CASH 2018 Special Proxy Statement
Precedent Transactions group consisted of bank transactions announced between January 1, 2016 and January 5, 2018 with disclosed deal values involving targets with assets between $500 million and $1.5 billion, and last twelve months return on average assets ratios greater than 1.25%. The Nationwide Precedent Transactions group was composed of the following transactions: Acquiror Target Heartland Financial USA, Inc. First Bank Lubbock Bancshares, Inc. Independent Bank Group, Inc. Integrity Bancshares, Inc. First Federal Bancorp, MHC Coastal Banking Company, Inc. Glacier Bancorp, Inc. Inter-Mountain Bancorp., Inc. Home Bancorp, Inc. Saint Martin Bancshares, Inc. Bryn Mawr Bank Corporation Royal Bancshares of Pennsylvania, Inc. Simmons First National Corporation Citizens National Bank Guaranty Bancorp Home State Bancorp Using the latest publicly available information prior to the announcement of the relevant transaction, Sandler O’Neill reviewed the following transaction metrics: transaction price to LTM earnings per share, transaction price to tangible book value per share and tangible book value premium to core deposits. Sandler O’Neill compared the indicated transaction multiples for the merger to the high, low, mean and median multiples of the Nationwide Precedent Transactions. Crestmark / Meta High Low Mean Median Price / LTM EPS (x) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.9 22.9 9.6 15.9 15.6 Price / TBV (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343 241 121 175 180 Core Deposit (1) Premium (%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.9¹ 17.9 8.9 13.2 13.9 (1) Core deposits defined as total deposits less time deposit accounts greater than $250,000. Meta Comparable Company Analyses. Sandler O’Neill used publicly available information to compare selected financial information for Meta with a group of financial institutions selected by Sandler O’Neill (the “Meta Peer Group”). The Meta Peer Group consisted of nationwide banks and thrifts with publicly traded securities listed on the NASDAQ Stock Market, the New York Stock Exchange or NYSE American, with assets between $4.0 billion and $6.0 billion, and with LTM ROAA greater than 1.0% excluding announced merger targets. The Meta Peer Group consisted of the following companies: 1st Source Corporation Great Southern Bancorp, Inc. Westamerica Bancorporation Washington Trust Bancorp, Inc. Sandy Spring Bancorp, Inc. Lakeland Financial Corporation Enterprise Financial Services Corp Community Trust Bancorp, Inc. State Bank Financial Corporation Oritani Financial Corp. Hanmi Financial Corporation City Holding Company Republic Bancorp, Inc. Heritage Financial Corporation TriCo Bancshares Camden National Corporation FB Financial Corporation 62
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