california banks and thrifts - carpenter &...

California Banks and Thrifts: Monthly Stock Performance Report

Inside this issue

Overview ............................................... 2

LTM P/E Ratios ....................................... 3

Price/Book Ratios ................................... 4

Industry Ratio Comparison ..................... 5

Assets Under $150M .............................. 6

Assets Between $150M and $250M ....... 7

Assets Between $250M and $500M ....... 8

Assets Between $500M and $1B ............ 9

Assets Between $1B and $5B ............... 10

Assets Between $5B and $10 B ............ 11

Assets Over $10B ................................. 11

Appendix—Economic and Banking Update

Report for September 2015

CARPENTER AND COMPANY - MONTHLY STOCK PERFORMANCE REPORT OVERVIEW OF MARKET PERFORMANCE BY PEER GROUP

California Banks: Overview of

Market Performance by

The number of publicly-traded California banks with less than $150 million in total

assets decreased by one in September. Of the 20 banks in this class, twelve

recorded stock price increases, four declined in price, and four were unchanged in

price. Four banks did not trade during the month. As was mentioned before ACAL

was acquired by FNBG this month and was no longer covered in this report. The

average Price to Tangible Book Value (P/TBV) at the end of September equaled

1.21x, seeing a marked increase over August, and returning to June and July levels.

The number of publicly traded banks with assets between $150 – 250 million was

decreased by one in September. Of the 24 banks in this class, twelve reported

monthly gains in stock prices, nine declined in price, and three banks were

unchanged in price. The average P/E ratio decreased from 16.04x in August to

15.94x in September; average Price to Tangible Book Value remained unchanged

from July to August at 1.0x.

The number of banks and thrifts with total assets between $250 and $500 million

was unchanged over the month of September. Of the 27 banks in this category,

fourteen reported gains in stock prices, twelve were lower in price, and one was

unchanged in price. SCBH saw an increase in price of over 12%. The average P/E

ratio in September increased over August, from 14.94x to 15.14x. Average price to

Tangible Book Value, however, decreased slightly from 1.17x last month to 1.16x

in September.

The banks and the one thrift with assets between $500 million and $1 billion

remained unchanged in number over the month of September. Of the 20 listed

companies covered in this group, ten reported gains in price, seven reported

losses, and three remained unchanged in price. There were no significant price

changes in the month of September. The average LTM P/E ratio was down

slightly in September from 15.14x to 15.12x; the average Price to Tangible Book

Value remained unchanged in September at 1.1x.

The number of banks and the one thrift with assets between $1 and $5 billion was

unchanged in September. For the 21 companies in this group, fourteen reported

stock price gains, and seven declined in stock price, one remained unchanged in

price. PPBI saw the most notable increase for September, gaining 8.3% in price.

The P/E ratio increased from 16.04x last month to 16.41x in September. Price to

Tangible Book Value likewise increased, from 1.47x to 1.5x.

The number of banks with over $10 billion in assets remained the same over the

month of September. Of the seven banks, four increased in price, and the other

three all decreased. Both P/TBV and P/E ratios decreased slightly, to 2.14x and

2

The number of banks and the one thrift with $5 to $10 billion in assets was

unchanged in September. Four of the seven companies in this class increased in

stock price; the remaining three all declined in price. BOFI once again

experienced strong gains of 11.2% for the month of September. This means for

the last two months BOFI has reported gains of 10%+, per month, compounded.

Both the average P/E ratio and Price to Tangible Book ratio increased in

September. P/TBV increased to 17.75x in September and P/E increased from

2.02x to 2.09x in the same period.

Under $150M

$150M-$250M

$250M-$500M

$500M-$1B

$1B-$5B

$5B-$10B

$10B-$100B

At month end for September 2015, one bank in the Monthly Stock report had

dropped from coverage, following an acquisition. America California Bank (ACAL)

was acquired by another San Francisco Area Bank, FNB Bancorp (FNBG) for $21.5

million. This report covers a total of 126 companies.

CARPENTER AND COMPANY - MONTHLY STOCK PERFORMANCE REPORT AVERAGE LTM P/E RATIOS BY ASSET GROUP

3 Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.

CARPENTER AND COMPANY - MONTHLY STOCK PERFORMANCE REPORT


PRICE/BOOK RATIOS BY ASSET GROUP

CARPENTER AND COMPANY - MONTHLY STOCK PERFORMANCE REPORT


California Banks SNL Banks California Banks SNL Banks California Banks SNL Banks

Total Assets:

Less than $250M 1.09 3.46 1.04 2.78 1.12 3.18

Less than $500M 1.12 1.37 1.09 1.27 1.16 1.23

$250M - $500M 1.16 1.33 1.17 1.25 1.23 1.19

$500M - $1Bn 1.10 1.64 1.10 1.61 1.14 1.18

$1Bn - $5Bn 1.50 1.66 1.47 1.62 1.62 1.74

$5Bn - $10Bn 2.09 2.25 2.02 2.17 1.57 2.21

Over $10Bn 2.14 1.58 2.17 1.63 2.20 1.74

Carpenter California Banks - SNL Bank Index: Price/Tangible Book Ratio (x)

9/30/2015 Previous Month 12/31/2014

0.00

1.00

2.00

3.00

4.00

Less than

$250M

Less than

$500M

$250M -

$500M

$500M - $1Bn $1Bn - $5Bn $5Bn - $10Bn Over $10Bn

Current Month Comparison

California Banks SNL BanksCalifornia Banks SNL Banks California Banks SNL Banks California Banks SNL Banks

Total Assets:

Less than $250M 18.05 NA 17.59 7.55 13.77 24.47

Less than $500M 16.77 17.28 16.80 19.37 15.01 14.12

$250M - $500M 15.29 17.28 15.78 19.53 16.64 13.92

$500M - $1Bn 15.12 17.48 15.00 18.37 13.92 14.65

$1Bn - $5Bn 16.41 17.23 16.46 17.83 18.56 18.54

$5Bn - $10Bn 17.17 18.77 17.36 19.04 14.27 20.22

Over $10Bn 17.64 13.64 19.37 15.35 20.75 15.15

Previous Month 12/31/20149/30/2015

Carpenter California Banks - SNL Bank Index: Price/LTM EPS Ratio (x)

0.00

5.00

10.00

15.00

20.00

Less than

$250M

Less than

$500M

$250M -

$500M

$500M - $1Bn $1Bn - $5Bn $5Bn - $10Bn Over $10Bn

Current Month Comparison

California Banks SNL Banks

INDUSTRY-WIDE RATIO COMPARISON

CARPENTER AND COMPANY - MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS WITH TOTAL ASSETS Under $150 MILLION

TOTAL MARKET CAPITALIZATION: $253 MILLION

Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed.

Symbol Name Monthly Mkt Cap LTM Price/

Date Price ($) Volume ($) P/E T. Book ($) (%) ($) (%)

CABB CALIFORNIA BUSINESS BANK 30-Sep 0.30 12,564 28,309,672 N/M 2.73 0.10 50.0% -0.67 -69.1%

CALW CALWEST BANCORP 30-Sep 0.97 87,940 2,445,843 N/M N/M 0.32 49.2% 0.30 44.8%

CCBC CHINO COMMERCIAL BANCORP 30-Sep 14.65 12,794 15,036,013 12.17 1.31 1.25 9.3% 0.40 2.8%

CKTM COMMERCE BANK TEMECULA VALLEY 1-Sep 4.50 66 6,768,185 44.80 0.74 0.00 0.0% 0.25 5.9%

CMUV COMMUNITY VALLEY BANK 30-Sep 6.75 35,300 14,513,931 5.79 0.95 0.50 8.0% 1.59 30.8%

CTBP COAST BANCORP 25-Sep 1.85 3,185 10,446,730 30.83 2.88 0.15 8.8% 0.35 23.3%

DEBC DELTA NATIONAL BANCORP 30-Sep 8.00 16 3,042,424 N/M 0.44 0.00 0.0% 0.00 0.0%

FHLB FRIENDLY HILLS BANK 29-Sep 7.08 25,160 11,441,280 5.32 0.76 -0.52 -6.8% -0.03 -0.4%

FMBP FIRST MOUNTAIN BANK 28-Sep 7.28 49,650 11,392,661 41.85 0.89 0.03 0.4% 0.28 4.0%

GSBB GOLDEN STATE BANK 30-Sep 0.55 5,934 11,286,306 N/M 1.02 0.10 22.2% -0.05 -8.3%

MOLB MOTHER LODE BANK 30-Sep 1.59 101,612 7,056,396 N/M 1.38 0.01 0.6% 0.49 44.5%

PAMB PAN AMERICAN BANK 30-Sep 17.50 4,638 22,311,363 N/M N/M 0.25 1.4% -482.50 -96.5%

PBKX PARTNERS BANK OF CALIFORNIA 6-Jan 3.25 0 6,176,359 N/M N/M 0.00 0.0% 0.00 0.0%

PPFC PAN PACIFIC BANK 30-Sep 4.61 255,219 22,979,711 N/M 1.27 1.61 53.7% 1.96 74.0%

SAGN SAIGON NATIONAL BANK 29-Sep 0.10 2,000 9,947,613 N/M 1.05 0.06 122.2% 0.02 25.0%

SFRK SECURITY FIRST BANK 30-Sep 9.82 23,693 17,528,946 9.62 1.22 -0.08 -0.8% 4.97 102.5%

SUTB SUTTER COMMUNITY BANK 18-Sep 8.60 7,800 8,184,431 35.74 0.88 -0.40 -4.4% 3.00 53.6%

SVBA SIERRA VISTA BANK 22-Sep 3.69 7,831 15,421,872 36.90 0.90 -0.01 -0.3% -0.81 -18.0%

TRVB TRI-VALLEY BANK 28-Sep 0.44 14,173 14,739,781 N/M 1.41 0.10 29.4% 0.16 57.1%

USMT US METRO BANK 30-Sep 1.80 1,900 13,914,000 3.69 0.82 0.00 0.0% 0.10 5.9%

Average 22.67 1.21

Median 21.50 1.02

High 44.80 2.88

Low 3.69 0.44

9/30/2015

Monthly ChangeLast Trade YTD Change

6

CARPENTER AND COMPANY - MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS WITH TOTAL ASSETS BETWEEN $150 MILLION AND $250 MILLION

TOTAL MARKET CAPITALIZATION: $498 MILLION

Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed. 7



ARBV AMERICAN RIVIERA BANK 25-Sep 10.55 6,504 28,291,249 16.23 1.13 0.05 0.5% 1.08 11.4%

AUNB AMERICAS UNITED BANK 30-Sep 7.50 91,037 21,601,125 13.39 0.94 0.49 6.9% 0.75 11.1%

BNNP BANK OF NAPA NA 30-Sep 8.70 55,835 19,913,291 15.82 0.93 -0.50 -5.4% 0.20 2.4%

CBBC COMMUNITY BUSINESS BANK 30-Sep 11.50 7,669 24,862,023 14.20 1.26 0.00 0.0% 2.35 25.7%

CFBN COMMUNITY 1ST BANK 29-Sep 4.10 19,643 22,529,242 14.14 1.18 0.01 0.2% 0.53 14.8%

CRSB CORNERSTONE COMMUNITY BANCORP 29-Sep 7.90 5,650 9,886,542 11.79 0.78 -0.05 -0.6% -0.30 -3.7%

CYSM COMMUNITY BANK OF SANTA MARIA 30-Sep 7.55 44,667 18,050,057 21.61 0.97 -0.06 -0.8% -0.26 -3.3%

FBCP FOUNDERS BANCORP 14-Sep 12.90 2,055 15,282,204 9.77 1.10 -0.05 -0.4% 0.90 7.5%

FOLB FOLSOM LAKE BANK 28-Sep 8.50 7,714 13,541,444 11.97 0.96 0.16 1.9% 1.30 18.1%

GVYB GOLDEN VALLEY BANCORP 23-Sep 10.00 17,958 20,195,800 12.69 1.14 -0.35 -3.4% -2.51 -20.1%

LGHT LIGHTHOUSE BANK 30-Sep 14.00 7,599 31,403,498 12.84 1.32 0.15 1.1% -2.15 -13.3%

LIBC LIBERTY BANCORP INC 30-Sep 12.55 481 11,126,981 11.11 0.86 0.05 0.4% 0.55 4.6%

MNBO MNB HOLDINGS CORP 28-Jul 34.75 0 15,907,612 N/M 0.86 0.00 0.0% 0.75 2.2%

NCNB NORTHERN CALIFORNIA NATIONAL BANK 18-Sep 9.85 14 13,394,680 15.19 0.90 -0.15 -1.5% 0.28 2.9%

NRLB NORTHERN CALIFORNIA BANCORP INC 28-Sep 0.95 5,000 2,347,495 N/M N/M -0.01 -1.0% -0.38 -28.6%

OCBB ORANGE COUNTY BUSINESS BANK NA 30-Sep 11.02 243,353 52,064,828 6.23 1.21 2.10 23.5% 4.82 77.7%

OJCB OCB BANCORP 30-Sep 5.65 70,986 12,343,465 25.35 0.94 0.15 2.7% 0.15 2.7%

PBNK PINNACLE BANK 30-Sep 7.15 8,326 24,097,509 27.50 1.09 -0.65 -8.3% -0.25 -3.4%

PFBN PACIFIC ALLIANCE BANK 19-Sep 7.50 1 13,932,645 13.39 0.63 0.00 0.0% -0.25 -3.2%

PMRA PROMERICA BANK 30-Sep 5.75 28,664 15,933,250 33.82 0.72 0.80 16.2% 0.00 0.0%

RVVY RIVER VALLEY COMMUNITY BANK 22-Sep 12.40 1,538 22,665,191 17.46 1.14 0.15 1.2% -2.10 -14.5%

SBKK SUNCREST BANK 30-Sep 7.25 2,802 33,106,842 34.44 1.01 -0.25 -3.3% 0.50 7.4%

SMAL SUMMIT BANCSHARES INC 22-Sep 16.50 10,809 21,452,937 7.42 0.90 0.80 5.1% 1.14 7.4%

UIFC UNITI FINANCIAL CORP 1-Sep 2.50 400 33,664,643 4.36 1.10 0.09 3.7% 0.50 25.0%

Average 15.94 1.00

Median 13.77 0.97

High 34.44 1.32

Low 4.36 0.63


9/30/2015

CARPENTER AND COMPANY - MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS WITH TOTAL ASSETS BETWEEN $250 MILLION AND $500 MILLION

MARKET CAPITALIZATION: $1.0 BILLION




ABNK ALTAPACIFIC BANK 30-Sep 9.80 44,256 53,877,774 11.52 N/M -0.20 -2.0% -0.45 -4.4%

BSCA BANK OF SANTA CLARITA 29-Sep 9.40 3,933 22,039,569 19.56 0.89 -0.10 -1.1% 0.25 2.7%

BYFC BROADWAY FINANCIAL CORP. 30-Sep 1.21 133,003 25,900,277 8.07 0.89 -0.25 -17.1% -0.10 -7.6%

CABC CALIFORNIA BANK OF COMMERCE 28-Sep 13.91 58,747 60,894,336 19.79 1.23 0.16 1.2% 1.96 16.4%

CBJC CAPITAL BANK 29-Sep 18.05 1,977 28,051,451 9.52 1.29 -1.45 -7.4% -0.92 -4.8%

CBYAA COMMUNITY BANK OF THE BAY 29-Sep 4.59 234,258 19,112,535 10.93 1.09 0.04 0.9% 0.34 8.0%

CFST COMMUNITIES FIRST FINANCIAL CORP 30-Sep 10.50 107,401 27,737,756 11.54 1.03 0.35 3.4% -0.25 -2.3%

CNYB COUNTY COMMERCE BANK 30-Sep 13.25 13,748 31,652,607 17.84 1.35 -0.75 -5.4% 2.03 18.1%

CWBK COMMERCEWEST BANK 28-Sep 14.00 36,273 56,059,220 12.84 1.06 -0.30 -2.1% 0.95 7.3%

FBBN BANK OF SOUTHERN CA NA 22-Sep 7.85 4,110 33,795,098 5.87 1.07 0.75 10.6% 1.35 20.8%

FISB 1ST CAPITAL BANK 30-Sep 11.10 24,837 44,789,055 19.11 1.04 -0.50 -4.3% -0.26 -2.3%

FUBP FIRST ULB CORP 17-Jul 15.50 0 21,854,039 N/M N/M 0.00 0.0% 0.35 2.3%

MSBC MISSION BANCORP 18-Sep 27.11 8,355 40,490,195 12.55 1.03 0.01 0.0% -0.99 -3.5%

MVLY MISSION VALLEY BANCORP 28-Sep 7.00 6,878 21,737,555 15.00 0.98 0.10 1.4% 0.90 14.8%

NCAL NCAL BANCORP 29-Sep 0.51 3,382 15,006,604 N/M 0.95 -0.10 -16.4% 0.01 2.0%

NWBN NEW RESOURCE BANK 30-Sep 5.00 14,840 29,110,400 16.87 0.91 -0.20 -3.8% 0.52 11.6%

PFCI PACIFIC COMMERCE BANK 29-Sep 6.00 8,635 39,112,206 33.33 1.15 -0.25 -4.0% 0.44 7.9%

PBCA PBB BANCORP 21-Sep 8.25 277,740 28,021,538 34.38 1.12 0.10 1.2% 0.10 1.2%

PVBK PACIFIC VALLEY BANK 28-Sep 6.25 12,357 22,481,225 21.45 0.83 0.03 0.5% -1.75 -21.9%

RWCB REDWOOD CAPITAL BANCORP 29-Sep 10.51 3,283 19,781,323 9.30 1.08 0.01 0.1% 0.53 5.3%

SCBH SEACOAST COMMERCE BANC HOLDING 30-Sep 16.00 23,168 91,176,544 20.00 3.02 1.75 12.3% 3.95 32.8%

SDPB SAN DIEGO PRIVATE BANK 14-Sep 15.00 4,138 62,153,820 16.13 1.14 0.20 1.4% 0.90 6.4%

SSBI SUMMIT STATE BANK 30-Sep 13.07 82,816 62,516,032 9.98 1.21 0.17 1.3% -0.81 -5.8%

TFCH TFC HOLDING COMPANY 30-Sep 9.50 71,936 52,684,245 8.45 0.89 -0.40 -4.0% -3.25 -25.5%

UABK UNITED AMERICAN BANK 30-Sep 0.41 8,788 18,454,055 4.65 1.60 0.03 7.9% 0.17 70.8%

VCBP VALLEY COMMERCE BANCORP 30-Sep 15.30 23,625 44,459,918 12.34 0.99 -0.20 -1.3% 0.05 0.3%

VLLX VALLEY REPUBLIC BANK 18-Sep 14.99 1,404 52,502,445 17.51 1.21 0.49 3.4% -0.56 -3.6%

Average 15.14 1.16

Median 12.84 1.07

High 34.38 3.02

Low 4.65 0.83

9/30/2015

Last Trade Monthly Change YTD Change

CARPENTER AND COMPANY - MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS WITH TOTAL ASSETS BETWEEN $500 MILLION AND $1 BILLION





AMRB AMERICAN RIVER BANKSHARES 30-Sep 9.62 317,324 72,824,910 16.31 1.03 -0.48 -4.8% 0.20 2.1%

AVBH AVIDBANK HOLDING 24-Sep 12.35 27,613 54,831,888 22.87 1.04 0.00 0.0% 0.30 2.5%

BCML BAY COMMERCIAL BANK 30-Sep 12.03 111,979 66,236,744 6.20 0.93 0.43 3.7% 0.13 1.1%

BOCH BANK OF COMMERCE HLDG 30-Sep 5.78 236,915 77,099,293 11.12 0.89 0.02 0.3% -0.18 -3.0%

CFNB CALIFORNIA FIRST NATIONAL BANCORP 30-Sep 13.13 8,790 137,338,802 15.09 0.73 -0.18 -1.4% -1.06 -7.5%

CWBB COMMONWEALTH BUSINESS BANK 29-Sep 11.55 23,755 93,338,438 8.62 1.11 0.07 0.6% 0.05 0.4%

CWBC COMMUNITY WEST BANCSHARES 30-Sep 6.95 188,498 57,018,898 21.72 0.97 0.11 1.6% 0.39 5.9%

FCBK FIRST CHOICE BANK 23-Sep 15.50 208 103,425,595 17.69 N/M 0.00 0.0% -0.50 -3.1%

FCTY 1ST CENTURY BANCSHARES 30-Sep 7.90 59,191 81,541,446 39.50 1.30 0.09 1.2% 1.55 24.4%

MLGF MALAGA FINANCIAL CORP 30-Sep 21.89 35,823 132,897,452 11.71 1.23 -0.11 -0.5% 0.14 0.6%

OPBK OPEN BANK 30-Sep 5.90 90,972 73,694,829 14.75 1.07 -0.05 -0.8% -1.20 -16.9%

OVLY OAK VALLEY BANCORP 30-Sep 9.46 29,365 76,367,316 12.29 1.00 -0.24 -2.5% -0.70 -6.9%

PDOB PRESIDIO BANK 28-Sep 13.00 11,610 68,398,166 25.00 1.27 0.05 0.4% 0.50 4.0%

PFCF PACIFIC CITY FINANCIAL CORP 17-Sep 12.50 27,100 122,346,138 10.07 1.32 -0.50 -3.8% 0.12 1.0%

PLBC PLUMAS BANCORP 30-Sep 8.89 80,339 42,862,530 8.47 1.10 0.39 4.6% 0.91 11.3%

PVLY PREMIER VALLEY BANK 30-Sep 7.58 132,619 93,264,510 11.66 1.60 0.08 1.1% 1.43 23.3%

SCAF SECURITY CALIFORNIA BANCORP 29-Sep 13.00 5,605 73,721,908 15.48 1.13 -0.25 -1.9% 1.38 11.9%

SCZC SANTA CRUZ COUNTY BANK 30-Sep 27.00 6,965 58,030,641 11.34 1.41 1.35 5.3% 5.58 26.1%

SWBC SUNWEST BANK 9/3/14 38,000 0 84,474,000 9.71 0.78 0.00 0.0% 0.00 0.0%

UBFO UNITED SECURITY BANCSHARES 30-Sep 5.30 205,015 83,396,194 12.80 1.02 0.20 3.9% -0.11 -2.0%

Average 15.12 1.10

Median 12.54 1.07

High 39.50 1.60

Low 6.20 0.73


9/30/2015



AMBZ AMERICAN BUSINESS BANK 29-Sep 29.60 18,059 177,610,656 14.86 1.44 0.05 0.2% 1.84 6.6%

BMRC BANK OF MARIN BANCORP 30-Sep 47.99 333,784 287,408,559 15.38 1.46 -0.01 0.0% -4.60 -8.7%

BSRR SIERRA BANCORP 30-Sep 15.96 412,198 213,982,296 14.38 1.20 -1.04 -6.1% -1.60 -9.1%

CRPB CALIFORNIA REPUBLIC BANK 30-Sep 29.40 30,310 228,255,632 16.07 1.58 -0.25 -0.8% 2.60 9.7%

CUNB CU BANCORP 30-Sep 22.46 620,234 379,406,875 26.74 1.88 0.89 4.1% 0.77 3.6%

CVCY CENTRAL VALLEY COMMUNITY BANCORP 30-Sep 12.10 96,503 133,023,322 24.69 1.30 0.54 4.7% 1.02 9.2%

EXSR EXCHANGE BANK 28-Sep 84.25 11,364 144,433,482 7.27 0.86 -2.64 -3.0% 0.25 0.3%

FFWM FIRST FOUNDATION, INC. 30-Sep 22.77 1,015,527 363,363,341 16.74 1.66 1.57 7.4% 4.63 25.5%

FMCB FARMERS & MERCHANTS BANCORP (CA) 14-Sep 520.00 15 408,606,640 15.54 1.69 12.00 2.4% 57.00 12.3%

FNBG FNB BANCORP 30-Sep 28.25 44,317 121,686,564 12.62 1.23 0.05 0.2% 0.50 1.8%

FNRN FIRST NORTHERN COMMUNITY BANCORP 30-Sep 7.95 140,324 81,536,941 12.86 0.99 -0.20 -2.5% 0.03 0.4%

HAFC HANMI FINANCIAL CORP 30-Sep 25.20 3,764,783 805,822,693 15.18 1.71 0.96 4.0% 3.39 15.5%

HEOP HERITAGE OAKS BANCORP 30-Sep 7.96 809,913 273,418,900 17.30 1.58 0.19 2.4% -0.43 -5.1%

HTBK HERITAGE COMMERCE CORP 30-Sep 11.34 3,103,496 363,670,784 23.14 1.99 0.76 7.2% 2.51 28.4%

MCHB MECHANICS BANK 1-Sep 28,000 4 555,240,000 17.56 1.57 500.00 1.8% 2,000 7.7%

PFBC PREFERRED BANK 30-Sep 31.60 1,406,856 435,024,181 15.88 1.74 0.95 3.1% 3.71 13.3%

PMBC PACIFIC MERCANTILE BANCORP 30-Sep 6.73 1,926,864 133,296,816 N/M 1.22 -0.48 -6.7% -0.31 -4.4%

PPBI PACIFIC PREMIER BANCORP 30-Sep 20.32 2,130,007 437,094,539 20.53 1.96 1.56 8.3% 2.99 17.3%

PROV PROVIDENT FINANCIAL HOLDINGS 30-Sep 16.78 335,020 142,850,170 15.68 1.03 0.39 2.4% 1.65 10.9%

RCBC RIVER CITY BANK 29-Sep 126.00 69 154,441,224 14.06 N/M 0.00 0.0% 6.00 5.0%

TCBK TRICO BANCSHARES 30-Sep 24.57 1,514,625 558,955,780 15.36 1.55 0.83 3.5% -0.13 -0.5%

WIBC WILSHIRE BANCORP INC 30-Sep 10.51 10,605,559 825,284,308 12.66 1.86 -0.17 -1.6% 0.38 3.8%

Average 16.41 1.50

Median 15.54 1.57

High 26.74 1.99

Low 7.27 0.86


9/30/2015

CARPENTER AND COMPANY - MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS WITH TOTAL ASSETS BETWEEN $1 BILLION AND $5 BILLION



CARPENTER AND COMPANY - MONTHLY STOCK PERFORMANCE REPORT CALIFORNIA BANKS WITH TOTAL ASSETS BETWEEN $5 BILLION AND $10 BILLION


11Information is gathered from sources believed to be reliable, however, the accuracy of the data cannot be guaranteed. 11

CALIFORNIA BANKS WITH TOTAL ASSETS OVER $10 BILLION


Symbol Name Monthly Mkt Cap LTM Price/ Prev Month Last Trade

Date Price ($) Volume ($) P/E T. Book Close ($) ($) (%) of 2014($) ($) (%)

BANC BANK OF CALIFORNIA 30-Sep 12.27 3,760,942 459,717,023 10.49 1.12 12.39 -0.12 -1.0% 11.47 0.80 7.0%

BBCN BBCN BANCORP 30-Sep 15.02 8,626,464 1,194,874,585 13.41 1.49 14.55 0.47 3.2% 14.38 0.64 4.5%

BOFI BOFI HOLDINGS 30-Sep 128.83 6,482,973 2,015,010,834 23.99 3.78 115.84 12.99 11.2% 77.81 51.02 65.6%

CVBF CVB FINANCIAL CORP 30-Sep 16.70 11,423,441 1,775,880,388 19.20 2.17 16.25 0.45 2.8% 16.02 0.68 4.2%

FMBL FARMERS & MERCHANTS BANK 30-Sep 6,043 273 791,197,904 12.07 0.95 6,349 -306.00 -4.8% 6,060 -17.00 -0.3%

OPB OPUS BANCORP 30-Sep 38.24 1,797,832 1,098,368,935 25.84 2.21 36.79 1.45 3.9% 28.37 9.87 34.8%

WABC WESTAMERICA BANCORP 30-Sep 44.44 3,113,548 1,135,480,841 19.24 2.90 45.14 -0.70 -1.6% 49.02 -4.58 -9.3%

Average 17.75 2.09

Median 19.20 2.17

High 25.84 3.78

Low 10.49 0.95

9/30/2015


Symbol Name Monthly Mkt Cap LTM Price/ Prev Month

Date Price ($) Volume ($) P/E T. Book Close ($) ($) (%) ($) (%)

CATY CATHAY GENERAL BANCORP 30-Sep 29.96 13,292,560 2,458,454,145 15.77 1.77 29.63 0.33 1.1% 4.37 17.1%

CYN CITY NATIONAL CORP 30-Sep 88.06 8,740,545 4,909,398,805 20.01 2.28 87.78 0.28 0.3% 7.25 9.0%

EWBC EAST WEST BANCORP INC 30-Sep 38.42 27,046,169 5,526,720,227 14.50 2.22 40.41 -1.99 -4.9% -0.29 -0.7%

FRC FIRST REPUBLIC BANK 30-Sep 62.77 17,080,803 8,941,430,391 20.31 2.20 60.31 2.46 4.1% 10.65 20.4%

PACW PACWEST BANCORP 30-Sep 42.81 14,230,220 4,410,692,424 15.13 2.44 42.64 0.17 0.4% -2.65 -5.8%

SIVB SVB FINANCIAL GROUP 30-Sep 115.54 9,134,404 5,947,497,987 20.13 1.95 125.08 -9.54 -7.6% -0.53 -0.5%

Average 17.64 2.14

Median 17.89 2.21

High 20.31 2.44

Low 14.50 1.77


9/30/2015

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Banking and Economic Update September 2015

The September employment report clouded prospects that a lift-off in the fed funds rate would occur in 2015. At minimum, an October increase appeared to be off the table. Payrolls increased 142,000, which was well below market expectations. The payroll estimates for July and August were revised lower. The third-quarter rise in payrolls was the smallest quarterly gain since the fourth-quarter of 2013.

The recent two-month increase in payrolls was the smallest since early 2014. The peak monthly gain in payrolls occurred in February. Payroll gains have trended downwards since May. The six-month average rise in payrolls peaked in February. The September gain in payrolls was more than 50,000 jobs below the six-month average.

The September payroll trends by industry indicated that lower energy prices, the slowdown in China, and the appreciation of the dollar quelled hiring. Manufacturing payrolls declined for the second consecutive month. Jobs in the mining sector, which includes petroleum and other commodity extraction, were down 11% over the past year. Hiring for warehousing and trucking declined last month—reflecting cutbacks in export shipments.

The jobless rate held steady at 5.1% in September, while the labor force participation rate at 62.4% fell to a 38-year low. Average weekly hours worked in the private sector declined in September, while average weekly earnings were unchanged for the month.

Employment Report Equity Markets

The free-fall in stock prices abated in September, yet market indices continued lower for the month. In the third quarter, equity markets sustained their worst quarterly performance since 2011.

The Dow Jones Industrial Average declined 1.5% in September to produce an 8.6% year-to-date (YTD) decline. So far this year, the steepest YTD decline was 12%, which occurred on August 25th. The S&P 500 index fell 2.6% in September for a 6.8% YTD decline. The smaller company NASDAQ index showed a steeper monthly decline than its larger company indice counterpart, down 3.3%, yet its YTD decline was narrower at 2.5%. Bank stock prices appeared to be under greater downward pressures in September than the broader market, likely as a result of the Federal Reserve’s decision to delay again the interest rate lift-off. The KBW Bank stock index was down 3.8% in September for a YTD decline of 6.8%. The S&P Bank index fell 4.5% in the month and is off by 7.0% YTD.

For the 126 publicly-traded California banks and thrifts covered in the Monthly Stock Report, 56% reported stock price gains in September, including eleven companies with price gains in excess of 10%. In August, only 32% of the stocks reported monthly price gains, and the number of significant price increases was six. Total market capitalization of these covered companies held steady at $50.8 billion.

During September, three merger announcements were made involving the acquisition of publicly-traded California banks, specifically PPFC, OCBB, and SCAF.

-2-


The Institute of Supply Management (ISM) survey of manufacturing activity declined in September to 50.2, the lowest reading since May 2013. A reading below 50 implied contracting activity. Inventories and prices paid surveyed well below 50. Although remaining above 50, sizable monthly declines were reported for production, new orders, and hiring.

New orders for durable goods declined 2.3% in August and was down 2.6% year-over-year (YoY). Declines in civilian aircraft orders and in orders for motor vehicles contributed to this fall-off. For the first eight months of 2015, non-defense orders were 4.5% below the comparable average in 2014.

The auto sector continued to post impressive sales. Preliminary estimates placed September sales of cars and light-duty trucks at an annualized rate of 18.2 million units, the best sales month since July 2005. On a YoY basis; September sales were up 10.6%. Revised estimates for GDP in the second quarter placed real growth at 3.9%, compared with the original estimate of 2.3%. Growth in final sales was more robust, particularly consumer spending on services and non-residential building. Corporate profits for the second-quarter were revised sharply higher. The 25% annualized growth was the steepest gain since the first quarter of 2012.

The annual FDIC survey indicated that bank branch deposits increased 5.4% in the year ending June 30, 2015, to a level of $10.66 trillion. The branch count dropped 2.5% over the year to a level of 93,283. The number of branches had declined 6.2% from its peak annual amount in 2009.

The 2015 deposit report determined that 47 of the 50 states recorded YoY gains in total deposits, with Delaware, Minnesota, and Missouri sustaining declines. Only Maine, Rhode Island, and South Dakota reported increases in annual branch count.

The nation’s four largest banks captured a branch deposit market share of 36.5% in mid-2015, down from a 37.5% share a year earlier. All four banks sustained a drop in market share last year.

Total branch deposits in California equaled $1.16 trillion, as of June 2015. Deposits were up 6.9% over the year. The number of branches was down 2.2% from 2014 to 7,099. The peak number of California branches was in 2009. Since then, the branch count declined 4%.

The top four banks in California deposit market share as of June 2015 were Bank of America, Wells Fargo, JPMorgan, and Union Bank. These four banks accounted for 58.3% of the state’s deposits, down only slightly from the 59.0% share in 2014.

Recent Trends Bank Branch Deposits

-3-


Financial markets are looking ahead to the following critical dates:

October 28th, the FOMC may, but probably won’t,announce an increase in the federal funds rate

November 5th, the U.S. Treasury breaches the debt ceilingDecember 11th, the continuing budget resolution for FY

2016 expires December 16th, the last FOMC meeting of 2015

If history serves as a reliable precursor, the likelihood is high that there will be no 2015 lift-off in interest rates and that the budget and debt ceiling issues will be fixed with short-term patches. Market volatility, however, will likely remain elevated through year-end. Former Fed chair Bernanke recently stated that the U.S. economy could not withstand even a 100 basis point increase in the fed funds rate, as higher rates would cause greater appreciation of the dollar, further crimping demand for U.S. exports. The rate on the 10-year treasury note closed below 2% on October 2nd, following the release of the September jobs report. The weak employment data quelled expectations of a near-term hike in the fed funds rate.

Oil prices rose in September, reflecting reported reductions in oil drilling rigs production and the increased political tensions in the Middle East. The weak U.S. jobs report suggested that low interest rates would continue into 2016. China announced that it was considering additional economic stimulus, holding the promise of a pick-up in production and increased demand for energy.

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Financial Developments

of GDP in 2003 to a 74% share in 2014. The largest increases in corporate debt were reported in China, Turkey, Chile, Brazil, India, and Peru. As currencies of emerging market countries depreciated against the dollar and with the decline in commodity prices, the risk of credit defaults rosesignificantly in the emerging market corporate debt sector. The Brazilian currency was a prime example of the recent extreme currency fluctuations; the Real depreciated 64% against the dollar since early 2014.

The International Monetary Fund (IMF) released a study on the growth of corporate debt in emerging market countries. From 2003 to 2014, emerging market corporate debt quadrupled to a volume of $18 trillion. Emerging market corporate debt grew from 50%

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