Company	Price	Valuation					Profitability					Cash & leverage					Quality				Rating
		P/E	P/B	P/S	EV / EBITDA	DCF upside	Gross margin	Operating margin	Net margin	ROE	ROIC	FCF yield	Debt / equity	Net debt / EBITDA	Interest coverage	Current ratio	Dividend yield	Piotroski (0-9)	Altman Z	Rating score (1-5)
MBWMthis companyMercantile Bank Corporation	$61.64	8.81×	1.08×	2.1×	10.52×	120.2%	64.0%	27.5%	23.9%	12.2%	5.7%	1.4%	1.14×	3.27×	0.79×	0.29×	3.1%	6	-0.39	3	B+
BHBBar Harbor Bankshares	$41.58	13.38×	0.97×	2.13×	13.47×	-23.1%	67.4%	19.0%	15.2%	6.9%	4.3%	8.4%	0.51×	3.6×	0.62×	0.17×	3.9%	6	-0.66	3	B+
BWFGBankwell Financial Group, Inc.	$70.31	10.2×	1.18×	1.71×	5.89×	432.8%	51.6%	23.3%	16.9%	11.7%	1.9%	7.6%	0.6×	-0.86×	0.49×	1.89×	1.8%	7	1.5	4	A-
CCNECNB Financial Corporation	$36.12	10.43×	0.74×	1.59×	4.62×	5.5%	60.7%	20.4%	16.3%	7.6%	4.8%	9.1%	0.36×	-2.3×	0.55×	0.13×	3.5%	6	-0.59	4	A
CHCOCity Holding Company	$143.35	13.33×	2.11×	4.37×	11.73×	6.9%	79.0%	41.5%	33.3%	16.1%	9.2%	7.5%	0.64×	1.87×	1.92×	0.18×	2.8%	7	-0.16	3	B+
FMAOFarmers & Merchants Bancorp, Inc.	$36.94	7.25×	0.91×	1.79×	10.89×	-57.2%	62.3%	22.5%	17.6%	9.0%	4.8%	10.2%	0.81×	4.07×	0.61×	0.11×	3.6%	8	-0.45	3	B
Peer median	—	10.43×	0.97×	1.79×	10.89×	5.5%	62.3%	22.5%	16.9%	9.0%	4.8%	8.4%	0.6×	1.87×	0.61×	0.17×	3.5%	7	-0.45	3	—