302 4,450 98.20% 849.40% 99.20%

SBBC.OB Security Business Bancorp 207,671 9,004 31.40% 376.80% 51.80%

SBBI.OB S.B.C.P. Bancorp Inc. 710,462 85,220 143.40% 441.80% 90.80%

SBKO.OB Summit Bank 118,934 16,395 136.50% 489.50% 94.60%

SCCB.OB Seacoast Commerce Bank 111,410 3,147 26.60% 411.90% 100.00%

SCSG.OB Southcrest Financial Group, Inc. 632,121 70,388 104.20% 289.00% 90.40%

SCVE.OB Santa Clara Valley 142,180 6,031 40.20% 434.60% 76.50%

SCZC.OB Santa Cruz County Bank 262,035 22,952 118.20% 410.20% 56.00%

SDAB.PK Standard Bancshares Inc. 2,348,957 400,305 164.40% 544.60% 78.20%

SEBC.OB Southeastern Banking Corporation

407,473 115,478 202.40% 327.00% 93.80%

SFBI.OB SFSB Inc. 192,379 20,358 118.20% 210.70% 100.00%

SFDL.OB Security Federal Corp 981,712 132,240 171.50% 503.90% 100.00%

SFGP.OB Siuslaw Financial Group, Inc. 282,698 25,625 64.50% 391.00% 93.30%

SFRK.OB Security First Bank 101,965 20,030 120.90% 255.50% 86.70%

SFST Southern First Bancshares, Inc. 731,795 72,739 100.20% 375.30% 84.90%

SGBK.OB Stonegate Bank 465,502 58,466 93.60% 368.00% 69.80%

SGBP.OB Syringa Bancorp 269,869 30,980 101.90% 429.60% 94.20%

SHRC.OB Shore Community Bank 220,064 20,616 103.80% 537.10% 72.60%

SJQU.OB San Joaquin Bancorp 766,359 142,668 258.50% 868.70% 85.10%

SLBA.OB Santa Lucia Bancorp 264,724 53,180 169.10% 451.80% 93.50%

SLRK.OB Solera National Bancorp Inc. 132,405 10,551 108.50% 231.90% 88.50%

SMAL.OB Summit Bancshares Inc. 179,996 12,603 78.30% 350.90% 93.40%

SNBN.OB Sound Banking Company 131,306 25,365 193.30% 365.10% 91.80%

SNLS.OB San Luis Trust Bank FSB 403,277 63,177 207.00% 444.20% 100.00%

SONA Southern National Bancorp of VA 461,935 47,975 77.40% 318.10% 84.90%

SOUK.PK Dickinson Financial Corp 5,599,300 1,052,551 219.20% 431.10% 86.90%

SRYPQ.PK Surety Capital Corporation 49,933 3,153 63.50% 484.50% 56.30%

SSFC.OB South Street Financial Corp. 299,509 39,104 172.80% 317.30% 79.50%

SSHC.OB SouthShore Community Bank 48,299 8,645 234.50% 706.30% 81.20%

STBI.OB Sturgis Bancorp, Inc. 374,869 16,137 54.60% 328.20% 85.60%

SUFB SuffolkFirst Bank 166,999 19,111 112.70% 373.50% 84.50%

TBNC.OB T Bancshares, Inc. 141,594 9,108 123.80% 264.40% 91.10%

TCFC.OB Tri-County Financial Corporation 795,877 90,375 117.80% 407.70% 50.90%

TCNB.OB Town Center Bank 143,929 21,781 114.00% 183.10% 97.40%

TOAK.OB Treaty Oak Holdings, Inc. 140,482 21,073 145.40% 301.60% 92.90%

TRCY.PK Tri City Bankshares Corporation 790,130 50,574 45.80% 301.60% 57.00%

TRSU.OB Treasure State Bank 97,740 18,519 193.70% 478.30% 85.80%

TRVB.OB Tri-Valley Bank 90,304 19,200 187.30% 433.00% 94.50%


CRE Risk Ratio

Pipeline

TVFH.PK Tennessee Valley Financial 200,869 26,726 145.80% 375.50% 91.40%

UABK.OB Atbancorp 1,426,780 192,548 145.30% 326.50% 87.10%

UCBN.OB United Commerce Bancorp 193,436 12,145 87.60% 364.10% 75.30%

UFBC.OB United Financial Banking Comp 246,014 25,253 90.30% 482.90% 51.50%

UIFC.OB Uniti Financial Corporation 214,693 9,429 42.80% 527.80% 97.10%

USBK.OB USA Bank 225,155 80,736 625.00% 844.00% 76.40%

USMT.OB US Metro Bank 123,845 1,400 7.90% 363.50% 75.70%

VABK.OB Virginia National Bank 388,844 34,619 82.70% 354.50% 76.10%

VCBB.OB Ventura County Bank CA 104,437 13,808 221.80% 834.50% 89.60%

VCBC.OB Valley Community Bank 217,430 30,869 113.40% 432.20% 84.80%

VCBS.PK Virginia Community Bankshares 207,393 23,722 117.40% 414.60% 66.60%

VGBK.OB Virginia Heritage Bank 318,808 38,413 114.30% 443.60% 100.00%

VGNA.PK Virginia Company Bank 110,625 13,306 88.20% 323.60% 100.00%

WAFB.OB WashingtonFirst Bank 337,323 49,015 154.90% 506.60% 81.90%

WAKE.OB Wake Forest Bancshares Inc. 112,200 27,473 128.90% 192.90% 100.00%

WBHC.OB Wilson Bank Holding Company 1,435,129 208,446 142.40% 363.20% 78.10%

WBOU.OB Westbound Bank 167,181 26,764 121.90% 406.80% 68.90%

WCBH.OB WCB Holdings Inc. 119,667 18,829 159.80% 436.20% 79.20%

WDFN.OB Woodlands Financial Service 283,333 8,655 39.90% 379.20% 45.30%

WIBW.OB Wilton Bank CT 94,523 42,139 278.60% 335.40% 84.30%

WLMT.OB Willamette Valley Bank 130,231 19,536 120.80% 448.90% 95.90%

WMCB.OB Willamette Community Bank 71,490 4,335 74.40% 411.80% 83.80%

WNRP.PK West Suburban Bancorp Inc. 1,869,831 183,265 114.90% 300.30% 83.10%

WRBO Western Reserve Bancorp, Inc. 188,563 11,155 58.50% 558.80% 37.50%

WTBFB.PK W.T.B. Financial Corporation 3,911,189 612,982 143.20% 323.90% 77.60%

Banking Indices

The America’s Community Bankers Index (ABAQ) – This index consists of more than 500 publicly traded banks, and many of these banks are on the ValuEngine List of Problem Banks. The weekly chart suggests that the worst is over for community banks, but a weekly close below the five-week modified moving average at 150.62 ends that notion. A weekly close below my semiannual support at 146.67 supports my view that 150 to 200 community banks will fail in 2010.

Courtesy Thomson/Reuters

The Regional Bankers Index (BKX)– This index includes the bigger banks such as Bank of America, Citigroup, JP Morgan and Wells Fargo, plus most of the other banks that have paid back TARP. The weekly chart is clearly neutral with a weekly close under the five-week modified moving average at 45.27 shifts the technical outlook to negative. My semiannual support is 40.76 with my monthly resistance at 50.10.


Housing

The Housing Sector Index (HGX)– This index is being helped by the tax credit, but with the National Association of Home Builder Index reported at 17, it is hard to justify a significant rally given that the tax credits expire for contracts on April 30 and for closings on June 30. A weekly close below the five-week modified moving average at 103.36 provides a housing warning. My monthly resistance is at 110.63.


Option ARM Mortgage Problems Projected to be Worse than Subprime

The housing market and banking issues will face the challenge of an industry estimate of $134 billion of Option ARM mortgage resets over the next two years. Homeowners with these types of mortgages face resets of both a higher mortgage rate and a higher principal on their mortgage. With home values down, homeowners with Alt-A mortgages are highly likely to simply walk away from their homes.

More than five million homeowners will be underwater by 25% or more this year. Banks and mortgage companies are happy to take bailout money that’s intended to keep homeowners in their homes, but when the home is valued 75% below the mortgage, the trend is to simply walk away.

Because of the speculative bubble for house prices that began at the turn of the century, those who bought in 2005 and 2006 paid way too much. Then, the bubble popped-- with home values plunging more than 30% in some cities. President Obama’s home modification programs—which were supposed to help four-to-seven million-- may have helped about 100,000 homeowners. The homes on the cusp that were not refinanced will become the foreclosures and short sales of 2010. This will further depress home prices and continue the housing depression. Even homeowners who can afford their mortgages are being advised by some mortgage brokers to do a “strategic default” and rent a similar home for a much smaller monthly payment.

Due to the frustration caused by their bankers' lack of help and the near impossible-to-qualify-for mortgage modification programs and tougher lending standards by the FHA, Fannie Mae, and Freddie Mac, 10% of all homeowners could default in 2010 . If the $700 billion TARP was allocated to help homeowners on Main Street instead of the Fat Cats on Wall Street and global investors, the US economy would likely be better off today. The term used against this idea in 2007 was called “moral hazard.” Now many who said that are walking away from their homes.

Existing Home Sales Plunged 17% in December - Sales of previously occupied homes saw their largest monthly drop in more than forty years in December-- despite the extension of the first time homebuyer tax credit of $8,000 and the $6,500 tax credit for current home buyers who move. The extension of these benefits is to April 30th for contracts and June 30th for closings. The annual pace of existing home sales is now 5.45 units annualized. First-time home buyers were 50% in November and this category declined to 43% in December. 32% were distressed sales.

Most banks are holding inventory of foreclosed homes as bankers sort through homeowner paperwork for those seeking mortgage modifications. As foreclosures mount on failed mitigation attempts, there will likely be another 3 to 3.5 million distressed homes coming to market in 2010.

Home Builders had 235,000 new homes for sale nationwide at the end of November, the lowest inventory level since April 1971. At the same time Fannie and Freddie have 113,408 foreclosed homes (72,275 Fannie and 41,133 Freddie), which is significant sales competition.

Why didn’t we help homeowners early in the crisis? The complaint was "moral hazard" and now those making that complaint face foreclosure. Investors in the mortgage-backed securities should have taken a mandated haircut on both principal and interest. If we did it in Feb 2008, "The Great Credit Crunch" could have ended with a 3% funds rate by the Fed, not this ridiculous zero percent rate.

Serious Delinquencies Continue to Rise

Subprime ARMS 40.8%, Subprime Loans 28.7%, FHA Loans 8.7%, All Loans up to 8.9% up from 8% in November, and Prime Loans 8.7%. Obviously, as delinquencies continue to increase so will foreclosures. This will force Fannie and Freddie to tap their unlimited Senior Preferred heavy in each of the next thirteen quarters. The updated categories from last month are increases in delinquencies for Fannie Mae and Freddie Mac loans bringing the FHFA graph up to date through 2009.

The Case-Shiller Home Price Index for November

According to the Case-Shiller Housing Market Index home prices are still 50% higher than they were at the beginning of the 21st century. To me this indicates additional downside risk. Builders and developers owe banks $492 billion in Construction & Development Loans for planned but not finished homes and land developed for communities around the country. The 20-City Index showed that home prices rose in only five markets in November. New cycle lows occurred in Charlotte, Las Vegas, Seattle and Tampa.

Home prices are back to the levels of late-2003. Peak to trough prices are down 32.6% and peak to date is -29.2%. This means that the nearby price improvement was just a minor correction.

Our ValuEngine analysis of the homebuilders continues to show negative forecast return figures and indicate a double-digit downside risk for many of the industry components over the next year.

Since our last report, Daiwa (DAI) and M/I Homes (MHO) have been upgraded. Ryland Group (RYL) has been downgraded. However, these ratings are in flux and they change often as our models constantly sift and sort our stock universe.

Ticker Name Mkt Price Valuation (%)

VE Rating

Last 12-M Retn(%)

Forecast 1-Month Retn(%)

Forecast 1-Yr

Retn(%)

P/E Ratio

AXR AMREP CORPORATION 13.97 34.85 1 -52.48 -22.06 -85.65 N/A

BHS BROOKFIELD HOMES CORPORATION

7.49 N/A N/A 191.44 -8.24 -79.96 1.49

BZH BEAZER HOMES 4.45 -75 3 389.01 -2.9 -37.97 N/A

CHCI COMSTOCK HOMEBUILDING COS INC

0.75 N/A N/A 167.86 -5.59 -50.22 N/A

CVCO CAVCO INDUSTRIES INC 35 28.47 2 43.33 -2.52 -18.28 N/A

DHI D R HORTON INC 13.22 -16.17 3 49.55 3.2 12.68 N/A

DWAHY DAIWA HOUSE IND LTD 107.13 13.45 3 36.75 -2.09 -21.88 26.34

HXM DESARROLLADORA HOMEX SAB DE CV

31.43 -33.58 3 58.26 -2.64 -32.24 10.18

KBH KB HOME 16.97 -51.84 3 46.55 -1.36 -21.76 N/A

LEN LENNAR CORPORATION 17.34 -37.58 3 134.64 -1.05 -20.52 N/A

MDC MDC HOLDINGS 35.37 -7.55 3 23.89 -1.07 -11.67 N/A

MHO M/I HOMES INC 13.7 -33.12 3 89.75 -1.36 -23.92 N/A

MTH MERITAGE HOMES CORP 22.58 -2.56 3 74.09 -0.87 -16.29 N/A

NVR NVR INC 705.16 3.67 3 81.64 -1.79 -15.89 22.68

OHB ORLEANS HOMEBUILDERS INC 1.15 N/A N/A -24.01 -3.61 -41.53 N/A

PGTI PGT INC 1.83 11.6 2 83 -3.02 -34.19 N/A

PHM PULTE HOMES INC 11.66 -23.28 3 8.26 -0.9 -15.85 N/A

RYL RYLAND GROUP INC 23.73 -5.4 3 34.68 -0.23 -13.17 N/A

SKHSY SEKISUI HOUSE LIMITED 9.59 51.29 2 21.7 -2.18 -19.59 92.06

SPF STANDARD PACIFIC CORP 4.4 -74.34 3 218.84 -1.83 -34.05 N/A

TOL TOLL BROTHERS INC 20.05 -13.33 3 6.93 -0.67 -9.68 N/A

Question and Comments should be sent to [email protected]

update february 2010 - stock valuation · update february 2010 ... ebdc.ob ebank financial services...

Documents