Howe Barnes

Daniel Cardenas
Senior Vice President

dcardenas@howebarnes.com
(312) 655-2986
June 4, 2008
Don Worthington
First Vice President
dworthington@howebarnes.com
(415) 538-5733
Kristin Hotti
Vice President
khotti@howebarnes.com
(415) 538-5712
Howe Barnes Hoefer & Arnett
Brian Martin, CFA

Vice President
bmartin@howebarnes.com
(312) 655-2987
Mary Quinn
Vice President
mquinn@howebarnes.com
(312) 655-2984
Jason Werner, CFA
Vice President
jwerner@howebarnes.com
(312) 655-2947
Coverage Universe
CONTENTS
BUY
CALIFORNIA
MIDWEST
Ryan Whitmore, CFA
Research Associate
rwhitmore@howebarnes.com
(312) 655-2955
PAGES
3-5
PACIFIC NORTHWEST
SOUTHEAST
FOOTNOTES
INDUSTRY MEDIANS AND PRICE PERFORMANCE
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
Bridge Capital Holdings

Capital Corp of the West
Center Financial Corporation
Corus Bankshares, Inc.
First California Financial Group, Inc.
HMN Financial, Inc.
Horizon Bancorp
Indiana Community Bancorp
MidWestOne Financial Group, Inc.
North Valley Bancorp
Pacific Premier Bancorp, Inc.
Preferred Bank
Southwest Bancorp, Inc.
Taylor Capital Group, Inc.
Teche Holding Company
Yadkin Valley Financial Corporation
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
($)
24.58
25.54
17.63
18.27
13.00
35.55
28.05
29.65
19.24
25.50
11.75
43.44
25.61
32.83
45.75
19.25
13.45
3.76
7.99
4.95
6.90
16.51
20.00
18.00
14.64
8.50
5.91
7.76
14.08
11.66
29.50
12.27
Howe Barnes Hoefer & Arnett, Inc.
% Change
Week
(%)
0.7
(9.1)
(3.3)
(7.1)
(0.6)
5.0
0.0
0.0
(0.9)
(5.7)
0.7
(3.9)
(1.7)
(8.9)
(1.7)
(1.0)
MTD
(%)
0.7
(9.1)
(3.3)
(7.1)
(0.6)
5.0
0.0
0.0
(0.9)
(5.7)
0.7
(3.9)
(1.7)
(8.9)
(1.7)
(1.0)
YTD
(%)
(30.6)
(72.7)
(26.5)
(50.0)
(14.9)
(28.6)
(14.2)
(5.0)
(17.7)
(33.8)
5.6
(67.1)
(9.1)
(42.6)
(6.3)
(1.8)
12-Month Projected
Target
Total
Price
Return
2007
($)
(%)
($)
19.00
7.00
12.00
9.00
10.00
27.00
26.00
24.00
19.00
11.00
10.50
15.00
20.00
20.00
36.50
18.00
27.5 1.57
32.1 (0.34)
34.8 1.31
68.5 1.85
29.9 0.92
59.7 2.89
20.9 2.51
13.8 1.72
28.5 1.29
31.6 1.12
43.8 0.55
79.7 2.50
22.3 1.46
74.2 1.25
7.0 2.89
23.5 1.32
Diluted
EPS
Diluted
P/E
2008E
($)
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
American River Bankshares

Bank of Commerce Holdings
Bank of Marin Bancorp
Bridge Capital Holdings
Cathay General Bancorp
Central Valley Community Bancorp
CVB Financial Corp.
East West Bancorp, Inc.
First California Financial Group, Inc.
Hanmi Financial Corporation
Heritage Commerce Corp
Heritage Oaks Bancorp
Nara Bancorp, Inc.
Pacific Premier Bancorp, Inc.
Pacific State Bancorp
Preferred Bank
Sierra Bancorp
Silver State Bancorp
Temecula Valley Bancorp Inc.
TriCo Bancshares
UCBH Holdings, Inc.
Vineyard National Bancorp
Wilshire Bancorp, Inc.
FootNotes* Analyst Rating
(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
2008E 2009E Stated

(X)
(X)
(%)
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
*See Page 8 For Footnotes

Ratings
Buy = B
Neutral = N
Sell = S
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
AMCORE Financial, Inc.

Anchor BanCorp Wisconsin Inc.
BancFirst Corporation
Bank Mutual Corporation
Baylake Corp.
Capitol Bancorp Ltd.
CoBiz Financial Inc.
Community Trust Bancorp, Inc.
DCB Financial Corp
Dearborn Bancorp, Inc.
Enterprise Financial Services Corp
First Busey Corporation
First Financial Bancorp.
First Financial Corporation
First Financial Service Corporation
(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
2008E 2009E Stated

(X)
(X)
(%)
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

Ratings
Buy = B
Neutral = N
Sell = S
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
First Merchants Corporation

Firstbank Corporation
German American Bancorp, Inc.
Great Southern Bancorp, Inc.
Heartland Financial USA, Inc.
HMN Financial, Inc.
HopFed Bancorp, Inc.
Horizon Bancorp
Independent Bank Corporation
Integra Bank Corporation
Lakeland Financial Corporation
LNB Bancorp, Inc.
Macatawa Bank Corporation
MainSource Financial Group, Inc.
MB Financial, Inc.
MBT Financial Corp.
(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
2008E 2009E Stated

(X)
(X)
(%)
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

Ratings
Buy = B
Neutral = N
Sell = S
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
Mercantile Bank Corporation

MetroCorp Bancshares, Inc.
Midwest Banc Holdings, Inc.
Monroe Bancorp
MutualFirst Financial, Inc.
Northern States Financial Corporation
Old Second Bancorp, Inc.
Peoples Bancorp Inc.
Princeton National Bancorp, Inc.
PrivateBancorp, Inc.
Prosperity Bancshares, Inc.
Pulaski Financial Corp.
Southwest Bancorp, Inc.
Team Financial, Inc.
Tower Financial Corporation
West Bancorporation, Inc.
(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
2008E 2009E Stated

(X)
(X)
(%)
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

Ratings
Buy = B
Neutral = N
Sell = S
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
2008E 2009E Stated

(X)
(X)
(%)
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

Ratings
Buy = B
Neutral = N
Sell = S
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
Alliance Bankshares Corporation

Bank of the Ozarks, Inc.
BNC Bancorp
Cape Fear Bank Corporation
Capital Bank Corporation
Citizens South Banking Corporation
Community Capital Corporation
Cooperative Bankshares, Inc.
Crescent Financial Corporation
First Community Corporation
First South Bancorp, Inc.
FNB United Corp.
Four Oaks Fincorp, Inc.
Green Bankshares, Inc.
IBERIABANK Corporation
MidSouth Bancorp, Inc.
New Century Bancorp, Inc.
Nexity Financial Corporation
Pinnacle Financial Partners, Inc.
Superior Bancorp
WGNB Corp.

(16)
(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
2008E 2009E Stated

(X)
(X)
(%)
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

Ratings
Buy = B
Neutral = N
Sell = S
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
2007A EPS includes $0.08 in nonrecurring gains.

2007A EPS excludes net nonrecurring items of $0.15.
2007A EPS excludes YTD net nonrecurring expense of $0.26.
2007A EPS excludes nonrecurring expense of $0.26.
2008E EPS includes $0.02 in securities gains.
2008E EPS includes gains from the sale of securities.
2007A EPS includes $0.12 of nonrecurring items.
2008E EPS includes $0.02 in one-time expenses.
2007A EPS includes nonrecurring income and expenses.
2008E EPS excludes expected one-time charge.
2007A EPS excludes $0.07 in net nonrecurring charges.
2008E EPS includes $0.05 of nonrecurring gains.
2007A EPS excludes a $2.14 write-off of goodwill.
2007A EPS includes $0.17 in one-time expenses.
2008E EPS excludes $0.13 nonrecurring VISA gains.
2007A EPS excludes $0.05 securities gains.
2007A EPS excludes $0.02 FAS 159 gain.
2007A EPS excludes $0.09 restructuring charge.
2007A EPS excludes $0.03 net nonrecurring gain.
2007A EPS excludes securities transactions and nonrecurring items.
2007A EPS excludes $0.03 nonreccuring gain.
2007A EPS excludes securities transactions and nonrecurring gains.
2007A EPS excludes securities transactions and nonrecurring items.
2007A EPS excludes nonrecurring loss on obsolete fixed assets.
2007A EPS excludes merger-related charges and nonrecurring items.
2007E EPS excludes $0.04 in nonrecurring expense.
2007A EPS excludes $0.05 securities gains.
2008E EPS excludes $0.03 nonrecurring gain.
2007A EPS excludes $0.06 of merger expenses.
2007A EPS excludes $0.05 in aggregate securities gains and nonrecurring items.
Page 8
Coverage Universe
June 4, 2008
Industry Medians And Price Performance

5-Yr. Comparative Return
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
Nasdaq Bank Index
S&P 500
Dates Graphed: 06/03/03 - 06/03/08
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
SNL Bank Indexes

Assets > $10B
Assets of $5B - $10B
Assets of $1B - $5B
Assets of $500M - $1B
Assets < $500M
(16.6)
(8.2)
(7.0)
(10.3)
(6.8)
(25.1)
(22.1)
(28.9)
(21.7)
(20.2)
SNL Thrift Indexes

Assets > $10B
Assets of $5B - $10B
Assets of $1B - $5B
Assets of $500M - $1B
Assets < $500M
(13.3)
5.6
(3.9)
(5.5)
(1.2)
(50.2)
(23.7)
(23.9)
(22.4)
(17.2)
NASDAQ Bank Index

S&P 500 Index
2005
(%)
Indexes priced as of 06/03/08

Data Source: SmartStation and SNL Financial
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
Industry Medians Priced as of 06/03/08

Data Source: SNL Financial
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.
RATING DISTRIBUTION (as of March 31, 2008)

Coverage Universe
Count Percent
Investment Banking Relationship*
Count
Percent
16.5%
BUY
20
BUY
2
16.7%
79.3%
NEUTRAL
96
NEUTRAL
10
83.3%
4.1%
SELL
5
SELL
0
0.0%
* Companies which Howe Barnes Hoefer & Arnett, Inc. has received within the past 12 months or will receive within the next 3 months compensation for services rendered in
connection with activities relating to: underwriting an offering for the issuer; acting as a financial advisor in a merger or acquisition; providing valuation services; or serving as
placement agent for the issuer. Percentages may not add up to 100.0% due to rounding.
ADDITIONAL INFORMATION AVAILABLE UPON REQUEST

Howe Barnes Hoefer & Arnett, Inc. makes a market in the companies listed in this report.
Howe Barnes Hoefer & Arnett, Inc. and its affiliates beneficially own 1% or more of the common stock of Capital Corp of the West.
Howe Barnes Hoefer & Arnett, Inc. co-managed a public offering for the following companies within the past 12 months:
Howe Barnes Hoefer & Arnett, Inc. expects to receive compensation for investment banking services from the following companies within
the next three months:
Howe Barnes Hoefer & Arnett, Inc. has received compensation for investment banking services from the following companies within the past
12 months:


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:
AMCORE Financial, Inc.
Anchor BanCorp Wisconsin Inc.
Banner Corporation
Baylake Corp.
Columbia Bancorp
DCB Financial Corp

Frontier Financial Corporation
Green Bankshares, Inc.
HMN Financial, Inc.
Horizon Bancorp
Integra Bank Corporation
LNB Bancorp, Inc.
MB Financial, Inc.
MBT Financial Corp.
Monroe Bancorp

Preferred Bank
Sierra Bancorp
Superior Bancorp
TriCo Bancshares
UCBH Holdings, Inc.
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:
Banner Corporation
Baylake Corp.
Columbia Bancorp

HMN Financial, Inc.
Horizon Bancorp
MB Financial, Inc.
MBT Financial Corp.
Monroe Bancorp

Preferred Bank
Sierra Bancorp
Superior Bancorp
TriCo Bancshares
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

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Daniel Cardenas

Senior Vice President

Howe Barnes Hoefer & Arnett

Brian Martin, CFA

INDUSTRY MEDIANS AND PRICE PERFORMANCE

Bridge Capital Holdings

Howe Barnes Hoefer & Arnett, Inc.

American River Bankshares

FootNotes* Analyst Rating

2008E 2009E Stated

*See Page 8 For Footnotes

Howe Barnes Hoefer & Arnett, Inc.

AMCORE Financial, Inc.

FootNotes* Analyst Rating

2008E 2009E Stated

*See Page 8 For Footnotes

Howe Barnes Hoefer & Arnett, Inc.

First Merchants Corporation

FootNotes* Analyst Rating

2008E 2009E Stated

*See Page 8 For Footnotes

Howe Barnes Hoefer & Arnett, Inc.

Mercantile Bank Corporation

FootNotes* Analyst Rating

2008E 2009E Stated

*See Page 8 For Footnotes

Howe Barnes Hoefer & Arnett, Inc.

FootNotes* Analyst Rating

2008E 2009E Stated

*See Page 8 For Footnotes

Howe Barnes Hoefer & Arnett, Inc.

Alliance Bankshares Corporation

FootNotes* Analyst Rating

2008E 2009E Stated

*See Page 8 For Footnotes

Howe Barnes Hoefer & Arnett, Inc.

2007A EPS includes $0.08 in nonrecurring gains.

Howe Barnes Hoefer & Arnett, Inc.

Industry Medians And Price Performance

Nasdaq Bank Index

Dates Graphed: 06/03/03 - 06/03/08

SNL Bank Indexes

SNL Thrift Indexes

NASDAQ Bank Index

Indexes priced as of 06/03/08

Industry Medians Priced as of 06/03/08

Howe Barnes Hoefer & Arnett, Inc.

RATING DISTRIBUTION (as of March 31, 2008)

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST

Silver State Bancorp

Temecula Valley Bancorp Inc.

East West Bancorp, Inc.

Independent Bank Corporation

Prosperity Bancshares, Inc.

First Financial Service Corporation

Howe Barnes Hoefer & Arnett, Inc.

Northern States Financial Corporation

First Financial Service Corporation

Northern States Financial Corporation

Howe Barnes Hoefer & Arnett, Inc.

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