Professional Documents
Culture Documents
Howe Barnes
Howe Barnes
Howe Barnes
June 4, 2008
Don Worthington
First Vice President
dworthington@howebarnes.com
(415) 538-5733
Kristin Hotti
Vice President
khotti@howebarnes.com
(415) 538-5712
Coverage Universe
CONTENTS
BUY
CALIFORNIA
MIDWEST
Ryan Whitmore, CFA
Research Associate
rwhitmore@howebarnes.com
(312) 655-2955
PAGES
3-5
PACIFIC NORTHWEST
SOUTHEAST
FOOTNOTES
DISCLOSURES
10 - 11
Please refer to the last two pages of this report and individual equity reports for important disclosures.
For a copy of these reports and other important disclosures, call 800-800-4693
Coverage Universe
June 4, 2008
BUY
Ticker
Company Name
BBNK
CCOW
CLFC
CORS
FCAL
HMNF
HBNC
INCB
MOFG
NOVB
PPBI
PFBC
OKSB
TAYC
TSH
YAVY
06/03/08
Last
Trade
Analyst
($)
DW
DW
DW
DC
DW
JW
BM
DC
BM
DW
DW
DW
DC
BM
MQ
MQ
14.90
5.30
9.05
5.34
7.70
17.53
22.00
21.80
15.26
8.66
7.30
8.57
16.67
11.71
35.39
15.00
52-Week
High
($)
Low
($)
24.58
25.54
17.63
18.27
13.00
35.55
28.05
29.65
19.24
25.50
11.75
43.44
25.61
32.83
45.75
19.25
13.45
3.76
7.99
4.95
6.90
16.51
20.00
18.00
14.64
8.50
5.91
7.76
14.08
11.66
29.50
12.27
% Change
Week
(%)
0.7
(9.1)
(3.3)
(7.1)
(0.6)
5.0
0.0
0.0
(0.9)
(5.7)
0.7
(3.9)
(1.7)
(8.9)
(1.7)
(1.0)
MTD
(%)
0.7
(9.1)
(3.3)
(7.1)
(0.6)
5.0
0.0
0.0
(0.9)
(5.7)
0.7
(3.9)
(1.7)
(8.9)
(1.7)
(1.0)
YTD
(%)
(30.6)
(72.7)
(26.5)
(50.0)
(14.9)
(28.6)
(14.2)
(5.0)
(17.7)
(33.8)
5.6
(67.1)
(9.1)
(42.6)
(6.3)
(1.8)
12-Month Projected
Target
Total
Price
Return
2007
($)
(%)
($)
19.00
7.00
12.00
9.00
10.00
27.00
26.00
24.00
19.00
11.00
10.50
15.00
20.00
20.00
36.50
18.00
27.5 1.57
32.1 (0.34)
34.8 1.31
68.5 1.85
29.9 0.92
59.7 2.89
20.9 2.51
13.8 1.72
28.5 1.29
31.6 1.12
43.8 0.55
79.7 2.50
22.3 1.46
74.2 1.25
7.0 2.89
23.5 1.32
Diluted
EPS
Diluted
P/E
2008E
($)
2009E
($)
1.35
0.55
1.05
0.25
0.80
2.00
2.68
1.85
1.51
0.50
0.60
1.45
1.30
(3.00)
3.69
1.33
1.70
0.70
1.20
0.25
0.95
2.50
2.55
2.00
1.65
0.80
0.75
2.20
1.50
0.00
3.39
1.62
2007
(X)
9.5
NM
6.9
2.9
8.4
6.1
8.8
12.7
11.8
7.7
13.3
3.4
11.4
9.4
12.2
11.4
Price/
Book Value
2008E 2009E
(X)
(X)
11.0
9.6
8.6
21.4
9.6
8.8
8.2
11.8
10.1
17.3
12.2
5.9
12.8
NM
9.6
11.3
8.8
7.6
7.5
21.4
8.1
7.0
8.6
10.9
9.2
10.8
9.7
3.9
11.1
NM
10.4
9.3
Stated
(%)
140.8
39.7
92.3
38.1
64.4
73.5
94.5
106.9
81.3
78.9
74.4
55.9
108.0
49.4
110.8
114.0
Tang.
(%)
140.8
55.4
93.1
38.1
113.7
76.4
105.5
109.9
112.7
98.5
74.4
55.9
111.5
49.4
117.3
184.7
EPS Growth
Rate
2008/ 2009/
2007
2008
(%)
(%)
(14.0)
NM
(19.8)
(86.5)
(13.0)
(30.8)
6.8
7.6
17.1
(55.4)
9.1
(42.0)
(11.0)
NM
27.7
0.8
25.9
27.3
14.3
0.0
18.8
25.0
(4.9)
8.1
9.3
60.0
25.0
51.7
15.4
NM
(8.1)
21.8
EPS
CAGR
PEG
Ratio
5-Year
(%)
2008
(X)
NM
NM
14.0
16.6
NM
17.0
6.5
(5.6)
1.8
(5.0)
(13.9)
37.4
5.6
NM
2.7
9.0
NM
NM
NM
NM
NM
NM
1.21
1.56
0.59
NM
1.34
NM
NM
NM
0.35
14.89
Core
LTM
LTM
ROAA ROAE
(%)
(%)
1.29
(0.30)
1.07
0.69
0.95
0.85
0.73
0.75
1.00
0.71
0.48
1.62
0.84
(0.55)
0.99
1.18
16.48
(3.95)
13.63
7.75
8.01
9.64
12.85
9.77
9.05
8.07
5.69
15.02
9.33
(6.88)
10.51
10.33
Div.
Yield
(%)
NA
NA
2.21
NA
NA
5.70
2.73
3.67
4.00
4.62
NA
4.67
2.28
3.42
3.90
3.47
Shares
Out.
(Mil)
6.52
10.81
16.37
55.02
11.48
4.17
3.25
3.36
8.70
7.42
4.90
9.76
14.53
10.92
2.11
11.46
Mkt.
Cap.
($ Mil)
97
57
148
294
88
73
72
73
133
64
36
84
242
128
75
172
Total
Assets
($ Mil)
785
2,104
2,155
9,072
1,135
1,105
1,250
920
1,522
945
770
1,551
2,671
3,520
756
1,425
Page 1
Coverage Universe
June 4, 2008
CALIFORNIA
Ticker
Company Name
AMRB
BOCH
BMRC
BBNK
CCOW
CATY
CLFC
CVCY
CVBF
EWBC
FCAL
HAFC
HTBK
HEOP
NARA
NOVB
PPBI
PSBC
PFBC
BSRR
SSBX
TMCV
TCBK
UCBH
VNBC
WIBC
(1)
(2)
(3)
(4)
DW
KH
DW
DW
DW
DW
DW
KH
DW
DW
DW
DW
DW
KH
DW
DW
DW
DW
DW
KH
DW
KH
KH
DW
KH
DW
N
N
N
B
B
N
B
N
N
N
B
N
S
N
N
B
B
N
B
N
N
N
N
N
N
N
06/03/08
Last
Trade
($)
13.99
7.50
28.37
14.90
5.30
14.84
9.05
10.02
10.74
12.35
7.70
6.18
15.15
9.99
12.59
8.66
7.30
10.25
8.57
21.00
2.94
6.13
15.93
4.28
3.49
8.59
Average:
Median:
Diluted
EPS
% Change
52-Week
High
Low
($)
($)
22.95
11.64
33.82
24.58
25.54
40.52
17.63
15.15
13.00
42.30
13.00
17.66
25.30
17.94
17.88
25.50
11.75
20.74
43.44
32.31
24.10
19.68
26.00
20.22
25.50
12.78
12.89
6.00
26.90
13.45
3.76
14.59
7.99
9.40
8.40
12.18
6.90
6.02
15.00
9.16
9.75
8.50
5.91
9.75
7.76
18.00
2.00
6.00
14.85
4.19
2.50
6.02
Week
(%)
MTD
(%)
Diluted
P/E
YTD
(%)
2007
($)
2008E
($)
2009E
($)
1.46
0.68
2.31
1.57
(0.34)
2.46
1.31
0.99
0.72
2.60
0.92
(1.27)
1.12
0.95
1.25
1.12
0.55
1.14
2.50
2.09
1.68
1.41
1.57
0.97
(2.48)
0.91
1.33
0.51
2.50
1.35
0.55
2.15
1.05
0.56
0.83
0.95
0.80
0.52
0.70
0.94
0.95
0.50
0.60
0.94
1.45
2.07
(2.25)
0.71
1.20
0.55
(2.16)
0.90
1.45
0.62
2.70
1.70
0.70
2.45
1.20
1.12
0.90
1.60
0.95
0.80
1.00
1.05
1.15
0.80
0.75
1.10
2.20
2.23
0.30
1.08
1.49
1.00
0.39
1.05
1.2
5.6
(0.8)
0.7
(9.1)
(3.5)
(3.3)
0.0
1.3
(6.7)
(0.6)
(3.4)
(4.8)
0.0
(1.0)
(5.7)
0.7
1.2
(3.9)
(4.7)
0.3
0.2
(3.3)
(12.3)
15.2
(3.8)
1.2
5.6
(0.8)
0.7
(9.1)
(3.5)
(3.3)
0.0
1.3
(6.7)
(0.6)
(3.4)
(4.8)
0.0
(1.0)
(5.7)
0.7
1.2
(3.9)
(4.7)
0.3
0.2
(3.3)
(12.3)
15.2
(3.8)
(18.4)
(14.3)
(3.0)
(30.6)
(72.7)
(44.0)
(26.5)
(8.8)
3.9
(49.0)
(14.9)
(28.3)
(17.6)
(16.8)
7.9
(33.8)
5.6
(18.5)
(67.1)
(15.6)
(79.1)
(47.7)
(17.5)
(69.8)
(65.4)
9.4
(1.6)
(0.9)
(1.6)
(0.9)
(28.2)
(18.4)
2007
(X)
Price/
Book Value
9.6
11.0
12.3
9.5
NM
6.0
6.9
10.1
14.9
4.8
8.4
NM
13.5
10.5
10.1
7.7
13.3
9.0
3.4
10.0
1.8
4.3
10.1
4.4
NM
9.4
10.5
14.7
11.3
11.0
9.6
6.9
8.6
17.9
12.9
13.0
9.6
11.9
21.6
10.6
13.3
17.3
12.2
10.9
5.9
10.1
NM
8.6
13.3
7.8
NM
9.5
9.6
12.1
10.5
8.8
7.6
6.1
7.5
8.9
11.9
7.7
8.1
7.7
15.2
9.5
10.9
10.8
9.7
9.3
3.9
9.4
9.8
5.7
10.7
4.3
8.9
8.2
8.7
9.5
11.6
11.0
9.0
9.1
128.1
140.7
160.5
140.8
39.7
73.0
92.3
109.7
197.4
70.9
64.4
76.6
120.7
108.5
145.0
78.9
74.4
108.0
55.9
197.2
31.3
57.2
132.5
44.3
52.2
142.2
101.6
100.1
Tang.
(%)
180.1
140.7
160.5
140.8
55.4
112.6
93.1
133.4
233.0
106.0
113.7
110.6
176.0
140.7
147.4
98.5
74.4
110.6
55.9
208.7
36.3
57.2
145.2
76.8
56.1
149.1
119.7
113.2
EPS Growth
Rate
2008/
2009/
2007
2008
(%)
(%)
(8.9)
(25.0)
8.2
(14.0)
NM
(12.6)
(19.8)
(43.4)
15.3
(63.5)
(13.0)
NM
(37.5)
(1.1)
(24.0)
(55.4)
9.1
(17.5)
(42.0)
(1.0)
NM
(49.6)
(23.6)
(43.3)
(12.9)
(1.1)
9.0
21.6
8.0
25.9
27.3
14.0
14.3
NM
8.4
68.4
18.8
53.8
42.9
11.7
21.1
60.0
25.0
17.0
51.7
7.7
NM
52.1
24.2
81.8
NM
16.7
EPS
CAGR
PEG
Ratio
5-Year
(%)
2008
(X)
10.9
9.6
13.2
NM
NM
12.9
14.0
14.2
4.1
21.1
NM
NM
12.2
13.7
15.8
(5.0)
(13.9)
27.4
37.4
18.1
51.5
23.0
9.9
15.6
NM
23.2
NM
NM
1.38
NM
NM
NM
NM
NM
0.85
NM
NM
NM
NM
NM
NM
NM
1.34
NM
NM
NM
NM
NM
NM
NM
NM
NM
Core
LTM
LTM
ROAA ROAE
(%)
(%)
1.44
0.96
1.33
1.29
(0.30)
1.26
1.07
1.28
1.00
1.02
0.95
(1.79)
0.92
1.09
1.35
0.71
0.48
NA
1.62
1.63
0.29
0.93
1.20
0.79
(2.41)
1.26
13.59
12.47
13.76
16.48
(3.95)
12.59
13.63
11.58
14.86
10.41
8.01
(15.26)
7.48
11.62
14.66
8.07
5.69
NA
15.02
20.54
3.32
11.52
12.40
9.33
(38.91)
15.71
0.77
1.02
8.18
11.62
Div.
Yield
(%)
4.29
4.27
1.97
NA
NA
2.83
2.21
NA
3.17
3.24
NA
3.88
2.11
3.05
0.87
4.62
NA
NA
4.67
3.24
NA
2.61
3.26
3.74
NA
2.33
Shares
Out.
(Mil)
5.53
8.71
5.14
6.52
10.81
49.42
16.37
6.00
83.10
63.44
11.48
45.91
12.01
7.70
26.19
7.42
4.90
3.70
9.76
9.57
15.14
10.03
15.74
110.46
10.22
29.39
Mkt.
Cap.
($ Mil)
Total
Assets
($ Mil)
77
65
146
97
57
733
148
60
892
783
88
284
182
77
330
64
36
38
84
201
44
61
251
473
36
252
588
651
920
785
2,104
10,443
2,155
496
6,375
11,760
1,135
3,940
1,415
761
2,546
945
770
444
1,551
1,282
1,915
1,376
1,999
12,743
2,358
2,260
3.13
3.20
Page 2
Coverage Universe
June 4, 2008
MIDWEST
Ticker
Company Name
AMFI
ABCW
BANF
BKMU
BYLK
CBC
COBZ
CTBI
CORS
DCBF
DEAR
EFSC
BUSE
FFBC
THFF
FFKY
(5)
(6)
(7)
BM
JW
DC
JW
BM
BM
JW
DC
DC
JW
JW
BM
JW
DC
DC
BM
N
N
N
N
N
N
N
N
B
N
N
N
N
S
N
N
06/03/08
Last
Trade
($)
9.41
13.42
43.37
11.16
7.20
14.86
9.66
31.05
5.34
15.35
6.20
19.65
17.81
11.73
31.23
21.61
Average:
Median:
Diluted
EPS
% Change
52-Week
High
Low
($)
($)
30.50
29.10
48.95
12.32
14.50
29.31
19.25
34.91
18.27
24.75
17.90
27.15
23.18
15.25
34.00
29.49
9.25
13.39
38.75
9.68
6.65
14.39
9.58
23.38
4.95
12.90
5.38
17.99
17.47
9.87
23.48
20.00
Week
(%)
MTD
(%)
Diluted
P/E
YTD
(%)
2007
($)
2008E
($)
2009E
($)
1.23
1.80
3.33
0.31
0.18
1.27
0.96
2.38
1.85
0.04
0.36
1.40
1.13
0.93
1.94
1.96
(0.75)
1.49
2.85
0.36
0.51
0.46
0.70
2.34
0.25
0.97
0.22
1.26
1.22
0.76
1.98
1.60
1.05
1.60
3.00
0.38
0.56
0.80
0.95
2.45
0.25
1.10
0.40
1.45
1.40
0.85
2.00
1.76
(4.0)
(4.3)
(0.1)
0.6
6.7
(4.0)
(8.7)
1.3
(7.1)
(1.0)
2.5
(2.0)
(2.3)
3.0
(4.6)
3.1
(4.0)
(4.3)
(0.1)
0.6
6.7
(4.0)
(8.7)
1.3
(7.1)
(1.0)
2.5
(2.0)
(2.3)
3.0
(4.6)
3.1
(58.5)
(42.9)
1.2
5.6
(30.4)
(26.1)
(35.0)
12.8
(50.0)
(4.1)
(19.8)
(17.5)
(10.3)
2.9
10.2
(10.0)
(1.4)
(1.7)
(1.4)
(1.7)
(13.5)
(10.0)
2007
(X)
Price/
Book Value
7.7
7.5
13.0
36.0
40.0
11.7
10.1
13.0
2.9
NM
17.2
14.0
15.8
12.6
16.1
11.0
NM
9.0
15.2
31.0
14.1
32.3
13.8
13.3
21.4
15.8
28.2
15.6
14.6
15.4
15.8
13.5
9.0
8.4
14.5
29.4
12.9
18.6
10.2
12.7
21.4
14.0
15.5
13.6
12.7
13.8
15.6
12.3
14.1
12.7
15.8
14.0
13.0
11.7
60.1
84.0
170.5
126.8
68.6
66.4
116.0
151.6
38.1
98.1
36.6
137.7
122.2
158.3
139.5
135.0
106.7
107.7
Tang.
(%)
61.1
89.2
191.5
147.2
74.2
81.7
159.1
193.8
38.1
98.1
53.6
214.3
263.1
176.7
143.9
152.1
141.7
140.2
EPS Growth
Rate
2008/
2009/
2007
2008
(%)
(%)
NM
(17.2)
(14.4)
16.1
NM
(63.8)
(27.1)
(1.7)
(86.5)
NM
(38.9)
(10.0)
8.0
(18.3)
2.1
(18.4)
NM
7.4
5.3
5.6
9.8
73.9
35.7
4.7
0.0
13.4
81.8
15.1
14.8
11.8
1.0
10.0
EPS
CAGR
PEG
Ratio
5-Year
(%)
2008
(X)
(6.8)
3.7
10.4
(1.8)
(55.5)
(4.2)
12.6
5.6
16.6
(47.0)
(11.4)
21.9
5.4
(2.2)
(1.6)
5.8
NM
NM
NM
1.92
NM
NM
NM
NM
NM
NM
NM
NM
1.83
NM
7.65
NM
Core
LTM
LTM
ROAA ROAE
(%)
(%)
(0.08)
0.74
1.26
0.49
0.29
0.37
NA
1.23
0.69
(0.04)
0.24
0.94
0.86
0.86
1.16
1.04
(1.04)
10.00
12.35
3.79
3.99
4.50
NA
12.12
7.75
(0.46)
1.76
10.20
7.66
10.30
9.24
12.19
0.62
0.73
6.94
8.40
Div.
Yield
(%)
2.13
5.37
1.84
3.23
NA
4.04
2.90
3.74
NA
4.17
NA
1.07
4.49
5.80
2.82
3.52
Shares
Out.
(Mil)
21.95
21.34
15.18
48.24
7.91
17.32
23.07
14.99
55.02
3.72
8.08
12.52
35.77
37.48
13.10
4.66
Mkt.
Cap.
($ Mil)
207
286
659
538
57
257
223
465
294
57
50
246
637
440
409
101
Total
Assets
($ Mil)
5,177
4,726
3,786
3,548
1,077
5,067
2,449
2,904
9,072
719
1,048
2,048
4,252
3,323
2,299
882
3.97
3.88
Page 3
Coverage Universe
June 4, 2008
MIDWEST
Ticker
Company Name
FRME
FBMI
GABC
GSBC
HTLF
HMNF
HFBC
HBNC
IBCP
INCB
IBNK
LKFN
LNBB
MCBC
MSFG
MBFI
MBTF
(8)
(9)
BM
BM
JW
JW
BM
JW
JW
BM
JW
DC
DC
DC
DC
JW
BM
DC
BM
N
N
N
N
N
B
N
B
N
B
N
N
N
N
N
N
N
06/03/08
Last
Trade
($)
23.75
12.68
12.63
11.08
22.70
17.53
13.85
22.00
5.70
21.80
13.65
24.21
11.40
8.75
16.41
27.78
8.55
Average:
Median:
Diluted
EPS
% Change
52-Week
High
Low
($)
($)
30.00
19.67
14.09
28.00
25.83
35.55
16.35
28.05
17.56
29.65
23.92
25.98
16.12
16.44
19.20
37.88
14.60
18.30
12.32
11.00
10.68
15.98
16.51
13.00
20.00
5.36
18.00
12.50
16.87
9.65
7.56
11.99
25.41
7.93
Week
(%)
MTD
(%)
Diluted
P/E
YTD
(%)
2007
($)
2008E
($)
2009E
($)
1.73
1.21
0.85
2.15
1.54
2.89
1.14
2.51
0.45
1.72
1.66
1.55
0.79
0.54
1.17
2.12
0.47
1.88
1.12
1.00
0.22
1.45
2.00
1.29
2.68
0.40
1.85
1.25
1.58
0.82
0.38
1.36
1.64
0.60
2.00
1.20
1.10
2.10
1.58
2.50
1.33
2.55
0.90
2.00
1.40
1.70
0.90
0.52
1.42
2.15
0.63
(4.0)
(0.5)
(2.8)
(4.1)
(3.0)
5.0
(1.7)
0.0
(5.2)
0.0
(5.0)
1.2
3.6
(2.7)
(2.2)
(2.4)
1.1
(4.0)
(0.5)
(2.8)
(4.1)
(3.0)
5.0
(1.7)
0.0
(5.2)
0.0
(5.0)
1.2
3.6
(2.7)
(2.2)
(2.4)
1.1
8.7
(8.2)
(0.9)
(49.5)
22.2
(28.6)
(6.0)
(14.2)
(40.0)
(5.0)
(3.3)
15.8
(22.2)
1.9
5.5
(9.9)
(3.1)
(1.4)
(1.7)
(1.4)
(1.7)
(13.5)
(10.0)
2007
(X)
Price/
Book Value
13.7
10.5
14.9
5.2
14.7
6.1
12.1
8.8
12.7
12.7
8.2
15.6
14.4
16.2
14.0
13.1
18.2
12.6
11.3
12.6
50.4
15.7
8.8
10.7
8.2
14.3
11.8
10.9
15.3
13.9
23.0
12.1
16.9
14.3
11.9
10.6
11.5
5.3
14.4
7.0
10.4
8.6
6.3
10.9
9.8
14.2
12.7
16.8
11.6
12.9
13.6
14.1
12.7
15.8
14.0
13.0
11.7
122.4
78.8
140.0
86.4
157.0
73.5
86.5
94.5
55.0
106.9
84.9
196.0
99.7
91.3
111.3
110.5
107.7
106.7
107.7
Tang.
(%)
199.9
118.3
161.9
87.4
193.4
76.4
99.4
105.5
83.5
109.9
142.5
203.4
137.3
110.9
219.1
201.9
107.7
141.7
140.2
EPS Growth
Rate
2008/
2009/
2007
2008
(%)
(%)
8.7
(7.4)
17.6
(89.8)
(5.8)
(30.8)
13.2
6.8
(11.1)
7.6
(24.7)
1.9
3.8
(29.6)
16.2
(22.6)
27.7
6.4
7.1
10.0
NM
9.0
25.0
3.1
(4.9)
NM
8.1
12.0
7.6
9.8
36.8
4.4
31.1
5.0
EPS
CAGR
PEG
Ratio
5-Year
(%)
2008
(X)
0.5
(7.2)
1.7
0.8
3.8
17.0
(2.0)
6.5
(19.1)
(5.6)
5.6
8.3
(10.7)
(2.4)
(0.2)
8.7
(15.9)
1.46
NM
0.72
NM
NM
NM
0.82
1.21
NM
1.56
NM
7.92
3.66
NM
0.74
NM
0.52
Core
LTM
LTM
ROAA ROAE
(%)
(%)
NA
0.61
0.99
0.32
0.73
0.85
0.53
0.73
0.24
0.75
0.93
1.01
0.50
0.33
0.93
0.58
0.44
NA
6.98
11.91
3.98
10.55
9.64
7.81
12.85
3.21
9.77
9.40
13.52
6.14
4.15
8.80
5.36
5.03
0.62
0.73
6.94
8.40
Div.
Yield
(%)
3.87
7.10
4.43
6.50
1.76
5.70
3.47
2.73
7.72
3.67
5.27
2.56
6.32
5.94
3.53
2.59
8.42
Shares
Out.
(Mil)
18.20
7.45
11.03
13.38
16.31
4.17
3.57
3.25
22.77
3.36
20.66
12.23
7.30
17.02
18.57
34.74
16.13
Mkt.
Cap.
($ Mil)
432
94
139
148
370
73
50
72
130
73
282
296
83
149
305
965
138
Total
Assets
($ Mil)
3,767
1,382
1,175
2,502
3,300
1,105
813
1,250
3,247
920
3,401
2,205
1,067
2,139
2,528
8,090
1,555
3.97
3.88
Page 4
Coverage Universe
June 4, 2008
MIDWEST
Ticker
Company Name
MBWM
MCBI
MBHI
MOFG
MROE
MFSF
NSFC
OSBC
PEBO
PNBC
PVTB
PRSP
PULB
OKSB
TAYC
TFIN
TOFC
WTBA
(10)
(11)
(12)
(13)
DC
DW
DC
BM
BM
BM
BM
BM
JW
BM
DC
DC
DC
DC
BM
DC
DC
JW
N
N
N
B
N
N
N
N
N
N
S
N
N
B
B
S
N
N
06/03/08
Last
Trade
($)
8.05
12.90
8.16
15.26
12.66
10.64
18.15
18.85
23.72
28.19
35.80
31.48
11.99
16.67
11.71
7.76
10.15
11.25
Average:
Median:
Diluted
EPS
% Change
52-Week
High
Low
($)
($)
28.58
22.08
16.12
19.24
18.77
19.75
25.97
31.00
28.26
29.75
38.74
36.00
16.90
25.61
32.83
17.20
15.48
16.36
7.80
12.01
8.04
14.64
12.63
9.81
17.45
18.34
20.38
23.04
25.41
21.96
9.40
14.08
11.66
6.87
8.79
11.25
Week
(%)
MTD
(%)
Diluted
P/E
YTD
(%)
2007
($)
2008E
($)
2009E
($)
1.06
1.10
0.72
1.29
1.24
1.02
1.05
1.89
1.74
2.03
0.53
1.94
0.88
1.46
1.25
1.13
(0.64)
1.08
(0.42)
1.00
0.29
1.51
1.12
1.12
1.15
1.95
2.00
2.45
(0.37)
2.15
0.97
1.30
(3.00)
(1.53)
0.50
0.77
0.53
1.15
0.80
1.65
1.20
1.25
1.23
2.12
2.08
2.60
1.45
2.30
1.05
1.50
0.00
0.25
0.70
1.05
(4.3)
0.4
(7.1)
(0.9)
(2.7)
4.6
(6.7)
(0.7)
0.1
0.9
(5.5)
(1.4)
6.9
(1.7)
(8.9)
(3.6)
9.1
(6.3)
(4.3)
0.4
(7.1)
(0.9)
(2.7)
4.6
(6.7)
(0.7)
0.1
0.9
(5.5)
(1.4)
6.9
(1.7)
(8.9)
(3.6)
9.1
(6.3)
(48.1)
(0.8)
(34.3)
(17.7)
(20.9)
(23.7)
(17.5)
(29.6)
(4.7)
16.2
9.6
7.1
19.9
(9.1)
(42.6)
(47.7)
(21.9)
(13.7)
(1.4)
(1.7)
(1.4)
(1.7)
(13.5)
(10.0)
2007
(X)
Price/
Book Value
7.6
11.7
11.3
11.8
10.2
10.4
17.3
10.0
13.6
13.9
67.5
16.2
13.6
11.4
9.4
6.9
NM
10.4
NM
12.9
28.1
10.1
11.3
9.5
15.8
9.7
11.9
11.5
NM
14.6
12.4
12.8
NM
NM
20.3
14.6
15.2
11.2
10.2
9.2
10.6
8.5
NA
8.9
11.4
10.8
24.7
NA
11.4
11.1
NM
31.0
14.5
10.7
14.1
12.7
15.8
14.0
13.0
11.7
39.4
116.3
67.2
81.3
140.2
51.3
101.5
130.3
117.7
132.5
224.2
121.4
142.1
108.0
49.4
57.4
83.3
164.0
106.7
107.7
Tang.
(%)
39.4
143.2
140.9
112.7
140.2
62.1
118.9
197.8
174.7
227.9
287.3
415.3
149.7
111.5
49.4
66.7
83.3
211.9
141.7
140.2
EPS Growth
Rate
2008/
2009/
2007
2008
(%)
(%)
NM
(9.1)
(59.7)
17.1
(9.7)
9.8
9.5
3.2
14.9
20.7
NM
10.8
10.2
(11.0)
NM
NM
NM
(28.7)
NM
15.0
NM
9.3
7.1
11.6
NA
8.7
4.0
6.1
NM
NA
8.2
15.4
NM
NM
40.0
36.4
EPS
CAGR
PEG
Ratio
5-Year
(%)
2008
(X)
(1.8)
5.8
(6.2)
1.8
6.4
(7.5)
(9.3)
7.0
(4.5)
1.8
(4.9)
9.7
12.4
5.6
NM
0.0
NM
3.3
NM
NM
NM
0.59
NM
0.97
1.66
3.04
0.79
0.56
NM
1.35
1.21
NM
NM
NM
NM
NM
Core
LTM
LTM
ROAA ROAE
(%)
(%)
0.05
0.79
0.33
1.00
0.95
0.45
0.62
0.91
1.17
0.66
(0.14)
1.49
0.80
0.84
(0.55)
(0.37)
(0.30)
1.21
0.53
9.56
3.43
9.05
13.06
4.94
5.55
15.59
10.94
10.45
(1.92)
8.40
11.05
9.33
(6.88)
(5.65)
(4.22)
13.35
0.62
0.73
6.94
8.40
Div.
Yield
(%)
3.98
1.24
6.37
4.00
4.11
6.02
4.41
3.18
3.88
3.97
0.84
1.59
3.00
2.28
3.42
4.12
1.73
5.69
Shares
Out.
(Mil)
8.53
10.85
27.86
8.70
6.23
4.14
4.07
13.74
10.40
3.30
28.55
44.29
10.15
14.53
10.92
3.60
4.07
17.40
Mkt.
Cap.
($ Mil)
69
140
227
133
79
44
74
259
247
93
1,022
1,394
122
242
128
28
41
196
Total
Assets
($ Mil)
2,116
1,510
3,730
1,522
777
960
645
3,001
1,891
1,087
6,014
6,465
1,260
2,671
3,520
848
691
1,333
3.97
3.88
Page 5
Coverage Universe
June 4, 2008
PACIFIC NORTHWEST
Ticker
Company Name
AWBC
BANR
CACB
CASB
CTBK
CBBO
COLB
FTBK
HRZB
NRIM
PCBK
RVSB
TSBK
WCBO
AmericanWest Bancorporation
Banner Corporation
Cascade Bancorp
Cascade Financial Corporation
City Bank
Columbia Bancorp
Columbia Banking System, Inc.
Frontier Financial Corporation
Horizon Financial Corp.
Northrim BanCorp, Inc.
Pacific Continental Corporation
Riverview Bancorp, Inc.
Timberland Bancorp, Inc.
West Coast Bancorp
(14)
(15)
KH
KH
JW
DW
KH
JW
KH
KH
KH
KH
DW
DW
KH
JW
N
S
N
N
N
N
S
N
N
N
N
N
N
N
06/03/08
Last
Trade
($)
3.14
17.67
8.58
9.15
13.68
10.67
25.79
14.54
10.33
19.50
14.44
8.74
10.38
11.11
Average:
Median:
Diluted
EPS
% Change
52-Week
High
Low
($)
($)
20.96
37.79
25.28
16.75
33.20
22.40
34.00
26.17
23.87
28.57
16.41
15.82
19.15
32.83
2.93
17.56
8.50
8.97
13.75
9.75
21.07
14.30
10.28
17.44
10.35
7.30
10.05
10.51
Week
(%)
MTD
(%)
Diluted
P/E
YTD
(%)
2007
($)
2008E
($)
2009E
($)
0.54
2.49
1.05
1.27
2.62
1.42
1.91
1.62
1.51
1.80
1.08
0.79
1.17
1.04
(0.19)
0.87
0.75
0.90
2.21
0.60
1.80
1.14
1.25
1.56
1.10
0.70
0.98
0.70
0.52
1.47
0.90
1.05
2.53
0.90
1.99
1.30
1.47
1.80
1.23
0.90
1.11
1.25
(6.3)
(2.9)
(2.2)
1.4
(5.5)
(6.5)
(3.5)
(1.1)
(4.5)
4.0
(3.3)
(1.2)
(5.5)
(4.0)
(6.3)
(2.9)
(2.2)
1.4
(5.5)
(6.5)
(3.5)
(1.1)
(4.5)
4.0
(3.3)
(1.2)
(5.5)
(4.0)
(82.2)
(38.5)
(38.4)
(32.7)
(39.0)
(35.4)
(13.3)
(21.7)
(40.8)
(8.5)
15.3
(24.3)
(14.8)
(39.9)
(2.9)
(3.4)
(2.9)
(3.4)
(29.6)
(34.1)
08A
08A
09E
09E
2007
(X)
10E
10E
Price/
Book Value
5.8
7.1
8.2
7.2
5.2
7.5
13.5
9.0
6.8
10.8
13.4
11.1
8.9
10.7
NM
20.3
11.4
10.2
6.2
17.8
14.3
12.8
8.3
12.5
13.1
12.5
10.6
15.9
6.0
12.0
9.5
8.7
5.4
11.9
13.0
11.2
7.0
10.8
11.7
9.7
9.4
8.9
21.5
64.4
86.3
89.1
99.2
104.5
132.6
146.0
95.7
120.7
157.3
103.1
95.4
83.2
8.9
8.5
12.8
12.5
9.7
9.6
99.9
97.5
Tang.
(%)
40.4
94.6
146.2
111.9
99.2
112.6
187.3
175.4
96.4
133.3
199.2
144.2
104.8
89.5
123.9
112.2
EPS Growth
Rate
2008/
2009/
2007
2008
(%)
(%)
NM
(65.1)
(28.6)
(29.1)
(15.6)
(57.7)
(5.8)
(29.6)
(17.2)
(13.3)
1.9
(11.4)
(16.2)
(32.7)
NM
69.0
20.0
16.7
14.5
50.0
10.6
14.0
17.6
15.4
11.8
28.6
13.3
78.6
EPS
CAGR
PEG
Ratio
5-Year
(%)
2008
(X)
(13.3)
24.9
12.6
10.2
14.5
8.8
19.6
14.3
10.9
7.9
23.9
10.0
6.4
(1.5)
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
7.09
NM
NM
NM
Core
LTM
LTM
ROAA ROAE
(%)
(%)
(1.22)
0.78
1.10
1.03
3.39
1.19
1.17
1.94
1.35
1.15
1.40
1.04
1.17
0.40
(8.78)
8.16
9.31
11.98
18.74
12.33
11.20
17.14
14.28
10.91
12.29
8.97
9.95
4.76
1.14
1.16
10.09
11.06
Div.
Yield
(%)
NA
4.53
4.66
3.93
4.39
3.75
2.64
4.95
5.23
3.49
2.77
4.12
4.24
4.86
Shares
Out.
(Mil)
17.21
15.74
28.08
12.05
15.76
10.09
18.09
47.01
11.89
6.31
11.96
10.91
6.88
15.69
Mkt.
Cap.
($ Mil)
54
278
241
110
216
108
467
684
123
123
173
95
71
174
Total
Assets
($ Mil)
2,108
4,572
2,406
1,503
1,309
1,046
3,247
4,063
1,392
1,002
997
887
655
2,621
4.12
4.24
Page 6
Coverage Universe
June 4, 2008
SOUTHEAST
Ticker
Company Name
ABVA
OZRK
BNCN
CAPE
CBKN
CSBC
CPBK
COOP
CRFN
FCCO
FSBK
FNBN
FOFN
GRNB
IBKC
MSL
NCBC
NXTY
PNFP
SUPR
TSH
WGNB
YAVY
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
(28)
MQ
BM
MQ
MQ
MQ
MQ
MQ
MQ
MQ
MQ
MQ
MQ
MQ
BM
MQ
MQ
MQ
JW
BM
JW
MQ
MQ
MQ
N
N
N
N
N
N
N
N
N
S
N
N
N
N
N
N
N
N
N
N
B
S
B
06/03/08
Last
Trade
($)
4.20
23.94
13.75
8.80
10.03
9.05
10.90
8.10
7.12
13.27
18.37
10.43
15.00
19.18
52.68
19.20
6.51
5.12
25.80
14.57
35.39
12.25
15.00
Average:
Median:
Diluted
EPS
% Change
52-Week
High
Low
($)
($)
14.75
33.87
18.61
11.33
17.62
12.99
19.90
17.93
12.10
17.25
29.85
16.49
20.68
38.63
54.36
28.57
14.28
11.48
31.31
43.88
45.75
28.95
19.25
4.20
18.49
13.09
8.50
8.60
8.89
10.75
7.86
6.80
12.00
18.01
8.66
11.00
15.06
37.44
16.67
6.05
4.52
20.82
10.00
29.50
12.16
12.27
Week
(%)
MTD
(%)
Diluted
P/E
YTD
(%)
2007
($)
2008E
($)
2009E
($)
(0.55)
1.89
1.05
0.35
0.77
0.70
1.62
1.19
0.65
1.20
1.70
1.05
0.92
2.07
3.47
1.32
0.24
0.62
1.34
0.80
2.89
0.61
1.32
(0.32)
2.00
0.95
(0.17)
0.80
0.66
1.21
0.58
0.42
1.34
1.48
1.05
1.13
2.12
3.81
1.14
0.40
0.22
1.56
0.17
3.69
0.82
1.33
0.00
2.20
1.28
0.20
0.85
0.81
1.50
1.04
0.60
1.35
1.62
1.18
NA
2.25
4.35
1.43
0.46
0.50
1.80
0.65
3.39
1.08
1.62
(4.3)
(1.8)
(0.4)
0.0
(3.7)
(1.3)
(3.3)
(4.7)
(2.7)
(2.4)
(4.6)
3.7
(1.6)
(1.0)
(0.1)
(1.3)
(1.4)
(9.4)
(4.1)
(1.6)
(1.7)
0.7
(1.0)
(4.3)
(1.8)
(0.4)
0.0
(3.7)
(1.3)
(3.3)
(4.7)
(2.7)
(2.4)
(4.6)
3.7
(1.6)
(1.0)
(0.1)
(1.3)
(1.4)
(9.4)
(4.1)
(1.6)
(1.7)
0.7
(1.0)
(35.6)
(8.6)
(18.7)
(22.3)
(4.9)
(10.7)
(27.2)
(31.4)
(25.1)
2.9
(17.2)
(14.2)
(4.8)
(0.1)
12.7
(17.6)
(21.1)
(22.9)
1.5
(32.2)
(6.3)
(38.7)
(1.8)
(2.1)
(1.6)
(2.1)
(1.6)
(15.0)
(17.2)
2007
(X)
Price/
Book Value
NM
12.7
13.1
25.1
13.0
12.9
6.7
6.8
11.0
11.1
10.8
9.9
16.3
9.3
15.2
14.5
27.1
8.3
19.3
18.2
12.2
20.1
11.4
NM
12.0
14.5
NM
12.5
13.7
9.0
14.0
17.0
9.9
12.4
9.9
13.3
9.0
13.8
16.8
16.3
23.3
16.5
NM
9.6
14.9
11.3
NM
10.9
10.7
44.0
11.8
11.2
7.3
7.8
11.9
9.8
11.3
8.8
NA
8.5
12.1
13.4
14.2
10.2
14.3
22.4
10.4
11.3
9.3
13.9
12.8
13.5
13.5
12.9
11.2
49.2
189.1
115.4
119.2
67.1
80.7
74.4
82.2
72.4
66.4
205.9
54.7
164.5
75.5
132.5
180.3
71.6
56.6
121.6
41.5
110.8
92.0
114.0
101.6
82.2
Tang.
(%)
57.6
194.5
171.0
119.2
107.5
127.1
87.5
90.2
109.0
123.7
216.9
118.0
164.5
144.1
269.1
209.2
85.1
57.3
267.4
88.2
117.3
144.3
184.7
141.4
123.7
EPS Growth
Rate
2008/
2009/
2007
2008
(%)
(%)
(41.8)
5.8
(9.5)
NM
3.9
(5.7)
(25.3)
(51.3)
(35.4)
11.7
(12.9)
0.0
22.8
2.4
9.8
(13.6)
66.7
(64.5)
16.4
(78.8)
27.7
34.4
0.8
NM
10.0
34.7
NM
6.3
22.7
24.0
79.3
42.9
0.7
9.5
12.4
NA
6.1
14.2
25.4
15.0
NM
15.4
NM
(8.1)
31.7
21.8
EPS
CAGR
PEG
Ratio
5-Year
(%)
2008
(X)
NM
15.5
13.8
0.6
(2.2)
7.4
7.2
9.6
13.2
6.1
13.3
(7.2)
12.3
7.7
6.2
12.0
(0.8)
31.1
68.0
NM
2.7
(13.4)
9.0
NM
2.06
NM
NM
3.22
NM
NM
NM
NM
0.85
NM
NM
0.58
3.75
1.41
NM
0.24
NM
1.01
NM
0.35
0.43
14.89
Core
LTM
LTM
ROAA ROAE
(%)
(%)
(1.09)
1.19
0.66
0.10
0.58
0.66
0.80
0.74
0.72
0.77
1.82
0.56
0.83
0.94
0.96
0.94
0.09
0.56
0.92
0.22
0.99
0.40
1.18
(12.20)
16.66
9.10
1.62
5.20
5.96
9.85
10.70
6.57
6.81
19.49
4.91
10.50
8.55
9.43
12.07
0.87
7.76
7.78
1.83
10.51
4.16
10.33
0.68
0.74
7.32
7.78
Div.
Yield
(%)
NA
2.01
1.45
NA
3.19
3.76
5.50
2.47
NA
2.41
4.35
5.75
2.13
2.71
2.58
1.46
NA
NA
NA
NA
3.90
3.43
3.47
Shares
Out.
(Mil)
5.11
16.82
7.29
3.84
11.24
7.54
4.47
6.58
9.52
3.20
9.75
11.43
6.24
13.00
12.87
6.62
6.82
7.77
22.60
10.05
2.11
6.06
11.46
Mkt.
Cap.
($ Mil)
21
403
100
34
113
68
49
53
68
42
179
119
94
249
678
127
44
40
583
146
75
74
172
Total
Assets
($ Mil)
554
3,052
1,186
470
1,575
777
811
958
881
590
914
2,035
771
2,913
5,132
937
603
997
3,889
2,964
756
886
1,425
3.16
2.95
Page 7
Coverage Universe
June 4, 2008
FOOTNOTES
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
Page 8
Coverage Universe
June 4, 2008
80.00%
60.00%
40.00%
20.00%
0.00%
-20.00%
Jun-03 Oct-03 Feb-04 Jun-04 Oct-04 Feb-05 Jun-05 Oct-05 Feb-06 Jun-06 Oct-06 Feb-07 Jun-07 Oct-07 Feb-08 Jun-08
S&P 500
Price Performance
YTD
2008
(%)
2004
(%)
2003
(%)
5-Year
Average
(%)
(4.3)
3.0
11.0
9.0
29.9
26.3
5.1
11.1
13.3
5.4
13.3
11.5
3.4
(1.9)
(5.4)
(3.7)
1.8
4.5
7.6
14.5
20.9
10.9
13.1
30.4
34.9
32.9
41.2
43.6
4.9
5.5
6.9
8.7
8.9
13.4
11.8
12.1
20.1
9.4
4.0
(10.3)
(3.4)
(6.9)
(8.2)
8.1
7.3
11.1
8.3
4.6
35.6
40.8
47.1
39.4
37.6
2.2
5.2
8.6
7.7
5.2
2007
(%)
2006
(%)
(8.8)
(6.2)
(22.1)
3.5
11.0
13.6
(16.6)
(8.2)
(7.0)
(10.3)
(6.8)
(25.1)
(22.1)
(28.9)
(21.7)
(20.2)
(13.3)
5.6
(3.9)
(5.5)
(1.2)
(50.2)
(23.7)
(23.9)
(22.4)
(17.2)
2005
(%)
Industry Medians
Price/Earnings
2007
2008
2009
Price
EPS
Book Value
Growth Rate
Stated
Tangible 2008/2007 2009/2008
(%)
(%)
Core
ROAA
LTM
ROAE
LTM
(%)
(%)
(X)
(X)
(X)
(%)
(%)
Banks
Assets < $500 Mil
Assets b/w $500 Mil - $1 Bil
Assets b/w $1 - $5 Bil
Assets b/w $5 - $10 Bil
Assets > $10 Bil
14.4
12.7
13.4
13.2
11.3
15.1
12.8
13.9
13.4
13.1
11.3
10.8
12.0
12.2
11.2
102.5
106.9
111.9
121.4
107.0
108.0
121.8
146.2
182.1
162.8
(16.7)
(7.4)
(5.7)
(1.7)
(10.3)
16.8
17.9
14.3
9.4
12.5
0.71
0.82
0.91
0.95
1.13
7.71
9.75
9.75
8.76
11.40
Thrifts
Assets < $500 Mil
Assets b/w $500 Mil - $1 Bil
Assets b/w $1 Bil - $5 Bil
Assets b/w $5 Bil - $10 Bil
Assets > $10 Bil
31.7
19.7
18.8
24.5
17.3
30.8
16.4
15.3
23.0
20.1
76.9
16.3
14.2
19.9
13.6
96.3
98.9
110.1
96.0
54.5
100.7
104.9
124.9
178.4
148.9
(20.0)
6.9
8.9
14.4
12.2
143.8
7.8
14.0
12.9
3.0
0.44
0.46
0.58
0.54
0.35
3.63
4.60
5.41
3.41
2.72
Page 9
Coverage Universe
June 4, 2008
DISCLOSURES
RATING SYSTEM
Category
BUY
NEUTRAL
SELL
Description
Those equities that we think will provide an expected total return (price appreciation plus dividend yield) of 10% or more over the next 12 months.
Those equities that we think will provide an expected total return (price appreciation plus dividend yield) of 0-10% over the next 12 months.
Those equities that we think will provide a negative expected total return (price appreciation plus dividend yield) over the next 12 months.
Howe Barnes Hoefer & Arnett, Inc. expects to receive compensation for investment banking services from the following companies within
the next three months:
AmericanWest Bancorporation
Howe Barnes Hoefer & Arnett, Inc. has received compensation for investment banking services from the following companies within the past
12 months:
American River Bankshares
Center Financial Corporation
East West Bancorp, Inc.
Firstbank Corporation
The following companies are or have been non-investment banking clients for securities-related services of Howe Barnes Hoefer &
Arnett, Inc. within the past 12 months:
Alliance Bankshares Corporation
AMCORE Financial, Inc.
American River Bankshares
AmericanWest Bancorporation
Anchor BanCorp Wisconsin Inc.
BancFirst Corporation
Bank Mutual Corporation
Bank of Commerce Holdings
Bank of Marin Bancorp
Banner Corporation
Baylake Corp.
Capital Bank Corporation
Capital Corp of the West
Cascade Financial Corporation
Cathay General Bancorp
Center Financial Corporation
Central Valley Community Bancorp
Citizens South Banking Corporation
Columbia Bancorp
Community Capital Corporation
Community Trust Bancorp, Inc.
Corus Bankshares, Inc.
DCB Financial Corp
Dearborn Bancorp, Inc.
East West Bancorp, Inc.
Enterprise Financial Services Corp
First Busey Corporation
First Community Corporation
First Financial Bancorp.
First Financial Corporation
Page 10
Coverage Universe
June 4, 2008
DISCLOSURES (CONTINUED)
Howe Barnes Hoefer & Arnett, Inc. has received compensation for non-investment banking services from the following companies
within the past 12 months:
Alliance Bankshares Corporation
American River Bankshares
BancFirst Corporation
Bank Mutual Corporation
Bank of Commerce Holdings
Bank of Marin Bancorp
Banner Corporation
Baylake Corp.
Capital Bank Corporation
Cascade Financial Corporation
Cathay General Bancorp
Center Financial Corporation
Central Valley Community Bancorp
Citizens South Banking Corporation
Columbia Bancorp
Community Capital Corporation
Community Trust Bancorp, Inc.
Corus Bankshares, Inc.
Dearborn Bancorp, Inc.
Enterprise Financial Services Corp
First Busey Corporation
First Community Corporation
First Financial Bancorp.
First Financial Corporation
William R. Rybak, a member of the Board of Directors of Howe Barnes Hoefer & Arnett, Inc. is also a director of PrivateBancorp, Inc.
We, the research analysts responsible for this report, assert that the views expressed in this report accurately reflect our personal
views regarding all of the subject securities or issuers. We have not received, and will not receive, any compensation related to
the specific recommendations or views expressed in this report.
The factual statements herein have been taken from sources we believe to be reliable but such statements are made without any
representation as to accuracy or completeness or otherwise and this report does not purport to be a complete analysis of the securities,
companies or industries involved. All opinions and estimates included in this report are our own unless otherwise stated and are subject to
change without notice. This report has no regard to the specific investment objective; financial situation or particular needs of any specific
recipient and should not be considered as a solicitation or offer of the purchase or sale of securities. Howe Barnes Hoefer & Arnett, Inc.
and/or its directors, officers and employees may have or have had interest or positions or traded or acted as principal in relevant securities
and derivatives thereon. Howe Barnes Hoefer & Arnett, Inc. accepts no liability whatsoever for any loss or damage of any kind arising out of
the use of all or any part of this report. Howe Barnes Hoefer & Arnett, Inc. sets its price targets based on past financial performance, forward
looking earning assumptions and absolute and relative valuation levels. Factors that could impede the achievement of our target price
include, but are not limited to, the following: shifts in investor sentiment and a weakening of 1) the subject companys fundamentals, 2)
industry trends, 3) industry pricing multiples, 4) local and/or national economies, and 5) general market conditions. Research analyst
compensation is based on general revenues and profits of Howe Barnes Hoefer & Arnett, Inc. as a whole, which includes revenues from
investment banking activities. Prices shown are approximate.
Page 11