CNB Financial Corporation Investor Presentation May 2016 Exhibit 99.1
Forward-Looking Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the financial condition, liquidity, results of operations, future performance and business of CNB Financial Corporation. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond our control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” Such known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the statements, include, but are not limited to: (i) changes in general business, industry or economic conditions or competition; (ii) changes in any applicable law, rule, regulation, policy, guideline or practice governing or affecting financial holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (iii) adverse changes or conditions in capital and financial markets; (iv) changes in interest rates; (v) higher than expected costs or other difficulties related to integration of combined or merged businesses; (vi) the inability to realize expected cost savings or achieve other anticipated benefits in connection with business combinations and other acquisitions; (vii) changes in the quality or composition of our loan and investment portfolios; (viii) adequacy of loan loss reserves; (ix) increased competition; (x) loss of certain key officers; (xi) continued relationships with major customers; (xii) deposit attrition; (xiii) rapidly changing technology; (xiv) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xv) changes in the cost of funds, demand for loan products or demand for financial services; (xvi) other economic, competitive, governmental or technological factors affecting our operations, markets, products, services and prices; and (xvii) our success at managing the foregoing items. Such developments could have an adverse impact on our financial position and our results of operations. The forward-looking statements are based upon management’s beliefs and assumptions. Any forward-looking statement made herein speaks only as of the date of this presentation. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
CNB Financial Overview Network of 38 branches through principal subsidiary, CNB Bank: 21 CNB Bank full-service branches in North Central Pennsylvania 8 full-service branches through ERIEBANK, a division of CNB Bank, headquartered in Erie, PA 9 full-service branches through FCBank, a division of CNB Bank, headquartered in Dublin, OH 2 full-service branches through pending acquisition of Lake National Bank in Mentor, OH, which will operate under the ERIEBANK division (expected to close in the third quarter of 2016) Loan production offices in Hollidaysburg, PA and Ashtabula, OH Holiday Financial Services Corporation is a consumer discount loan company with 12 offices CNB Financial (“CNB”), the parent financial holding company of CNB Bank, is a full-service, regional independent community bank, headquartered in Clearfield, PA, providing services, including wealth and asset management, to individuals, businesses, governments, and institutional customers Key Financials at March 31, 2016: Assets: $2.3 billion Loans: $1.6 billion Deposits: $1.9 billion NASDAQ: “CCNE” Source: SNL Financial and company data. Information and data as of March 31, 2016 Full-service branches Loan production offices
CNB’s Experienced Management Team Years at Years in Executive Title CCNE Industry Joseph B. Bower Jr. President & Chief Executive Officer 19 23 Richard L. Greslick Jr. SEVP / Chief Operating Officer & Secretary 18 18 Joseph E. Dell Jr. EVP / Chief Lending Officer 3 32 Mark D. Breakey SEVP / Chief Credit Officer 25 31 Brian W. Wingard EVP / Chief Financial Officer & Treasurer 8 8 Leanne D. Kassab EVP / Marketing 20 22 Mary Ann Conaway EVP / Human Resources 34 34 David J. Zimmer President of ERIEBANK 11 32 J. Andrew Dale President of FCBank 3 29
CNB’s Vision and Five Pillars of Success Look for a way to say yes to your customers, co-workers and community, every time Leadership in Local Communities – a differentiating factor is CNB’s level of investment and leadership in local communities; CNB Bank, ERIEBANK, and FCBank develop key community initiatives to incorporate into the annual budget with leadership and employee assignments. Exceptional Customer Experience – in order to differentiate from the competition, CNB must provide consistently exceptional customer service from staff, which in turn will lead to positive customer experiences (CX) – an enterprise-wide CX plan will be implemented. Employee Development – a critical component of workplace culture and employee satisfaction is the continued training and development of staff. A Consistent Approach to Growth – CNB proactively evaluates targets for de novo and/or acquisition potential. This includes both geographical areas and financial institutions. CNB Bank will continue to operate as CNB Bank, ERIEBANK and FCBank; each market has a unique marketing and growth strategy with centralized operational support but led by local market Presidents. A Solid Foundation of Technology – deeply entwined in every aspect of our service model is the need for current technology. Strategically, we need to be at, or ahead, of the competition in our delivery of products and functionality for our core business – commercial orientation to middle market businesses.
History of CNB Financial 1865 1934 1984 2005 2006 20082009 2010 2013 2015 1865: County National Bank of Clearfield established 1934: Reorganizes through a stock offering to existing depositors 1984: Forms CNB Financial Corporation holding company 2005: ERIEBANK is formed 2005: Purchases assets of Holiday Consumer Discount Company and forms Holiday Financial Services Corporation 2006: Conversion to a state banking charter 2010: Joseph Bower becomes CEO after retirement of William Falger 2008-2009: Receives approval to raise $21 million via TARP; CNB chooses not to participate 2010: Capital raise of $34.5 million 2013: Acquisition of FC Banc Corp. headquartered in Bucyrus, Ohio with $360 million in assets 2015: 150th Anniversary Celebration 2015: Announced acquisition of Lake National Bank headquartered in Mentor, Ohio with $153 million in assets
CNB’s Growth Model CNB’s strong growth, both organic and by M&A, has been a result of its business model which involves identifying the right market in which to operate based on market demographics that fit CNB’s lending expertise (small and mid sized commercial and industrial lending) and then finding the right local person with market experience to deliver the CNB product set and sophistication of services to grow organically in the market CNB built it’s ERIEBANK franchise do novo using this model to over $500 million in loans in ten years In Ohio, CNB entered the greater Columbus market through its acquisition of FCBank but has since executed this same strategy to grow organically in the FCBank market through new offices and additional lenders The same opportunity exists in the greater Cleveland market with CNB’s pending acquisition of Lake National Bank M&A is not a priority in CNB’s growth strategy; however, it will remain opportunistic and would consider transactions that would meet its financial criteria and also expand its presence into new markets that fit its business model (e.g. FCBank, Lake National); bring significant talent; and/or fill in existing markets
Strong and Profitable Growth Since 2010 Source: SNL Financial at of December 31 for each respective year. Peers consisting of banks headquartered in the Northeast, as well as OH, WV, IN, and KY (states bordering CNB footprint), excluding metro markets, with total assets between $1 billion and $5 billion who are traded on a national exchange CNB Financial Peer Median 2010 2015 5 - Year CAGR 2015 5 - Year CAGR Total Assets ($ millions) $1,414 $2,285 10.1% $1,988 7.1% Total Loans ($ millions) $788 $1,562 14.7% $1,422 8.3% Total Deposits ($ millions) $1,163 $1,815 9.3% $1,436 7.5% Total Equity ($ millions) $110 $202 13.0% $214 8.2% Tangible Book Value per Share $8.08 $11.96 8.2% $14.81 6.1% ROAA 0.87% 0.99% 0.84% ROAE 11.62% 11.23% 8.43% Net Interest Margin 3.65% 3.73% 3.31% Efficiency Ratio 58.54% 62.05% 63.53% Loans/ Deposits 68.33% 86.93% 94.77% TCE / TA 7.05% 7.64% 9.11% ADTV (52 - week) 20,802 19,552 20,721 Market Cap ($ millions) $181.2 $251.3 $256.7 Institutional Ownership 29% 34% 41%
While still growing in its home market of Clearfield, CNB has successfully expanding organically into Erie and more recently into Columbus through its acquisition of FCBank and into Cleveland with its pending acquisition of Lake National Bank Loans in the Clearfield market represent less than 50% of loans outstanding at year-end 2015 compared to nearly 80% at year-end 2009 The Erie marketplace represents 30% of loans outstanding at year-end 2015 The Columbus and Cleveland markets represent 24% of loans outstanding at year-end 2015 Greater Concentration in More Metropolitan Markets (% of loan portfolio) 12/31/09 12/31/12 12/31/15* * Source: Company data. December 31, 2015 pro forma for the acquisition of Lake National Bank
Strong Organic Loan and Deposit Growth Strong organic loan and deposit growth through the financial crisis and recession Fundamental focus on originating loans in-market and funding with local, low-cost core deposits while maintaining asset quality The Bank strives to be more customer-driven than its competitors and builds long-term customer relationships by being reliable and competitively priced CNB specializes in serving the small and medium sized businesses that are headquartered in its markets and competes effectively against both the larger regional banks and smaller community banks for clients that have borrowing needs of $1 million to $10 million CNB maintains a local market presence with local decision making and advisory boards all supported by a centralized back office headquartered in Clearfield
Ever Changing Competitive Landscape Source: SNL Financial based on deposit market share at June 30, 2000 and 2015. Aggregate deposit market share for those counties in Pennsylvania in which CNB had s presence. 2000 2015 Parent Company Name Parent City Parent State Total Branches 2000 Total Deposits 2000 ($000) Parent Company Name Parent City Parent State Total Branches 2015 Total Deposits 2015 ($000) 1 First Commonwealth Financial Corp. Indiana PA 26 881,502 1 PNC Financial Services Group Inc. Pittsburgh PA 41 2,917,005 2 Northwest Bancshares Inc. Warren PA 20 551,492 2 Northwest Bancshares Inc. Warren PA 59 2,659,399 3 AmeriServ Financial Inc. Johnstown PA 18 538,796 3 S&T Bancorp Inc. Indiana PA 25 2,128,966 4 Promistar Financial Corp. Johnstown PA 27 505,263 4 F.N.B. Corp. Pittsburgh PA 45 1,868,687 5 CNB Financial Corp. Clearfield PA 19 486,889 5 CNB Financial Corp. Clearfield PA 29 1,517,873 6 S&T Bancorp Inc. Indiana PA 12 403,910 6 First Commonwealth Financial Corp. Indiana PA 27 1,205,778 7 National City Corp. Cleveland OH 9 351,228 7 Citizens & Northern Corp. Wellsboro PA 16 682,518 8 Keystone Financial Inc. Harrisburg PA 12 345,931 8 Marquette Savings Bank Erie PA 12 666,364 9 Omega Financial Corp. State College PA 16 322,299 9 AmeriServ Financial Inc. Johnstown PA 11 663,478 10 Mellon Financial Corp. Pittsburgh PA 7 292,690 10 1st Summit Bancorp of Johnstown Inc. Johnstown PA 11 638,351 11 PNC Financial Services Group Inc. Pittsburgh PA 9 249,565 11 BB&T Corp. Winston-Salem NC 7 426,350 12 1st Summit Bancorp of Johnstown Inc. Johnstown PA 9 174,558 12 Hamlin Bank & Trust Co. Smethport PA 7 360,968 13 Hamlin Bank & Trust Co. Smethport PA 7 172,527 13 KeyCorp Cleveland OH 8 352,943 14 Clearfield Bank & Trust Co. Clearfield PA 6 158,644 14 InFirst Bancorp MHC Indiana PA 5 260,360 15 Mainline Bancorp Inc. Ebensburg PA 9 155,024 15 CBT Financial Corp. Clearfield PA 7 257,326 16 Penn Laurel Financial Corp Curwensville PA 6 120,847 16 M&T Bank Corp. Buffalo NY 6 240,514 17 Slovenian S&L of Franklin-Conemaugh Conemaugh PA 3 57,333 17 Community Bankers' Corp. Indiana PA 6 214,504 18 First National Bank of Port Allegany Port Allegany PA 2 52,224 18 Emclaire Financial Corp. Emlenton PA 5 155,964 19 Sovereign Wyomissing PA 3 44,025 19 Penns Woods Bancorp Inc. Williamsport PA 4 152,584 20 Nittany Financial Corp. State College PA 2 41,341 20 Kish Bancorp Inc. Belleville PA 3 142,878 21 Community First Bancorp Inc. Reynoldsville PA 2 37,867 21 Somerset Trust Holding Co. Somerset PA 8 135,663 22 PennCrest BANK Altoona PA 4 37,837 22 Fulton Financial Corp. Lancaster PA 2 108,731 23 Reliance Savings Bank Altoona PA 2 36,387 23 PennCrest BANK Altoona PA 4 106,769 24 Emclaire Financial Corp. Emlenton PA 3 29,480 24 Slovenian S&L of Franklin-Conemaugh Conemaugh PA 4 94,393 25 Penns Woods Bancorp Inc. Williamsport PA 3 29,002 25 Community First Bancorp Inc. Reynoldsville PA 3 80,062
Market Overview Erie is 4th largest city in the Pennsylvania. Erie's vibrant business community is growing increasingly more diverse. The region's strong manufacturing history has helped encourage recent growth in smaller-scale steel and plastics manufacturers, as well as healthcare, insurance, tourism and education industries The Erie region's largest employer, GE Transportation, maintains its world headquarters facility in Erie, Pennsylvania and employs approximately 5,300 individuals. Lord Corporation was founded in Erie, Pennsylvania and maintains major operations in the region. Diesel-electric locomotive building remains the largest manufacturer sector in Erie. More than 10% of American plastics are manufactured or completed in Erie-based plastics plants Columbus' diversified economy is balanced among the services, trade, government, and manufacturing sectors. In the Columbus Region, manufacturing is thriving with more than 1,700 manufacturers employing more than 85,000 people. Hundreds of thousands of goods roll off production lines every day—from automobile and fertilizer to beer and baby formula Mentor is one of Northeast Ohio’s largest communities and the largest city in Lake County with a population of over 45,000. There are approximately 2,570 businesses located in Mentor and more than 34,000 employees working in a diverse range of businesses including major corporations, manufacturers, retailers, specialty shops and small businesses. Mentor, which serves as a retail hub for many of the east side suburbs of Cleveland, ranks seventh in Ohio for total retail sales with approximately 600 stores and approximately 3.3 million square feet of prime retail space Source: eriepa.com; city-data.com; columbusregion.com; The City of Mentor
Market Overview MSA Number of Branches Deposits in Market ($000) Percent of Franchise (%) Number of Businesses Total Population 2016 (Actual) Population Change 2010-2016 (%) Projected Population Change 2016-2021 (%) Median HH Income 2016 ($) Projected HH Income Change 2016-2021 (%) Johnstown, PA 1 50,451 2.53 5,617 135,462 (5.72) (3.51) 43,095 6.02 Bradford, PA 3 112,045 5.61 1,765 42,185 (2.91) (1.68) 44,330 7.10 DuBois, PA 10 432,261 21.66 3,401 80,910 (0.90) (0.39) 42,721 7.75 State College, PA 1 85,953 4.31 5,431 160,586 4.28 3.01 55,909 14.34 Elk County, Pennsylvania 4 168,438 8.44 1,532 30,872 (3.36) (2.00) 49,469 9.00 Jefferson County, Pennsylvania 1 49,179 2.46 2,030 44,378 (1.82) (0.97) 43,175 4.42 Indiana, PA 1 3,934 0.20 3,114 87,200 (1.89) (0.97) 47,094 10.16 Clearfield Market 21 902,261 45.21 22,890 581,593 (1.44) (0.74) 45,502 8.26 Erie, PA 5 419,148 21.00 10,859 277,025 (1.26) (0.71) 45,911 5.36 Warren, PA 1 58,338 2.92 1,724 40,322 (3.57) (1.96) 46,758 8.53 Meadville, PA 2 138,126 6.92 3,697 86,750 (2.27) (1.01) 46,963 11.06 Erie Market 8 615,612 30.84 16,280 404,097 (1.71) (0.90) 46,227 6.94 Columbus, OH 4 157,337 7.88 67,869 2,030,140 6.74 4.27 58,106 9.56 Bucyrus, OH 2 121,094 6.07 1,574 42,091 (3.87) (2.06) 42,247 5.40 Mount Vernon, OH 1 42,123 2.11 2,135 61,329 0.67 0.90 51,347 7.55 Holmes County, Ohio 1 6,455 0.32 1,662 44,422 4.85 3.19 50,550 11.70 Mansfield, OH 1 18,037 0.90 5,260 121,333 (2.52) (1.09) 41,077 2.73 Columbus Market 9 345,046 17.28 78,500 2,299,315 1.76 1.34 50,684 7.54 Cleveland-Elyria, OH 2 132,618 6.65 77,026 2,061,058 (0.78) (0.05) 52,262 12.04
At March 31, 2016: Eight branches One loan production office in Ashtabula, Ohio $506 million in loans and loan growth of $73.2 million, or 16.9%, since March 31, 2015 $609 million in deposits and deposit growth of $8.3 million, or 1.4%, since March 31, 2015 ERIEBANK, a division of CNB Bank, was created de novo in 2005
The acquisition of FC Banc Corp. in 2013 expanded CNB’s geographic footprint into Central Ohio with meaningful size and scale $410 million in total assets; $313 million in loans; and $368 million in deposits as of March 31, 2016 Loan growth of $70.6 million, or 29.1%, since March 31, 2015 Opportunity to replicate CNB’s already successful ERIEBANK model in a market conducive to CNB’s business plan Significant opportunity for both organic and strategic growth going forward Addition of C&I lenders who will focus in the Columbus and Lancaster areas Successful Expansion into Ohio
Lake National Bank – Announced December 2015 Lake National Bank is a healthy, well performing institution in major metropolitan market with $153 million in assets at December 31, 2015; Entering greater Cleveland area with small acquisition allows for continued organic growth without needing new acquisitions (similar to our entry into Columbus). Cash consideration leverages regulatory capital without ownership dilution Accretive to earnings beginning first full year (2017); TBV dilution earned back inside 5 years. CNB Financial Corp. (38 branches) Lake National Bank (2 branches) Logical market extension of ERIEBANK franchise Demographically attractive market with significant organic growth potential; One of very few community banks in a market dominated by larger institutions; Mentor is known for its mid-sized commercial and industrial businesses, which is a core strength of CNB and a market it knows well. Leadership team that remains with CNB post transaction. Expected to close in the third quarter of 2016.
Building Infrastructure to Support Future Growth CNB has experienced significant growth, almost doubling its size since December 2009, assets have grown to $2.3 billion at March 31, 2016 from $1.2 billion at December 31, 2009 The rapid increase in assets through the growth in number of customers led management to analyze its infrastructure to determine how much it could continue to grow with the people and systems that it had As a result, CNB made numerous infrastructure, personnel, and other investments during 2015 to facilitate its continued growth: A building project was completed which added approximately 15,000 square feet of space to our existing headquarters to better leverage our facilities, technology, and personnel. This new modern facility allows us house our back-office staff to operate well into the foreseeable future; CNB added 27 full-time equivalent staff, which included both customer-facing personnel such as business development and wealth management officers, as well as support department personnel; A core processing system upgrade is underway which will involve some non-recurring costs in 2015 ($108 thousand) with additional nonrecurring costs expected in 2016 totaling approximately $500 thousand. With these investments, CNB now has the infrastructure in place to support its continued growth over the next several years
Customer Efficient, Cost Effective Retail Delivery CNB’s branch network has evolved to less traditional, more customer friendly branches providing customers with a one-on-one experience Branches are staffed with employees that can handle all of a customer’s needs from account openings to customer service CNB is currently in the process of upgrading its core processing system, with completion scheduled for the second quarter of 2016, along with most of its other electronic offerings, including mobile and eBanking solutions to provide the most up to date services to its customers
Financial Information
Diversified Loan Portfolio $791 million 6.43% yield $1.6 billion 4.74% yield
Attractive Deposit Mix $1.2 billion 1.42% cost of deposits $1.9 billion 0.50% cost of deposits
Total Portfolio $539 million Tax Equivalent Book Yield 2.67% Modified Duration 3.7 years Price Change +300 bps (10.9%) Available-for-Sale Investment Portfolio March 31, 2016 Total Portfolio $686 million Tax Equivalent Book Yield 2.70% Modified Duration 4.1 years Price Change +300 bps (12.3%) December 31, 2014
Deposit Market Share Source: SNL Financial. Deposit market share as of June 30, 2015. Pro forma to include Lake National Bank CNB Growth Market Growth Market Rank # of Branches CNB Deposits ($000) CNB Deposit Market Share (%) Year over Year (%) 5-Year CAGR (%) Total Deposits in Market ($000) Year over Year (%) 5-Year CAGR (%) Clearfield, PA 1 10 432,261 33.11 (5.05) 1.29 1,305,584 (2.59) (0.92) Erie, PA 5 5 419,148 9.31 2.69 9.07 4,501,838 2.73 3.75 Elk, PA 2 4 168,438 24.65 0.75 9.74 683,274 (0.84) 0.85 Crawford, PA 5 2 138,126 10.87 1.25 27.32 1,270,126 (0.01) 2.54 Lake, OH 10 2 132,618 2.72 (0.88) 9.98 4,869,617 9.15 3.38 Franklin, OH 17 3 123,240 0.25 14.13 1.30 49,129,627 9.68 7.41 Crawford, OH 2 2 121,094 16.99 0.42 0.99 712,674 (0.68) 0.29 McKean, PA 3 3 112,045 13.77 (8.44) 5.02 813,498 (0.97) 1.76 Centre, PA 10 1 85,953 2.93 1.77 5.63 2,930,396 12.11 5.58 Warren, PA 4 1 58,338 6.64 (0.19) 5.99 878,094 12.74 (1.01) Cambria, PA 10 1 50,451 1.78 (2.64) 3.55 2,828,786 1.91 1.14 Jefferson, PA 6 1 49,179 5.79 (2.82) 6.94 849,444 (4.10) (0.90) Knox, OH 6 1 42,123 4.99 12.74 3.20 843,859 11.49 4.45 Morrow, OH 4 1 34,097 16.57 9.58 2.09 205,798 2.56 0.09 Richland, OH 12 1 18,037 1.01 48.91 17.62 1,789,437 4.33 1.61 Holmes, OH 8 1 6,455 0.82 34.79 - 791,563 4.10 6.04 Indiana, PA 9 1 3,934 0.16 48.40 - 2,398,759 (2.08) 2.88 Total 40 1,995,537 2.60 0.52 6.07 76,802,374 7.55 5.50
Strong Profitability * Note 2013 full year net income includes one-time merger costs of $2.4 million (pre-tax) related to the acquisition of FC Banc Corp and 2015 net income includes one-time merger costs of $308 thousand (pre-tax) related to the acquisition of Lake National Bank.
Stable Net Interest Margin
Superior Asset Quality Source: SNL Financial. NPAs excluded restructured loans. Texas ratio defined as NPA & Loans 90+/ Tangible Common Equity* + Allowance for Loan Losses. * Please see the Appendix for a reconciliation of non-GAAP financial information
Strong Capital Levels * Please see the Appendix for a reconciliation of non-GAAP financial information.
Non-GAAP Financial Reconciliation Tangible common equity, tangible assets and tangible book value per share are non-GAAP financial measures calculated using GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and the core deposit intangible from the calculation of shareholders’ equity. Tangible assets is calculated by excluding the balance of goodwill and the core deposit intangible from the calculation of total assets. Tangible book value per share is calculated by dividing tangible common equity by the number of shares outstanding. CNB believes that these non-GAAP financial measures provide information to investors that is useful in understanding its financial condition because, in the case of the tangible common equity to tangible assets ratio, the ratio is an additional measure used to assess capital adequacy and, in the case of tangible book value per share, tangible book value per share is an additional measure used to assess the Corporation’s value. Because not all companies use the same calculations of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except share and per share data). Quarter Ended ($ in thousands) 2010 2011 2012 2013 2014 2015 3/31/2016 Total Shareholders' Equity $109,645 $131,889 $145,364 $164,911 $188,548 $201,913 $208,156 Less Goodwill 10,821 10,821 10,946 27,194 27,194 27,194 27,194 Less Core Deposit Intangible - - - 4,583 3,403 2,395 2,180 Tangible Common Equity $98,824 $121,068 $134,418 $133,134 $157,951 $172,324 $178,782 Total Assets $1,413,511 $1,602,207 $1,773,079 $2,131,289 $2,189,213 $2,285,136 $2,301,001 Less Goodwill 10,821 10,821 10,946 27,194 27,194 27,194 27,194 Less Core Deposit Intangible - - - 4,583 3,403 2,395 2,180 Tangible Assets $1,402,690 $1,591,386 $1,762,133 $2,099,512 $2,158,616 $2,255,547 $2,271,627 Total Shareholders' Equity / Total Assets 7.76% 8.23% 8.20% 7.74% 8.61% 8.84% 9.05% Tangible Common Equity / Tangible Assets 7.05% 7.61% 7.63% 6.34% 7.32% 7.64% 7.87% Tangible Book Value per Share $8.08 $9.78 $10.77 $9.23 $10.97 $11.96 $12.36 Ending Shares Outstanding 12,237,261 12,377,318 12,475,904 14,427,780 14,404,416 14,407,980 14,458,818