<SEC-DOCUMENT>0001104659-20-044202.txt : 20200407
<SEC-HEADER>0001104659-20-044202.hdr.sgml : 20200407
<ACCEPTANCE-DATETIME>20200407164713
ACCESSION NUMBER:		0001104659-20-044202
CONFORMED SUBMISSION TYPE:	S-4
PUBLIC DOCUMENT COUNT:		26
FILED AS OF DATE:		20200407
DATE AS OF CHANGE:		20200407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITIZENS & NORTHERN CORP
		CENTRAL INDEX KEY:			0000810958
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				232451943
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-237591
		FILM NUMBER:		20780202

	BUSINESS ADDRESS:	
		STREET 1:		90-92 MAIN ST
		CITY:			WELLSBORO
		STATE:			PA
		ZIP:			16901
		BUSINESS PHONE:		877-838-2517

	MAIL ADDRESS:	
		STREET 1:		90-92 MAIN ST
		CITY:			WELLSBORO
		STATE:			PA
		ZIP:			16901
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4
<SEQUENCE>1
<FILENAME>tm2015071d1_s4.htm
<DESCRIPTION>S-4
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><font style="font-size: 8pt;"><b>Registration Statement No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt;"><font style="font-size: 8pt"><b>Filed April&nbsp;7,
2020</b></font></p>

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<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; text-transform: uppercase; margin: 0pt;"><font style="font-size: 9pt;"><b><font style="text-decoration: none;"><font style="text-decoration: none;">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549</font></font></b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b>FORM S-4<br>REGISTRATION STATEMEN T<br style="font-size: 8.0pt; font-weight: bold;"><i>UNDER <br>THE SECURITIES ACT OF 1933</i></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="font-size: 14pt;">CITIZENS&nbsp;&amp; NORTHERN CORPORATION</font><br></b><font style="font-size: 8pt;">(Exact name of Registrant as specified in its charter)</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Pennsylvania</b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>6022</b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>23-2451943</b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;">(State or other jurisdiction of</font><br><font style="font-size: 8pt;"> incorporation or organization)</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;">(Primary Standard Industrial</font><br><font style="font-size: 8pt;"> Classification Code Number)</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;">(IRS Employer</font><br><font style="font-size: 8pt;"> Identification No.)</font></p>
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<p style="font: 10pt Times New Roman, Times, serif; text-align: center; margin: 0pt 0pt 4pt; text-indent: 0px;"><font style="font-size: 8pt;"><b>90-92 Main Street<br>P.O. Box&nbsp;58<br>Wellsboro, PA 16901<br>(570)&nbsp;724-3411<br></b>(Address, including zip code, and telephone number, including area code, of registrant&#x2019;s principal executive offices)</font><br style="font-size: 8.0pt;"><font style="font-size: 8pt;"><b>J.&nbsp;Bradley Scovill<br>President and Chief Executive Officer<br>Citizens&nbsp;&amp; Northern Corporation<br>90-92 Main Street<br>P.O. Box&nbsp;58<br>Wellsboro, PA 16901<br>(570)&nbsp;724-3411<br></b>(Name, address, including zip code, and telephone number, including area code, of agent for service)</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Charles J. Ferry,&nbsp;Esq.</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Sunjeet&nbsp;S. Gill,&nbsp;Esq.</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Stevens&nbsp;&amp; Lee, P.C.</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>17&nbsp;N 2nd Street</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Harrisburg, PA 17101</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>(717)&nbsp;255-7380</b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b><i><b>Copies of all communications to:</b></i></b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Robert A. Schwartz,&nbsp;Esq.</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Gregory&nbsp;T. Krauss,&nbsp;Esq.</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Windels Marx Lane&nbsp;&amp; Mittendorf LLP</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>120 Albany Street Plaza<br>6<sup>th</sup> Floor</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>New Brunswick, NJ 08901</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>(732)&nbsp;448-2548</b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>&nbsp;</b></font></p>
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<p style="font: 10pt Times New Roman, Times, serif; text-indent: 36pt; margin: 5px 0pt 5pt;"><font style="font-size: 8pt;">Approximate date of commencement of proposed sale of the securities to the public: As soon as practicable after this Registration Statement becomes effective and upon completion of the transaction described in the enclosed document.</font></p>
<p style="font: 10pt Times New Roman, Times, serif; text-indent: 36pt; margin: 0pt 0pt 5px;"><font style="font-size: 8pt;">If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box.&nbsp; &#9744;</font></p>
<p style="font: 10pt Times New Roman, Times, serif; text-indent: 36pt; margin: 0pt 0pt 5px;"><font style="font-size: 8pt;">If this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp; &#9744;</font></p>
<p style="font: 10pt Times New Roman, Times, serif; text-indent: 36pt; margin: 0pt 0pt 5px;"><font style="font-size: 8pt;">If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp; &#9744;</font></p>
<p style="font: 10pt Times New Roman, Times, serif; text-indent: 36pt; margin: 0pt 0pt 5px;"><font style="font-size: 8pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company.&nbsp; See the definitions of&#8201;&#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule&nbsp;12b-2 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;).</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="font-size: 8pt;">Large accelerated filer&nbsp; &#9744;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="font-size: 8pt;">Accelerated filer <font style="font-family: Wingdings">&#120;</font></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="font-size: 8pt;">Non-accelerated filer&nbsp; &nbsp; &#9744; (Do not check if a smaller reporting company)</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="font-size: 8pt;">Smaller reporting company <font style="font-family: Wingdings">&#120;</font></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="font-size: 8pt;">Emerging growth company &#9744;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><font style="font-size: 8pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp; &#9744;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><font style="font-size: 8pt">If applicable,
place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><font style="font-size: 8pt;">Exchange Act Rule&nbsp;13e-4(i) (Cross Border Issuer Tender Offer) &#9744;</font></p>
<p style="font: 10pt Times New Roman, Times, serif; text-indent: 36pt; margin: 5pt 0pt 0pt;"><font style="font-size: 8pt;">Exchange Act Rule&nbsp;14d-1(d) (Cross Border Third Party Tender Offer) &#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, serif; margin: 5pt 0pt 0pt; text-indent: 36pt"><font style="font-size: 8pt">&nbsp;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><b>Calculation of Registration Fee</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="font-size: 8pt;">Title of each class of securities to be registered</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Amount to be registered (1)</b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Proposed <br>maximum <br>offering price <br>per share</b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Proposed<br>maximum<br>aggregate<br>offering price <sup>(2)</sup></b></font></p>
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<td style="padding: 0pt 5.4pt;border-bottom: 2px solid black;width:16%;" valign="bottom">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Amount of registration fee </b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="font-size: 8pt;"><b>Common stock, $1.00 par value</b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;">2,317,908</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center; margin-top: 0pt;"><font style="font-size: 8pt;">N/A</font></p>
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<p style="font: 10pt Times New Roman, Times, serif; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><font style="font-size: 8pt;">&nbsp;&nbsp; $ 28,036,853</font></p>
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<p style="font: 10pt Times New Roman, Times, serif; margin-bottom: 0pt; margin-top: 0pt; text-align: center;"><font style="font-size: 8pt;">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; 3,640</font></p>
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<p style="font: 10pt Times New Roman, Times, serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt; text-align: left;"><font style="font-size: 8pt;">(1)</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="font-size: 8pt;">Based on the maximum number of shares of common stock of Citizens&nbsp;&amp; Northern Corporation (&#8220;C&amp;N&#8221;) that may be issued in connection with the proposed merger of Covenant Financial, Inc. (&#8220;Covenant&#8221;) and C&amp;N, calculated by multiplying (a)&nbsp;the sum of (i)(x)&nbsp;4,400,434&nbsp;shares of Covenant common stock outstanding as of March&nbsp;31, 2020, multiplied by (y)&nbsp;75% (which is the percentage of Covenant shares that will be exchanged for the C&amp;N shares of common stock being registered by this registration statement), plus (ii)&nbsp;431,014&nbsp;shares of Covenant common stock reserved for issuance as of March&nbsp;31, 2020 upon the exercise of outstanding stock options, by (b)&nbsp;0.6212&nbsp;shares of C&amp;N common stock per share of Covenant common stock.&nbsp; In accordance with Rule&nbsp;416, this registration statement shall also register any additional shares of C&amp;N&#x2019;s common stock that may become issuable to prevent dilution resulting from stock splits, stock dividends or similar transactions as provided by the agreement relating to the merger.&nbsp; If C&amp;N elects to avoid termination of the merger agreement by increasing the exchange ratio in accordance with the terms of the merger agreement, then C&amp;N will file a registration statement pursuant to Rule&nbsp;462(b) or Rule&nbsp;429 under the Securities Act, as applicable, to reflect such increase.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 8pt;">&nbsp;</font></p>
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<p style="font: 10pt Times New Roman, Times, serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt; text-align: left;"><font style="font-size: 8pt;">(2)</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="font-size: 8pt;">Estimated solely for purposes of calculating the registration fee.&nbsp; Computed in accordance with Rule&nbsp;457(f), on the basis of the book value of the common stock of Covenant on December&nbsp;31, 2019 of&#8201; $9.56 per share and based on a maximum of 4,831,448&nbsp;shares of Covenant common stock to be cancelled and exchanged for registrant&#x2019;s common stock in the merger, multiplied by the book value of&#8201; $9.56 per share, less the maximum amount of cash to be paid by C&amp;N for the Covenant common stock of&#8201; $18,151,790.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until
the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become
effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933 or until the registration statement shall become
effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; page-break-after: auto; text-align: center; text-transform: uppercase"><font style="font-family: Times New Roman, Times, Serif"><b>COVENANT
FINANCIAL, INC.</b><br><b>182&nbsp;NORTH MAIN STREET</b><br><b>DOYLESTOWN, PENNSYLVANIA 18901</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; page-break-after: auto; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><b>NOTICE
OF SPECIAL MEETING OF SHAREHOLDERS</b><br><b>TO BE HELD ON [&#9679;], [&#9679;] [&#9679;], 2020</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">TO
THE SHAREHOLDERS OF COVENANT FINANCIAL, INC.:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><b>NOTICE
IS HEREBY GIVEN</b> that a special meeting of shareholders of Covenant Financial, Inc., or &#8220;Covenant,&#8221; will be held
at [&#9679;]:00&nbsp;a.m., local time, on [&#9679;], [&#9679;]&nbsp;[&#9679;], 2020, at James Lorah Memorial Home Auditorium,
132 N.&nbsp;Main St., Doylestown, Pennsylvania 18901, to consider and vote on:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">1.&nbsp;
a proposal to adopt and approve the Agreement and Plan of Merger, dated as of December&nbsp;18, 2019, by and between Covenant
and Citizens&nbsp;&amp; Northern Corporation, or &#8220;C&amp;N,&#8221; which provides for, among other things, the merger of
Covenant with and into C&amp;N (the &#8220;merger agreement&#8221;); and</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">2.&nbsp;
a proposal to authorize the board of directors to adjourn the special meeting, if necessary, to solicit additional proxies, in
the event there are not sufficient votes at the time of the special meeting to approve the proposal to adopt the merger agreement
(the &#8220;adjournment proposal&#8221;).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">These
items are described in more detail in the accompanying proxy statement/prospectus and its annexes.&nbsp; You should read these
documents in their entirety before voting.&nbsp; We have fixed [&#9679;], [&#9679;]&nbsp;[&#9679;], 2020 as the record date for
determining those Covenant shareholders entitled to vote at the special meeting.&nbsp; Accordingly, only shareholders of record
at the close of business on that date are entitled to notice of and to vote at the special meeting or any adjournment or postponement
of the special meeting.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">Your
board of directors has unanimously determined that the proposed merger is advisable and in the best interests of Covenant and
unanimously recommends that you vote &#8220;FOR&#8221; the proposal to adopt and approve the merger agreement.&nbsp; Your board
of directors also recommends that you vote &#8220;FOR&#8221; the adjournment proposal.&nbsp; In accordance with the terms of the
merger agreement, each director and executive officer of Covenant has agreed to vote all shares of Covenant common stock solely
owned by him or her in favor of adoption and approval of the merger agreement and the transactions contemplated by the merger
agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><b>Your
vote is very important, regardless of the number of shares of Covenant common stock that you own</b>.&nbsp; We cannot complete
the merger unless Covenant&#x2019;s shareholders adopt and approve the merger agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">Even
if you plan to attend the special meeting in person, Covenant requests that you complete, sign, date and return, as promptly as
possible, the enclosed proxy card in the accompanying prepaid reply envelope prior to the special meeting to ensure that your
shares of Covenant common stock will be represented at the special meeting.&nbsp; If you hold your shares in &#8220;street name&#8221;
through a bank, brokerage firm or other nominee, you should follow the procedures provided by your bank, brokerage firm or other
nominee to vote your shares.&nbsp; If you fail to submit a proxy or to attend the special meeting and vote in person or do not
provide your bank, brokerage firm or other nominee with instructions as to how to vote your shares, your shares of Covenant common
stock will not be counted and will have the same effect as a vote &#8220;against&#8221; the adoption and approval of the merger
agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><font style="font-family: Times New Roman, Times, Serif">We
urge you to vote as soon as possible so that your shares will be represented.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">BY
ORDER OF THE BOARD OF DIRECTORS,</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">Vicki
Burgos</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><i>Secretary</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">Doylestown,
Pennsylvania</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">[&#9679;]&nbsp;[&#9679;],
2020</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The
information in this proxy statement/prospectus is not complete and may be changed.&nbsp; We may not sell these securities until
the registration statement filed with the Securities and Exchange Commission is declared effective.&nbsp; This proxy statement/prospectus
does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction where an offer or
sale is not permitted.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><b>Proxy
Statement/Prospectus</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; page-break-after: auto; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><b>PRELIMINARY
 &mdash; SUBJECT TO COMPLETION &mdash; DATED APRIL 7, 2020</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; page-break-after: auto; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; page-break-after: auto; text-align: center"><b>PROXY
STATEMENT<br>FOR SPECIAL MEETING OF SHAREHOLDERS<br>OF COVENANT FINANCIAL, INC.<br>MERGER PROPOSED &mdash; YOUR VOTE IS VERY
IMPORTANT</b></p>
<div style="margin: 5pt 0pt 5pt 0pt;" align="center">
<div style="width: 20%; font-size: 1pt; border-top: 2px solid #000000;">&nbsp;</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; page-break-after: auto; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><b>CITIZENS&nbsp;&amp;
NORTHERN CORPORATION</b><br><b>PROSPECTUS FOR</b><br>[&#9679;]<b>&nbsp;SHARES OF CITIZENS&nbsp;&amp; NORTHERN CORPORATION COMMON
STOCK</b><br><b>Nasdaq:&nbsp; CZNC</b></font></p>
<div style="margin: 5pt 0pt 5pt 0pt;" align="center">
<div style="width: 20%; font-size: 1pt; border-top: 2px solid #000000;">&nbsp;</div>
</div>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">Dear
Shareholders of Covenant Financial, Inc.:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">On
December&nbsp;18, 2019, Covenant Financial, Inc., or &#8220;Covenant,&#8221; and Citizens&nbsp;&amp; Northern Corporation, or
 &#8220;C&amp;N,&#8221; entered into an Agreement and Plan of Merger, which we refer to as the &#8220;merger agreement,&#8221;
that provides for the merger of Covenant with and into C&amp;N, with C&amp;N surviving.&nbsp; In connection with the merger, Covenant
Bank, the wholly-owned subsidiary of Covenant, will merge with and into C&amp;N&#x2019;s wholly-owned subsidiary, Citizens&nbsp;&amp;
Northern Bank, or &#8220;C&amp;N Bank,&#8221; with C&amp;N Bank surviving.&nbsp; Before we complete the merger, the shareholders
of Covenant must approve and adopt the merger agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">You
are invited to attend a special meeting of shareholders (the &#8220;special meeting&#8221;) of Covenant to be held on [&#9679;],
[&#9679;] [&#9679;], 2020, at [&#9679;]&nbsp;a.m., local time, at James Lorah Memorial Home Auditorium, 132 N.&nbsp;Main St.,
Doylestown, Pennsylvania 18901.&nbsp; The special meeting is being held to approve and adopt, among other things, the merger of
Covenant into C&amp;N pursuant to the merger agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">If
the merger agreement is adopted and approved by the holders of at least a majority of the shares of Covenant common stock outstanding
and eligible to vote at the special meeting and the merger is subsequently completed, each outstanding share of common stock,
$1.00 par value per share, of Covenant (&#8220;Covenant common stock&#8221;) will be converted into the right to receive at the
election of the holder thereof either (1)&nbsp;$16.50 in cash, without interest, or (2)&nbsp;0.6212&nbsp;shares of common stock,
$1.00 par value per share, of C&amp;N (&#8220;C&amp;N common stock&#8221;), subject to adjustment procedures described in this
document, to ensure that, in the aggregate, 75% of Covenant common stock will be converted to C&amp;N common stock and the remaining
25% of Covenant common stock will be converted to cash.&nbsp; The maximum number of shares of C&amp;N common stock estimated to
be issuable upon completion of the merger is 2,317,908.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">Although
the number of shares of C&amp;N common stock that holders of Covenant common stock will be entitled to receive is fixed, the market
value of the stock consideration will fluctuate with the market price of C&amp;N common stock and will not be known at the time
Covenant shareholders vote on the merger.&nbsp; However, as described in more detail elsewhere in this document, under the terms
of the merger agreement, if the average price of C&amp;N common stock over a specified period of time decreases below certain
specified thresholds, Covenant would have a right to terminate the merger agreement, unless C&amp;N elects to increase the exchange
ratio, which would result in additional shares of C&amp;N common stock being issued.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">C&amp;N
common stock is traded on the Nasdaq Capital Market under the symbol &#8220;CZNC.&#8221;&nbsp; The common stock of Covenant is
not traded on any exchange.&nbsp; On December&nbsp;17, 2019, which was the last trading date preceding the public announcement
of the proposed merger, the closing price of C&amp;N common stock was $27.09 per share, which, after giving effect to the 0.6212&nbsp;exchange
ratio, has an implied value of approximately $16.83 per share.&nbsp; Based upon this price with respect to the stock consideration,
and the cash consideration of&#8201;$16.50 per share, upon&nbsp;<font style="font-size: 10pt">completion of the merger, a Covenant
shareholder who receives cash for 25% of his or her shares of common stock and receives C&amp;N common stock for 75% of his or
her shares of common stock would receive total merger consideration with an implied value of approximately $16.75 per share.&nbsp;
On April&nbsp;[__], 2020, the last practicable trading day prior to the printing of this proxy statement/prospectus, the closing
price of C&amp;N common stock was $[__] per share, which, after giving effect to the 0.6212&nbsp;exchange ratio, has an implied
value of approximately $[__] per share.&nbsp; Based on this price with respect to the stock consideration, and the cash consideration
of $16.50 per share, upon completion of the merger, a Covenant shareholder who receives cash for 25% of his or her shares of common
stock and receives C&amp;N common stock for 75% of his or her shares of common stock would receive total merger consideration
with an implied value of approximately $[__] per share.&nbsp; The market price of C&amp;N common stock will fluctuate before the
completion of the merger; therefore, you are urged to obtain current market quotations for C&amp;N common stock.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;">After careful consideration, our board of directors unanimously approved the merger agreement and determined that the transactions provided for in the merger agreement are advisable to, and in the best interests of, Covenant.&nbsp; Our board of directors unanimously recommends that you vote &#8220;<b>FOR</b>&#8220; adoption and approval of the merger agreement and &#8220;<b>FOR</b>&#8221; the approval of the other proposals described in this document.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><b>Your vote is important, regardless of the number of shares of Covenant common stock you own</b>.&nbsp; We cannot complete the merger unless the merger agreement is approved by the affirmative vote of the holders of at least a majority of the shares of Covenant common stock outstanding and eligible to vote at the special meeting.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;">This document provides you with detailed
information about the special meeting, the merger agreement and the merger.&nbsp; A copy of the merger agreement is attached as
Annex&nbsp;A to this document.&nbsp; We encourage you to read this entire document, including the annexes hereto and the documents
incorporated by reference herein, carefully because it contains important information about the merger and the related transactions.&nbsp;
<b>In particular, you should read carefully the information under the section titled &#8220;Risk Factors&#8221; beginning on page&nbsp;25</b>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;">Whether or not you expect to attend the special meeting in person, we urge you to submit a completed proxy as promptly as possible.&nbsp; If your shares are held in the name of a broker, bank or other nominee, please follow the instructions on the voting instruction form furnished to you by your broker, bank or other nominee.&nbsp; Do not send your stock certificates with the proxy card.&nbsp; You will receive an election form with instructions for delivering your stock certificates under separate cover.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;">On behalf of our board of directors, thank you for your continued support and interest in Covenant.&nbsp; We look forward to seeing you at the special shareholders&#x2019; meeting.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;">Sincerely,</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin-left: 0; border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt 0pt 0pt 36pt; width: 49%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt;">[TO COME]</p>
</td>
<td style="padding: 0pt 0pt 0pt 10pt; width: 51%; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt;">[TO COME]</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 36pt; vertical-align: bottom">&nbsp;</td>
<td style="padding: 0pt 0pt 0pt 10pt; vertical-align: bottom">&nbsp;</td></tr>
<tr>
<td style="padding: 0pt 0pt 0pt 36pt; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt;">Donald P. Worthington</p>
</td>
<td style="padding: 0pt 0pt 0pt 10pt; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt;">John C. Spier</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 36pt; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt;"><i>Chairman of the Board of Directors</i></p>
</td>
<td style="padding: 0pt 0pt 0pt 10pt; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt;"><i>President and Chief Executive Officer</i></p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 36pt; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt;">Covenant Financial, Inc.</p>
</td>
<td style="padding: 0pt 0pt 0pt 10pt; vertical-align: bottom">
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt;">Covenant Financial, Inc.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><b>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the merger, the issuance
of the C&amp;N common stock in connection with the merger or the other transactions described in this document, or passed upon
the adequacy or accuracy of the disclosure in this document.&nbsp; Any representation to the contrary is a criminal offense.</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><b>The
securities to be issued in connection with the merger are not savings accounts, deposits or other obligations of any bank or savings
association and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">The
date of this document is [&#9679;], 2020, and it is first being mailed or otherwise delivered to shareholders of Covenant on or
about [&#9679;], 2020.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; page-break-after: auto; text-align: center; text-indent: -36.0pt; margin: 0pt 0pt 0pt 36.0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36pt; page-break-after: auto; text-align: center; text-indent: -36pt"><b><a name="toc"></a>TABLE OF CONTENTS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; margin: 0px">

<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; text-align: left; width: 90%; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, serif; margin-bottom: 0pt; text-align: left; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a001">WHERE YOU CAN FIND MORE INFORMATION</a></font></p>
</td>
<td style="width: 10%; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">1</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a002">ABOUT THIS DOCUMENT</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">2</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a003">QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SHAREHOLDER MEETING</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">3</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a004">SUMMARY</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">8</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a005">RISK FACTORS</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">25</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a006">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">33</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a007">THE MERGER</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">35</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a008">Background of the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">35</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a010">Covenant&#x2019;s Reasons for the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">37</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a011">Recommendation of Covenant&#x2019;s Board of Directors</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">39</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a012">C&amp;N&#x2019;s Reasons for the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">39</font></p>
</td>
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<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a013">Opinion of Covenant&#x2019;s Financial Advisor</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">41</font></p>
</td>
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<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a014">Board of Directors and Management of C&amp;N and C&amp;N Bank Following Completion of the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">52</font></p>
</td>
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<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a015">Covenant Shareholders Have Dissenters&#x2019; Rights in the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">52</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a016">Trading Markets</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">54</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a017">Regulatory Approvals Required for the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">54</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a018">Covenant&#x2019;s Directors and Executive Officers Have Financial Interests in the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">55</font></p>
</td>
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<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a019">THE MERGER AGREEMENT</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">56</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a020">Terms of the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">57</font></p>
</td>
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<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a021">Closing and Effective Time of the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">57</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a022">Consideration to Be Received in the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">57</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a023">Election Procedures</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">58</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a024">Share Exchange Procedures</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">58</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a025">Representations and Warranties</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">58</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a026">Covenants and Agreements</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">60</font></p>
</td>
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<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a027">Severance</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">64</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a028">Call of Shareholder Meeting; Support of the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">64</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a029">Agreement Not to Solicit Other Offers</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">64</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a030">Expenses and Fees</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">66</font></p>
</td>
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<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a031">Indemnification and Insurance</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">66</font></p>
</td>
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<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a032">Conditions to Complete the Merger</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">66</font></p>
</td>
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<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a033">Termination of the Merger Agreement</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">67</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a034">Effect of Termination</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">68</font></p>
</td>
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<tr style="background-color: White">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a035">Termination Fee</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">68</font></p>
</td>
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<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a036">Amendment, Waiver and Extension of the Merger Agreement</a></font></p>
</td>
<td style="vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">68</font></p>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a037">ACCOUNTING TREATMENT</a></font></p>
</td>
<td style="padding-bottom: 0pt; width: 10%; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">69</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a038">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES OF THE MERGER</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">70</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a039">SUPERVISION AND REGULATION</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">72</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a040">Financial Privacy</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">75</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a041">Anti-Money Laundering Initiatives and the USA Patriot Act</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">75</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a042">INFORMATION ABOUT CITIZENS&nbsp;&amp; NORTHERN CORPORATION</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">79</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a043">COVENANT&#x2019;S SPECIAL MEETING</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">80</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a044">Date, Time and Place</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">80</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a045">Matters to be Considered</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">80</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a046">Shareholders Entitled to Vote</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">80</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a047">Quorum and Required Vote</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">80</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a048">How Shares Will Be Voted at the Special Meeting</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">81</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a049">How to Vote Your Shares</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">81</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a050">How to Change Your Vote</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">81</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a051">Solicitation of Proxies</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">81</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a052">Attending the Meeting</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">82</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a053">Voting Agreements</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">82</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a054">Proposal No.&nbsp;1&#8201;&#8212;&#8201;Adoption and Approval of the Merger Agreement</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">82</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a055">Proposal No.&nbsp;2&#8201;&#8212;&#8201;Authorization to Vote on Adjournment or Other Matters</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">82</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a056">INFORMATION ABOUT COVENANT FINANCIAL, INC.</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">84</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a057">Business</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">84</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a058">Competition</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">84</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a059">Properties</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">84</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a060">Legal Proceedings</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">84</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a061">Market Price of and Dividends on Covenant&#x2019;s Common Stock</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">85</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a062">Information about Covenant Designees to C&amp;N Board of Directors</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">85</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a063">Transactions with Related Parties</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">87</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 30.0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a064">Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations of Covenant Financial, Inc</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">87</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a065">COMPARISON OF SHAREHOLDERS&#x2019; RIGHTS</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">109</font></p>
</td>
</tr>
<tr style="background-color: White">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a066">LEGAL MATTERS</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">113</font></p>
</td>
</tr>
<tr style="background-color: rgb(204,238,255)">
<td style="padding: 0pt 5.4pt;" nowrap>
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt;"><font style="color: black;"><a href="#n5012forms4a067">EXPERTS</a></font></p>
</td>
<td style="padding-bottom: 0pt; vertical-align: bottom; white-space: nowrap">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right; margin-top: 0pt;"><font style="color: black;">113</font></p>
</td>
</tr>

</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="padding-left: 5.4pt; white-space: nowrap; width: 15%"><a href="#z_002"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANNEX A</font></a></td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 75%"><a href="#z_002"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGREEMENT AND PLAN OF MERGER</font></a></td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;A-1</font></td></tr>
<tr style="background-color: #CCEEFF">
    <td style="padding-left: 5.4pt; white-space: nowrap"><a href="#z_003"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANNEX B</font></a></td>
    <td style="white-space: nowrap; vertical-align: bottom"><a href="#z_003"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPINION
    OF SANDLER O&rsquo;NEILL &amp; PARTNERS, L.P.</font></a></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;B-1</font></td></tr>
<tr style="background-color: white">
    <td style="padding-left: 5.4pt; white-space: nowrap"><a href="#z_004"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANNEX&nbsp;C</font></a></td>
    <td style="white-space: nowrap; vertical-align: bottom"><a href="#z_004"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISSENTERS&rsquo; RIGHTS STATUTE</font></a></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;C-1</font></td></tr>
</table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; page-break-after: auto; text-align: center; text-indent: 0pt; margin: 0pt;"><b><font style="color: black;"><font style="color: black;">&nbsp; W<a name="n5012forms4a001"></a>HERE YOU CAN FIND MORE INFORMATION</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">This
document incorporates important business and financial information about Citizens&nbsp;&amp; Northern Corporation (&#8220;C&amp;N&#8221;)
that is not included in or delivered with this document as permitted by the Securities and Exchange Commission (&#8220;SEC&#8221;).&nbsp;
This information is available without charge to security holders upon written or oral request by contacting the Treasurer at 90-92&nbsp;Main
Street, Wellsboro, PA 16901 or (570) 724-3411. <b>&nbsp;In order to ensure timely delivery of such documents, any request should
be made by [&#9679;], 2020.</b>&nbsp; In addition, you may read and copy any document C&amp;N files, including the registration
statement on Form&nbsp;S-4, of which this document forms a part, and the documents incorporated herein by reference by C&amp;N.&nbsp;
The SEC filings of C&amp;N also are available to the public through the SEC website at <u>http://www.sec.gov</u>.&nbsp; In addition,
you may obtain free copies of the documents C&amp;N files with the SEC by going to C&amp;N&#x2019;s website at <u>http://www.cnbankpa.com</u>.
 &nbsp;The Internet website address of C&amp;N is provided as an inactive textual reference only.&nbsp; The information provided
on the Internet website of C&amp;N, other than copies of the documents listed below that have been filed with the SEC, is not
part of this document and, therefore, is not incorporated herein by reference.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;">C&amp;N has filed with the SEC a registration statement under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), that registers the shares of C&amp;N common stock to be issued to Covenant shareholders in connection with the merger.&nbsp; This document is a part of that registration statement and constitutes a prospectus of C&amp;N with respect to the C&amp;N common stock to be issued to Covenant&#x2019;s shareholders in the merger, and a proxy statement of Covenant for its special meeting.&nbsp; The registration statement, including the attached exhibits, contains additional relevant information about C&amp;N.&nbsp; The rules and regulations of the SEC allow us to omit certain information included in the registration statement from this document.&nbsp; As permitted by the SEC, the following documents are incorporated by reference by C&amp;N (SEC File No.&nbsp;000-16084) in this document:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

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<td valign="top" style="width:36pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
</td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">&#9679;</p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Annual Report on Form&nbsp;<a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_10k.htm">10-K</a> filed February&nbsp;20, 2020, for the year ended December&nbsp;31, 2019, and Annual Report on Form&nbsp;<a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023846/tm208260d1_10ka.htm">10-K/A</a> filed February&nbsp;21, 2020, for the year ended December&nbsp;31, 2019;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:36pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
</td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">&#9679;</p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">all other reports filed pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), since the end of C&amp;N&#x2019;s fiscal year referred to immediately above; and</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:36pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
</td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">&#9679;</p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">the description of C&amp;N common stock contained in C&amp;N&#x2019;s registration statement filed under the Exchange Act and any amendment or report filed for purposes of updating such description.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">All
documents filed by C&amp;N pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this document
and prior to the special meeting are also incorporated by reference into this document and will be deemed to be a part hereof
from the date of filing of such documents.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">Any
statement contained in a document that is incorporated by reference will be deemed to be modified or superseded for all purposes
to the extent that a statement contained herein (or in any other document that is subsequently filed with the SEC and incorporated
by reference) modifies or is contrary to that previous statement.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; page-break-after: auto; text-align: center; text-indent: 0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black"><b>&nbsp;
A</b></font><font style="font-family: Times New Roman, Times, Serif"><a name="n5012forms4a002"></a><font style="color: black"><b>BOUT
THIS DOCUMENT</b></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">This
document, which forms part of a registration statement on Form&nbsp;S-4 filed with the SEC by C&amp;N (File No.&nbsp;000-16084),
constitutes a prospectus of C&amp;N under the Securities Act with respect to the shares of C&amp;N common stock, par value $1.00
per share, to be issued to Covenant shareholders pursuant to the Agreement and Plan of Merger, dated as of December&nbsp;18, 2019,
by and between C&amp;N and Covenant, which we refer to as the &#8220;merger agreement.&#8221;&nbsp; This document also constitutes
a proxy statement of Covenant for its special meeting.&nbsp; It also constitutes a notice of meeting with respect to the special
meeting at which Covenant shareholders will be asked to vote to approve and adopt the merger agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif">All
information contained or incorporated by reference in this document relating to C&amp;N and its subsidiaries has been supplied
by C&amp;N.&nbsp; All information contained or incorporated by reference in this document relating to Covenant and its subsidiaries
has been supplied by Covenant.&nbsp; Covenant does not file reports with the SEC.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><b>Neither
C&amp;N nor Covenant has authorized anyone to give any information or make any representation about the merger of our companies
that is different from, or in addition to, that contained in this document or in any of the materials that have been incorporated
in this document.&nbsp; Therefore, even if you receive information of this sort, you should not rely on it.&nbsp; If you are in
a jurisdiction where offers to exchange or sell, or solicitations of offers to exchange or purchase, the securities offered by
this document or the solicitation of proxies is unlawful, or if you are a person to whom it is unlawful to direct these types
of activities, then the offer presented in this document does not extend to you.&nbsp; The information contained in this document
speaks only as of the date of this document unless the information specifically indicates that another date applies.</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><b>This
document contains a description of the representations and warranties that each of C&amp;N and Covenant made to the other in the
merger agreement.&nbsp; Representations and warranties made by C&amp;N and Covenant are also set forth in contracts and other
documents that are attached or filed as exhibits to this document or are incorporated by reference into this document.&nbsp; These
representations and warranties were made as of specific dates, may be subject to important qualifications and limitations agreed
to between the parties in connection with negotiating the terms of the agreement, and may have been included in the agreement
for the purpose of allocating risk between the parties rather than to establish matters as facts.&nbsp; These materials are included
or incorporated by reference only to provide you with information regarding the terms and conditions of the agreements, and not
to provide any other factual information regarding C&amp;N, Covenant or their respective businesses.&nbsp; Accordingly the representations
and warranties and other provisions of the merger agreement should not be read alone, but instead should be read only in conjunction
with the other information provided elsewhere in this document or incorporated by reference into this document.</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Times New Roman, Times, Serif"><b>Q</b><a name="n5012forms4a003"></a><b>UESTIONS
AND ANSWERS ABOUT THE MERGER AND </b><br><b>THE SHAREHOLDER MEETING</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 36.0pt; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><i>The
following questions and answers briefly address some commonly asked questions about the merger (as defined below) and the Covenant
shareholders meeting.&nbsp; They may not include all the information that is important to the shareholders of Covenant.&nbsp;
Shareholders of Covenant should read carefully this entire document, including the annexes and other documents referred to in
this document.&nbsp; This document is first being sent to Covenant shareholders on or about [ &#9679; ], 2020.</i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif"><b><i><u>Questions
about the Merger</u></i></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">What is the merger?</font></font></b></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">C&amp;N and Covenant have entered into an Agreement and Plan of Merger, dated as of December&nbsp;18, 2019, referred to as the &#8220;merger agreement.&#8221;&nbsp; A copy of the merger agreement is attached as <i>Annex&nbsp;A</i> to, and is incorporated by reference in, this document.&nbsp; The merger agreement contains the terms and conditions of the proposed business combination of C&amp;N and Covenant.&nbsp; Under the merger agreement, Covenant will merge with and into C&amp;N, with C&amp;N surviving the merger, and the separate corporate existence of Covenant will cease.&nbsp; We refer to this transaction as the &#8220;merger.&#8221;&nbsp; In addition, in connection with the merger, Covenant&#x2019;s wholly owned subsidiary, Covenant Bank, will merge with and into Citizens&nbsp;&amp; Northern Bank, or &#8220;C&amp;N Bank,&#8221; the wholly-owned subsidiary of C&amp;N. C&amp;N Bank will be the surviving institution.&nbsp; We refer to this transaction as the &#8220;bank merger.&#8221;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Why am I receiving these materials?</font></font></b></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">This document constitutes
a proxy statement of Covenant and a prospectus of C&amp;N.&nbsp; Covenant is sending these materials to its shareholders to help
them decide how to vote their shares of Covenant common stock with respect to the proposed merger and the other matters to be
considered at the special meeting.<br><br>The merger cannot be completed unless the shareholders of Covenant adopt the merger
agreement.&nbsp; Covenant is holding a special meeting of shareholders to vote on the merger, as well as the other proposals described
in &#8220;<i>Covenant&#x2019;s Special Meeting</i>,&#8221; beginning on page&nbsp;80.&nbsp; <font style="font-family: Times New Roman, Times, Serif">Information
about the special meeting, the merger and the other business to be considered at the special meeting is contained in this document.</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black"><b>Q:</b></font></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black"><b>Why
are Covenant and C&amp;N proposing the merger?</b></font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black">A:</font></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif">Covenant&#x2019;s
board of directors, in unanimously determining that the merger is in the best interests of Covenant, considered a number of factors
which are described under the headings &#8220;<i>The Merger &mdash; Background of the Merger</i>&#8221; and &#8220;<i>The Merger
 &mdash; Covenant&#x2019;s Reasons for the Merger</i>,&#8221; beginning on pages&nbsp;35 and 37, respectively.</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black"><b>Q:</b></font></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black"><b>What
will Covenant shareholders receive as a result of the merger?</b></font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black">A:</font></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif">Each
share of Covenant common stock issued and outstanding immediately prior to the completion of the merger will be converted into
the right to receive, at the election of the shareholder, either (i)&nbsp;0.6212&nbsp;shares of C&amp;N common stock (which we
refer to as the exchange ratio) or (ii)&nbsp;$16.50 in cash.&nbsp; Covenant&#x2019;s shareholders may elect to receive the cash
consideration or the stock consideration for each share owned, subject to the requirement that 25% of the outstanding Covenant
shares are converted into the cash consideratio</font>n.&nbsp; If cash elections and shares for which no election was made represent
less than 25% of the outstanding Covenant shares, all stock elections will be proportionately converted into cash elections until
the 25% cash election requirement is met.&nbsp; If cash elections are made for more than 25% of the outstanding Covenant shares,
all cash elections will be proportionately converted into stock elections until the 25% cash election requirement is met.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Will the merger consideration fluctuate with changes in the market value of C&amp;N common stock?</font></font></b></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">The exchange ratio and cash consideration is fixed.&nbsp; Thus, the value of the stock portion of the merger consideration will vary with the market value of C&amp;N&#x2019;s common stock.&nbsp; However, if&#8201; (i)&nbsp;the average price of C&amp;N&#x2019;s common stock, measured over a ten trading day period occurring shortly before the last of all regulatory approvals are received, drops below $21.67 per share and (ii)&nbsp;the percent decline in C&amp;N common stock, determined by dividing the ten day average price by $27.09, is greater than the percent decline in the&nbsp;NASDAQ Bank Index, determined by dividing the average of the NASDAQ Bank Index for the same ten day period by the value of the NASDAQ Bank Index on December&nbsp;17, 2019 by more than 20%, then Covenant&#x2019;s board of directors may elect to terminate the merger agreement unless C&amp;N increases the aggregate consideration to an amount that would not permit Covenant to terminate.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt 0pt 0pt 22.3pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">How do Covenant shareholders elect the form of merger consideration they wish to receive?</font></font></b></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">After the shareholders of Covenant have approved the merger, the exchange agent, American Stock Transfer&nbsp;&amp; Trust Company LLC, or &#8220;AST,&#8221; will send you an election form to complete and return to AST, with appropriate instructions.&nbsp; You should only complete and return the election form when it is sent to you.&nbsp; All election forms must be returned to AST before the election deadline.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">When is the election deadline?</font></font></b></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">After Covenant&#x2019;s shareholders approve the merger, AST will mail the election form to all shareholders of Covenant with instructions, which will include the election deadline.&nbsp; In addition, we will publicly announce the election deadline through a press release or other public communication.</p>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">What if I do not complete and return the election form before the election deadline?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">If you do not submit a properly completed election form prior to the election deadline, your shares will be treated as non-electing shares and will be converted into stock or cash, as necessary to achieve the required 25% cash consideration condition.</p>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Can I change my election?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Yes.&nbsp; Covenant shareholders can change or revoke their election at any time prior to the election deadline by delivering a written notice of revocation to Covenant or delivering a new, properly completed election form to AST, the exchange agent, no later than the election deadline.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">When should I send in my Covenant stock certificates?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><b><u><b><b>DO NOT SEND IN YOUR COVENANT COMMON STOCK CERTIFICATES NOW</b></b></u></b>.&nbsp; If Covenant shareholders approve and adopt the merger agreement, Covenant shareholders will receive a letter of transmittal from AST that will explain how to exchange Covenant stock certificates for the merger consideration.&nbsp; Please do not send in any Covenant stock certificates until you receive the letter of transmittal.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Who will be the directors and executive officers of C&amp;N and C&amp;N Bank following the merger?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Following the merger, C&amp;N and C&amp;N Bank&#x2019;s boards of directors will consist of their current directors plus Stephen&nbsp;M. Dorwart and Robert&nbsp;G. Loughery, each of whom are non-employee directors of Covenant and Covenant Bank.&nbsp; The executive officers of C&amp;N and C&amp;N Bank will remain the same.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">When do you expect to complete the merger?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">We cannot complete the merger until all conditions to the merger in the merger agreement are satisfied or waived, including receipt of shareholder approval at the special meeting of Covenant, and until we receive all required regulatory approvals.&nbsp; The parties have also agreed not to consummate the merger prior to July&nbsp;1, 2020.&nbsp; We currently expect to complete the merger in the third quarter of 2020.&nbsp; It is possible, however, that factors outside of either company&#x2019;s control could result in us completing the merger at a later time or not completing the merger at all.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
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<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">What are the federal income tax consequences of the merger?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">The merger has been
structured to qualify as a reorganization within the meaning of Section&nbsp;368(a) of the Internal Revenue Code of 1986, as amended,
which is referred to as the &#8220;Internal Revenue Code.&#8221;<br><br>It is a condition to the completion of the merger that
the parties receive a written opinion from Stevens&nbsp;&amp; Lee, P.C., counsel to C&amp;N, to the effect that (i)&nbsp;the merger
will be treated as a reorganization within the meaning of Section&nbsp;368(a) of the Internal Revenue Code; (ii)&nbsp;the holders
of Covenant common stock will not recognize gain or loss for U.S.&nbsp;federal income tax purposes upon the exchange of their
Covenant common stock for C&amp;N common stock (except for cash consideration received or cash received in lieu of fractional
shares); (iii)&nbsp;the basis of C&amp;N common stock received by the shareholders of Covenant will be the same as the basis of
such shareholders&#x2019; Covenant common stock exchanged therefore; and (iv)&nbsp;the holding period of the shares of C&amp;N&nbsp;common
stock received by the shareholders of Covenant will include the holding period of Covenant common stock, provided such shares
of Covenant common stock were held as a capital asset as of the effective time of the merger.&nbsp; For further discussion of
the material U.S.&nbsp;federal income tax consequences of the merger, see &#8220;<i>Material United States Federal Income Tax
Consequences of the Merger</i>,&#8221; beginning on page&nbsp;70.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt 0pt 0pt 22.3pt;"><br><br><b>We recommend that holders of Covenant common stock consult their tax advisors to determine the tax consequences to them of the merger, including the application and effect of any state, local or non-U.S. income and other tax laws.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; page-break-after: auto; text-indent: 0pt; font-style: italic; margin: 0pt;"><b><i><u>Questions about the Covenant Special Meeting</u></i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">What are the matters on which I am being asked to vote at the Covenant special meeting?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">You are being asked to consider and vote on the following matters:</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt; text-align: left"><font style="color: black;">1.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Adoption of the merger agreement, a copy of which is attached as <i>Annex&nbsp;A</i> to this document; and</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt; text-align: left"><font style="color: black;">2.</font></p>
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<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Adjournment of Covenant&#x2019;s special meeting, if necessary, to solicit additional proxies in favor of adoption of the merger agreement.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">How does Covenant&#x2019;s board of directors recommend that I vote my shares?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Covenant&#x2019;s board of directors recommends that Covenant shareholders vote their shares as follows:</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
</td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">&#9679;</p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">&#8220;<b>FOR</b>&#8221; adoption of the merger agreement; and</p>
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<tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
</td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">&#9679;</p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">&#8220;<b>FOR</b>&#8221; an adjournment of Covenant&#x2019;s special meeting, if necessary, to solicit additional proxies in favor of adoption of the merger agreement.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 22.5pt;">As of the record date, directors and executive officers of Covenant and their affiliates beneficially owned 1,095,608&nbsp;shares, or 24.9%, of Covenant&#x2019;s common stock outstanding and entitled to be voted at the special meeting.&nbsp; In accordance with the terms of the merger agreement, each of the directors and executive officers of Covenant has executed a voting agreement in favor of C&amp;N pursuant to which he or she has agreed to vote all shares of Covenant common stock beneficially owned by him or her, and over which he or she holds sole voting power, in favor of adoption of the merger agreement and the transactions contemplated thereby.&nbsp; Collectively, the Covenant directors and executive officers own and have sole voting power over 540,374&nbsp;shares, or 12.3%, of Covenant&#x2019;s common stock outstanding, which they committed to vote in favor of the adoption of the merger agreement.&nbsp; In addition, each director and executive officer agreed to use their best efforts to cause shares of Covenant over which they hold shared voting power to be voted in favor of the adoption of the merger agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">What do I need to do now?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">After carefully reading and considering the information contained in this document, please submit your proxy as soon as possible so that your shares will be represented at Covenant&#x2019;s special meeting.&nbsp; Please follow the instructions stated on the proxy card or on the voting instruction form provided by the record holder if your shares are held in the name of your broker or other nominee.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
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<td valign="top" style="width:22pt;"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black"><b>Q:</b></font></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black"><b>Who
is entitled to vote at Covenant&#x2019;s special meeting?</b></font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
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<tr>
<td valign="top" style="width:22pt;"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black">A:</font></p>
</td>
<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif">Only
shareholders of record as of the close of business on [&#9679;]&nbsp;[&#9679;], 2020, which is referred to as the record date,
are entitled to notice of, and to vote at, Covenant&#x2019;s special meeting.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
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<td valign="top" style="width:22pt;"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black"><b>Q:</b></font></p>
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many votes do I have?</b></font></p>
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<td valign="top" style="width:22pt;"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black">A:</font></p>
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<td valign="top"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif">Each
outstanding share of Covenant common stock is entitled to one vote.</font></p>
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<td valign="top" style="width:22pt;"><p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: black"><b>Q:</b></font></p>
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do I vote my Covenant share</b></font><b><font style="color: black">s?</font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">You may vote your Covenant shares by completing and returning the enclosed proxy card or by voting in person at Covenant&#x2019;s special meeting.&nbsp; Should you have any questions on the procedure for voting your shares, please contact Vicki Burgos, Secretary, Covenant Financial, Inc., 182&nbsp;North Main Street, Doylestown,&nbsp;Pennsylvania 18901, telephone (267)&nbsp;327-4910.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt 0pt 0pt 22.3pt;"><br><br><b>Voting by Proxy</b>.&nbsp; You may vote your Covenant shares by completing and returning the enclosed proxy card.&nbsp; Your proxy will be voted in accordance with your instructions.&nbsp; If you do not specify a choice on one of the proposals described in this document, your proxy will be voted in favor of that proposal.<br><br>ON YOUR COVENANT PROXY CARD:</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">&#9679;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Mark your selections;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">&#9679;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Date and sign your name exactly as it appears on your card; and</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">&#9679;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Return your completed proxy card in the enclosed postage-paid envelope.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36.0pt 0pt 22.5pt;"><b>Voting in Person</b>.&nbsp; If you attend Covenant&#x2019;s special meeting, you may deliver your completed proxy card in person or may vote by completing a ballot, which will be available at Covenant&#x2019;s special meeting.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Why is my vote important?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Because the merger cannot be completed without the affirmative vote of the holders of a majority of all shares of Covenant common stock outstanding and eligible to vote at the special meeting, and because a majority of the outstanding shares of Covenant common stock entitled to vote is necessary to constitute a quorum in order to transact business at the special meeting, every shareholder&#x2019;s vote is important.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">If my shares of Covenant common stock are held in street name by my broker, will my broker automatically vote my shares for me?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><b>No.&nbsp; Your broker CANNOT automatically vote your shares on any proposal at Covenant&#x2019;s special meeting, other than the proposal to adjourn the meeting if necessary to solicit additional proxies, without instructions from you.&nbsp; You should instruct your broker as to how to vote your shares, following the directions your broker provides to you.&nbsp; Please check the voting form used by your broker.</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">What if I fail to instruct my broker?</font></font></b></p>
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<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">If you do not provide your broker with instructions, your broker generally will not be permitted to vote your shares on the merger proposal or any other proposal (a so-called &#8220;broker non-vote&#8221;) at Covenant&#x2019;s special meeting, other than the proposal to adjourn the meeting, and your broker will abstain from voting.&nbsp; Abstentions are considered for purposes of determining the presence of a quorum, but are not considered a vote cast under Pennsylvania law.&nbsp; Although broker non-votes will not be counted as votes cast either &#8220;for&#8221; or &#8220;against&#8221; any proposal, they will be counted to determine if a quorum is present with respect to any matter to be voted upon by shareholders at the special meeting so long as such shares have been voted at the special meeting on another matter other than a procedural motion.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">What constitutes a quorum for Covenant special meeting?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">As of Covenant&#x2019;s record date, 4,400,434&nbsp;shares of Covenant common stock were issued and outstanding, each of which will be entitled to one vote at the meeting.&nbsp; Under Covenant&#x2019;s bylaws, the presence, in person or by proxy, of shareholders entitled to cast at least a majority of the votes that all shareholders are entitled to cast constitutes a quorum for the transaction of business at the special meeting.&nbsp; If you vote by proxy, your shares will be included for determining the presence of a quorum.&nbsp; Both abstentions and broker non-votes that are voted on at least one non-procedural item are also included for purposes of determining the presence of a quorum.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Assuming the presence of a quorum, what is the vote required to approve the matters to be considered at Covenant&#x2019;s special meeting?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">The affirmative vote at the special meeting of the holders of a majority of the shares of Covenant common stock outstanding and eligible to vote at the special meeting, in person or by proxy, is required to adopt the merger agreement and to approve the proposal to adjourn Covenant&#x2019;s special meeting if necessary to solicit additional votes in favor of the proposal to adopt the merger agreement, and on any other matter properly&nbsp;presented at the special meeting.&nbsp; Abstentions and broker non-votes will have no effect on the adoption of the merger agreement or the proposal to adjourn the meeting.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Do I have appraisal or dissenters&#x2019; rights?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Yes.&nbsp; Shareholders of Covenant will be entitled to dissenters&#x2019; rights with respect to the merger, entitling them to request the &#8220;fair value&#8221; of their shares of Covenant stock.&nbsp; To perfect your dissenters&#x2019; rights, you must follow, precisely, the required statutory procedures stated in <i>Annex&nbsp;C</i> to this document.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;"><b>Q:&nbsp;&nbsp;&nbsp;&nbsp; Can I attend Covenant&#x2019;s special meeting and vote my shares in person?</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Yes.&nbsp; All shareholders, including shareholders of record and those who hold their shares through banks, brokers, nominees or any other holder of record, are invited to attend the special meeting.&nbsp; Holders of record of Covenant common stock can vote in person at the special meeting.&nbsp; If you are not a shareholder of record, you must obtain a proxy, executed in your favor, from the record holder of your shares, such as a broker, bank or other nominee, to be able to vote in person at the special meeting.&nbsp; If you plan to attend the special meeting, you must hold your shares in your own name or have a letter from the record holder of your shares confirming your ownership, and you must bring a form of personal photo identification with you in order to be admitted.&nbsp; We reserve the right to refuse admittance to anyone without proper proof of share ownership and without proper photo identification.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Can I change my vote?</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Yes.&nbsp; You may revoke your proxy at any time before it is voted at the special meeting by (1)&nbsp;signing and returning a proxy card with a later date, (2)&nbsp;delivering a written revocation letter to Covenant&#x2019;s Secretary, or (3)&nbsp;attending the special meeting in person, notifying the Secretary and voting by ballot at the special meeting.&nbsp; Covenant&#x2019;s Secretary&#x2019;s mailing address is Covenant Financial, Inc., 182&nbsp;North Main Street, Doylestown, Pennsylvania 18901, Attention:&nbsp; Secretary.&nbsp; Covenant will honor the latest vote cast.<br><br>Any shareholder entitled to vote in person at the special meeting may vote in person regardless of whether a proxy has been previously given, and such vote will revoke any previous proxy if notification of such revocation has been given to Covenant&#x2019;s Secretary, but the mere presence (without notifying Covenant&#x2019;s Secretary) of a shareholder at the special meeting will not constitute revocation of a previously given proxy.</p>
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<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">What happens if additional proposals are presented at Covenant&#x2019;s special meeting?</font></font></b></p>
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<tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Other than the proposals described in this document, Covenant does not expect any matters to be presented for a vote at the special meeting.&nbsp; If you grant a proxy, the persons named as proxy holders will vote your shares on any additional matters properly presented for a vote at the special meeting at the direction of Covenant&#x2019;s board of directors.</p>
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<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Are there risks that I should consider in deciding whether to vote to approve the merger agreement?</font></font></b></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">Yes.&nbsp; You should
consider the risk factors set out in the section entitled &#8220;<i>Risk Factors</i>&#8221; beginning on page&nbsp;25 of this document.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Q:</font></font></b></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; page-break-after: auto; margin-right: 0pt;"><b><font style="color: black;"><font style="color: black;">Whom should I contact if I have additional questions?</font></font></b></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:22pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black;">A:</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;">If you have any questions about the merger, or if you need additional copies of this document or the enclosed proxy card, you should contact:&nbsp; Vicki Burgos, Secretary, Covenant Financial, Inc., 182&nbsp;North Main Street, Doylestown, Pennsylvania 18901, telephone (267)&nbsp;327-4910.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<div style="border:2px solid black; width:99%; padding:5px">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a004"></a>SUMMARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>This summary highlights information
contained elsewhere in this document and may not contain all of the information that is important to you. We urge you to carefully
read this entire document and the other documents to which we refer in order to fully understand the merger and the related transactions.
See &ldquo;Where You Can Find More Information&rdquo; on page&nbsp;<U>1</U>. Each item in this summary refers to the page of this
document on which that subject is discussed in more detail.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information about the Companies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Citizens&nbsp;&amp; Northern Corporation and Citizens&nbsp;&amp;
Northern Bank (page&nbsp;79)</i></b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Citizens&nbsp;&amp; Northern Corporation,
or C&amp;N, is a Pennsylvania corporation that was formed in 1987 as a one-bank holding company. C&amp;N acquired First National
Bank of East Smithfield in May 1990 and acquired Canisteo Valley Corporation and its subsidiary, First State Bank, a New York State
chartered commercial bank with offices in Canisteo and South Hornell, NY, in 2005. In 2010, the First State Bank operations were
merged into C&amp;N Bank and Canisteo Valley Corporation was merged into C&amp;N. On May&nbsp;1, 2007, C&amp;N acquired Citizens
Bancorp, Inc. (&ldquo;Citizens&rdquo;), with banking offices in Coudersport, Emporium and Port Allegany, Pennsylvania. Citizens
Trust Company, the banking subsidiary of Citizens, was merged with and into C&amp;N Bank as part of the transaction. On April 1,
2019, C&amp;N acquired Monument Bancorp, Inc. (&quot;Monument&quot;). Monument was the parent company of Monument Bank, a commercial
bank which operated two community bank offices and one lending office in Bucks County, Pennsylvania. Monument merged with and into
C&amp;N and Monument Bank merged with and into C&amp;N Bank. Total purchase consideration was $42.7&nbsp;million, including 1,279,825
shares of C&amp;N common stock issued with a value of $33.1&nbsp;million and cash paid totaling $9.6&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The common stock of C&amp;N is currently
quoted on the Nasdaq Capital Market under the symbol &ldquo;CZNC.&rdquo; C&amp;N&rsquo;s website can be accessed at www.cnbankpa.com.
The principal executive offices of C&amp;N are located at&nbsp;90-92 Main Street, P.O. Box&nbsp;58, Wellsboro, Pennsylvania 16901,
and its telephone number is 570-724-3411. C&amp;N is a public company that files periodic reports with the SEC, which can be accessed
at <U>www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N Bank is a Pennsylvania banking institution
founded in 1864 as The First National Bank of Wellsborough. C&amp;N Bank has held its current name since May&nbsp;6, 1975, at which
time C&amp;N Bank changed its charter from a national bank to a Pennsylvania bank. In 1971, C&amp;N Bank consolidated with The
Citizens National Bank of Towanda. Subsequent mergers included: First National Bank of Ralston in May 1972; Sullivan County National
Bank in October&nbsp;1977; Farmers National Bank of Athens in January&nbsp;1984; and First National Bank of East Smithfield in
May 1990. C&amp;N Bank is a full-service financial institution with 27&nbsp;banking offices in Bradford, Bucks, Cameron, Lycoming,
McKean, Potter, Sullivan and Tioga Counties in Pennsylvania and Steuben County in New York and loan production offices in Elmira,
New York, and Warminster and York, Pennsylvania. Investment products are offered through C&amp;N Investment Services and insurance
products are offered through C&amp;N Financial Services Corp. Trust services are offered by C&amp;N Bank through the C&amp;N Trust
and Financial Management Group, a division of C&amp;N Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At December&nbsp;31, 2019, C&amp;N had total
assets of approximately $1.638&nbsp;billion, total deposits of approximately $1.259&nbsp;billion, and $244&nbsp;million of shareholders&rsquo;
equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Covenant Financial, Inc. and Covenant Bank (page&nbsp;84)</i></b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant Financial, Inc., or Covenant, was
incorporated as a Pennsylvania business corporation on September&nbsp;17, 2015 for the purpose of becoming a one-bank holding company.
Covenant&rsquo;s main office is located at 182&nbsp;North Main Street, Doylestown, Pennsylvania. Covenant&rsquo;s primary function
is to own all of the common stock of its wholly-owned subsidiary, Covenant Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The common stock of Covenant is not currently
listed on any exchange or quoted in the over the counter market. Covenant&rsquo;s website can be accessed at http://www.yourcovenantbank.com.
The principal executive offices&nbsp;of Covenant are located at 182&nbsp;N.&nbsp;Main Street, Doylestown, Pennsylvania 18901, and its
telephone number is (267)&nbsp;327-4910.</P>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant Bank is a Pennsylvania banking
institution that was incorporated on December&nbsp;1, 2006. Covenant Bank is a community bank offering a full range of banking
services to the Philadelphia metropolitan market. Covenant Bank operates two banking offices in Bucks and Chester County, Pennsylvania.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At December&nbsp;31, 2019, Covenant had
approximately $516.0&nbsp;million in assets, $393.4&nbsp;million in deposits and $42.1&nbsp;million of shareholders&rsquo; equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Share Information and Market Prices (page&nbsp;85)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N common stock is listed on the Nasdaq
Capital Market under the trading symbol &ldquo;CZNC.&rdquo; Covenant common stock is not listed on any exchange or quoted in the
over the counter market. There is therefore no established public trading market for the common stock of Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The table below shows the last sale prices
of C&amp;N common stock, most recent book value per share for Covenant common stock and the equivalent price per share of Covenant
common stock based on the exchange ratio on December&nbsp;17, 2019, the day before announcement of the merger, and on April&nbsp;[&#9679;],
2020, the latest practicable date before printing of this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Historical</B><BR>
<B><U>Price Per Share</U></B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Pro Forma</B><BR>
    <B>Equivalent</B><BR>
    <B><U>Price Per Share<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></U></B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><B>C&amp;N Common Stock</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.25in"> Closing Price on December&nbsp;17, 2019</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"> 27.09</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">N/A</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.25in"> Closing Price on April&nbsp;[&#9679;], 2020</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">[&#9679;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">N/A</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><B>Covenant Common Stock</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.25in"> Equivalent Pro Forma Price on December&nbsp;17, 2019</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$ </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">9.56<SUP>(2)</SUP></TD>
    <TD STYLE="padding-right: 14.75pt; padding-left: 5.4pt; text-align: center"> $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.83</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; background-color: White">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.25in"> Equivalent Pro Forma Price on April&nbsp;[&#9679;], 2020</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 14.75pt; padding-left: 5.4pt; text-align: center"> $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;[&#9679;]</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 6%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 15%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Based upon the product of the conversion ratio (0.6212) and the closing price of C&amp;N common stock, rounded to the nearest
cent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Based upon book value per share as of December 31, 2019.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Merger Agreement (page&nbsp;56)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The terms and conditions of the merger are
contained in the merger agreement, which is attached as <I>Annex&nbsp;A</I> to this document and incorporated by reference herein.
Please carefully read the merger agreement as it is the legal document that governs the merger. The merger agreement is not intended
to provide any other factual information about C&amp;N, Covenant, or any of their respective subsidiaries and affiliates. The representations,
warranties and covenants contained in the merger agreement were made as of specific dates, and may be subject to limitations agreed
upon by the parties as stated in the agreement, including being qualified by confidential disclosures made for the purposes of
allocating contractual risk between the parties to the agreement, none of which materially alter the representations and warranties
made by either party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Covenant and C&amp;N will Merge (page&nbsp;57)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are proposing the merger of Covenant
and C&amp;N, with C&amp;N surviving. As a result of the merger, the corporate existence of Covenant will end. We refer to this
event as the &ldquo;merger&rdquo; in this document. In connection with the merger, Covenant Bank will merge with and into C&amp;N
Bank, with C&amp;N Bank surviving. We refer to this event as the &ldquo;bank merger&rdquo; in this document.</P>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Covenant Will Hold Its Special Meeting on </b>[&#9679;]
[&#9679;]<b>, 2020 (page&nbsp;80)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant will hold a special meeting on
[&#9679;], [&#9679;] [&#9679;],
2020 at [&#9679;]:00&nbsp;a.m., local time, at James Lorah Memorial Home Auditorium,
132 N.&nbsp;Main St., Doylestown, Pennsylvania 18901. At the special meeting, Covenant shareholders will be asked to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 22.3pt">1.</TD><TD>adopt and approve the merger agreement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.3pt"></TD><TD STYLE="width: 22.3pt">2.</TD><TD>approve the adjournment of the special meeting, if necessary, to solicit additional proxies, in the event that there are not
sufficient votes at the time of the special meeting to adopt the merger agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Record Date</I>. Only holders of record
of Covenant common stock at the close of business on [&#9679;]&nbsp;[&#9679;],
2020 will be entitled to vote at the special meeting. Each share of Covenant common stock is entitled to one vote. As of Covenant&rsquo;s
record date, there were 4,400,434&nbsp;shares of Covenant common stock issued and outstanding and entitled to vote at the special
meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Required Vote</I>. The affirmative vote
of a majority of the shares of Covenant common stock outstanding and eligible to vote at the special meeting, in person or by proxy,
is required to adopt and approve the merger agreement and approve the proposal to adjourn the special meeting. A majority of the
outstanding shares of Covenant common stock entitled to vote is necessary to constitute a quorum in order to transact business
at the special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with the terms of the merger
agreement, each of the directors and executive officers of Covenant has executed a voting agreement in favor of C&amp;N pursuant
to which he or she has agreed to vote all shares of Covenant common stock beneficially owned by him or her, and over which he or
she holds sole voting power, in favor of adoption and approval of the merger agreement and the transactions contemplated thereby.
Collectively, the Covenant directors and executive officers own and have sole voting power over 540,374&nbsp;shares, or 12.3%,
of Covenant&rsquo;s common stock outstanding, which they committed to vote in favor of the adoption and approval of the merger
agreement. In addition, each director and executive officer agreed to use their best efforts to cause shares of Covenant over which
they hold shared voting power to be voted in favor of the adoption and approval of the merger agreement. As of the record date,
directors and executive officers of Covenant and their affiliates beneficially owned, in the aggregate, 1,095,608&nbsp;shares,
or 24.9%, of Covenant&rsquo;s common stock outstanding and entitled to be voted at the special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Covenant Shareholders Will Receive Cash or Shares of C&amp;N
Common Stock in the Merger (page&nbsp;57)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the proposed merger, Covenant shareholders
will receive, in exchange for each share of Covenant common stock they own immediately prior to completion of the merger, either
(i)&nbsp;0.6212&nbsp;shares of C&amp;N common stock or (ii)&nbsp;$16.50 in cash. Fractional shares of C&amp;N common stock resulting
from the application of the exchange ratio to a shareholder&rsquo;s holdings of Covenant common stock will be converted into the
right to receive a cash payment for each such fractional share. The cash payment will equal an amount determined by multiplying
(i)&nbsp;the fraction of a share to which such holder would otherwise have been entitled and (ii)&nbsp;$16.50.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant shareholders will be entitled to
indicate the form of merger consideration they wish to elect to receive for each share owned. However, the actual form of merger
consideration you receive will depend on your election and on the elections made by all other Covenant shareholders. The merger
agreement requires that 25% of the outstanding Covenant shares will be converted into the cash consideration; as a result, your
election is subject to proration to ensure that result. Therefore, if Covenant shareholders, in the aggregate, submit elections
requesting too many or too few Covenant shares to be converted into the cash consideration, the stock or cash elections, as appropriate,
will be prorated to ensure that 25% of Covenant&rsquo;s outstanding shares are converted into the cash consideration.</P>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>While the Exchange Ratio and Cash Consideration is Fixed,
in Certain Circumstances, Covenant May Terminate the Merger Unless C&amp;N Increases the Consideration (page&nbsp;68)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The exchange ratio and cash consideration
is fixed. Thus, the value of the stock portion of the merger consideration will vary with the market value of C&amp;N&rsquo;s common
stock. However, if&thinsp; (i)&nbsp;the average price of C&amp;N&rsquo;s common stock, measured over a ten trading day period occurring
shortly before the last of all regulatory approvals are received, drops below $21.67 per share and (ii)&nbsp;the percent decline
in C&amp;N common stock, determined by dividing the ten day average price by $27.09, is greater than the percent decline in the
NASDAQ Bank Index, determined by dividing the average of the NASDAQ Bank Index for the same ten day period by the value of the
NASDAQ Bank Index on December&nbsp;17, 2019 by more than 20%, then Covenant&rsquo;s board of directors may elect to terminate the
merger agreement unless C&amp;N increases the aggregate consideration to an amount that would not permit Covenant to terminate
as described in&nbsp;(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Expected Material United States Federal Income Tax Treatment
as a Result of the Merger (page&nbsp;70)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger has been structured to qualify
as a reorganization within the meaning of Section&nbsp;368(a) of the Internal Revenue Code of 1986, as amended, which is referred
to as the Internal Revenue Code, and it is a condition to the completion of the merger that the parties receive a written opinion
from Stevens&nbsp;&amp; Lee, P.C., counsel to C&amp;N, to the effect that the merger will be treated as a reorganization within
the meaning of Section&nbsp;368(a) of the Internal Revenue Code and that holders of Covenant common stock will not recognize gain
or loss for U.S. federal income tax purposes upon the exchange of their Covenant common stock for C&amp;N common stock pursuant
to the merger. For further discussion of the material U.S. federal income tax consequences of the merger, see &ldquo;<i>Material
United States Federal Income Tax Consequences of the Merger</i>,&rdquo; beginning on page&nbsp;70.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>We recommend that holders of Covenant
common stock consult their tax advisors to determine the tax consequences to them, including the application and effect of any
state, local or non-U.S. income and other tax laws, of the merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accounting Treatment of the Merger (page&nbsp;69)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger will be treated as a business
combination to be accounted for using the acquisition method of accounting under U.S. generally accepted accounting principles.
Under the acquisition method of accounting, the acquired tangible and identifiable intangible assets and liabilities assumed of
Covenant will be recorded, as of the date of completion of the merger, at their respective fair values. Any excess of the purchase
price over the fair values of net assets acquired will be recorded as &ldquo;goodwill.&rdquo; Under U.S. generally accepted accounting
principles, goodwill is not amortized, but is assessed annually, or more frequently if necessary, for impairment with any resulting
impairment losses included in net income. If the fair value of net assets acquired exceeds the purchase price, there will be no
goodwill recorded, and the resulting difference will be recorded as a bargain purchase gain. The results of operations of the combined
entity will include the results of Covenant&rsquo;s operations only after completion of the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Opinion of Covenant&rsquo;s Financial Advisor (page&nbsp;41)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s financial advisor, Sandler
O&rsquo;Neill &amp; Partners, L.P., or &ldquo;Sandler,&rdquo; has conducted financial analyses and delivered an opinion to Covenant&rsquo;s
board of directors to the effect that, as of December&nbsp;18, 2019 and subject to the procedures followed, assumptions made, matters
considered and qualifications and limitations on review undertaken by Sandler as set forth in its opinion, the merger consideration
was fair, from a financial point of view, to Covenant&rsquo;s common shareholders. The full text of Sandler&rsquo;s opinion is
attached as <i>Annex&nbsp;B</i> to this document. Covenant shareholders should read that opinion and the summary description of
Sandler&rsquo;s opinion contained in this document carefully and in their entirety. The opinion of Sandler does not reflect any
developments that may have occurred or may occur after the date of its opinion and prior to the completion of the merger. Covenant
does not expect that it will request an updated opinion from Sandler.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinion was for the information of, and was directed to,
the Covenant board of directors (in its capacity as such) in connection with its consideration of the financial terms of the merger.
The opinion did not address the underlying business decision of Covenant to engage in the merger or enter into the merger agreement
or constitute a recommendation to the Covenant board in connection with the merger, and it does not constitute a recommendation
to any holder of Covenant common stock as to how to vote or act in connection with the merger or any other matter. Sandler&rsquo;s
opinion speaks only as of the date of the opinion and does not address the underlying business decision of Covenant to engage in
the merger, the form or structure of the merger, the relative merits of the merger as compared to any other alternative business
strategies that might exist for Covenant, or the effect of any other transaction in which Covenant might engage.&nbsp;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Board of Directors and Executive Officers of C&amp;N and
C&amp;N Bank after the Merger (page&nbsp;52)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following the merger, the C&amp;N and C&amp;N
Bank boards of directors will consist of the current members of each board plus Messrs.&nbsp;Dorwart and Loughery, each of whom
is currently a non-employee director of Covenant and Covenant Bank. The current executive officers of C&amp;N and of C&amp;N Bank
will remain the same after the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Covenant Board of Directors Recommends That Covenant
Shareholders Vote &ldquo;FOR&rdquo; Adoption of the Merger Agreement (page&nbsp;39)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s board of directors believes
that the merger is in the best interests of Covenant and has unanimously approved the merger and the merger agreement. Covenant&rsquo;s
board of directors recommends that Covenant shareholders vote &ldquo;<B>FOR</B>&rdquo; adoption of the merger agreement. Covenant&rsquo;s
board of directors also recommends that Covenant shareholders vote &ldquo;<B>FOR</B>&rdquo; the proposal to adjourn the special
meeting, if necessary, to solicit additional proxies in favor of the adoption of the merger agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Covenant&rsquo;s Directors and Executive Officers Have Financial
Interests in the Merger that May Differ from Your Interests (page&nbsp;55)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to their interests as Covenant
shareholders, the directors and executive officers of Covenant may have interests in the merger that are different from or in addition
to interests of other Covenant shareholders. These interests include, among others, accelerated vesting of retirement benefits
under a supplemental executive retirement plan, payments payable under employment agreements and change in control agreements between
Covenant and certain executive officers and directors. These interests also include provisions in the merger agreement appointing
two Covenant directors to serve on the C&amp;N board of directors, payment of severance to executive officers who will not be employed
by C&amp;N, payment by C&amp;N to two executive officers of Covenant who will become employed by C&amp;N in termination of their
existing employment agreements, the entry by C&amp;N into new employment agreements with these two executive officers of Covenant,
indemnification by C&amp;N, payment for directors&rsquo; and officers&rsquo; insurance and invitation to members of the Covenant
board of directors immediately prior to the closing of the merger (other than Messrs.&nbsp;Dorwart and Loughery) to serve as members
of a regional advisory board These additional interests may create potential conflicts of interest and cause some of these persons
to view the proposed transaction differently than you may view it as a Covenant shareholder. Covenant&rsquo;s board of directors
was aware of these interests and took them into account in its decision to approve the merger agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Holders of Covenant Common Stock Have Dissenters&rsquo;
Rights (page&nbsp;52)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant shareholders have the right under
Pennsylvania law to dissent from the merger agreement and obtain the &ldquo;fair value&rdquo; of their shares in cash as determined
by an appraisal process in accordance with the procedures under Subchapter&nbsp;D of Chapter&nbsp;15 of the Pennsylvania Business
Corporation Law of 1988, as amended, or PBCL. The statutorily determined &ldquo;fair value&rdquo; could be more or less then the
value of the merger consideration. If you intend to exercise dissenters&rsquo; rights, you should read the statute carefully and
consult with your own legal counsel. Failure to strictly comply with the procedures set forth in the PBCL will result in the loss
of dissenters&rsquo; rights. Also, if you exercise dissenters&rsquo; rights, you may have taxable income as a result, so you should
consult with your own tax advisor if you intend to dissent. See &ldquo;<I>The Merger&thinsp;&mdash;&thinsp;Covenant Shareholders
Have Dissenters&rsquo; Rights in the Merger</I>&rdquo; and <I>Annex&nbsp;C</I>.</P>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Rights of Covenant Shareholders Will Be Governed by
C&amp;N&rsquo;s Articles of Incorporation and Bylaws after the Merger (page&nbsp;109)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rights of Covenant shareholders will
change as a result of the merger due to differences in C&amp;N&rsquo;s and Covenant&rsquo;s governing documents. A description
of shareholder rights under each of the C&amp;N and Covenant governing documents, and the material differences between them, is
included in the section entitled &ldquo;<i>Comparison of Shareholders&rsquo; Rights</i>&rdquo; found on page&nbsp;109.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Conditions That Must Be Satisfied or Waived for the Merger
to Occur (page&nbsp;66)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The parties have agreed not to consummate
the merger before July&nbsp;1, 2020. Currently, we expect to complete the merger in the third quarter of 2020. As more fully described
in this document and in the merger agreement, the completion of the merger depends on a number of conditions being satisfied or,
where legally permissible, waived. These conditions include, among others: approval of the merger by the requisite vote of Covenant&rsquo;s
shareholders; the receipt of all required regulatory approvals from the Board of Governors of the Federal Reserve System (&ldquo;FRB&rdquo;),
Federal Deposit Insurance Corporation (&ldquo;FDIC&rdquo;), and the Pennsylvania Department of Banking and Securities (&ldquo;PDB&rdquo;);
the holders of no more than 5% of the outstanding shares of common stock of Covenant exercising dissenters&rsquo; rights; and the
receipt of a legal opinion from Stevens&nbsp;&amp; Lee, P.C., counsel to C&amp;N, regarding the tax treatment of the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot be certain when, or if, the conditions
to the merger will be satisfied or waived, or that the merger will be completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>No Solicitation of Other Offers (page&nbsp;64)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant has agreed that it, its directors
and officers and its representatives and advisors will not, between the date of the merger agreement and the date of the special
meeting of Covenant&rsquo;s shareholders, directly or indirectly, seek or encourage, respond to, endorse, pursue or enter into
an alternative acquisition proposal unless its board of directors determines, in good faith, that such discussions or consideration
of an alternative acquisition proposal are required for its board of directors to fulfill its fiduciary duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For further discussion of the restrictions
on solicitation of acquisition proposals from third parties, see &ldquo;<i>The Merger Agreement&thinsp;&mdash;&thinsp;Agreement
Not to Solicit Other Offers</i>&rdquo; beginning on page&nbsp;64.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Termination of the Merger Agreement (page&nbsp;67)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The boards of Covenant and C&amp;N may mutually
agree to terminate the merger agreement before completing the merger, even after shareholder approval has been obtained. In addition,
C&amp;N or Covenant may decide to terminate the merger agreement if&thinsp; (i)&nbsp;a bank regulator or governmental entity issues
a final order that is not appealable prohibiting the merger, (ii)&nbsp;the shareholders of Covenant fail to adopt the merger agreement,
(iii)&nbsp;the other party breaches the merger agreement and fails to cure such breach, if that breach would cause the conditions
to closing not to be met, or (iv)&nbsp;the merger has not been completed by November 20, 2020, unless the reason the merger has
not been completed by that date is a breach of the merger agreement by the party seeking to terminate the merger agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N may terminate the merger agreement
if Covenant&rsquo;s board of directors, in connection with the receipt of an alternative acquisition proposal, (1)&nbsp;enters
into an acquisition agreement with respect to the alternative acquisition proposal, (2)&nbsp;terminates the merger agreement, (3)&nbsp;fails
to make, withdraws, modifies or qualifies its recommendation of the merger agreement in a manner adverse to C&amp;N, or (4)&nbsp;delivers
a written notice to C&amp;N of its determination to accept the alternative acquisition proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant may terminate the merger agreement
if Covenant receives an alternative acquisition proposal and delivers a written notice to C&amp;N of its determination to accept
the alternative acquisition proposal.</P>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s board of directors may
also elect to terminate the merger agreement if the value of C&amp;N common stock significantly declines and C&amp;N fails to increase
the aggregate consideration as explained above under the heading &ldquo;While the Exchange Ratio and Cash Consideration is Fixed,
in Certain Circumstances, Covenant May Terminate the Merger Unless C&amp;N Increases the Consideration.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Termination Fee (page&nbsp;68)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant will pay C&amp;N a termination
fee of&thinsp;$2,900,000 in the event that the merger agreement is terminated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>by C&amp;N because Covenant&rsquo;s shareholders fail to approve the merger at the special meeting of Covenant and, prior thereto,
there has been a publicly proposed or announced alternative acquisition proposal for Covenant that is agreed to or consummated
within 12&nbsp;months following termination; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>by C&amp;N because Covenant has received an alternative acquisition proposal, and Covenant (1)&nbsp;enters into an acquisition
agreement with respect to the alternative acquisition proposal, (2)&nbsp;terminates the merger agreement, (3)&nbsp;fails to make,
withdraws, modifies or qualifies its recommendation of the merger agreement in a manner adverse to C&amp;N, or (4)&nbsp;delivers
a written notice to C&amp;N of its determination to accept the alternative acquisition proposal; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>by Covenant, if Covenant receives an alternative acquisition proposal and delivers a written notice to C&amp;N of its determination
to accept the alternative acquisition proposal in compliance with all requirements of the merger agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulatory Approvals Required for the Merger and the Bank
Merger (page&nbsp;54)</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger is subject to certain regulatory
approvals or waivers, including approval or waiver of the FRB, FDIC and PDB. As of the date hereof, applications are pending with
the FDIC and PDB and a request for a waiver has been submitted to the FRB.</P>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SELECTED CONSOLIDATED HISTORICAL FINANCIAL
DATA OF C&amp;N</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following tables set forth selected
historical consolidated financial data for C&amp;N as of and for the five years ended December&nbsp;31, 2019, 2018, 2017, 2016
and 2015 (which has been derived from C&amp;N&rsquo;s audited financial statements). You should read these tables together with
the historical consolidated financial information contained in C&amp;N&rsquo;s consolidated financial statements and related notes,
and Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations included in C&amp;N&rsquo;s Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2019, which has been filed with the SEC and is incorporated by reference
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">(In thousands of dollars, except
    per share data)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt"><B>As
of or for the Year Ended December&nbsp;31,</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in; text-align: left"><FONT STYLE="font-size: 8pt"><B>INCOME
                                         STATEMENT&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2019</B>&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2018</B>&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2017</B>&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2016</B>&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2015</B>&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Interest and fee income</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">64,771</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">50,328</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">45,863</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">44,098</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">44,519</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Interest expense</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">10,283</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">4,625</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">3,915</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">3,693</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">4,602</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net interest income</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">54,488</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,703</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">41,948</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,405</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,917</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Provision for loan losses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">849</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">584</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">801</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">1,221</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">845</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net interest income after provision&nbsp;for
    loan losses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">53,639</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,119</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">41,147</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,184</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,072</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Noninterest income excluding&nbsp;securities
    gains</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19,284</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,597</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16,153</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,511</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15,478</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net gains on securities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,033</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">257</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,158</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,861</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Loss on prepayment of debt</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,573</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Merger-related expenses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,099</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">328</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Noninterest expense excluding
    loss&nbsp;on prepayment of debt and&nbsp;merger-related expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">45,438</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">39,158</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">36,967</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">34,744</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">33,030</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Income before income tax provision</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23,409</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,263</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,590</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,109</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,808</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Income tax provision</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">3,905</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">4,250</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">7,156</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">5,347</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">5,337</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net income</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">19,504</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">22,013</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">13,434</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">15,762</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">16,471</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net income attributable
    to common&nbsp;&nbsp;shares</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">19,404</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">21,903</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">13,365</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">15,677</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">16,387</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">PER COMMON SHARE:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Basic earnings per share</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.46</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.79</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Diluted earnings per share</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.46</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.79</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Cash dividends declared per share</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Book value per common share at&nbsp;period-end</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17.82</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">16.02</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.43</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.39</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Tangible book value per common share at period-end</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.37</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.41</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Weighted average common shares&nbsp;outstanding &ndash; basic</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,298,736</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,219,209</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,115,840</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,032,820</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,149,252</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Weighted average common shares&nbsp;outstanding - diluted</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,321,559</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,257,368</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,155,136</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,063,055</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,171,084</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">END OF PERIOD BALANCES</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Available-for-sale debt securities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">346,723</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">363,273</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">355,937</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">394,106</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">417,904</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Gross loans</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,182,222</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">827,563</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">815,713</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">751,835</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">704,880</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Allowance for loan losses</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,836</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,309</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,856</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,473</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,889</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Total assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,654,145</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,290,893</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,276,959</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,242,292</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,223,417</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Deposits</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,252,660</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,033,772</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,008,449</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">983,843</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">935,615</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Borrowings and subordinated debt</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">144,847</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">48,768</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">70,955</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">64,629</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">92,263</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Stockholders&rsquo; equity</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">244,452</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">197,368</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">188,443</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">186,008</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">187,487</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Common shares outstanding</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,716,445</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,319,330</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,214,525</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,113,228</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,180,623</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

</div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<div style="border:2px solid black; width:99%; padding:5px"><TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom"><TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">(In thousands of dollars, except
    per share data)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 2px solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>As
of or for the Year Ended December&nbsp;31,&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt"><B>INCOME
                                         STATEMENT</B>&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2019</B>&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2018</B>&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2017</B>&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2016</B>&nbsp;</FONT>&nbsp;</P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>2015</B>&nbsp;</FONT></P></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">AVERAGE BALANCES</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Total assets</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">1,540,469</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">1,276,140</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">1,247,759</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">1,229,866</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">1,243,209</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Earning assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,437,993</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,205,429</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,169,569</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,147,549</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,159,298</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Gross loans</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,057,559</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">822,346</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">780,640</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">723,076</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">657,727</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Deposits</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,213,687</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,027,831</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">990,917</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">970,447</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">968,201</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Stockholders&rsquo; equity</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">229,446</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">187,895</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">188,958</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">188,373</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">188,905</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">KEY RATIOS</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Return on average assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.27</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.72</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.08</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.28</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.32</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Return on average equity</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11.72</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7.11</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8.37</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8.72</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Average equity to average&nbsp;assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.89</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.72</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.32</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.19</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net interest margin (1)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.86</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.90</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.82</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.76</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.69</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Efficiency (2)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.73</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">59.69</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.74</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">59.22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">56.66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Cash dividends as a % of &nbsp;diluted earnings per share</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">80.82</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60.34</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">94.55</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">80.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">77.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Tier&nbsp;1 leverage</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13.10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.78</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.23</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.27</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Tier&nbsp;1 risk-based capital</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">19.19</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23.24</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21.95</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22.48</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23.29</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Total risk-based capital</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20.70</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24.42</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23.07</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23.60</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24.40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Tangible common equity/&nbsp;tangible assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13.22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13.95</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.15</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14.49</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Nonperforming assets/total&nbsp;assets</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.80</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.37</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.47</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.43</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Nonperforming loans/total&nbsp;loans</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.88</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.94</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.07</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.09</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Allowance for loan losses/&nbsp;total loans</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.83</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.09</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.13</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Net charge-offs/average&nbsp;loans</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.03</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.02</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.05</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.09</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.04</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD>Rates of return on tax-exempt securities and loans are calculated on a fully-taxable equivalent basis.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD>The efficiency ratio is calculated by dividing: (a)&nbsp;total noninterest expense excluding merger-related expenses and losses
from prepayment of debt, by (b)&nbsp;the sum of net interest income (including income from tax-exempt securities and loans on a
fully-taxable equivalent basis) and noninterest income excluding securities gains or losses.</TD></TR></TABLE>



</div>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SELECTED CONSOLIDATED HISTORICAL FINANCIAL
DATA OF COVENANT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following tables set forth selected
historical financial data for Covenant Financial, Inc. as of and for the five years ended December&nbsp;31, 2019, 2018, 2017, 2016
and 2015 (which has been derived primarily from its audited financial statements). You should read these tables together with &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations of Covenant Financial, Inc.&rdquo; included in this document.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">As
    of or for the Years Ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2016
    (1)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2015
    (1)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(in thousands of
    dollars, except per share data)</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Interest income</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">23,732</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">21,766</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">17,897</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">12,734</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">10,390</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Interest expense</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">7,226</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">6,247</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">3,867</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,119</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,196</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">16,506</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">15,519</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">14,030</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">10,615</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">9,194</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Provision for loan losses</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">460</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,931</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,636</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">4,416</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,455</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Net interest income after provision for loan losses</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">16,046</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">12,588</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">11,394</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">6,199</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">7,739</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Noninterest income</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">649</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">653</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">720</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,040</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">649</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Noninterest expenses</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">12,272</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">10,523</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">10,967</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">9,861</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">7,586</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Income (loss) before income tax expense</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">4,423</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,718</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,147</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(2,622</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">802</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Income tax expense (benefit)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">861</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">566</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">769</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(994</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">204</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Net income (loss)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">3,562</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,152</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">378</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,628</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">598</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Less: dividends on preferred
    stock</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">181</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">51</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt"><FONT STYLE="font-size: 8pt">Net
    income (loss) attributable to common stockholders</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">3,562</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,152</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">378</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,809</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">547</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">Basic earnings per share</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.81</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.50</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.12</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(0.70</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.21</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">Diluted earnings per share</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.79</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.50</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.12</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(0.70</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.20</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">Cash dividends per share (2)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">Basic weighted average common shares outstanding</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">4,400,342</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">4,292,303</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">3,047,144</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,599,638</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,575,271</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">Diluted weighted average common shares outstanding</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">4,527,193</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">4,292,509</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">3,092,154</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,700,939</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,705,803</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Selected Financial Data:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Total assets</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">515,968</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">479,357</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">446,654</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">354,710</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">263,055</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Total loans</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">421,146</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">399,474</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">376,298</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">293,787</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">202,414</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Allowance for loan losses</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(3,963</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(4,584</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(4,673</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(6,530</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">(2,763</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Total deposits</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">393,445</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">361,919</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">345,478</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">276,383</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">192,579</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Total borrowings and debt</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">64,000</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">66,500</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">54,900</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">48,200</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">31,900</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Total subordinated debt</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8,000</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Preferred stock (3)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">5,100</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Total stockholders' equity</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">42,078</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">38,123</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">33,768</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">20,579</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">27,383</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">Average total assets</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">493,754</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">475,523</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">402,945</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">288,359</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">231,704</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">Average stockholders' equity</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">40,267</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">35,462</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">24,849</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">22,836</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">27,305</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Selected Financial Ratios:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Return on average assets</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.72</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.45</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.09</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-0.63</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">0.24</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Return on average equity</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8.85</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">6.07</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1.52</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">-7.92</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2.00</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">Tier 1 (Core) capital/average assets - Bank</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">10.33</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">10.06</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">10.12</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">9.13</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">11.08</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD>Covenant Bank (&quot;Bank&quot;) became a wholly-owned
subsidiary of Covenant Financial, Inc, (&quot;CFI&quot;) pursuant to the Plan of Reorganization.&nbsp;that was consummated in
February 2016. Stockholders of the Bank exchanged each share of common stock or options of the Bank for one&nbsp;share of common
stock or options of CFI. Accordingly, the financial information relating to the periods prior to February 2016 is reported&nbsp;under
the name of CFI.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD>No dividends were paid to common stockholders during the
years ended December 31, 2015 through 2019.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD>Preferred stock issued September 2011 pursuant to U.S.
Treasury Department's SBLF program was redeemed in July 2016.</TD>
</TR></TABLE>


</div>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNAUDITED COMBINED CONDENSED CONSOLIDATED
FINANCIAL DATA</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(In thousands of dollars, except per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The unaudited pro forma combined condensed
consolidated financial information has been prepared using the acquisition method of accounting, giving effect to the merger. The
unaudited pro forma combined condensed consolidated balance sheet combines the historical information of C&amp;N and Covenant as
of December&nbsp;31, 2019 and assumes the merger was completed on that date. The unaudited pro forma combined condensed consolidated
income statement combines the historical financial information of C&amp;N and Covenant and gives effect to the merger as if it
had been completed as of January&nbsp;1, 2019 and carried forward through December 31, 2019. The unaudited pro forma combined condensed
consolidated financial information is presented for illustrative purposes only and is not necessarily indicative of the results
of operations or financial condition had the merger been completed on the date described above, nor is it necessarily indicative
of the results of operations in future periods or the future financial condition and results of operations of the combined entities.
The financial information should be read in conjunction with the accompanying notes to the unaudited pro forma combined condensed
consolidated financial information. Certain reclassifications have been made to Covenant historical financial information to conform
to C&amp;N&rsquo;s presentation of financial information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The actual value of C&amp;N&rsquo;s common
stock to be recorded as consideration in the merger will be based on the closing price of C&amp;N&rsquo;s common stock as of the
merger completion date. The proposed merger is targeted for completion in the third quarter 2020. There can be no assurance that
the merger will be completed as anticipated. For purposes of the pro forma financial information, the fair value of C&amp;N&rsquo;s
common stock to be issued in connection with the merger was based on C&amp;N&rsquo;s closing stock price of $28.25 per share on
December&nbsp;31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The pro forma financial information includes
estimated adjustments, including adjustments to record Covenant&rsquo;s assets and liabilities at their respective fair values,
and represents C&amp;N&rsquo;s pro forma estimates based on fair value information as of the date of the merger agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The pro forma adjustments are subject to
change depending on changes in interest rates, changes in the components of assets and liabilities and additional information as
it becomes available. The final allocation of the purchase price will be determined after the merger is completed and after a more
thorough analysis to determine the fair value of Covenant&rsquo;s assets and liabilities has been completed. Changes in the estimated
fair values of the net assets as compared with the information presented in the unaudited pro forma combined condensed consolidated
financial information may change the amount of the purchase price allocated to goodwill and other assets and liabilities and may
impact C&amp;N&rsquo;s statement of income due to adjustments in amortization of the adjusted assets and liabilities. Also, changes
in Covenant&rsquo;s stockholders&rsquo; equity, including results of operations from December&nbsp;31, 2019 through the date the
merger is completed, will change the purchase price allocation, which may result in an adjustment to the amount of goodwill recorded.
The final adjustments may vary materially from the adjustments reflected in the unaudited pro forma financial information herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N&rsquo;s management estimates $9.2&nbsp;million
of pre-tax merger-related expenses will be incurred, including severance and employee retention expenses, system conversion costs,
professional fees and other expenses. These estimated merger-related expenses are excluded from the unaudited pro forma combined
condensed consolidated statements of income presented herein. C&amp;N&rsquo;s management expects the merger will provide the combined
company with financial benefits that include reduced operating expenses. The unaudited pro forma combined condensed consolidated
financial information, while helpful in illustrating the financial characteristics of the combined company under one set of assumptions,
does not reflect the benefits of expected cost savings or opportunities to earn additional revenue, and accordingly does not attempt
to predict or suggest future results. Also, the unaudited pro forma combined condensed consolidated statement of income presented
herein does not necessarily reflect what the historical results of the combined company would have been had the companies been
combined during this period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The unaudited pro forma combined condensed
consolidated financial information has been derived from and should be read in conjunction with the historical consolidated financial
information and related notes of C&amp;N and Covenant, which are incorporated by reference to or included in this document.</P>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom"><TD COLSPAN="21" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Unaudited
                                   Pro Forma Condensed Consolidated Balance Sheet</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="21" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>As
    of December 31, 2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>&nbsp;</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>(In
                                         Thousands)</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></P></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>C&amp;N
                                         Historical</B></FONT></TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Covenant
                                         Historical</B></FONT></TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Pro-Forma
                                         Adjustments</B></FONT></TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Pro
                                         Forma Combined</B></FONT></TD><TD STYLE="border-bottom: Black 2px solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Note
                                         Reference</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ASSETS</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    and due from banks:</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,667</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,395</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,062</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 7%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2px solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,535</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,552</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,087</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    cash and due from banks</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,202</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,947</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,149</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Held-to-maturity
    securities</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Available-for-sale
    debt securities, at fair value</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">346,723</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,839</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(28,874</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">339,688</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Marketable
    equity security</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">979</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">979</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Federal
    funds sold</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,271</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,271</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loans
    held for sale</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loans
    receivable</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,182,222</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">421,146</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8,423</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,594,945</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allowance
    for loan losses</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,836</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,963</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,963</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(9,836</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Loans,
    net</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,172,386</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">417,183</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4,460</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,585,109</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank-owned
    life insurance</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,641</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,044</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,685</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accrued
    interest receivable</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,001</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,487</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,488</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank
    premises and equipment, net</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,170</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,461</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,631</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Foreclosed
    assets held for sale</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,886</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,323</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,209</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deferred
    tax asset, net</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,618</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">349</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">234</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,201</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Goodwill</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,388</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,441</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67,289</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Core
    deposit intangibles</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,247</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,610</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,857</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    assets</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,137</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,064</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,201</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL
    ASSETS</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,654,145</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">515,968</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,951</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,180,064</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LIABILITIES</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deposits:</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">285,904</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,019</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">362,923</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 2px solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">966,756</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">316,426</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,283,236</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    deposits</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,252,660</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">393,445</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,646,159</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Borrowed
    funds</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">138,347</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202,555</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Subordinated
    debt</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Other
    liabilities</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,186</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,445</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,631</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL
    LIABILITIES</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,409,693</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">473,890</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">262</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,883,845</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL
    STOCKHOLDERS' EQUITY</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">244,452</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,078</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,689</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">296,219</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TOTAL
    LIABILITIES &amp; STOCKHOLDERS' EQUITY</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,654,145</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">515,968</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,951</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,180,064</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">The accompanying
notes are an integral part of these unaudited financial statements.</FONT></P>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Notes to Unaudited Pro Forma Condensed
Consolidated Balance Sheet</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The pro forma reduction in available-for-sale securities reflects the assumption that securities would be sold, with no realized
gain or loss, and the proceeds used to fund the cash portion of the merger consideration ($21.8&nbsp;million), C&amp;N&rsquo;s
estimated after-tax merger and integration costs ($5.9&nbsp;million) and Covenant&rsquo;s estimated after-tax merger and integration
costs ($1.1&nbsp;million).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The pro forma adjustment to loans reflects an estimated 2% credit-related reduction in the fair value of Covenant&rsquo;s loans
as compared to historical cost, partially offset by elimination of Covenant&rsquo;s allowance for loan losses, at December 31,
2019. There is no pro forma adjustment to loans based on changes in interest rates at December 31, 2019. The estimated credit-related adjustment includes a 1% general credit risk assessment (accretable) and a 1% estimate of credit
impaired (non-accretable) loans. The estimated credit-related
adjustment is based on C&amp;N&rsquo;s preliminary analysis. C&amp;N will complete an updated analysis as of the merger completion
date, including updated assessments of credit quality and the impact of changes in interest rates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The pro forma adjustment to the carrying value of the net deferred tax asset results from the fair value adjustments to the
carrying values of other assets and liabilities, as described herein, assuming a tax rate of 21%.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>The core deposit intangible is estimated at a 1.52% premium on Covenant&rsquo;s core deposits. The estimated value used in
the pro forma reflects the results of a preliminary analysis of Covenant&rsquo;s core deposits, prepared based on September 30,
2019 data, with the results applied to Covenant&rsquo;s core deposits at December 31, 2019. C&amp;N will complete an updated analysis
of the core deposit intangible as of the merger completion date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>The pro forma adjustment to deposits reflects differences in interest rates, based on comparison of rates on Covenant&rsquo;s
time deposits to recent market rates for maturity dates corresponding to the maturity dates of Covenant&rsquo;s time deposits.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>The pro forma adjustment to borrowed funds reflects differences in interest rates, based on comparison of rates on Covenant&rsquo;s
advances from the Federal Home Loan Bank of Pittsburgh (FHLB) to current FHLB rates as of December 31, 2019 for maturity dates
corresponding to the maturity dates of Covenant&rsquo;s advances.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD>The pro forma adjustment to stockholders&rsquo; equity includes the estimated value of equity-based merger consideration issued
by C&amp;N ($57.7&nbsp;million), reduced by the elimination of Covenant&rsquo;s stockholders&rsquo; equity ($42.1&nbsp;million)
and further reduced by C&amp;N&rsquo;s estimated after-tax merger and integration costs ($5.9&nbsp;million).</TD></TR></TABLE>
</div>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px">
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>The pro forma amount of goodwill recorded from the merger is calculated as the fair value of consideration paid by C&amp;N,
less amounts allocated to fair value of assets acquired assumed and liabilities assumed, summarized as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 66%; padding-right: 5.4pt; padding-left: 5.4pt">Estimated transaction value</TD>
    <TD STYLE="white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$79,513 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Covenant's stockholders' equity at December 31, 2019</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42,078 </TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Purchase accounting adjustments:</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;Loans, net</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(4,460)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;Deposits</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(54)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;Borrowed funds</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(208)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;Core deposit intangibles</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,610 </TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,112)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;&nbsp;Adjustment to net deferred tax asset</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">234 </TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(878)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">Covenant's estimated merger-related expenses, net</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,128)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">Covenant's stockholders' equity, as adjusted</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">40,072 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt">Estimated allocation to goodwill</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$39,441 </TD></TR>
</TABLE>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <div style="page-break-before: always; margin-top: 6pt">&nbsp;</div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom"><TD COLSPAN="6" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Unaudited Pro Forma Condensed Consolidated Statement of Income</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>For the Year Ended December 31, 2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(In
    Thousands)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>C&amp;N
    Historical</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Covenant
    Historical</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Pro-Forma
    Adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Pro
    Forma Combined</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Note
    Reference</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;INTEREST
    INCOME </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Interest
    and fees on loans </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$55,190
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$22,051
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,230
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$78,471
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Interest
    and dividend income on securities </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,045
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">434
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(771)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,708
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Other
    interest income </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">536
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,022
    </FONT></TD>
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,558
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Total
    interest and dividend income </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,771
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,507
    </FONT></TD>
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">459
    </FONT></TD>
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88,737
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;INTEREST
    EXPENSE </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Interest
    on deposits </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,190
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,131
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(34)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,287
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Interest
    on borrowed funds and subordinated debt </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,093
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,095
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(107)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,081
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Total
    interest expense </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,283
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,226
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(141)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17,368
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Net
    interest income </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,488
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,281
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">600
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71,369
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Provision
    for loan losses </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">849
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">460
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,309
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Net
    interest income after provision for loan losses </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53,639
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,821
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">600
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">70,060
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;NONINTEREST
    INCOME </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Trust
    and financial management revenue </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,106
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,106
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Brokerage
    revenue </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,266
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,266
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Service
    charges on deposit accounts </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,358
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">163
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,521
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Interchange
    revenue from debit card transactions </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,754
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,754
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Net
    gains from sale of loans </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">924
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">924
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Increase
    in cash surrender value of life insurance </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">402
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">262
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">664
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Other
    noninterest income </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,474
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">841
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,315
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Sub-total
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,284
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,266
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,550
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Realized
    gains on available-for-sale debt securities, net </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23
    </FONT></TD>
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0
    </FONT></TD>
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Total
    noninterest income </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,307
    </FONT></TD>
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,266
    </FONT></TD>
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,573
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;NONINTEREST
    EXPENSE </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Compensation
    and employee benefits </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,481
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,761
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,242
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Occupancy
    and equipment expense </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,918
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">909
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,827
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Data
    processing expenses </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,403
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">653
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,056
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Pennsylvania
    shares tax </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,380
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">397
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,777
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Professional
    fees </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,069
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">409
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,478
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Merger-related
    expenses </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,099
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,099
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Other
    noninterest expense </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,187
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,535
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">722
    </FONT></TD>
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,444
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Total
    noninterest expense </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,537
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,664
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">722
    </FONT></TD>
    <td style="border-bottom: Black 2px solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,923
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Income
    before income tax provision </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,409
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,423
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(122)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,710
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Income
    tax provision </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,905
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">861
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,740
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;NET
    INCOME </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$19,504
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3,562
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($96)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$22,970
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;EARNINGS
    PER COMMON SHARE - BASIC </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.46
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.81
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.49
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;EARNINGS
    PER COMMON SHARE - DILUTED </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.46
    </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.79
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.49
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">The accompanying
notes are an integral part of these unaudited financial statements.</FONT></P>
</div>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <div style="page-break-before: always; margin-top: 6pt">&nbsp;</div>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Notes to Unaudited Pro Forma Condensed
Consolidated Statements of Income</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The pro forma adjustment to interest and fees on loans includes accretion of the general credit risk fair value adjustment.
This amount is estimated at 1% of Covenant&rsquo;s gross loans receivable at December 31, 2019 and assumes an average life of the
portfolio of 3.3 years. There is no pro forma adjustment to interest and fees on loans related to changes in interest rates or
to the specific credit risk adjustment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The pro forma adjustment to income on securities is based on the pro forma reduction in the carrying value of available-for-sale
securities (described in the unaudited pro forma consolidated balance sheet). The pro&nbsp;forma reduction in interest income is
calculated using C&amp;N&rsquo;s fully taxable equivalent yield on available-for-sale securities of 2.67% for the year ended December&nbsp;31,
2019.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The pro forma adjustment to deposits reflects differences in interest rates, based on comparison of rates on Covenant&rsquo;s
time deposits to recent market rates for maturity dates corresponding to the maturity dates of Covenant&rsquo;s time deposits.
This fair value adjustment is amortized into interest expense over the estimated useful life of the applicable time deposits, which
have an average life of 1.2&nbsp;years.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>The pro forma adjustment to borrowed funds reflects differences in interest rates, based on comparison of rates on Covenant&rsquo;s
advances from the Federal Home Loan Bank of Pittsburgh (FHLB) to current FHLB rates as of December&nbsp;31, 2019 for maturity dates
corresponding to the maturity dates of Covenant&rsquo;s advances. This fair value adjustment is amortized into interest expense
over the estimated useful life of the applicable borrowed funds, which have an average life of 1.5&nbsp;years.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>The pro forma adjustment to other noninterest expense reflects amortization of the core deposit intangible. Amortization is
calculated based on an accelerated method determined from estimated cash flows to be generated from the core deposits. The estimated
average life of the core deposit intangible used in the pro forma is 4.0 years.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>The pro forma adjustment to the income tax provision reflects an assumed 21% tax rate.</TD></TR></TABLE>
</div>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<div style="border:2px solid black; width:99%; padding:5px">
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COMPARATIVE PER SHARE DATA (UNAUDITED)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table shows information about
C&amp;N&rsquo;s and Covenant&rsquo;s respective income per common share, dividends per share and book value per share, and similar
information giving effect to the merger. In presenting the comparative pro forma information for the time periods shown, the calculation
of book value per share reflects the assumption the merger occurred as of the dates presented and the calculations of earnings
and dividends information reflects the assumption the merger occurred at the beginning of the periods presented. See &ldquo;Unaudited
Pro Forma Combined Condensed Consolidated Financial Data&rdquo; presented herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N&rsquo;s management expects the merger
will provide the combined company with financial benefits that include reduced operating expenses and increased revenue. The pro
forma financial information presented herein, while helpful in illustrating the financial characteristics of the combined company
under one set of assumptions, does not reflect the benefits of expected cost savings or opportunities to earn additional revenue,
and accordingly does not attempt to predict or suggest future results. Also, the pro forma combined financial information presented
herein does not necessarily reflect what the historical results of the combined company would have been had the companies been
combined during these periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information in the following table is
based on, and should be read in conjunction with, the historical information presented in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Historical
    and Unaudited Pro Forma Combined Information - As of and For the Year Ended December 31, 2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Equivalent</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Pro
    Forma</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Pro
    Forma</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>C&amp;N</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Covenant</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Combined</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Combined
    (3)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Historical</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Historical</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Unaudited)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Unaudited)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Basic
    Earnings per Share</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.46
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.81
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.49
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.93
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diluted
    Earnings per Share</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.46
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.79
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.49
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.93
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash
    Dividends per Share (1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.18
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.00
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.18
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.73
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Book
    Value per Share (2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$17.82
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9.56
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$18.79
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$11.67
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Common
    Shares Outstanding</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,716,445
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,400,434
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,766,608
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Weighted-Average
    Common Shares Outstanding</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Used
    in Earnings per Computations:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Basic</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,298,736
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,400,342
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,348,899
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Diluted</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,321,559
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,527,193
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,371,722
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Notes to Unaudited Comparative Per
Share Data</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The pro forma combined cash dividend per share amounts assume C&amp;N would have declared cash dividends per share on C&amp;N
common stock, including the C&amp;N common stock issued in the merger, equal to the historical cash dividends per share declared
on C&amp;N common stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The pro forma combined book value per share of C&amp;N common stock is based on the pro forma combined stockholders&rsquo;
equity divided by the pro forma total number of outstanding common shares of the combined entity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">(3)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-weight: normal">The equivalent pro forma per Covenant share was obtained by multiplying
the pro forma combined amounts by the exchange ratio of 0.6212 and does not reflect the receipt of cash by Covenant stockholders.</FONT></TD></TR></TABLE>
</div>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a005"></a>RISK FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In considering whether to vote in favor
of the proposal to adopt the merger agreement, you should consider all of the information included in this document and its annexes
and all of the information included in the documents we have incorporated by reference. In addition, you should consider the risk
factors identified in C&amp;N&rsquo;s Annual Report on Form&nbsp;10-K. In particular, you should consider the following risk factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The recent global coronavirus outbreak may pose risks
and could harm business and results of operations for each of C&amp;N and Covenant and the combined company following the completion
of the merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December 2019, a coronavirus (COVID-19)
was reported in China, and, in March 2020, the World Health Organization declared it a pandemic. Since first being reported in
China, the coronavirus has spread to additional countries including the United States.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response, many state and local
governments, including the Commonwealth of Pennsylvania, have instituted emergency restrictions that have substantially
limited the operation of non-essential businesses and the activities of individuals. It has been widely reported that these
restrictions have resulted in significant adverse effects for many different types of businesses, particularly those in the
travel, hospitality and food and beverage industries, among many others, and has resulted in a significant number of layoffs
and furloughs of employees nationwide and in the regions in which we operate. The ultimate effect of COVID-19 on the local or
broader economy is not known nor is the ultimate length of the restrictions described and any accompanying effects. Moreover,
the Federal Reserve has taken action to lower the Federal Funds rate, which may negatively affect interest income and,
therefore, earnings, financial condition and results of operation for C&amp;N, Covenant and the combined company. Given the
ongoing and dynamic nature of the circumstances, it is difficult to predict the impact of the coronavirus outbreak on
businesses of C&amp;N, Covenant and the combined company, and there is no guarantee that efforts by C&amp;N, Covenant and the
combined company to address the adverse impacts of the coronavirus will be effective. The extent of such impact will depend
on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge
concerning the severity of the coronavirus and actions taken to contain the coronavirus or its impact, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><font style="background-color: white">The
effect of COVID-19 and related events, including those described above and those not yet known or knowable, could have a
negative effect on the stock price, including increasing and protracted volatility in the price of C&amp;N common stock,
business prospects, financial condition and results of operations of C&amp;N, Covenant and the combined company, including as
a result of quarantines; market volatility; market downturns; changes in consumer behavior; business closures; deterioration
in the credit quality of borrowers or the inability of borrowers to satisfy their obligations to C&amp;N or Covenant (and any
related forbearances or restructurings that may be implemented); changes in the value of collateral securing outstanding
loans; changes in the value of the investment securities portfolios of C&amp;N and Covenant; effects on key employees,
including operational management personnel and those charged with preparing, monitoring and evaluating the companies&rsquo;
financial reporting and internal controls; declines in the demand for loans and other banking services and products, as well
as increases in non-performing loans, owing to the effects of COVID-19 in the markets served by C&amp;N and Covenant and in
the United States as a whole; declines in demand resulting from adverse impacts of the disease on businesses deemed to be
 &ldquo;non-essential&rdquo; by governments and individual customers in the markets served by C&amp;N and Covenant; branch or
office closures and business interruptions.</font></P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These factors, together or in combination
with other events or occurrences not yet known or anticipated, could adversely affect the value of the merger consideration or
could delay or prevent the consummation of the merger and the related transactions. If C&amp;N or Covenant is unable to recover
from a business disruption on a timely basis, the merger and the combined company's business and financial condition and results
of operations following the completion of the merger would be adversely affected. The merger and efforts to integrate the businesses
of C&amp;N and Covenant may also be delayed and adversely affected by the coronavirus outbreak, and become more costly. Each of
C&amp;N, Covenant and the combined company may also incur additional costs to remedy damages caused by such disruptions, which
could adversely affect its financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The market price of C&amp;N common stock after the merger
may be affected by factors different from those affecting the shares of C&amp;N or Covenant currently.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The markets of C&amp;N and Covenant
differ and, accordingly, the results of operations of the combined company and the market price of the combined
company&rsquo;s shares of common stock after the merger may be affected by factors different from those currently affecting
the independent results of operations and market prices of C&amp;N and Covenant. For a discussion of the business and markets
of C&amp;N and Covenant, see &ldquo;Information About Citizens&nbsp;&amp; Northern Corporation&rdquo; beginning on page 79
and &ldquo;Information About Covenant Financial, Inc.&rdquo; beginning on page&nbsp;84.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Shareholders of Covenant will have a reduced ownership
percentage and voting interest after the merger and will exercise less influence over management.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon completion of the merger, current Covenant
shareholders will own approximately 13.0% of the outstanding shares of C&amp;N common stock, and current C&amp;N shareholders will
own approximately 87.0% of the outstanding shares of C&amp;N common stock. As a result, Covenant shareholders will collectively
exercise less influence over management of C&amp;N than they did with respect to Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The exchange ratio for the conversion of Covenant stock
into C&amp;N stock will not be adjusted in the event that the price of C&amp;N common stock declines before the merger is completed,
except in certain limited circumstances. As a result, the value of the shares of C&amp;N common stock at the time Covenant shareholders
receive them could be less than the equivalent value (taking into consideration the applicable exchange ratio) of those shares
as of the date of this document and on the date of the shareholder meeting.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the merger, shareholders of Covenant
will be entitled to exchange each share of Covenant stock owned for either 0.6212&nbsp;shares of C&amp;N common stock or $16.50
in cash. The exchange ratio is fixed. Thus, the value of the stock portion of the merger consideration will vary with the market
value of C&amp;N&rsquo;s common stock. However, if&thinsp; (i)&nbsp;the average price of C&amp;N&rsquo;s common stock, measured
over a ten trading day period occurring shortly before the last of all regulatory approvals are received, drops below $21.67 per
share and (ii)&nbsp;the percent decline in C&amp;N common stock, determined by dividing the ten day average price by $27.09, is
greater than the percent decline in the NASDAQ Bank Index, determined by dividing the average of the NASDAQ Bank Index for the
same ten day period by the value of the NASDAQ Bank Index on December&nbsp;17, 2019 by more than 20%, Covenant&rsquo;s board of
directors may elect to terminate the merger agreement unless C&amp;N increases the aggregate consideration to an amount that would
not permit Covenant to terminate. As a result, except in the limited instance just described, the exchange ratio will not be adjusted
as a result of any change in the market price of C&amp;N common stock between the date of this document and the date Covenant shareholders
receive shares of C&amp;N common stock in exchange for their shares. Because the price of C&amp;N common stock could fluctuate
during the period of time between the date of this proxy statement/prospectus and the time the Covenant shareholders actually receive
their shares of C&amp;N common stock as merger consideration, the Covenant shareholders will be subject to the risk of a decline
in the price of C&amp;N common stock during this period. Except as discussed above, Covenant does not have the right to terminate
the merger agreement or to resolicit the vote of its shareholders because of changes in the market price of C&amp;N common stock.
Stock price changes may result from a variety of factors, including general market and economic conditions, changes in geopolitical
conditions, changes in the values and perceptions of financial services stocks generally, C&amp;N and the merger in particular,
changes in C&amp;N&rsquo;s business, operations and prospects, the recent outbreak of the novel strain of coronavirus, COVID-19,
and regulatory considerations. Many of these factors are beyond C&amp;N&rsquo;s control. Accordingly, at the time of the Covenant
special meeting, Covenant shareholders will not be able to calculate the exact value of the shares of C&amp;N common stock they
will receive as the stock portion of the merger consideration upon completion of the merger. If the market price of C&amp;N common
stock declines after Covenant shareholders vote, the value of the stock portion of the merger consideration shareholders will be
receiving will be less than the value of such consideration at the time of the vote unless the adjustment provision described above
is triggered, and C&amp;N elects to modify the exchange ratio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future issuances of C&amp;N equity securities could dilute
shareholder ownership and voting interest.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N&rsquo;s articles of incorporation
authorize the issuance of up to 20,000,000&nbsp;shares of common stock and 30,000&nbsp;shares of preferred stock. Any future issuance
of equity securities by C&amp;N may result in dilution in the percentage ownership and voting interest of C&amp;N shareholders.
Also, any securities C&amp;N issued in the future may be valued differently, and the issuance of equity securities for future services,
acquisitions or other corporate actions may have the effect of diluting the value of the shares held by C&amp;N shareholders, including
former Covenant shareholders who become C&amp;N shareholders. As noted under the caption &ldquo;Comparison of Shareholders&rsquo;
Rights,&rdquo; C&amp;N shareholders do not have any preemptive rights to acquire additional shares in the event of future issuances
of equity by C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>There is no assurance that C&amp;N will continue paying
dividends at the current rate.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N&rsquo;s board of directors has adopted
a current dividend practice for the payment of a quarterly cash dividend. This practice can be changed at any time at the discretion
of C&amp;N&rsquo;s board of directors, and C&amp;N&rsquo;s common shareholders will have no contractual or other legal right to
dividends. In addition, the other risk factors described in this section could materially reduce the cash available from operations,
and these outcomes could cause capital not to be available when needed in an amount sufficient to support C&amp;N&rsquo;s dividend
practice. The amount of dividends that C&amp;N may distribute will also be subject to restrictions under Pennsylvania law and applicable
bank regulatory provisions. If C&amp;N&rsquo;s board of directors were to adopt a change to C&amp;N&rsquo;s current dividend practice
that resulted in a reduction in the amount of dividends, such change could have a material and adverse effect on the market price
of C&amp;N&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The unaudited pro forma financial data included in this
document is preliminary, and C&amp;N&rsquo;s actual financial position and results of operations after the merger may differ materially
from the unaudited pro forma financial data included in this document.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The unaudited pro forma financial data in
this document is presented for illustrative purposes only and is not necessarily indicative of what the combined company&rsquo;s
actual financial position or results of operations would have been had the merger been completed on the dates indicated. The pro
forma financial data reflect adjustments, which are based upon preliminary estimates, to record identifiable assets acquired and
liabilities assumed at fair value and the resulting goodwill recognized. The purchase price allocation reflected in this document
is preliminary, and final allocation of the purchase price will be based upon the actual purchase price and the fair value of the
assets and liabilities as of the date of the completion of the merger. Accordingly, the final purchase accounting adjustments may
differ materially from the pro forma adjustments reflected in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The merger agreement limits Covenant&rsquo;s ability to
pursue alternatives to the merger and, in certain circumstances, requires the payment of a termination fee.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger agreement contains &ldquo;no
shop&rdquo; provisions that, subject to specified exceptions, limit Covenant&rsquo;s ability to discuss, facilitate or commit to
competing third party proposals to acquire all or a significant part of Covenant. In addition, a termination fee is payable by
Covenant under certain circumstances, generally involving the consummation of an alternative transaction. These provisions might
discourage a potential competing acquirer that might have an interest in acquiring all or a significant part of Covenant from considering
or proposing that acquisition, even if it were prepared to pay consideration with a higher per share value than that proposed in
the merger, or might result in a potential competing acquirer proposing to pay a lower per share price to acquire Covenant than
it might otherwise have proposed to pay. See &ldquo;The Merger Agreement&nbsp;&minus;&nbsp;Termination Fee.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The merger is subject to the receipt of consents and approvals
from governmental and regulatory entities that may impose conditions that could delay or have an adverse effect on C&amp;N.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Before the merger may be completed, various
waivers, approvals or consents must be obtained from the FRB, FDIC and PDB. C&amp;N and Covenant have agreed to use their reasonable
best efforts to complete these filings and obtain these waivers, approvals and consents; however, satisfying any requirements of
regulatory agencies may delay the date of completion of the merger or such approval may not be obtained at all. In addition, these
governmental entities may impose conditions on the completion of the merger or require changes to the terms of the merger that
could have the effect of delaying completion of the merger or imposing additional costs on, or limiting the revenues of, C&amp;N
following the merger, any of which might have an adverse effect on C&amp;N following the merger. We cannot assure you as to whether
these regulatory waivers, approvals and consents will be received, the timing of such or whether any conditions will be imposed.
Applications with the PDB and FDIC are currently pending as is an application waiver request with the FRB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Covenant&rsquo;s executive officers and directors have
financial interests in the merger that may be different from, or in addition to, the interests of Covenant shareholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Executive officers of Covenant negotiated
the terms of the merger agreement. Covenant&rsquo;s board of directors approved and adopted the merger agreement and unanimously
recommended that Covenant shareholders vote to adopt the merger agreement. In considering these facts and the other information
contained in this document, you should be aware that Covenant&rsquo;s officers and directors have financial interests in the merger
that may be different from, or in addition to, the interests of Covenant&rsquo;s shareholders. These include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>at the effective time of the merger, there will be an accelerated vesting of retirement benefits for a Covenant executive under
a supplemental executive retirement plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>four of the executive officers of Covenant and the Chairman of the Board of Covenant are a party to various agreements with
Covenant and Covenant Bank that entitle such individuals to certain payments and benefits upon a change in control of Covenant
or upon a termination of employment following a change in control of Covenant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the entry by C&amp;N into employment agreements with Blair T. Rush, Executive Vice President of Covenant and President and
Chief Operating Officer of Covenant Bank, and Kelley A. Cwiklinski, Executive Vice President and Chief Lending Officer of Covenant
and Covenant Bank;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>appointment of Messrs.&nbsp;Dorwart and Loughery, each of whom are currently non-employee directors of Covenant and Covenant
Bank, to the C&amp;N and C&amp;N Bank boards of directors;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>promptly after closing of the merger, an invitation to members of the Covenant board of directors immediately prior to the
closing of the merger (other than Messrs.&nbsp;Dorwart and Loughery) to serve as members of a regional C&amp;N advisory board;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>payment of severance to certain executive officers of Covenant who will not continue employment with C&amp;N after the merger;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>payment of&thinsp; &ldquo;stay bonus&rdquo; money to employees of Covenant, which may include executive officers; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>C&amp;N has agreed to indemnify the directors and executive officers of Covenant and Covenant Bank from claims arising after
consummation of the merger.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These additional interests of Covenant directors
and executive officers may create potential conflicts of interest and cause some of these persons to view the proposed transaction
differently than a Covenant shareholder may view it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s board of directors was
aware of these interests and took them into account in its decision to adopt the merger agreement. For information concerning these
interests, please see the discussion under the caption &ldquo;The Merger&nbsp;&minus;&nbsp;Covenant&rsquo;s Directors and Executive
Officers Have Financial Interests in the Merger.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The shares of C&amp;N common stock to be received by Covenant
shareholders as a result of the merger will have different rights from the shares of Covenant common stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon completion of the merger, Covenant
shareholders who receive C&amp;N common stock in the merger will become C&amp;N shareholders. Their rights as shareholders will
be governed by Pennsylvania corporate law and the articles of incorporation and bylaws of C&amp;N. The rights associated with Covenant
common stock are different from the rights associated with C&amp;N common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N and Covenant believe that the material
differences in such rights are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>C&amp;N&rsquo;s articles of incorporation authorize the issuance of up to twenty&nbsp;million (20,000,000) shares of common
stock and Covenant is authorized to issue up to five&nbsp;million (5,000,000) shares of common stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>C&amp;N&rsquo;s articles of incorporation authorize the issuance of up to thirty thousand (30,000) shares of preferred stock,
$1,000 par value per share; Covenant is authorized to issue up to five&nbsp;million two hundred thousand (5,200,000) shares of
preferred stock, no par value per share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>In order to nominate candidates to the board of directors, C&amp;N&rsquo;s shareholders are required to notify the secretary
of C&amp;N, in writing, not less than fourteen (14) days nor more than fifty (50) days prior to any meeting of shareholders called
for the election of directors. Covenant&rsquo;s corresponding notice provision requires notification to the secretary of Covenant,
in writing, not less than sixty (60) days prior to the date of any meeting of shareholders called for the election of directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Amending Articles&nbsp;8 (number of directors), 9 (classes of directors), 12 (approval of certain entity transactions), 13
(beneficial ownership), 14 (shareholder meeting requirements), 15 (authority to amend bylaws) and 16 (evaluation of offers for
certain entity transactions) of C&amp;N&rsquo;s articles of incorporation requires the affirmative vote of holders of at least
seventy-five percent (75%) of the common stock of C&amp;N unless at least sixty-six and two-thirds percent (66 2 &#8725; 3 %) of
the members of the board of directors of C&amp;N approve the amendment, in which case, approval by shareholders entitled to cast
a majority of the votes that all shareholders are entitled to cast thereon. Amending Articles 7 (cumulative voting), 8 (preemptive
rights), 9 (acceptance and rejection of tender or other offer), 10 (approval of certain entity transactions), 11 (authority to
amend bylaws), and 12 (authority to amend Articles&nbsp;7, 8, 9, 10, 11, and 12 of Covenant&rsquo;s articles of incorporation),
of Covenant&rsquo;s articles of incorporation requires the affirmative vote of the holders of at least seventy-five percent (75%)
of the outstanding shares of common stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>C&amp;N&rsquo;s articles of incorporation require the affirmative vote of the holders of seventy-five percent (75%) of C&amp;N&rsquo;s
common stock to approve any merger, consolidation, sale of all or substantially all of C&amp;N&rsquo;s assets, share exchange in
which a person or entity acquires C&amp;N&rsquo;s issued and outstanding shares of capital stock pursuant to a vote of shareholders,
or any transaction similar to, or having a similar effect to, any of the foregoing, unless such action is approved in advance by
the affirmative vote of sixty-six and two-thirds percent (66 2&#8725;3%) of the C&amp;N board of directors; in which case the provisions
of the Pennsylvania Business Corporation Law will apply as to whether or not shareholder approval is necessary. Covenant&rsquo;s
articles of incorporation require the affirmative vote of at least seventy-five percent (75%) of Covenant&rsquo;s common stock
to approve a merger, consolidation, liquidation, dissolution or sale of substantially all of Covenant&rsquo;s assets unless at
least seventy-five percent (75%) of the members of the board of directors approve the transaction, in which case, approval of the
holders of a majority of the shares of Covenant common stock voting on the transaction is required.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>C&amp;N&rsquo;s bylaws may be amended upon a vote of a majority of the entire board of directors at any meeting of the board,
provided ten (10) days notice of the proposed amendment has been given to each member of the board of directors, subject always
to the power of the shareholders to make, amend, alter, change or repeal the bylaws of C&amp;N by the affirmative vote of the holders
of seventy five percent (75%) of the votes that all shareholders are entitled to cast thereon. Covenant&rsquo;s bylaws may be amended
by the affirmative vote of the holders of at least a majority of the outstanding shares of its common stock at any regular or special
meeting duly convened after notice to the shareholders of that purpose or by a majority vote of the members of its board of directors
at any regular or special meeting thereof duly convened after notice to the directors of that purpose, subject always to the power
of the shareholders to change such action of the board of directors by the affirmative vote of the holders of a majority of the
outstanding shares of common stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See the section of this document titled
 &ldquo;Comparison of Shareholders&rsquo; Rights&rdquo; beginning on page&nbsp;109 for a complete discussion of the different rights
associated with ownership of C&amp;N common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If the merger is not consummated by November 20, 2020,
either C&amp;N or Covenant may choose not to proceed with the merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Either C&amp;N or Covenant may terminate
the merger agreement if the merger has not been completed by November 20, 2020, unless the failure of the merger to be completed
by such date has resulted from the failure of the party seeking to terminate the merger agreement to perform its obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The fairness opinion obtained by Covenant from its financial
advisor will not reflect changes in circumstances subsequent to the date of the merger agreement.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant obtained a fairness opinion from
its financial advisor, as of December&nbsp;18, 2019, to the effect that the merger consideration was fair, from a financial point
of view, to Covenant&rsquo;s shareholders. Covenant is not required to obtain an updated opinion as of the date of this document
from its financial advisor. Changes in the operations and prospects of C&amp;N or Covenant, general market and economic conditions
and other factors that may be beyond the control of C&amp;N and Covenant, and on which the fairness opinion was based, may alter
the value of C&amp;N or Covenant or the price of shares of C&amp;N common stock or Covenant common stock by the time the merger
is completed. The Covenant fairness opinion does not speak to the time the merger will be completed or to any date other than the
date of such opinion. As a result, the opinion will not address the fairness of the merger consideration, from a financial point
of view, at the time the merger is completed. For a description of the opinion that Covenant received from its financial advisor,
please see &ldquo;The Merger&nbsp;-&nbsp;Opinion of Covenant&rsquo;s Financial Advisor,&rdquo; beginning on page&nbsp;41 of this
document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>C&amp;N may fail to realize all of the anticipated benefits
of the merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The success of the merger will depend, in
part, on C&amp;N&rsquo;s ability to realize the anticipated benefits and cost savings from successfully combining the businesses
of C&amp;N and Covenant. If C&amp;N is not able to achieve these objectives, the anticipated benefits and cost savings of the merger
may not be realized fully or at all, or may take longer to realize than expected. C&amp;N and Covenant have operated and, until
the completion of the merger, will continue to operate, independently. It is possible that the integration process could result
in the loss of key employees, the disruption of each company&rsquo;s ongoing businesses or inconsistencies in standards, controls,
procedures and policies that adversely affect our ability to maintain relationships with clients, customers, depositors and employees
or to achieve the anticipated benefits of the merger. Integration efforts between the two companies will also divert management
attention and resources. These integration matters could have an adverse effect on C&amp;N and Covenant during the transition period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If the merger is not completed, C&amp;N and Covenant will
have each incurred substantial expenses without realizing the expected benefits of the merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N and Covenant have each incurred
substantial expenses in connection with the merger described in this document. The completion of the merger depends on the satisfaction
of specified conditions and the receipt of regulatory approvals. If the merger is not completed, these expenses would have been
expended or would be recognized currently and not capitalized, and C&amp;N and Covenant would not have realized the expected benefits
of the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The management teams of C&amp;N and Covenant may be required
to dedicate significant time and effort to the integration of the two companies which could divert their attention from other business
concerns.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It is possible that the integration process
could result in the diversion of the attention of the management teams of C&amp;N and Covenant, the disruption or interruption
of, or the loss of momentum in, the ongoing businesses of C&amp;N and Covenant or inconsistencies in standards, controls, procedures
and policies, any of which could adversely affect C&amp;N&rsquo;s ability to maintain relationships with its customers and employees
or C&amp;N&rsquo;s ability to achieve the anticipated benefits of the merger, or could reduce the earnings or otherwise adversely
affect C&amp;N&rsquo;s business and financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Each of C&amp;N and Covenant will be subject to business
uncertainties and contractual restrictions while the merger is pending.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Uncertainty about the effect of the merger
on employees and customers may have an adverse effect on each of the parties to the merger agreement. These uncertainties may impair
C&amp;N&rsquo;s and/or Covenant&rsquo;s ability to attract, retain and motivate key personnel until the merger is consummated and
could cause customers and others that deal with each of C&amp;N and Covenant to seek to change existing business relationships
with them. Retention of certain Covenant employees may be challenging during the pendency of the merger, as certain employees may
experience uncertainty about their future roles with C&amp;N. If key employees depart because of issues relating to the uncertainty
and difficulty of integration or a desire not to continue with C&amp;N, C&amp;N&rsquo;s business following the merger could be
harmed. In addition, the merger agreement restricts each of C&amp;N and Covenant from taking specified actions until the merger
occurs without the consent of the other. These restrictions may prevent C&amp;N and Covenant from pursuing attractive business
opportunities that may arise prior to the completion of the merger. Please see the section entitled &ldquo;The Merger Agreement&nbsp;-&nbsp;Covenants
and Agreements&rdquo; beginning on page&nbsp;60 of this document for a description of the restrictive covenants to which C&amp;N
and Covenant are subject under the merger agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>C&amp;N and Covenant expect to incur non-recurring expenses
related to the merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N and Covenant are developing a plan
to integrate the operations of C&amp;N and Covenant after the merger. In connection with that plan, C&amp;N and Covenant anticipate
that certain non-recurring charges, such as computer system conversion costs, severance and branding, will be incurred in connection
with this integration. C&amp;N and Covenant cannot identify the timing, nature and amount of all such charges as of the date of
this document. However, any such charges could affect the parties&rsquo; respective results of operations in the period in which
such charges are recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future governmental regulation and legislation could limit
the combined company&rsquo;s future growth.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following the merger, C&amp;N and its subsidiaries
will be subject to extensive state and federal regulation, supervision and legislation that govern almost all aspects of the operations
of C&amp;N. These laws may change from time to time and are primarily intended for the protection of consumers, depositors and
the deposit insurance fund. Any changes to these laws may negatively affect C&amp;N&rsquo;s ability to expand its services and
to increase the value of its business. Additionally, a number of provisions of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, or the &ldquo;Dodd-Frank Act,&rdquo; remain to be implemented through the rulemaking process at various regulatory agencies.
Certain aspects of the new regulations, including, without limitation, higher minimum capital levels, potentially higher cost of
deposit insurance and the costs of compliance with disclosure and reporting requirements that may be issued by the Consumer Financial
Protection Bureau, could have a significant adverse impact on the combined company&rsquo;s business, financial condition and results
of operations. Compliance with state and federal regulation, supervision and legislation, including the Dodd-Frank Act, may require
us to make changes to our business and operations and will likely result in additional costs and a diversion of management&rsquo;s
time from other business activities, any of which may adversely impact our results of operations, liquidity or financial condition.
While we cannot predict what effect any presently contemplated or future changes in the laws or regulations or their interpretations
would have on C&amp;N, these changes could be materially adverse to C&amp;N&rsquo;s shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Following the consummation of the merger, investors in
the combined company will own an institution with different financial and other characteristics than either C&amp;N or Covenant
on a standalone basis.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following the consummation of the
merger, current shareholders of C&amp;N and Covenant will become shareholders in a combined company that will have different
financial and other characteristics than either company had on a standalone basis prior to the merger. For example, the
merger will result in a combined company with higher dollar amounts of total assets, risk-based assets and non-performing
assets, including non-performing loans and other real estate owned, from the amounts currently existing for each of them
individually. If we are unable to successfully combine the businesses of C&amp;N and Covenant, our future earnings may be
adversely affected, which in turn could adversely impact the amount of capital of the combined company. The merger
transaction will also initially result in lower amounts of book value per common share and tangible book value per common
share for both C&amp;N and Covenant shareholders as set forth in the comparative per share data on page&nbsp;24, and there
can be no assurance that any such book value dilution will be earned back through earnings following completion of the
merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a006"></a>CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This document contains a number of forward-looking
statements, including statements about the financial conditions, results of operations, earnings outlook and prospects of C&amp;N,
Covenant and the potential combined company and may include statements for the period following the completion of the merger. Forward-looking
statements are typically identified by words such as &ldquo;should,&rdquo; &ldquo;likely,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo;
 &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;outlook,&rdquo; &ldquo;estimate,&rdquo; &ldquo;forecast,&rdquo;
 &ldquo;target,&rdquo; &ldquo;project,&rdquo; &ldquo;goal&rdquo; and other similar words and expressions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The forward-looking statements involve certain
risks and uncertainties. The ability of either C&amp;N or Covenant to predict results or the actual effects of its plans and strategies,
or those of the combined company, is subject to inherent uncertainty. Factors that may cause actual results or earnings to differ
materially from such forward looking statements include those set forth on page 25 under &ldquo; Risk Factors, &ldquo; the Risk
Factors identified in C&amp;N&rsquo;s Form&nbsp;10-K Annual Report for the year ended December&nbsp;31, 2019, and, among others,
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>completion of the merger is dependent on, among other things, receipt of shareholder and regulatory approvals, the timing of
which cannot be predicted with precision and which may not be received at all;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the integration of Covenant&rsquo;s business and operations with those of C&amp;N may take longer than anticipated, may be
more costly than anticipated and may have unanticipated adverse results relating to Covenant&rsquo;s or C&amp;N&rsquo;s existing
businesses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the anticipated cost savings and other synergies of the merger may take longer to be realized or may not be achieved in their
entirety, and attrition in key client, partner and other relationships relating to the merger may be greater than expected;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the ability to achieve anticipated merger-related operational efficiencies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the ability to enhance revenue through increased market penetration, expanded lending capacity and product offerings;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>changes in monetary and fiscal policies of the FRB and the U. S. Government, particularly related to changes in interest rates;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>changes in general economic conditions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="color: #212529; background-color: white">occurrence of natural or man-made disasters or calamities, including
health emergencies, the spread of infectious diseases, pandemics or outbreaks of hostilities, or the effects of climate change,
and the ability of C&amp;N and/or Covenant to deal effectively with disruptions caused by the foregoing;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>legislative or regulatory changes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>downturn in demand for loan, deposit and other financial services in our market area;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>increased competition from other banks and non-bank providers of financial services;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>technological changes and increased technology-related costs; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>changes in accounting principles, or the application of generally accepted accounting principles.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because these forward-looking statements
are subject to assumptions and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking
statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document
or the date of any document incorporated by reference in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All subsequent written and oral forward
looking statements concerning the merger or other matters addressed in this document and attributable to C&amp;N or Covenant or
any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred
to in this document. Except to the extent required by applicable law or regulation, C&amp;N and Covenant undertake no obligation
to update these forward- looking statements to reflect events or circumstances after the date of this document or to reflect the
occurrence of unanticipated events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a007"></a>THE MERGER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a008"></a>Background of the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Over the past few years, Covenant has pursued
a growth strategy which has resulted in its assets increasing from $354.7&nbsp;million at December&nbsp;31, 2016 to $479.4&nbsp;million
at December&nbsp;31, 2018. In connection with the execution of Covenant&rsquo;s strategic plan, Covenant&rsquo;s board of directors
considered its long term strategic alternatives. The board&rsquo;s goals included ensuring that Covenant would retain sufficient
capital to fund its continued growth to enhance shareholder value and to seek to provide liquidity to Covenant&rsquo;s shareholders,
whether these goals were achieved by Covenant on a standalone basis or through a partnership with another financial institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the meeting of Covenant&rsquo;s board
of directors in December&nbsp;2018, representatives of Sandler made a presentation to the Board regarding the then current market
for capital offerings and merger and acquisition transactions among banks and thrifts, and reviewed with Covenant&rsquo;s board
of directors potential strategic alternatives.</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the meeting of Covenant&rsquo;s board
of directors in January&nbsp;2019, the board authorized and directed the executive committee of Covenant&rsquo;s board of directors,
consisting of Directors Quattrocchi, Dorwart, Grim, Norry, Poole, Spier and Worthington, to review and consider all strategic options
available to Covenant, and to report back to the board with recommendations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s executive committee met
in February&nbsp;and April&nbsp;2019 to continue its analysis of the strategic alternatives available to Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June&nbsp;5, 2019, members of Covenant&rsquo;s
senior management team, including <FONT STYLE="color: #212529; background-color: white">Donald&nbsp;P. Worthington, Covenant&rsquo;s
chairman of the board, John&nbsp;C. Spier, Covenant&rsquo;s chief executive officer, and Blair&nbsp;T. Rush, Covenant&rsquo;s president
and chief operating officer,</FONT> met with <FONT STYLE="color: #212529; background-color: white">J.&nbsp;Bradley Scovill, C&amp;N&rsquo;s
president and chief executive officer,</FONT> regarding C&amp;N&rsquo;s possible interest in a potential strategic transaction
with Covenant. Messrs.&nbsp;Spier and Rush knew Mr.&nbsp;Scovill from the Pennsylvania banking market and interactions through
Pennsylvania banking trade groups and knew C&amp;N had an interest in expanding in the southeastern Pennsylvania markets served
by Covenant. Although Mr.&nbsp;Scovill expressed interest in a possible transaction with Covenant, no potential terms regarding
a possible transaction were discussed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the meeting of Covenant&rsquo;s board
of directors on June&nbsp;21, 2019, Covenant&rsquo;s executive committee presented a report of its activities to date to the full
board. The committee requested additional time to make a formal recommendation to the Covenant&rsquo;s board of directors regarding
strategic alternatives for Covenant, and the board agreed to give the committee up to four additional months to complete its review
and analysis of Covenant&rsquo;s strategic alternatives and present its final recommendation to the board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August&nbsp;15, 2019, Covenant&rsquo;s
executive committee held a meeting. The committee determined that a public stock offering by Covenant would face challenges due
to the size of the offering, including that it would not likely result in significant liquidity for Covenant&rsquo;s shareholders
and might not produce acceptable pricing. The committee therefore determined to recommend to the full board that Covenant consider
a possible strategic transaction with another financial institution, and recommended that Covenant&rsquo;s board of directors designate
certain members of Covenant&rsquo;s executive committee and senior management, including Messrs.&nbsp;Worthington, Spier, Poole
and Rush, utilizing their contacts in the Pennsylvania banking community, to informally reach out to certain potentially interested
parties to determine whether those parties would have an interest in a strategic transaction with Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the meeting of Covenant&rsquo;s board
of directors on August&nbsp;16, 2019, Covenant&rsquo;s executive committee made its recommendation to the board, which unanimously
accepted the executive committee&rsquo;s recommendation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also at the August&nbsp;16, 2019 meeting,
Mr.&nbsp;Spier reported to Covenant&rsquo;s board of directors that Covenant had received an unsolicited indication of interest
letter from another financial institution, with which Covenant had not held discussions. The indication of interest letter valued
Covenant at $13.25 per share. After discussing the terms of the indication of interest letter, including the price per share indicated,
Covenant&rsquo;s board of directors determined that the pricing indicated did not represent a starting point from which the board
was willing to negotiate, as the board believed it significantly undervalued Covenant. Messrs.&nbsp;Worthington and Spier were
directed to contact the party submitting the indication and to inform them that based on the price indicated, Covenant was not
prepared to begin negotiations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August&nbsp;27, 2019, Messrs.&nbsp;Spier
and Poole met with the chief executive officer of a Pennsylvania-based insured depository institution holding company (&ldquo;Party&nbsp;A&rdquo;).
The meeting was arranged by Mr.&nbsp;Poole. The purpose of the meeting was to gauge Party&nbsp;A&rsquo;s interest in a potential
strategic transaction with Covenant. Certain public information about Covenant was provided to the chief executive officer of Party&nbsp;A
at this meeting, and the CEO of Party&nbsp;A expressed interest in a potential strategic transaction with Covenant. Subsequent
to the August&nbsp;27, 2019 meeting, during August and into September&nbsp;of 2019, representatives of Party&nbsp;A reached out
electronically to representatives of Covenant seeking certain additional information regarding Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On September&nbsp;30, 2019, Party&nbsp;A
submitted a pricing indication letter providing for a stock-for-stock exchange valuing Covenant at approximately $15.67 per share,
based upon Party&nbsp;A&rsquo;s then stock price.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&nbsp;1, 2019, Covenant&rsquo;s
executives met to review the pricing indication letter from Party&nbsp;A and how Covenant should consider reacting to this pricing
indication letter. In addition, the committee discussed recommending to Covenant&rsquo;s board of directors the retention of counsel
to represent Covenant through this process, and an investment banker to assist Covenant with analyzing this, and any other, pricing
indication letters received by Covenant. After discussion, the committee agreed to recommend the retention of Windels Marx Lane&nbsp;&amp;
Mittendorf, LLP (&ldquo;Windels&rdquo;) to represent Covenant as legal counsel, and Sandler to serve as financial advisor to Covenant&rsquo;s
board of directors.</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on Covenant&rsquo;s executive committee&rsquo;s
belief that the September&nbsp;30, 2019 pricing indication letter from Party&nbsp;A undervalued Covenant, management of Covenant
reached out to management of C&amp;N and, on October&nbsp;9, 2019, Messrs.&nbsp;Spier, Poole and Rush met with Mr.&nbsp;Scovill,
<FONT STYLE="color: #212529; background-color: white">Mark&nbsp;A. Hughes, C&amp;N&rsquo;s treasurer, and Terry&nbsp;L. Lehman,
a non-employee director of C&amp;N,</FONT> to discuss C&amp;N&rsquo;s continued interest in a potential strategic transaction with
Covenant. At the conclusion of this meeting, the C&amp;N representatives indicated that they were interested in a potential transaction
with Covenant&rsquo;s chief executive officers, and agreed to begin a diligence review of Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&nbsp;14, 2019, Messrs.&nbsp;Spier
and Poole met with the chief executive officer of Party&nbsp;A to discuss the pricing indication letter provided by Party&nbsp;A
and their belief that the pricing indication letter undervalued Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&nbsp;17, 2019, C&amp;N submitted
a pricing indication letter to Covenant. The pricing indication letter proposed a transaction at a price range of $16.25 to $17.25
per share of Covenant common stock and provided for a mix of stock and cash, with 70% of the total consideration to be paid in
C&amp;N stock and 30% of the total consideration to be paid in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October&nbsp;18, Party&nbsp;A submitted
an updated pricing indication letter valuing Covenant at a range of $15.46 to $16.40 per share in a stock-for-stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also on October&nbsp;18, 2019, Covenant&rsquo;s
board of directors met to review the status of Covenant&rsquo;s executive committee&rsquo;s strategic planning activities. Representatives
of Windels and Sandler attended this meeting. While the board met in executive session, without the representatives of Windels
or Sandler, the executive committee recommended to the board that the board retain Windels as Covenant&rsquo;s legal counsel for
any potential transaction and retain Sandler as Covenant&rsquo;s financial advisor for any potential transaction. After discussion,
the board unanimously accepted the executive committee&rsquo;s recommendation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The representatives of Sandler and Windels
then rejoined the meeting and reviewed with Covenant&rsquo;s board of directors the terms of the pricing indication letter received
from C&amp;N, and the terms of the most recent pricing indication letter received from Party&nbsp;A. The board discussed with counsel
and its financial advisor the process to be followed now that Covenant was in receipt of two pricing indication letters and potential
timing. It was recommended that no action be taken on either indication of interest letter at this time and that Covenant, through
its financial advisor and counsel, seek clarification of certain terms of the pricing indication letters and continue to seek better
pricing from both parties. The board agreed to invite both C&amp;N and Party&nbsp;A to undertake a due diligence review of Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s board of directors also
discussed the ability of Covenant to remain independent. While the board discussed the fact that Covenant was not required to sell,
based upon the pricing indications received so far, it appeared that a transaction would likely yield greater value to Covenant&rsquo;s
shareholders than would remaining independent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the first two-and-a-half weeks of
November&nbsp;2019, both C&amp;N and Party&nbsp;A undertook diligence reviews of Covenant, both through online, electronic means
and in-person meetings and interviews. At the meeting of Covenant&rsquo;s board of directors on November&nbsp;15, 2019, Mr.&nbsp;Spier
provided the Board with an update on the current status of Covenant&rsquo;s strategic planning process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By letters dated November&nbsp;20, 2019,
both C&amp;N and Party&nbsp;A provided revised, updated pricing indication letters. The revised pricing indication letter from
Party&nbsp;A indicated a price of $15.35 per share for each Covenant share outstanding in a stock-for-stock exchange. The updated
pricing indication letter from C&amp;N provided for a price of $16.50 per Covenant share, payable in a mix of cash and stock with
75% of the Covenant shares to be converted into C&amp;N common stock and 25% of the Covenant shares to be converted into cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s board of directors met
on November&nbsp;22, 2019. Representatives of Windels and Sandler attended the meeting. The representative of Windels reviewed
with Covenant&rsquo;s board of directors the fiduciary duties owed to Covenant&rsquo;s shareholders. The representatives of Sandler
and Windels then led a discussion with the board reviewing the terms of the updated pricing indication letters. Covenant&rsquo;s
board of directors discussed the terms indicated in each of the letters, as well as information about both C&amp;N and Party&nbsp;A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After further discussion, Covenant&rsquo;s
board of directors unanimously agreed to begin exclusive negotiations with C&amp;N on a definitive merger agreement reflecting
the terms contained in the November&nbsp;20, 2019 pricing indication letter. Also effective November&nbsp;22, 2019, Covenant entered
into an exclusivity agreement with C&amp;N, in which Covenant agreed that, until January&nbsp;6, 2020, it would negotiate exclusively
with C&amp;N with regard to any strategic transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In early December, 2019, Stevens&nbsp;&amp;
Lee (&ldquo;S&amp;L&rdquo;), counsel to C&amp;N, provided to Windels a draft of a definitive Agreement and Plan of Merger. Through
the first two-and-a-half weeks of December&nbsp;2019, S&amp;L and Windels negotiated and finalized the terms of the Agreement and
Plan of Merger and other associated transaction documents, including the employment agreements for Mr.&nbsp;Rush and Ms.&nbsp;Cwiklinski.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s board of directors met
on December&nbsp;18, 2019. Representatives of Sandler and Windels attended the meeting. The representative of Windels again reviewed
with Covenant&rsquo;s board of directors the fiduciary duties owed to Covenant shareholders, and then reviewed the terms of the
proposed merger, the merger agreement and other transaction documents. The representative of Sandler provided its financial analyses
of the proposed transaction and rendered Sandler&rsquo;s opinion, to the effect that, as of December 18, 2019 and subject to the
procedures followed, assumptions made, matters considered and qualifications and limitations on review undertaken by Sandler as
set forth in its opinion, the merger consideration, as set forth in the merger agreement, was fair, from a financial point of view,
to Covenant&rsquo;s common shareholders. After discussion, the Covenant Board unanimously approved the merger and the merger agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N and Covenant announced the entry
into the merger agreement after the close of the market on December&nbsp;18, 2019.</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a010"></a>Covenant&rsquo;s Reasons for the
Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s board of directors consulted
with members of Covenant&rsquo;s management and with its financial advisor in determining that the merger and the merger agreement
were advisable for Covenant and its shareholders, in authorizing and approving the merger, in adopting the merger agreement and
in recommending that Covenant&rsquo;s shareholders approve the merger agreement. Covenant&rsquo;s board of directors also based
its conclusions and recommendation on the following factors:</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the understanding of the strategic options available to Covenant and Covenant&rsquo;s board of directors&rsquo; assessment
of those options, including the risks and costs of remaining independent and creating a liquid market for Covenant&rsquo;s stock,
and the determination that none of those options were more likely to create greater value for Covenant&rsquo;s shareholders than
the value to be paid by C&amp;N;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>C&amp;N&rsquo;s strong capital base;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>C&amp;N&rsquo;s history of paying cash dividends on its common stock, as well as the amount of the current dividend;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>C&amp;N&rsquo;s ability to offer residential mortgages and asset management services to our customers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the ability to become part of a larger institution with a higher lending limit and the infrastructure for growth in small and
middle-market lending, helping to further service Covenant&rsquo;s customer base;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the geographic fit and increased customer convenience of the expanded branch network offered by C&amp;N Bank;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>C&amp;N&rsquo;s long history of serving its local communities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the liquidity of the C&amp;N common stock;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the terms of the merger agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the compatibility of the business cultures of the two organizations and their shared focus on small and middle-market customers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the financial condition, results of operations, prospects and stock performance of the two entities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the ability of C&amp;N to execute a merger transaction from a financial and regulatory perspective and its ability to successfully
integrate Covenant into its existing franchise;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 48px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">the financial analyses and opinion of Sandler, to the effect that, as of December 18, 2019 and subject to the procedures followed, assumptions made, matters considered and qualifications and limitations on review undertaken by Sandler as set forth in its opinion, the merger consideration, as set forth in the merger agreement, was fair, from a financial point of view, to Covenant&rsquo;s common shareholders; and</font></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the Covenant board&rsquo;s view, based on, among other things, the opinion of Sandler, that the merger consideration is fair
to the shareholders of Covenant from a financial point of view.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All business combinations, including the
merger, include certain risks and disadvantages. The material potential risks and disadvantages to Covenant&rsquo;s shareholders
identified by Covenant&rsquo;s board of directors and management include the following material matters, the order of which does
not necessarily reflect their relative significance:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the risks of attaining the type of revenue enhancements and cost savings necessary to cause the trading markets to consider
the transaction a success;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the risk that the termination fee provided for in the merger agreement and certain other provisions of the merger agreement
might discourage third parties from seeking to acquire Covenant; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the risk of potential employee attrition and other possible adverse effects on the business of Covenant and its customer relationships
as a result of the merger.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This discussion of the information and factors
considered by Covenant&rsquo;s board of directors in reaching its conclusions and recommendation includes the factors and risks
identified above, but is not intended to be exhaustive and may not include all of the factors considered by Covenant&rsquo;s board
of directors. Given the multitude of factors and risks considered in connection with its evaluation of the merger and the other
transactions contemplated by the merger agreement, and the complexity of these matters, Covenant&rsquo;s board of directors did
not find it useful and did not attempt to quantify, rank or assign any relative or specific weights to such factors, risks and
information. Rather, Covenant&rsquo;s board of directors views its decisions as based on the totality of the information presented
to it and the factors it considered, including its discussions with and questioning of members of Covenant&rsquo;s management and
outside legal and financial advisors. In addition, individual members of Covenant&rsquo;s board of directors may have assigned
different weights to different factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain of Covenant&rsquo;s directors and
executive officers have financial interests in the merger that are different from, or in addition to, those of Covenant&rsquo;s
shareholders in general. Covenant&rsquo;s board of directors was aware of and considered these interests, among other matters,
in evaluating the merger and in making its recommendation to Covenant&rsquo;s shareholders. For a discussion of these interests,
see &ldquo;&mdash; Interests of Management and Others in the Merger.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s board of directors realizes
there can be no assurance about future results, including results expected or considered in the factors listed above. However,
the Covenant board concluded the potential positive factors outweighed the potential risks of completing the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During its consideration of the merger,
Covenant&rsquo;s board of directors was also aware that some of its directors and executive officers may have interests in the
merger that are different from or in addition to those of its shareholders generally, as described under &ldquo;Directors and Executive
Officers Have Financial Interests in the Merger&rdquo; beginning on page&nbsp;55.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing discussion of the factors
considered by Covenant&rsquo;s board of directors in evaluating the transaction is not intended to be exhaustive, but, rather,
includes the material factors considered by the Covenant board of directors. In reaching its decision to approve the transaction,
Covenant&rsquo;s board of directors did not quantify or assign relative weights to the factors considered, and individual directors
may have given different weights to different factors. Covenant&rsquo;s board of directors evaluated the factors described above
and determined that the transaction was in the best interests of Covenant. It should be noted that this explanation of the reasoning
of Covenant&rsquo;s board of directors and all other information in this section is forward-looking in nature and, therefore, should
be read in light of the factors discussed under the heading &ldquo; Cautionary Statement Regarding Forward-Looking Statements &ldquo;
on page&nbsp;33.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a011"></a>Recommendation of Covenant&rsquo;s
Board of Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>After careful consideration, Covenant&rsquo;s
board of directors determined that the merger is in the best interests of Covenant and unanimously approved the merger agreement.
Accordingly, Covenant&rsquo;s board of directors unanimously recommends that Covenant&rsquo;s shareholders vote &ldquo;FOR&rdquo;
adoption of the merger agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a012"></a>C&amp;N&rsquo;s Reasons for the
Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the course of making its decision to
approve the proposed transaction with Covenant, C&amp;N&rsquo;s board of directors consulted with C&amp;N&rsquo;s executive management
and C&amp;N&rsquo;s financial and legal advisors. C&amp;N&rsquo;s board of directors considered, among other things, the following
factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the acquisition is consistent with C&amp;N&rsquo;s strategic plan to enter attractive markets through acquisition and build
upon its recent acquisition of Monument Bancorp, Inc.;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>C&amp;N believes that the transaction presents an opportunity to leverage C&amp;N&rsquo;s capital and deposits through a presence
in a higher growth market, i.e. Bucks and Chester County, Pennsylvania;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the board&rsquo;s understanding of the current and prospective environment in which C&amp;N operates, including national, regional
and local economic conditions, the competitive environment for financial institutions in Pennsylvania, the increased regulatory
burdens on financial institutions and the uncertainties in the regulatory climate going forward, the trend toward mergers in the
financial services industry generally and the likely effect of these factors on C&amp;N&rsquo;s future growth, profitability and
strategic options;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the board&rsquo;s view that the size of the institution and related economies of scale, beyond the level it believed could
be reached through organic growth within similar timelines, are relevant to profitability and acceptable shareholder returns;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the board&rsquo;s understanding of C&amp;N&rsquo;s prospects and Covenant&rsquo;s business operations, financial condition,
earnings and prospects, including the respective geographic markets in which the companies and their banking subsidiaries operate;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the board&rsquo;s perception that C&amp;N&rsquo;s operating philosophy as a community oriented financial services company with
a strong customer focus is compatible with Covenant&rsquo;s similar operating philosophy;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the board&rsquo;s perception regarding the enhanced future prospects of the combined company compared to those C&amp;N was
likely to achieve on a stand-alone basis, the compatibility of C&amp;N&rsquo;s and Covenant&rsquo;s business activities, enhanced
management depth in critical departments, opportunities for cost reductions, and anticipated increased revenues resulting from
a higher lending limit along with additional product offerings to be made available in Bucks and Chester County;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the board&rsquo;s review with its legal and financial advisors of the structure of the merger, the financial and other terms
of the merger and related documents including the board&rsquo;s assessment of the adequacy of the C&amp;N exchange ratio;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the expectation that the combination and strategic benefits of the transaction would result in future earnings accretion;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the observations of C&amp;N&rsquo;s management concerning the operations, financial condition, and prospects of Covenant and
the expected financial impact of the merger on the combined company;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the fact that certain provisions of the merger agreement prohibit Covenant from soliciting or responding to proposals for alternative
transactions and Covenant&rsquo;s obligation to pay a termination fee of&thinsp; $2,900,000 if the merger agreement is terminated
due to Covenant accepting a superior offer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the fact that, pursuant to the merger agreement, Covenant must generally conduct its business in the ordinary course and Covenant
is subject to a variety of other restrictions on the conduct of its business prior to the completion of the merger or termination
of the merger agreement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the financial information and analyses presented by C&amp;N&rsquo;s financial advisor to the board of directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N&rsquo;s board of directors also
considered the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the fact that new C&amp;N shares to be issued to holders of Covenant stock to complete the merger will result in ownership
dilution to existing C&amp;N shareholders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the proposed board and management arrangements, including C&amp;N&rsquo;s commitment to (i)&nbsp;appoint two Covenant directors
to the C&amp;N board of directors and to C&amp;N Bank&rsquo;s board of directors, (ii)&nbsp;continue to employ selected senior
officers of Covenant after the merger pursuant to employment agreements, and (iii) promptly after closing of the merger, invite
members of the Covenant board of directors immediately prior to the closing of the merger (other than the two members of the Covenant
board appointed to the C&amp;N board) to serve as members of a regional advisory board;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the potential challenges associated with obtaining regulatory approvals required to complete the transaction in a timely manner;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the risk that potential benefits, cost benefits and other synergies sought in the merger may not be realized or may not be
realized within the expected time period and the risks associated with the integration of C&amp;N and Covenant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the risk that certain tax attributes of Covenant and C&amp;N may be affected by the transaction; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the potential for diversion of management and employee attention and for employee attrition during the period prior to the
completion of the merger and the potential effect on C&amp;N&rsquo;s business and relations with customers, service providers and
other stakeholders whether or not the merger is consummated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N&rsquo;s board of directors realizes
that there can be no assurance about future results, including results expected or considered in the factors listed above. The
board of directors concluded, however, that the potential positive factors outweighed the potential risks of completing the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing discussion of the information
and factors considered by C&amp;N&rsquo;s board of directors is not exhaustive, but includes the material factors considered by
C&amp;N&rsquo;s board. In view of the wide variety of factors considered by the C&amp;N board of directors in connection with its
evaluation of the merger and the complexity of these matters the C&amp;N board of directors did not consider it practical to, and
did not attempt to, quantify, rank or otherwise assign relative weights to the specific factors that it considered in reaching
its decision. C&amp;N&rsquo;s board of directors evaluated the factors described above, including asking questions of C&amp;N&rsquo;s
legal and financial advisors. In considering the factors described above, individual members of C&amp;N&rsquo;s board of directors
may have given different weights to different factors. The C&amp;N board of directors relied on the experience and expertise of
its legal advisors regarding the structure of the merger and the terms of the merger agreement and on the experience and expertise
of its financial advisors for quantitative analysis of the financial terms of the merger. It should also be noted that this explanation
of the reasoning of C&amp;N&rsquo;s board of directors and all other information presented in this section is forward looking in
nature and, therefore, should be read in light of the factors discussed under the heading &ldquo;Cautionary Statement Regarding
Forward-Looking Statements&rdquo; on page&nbsp;33.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a013"></a>Opinion of Covenant&rsquo;s Financial
Advisor</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant retained Sandler to act as financial
advisor to Covenant&rsquo;s board of directors in connection with Covenant&rsquo;s consideration of a possible business combination.
Covenant selected Sandler to act as its financial advisor because Sandler is a nationally recognized investment banking firm whose
principal business specialty is financial institutions. In the ordinary course of its investment banking business, Sandler is regularly
engaged in the valuation of financial institutions and their securities in connection with mergers and acquisitions and other corporate
transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler acted as financial advisor to Covenant&rsquo;s
board of directors in connection with the proposed merger and participated in certain of the negotiations leading to the execution
of the merger agreement. At the December&nbsp;18, 2019 meeting at which Covenant&rsquo;s board of directors considered the merger
and the merger agreement, Sandler delivered to the board of directors its oral opinion, which was subsequently confirmed in writing
on December&nbsp;18, 2019, to the effect that, as of such date, the merger consideration was fair to the holders of Covenant&rsquo;s
common stock from a financial point of view. <B>The full text of Sandler&rsquo;s opinion is attached as Annex&nbsp;B to this proxy
statement/prospectus. The opinion outlines the procedures followed, assumptions made, matters considered and qualifications and
limitations on the review undertaken by Sandler in rendering its opinion. The description of the opinion set forth below is qualified
in its entirety by reference to the full text of the opinion. Holders of Covenant common stock are urged to read the entire opinion
carefully in connection with their consideration of the proposed merger.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler&rsquo;s opinion was directed to
the board of directors of Covenant in connection with its consideration of the merger and the merger agreement and does not constitute
a recommendation to any shareholder of Covenant as to how any such shareholder should vote at any meeting of shareholders called
to consider and vote upon the approval of the merger and the merger agreement. Sandler&rsquo;s opinion was directed only to the
fairness, from a financial point of view, of the merger consideration to the holders of Covenant common stock and did not address
the underlying business decision of Covenant to engage in the merger, the form or structure of the merger or any other transactions
contemplated in the merger agreement, the relative merits of the merger as compared to any other alternative transactions or business
strategies that might exist for Covenant or the effect of any other transaction in which Covenant might engage. Sandler also did
not express any opinion as to the fairness of the amount or nature of the compensation to be received in the merger by any officer,
director or employee of Covenant, or any class of such persons, if any, relative to the compensation to be received in the merger
by any other shareholder. Sandler&rsquo;s opinion was approved by Sandler&rsquo;s fairness opinion committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with its opinion, Sandler
reviewed and considered, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.7pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">a draft of the merger agreement, dated December&nbsp;13, 2019;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.7pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">certain publicly available financial statements and other historical financial information of Covenant
that Sandler deemed relevant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.7pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">certain publicly available financial statements and other historical financial information of C&amp;N
that Sandler deemed relevant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.7pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">certain internal financial projections for Covenant for the years ending December&nbsp;31, 2019
and December&nbsp;31, 2020, as well as an estimated long-term net income growth rate for the years ending December&nbsp;31, 2021
through December&nbsp;31, 2023, as provided by the senior management of Covenant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.7pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">the publicly available analyst net income and earnings per share estimates for C&amp;N for the
years ending December&nbsp;31, 2019 and December&nbsp;31, 2020, as well as an estimated long-term annual earnings per share growth
rate for the years ending December&nbsp;31, 2021 through December&nbsp;31, 2023 and an estimated annual dividend per share growth
rate for the years ending December&nbsp;31, 2020 through December&nbsp;31, 2023, as provided by the senior management of C&amp;N;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.7pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">the pro forma financial impact of the merger on C&amp;N based on certain assumptions relating to
purchase accounting adjustments, cost savings and transaction expenses, as provided by the senior management of C&amp;N;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.7pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">the publicly reported historical price and trading activity for C&amp;N common stock, including
a comparison of certain stock market information for C&amp;N common stock and certain stock indices as well as publicly available
information for certain other similar companies, the securities of which are publicly traded;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.7pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">a comparison of certain financial information for Covenant and C&amp;N with similar financial institutions
for which information is publicly available;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.7pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">the financial terms of certain recent business combinations in the banking industry (on a regional
and nationwide basis), to the extent publicly available;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.7pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">the current market environment generally and the banking environment in particular; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.7pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">such other information, financial studies, analyses and investigations and financial, economic
and market criteria as Sandler considered relevant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler also discussed with certain members
of the senior management of Covenant the business, financial condition, results of operations and prospects of Covenant and held
similar discussions with certain members of the senior management of C&amp;N and its representatives regarding the business, financial
condition, results of operations and prospects of C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In performing its review, Sandler relied
upon the accuracy and completeness of all of the financial and other information that was available to and reviewed by Sandler
from public sources, that was provided to Sandler by Covenant or C&amp;N or their respective representatives, or that was otherwise
reviewed by Sandler, and Sandler assumed such accuracy and completeness for purposes of rendering its opinion without any independent
verification or investigation. Sandler relied on the assurances of the respective managements of Covenant and C&amp;N that they
were not aware of any facts or circumstances that would have made any of such information inaccurate or misleading. Sandler was
not asked to and did not undertake an independent verification of any of such information and Sandler did not assume any responsibility
or liability for the accuracy or completeness thereof. Sandler did not make an independent evaluation or perform an appraisal of
the specific assets, the collateral securing assets or the liabilities (contingent or otherwise) of Covenant or C&amp;N or any
of their respective subsidiaries, nor was Sandler furnished with any such evaluations or appraisals. Sandler rendered no opinion
or evaluation on the collectability of any assets or the future performance of any loans of Covenant or C&amp;N or any of their
respective subsidiaries. Sandler did not make an independent evaluation of the adequacy of the allowance for loan losses of Covenant
or C&amp;N, or of the combined entity after the merger, and Sandler did not review any individual credit files relating to Covenant
or C&amp;N or any of their respective subsidiaries. Sandler assumed, with Covenant&rsquo;s consent, that the respective allowances
for loan losses for both Covenant and C&amp;N were adequate to cover such losses and would be adequate on a pro forma basis for
the combined entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In preparing its analyses, Sandler used
certain internal financial projections for Covenant for the years ending December&nbsp;31, 2019 and December&nbsp;31, 2020 as well
as an estimated long-term net income growth rate for the years ending December&nbsp;31, 2021 through December&nbsp;31, 2023, as
provided by the senior management of Covenant. In addition, Sandler used the publicly available analyst net income and earnings
per share estimates for C&amp;N for the years ending December&nbsp;31, 2019 and December&nbsp;31, 2020, as well as an estimated
long-term annual earnings per share growth rate for the years ending December&nbsp;31, 2021 through December&nbsp;31, 2023 and
an estimated annual dividend per share growth rate for the years ending December&nbsp;31, 2020 through December&nbsp;31, 2023,
as provided by the senior management of C&amp;N.. Sandler also received and used in its pro forma analyses certain assumptions
relating to purchase accounting adjustments, transaction expenses and cost savings, as well as estimated net income for Covenant
for the years ending December&nbsp;31, 2019 and December&nbsp;31, 2020 with an estimated annual net income growth rate for the
years ending December&nbsp;31, 2021 through December&nbsp;31, 2023, as provided by the senior management of C&amp;N and its representatives.
With respect to the foregoing information, the respective senior managements of Covenant and C&amp;N confirmed to Sandler that
such information reflected (or, in the case of the publicly available analyst estimates referred to above, were consistent with)
the best currently available projections, estimates and judgments of those respective managements as to the future financial performance
of Covenant and C&amp;N, respectively, and the other matters covered thereby, and Sandler assumed that the future financial performance
reflected in such information would be achieved. Sandler expressed no opinion as to such information, or the assumptions on which
such information was based. Sandler also assumed that there had been no material change in the respective assets, financial condition,
results of operations, business or prospects of Covenant or C&amp;N since the date of the most recent financial statements made
available to Sandler. Sandler assumed in all respects material to its analysis that Covenant and C&amp;N would remain as going
concerns for all periods relevant to its analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler also assumed, with Covenant&rsquo;s
consent, that (i)&nbsp;each of the parties to the merger agreement would comply in all material respects with all material terms
and conditions of the merger agreement and all related agreements, that all of the representations and warranties contained in
such agreements were true and correct in all material respects, that each of the parties to such agreements would perform in all
material respects all of the covenants and other obligations required to be performed by such party under such agreements and that
the conditions precedent in such agreements were not and would not be waived, (ii)&nbsp;in the course of obtaining the necessary
regulatory or third party approvals, consents and releases with respect to the merger, no delay, limitation, restriction or condition
would be imposed that would have an adverse effect on Covenant, C&amp;N, the merger or any related transactions, and (iii)&nbsp;the
merger and any related transactions would be consummated in accordance with the terms of the merger agreement without any waiver,
modification or amendment of any material term, condition or agreement thereof and in compliance with all applicable laws and other
requirements. Finally, with Covenant&rsquo;s consent, Sandler relied upon the advice that Covenant received from its legal, accounting
and tax advisors as to all legal, accounting and tax matters relating to the merger and the other transactions contemplated by
the merger agreement. Sandler expressed no opinion as to any such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sander O&rsquo;Neill&rsquo;s opinion was
necessarily based on financial, economic, regulatory, market and other conditions as in effect on, and the information made available
to Sandler as of, the date thereof. Events occurring after the date thereof could materially affect Sandler&rsquo;s opinion. Sandler
has not undertaken to update, revise, reaffirm or withdraw its opinion or otherwise comment upon events occurring after the date
thereof. Sandler expressed no opinion as to the trading value of C&amp;N common stock at any time or what the value of C&amp;N
common stock would be once it is actually received by the holders of Covenant common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering its opinion, Sandler performed
a variety of financial analyses. The summary below is not a complete description of all the analyses underlying Sandler&rsquo;s
opinion or the presentation made by Sandler to Covenant&rsquo;s board of directors, but is a summary of the material analyses performed
and presented by Sandler. The summary includes information presented in tabular format. <B>In order to fully understand the financial
analyses, these tables must be read together with the accompanying text. The tables alone do not constitute a complete description
of the financial analyses.</B> The preparation of a fairness opinion is a complex process involving subjective judgments as to
the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances.
The process, therefore, is not necessarily susceptible to a partial analysis or summary description. Sandler believes that its
analyses must be considered as a whole and that selecting portions of the factors and analyses to be considered without considering
all factors and analyses, or attempting to ascribe relative weights to some or all such factors and analyses, could create an incomplete
view of the evaluation process underlying its opinion. Also, no company included in Sandler&rsquo;s comparative analyses described
below is identical to Covenant or C&amp;N and no transaction is identical to the merger. Accordingly, an analysis of comparable
companies or transactions involves complex considerations and judgments concerning differences in financial and operating characteristics
of the companies and other factors that could affect the public trading values or transaction values, as the case may be, of Covenant
and C&amp;N and the companies to which they were compared. In arriving at its opinion, Sandler did not attribute any particular
weight to any analysis or factor that it considered. Rather, Sandler made qualitative judgments as to the significance and relevance
of each analysis and factor. Sandler did not form an opinion as to whether any individual analysis or factor (positive or negative)
considered in isolation supported or failed to support its opinion, rather, Sandler made its determination as to the fairness of
the merger consideration to the holders of Covenant common stock on the basis of its experience and professional judgment after
considering the results of all its analyses taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In performing its analyses, Sandler also
made numerous assumptions with respect to industry performance, business and economic conditions and various other matters, many
of which cannot be predicted and are beyond the control of Covenant, C&amp;N, and Sandler. The analyses performed by Sandler are
not necessarily indicative of actual values or future results, both of which may be significantly more or less favorable than suggested
by such analyses. Sandler prepared its analyses solely for purposes of rendering its opinion and provided such analyses to Covenant&rsquo;s
board of directors at its December&nbsp;18, 2019 meeting. Estimates on the values of companies do not purport to be appraisals
or necessarily reflect the prices at which companies or their securities may actually be sold. Such estimates are inherently subject
to uncertainty and actual values may be materially different. Accordingly, Sandler&rsquo;s analyses do not necessarily reflect
the value of Covenant common stock or C&amp;N common stock or the prices at which Covenant or C&amp;N common stock may be sold
at any time. The analyses of Sandler and its opinion were among a number of factors taken into consideration by Covenant&rsquo;s
board of directors in making its determination to approve the merger agreement and the analyses described below should not be viewed
as determinative of the decision of Covenant&rsquo;s board of directors with respect to the fairness of the merger consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Summary of Proposed Merger Consideration
and Implied Transaction Metrics</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler reviewed the financial terms
of the proposed merger. Pursuant to the terms of the merger agreement, at the effective time of the merger each share of
Covenant common stock issued and outstanding immediately prior to the effective time of the merger, except for certain shares
as set forth in the merger agreement, shall be converted into the right to receive the C&amp;N Stock Consideration or the
Cash Consideration, or a combination of C&amp;N Stock Consideration and the Cash Consideration, without any interest thereon
(collectively, the &ldquo;Merger Consideration&rdquo;). As defined more fully in the merger agreement, the &ldquo;C&amp;N
Stock Consideration&rdquo; means a number of shares of C&amp;N common stock equal to the number of shares of Covenant common
stock to be converted into C&amp;N common stock multiplied by the Conversion Ratio, and the &ldquo;Cash Consideration&rdquo;
means $16.50 per share. The merger agreement provides, generally, that seventy-five percent (75%) of the total number of
shares of Covenant common stock shall be converted into the C&amp;N Stock Consideration and twenty-five percent (25%) of such
shares of Covenant common stock shall be converted into the Cash Consideration in accordance with the election and allocation
procedures set forth in the merger agreement. Sandler calculated an aggregate implied transaction value of approximately
$77.2&nbsp;million and an implied blended purchase price per share of $16.75 consisting of the implied value of 4,400,434
shares of Covenant common stock based on the closing price of C&amp;N common stock on December&nbsp;17, 2019. Based upon
financial information for Covenant as of or for the last twelve months (&ldquo;LTM&rdquo;) ended September&nbsp;30, 2019 and
the closing price of C&amp;N&rsquo;s common stock on December&nbsp;17, 2019, Sandler calculated the following implied
transaction metrics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 89%; padding-right: 5.75pt; padding-left: 5.75pt">Transaction Price / Covenant September&nbsp;30, 2019 Book Value Per Share</TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">178%</TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt">Transaction Price / Covenant September&nbsp;30, 2019 Tangible Book Value Per Share</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">178%</TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt">Transaction Price / LTM Earnings per Share</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">18.3x</TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt">Transaction Price / 2019 Estimated Earnings per Share&sup1;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">18.6x</TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt">Transaction Price / 2020 Estimated Earnings per Share&sup1;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">14.6x</TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt">Tangible Book Premium / Core Deposits (Excluding CDs &gt; $100K)<SUP>2</SUP></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">13.3%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD><FONT STYLE="font-size: 8pt">Estimated net income as provided by Covenant management</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD><FONT STYLE="font-size: 8pt">Core deposits defined as total deposits less time deposits greater
                                than $100,000</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Stock Trading History</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler reviewed the publicly available
historical reported trading price of C&amp;N common stock for the one-year and three-year periods ended December&nbsp;17, 2019.
Sandler then compared the relationship between the movements in the price of C&amp;N common stock to movements in its peer group
(as described below) as well as certain stock indices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><U>C&amp;N&rsquo;s
One-Year Stock Performance</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center">Beginning
Value<BR>
December&nbsp;17, 2018&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center">Ending
Value<BR>
December&nbsp;17, 2019&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">C&amp;N </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">104.6%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">C&amp;N Peer Group</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">113.5%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">S&amp;P 500 Index.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">125.4%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">NASDAQ Bank Index </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">120.1%</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><U>C&amp;N&rsquo;s
Three-Year Stock Performance</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center">Beginning
Value<BR>
December&nbsp;17, 2016&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center">Ending
Value<BR>
December&nbsp;17, 2019&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">C&amp;N </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">105.7%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">C&amp;N Peer Group</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">118.2%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">S&amp;P 500 Index</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">141.4%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">NASDAQ Bank Index </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">100%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">105.9%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Comparable Company Analyses</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler used publicly available information
to compare selected financial information for Covenant with a group of financial institutions selected by Sandler. The Covenant
peer group included publicly-traded banks and thrifts headquartered in New Jersey and Pennsylvania with total assets between $400&nbsp;million
and $600&nbsp;million, but excluded targets of announced merger transactions and NMB Financial Corporation due to the absence of
pricing data (the &ldquo;Covenant Peer Group&rdquo;). The Covenant Peer Group consisted of the following companies:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%; padding-right: 5.4pt; padding-left: 5.4pt">1<SUP>st</SUP> Colonial Bancorp, Inc.</TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">Muncy Bank Financial, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Commercial National Financial Corporation</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">New Tripoli Bancorp, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">First Community Financial Corporation</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Northumberland Bancorp</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Mars Bancorp, Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Peoples Limited</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Mauch Chunk Trust Financial Corp.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Susquehanna Community Financial, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Mifflinburg Bancorp, Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Woodlands Financial Services Company</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">MSB Financial Corp.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">York Traditions Bank</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The analysis compared publicly available
financial information for Covenant with corresponding data for the Covenant Peer Group as of the most recent reported quarter (unless
otherwise noted) with pricing data as of December&nbsp;17, 2019. The table below sets forth the data for Covenant and the median,
mean, low and high data for the Covenant Peer Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><U>Covenant
Comparable Company Analysis</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 41%; border: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 2px solid; border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>Covenant&sup2;</B></TD>
    <TD STYLE="width: 12%; border-top: Black 2px solid; border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>Covenant</B><BR>
<B>Peer Group</B><BR>
<B>Median</B></TD>
    <TD STYLE="width: 12%; border-top: Black 2px solid; border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>Covenant</B><BR>
<B>Peer Group</B><BR>
<B>Mean</B></TD>
    <TD STYLE="width: 12%; border-top: Black 2px solid; border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>Covenant</B><BR>
<B>Peer Group</B><BR>
<B>Low</B></TD>
    <TD STYLE="width: 12%; border-top: Black 2px solid; border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><B>Covenant</B><BR>
<B>Peer Group</B><BR>
<B>High</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">Total assets ($mm)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 512</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 485</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 486</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 403</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 591</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">Loans / Deposits (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 109.2</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 81.7</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 81.6</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 59.1</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 107.7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">Non-performing assets&sup1; / Total assets (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 0.93</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 0.64</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 0.76</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 0.02</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 2.24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">Tangible common equity/Tangible assets (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 10.14</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 10.15</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 10.42</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 8.66</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 15.16</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">Tier&nbsp;1 Leverage Ratio (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 10.39</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 9.96</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 10.06</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 8.46</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 13.51</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">Total RBC Ratio (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 13.20</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 15.33</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 15.79</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 12.56</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 21.40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">CRE / Total RBC Ratio (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 299.2</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 109.4</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 142.1</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 52.3</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 414.4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">LTM Return on average assets (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 1.04</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 1.02</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 0.92</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 0.47</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 1.29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">LTM Return on average equity (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 10.24</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 9.12</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 9.12</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 5.20</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 12.91</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">LTM Net interest margin (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 3.69</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 3.26</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 3.32</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 2.83</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 3.93</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">LTM Efficiency ratio (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 58.5</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 68.0</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 69.0</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 60.2</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 83.6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">Price/Tangible book value (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> --</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 110</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 110</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 82</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 140</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">Price/LTM Earnings per share (x)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> --</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 12.3</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 13.3</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 9.3</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 18.9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">Current Dividend Yield (%)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> --</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 2.7</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 2.4</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 0.0</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 5.0</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt">Market value ($mm)</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> --</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 56</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 56</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 31</TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"> 80</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 8pt">1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Nonperforming
assets defined as nonaccrual loans and leases, renegotiated loans and leases, and real estate owned&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 8pt">2<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Bank-level
regulatory financial data as of or for the most recent reported quarter&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler used publicly available information
to perform a similar analysis for C&amp;N by comparing selected financial information for C&amp;N with a group of financial institutions
selected by Sandler. The C&amp;N peer group included publicly-traded banks and thrifts headquartered on the eastern seaboard, with
total assets between $1.0&nbsp;billion and $3.0&nbsp;billion and LTM Core ROAA greater than 1.25%, but excluded targets of announced
merger transactions (the &ldquo;C&amp;N Peer Group&rdquo;). The C&amp;N Peer Group consisted of the following companies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 49%; padding-right: 5.4pt; padding-left: 5.4pt">ACNB Corporation</TD>
    <TD STYLE="white-space: nowrap; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 47%; padding-right: 5.4pt; padding-left: 5.4pt">First Community Bankshares, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">American National Bankshares Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Hingham Institution for Savings</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Capital Bancorp, Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">MetroCity Bankshares, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">CapStar Financial Holdings, Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Parke Bancorp, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Citizens Financial Services, Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Southern First Bancshares, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Evans Bancorp, Inc.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">First Bancorp, Inc.&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Southern National Bancorp of Virginia, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">First Bancorp, Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Summit Financial Group, Inc.</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 49%">First Bancshares, Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 4%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 47%">Unity Bancorp, Inc.</TD></TR>
</TABLE>
<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The analysis compared publicly available
financial information for C&amp;N with corresponding data for the C&amp;N Peer Group as of the most recent reported quarter (unless
otherwise noted) with pricing data as of December&nbsp;17, 2019. The table below sets forth the data for C&amp;N and the median,
mean, low and high data for the C&amp;N Peer Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>C&amp;N Comparable Company Analysis</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>C&amp;N</B></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>C&amp;N</B><BR>
<B>Peer Group</B><BR>
<B>Median</B></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>C&amp;N </B><BR>
<B>Peer Group</B><BR>
<B>Mean</B></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>C&amp;N </B><BR>
<B>Peer Group</B><BR>
<B>Low</B></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>C&amp;N </B><BR>
<B>Peer Group</B><BR>
<B>High</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total assets ($mm)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,643</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,033</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,043</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,311</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,482</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Loans / Deposits (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">88.0</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">96.8</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">96.2</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">77.8</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">126.4</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Non-performing assets&sup1; / Total assets (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.77</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.61</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.92</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.11</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.46</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Tangible common equity/Tangible assets (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13.21</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.59</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.91</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.80</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.40</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Tier&nbsp;1 Leverage Ratio (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13.11</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10.40</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10.47</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8.82</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.68</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Total RBC Ratio (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20.77</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14.28</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14.90</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12.80</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19.51</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">CRE / Total RBC Ratio (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">141.5&sup2;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">221.4</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">231.7</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">62.1</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">410.6</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">LTM Return on average assets (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.55</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.35</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.50</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.26</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.91</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">LTM Return on average equity (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.13</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13.03</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13.16</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6.32</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25.13</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">LTM Net interest margin (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.93</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.79</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3.83</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.71</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.64</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">LTM Efficiency ratio (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">60.40</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">54.97</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">53.11</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28.79</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">72.45</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Price/Tangible book value (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">174</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">168</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">175</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">142</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">226</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Price/LTM Earnings per share (x)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">17.7</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12.8</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13.3</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.4</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20.5</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Price/2019 Estimated Earnings per share (x)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15.6</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12.2</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12.1</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.2</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14.2</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Price/2020 Estimated Earnings per share (x)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15.6</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.9</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11.8</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9.4</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14.2</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Current Dividend Yield (%)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.0</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2.2</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1.9</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.0</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4.0</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Market value ($mm)</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">371</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">333</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">355</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">198</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">649</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 8pt"><SUP>1 </SUP>Nonperforming
assets defined as nonaccrual loans and leases, renegotiated loans and leases, and real estate owned &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 8pt"><SUP>2&nbsp;&nbsp;</SUP>Bank-level
regulatory financial data as of or for the most recent reported quarter</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Analysis of Precedent Transactions</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler reviewed two groups of merger and
acquisition transactions, including a regional and nationwide group. The regional group consisted of bank and thrift transactions
announced between January&nbsp;1, 2018 and December&nbsp;17, 2019 with disclosed deal values and involving targets headquartered
in the Mid-Atlantic region with total assets between $250&nbsp;million and $750&nbsp;million (the &ldquo;Regional Precedent Transactions&rdquo;).
The nationwide group consisted of nationwide bank and thrift transactions announced between January&nbsp;1, 2019 and December&nbsp;17,
2019 with disclosed deal values and involving targets with total assets between $400&nbsp;million and $600&nbsp;million (the &ldquo;Nationwide
Precedent Transactions&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Regional Precedent Transactions group
was composed of the following transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 49%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquiror</TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 48%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">Target</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Fidelity D&nbsp;&amp; D Bancorp Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">MNB Corporation</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Community Bank System Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Steuben Trust Corporation</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Citizens Financial Services</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">MidCoast Community Bancorp Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Investors Bancorp Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Gold Coast Bancorp Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">ACNB Corp.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Frederick County Bancorp</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">1<SUP>st</SUP> Constitution Bancorp</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Shore Community Bank</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 49%">Community Bank System Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 48%">Kinderhook Bank Corp.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">OceanFirst Financial Corp.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Capital Bank of New Jersey</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Orrstown Financial Services</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Hamilton Bancorp Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Citizens&nbsp;&amp; Northern Corp.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Monument Bancorp Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Lakeland Bancorp</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Highlands Bancorp Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">ConnectOne Bancorp, Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Greater Hudson Bank</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Northwest Bancshares, Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Donegal Financial Services Corp.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Mid Penn Bancorp Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">First Priority Financial Corp.</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Nationwide Precedent Transactions group
was composed of the following transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 49%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 5.05pt">Acquiror</TD>
    <TD STYLE="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 48%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Target</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Fidelity D&nbsp;&amp; D Bancorp Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">MNB Corporation</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Centreville Bank</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">PB Bancorp Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Community Bank System Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Steuben Trust Corporation</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Heartland Financial USA Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Rockford B&amp;TC</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Wintrust Financial Corp.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">SBC Inc.</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 49%">Associated Banc-Corp</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 48%">First Staunton Bancshares Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">South Plains Financial Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">West Texas State Bank</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Investors Bancorp Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Gold Coast Bancorp Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Banner Corp.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">AltaPacific Bancorp</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">First Bancshares Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">First Florida Bancorp Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">ACNB Corp.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Frederick County Bancorp</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Nicolet Bankshares Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Choice Bancorp Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Central Bancompany Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Liberty Bancorp Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">Liberty Bank</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">SBT Bancorp Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">BancorpSouth Bank</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Summit Financial Enterprises, Inc.</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">German American Bancorp Inc.</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Citizens First Corp.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Using the latest publicly available information
prior to the announcement of the relevant transaction, Sandler reviewed the following transaction metrics: transaction price to
last-twelve-months earnings per share, transaction price to tangible book value per share and core deposit premium. Sandler compared
the indicated transaction metrics for the merger to the median, mean, low and high metrics of the Regional Precedent Transactions
group as well as to the median, mean, low and high metrics of the Nationwide Precedent Transactions group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Regional Precedent Transactions </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">C&amp;N/&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Covenant&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Median</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Mean</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Low</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">High</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Transaction Price / LTM Earnings<BR>
 &nbsp;Per Share (x) </TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">18.3</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">18.7</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">19.3</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.2</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">32.6</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Transaction Price / Tangible Book Value Per Share (%)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">178</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">166</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">164</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">117</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">200</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Tangible Book Value Premium<BR>
 &nbsp;to Core Deposits (%)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.3</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.3</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.4</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.9</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.3</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Nationwide Precedent Transactions </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">C&amp;N/&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Covenant&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Median</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Mean</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Low</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 13%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">High</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Transaction Price / LTM Earnings<BR>
 &nbsp;Per Share (x) </TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">18.3</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.0</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.8</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.3</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">25.4</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; width: 37%">Transaction Price / Tangible Book Value Per Share (%)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 11%">178</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 13%">169</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 13%">165</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 13%">127</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 13%">202</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">Tangible Book Value Premium<BR>
 &nbsp;to Core Deposits (%)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.3</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.7</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.1</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">19.5</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Net Present Value Analyses</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler performed an analysis that estimated
the net present value of Covenant common stock assuming Covenant performed in accordance with certain internal financial projections
for Covenant for the years ending December&nbsp;31, 2019 and December&nbsp;31, 2020 as well as an estimated long-term net income
growth rate for the years ending December&nbsp;31, 2021 through December&nbsp;31, 2023, as provided by the senior management of
Covenant. To approximate the terminal value of a share of Covenant common stock at December&nbsp;31, 2023, Sandler applied price
to 2023 earnings multiples ranging from 11.0x to 16.0x and multiples of December&nbsp;31, 2023 tangible book value ranging from
100% to 150%. The terminal values were then discounted to present values using different discount rates ranging from 11.0% to 15.0%,
which were chosen to reflect different assumptions regarding required rates of return of holders or prospective buyers of Covenant
common stock. As illustrated in the following tables, the analysis indicated an imputed range of values per share of Covenant common
stock of $9.28 to $15.70 when applying multiples of earnings and $8.30 to $14.47 when applying multiples of tangible book value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Earnings Per Share Multiples</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Discount</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>Rate</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>11.0x</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>12.0x</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>13.0x</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>14.0x</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>15.0x</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>16.0x</U></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.79</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.77</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.75</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.73</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$14.72</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$15.70</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.39</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.33</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.28</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.22</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$14.16</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$15.11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.00</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.91</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.82</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.73</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.64</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$14.55</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.63</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.51</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.39</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.26</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.14</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$14.01</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.28</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.13</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.97</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.82</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.66</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.50</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Tangible Book Value Per Share Multiples</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Discount</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>Rate</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>100%</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>110%</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>120%</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>130%</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>140%</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>150%</U></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.65</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.61</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.58</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.54</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.51</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$14.47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.29</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.21</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.14</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.07</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.00</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.93</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$8.94</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.84</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.73</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.62</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.52</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$8.61</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.47</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.34</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.20</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.06</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.92</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">15.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$8.30</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.13</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.96</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.79</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.62</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.45</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler also considered and discussed with
the Covenant&rsquo;s board of directors how this analysis would be affected by changes in the underlying assumptions, including
variations with respect to earnings. To illustrate this impact, Sandler performed a similar analysis, assuming Covenant&rsquo;s
earnings varied from 15.0% above projections to 15.0% below projections. This analysis resulted in the following range of per share
values for Covenant&rsquo;s common stock, applying the price to 2023 earnings multiples range of 11.0x to 16.0x referred to above
and a discount rate of 12.99%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Earnings Per Share Multiples</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>Annual Estimate</U></TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>Variance</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>11.0x</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>12.0x</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>13.0x</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>14.0x</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>15.0x</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>16.0x</U></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(15.0%)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$8.51</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.28</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.05</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.82</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.60</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.37</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(10.0%)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.01</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.82</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.64</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.46</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.28</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.10</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(5.0%)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$9.51</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.37</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.23</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.10</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.96</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.83</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.01</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.92</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.83</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.74</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.64</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$14.55</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$10.51</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.46</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.42</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.37</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$14.33</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$15.28</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 16%">10.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 14%">$11.01</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 14%">$12.01</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 14%">$13.01</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 14%">$14.01</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 14%">$15.01</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; width: 14%">$16.01</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$11.51</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$12.55</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$13.60</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$14.65</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$15.69</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$16.74</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler also performed an analysis that
estimated the net present value per share of C&amp;N common stock, assuming C&amp;N performed in accordance with publicly available
analyst net income and earnings per share estimates for C&amp;N for the years ending December&nbsp;31, 2019 and December&nbsp;31,
2020, as well as an estimated long-term annual earnings per share growth rate for the years ending December&nbsp;31, 2021 through
December&nbsp;31, 2023 and an estimated annual dividend per share growth rate for the years ending December&nbsp;31, 2020 through
December&nbsp;31, 2023, as provided by the senior management of C&amp;N. To approximate the terminal value of a share of C&amp;N
common stock at December&nbsp;31, 2023, Sandler applied price to 2023 earnings multiples ranging from 11.0x to 18.5x and multiples
of December&nbsp;31, 2023 tangible book value ranging from 140% to 215%. The terminal values were then discounted to present values
using different discount rates ranging from 9.0% to 13.0%, which were chosen to reflect different assumptions regarding required
rates of return of holders or prospective buyers of C&amp;N common stock. As illustrated in the following tables, the analysis
indicated an imputed range of values per share of C&amp;N common stock of $16.90 to $29.86 when applying multiples of earnings
and $19.05 to $31.48 when applying multiples of tangible book value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Earnings Per Share Multiples</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Discount</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>Rate</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>11.0x</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>12.5x</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>14.0x</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>15.5x</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>17.0x</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>18.5x</U></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$19.43</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$21.52</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.60</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$25.69</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$27.77</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$29.86</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$18.75</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$20.76</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$22.77</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$24.77</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$26.78</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$28.78</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$18.11</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$20.04</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$21.97</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.90</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$25.83</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$27.76</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$17.49</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$19.35</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$21.21</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.06</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$24.92</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$26.78</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$16.90</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$18.69</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$20.48</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$22.27</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$24.06</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$25.85</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Tangible Book Value Per Share Multiples</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Discount</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>Rate</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>140%</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>155%</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>170%</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>185%</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>200%</U></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>215%</U></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$21.94</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.85</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$25.76</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$27.66</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$29.57</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$31.48</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$21.16</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.00</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$24.84</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$26.67</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$28.51</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$30.35</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$20.43</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$22.19</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.96</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$25.73</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$27.50</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$29.26</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$19.72</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$21.42</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.12</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$24.83</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$26.53</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$28.23</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$19.05</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$20.69</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$22.32</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.96</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$25.60</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$27.24</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler also considered and discussed with
the Covenant&rsquo;s board of directors how this analysis would be affected by changes in the underlying assumptions, including
variations with respect to earnings. To illustrate this impact, Sandler performed a similar analysis assuming C&amp;N&rsquo;s earnings
varied from 15.0% above estimates to 15.0% below estimates. This analysis resulted in the following range of per share values for
C&amp;N common stock, applying the price to 2023 earnings multiples range of 11.0x to 18.5x referred to above and a discount rate
of 12.99%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Earnings Per Share Multiples</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>Annual Estimate</U></TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>Variance</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>11.0x</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>12.5x</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>14.0x</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>15.5x</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>17.0x</U></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><U>18.5x</U></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(15.0%)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$14.94</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$16.46</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$17.98</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$19.50</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$21.02</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$22.54</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(10.0%)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$15.59</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$17.20</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$18.81</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$20.43</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$22.04</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.65</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(5.0%)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$16.25</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$17.95</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$19.65</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$21.35</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.05</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$24.75</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$16.90</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$18.69</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$20.49</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$22.28</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$24.07</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$25.86</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$17.56</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$19.44</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$21.32</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$23.20</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$25.08</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$26.96</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$18.22</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$20.19</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$22.16</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$24.12</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$26.09</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$28.06</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15.0%</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$18.87</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$20.93</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$22.99</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$25.05</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$27.11</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">$29.17</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler noted that the net present value
analysis is a widely used valuation methodology, but the results of such methodology are highly dependent upon the numerous assumptions
that must be made, and the results thereof are not necessarily indicative of actual values or future results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Pro Forma Transaction Analysis</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler analyzed certain potential pro forma
effects of the merger on C&amp;N assuming the merger closes June&nbsp;30, 2020. Sandler utilized the following information and
assumptions: (a) estimated net income for Covenant for the years ending December&nbsp;31, 2019 and December&nbsp;31, 2020 with
an estimated annual net income growth rate for the years ending December&nbsp;31, 2021 through December&nbsp;31, 2023, as provided
by the senior management of C&amp;N and its representatives, (b)&nbsp;publicly available analyst net income and earnings per share
estimates for C&amp;N for the years ending December&nbsp;31, 2019 and December&nbsp;31, 2020, as well as an estimated long-term
annual earnings per share growth rate for the years ending December&nbsp;31, 2021 through December&nbsp;31, 2023 and an estimated
annual dividend per share growth rate for the years ending December&nbsp;31, 2020 through December&nbsp;31, 2023, as provided by
the senior management of C&amp;N, and (c) certain assumptions relating to purchase accounting adjustments, cost savings and transaction
expenses, as provided by the senior management of C&amp;N and its representatives. The analysis indicated that the merger could
be accretive to C&amp;N&rsquo;s estimated earnings per share (excluding one-time transaction costs and expenses) in the years ending
December&nbsp;31, 2020 through December&nbsp;31, 2023 and dilutive to C&amp;N&rsquo;s estimated tangible book value per share at
close and December&nbsp;31, 2020, December&nbsp;31, 2021, December&nbsp;31, 2022 and December&nbsp;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this analysis, Sandler
considered and discussed with Covenant&rsquo;s board of directors how the analysis would be affected by changes in the underlying
assumptions, including the impact of final purchase accounting adjustments determined at the closing of the merger, and noted that
the actual results achieved by the combined company may vary from projected results and the variations may be material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Sandler&rsquo;s Relationship</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Sandler is acting as Covenant&rsquo;s financial
advisor in connection with the merger and will receive a fee for such services in an amount equal to 1.25% of the aggregate purchase
price, which fee is contingent upon the closing of the merger. At the time of announcement of the merger Sandler&rsquo;s fee was
approximately $965,000. Sandler also received a $250,000 fee from Covenant upon rendering its opinion, which opinion fee will be
credited in full towards the advisory fee which will become payable to Sandler upon closing of the merger. Covenant has also agreed
to indemnify Sandler against certain claims and liabilities arising out of Sandler&rsquo;s engagement and to reimburse Sandler
for certain of its out-of-pocket expenses incurred in connection with Sandler&rsquo;s engagement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the two years preceding the date of Sandler&rsquo;s
opinion, Sandler did not provide any other investment banking services to Covenant. Sandler did provide certain investment banking
services to C&amp;N in the two years preceding the date of Sandler&rsquo;s opinion. In summary, Sandler acted as financial advisor
to C&amp;N in connection with C&amp;N&rsquo;s acquisition of Monument Bank, which transaction closed in April 2019. In addition,
in the ordinary course of Sandler&rsquo;s business as a broker-dealer, Sandler may purchase securities from and sell securities
to Covenant, C&amp;N and their respective affiliates. Sandler may also actively trade the equity and debt securities of Covenant,
C&amp;N and their respective affiliates for Sandler&rsquo;s account and for the accounts of Sandler&rsquo;s customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Additional Information about Sandler</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January&nbsp;3, 2020, pursuant to the
Agreement and Plans of Merger, dated as of July&nbsp;9, 2019, by and among Piper Sandler Companies (formerly known as Piper Jaffray
Companies), SOP Holdings, LLC and certain of its subsidiaries, including Sandler, and the other parties thereto, Piper Sandler
Companies completed its acquisition of one hundred percent of the outstanding ownership interests of Sandler (the &ldquo;Sandler
Transaction&rdquo;). Effective as of the closing of the Sandler Transaction, Piper Sandler Companies&rsquo; wholly owned broker-dealer
subsidiary Piper Jaffray&nbsp;&amp; Co. changed its name to &ldquo;Piper Sandler&nbsp;&amp; Co.&rdquo; References herein to &ldquo;Sandler&rdquo;
shall include its successor &ldquo;Piper Sandler&nbsp;&amp; Co.&rdquo; as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a014"></a>Board of Directors and Management
of C&amp;N and C&amp;N Bank Following Completion of the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following the merger, the C&amp;N and C&amp;N
Bank boards of directors will consist of the current directors of each plus Stephen&nbsp;M. Dorwart and Robert&nbsp;G. Loughery,
each of whom are currently non-employee directors of Covenant and Covenant Bank. The executive officers of C&amp;N will be the
existing executive officers of C&amp;N, and the executive officers of C&amp;N Bank will be the current officers of C&amp;N Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Biographical information about C&amp;N&rsquo;s
current officers and directors is located in its definitive proxy statement, filed with the SEC on March&nbsp;6, 2020, under the
heading &ldquo;<i>Proposal&nbsp;1&thinsp;&mdash;&thinsp;Election of Directors</i>.&rdquo; Biographical information about Messrs.&nbsp;Dorwart
and Loughery, the Covenant directors to be appointed to the boards of directors of C&amp;N and C&amp;N Bank, is located under
the heading &ldquo;<i>Information about Covenant Financial, Inc.</i>&rdquo; beginning on page&nbsp;84.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a015"></a>Covenant Shareholders Have Dissenters&rsquo;
Rights in the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>General</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant shareholders have the right under
Pennsylvania law to dissent from the merger agreement and obtain the &ldquo;fair value&rdquo; of their shares in cash as determined
by an appraisal process in accordance with the procedures under Subchapter&nbsp;D of Chapter&nbsp;15 of the PBCL. Following is
a summary of the rights of dissenting shareholders. The summary is qualified in its entirety by reference to <I>Annex&nbsp;C</I>,
which sets forth the applicable dissenters&rsquo; rights provisions of Pennsylvania law. If you are considering exercising your
dissenters&rsquo; rights, you should read carefully the summary below and the full text of the law set forth in <I>Annex&nbsp;C</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the discussion of dissenters&rsquo; rights,
the term &ldquo;fair value&rdquo; means the value of a share of Covenant common stock immediately before the day of the effective
date of the merger, taking into account all relevant factors, but excluding any appreciation or depreciation in anticipation of
the merger. Before the effective date of the merger, Covenant shareholders should send any written notice or demand required in
order to exercise dissenters&rsquo; rights to Covenant Financial, Inc., 182&nbsp;North Main Street, Doylestown, Pennsylvania 18901
(Attn: Secretary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After the effective date of the merger,
all dissenters should send any correspondence to Citizens&nbsp;&amp; Northern Corporation, 90-92 Main Street, P.O. Box&nbsp;58,
Wellsboro, PA 16901 (Attn: CEO).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Notice of Intention to Dissent</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you wish to dissent from the merger,
you must do the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Prior to the vote on the merger agreement at the Covenant special meeting, file with Covenant a written notice of your intention
to demand payment of the fair value of your shares of common stock if the merger is completed;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Make no change in your beneficial ownership of the common stock with respect to which you are dissenting from the date you
give notice of your intention to demand fair value of your shares through the day of the merger; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Not vote your shares of common stock with respect to which you are dissenting in favor of adoption of the merger agreement
at the special meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Simply voting against the proposed
merger, whether in person or by proxy, will not constitute notice of your intention to dissent. Further, if you submit a proxy,
but do not indicate how you wish to vote, your shares will be voted in favor of the adoption and approval of the merger, and your
right to dissent will be lost.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Notice to Demand Payment</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the merger is adopted by the required
vote of Covenant shareholders, Covenant will mail a notice to all those dissenting shareholders who gave due notice of their intention
to demand payment of the fair value of their shares and who did not vote to adopt the merger agreement. The notice will state where
and when dissenting shareholders must deliver a written demand for payment and where such dissenting shareholder must deposit certificates
for the shares of common stock for which they dissented in order to obtain payment. The notice will include a form for demanding
payment and a copy of the relevant provisions of Pennsylvania law. The time set for receipt of the demand for payment and deposit
of stock certificates will be not less than 30&nbsp;days from the date of mailing of the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Failure to Comply with Required Steps
to Dissent</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You must take each step in the indicated
order and in strict compliance with Pennsylvania law in order to maintain your dissenters&rsquo; rights. If you fail to follow
these steps, you will lose the right to dissent, and you will receive the same merger consideration as shareholders who do not
dissent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Payment of Fair Value of Shares</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Promptly after the effective date of the
merger, or upon timely receipt of demand for payment if the closing of the merger has already taken place, C&amp;N will send each
dissenting shareholder who has deposited his, her or its stock certificates, the amount that C&amp;N estimates to be the fair value
of the common stock held by such dissenting shareholder. The remittance or notice will be accompanied by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a closing balance sheet and statement of income of Covenant for the fiscal year ending not more than 16&nbsp;months before
the date of remittance or notice, together with the latest available interim financial statements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a statement of C&amp;N&rsquo;s estimate of the fair value of Covenant&rsquo;s common shares; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>a notice of the right of the dissenting shareholder to demand supplemental payment, accompanied by a copy of the relevant provisions
of Pennsylvania law.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Estimate by Dissenting Shareholder
of Fair Value of Shares</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a dissenting shareholder believes that
the amount stated or remitted by C&amp;N is less than the fair value of their common stock, the dissenting shareholder must send
its estimate of the fair value (deemed a demand for the deficiency) of such common stock to C&amp;N within 30&nbsp;days after C&amp;N
mails its remittance. If the dissenting shareholder does not file its estimated fair value within 30&nbsp;days after the mailing
by C&amp;N of its remittance, the dissenting shareholder will be entitled to no more than the amount remitted by C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Valuation Proceedings</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any demands for payment remain unsettled
within 60&nbsp;days after the latest to occur of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the effective date of the merger;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>timely receipt by Covenant of any demands for payment; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>timely receipt by C&amp;N of any estimates by dissenters of the fair value,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">then C&amp;N may file an application in the
Court of Common Pleas requesting that the court determine the fair value of the common stock. If this happens, all dissenting shareholders
whose demands have not been settled, no matter where they reside, will become parties to the proceeding. In addition, a copy of
the application will be delivered to each dissenting shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If C&amp;N were to fail to file the application,
then any dissenting shareholder, on behalf of all dissenting shareholders who have made a demand and who have not settled their
claim against C&amp;N, may file an application in the name of C&amp;N at any time within the 30-day period after the expiration
of the 60-day period and request that the Court of Common Pleas determine the fair value of the shares. The fair value determined
by the Court of Common Pleas may, but need not, equal the dissenting shareholders&rsquo; estimates of fair value. If no dissenter
files an application, then each dissenting shareholder entitled to do so shall be paid no more than C&amp;N&rsquo;s estimate of
the fair value of their common stock, and may bring an action to recover any amount not previously remitted, plus interest at a
rate the Court of Common Pleas finds fair and equitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N intends to negotiate in good faith
with any dissenting shareholder. If, after negotiation, a claim cannot be settled, then C&amp;N will file an application requesting
that the fair value of the Covenant common stock, as the case may be, be determined by the Court of Common Pleas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Cost and Expenses</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The costs and expenses of any valuation
proceedings performed by the Court of Common Pleas, including the reasonable compensation and expenses of any appraiser appointed
by such court to recommend a decision on the issue of fair value, will be determined by such court and assessed against C&amp;N,
except that any part of the costs and expenses may be apportioned and assessed by such court against any or all of the dissenting
shareholders who are parties and whose action in demanding supplemental payment is dilatory, obdurate, arbitrary, vexatious or
in bad faith, in the opinion of such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Covenant shareholders wishing to exercise
their dissenters&rsquo; rights should consult their own counsel to ensure that they fully and properly comply with applicable requirements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Income Tax Consequences</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &ldquo;Material United States Federal
Income Tax Consequences&rdquo; on page&nbsp;70 for a discussion on how the federal income tax consequences of your action will
change if you elect to dissent from the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>FAILURE TO FOLLOW THE PROCEDURES SET
FORTH IN SUBCHAPTER D OF CHAPTER 15 OF THE PBCL REGARDING DISSENTERS&rsquo; RIGHTS WILL CONSTITUTE A WAIVER OF THOSE RIGHTS. SHAREHOLDERS
MAY WISH TO CONSULT INDEPENDENT COUNSEL BEFORE EXERCISING DISSENTERS&rsquo; RIGHTS.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a016"></a>Trading Markets</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Currently, Covenant common stock is not
traded on any established trading market or national securities exchange. C&amp;N common stock is quoted on Nasdaq under the symbol
 &ldquo;CZNC&rdquo;. The most recent trading price for C&amp;N&rsquo;s common stock reported by Nasdaq was $[__] per share on March&nbsp;[__],
2020. Given the absence of an active trading market for Covenant shares, such price may not reflect the actual current market value
of Covenant common stock. Upon the effectiveness of the registration statement of which this document is a part, the shares issued
in connection with the merger will be freely transferable under the Securities Act by holders who will not be affiliates of C&amp;N
after the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Affiliates of C&amp;N may resell shares
of C&amp;N common stock issued in connection with the merger only if the shares are registered for resale under the Securities
Act or an exemption is available. They may resell under the safe harbor provisions of Rule 144 under the Securities Act or as otherwise
permitted under the Securities Act. We encourage any such person to obtain advice of securities counsel before reselling any C&amp;N
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a017"></a>Regulatory Approvals Required
for the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger is subject to the receipt of
approval or waiver of the FRB under the Bank Holding Company Act of 1956, as amended (the &ldquo;BHC Act&rdquo;), as well as the
approval of the FDIC under the Bank Merger Act and the approval of the PDB under the Pennsylvania Banking Code of 1965, as amended
(the &ldquo;Banking Code&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In reviewing an application for approval
of the merger under the BHC Act and under the Bank Merger Act, the FRB and FDIC, respectively, must consider, among other factors,
the competitive effect of the merger, the managerial and financial resources and future prospects of the acquiring company, the
effect of the merger on the convenience and needs of the communities to be served, including the records of performance of the
subsidiary banks of the consolidating companies in meeting the credit needs of the communities under the Community Reinvestment
Act, the effectiveness of the acquiring company in combating money laundering activities, and the extent to which the merger would
result in greater or more concentrated risks to the stability of the United States banking or financial system. Applicable regulations
require publication of notice of the application and an opportunity for the public to comment on the application in writing and
to request a hearing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger and the bank merger are also
subject to the approval of the PDB under the Banking Code. In reviewing an application for approval of a bank merger, the PDB will
consider, among other things, whether the plan of merger adequately protects the interests of the depositors, other creditors and
shareholders, and whether the bank merger would be consistent with adequate and sound banking practices and in the public interest
on the basis of the financial history and condition of the banks involved, their future prospects, the character of their management,
the potential effect of the bank merger on competition, and the convenience and needs of the areas primarily to be served by the
resulting institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The parties are not aware of any other governmental
approvals or actions that may be required to consummate the merger. If any other approval or action is required, it is contemplated
that such approval or action would be sought. There can be no assurance, however, that any additional approvals or actions will
be obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date hereof, applications are
pending with the FDIC and PDB, and a waiver request is pending with the FRB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a018"></a>Covenant&rsquo;s Directors and
Executive Officers Have Financial Interests in the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In considering the recommendation of the
board of directors of Covenant that Covenant shareholders vote to adopt the merger agreement, Covenant shareholders should be aware
that Covenant directors and executive officers have financial interests in the merger that may be different from, or in addition
to, those of Covenant shareholders generally. The board of directors was aware of and considered these potential interests, among
other matters, in its decision to approve the merger agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Board Position and Compensation</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N has agreed in the merger agreement
that, upon completion of the merger, two former Covenant directors will be appointed to serve on the board of directors of C&amp;N
and C&amp;N Bank. Messrs. Dorwart and Loughery have been recommended by Covenant and selected by C&amp;N for appointment to the
boards of C&amp;N and C&amp;N Bank. Each person who serves as a director of C&amp;N will be compensated in accordance with the
policies of C&amp;N, which are anticipated to be substantially similar to the current policies of C&amp;N as described in its proxy
statement, filed March&nbsp;6, 2020, under the heading Compensation of Directors. Additionally, C&amp;N, promptly after closing
of the merger, shall invite members of the Covenant board of directors immediately prior to the closing of the merger (other than
Messrs.&nbsp;Dorwart and Loughery) to serve as members of a regional advisory board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Change in Control Payments</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of Donald&nbsp;P. Worthington, Chairman
of Covenant and Covenant Bank, John&nbsp;C. Spier, President and Chief Executive Officer of Covenant and Chief Executive Officer
of Covenant Bank, and Aaron Sattler, Executive Vice President and Chief Financial Officer of Covenant and Covenant Bank, are parties
to agreements with Covenant that call for each to receive a lump sum payment upon consummation of the merger equal to $285,000,
$1,350,000 and $393,120, respectively, subject to reduction, if required, to avoid the payments being subject to an excise tax
under Section&nbsp;280G if the Internal Revenue Code. In addition, Covenant and Mr. Spier are parties to a supplemental executive
retirement plan in which Mr.&nbsp;Spier would have been fully vested at age&nbsp;75. In connection with the merger, Mr.&nbsp;Spier
will become fully vested in his benefits under the Plan, although payment will not commence until Mr.&nbsp;Spier reaches age&nbsp;75.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Employment Agreements</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N has entered into employment agreements
with Blair&nbsp;T. Rush, Executive Vice President of Covenant and President and Chief Operating Officer of Covenant Bank, and Kelley&nbsp;A.
Cwiklinski, Executive Vice President and Chief Lending Officer of Covenant and Covenant Bank, each of which were entered into in
contemplation of the merger. Each employment agreement provides for the payment of a salary and bonus opportunities and carries
a term of three years from the date of the merger. If the employee is terminated without cause or leaves for good reason, the employee
is entitled to a lump sum payment equal to the sum of (i)&nbsp;the highest base salary earned in the prior three years and (ii)&nbsp;the
highest cash bonus and other cash incentive compensation earned in the prior three calendar years. In addition, each employment
agreement provides for payment to the employee of one and one half times the sum of (x)&nbsp;the highest annual salary in the prior
three calendar years plus (y)&nbsp;the highest bonus earned in the prior three calendar years, and participation for one year in
all benefit plans, if, following a change of control, employee&rsquo;s employment is terminated without cause or if the employee
leaves for good reason. Also, each employment agreement provides that, within ten days after the closing of the merger, in recognition
of each employee accepting an adjustment to their base salary, each employee will receive a grant of C&amp;N restricted common
stock equal to $150,000 based on the closing sale price as of the closing of the merger, with such grant vesting ratably over a
three year period following the closing of the merger and acceleration of vesting in certain other circumstances. Each employment
agreement subjects the employee to a three year covenant not to compete except in cases where employment is terminated without
cause by the employer or by the employee for good reason. In addition, Covenant and each of Mr.&nbsp;Rush and Ms.&nbsp;Cwiklinski
have agreed, effective immediately prior to consummation of the merger, to terminate each of their respective employment agreements
with Covenant in exchange for a lump sum payment of $468,000 in the case of Mr.&nbsp;Rush and $576,000 in the case of Ms.&nbsp;Cwiklinski.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Severance Payments</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain senior executives of Covenant who
will not be employed by C&amp;N following the merger will be paid severance and receive contribution for continued participation
in C&amp;N&rsquo;s life, disability, medical/health insurance and other health and welfare benefits as in effect prior to the date
of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Stay Bonus Pool</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N and Covenant have established a
stay bonus pool which will be used to compensate selected Covenant and Covenant Bank employees for their services up to the time
of the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Indemnification and Insurance</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger agreement provides that C&amp;N
will, following the merger, indemnify all current and former officers and directors of Covenant and its subsidiaries in accordance
with Pennsylvania law and the indemnification provisions of Covenant&rsquo;s articles of incorporation and bylaws. In addition,
for up to six years after the acquisition, C&amp;N agrees to maintain liability insurance coverage with respect to matters arising
at or prior to the merger for each current or former officer or director of Covenant or any of its subsidiaries, in amounts and
on terms not materially less advantageous than the coverage provided prior to the acquisition, subject to a limit on the cost of
such insurance of 200% of its current cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a019"></a>THE MERGER AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The following section describes certain
aspects of the merger, including material provisions of the merger agreement. The following description of the merger agreement
is subject to, and qualified in its entirety by reference to, the merger agreement, which is attached to this document as Annex&nbsp;A
and is incorporated by reference in this document. We urge you to read the merger agreement carefully and in its entirety, as it
is the legal document governing this merger. The representations, warranties and covenants contained in the merger agreement were
made only for purposes of that agreement and as of specific dates, are subject to limitations agreed upon by the parties as stated
therein, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the
parties to the agreement, none of which materially alter the representations and warranties made.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a020"></a>Terms of the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The boards of directors of Covenant and
C&amp;N have unanimously adopted the agreement and plan of merger which provides for the merger of Covenant and C&amp;N, with C&amp;N
surviving, and for the merger of their respective subsidiaries, Covenant Bank and C&amp;N Bank, with C&amp;N Bank surviving. Each
share of Covenant common stock issued and outstanding at the effective time of the merger will be converted into either 0.6212
shares of C&amp;N common stock or $16.50 in cash, as elected by each shareholder, within certain limits, as described below. See
 &ldquo;<I>Consideration to Be Received in the Merger</I>.&rdquo; Neither C&amp;N nor Covenant owns any shares of common stock of
the other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a021"></a>Closing and Effective Time of
the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger will be completed only if all
of the following occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the agreement and plan of merger is approved and adopted by Covenant&rsquo;s shareholders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>all required governmental and regulatory consents and approvals have been obtained;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>no more than 5% of the outstanding shares of Covenant shall have exercised dissenters&rsquo; rights unless waived by C&amp;N;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>all other conditions to the merger discussed in this document and the merger agreement are either satisfied or waived.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The bank merger will not be completed unless
the merger is completed. The merger will become effective as stated in the statement of merger to be filed with the Department
of State of the Commonwealth of Pennsylvania. In the merger agreement, we have agreed to cause the completion of the merger to
occur on the first business day of the first month in which the satisfaction or waiver of the conditions specified in the merger
agreement (other than those conditions that, by their nature, are to be satisfied at the closing, or on another mutually agreed
date) has occurred, provided, however, if the foregoing conditions are satisfied within the last fifteen days of a month, the completion
of the merger will occur on the first business day of the second month following such date. It currently is anticipated that the
effective time of the merger will occur in the third quarter of 2020, but we cannot guarantee when or if the merger will be completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a022"></a>Consideration to Be Received in
the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Treatment of Covenant common stock</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of the merger, each Covenant
shareholder will have the right, with respect to each share of Covenant common stock held, to receive merger consideration consisting
of either (i)&nbsp;0.6212 shares of C&amp;N common stock or (ii)&nbsp;$16.50 in cash. Covenant&rsquo;s shareholders will be able
to elect whether to receive the stock consideration or the cash consideration for each share of Covenant&rsquo;s stock owned. All
cash/stock elections must be made in ten percent 5%) increments (i.e. 20% cash/80% C&amp;N common stock; 25% cash/75% C&amp;N common
stock, etc.). Although the merger agreement permits each Covenant shareholder to elect the form of consideration he, she or it
wants to receive in exchange for his, her or its shares of Covenant common stock, all shareholder elections are subject to proration
if the total number of shares for which cash is elected is not equal to 25% of the total number of Covenant shares of common stock
outstanding, excluding dissenting shares. If proration is necessary because Covenant shareholders have submitted elections to convert
too many or too few shares into the cash consideration, after first converting any non-electing shares, as applicable, to achieve
the required 25% total cash consideration, each Covenant shareholder&rsquo;s cash or stock election, depending on whether too many
or too few elections, respectively, for cash have been received, will be reduced, on the same percentage basis, until the total
number of shares outstanding, excluding dissenting shares, and receiving the cash consideration is 25%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No fractional shares of C&amp;N common
stock will be issued. For each fractional share that would otherwise be issued, C&amp;N will pay an amount in cash equal to the
product of&thinsp; (i)&nbsp;the fraction of a share to which such holder would otherwise have been entitled and (ii)&nbsp;$16.50.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i><U>Treatment of Covenant equity awards</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon completion of the merger, each outstanding
option to purchase shares of Covenant common stock pursuant to Covenant&rsquo;s equity-based compensation plans will be cancelled
by Covenant in exchange for a cash payment equal to the positive difference, if any, between $16.50 and the corresponding exercise
price of such outstanding option. However, employees of Covenant, who (i)&nbsp;continue employment with C&amp;N after completion
of the merger and (ii)&nbsp;submit an election to not receive cash for such option, shall receive options to purchase shares of
C&amp;N common stock pursuant to C&amp;N&rsquo;s equity-based compensation plans in exchange for such outstanding options to purchase
shares of Covenant common stock. Each new option to purchase shares of C&amp;N common stock shall (a)&nbsp;be for a number of shares
of C&amp;N common stock equal to the product (rounded down to the nearest whole number) of (x)&nbsp;the number of shares of Covenant
common stock underlying each such option immediately prior to the closing of the merger (after taking into account any vesting
which occurs pursuant to the terms of such Covenant option), and (y)&nbsp;the conversion ratio under the merger agreement (which
is currently 0.6212), (b)&nbsp;have a per share exercise price for shares of C&amp;N common stock issuable upon exercise of such
new C&amp;N option equal to (x)&nbsp;the exercise price per share of Covenant common stock for the Covenant option immediately
prior to the closing of the merger, divided by (y)&nbsp;the conversion ratio under the merger agreement (which is currently 0.6212),
and (c)&nbsp;any restriction on the exercise shall continue in full force and effect and the term, exercisability, and other similar
provisions of the Covenant option shall otherwise remain unchanged. Notwithstanding the foregoing, the new options to purchase
Covenant common stock shall be governed by, and issued under, C&amp;N&rsquo;s equity-based compensation plans. To the extent required,
as determined by C&amp;N or Covenant, the terms of Covenant&rsquo;s equity-based compensation plan or otherwise, C&amp;N may require
all holders of options to purchase Covenant common stock to execute an agreement documenting such holder&rsquo;s agreement to accept
cash or new option to purchase C&amp;N common stock.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a023"></a>Election Procedures</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant shareholders may elect the form
of consideration they wish to receive by completing an election form. After the merger is approved by the shareholders of Covenant,
AST will mail each Covenant shareholder an election form and instructions for completing and returning the form to AST. The election
form must be sent to AST before the election deadline, which will be announced after the merger is approved by the shareholders
of Covenant. You will be able to change or revoke your election at any time prior to the election deadline by delivering a written
notice of revocation or delivering a new properly completed election form to AST, the exchange agent, no later than the election
deadline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a024"></a>Share Exchange Procedures</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>Do not send in your Covenant common
stock certificates now</U>. After Covenant&rsquo;s shareholders approve and adopt the merger agreement, you will receive a letter
of transmittal from AST at the same time you receive your election form that will explain how to exchange your Covenant stock certificates
for the merger consideration. Please do not send in any Covenant stock certificates until you receive the letter of transmittal.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a025"></a>Representations and Warranties</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger agreement contains customary
representations and warranties of Covenant and C&amp;N relating to their respective businesses. The representations must be true
and correct in all material respects, as of the date of the merger agreement and as of the effective date as though made on and
as of the effective date (except that representations and warranties that by their terms speak as of the date of the merger agreement
or some other date must be true and correct in all material respects as of such date). The representations and warranties in the
merger agreement do not survive the effective time of the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of C&amp;N and Covenant has made representations
and warranties to the other regarding, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>corporate matters, including due organization and qualification;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>authority relative to execution and delivery of the merger agreement and the absence of breach or violations of organizational
documents or other obligations as a result of the merger;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>subsidiaries;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>capitalization;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>required governmental filings and consents;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>correctness of its charter, bylaws and minute books;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the timely filing of reports with governmental entities, and the absence of investigations by regulatory agencies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>accuracy of financial statements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>absence of undisclosed liabilities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the general manner in which its businesses are conducted, and the absence of any material adverse effect affecting it or its
subsidiaries;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>recent dividends, distributions and stock purchases;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>tax matters;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>recent litigation and governmental directives;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>risk management instruments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>privacy;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>compliance with laws;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>insurance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>employee benefit plans;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>its loan portfolio;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>its investment portfolio;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>whether it employed a broker in connection with the merger;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the accuracy of its disclosures; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the accuracy of the information it provides for this document.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, Covenant made representations
regarding its receipt of a fairness opinion from its financial advisor, the title to and condition of assets, material contracts,
real estate leases, and certain other types of contracts, environmental matters, intellectual property, financial institution bonds,
labor relations and employment agreements, related party transactions, beneficial ownership of C&amp;N common stock, and state
takeover laws, and C&amp;N made representations regarding its common stock. The representations and warranties described above
and included in the merger agreement were made by each of C&amp;N and Covenant to the other party. These representations and warranties
were made as of specific dates, may be subject to important qualifications and limitations agreed to by C&amp;N and Covenant in
connection with negotiating the terms of the merger agreement (including by reference to information contained in disclosure schedules
delivered by the parties under the merger agreement), and may have been included in the merger agreement for the purpose of allocating
risk between C&amp;N and Covenant rather than to establish matters as facts. The merger agreement is described herein, and included
as <I>Annex&nbsp;A</I>, only to provide you with information regarding its terms and conditions, and not to provide any other factual
information regarding Covenant, C&amp;N or their respective businesses. Accordingly, the representations and warranties and other
provisions of the merger agreement should not be read alone, but instead should be read only in conjunction with the information
provided elsewhere in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a026"></a>Covenants and Agreements</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of Covenant and C&amp;N has undertaken
customary covenants that place restrictions on it and its subsidiaries until the effective time of the merger. In general, each
of C&amp;N and Covenant agreed to use its reasonable best efforts in good faith to take, or cause to be taken, all actions, and
to do, or cause to be done, all things necessary, proper or desirable, or advisable under applicable laws, so as to permit consummation
of the merger as promptly as practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limiting the generality of the foregoing,
C&amp;N has agreed to do the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>promptly prepare and file all required applications for regulatory approval of the transactions contemplated by the merger
agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>promptly prepare and file with the SEC, for the purpose of registering under the Securities Act the shares of C&amp;N common
stock to be issued to shareholders of Covenant under the provisions of the merger agreement, the registration statement of which
this document is a part for the purpose of soliciting proxies of Covenant&rsquo;s shareholders in favor of the merger;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>promptly take all actions as may be necessary or appropriate in order to comply with all applicable Blue Sky laws of any state
having jurisdiction over the transactions contemplated by the merger agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>promptly take all action as may be necessary or appropriate in order to list the shares of C&amp;N common stock to be issued
in the merger on the Nasdaq Capital Market; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>take no action which would have the effect of causing the merger not to qualify as a tax-free reorganization under Section&nbsp;368
of the Internal Revenue Code.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise consented to by C&amp;N
(which consent is not to be unreasonably withheld), Covenant and Covenant Bank agreed to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>use all reasonable efforts to carry on their respective businesses in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>use all reasonable efforts to preserve their present business organizations, to retain the services of substantially all of
their present officers and employees, and to maintain their relationships with customers, suppliers and others with whom they have
business dealings;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>maintain all of their structures, equipment and other real property and tangible personal property in good repair, order and
condition, except for ordinary wear and tear and damage by casualty;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>use all reasonable efforts to preserve or collect all material claims and causes of action;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>keep in full force and effect all insurance policies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>perform, in all material respects, each of their obligations under all material contracts;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>maintain their books of account and other records in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>comply in all material respects with all statutes, laws, ordinances, rules and regulations, decrees, orders, consent agreements,
memoranda of understanding and other federal, state, and local governmental directives;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not amend Covenant&rsquo;s or Covenant Bank&rsquo;s articles of incorporation or bylaws, except in accordance with the terms
of the merger agreement or to the extent necessary to consummate the transactions contemplated by the merger agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not enter into, renew or assume any material contract, incur any material liability or obligation, or make any material commitment,
except in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not make any material acquisition or disposition of any properties or assets or subject any of their properties or assets to
any material lien, claim, charge, or encumbrance of any kind whatsoever, except for loan and investment activity engaged in the
ordinary course of business and consistent with past practice;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not knowingly take or permit to be taken any action which would constitute or cause a material breach of any representation,
warranty or covenant set forth in the merger agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not declare, set aside or pay any dividend or make any other distribution in respect of Covenant common stock;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not authorize, purchase, redeem, issue (except upon the exercise of outstanding options) or sell (or grant options or rights
to purchase or sell) any shares of Covenant common stock or any other equity or debt securities of Covenant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>except in the ordinary course of business, not increase the rate of compensation of, pay a bonus or severance compensation
to, establish or amend any Covenant benefit plan, except as required by law, or enter into or amend any employment obligation,
severance or &ldquo;change in control&rdquo; agreement or arrangement with any officer, director, employee or consultant of Covenant
or Covenant Bank, or hire any new employees except as necessary to fill existing vacancies, provided that Covenant or Covenant
Bank may grant reasonable salary increases and bonuses to their officers, directors, and employees in the ordinary course of business
to the extent consistent with past practice, in magnitude and otherwise;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not enter into any related party transaction, except loans in accordance with Regulation&nbsp;O;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>act in accordance with GAAP and advise C&amp;N of any material changes to loan loss reserves and loan write-offs, writedowns
and other adjustments and reserves, write-offs, writedowns and other adjustments with respect to other real estate owned and its
method of classifying, valuing and retaining its investment portfolio;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>file all tax returns and pay all taxes, interest, penalties, assessments or deficiencies shown to be due on tax returns and
report all information on such returns truthfully, accurately and completely;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not renew, materially amend or terminate any existing contract or enter into any new contract involving an amount in excess
of&thinsp; $35,000;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not enter into a new line of business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="background-color: white">not make any loans or extensions of credit or grant additional credit to a current borrower,
except in the ordinary course of business; provided that any individual unsecured loan or unsecured extension of credit or grant
of additional unsecured credit, in each case, in excess of $100,000 that is not as of the date of the merger agreement approved
and committed or any individual secured loan or secured extension of credit or grant of additional secured credit, in each case,
in excess of $2,000,000 that is not as of the date of the merger agreement approved and committed will require the prior written
approval of the Chief Credit Officer of C&amp;N or another officer of C&amp;N designated in writing by C&amp;N, which approval
or rejection must be given in writing within two business days after the loan package is delivered by email or other written form
of delivery to such individual or the applicable loan will be deemed approved;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="background-color: white">make any material changes in its policies and practices with respect to (i)&nbsp;underwriting,
pricing, originating, acquiring, selling, servicing, buying or selling rights to service loans, (ii)&nbsp;investment, deposit pricing,
risk and asset liability management or other banking and operating matters (including any change in the maximum ratio or similar
limits as a percentage of its capital exposure applicable with respect to its loan portfolio or any segment thereof) or (iii)&nbsp;hedging,
in each case, except as required by law or requested by a governmental entity;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not make any capital expenditures other than in the ordinary course of business or as necessary to maintain existing assets
in good repair;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not make application for the opening or closing of any, or open or close any, branches or automated banking locations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not make any equity investment or commitment to make such an investment in real estate or in any real estate development project,
other than in connection with foreclosures, settlements in lieu of foreclosure or troubled loan or debt restructuring in the ordinary
course of business consistent with customary banking practice; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not take any action that would cause the merger not to qualify as a tax-free reorganization under Section&nbsp;368 of the Internal
Revenue Code.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of C&amp;N and Covenant has agreed
to additional covenants which include, among other things, commitments to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>provide access to each other&rsquo;s properties, book and records and personnel upon reasonable notice;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>provide financial information as soon as practicable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>update the disclosure schedules to the merger agreement for any change, addition, deletion, or other modification;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>use its best efforts to ensure that its executive officers, directors and affiliated entities do not, purchase or sell, or
submit a bid to purchase or an offer to sell, directly or indirectly, any shares of C&amp;N common stock or Covenant common stock
or any options, rights or other securities convertible into shares of C&amp;N common stock or Covenant common stock during the
price determination period; provided, however, that C&amp;N may purchase shares of C&amp;N common stock in the ordinary course
of business of C&amp;N during the price determination period for the benefit of C&amp;N&rsquo;s benefit plans or C&amp;N&rsquo;s
dividend reinvestment plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>permit Covenant to establish a stay bonus pool in the amount of&thinsp; $400,000.00 to be used by Covenant to provide cash
incentives to employees of Covenant to remain employed by Covenant; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>notify the other in writing of certain actions, claims, investigations, proceedings or other developments.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N has further agreed that C&amp;N
will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>use its good faith efforts to retain the present employees of Covenant in their current position and salary except for identified
officers of Covenant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>for purposes of determining eligibility and vesting for C&amp;N employee benefit plans, provide credit for meeting eligibility
and vesting requirements in such plans for service as an employee of Covenant or any predecessor of Covenant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>pay severance benefits to any employee of Covenant or Covenant Bank (excluding employees who either became parties to employment
agreement with C&amp;N simultaneously with execution of the merger agreement or are parties to agreements with Covenant and Covenant
Bank prior to the date of the merger agreement that provided payments upon the consummation of the merger) as of the closing of
the merger who is either not offered employment by C&amp;N or is terminated (other than as a result of unsatisfactory performance)
within one year of the closing of the merger as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>to identified executive officers of Covenant, the amount of one (1) year&rsquo;s salary, and for a period of twelve (12) months
following the date of termination of employment, C&amp;N shall maintain the same level of contribution for the designated employees&rsquo;
participation in C&amp;N&rsquo;s life, disability, medical/health insurance and other health and welfare benefits, including, without
limitation, profit sharing and matching contributions to defined contribution plans, in effect with respect to the designated employees
prior to the date of termination of employment; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>for all other employees, an amount equal to two weeks&rsquo; salary for each full year of service with Covenant or Covenant
Bank if such service was recognized by Covenant for purposes of Covenant&rsquo;s 401(k) plan, but at least four (4) weeks&rsquo;
salary;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>provide employee benefits to each person who is an employee of Covenant or Covenant Bank immediately before the completion
of the merger and who continues to be employed by C&amp;N following closing of the merger that are substantially equivalent, in
the aggregate, to the benefits under the Covenant benefit plans prior to the closing of the merger, for a period of one (1) year
after the closing of the merger;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>to indemnify, defend and hold harmless the officers, directors and employees of Covenant against all claims which arise out
of the fact that such person is or was a director, officer or employee of Covenant and which relate to any matter of fact existing
at or prior to the merger, to the fullest extent as would have been permitted by Covenant under Pennsylvania law and under Covenant&rsquo;s
articles of incorporation and bylaws;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>maintain, for six (6) years following the merger, Covenant&rsquo;s current directors&rsquo; and officers&rsquo; liability insurance
policies covering the officers and directors of Covenant with respect to matters occurring at or prior to the merger, except that
C&amp;N may substitute similar policies, and that C&amp;N is not required to spend more than 200% of the annual cost currently
expended by Covenant in order to obtain this insurance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>promptly after closing of the merger, appoint each of Messrs.&nbsp;Dorwart and Loughery to the boards of directors of C&amp;N
and C&amp;N Bank subject only to any applicable regulatory approvals; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>promptly after closing of the merger, invite members of the Covenant board of directors immediately prior to the closing of
the merger (other than Messrs.&nbsp;Dorwart and Loughery) to serve as members of a regional advisory board.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant has further agreed that Covenant
will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>permit C&amp;N senior officers to meet with the Chief Financial Officer of Covenant and other officers responsible for the
preparation of Covenant&rsquo;s financial statements, the internal controls of Covenant and the disclosure controls and procedures
of Covenant to discuss such matters as C&amp;N may deem reasonably necessary or appropriate for C&amp;N to satisfy its obligations
under Sections&nbsp;302, 404 and 906 of the Sarbanes-Oxley Act of 2002 and any rules and regulations relating thereto; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>cause its and Covenant Bank&rsquo;s professionals to render monthly invoices within thirty (30) days after the end of each
month. Covenant shall advise C&amp;N monthly of all out-of-pocket expenses which Covenant and Covenant Bank have incurred in connection
with the transactions contemplated hereby. Covenant shall not, and shall cause Covenant Bank not to, pay fees and expenses to its
accountants or attorneys on any basis different than the basis on which such professionals would be paid in the absence of any
business combination.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger agreement also contains mutual
covenants relating to the preparation of this document, the regulatory applications and the holding of the special meeting of Covenant
shareholders, access to information of the other company and public announcements with respect to the transactions contemplated
by the merger agreement. Covenant and C&amp;N have also agreed to use all reasonable best efforts to take all actions needed to
obtain necessary governmental and third party consents and to consummate the transactions contemplated by the merger agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a027"></a>Severance</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any employee of Covenant or a Covenant Subsidiary
(excluding those employees who either (x)&nbsp;have entered into an employment agreement with Covenant and who is employed when
the merger closes or (y)&nbsp;are parties to agreements with Covenant and Covenant Bank prior to the date of the merger agreement
that provided payments upon the consummation of the merger and who either (i)&nbsp;is not offered employment by C&amp;N post-closing;
or (ii)&nbsp;accepts post-closing employment with C&amp;N and is subsequently terminated (other than as a result of unsatisfactory
performance) within twelve (12) months following the closing date, is entitled to be paid severance in an amount equal to two week&rsquo;s
salary for each full year of service with Covenant, with a minimum of four (4) weeks&rsquo; salary to be paid. In addition, certain
senior executives of Covenant who will not be employed by C&amp;N following the merger will be paid severance equal to one year&rsquo;s
salary plus, for a period of twelve months following the date of termination of employment, C&amp;N will maintain the same level
of contribution for participation in C&amp;N&rsquo;s life, disability, medical/health insurance and other health and welfare benefits
as in effect prior to the date of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a028"></a>Call of Shareholder Meeting; Support
of the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant has agreed to (i)&nbsp;cooperate
with C&amp;N in the preparation of all required applications for regulatory approval of the transactions contemplated by the merger
agreement and in the preparation of the registration statement and proxy statement/prospectus; (ii)&nbsp;hold a meeting of its
shareholders for the purpose of obtaining approval of the merger and the merger agreement and recommend to its shareholders that
they vote in favor thereof and (iii)&nbsp;cooperate with C&amp;N in making Covenant&rsquo;s and Covenant Bank&rsquo;s employees
reasonably available for training by C&amp;N at Covenant&rsquo;s and Covenant Bank&rsquo;s facilities a reasonable period of time
prior to the effective time of the merger, to the extent that such training is deemed reasonably necessary by C&amp;N to ensure
that Covenant&rsquo;s and Covenant Bank&rsquo;s facilities will be properly operated in accordance with C&amp;N&rsquo;s policies
after the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a029"></a>Agreement Not to Solicit Other
Offers</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant has also agreed that it, its subsidiaries
and its officers, directors, employees, representatives, agents and affiliates will not, directly or indirectly:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>initiate, solicit, induce or encourage, or take any action to facilitate the making of any inquiry, offer or proposal which
constitutes, relates or could reasonably be expected to lead to an inquiry or proposal that constitutes an acquisition proposal
(as defined below), respond to any such inquiry, participate in any discussions or negotiations with respect to such inquiry or
recommend or endorse any such acquisition proposal; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>enter into any agreement, agreement in principle or letter of intent regarding any acquisition proposal or authorize or permit
any of its officers, directors, employees, subsidiaries or any representative to take any such action.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">However, Covenant may consider and participate
in discussions and negotiations with respect to an unsolicited bona fide acquisition proposal if and only if&thinsp; (a)&nbsp;its
special meeting of shareholders has not occurred; (b)&nbsp;Covenant complies with the terms of the merger agreement governing when
and under what circumstances it may respond to an unsolicited offer; and (c)&nbsp;its board of directors determines (after consultation
with outside legal counsel and its independent financial advisor) that (i)&nbsp;failure to take these actions would be inconsistent
with its fiduciary duties under applicable law and (ii)&nbsp;the acquisition proposal is an acquisition proposal that is deemed
superior to the transactions contemplated by the merger agreement and provides C&amp;N with notice of such determination within
one business day thereafter. In addition, Covenant must (1)&nbsp;otherwise have complied in all material respects with the applicable
sections of the merger agreement, and (2)&nbsp;not provide confidential information or data to any person in connection with an
acquisition proposal unless the person has executed a confidentiality agreement on terms at least as favorable as the terms contained
in the confidentiality agreement between Covenant and C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An acquisition proposal means any inquiry,
offer or proposal as to any of the following (other than the merger between C&amp;N and Covenant) involving Covenant or any of
its subsidiaries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any transaction or series of transactions involving any merger, consolidation, recapitalization, share exchange, liquidation,
dissolution or similar transaction involving it or any of its subsidiaries;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any transaction pursuant to which any third party or group acquires or would acquire (whether through sale, lease or other
disposition), directly or indirectly, any assets of it or any of its subsidiaries representing, in the aggregate, twenty-five percent
(25%) or more of the assets of it and each of its subsidiaries on a consolidated basis;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any issuance, sale or other disposition of&thinsp; (including by way of merger, consolidation, share exchange or any similar
transaction) securities (or options, rights or warrants to purchase or securities convertible into, such securities) representing
twenty-five percent (25%) or more of the votes attached to the outstanding securities of it or any of its subsidiaries;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any tender offer or exchange offer that, if consummated, would result in any third party or group beneficially owning twenty-five
percent (25%) or more of any class of equity securities of it or any of its subsidiaries; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>any transaction which is similar in form, substance or purpose to any of the foregoing transactions, or any combination of
the foregoing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant has agreed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>to notify C&amp;N in writing within 24 hours, if any proposals or offers are received by, any information is requested from,
or any negotiation or discussions are sought to be initiated or continued, with Covenant or its representatives, in each case in
connection with an acquisition proposal, and to provide C&amp;N with relevant information regarding such proposal, offer, information
request, negotiations or discussions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>to keep C&amp;N fully informed of the status and details of any such proposal or inquiry and any developments with respect
thereto; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>not to release any third party from the confidentiality and standstill provisions of any agreement to which Covenant is a Party&nbsp;And
to terminate any discussions, negotiations, and communications with any person with respect to any acquisition proposal for Covenant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a030"></a>Expenses and Fees</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In general, each of C&amp;N and Covenant
will be responsible for all expenses incurred by it in connection with the negotiation and completion of the transaction contemplated
by the merger agreement. C&amp;N will be responsible for and shall bear all costs of printing and mailing the proxy materials incurred
in connection with its shareholder meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a031"></a>Indemnification and Insurance</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger agreement provides that in the
event of any threatened or actual claim, action, suit, proceeding or investigation in which any person who is or has been a director
or officer of Covenant or is threatened to be made party based in whole or in part on, or arising in whole or in part out of or
pertaining to (i)&nbsp;the fact that he or she is or was a director, officer or employee of Covenant or any of its subsidiaries
or predecessors, or (ii)&nbsp;the merger agreement, C&amp;N will defend against and respond thereto. C&amp;N has agreed to indemnify
and hold harmless each such indemnified Party&nbsp;Against any losses, claims, damages, liabilities, costs, expenses (including
reasonable attorney&rsquo;s fees and expenses in advance of the final disposition of any claim, suit, proceeding or investigation
to each party to the fullest extent permitted by law), judgments, fines and amounts paid in settlement in connection with any such
threatened or actual claim, action, suit, proceeding or investigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger agreement requires C&amp;N to
honor, after completion of the merger, the current rights of Covenant directors, officers and employees to indemnification under
the Covenant articles of incorporation or Covenant bylaws or similar governing documents. The merger agreement also provides that,
upon completion of the merger, C&amp;N will indemnify and hold harmless, and provide advancement of expenses to, all past and present
officers, directors and employees of Covenant and its subsidiaries in their capacities as such against all losses, claims, damages,
costs, expenses, liabilities, judgments or amounts paid in settlement to the fullest extent permitted by applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger agreement provides that C&amp;N
will maintain for a period of six years after completion of the merger Covenant&rsquo;s current directors&rsquo; and officers&rsquo;
liability insurance policies, or policies of at least the same coverage and amount and containing terms and conditions that are
not less advantageous than the current policy, with respect to acts or omissions occurring prior to the effective time of the merger,
except that C&amp;N is not required to incur an annual premium expense greater than 200% of Covenant&rsquo;s current annual directors&rsquo;
and officers&rsquo; liability insurance premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a032"></a>Conditions to Complete the Merger</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our respective obligations to complete the
merger are subject to the fulfillment or waiver of certain conditions, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the adoption of the agreement and plan of merger by the requisite vote of Covenant&rsquo;s shareholders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the effectiveness of the registration statement of which this document is a part with respect to the C&amp;N common stock to
be issued in the merger under the Securities Act and the absence of any stop order or proceedings initiated or threatened by the
SEC for that purpose;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the authorization of C&amp;N common stock to be issued in the merger to be listed on the Nasdaq Capital Market;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the receipt of a legal opinion from Stevens&nbsp;&amp; Lee, P.C. with respect to certain United States federal income tax consequences
of the merger;</TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the receipt and effectiveness of all governmental and other approvals, registrations and consents on customary terms and conditions,
and the expiration of all related waiting periods required to complete the merger;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>except as otherwise provided in the merger agreement, the absence of any suit, action or proceeding before any federal, state
or local court or governmental authority or before any arbitration tribunal which seeks to modify, enjoin or prohibit or otherwise
adversely and materially affect the transactions contemplated by the merger agreement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>all applicable securities and antitrust laws of the federal government and of any state government having jurisdiction over
the transactions contemplated by the merger agreement shall have been complied with.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of C&amp;N&rsquo;s and Covenant&rsquo;s
obligations to complete the merger is also separately subject to the satisfaction or waiver of a number of conditions including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the absence of a material adverse effect on the other party;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the truth and correctness of the representations and warranties of each party in the merger agreement, subject to the materiality
standard provided in the merger agreement, and the performance by each party in all material respects of their obligations under
the merger agreement and the receipt by each party of certificates from the other party to that effect; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>the holders of no more than 5% of the outstanding shares of common stock of Covenant exercise dissenters&rsquo; rights.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot provide assurance as to when or
if all of the conditions to the merger can or will be satisfied or waived by the appropriate party. As of the date of this document,
we have no reason to believe that any of these conditions will not be satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a033"></a>Termination of the Merger Agreement</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger agreement can be terminated at
any time prior to completion by mutual consent or by either party in the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if there is a material breach by the other party that would cause the failure of the closing conditions, unless the breach
is capable of being, and is, cured within 30&nbsp;days of notice of the breach and the terminating party is not itself in material
breach;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if the merger has not been completed by November 20, 2020, unless the failure to complete the merger by that date was due to
the terminating party&rsquo;s material breach of a representation, warranty, covenant or other agreement under the merger agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if any bank regulator, court of competent jurisdiction or governmental authority issues an order, decree, ruling or takes any
other action restraining, enjoining or otherwise prohibiting the merger; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>if the shareholders of Covenant fail to adopt the merger agreement at its shareholder meeting.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, C&amp;N&rsquo;s board of directors
may terminate the merger agreement if: (1)&nbsp;the Covenant board of directors receives a superior acquisition proposal and (2)&nbsp;the
board of directors of Covenant: (a)&nbsp;enters into an acquisition agreement with respect to such proposal; (b)&nbsp;terminates
the merger agreement; (c)&nbsp;withdraws its recommendation of the merger agreement to the Covenant shareholders, fails to make
such a recommendation or modifies or qualifies its recommendation, in a manner adverse to C&amp;N; or (d)&nbsp;delivers a written
notice to C&amp;N of its determination to accept such proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, Covenant&rsquo;s board of directors
may terminate the merger agreement if Covenant has received a superior acquisition proposal and has delivered a written notice
to C&amp;N of its determination to accept such proposal. In addition, if&thinsp; (i)&nbsp;the average price of C&amp;N&rsquo;s
common stock, measured over a ten trading day period occurring shortly before the last of all regulatory approvals are received,
drops below $21.67 per share and (ii)&nbsp;the percent decline in C&amp;N common stock, determined by dividing the ten day average
price by $27.09, is greater than the percent decline in the NASDAQ Bank Index, determined by dividing the average of the NASDAQ
Bank Index for the same ten day period by the value of the NASDAQ Bank Index on December&nbsp;17, 2019 by more than 20%, Covenant&rsquo;s
board of directors may elect to terminate the merger agreement unless C&amp;N increases the aggregate consideration to an amount
that would not permit Covenant to terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a034"></a>Effect of Termination</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the merger agreement is terminated, it
will become void, and there will be no liability on the part of C&amp;N or Covenant, except that (1)&nbsp;both C&amp;N and Covenant
will remain liable for any willful breach of the merger agreement and (2)&nbsp;designated provisions of the merger agreement, including
the payment of fees and expenses, the confidential treatment of information and publicity restrictions, will survive the termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a035"></a>Termination Fee</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant will pay C&amp;N a termination
fee of&thinsp;$2,900,000 in the event that the merger agreement is terminated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>by C&amp;N because Covenant&rsquo;s shareholders fail to approve the merger at the special meeting and, prior thereto, there
has been a publicly proposed or announced alternative acquisition proposal for Covenant that is agreed to or consummated within
12&nbsp;months following termination; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>by C&amp;N because Covenant has received an alternative acquisition proposal, and Covenant (1)&nbsp;enters into an acquisition
agreement with respect to the alternative acquisition proposal, (2)&nbsp;terminates the merger agreement, (3)&nbsp;fails to make,
withdraws, modifies or qualifies its recommendation of the merger agreement to the Covenant shareholders in a manner adverse to
C&amp;N, or (4)&nbsp;delivers a written notice to C&amp;N of its determination to accept the alternative acquisition proposal;
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>by Covenant, if Covenant receives an alternative acquisition proposal and delivers a written notice to C&amp;N of its determination
to accept the alternative acquisition proposal.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a036"></a>Amendment, Waiver and Extension
of the Merger Agreement</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to applicable law, the parties may
amend the merger agreement by written agreement between Covenant and C&amp;N executed in the same manner as the merger agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time prior to the completion of the
merger, each of the parties to the extent legally allowed, may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>amend the merger agreement, but only by a written instrument duly authorized and executed by C&amp;N and Covenant; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>waive any term or condition of the merger agreement by a written instrument duly authorized, executed and delivered by such
party or parties.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Provided, however, that no amendment after
approval by the Covenant shareholders shall be made which changes in a manner adverse to such shareholders the consideration to
be provided to Covenant&rsquo;s shareholders pursuant to the merger agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a037"></a>ACCOUNTING TREATMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The merger will be treated as a business
combination to be accounted for using the acquisition method of accounting under U.S. generally accepted accounting principles.
C&amp;N will be considered the acquirer and Covenant will be considered the acquired entity. Under the acquisition method of accounting,
the acquired tangible and identifiable intangible assets and liabilities assumed of Covenant will be recorded, as of the date of
completion of the merger, at their respective fair values. Any excess of the purchase price over the fair values of net assets
acquired will be recorded as &ldquo;goodwill&rdquo;. Under U.S. generally accepted accounting principles, goodwill is not amortized,
but is assessed annually for impairment with any resulting impairment losses included in net income. If the net assets acquired
exceed the purchase price, there will be no goodwill recorded and the resulting difference will be recorded as a bargain purchase
gain. The results of operations of the combined entity (C&amp;N) will include the results of Covenant&rsquo;s operations only after
completion of the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a038"></a>MATERIAL UNITED STATES
FEDERAL INCOME TAX CONSEQUENCES OF THE MERGER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following discussion addresses the material
United States federal income tax consequences of the merger to a shareholder of Covenant who holds shares of common stock of Covenant,
as applicable, as a capital asset. This discussion is based upon the Internal Revenue Code, Treasury regulations promulgated under
the Internal Revenue Code, judicial authorities, published positions of the Internal Revenue Service (the &ldquo;IRS&rdquo;) and
other applicable authorities, all as in effect on the date of this discussion and all of which are subject to change (possibly
with retroactive effect) and to differing interpretations. This discussion does not address all aspects of United States federal
income taxation that may be relevant to Covenant shareholders in light of their particular circumstances and does not address aspects
of United States federal income taxation that may be applicable to Covenant shareholders subject to special treatment under the
Internal Revenue Code (including banks, tax-exempt organizations, insurance companies, dealers in securities, traders in securities
that elect to use a mark-to-market method of accounting, investors in pass-through entities, Covenant shareholders who hold their
respective shares of common stock as part of a hedge, straddle or conversion transaction, acquired their respective shares of common
stock pursuant to the exercise of employee stock options or otherwise as compensation, and holders who are not United States persons,
within the meaning of Section&nbsp;7701(a)(30) of the Internal Revenue Code). In addition, the discussion does not address any
aspect of state, local or foreign taxation. No assurance can be given that the IRS would not assert, or that a court would not
sustain a position contrary to any of the tax aspects set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This discussion is not intended to be tax
advice to any particular Covenant shareholder. Covenant shareholders are encouraged to consult their tax advisors with respect
to the particular United States federal, state, local and foreign tax consequences of the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The closing of the merger is conditioned
upon the receipt by C&amp;N and Covenant of the opinion of Stevens&nbsp;&amp; Lee, P.C., dated as of the effective date of the
merger, substantially to the effect that, on the basis of facts, representations and assumptions set forth or referred to in such
opinion (including factual representations contained in certificates of officers of C&amp;N and Covenant) which are consistent
with the state of facts existing as of the effective date of the merger, the merger will be treated for United States federal income
tax purposes as a reorganization within the meaning of Section&nbsp;368(a) of the Internal Revenue Code. The tax opinions to be
delivered in connection with the merger are not binding on the IRS or the courts, and neither C&amp;N nor Covenant intends to request
a ruling from the IRS with respect to the United States federal income tax consequences of the merger. Consequently, no assurance
can be given that the IRS will not assert, or that a court would not sustain, a position contrary to any of those set forth below.
In addition, if any of the facts, representations or assumptions upon which such opinions are based are inconsistent with the actual
facts, the United States federal income tax consequences of the merger could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Stevens&nbsp;&amp; Lee, P.C. has opined
that the merger will be treated as a reorganization within the meaning of Section&nbsp;368(a) of the Internal Revenue Code. The
discussion below sets forth the opinion of Stevens&nbsp;&amp; Lee, P.C. as to the material United States federal income tax consequences
of the merger to C&amp;N and to Covenant shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A Covenant shareholder will recognize no
gain or loss as a result of such shareholder&rsquo;s shares of Covenant common stock, respectively, being exchanged in the merger
solely for shares of C&amp;N common stock, except as described below with respect to the receipt of cash in lieu of a fractional
share of Covenant common stock. A Covenant shareholder&rsquo;s aggregate tax basis in shares of C&amp;N common stock received in
the merger, including any fractional share deemed received and exchanged as described below, will equal the aggregate tax basis
of the shareholder&rsquo;s Covenant common shares, as applicable, surrendered in the merger. The holding period of the C&amp;N
common stock will include the holding period of the shares of Covenant common stock surrendered in the merger, provided the Covenant
shareholder&rsquo;s common shares are held as a capital asset at the time of the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gain (but not loss) will be recognized by
a Covenant shareholder that receives shares of C&amp;N common stock and cash in exchange for shares of Covenant common stock pursuant
to the merger, and the amount of taxable gain will equal the lesser of (i)&nbsp;the amount by which the sum of the fair market
value of the C&amp;N common stock and cash received (other than cash received in lieu of a fractional share of C&amp;N common stock)
by the Covenant shareholder exceeds such Covenant shareholder&rsquo;s tax basis in its Covenant common stock and (ii)&nbsp;the
amount of cash received by such U.S. holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A Covenant shareholder who receives only
cash, including cash received by a dissenting shareholder, in exchange for shares of Covenant common stock generally will be treated
as received in redemption of the shares, and gain or loss generally will be recognized based on the difference between the amount
of cash received and the shareholder&rsquo;s aggregate adjusted tax basis of the shares of Covenant common stock, as applicable,
surrendered. Such gain or loss generally will be long-term capital gain or loss if the holding period for such shares of Covenant
common stock is more than one year at the time of the merger. The deductibility of capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Similarly, cash received by a Covenant shareholder
in lieu of a fractional share of Covenant common stock generally will be treated as received in redemption of the fractional share,
and gain or loss generally will be recognized based on the difference between the amount of cash received in lieu of the fractional
share and the portion of the shareholder&rsquo;s aggregate adjusted tax basis of the shares of Covenant common stock, as applicable,
surrendered that is allocable to the fractional share. Such gain or loss generally will be long-term capital gain or loss if the
holding period for such shares of Covenant common stock is more than one year at the time of the merger. The deductibility of capital
losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As parties to the merger, no gain or loss
will be recognized by C&amp;N or Covenant solely as a result of consummation of the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Tax matters are very complicated,
and the tax consequences of the merger to each holder of Covenant common stock will depend on the facts of that shareholder&rsquo;s
particular situation. The discussion set forth above does not address all United States federal income tax consequences that may
be relevant to a particular holder of Covenant common stock and may not be applicable to holders in special situations. Holders
of Covenant common stock are urged to consult their own tax advisors regarding the specific tax consequences of the merger. Further,
such discussion does not address tax consequences that may arise with respect to C&amp;N or C&amp;N Bank by reason of any actions
taken or events occurring subsequent to the merger.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a039"></a>SUPERVISION AND
REGULATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">General</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N and Covenant operate in a highly
regulated industry, and thus may be affected by changes in state and federal regulations and legislation. As a registered bank
holding company under the BHA Act, each of C&amp;N and Covenant are subject to supervision and examination by the FRB and are required
to file with the FRB periodic reports and information regarding its business operations and those of their respective subsidiaries.
In addition, under the Pennsylvania Banking Code of 1965, the PDB has the authority to examine the books, records and affairs of
C&amp;N and Covenant and to require any documentation deemed necessary to ensure compliance with the Pennsylvania Banking Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The BHA Act requires C&amp;N and Covenant
to obtain FRB approval before: acquiring more than five percent ownership interest in any class of the voting securities of any
bank, acquiring all or substantially all of the assets of a bank or merging or consolidating with another bank holding company.
In addition, the BHA Act prohibits a bank holding company from acquiring the assets, or more than five percent of the voting securities,
of a bank located in another state, unless such acquisition is specifically authorized by the statutes of the state in which the
bank is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N and Covenant are generally prohibited
under the BHA Act from engaging in, or acquiring, direct or indirect ownership or control of more than five percent of the voting
shares of any company engaged in nonbanking activities unless the FRB, by order or regulation, has found such activities to be
so closely related to banking or managing or controlling banks as to be a proper incident thereto. In making such determination,
the FRB considers whether the performance of these activities by a bank holding company can reasonably be expected to produce benefits
to the public that outweigh the possible adverse effects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A satisfactory safety and soundness rating,
particularly with regard to capital adequacy, and a satisfactory Community Reinvestment Act, or &ldquo;CRA,&rdquo; rating are generally
prerequisites to obtaining federal regulatory approval to make acquisitions and open branch offices. As of its most recent examination,
C&amp;N Bank was rated &ldquo;satisfactory&rdquo; under the Community Reinvestment Act and Covenant was rated &ldquo;satisfactory&rdquo;
under the Community Reinvestment Act and as of December&nbsp;31, 2019, each institution determined that it met the requirements
to be categorized as a &ldquo;well capitalized&rdquo; institution. An institution&rsquo;s Community Reinvestment Act rating is
considered in determining whether to grant approvals relating to charters, branches and other deposit facilities, relocations,
mergers, consolidations and acquisitions. Less than satisfactory performance may be the basis for denying an application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are various legal restrictions on
the extent to which a bank holding company and its non-bank subsidiaries can borrow or otherwise obtain credit from their bank
subsidiaries. In general, these restrictions require that any such extensions of credit must be secured by designated amounts of
specified collateral and are limited, as to any one of the holding company or such non-bank subsidiaries, to ten percent of the
lending bank&rsquo;s capital stock and surplus and, as to the holding company and all such non-bank subsidiaries in the aggregate,
to twenty percent of the bank&rsquo;s capital stock and surplus. Further, financial institutions are prohibited from engaging in
certain tie-in arrangements in connection with any extension of credit, lease or sale of property or furnishing of services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a bank chartered under the laws of the
Commonwealth of Pennsylvania, both C&amp;N Bank and Covenant Bank are subject to the regulations and supervision of the FDIC and
the PDB. These government agencies conduct regular safety and soundness and compliance reviews that have resulted in satisfactory
evaluations to date. Some of the aspects of the lending and deposit business of C&amp;N Bank and Covenant Bank that are regulated
by these agencies include personal lending, mortgage lending and reserve requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The operations of C&amp;N Bank and Covenant
Bank are also subject to numerous federal, state and local laws and regulations which set forth specific restrictions and procedural
requirements with respect to interest rates on loans, the extension of credit, credit practices, the disclosure of credit terms
and discrimination in credit transactions. C&amp;N Bank and Covenant Bank are also subject to regulatory limitations on the amount
of cash dividends that they can pay to C&amp;N and Covenant, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Consistent with the &ldquo;source of strength&rdquo;
policy for subsidiary banks, the FRB has stated that, as a matter of prudent banking, a bank holding company generally should not
maintain a rate of cash dividends unless its net income available to common stockholders has been sufficient to fully fund the
dividends and the prospective rate of earnings retention appears to be consistent with the bank holding company&rsquo;s capital
needs, asset quality and overall financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a public company, C&amp;N is subject
to the Securities and Exchange Commission&rsquo;s rules and regulations relating to periodic reporting, proxy solicitation and
insider trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">FDIC Insurance</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The FDIC is an independent federal agency
that insures the deposits, up to prescribed statutory limits, of federally insured banks and savings institutions and safeguards
the safety and soundness of the banking and savings industries. The FDIC administers the Deposit Insurance Fund (&ldquo;DIF&rdquo;).
The Dodd-Frank Act permanently raised the standard maximum deposit insurance coverage amount to $250,000 and made the increase
retroactive to January&nbsp;1, 2008. The FDIC deposit insurance coverage limit applies per depositor, per insured depository institution
for each account ownership category. The FDIC has been given greater latitude in setting the assessment rates for insured depository
institutions which could be used to impose minimum assessments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Dodd-Frank Act revised the statutory
authorities governing the FDIC&rsquo;s management of the DIF. Key requirements from the Dodd-Frank Act have resulted in the FDIC&rsquo;s
adoption of the following amendments: (1)&nbsp;redefined the assessment base used to calculate deposit insurance assessments to
 &ldquo;average consolidated total assets minus average tangible equity&rdquo;; (2)&nbsp;raised the DIF&rsquo;s minimum reserve
ratio to 1.35 percent and removed the upper limit on the reserve ratio; (3)&nbsp;revised adjustments to the assessment rates by
eliminating one adjustment and adding another; and (4)&nbsp;revised the deposit insurance assessment rate schedules due to changes
to the assessment base. Revised rate schedules and other revisions to the deposit insurance assessment rules became effective April&nbsp;1,
2011. Though deposit insurance assessments maintain a risk-based approach, the FDIC&rsquo;s changes impose a more extensive risk-based
assessment system on large insured depository institutions with at least $10 billion in total assets since they are more complex
in nature and could pose greater risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The FDIC may terminate the insurance of
an institution&rsquo;s deposits upon finding that the institution has engaged in unsafe and unsound practices, is in an unsafe
and unsound condition to continue operations or has violated any applicable law, regulation, rule, order or condition imposed by
the FDIC. Neither C&amp;N nor Covenant know of any practice, condition or violation that might lead to termination of its deposit
insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Capital Regulation</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N and C&amp;N Bank, as well as Covenant
and Covenant Bank, are subject to risk-based and leverage capital standards by which all bank holding companies and banks are evaluated
in terms of capital adequacy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Federal Deposit Insurance Corporation
Improvement Act of 1991 (the &ldquo;1991 Act&rdquo;), a bank holding company is required to guarantee that any &ldquo;undercapitalized&rdquo;
(as such term is defined in the statute) insured depository institution subsidiary will comply with the terms of any capital restoration
plan filed by such subsidiary with its appropriate federal banking agency up to the lesser of&thinsp; (i)&nbsp;an amount equal
to 5% of the institution&rsquo;s total assets at the time the institution became undercapitalized, or (ii)&nbsp;the amount which
is necessary (or would have been necessary) to bring the institution into compliance with all capital standards as of the time
the institution failed to comply with such capital restoration plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Federal banking agencies have broad powers
to take corrective action to resolve problems of insured depository institutions. The extent of these powers depends upon whether
the institutions in question are &ldquo;well capitalized,&rdquo; &ldquo;adequately capitalized,&rdquo; &ldquo;undercapitalized&rdquo;,
 &ldquo;significantly undercapitalized,&rdquo; or &ldquo;critically undercapitalized.&rdquo; As of December&nbsp;31, 2019, each
of C&amp;N Bank and Covenant Bank was a &ldquo;well-capitalized&rdquo; bank, as defined by its primary federal regulator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The FDIC has issued a rule that sets the
capital level for each of the five capital categories by which banks are evaluated. A bank is deemed to be &ldquo;well capitalized&rdquo;
if the bank has a total risk-based capital ratio of 10% or greater, has a Tier&nbsp;1 risk-based capital ratio of 6% or greater,
has a leverage ratio of 5% or greater, and is not subject to any order or final capital directive by the FDIC to meet and maintain
a specific capital level for any capital measure. A bank may be deemed to be in a capitalization category that is lower than is
indicated by its actual capital position if it received an unsatisfactory safety and soundness examination rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All of the bank regulatory agencies have
issued rules that amend their capital guidelines for interest rate risk and require such agencies to consider in their evaluation
of a bank&rsquo;s capital adequacy the exposure of a bank&rsquo;s capital and economic value to changes in interest rates. These
rules do not establish an explicit supervisory threshold. The agencies intend, at a subsequent date, to incorporate explicit minimum
requirements for interest rate risk into their risk based capital standards and have proposed a supervisory model to be used together
with bank internal models to gather data and hopefully propose at a later date explicit minimum requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The United States is a member of the Basel
Committee on Banking Supervision (&ldquo;the Basel Committee&rdquo;) that provides a forum for regular international cooperation
on banking supervisory matters. The Basel Committee develops guidelines and supervisory standards and is best known for its international
standards on capital adequacy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December&nbsp;2010, the Basel Committee
released its final framework for strengthening international capital and liquidity regulation, officially identified by the Basel
Committee as &ldquo;Basel&nbsp;III&rdquo;. In July&nbsp;2013, the FRB published final rules to implement the Basel&nbsp;III capital
framework and revise the framework for the risk-weighting of assets. The Basel&nbsp;III rules, among other things, narrow the definition
of regulatory capital. As of January&nbsp;1, 2019, Basel&nbsp;III requires bank holding companies and their bank subsidiaries to
maintain substantially more capital, with a greater emphasis on common equity. Basel&nbsp;III also provides for a &ldquo;countercyclical
capital buffer,&rdquo; an additional capital requirement that generally is to be imposed when national regulators determine that
excess aggregate credit growth has become associated with a buildup of systemic risk, in order to absorb losses during periods
of economic stress. Banking institutions that maintain insufficient capital to comply with the capital conservation buffer will
face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. Additionally, the Basel&nbsp;III
framework requires banks and bank holding companies to measure their liquidity against specific liquidity tests, including a liquidity
coverage ratio (LCR) designed to ensure that the banking entity maintains a level of unencumbered high-quality liquid assets greater
than or equal to the entity&rsquo;s expected net cash outflow for a 30-day time horizon under an acute liquidity stress scenario,
and a net stable funding ratio (NSFR) designed to promote more medium and long-term funding based on the liquidity characteristics
of the assets and activities of banking entities over a one-year time horizon. The LCR rules do not apply to C&amp;N or Covenant.
The federal regulatory agencies have not yet proposed rules to implement the NSFR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The final rules apply to all depository
institutions, top-tier bank holding companies with total consolidated assets of&thinsp; $3.0&nbsp;billion or more, and top-tier
savings and loan holding companies (&ldquo;banking organizations&rdquo;). As finally implemented, Basel&nbsp;III requires financial
institutions to maintain: (a)&nbsp;as a newly adopted international standard, a minimum ratio of CET1 to risk-weighted assets of
at least 4.5%; (b)&nbsp;a minimum ratio of tier&nbsp;1 capital to risk-weighted assets of at least 6.0%; (c)&nbsp;a minimum ratio
of total (that is, tier&nbsp;1 plus tier&nbsp;2) capital to risk-weighted assets of at least 8.0%; and (d)&nbsp;as a newly adopted
international standard, a minimum leverage ratio of 3.0%, calculated as the ratio of tier&nbsp;1 capital balance sheet exposures
plus certain off-balance sheet exposures (computed as the average for each quarter of the month-end ratios for the quarter). In
addition, the rules also limit a banking organization&rsquo;s capital distributions and certain discretionary bonus payments if
the banking organization does not hold a &ldquo;capital conservation buffer&rdquo; of 2.5%, effectively raising the foregoing capital
requirements by 2.5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of the new capital conservation
buffer rules, if C&amp;N&rsquo;s bank subsidiary, C&amp;N Bank, fails to maintain the required minimum capital conservation buffer,
C&amp;N may be unable to obtain capital distributions from it, which could negatively impact C&amp;N&rsquo;s ability to pay dividends,
service debt obligations or repurchase common stock. In addition, such a failure could result in a restriction on C&amp;N&rsquo;s
ability to pay certain cash bonuses to executive officers, negatively impacting C&amp;N&rsquo;s ability to retain key personnel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December&nbsp;31, 2019, each of C&amp;N
and Covenant believe its current capital levels would meet the applicable minimum capital requirements, including capital conservation
buffer, as prescribed in the U.S. Basel&nbsp;III Capital Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Gramm-Leach-Bliley Act</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November&nbsp;12, 1999, the Gramm-Leach-Bliley
Act (&ldquo;GLB&rdquo;) was signed into law. GLB permits commercial banks to affiliate with investment banks. It also permits bank
holding companies which elect financial holding company status to engage in any type of financial activity, including securities,
insurance, merchant banking/equity investment and other activities that are financial in nature. C&amp;N has not elected financial
holding company status. The merchant banking provisions allow a bank holding company to make a controlling investment in any kind
of company, financial or commercial. GLB allows a bank to engage in virtually every type of activity currently recognized as financial
or incidental or complementary to a financial activity. A commercial bank that wishes to engage in these activities is required
to be well capitalized, well managed and to have a satisfactory or better Community Reinvestment Act rating. GLB also allows subsidiaries
of banks to engage in a broad range of financial activities that are not permitted for banks themselves. Although none of C&amp;N,
C&amp;N Bank, Covenant or Covenant Bank have commenced these types of activities to date, GLB enables them to evaluate new financial
activities that would complement the products already offered to enhance noninterest income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Sarbanes-Oxley Act of 2002</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Sarbanes-Oxley Act of 2002 (&ldquo;Sarbanes-Oxley&rdquo;)
implemented a broad range of corporate governance, accounting and reporting measures for companies, like C&amp;N, that have securities
registered under the Exchange Act and would not, therefore, apply to Covenant. Specifically, Sarbanes-Oxley and the various regulations
promulgated under Sarbanes-Oxley, established, among other things: (i)&nbsp;requirements for audit committees, including independence,
expertise, and responsibilities; (ii)&nbsp;additional responsibilities relating to financial statements for the Chief Executive
Officer and Chief Financial Officer of reporting companies; (iii)&nbsp;standards for auditors and regulation of audits, including
independence provisions that restrict non-audit services that accountants may provide to their audit clients; (iv)&nbsp;increased
disclosure and reporting obligations for reporting companies and their directors and executive officers, including accelerated
reporting of stock transactions and a prohibition on trading during pension blackout periods; and (v)&nbsp;a range of civil and
criminal penalties for fraud and other violations of the securities laws. In addition, Sarbanes-Oxley required stock exchanges,
such as NASDAQ, to institute additional requirements relating to corporate governance in their listing rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a040"></a>Financial Privacy</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Federal banking regulators have adopted
rules that limit the ability of banks and other financial institutions to disclose non-public information about consumers to nonaffiliated
third parties. These limitations require disclosure of privacy policies to consumers and, in some circumstances, allow consumers
to prevent disclosure of certain personal information to a nonaffiliated third party. The privacy provisions of GLB affect C&amp;N
and Covenant by limiting how consumer information is transmitted and conveyed to outside vendors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a041"></a>Anti-Money Laundering Initiatives
and the USA Patriot Act</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A major focus of governmental policy on
financial institutions in recent years has been aimed at combating money laundering and terrorist financing. The USA Patriot Act
of 2001 (&ldquo;USA Patriot Act&rdquo;) imposes significant compliance and due diligence obligations, creates criminal and financial
liability for non-compliance and expands the extra-territorial jurisdiction of the U.S. The United States Treasury has issued a
number of regulations that apply various requirements of the USA Patriot Act to financial institutions. These regulations require
financial institutions to maintain appropriate policies, procedures and controls to detect, prevent and report money laundering
and terrorist financing and to verify the identity of their customers. Failure of a financial institution to maintain and implement
adequate programs to combat money laundering and terrorist financing, or to comply with all of the relevant laws or regulations,
could have serious legal and reputational consequences for the institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Office of Foreign Assets Control
Regulation</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The U.S. has instituted economic sanctions
which restrict transactions with designated foreign countries, nationals and others. These are typically known as the &ldquo;OFAC
rules&rdquo; because they are administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;OFAC&rdquo;).
The OFAC-administered sanctions target countries in various ways. Generally, however, they contain one or more of the following
elements: (i)&nbsp;restrictions on trade with or investment in a sanctioned country, including prohibitions against direct or indirect
imports from and exports to a sanctioned country, and prohibitions on &ldquo;U.S. persons&rdquo; engaging in financial transactions
which relate to investments in, or providing investment-related advice or assistance to, a sanctioned country; and (ii)&nbsp;a
blocking of assets in which the government or specially designated nationals of the sanctioned country have an interest, by prohibiting
transfers of property subject to U.S. jurisdiction (including property in the possession or control of U.S. persons). Blocked assets
(e.g., property and bank deposits) cannot be paid out, withdrawn, set off or transferred in any manner without a license from OFAC.
Failure to comply with these sanctions could have serious legal and reputational consequences for the institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Consumer Protection Statutes and
Regulations</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N and Covenant are subject to many
federal consumer protection statutes and regulations including the Truth in Lending Act, Truth in Savings Act, Equal Credit Opportunity
Act, Fair Housing Act, Real Estate Settlement Procedures Act and Home Mortgage Disclosure Act. Among other things, these acts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>require banks to disclose credit terms in meaningful and consistent ways;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>prohibit discrimination against an applicant in any consumer or business credit transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>prohibit discrimination in housing-related lending activities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>require banks to collect and report applicant and borrower data regarding loans for home purchases or improvement projects;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>require lenders to provide borrowers with information regarding the nature and cost of real estate settlements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>prohibit certain lending practices and limit escrow account amounts with respect to real estate transactions; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>prescribe possible penalties for violations of the requirements of consumer protection statutes and regulations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November&nbsp;17, 2009, the FRB published
a final rule amending Regulation&nbsp;E, which implements the Electronic Fund Transfer Act. The final rule limits the ability of
a financial institution to assess an overdraft fee for paying automated teller machine transactions and one-time debit card transactions
that overdraw a customer&rsquo;s account, unless the customer affirmatively consents, or opts in, to the institution&rsquo;s payment
of overdrafts for these transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Dodd-Frank Act</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July&nbsp;21, 2010, the Dodd-Frank Wall
Street Reform and Consumer Protection Act (the &ldquo;Dodd-Frank Act&rdquo;) was signed into law. Although the Dodd-Frank Act itself
became effective on July&nbsp;22, 2010, many of its provisions had delayed implementation dates or required implementing regulations
to be issued. Some of these regulations still have not been issued. In addition, there have been various proposals to repeal or
modify various provisions of the Dodd-Frank Act. The Dodd-Frank Act is extensive and significant legislation that, among other
things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>expands the authority of the Federal Reserve to examine bank holding companies and their subsidiaries, including insured depository
institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>requires a bank holding company to be well-capitalized and well managed to receive approval of an interstate bank acquisition;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>provides mortgage reform provisions regarding a customer&rsquo;s ability to pay and making more loans subject to provisions
for higher-cost loans and new disclosures;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>creates the Financial Stability Oversight Council with authority to identify institutions and practices that might pose a systemic
risk;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>introduces additional corporate governance and executive compensation requirements on companies subject to the Exchange Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>permits FDIC-insured banks to pay interest on business demand deposits;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>codifies the requirement that holding companies and other companies that directly or indirectly control an insured depository
institution to serve as a source of financial strength;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>makes permanent the $250 thousand limit for federal deposit insurance; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>creates the Consumer Financial Protection Bureau (the &ldquo;CFPB&rdquo;), an agency responsible for, among other things administering
and enforcing the laws and regulations for consumer financial products and services and conducting examinations of large banks
and their affiliates for purposes of assessing compliance with the requirements of consumer financial laws.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Dodd-Frank Act impacts the offering,
marketing and regulation of consumer financial products and services offered by financial institutions. The effects of the Dodd-Frank
Act on the financial services industry will depend, in large part, upon the extent to which regulators exercise the authority granted
to them under the Dodd-Frank Act and the approaches taken in implementing those regulations. Additional uncertainty regarding the
effects of the Dodd-Frank Act exists due to court decisions and the potential for additional legislative changes to the Dodd-Frank
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Compliance with these rules has increased
C&amp;N&rsquo;s and Covenant&rsquo;s overall regulatory compliance costs and required changes to their respective underwriting
practices with respect to mortgage loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As mandated by the Dodd-Frank Act, in December&nbsp;2013,
the OCC, FRB, FDIC, SEC and Commodity Futures Trading Commission issued a final rule implementing certain prohibitions and restrictions
on the ability of a banking entity and non-bank financial company supervised by the FRB to engage in proprietary trading and have
certain ownership interests in, or relationships with, a &ldquo;covered fund&rdquo; (the &ldquo;Volcker Rule&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Economic Growth, Regulatory Relief,
and Consumer Protection Act of 2018</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In May 2018, the Economic Growth, Regulatory
Relief, and Consumer Protection Act (the &ldquo;Regulatory Relief Act&rdquo;), amended certain provisions of the Dodd-Frank Act,
as well as certain other statutes administered by the federal banking agencies. Some of the key provisions of the Regulatory Relief
Act as it relates to community banks and bank holding companies include: (i) designating mortgages held in portfolio as &ldquo;qualified
mortgages&rdquo; for banks with less than $10 billion in assets, subject to certain documentation and product limitations; (ii)
exempting banks with less than $10 billion in assets (and total trading assets and trading liabilities of 5% or less of total assets)
from Volcker Rule requirements relating to proprietary trading; (iii) simplifying capital calculations for banks with less than
$10 billion in assets by requiring federal banking agencies to establish a community bank leverage ratio of tangible equity to
average consolidated assets of not less than 8% or more than 10%, and provide that banks that maintain tangible equity in excess
of such ratio will be deemed to be in compliance with risk-based capital and leverage requirements; (iv) assisting smaller banks
with obtaining stable funding by providing an exception for reciprocal deposits from FDIC restrictions on acceptance of brokered
deposits; (v) raising the eligibility for use of short-form Call Reports from $1 billion to $5 billion in assets; (vi) clarifying
definitions pertaining to high volatility commercial real estate loans (HVCRE), which require higher capital allocations, so that
only loans with increased risk are subject to higher risk weightings; and (vii) changing the eligibility for use of the small bank
holding company policy statement from institutions with under $1 billion in assets to institutions with under $3 billion in assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 201 of the Regulatory Relief Act
directed the federal banking agencies to develop a community bank leverage ratio (&ldquo;CBLR&rdquo;) of not less than 8% and not
more than 10% for qualifying community banks and bank holding companies with total consolidated assets of less than $10 billion.
Qualifying community banking organizations that exceed the CBLR level established by the agencies, and that elect to be covered
by the CBLR framework, will be considered to have met: (i) the generally applicable leverage and risk-based capital requirements
under the banking agencies&rsquo; capital rules; (ii) the capital ratio requirements necessary to be considered &ldquo;well capitalized&rdquo;
under the banking agencies&rsquo; prompt corrective action framework in the case of insured depository institutions; and (iii)
any other applicable capital or leverage requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In September 2019, the federal banking agencies
approved the final rule to implement the provisions of Section 201 of the Regulatory Relief Act.&nbsp; Under the new rule, which
was effective January 1, 2020, a qualifying community banking organization is defined as a depository institution or depository
institution holding company with less than $10 billion in assets.&nbsp; A qualifying community banking organization has the option
to elect the Community Bank Leverage Ratio (&quot;CBLR&quot;)&nbsp;framework if its CBLR is greater than 9% and it has off-balance
sheet exposures of 25% or less of consolidated assets, and trading assets and liabilities of 5% or less of total consolidated assets.
The leverage ratio for purposes of the CBLR is calculated as Tier I capital divided by average total assets, consistent with the
manner banking organizations calculate the leverage ratio under generally applicable capital rules. Qualifying community banking
organizations that exceed the CBLR level established by the agencies, and that elect to be covered by the CBLR framework, will
be considered to have met:&nbsp; (i) the generally applicable leverage and risk-based capital requirements under the banking agencies&rsquo;
capital rules; (ii) the capital ratio requirements necessary to be considered &ldquo;well capitalized&rdquo; under the banking
agencies&rsquo; prompt corrective action framework in the case of insured depository institutions; and (iii) any other applicable
capital or leverage requirements.&nbsp;&nbsp;For institutions that fall below the 9% capital requirement but remain above 8%, are
allowed a two quarter grace period to either meet the qualifying criteria again or to comply with the generally applicable capital
rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">National Monetary Policy</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to being affected by general
economic conditions, the earnings and growth of C&amp;N Bank and Covenant Bank and, therefore, the earnings and growth of each
of C&amp;N and Covenant, are affected by the policies of regulatory authorities, including the FRB and the FDIC. An important function
of the FRB is to regulate the money supply and credit conditions. Among the instruments used to implement these objectives are
open market operations in U.S. government securities, setting the discount rate and changes in financial institution reserve requirements.
These instruments are used in varying combinations to influence overall growth and distribution of credit, bank loans, investments
and deposits, and their use may also affect interest rates charged on loans or paid on deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The monetary policies and regulations of
the FRB have had a significant effect on the operating results of commercial banks in the past and are expected to continue to
do so in the future. The effects of such policies upon the future businesses, earnings and growth of C&amp;N cannot be predicted
with certainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a042"></a>INFORMATION ABOUT
CITIZENS&nbsp;&amp; NORTHERN CORPORATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The principal trading market for C&amp;N
common stock is the Nasdaq Capital Market. The principal executive offices of C&amp;N are located at 90-92&nbsp;Main Street, Wellsboro,
Pennsylvania 16901, telephone number (570)&nbsp;724-3411. Its Internet website is http://www.cnbankpa.com. Information on this
Internet website is not part of this proxy statement/prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As permitted by the rules of the SEC, financial
and other information relating to C&amp;N that is not included in or delivered with this document, including financial information
and information relating to C&amp;N&rsquo;s directors and executive officers, is incorporated herein by reference. See &ldquo;<I>Where
You Can Find More Information</I>&rdquo; on page&nbsp;<U>1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a043"></a>COVENANT&rsquo;S
SPECIAL MEETING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This document is being furnished to Covenant
shareholders by Covenant&rsquo;s board of directors in connection with the solicitation of proxies from the holders of Covenant
common stock for use at the special meeting of Covenant shareholders and any adjournments or postponements of the special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a044"></a>Date, Time and Place</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Covenant special meeting will be held
on [&#9679;], [&#9679;] [&#9679;],
2020 at [&#9679;]:00&nbsp;a.m., local time, at James Lorah Memorial Home Auditorium,
132 N.&nbsp;Main St., Doylestown, Pennsylvania 18901, subject to any adjournments or postponements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a045"></a>Matters to be Considered</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the special meeting, Covenant shareholders
will be asked to consider and vote upon the following proposals:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt">1.</TD><TD STYLE="padding-right: 0.5in">adoption and approval of the merger
agreement as described in detail under the heading &ldquo;<i>The Merger</i>&rdquo; beginning on page&nbsp;35;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 22.5pt">2.</TD><TD STYLE="padding-right: 0.5in">a proposal to authorize the board of directors to adjourn the special meeting, if necessary, to
solicit additional proxies in the event there are not sufficient votes at the time of the special meeting to approve the proposal
to adopt the merger agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At this time, Covenant board of directors
is unaware of any matters, other than those set forth above, that may properly come before the special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a046"></a>Shareholders Entitled to Vote</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The close of business on [&#9679;],
[&#9679;]&nbsp;[&#9679;], 2020 has
been fixed by Covenant&rsquo;s board of directors as the record date for the determination of those holders of Covenant common
stock who are entitled to notice of and to vote at the special meeting and any adjournment or postponement of the special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the close of business on the record date
there were 4,400,434&nbsp;shares of Covenant common stock outstanding and entitled to vote, held by approximately [&#9679;]&nbsp;holders
of record. A list of the shareholders of record entitled to vote at the special meeting will be available for examination by Covenant
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a047"></a>Quorum and Required Vote</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The presence, in person or by proxy, of
the holders of a majority of the issued and outstanding shares of Covenant common stock entitled to vote at the special meeting
constitutes a quorum for the transaction of business at the special meeting. There must be a quorum for the special meeting to
be held. Abstentions are counted for purposes of determining the presence or absence of a quorum, but are not considered a vote
cast under Pennsylvania law. Brokers holding shares in street name for their customers generally are not entitled to vote on certain
matters unless they receive voting instructions from their customers. Such shares for which brokers have not received voting instructions
from their customers are called &ldquo;broker non-votes.&rdquo; Under Pennsylvania law, broker non-votes will be counted to determine
if a quorum is present with respect to any matter to be voted upon by shareholders at the special meeting only if such shares have
been voted at the meeting on another matter other than a procedural motion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each holder of record of shares of Covenant
common stock as of Covenant&rsquo;s record date is entitled to cast one vote per share at the special meeting on each proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The affirmative vote of holders of a majority
of the shares of Covenant common stock outstanding and eligible to vote at the special meeting, in person or by proxy, is required
to adopt and approve the merger agreement and to approve the proposal to adjourn the special meeting. Abstentions and broker non-votes
will have no effect on each of these other proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a048"></a>How Shares Will Be Voted at the
Special Meeting</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All shares of Covenant common stock represented
by properly executed proxies received before or at the special meeting, and not properly revoked, will be voted as specified in
the proxies. Properly executed proxies that do not contain voting instructions will be voted &ldquo;FOR&rdquo; the adoption and
approval of the merger agreement, and &ldquo;FOR&rdquo; the adjournment or postponement of the special meeting, if necessary, to
permit further solicitation of proxies as included in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you hold shares of Covenant common stock
in street name through a bank, broker or other nominee holder, the nominee holder may only vote your shares in accordance with
your instructions. If you do not give specific instructions to your nominee holder as to how you want your shares voted, your nominee
will indicate that it does not have authority to vote on the proposal, which will result in what is called a &ldquo;broker non-vote.&rdquo;
Broker non-votes will not be deemed to have been voted on any of the proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any other matters are properly brought
before the special meeting, the proxies named in the proxy card will vote the shares represented by duly executed proxies in accordance
with the direction of Covenant&rsquo;s board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a049"></a>How to Vote Your Shares</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant shareholders may vote at the special
meeting by one of the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Voting by Mail</I>. You may vote by completing
and returning the enclosed proxy card. Your proxy will be voted in accordance with your instructions. If you do not specify a choice
on one of the proposals described in this document, your proxy will be voted in favor of that proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Voting in Person</I>. If you attend the
meeting, you may deliver your completed proxy card in person or may vote by completing a ballot which will be available at the
meeting. If your shares are registered in the name of a broker or other nominee and you wish to vote at the meeting, you will need
to obtain a legal proxy from your bank or brokerage firm. Please consult the voting form sent to you by your bank or broker to
determine how to obtain a legal proxy in order to vote in person at the special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a050"></a>How to Change Your Vote</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you are a registered shareholder, you
may revoke any proxy at any time before it is voted at the special meeting by (1)&nbsp;signing and returning a proxy card with
a later date, (2)&nbsp;delivering a written revocation letter to the Secretary of Covenant or (3)&nbsp;attending the special meeting
in person, notifying the Secretary and voting by ballot at the special meeting. Covenant&rsquo;s Secretary&rsquo;s mailing address
is 182&nbsp;North Main Street, Doylestown, Pennsylvania 18901. If your shares are registered in the name of a broker or other nominee,
you may later revoke your proxy instructions by informing the holder of record in accordance with that entity&rsquo;s procedures.
Covenant will honor the latest vote cast.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a051"></a>Solicitation of Proxies</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The board of directors of Covenant is soliciting
proxies for use at the Covenant special meeting. Covenant will bear the entire cost of soliciting proxies from you. In addition
to solicitation of proxies by mail, Covenant will request that banks, brokers and other record holders send proxies and proxy material
to the beneficial owners of Covenant common stock and secure their voting instructions. Covenant will reimburse the record holders
for their reasonable expenses in taking those actions. If necessary, Covenant may use several of its regular employees, who will
not be additionally compensated, to solicit proxies from Covenant shareholders, either personally or by telephone, facsimile, letter
or other electronic means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N will be responsible for and shall
bear all expenses incurred in connection with the printing and distribution of this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a052"></a>Attending the Meeting</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All holders of Covenant common stock, including
shareholders of record and shareholders who hold their shares through banks, brokers, nominees or any other holder of record, are
invited to attend the special meeting. Shareholders of record can vote in person at the special meeting. If you are not a shareholder
of record, you must obtain a proxy executed in your favor from the record holder of your shares, such as a broker, bank or other
nominee, to be able to vote in person at the special meeting. If you plan to attend the special meeting, you must hold your shares
in your own name or have a letter from the record holder of your shares confirming your ownership and you must bring a form of
personal photo identification with you in order to be admitted. We reserve the right to refuse admittance to anyone without both
proper proof of share ownership and proper photo identification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a053"></a>Voting Agreements</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the record date, directors and executive
officers of Covenant and their affiliates collectively beneficially owned 1,095,608&nbsp;shares of Covenant common stock, or 24.9%
of the outstanding shares of Covenant stock entitled to be voted at the special meeting. Collectively, directors and executive
officers of Covenant had sole voting power over 540,374&nbsp;shares of Covenant common stock, or 12.3% of the outstanding shares
of Covenant common stock entitled to be voted at the special meeting. In accordance with the terms of the merger agreement, each
of the directors and executive officers of Covenant has executed a letter agreement, commonly known as a voting agreement, in favor
of C&amp;N pursuant to which he or she has agreed to vote all shares of Covenant common stock owned by him or her, and over which
he or she has sole voting power, in favor of adoption of the merger agreement, and each of these persons also agreed to use his
or her best efforts to cause all other shares of Covenant common stock beneficially owned by him or her to be voted in favor of
the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a054"></a>Proposal No.&nbsp;1&thinsp;&mdash;&thinsp;Adoption
and Approval of the Merger Agreement</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant is asking its shareholders to
adopt and approve the merger agreement. For a detailed discussion of the merger, including the terms and conditions of the merger
agreement, see &ldquo;The Merger&rdquo;, beginning on page&nbsp;35. As discussed in detail in the sections entitled &ldquo;<i>The
Merger&thinsp;&mdash;&thinsp;Covenant&rsquo;s Reasons for the Merger</i>,&rdquo; and &ldquo;&nbsp;-- <i>Recommendation of Covenant&rsquo;s
Board of Directors</i>&rdquo;, beginning on pages&nbsp;<u>37</u> and&nbsp;39, respectively, after careful consideration, Covenant&rsquo;s
board of directors determined that the terms of the merger agreement and the transactions contemplated by it are in the best interests
of Covenant, and the board unanimously approved the merger agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Adoption of the merger agreement requires
the affirmative vote of the holders of a majority of the shares of Covenant common stock outstanding and eligible to vote, in person
or by proxy, at Covenant&rsquo;s special meeting. Abstentions and broker non-votes will not count as a vote cast on Proposal No.&nbsp;1,
so they will have no effect on the adoption of Proposal No.&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Accordingly, Covenant&rsquo;s board of
directors unanimously recommends that Covenant shareholders vote &ldquo;FOR&rdquo; adoption and approval of the merger agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a055"></a>Proposal No.&nbsp;2&thinsp;&mdash;&thinsp;Authorization
to Vote on Adjournment or Other Matters</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If, at the Covenant special meeting, the
number of shares of Covenant common stock present, in person or by proxy, is insufficient to constitute a quorum, or the number
of shares of Covenant common stock voting in favor is insufficient to adopt the merger agreement, Covenant&rsquo;s board of directors
intends to move to adjourn the special meeting in order to enable Covenant&rsquo;s board of directors more time to solicit additional
proxies in favor of adoption of the merger agreement. In that event, Covenant will ask its shareholders to vote only upon the adjournment
proposal and not the proposal relating to adoption of the merger agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In this proposal, Covenant is asking
you to grant discretionary authority to the holder of any proxy solicited by Covenant&rsquo;s board of directors so that such
holder can vote in favor of the proposal to adjourn the special meeting to solicit additional proxies. If the shareholders of
Covenant approve the adjournment proposal, Covenant could adjourn the special meeting, and any adjourned session of the
special meeting, and use the additional time to solicit additional proxies, including the solicitation of proxies from shareholders who have previously
voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Generally, if the special meeting is adjourned,
no notice of the adjourned meeting is required to be given to shareholders, other than an announcement at the special meeting of
the place, date and time to which the meeting is adjourned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to Covenant&rsquo;s bylaws, the
adjournment proposal requires the affirmative vote of a majority of votes cast, in person and by proxy, at the Covenant special
meeting. Abstentions and broker non-votes will have no effect on the adjournment proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Covenant&rsquo;s board of directors
recommends a vote &ldquo;FOR&rdquo; the proposal to authorize the board of directors to adjourn the special meeting of shareholders
to allow time for the further solicitation of proxies to adopt the merger agreement.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a056"></a>INFORMATION ABOUT
COVENANT FINANCIAL, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a057"></a>Business</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant Financial, Inc., or Covenant, was
incorporated as a Pennsylvania business corporation on September&nbsp;17, 2015 for the purpose of becoming a one-bank holding company.
Covenant&rsquo;s main office is located at 182&nbsp;North Main Street, Doylestown, Pennsylvania. Covenant&rsquo;s primary function
is to own all of the common stock of its wholly-owned subsidiary, Covenant Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The common stock of Covenant is not currently
listed on any exchange or quoted in the over the counter market. Covenant&rsquo;s website can be accessed at http://www.yourcovenantbank.com.
The principal executive offices of Covenant are located at 182&nbsp;N.&nbsp;Main Street, Doylestown, Pennsylvania 18901, and its
telephone number is (267)&nbsp;327-4910.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant Bank is a Pennsylvania banking
institution that was incorporated on December&nbsp;1, 2006. Covenant Bank is a community bank offering a full range of banking
services to the Philadelphia metropolitan market. Covenant Bank operates two banking offices, one in Bucks County, Pennsylvania
and one in Chester County, Pennsylvania. 3309&nbsp;Dekalb Pike, LLC is the sole subsidiary of Covenant Bank and its sole purpose
is to hold OREO for Covenant Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s principal source of revenue
is interest earnings on its investment securities and loan portfolios.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At December&nbsp;31, 2019, Covenant had
approximately $516.0&nbsp;million in assets, $395.2&nbsp;million in deposits and $42.1&nbsp;million of shareholders&rsquo; equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a058"></a>Competition</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s core service area consists
primarily of Bucks and Chester County, Pennsylvania and the Philadelphia market area. Within this service area, the banking business
is highly competitive. Covenant competes with local banks, as well as numerous regionally based commercial banks, most of which
have assets, capital and lending limits far larger than those of Covenant. Covenant also competes with savings banks, savings and
loan associations, money market funds, insurance companies, stock brokerage firms, regulated small loan companies and credit unions.
The industry competes primarily in the area of interest rates, products offered, customer service and convenience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Many of Covenant&rsquo;s competitors enjoy
several advantages over it, including a larger asset and capital bases, the ability to finance wide-ranging advertising campaigns
and to allocate their investment assets to areas of highest yield and demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a059"></a>Properties</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant owns its main office, located at
60&nbsp;North Main Street, Doylestown, Pennsylvania, and leases its Paoli bank branch located at 1500 E. Lancaster Avenue, Suite&nbsp;105,
Paoli, Pennsylvania, and its operations office at 182&nbsp;N.&nbsp;Main Street, Doylestown, Pennsylvania.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a060"></a>Legal Proceedings</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant is not aware of any litigation
that would have a material adverse effect on the consolidated financial position of Covenant. Covenant and Covenant Bank have no
legal proceedings pending other than ordinary routine litigation occurring in the normal course of business. In addition, management
does not know of any material proceedings contemplated by governmental authorities against Covenant or Covenant Bank or any of
its properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a061"></a>Market Price of and Dividends
on Covenant&rsquo;s Common Stock</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s common stock was held by
approximately [___] holders of record as of the record date. There is no established trading market for Covenant&rsquo;s common
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a062"></a>Information about Covenant Designees
to C&amp;N Board of Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Stephen&nbsp;M. Dorwart and Robert&nbsp;G.
Loughery are anticipated to be appointed to the board of directors of C&amp;N and C&amp;N Bank upon consummation of the merger.
The following information includes information each of Messrs.&nbsp;Dorwart and Loughery has given to us about his age, positions
he holds, and his principal occupation for the past five years. Neither Messrs.&nbsp;Dorwart nor Loughery is a director of any
other publicly-held company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr.&nbsp;Stephen&nbsp;M. Dorwart, age&nbsp;50,
has served as a director of Covenant Bank since its formation in 2007 and Covenant since its formation in 2016. Mr.&nbsp;Dorwart
has served as chair of each of its audit committee and compensation committee since 2008 and has been the unanimous selection as
its lead outside director since 2015. From 1991 to 2006, he worked at a regional public accounting firm, Slough, Horneff&nbsp;&amp;
Fischer, and became a partner in 2001. Since 2006, Mr.&nbsp;Dorwart has been managing partner of Fischer Dowart, PC, a public accounting
firm. He is a CPA licensed in Pennsylvania, New Jersey and Delaware. Mr.&nbsp;Dorwart received his B.S. in Business Administration
from Bucknell University in 1991. He is a member and trustee of the Neshaminy Football Hall of Fame.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr.&nbsp;Robert&nbsp;G. Loughery, age&nbsp;50,
has served as a director of Covenant and Covenant Bank since 2015. Since January&nbsp;2020, Mr.&nbsp;Loughery has been president
of Nehemiah Development Company,&nbsp;Inc., a real estate development and investment company. Also, since 2005, he has been treasurer
and partner/owner of BFRL Realty Associates,&nbsp;Inc., a developer, owner and manager of commercial and industrial real estate.
Mr.&nbsp;Loughery served as County Commissioner in Bucks County, Pennsylvania from February&nbsp;2011 until January&nbsp;2020,
having been elected in 2011 and 2015. He served as Chairman of the Board of the County Commissioners from 2012 to 2016 and again
in 2018 and 2019. Mr.&nbsp;Loughery currently serves on a number of private and public authority boards, including Grand View Health,
Peddlers Village, Gilmore&nbsp;&amp; Associates, Inc., the Pennsylvania Housing Finance Agency, the Pennsylvania Convention Center
Authority, and Independence Health Group Public Affairs Advisory Board. He was also appointed to the U.S. Trade Representative
Intergovernmental Policy Advisory Committee by the White House. From 2012 to 2018, Mr.&nbsp;Loughery served on the board of the
Delaware Valley Regional Finance Authority. He received a B.A. in Policy and Management Studies from Dickinson College in 1991.
Following graduation, Mr.&nbsp;Loughery was a commissioned officer in the U.S. Army Reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Set forth below is a table providing information
concerning the compensation of Messrs. Dorwart and Loughery as directors of Covenant for the fiscal year ended December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Name
and Principal Position&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Year</B>&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Fees
Earned or Paid in Cash </B><SUP>(1)</SUP>&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Total</B>&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Stephen&nbsp;M. Dorwart, Non-Employee Director of Covenant and Covenant Bank</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2019</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $ 44,320</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $ 44,320</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Robert&nbsp;G. Loughery, Non-Employee Director of Covenant and Covenant Bank</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2019</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $ 21,160</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> $ 21,160</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The C&amp;N board of directors has determined
that each of Messrs. Dorwart and Loughery are independent under the independence standards of Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I><U>Security Ownership of Certain Beneficial
Holders of Covenant</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth, as of March&nbsp;[&#9679;],
2020, the name of each director and executive officer of Covenant, the number of shares beneficially owned, and the percentage
of Covenant&rsquo;s outstanding common stock so owned, and the aggregate number of shares beneficially owned and the percentage
so owned by all directors and executive officers as a group. Unless otherwise indicated, all persons listed below have sole voting
and investment power with respect to their shares, except to the extent authority is shared with spouses under applicable law.
Beneficial ownership is determined in accordance with the Securities and Exchange Commission rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.75pt solid"><B>Name of Individual&nbsp;</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Position
with Bank</B>&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Amount
and Nature of Beneficial Ownership</B>&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.75pt solid; margin-bottom: 0pt; text-align: center"><B>Percent</B><BR>
<B>of Class*</B>&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Donald P. Worthington</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chairman of the Board, Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">156,230<SUP>(1)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.23%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">John C. Spier</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President and CEO, Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">167,500<SUP>(2)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.47%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Albert Jinks</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">311,357<SUP>(3)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.44%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Lou Quattrocchi</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Vice Chairman of the Board, Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64,740<SUP>(4)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.34%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Harold Middleburg MD</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">109,361<SUP>(5)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.26%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Stephen M. Dorwart</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">109,396<SUP>(6)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.26%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Elliot Norry</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">68,991<SUP>(7)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.43%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Michael Zirolli</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">106,012<SUP>(8)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.19%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Thomas J. Profy IV</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64,702<SUP>(9)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.34%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Gregory E. Grim</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">102,995<SUP>(10)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.13%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">D. Rodman Eastburn</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,063<SUP>(11)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Robert G. Loughery</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,063<SUP>(12)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Carolina Cabrera DiGiorgio</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,563<SUP>(13)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">William K. Poole</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">102,563<SUP>(14)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.12%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Carl E. White, Jr.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,645<SUP>(15)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Blair T. Rush</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">EVP, Director, President and Chief Operating Officer of Covenant Bank</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">82,000<SUP>(16)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.70%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Kelley A. Cwiklinski</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">EVP, Chief Lending Officer</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">90,600<SUP>(17)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.88%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Aaron Sattler</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">EVP, Chief Financial Officer</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">66,503<SUP>(18)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.38%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Nancy Krulla</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">EVP, Bank Administrative Officer</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">153,197<SUP>(19)</SUP></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.17%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">All Directors and Executive Officers as a Group</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,812,481</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">41.2%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 22.5pt">Information furnished by directors and executive officers.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 22.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 22.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(*)</TD><TD>As of March&nbsp;[&#9679;], 2020, the number of shares of Covenant common stock
issued and outstanding was 4,400,434. The calculation of an individual director&rsquo;s or executive officer&rsquo;s percentage
ownership is based on the individual director&rsquo;s or executive officer&rsquo;s beneficial ownership as the numerator, divided
by the sum of the 4,400,434&nbsp;shares of Covenant common stock issued and outstanding plus the individual director&rsquo;s or
executive officer&rsquo;s stock options, which may be exercised within sixty (60) days.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD>Includes 51,364 shares held individually, 67,366 shares held by affiliates and 37,500 options</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(2)</TD><TD>Includes 110,000 shares held individually and 57,500 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(3)</TD><TD>Includes 211,114 shares held individually, 89,180 shares held by affiliates and 11,063 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(4)</TD><TD>Includes 46,412 shares held individually, 7,260 shares held by affiliates and 11,068 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(5)</TD><TD>Includes 98,298 shares held individually and 11,063 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(6)</TD><TD>Includes 29,996 shares held individually, 68,337 shares held by affiliates and 11,063 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(7)</TD><TD>Includes 33,398 shares held individually, 24,530 shares held by affiliates and 11,063 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(8)</TD><TD>Includes 59,369 shares held individually, 35,580 shares held by affiliates and 11,063 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <div style="page-break-before: always; margin-top: 6pt">&nbsp;</div>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(9)</TD><TD>Includes 53,639 shares held individually and 11,063 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(10)</TD><TD>Includes 91,932 shares held individually and 11,063 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(11)</TD><TD>Includes 10,000 shares held individually and 11,063 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(12)</TD><TD>Includes 1,000 shares held individually and 11,063 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(13)</TD><TD>Includes 1,000 shares held individually and 3,563 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(14)</TD><TD>Includes 93,000 shares held individually, 6,000 shares held by affiliates and 3,563 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(15)</TD><TD>Includes 15,082 shares held individually and 3,563 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">(16) Includes 25,000 shares
held individually and 57,000 options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(17)</TD><TD>Includes 32,600 shares held individually and 58,000 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(18)</TD><TD>Includes 22,503 shares held individually and 44,000 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">(19)</TD><TD>Includes 33,210 shares held individually, 104,987 shares held by affiliates and 15,000 options.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than as set forth above, Covenant
is not aware of any individual or entity that beneficially owned 5% or more of its outstanding common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a063"></a>Transactions with Related Parties.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some of Covenant&rsquo;s directors and executive
officers, members of their immediate families and the companies with which they are associated were Covenant customers and had
banking transactions with Covenant in the ordinary course of business during 2019 and 2018. All loans and commitments to lend were
made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions
with other non-affiliated customers. In Covenant&rsquo;s management&rsquo;s opinion, the loans and commitments did not involve
more than a normal risk of collectability or present other unfavorable features. The director or officer in question is excused
from the board meeting at which the loan or commitment is considered. The aggregate extensions of credit to all such persons, as
a group, totaled $6.3&nbsp;million at December&nbsp;31, 2019 and $5.7&nbsp;million at December&nbsp;31, 2018 in commitments to
lend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><a name="n5012forms4a064"></a>Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations of Covenant Financial, Inc.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This section is intended to help readers
understand the financial performance of Covenant Financial, Inc. The information reflected in this section reflects the financial
performance of Covenant Financial, Inc. and its subsidiary, Covenant Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">BUSINESS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overview</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant Financial, Inc. was incorporated
on September&nbsp;17, 2015 under the laws of the Commonwealth of Pennsylvania. Covenant&rsquo;s activity consists of owning and
supervising its subsidiary, Covenant Bank, which is a full-service bank providing personal and business lending and deposit services.
Covenant Bank became a wholly owned subsidiary of Covenant, pursuant to a Plan of Reorganization that was consummated in February&nbsp;2016.
Stockholders of Covenant Bank exchanged each share of common stock or options of Covenant Bank for one share of common stock or
options of Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant operates through a main office
located in Doylestown, PA and a branch located in Paoli, PA. Covenant provides a traditional set of lending, deposit and other
financial products with an emphasis on commercial real estate and commercial and industrial loans to small- to mid-sized businesses
and individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Most of Covenant&rsquo;s activities are
with customers located within the Philadelphia area including the surrounding counties in Pennsylvania and New Jersey. Although
Covenant has a diversified loan portfolio, its debtors&rsquo; ability to honor their contracts is influenced by the region&rsquo;s
economy. Covenant does not have any significant concentrations to any one industry or customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At December&nbsp;31, 2019, Covenant had
total assets of $516.0&nbsp;million, total deposits of $393.4&nbsp;million and total stockholders&rsquo; equity of $42.1&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loans</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s primary source of income
is interest on loans. Covenant&rsquo;s loan portfolio consists primarily of commercial real estate loans secured by commercial
properties and commercial and industrial loans. Covenant&rsquo;s loan portfolio is the highest yielding component of its significant
interest earning assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Total loans at December&nbsp;31, 2019, were
$417.2&nbsp;million, net of an allowance for loan losses of $4.0&nbsp;million, as compared to $394.9&nbsp;million, net of an allowance
for loan losses of $4.6&nbsp;million, at December&nbsp;31, 2018. Growth for 2019, representing an increase of 5.6%, has been primarily
in commercial real estate loans and reflects a growing local economy in Covenant&rsquo;s trade area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant is experiencing increased competition
reflected in aggressive pricing and terms offered by its competitors. Covenant continues to focus its efforts on building new relationships
and providing quality service to its established loan customers who value its relationship banking philosophy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loan Composition</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the classification
of Covenant&rsquo;s gross loans by loan portfolio class as of the periods indicated:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="38" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">At December 31,</TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2019</TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2018</TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2017</TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2016</TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2015</TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="font-size: 8pt; font-weight: bold">&nbsp;</TD><td style="font-size: 8pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="38" STYLE="font-size: 8pt; font-weight: bold; font-style: italic; text-align: center">(Dollars in thousands)</TD><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; font-size: 8pt; text-align: left">Commercial and industrial</TD><td style="width: 1%; font-size: 8pt">&nbsp;</TD>
    <td style="width: 1%; font-size: 8pt; text-align: left">$</TD><td style="width: 4%; font-size: 8pt; text-align: right">53,098</TD><td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><td style="width: 1%; font-size: 8pt">&nbsp;</TD>
    <td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><td style="width: 4%; font-size: 8pt; text-align: right">13</TD><td style="width: 1%; font-size: 8pt; text-align: left">%</TD><td style="width: 1%; font-size: 8pt">&nbsp;</TD>
    <td style="width: 1%; font-size: 8pt; text-align: left">$</TD><td style="width: 4%; font-size: 8pt; text-align: right">60,702</TD><td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><td style="width: 1%; font-size: 8pt">&nbsp;</TD>
    <td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><td style="width: 4%; font-size: 8pt; text-align: right">15</TD><td style="width: 1%; font-size: 8pt; text-align: left">%</TD><td style="width: 1%; font-size: 8pt">&nbsp;</TD>
    <td style="width: 1%; font-size: 8pt; text-align: left">$</TD><td style="width: 4%; font-size: 8pt; text-align: right">65,494</TD><td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><td style="width: 1%; font-size: 8pt">&nbsp;</TD>
    <td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><td style="width: 4%; font-size: 8pt; text-align: right">17</TD><td style="width: 1%; font-size: 8pt; text-align: left">%</TD><td style="width: 1%; font-size: 8pt">&nbsp;</TD>
    <td style="width: 1%; font-size: 8pt; text-align: left">$</TD><td style="width: 4%; font-size: 8pt; text-align: right">67,289</TD><td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><td style="width: 1%; font-size: 8pt">&nbsp;</TD>
    <td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><td style="width: 4%; font-size: 8pt; text-align: right">23</TD><td style="width: 1%; font-size: 8pt; text-align: left">%</TD><td style="width: 1%; font-size: 8pt">&nbsp;</TD>
    <td style="width: 1%; font-size: 8pt; text-align: left">$</TD><td style="width: 4%; font-size: 8pt; text-align: right">58,938</TD><td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><td style="width: 1%; font-size: 8pt">&nbsp;</TD>
    <td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><td style="width: 4%; font-size: 8pt; text-align: right">29</TD><td style="width: 1%; font-size: 8pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="font-size: 8pt; text-align: left">Commercial real estate</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">361,199</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">86</TD><td style="font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">331,031</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">83</TD><td style="font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">306,367</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">81</TD><td style="font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">223,969</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">76</TD><td style="font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">142,326</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">70</TD><td style="font-size: 8pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 8pt; text-align: left">Residential real estate</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">7,402</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">2</TD><td style="font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">7,144</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">2</TD><td style="font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">5,051</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">1</TD><td style="font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">3,163</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">1</TD><td style="font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">1,694</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">1</TD><td style="font-size: 8pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Consumer, other</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">226</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">0</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,523</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">0</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">356</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">0</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">104</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">0</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">85</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">0</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Total Gross Loans</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">421,925</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">100</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">400,400</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">100</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">377,268</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">100</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">294,525</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">100</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">203,043</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">100</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="font-size: 8pt; text-align: left">Unearned net loan origination fees and costs</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">(779</TD><td style="font-size: 8pt; text-align: left">)</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">(926</TD><td style="font-size: 8pt; text-align: left">)</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">(970</TD><td style="font-size: 8pt; text-align: left">)</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">(738</TD><td style="font-size: 8pt; text-align: left">)</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">(627</TD><td style="font-size: 8pt; text-align: left">)</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 8pt; text-align: left; padding-bottom: 1pt">Less: Allowance for loan losses</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(3,963</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(4,584</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(4,673</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(6,530</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2,763</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="font-size: 8pt">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-size: 8pt; text-align: left; padding-bottom: 2.5pt">Net Loans</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">417,183</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">394,890</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">371,625</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">287,257</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</TD><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">199,653</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <td style="font-size: 8pt; text-align: left">&nbsp;</TD><td style="font-size: 8pt; text-align: right">&nbsp;</TD><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
</TABLE>





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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loan Maturity and Fixed vs. Variable Rate Loans</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth maturity
distribution of loans at December&nbsp;31, 2019 for both fixed-rate and variable or adjustable rate loans:</p>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="30" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">As
    of December 31, 2019</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Fixed-Rate
    Loans</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Variable-
    or Adjustable-Rate Loans</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">1 Year</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">1-5</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&gt; 5</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">1 Year</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">1-5</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&gt; 5</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">or
    Less</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Year</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Year</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Total</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">or
    Less</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Year</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Year</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Total</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <TD COLSPAN="30" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">(In
    thousands)</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; width: 12%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">Commercial and
    industrial</font></TD><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">2,022</font></TD><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">18,680</font></TD><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">892</font></TD><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">21,594</font></TD><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">22,436</font></TD><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">5,882</font></TD><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">3,186</font></TD><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">31,504</font></TD><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 10pt; text-align: left"><font style="font-size: 8pt">Commercial real estate</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">10,857</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">161,107</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">17,050</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">189,014</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">27,144</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">11,359</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">133,682</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">172,185</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 10pt; text-align: left"><font style="font-size: 8pt">Residential real estate</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">182</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">2,252</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">4,968</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">7,402</font></TD><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Consumer,
    other</font></TD><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">15</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">102</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">117</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">109</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">109</font></TD><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">12,894</font></TD><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">179,889</font></TD><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">17,942</font></TD><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">210,725</font></TD><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">49,871</font></TD><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">19,493</font></TD><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">141,836</font></TD><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">$</font></TD><td style="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">211,200</font></TD><td style="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
</TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The majority of Covenant&rsquo;s loans are
loans to businesses in many industries, as well as to their owners. Covenant makes commercial loans for real estate development
and other business purposes required by its customer base. Covenant manages risk associated with its commercial portfolios (commercial
and industrial loans and commercial real estate loans) through underwriting policies and procedures, diversification and loan monitoring
efforts. Covenant&rsquo;s underwriting standards include requiring independent third-party appraisals, periodic property inspections,
analyses of the quality and experience of the organization or developer managing each property, and evaluations of the cash flow
capability of borrowers to repay loans. In addition to real estate collateral, the majority of Covenant&rsquo;s commercial and
industrial loans are secured by business assets and many are supported by personal guarantees and other assets of the principals
or the borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s credit policies determine
advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the majority of
loans will be limited to a percentage of the underlying collateral values, such as real estate values, equipment, eligible accounts
receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength of the borrower
and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing operation. Repayment
of these kinds of loans generally comes from the cash flow of the business or the ongoing conversions of assets. Commercial real
estate loans include long-term loans financing commercial properties. Repayment of this kind of loan is dependent upon either the
ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial real estate loans typically
require a loan to value ratio of not greater than 80&nbsp;percent and vary in terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Residential real estate loans are secured
by the borrower's residential real estate in either a first or second lien position. Residential real estate loans have varying
loan rates depending on the financial condition of the borrower and/or the loan to value ratio. Residential real estate loans,
which include home equity lines of credit and home equity installments, have amortizations ranging from 5&nbsp;years to 25&nbsp;years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other consumer loans include installment
loans, car loans, and overdraft lines of credit. The majority of these loans are unsecured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For further discussion on the composition
of Covenant&rsquo;s loan portfolio, see Note 4 to its financial statements for the years ended December&nbsp;31, 2019 and 2018
beginning on <font>page&nbsp;F-32</FONT> of this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Asset Quality</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Extending credit to borrowers exposes Covenant
to credit risk, which is the risk that the principal balance of a loan and related interest will not be collected due to the inability
of the borrower to repay the loan. Covenant seeks to manage credit risk by carefully analyzing both the debt service capacity of
a borrower and the underlying collateral securing their loan. Covenant manages credit risk in its loan portfolio through written
loan policies, which establish underwriting standards or limits deemed necessary or prudent. These guidelines are approved by the
Covenant Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Asset Classification</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Federal regulations and Covenant&rsquo;s
policies require Covenant to utilize an internal asset classification system as a means of reporting and tracking problem and
potential problem assets. Federal banking regulations set</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">forth a classification grid for problem and potential problem assets as &ldquo;substandard,&rdquo;
 &ldquo;doubtful&rdquo; or &ldquo;loss&rdquo; assets. Loans classified as &ldquo;substandard&rdquo; have a well-defined weakness
or weaknesses that jeopardize the liquidation of the debt. An asset is considered &ldquo;substandard&rdquo; if it is inadequately
protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged, if any. &ldquo;Substandard&rdquo;
assets include those characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies
are not corrected. Assets classified as &ldquo;doubtful&rdquo; have all of the weaknesses inherent in those classified &ldquo;substandard&rdquo;
with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing
facts, conditions, and values, highly improbable. Assets classified as &ldquo;loss&rdquo; are those considered uncollectible and
are charged to the allowance for loan losses. Assets which do not currently expose Covenant to sufficient risk to warrant classification
in one of the aforementioned categories but possess weaknesses are designated &ldquo;other assets especially mentioned.&rdquo;
Loans not classified are rated pass.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents the classes
of the commercial loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard
and doubtful within Covenant&rsquo;s internal risk rating system at the dates indicated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="22" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">At
    December 31,</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">2019</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">2018</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Commercial</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Commercial</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Commercial</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Commercial</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">and
    Industrial</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Real
    Estate</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">and
    Industrial</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Real
    Estate</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="18" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(In
    thousands)</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; font-style: italic"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 34%; font-size: 10pt"><font style="font-size: 8pt">Pass</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">48,417</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">355,164</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">403,581</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">56,664</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">325,651</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">382,315</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">Special Mention</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">50</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">50</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">255</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">255</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt"><font style="font-size: 8pt">Substandard</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">3,694</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">5,923</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">9,617</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">4,038</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">5,125</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">9,163</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">Doubtful</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">987</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">62</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">1,049</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><font style="font-size: 8pt">Total
    classified</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">4,681</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">6,035</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">10,716</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">4,038</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">5,380</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">9,418</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt"><font style="font-size: 8pt">Total
    loans</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">53,098</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">361,199</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">414,297</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">60,702</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">331,031</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">391,733</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
</table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delinquent Loans</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following tables show the delinquencies
in Covenant&rsquo;s loan portfolio as of the dates indicated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 7pt; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="30" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">At
    December 31, 2019</font></td><td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">90 days</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">90 Days</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Total</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">or Greater</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">30-59 Days</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">60-89 Days</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">or Greater</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Total</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Loans</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Past Due and</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Past
    Due</font></td><td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Past
    Due</font></td><td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Past
    Due</font></td><td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Past
    Due</font></td><td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Nonaccrual</font></td><td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Current</font></td><td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Receivable</font></td><td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Still
    Accruing</font></td><td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 7pt; font-weight: bold; font-style: italic"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="30" style="font-size: 7pt; font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(In
    thousands)</font></td><td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold; font-style: italic"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 7pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 20%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">Commercial and industrial</font></td><td style="width: 1%; font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 7pt; text-align: right"><font style="font-size: 8pt">446</font></td><td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 7pt; text-align: right"><font style="font-size: 8pt">446</font></td><td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 7pt; text-align: right"><font style="font-size: 8pt">1,193</font></td><td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 7pt; text-align: right"><font style="font-size: 8pt">51,459</font></td><td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 7pt; text-align: right"><font style="font-size: 8pt">53,098</font></td><td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="width: 1%; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">Commercial real estate</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">132</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">132</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">1,408</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">359,659</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">361,199</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">Residential real estate</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">7,402</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">7,402</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">Consumer, other</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">226</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">226</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 7pt; text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font-size: 7pt; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td><td style="font-size: 7pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right"><font style="font-size: 8pt">578</font></td><td style="padding-bottom: 2.5pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="padding-bottom: 2.5pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="padding-bottom: 2.5pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right"><font style="font-size: 8pt">578</font></td><td style="padding-bottom: 2.5pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right"><font style="font-size: 8pt">2,601</font></td><td style="padding-bottom: 2.5pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right"><font style="font-size: 8pt">418,746</font></td><td style="padding-bottom: 2.5pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right"><font style="font-size: 8pt">421,925</font></td><td style="padding-bottom: 2.5pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 7pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 7pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="padding-bottom: 2.5pt; font-size: 7pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
</table>






<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="30" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">At
    December 31, 2018</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">90 days</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">90 Days</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Total</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">or Greater</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">30-59 Days</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">60-89 Days</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">or Greater</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Total</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Loans</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Past Due and</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Past
    Due</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Past
    Due</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Past
    Due</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Past
    Due</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Nonaccrual</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Current</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Receivable</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Still
    Accruing</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; font-style: italic"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="30" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">(In
    thousands)</font></td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; font-style: italic"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 20%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">Commercial and industrial</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">160</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">41</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">201</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">2,042</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">58,459</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">60,702</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 7%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">Commercial real estate</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">3,359</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">327,672</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">331,031</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">Residential real estate</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">7,144</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">7,144</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">Consumer, other</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">1,523</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">1,523</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: right; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">160</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">41</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">201</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">5,401</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">394,798</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">400,400</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>


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    <div style="page-break-before: always; margin-top: 6pt">&nbsp;</div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nonperforming Assets and Troubled Debt Restructured Loans
(TDRs)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth information
concerning Covenant&rsquo;s nonperforming assets and troubled debt restructured loans as of the dates indicated:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">(Dollars in thousands)</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 45%; font-size: 10pt; text-align: left">Nonaccrual loans</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">2,601</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">5,401</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">3,024</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">8,616</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">2,809</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Loans past due 90 days or more and still accruing</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">292</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Total nonperforming loans</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,601</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5,401</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,024</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8,616</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,101</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other real estate owned (OREO)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,323</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">92</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">493</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,088</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,609</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total nonperforming assets</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,924</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,493</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,517</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">9,704</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,709</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Loans subject to troubled debt restructurings (TDRs):</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Performing</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">273</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">387</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">790</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 1pt">Nonperforming</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">249</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">928</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">416</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,738</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">704</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total TDRs</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">522</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,315</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,206</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,738</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">704</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Asset quality ratios:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Total nonperforming loans to total loans</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.62</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.35</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.80</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.93</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.53</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Total nonperforming assets to total assets</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.76</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.15</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.79</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.74</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.79</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Allowance for loan losses to total loans</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.94</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.15</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.24</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.22</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.37</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Allowance for loan losses to nonperforming loans</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">152.36</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">84.87</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">154.53</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">75.79</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">89.11</td><td style="font-size: 10pt; text-align: left">%</td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nonperforming assets include nonperforming
loans and Other Real Estate Owned (&ldquo;OREO&rdquo;). Nonperforming loans consist of loans on a nonaccrual basis and loans past
due 90&nbsp;days or more and still accruing. Covenant&rsquo;s nonperforming loans totaled $2.6&nbsp;million, or 0.62% of total
loans, at December&nbsp;31, 2019, compared to $5.4&nbsp;million, or 1.35% of total loans, at December&nbsp;31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A loan is placed on nonaccrual status, and
the accrual of interest is discontinued, when the contractual payment of principal or interest has become 90&nbsp;days past due
or Covenant&rsquo;s management has serious doubt about further collectability of principal or interest, even though the loan is
currently performing. A loan may remain on accrual status if it is in the process of collection and is well secured. When a loan
is placed on nonaccrual status, unpaid interest credited to income is reversed and interest income is not accrued until the loan
is brought current, is performing in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability
of principal and interest is no longer in doubt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Real estate that is acquired through foreclosure
or deed in lieu of foreclosure in partial or total satisfaction of loans is classified as other real estate owned (&ldquo;OREO&rdquo;).
At the date OREO is acquired properties are recorded at fair value less estimated costs to sell. When a property is acquired, the
excess of the loan balance over the fair value is charged to the allowance for loan losses. Any subsequent write downs that may
be required to the carrying value of the property are recorded in noninterest expense. At December&nbsp;31, 2019 and December&nbsp;31,
2018, Covenant&rsquo;s OREO totaled $1.3&nbsp;million and $92,000, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A loan is classified as a troubled debt
restructuring (&ldquo;TDR&rdquo;) when a concession that Covenant would not otherwise have considered is granted to a borrower
experiencing financial difficulty. All of Covenant&rsquo;s TDRs involve the restructuring of loan terms to reduce the total payment.
At December&nbsp;31, 2019, Covenant had six TDRs with a recorded balance of $522,000 and a specific reserve allocation of $126,000.
At December&nbsp;31, 2018, Covenant had nine TDRs with a recorded investment of $1.3&nbsp;million and a specific reserve allocation
of $138,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant accounts for its impaired loans
in accordance with U.S.&nbsp;GAAP. An impaired loan generally is one for which it is probable, based on current information and
events, that Covenant will not collect all the amounts due under the contractual terms of the loan agreement. Impairment is measured
on a loan-by-loan basis for commercial and industrial loans and commercial real estate loans by either the present value of expected
future cash flows discounted at the loan&rsquo;s effective interest rate or the fair value of the collateral, if the loan is collateral
dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Covenant&rsquo;s total
impaired loans amounted to $2.9&nbsp;million with a specific reserve allocation of $126,000 at December&nbsp;31, 2019, compared
to $5.8&nbsp;million and $138,000, respectively, at December&nbsp;31, 2018.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Allowance for Loan Losses</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The allowance for loan losses represents
management&rsquo;s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as a reduction
to loans. The allowance for loan losses is increased by the provision for loan losses and decreased by charge-offs, net of recoveries.
Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited
to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is
determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified losses are immediately
charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire
allowance is available to absorb any and all loan losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The allowance for loan losses is maintained
at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation
of the adequacy of the allowance. The allowance is based on Covenant&rsquo;s past loan loss experience, known and inherent risks
in the portfolio, adverse situations that may affect the borrower&rsquo;s ability to repay, the estimated value of any underlying
collateral, composition of the loan portfolio, current economic conditions, and other relevant factors. This evaluation is inherently
subjective as it requires material estimates that may be susceptible to significant revision as more information becomes available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For further discussion of Covenant&rsquo;s
accounting policies and discussion of the allowance for loan losses, see Notes&nbsp;1 and 4 to its financial statements for the
years ended December&nbsp;31, 2019 and 2018 presented elsewhere in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following tables summarize the activity
in the allowance for loan losses by loan class for the years indicated:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="18" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At or for the Years Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td>
    <td colspan="18" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">(Dollars in thousands)</td><td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold">December 31, 2019</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 45%; font-size: 10pt; text-align: left">Beginning balance</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">4,584</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">4,673</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">6,530</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">2,763</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">3,281</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">&nbsp;Provision for loan losses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">460</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,931</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,636</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4,416</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,455</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Chargeoffs:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Commercial and industrial</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,257</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3,114</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2,712</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(581</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(241</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Commercial real estate</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(124</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,822</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(118</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,545</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Residential real estate</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(214</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Consumer other</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 20pt">Total chargeoffs</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,257</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3,238</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4,534</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(699</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2,000</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Recoveries:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Commercial and industrial</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">71</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">129</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">27</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Commercial real estate</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">105</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">40</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">47</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Residential real estate</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">75</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Consumer other</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total recoveries</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">176</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">218</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">41</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">50</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">27</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 20pt">&nbsp;Net (chargeoffs) recoveries</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,081</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3,020</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4,493</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(649</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1,973</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 10pt">Ending balance</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3,963</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,584</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,673</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,530</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,763</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Net (chargeoffs) recoveries to average loans during the year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-0.26</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-0.77</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-1.30</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-0.28</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-1.07</td><td style="font-size: 10pt; text-align: left">%</td></tr>
</table>





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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Allocation of Allowance for Loan Losses</P>

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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="34" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">At
    December 31,</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">2019</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">2018</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">2017</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="34" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: center"><font style="font-size: 8pt">(Dollars
    in thousands)</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; font-style: italic"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Allowance</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Percent of</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Percent of</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Allowance</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Percent of</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Percent of</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Allowance</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Percent of</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Percent of</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">for Loan</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Allocated</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Loans to</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">for Loan</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Allocated</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Loans to</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">for Loan</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Allocated</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Loans to</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: center"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Losses</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Allowance</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Gross
    Loans</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Losses</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Allowance</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Gross
    Loans</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Losses</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Allowance</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Gross
    Loans</font></td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 10%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">Commercial and industrial</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">1,529</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">43</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">13</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">1,716</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">43</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">15</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">1,593</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">35</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="width: 1%; font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 8%; font-size: 10pt; text-align: right"><font style="font-size: 8pt">17</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">Commercial real estate</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">2,013</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">57</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">86</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">2,262</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">57</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">83</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">2,964</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">65</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">81</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">Residential real estate</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">8</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">0</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">2</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">14</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">0</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">2</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">13</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">0</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">1</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Consumer, other</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">0</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">0</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">5</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">0</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">0</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">0</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">0</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total allocated allowance</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">3,550</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">100</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">100</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">3,997</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">100</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">100</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">4,570</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">100</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">100</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">Unallocated</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">413</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">587</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-size: 8pt">103</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">Total</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">3,963</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">4,584</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><font style="font-size: 8pt">4,673</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 10pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
</table>



<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="22" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">At December 31,</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2016</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2015</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="22" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">(Dollars in thousands)</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: center">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: center">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: center">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: center">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: center">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: center">&nbsp;</td><td style="text-align: center; font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: center">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Allowance</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Percent of</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Percent of</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Allowance</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Percent of</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Percent of</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: center">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">for Loan</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Allocated</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Loans to</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">for Loan</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Allocated</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Loans to</td><td style="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: center">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Losses</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Allowance</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Gross Loans</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Losses</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Allowance</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Gross Loans</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 34%; font-size: 10pt; text-align: left">Commercial and industrial</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">3,533</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">54</td><td style="width: 1%; font-size: 10pt; text-align: left">%</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">23</td><td style="width: 1%; font-size: 10pt; text-align: left">%</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">904</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">33</td><td style="width: 1%; font-size: 10pt; text-align: left">%</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">29</td><td style="width: 1%; font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Commercial real estate</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,950</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">45</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">76</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,842</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">67</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">70</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Residential real estate</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Consumer, other</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total allocated allowance</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6,491</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">100</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">100</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,763</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">100</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">100</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-bottom: 1pt">Unallocated</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">39</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 0.125in">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,530</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">2,763</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>



<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The investment securities portfolio is used
principally to manage liquidity. The portfolio is generally structured to provide consistent cash flows to enhance liquidity and
provide funding for loan growth. At December&nbsp;31, 2019, Covenant&rsquo;s portfolio was composed of obligations of the U.S.&nbsp;government
and its agencies, agency mortgage-backed securities, corporate debt securities, and tax-exempt obligations of state and political
subdivisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investment securities are classified as
 &ldquo;held to maturity&rdquo; (&ldquo;HTM&rdquo;), &ldquo;available for sale&rdquo; (&ldquo;AFS&rdquo;), or &ldquo;trading&rdquo;
at time of purchase. Securities are classified as HTM based upon Covenant&rsquo;s intent and ability to hold them to maturity.
Such securities are stated at amortized cost or book value and adjusted for unamortized purchase premiums and discounts. Securities
which are bought and held principally for resale in the near term are classified as trading securities, which are carried at market
value. Realized gains and losses as well as gains and losses from marking the portfolio to fair value are included in trading revenue.
Covenant has no trading securities. Securities not classified as HTM or trading are classified as AFS. AFS securities are those
securities that Covenant intends to hold for an indefinite period of time, but not necessarily to maturity and are carried at fair
value. Unrealized gains and losses on AFS securities are reported as a component of accumulated other comprehensive income, net
of tax, which is included in stockholders&rsquo; equity. Any decision to sell a security classified as AFS would be based on various
factors, including significant movements in interest rates, changes in the mix of Covenant&rsquo;s assets and liabilities, liquidity
needs, regulatory capital considerations and other similar factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The amortized cost and approximate fair
value of securities available for sale and held to maturity as of December&nbsp;31, 2019, 2018 and 2017, and are summarized as
follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31, 2019</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Gross</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Gross</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Amortized</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Unrealized</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Unrealized</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Fair</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gains</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Losses</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">(In thousands)</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">AVAILABLE FOR SALE</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%; font-size: 10pt; text-align: left">U. S. Treasury bills</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">10,000</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">10,000</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Mortgage-backed securities -</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;U.S. government-sponsored entities - residential</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,883</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(32</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,856</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">&nbsp;Corporate debt securities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">40</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,040</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">&nbsp;State and municipal securities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,094</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">68</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,162</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;SBA asset-backed securities</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,764</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,781</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 0.125in">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">21,741</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">130</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(32</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">21,839</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: 400; font-style: normal; text-align: left; padding-bottom: 2.5pt">HELD TO MATURITY <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">- Corporate debt securities</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,000</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">36</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,036</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: Red; text-align: left"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31, 2018</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Gross</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Gross</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Amortized</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Unrealized</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Unrealized</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Fair</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gains</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Losses</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">(In thousands)</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">AVAILABLE FOR SALE</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%; font-size: 10pt; text-align: left">U. S. Treasury bills</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">9,999</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">2</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">10,000</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">&nbsp;Mortgage-backed securities -</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;U.S. government-sponsored entities - residential</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5,370</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(136</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5,234</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">&nbsp;Corporate debt securities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">43</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(6</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,038</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">&nbsp;State and municipal securities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,511</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(4</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,521</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;SBA asset-backed securities</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,205</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(9</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,197</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-size: 10pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">22,085</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">60</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(155</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">21,990</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: 400; font-style: normal; text-align: left; padding-bottom: 2.5pt">HELD TO MATURITY <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">- Corporate debt securities</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,000</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(6</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">994</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: Red; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: Red; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: Red; text-align: left"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31, 2017</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Gross</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Gross</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Amortized</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Unrealized</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Unrealized</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Fair</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gains</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Losses</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">(In thousands)</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">AVAILABLE FOR SALE</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%; font-size: 10pt; text-align: left">U. S. Treasury bills</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">9,999</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">1</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">-</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 10%; font-size: 10pt; text-align: right">10,000</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Mortgage-backed securities -</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">&nbsp;&nbsp;U.S. government-sponsored entities - residential</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6,993</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(112</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6,883</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Corporate debt securities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">28</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(2</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,026</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">State and municipal securities</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,564</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(11</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,556</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">SBA asset-backed securities</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,789</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(9</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,782</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 0.125in">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">24,345</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">36</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(134</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">24,247</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: 400; font-style: normal; text-align: left; padding-bottom: 2.5pt">HELD TO MATURITY <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">- Corporate debt securities</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">500</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">13</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">513</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: Red; text-align: left"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: Red; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: Red; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At December&nbsp;31, 2019, Covenant had
no investments in a single issuer (other than investments in securities issued by the U.S.&nbsp;Government) that had an aggregate
book value that exceeded 10% of its consolidated stockholders&rsquo; equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portfolio Maturities and Yields</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the stated
maturities and weighted average yields of the investment securities at December&nbsp;31, 2019. Certain mortgage-backed securities
have adjustable interest rates and will reprice within the various maturity ranges. These repricing schedules are not reflected
in the table below. Weighted average yield calculations on investment securities available for sale do not give effect to changes
in fair value that are reflected as a component of equity. Maturities are based on contractual payment dates, and do not reflect
the effect of scheduled principal repayments, prepayments, or early redemptions that may occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">More than One Year</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">More than Five Years</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Within
    One Year</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Through
    Five Years</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Through
    ten Years</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Due
    After Ten Years</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <td colspan="2" style="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><td style="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><td style="font-weight: bold; padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD><td style="padding-bottom: 2pt; font-weight: bold; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><td style="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <td colspan="2" style="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Weighted</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Weighted</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Weighted</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Weighted</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Weighted</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Amortized</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Average</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Amortized</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Average</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Amortized</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Average</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Amortized</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Average</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Amortized</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Fair</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Average</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Cost</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Yield</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Cost</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Yield</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Cost</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Yield</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Cost</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Yield</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Cost</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Value</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">Yield</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">(Dollars
    in thousands)</FONT></TD><TD STYLE="padding-bottom: 2pt; font-weight: bold; font-style: italic; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Available For Sale:</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 12%"><FONT STYLE="font-size: 8pt">U. S. Treasury bills</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>$</TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">1.42</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left">$<FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left">$<FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left">$<FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left">$<FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 8pt">1.42</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Mortgage-backed securities -</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">U.S. government-sponsored entities - residential</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,534</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.72</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">349</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.58</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,883</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,856</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.80</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Corporate debt securities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.44</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,040</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.44</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">State and municipal securities</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,367</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.32</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">913</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.59</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">569</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4.34</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">245</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,094</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,162</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.27</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">SBA asset-backed securities</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">2,764</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.25</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">2,764</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">2,781</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.25</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in"><FONT STYLE="font-size: 8pt">Total Available for Sale</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">11,367</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.65</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">7,211</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.42</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$<FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">2,918</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4.88</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">245</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.00</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">21,741</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$<FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 8pt">21,839</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.35</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2pt; padding-left: 0.125in"><FONT STYLE="font-size: 8pt">Total Held to Maturity - Corporate debt securities</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">$<FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">1,000</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6.25</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">1,000</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT>$</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font-size: 8pt">1,036</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6.25</FONT></TD><TD STYLE="padding-bottom: 2pt; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deposits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deposits are Covenant&rsquo;s primary source
of funds to support its interest earning assets. Covenant competes for deposits with other banks and credit unions. The following
tables set forth the distribution of average deposit accounts and average rates, by account type for the years indicated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="34" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Average</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Average</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Average</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Average</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Average</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">Average</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Rate</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Rate</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Rate</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="34" style="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(Dollars in thousands)</td><td style="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 8pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 19%; font-size: 8pt; text-align: left">Demand, noninterest-bearing</td><td style="width: 1%; font-size: 8pt">&nbsp;</td>
    <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 6%; font-size: 8pt; text-align: right">70,292</td><td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 8pt">&nbsp;</td>
    <td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td><td style="width: 6%; font-size: 8pt; text-align: right">18.85</td><td style="width: 1%; font-size: 8pt; text-align: left">%</td><td style="width: 1%; font-size: 8pt">&nbsp;</td>
    <td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td><td style="width: 6%; font-size: 8pt; text-align: right">-</td><td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 8pt">&nbsp;</td>
    <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 6%; font-size: 8pt; text-align: right">69,424</td><td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 8pt">&nbsp;</td>
    <td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td><td style="width: 6%; font-size: 8pt; text-align: right">19.17</td><td style="width: 1%; font-size: 8pt; text-align: left">%</td><td style="width: 1%; font-size: 8pt">&nbsp;</td>
    <td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td><td style="width: 6%; font-size: 8pt; text-align: right">-</td><td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 8pt">&nbsp;</td>
    <td style="width: 1%; font-size: 8pt; text-align: left">$</td><td style="width: 6%; font-size: 8pt; text-align: right">62,739</td><td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 8pt">&nbsp;</td>
    <td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td><td style="width: 6%; font-size: 8pt; text-align: right">19.63</td><td style="width: 1%; font-size: 8pt; text-align: left">%</td><td style="width: 1%; font-size: 8pt">&nbsp;</td>
    <td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td><td style="width: 6%; font-size: 8pt; text-align: right">-</td><td style="width: 1%; font-size: 8pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 8pt; text-align: left">Demand, interest -bearing</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">55,505</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">14.88</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">0.34</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">53,074</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">14.66</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">0.30</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">48,365</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">15.13</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">0.29</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 8pt; text-align: left">Money market accounts</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">124,668</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">33.42</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">1.77</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">119,161</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">32.91</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">1.50</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">123,215</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">38.55</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">0.91</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 8pt">Savings</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">5,120</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">1.37</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">0.26</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">3,299</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">0.91</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">0.25</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">3,454</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">1.08</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">0.26</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 8pt; text-align: left">Time, $100,000 and over</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">90,244</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">24.19</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">2.29</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">102,762</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">28.38</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">1.92</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">74,742</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">23.38</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">1.42</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 8pt; text-align: left">Time, other</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">27,171</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">7.29</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">2.44</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">14,361</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">3.97</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">1.97</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">7,111</td><td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">2.22</td><td style="font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">1.48</td><td style="font-size: 8pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 8pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">373,000</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">100.00</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">1.38</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">362,081</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">100.00</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">1.16</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">319,626</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">100.00</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</td><td style="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="font-size: 8pt; text-align: left">&nbsp;</td><td style="font-size: 8pt; text-align: right">0.76</td><td style="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">%</td></tr>
</table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Average brokered deposits, which are included
within the average balances above, total $15.6&nbsp;million, $28.6&nbsp;million and $22.5&nbsp;million in the years ended December&nbsp;31,
2019, 2018 and 2017, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table shows maturity of time
deposit of $100,000 and greater at December&nbsp;31, 2019:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 40%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Maturity Period:</td><td style="font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid">(In thousands)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 77%; font-size: 10pt">Three months or less</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 20%; font-size: 10pt; text-align: right">22,058</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Over three through six months</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4,293</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Over six through twelve months</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">27,041</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-bottom: 1pt">Over twelve months</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">36,909</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">90,301</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other Borrowed Funds and Long-Term Debt</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant also employs borrowings as another
source of funding. Other borrowed funds at December&nbsp;31, 2019 consisted of line-of-credit borrowings with the Atlantic Community
Bankers' Bank (&ldquo;ACBB&rdquo;) in the amount of $3.0&nbsp;million (due in December&nbsp;of 2021 with an interest rate of 5.13%).
Other borrowed funds at December&nbsp;31, 2018 consisted of line-of-credit borrowings with the ACBB in the amount of $3.0&nbsp;million
(due in October&nbsp;2019 with an interest rate of 6.00%) and overnight borrowing with Federal Home Loan Bank of Pittsburgh (&ldquo;FHLB&rdquo;)
in the amount of $3.0&nbsp;million (with an interest rate of 2.62%).The ACBB line-of-credit is secured by the common stock of Covenant
Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Long-term debt at December&nbsp;31, 2019
and 2018 consisted of a subordinated note payable with CenterState Bank Corporation (as successor to Sunshine Bancorp) in the amount
of $7.0&nbsp;million (with an interest rate of 6.25%, interest only until principal due date of June&nbsp;2026), a subordinated
note payable with ESSA Bank&nbsp;&amp; Trust in the amount of $1.0&nbsp;million (with an interest rate of 6.25%, interest only
until principal due date of June&nbsp;2026), a subordinated note payable with FNCB Bank in the amount of $2.0&nbsp;million (with
an interest rate of 6.50%, interest only until principal due date of July&nbsp;2027), and advances from the FHLB under various
notes totaling $61.0&nbsp;million and $60.5&nbsp;million, respectively, with an average rate of 2.05% at both dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth information
concerning balances and interest rates at the dates and for the years indicated:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At or For the Year Ended December 31,</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; font-style: italic; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid">(Dollars in thousands)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">Federal Home Loan Bank advances:</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 52%; font-size: 10pt; text-align: left">Balance outstanding at end of year</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">61,000</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">60,500</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">51,900</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Weighted average interest rate at end of year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.05</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.05</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.79</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Maximum amount outstanding at any month end</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">68,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">66,900</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">51,900</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Average balance outstanding during the year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">62,061</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">61,819</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">43,524</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Weighted average interest during the year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.08</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.02</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.66</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">Federal funds purchased:</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Balance outstanding at end of year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Weighted average interest rate at end of year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2.62</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Maximum amount outstanding at any month end</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5,500</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Average balance outstanding during the year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">37</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">10</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">320</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Weighted average interest during the year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.66</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.52</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.81</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">Line of credit advances ACBB:</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Balance outstanding at end of year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Weighted average interest rate at end of year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5.13</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6.00</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5.00</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Maximum amount outstanding at any month end</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Average balance outstanding during the year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,000</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Weighted average interest during the year</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5.85</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5.48</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4.66</td><td style="font-size: 10pt; text-align: left">%</td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">MARKET FOR COVENANT&rsquo;S COMMON STOCK</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant is privately owned, and its common
stock is not listed or traded in any active market. Covenant has not paid any dividends during the years ended December&nbsp;31,
2015 through December&nbsp;31, 2019. During the year ended December&nbsp;31, 2018, Covenant raised $1.1&nbsp;million from the private
placement of 133,577&nbsp;shares of common stock at $8.25 per share. During the year ended December&nbsp;31, 2017, Covenant raised
$11.7&nbsp;million from the private placement of 1,422,153&nbsp;shares of common stock at $8.25 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">COVENANT&rsquo;S MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>You should read the following discussion
and analysis of Covenant&rsquo;s financial condition and results of operations in conjunction with Covenant&rsquo;s financial statements
and notes thereto included elsewhere in this document. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purpose of this discussion and analysis
is to provide the reader with information pertinent to understanding and assessing Covenant&rsquo;s results of operations and financial
condition for the years ended December&nbsp;31, 2019 and 2018. This section contains forward-looking statements with respect to
Covenant&rsquo;s financial condition, results of operations and business. These forward-looking statements involve certain risks
and uncertainties. See &ldquo;Forward-Looking Information,&rdquo; located elsewhere in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s activity consists of owning
and supervising its subsidiary, Covenant Bank, which is a full-service bank providing personal and business lending and deposit
services. Covenant Bank operates through its main office located in Doylestown, PA and a branch located in Paoli, PA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Critical Accounting Policies and Estimates</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s financial statements have
been prepared in accordance with accounting principles generally accepted in the United States of America (&ldquo;U.S.&nbsp;GAAP&rdquo;).
In the preparation of its financial statements, Covenant is required to make estimates, judgments and assumptions that affect the
reported amounts of assets, liabilities, revenues and expenses as well as the disclosure of contingent assets and liabilities.
Actual results could differ from those estimates. Covenant&rsquo;s significant accounting policies are fundamental to understanding
Covenant&rsquo;s management&rsquo;s discussion and analysis of financial condition and results of operations. Covenant&rsquo;s
significant accounting policies are more fully described in Note 1 to its financial statements for the years ended December&nbsp;31,
2019 and 2018 included elsewhere in this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant defines its critical accounting
policies in accordance with U.S.&nbsp;GAAP that require it to make subjective estimates and judgments about matters that are uncertain
and are likely to have a material impact on its financial condition and results of operations, as well as the specific manner in
which those principles are applied. Covenant believes its critical accounting policies governing the determination of the allowance
for loan losses, assessment of other than temporary impairment of securities and the determination of income taxes are critical
accounting policies. Covenant&rsquo;s management has reviewed and approved these critical accounting policies and has discussed
these policies with its Audit Committee. Covenant believes the critical accounting policies used in the preparation of its financial
statements that require significant estimates and judgments are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Allowance for Loan Losses</I></B>.
The allowance for loan losses represents Covenant&rsquo;s best estimate of probable credit losses inherent in the loan portfolio.
The adequacy of Covenant&rsquo;s allowance for loan losses is evaluated regularly. The allowance for loan losses has been determined
in accordance with U.S.&nbsp;GAAP, under which Covenant is required to maintain an adequate allowance for loan losses. The allowance
for loan losses is based upon Covenant&rsquo;s management&rsquo;s assessment of several factors including an assessment of probable
losses included in the portfolio, giving consideration to the size and composition of the loan portfolio, actual loan loss experience,
level of delinquencies, detailed analysis of specific loans for which full collectability may not be assured, the existence and
estimated net realizable value of any underlying collateral and guarantees securing the loans, and current economic and market
conditions. Although Covenant&rsquo;s management uses the best information available, the level of the allowance for loan losses
remains an estimate which is subject to significant judgment and short-term change. Various regulatory agencies, as an integral
part of their examination process, periodically review Covenant&rsquo;s allowance for loan losses. Such agencies may require Covenant
to make additional provisions for loan losses based upon information available to them at the time of their examination. Furthermore,
most of Covenant&rsquo;s loans are secured by real estate. Accordingly, the collectability of a substantial portion of the carrying
value of Covenant&rsquo;s loan portfolio is susceptible to changes in local market conditions and may be adversely affected by
declines in real estate values. Future adjustments to the allowance for loan losses may be necessary due to economic, operating,
regulatory and other conditions beyond Covenant&rsquo;s control. Covenant believes that its allowance for loan losses is adequate
to cover probable loan losses which are specifically identifiable, as well as losses inherent in its portfolio which are probable
but not specifically identifiable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Assessment of Other than Temporary
Impairment</I></B>. Certain of Covenant&rsquo;s assets are carried in the balance sheet at fair value or at the lower of cost or
fair value. Valuation allowances are established when necessary to recognize impairment of such assets. Covenant periodically performs
analyses to test for impairment of various assets. In addition to Covenant&rsquo;s impairment analyses related to loans and other
real estate owned (&ldquo;OREO&rdquo;), another significant analysis relates to other than temporary declines in the value of its
securities. Covenant conducts a quarterly review and evaluation of the investment securities portfolio to determine if the value
of any security has declined below its carrying value and whether such decline is other than temporary. If such decline is deemed
other than temporary, Covenant would adjust the carrying value of the security by writing down the security to fair value through
a charge to current period earnings. At December&nbsp;31, 2019, Covenant has determined that all unrealized losses were temporary
in nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Income Taxes</I></B>. Covenant is
subject to the income tax laws of the United States, the Commonwealth of Pennsylvania, and other states where Covenant conducts
its business. Covenant accounts for income taxes by recognizing the amount of taxes payable or refundable for the current year
and deferred tax assets and liabilities for estimated future tax consequences, which require judgment with respect to events that
have been recognized in its financial statements or tax returns. Fluctuations in the actual outcome of future tax consequences,
including the recoverability of deferred tax assets, could materially impact Covenant&rsquo;s financial condition or results of
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overview of Covenant&rsquo;s Results of Operations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net Income</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s net income for the years
ended December&nbsp;31, 2019 and 2018 was $3.6&nbsp;million and $2.2&nbsp;million, respectively, an increase of 65.5%. Covenant&rsquo;s
diluted earnings per share for the year ended December&nbsp;31, 2019 were $0.79, an increase of $0.29, or 58.0%, compared to diluted
earnings per share of $0.50 for the year ended December&nbsp;31, 2018. The increase in year over year net income primarily reflects
an increase in net interest income and a lower provision for loan losses, partially offset by an increase in noninterest expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net Interest Income</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s results of operations depend
primarily on net interest income, the largest and most significant component of its operating income. Net interest income is the
difference between income on interest earning assets and the expense on interest bearing liabilities, primarily deposits. Net interest
income depends upon the relative amounts and types of interest earning assets and interest-bearing liabilities, and the interest
rate earned or paid on them. Net interest income is also impacted by changes in interest rates and the shape of market yield curves.
Net interest spread is the difference between the weighted average rate received on interest earning assets and the weighted average
rate paid to fund those interest earning assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following tables provide an analysis
of net interest income by each major category of average interest earning assets and average interest-bearing liabilities, and
the related average interest yields and costs for the years indicated. Average yields are derived by dividing annualized interest
income by the average balance of the related assets, and average costs are derived by dividing annualized interest expense by the
average balance of the related liabilities. The average interest yields and costs include fees, costs, premiums and discounts,
which are considered adjustments to interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="34" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Year
    Ended December 31,</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="10" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2019</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="10" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2018</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="10" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2017</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Average</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Average</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Average</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Average</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Average</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">Average</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Interest</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Rate</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Interest</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Rate</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Balance</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Interest</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="2" style="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Rate</font></td><td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td colspan="34" style="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-size: 8pt">(dollars in thousands)</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">Interest earning assets</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; width: 19%; font-size: 9pt; font-weight: 400; font-style: normal; text-align: left"><font style="font-size: 8pt">Investment
    securities <font style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 400">(1) (2)</font></font></td><td style="width: 1%; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; font-size: 9pt; text-align: right"><font style="font-size: 8pt">13,512</font></td><td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; font-size: 9pt; text-align: right"><font style="font-size: 8pt">459</font></td><td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 6%; font-size: 9pt; text-align: right"><font style="font-size: 8pt">3.40</font></td><td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="width: 1%; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; font-size: 9pt; text-align: right"><font style="font-size: 8pt">14,194</font></td><td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; font-size: 9pt; text-align: right"><font style="font-size: 8pt">421</font></td><td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 6%; font-size: 9pt; text-align: right"><font style="font-size: 8pt">2.97</font></td><td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="width: 1%; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; font-size: 9pt; text-align: right"><font style="font-size: 8pt">17,343</font></td><td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 6%; font-size: 9pt; text-align: right"><font style="font-size: 8pt">448</font></td><td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 1%; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="width: 6%; font-size: 9pt; text-align: right"><font style="font-size: 8pt">2.59</font></td><td style="width: 1%; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; font-weight: 400; font-style: normal"><font style="font-size: 8pt">Loans <font style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 400">(3)</font></font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">409,381</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">22,051</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">5.39</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">392,145</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">20,264</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">5.17</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">345,140</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">17,100</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">4.95</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left"><font style="font-size: 8pt">Interest bearing deposits with banks and</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">-</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal
    funds sold</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">30,925</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">766</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">2.48</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">20,780</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">498</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">2.40</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">6,202</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">132</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">2.13</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left"><font style="font-size: 8pt">Interest-bearing time deposits</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">9,712</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">232</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">2.39</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">20,467</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">389</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.90</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">11,084</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">136</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.23</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Restricted investment in bank
    stocks</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">2,944</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">249</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">8.46</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">2,941</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">216</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">7.34</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">2,232</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">128</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">5.73</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; font-weight: 400; font-style: normal; text-align: left"><font style="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    interest earning assets <font style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 400">(2)</font></font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">466,474</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">23,757</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">5.09</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">450,527</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">21,788</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">4.84</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">382,001</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">17,944</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">4.70</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left"><font style="font-size: 8pt">Allowance for loan losses</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">(4,607</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">(5,288</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">(6,858</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Non-interest earning assets</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">31,887</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">30,284</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">27,802</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    assets</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><font style="font-size: 8pt">493,754</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><font style="font-size: 8pt">475,523</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><font style="font-size: 8pt">402,945</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">Interest bearing liabilities</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left"><font style="font-size: 8pt">Interest bearing demand deposits</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">55,505</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">176</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">0.32</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">53,074</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">158</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">0.30</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">48,365</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">138</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">0.29</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left"><font style="font-size: 8pt">Money market deposits</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">124,668</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">2,269</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.82</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">119,161</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1,799</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.51</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">123,215</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1,122</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">0.91</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left"><font style="font-size: 8pt">Savings deposits</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">5,120</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">13</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">0.25</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">3,299</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">8</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">0.24</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">3,454</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">9</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">0.26</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Time deposits</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">117,415</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">2,673</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">2.28</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">117,123</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">2,240</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.91</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">81,853</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">1,165</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.42</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    interest bearing deposits</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">302,708</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">5,131</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.70</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">292,657</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">4,205</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.44</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">256,887</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">2,434</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">0.95</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left"><font style="font-size: 8pt">Borrowings and debt</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">65,099</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1,465</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">2.25</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">64,829</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1,411</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">2.18</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">46,843</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">867</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.85</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Subordinated debentures</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">10,000</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">630</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">6.30</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">10,000</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">630</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">6.30</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">9,025</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">566</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">6.27</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left"><font style="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    interest bearing liabilities</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">377,807</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">7,226</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.91</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">367,486</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">6,246</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.70</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">312,755</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">3,867</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">1.24</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left"><font style="font-size: 8pt">Non-interest bearing deposits</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">70,292</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">69,424</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">62,739</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left"><font style="font-size: 8pt">Other liabilities</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">5,388</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">3,151</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">2,602</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Stockholders' equity</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">40,267</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">35,462</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">24,849</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    liabilities and stockholders' equity</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><font style="font-size: 8pt">493,754</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><font style="font-size: 8pt">475,523</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><font style="font-size: 8pt">402,945</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; font-weight: 400; font-style: normal; text-align: left"><font style="font-size: 8pt">Net interest
    income/interest rate spread <font style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 400">(2)</font></font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">16,531</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">3.18</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">15,542</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">3.14</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">14,077</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">3.46</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; font-weight: 400; font-style: normal; text-align: left"><font style="font-size: 8pt">Net interest
    margin <font style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 400">(2) (4)</font></font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">3.54</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">3.45</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">3.69</font></td><td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; font-size: 9pt; font-weight: 400; font-style: normal; text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Tax-equivalent
    adjustment <font style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 400">(2)</font></font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">(25</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">(23</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><font style="font-size: 8pt">(47</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="font-size: 9pt; padding-bottom: 1pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-size: 9pt; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Net interest income</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><font style="font-size: 8pt">16,506</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><font style="font-size: 8pt">15,519</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><font style="font-size: 8pt">14,030</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></td>
    <td style="font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td><td style="font-size: 9pt; text-align: right"><font style="font-size: 8pt">&nbsp;</font></td><td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"><font style="font-size: 8pt">&nbsp;</font></td></tr>
</table>



<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>



<P STYLE="margin: 0">&nbsp;</p>

<p style="margin: 0">(1) Average balances of investment securities available for sale are based on amortized cost.</p>

<p style="margin: 0">(2) Interest and average rates
are presented on a tax equivalent basis using a federal income tax rate of 21% for 2019 and 2018, and 34% for 2017.</p>

<p style="margin: 0">(3) Average
balances of loans include loans on nonaccrual status.</p>

<p style="margin: 0">(4) Net interest income divided by average total interest earning assets.</p>

<p style="margin: 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.5pt; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4.5pt; color: Red">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Rate/Volume Analysis</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Changes in net interest income and margin
result from the interaction between the volume and composition of interest earning assets, interest bearing liabilities and related
yields and funding costs. The following table demonstrates the impact on net interest income of changes in the volume of interest
earning assets and interest-bearing liabilities and changes in interest rates earned and paid for the periods presented.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center">2019 Compared to 2018</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center">2018 Compared to 2017</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center">Increase (Decrease)</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center">Increase (Decrease)</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Due to Change in (1)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Due to Change in (1)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Average</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Average</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Net</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Average</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Average</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">Net</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Volume</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Rate</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Volume</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Rate</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: center">(in thousands)</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: center">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; text-align: center">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">Interest income</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 40%; font-size: 10pt; font-weight: 400; font-style: normal; text-align: left">Investment securities <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">(2)</font></td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 7%; font-size: 10pt; text-align: right">(21</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 7%; font-size: 10pt; text-align: right">59</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 7%; font-size: 10pt; text-align: right">38</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 7%; font-size: 10pt; text-align: right">(88</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 7%; font-size: 10pt; text-align: right">61</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 7%; font-size: 10pt; text-align: right">(27</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">Loans</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">910</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">877</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,787</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">2,405</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">759</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3,164</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Interest bearing deposits with banks and</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">251</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">17</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">268</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">347</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">19</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">366</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Interest-bearing time deposits</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(240</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">83</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(157</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">153</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">100</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">253</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restricted investment in bank stocks</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">33</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">33</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">47</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">41</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">88</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: 400; font-style: normal; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">(2)</font></td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">900</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,069</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,969</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,864</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">979</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,844</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">Interest expense</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Interest bearing demand deposits</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">7</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">18</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">14</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">20</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Money market deposits</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">86</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">384</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">470</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(38</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">715</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">677</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Savings deposits</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(0</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1</td><td style="font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Time deposits</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">427</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">433</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">598</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">477</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,075</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest bearing deposits</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">104</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">822</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">926</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">573</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,198</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1,771</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Borrowings and debt</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">48</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">54</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">373</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">171</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">544</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Subordinated debentures</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">61</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">64</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">110</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">870</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">980</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,008</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,371</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,379</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: 400; font-style: normal; text-align: left; padding-bottom: 2.5pt">Net interest income <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">(2)</font></td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">790</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">199</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">989</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,857</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(392</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,465</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Changes in interest income or expense attributable to
both changes in volume and changes in rate have been allocated in proportion to the relationship of the absolute dollar amount
of change in each category.</td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Interest and average rates are presented on a tax equivalent
basis using a federal income tax rate of 21% for 2019 and 2018, and 34% for 2017.</td>
</tr></table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Net interest income for the year ended December&nbsp;31,
2019 was $16.5&nbsp;million, an increase of $1.0&nbsp;million, or 6.4%, compared to net interest income of $15.5&nbsp;million for
the year ended December&nbsp;31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The increase in Covenant&rsquo;s net interest
income in the year ended December&nbsp;31, 2019 as compared to the year ended December&nbsp;31, 2018 was substantially attributable
to a $2.0&nbsp;million, or 9.0%, increase in total interest income, partially offset by a $1.0&nbsp;million, or 15.7%, increase
in total interest expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The increase in total interest income reflects
growth in Covenant&rsquo;s loan portfolio and a change in its composition. The loan portfolio increased by $21.5&nbsp;million,
or 5.4%, from December&nbsp;31, 2018 to December&nbsp;31, 2019, while the composition of the portfolio shifted toward commercial
real estate loans. As compared to December&nbsp;31, 2018, commercial and industrial loans declined by $7.6&nbsp;million, or 12.5%,
to $53.1&nbsp;million at December&nbsp;31, 2019, or 13% of the total portfolio, and commercial real estate loans increased by $30.2&nbsp;million,
or 9.1%, to $361.2&nbsp;million at December&nbsp;31, 2019, representing 86% of the total loan portfolio. Residential real estate
increased $258,000, or 3.6%, to $7.4&nbsp;million, or 2% of the total loan portfolio, and consumer loans decreased by $1.3&nbsp;million,
or 85.2%, to $226,000 at December&nbsp;31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The increase in total interest expense reflects
increasing market rates of interest in Covenant&rsquo;s service area, as total deposits increased by $31.5&nbsp;million or 8.7%,
from $361.9&nbsp;million at December&nbsp;31, 2018 to $393.4&nbsp;million at December&nbsp;31, 2019. Other borrowed funds declined
to $3.0&nbsp;million at December&nbsp;31, 2019 from $6.0&nbsp;million at December&nbsp;31, 2018. Long-term debt with FHLB increased
$500,000 to $61.0&nbsp;million at December&nbsp;31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Rates on loans increased 22 basis points
to 5.39% in 2019 and average balances increased $17.2&nbsp;million over 2018&rsquo;s average loans. Rates on interest bearing deposit
liabilities also increased 26 basis points while average balances increased $10.1&nbsp;million. Net interest margin, (net interest
income divided by average interest earning assets) expanded to 3.54% for 2019 as compared to 3.45% in 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Provision for Loan Losses</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant provides for loan losses by a charge
to current income to maintain the allowance for loan losses at an adequate level to absorb probable losses inherent in its loan
portfolio, determined according to its documented allowance adequacy methodology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the year ended December&nbsp;31, 2019,
Covenant provided $460,000 for loan losses, compared to $2.9&nbsp;million for the year ended December&nbsp;31, 2018. The provision
in 2019 reflects improving loss rates in commercial real estate, partially offset by increasing loss rates in commercial and industrial
loans and volume increases in commercial real estate and residential real estate. The allowance for loan losses to total loans
ratio was 0.94% and 1.15% at December&nbsp;31, 2019 and December&nbsp;31, 2018, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Noninterest Income</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Noninterest income consists primarily of
services fees, income on bank-owned life insurance (&ldquo;BOLI&rdquo;), and other. Noninterest income represents a small portion
of Covenant&rsquo;s total revenue totaling $649,000 for 2019 as compared to $654,000 for 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Noninterest Expense</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Noninterest expense consists of salaries
and employee benefits, occupancy and equipment, professional fees, data processing, and other expenses related to conducting Covenant&rsquo;s
operations and growing its business. Noninterest expense for the year ended December&nbsp;31, 2019 totaled $12.3&nbsp;million,
a $1.7&nbsp;million, or 16.6% increase, from $10.5&nbsp;million for the year ended December&nbsp;31, 2018. The year over year increase
was primarily due to higher salaries and wages and professional fees. Other expense was $1.8&nbsp;million for 2019 as compared
to $2.0&nbsp;million in 2018. In 2019, $380,000 of merger related charges were recorded and included in professional fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s efficiency ratio, a non-U.S.&nbsp;GAAP
financial measure that Covenant believes is a widely followed metric in the banking industry, measures operating expenses as a
percentage of net revenue, and is computed by dividing total noninterest expense (both including and excluding merger related
expenses) by the sum of net interest income (&ldquo;NII&rdquo;) and noninterest income.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth a
reconciliation between U.S.&nbsp;GAAP measures (noninterest expenses, net interest income and other income) and the related
non-U.S.&nbsp;GAAP measures (adjusted noninterest expense both and excluding merger related expenses) to derive
Covenant&rsquo;s non-U.S.&nbsp;GAAP efficiency ratios with and without merger related expenses for the periods indicated:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td>
    <td colspan="10" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">(Dollars in thousands)</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">Numerator:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 52%; font-size: 10pt; text-align: left">Non-interest expense</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">12,271</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">10,523</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">10,967</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: merger related expenses</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">380</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">11,891</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,523</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,967</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Denominator:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Net interest income</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">16,506</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">15,519</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">14,030</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-interest income</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">649</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">653</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">720</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">17,155</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">16,172</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">14,750</td><td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Efficiency ratios:</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Including merger related expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">71.53</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">65.07</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">74.35</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Excluding merger related expenses</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">69.32</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">65.07</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">74.35</td><td style="font-size: 10pt; text-align: left">%</td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Income Taxes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Income tax expense was $861,000 for the
year ended December&nbsp;31, 2019 versus $566,000 for the year ended December&nbsp;31, 2018. The effective tax rate, which is derived
from both federal and state statutory income tax rates, was approximately 19.5% for the year ended December&nbsp;31, 2019, compared
with 20.8% for the year ended December&nbsp;31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overview of Financial Condition</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At December&nbsp;31, 2019, Covenant&rsquo;s
total assets were $516.0&nbsp;million, net loans were $417.2&nbsp;million and total deposits were $393.4&nbsp;million, compared
to total assets of $479.4&nbsp;million, net loans of $394.9&nbsp;million and total deposits of $361.9&nbsp;million at December&nbsp;31,
2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loans</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s primary source of income
is interest on loans. Covenant&rsquo;s loan portfolio consists primarily of real estate loans secured by commercial properties,
loans secured by residential properties and commercial and industrial loans. Covenant&rsquo;s loan portfolio is the highest yielding
component of its significant interest earning assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Total gross loans at December&nbsp;31, 2019,
were $421.9&nbsp;million, an increase of 5.4% compared to $400.4&nbsp;million at December&nbsp;31, 2018. Growth for 2019 has been
primarily in commercial real estate loans and reflects the growing local economy in Covenant&rsquo;s trade area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Commercial real estate loans increased by
$30.2&nbsp;million, or 9.1%, to $361.2&nbsp;million at December&nbsp;31, 2019, compared to $331.0&nbsp;million at December&nbsp;31,
2018. Commercial and industrial loans decreased $7.6&nbsp;million, or 12.5%, to $53.1&nbsp;million at December&nbsp;31, 2019 compared
to $60.7&nbsp;million at December&nbsp;31, 2018. Residential loans increased by $258,000to $7.4&nbsp;million at December&nbsp;31,
2019 as compared to $7.1&nbsp;million at December&nbsp;31, 2018<B>. </B>Consumer loans decreased by $1.3&nbsp;million to $226,000
at December&nbsp;31, 2019 as compared to $1.5&nbsp;million at December&nbsp;31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant is experiencing increased competition
reflected in aggressive pricing and terms offered by its competitors. Covenant continues to focus its efforts on building new relationships
and providing quality service to its established loan customers who value its relationship banking philosophy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The carrying value of Covenant&rsquo;s available
for sale securities portfolio was $21.8&nbsp;million and $22.0&nbsp;million at December&nbsp;31, 2019 and 2018, respectively. There
were no investment sales in 2019 and the decrease in Covenant&rsquo;s available for sale securities portfolio reflects payments
and maturities within mortgage backed securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At December&nbsp;31, 2019 and 2018, Covenant
had 17 and 32 securities in an unrealized loss position, respectively. The decline in fair value is due primarily to interest rate
fluctuations and not credit losses. Covenant does not intend to sell these securities prior to recovery, and it is more likely
than not that Covenant will not be required to sell these securities prior to recovery and, therefore, no securities are deemed
to be other-than-temporarily impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At December&nbsp;31, 2019 and 2018, Covenant
had pledged securities with a carrying value of approximately $9.4&nbsp;million and $9.8&nbsp;million, respectively, for purposes
such as securing public deposits and borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deposits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Deposits are Covenant&rsquo;s primary source
of funds to support its interest earning assets. Covenant competes for deposits with other banks and credit unions. Total deposits
reached $393.4&nbsp;million at December&nbsp;31, 2019, an increase of 8.7% from $361.9&nbsp;million at December&nbsp;31, 2018.
The year over year increase of $31.5&nbsp;million reflects increases in all deposit categories except time deposits of $100,000
and over.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Noninterest-bearing demand balances increased
$6.4&nbsp;million, or 9.0%, to $77.0&nbsp;million at December&nbsp;31, 2019 from $70.7 million at December 31, 2018 and money market
accounts increased $12.2&nbsp;million, or 10.1%, to $132.6&nbsp;million at December&nbsp;31, 2019 from $120.4&nbsp;million at December&nbsp;31,
2018. Total time deposits increased $10.9, or 9.8%, to 121.7&nbsp;million at December&nbsp;31, 2019 as compared to $110.8&nbsp;million
at December&nbsp;31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Money market accounts include $5.0&nbsp;million
of brokered deposits at December&nbsp;31, 2019 and 2018 while time deposits $100,000 and over include $13.1&nbsp;million and $22.1
million of brokered deposits at December&nbsp;31, 2019 and 2018, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other Borrowed Funds and Long-Term Debt </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other borrowed funds at December&nbsp;31,
2019 consisted of line-of-credit borrowings with the Atlantic Community Bankers' Bank (&ldquo;ACBB&rdquo;) in the amount of $3.0&nbsp;million
(due in December&nbsp;of 2021 with an interest rate of 5.13%). Other borrowed funds at December&nbsp;31, 2018 consisted of line-of-credit
borrowings with the ACBB in the amount of $3.0&nbsp;million (due in October&nbsp;2019 with an interest rate of 6.00%) and overnight
borrowing with FHLB in the amount of $3.0&nbsp;million (with an interest rate of 2.62%).The ACBB line-of-credit is secured by the
common stock of Covenant Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Long-term debt at December&nbsp;31, 2019
and 2018 consisted of a subordinated note payable with CenterState Bank Corporation (successor to Sunshine Bancorp) in the amount
of $7.0&nbsp;million (with an interest rate of 6.25%, interest only until principal due date of June&nbsp;2026), a subordinated
note payable with ESSA Bank&nbsp;&amp; Trust in the amount of $1.0&nbsp;million (with an interest rate of 6.25%, interest only
until principal due date of June&nbsp;2026), a subordinated note payable with FNCB Bank in the amount of $2.0&nbsp;million (with
an interest rate of 6.50%, interest only until principal due date of July&nbsp;2027), and advances from the FHLB under various
notes totaling $61.0&nbsp;million and $60.5&nbsp;million, respectively, with an average rate of 2.05%, for both periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant has a maximum borrowing capacity
with the FHLB of $228.6&nbsp;million, of which $61.0&nbsp;million was outstanding at December&nbsp;31, 2019. Advances from the
FHLB are secured by qualifying assets of Covenant Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Derivative Financial Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant is a party to derivative financial
instruments in the normal course of business to meet the needs of commercial banking customers. These financial instruments have
been limited to interest rate swap agreements, which are entered into with counterparties that meet established credit standards
and, where appropriate, contain master netting and collateral provisions protecting the party at risk. Covenant believes that the
credit risk inherent in all the derivative contracts is minimal based on the credit standards and the netting and collateral provisions
of the interest rate swap agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant executes interest rate swaps with
commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously
economically hedged by offsetting interest rate swaps that Covenant executes with a third party, such that Covenant minimizes its
net risk exposure resulting from such transactions. These derivatives are not designated as hedges and are not speculative. Rather,
these derivatives result from a service Covenant provides to certain customers. As the interest rate swaps associated with this
program do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting
swaps are recognized directly in earnings. As of December&nbsp;31, 2019, and 2018, respectively, Covenant has 32 and 21&nbsp;interest
rate swaps with an aggregate notional amount of $117.0&nbsp;million and $91.6&nbsp;million, respectively, related to this program.
Fair values of the asset and liability derivatives at December&nbsp;31, 2019 and 2018 are $2.3&nbsp;million and $487,000, respectively.
The fair value of the interest rate swap assets and liabilities are included in other assets and other liabilities, respectively,
within the consolidated balance sheet and there is no offsetting of the amounts of the fair value assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant has agreements with certain of
its derivative counterparties that provide that if Covenant defaults on any of its indebtedness, including default where repayment
of the indebtedness has not been accelerated by the lender, then Covenant could also be declared in default on its derivative obligations.
Covenant also has agreements with certain of its derivative counterparties that provide that if Covenant fails to maintain its
status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and Covenant
would be required to settle its obligations under the agreements. Covenant maintains restricted cash collateral with a third-party
trustee of $5.5&nbsp;million at December&nbsp;31, 2019, under the provisions of the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Off-Balance Sheet Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant is a party to financial instruments
with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments
include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of
credit and interest rate risk in excess of the amount recognized in the statements of financial condition. Covenant&rsquo;s exposure
to credit loss in the event of non-performance by the counter party to these instruments is represented by the contractual amount
of those instruments. Covenant uses the same credit analyses in making commitments and conditional obligations as Covenant does
for on-balance-sheet instruments. Commitments under performance standby letters of credit do not necessarily represent future cash
requirements, in that these commitments often expire without being drawn upon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further discussion of these commitments
is included in Note 13 to Covenant&rsquo;s financial statements for the years ended December&nbsp;31, 2019 and 2018 beginning on
page <font>F-33</FONT> of this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Asset and Liability Management</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Asset and liability management involves
the evaluation, monitoring, and managing of market risk, interest rate risk, liquidity risk and the appropriate use of capital,
while maximizing profitability. Covenant&rsquo;s Asset and Liability Committee (&ldquo;ALCO&rdquo;) provides oversight to the asset
and liability management process. ALCO recommends policy guidelines regarding exposure to interest rates, and liquidity and capital
limits for approval by the Covenant Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The primary goals of Covenant&rsquo;s interest
rate risk management process are to control exposure to interest rate risk inherent in its balance sheet, determine the appropriate
risk level given its strategic objectives, and manage the risk consistent with limits and guidelines approved by ALCO and the Covenant
Board of Directors. On a quarterly basis, Covenant provides a detailed review of its interest rate risk position to ALCO and the
Covenant Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant manages and controls interest rate
risk by identifying and quantifying interest rate risk exposures using net interest income simulation and economic value at risk
models. Various assumptions are used to produce these analyses, including, but not limited to, the level of new and existing business,
loan and investment prepayment speeds, deposit flows, interest rate curves and competitive pricing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Liquidity is a measure of a bank&rsquo;s
ability to fund loans, withdrawals or maturities of deposits, and other cash outflows in a cost-effective manner. Covenant&rsquo;s
principal sources of funds include deposits, scheduled amortization and prepayments of loan principal, and funds provided by operations.
While scheduled loan payments are relatively predictable sources of funds, deposit flow and loan prepayments are greatly influenced
by general interest rates, economic conditions and competition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At December&nbsp;31, 2019, the amount of
liquid assets remained at a level Covenant&rsquo;s management deemed adequate to ensure that contractual liabilities, depositors&rsquo;
withdrawal requirements, and other operational and customer credit needs could be satisfied. As of December&nbsp;31, 2019, Covenant&rsquo;s
cash and cash equivalents was $39.0&nbsp;million, which represented 7.6% of total assets, compared to $26.2&nbsp;million at December&nbsp;31,
2018, which represented 5.5% of total assets on such date. Covenant has $167.6&nbsp;million of unused borrowing capacity at FHLB
representing additional liquidity at December&nbsp;31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interest Rate Sensitivity Analysis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At December&nbsp;31, 2019 and 2018, the
results of Covenant Bank&rsquo;s interest rate sensitivity analysis models were within guidelines prescribed by the Covenant Board
of Directors. If model results were to fall outside prescribed ranges, action plans, including additional monitoring and reporting
to the Covenant Board of Directors, would be required by ALCO and Covenant&rsquo;s management until results were back within prescribed
limits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant Bank&rsquo;s simulation model measures
the volatility of net interest income to changes in market interest rates. Covenant Bank measures the sensitivity of net interest
income over 12- and 24-month time horizons. Policy guidelines have been established for rate shocks, positive and negative, ranging
from -200 to +300 basis points. Rates are shocked immediately in year 1 with rates remaining stable in year&nbsp;2. Yield curve
shifts are parallel and instantaneous. For example, ALCO has established a policy that net interest income sensitivity is acceptable
if net interest income in the +/- 200 basis points scenarios are within a 15% change in net interest income in the first twelve
months and over the two-year time frame. Covenant Bank was within its policy guidelines at December&nbsp;31, 2019 and December&nbsp;31,
2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant Bank&rsquo;s net interest income
simulation models for December&nbsp;31, 2019 and December&nbsp;31, 2018 are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Interest Income</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% Change</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% Change</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">(Dollars in thousands)</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; font-style: normal; text-align: left">Rate Shock <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700">(1)</font></td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 36%; font-size: 10pt; text-align: left">+300</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">16,199</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">0.5</td><td style="width: 1%; font-size: 10pt; text-align: left">%</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">16,828</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">5.4</td><td style="width: 1%; font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">+200</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">16,191</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.5</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">16,544</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">3.6</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">+100</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">16,178</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.4</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">16,257</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">1.8</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">+ 0 (Static)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">16,118</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">15,968</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">-100</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">16,038</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(0.5</td><td style="font-size: 10pt; text-align: left">%)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">15,779</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1.2</td><td style="font-size: 10pt; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">-200</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">15,806</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1.9</td><td style="font-size: 10pt; text-align: left">%)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">15,750</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1.4</td><td style="font-size: 10pt; text-align: left">%)</td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Change in interest rates in basis points.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant Bank measures long-term interest
rate risk through an Economic Value of Equity (&ldquo;EVE&rdquo;) model. This model involves projecting Covenant Bank&rsquo;s asset
and liability cash flows to their maturity dates, discounting those cash flows at appropriate interest rates, and then aggregating
the discounted cash flows. Covenant Bank&rsquo;s EVE is the estimated net present value of these discounted cash flows. The variance
in the economic value of equity is measured as a percentage of the present value of equity. The sensitivity of EVE to changes in
the level of interest rates is a measure of the sensitivity of long-term earnings to changes in interest rates. Covenant Bank uses
the sensitivity of EVE principally to measure the exposure of equity to changes in interest rates over a relatively long-time horizon.
Based on the underlying assumptions, Covenant Bank was within its policy guidelines at December&nbsp;31, 2019, and December&nbsp;31,
2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant Bank&rsquo;s EVE as of December&nbsp;31,
2019 and December&nbsp;31, 2018 are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Economic Value of Equity</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% Change</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% Change</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td>
    <td colspan="14" style="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">(Dollars in thousands)</td><td style="font-size: 10pt; font-weight: bold; font-style: italic">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; font-style: normal; text-align: left">Rate Shock <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700">(1)</font></td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 36%; font-size: 10pt; text-align: left">+300</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">49,944</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">(20.2</td><td style="width: 1%; font-size: 10pt; text-align: left">%)</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 12%; font-size: 10pt; text-align: right">53,354</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 2%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 12%; font-size: 10pt; text-align: right">(6.6</td><td style="width: 1%; font-size: 10pt; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">+200</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">55,078</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(11.9</td><td style="font-size: 10pt; text-align: left">%)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">55,153</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(3.4</td><td style="font-size: 10pt; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">+100</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">59,442</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(5.0</td><td style="font-size: 10pt; text-align: left">%)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">56,408</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(1.2</td><td style="font-size: 10pt; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">+ 0 (Static)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">62,550</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">57,110</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">-100</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">62,992</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">0.7</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">57,034</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(0.1</td><td style="font-size: 10pt; text-align: left">%)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">-200</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">57,173</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(8.6</td><td style="font-size: 10pt; text-align: left">%)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">53,228</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">(6.8</td><td style="font-size: 10pt; text-align: left">%)</td></tr>
</table>


<p style="margin: 0">&nbsp;</p>

<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Change in interest rates in basis points.</td>
</tr></table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Modeling changes in the simulation and EVE
analyses require the making of certain assumptions, which may or may not reflect the manner in which actual yields or costs respond
to changes in market interest rates. Although the models discussed above provide an indication of Covenant Bank&rsquo;s interest
rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of
the effect of changes in market interest rates on its net interest income or economic value of equity and may differ from actual
results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Capital</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant and its Bank subsidiary are subject
to various regulatory capital requirements administered by the federal banking agencies. The final rules implementing BASEL Committee
on Banking Supervisor&rsquo;s Capital Guidance for U.S.&nbsp;banks (BASEL III rules) became effective for Covenant on January&nbsp;1,
2015, with full compliance with all of the requirements being phased in over a multi-year schedule and fully phased in by January&nbsp;1,
2019. Under the BASEL III rules, Covenant Bank must hold a capital conservation buffer above the adequately capitalized risk-based
capital ratios. The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital.
Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators
that, if undertaken, could have a direct material effect on Covenant&rsquo;s consolidated financial statements. Under capital adequacy
guidelines and the regulatory framework for prompt corrective action, Covenant Bank must meet specific capital guidelines that
involve quantitative measures of its assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting
practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components,
risk weightings, and other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Quantitative measures established by regulation
to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth on the following table) of total and
Tier&nbsp;1 capital (as defined in the regulations) to risk-weighted assets, Tier&nbsp;1 capital to average assets, and common
equity Tier&nbsp;1 capital to risk-weighted assets. Management believes, as of December&nbsp;31, 2019 and 2018, that Covenant and
its Bank subsidiary meet all capital adequacy requirements to which they are subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of December&nbsp;31, 2019, the most recent
notification from the Federal Deposit Insurance Corporation categorized Covenant Bank as well capitalized under the regulatory
framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum total risk-based,
common equity risk based, Tier&nbsp;1 risk-based, and Tier&nbsp;1 leverage ratios as set forth in the following tables. There are
no conditions or events since that notification that management believes have changed Covenant Bank&rsquo;s category. Covenant&rsquo;s
ratios do not differ significantly from Covenant Bank&rsquo;s ratios presented below. Covenant Bank&rsquo;s actual capital amounts
and ratios are as follows at December&nbsp;31, 2019 and 2018:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">Minimum</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">To Be Well Capitalized</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">Minimum</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">under Prompt</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">For Capital Adequacy</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">Corrective Action</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Actual</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Purposes</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Provisions</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ratio</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ratio</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ratio</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td colspan="22" style="font-size: 10pt; font-weight: bold; text-align: center">(Dollars in thousands)</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">December 31, 2019:</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Common equity Tier 1 capital</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold">&nbsp;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; width: 34%; font-size: 10pt; text-align: left">(to risk-weighted assets)</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">53,099</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">12.50</td><td style="width: 1%; font-size: 10pt; text-align: left">%</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">19,122</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">4.50</td><td style="width: 1%; font-size: 10pt; text-align: left">%</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">$</td><td style="width: 8%; font-size: 10pt; text-align: right">27,620</td><td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 1%; font-size: 10pt">&nbsp;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td><td style="width: 8%; font-size: 10pt; text-align: right">6.50</td><td style="width: 1%; font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Total capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-size: 10pt; text-align: left">(to risk-weighted assets)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">57,128</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">13.44</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">33,994</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8.00</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">42,493</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">10.00</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Tier 1 capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font-size: 10pt; text-align: left">(to risk-weighted assets)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">53,099</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">12.50</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">25,496</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6.00</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">33,994</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8.00</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">Tier 1capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-size: 10pt">(to average assets)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">53,099</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">10.33</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">20,569</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4.00</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">25,712</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5.00</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left">December 31, 2018</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Common equity Tier 1 capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-size: 10pt; text-align: left">(to risk-weighted assets)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">48,231</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11.95</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">18,163</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4.50</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">26,236</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6.50</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Total capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font-size: 10pt; text-align: left">(to risk-weighted assets)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">52,866</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">13.10</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">32,290</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8.00</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">40,363</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">10.00</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Tier 1 capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-size: 10pt; text-align: left">(to risk-weighted assets)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">48,231</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">11.95</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">24,218</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">6.00</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">32,290</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">8.00</td><td style="font-size: 10pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Tier 1capital</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">&nbsp;</td><td style="font-size: 10pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; font-size: 10pt">(to average assets)</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">48,231</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">10.06</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">19,169</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">4.00</td><td style="font-size: 10pt; text-align: left">%</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">23,962</td><td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt; text-align: left">&nbsp;</td><td style="font-size: 10pt; text-align: right">5.00</td><td style="font-size: 10pt; text-align: left">%</td></tr>
</table>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant is subject to certain restrictions
on the amount of dividends that it may declare due to regulatory considerations. As a practical matter, Covenant is dependent upon
dividends from Covenant Bank for funds to pay dividends or for other needs. The Pennsylvania Banking Code provides that cash dividends
may be declared and paid only out of accumulated net earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant Bank is required to maintain cash
reserve balances in vault cash or with the Federal Reserve Bank. These reserve requirements were approximately $2.9&nbsp;million
at December&nbsp;31, 2019 and December&nbsp;31, 2018, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Impact of Inflation and Changing
Prices</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant&rsquo;s financial statements and
notes thereto, located elsewhere in this document, have been prepared in accordance with U.S.&nbsp;GAAP, which requires the measurement
of financial position and operating results in terms of historical dollars without considering the change in the relative purchasing
power of money over time and due to inflation. The impact of inflation is reflected in the increased cost of Covenant&rsquo;s operations.
Unlike most industrial companies, nearly all of Covenant&rsquo;s assets and liabilities are monetary. Therefore, interest rates
have a greater impact on Covenant&rsquo;s performance than do the effects of general levels of inflation. Interest rates do not
necessarily move in the same direction or to the same extent as the prices of goods and services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a065"></a>COMPARISON OF SHAREHOLDERS&rsquo;
RIGHTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rights of Covenant shareholders are
governed by Pennsylvania law, including the Pennsylvania Business Corporation Law, which we refer to as the PBCL, and Covenant&rsquo;s
articles of incorporation and bylaws. The rights of C&amp;N shareholders are also governed by Pennsylvania law, including the PBCL,
and C&amp;N&rsquo;s articles of incorporation and bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon consummation of the merger, Covenant
shareholders will become C&amp;N shareholders. Consequently, after the merger, the rights of such shareholders will be governed
by the articles of incorporation and bylaws of C&amp;N and Pennsylvania law, including the PBCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A comparison of the rights of Covenant and
C&amp;N shareholders follows. The following discussion summarizes all material differences in the rights of shareholders of Covenant
and C&amp;N, but is not intended to be a complete statement of all differences or a complete description of the specific provisions
referred to therein. The description of the rights of C&amp;N&rsquo;s shareholders also constitutes a description of the common
stock of C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Authorized Capital; Dividend and
Liquidation Rights.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Covenant</I>: The authorized capital
stock of Covenant consists of five&nbsp;million (5,000,000) shares of common stock, par value one dollar ($1.00) per share, and
five million two hundred thousand (5,200,000) shares of preferred stock, no par value per share. All outstanding shares of common
stock are of the same class and have equal rights and attributes. The holders of common stock are entitled to one vote per share
on all matters submitted to vote. All shareholders are entitled to share equally in dividends which are declared. In the event
of liquidation, the holders of common stock are entitled to share ratably in all assets after payment of all liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>C&amp;N</I>: The authorized capital stock
of C&amp;N consists of twenty&nbsp;million (20,000,000) shares of common stock, par value one dollar ($1.00) per share, and thirty
thousand (30,000) shares of preferred stock, par value one thousand dollars ($1,000.00) per share. All outstanding shares of common
stock are of the same class and have equal rights and attributes. The holders of common stock are entitled to one vote per share
on all matters submitted to a vote. All shareholders are entitled to share equally in dividends, if any. In the event of liquidation,
the holders of common stock are entitled to share ratably in all assets remaining after payment of all liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Special Meeting of Shareholders</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Covenant</I>: Special meetings may be
called at any time by, the Chairman of the board, the President, a majority of the board of directors or by one (1) or more shareholders
entitled to cast not less than forty percent (40%) of the votes which all shareholders are entitled to cast at the particular meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>C&amp;N</I>: Special meetings of the
shareholders may be called at any time by the board of directors or by any three (3) or more shareholders owning in the aggregate,
not less than twenty percent (20%) of the stock of C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Preemptive Rights</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant: There are no preemptive rights
with respect to the common stock of Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N: There are no preemptive rights
with respect to the common stock of C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Shareholder Nomination of Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Covenant</I>: Under Covenant&rsquo;s
bylaws, any shareholder who intends to nominate or to cause to have nominated any candidate for election to the board of directors
(other than any candidate proposed by Covenant&rsquo;s then-existing board of directors) shall so notify the Secretary of Covenant
in writing not less than one hundred twenty (120) days prior to the date of the first anniversary of the date that Covenant&rsquo;s
release to its shareholders of its proxy statement for its previous year&rsquo;s annual meeting of shareholders called for the
election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>C&amp;N</I>: Under C&amp;N&rsquo;s articles
of incorporation, nomination for election to the board of directors may be made by the board of directors or by any shareholder
of any outstanding class of capital stock of C&amp;N entitled to cast a vote for the election of directors. Nominations, other
than those made by or on behalf of the existing management of C&amp;N, shall be made in writing and shall be delivered or mailed
to the President of C&amp;N not less than fourteen (14) days nor more than fifty (50) days prior to any meeting of shareholders
called for the election on directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Number and Classification of Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Covenant</I>: The number of directors
of Covenant may not be less than five (5) nor more than twenty-five (25). Directors are divided into three (3) classes (Class&nbsp;A,
B, or C) with each class as nearly equal in number as possible. The term of office of each Class of directors is three (3) years,
so that the term of office of one Class of directors expires each year when their respective successors have been duly elected
and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>C&amp;N</I>: The number of directors
of C&amp;N may not be less than five (5) nor more than twenty-five (25). Directors are divided into three (3) classes (Class&nbsp;I,
Class&nbsp;II, or Class&nbsp;III), with each class as nearly equal in number as possible. The term of office of each Class of directors
is three (3) years, so that the term of office of one Class of directors expires each year when their respective successors have
been duly elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Election of Directors; Cumulative
Voting</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Covenant</I>: At each meeting of shareholders
of Covenant called for the election of Covenant directors, the shareholders shall have the right to one (1) vote for each share
of common stock standing in their name for each director properly nominated. Covenant shareholders do not have cumulative voting
rights for the election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>C&amp;N</I>: At each meeting of the shareholders
of C&amp;N called for the election of directors, the shareholders have the right to one (1) vote for each share of common stock
standing in their name for each director properly nominated. There are no cumulative voting rights with respect to the election
of directors of C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Director Qualifications</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Covenant</I>: To qualify as a director
of Covenant, such person must be a shareholder of Covenant, a U.S. citizen and beneficially own at least 1,000&nbsp;shares of Covenant&rsquo;s
common stock. At least two-thirds (2/3) of all of Covenant&rsquo;s directors must be residents of Pennsylvania. If a director ceases
to maintain beneficial ownership of 1,000&nbsp;shares of Covenant&rsquo;s common stock, such directorship shall be declared vacant.
Additionally, a director shall automatically retire upon the date of the annual meeting which marks the expiration of the term
during which such director attains age seventy-five (75), unless such director was nominated in writing by at least eighty percent
(80%) of all of the other members of Covenant&rsquo;s board of directors and the reasons justifying the nomination are set forth
in proxy material for the annual meeting at which such director is nominated for re-election for a term after the term during which
such director attained age seventy-five (75).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>C&amp;N</I>: To qualify as a director
of C&amp;N, such person may not have attained the age of seventy-two (72) prior to the date of a regular annual meeting of the
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Vacancies</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Covenant</I>: When a vacancy occurs on
Covenant&rsquo;s board of directors, such vacancy shall be filled by a majority of the remaining members of the board of directors,
though less than a quorum, and each person so appointed shall be a director until the expiration of the term of office to which
he was appointed. Covenant&rsquo;s board of directors shall determine a vacancy by two-thirds (2/3) vote of all directors. Continued
unexcused absence for six (6) months, conviction of a felony, adjudication of incompetence or incapacity, and such other grounds
set forth in the PA BCL. Such determination of Covenant&rsquo;s board of directors may not be appealed to any court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>C&amp;N</I>: When a vacancy occurs among
the directors, the remaining members of the board of directors, in accordance with the laws of the Commonwealth of Pennsylvania
and the articles of incorporation of C&amp;N, may appoint a director to fill such vacancy at any regular meeting of the board,
or at a special meeting called for that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Special Meetings of the Board</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Covenant</I>: Special meetings of the
board may be called by the Chairman of the board or the President of Covenant or upon the written request of three (3) directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>C&amp;N</I>: Special meetings of the
board may be called by the Chairman of the board or at the request of three (3) or more directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Pennsylvania Anti-Takeover Provisions</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the PBCL, certain anti-takeover provisions
apply to Pennsylvania &ldquo;registered corporations.&rdquo; C&amp;N is a registered corporation, but has not opted out of the
anti-takeover provisions relating to control share acquisitions and disgorgement of profits by certain controlling persons under
Chapter&nbsp;25, Subchapters&nbsp;G and&nbsp;H, respectively, of the PBCL or the anti-takeover provisions relating the rights of
shareholders to demand fair value for their stock following a control transaction and to business combination transactions with
interested shareholders under Chapter&nbsp;25, Subchapters&nbsp;E and F, respectively, of the PBCL. Covenant is not a registered
corporation and therefore is not subject to these anti-takeover provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Amendment of Articles of Incorporation</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Covenant</I>: Amendment of Articles&nbsp;7
(cumulative voting), 8 (preemptive rights), 9 (acceptance and rejection of tender or other offer), 10 (approval of certain entity
transactions), 11 (authority to amend bylaws), and 12 (authority to amend Articles&nbsp;7, 8, 9, 10, 11, and 12 of Covenant&rsquo;s
articles of incorporation) requires the affirmative vote of holders of at least seventy-five percent (75%) of the outstanding shares
of the common stock of Covenant. There is otherwise no express provision relating to the amendment of Covenant&rsquo;s articles
of incorporation. Therefore, under the Pennsylvania law, an amendment to the articles of incorporation requires the approval of
the board of directors and, except in limited cases where a greater vote may be required, the affirmative vote of holders of a
majority of the votes cast by all shareholders entitled to vote on the matter and the affirmative vote of holders of a majority
of the votes cast by all shareholders within each class or series of shares if such class or series is entitled to vote on the
matter as a class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>C&amp;N</I>: Amendment of Articles&nbsp;8
(number of directors), 9 (classes of directors), 12 (approval of certain entity transactions), 13 (beneficial ownership), 14 (shareholder
meeting required), 15 (authority to amend bylaws) and 16 (evaluation of offers for certain entity transactions) of C&amp;N&rsquo;s
articles of incorporation requires the affirmative vote of holders of at least seventy-five percent (75%) of the common stock of
C&amp;N unless at least sixty-six and two-thirds percent (66 2&#8725;3 %) of the members of the board of directors of C&amp;N approve
the amendment, in which case, approval by the shareholders requires the affirmative vote of shareholders entitled to cast a majority
of the votes that all shareholders are entitled to cast thereon. There is otherwise no express provision relating to the amendment
of C&amp;N&rsquo;s articles of incorporation. Therefore, under the Pennsylvania law, an amendment to the articles of incorporation
requires the approval of the board of directors and, except in limited cases where a greater vote may be required, the affirmative
vote of holders of a majority of the votes cast by all shareholders entitled to vote on the matter and the affirmative vote of
holders of a majority of the votes cast by all shareholders within each class or series of shares if such class or series is entitled
to vote on the matter as a class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Amendment of Bylaws</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Covenant</I>: Covenant&rsquo;s bylaws
may be amended by the affirmative vote of the holders of at least a majority of the outstanding shares of its common stock at any
regular or special meeting duly convened after notice to the shareholders of that purpose or by a majority vote of the members
of its board of directors at any regular or special meeting thereof duly convened after notice to the directors of that purpose,
subject always to the power of the shareholders to change such action of the Board of Directors by the affirmative vote of the
holders of a majority of the outstanding shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>C&amp;N</I>: C&amp;N&rsquo;s Bylaws may
be amended upon a vote of a majority of the entire board of directors at any meeting of the board, provided ten (10) days notice
of the proposed amendment has been given to each member of the board of directors, subject always to the power of the shareholders
to make, amend, alter, change or repeal the bylaws of C&amp;N by the affirmative vote of shareholders of common stock of C&amp;N
entitled to cast seventy five percent (75%) of the votes that all shareholders are entitled to cast thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Required Vote for Certain Business
Combinations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Covenant</I>: Covenant&rsquo;s articles
of incorporation require the affirmative vote of at least seventy-five percent (75%) of Covenant&rsquo;s common stock to approve
a merger, consolidation or sale of substantially all of its assets unless the transaction is approved by at least seventy-five
percent (75%) of all board members, in which case, approval requires holders of a majority of the shares of common stock voting
at a shareholders meeting to vote in favor of the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>C&amp;N</I>: C&amp;N&rsquo;s articles
of incorporation require the affirmative vote of the holders of seventy-five percent (75%) of C&amp;N&rsquo;s common stock to approve
any merger, consolidation, sale of all or substantially all of the assets of C&amp;N assets, share exchange in which a person or
entity acquires C&amp;N&rsquo;s issued and outstanding shares of capital stock pursuant to a vote of shareholders, or any transaction
similar to, or having a similar effect to, any of the foregoing, unless such action is approved in advance by the affirmative vote
of sixty-six and two-thirds percent (66&nbsp;2&#8725;3 %) of the C&amp;N board of directors, in which case the provisions of the
Pennsylvania Business Corporation Law will apply as to whether or not shareholder approval is necessary. Under the Pennsylvania
Business Corporation Law, a merger must be approved by the holders of a majority of the votes cast by all shareholders voting thereon,
provided that no vote of the shareholders is required if: (i)&nbsp;the articles of incorporation of the surviving association are
identical to the articles on incorporation of the corporation for which shareholder approval is not required, (ii)&nbsp;each outstanding
share of the corporation for which shareholder approval is not required is to continue as or be converted into an identical share
of the surviving association, and (iii)&nbsp;the plan of merger provides that the shareholders of the corporation for which shareholder
approval is not required are to hold in the aggregate shares of the surviving association to be outstanding immediately after the
effectiveness of the merger entitled to cast at least a majority of the votes entitled to be cast generally for the election of
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Indemnification</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Both C&amp;N&rsquo;s and Covenant&rsquo;s
bylaws provide for the indemnification of directors and officers against certain types of claims made against them. Insofar as
indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling
the registrant pursuant to the foregoing provisions, the registrant has been informed that, in the opinion of the Securities and
Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a066"></a>LEGAL MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The validity of the C&amp;N common stock
to be issued in connection with the merger will be passed upon for C&amp;N by Stevens&nbsp;&amp; Lee, P.C., Harrisburg, Pennsylvania.
Certain U.S. federal income tax consequences relating to the merger will also be passed upon for C&amp;N and Covenant by Stevens&nbsp;&amp;
Lee, P.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><a name="n5012forms4a067"></a>EXPERTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated financial statements of
C&amp;N as of December&nbsp;31, 2019 and 2018 and for each of the two years in the period ended December&nbsp;31, 2019 incorporated
herein by reference from the C&amp;N Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2019 and the effectiveness
of C&amp;N&rsquo;s internal controls over financial reporting as of December&nbsp;31, 2019 have been audited by Baker Tilly Virchow
Krause, LLP, an independent registered public accounting firm, as stated in their report thereon, incorporated herein by reference,
in reliance upon such report and upon the authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The audit committee (the &ldquo;Covenant
audit committee&quot;) of the board of directors of Covenant Financial, Inc. conducted a comprehensive, competitive process to
determine Covenant&rsquo;s independent registered public accounting firm for its year ended December&nbsp;31, 2019. The Covenant
audit committee invited three national accounting firms to participate in this process, including Baker Tilly Virchow Krause LLP,
Covenant&rsquo;s then independent registered public accounting firm. As a result of this process, on February&nbsp;15, 2019, the
Covenant audit committee recommended to the Covenant board of directors (i)&nbsp;the engagement S.R. Snodgrass, P.C. as Covenant&rsquo;s
independent registered public accounting firm for its year ended December&nbsp;31, 2019, and (ii) the dismissal of Baker Tilly
Virchow Krause LLP from that role. The Covenant board of directors approved the engagement of S.R. Snodgrass, P.C. and Baker Tilly
Virchow Krause LLP&rsquo;s dismissal at its next regularly scheduled meeting held on March&nbsp;15, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Baker Tilly Virchow Krause LLP's reports
on Covenant&rsquo;s consolidated financial statements as of and for the fiscal years ended December&nbsp;31, 2018 and December&nbsp;31,
2017 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit
scope or accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the fiscal years ended December&nbsp;31,
2018, and December&nbsp;31, 2017, and the subsequent interim period through the date hereof, there were (i) no &ldquo;disagreements&rdquo;
as that term is defined in Item 304(a)(1)(iv) of Regulation S-K, between Covenant and Baker Tilly Virchow Krause LLP on any matter
of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, any of which, if not resolved
to Baker Tilly Virchow Krause LLP 's satisfaction, would have caused Baker Tilly Virchow Krause LLP to make reference to the subject
matter of any such disagreement in connection with its reports for such years and interim period and (ii) no reportable events
within the meaning of Item 304(a)(1)(v) of Regulation S-K during the two most recent fiscal years or the subsequent interim period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated financial statements of
Covenant Financial, Inc. as of and for the year ended December&nbsp;31, 2019, and for the one-year period ended December&nbsp;31,
2019, have been included herein in reliance upon the report of S.R.&nbsp;Snodgrass, P.C., an independent registered public accounting
firm, and upon the authority of said firm as experts in accounting and auditing. The consolidated financial statements of Covenant
Financial, Inc. as of and for the year ended December&nbsp;31, 2018, and for the one-year period ended December&nbsp;31, 2018,
have been included herein in reliance upon the report of Baker Tilly Virchow Krause LLP, an independent registered public accounting
firm, and upon the authority of said firm as experts in accounting and auditing.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COVENANT FINANCIAL, INC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DOYLESTOWN, PENNSYLVANIA</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AUDIT REPORT</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DECEMBER 31, 2019</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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    <div style="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COVENANT FINANCIAL, INC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AUDITED CONSOLIDATED FINANCIAL STATEMENTS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DECEMBER 31, 2019</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 90%">&nbsp;</td>
    <td style="text-align: center; width: 10%">Page</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center">Number</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><a href="#F_001">Independent Auditors&rsquo; Report</a></td>
    <td style="text-align: center"><a href="#F_001">F-1&ndash;F-3</a></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left">Financial Statements</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left"><a href="#F_002">Consolidated Balance Sheet</a></td>
    <td style="text-align: center"><a href="#F_002">F-4</a></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left"><a href="#F_003">Consolidated Statement of Operations</a></td>
    <td style="text-align: center"><a href="#F_003">F-5</a></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left"><a href="#F_004">Consolidated Statement of Comprehensive Income</a></td>
    <td style="text-align: center"><a href="#F_004">F-6</a></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left"><a href="#F_005">Consolidated Statement of Changes in Stockholders&rsquo; Equity</a></td>
    <td style="text-align: center"><a href="#F_005">F-7</a></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left"><a href="#F_006">Consolidated Statement of Cash Flows</a></td>
    <td style="text-align: center"><a href="#F_006">F-8</a></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><a href="#F_007">Notes to Consolidated Financial Statements</a></td>
    <td style="text-align: center"><a href="#F_007">F-9&ndash;F-42</a></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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    <div style="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><img src="image_010.jpg" alt="">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u><a name="F_001"></a>INDEPENDENT AUDITOR&rsquo;S REPORT</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors<br>
Covenant Financial, Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Doylestown, Pennsylvania</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Report on the Financial Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have audited the accompanying consolidated
financial statements of Covenant Financial, Inc. and its subsidiary, Covenant Bank, which comprise the consolidated balance sheet
as of December 31, 2019; the related consolidated statements of operations, comprehensive income, changes in stockholders&rsquo;
equity, and cash flows for the year then ended; and the related notes to the consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Management&rsquo;s Responsibility for
the Financial Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Management is responsible for the preparation
and fair presentation of these consolidated financial statements, in accordance with accounting principles generally accepted in
the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Auditor&rsquo;s Responsibility</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Our responsibility is to express an opinion
on these consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the consolidated financial statements are free of material misstatement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">An audit involves performing procedures
to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend
on the auditor&rsquo;s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity&rsquo;s
preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate
in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity&rsquo;s internal control.
Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Opinion</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In our opinion, the consolidated financial
statements referred to above present fairly, in all material respects, the financial position of Covenant Financial, Inc. and its
subsidiary, Covenant Bank, as of December 31, 2019, and the results of their operations and their cash flows for the year then
ended, in accordance with accounting principles generally accepted in the United States of America.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img src="tm2015071d1_s4fimg005.jpg" alt="" style="height: 12px; width: 689px">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="image_011.jpg" alt="">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other Matter</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">The
consolidated financial statements of </font>Covenant Financial, Inc. and its subsidiary, Covenant Bank, <font style="font-family: Times New Roman, Times, Serif">as
of and for the year ended December 31, 2018, were audited by other auditors, whose report, dated February 15, 2019, expressed an
unmodified opinion on those statements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><img src="image_012.jpg" alt="">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cranberry Township, Pennsylvania</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 21, 2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<!-- Field: Page; Sequence: 124 -->
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    <div style="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<img src="image_015.jpg" alt=""></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Independent Auditors' Report</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">To
the Board of Directors of</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Covenant
Financial, Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">We
have audited the accompanying consolidated financial statements of Covenant Financial, Inc. and its subsidiary, Covenant Bank,
which comprise the consolidated balance sheet as of December 31, 2018, and the related consolidated statements of operations,
comprehensive income, stockholders' equity, and cash flows for the year then ended, and the related notes to the consolidated
financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><b>Management's
Responsibility for the Consolidated Financial Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Management
is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting
principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><b>Auditors'
Responsibility</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Our
responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit
in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material
misstatement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">An
audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement
of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order
to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as
well as evaluating the overall presentation of the consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><b>Opinion</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">In
our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position
of Covenant Financial, Inc. and its subsidiary, Covenant Bank, as of December 31, 2018, and the results of their operations and
their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="image_014.jpg" alt="" style="height: 55px; width: 347px"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Allentown,
Pennsylvania</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">February
15, 2019</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 8pt Times New Roman, Times, Serif; color: rgb(35,31,32); margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Baker
Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members
of which are separate and independent legal entities. &copy; 2018 Baker Tilly Virchow Krause, LLP</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td colspan="8" style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"><a name="F_002"></a>COVENANT FINANCIAL, INC.</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="8" style="text-align: center"><font style="font-family: Times New Roman, Times, Serif">CONSOLIDATED BALANCE SHEET</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="8" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>December 31,</b></font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif"><b>2019</b></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif"><b>2018</b></font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif">ASSETS</font></td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; width: 76%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Cash and due from banks</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td>
    <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">20,395,142</font></td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td>
    <td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">10,340,055</font></td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Interest-bearing deposit in banks</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">16,315,833</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">11,319,156</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif">Federal funds sold</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">2,271,000</font></td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">4,511,000</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Cash and cash equivalents</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">38,981,975</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">26,170,211</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Interest-bearing time deposits</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">11,236,000</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">13,974,000</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Securities available for sale</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">21,838,833</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">21,989,768</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Securities held to maturity, fair value 2019 $1,036,308; 2018 $994,485</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">1,000,000</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">1,000,000</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif">Loans, net of allowance for loan losses 2019 $3,963,365;2018 $4,583,685</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">417,183,398</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">394,889,629</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Restricted investment in bank stock</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">2,871,800</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">3,004,400</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Premises and equipment, net</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">3,460,637</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">3,514,922</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Accrued interest receivable</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">1,487,414</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">1,352,980</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Bank-owned life insurance</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">11,043,908</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">10,782,367</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Other real estate owned</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">1,322,780</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">91,593</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Right-of-use asset</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">1,804,674</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">-</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif">Other assets</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">3,736,182</font></td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">2,587,109</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left; padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif">TOTAL ASSETS</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif">515,967,601</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif">479,356,979</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">LIABILITIES AND STOCKHOLDERS' EQUITY</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif">Deposits:</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Noninterest-bearing demand</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">77,018,905</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">70,668,584</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif">Interest-bearing demand</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">316,425,928</font></td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">291,250,060</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Total deposits</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">393,444,833</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">361,918,644</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Other borrowed funds</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">3,000,000</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">6,000,000</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Long-term debt, Federal Home Loan Bank</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">61,000,000</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">60,500,000</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Long-term debt, subordinated</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">10,000,000</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">10,000,000</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Accrued interest payable</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">550,771</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">550,495</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Lease liability</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">1,808,506</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">-</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif">Other liabilities</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">4,085,337</font></td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">2,264,862</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.375in; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif">TOTAL LIABILITIES</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">473,889,447</font></td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">441,234,001</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">STOCKHOLDERS' EQUITY</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif">Common stock, par value $1; 5,000,000 shares authorized;</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">4,400,434 shares issued and outstanding 2019;</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">4,400,267 shares issued and outstanding 2018</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">4,400,434</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">4,400,267</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in"><font style="font-family: Times New Roman, Times, Serif">Surplus</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">31,141,011</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">30,900,766</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">Retained earnings</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">6,459,327</font></td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">2,897,304</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif">Accumulated other comprehensive income (loss)</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">77,382</font></td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">(75,359</font></td>
    <td style="padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif">TOTAL STOCKHOLDERS' EQUITY</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">42,078,154</font></td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif">38,122,978</font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.375in; text-align: left; padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515,967,601</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif">479,356,979</font></td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-style: normal; font-weight: normal">The accompanying
notes are an integral part of the consolidated financial statements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td colspan="9" style="text-align: center"><a name="F_003"></a>COVENANT FINANCIAL, INC.</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="9" style="text-align: center">CONSOLIDATED STATEMENT OF OPERATIONS</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="9" style="text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><b>Year Ended December 31,</b></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><b>2019</b></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><b>2018</b></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">INTEREST AND DIVIDEND INCOME</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; width: 74%; text-align: left">Loans receivable, including fees</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">22,051,295</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">20,264,268</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">433,987</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">397,896</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; padding-bottom: 1pt">Other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,246,371</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,103,385</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total interest and dividend income</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">23,731,653</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">21,765,549</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">INTEREST EXPENSE</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Deposits</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5,130,807</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,205,271</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; padding-bottom: 1pt">Borrowings</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,095,037</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,041,297</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total interest expense</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">7,225,844</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">6,246,568</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">NET INTEREST INCOME</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">16,505,809</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">15,518,981</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Provision for loan losses</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">460,000</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,931,176</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">NET INTEREST INCOME AFTER</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">PROVISION FOR LOAN LOSSES</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">16,045,809</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">12,587,805</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">NONINTEREST INCOME</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Service fees</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">343,681</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">316,441</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Income on bank-owned life insurance</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">261,540</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">273,595</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 1pt">Other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">43,558</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">63,586</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total noninterest income</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">648,779</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">653,622</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">NONINTEREST EXPENSE</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Salaries and employee benefits</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">7,760,591</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5,877,537</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Occupancy and equipment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">909,238</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">950,859</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Professional fees</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">816,619</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">569,719</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Advertising and promotion</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">160,036</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">198,483</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Data processing</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">652,709</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">619,780</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">FDIC assessment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">106,456</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">310,260</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Other real estate owned</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">28,433</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">43,378</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 1pt">Other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,837,040</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,953,347</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total noninterest expense</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">12,271,122</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">10,523,363</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Income before income tax expense</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,423,466</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,718,064</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Income tax expense</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">861,443</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">566,414</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">NET INCOME</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">3,562,023</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,151,650</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Earnings per share:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Basic</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">0.81</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">0.50</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in">Diluted</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">0.79</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">0.50</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Weighted average shares outstanding:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in">Basic</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,400,342</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,292,303</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Diluted</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,527,193</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,292,509</td>
    <td style="text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><font style="font-style: normal; font-weight: normal">The accompanying
notes are an integral part of the consolidated financial statements.</font></p>

<p style="margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td colspan="9" style="text-align: center"><a name="F_004"></a>COVENANT FINANCIAL, INC.</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="9" style="text-align: center">CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center"><b>Year Ended December 31,</b></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><b>2019</b></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><b>2018</b></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; text-align: left">NET INCOME</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">3,562,023</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">2,151,650</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0in; text-align: left">Other comprehensive income:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Unrealized holding gains (losses) on securities available for sale</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">193,338</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(10,264</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Income tax effect</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(40,597</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,155</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Total other comprehensive income (loss)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">152,741</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(8,109</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total comprehensive income</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">3,714,764</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,143,541</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-style: normal; font-variant: normal; font-weight: normal">The
accompanying notes are an integral part of the consolidated financial statements.</font></p>

<p style="margin: 0pt 0">&nbsp;</p>

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<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif"><a name="F_005"></a>COVENANT FINANCIAL, INC. </font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY </font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Accumulated</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Other</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Total</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Common</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Retained</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Comprehensive</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Stockholders'</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Stock</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Surplus</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Earnings</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Income (Loss)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Equity</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%">Balance, December 31, 2017</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">4,145,490</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">28,943,702</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">745,654</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">(67,250</td>
    <td style="width: 1%; text-align: left">)</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">33,767,596</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net income</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,151,650</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,151,650</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other comprehensive loss</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(8,109</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(8,109</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercise of stock options, 121,200 shares</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">121,200</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">714,095</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">835,295</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Proceeds from common stock offering</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">133,577</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">968,433</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,102,010</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Compensation expense recognized on stock options</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">274,536</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">274,536</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Balance, December 31, 2018</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,400,267</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">30,900,766</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,897,304</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(75,359</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">38,122,978</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net income</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,562,023</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,562,023</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other comprehensive income</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">152,741</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">152,741</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Exercise of stock options, 167 shares</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">167</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,211</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,378</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Compensation expense recognized on stock options</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">239,034</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">239,034</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Balance, December 31, 2019</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">4,400,434</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">31,141,011</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">6,459,327</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">77,382</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">42,078,154</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes are an integral
part of the consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a name="F_006"></a>COVENANT FINANCIAL, INC. </font></td>
    </tr>
<tr>
    <td style="white-space: nowrap; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED STATEMENT OF CASH FLOWS </font></td>
    </tr>
</table>
<p style="margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Year Ended December 31,</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">OPERATING ACTIVITIES</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 74%; text-align: left; padding-left: 10pt">Net income</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">3,562,023</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">2,151,650</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Adjustments to reconcile net income to net cash provided by operating
    activities:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Provision for loan losses</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">460,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,931,176</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Depreciation of bank premises and equipment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">293,985</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">336,730</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Amortization of right of use asset</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">144,306</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Net amortization of securities, premiums, and discounts</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">122,574</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">141,085</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Compensation expense on stock options</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">239,034</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">274,536</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Deferred income taxes</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(66,754</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">562,371</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Net realized losses on sales of other real estate owned</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,782</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Write-down of other real estate owned</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">76,380</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">11,907</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Income on cash surrender value of bank-owned life insurance</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(261,540</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(273,595</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Net decrease in servicing assets</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">32,680</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">111,483</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Increase in accrued interest receivable</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(134,434</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(79,306</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Increase in accrued interest payable</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">276</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">105,320</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Other, net</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">163,158</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">182,997</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">4,631,688</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">6,460,136</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">CASH FLOWS FROM INVESTING ACTIVITIES</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Activity in available-for-sale securities:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt">Purchases</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(12,162,096</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(40,487,865</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Maturities, calls, and principal repayments</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">12,383,794</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">42,106,952</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Net maturities (purchases) of interest-bearing time deposits</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,738,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">256,999</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Net increase in loans</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(23,943,470</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(26,344,145</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Proceeds of sales (purchases) of restricted bank stock, net</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">132,600</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(450,800</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Purchases of bank premises and equipment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(239,702</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(112,990</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Proceeds from sale of other real estate owned</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">243,383</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">533,462</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(20,847,491</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(24,498,387</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">FINANCING ACTIVITIES</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Net increase in deposits</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">31,526,189</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">16,440,895</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Increase in other borrowed funds</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Decrease in other borrowed funds</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(3,000,000</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Proceeds from long-term debt, Federal Home Loan Bank</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">10,000,000</td>
    <td style="text-align: left"></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">15,000,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Payments from long-term debt, Federal Home Loan Bank</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(9,500,000</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(6,400,000</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Proceeds from issuance of common stock</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,102,010</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Proceeds from exercise of stock compensation options</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,378</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">835,295</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">29,027,567</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">29,978,200</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in cash and cash equivalents</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">12,811,764</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">11,939,949</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">26,170,211</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">14,230,262</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">CASH AND CASH EQUIVALENTS AT END OF YEAR</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">38,981,975</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">26,170,211</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">SUPPLEMENTAL CASH FLOW DISCLOSURES</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Cash paid during the year for:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">7,225,568</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">6,141,248</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">926,500</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">120,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Addition in right-of-use asset and lease liability</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">73,829</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCIAL ACTIVITIES</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Other real estate owned acquired in settlement of loans</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">1,550,950</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">147,994</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Lease adoption:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Right-of-use asset and lease liability</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,875,152</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The accompanying notes
are an integral part of the consolidated financial statements. &nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="F_007"></a>COVENANT FINANCIAL, INC.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>1.</b></td>
    <td><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Nature of Operations and Basis
of Presentation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The consolidated financial statements
include the accounts of Covenant Financial, Inc., a bank holding company, and its subsidiary, Covenant Bank (collectively the &ldquo;Company&rdquo;).
All intercompany accounts and transactions have been eliminated in consolidation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Covenant Financial, Inc. (the
 &ldquo;Holding Company&rdquo;) was incorporated on September 17, 2015, under the laws of the Commonwealth of Pennsylvania. The
Holding Company&rsquo;s activity consists of owning and supervising its subsidiary, Covenant Bank (the &ldquo;Bank&rdquo;), which
is a full service bank providing personal and business lending and deposit services. The Bank became a wholly owned subsidiary
of the Holding Company, pursuant to the Plan of Reorganization that was consummated in February 2016. Stockholders of the Bank
exchanged each share of common stock or options of the Bank for one share of common stock or options of the Holding Company. Accordingly,
the financial information relating to the periods prior to February 2016 are reported under the name of Covenant Financial, Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Stock Offering</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">During the year ended December
31, 2018, the Company issued 133,577 shares of common stock at $8.25 per share in a private placement offering. Stock offering
costs related to the offering were not significant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Estimates</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The preparation of consolidated
financial statements in conformity with accounting principles generally accepted in the United States of America requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant
change in the near term relate to the determination of the allowance for loan losses, the determination of other-than-temporary
impairment of securities, and the valuation of deferred tax assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Significant Concentrations
of Credit Risk</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Most of the Company&rsquo;s activities
are with customers located within the Philadelphia area and the surrounding five counties and New Jersey. Note 3 discusses the
types of securities that the Company invests in. Note 4 discusses the types of lending that the Company engages in. Although the
Company has a diversified loan portfolio, its debtors&rsquo; ability to honor their contracts is influenced by the region&rsquo;s
economy. The Company does not have any significant concentrations to any one industry or customer.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Cash and Cash Equivalents</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For purposes of reporting cash
flows, cash and cash equivalents include cash on hand, amounts due from banks, interest-bearing deposits in banks, and federal
funds sold, all of which mature within 90 days. Generally, federal funds are purchased or sold for one-day periods. The Company
maintains cash deposits in other depository institutions that exceed the amount of deposit insurance available. Management periodically
assesses the financial condition of these institutions and believes the risk of any possible credit loss is minimal.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>1.</b></td>
    <td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Interest-Bearing Time Deposits</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Interest-bearing time deposits in
other financial institutions mature in greater than 90 days and are carried at cost.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Securities</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Management determines the appropriate
classification of debt securities at the time of purchase and re-evaluates such designation as of each balance sheet date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Securities classified as available
for sale are those securities that the Company intends to hold for an indefinite period of time but not necessarily to maturity.
Securities available for sale are carried at fair value. Any decision to sell a security classified as available for sale would
be based on various factors, including significant movement in interest rates, changes in maturity mix of the Company&rsquo;s assets
and liabilities, liquidity needs, regulatory capital considerations, and other similar factors. Unrealized gains and losses, net
of deferred income taxes, are reported as increases or decreases in other comprehensive income. Realized gains or losses, determined
on the basis of the cost of the specific securities sold, are included in earnings. Premiums and discounts are recognized in interest
income using the interest method over the terms of the securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Declines in the fair value of
securities below their cost that are deemed to be other-than-temporary impairments (OTTI) are reflected in earnings as realized
losses. In estimating OTTI under the rules for accounting for certain debt and equity securities, management considers many factors,
including: (1) the length of time and the extent to which the fair value has been less than amortized cost, (2) the financial condition
and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether
the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its
anticipated recovery. In instances when a determination is made that an other-than-temporary impairment exists but the investor
does not intend to sell the debt security and it is not more likely than not that it will be required to sell the debt security
prior to anticipated recovery, the other-than-temporary impairment is separated into (a) the amount of the total other-than-temporary
impairment related to a decrease in cash flows expected to be collected from the debt security (the credit loss), and (b) the amount
of the total other-than-temporary impairment related to all other factors. The amount of the total other-than-temporary impairment
related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other
factors is recognized in other comprehensive income.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company has not recognized
any other-than-temporary impairment losses in the years ended December 31, 2019 and 2018.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Small Business Administration
(SBA) Lending Activities</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Loans held for sales are Small
Business Adminstration (SBA) loans and are reflected at the lower of aggregate cost or fair value. The net amount of loan origination
fees on loans sold is included in the carrying value and in the gain or loss on the sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <div style="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>1.</b></font></td>
    <td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) </b></td></tr>
</table>
<p style="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0"><b>Small
Business Administration (SBA) Lending Activities (Continued)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">The Company originates loans
to customers in its primary market area under a Small Business Agency (SBA) program that generally provides for SBA guarantees
of up to 90 percent of each loan. The Company generally sells the guaranteed portion of its SBA loans to a third party and retains
the servicing, holding the nonguaranteed portion in its portfolio. When the guaranteed portion of an SBA loans is sold, the premium
received on the sale and the present value of future cash flows of the servicing assets are recognized in income. The Company significantly
curtailed origination of new SBA loans in 2015.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">SBA servicing assets are recognized
separately when rights are acquired through the sale of the SBA-guaranteed portion. These servicing rights are initially measured
at fair value at the date of sale and included in the gain on sale. The Company has elected to subsequently measure the servicing
rights asset using the fair value method. Under the fair value method, the servicing rights are carried on the Consolidated Balance
Sheet at fair value and the changes in fair value are reported in earnings in the period in which changes occur. Fair value is
based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model incorporates
assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount
rate, the custodial earnings rate, an inflation rate, ancillary income, prepayment speeds, and default rates and losses. Servicing
assets are included in other assets on the Consolidated Balance Sheet and were $128,743 and $161,423 at December 31, 2019 and 2018,
respectively. During 2019 and 2018, $32,680 and $111,483, respectively, of net losses were recognized on the change in the fair
value of servicing assets. The fair values of servicing assets was determined using discounted rates, prepayment speeds in effect
at the time the loan was sold, depending on the stratification of the specific rights, and anticipated credit losses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">Serviced loans sold to others
are not included in the accompanying Consolidated Balance Sheet. Income (losses) and fees collected for loan servicing are included
in noninterest income in service fees.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left"><b>Loans Receivable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">Loans receivable that management
has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid
principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid
principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment
of the yield (interest income) of the related loans. The Company is generally amortizing these amounts over the contractual life
of the loan. Premiums and discounts on purchased loans are amortized as adjustments to interest income using the effective yield
method.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">The loans receivable portfolio
is segmented into commercial and consumer loans. Commercial loans consist of the following classes: commercial and industrial,
and commercial real estate. Consumer loans consist of the following classes: residential real estate and other consumer.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: left">For all classes of loans receivable,
the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management
has serious doubts about further collectability of principal or interest, even though the loan is currently performing. A loan
may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed
on nonaccrual status, unpaid interest credited to income in the current year is reversed and unpaid interest accrued in prior years
is charged against the allowance for loan losses. Interest received on nonaccrual loans, including impaired loans, generally is
either applied against principal or reported as interest income, according to management's judgment as to the collectability of
principal. Generally, loans are restored to accrual status when the obligation is brought current and has performed in accordance
with the contractual terms for a reasonable period of time (generally six months) and the ultimate collectability of the total
contractual principal and interest is no longer in doubt. The past due status of all classes of loans receivable is determined
based on contractual due dates for loan payments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>1.</b></td>
    <td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Allowance for Loan Losses</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The allowance for loan losses
represents management&rsquo;s estimate of losses inherent in the loan portfolio as of the balance sheet date and is recorded as
a reduction to loans. The allowance for loan losses is increased by the provision for loan losses and decreased by charge-offs,
net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries,
if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance
as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Because all identified
losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups
of loans, and the entire allowance is available to absorb any and all loan losses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The allowance for loan losses
is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly
evaluation of the adequacy of the allowance. The allowance is based on the Company&rsquo;s past loan loss experience, known and
inherent risks in the portfolio, adverse situations that may affect the borrower&rsquo;s ability to repay, the estimated value
of any underlying collateral, composition of the loan portfolio, current economic conditions, and other relevant factors. This
evaluation is inherently subjective as it requires material estimates that may be susceptible to significant revision as more information
becomes available.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The allowance consists of specific,
general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are
classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price)
of the impaired loan is lower than the carrying value of that loan. The general component covers pools of loans by loan class including
commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential, real estate, and other
consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories
of loans, adjusted for qualitative factors. These qualitative risk factors include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="text-align: left; width: 0.25in">&nbsp;</td>
    <td style="text-align: left; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">1.</font></td>
    <td style="text-align: left">Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="text-align: left; width: 0.25in">&nbsp;</td>
    <td style="text-align: left; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">2.</font></td>
    <td style="text-align: left">National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans.</td></tr>
</table>
<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="text-align: left; width: 0.25in">&nbsp;</td>
    <td style="text-align: left; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">3.</font></td>
    <td style="text-align: left">Nature and volume of the portfolio and terms of loans.</td></tr>
</table>
<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="text-align: left; width: 0.25in">&nbsp;</td>
    <td style="text-align: left; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">4.</font></td>
    <td style="text-align: left">Volume and severity of past due, classified, and nonaccrual loans as well as and other loan modifications.</td></tr>
</table>
<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="text-align: left; width: 0.25in">&nbsp;</td>
    <td style="text-align: left; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">5.</font></td>
    <td style="text-align: left">Existence and effect of any concentrations of credit and changes in the level of such concentrations.</td></tr>
</table>
<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="text-align: left; width: 0.25in">&nbsp;</td>
    <td style="text-align: left; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">6.</font></td>
    <td style="text-align: left">Effect of external factors, such as competition and legal and regulatory requirements.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Each factor is assigned a value
to reflect improving, stable, or declining conditions based on management's best judgment using relevant information available
at the time of the evaluation. Adjustments to the factors are supported through documentation of changes in conditions in a narrative
accompanying the allowance for loan loss calculation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>1.</b></td>
    <td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Allowance for Loan Losses
(Continued)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A majority of the Company&rsquo;s
loan assets are loans to business owners of many types. The Company makes commercial loans for real estate development and other
business purposes required by the customer base.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company&rsquo;s credit policies
determine advance rates against the different forms of collateral that can be pledged against commercial loans. Typically, the
majority of loans will be limited to a percentage of their underlying collateral values, such as real estate values, equipment,
eligible accounts receivable and inventory. Individual loan advance rates may be higher or lower depending upon the financial strength
of the borrower and/or term of the loan. The assets financed through commercial loans are used within the business for its ongoing
operation. Repayment of these kinds of loans generally comes from the cash flow of the business or the ongoing conversions of assets.
Commercial real estate loans include long-term loans financing commercial properties. Repayment of this kind of loan is dependent
upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial real estate
loans typically require a loan to value ratio of not greater than 80 percent and vary in terms.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Residential real estate loans
are secured by the borrower's residential real estate in either a first or second lien position. Residential real estate loans
have varying loan rates depending on the financial condition of the borrower and/or the loan to value ratio. Residential real estate
loans, which include home equity lines of credit and home equity installments, have amortizations ranging from 5 years to 25 years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Other consumer loans include
installment loans, car loans, and overdraft lines of credit. The majority of these loans are unsecured.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A loan is considered impaired
when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments
of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in
determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest
payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired.
Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration
all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the
borrower&rsquo;s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment
is measured on a loan-by-loan basis by either the present value of expected future cash flows discounted at the loan&rsquo;s effective
interest rate or the fair value of the collateral if the loan is collateral dependent.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">An allowance for loan losses
is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially
all of the Company&rsquo;s impaired loans are measured based on the estimated fair value of the loan's collateral.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For commercial and residential
loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate
secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary.
This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based
on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling
price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell
the property.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>1.</b></td>
    <td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Allowance for Loan Losses
(Continued)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For commercial and industrial
loans secured by non-real estate collateral, such as accounts receivable, inventory, and equipment, estimated fair values are determined
based on the borrower&rsquo;s financial statements, inventory reports including external evaluations, accounts receivable aging
and audits, or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the
age of the financial information or the quality of the assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Loans whose terms are modified
are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers
are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally involve a temporary change
in interest rate, change in payment schedule, or an extension of a loan's stated maturity date. Nonaccrual troubled debt restructurings
are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months
after modification. Loans classified as troubled debt restructurings are designated as impaired.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The allowance calculation methodology
includes further segregation of loan classes into risk rating categories. The borrower&rsquo;s overall financial condition, repayment
sources, guarantors, and value of collateral, if appropriate, are evaluated annually for commercial loans or when credit deficiencies
arise, such as delinquent loan payments, for commercial and consumer loans. Credit quality risk ratings include regulatory classifications
of special mention, substandard, doubtful, and loss. Loans criticized as special mention have potential weaknesses that deserve
management&rsquo;s close attention. If uncorrected, the potential weaknesses may result in deterioration of the repayment prospects.
Loans classified as substandard have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They include
loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or of the collateral pledged,
if any. Loans classified doubtful have all the weaknesses inherent in loans classified as substandard, with the added characteristic
that collection or liquidation in full, on the basis of current conditions and facts, is highly improbable. Loans classified as
a loss are considered uncollectible and are charged to the allowance for loan losses. Loans not classified are rated pass.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">An unallocated component of the
allowance is maintained to cover uncertainties that could affect management&rsquo;s estimate of probable losses. The unallocated
component reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific
and general losses in the portfolio.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In addition, federal regulatory
agencies, as an integral part of their examination process, periodically review the Company&rsquo;s allowance for loan losses and
may require the Company to recognize additions to the allowance based on their judgments about information available to them at
the time of their examination, which may not be currently available to management. Based on management&rsquo;s comprehensive analysis
of the loan portfolio, management believes the current level of the allowance for loan losses is adequate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Other Real Estate Owned (OREO)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Other real estate owned (OREO)
is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure and loans classified
as in-substance foreclosure. A loan is classified as in-substance foreclosure when the Company has taken possession of the collateral
regardless of whether formal foreclosure proceedings take place. Foreclosed assets initially are recorded at fair value, net of
estimated selling costs, at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically
performed by management and the assets are carried at the lower of cost or fair value minus estimated costs to sell. Net realized
gains and losses on sales of OREO are included in noninterest income. Revenues and expenses from operations and changes in the
valuation allowance are included in other noninterest expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>1.</b></td>
    <td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Transfers of Financial Assets</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Transfers of financial assets,
including loan and loan participation sales, are accounted for as sales, when control over the assets has been surrendered. Control
over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee
obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred
assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase
them before their maturity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Restricted Investment in Bank
Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Restricted stock includes stock
in the Federal Home Loan Bank of Pittsburgh (FHLB) and stock in the Atlantic Community Bankers&rsquo; Bank (ACBB). Federal law
requires a member institution of the FHLB to hold stock according to a predetermined formula. As of December 31, 2019 and 2018,
the Company has a total investment of $2,811,800 and $2,944,400, respectively, in FHLB stock. Restricted stock of ACBB totaled
$60,000 at December 31, 2019 and 2018. All restricted stock is recorded at cost.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Management&rsquo;s determination
of whether these investments are impaired is based on the Company&rsquo;s assessment of the ultimate recoverability of the Company&rsquo;s
cost rather than by recognizing temporary declines in value. Management believes no impairment charge is necessary related to those
restricted stocks as of December 31, 2019.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Premises and Equipment</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Premises and equipment are stated
at cost less accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful lives of
the related assets or in the case of leasehold improvements, the lease period, if shorter. Maintenance and repairs are charged
to expense as incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation lives are summarized
as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">Years</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 86%">Buildings</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: center">40</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Building and leasehold improvements</td>
    <td>&nbsp;</td>
    <td style="text-align: center">2-40</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Furniture, fixtures, and equipment</td>
    <td>&nbsp;</td>
    <td style="text-align: center">2-5</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Data processing software</td>
    <td>&nbsp;</td>
    <td style="text-align: center">2-5</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Bank-Owned Life Insurance
(BOLI)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company invests in bank-owned
life insurance (BOLI) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the
Company on certain of its employees. The Company is the owner and beneficiary of the policies. This life insurance investment is
carried at the cash surrender value of the underlying policies. Income from increases in cash surrender value of the policies is
included in noninterest income.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>1.</b></td>
    <td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Advertising Costs</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company follows the policy
of charging the costs of advertising to expense as incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Employee Benefit Plan</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">All full-time employees are eligible
to participate after they have attained the age of 18 and have completed three months of service to the Company. The employees
may contribute up to the maximum percentage allowable by law of their compensation to the plan. The Company will make discretionary
contributions to the plan. The Company has recognized $96,000 and $105,508 of discretionary contributions expenses, which are included
in the Consolidated Statement of Operations for the years ended December 31, 2019 and 2018, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Income Taxes</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Income tax accounting guidance
results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or
refunded for the current period by applying the provisions of the enacted tax law to taxable income. Deferred income taxes are
provided on the liability method whereby deferred tax assets are recognized for deductible temporary differences and net operating
losses and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences
between the reported amounts of assets and liabilities and net operating loss carryforwards and their tax basis. Deferred tax assets
are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of
the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax
laws and rates on the date of enactment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company follows accounting
guidance related to accounting for uncertainty in income taxes. Under the &ldquo;more likely than not&rdquo; threshold guidelines,
the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise
to the nonrecognition of an existing tax benefit. As of December 31, 2019 and 2018, the Company had no material unrecognized tax
benefits or accrued interest and penalties. The Company&rsquo;s policy is to account for interest as a component of interest expense
and penalties as a component of noninterest expense. The Company is no longer subject to U.S. federal, state, or local income tax
examinations by taxing authorities for years before 2016.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Stock-Based Compensation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Stock compensation accounting
guidance requires that the compensation cost relating to share-based payment transactions be recognized in the consolidated financial
statements. That cost is measured based on the grant date fair value of the equity or liability instruments issued. The stock compensation
accounting guidance covers a wide range of share-based compensation arrangements including stock options and restricted share plans.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The stock compensation accounting guidance
requires that compensation cost for all stock awards be calculated and recognized over the employees' service period, generally
defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the
requisite service period for the entire award. A Black-Sholes model is used to estimate the fair value of stock options.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>1.</b></td>
    <td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Comprehensive Income (Loss)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Accounting principles generally
require that recognized revenue, expenses, gains, and losses be included in net income. Although certain changes in assets and
liabilities, such as unrealized gains and losses on available-for-sale securities, are reported as a separate component of the
stockholders&rsquo; equity section of the Consolidated Balance Sheet, such items, along with net income, are components of comprehensive
income (loss), net of related taxes. In accordance with FASB guidance, the Company has disclosed the components of comprehensive
income (loss), net of related taxes in the accompanying Consolidated Statement of Comprehensive Income.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Off-Balance Sheet Financial
Instruments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In the ordinary course of business,
the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of
credit. Such financial instruments are recorded in the Consolidated Balance Sheet when they are funded.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Accounting Pronouncements
- Adopted</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newly Issued Not Yet Effective
Accounting Standard</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif">In
June 2016, the FASB issued ASU No. 2016-13, <i>Financial Instruments - Credit Losses (Topic 326), </i>to replace the incurred loss
model, which is referred to as the current expected credit loss (CECL) model. The CECL model is applicable to the measurement of
credit losses on financial assets measured at amortized cost, including loans receivable and held-to-maturity debt securities.
It also applies to off-balance-sheet credit exposures, including loan commitments, standby letters of credit, financial guarantees,
and other similar instruments. For the assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained
earnings as of the beginning of the first reporting period in which the guidance is effective.</font> In November 2019, the FASB
issued ASU 2019-10, <i>Financial Instruments &#8210; Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases
(Topic 842)</i>. This Update defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting
companies, non-SEC filers, and all other companies to fiscal years beginning after December 15, 2022, including interim periods
within those fiscal years. The Company is currently evaluating the impact this new standard will have on the consolidated financial
statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Earnings per share </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Basic earnings per share are
computed by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share
consider common stock equivalents (when dilutive) outstanding during the period such as options outstanding. Earnings per share
have been computed based on the following for the years ended December 31, 2019 and 2018.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">2018</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; text-align: left; padding-left: 0.75pt">Net income attributable to shareholders</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">3,562,023</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">$</td>
    <td style="text-align: right">2,151,650</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.75pt">Weighted-average basic number of shares</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,400,342</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4,292,303</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.75pt">Dilutive effect of options</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">126,851</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">206</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.75pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; padding-left: 0.25in">Weighted-average diluted number of shares</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">4,527,193</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">4,292,509</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.75pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.75pt">Earnings per share:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">0.81</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">$0.50</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted</font></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0.79</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">0.50</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>1.</b></td>
    <td style="text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At December 31, 2018, there were 374,690
shares of stock options outstanding at prices ranging from $8.25 per share to $9.09 per share that were not included in the computation
of diluted earnings per share because to do so would have been anti-dilutive.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Reclassification of Comparative Amounts</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Certain comparative amounts for the prior
year have been reclassified to conform to current-year classifications. Such reclassifications had no effect on consolidated stockholders&rsquo;
equity or net income.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font><b>Adoption
of New Accounting Standards</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In February 2016, the FASB issued ASU 2016-02,
<i>Leases (Topic 842).</i> The standard requires lessees to recognize the assets and liabilities that arise from leases on the
balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability)
and a right-of-use (ROU) asset, representing its right to use the underlying asset for the lease term.&nbsp; A short-term lease
is defined as one in which (a) the lease term is 12 months or less, and (b) there is not an option to purchase the underlying asset
that the lessee is reasonably certain to exercise. For short-term leases, lessees may elect to recognize lease payments over the
lease term on a straight-line basis. ASU 2016-02 was effective for the Company on January 1, 2019. In July 2018, the FASB issued
ASU 2018-11, <i>Leases (Topic 842) - Targeted Improvements</i>, which, among other things, provides an additional transition method
that would allow entities to not apply the guidance in ASU 2016-02 in the comparative periods presented in the financial statements
and instead recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In
December 2018, the FASB also issued ASU 2018-20, <i>Leases (Topic 842) - Narrow-Scope Improvements for Lessors</i>,&nbsp;which
provides for certain policy elections and changes lessor accounting for sales and similar taxes and certain lessor costs. Upon
adoption of ASU 2016-02, ASU 2018-11, and ASU 2018-20 on January&nbsp;1, 2019, we recognized a ROU asset and a related lease liability
totaling $1,875,152 each. We elected to apply certain practical expedients provided under ASU 2016-02 whereby we did not reassess
(i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing
leases, and (iii) initial direct costs for any existing leases. We also elected not to apply the recognition requirements of ASU
2016-02 to any short-term leases (as defined by related accounting guidance). We account for lease and non-lease components separately
because such amounts are readily determinable under our lease contracts. We utilized the modified-retrospective transition approach
prescribed by ASU 2018-11. Certain of the Company&rsquo;s leases contain options to renew the lease after the initial term, management
considers the Company&rsquo;s historical pattern of exercising renewal options on leases and the positive performance of the leased
locations, when determining whether it is reasonably certain that the leases will be renewed. If management concludes that there
is reasonable certainty about the renewal, it is included in the calculation of the remaining term of each applicable lease. The
discount rate utilized in calculating the present value of the remaining lease payments for each lease was the Federal Home Loan
Bank of Pittsburgh advance rate corresponding to the remaining maturity of the lease as of July 1, 2019. We have included additional
disclosures in note 17.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Subsequent Events</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company has evaluated events and transactions
occurring subsequent to the Consolidated Balance Sheet date of December 31, 2019, for items that should potentially be recognized
or disclosed in these consolidated financial statements. The evaluation was conducted through February 21, 2020, the date these
consolidated financial statements were available for issue.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>2.</b></td>
    <td style="text-align: justify"><b>REVENUE RECOGNITION </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As of January 1, 2018, the Company adopted
ASU 2014-09, <i>Revenue from Contracts with Customers (Topic 606) </i>and all subsequent ASUs that modified ASC 606. The Company
has elected to apply the ASU and all related ASUs using the modified retrospective implementation method. The implementation of
the guidance had no material impact on the measurement or recognition of revenue of prior periods; however, additional disclosures
have been added in accordance with the ASU.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company generally fully satisfies its
performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed,
charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered
and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination
of the amount and timing of revenue from contracts with customers. The main types of revenue contracts included in non-interest
income within the Consolidated Statements of Income as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><u>Deposit-Related Fees and Service
Charges</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Service charges and fees on deposits that
are included as liabilities in the Consolidated Balance Sheet consist of transaction-based fees, account maintenance fees, and
overdraft services fees for various retail and business checking customers. Transaction-based fees, which include services such
as automated clearing house (ACH) fees, stop payment charges, and statement rendering fees, are recognized at the time the transaction
is executed as that is the point in time the Company fulfills the customer&rsquo;s request. All deposit liabilities are considered
to have one-day terms and, therefore, related fees are recognized as non-interest income at the time when the services are provided
to the customer. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month,
representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point
in time that the overdraft occurs. Service charges on deposits are withdrawn directly from the customer's account balance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -27pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><u>Gains/Losses on Sale of OREO</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -27pt"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company records a gain or loss from
the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When
the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations
under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO assets
are derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining
the gain or loss on the sale, the Company adjusts the transaction prices and related gain (loss) on sale if a significant financing
component is present.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>3.</b></td>
    <td style="text-align: justify"><b>SECURITIES AVAILABLE FOR SALE </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The amortized cost and approximate fair
value of securities available for sale as of December 31, 2019 and 2018, and are summarized as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Gross</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Gross</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Amortized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unrealized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unrealized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Cost</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Gains</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Losses</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">AVAILABLE FOR SALE</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%; text-align: left">U.S. treasury bills</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">9,999,611</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">389</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">10,000,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Mortgage-backed securities -</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in">U.S. government-sponsored enterprises, residential</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,883,202</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5,203</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(31,919</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,856,486</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Corporate debt securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">39,968</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,039,968</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">State and municipal securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,094,240</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">67,829</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(80</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,161,989</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">SBA asset-backed securities</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,763,828</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">16,853</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(291</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,780,390</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; padding-bottom: 2.5pt">Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">21,740,881</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">130,242</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(32,290</td>
    <td style="padding-bottom: 2.5pt; text-align: left">)</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">21,838,833</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">HELD TO MATURITY</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Corporate debt securities</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,000,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">36,308</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,036,308</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Gross</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Gross</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Amortized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unrealized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unrealized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Cost</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Gains</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Losses</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">AVAILABLE FOR SALE</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%; text-align: left">U.S. treasury bills</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">9,998,805</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">1,195</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">10,000,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Mortgage-backed securities -</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">U.S. government-sponsored enterprises, residential</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5,370,502</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">388</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(136,574</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5,234,316</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Corporate debt securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">43,128</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(5,659</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,037,469</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">State and municipal securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,510,861</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">14,226</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(3,961</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,521,126</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">SBA asset-backed securities</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,204,986</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">920</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(9,049</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,196,857</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.375in; padding-bottom: 2.5pt">Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">22,085,154</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">59,857</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(155,243</td>
    <td style="padding-bottom: 2.5pt; text-align: left">)</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">21,989,768</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">HELD TO MATURITY</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Corporate debt securities</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,000,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(5,515</td>
    <td style="padding-bottom: 2.5pt; text-align: left">)</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">994,485</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>3.</b></td>
    <td style="text-align: justify"><b>SECURITIES AVAILABLE FOR SALE (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The amortized cost and fair value of securities
at December 31, 2019, by contractual maturity, are shown below. Actual maturities may differ from contract maturities as issuers
may have the right to call or prepay obligations with or without call or prepayment penalties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Securities Available for Sale</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Held to Maturity</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Investment Securities</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Amortized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Amortized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Cost</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Cost</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 49%; text-align: left">Due within one year</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">9,999,611</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">10,000,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">-</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Due after one year through five years</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Due after five years through ten years</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,409,218</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,454,945</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,036,308</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Due after ten years</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,685,022</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,747,012</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">15,093,851</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">15,201,957</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,036,308</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Mortgage-backed securities, government- sponsored enterprises,residential</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,883,202</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,856,486</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">SBA asset-backed securities</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,763,828</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,780,390</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.375in; padding-bottom: 2.5pt">&nbsp;Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">21,740,881</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">21,838,833</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,000,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,036,308</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following tables show the Company's
investments&rsquo; gross unrealized losses and fair value, aggregated by investment category and length of time that individual
securities have been in a continuous unrealized loss position, at December 31, 2019 and 2018:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="22" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Less than Twelve Months</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Twelve Months or Greater</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Total</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Gross</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Gross</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Gross</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unrealized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unrealized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unrealized</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Losses</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Losses</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Losses</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 22%; text-align: left">Mortgage-backed securities</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">218,431</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">(1,923</td>
    <td style="width: 1%; text-align: left">)</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">3,052,902</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">(29,996</td>
    <td style="width: 1%; text-align: left">)</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">3,271,333</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">(31,919</td>
    <td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Corporate debt securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">State and municipal securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">107,176</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(80</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">107,176</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(80</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Asset-backed securities</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">315,416</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(291</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">315,416</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(291</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt">Total temporarily impaired securities</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">641,023</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(2,294</td>
    <td style="padding-bottom: 2.5pt; text-align: left">)</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">3,052,902</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(29,996</td>
    <td style="padding-bottom: 2.5pt; text-align: left">)</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">3,693,925</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(32,290</td>
    <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
<p style="margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="22" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Less than Twelve Months</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Twelve Months or Greater</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Total</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Gross</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Gross</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Gross</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unrealized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unrealized</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unrealized</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Losses</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Losses</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Losses</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 22%; text-align: left">Mortgage-backed securities</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">107,977</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">(2,616</td>
    <td style="width: 1%; text-align: left">)</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">4,876,046</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">(133,958</td>
    <td style="width: 1%; text-align: left">)</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">4,984,023</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">(136,574</td>
    <td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Corporate debt securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,488,825</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(11,174</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,488,825</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(11,174</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">State and municipal securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">417,600</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(342</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">578,135</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(3,619</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">995,735</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(3,961</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Asset-backed securities</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">128,318</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(568</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,896,658</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(8,481</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,024,976</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(9,049</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2.5pt">Total temporarily impaired securities</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,142,720</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(14,700</td>
    <td style="padding-bottom: 2.5pt; text-align: left">)</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">7,350,839</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(146,058</td>
    <td style="padding-bottom: 2.5pt; text-align: left">)</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">9,493,559</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(160,758</td>
    <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At December 31, 2019 and 2018, the Company
had 17 and 32 securities in an unrealized loss position, respectively. The decline in fair value is due primarily to interest rate
fluctuations and not credit losses. The Company does not intend to sell these securities prior to recovery, and it is more likely
than not that the Company will not be required to sell these securities prior to recovery and, therefore, no securities are deemed
to be other-than-temporarily impaired.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>3.</b></td>
    <td style="text-align: justify"><b>SECURITIES AVAILABLE FOR SALE (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -27pt"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no sales of investment securities
in 2019 and 2018.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -27pt"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At December 31, 2019 and 2018, the Company
had pledged securities with a carrying value of approximately $9,363,000 and $9,755,000, respectively, for purposes such as securing
public deposits and borrowings.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -27pt"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>4.</b></td>
    <td style="text-align: justify"><b>LOAN RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -27pt"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The composition of loans receivable at
December 31, 2019 and 2018, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; text-align: left">Commercial and industrial</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">53,098,390</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">60,702,307</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Commercial real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">361,199,156</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">331,030,301</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Residential real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">7,402,234</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">7,143,954</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Consumer, other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">225,778</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,523,236</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">421,925,558</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">400,399,798</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Unearned net loan origination fees and costs</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(778,795</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(926,484</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Allowance for loan losses</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(3,963,365</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(4,583,685</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Net loans</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">417,183,398</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">394,889,629</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company originates and sells loans
guaranteed by the SBA. The Company retains the unguaranteed portion of the loan and the servicing on the loans sold and receives
a servicing fee based upon the principal balance outstanding. Loans serviced totaled $20,969,610 and $22,725,682 at December 31,
2019 and 2018, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following tables summarize the activity
in the allowance for loan losses by loan class for the years ended December 31, 2019 and 2018, and information in regard to the
allowance for loan losses and the recorded investment in loans receivable by loan class as of December 31, 2019 and 2018:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="22" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Commercial and</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Commercial</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Residential</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Consumer</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Industrial</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Real Estate</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Real Estate</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Unallocated</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Total</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0in; text-align: left">Allowance for loan losses:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 22%; text-align: left">Beginning balance</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">1,715,497</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">2,261,919</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">14,325</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">5,277</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">586,667</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">4,583,685</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in">Charge-offs</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(1,256,987</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(1,256,987</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in">Recoveries</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">71,108</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">105,559</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">176,667</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in; padding-bottom: 1pt">Provision (credit)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">999,648</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(354,970</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(6,218</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(4,954</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(173,506</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">460,000</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 2.5pt">Ending balance</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,529,266</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,012,508</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">8,107</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">323</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">413,161</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">3,963,365</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Ending balance: individually evaluated for impairment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">125,674</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">125,674</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Ending balance: collectively evaluated for impairment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">1,403,592</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">2,012,508</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">8,107</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">323</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">413,161</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">3,837,691</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0in">Loans:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Ending balance: individually evaluated for impairment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">1,415,916</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">1,458,311</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">2,874,227</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Ending balance: collectively evaluated for impairment</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">51,682,474</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">359,740,845</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">7,402,234</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">225,778</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">419,051,331</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 2.5pt">Ending balance</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">53,098,390</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">361,199,156</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">7,402,234</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">225,778</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">421,925,558</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0"></p>

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<p style="margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>4.</b></td>
    <td style="text-align: justify"><b>LOAN RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -27pt"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">During 2019, there was an increase in provision
for loan losses to commercial and industrial loans due to an increase in loss rates while there was a corresponding decrease in
commercial real estate due to a decrease in loss rates offset somewhat by an increase in volume.&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="22" style="border-bottom: Black 1pt solid; text-align: center">2018</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Commercial and </font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Commercial </font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Residential </font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Consumer </font></td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Industrial </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td>
    <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Real Estate </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td>
    <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Real Estate </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td>
    <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Other </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td>
    <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Unallocated </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td>
    <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Total </font></td>
    <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 22%">Allowance for loan losses:</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td>
    <td style="text-align: right; width: 10%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td>
    <td style="text-align: right; width: 10%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td>
    <td style="text-align: right; width: 10%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td>
    <td style="text-align: right; width: 10%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td>
    <td style="text-align: right; width: 10%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td>
    <td style="text-align: right; width: 10%">&nbsp;</td>
    <td style="text-align: left; width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Beginning balance</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">1,593,146</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">2,963,502</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">12,930</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">453</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">102,572</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">4,672,603</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in">Charge-offs</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(3,113,833</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(124,450</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(3,238,283</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.25in">Recoveries</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">129,459</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">13,974</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">74,756</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">218,189</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; padding-bottom: 1pt">Provision (credit)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">3,106,725</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(591,107</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(73,361</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">4,824</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">484,095</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,931,176</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; padding-bottom: 2.5pt">Ending balance</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,715,497</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,261,919</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">14,325</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">5,277</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">586,667</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">4,583,685</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Ending balance: individually evaluated for impairment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">137,643</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">137,643</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Ending balance: collectively evaluated for impairment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">1,577,854</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">2,261,919</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">14,325</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">5,277</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">586,667</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">4,446,042</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Loans:</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Ending balance: individually evaluated for impairment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">1,828,936</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">3,958,997</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">5,787,933</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Ending balance: collectively evaluated for impairment</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">58,873,371</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">327,071,304</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">7,143,954</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,523,236</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">394,611,865</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; padding-bottom: 2.5pt">Ending balance</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">60,702,307</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">331,030,301</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">7,143,954</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,523,236</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">400,399,798</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following tables summarize information
in regard to impaired loans by loan portfolio class as of December 31, 2019 and 2018:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="19" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unpaid</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Average</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Interest</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Recorded</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Principal</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Related</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Recorded</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Income</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Investment</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Balance</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Allowance</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Investment</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Recognized</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">With no related allowance recorded:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 35%; text-align: left; padding-left: 10pt">Commercial and industrial</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">1,192,669</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">4,141,598</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">2,513,496</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">37,399</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Commercial real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,458,311</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,512,353</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,745,108</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">63,218</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Residential real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Consumer, other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,650,980</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">6,653,951</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">5,258,604</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">100,617</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">With an allowance recorded:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Commercial and industrial</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">223,247</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">223,247</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">125,674</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">233,207</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">14,117</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Commercial real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Residential real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Consumer, other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">223,247</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">223,247</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">125,674</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">233,207</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">14,117</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Total:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Commercial and industrial</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">1,415,916</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">4,364,845</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">125,674</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">2,746,703</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">51,516</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Commercial real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,458,311</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,512,353</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,745,108</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">63,218</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Residential real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Consumer, other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,874,227</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">6,877,198</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">125,674</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">5,491,811</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">114,734</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt"></p>

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<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>4.</b></td>
    <td style="text-align: justify"><b>LOAN RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued)</b></td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="18" style="border-bottom: Black 1pt solid; text-align: center">2018</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Unpaid</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Average</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Interest</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Recorded</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Principal</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Related</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Recorded</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Income</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Investment</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Balance</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Allowance</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Investment</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Recognized</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">With no related allowance recorded:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 35%; text-align: left; padding-left: 10pt">Commercial and industrial</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">1,585,881</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">3,226,692</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">1,770,164</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">1,111</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Commercial real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,958,997</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">7,825,692</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,982,237</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">56,825</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Residential real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Consumer, other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">5,544,878</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">11,052,384</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">6,752,401</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">57,936</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">With an allowance recorded:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Commercial and industrial</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">243,055</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">243,055</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">137,643</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">252,719</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">15,665</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Commercial real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Residential real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Consumer, other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">243,055</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">243,055</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">137,643</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">252,719</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">15,665</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Total:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Commercial and industrial</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">1,828,936</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">3,469,747</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">137,643</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">2,022,883</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">16,776</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Commercial real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,958,997</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">7,825,692</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,982,237</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">56,825</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Residential real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Consumer, other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; padding-left: 10pt">&nbsp;&nbsp;&nbsp;Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">5,787,933</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">11,295,439</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">137,643</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">7,005,120</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">73,601</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following table presents the classes
of the commercial loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard
and doubtful within the Company's internal risk rating system as of December 31, 2019 and 2018:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Commercial</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Commercial</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Commercial</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Commercial</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">and Industrial</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Real Estate</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Total</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">and Industrial</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Real Estate</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Total</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 22%">Pass</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">48,416,925</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">355,163,799</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">403,580,724</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">56,663,746</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">325,650,167</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">382,313,913</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Special Mention</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">50,061</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">50,061</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">254,858</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">254,858</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Substandard</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,694,448</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5,922,796</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">9,617,244</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4,038,561</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5,125,276</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">9,163,837</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">Doubtful</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">987,017</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">62,500</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,049,517</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">53,098,390</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">361,199,156</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">414,297,546</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">60,702,307</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">331,030,301</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">391,732,608</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following table presents the classes
of the consumer portfolio summarized by performing and nonperforming as of December 31, 2019 and 2018:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td colspan="2">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Residential</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Consumer,</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Residential</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Consumer,</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Real Estate</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Total</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Real Estate</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Total</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 12%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performing</font></td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 12%; text-align: right">7,402,234</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 12%; text-align: right">225,778</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 11%; text-align: right">7,628,012</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 11%; text-align: right">7,143,954</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 11%; text-align: right">1,523,236</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 11%; text-align: right">8,667,190</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nonperforming</font></td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">7,402,234</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">225,778</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">7,628,012</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">7,143,954</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,523,236</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">8,667,190</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>4.</b></td>
    <td style="text-align: justify"><b>LOAN RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -27pt"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The performance and credit quality of the
loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment
is past due. The following tables present the classes of the loan portfolio summarized by the past due status as of December 31,
2019 and 2018:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="29" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2019</td>
    <td style="white-space: nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">90 Days</td>
    <td style="white-space: nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">90 Days</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">Total</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">or Greater</td>
    <td style="white-space: nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">30-59 Days</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">60-89 Days</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">or Greater</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">Total</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">Loans</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">Past Due and</td>
    <td style="white-space: nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Past Due</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Past Due</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Past Due</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Past Due</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Nonaccrual</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Current</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Receivable</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Still Accruing</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; text-align: left; width: 9%">Commercial and industrial</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">445,306</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 19%; text-align: right">445,306</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">1,192,670</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">51,460,414</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">53,098,390</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">$</td>
    <td style="white-space: nowrap; text-align: right; width: 7%">-</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; text-align: left">Commercial real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">132,231</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">132,231</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,408,250</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">359,658,675</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">361,199,156</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="white-space: nowrap; text-align: right">-</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; text-align: left">Residential real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">7,402,234</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">7,402,234</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="white-space: nowrap; text-align: right">-</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Consumer, other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">225,778</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">225,778</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">-</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right; white-space: nowrap; padding-bottom: 2.5pt">Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">577,537</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">577,537</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,600,920</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">418,747,101</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">421,925,558</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2pt double; padding-bottom: 2.5pt">$</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; text-align: right">-</td>
    <td>&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="29" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">2018</td>
    <td style="white-space: nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">90 Days</td>
    <td style="white-space: nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">90 Days</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">Total</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">or Greater</td>
    <td style="white-space: nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">30-59 Days</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">60-89 Days</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">or Greater</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">Total</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">Loans</td>
    <td style="white-space: nowrap">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center">Past Due and</td>
    <td style="white-space: nowrap">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt; white-space: nowrap">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Past Due</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Past Due</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Past Due</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Past Due</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Nonaccrual</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Current</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Receivable</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center">Still Accruing</td>
    <td style="white-space: nowrap; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; text-align: left; width: 9%">Commercial and industrial</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">160,475</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">40,726</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 19%; text-align: right">201,201</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">2,042,359</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">58,458,747</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 7%; text-align: right">60,702,307</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">$</td>
    <td style="white-space: nowrap; text-align: right; width: 7%">-</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; text-align: left">Commercial real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,359,038</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">327,671,263</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">331,030,301</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="white-space: nowrap; text-align: right">-</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; text-align: left">Residential real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">7,143,954</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">7,143,954</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="white-space: nowrap; text-align: right">-</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Consumer, other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,523,236</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,523,236</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">-</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: right; white-space: nowrap; padding-bottom: 2.5pt">Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">160,475</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">40,726</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">201,201</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">5,401,397</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">394,797,200</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">400,399,798</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2pt double; padding-bottom: 2.5pt">$</td>
    <td style="border-bottom: Black 2pt double; white-space: nowrap; text-align: right">-</td>
    <td>&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company may grant a concession or modification
for economic or legal reasons related to a borrower&rsquo;s financial condition that it would not otherwise consider resulting
in a modified loan, which is then identified as a troubled debt restructuring (TDR). The Company may modify loans through rate
reductions, extensions of maturity, interest-only payments, or payment modifications to better match the timing of cash flows due
under the modified terms with the cash flows from the borrowers&rsquo; operations. Loan modifications are intended to minimize
the economic loss and to avoid foreclosure or repossession of the collateral. TDRs are considered impaired loans for purposes of
calculating the Company&rsquo;s allowance for loan losses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">The Company identifies loans for potential
restructure primarily through direct communication with the borrower and evaluation of the borrower&rsquo;s financial statements,
revenue projections, tax returns, and credit reports. Even if the borrower is not presently in default, management will consider
the likelihood that cash flow shortages, adverse economic conditions, and negative trends may result in a payment default in the
near future.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>4.</b></td>
    <td style="text-align: justify"><b>LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company made one modification in the
year ended December 31, 2019, that is classified as TDRs. The principal balance of that loan at December 31, 2019, is $50,061.
There was no reduction in principal in this loan from the modification, which involved a change in rates and terms. No modifications
in the year ended December 31, 2018, are classified as TDRs. The Company has allocated $125,674 and $137,643 of specific allowance
for these loans at December 31, 2019 and 2018, respectively, and has committed to lend no additional amounts on such loans.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following tables reflect information
regarding the Company&rsquo;s troubled debt restructurings as of December 31, 2019 and 2018.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Pre-Modification</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Post-Modification</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Outstanding</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Outstanding</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Number of</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Recorded</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Recorded</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Loans</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Investment</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Investment</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 61%; text-align: left">Commerical and industrial</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 10%; text-align: right">5</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">469,718</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">469,718</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Commercial real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">52,500</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">52,500</td>
    <td style="text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Pre-Modification</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Post-Modification</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Outstanding</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Outstanding</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Number of</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Recorded</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Recorded</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Loans</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Investment</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Investment</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 61%; text-align: left">Commerical and industrial</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 10%; text-align: right">9</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">1,315,209</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">1,315,209</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Commercial real estate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>5.</b></td>
    <td style="text-align: justify"><b>OTHER REAL ESTATE OWNED (OREO)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Other real estate owned (OREO) activity
was as follows for the years ended December 31, 2019 and 2018:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; text-align: left">Beginning balance</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">91,593</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">492,750</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Loans transferred to other real estate owned</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,550,950</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">147,994</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Write-down of other real estate owned</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(76,380</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(11,907</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Sale of other real estate owned</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(243,383</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(537,244</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,322,780</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">91,593</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At December 31, 2019 and 2018, the balance
of OREO includes $255,747 and $16,875, respectively, of foreclosed residential real estate properties recorded as a result of obtaining
physical possession of the property or deed in lieu of foreclosure. At December 31, 2019 and 2018, there are no recorded investment
of residential mortgage and consumer mortgage loans secured by residential real estate properties for which formal foreclosure
proceeds are in process.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<!-- Field: Page; Sequence: 148 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>5.</b></td>
    <td style="text-align: justify"><b>OTHER REAL ESTATE OWNED (OREO) (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Statements of income activity related to
OREO for the years ended December 31, 2019 and 2018, include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 74%; text-align: left; padding-bottom: 2.5pt">Net realized losses and write-downs on
    sales of other real estate owned (included in other noninterest income)</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">76,380</td>
    <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">3,782</td>
    <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Expenses from operations and write-downs (included
    in noninterest expenses)</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">28,433</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">43,378</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>6.</b></td>
    <td style="text-align: justify"><b>PREMISES AND EQUIPMENT </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of premises and equipment
at December 31, 2019 and 2018, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%">Land</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">445,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">445,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Buildings</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,329,254</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,320,542</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Building and leasehold improvements</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">828,336</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">810,349</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Furniture, fixtures, and equipment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,300,291</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,179,342</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Data processing software</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">591,644</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">524,640</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Construction in process</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">25,048</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">6,519,573</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">6,279,873</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(3,058,936</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(2,764,951</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">3,460,637</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">3,514,922</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Construction in progress at December 31,
2019, includes software deposits for new products to be rolled out in 2020. Depreciation expense was $293,985 and $336,730 at December
31, 2019 and 2018, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>7.</b></td>
    <td style="text-align: justify"><b>DEPOSITS</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The components of deposits at December
31, 2019 and 2018, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; text-align: left">Demand, noninterest-bearing</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">77,018,905</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">70,668,584</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Demand, interest-bearing</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">56,404,178</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">56,363,707</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Money market accounts</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">132,609,554</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">120,444,997</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Savings</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5,699,681</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,640,105</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Time, $100,000 and over</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">90,300,925</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">101,227,494</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Time, other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">31,411,590</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">9,573,757</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">393,444,833</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">361,918,644</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0">&nbsp;</p>

<p style="margin: 0pt 0">&nbsp;</p>

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<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>7.</b></td>
    <td style="text-align: justify"><b>DEPOSITS (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2019, the scheduled maturities
of time deposits are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center; border-bottom: Black 1pt solid">Year Ending</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 87%; text-align: center">2020</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">63,057,820</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">2021</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">47,944,622</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">2022</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">7,676,575</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">2023</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,011,993</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center; padding-bottom: 1pt">2024</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">21,505</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">121,712,515</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2019 and 2018, the total
of individual time deposits with balances in excess of $250,000 (FDIC insurance limit) was approximately $49,890,000 and $50,002,000,
respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top; text-align: justify">
    <td style="width: 0.5in; text-align: left"><b>8.</b></td>
    <td style="text-align: justify"><b>OTHER BORROWED FUNDS AND LONG-TERM DEBT</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Other borrowed funds at December 31, 2019,
consisted of line-of-credit borrowings with the ACBB in the amount of $3,000,000 (with an interest rate of 5.125 percent). The
line-of-credit is due in December 2021 and is secured by the common stock of the Bank. Other borrowed funds at December 31, 2018,
consisted of line-of-credit borrowings with the ACBB in the amount of $3,000,000 (with an interest rate of 6.00 percent). The amount
is due in October 2019 and is secured by the common stock of the Bank.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Long-term debt at December 31, 2019 and
2018, consisted of a subordinated note payable with Sunshine Bancorp in the amount of $7,000,000 (with an interest rate of 6.25
percent, interest only until principal due date of June 2026), a subordinated note payable with ESSA Bank &amp; Trust in the amount
of $1,000,000 (with an interest rate of 6.25 percent, interest only until principal due date of June 2026), a subordinated note
payable with FNCB Bank in the amount of $2,000,000 (with an interest rate of 6.50 percent, interest only until principal due date
of July 2027), and advances from the FHLB under various notes totaling $61,000,000 and $60,500,000 with an average rate of 2.05
percent and 2.05 percent, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company has a maximum borrowing capacity
with the FHLB of $228,647,850 of which $61,000,000 was outstanding at December 31, 2019. Advances from the FHLB are secured by
qualifying assets of the Bank. In addition, the Company has an unsecured line of credit with another bank for $3.0 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following table sets forth information
concerning other borrowings:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Weighted-</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="6" style="text-align: center">Stated Interest</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Maturity Range</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Average</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">Rate Range</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">At December 31,</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; border-bottom: Black 1pt solid">Description</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">From</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">To</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Interest Rate</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">From</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">To</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 27%">Fixed rate</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 8%; text-align: center">01/14/20</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 8%; text-align: center">08/29/24</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 8%; text-align: right">2.05</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 8%; text-align: right">1.50</td>
    <td style="width: 1%; text-align: left">%</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 8%; text-align: right">2.72</td>
    <td style="width: 1%; text-align: left">%</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">45,000,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">43,000,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Mid Term</td>
    <td>&nbsp;</td>
    <td style="text-align: center">04/20/20</td>
    <td>&nbsp;</td>
    <td style="text-align: center">06/21/21</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2.05</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1.53</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2.48</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">16,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">17,500,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">61,000,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">60,500,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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    <div style="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top; text-align: justify">
    <td style="width: 0.5in; text-align: left"><b>8.</b></td>
    <td style="text-align: justify"><b>OTHER BORROWED FUNDS AND LONG-TERM DEBT (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Maturities of borrowings at December 31,
2019, are summarized as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Weighted-</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Average</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Rate</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; text-align: left">Due within one year</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 10%; text-align: right">1.76</td>
    <td style="width: 1%; text-align: left">%</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">14,000,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Due within two years</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2.05</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">24,000,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Due within three years</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2.33</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">13,000,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Due within four years</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2.72</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5,000,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Due within five years</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1.51</td>
    <td style="padding-bottom: 1pt; text-align: left">%</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">5,000,000</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2.05</td>
    <td style="padding-bottom: 2.5pt; text-align: left">%</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">61,000,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>9.</b></td>
    <td style="text-align: justify"><b>STOCK-BASED COMPENSATION </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In 2007, the Company adopted the Covenant
Financial, Inc. Stock Compensation Plan (Plan). The Plan authorizes the Board of Directors to grant options and restricted stock
up to an aggregate of 277,332 (as adjusted for stock dividends) shares of common stock as of the effective date of the Plan to
officers, other employees, and directors of the Company. The Plan received shareholder approval at the January 2008 Annual Shareholders&rsquo;
Meeting. The shares granted under the Plan to directors are nonqualified options. The shares granted under the Plan to officers
and other employees can be nonqualified options or incentive stock options, subject to the limitations under Section 422 of the
Internal Revenue Code. All options granted under the Plan have a term that shall not exceed ten years. The exercise price of options
granted is the fair market value of a share of common stock at the time of the grant. The Company recorded compensation expense
of $29,658 and $93,530 in 2019 and 2018, respectively. As of December 31, 2019, there was no unrecognized compensation cost related
to non-vested stock options. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option
pricing model. The fair value of options granted in 2017 was determined with the following weighted average assumptions: dividend
yield of 0 percent, risk-free interest rate of 1.77 percent, expected life of 5 years, and dividend volatility of 30 percent. No
shares were granted in 2019 under this plan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In 2017, the Company replaced the 2007
plan and adopted the Covenant Financial, Inc. Equity Compensation Plan (2017 Plan). The 2017 Plan authorizes the Board of Directors
to grant options and restricted stock up to an aggregate of 228,000 (as adjusted for stock dividends) shares of common stock as
of the effective date of the Plan to officers, other employees, and directors of the Company. The Plan received shareholder approval
at the May 2017 Annual Shareholders&rsquo; Meeting. The shares granted under the Plan to directors are nonqualified options. The
shares granted under the 2017 Plan to officers and other employees can be nonqualified options or incentive stock options, subject
to the limitations under Section 422 of the Internal Revenue Code. All options granted under the Plan have a term that shall not
exceed ten years. The exercise price of options granted is the fair market value of a share of common stock at the time of the
grant. The Company recorded compensation expense of $209,376 and $180,993 in 2019 and 2018, respectively. As of December 31, 2019,
there was approximately $202,632 of unrecognized compensation cost related to non-vested stock options, which is expected to be
recognized through 2022. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option
pricing model. The fair value of options granted in 2017 was determined with the following weighted average assumptions: dividend
yield of 0 percent, risk-free interest rate of 1.77 percent, expected life of 5 years, and expected volatility of 30 percent. The
weighted average fair value of options granted in 2017 was $1.77 per share. No shares were granted in 2018 under this plan. However,
in 2019, there were 92,648 shares granted under this plan, which vested over three years. The fair value of options granted in
2019 was determined with the following weighted average assumptions: dividend yield of 0 percent, risk-free interest rate of 2.46
percent, expected life of 6.5 years, and expected volatility of 11.59 percent. The weighted average fair value of options granted
in 2019 was $1.77 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>9.</b></td>
    <td style="text-align: justify"><b>STOCK-BASED COMPENSATION (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A summary of the status of the
Company&rsquo;s outstanding stock compensation warrants and options as of December 31, 2019 and 2018, is represented below:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 65%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Number of<br> Options</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Weighted-<br>
Average<br>
Exercise<br>
Price</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Aggregate<br>
Intrinsic <br>
Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 61%">Outstanding, January 1, 2019</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 10%; text-align: right">346,034</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">8.40</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 10%; text-align: right">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Granted</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">92,648</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">8.94</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Excercised</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(167</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">8.25</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">Forfeited</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(7,500</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Outstanding, December 31, 2019</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">431,015</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">8.51</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">3,443,810</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Exercisable at year-end</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">272,783</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">8.44</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,198,631</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>10.</b></td>
    <td style="text-align: justify"><b>INCOME TAXES </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of income tax
expense for the years ended December 31, 2019 and 2018, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%">Current</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">928,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">4,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">Deferred</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(67,000</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">562,000</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total provision for income taxes</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">861,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">566,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A reconciliation of the statutory
income tax at a rate of 21 percent to the income tax expense included in the Consolidated Statement of Operations is as follows
for the years ended December 31, 2019 and 2018, respectively:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">% of</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">% of</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Pretax</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Pretax</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Income</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Income</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 48%; text-align: left">Federal income tax at statutory rate</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">929,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 10%; text-align: right">21.0</td>
    <td style="width: 1%; text-align: left">%</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">571,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 10%; text-align: right">21.0</td>
    <td style="width: 1%; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Tax exempt interest</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(37,000</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(0.8</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(32,000</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(1.2</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Bank-owned life insurance</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(55,000</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(1.2</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(57,000</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(2.1</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Merger expenses</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">16,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0.4</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">State taxes</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">15,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0.3</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">20,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">0.7</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt">Other</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(7,000</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(0.2</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">64,000</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2.4</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total provision and effective rate</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">861,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">19.5</td>
    <td style="padding-bottom: 2.5pt; text-align: left">%</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">566,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">20.8</td>
    <td style="padding-bottom: 2.5pt; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</p>

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<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>10.</b></td>
    <td style="text-align: justify"><b>INCOME TAXES (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The components of the net deferred
tax asset at December 31, 2019 and 2018, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: 0">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.75pt">Deferred tax assets:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 74%; text-align: left; padding-left: 0.125in">Allowance for loan losses</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">157,370</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">303,510</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Stock compensation warrants and options</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">141,550</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">83,648</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.125in">Organization and start-up costs</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">33,712</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">47,551</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Accrued expenses</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">180,600</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">60,865</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.125in">Partnership income</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">614</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">640</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">OREO expense</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">16,039</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">27,011</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.125in">Unrealized loss on available-for-sale securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">20,032</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">State net operating loss carryforward</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,163</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.125in">Accrued legal expenses</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">21,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Operating lease liability</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">805</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total deferred tax assets</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">551,690</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">546,420</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.75pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.75pt">Deferred tax liabilities:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Depreciation on premises and equipment</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(85,898</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(90,885</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0.125in">Unrealized gain on available-for-sale securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(20,570</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Deferred loan costs</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(29,549</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(33,007</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in">Accretion</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(654</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(682</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Servicing asset</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(27,036</td>
    <td style="text-align: left">)</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">(35,340</td>
    <td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt; padding-left: 0.125in">Prepaids</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(38,797</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(63,275</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total deferred tax liabilities</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(202,504</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(223,189</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Net deferred tax assets</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">349,186</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">323,231</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Management evaluates the carrying
amount of its deferred tax assets in accordance with guidance set forth in ASC Topic 740, <i>Income Taxes, </i>and applies the
criteria in the guidance to determine whether it is more likely than not that some portion, or all, of the deferred tax asset will
not be realized within its life cycle, based on the weight of available evidence. If management determines, based on available
evidence, both positive and negative, that it is more likely than not that some portion or all of the deferred tax asset will not
be realized in future periods, a valuation allowance is calculated and recorded. These determinations are inherently subjective
and depend upon management's estimates and judgments used in their evaluation of both positive and negative evidence.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At December 31, 2019 and 2018,
management performed an evaluation of the Company&rsquo;s deferred tax assets, taking into consideration both positive and negative
evidence that existed as of that date. At December 31, 2019 and 2018, management believes that the Company will be able to generate
future taxable income sufficient to utilize its deferred tax assets. If future earnings are less than management's projections,
a valuation allowance against some or all of the deferred tax assets may be needed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The difference between the reported
income tax expense and the amount of income tax expense computed by multiplying pretax income by the federal statutory rate for
the years ended December 31, 2019 and 2018, is attributable to the effects of tax-exempt interest income and tax-exempt income
on bank-owned life insurance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify">
    <td style="width: 0.5in; text-align: left"><b>11.</b></td>
    <td style="text-align: justify"><b>DERIVATIVE FINANCIAL INSTRUMENTS</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company is a party to derivative
financial instruments in the normal course of business to meet the needs of commercial banking customers. These financial instruments
have been limited to interest rate swap agreements, which are entered into with counterparties that meet established credit standards
and, where appropriate, contain master netting and collateral provisions protecting the party at risk. The Company believes that
the credit risk inherent in all of the derivative contracts is minimal based on the credit standards and the netting and collateral
provisions of the interest rate swap agreements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company executes interest
rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps
are simultaneously economically hedged by offsetting interest rate swaps that the Company executes with a third party, such that
the Company minimizes its net risk exposure resulting from such transactions. These derivatives are not designated as hedges and
are not speculative. Rather, these derivatives result from a service the Company provides to certain customers. As the interest
rate swaps associated with this program do not meet the hedge accounting requirements, changes in the fair value of both the customer
swaps and the offsetting swaps are recognized directly in earnings. As of December 31, 2019 and 2018, the Company has 32 and 21
interest rate swaps with an aggregate notional amount of $117,048,000 and $91,630,000, respectively, related to this program. The
Company recorded fee income of $353,000 and $168,000 and interest expense of $3,000 and $93,000 as of December 31, 2019 and 2018,
respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The table below presents the
fair value of the Company&rsquo;s derivative financial instruments as well as their classification on the Consolidated Balance
Sheet as of December 31, 2019 and 2018, respectively:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Asset Derivatives</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Liability Derivatives</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Notional</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Notional</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value <sup>(1)</sup></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value <sup>(2)</sup></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest rate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; width: 48%; text-align: left; padding-bottom: 1pt">swap agreements</td>
    <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">58,524,041</td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">2,315,380</td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">58,524,041</td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">2,315,380</td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">58,524,041</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,315,380</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">58,524,041</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,315,380</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Asset Derivatives</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">Liability Derivatives</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Notional</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Notional</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value <sup>(1)</sup></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value <sup>(2)</sup></font></td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest rate</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; width: 48%; text-align: left; padding-bottom: 1pt">swap agreements</td>
    <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">44,481,000</td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">486,786</td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">47,149,000</td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">486,786</td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">44,481,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">486,786</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">47,149,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">486,786</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.25in">&nbsp;</td>
    <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"><sup>(1)</sup></font></td>
    <td style="text-align: justify">Included in other assets in the Consolidated Balance Sheet.</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif"><sup>(2)</sup></font></td>
    <td style="text-align: justify">Included in other liabilities in the Consolidated Balance Sheet.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">There are no gross amounts of
interest rate swaps assets and liabilities not offset in the Consolidated Balance Sheet.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify">
    <td style="width: 0.5in; text-align: left"><b>11.</b></td>
    <td style="text-align: justify"><b>DERIVATIVE FINANCIAL INSTRUMENTS (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company has agreements with
certain of its derivative counterparties that provide that if the Company defaults on any of its indebtedness, including default
where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default
on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that provide that
if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate
the derivative positions and the Company would be required to settle its obligations under the agreements. The Company maintains
restricted cash collateral with a third-party trustee of $5,490,000 at December 31, 2019, under the provisions of the agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>12.</b></td>
    <td style="text-align: left"><b>TRANSACTIONS WITH EXECUTIVE OFFICERS, DIRECTORS, AND PRINCIPAL STOCKHOLDERS </b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company has had, and may
be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors,
principal stockholders, their immediate families, and affiliated companies (commonly referred to as related parties), on the same
terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with others. Loans
receivable from related parties totaled $4,527,252 and $4,664,799 at December 31, 2019 and 2018, respectively. During 2019, there
were $3,778,386 in new loans and repayments received totaled $3,915,933.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Deposits of related parties totaled
$4,145,735 and $1,804,406 at December 31, 2019 and 2018, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On January 1, 2016, the Company
entered into supplemental executive retirement plan agreement with its Chief Executive Officer. The agreement also contains certain
change in control provisions. Expense under the plan totaled $71,101 and $64,894 for the years ended December 31, 2019 and 2018,
respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify">
    <td style="width: 0.5in; text-align: left"><b>13.</b></td>
    <td style="text-align: left"><b>FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company is a party to financial
instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial
instruments include commitments to extend credit and letters of credit. Such commitments involve, to varying degrees, elements
of credit and interest rate risk in excess of the amount recognized in the balance sheet.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company&rsquo;s exposure
to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is
represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and
conditional obligations as it does for on-balance sheet instruments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At December 31, 2019 and 2018,
the following financial instruments were outstanding whose contract amounts represent credit risk:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%; text-align: left">Unfunded commitments under lines of credit</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">61,006,674</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">67,763,978</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Commitments to grant loans</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">6,103,750</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">6,259,750</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Standby letters of credit</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,110,473</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,842,657</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; padding-bottom: 2.5pt">Total</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">68,220,897</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">76,866,385</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <div style="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<tr style="vertical-align: top; text-align: justify">
    <td style="width: 0.5in; text-align: left"><b>13.</b></td>
    <td style="text-align: justify"><b>FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Commitments to extend credit
are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Since many
of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future
cash requirements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a
fee. The Company evaluates each customer&rsquo;s credit worthiness on a case-by-case basis. The amount of collateral obtained,
if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation. Collateral held varies
but may include residential or commercial real estate, accounts receivable, inventory, and equipment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Outstanding letters of credit
written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The majority
of these standby letters of credit expire within the next twelve months. The credit risk involved in issuing letters of credit
is essentially the same as that involved in extending other loan commitments. The Company requires collateral supporting these
letters of credit as deemed necessary. Management believes that the proceeds obtained through a liquidation of such collateral
would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. The current
amount of the liability as of December 31, 2019 and 2018, for guarantees under standby letters of credit issued is not material.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>14.</b></font></td>
    <td style="text-align: justify"><b>REGULATORY MATTERS</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company and its Bank subsidiary
are subject to various regulatory capital requirements administered by the federal banking agencies. The final rules implementing
BASEL Committee on Banking Supervisor&rsquo;s Capital Guidance for U.S. banks (BASEL III rules) became effective for the Company
on January 1, 2015, with full compliance with all of the requirements being phased in over a multi-year schedule and fully phased
in by January 1, 2019. Under the BASEL III rules, the Company and Bank must hold a capital conservation buffer above the adequately
capitalized risk-based capital ratios. The net unrealized gain or loss on available-for-sale securities is not included in computing
regulatory capital. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary
actions by regulators that, if undertaken, could have a direct material effect on the Company&rsquo;s consolidated financial statements.
Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and its Bank subsidiary
must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance-sheet
items calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative
judgments by the regulators about components, risk weightings, and other factors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Quantitative measures established
by regulation to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth on the following table)
of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets, Tier 1 capital to average assets, and common
equity Tier 1 capital to risk-weighted assets. Management believes, as of December 31, 2019 and 2018, that the Company and its
Bank subsidiary meet all capital adequacy requirements to which they are subject.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As of December 31, 2019, the
most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory
framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum total risk-based,
common equity risk based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the following tables. There are no conditions
or events since that notification that management believes have changed the Bank&rsquo;s category. The Company&rsquo;s ratios do
not differ significantly from the Bank&rsquo;s ratios presented below. The Bank&rsquo;s actual capital amounts and ratios are as
follows at December 31, 2019 and 2018:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>14.</b></td>
    <td style="text-align: justify"><b>REGULATORY MATTERS (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>&nbsp;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Ratio</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Amount</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Ratio</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><u>Common equity Tier 1 capital (to risk-weighted
    assets)</u></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%">Actual</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">53,099,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 10%; text-align: right">12.50</td>
    <td style="width: 1%; text-align: left">%</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">48,231,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 10%; text-align: right">11.95</td>
    <td style="width: 1%; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">For capital adequacy purposes</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">19,122,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4.50</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">18,163,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4.50</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">To be well capitalized</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">27,620,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">6.50</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">26,236,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">6.50</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><u>Total capital (to risk-weighted assets)</u></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Actual</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">57,128,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">13.44</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">52,866,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">13.10</td>
    <td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">For capital adequacy purposes</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">33,994,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">8.00</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">32,290,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">8.00</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">To be well capitalized</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">42,493,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">10.00</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">40,363,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">10.00</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><u>Tier 1 capital (to risk-weighted assets)</u></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Actual</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">53,099,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">12.50</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">48,231,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">11.95</td>
    <td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">For capital adequacy purposes</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">25,496,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">6.00</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">24,218,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">6.00</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">To be well capitalized</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">33,994,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">8.00</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">32,290,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">8.00</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><u>Tier 1 capital (to average assets)</u></td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Actual</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">53,099,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">10.33</td>
    <td style="text-align: left">%</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">48,231,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">10.06</td>
    <td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">For capital adequacy purposes</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">20,569,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4.00</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">19,169,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">4.00</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">To be well capitalized</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">25,712,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5.00</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">23,962,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5.00</td>
    <td style="text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>15.</b></td>
    <td style="text-align: justify"><b>LEGAL MATTERS</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company is involved, from
time to time, in litigation at various stages, related to its operations. It is management&rsquo;s opinion, at the present time,
that any ultimate liability from any current litigation, whether asserted or unasserted, or whether covered by insurance or not
would not have a material effect on the Company&rsquo;s consolidated financial statements at this time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="text-align: left; width: 0.5in"><b>16.</b></td>
    <td style="text-align: left"><b>FAIR VALUE MEASUREMENTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Company uses fair value measurements
to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of financial
instruments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. Fair value is best determined based upon quoted market prices in active markets. However,
in many instances, there are no quoted market prices for the Company&rsquo;s various financial instruments. In cases where quoted
market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques
are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly,
the fair value estimates may not be realized in an immediate settlement of the instruments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>16.</b></td>
    <td style="text-align: justify"><b>FAIR VALUE MEASUREMENTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Fair value accounting guidance
provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation
or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant
decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple
valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact
at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant
judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market
conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In accordance with this guidance,
the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the
markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="text-align: left; width: 0.5in">&nbsp;</td>
    <td style="text-align: left; width: 0.6in">Level I &ndash;</td>
    <td style="text-align: left">Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level I assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.</td></tr>
</table>
<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="text-align: left; width: 0.5in">&nbsp;</td>
    <td style="text-align: left; width: 0.6in">Level II &ndash;</td>
    <td style="text-align: left">Valuation is based on inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. The valuation may be based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: left">&nbsp;</p>

<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="text-align: left; width: 0.5in">&nbsp;</td>
    <td style="text-align: left; width: 0.6in">Level III &ndash;</td>
    <td style="text-align: left">Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level III assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which determination of fair value requires significant management judgment or estimation.</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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    <!-- Field: /Page --><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>16.</b></td>
    <td style="text-align: justify"><b>FAIR VALUE MEASUREMENTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For financial assets measured
at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy used at December 31, 2019
and 2018, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level I</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level II</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level III</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Total</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Securities available for sale:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%; text-align: left">U.S. treasury bills</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">10,000,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">10,000,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Mortgage-backed securities - residential</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,856,486</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,856,486</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Corporate debt securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,039,968</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,039,968</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>State and municipal securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,161,989</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,161,989</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Asset-backed securities - SBA</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,780,390</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,780,390</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">10,000,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">11,838,833</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">21,838,833</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Servicing asset</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">128,743</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">128,743</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Interest rate swap agreements, assets</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,315,380</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(2,315,380</td>
    <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Interest rate swap agreements, liabilities</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2,315,380</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(2,315,380</td>
    <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level I</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level II</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level III</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Total</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Securities available for sale:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 48%; text-align: left">U.S. treasury bills</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">10,000,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">10,000,000</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Mortgage-backed securities - residential</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5,234,316</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">5,234,316</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Corporate debt securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,037,469</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,037,469</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>State and municipal securities</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,521,126</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,521,126</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Asset-backed securities - SBA</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,196,857</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">-</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,196,857</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">10,000,000</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">11,989,768</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">21,989,768</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Servicing asset</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">161,423</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">161,423</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Interest rate swap agreements, assets</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">486,786</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">486,786</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Interest rate swap agreements, liabilities</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">486,786</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">486,786</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>16.</b></td>
    <td style="text-align: justify"><b>FAIR VALUE MEASUREMENTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following table presents
a reconciliation of the servicing assets measured at fair value on a recurring basis using significant unobservable inputs (Level
III) for the years ended December 31, 2019 and 2018:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 74%">Beginning balance, January 1</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">161,423</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">272,906</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Change in fair value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(32,680</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(111,483</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Ending balance, December 31</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">128,743</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">161,423</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For financial assets measured
at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at December 31,
2019 and 2018, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level I</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level II</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level III</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Total</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 48%; text-align: left; padding-bottom: 2.5pt">Impaired loans, net</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">97,573</td>
    <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">97,573</td>
    <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Other real estate owned</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,322,780</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,322,780</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="14" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level I</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level II</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level III</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Total</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 48%; text-align: left; padding-bottom: 2.5pt">Impaired loans, net</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">105,412</td>
    <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="width: 1%; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 2.5pt double; text-align: right">105,412</td>
    <td style="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Other real estate owned</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">-</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">91,593</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">91,593</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Impaired loans are those in which
the Company has measured impairment generally based on the fair value of the loan&rsquo;s collateral less estimated cost of disposal.
Fair value is generally determined based upon independent third-party appraisals of the properties or discounted cash flows based
upon the expected proceeds. These assets are included as Level III fair values, based upon the lowest level of input that is significant
to the fair value measurements. The fair value at December 31, 2019, consists of loan balances of $223,247 less a valuation allowance
of $125,674. The fair value at December 31, 2018, consists of loan balances of $243,055 less a valuation allowance of $137,643.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Real estate properties acquired
through, or in lieu of, foreclosure are to be sold and are carried at fair value less estimated cost to sell. Fair value is based
upon independent market prices or appraised value of the property. These assets are included in Level III fair value based upon
the lowest level of input that is significant to the fair value measurement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>16.</b></td>
    <td style="text-align: justify"><b>FAIR VALUE MEASUREMENTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Quantitative information about
Level III fair value measurements at December 31, 2019 and 2018, is included in the table below:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="9" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="9" style="border-bottom: Black 1pt solid; text-align: center">Quantitative Information About Level III Fair Value Measurements</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair Value</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: center">Valuation</td>
    <td>&nbsp;</td>
    <td style="text-align: center">Unobservable</td>
    <td>&nbsp;</td>
    <td style="text-align: center">Range</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Estimate</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">Techniques</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">Input</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">(Weighted Average)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 39%; text-align: left">Servicing asset</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">128,743</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%; text-align: left">Discounted cash flow</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%; text-align: left">Discount rate</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%; text-align: center">11.15%&nbsp;&nbsp;to 21.62%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">Prepayment rate</td>
    <td>&nbsp;</td>
    <td style="text-align: center">9.96%&nbsp;&nbsp;to 26.65%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>Life</td>
    <td>&nbsp;</td>
    <td style="text-align: center">0 to 5 years</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left">Other real estate owned</td>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: left">$</td>
    <td style="vertical-align: top; text-align: right">1,322,780</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">Signed sales agreement or appraisal of collateral</td>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: left">Liquidation expenses</td>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: center">8.00%</td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="9" style="border-bottom: Black 1pt solid; text-align: center">2018</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="9" style="border-bottom: Black 1pt solid; text-align: center">Quantitative Information About Level III Fair Value Measurements</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Fair Value</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: center">Valuation</td>
    <td>&nbsp;</td>
    <td style="text-align: center">Unobservable</td>
    <td>&nbsp;</td>
    <td style="text-align: center">Range</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Estimate</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">Techniques</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">Input</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">(Weighted Average)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 39%; text-align: left">Servicing asset</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">161,423</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discounted cash flow</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%; text-align: left">Discount rate</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 15%; text-align: center">13.56%&nbsp;&nbsp;to 25.80%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">Prepayment rate</td>
    <td>&nbsp;</td>
    <td style="text-align: center">8.06%&nbsp;&nbsp;to 21.70%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>Life</td>
    <td>&nbsp;</td>
    <td style="text-align: center">0 to 6 years</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left">Impaired loans</td>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: left">$</td>
    <td style="vertical-align: top; text-align: right">105,412</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signed sales agreement or appraisal of collateral </font></td>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: left">Appraisal adjustments</td>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: center">20.00%</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">Liquidation expenses</td>
    <td>&nbsp;</td>
    <td style="text-align: center">8.00%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; text-align: left">Other real estate owned</td>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: left">$</td>
    <td style="vertical-align: top; text-align: right">91,583</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">Signed sales agreement or appraisal of collateral</td>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: left">Liquidation expenses</td>
    <td>&nbsp;</td>
    <td style="vertical-align: top; text-align: center">8.00%</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

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<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>16.</b></td>
    <td style="text-align: justify"><b>FAIR VALUE MEASUREMENTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The estimated fair values of
the Company&rsquo;s financial instruments at December 31, 2019 and 2018, were as follows.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="18" style="text-align: center; border-bottom: Black 1pt solid">2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Carrying</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Total</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level I</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level II</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level III</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Fair Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Financial assets:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; width: 45%; text-align: left">Cash and cash equivalents</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">38,981,975</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">38,981,975</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">38,981,975</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Interest-bearing time deposits</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">11,236,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">11,236,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">11,236,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Securities available for sale</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">21,838,833</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">10,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">11,838,833</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">21,838,833</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Securities held to maturity</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,036,308</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,036,308</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Loans, net</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">417,183,398</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">412,269,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">412,269,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Investment in restricted stock</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,871,800</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,871,800</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,871,800</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Servicing asset</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">128,743</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">128,743</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">128,743</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Interest rate swap agreements</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,315,380</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,315,380</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,315,380</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Accrued interest receivable</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,487,414</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,487,414</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,487,414</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Financial liabilities:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Deposits</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">393,444,833</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">271,732,318</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">122,248,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">393,980,318</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Other borrowed funds</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Long-term debt</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">61,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">61,698,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">61,698,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Interest rate swap agreements</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,315,380</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,315,380</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,315,380</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Accrued interest payable</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">550,771</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">550,771</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">550,771</td>
    <td style="text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="18" style="text-align: center; border-bottom: Black 1pt solid">2018</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Carrying</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Total</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level I</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level II</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Level III</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid">Fair Value</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Financial assets:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; width: 45%; text-align: left">Cash and cash equivalents</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">26,170,211</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">26,170,211</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">-</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 8%; text-align: right">26,170,211</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Interest-bearing time deposits</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">13,974,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">13,974,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">13,974,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Securities available for sale</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">21,989,768</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">10,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">11,989,768</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">21,989,768</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Securities held to maturity</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">994,485</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">994,485</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Loans, net</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">394,889,629</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">390,318,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">390,318,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Investment in restricted stock</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,004,400</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,004,400</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">3,004,400</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Servicing asset</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">161,423</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">161,423</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">161,423</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Interest rate swap agreements</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">486,786</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">486,786</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">486,786</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Accrued interest receivable</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,352,980</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,352,980</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">1,352,980</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Financial liabilities:</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Deposits</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">361,918,644</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">335,300,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">$</td>
    <td style="text-align: right">335,300,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Other borrowed funds</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">6,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">6,000,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">6,000,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Long-term debt</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">60,500,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">58,971,000</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">58,971,000</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">Interest rate swap agreements</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">486,786</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">486,786</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">486,786</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Accrued interest payable</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">550,495</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">550,495</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">550,495</td>
    <td style="text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

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<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>17.</b></td>
    <td style="text-align: justify"><b>LEASES</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">A lease is defined as a contract, or part
of a contract, that conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange
for consideration. On January 1, 2019, the Company adopted ASU No. 2016-02 <i>Leases (Topic 842)</i> and all subsequent ASUs that
modified Topic 842. For the Company, Topic 842 primarily affected the accounting treatment for operating lease agreements in which
the Company is the lessee. Upon adoption of ASC Topic 842, <i>Leases</i>, on January 1, 2019, the Company recorded an asset and
a corresponding liability in the amount of $1,875,152, included in other assets and other liabilities on the Consolidated Balance
Sheet. The Company recorded an additional asset and a corresponding liability in the amount of $73,829 during year ended December
31, 2019, for two new lease agreements. The Company elected to adopt the transition relief under ASC Topic 842 using the modified
retrospective transition method. All lease agreements are accounted for as operating leases. The Company has no unamortized initial
direct costs related to the establishment of these lease agreements as of January 1, 2019.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Lessee Accounting</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Substantially all of the leases in which
the Company is the lessee are comprised of real estate property for branches and office spaces with terms extending through 2031.
All of our leases are classified as operating leases, and, therefore, were previously not recognized on the Company&rsquo;s Consolidated
Balance Sheet. With the adoption of Topic 842, operating lease agreements are required to be recognized on the Consolidated Balance
Sheet as a ROU asset and a corresponding lease liability.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The following table represents the Consolidated
Balance Sheet classification of the Company&rsquo;s ROU assets and lease liabilities. The Company elected not to include short-term
leases (i.e., leases with initial terms of 12 months or less) on the Consolidated Balance Sheet.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">Lease Right-of-use Assets</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">Classification</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Operating lease right-of-use assets</td>
    <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 25%; text-align: center; padding-bottom: 1pt">Other assets</td>
    <td style="width: 1%; padding-bottom: 1pt">&nbsp;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td>
    <td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">1,804,674</td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total Lease Right-of-Use Assets</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="text-align: center; padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right"><p style="margin-top: 0; margin-bottom: 0">1,804,674</p></td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">Lease Liabilities</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">Classification</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Operating lease liability</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: center; padding-bottom: 1pt">Other liabilities</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">$</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,808,506</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total Lease Liabilities</td>
    <td style="padding-bottom: 2.5pt; width: 1%">&nbsp;</td>
    <td style="text-align: center; padding-bottom: 2.5pt; width: 25%">&nbsp;</td>
    <td style="padding-bottom: 2.5pt; width: 1%">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left; width: 1%">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right; width: 10%">1,808,506</td>
    <td style="padding-bottom: 2.5pt; text-align: left; width: 1%">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Weighted-average remaining lease term</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: right">11.66 years</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Operating lease cost</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 87%; text-align: left">Weighted-average discount rate</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td>
    <td style="width: 10%; text-align: right">3.53</td>
    <td style="width: 1%; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Operating lease cost</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center; white-space: nowrap">For the Year Ended</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid">The components of the lease expense are as follows:</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; white-space: nowrap; border-bottom: Black 1pt solid">December 31, 2019</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 87%; text-align: left">Operating lease cost</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">210,497</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Short-term lease cost</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,471</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">212,968</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<p style="margin: 0pt 0; font-size: 10pt"></p>

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<p style="margin: 0pt 0; font-size: 10pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><b>17.</b></td>
    <td style="text-align: justify"><b>LEASES (Continued)</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Future minimum payments for operating leases
with initial or remaining terms of one year or more as of December 31, 2019, were as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: left; border-bottom: Black 1pt solid">Year Ended December 31:</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td colspan="2" style="text-align: center; white-space: nowrap; border-bottom: Black 1pt solid">Operating Leases</td>
    <td style="padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 87%; text-align: left">2020</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td>
    <td style="width: 10%; text-align: right">216,878</td>
    <td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">2021</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">183,840</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">2022</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">181,606</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-align: left">2023</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">181,606</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">2024</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">181,606</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">2025 and thereafter</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,271,245</td>
    <td style="padding-bottom: 1pt; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total Future Mimumm Lease Payments</td>
    <td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td>
    <td style="text-align: right">2,216,781</td>
    <td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Amounts Representing Interest</td>
    <td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(408,275</td>
    <td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Present Value of Net Future Minimum Lease Payments</td>
    <td style="padding-bottom: 2.5pt">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,808,506</td>
    <td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The calculated amount of the ROU assets
and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value
the minimum lease payments. The Company&rsquo;s lease agreements often include one or more options to renew at the Company&rsquo;s
discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company
will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842
requires the use of the rate implicit in the lease whenever this rate is readily determinable. The Company utilized its incremental
borrowing rate at lease inception, on a collateralized basis, over a similar term as the rate implicit in the lease was not readily
determinable. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019
was used.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="text-align: left; width: 0.5in"><font style="font-family: Times New Roman, Times, Serif"><b>18.</b></font></td>
    <td style="text-align: left"><b>PROPOSED ACQUISITION OF COVENANT FINANCIAL, INC.</b></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">On December 18, 2019 Citizens &amp; Northern
Corporation and Covenant Financial, Inc. entered into an Agreement and Plan of Reorganization, subject to shareholder and regulatory
approval. Under the agreement Covenant Financial, Inc. will merge into Citizens &amp; Northern Corporation, subject to shareholder
and regulatory approval. In the transaction, Covenant Financial, Inc. shareholders will elect to receive either 0.6212 shares of
C&amp;N Corp. common stock or $16.50 in cash for each share of Covenant Financial, Inc. common stock owned, subject to proration
to ensure that, overall, 25 percent of the Covenant Financial, Inc. shares will be converted into cash and 75 percent of the Covenant
Financial, Inc. shares will be converted into C&amp;N Corp. stock. Holders of Covenant Financial, Inc. common stock prior to the
consummation of the merger will own approximately 13 percent of C&amp;N Corp.&rsquo;s common stock outstanding immediately following
the consummation of the merger. The parties have also agreed that two members of the Covenant Financial, Inc. Board will join the
C&amp;N Corp. Board of Directors. Merger-related expenses incurred by Covenant Financial, Inc. during 2019 totaled approximately
$380,000.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="z_002"></a>ANNEX A</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AGREEMENT AND PLAN OF MERGER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BY AND BETWEEN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">COVENANT
FINANCIAL, Inc. AND</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Citizens
 &amp; Northern Corporation</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 18, 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>Table
of Contents</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase">ARTICLE I.&nbsp;&nbsp;THE MERGER</TD>
    <TD STYLE="text-transform: uppercase; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 1in; padding-left: 0.58in">1.1</TD>
    <TD>Merger</TD>
    <TD STYLE="width: 0.5in; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">1.2</TD>
    <TD>Name</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">1.3</TD>
    <TD>Articles of Incorporation and Bylaws</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">1.4</TD>
    <TD>Directors and Officers</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-transform: uppercase">ARTICLE II.&nbsp;&nbsp;CONVERSION AND EXCHANGE OF SHARES</TD>
    <TD STYLE="text-transform: uppercase; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">2.1</TD>
    <TD>Conversion of Shares</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">2.2</TD>
    <TD>Election Procedure</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">2.3</TD>
    <TD>Undisbursed Consideration</TD>
    <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">2.4</TD>
    <TD>Treatment of Outstanding Covenant Options</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">2.5</TD>
    <TD>Reservation and Registration of Shares</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">2.6</TD>
    <TD>Withholding Rights</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">2.7</TD>
    <TD>Expenses</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">2.8</TD>
    <TD>Dissenters&rsquo; Rights</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase">ARTICLE III.&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES OF Covenant</TD>
    <TD STYLE="text-transform: uppercase; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.1</TD>
    <TD>Organization</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.2</TD>
    <TD>Authority</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.3</TD>
    <TD>Subsidiaries</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.4</TD>
    <TD>Capitalization</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.5</TD>
    <TD>Consents and Approvals</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.6</TD>
    <TD>Charter, Bylaws and Minute Books</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.7</TD>
    <TD>Reports</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.8</TD>
    <TD>Financial Statements</TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.9</TD>
    <TD>Absence of Undisclosed Liabilities</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.10</TD>
    <TD>Absence of Changes</TD>
    <TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.11</TD>
    <TD>Dividends, Distributions and Stock Purchases</TD>
    <TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.12</TD>
    <TD>Taxes</TD>
    <TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.13</TD>
    <TD>Title to and Condition of Assets</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.14</TD>
    <TD>Contracts</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.15</TD>
    <TD>Litigation and Governmental Directives</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.16</TD>
    <TD>Risk Management Instruments</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.17</TD>
    <TD>Environmental Matters</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.18</TD>
    <TD>Intellectual Property</TD>
    <TD STYLE="text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.19</TD>
    <TD>Privacy</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.20</TD>
    <TD>Compliance with Laws; Governmental Authorizations</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.21</TD>
    <TD>Insurance</TD>
    <TD STYLE="text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.22</TD>
    <TD>Financial Institutions Bonds</TD>
    <TD STYLE="text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.23</TD>
    <TD>Labor Relations and Employment Agreements</TD>
    <TD STYLE="text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.24</TD>
    <TD>Employee Benefit Plans</TD>
    <TD STYLE="text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.25</TD>
    <TD>Loan Portfolio</TD>
    <TD STYLE="text-align: right">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.26</TD>
    <TD>Investment Portfolio</TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.27</TD>
    <TD>Related Party Transactions</TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.28</TD>
    <TD>Certain Activities</TD>
    <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.29</TD>
    <TD>No Finder</TD>
    <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.30</TD>
    <TD>Complete and Accurate Disclosure</TD>
    <TD STYLE="text-align: right">29</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in; width: 1in">3.31</TD>
    <TD>Proxy Statement/Prospectus</TD>
    <TD STYLE="text-align: right; width: 0.5in">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.32</TD>
    <TD>Beneficial Ownership of C&amp;N Common Stock</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.33</TD>
    <TD>Fairness Opinion</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">3.34</TD>
    <TD>State Takeover Laws</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">3.35</TD>
    <TD>Reorganization</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-transform: uppercase">ARTICLE IV.&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES OF C&amp;N</TD>
    <TD STYLE="text-transform: uppercase; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.1</TD>
    <TD>Organization</TD>
    <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.2</TD>
    <TD>Authority</TD>
    <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.3</TD>
    <TD>Subsidiaries</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.4</TD>
    <TD>Capitalization</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.5</TD>
    <TD>Consents and Approvals</TD>
    <TD STYLE="text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.6</TD>
    <TD>Charter, Bylaws and Minute Books</TD>
    <TD STYLE="text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.7</TD>
    <TD>Reports</TD>
    <TD STYLE="text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.8</TD>
    <TD>Financial Statements</TD>
    <TD STYLE="text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.9</TD>
    <TD>Absence of Undisclosed Liabilities</TD>
    <TD STYLE="text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.10</TD>
    <TD>Absence of Changes</TD>
    <TD STYLE="text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.11</TD>
    <TD>Dividends, Distributions and Stock Purchases</TD>
    <TD STYLE="text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.12</TD>
    <TD>Taxes</TD>
    <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.13</TD>
    <TD>Litigation and Governmental Directives</TD>
    <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.14</TD>
    <TD>Risk Management Instruments</TD>
    <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.15</TD>
    <TD>Privacy</TD>
    <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.16</TD>
    <TD>Compliance with Laws; Governmental Authorizations</TD>
    <TD STYLE="text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.17</TD>
    <TD>Insurance</TD>
    <TD STYLE="text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.18</TD>
    <TD>Employee Benefit Plans</TD>
    <TD STYLE="text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.19</TD>
    <TD>Loan Portfolio</TD>
    <TD STYLE="text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.20</TD>
    <TD>Investment Portfolio</TD>
    <TD STYLE="text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.21</TD>
    <TD>Certain Activities</TD>
    <TD STYLE="text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.22</TD>
    <TD>No Finder</TD>
    <TD STYLE="text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.23</TD>
    <TD>Complete and Accurate Disclosure</TD>
    <TD STYLE="text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">4.24</TD>
    <TD>Proxy Statement/Prospectus</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">4.25</TD>
    <TD>Reorganization</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-transform: uppercase">ARTICLE V.&nbsp;&nbsp;COVENANTS OF Covenant</TD>
    <TD STYLE="text-transform: uppercase; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">5.1</TD>
    <TD>Conduct of Business</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">5.2</TD>
    <TD>Best Efforts</TD>
    <TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">5.3</TD>
    <TD>Access to Properties and Records</TD>
    <TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">5.4</TD>
    <TD>Subsequent Financial Statements</TD>
    <TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">5.5</TD>
    <TD>Update Schedules</TD>
    <TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">5.6</TD>
    <TD>Notice</TD>
    <TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">5.7</TD>
    <TD>No Solicitation</TD>
    <TD STYLE="text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">5.8</TD>
    <TD>INTENTIONALLY OMITTED</TD>
    <TD STYLE="text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">5.9</TD>
    <TD>INTENTIONALLY OMITTED</TD>
    <TD STYLE="text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">5.10</TD>
    <TD>Internal Controls</TD>
    <TD STYLE="text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">5.11</TD>
    <TD>Transaction Expenses of Covenant</TD>
    <TD STYLE="text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-transform: uppercase">ARTICLE VI.&nbsp;&nbsp;COVENANTS OF C&amp;N</TD>
    <TD STYLE="text-transform: uppercase; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">6.1</TD>
    <TD>Best Efforts</TD>
    <TD STYLE="text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">6.2</TD>
    <TD>Access to Properties and Records</TD>
    <TD STYLE="text-align: right">52</TD></TR>
</TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in; width: 1in">6.3</TD>
    <TD>Subsequent Financial Statements</TD>
    <TD STYLE="text-align: right; width: 0.5in">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">6.4</TD>
    <TD>Update Schedules</TD>
    <TD STYLE="text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">6.5</TD>
    <TD>Notice</TD>
    <TD STYLE="text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">6.6</TD>
    <TD>INTENTIONALLY OMITTED</TD>
    <TD STYLE="text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">6.7</TD>
    <TD>Employment Arrangements</TD>
    <TD STYLE="text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">6.8</TD>
    <TD>Insurance; Indemnification</TD>
    <TD STYLE="text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">6.9</TD>
    <TD>Appointment of C&amp;N Directors</TD>
    <TD STYLE="text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">6.10</TD>
    <TD>Advisory Board</TD>
    <TD STYLE="text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase">ARTICLE VII.&nbsp;&nbsp;CONDITIONS PRECEDENT</TD>
    <TD STYLE="text-transform: uppercase; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">7.1</TD>
    <TD>Common Conditions</TD>
    <TD STYLE="text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">7.2</TD>
    <TD>Conditions Precedent to Obligations of C&amp;N</TD>
    <TD STYLE="text-align: right">58</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">7.3</TD>
    <TD>Conditions Precedent to the Obligations of Covenant</TD>
    <TD STYLE="text-align: right">59</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase">ARTICLE VIII.&nbsp;&nbsp;TERMINATION, AMENDMENT AND WAIVER</TD>
    <TD STYLE="text-transform: uppercase; text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">8.1</TD>
    <TD>Termination</TD>
    <TD STYLE="text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">8.2</TD>
    <TD>Effect of Termination</TD>
    <TD STYLE="text-align: right">63</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">8.3</TD>
    <TD>Amendment</TD>
    <TD STYLE="text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">8.4</TD>
    <TD>Waiver</TD>
    <TD STYLE="text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-transform: uppercase">ARTICLE IX.&nbsp;&nbsp;CLOSING AND EFFECTIVE TIME</TD>
    <TD STYLE="text-transform: uppercase; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">9.1</TD>
    <TD>Closing</TD>
    <TD STYLE="text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">9.2</TD>
    <TD>Effective Time</TD>
    <TD STYLE="text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase">ARTICLE X.&nbsp;&nbsp;NO SURVIVAL OF REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="text-transform: uppercase; text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">10.1</TD>
    <TD>No Survival</TD>
    <TD STYLE="text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-transform: uppercase">ARTICLE XI.&nbsp;&nbsp;GENERAL PROVISIONS</TD>
    <TD STYLE="text-transform: uppercase; text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">11.1</TD>
    <TD>Expenses</TD>
    <TD STYLE="text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">11.2</TD>
    <TD>Press Releases, Etc.</TD>
    <TD STYLE="text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">11.3</TD>
    <TD>Notices</TD>
    <TD STYLE="text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">11.4</TD>
    <TD>Counterparts</TD>
    <TD STYLE="text-align: right">66</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">11.5</TD>
    <TD>Governing Law; Waiver of Jury Trial</TD>
    <TD STYLE="text-align: right">66</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">11.6</TD>
    <TD>Parties in Interest</TD>
    <TD STYLE="text-align: right">67</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">11.7</TD>
    <TD>Specific Performance Jurisdiction</TD>
    <TD STYLE="text-align: right">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.58in">11.8</TD>
    <TD>Disclosure Schedules</TD>
    <TD STYLE="text-align: right">67</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.58in">11.9</TD>
    <TD>Entire Agreement</TD>
    <TD STYLE="text-align: right">67</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">APPENDIX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">Appendix I</TD>
    <TD>Definitions</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INDEX OF EXHIBITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">Exhibit A</TD>
    <TD>Bank Merger Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Exhibit B</TD>
    <TD>Form of Voting Agreement</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INDEX OF SCHEDULES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;2.4 &ndash; Treatment of Outstanding Covenant
Options</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.3(i) &ndash; Covenant Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.3(ii) &ndash; Covenant Bank Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.4(a) &ndash; Capitalization</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.4(c) &ndash; Covenant Options Outstanding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.9 &ndash; Absence of Undisclosed Liabilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.10 &ndash; Absence of Changes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.11 - Dividends, Distributions and Stock Purchases</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.12 - Taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.13 - Title to and Condition of Assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.14 - Contracts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.15 &ndash; Litigation and Governmental Directives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.17&ndash; Environmental Matters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.21 - Insurance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.22 &ndash; Financial Institution Bonds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.23 &ndash; Labor Relations and Employment Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.24 &ndash; Employee Benefit Plans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.25(a) &ndash; Loan Portfolio</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;3.29&ndash; No Finder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;4.3(i) &ndash; C&amp;N Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;4.3(ii) &ndash; C&amp;N Bank Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;4.4(a) &ndash; Capitalization</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;4.4(c) &ndash; C&amp;N Stock Plans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;4.9 &ndash; Absence of Undisclosed Liabilities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;4.10 &ndash; Absence of Changes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;4.11 &ndash; Dividends, Distributions and Stock
Purchases</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;4.12 &ndash; Taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;4.13 &ndash; Litigation and Governmental Directives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;4.18 &ndash; Employee Benefit Plans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;4.22 &ndash; No Finder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;5.1 &ndash; Conduct of Business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;6.7(a) &ndash; Designated Employees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule&nbsp;6.7(b) &ndash; Contract Employees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AGREEMENT AND PLAN OF MERGER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Agreement and Plan of Merger (the &#8220;<B>Agreement</B>&#8221;),
entered into as of December&nbsp;18, 2019, by and between Citizens&nbsp;&amp; Northern Corporation, a Pennsylvania corporation
having its administrative headquarters at 90&#45;92&nbsp;Main Street, Wellsboro, Pennsylvania 16901 (&#8220;<B>C&amp;N</B>&#8221;),
and Covenant Financial, Inc., a Pennsylvania corporation having its administrative headquarters at 182&nbsp;N. Main Street, Doylestown,
Pennsylvania 18901 (&#8220;<B>Covenant</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BACKGROUND:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N is a bank holding company registered
under the Bank Holding Company Act of 1956, as amended (the &#8220;<B>BHC Act</B>&#8221;), and is the parent holding company of
Citizens &amp; Northern Bank, a Pennsylvania chartered financial institution (&#8220;<B>C&amp;N Bank</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant is a bank holding company registered
under the BHC Act and is the parent holding company of Covenant Bank, a Pennsylvania chartered financial institution (&#8220;<B>Covenant
Bank</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Boards of Directors of C&amp;N and Covenant
have determined that it is in the best interests of C&amp;N and Covenant, respectively, for Covenant to merge with and into C&amp;N
with C&amp;N surviving (the &#8220;<B>Merger</B>&#8221;), and for Covenant Bank to merge with and into C&amp;N Bank, with C&amp;N
Bank surviving (the &#8220;<B>Bank Merger</B>&#8221;). In connection with the Bank Merger, C&amp;N Bank and Covenant Bank have
entered into that certain Bank Merger Agreement, of even date herewith, attached hereto as <U>Exhibit&nbsp;A</U> (the &#8220;<B>Bank
Merger Agreement</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Merger, all of the
outstanding shares of the common stock of Covenant, par value $1.00&nbsp;per share (the &#8220;<B>Covenant Common Stock</B>&#8221;),
will be converted into cash and shares of the common stock of C&amp;N, par value $1.00&nbsp;per share (the &#8220;<B>C&amp;N Common
Stock</B>&#8221;), on the terms described in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Concurrently with the execution and delivery
of this Agreement, as a condition and an inducement for C&amp;N to enter into this Agreement, the directors and executive officers
of Covenant have simultaneously herewith entered into separate voting agreements with C&amp;N substantially in the form attached
hereto as <U>Exhibit&nbsp;B</U> (collectively, the &#8220;<B>Voting Agreements</B>&#8221;), pursuant to which each such person
has agreed to vote certain shares of Covenant Common Stock beneficially owned by him or her in favor of this Agreement, the Merger
and, to the extent required, all transactions incident thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>NOW, THEREFORE</I></B>, in consideration
of the mutual covenants contained herein and intending to be legally bound, the Parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE I.A.<BR>
DEFINITIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>Appendix&nbsp;I</U> sets forth (i)&nbsp;definitions
of capitalized terms used in this Agreement which are not otherwise defined within the text of this Agreement, and (ii)&nbsp;cross
references to capitalized terms defined within the text of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
I.</FONT><BR>
THE MERGER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Merger</U>. Subject to the terms and conditions of this Agreement, at the Effective Time: (i)&nbsp;Covenant shall merge
with and into C&amp;N pursuant to the provisions of the Applicable Corporate Law, whereupon the separate existence of Covenant
shall cease, and C&amp;N shall be the surviving corporation (hereinafter sometimes referred to as the &#8220;<B>Surviving Corporation</B>&#8221;),
and (ii)&nbsp;all of the outstanding shares of Covenant Common Stock will be converted into C&amp;N Common Stock and cash in accordance
with the provisions of Article&nbsp;II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Name</U>. The name of the Surviving Corporation shall be &#8220;Citizens&nbsp;&amp; Northern Corporation.&#8221; The
address of the principal office of the Surviving Corporation will be the address of C&amp;N at the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Articles of Incorporation and Bylaws</U>. The Articles of Incorporation and Bylaws of the Surviving Corporation shall
be the Articles of Incorporation and Bylaws of C&amp;N as in effect at the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.4<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Directors and Officers</U>. Subject to the provisions of Section&nbsp;6.9, the directors and officers of the Surviving
Corporation shall be the directors and officers of C&amp;N in office at the Effective Time. Each of such directors and officers
shall serve until such time as his or her successor is duly elected and has qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
II.</FONT><BR>
CONVERSION AND EXCHANGE OF SHARES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion of Shares</U>. At the Effective Time, the shares of Covenant Common Stock then outstanding shall be converted
into shares of C&amp;N Common Stock and cash, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion of Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Except
for the Canceled Shares and Dissenting Shares, each share of Covenant Common Stock issued and outstanding immediately prior
to the Effective Time (a &#8220;<B>Covenant Share</B>&#8221; and, collectively, the &#8220;<B>Covenant
Shares</B>&#8221;) shall, by virtue of the Merger and without any action on the part of the holder thereof, cease to be
outstanding and shall be canceled and extinguished and converted into the right to receive, upon the surrender of the share
certificates evidencing the Covenant Shares (it being understood that any reference herein to a &#8220;certificate&#8221; of
Covenant Shares shall be deemed to include reference to book-entry account statements relating to the ownership of shares of
Covenant Common Stock), the C&amp;N Stock Consideration or the Cash Consideration, or a combination of C&amp;N Stock
Consideration and the Cash Consideration, without any interest thereon (collectively, the &#8220;<B>Merger
Consideration</B>&#8221;), as specified in this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shares of Covenant Common Stock owned as of the Effective Time by C&amp;N, C&amp;N Bank, Covenant or any Covenant Subsidiary
(except for trust account shares or shares acquired in connection with debts previously contracted) (collectively, the &#8220;<B>Canceled
Shares</B>&#8221;) shall not be converted into the Merger Consideration and shall be canceled at the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each share of C&amp;N Common Stock that is issued and outstanding immediately before the Effective Time shall, on and after
the Effective Time, remain issued and outstanding as one (1) share of C&amp;N Common Stock, and each holder thereof shall retain
his or her rights therein. The holders of the shares of C&amp;N Common Stock outstanding immediately prior to the Effective Time
shall, immediately after the Effective Time, continue to hold a majority of the outstanding shares of C&amp;N Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U>. For purposes hereof, the following terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8220;<B>C&amp;N Share Value</B>&#8221; means the
closing price of C&amp;N Common Stock on the Market on the trading day immediately prior to the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8220;<B>C&amp;N Stock Consideration</B>&#8221; means
a number of shares of C&amp;N Common Stock equal to the number of Covenant Shares to be converted into C&amp;N Common Stock multiplied
by the Conversion Ratio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8220;<B>Cash Consideration</B>&#8221; means $16.50&nbsp;per
share, which is the amount of cash payable in the Merger per Covenant Share exchanged therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8220;<B>Conversion Ratio</B>&#8221; means
0.6212, which is the number of shares of C&amp;N Common Stock payable in the merger per Covenant share exchanged therefor;
provided, however, that if C&amp;N or Covenant shall, at any time after the date of this Agreement and before the Effective
Time, change its issued and outstanding shares into a different number of shares or a different class of shares as a result
of a stock split, reverse stock split, stock dividend, spin-off, extraordinary dividend, recapitalization, reclassification,
subdivision, combination of shares or other similar transaction, or there shall have been a record date declared for any such
matter, then the Conversion Ratio shall be proportionately adjusted (calculated to four (4) decimal places), so that each
Covenant shareholder shall receive at the Effective Time, in exchange for his or her shares of Covenant Common Stock, the
number of shares of C&amp;N Common Stock as would then have been owned by such Covenant shareholder if the Effective Time had
occurred before the record date of such event. For example, if C&amp;N were to declare a five percent (5%) stock dividend
after the date of this Agreement, and if the record date for that stock dividend were to occur before the Effective Time, the
Conversion Ratio would be adjusted from 0.6212 to 0.6523 shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#8220;<B>Outstanding Shares</B>&#8221; means the
aggregate number of Covenant Shares outstanding immediately prior to the Effective Time, but excluding the Canceled Shares, which
number shall not be greater than the number of shares outstanding on the date of this Agreement (except as permitted by Section&nbsp;5.1
herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Fractional Shares</U>. No fractional shares of C&amp;N Common Stock shall be issued in connection with the Merger.
In lieu of the issuance of any fractional share to which a Covenant shareholder would otherwise be entitled, such shareholder shall
instead receive, in cash, an amount equal to the product of&#8201; (i)&nbsp;the fraction of a share to which such holder would
otherwise have been entitled and (ii)&nbsp;the average of the closing prices for C&amp;N Common Stock, calculated to two (2) decimal
places, for the ten (10) consecutive trading days immediately preceding the date which is five (5) Business Days before the Closing
Date, as reported by the Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Election Procedure</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Elections</U>. Each holder of Covenant Shares shall have the right to submit a request (an &#8220;<B>Election</B>&#8221;)
to convert the Covenant Shares owned by such holder (excluding any Canceled Shares) into: (1)&nbsp;the right to receive the Cash
Consideration in the Merger (a &#8220;<B>Cash Election</B>&#8221;); (2)&nbsp;the right to receive the C&amp;N Stock Consideration
in the Merger (a &#8220;<B>Stock Election</B>&#8221;); or (3)&nbsp;the right to receive the Cash Consideration in the Merger for
a portion of the Covenant Shares owned, and the right to receive the C&amp;N Stock Consideration in the Merger for the remainder
of the Covenant Shares owned (a &#8220;<B>Cash/Stock Election</B>&#8221;), in accordance with the following procedures:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Cash/Stock Elections shall be made solely in five percent increments (i.e., 20% cash/80% stock; 25% cash/75% stock,
etc.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>C&amp;N
shall prepare a form (the &#8220;<B>Form of Election</B>&#8221;) pursuant to which each holder of Covenant Shares may make an
Election, which shall be, in form and substance, acceptable to Covenant. C&amp;N and Covenant shall mutually determine the
timing of the mailing of the Form of Election to all Covenant shareholders so as to permit Covenant&#8217;s shareholders
to exercise their right to make an Election on or prior to the Election Deadline. C&amp;N and Covenant shall each use its
best efforts to mail or otherwise make available the Form of Election to all persons who become holders of Covenant Shares
during the period between the date of original mailing of the Form of Election and the Election Deadline. &#8220;<B>Election
Deadline</B>&#8221; means the date announced by C&amp;N (which date shall be mutually agreeable to Covenant), as the last day
on which Forms of Election will be accepted. In the event this Agreement shall have been terminated prior to the Effective
Time, the Exchange Agent shall immediately return all Forms of Election and certificates for Covenant Shares that have been
submitted to the appropriate Covenant shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Holders of record of Covenant Shares who hold such shares as nominees, trustees, or in other representative capacities may
submit multiple Forms of Election, provided that such representative certifies that each Form of Election covers all Covenant Shares
held by such representative for a particular beneficial owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Not later than the effective date of the Proxy Statement/Prospectus filed with the SEC, as contemplated in Section&nbsp;6.1(b)
hereof, C&amp;N shall appoint Exchange Agent as the person to receive Forms of Election and to act as exchange agent under this
Agreement. Any Covenant shareholder&#8217;s Election shall have been made properly only if the Exchange Agent shall have received,
by 5:00&nbsp;p.m. local time in the city in which the principal office of such Exchange Agent is located, on the date of the Election
Deadline, a Form of Election properly completed and signed and accompanied by certificates for the Covenant Shares representing
all certificated shares to which such Form of Election relates (or by an appropriate guarantee of delivery of such certificates,
as set forth in such Form of Election, from a member of any registered national securities exchange or of the National Association
of Securities Dealers, Inc. or a commercial bank or trust company in the United States, provided such certificates are in fact
delivered to the Exchange Agent by the time required in such guarantee of delivery). Failure to deliver Covenant Shares covered
by such a guarantee of delivery within the time set forth on such guarantee shall be deemed to invalidate any otherwise properly
made Election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(v)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Covenant shareholder may at any time prior to the Election Deadline change his or her Election by written notice received
by the Exchange Agent prior to the Election Deadline accompanied by a revised Form of Election properly completed and signed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(vi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Covenant shareholder may, at any time prior to the Election Deadline, revoke his or her Election by written notice received
by the Exchange Agent prior to the Election Deadline or by withdrawal, prior to the Election Deadline, of such shareholder&#8217;s
previously submitted certificates for Covenant Shares, or of the guarantee of delivery of such certificates. All Elections shall
be automatically deemed revoked upon receipt by the Exchange Agent of written notification from the Parties that this Agreement
has been terminated in accordance with the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(vii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>C&amp;N and Covenant shall have the right to make rules, not inconsistent with the terms of this Agreement, governing the
validity of the Forms of Election, the manner and extent to which Elections are to be taken into account in making the determinations
prescribed by Section&nbsp;2.2, the issuance and delivery of certificates for C&amp;N Common Stock into which Covenant Shares
are converted in the Merger and the payment of cash for Covenant Shares converted into the right to receive the Cash Consideration
in the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(viii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Outstanding Shares as to which a valid Election has not been made are referred to as &#8220;<B>Non-Electing Shares</B>.&#8221;
If C&amp;N shall determine that any Election is not properly made, such Election shall be deemed to be not in effect, and the Covenant
Shares covered by such Election shall, for purposes hereof, be deemed to be Non-Electing Shares. Covenant, C&amp;N and the Exchange
Agent shall have no obligation to notify any person of any defect in any Election submitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion and Proration</U>. The manner in which each Covenant Share (except Canceled Shares) shall be converted into
the C&amp;N Stock Consideration, the Cash Consideration or the right to receive a combination of C&amp;N Stock Consideration and
Cash Consideration at the Effective Time shall be as set forth in this Section&nbsp;2.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The number of Outstanding Shares to be converted into the right to receive the Cash Consideration in the Merger pursuant
to this Agreement shall be twenty-five percent (25%) (the &#8220;<B>Cash Percentage</B>&#8221;) of the Outstanding Shares, determined
without consideration of any shares for which holders have validly exercised dissenters rights (&#8220;<B>Dissenting Shares</B>&#8221;)
and cash received by holders of Dissenting Shares (&#8220;<B>Dissenting Shareholders</B>&#8221;); provided, however, that the Parties
desire that the Merger should qualify as a reorganization under the provisions of Section&nbsp;368(a) of the Internal Revenue Code
of 1986, as amended (the &#8220;<B>Code</B>&#8221;) for federal income tax purposes. Therefore, notwithstanding anything to the
contrary contained in this Agreement, in order that the Merger will not fail to satisfy continuity of interest requirements under
applicable federal income tax principles relating to reorganizations under Section&nbsp;368(a) of the Code, as reasonably determined
by Stevens&nbsp;&amp; Lee, P.C., C&amp;N shall increase the number of Outstanding Shares that will be converted into the C&amp;N
Stock Consideration and reduce the number of Outstanding Shares that will be converted into the right to receive the Cash Consideration
to the extent, if any, necessary to cause the Stock Test Amount to exceed the Cash Test Amount by at least $100.00; provided, however,
that, solely for purposes of determining whether the Stock Test Amount exceeds the Cash Test Amount, cash paid for Covenant Options
pursuant to Section&nbsp;2.4 shall be disregarded. For purposes of the foregoing: &#8220;<B>Stock Test Amount</B>&#8221; means
the product of (i)&nbsp;the number of Outstanding Shares to be converted into C&amp;N Stock Consideration (determined after taking
into account adjustments under this Section), multiplied by (ii)&nbsp;the Conversion Ratio, multiplied by (iii) the C&amp;N Share
Value; and &#8220;<B>Cash Test Amount</B>&#8221; means the product of (i)&nbsp;the number of Outstanding Shares to be converted
into the right to receive the Cash Consideration (determined after taking into account adjustments under Section&nbsp;2.2(b)(i)),
multiplied by (ii)&nbsp;the Cash Consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>If
the total number of Outstanding Shares for which a Cash Election is requested (including the cash portion of any
Cash/Stock Election, but excluding any fractional share for which cash is paid in lieu of receipt of such fractional share)
is equal to the Cash Percentage, all such Cash Elections shall be honored as submitted, all Stock Elections shall be honored
as submitted and all Non-Electing Shares shall be converted into C&amp;N Stock Consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the total number of Outstanding Shares for which a Cash Election is requested (including the cash portion of any Cash/Stock
Elections, but excluding any fractional share for which cash is paid in lieu of receipt of such fractional share) is greater than
the Cash Percentage: all Non-Electing Shares shall be converted into the C&amp;N Stock consideration and all remaining Covenant
shares shall be converted as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(A)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each Outstanding Share for which the holder made a Stock Election and the portion of each Cash/Stock Election electing C&amp;N
Stock Consideration (collectively, the &#8220;<B>Aggregate Stock Elections</B>&#8221;) shall be converted in the Merger into the
C&amp;N Stock Consideration; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(B)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each Outstanding Share for which the holder made a Cash Election and the portion of each Cash/Stock Election electing Cash
Consideration (collectively, the &#8220;<B>Aggregate Cash Elections</B>&#8221;) shall be converted into the right to receive Cash
Consideration or C&amp;N Stock Consideration in the following manner:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in">1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Covenant shareholder shall receive Cash Consideration for the Pro-rated Cash Percentage of the number of Outstanding
Shares for which he or she elected to receive Cash Consideration (including the cash portion of any Cash/Stock Election), where
 &#8220;<B>Pro&#45;rated Cash Percentage</B>&#8221; means the percentage determined by dividing the Cash Percentage by the Aggregate
Cash Election Percentage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; margin-left: 2in">
<TR>
    <TD ROWSPAN="2" STYLE="width: 33%; font-size: 10pt"><I>Pro-rated Cash Percentage
=</I></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 67%; font-size: 10pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Cash Percentage</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Aggregate Cash Election Percentage</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0in">For purposes of the foregoing calculation,
 &#8220;<B>Aggregate Cash Election Percentage</B>&#8221; shall mean the percentage of Outstanding Shares represented by the Aggregate
Cash Elections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in">2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Covenant shareholder shall have the Remaining Stock Percentage of the number of Outstanding Shares for which he or
she elected to receive Cash Consideration (including the portion of any Cash/Stock Election electing Cash Consideration) converted
into the C&amp;N Stock Consideration, where &#8220;<B>Remaining Stock Percentage</B>&#8221; means 100% minus the Pro-rated Cash
Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>If
the total number of Outstanding Shares for which a Cash Election is requested (including the cash portion of any
Cash/Stock Elections but excluding any fractional share for which cash is paid in lieu of receipt of a fractional share) is
less than the Cash Percentage, all Non&#45;Electing Shares shall be converted, pro-rata among all holders of Non&#45;Electing
Shares based on the number of Non&#45;Electing Shares owned, into the Cash Consideration until the Cash Percentage is reached
and thereafter into C&amp;N Stock Consideration. If all Non&#45;Electing Shares are converted into the Cash Consideration
pursuant to the foregoing sentence, and total Cash Elections, including all such Non-Electing Shares, are still less than the
Cash Percentage, all remaining Covenant Shares shall be converted as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(A)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Aggregate Cash Elections shall be converted in the Merger into the Cash Consideration; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(B)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Aggregate Stock Elections shall be converted into the right to receive Cash Consideration or C&amp;N Stock Consideration
in the following manner:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in">1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Covenant shareholder shall receive C&amp;N Stock Consideration for the Pro-rated Stock Percentage of the number of
Outstanding Shares for which he or she elected to receive C&amp;N Stock Consideration (including the stock portion of any Cash/Stock
Election), where &#8220;<B>Pro&#45;rated Stock Percentage</B>&#8221; means the percentage determined by dividing the Stock Percentage
by the Aggregate Stock Election Percentage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse; margin-left: 2in">
<TR>
    <TD ROWSPAN="2" STYLE="width: 33%; font-size: 10pt; padding-top: 1pt; padding-bottom: 1pt"><I>Pro-rated Stock Percentage =</I></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 67%; font-size: 10pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Stock Percentage</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; padding-top: 1pt; padding-bottom: 1pt">Aggregate Stock Election Percentage</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0in">For purposes of the foregoing formula,
 &#8220;<B>Stock Percentage</B>&#8221; shall mean seventy-five percent (75%). &#8220;<B>Aggregate Stock Election Percentage</B>&#8221;
shall mean the percentage of Outstanding Shares represented by the Aggregate Stock Elections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in">2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Covenant shareholder shall have the Remaining Cash Percentage of the number of Outstanding Shares for which he or she
elected C&amp;N Stock Consideration (including the portion of any Cash/Stock Election electing C&amp;N Stock Consideration) converted
into the Cash Consideration, where &#8220;<B>Remaining Cash Percentage</B>&#8221; means 100% minus the Pro-rated Stock Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(v)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If Non&#45;Electing Shares are not converted under Sections&nbsp;(iii)-(iv) above, the Exchange Agent shall convert each
Non&#45;Electing Share into the Cash Consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(vi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Exchange Agent shall make all computations contemplated by this Section, and all such computations shall be conclusive
and binding on the holders of Covenant Shares, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of C&amp;N Stock Consideration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Immediately prior to the Effective Time, C&amp;N shall deliver to the Exchange Agent, in trust for the benefit of the holders
of Covenant Shares, certificates representing an aggregate number of whole shares of C&amp;N Common Stock equal to the number of
whole shares of C&amp;N Common Stock into which such Covenant Shares are to be converted as determined in Section&nbsp;2.2(b).
Notwithstanding the foregoing, C&amp;N may, at its election, deliver the required shares of C&amp;N Common Stock in book entry
form via direct registration in lieu of the delivery of physical certificates of C&amp;N Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As soon as practicable following the Effective Time, each holder of Covenant Shares that are to be converted into C&amp;N
Stock Consideration, upon proper surrender to the Exchange Agent of one or more certificates for such Covenant Shares for cancellation
accompanied by a properly completed Letter of Transmittal (to the extent not previously surrendered with a Form of Election), shall
be entitled to receive (and the Exchange Agent shall deliver) certificates or electronic book entry to their account representing
the number of whole shares of C&amp;N Common Stock into which such Covenant Shares shall have been converted in the Merger and
a check for any fractional interests in accordance with Section&nbsp;2.2(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No dividends or distributions that have been declared, if any, will be paid to persons entitled to receive certificates
for shares of C&amp;N Common Stock until such persons surrender their certificates for Covenant Shares, at which time all such
dividends and distributions shall be paid. In no event shall the persons entitled to receive such dividends be entitled to receive
interest on such dividends. If any C&amp;N Common Stock is to be issued in a name other than that in which the Covenant certificate
surrendered in exchange therefor is registered, it shall be a condition of such exchange that the person requesting such exchange
shall pay to the Exchange Agent any transfer taxes or other taxes required by reason of issuance in a name other than the registered
holder of the certificate surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax has been paid
or is not applicable. Notwithstanding the foregoing, neither the Exchange Agent nor any party hereto shall be liable to a holder
of Covenant Shares for any C&amp;N Common Stock or dividends thereon delivered to a public official pursuant to any applicable
abandoned property, escheat or similar law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Payment
of Cash Consideration</U>. Immediately prior to the Effective Time, C&amp;N shall deposit with the Exchange Agent, in trust
for the benefit of the holders of Covenant Shares, an amount in cash equal to (i)&nbsp;the Cash Consideration to be paid to
holders of Covenant Shares to be converted into the right to receive the Cash Consideration as determined in
Section&nbsp;2.2(b); and (ii)&nbsp;the cash in lieu of fractional shares to be paid in accordance with Section&nbsp;2.1(c).
As soon as practicable following the Effective Time, each holder of Covenant Shares that are to be converted into Cash
Consideration, upon proper surrender to the Exchange Agent of one or more certificates for such Covenant Shares for
cancellation (to the extent not previously surrendered with a Form of Election), shall be entitled to receive (and the
Exchange Agent shall deliver) a bank check for an amount equal to the Cash Consideration multiplied by the number of Covenant
Shares (including fractional shares) to be converted into the Cash Consideration. In no event shall the holder of any such
surrendered certificates be entitled to receive interest on any of the Cash Consideration to be received in the Merger. If
such check is to be issued in the name of a person other than the person in whose name the certificates surrendered for
exchange therefor are registered, it shall be a condition of the exchange that the person requesting such exchange shall pay
to the Exchange Agent any transfer or other taxes required by reason of issuance of such check to a person other than the
registered holder of the certificates surrendered, or shall establish to the satisfaction of the Exchange Agent that such tax
has been paid or is not applicable. Notwithstanding the foregoing, neither the Exchange Agent nor any party hereto shall be
liable to a holder of Covenant Shares for any amount paid to a public official pursuant to any applicable abandoned property,
escheat or similar law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Letter of Transmittal</U>. C&amp;N will instruct the Exchange Agent to mail to each holder of record of Covenant Shares
who has not previously surrendered such holder&#8217;s certificates with a validly executed Form of Election, as soon as reasonably
practical after the Effective Time: (i)&nbsp;a Letter of Transmittal (which shall specify that delivery shall be effected, and
risk of loss and title to such holder&#8217;s certificates shall pass, only upon proper delivery of the certificates to the Exchange
Agent and shall be in such form and have such other provisions as shall be agreed upon by Covenant and C&amp;N prior to the Effective
Time) and (ii)&nbsp;instructions for use in effecting the surrender of certificates in exchange for the Merger Consideration (the
 &#8220;<B>Letter of Transmittal</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Missing Certificates</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any holder of Covenant Shares convertible into the right to receive the Merger Consideration is unable to deliver the
certificates which represent such shares, the Exchange Agent shall deliver to such holder the Merger Consideration to which the
holder is entitled for such shares upon presentation of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(A)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evidence to the reasonable satisfaction of C&amp;N that any such certificate has been lost, wrongfully taken or destroyed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(B)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such security or indemnity as may be reasonably requested by C&amp;N in accordance with industry standards, to indemnify
and hold harmless C&amp;N and the Exchange Agent; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(C)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evidence satisfactory to C&amp;N that such person is the owner of the shares theretofore represented by each certificate
claimed to be lost, wrongfully taken or destroyed and that the holder is the person who would be entitled to present such certificate
for payment pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Undisbursed Consideration</U>. The Exchange Agent shall return to C&amp;N any remaining Cash Consideration and C&amp;N
Stock Consideration on deposit with the Exchange Agent on the date which is one (1) year after the Effective Date. Any shareholder
of Covenant who has not surrendered his or her certificate(s) to the Exchange Agent (an &#8220;<B>Unexchanged Shareholder</B>&#8221;)
prior to such time shall be entitled to receive the Merger Consideration, without interest, upon the surrender of such certificate(s)
to C&amp;N, subject to applicable escheat or abandoned property laws. No dividends or distributions that have been declared, if
any, on C&amp;N Stock Consideration will be paid to Unexchanged Shareholders entitled to receive C&amp;N Stock Consideration until
such persons surrender their certificates (or electronic equivalents) for Covenant Common Stock, at which time all such dividends
and distributions shall be paid, without interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of C&amp;N, Covenant, the Exchange Agent or any other person shall be liable to any former holder of Covenant Shares
for any amount properly delivered to a public official pursuant to applicable abandoned property, escheat or similar laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Unexchanged Shareholder shall be considered a &#8220;shareholder of record&#8221; of C&amp;N for purposes of voting at
any special or annual meeting of C&amp;N&#8217;s shareholders. The voting rights of Unexchanged Shareholders entitled to receive
C&amp;N Stock Consideration shall commence only upon the surrender of their Covenant certificate(s) and the issuance to them of
certificates for the C&amp;N Stock Consideration in exchange therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>In
the event that any certificates for Covenant Shares have not been surrendered for exchange in accordance with this
Section&nbsp;on or before the first anniversary of the Effective Time, C&amp;N may at any time thereafter, with or without
notice to the holders of record of such certificates, sell for the accounts of any or all of such holders any or all of the
shares of C&amp;N Common Stock which such holders are entitled to receive under this Agreement (the &#8220;<B>Unclaimed
Shares</B>&#8221;). Any such sale may be made by public or private sale or sale at any broker&#8217;s board or on any
securities exchange in such manner and at such times as C&amp;N shall determine. If, in the opinion of counsel for C&amp;N,
it is necessary or desirable, any Unclaimed Shares may be registered for sale under the Securities Act of 1933, as amended
(the &#8220;<B>Securities Act</B>&#8221;), and applicable state laws. C&amp;N shall not be obligated to make any sale of
Unclaimed Shares if it shall determine not to do so, even if notice of the sale of the Unclaimed Shares has been given. The
net proceeds of any such sale of Unclaimed Shares shall be held for holders of the unsurrendered certificates for Covenant
Shares whose Unclaimed Shares have been sold, to be paid to them upon surrender of the certificates for shares of C&amp;N
Common Stock. From and after any such sale, the sole right of the holders of the unsurrendered certificates for Covenant
Shares whose Unclaimed Shares have been sold shall be the right to collect the net sale proceeds held by C&amp;N for their
respective accounts, and such holders shall not be entitled to receive any interest on such net sale proceeds held by
C&amp;N. If outstanding certificates are not surrendered or the payment for them is not claimed prior to the date on which
such payments would otherwise escheat to or become the property of any governmental unit or agency, the unclaimed items
shall, to the extent permitted by abandoned property laws, escheat laws and any other applicable law, become the property of
C&amp;N (and to the extent not in its possession shall be paid over to it), free and clear of all claims or interest of any
person previously entitled to such claims. Notwithstanding the foregoing, none of C&amp;N, Covenant, the Exchange Agent or
any other person shall be liable to any former holder of Covenant Shares for any amount properly delivered to a public
official pursuant to applicable abandoned property, escheat or similar laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.4<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Treatment of Outstanding Covenant Options</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>At
the Effective Time, each option (collectively, &#8220;<B>Covenant Options</B>&#8221;) to purchase shares of Covenant Common
Stock that (i)&nbsp;is outstanding at the Effective Time, (ii)&nbsp;has been granted pursuant to the Covenant Stock
Option Plans; and (iii)&nbsp;would otherwise survive the Effective Time in the absence of the transactions contemplated by
this Agreement, shall become fully vested and shall be redeemed for cash in an amount equal to the number of shares of
Covenant Common Stock covered by such Covenant Option multiplied by the excess, if any, of the Cash Consideration over the
exercise price per share of such Covenant Option; provided, however, that each Covenant Option held by a Continuing Employee,
who submits an Election to not receive cash for such Covenant Options (collectively, &#8220;<B>Rollover Options</B>&#8221;),
shall be converted into and become an option to purchase shares of C&amp;N Common Stock, and C&amp;N shall replace such
Rollover Option by issuing a reasonably equivalent replacement stock option to purchase shares of C&amp;N Common Stock in
substitution therefor (a &#8220;<B>C&amp;N Rollover Option</B>&#8221;), subject to the remainder of this Section&nbsp;2.4, in
accordance with similar terms (as in effect as of the date of this Agreement) as those of the C&amp;N Stock Plan, and the
grant notice and stock option agreement by which such C&amp;N Rollover Option is evidenced. All rights to purchase shares of
Covenant Common Stock under the Rollover Options upon the Effective Time shall cease and be converted into rights to purchase
shares of C&amp;N Common Stock under a C&amp;N Rollover Option. Accordingly, from and after the Effective Time: (A)&nbsp;each
C&amp;N Rollover Option may be exercised solely for shares of C&amp;N Common Stock; (B)&nbsp;the number of shares of C&amp;N
Common Stock subject to each C&amp;N Rollover Option shall be equal to the product (rounded down to the nearest whole number)
of (I)&nbsp;the number of shares of Covenant Common Stock subject to such Rollover Option immediately prior to the Effective
Time (after taking into account any vesting which occurs pursuant to the terms of the option award agreement governing the
Rollover Option) and (II)&nbsp;the Conversion Ratio; (C)&nbsp;the per share exercise price for the shares of C&amp;N
Common Stock issuable upon exercise of each C&amp;N Rollover Option shall be equal to (I)&nbsp;the exercise price per share
of Covenant Common Stock of such Rollover Option immediately prior to the Effective Time divided by (II)&nbsp;the Conversion
Ratio; provided, however, that the exercise price and the number of shares of C&amp;N Common Stock purchasable pursuant to
the C&amp;N Rollover Options shall be determined in a manner consistent with the requirements of Section&nbsp;409A of the
Code and Treasury Regulation &sect;&nbsp;1.409A-1(b)(5)(v)(D); provided, further, that in the case of any Covenant Option to
which Section&nbsp;422 of the Code applies, the exercise price and the number of shares of C&amp;N Common Stock purchasable
pursuant to such Covenant Option shall be determined in accordance with the foregoing, subject to such adjustments as are
necessary in order to satisfy the requirements of Section&nbsp;424(a) of the Code; and (D)&nbsp;any restriction on the
exercise of any Rollover Option shall continue in full force and effect and the term, exercisability, and other similar
provisions of such Rollover Option shall otherwise remain unchanged as a result of the assumption or replacement of such
Rollover Option with the C&amp;N Rollover Option; provided, however, that: (A)&nbsp;each Rollover Option shall, in accordance
with its terms, be subject to further adjustment as appropriate to reflect any stock split, division or subdivision of
shares, stock dividend, issuance of bonus shares, reverse stock split, consolidation of shares, reclassification,
recapitalization or other similar transaction with respect to the equity interests of C&amp;N subsequent to the Effective
Time; (B)&nbsp;C&amp;N&#8217;s Board of Directors or a committee thereof shall succeed to the authority and responsibility of
the Covenant&#8217;s Board of Directors or any committee thereof with respect to each C&amp;N Rollover Option;
(C)&nbsp;each C&amp;N Rollover Option shall be governed by, subject to and issued under C&amp;N Stock Plan; (D)&nbsp;the
substitution of each Rollover Option which is an &#8220;incentive stock option&#8221; as defined in Section&nbsp;422 of the
Code as set forth in this Section&nbsp;2.4 shall comply with Treasury Regulation &sect;&nbsp;1.424-1; and (E)&nbsp;the
substitution of each Rollover Option that is not an &#8220;incentive stock option&#8221; as defined in Section&nbsp;422 of
the Code as set forth in this Section&nbsp;2.4 shall comply with Treasury Regulation &sect;&nbsp;1.409A-1(b)(5)(v)(D) and
cause each C&amp;N Rollover Option issued in replacement thereof to be exempt from, and shall not cause any C&amp;N Rollover
Option to be subject to, Section&nbsp;409A of the Code and the guidance and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent required, as determined by C&amp;N or Covenant in light of applicable law, the terms of the Covenant Stock
Option Plans or otherwise, C&amp;N may require all holders of Covenant Options to execute an agreement documenting such holder&#8217;s
agreement to accept cash or C&amp;N Rollover Options in substitution for the Covenant Option as of the Effective Time. Such agreement
shall be executed in such form as C&amp;N may reasonably require, and delivery of such agreement shall be required before C&amp;N
shall be required to deliver any cash or C&amp;N Rollover Option to such individual pursuant to this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Schedule&nbsp;2.4</U> sets forth a listing of each Covenant Option grant still outstanding as of the date of this Agreement
(copies of which have been provided to C&amp;N), including the name of each holder of such Covenant Option, the date of grant,
the number of shares of Covenant Common Stock subject to such Covenant Option, the exercise price per share of such Covenant Option,
the expiration date, and the classification of whether such Covenant Option is an incentive stock option or a nonqualified stock
option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.5<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reservation and Registration of Shares</U>. (i)&nbsp;Prior to the Effective Time, C&amp;N shall take appropriate action
to reserve a sufficient number of authorized but unissued shares of C&amp;N Common Stock to be issued in accordance with this Agreement
as C&amp;N Stock Consideration, and (ii)&nbsp;at the Effective Time, C&amp;N will issue shares of C&amp;N Common Stock to the extent
set forth in, and in accordance with, this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.6<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Withholding
Rights</U>. C&amp;N shall be entitled to deduct and withhold, or cause the Exchange Agent to deduct and withhold, from funds
provided by the holder or from the consideration otherwise payable pursuant to this Agreement to any holder of Covenant
Shares or Covenant Options, the minimum amounts (if any) that C&amp;N is required to deduct and withhold with respect to the
making of such payment under the Code, or any provision of tax law. To the extent that amounts are so withheld by
C&amp;N, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the holder of such
Covenant Shares or Covenant Options in respect of which such deduction and withholding was made by C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.7<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U>. All costs and expenses associated with the surrender and exchange of Covenant Shares for the Merger Consideration
shall be borne by C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.8<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dissenters&#8217; Rights</U>. Pursuant to Applicable Corporate Law, the shareholders of Covenant shall be entitled to
exercise dissenters&#8217; rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
III.</FONT><BR>
REPRESENTATIONS AND WARRANTIES OF <FONT STYLE="text-transform: uppercase">Covenant</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Covenant represents and warrants to C&amp;N
that the statements contained in this Article&nbsp;III are correct and complete, as of the date of this Agreement, except as set
forth in the Schedules delivered by Covenant to C&amp;N on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covenant is a corporation that is duly organized, validly existing and in good standing under the laws of the state of its
incorporation. Covenant is a bank holding company under the BHC Act, and has full corporate power and lawful authority to own and
hold its properties and to carry on its business as presently conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covenant Bank is a Pennsylvania chartered financial institution that is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its formation. Covenant Bank is an insured bank under the provisions of the Federal Deposit
Insurance Act, as amended (the &#8220;<B>FDI Act</B>&#8221;). Covenant Bank has full corporate power and lawful authority to own
and hold its properties and to carry on its business as presently conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Covenant Subsidiaries currently conducting operations, other than Covenant Bank, is an entity that is duly organized,
validly existing and in good standing under the laws of its state of incorporation or formation. Each of the Covenant Subsidiaries
currently conducting operations has full corporate power and lawful authority to own and hold its properties and to carry on its
business as presently conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authority</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
execution and delivery of this Agreement and the Bank Merger Agreement, and the performance of the transactions
contemplated herein and therein, have been authorized by the Board of Directors of Covenant and of Covenant Bank, as required
by law. The Board of Directors of Covenant has determined that the Merger, on the terms and conditions set forth in this
Agreement, is in the best interests of Covenant and has directed that this Agreement and the transactions contemplated hereby
be submitted to Covenant&#8217;s shareholders for adoption at a meeting of such shareholders and has adopted a resolution to
the foregoing effect. Except for the approval of this Agreement by Covenant&#8217;s shareholders, Covenant and Covenant Bank
have taken all corporate action necessary to authorize this Agreement and the Bank Merger Agreement and the performance of
the transactions contemplated herein and therein, including the Merger and the Bank Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement has been duly executed and delivered by Covenant and, assuming due authorization, execution and delivery
by C&amp;N, constitutes the valid and binding obligation of Covenant, enforceable against Covenant in accordance with its terms,
subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors&#8217;
rights and remedies generally, regulations and rules affecting financial institutions and subject as to enforceability, to general
principles of equity, regardless of whether enforcement is sought in a proceeding at law or in equity (the &#8220;<B>Bankruptcy
and Equity Exceptions</B>&#8221;). The Bank Merger Agreement has been duly executed and delivered by Covenant Bank and, assuming
due authorization, execution and delivery by C&amp;N Bank, constitutes the valid and binding obligation of Covenant Bank, enforceable
against Covenant Bank in accordance with its terms, subject to the Bankruptcy and Equity Exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance of this Agreement and the Bank Merger Agreement will not constitute a violation
or breach of or default under (i)&nbsp;the Articles of Incorporation or Bylaws of Covenant or Covenant Bank, (ii)&nbsp;any statute,
rule, regulation, order, decree or directive of any governmental authority or court applicable to Covenant or any Covenant Subsidiary,
subject to the receipt of all required governmental approvals, or (iii)&nbsp;any agreement, contract, memorandum of understanding,
indenture or other instrument to which Covenant or any Covenant Subsidiary is a party or by which Covenant or any Covenant Subsidiary
or any of their properties are bound.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries</U>. Each of Covenant Bank and the entities listed on <U>Schedule&nbsp;3.3(i)</U> is a wholly-owned subsidiary
of Covenant, and each of the entities listed on <U>Schedule&nbsp;3.3(ii) </U>is a wholly-owned subsidiary of Covenant Bank (collectively,
the <B>&#8220;Covenant Subsidiaries</B>&#8221;). Except for the Covenant Subsidiaries, Covenant has no Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.4<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
authorized capital of Covenant consists exclusively of 5,000,000&nbsp;shares of common stock, par value $1.00&nbsp;per share.
As of the date of this Agreement, no shares of capital stock or other voting securities of Covenant are issued, reserved for
issuance or outstanding, other than as set forth on <U>Schedule&nbsp;3.4(a)</U>. All of the issued and outstanding shares of
Covenant Common Stock have been duly authorized and validly issued and are fully paid, non&#45;assessable and free of
preemptive rights, with no personal liability attaching to the ownership thereof. No bonds, debentures, notes or other
indebtedness that have the right to vote on any matters on which shareholders of Covenant may vote are issued or outstanding.
Except as set forth in <U>Schedule&nbsp;3.4(a)</U>, as of the date of this Agreement, no trust preferred or subordinated debt
securities of Covenant are issued or outstanding. Other than the Covenant Options, in each case, issued prior to the date of
this Agreement, there are no outstanding subscriptions, options, warrants, puts, calls, rights, exchangeable or convertible
securities or other commitments or agreements obligating Covenant to issue, transfer, sell, purchase, redeem or otherwise
acquire any such securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covenant owns, directly or indirectly, all of the issued and outstanding shares of capital stock or other equity ownership
interests of each of the Covenant Subsidiaries, free and clear of any liens, pledges, charges, encumbrances and security interests
whatsoever (&#8220;<B>Liens</B>&#8221;), and all of such shares or equity ownership interests are duly authorized and validly issued
and are fully paid, nonassessable (except, with respect to Covenant Subsidiaries that are insured depository institutions, as provided
under 12&nbsp;U.S.C. &sect;&nbsp;55 or any comparable provision of applicable state law) and free of preemptive rights, with no
personal liability attaching to the ownership thereof. No Covenant Subsidiary has or is bound by any outstanding subscriptions,
options, warrants, calls, rights, commitments or agreements of any character calling for the purchase or issuance of any shares
of capital stock or any other equity security of such Covenant Subsidiary or any securities representing the right to purchase
or otherwise receive any shares of capital stock or any other equity security of such Subsidiary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no voting trusts, shareholder agreements, proxies or other agreements in effect pursuant to which Covenant or
any of the Covenant Subsidiaries has a contractual or other obligation with respect to the voting or transfer of the Covenant Common
Stock or other equity interests of Covenant. <U>Schedule&nbsp;3.4(c)</U> sets forth a true, correct and complete list of all Covenant
plans pursuant to which Covenant equity interests may be issued (each a &#8220;<B>Covenant Stock Plan</B>&#8221;) and all Covenant
Options outstanding as of the date hereof specifying, on a holder-by-holder basis: (i)&nbsp;the name of each holder, (ii)&nbsp;the
number of shares subject to each such Covenant Option, (iii)&nbsp;the grant date of each such Covenant Option, (iv)&nbsp;the Covenant
Stock Option Plan under which such Covenant Option was granted, (v)&nbsp;the exercise price for each such Covenant Option, and
(vi)&nbsp;the expiration date of each such Covenant Option. Other than the Covenant Options, no equity-based awards (including
any cash awards where the amount of payment is determined in whole or in part based on the price of any capital stock of Covenant
or any of its Subsidiaries) are outstanding.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The equity ownership interests of the Covenant Subsidiaries are sometimes collectively referred to herein as the &#8220;<B>Covenant
Subsidiaries Common Equity</B>.&#8221;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.5<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Consents
and Approvals</U>. Except for (i)&nbsp;the filing of applications, filings and notices, as applicable, with the Bank
Regulators as required by applicable law in connection with the Merger and the Bank Merger and approval of such
applications, filings and notices, (ii)&nbsp;the filing of any required applications, filings or notices, as applicable, with
the Financial Industry Regulatory Authority (&#8220;<B>FINRA</B>&#8221;) and the approval of such applications, filings and
notices, (iii)&nbsp;the filing with the SEC of a proxy statement and prospectus in definitive form relating to the meeting of
Covenant&#8217;s shareholders to be held in connection with this Agreement, the offering of C&amp;N&#8217;s common stock in
the Merger and the other transactions contemplated hereby (including any amendments or supplements thereto, the
 &#8220;<B>Proxy Statement/Prospectus</B>&#8221;), and of the Registration Statement on Form S&#45;4 in which the Proxy
Statement/Prospectus will be included, to be filed with the SEC by C&amp;N in connection with the transactions contemplated
by this Agreement (the &#8220;<B>Registration Statement</B>&#8221;) and declaration of effectiveness of the Registration
Statement, (iv)&nbsp;the filing of Articles of Merger with the Filing Offices and (v)&nbsp;such filings and approvals as are
required to be made or obtained under the securities or &#8220;Blue Sky&#8221; laws of various states in connection with the
issuance of the shares of C&amp;N Common Stock pursuant to this Agreement and the approval of the listing of such C&amp;N
Common Stock on the Market, no consents or approvals of or filings or registrations with any court or administrative agency
or commission or other governmental authority or instrumentality or SRO (each a &#8220;<B>Governmental Entity</B>&#8221;) are
necessary by Covenant in connection with (A)&nbsp;the execution and delivery by Covenant of this Agreement or (B)&nbsp;the
consummation by Covenant of the Merger and the other transactions contemplated hereby (including the Bank Merger). As of the
date hereof, Covenant is not aware of any reason why the Requisite Regulatory Approvals will not be received in order to
permit consummation of the Merger and Bank Merger on a timely basis.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.6<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Charter, Bylaws and Minute Books</U>. Copies of the Articles of Incorporation and Bylaws or Articles of Organization
and Operating Agreements or other operative charter or entity documents of Covenant and each of the Covenant Subsidiaries have
been previously made available to C&amp;N for inspection and are true, correct and complete. Except as previously disclosed to
C&amp;N in writing, the minute books of Covenant and the Covenant Subsidiaries that have been made available to C&amp;N for inspection
are true, correct and complete in all material respects and accurately record the actions taken by the Boards of Directors and
shareholders or members of Covenant and the Covenant Subsidiaries at the meetings documented in such minutes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.7<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Covenant
and each of its Subsidiaries have timely filed (or furnished, as applicable) all reports, registrations and
statements, together with any amendments required to be made with respect thereto, that they were required to file (or
furnish, as applicable) since January&nbsp;1 of the Current Year with (i)&nbsp;any state regulatory authority, (ii)&nbsp;the
Bank Regulators, (iii)&nbsp;any foreign regulatory authority and (iv)&nbsp;any SRO ((i) &#45; (iv), each, a
 &#8220;<B>Regulatory Agency</B>&#8221; and, collectively the &#8220;<B>Regulatory Agencies</B>&#8221;), including any report,
registration or statement required to be filed (or furnished, as applicable) pursuant to the laws, rules or regulations of
the United States, any state, any foreign entity, or any Regulatory Agency, and have paid all fees and assessments due and
payable in connection therewith, except where the failure to file such report, registration or statement or to pay such fees
and assessments, either individually or in the aggregate, would not reasonably be likely to have a Material Adverse Effect on
Covenant. As of their respective dates, all such reports, registrations and statements filed with a Regulatory Agency
complied as to form, in all material respects, with the published rules and regulations of such Regulatory Agencies. Except
for examinations of Covenant and its Subsidiaries conducted by a Regulatory Agency in the Ordinary Course of Business, no
Regulatory Agency has initiated or has pending any proceeding or, to the Knowledge of Covenant, investigation into the
business or operations of Covenant or any of its Subsidiaries since January&nbsp;1 of the Current Year, except where such
proceedings or investigation would not reasonably be likely to have, either individually or in the aggregate, a
Material Adverse Effect on Covenant. There is no unresolved violation, criticism, or exception by any Regulatory Agency with
respect to any report or statement relating to any examinations or inspections of Covenant or any of its Subsidiaries, which
would reasonably be likely to have, either individually or in the aggregate, a Material Adverse Effect on Covenant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An accurate and complete copy of each final securities registration statement, securities offering prospectus, annual, quarterly
or other financial statement or report or letter to shareholders, and any proxy statement produced by Covenant, including any such
materials filed with a Regulatory Agency, since January&nbsp;1 of the Current Year (the &#8220;<B>Covenant Reports</B>&#8221;)
has previously been made available by Covenant to C&amp;N. No such Covenant Report, at the time filed, mailed, furnished or communicated
(and, in the case of registration statements and proxy statements, on the dates of effectiveness and the dates of the relevant
meetings, respectively), contained any untrue statement of a material fact or omitted to state any material fact required to be
stated therein or necessary in order to make the statements therein, in light of the circumstances in which they were made, not
misleading, except that information provided as of a later date (but before the date of this Agreement) shall be deemed to modify
information as of an earlier date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.8<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Statements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The financial statements of Covenant and its Subsidiaries included (or incorporated by reference) in the Covenant Reports
(including the related notes, where applicable) (i)&nbsp;have been prepared from, and are in accordance with, the books and records
of Covenant and its Subsidiaries, (ii)&nbsp;fairly present in all material respects the consolidated results of operations, cash
flows, changes in shareholders&#8217; equity and consolidated financial position of Covenant and its Subsidiaries for the respective
fiscal periods or as of the respective dates therein set forth (subject in the case of unaudited statements to year-end audit adjustments
normal in nature and amount), (iii)&nbsp;complied, as of their respective dates of filing, issuance and use, in all material respects
with applicable accounting requirements and applicable law, and (iv)&nbsp;have been prepared in accordance with GAAP consistently
applied during the periods involved, except, in each case, as indicated in such statements or in the notes thereto. The books and
records of Covenant and its Subsidiaries have been, since January&nbsp;1 of the Current Year, and are being, maintained in all
material respects in accordance with GAAP and any other applicable legal and accounting requirements. No auditor of Covenant has
resigned (or informed Covenant that it intends to resign) or been dismissed as independent public accountants of Covenant as a
result of or in connection with any disagreements with Covenant on a matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure in the past two completed fiscal years.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Except
as would not reasonably be likely to have, either individually or in the aggregate, a Material Adverse Effect on Covenant,
neither Covenant nor any of its Subsidiaries has any liability of any nature whatsoever (whether absolute,
accrued, contingent or otherwise and whether due or to become due), except for those liabilities that are reflected or
reserved against on the consolidated balance sheet of Covenant included in its audited financial statements as of and for the
period ended December&nbsp;31 of the Prior Year (including any notes thereto) and for liabilities incurred in the Ordinary
Course of Business consistent with past practice since such date, or in connection with this Agreement and the transactions
contemplated hereby.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The records, systems, controls, data and information of Covenant and its Subsidiaries are recorded, stored, maintained and
operated under means (including any electronic, mechanical or photographic process, whether computerized or not) that are under
the exclusive ownership and direct control of Covenant or its Subsidiaries or accountants (including all means of access thereto
and therefrom), except for any non-exclusive ownership and non-direct control that would not reasonably be likely to have, either
individually or in the aggregate, a Material Adverse Effect on Covenant. . Covenant has devised and maintains a system of internal
accounting controls sufficient to provide reasonable assurances regarding the reliability of financial reporting and the preparation
of financial statements for external purposes. Covenant has designed disclosure controls and procedures sufficient to provide reasonable
assurances that material information relating to Covenant is made known to the management of Covenant by others within Covenant
as appropriate. Management of Covenant has disclosed, based on its most recent evaluation prior to the date hereof, to Covenant&#8217;s
auditors and the audit committee of Covenant&#8217;s Board of Directors (1) any significant deficiencies in the design or operation
of internal controls which could adversely affect in any material respect Covenant&#8217;s ability to record, process, summarize
and report financial data and have identified for Covenant&#8217;s auditors any material weaknesses in internal controls and (2)
any fraud, whether or not material, that involves management or other employees who have a significant role in Covenant&#8217;s
internal controls.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Since January&nbsp;1 of the Current Year, (i)&nbsp;neither Covenant nor any of its Subsidiaries, nor, to the Knowledge of
Covenant, any director, officer, auditor, accountant or representative of Covenant or any of its Subsidiaries, has received or
otherwise had or obtained knowledge of any material complaint, allegation, assertion or claim, whether written or, to the Knowledge
of Covenant, oral, regarding the accounting or auditing practices, procedures, methodologies or methods (including with respect
to loan loss reserves, write-downs, charge-offs and accruals) of Covenant or any of its Subsidiaries or their respective internal
accounting controls, including any material complaint, allegation, assertion or written claim that Covenant or any of its Subsidiaries
has engaged in questionable accounting or auditing practices, and (ii)&nbsp;no attorney representing Covenant or any of its Subsidiaries,
whether or not employed by Covenant or any of its Subsidiaries, has reported evidence of a material violation of securities laws,
breach of fiduciary duty or similar violation by Covenant or any of its officers, directors or employees to the Board of Directors
of Covenant or any committee thereof or to the Knowledge of Covenant, to any director or officer of Covenant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.9<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Absence
of Undisclosed Liabilities</U>. Except as disclosed in <U>Schedule&nbsp;3.9</U>, or as reflected, noted or
adequately reserved against in the most recent balance sheet provided by Covenant to C&amp;N prior to the date of this
Agreement (the &#8220;<B>Covenant Balance Sheet</B>&#8221;), as of the date of the Covenant Balance Sheet, Covenant had no
material liabilities (whether accrued, absolute, contingent or otherwise) which were required to be reflected, noted or
reserved against in the Covenant Balance Sheet under GAAP. Except as disclosed in <U>Schedule&nbsp;3.9</U>, Covenant and the
Covenant Subsidiaries have not incurred, since the date of the Covenant Balance Sheet, any such liability, other than
liabilities of the same nature as those set forth in the Covenant Balance Sheet, all of which have been incurred in the
Ordinary Course of Business.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.10<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Changes</U>. Since the date of the Covenant Balance Sheet, Covenant and the Covenant Subsidiaries have each
conducted their businesses in the Ordinary Course of Business and, except as disclosed in <U>Schedule&nbsp;3.10</U>, neither Covenant
nor the Covenant Subsidiaries have undergone any changes in their condition (financial or otherwise), assets, liabilities, business,
results of operations or future prospects, other than changes in the Ordinary Course of Business, which, in the aggregate, had
a Material Adverse Effect as to Covenant and the Covenant Subsidiaries on a consolidated basis.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.11<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dividends, Distributions and Stock Purchases</U>. Except as set forth in <U>Schedule&nbsp;3.11</U>, since the date of
the Covenant Balance Sheet, Covenant has not declared, set aside, made or paid any dividend or other distribution in respect of
the Covenant Common Stock, or purchased, issued or sold any shares of Covenant Common Stock or the Covenant Subsidiaries Common
Equity, other than as described in the Covenant Reports.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.12<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes</U>. Each of Covenant and its Subsidiaries has duly and timely filed (taking into account all applicable extensions)
all material Tax Returns in all jurisdictions in which Tax Returns are required to be filed by it, and all such Tax Returns are
true, correct, and complete in all material respects. All material Taxes of Covenant and its Subsidiaries (whether or not shown
on any Tax Returns) that are due have been fully and timely paid or adequate provision has been made for any such Taxes on the
Covenant Balance Sheet in accordance with GAAP. Each of Covenant and its Subsidiaries has withheld and paid all material Taxes
required to have been withheld and paid in connection with amounts paid or owing to any employee, creditor, shareholder, independent
contractor or other third party. Neither Covenant nor any of its Subsidiaries has granted any extension or waiver of the limitation
period applicable to any material Tax that remains in effect. Except as set forth on <U>Schedule&nbsp;3.12</U>, the federal income
Tax Returns of Covenant and its Subsidiaries for all years in the five (5) year period ending December&nbsp;31 of the Prior Year
have been examined by the Internal Revenue Service (the &#8220;<B>IRS</B>&#8221;) or are Tax Returns with respect to which the
applicable period for assessment under applicable law, after giving effect to extensions or waivers, has expired. No deficiency
with respect to a material amount of Taxes has been proposed, asserted or assessed against Covenant or any of its Subsidiaries.
There are no pending or, to Covenant&#8217;s Knowledge, threatened, disputes, claims, audits, examinations or other proceedings
regarding any material Taxes of Covenant and its Subsidiaries or the assets of Covenant and its Subsidiaries. In the last six
(6) years, neither Covenant nor any of its Subsidiaries has been informed in writing by any jurisdiction that the jurisdiction
believes that Covenant or any of its Subsidiaries was required to file any Tax Return that was not filed. Covenant has made available
to C&amp;N true, correct, and complete copies of any private letter ruling requests, closing agreements or gain recognition agreements
with respect to Taxes requested or executed in the last six (6) years. There are no Liens for material Taxes (except Taxes not
yet due and payable) on any of the assets of Covenant or any of its Subsidiaries. Neither Covenant nor any of its Subsidiaries
is a party to or is bound by any Tax sharing, allocation or indemnification agreement or arrangement (other than such an agreement
or arrangement exclusively between or among Covenant and its Subsidiaries). Neither Covenant nor any of its Subsidiaries (A)&nbsp;has
been a member of an affiliated group filing a consolidated federal income Tax Return (other than a group the common parent of
which was Covenant) or (B)&nbsp;has any liability for the Taxes of any person (other than Covenant or any of its Subsidiaries)
under Treasury Regulation&nbsp;Section&nbsp;1.1502&#45;6 (or any similar provision of state, local or foreign law), as a transferee
or successor, by contract or otherwise. Neither Covenant nor any of its Subsidiaries has been, within the past two (2) years or
otherwise as part of a &#8220;plan (or series of related transactions)&#8221; within the meaning of Section&nbsp;355(e) of the
Code of which the Merger is also a part, a &#8220;distributing corporation&#8221; or a &#8220;controlled corporation&#8221; (within
the meaning of Section&nbsp;355(a)(1)(A) of the Code) in a distribution of stock intended to qualify for tax-free treatment under
Section&nbsp;355 of the Code. Neither Covenant nor any of its Subsidiaries has participated in a &#8220;listed transaction&#8221;
within the meaning of Treasury Regulations Section&nbsp;1.6011&#45;4(b)(2). At no time during the past five (5) years has Covenant
been a United States real property holding corporation within the meaning of Section&nbsp;897(c)(2) of the Code. Neither Covenant
nor any of its Subsidiaries will be required to include any material item of income in, or to exclude any material item of deduction
from, taxable income in any taxable period (or portion thereof) ending after the Effective Date as a result of any (i)&nbsp;change
in method of accounting, (ii)&nbsp;closing agreement, (iii)&nbsp;intercompany transaction or excess loss account described in
Treasury Regulations under Section&nbsp;1502 of the Code (or any similar provision of state, local or foreign law), (iv)&nbsp;installment
sale or open transaction disposition made on or prior to the Effective Date, or (v)&nbsp;prepaid amount received on or prior to
the Effective Date, in the case of (i), (iii), (iv) and (v), outside of the Ordinary Course of Business.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.13<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to and Condition of Assets</U>. Except as disclosed in <U>Schedule&nbsp;3.13</U>, Covenant and the Covenant Subsidiaries
have good and marketable title to all material consolidated real and personal properties and assets reflected in the Covenant Balance
Sheet or acquired subsequent to the date of the Covenant Balance Sheet, (other than OREO or property and assets disposed of in
the Ordinary Course of Business), free and clear of all liens or encumbrances of any kind whatsoever; provided, however, that the
representations and warranties contained in this sentence do not cover liens or encumbrances that: (i)&nbsp;are reflected in the
Covenant Balance Sheet or in <U>Schedule&nbsp;3.13</U>; (ii)&nbsp;represent liens of current taxes not yet due or which, if due,
may be paid without penalty, or which are being contested in good faith by appropriate proceedings; and (iii)&nbsp;represent such
imperfections of title, liens, encumbrances, zoning requirements and easements, if any, as are not substantial in character, amount
or extent and do not materially detract from the value, or interfere with the present use, of the properties and assets subject
thereto. The material structures and other improvements to real estate, furniture, fixtures and equipment reflected in the Covenant
Balance Sheet or acquired subsequent to the date of the Covenant Balance Sheet: (A)&nbsp;are in good operating condition and repair
(ordinary wear and tear excepted), and (B)&nbsp;comply in all material respects with all applicable laws, ordinances and regulations,
including without limitation all building codes, zoning ordinances and other similar laws, except where any noncompliance would
not materially detract from the value, or interfere with the present use, of such structures, improvements, furniture, fixtures
and equipment. Covenant and the Covenant Subsidiaries own or have the right to use all real and personal properties and assets
that are material to the conduct of their respective businesses as presently conducted.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.14<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Contracts</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in <U>Schedule&nbsp;3.14</U>, as of the date hereof, neither Covenant nor any of its Subsidiaries is
a party to or bound by any Material Contract, other than any Covenant Benefit Plan. Neither Covenant nor any of its Subsidiaries
knows of, or has received written, or to Covenant&#8217;s Knowledge, oral notice of, any violation of a Material Contract by any
of the other parties thereto which would reasonably be likely to be, either individually or in the aggregate, material to Covenant
and its Subsidiaries, taken as a whole.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In each case, except as would not reasonably be likely to have, either individually or in the aggregate, a Material Adverse
Effect on Covenant: (i)&nbsp;each Material Contract is valid and binding on Covenant or one of its Subsidiaries, as applicable,
and in full force and effect, (ii)&nbsp;Covenant and each of its Subsidiaries has performed all obligations required to be performed
by it prior to the date hereof under each Material Contract, (iii)&nbsp;to Covenant&#8217;s Knowledge, each third-party counterparty
to each Material Contract has performed all obligations required to be performed by it to date under such Material Contract and
(iv)&nbsp;no event or condition exists which constitutes or, after notice or lapse of time or both, will constitute, a default
on the part of Covenant or any of its Subsidiaries under any such Material Contract.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.15<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Litigation
and Governmental Directives</U>. Except as disclosed in <U>Schedule&nbsp;3.15</U>, (i)&nbsp;there is no
litigation, investigation or proceeding pending, or to the Knowledge of Covenant or the Covenant Subsidiaries, threatened,
that involves Covenant or the Covenant Subsidiaries or any of their properties and that, if determined adversely, would have
a Material Adverse Effect on Covenant; (ii)&nbsp;there are no outstanding orders, writs, injunctions, judgments, decrees,
regulations, directives, consent agreements or memoranda of understanding issued by any Governmental Entity against, or with
the consent of, Covenant or the Covenant Subsidiaries that would have a Material Adverse Effect on, or that materially
restricts the right of, Covenant or the Covenant Subsidiaries to carry on their businesses as presently conducted; and
(iii)&nbsp;neither Covenant nor the Covenant Subsidiaries have Knowledge of any fact or condition presently existing that
might give rise to any litigation, investigation or proceeding which, if determined adversely to either Covenant or the
Covenant Subsidiaries, would have a Material Adverse Effect on, or would materially restrict the right of, Covenant or the
Covenant Subsidiaries to carry on their businesses as presently conducted. All litigation (except for bankruptcy proceedings
in which Covenant or the Covenant Subsidiaries have filed proofs of claim) in which Covenant or the Covenant Subsidiaries are
involved as a plaintiff (other than routine collection and foreclosure suits initiated in the Ordinary Course of Business) in
which the amount sought to be recovered is greater than $50,000 is identified in <U>Schedule&nbsp;3.15</U>. Except as
disclosed in <U>Schedule 3.15</U>, neither Covenant nor any of its Subsidiaries is, or has been since January 1 of
the Current Year, subject to any cease-and-desist or other order or enforcement action issued by, or is a party to any
written agreement, consent agreement or memorandum of understanding with, or is a party to any commitment letter or similar
undertaking to, or is subject to any order or directive by, or has been ordered to pay any civil money penalty by, or a
recipient of any supervisory letter from, or, has adopted any policies, procedures or board resolutions at the request or
suggestion of any Regulatory Agency or other Governmental Entity that currently restricts in any material respect the conduct
of its business or that in any material manner relates to its capital adequacy, its ability to pay dividends, its credit or
risk management policies, its management or its business (each, whether or not set forth in a Schedule, a
 &#8220;<B>Regulatory Agreement</B>&#8221;), nor been advised in writing or, to Covenant&#8217;s Knowledge, orally, by any
Regulatory Agency or other Governmental Entity that it is considering issuing, initiating, ordering, or requesting any such
Regulatory Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.16<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Risk Management Instruments</U>. All interest rate swaps, caps, floors, option agreements, futures and forward contracts
and other similar derivative transactions and risk management arrangements (each, a &#8220;<B>Derivative Contract</B>&#8221;),
whether entered into for the account of Covenant, any of its Subsidiaries or for the account of a customer of Covenant or one of
its Subsidiaries, were entered into in the Ordinary Course of Business and in accordance with applicable rules, regulations and
policies of any Regulatory Agency and with counterparties believed to be financially responsible at the time and are legal, valid
and binding obligations of Covenant or one of its Subsidiaries enforceable in accordance with their terms (except as may be limited
by the Bankruptcy and Equity Exceptions), and are in full force and effect. Covenant and each of its Subsidiaries have duly performed
in all material respects all of their material obligations under each Derivative Contract to the extent that such obligations to
perform have accrued, and, to Covenant&#8217;s Knowledge, there are no material breaches, violations or defaults or bona fide allegations
or assertions of such by any party thereunder. Each such Derivative Contract has been reflected in the books and records of Covenant
and such Subsidiaries in accordance with GAAP consistently applied. Each Derivative Contract is evidenced by customary and appropriate
documentation (including an ISDA master agreement and long-form confirmation).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.17<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Matters</U>. Except as disclosed in <U>Schedule&nbsp;3.17</U>, neither Covenant nor any of the Covenant
Subsidiaries has any material liability relating to any environmental contaminant, pollutant, toxic or hazardous waste or other
similar substance that has been generated, used, stored, processed, disposed of or discharged onto any of the real estate now or
previously owned or acquired (including without limitation any real estate acquired by means of foreclosure or exercise of any
other creditor&#8217;s right) or leased by Covenant or any of the Covenant Subsidiaries and which is required to be reflected,
noted or adequately reserved against in Covenant&#8217;s consolidated financial statements under GAAP. In particular, without limiting
the generality of the foregoing sentence, but subject to the materiality and financial statement disclosure standards therein,
except as disclosed in <U>Schedule&nbsp;3.17</U>, neither Covenant nor any of the Covenant Subsidiaries have environmental liabilities
based on their use or incorporation of: (i)&nbsp;any materials containing asbestos in any building or other structure or improvement
located on any of the real estate now or previously owned or acquired (including without limitation any real estate acquired by
means of foreclosure or exercise of any other creditor&#8217;s right) or leased by Covenant or any of the Covenant Subsidiaries;
(ii)&nbsp;any electrical transformers, fluorescent light fixtures with ballasts or other equipment containing PCBs on any of the
real estate now or previously owned or acquired (including without limitation any real estate acquired by means of foreclosure
or exercise of any other creditor&#8217;s right) or leased by Covenant or any of the Covenant Subsidiaries; or (iii)&nbsp;any underground
storage tanks for the storage of gasoline, petroleum products or other toxic or hazardous wastes or similar substances located
on any of the real estate now or previously owned or acquired (including without limitation any real estate acquired by means of
foreclosure or exercise of any other creditor&#8217;s right) or leased by Covenant or any of the Covenant Subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.18<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Intellectual
Property</U>. Covenant and each of its Subsidiaries owns, or is licensed to use (in each case, free and clear of any material
Liens), all Intellectual Property necessary for the conduct of its business as currently conducted. Except as would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Covenant: (i) (A)&nbsp;the use
of any Intellectual Property by Covenant and its Subsidiaries does not infringe, misappropriate or otherwise violate the
rights of any person and is in accordance with any applicable license pursuant to which Covenant or any of its Subsidiaries
acquired the right to use any Intellectual Property, and (B)&nbsp;no person has asserted to Covenant that Covenant or any of
its Subsidiaries has infringed, misappropriated or otherwise violated the Intellectual Property rights of such person,
(ii)&nbsp;no person is challenging, infringing on or otherwise violating any right of Covenant or any of its Subsidiaries
with respect to any Intellectual Property owned by and/or licensed to Covenant or its Subsidiaries and (iii)&nbsp;neither
Covenant nor any of its Subsidiaries has received any notice of any claim with respect to any Intellectual Property owned or
licensed by Covenant or any of its Subsidiaries, and Covenant and its Subsidiaries have taken commercially reasonable actions
to avoid the abandonment, cancellation or unenforceability of all Intellectual Property owned or licensed, respectively, by
Covenant and its Subsidiaries. For purposes of this Agreement, &#8220;<B>Intellectual Property</B>&#8221; means trademarks,
service marks, brand names, internet domain names, logos, symbols, certification marks, trade dress and other indications of
origin, the goodwill associated with the foregoing and registrations in any jurisdiction of, and applications in any
jurisdiction to register, the foregoing, including any extension, modification or renewal of any such registration or
application; inventions, discoveries and ideas, whether patentable or not, in any jurisdiction; patents, applications for
patents (including divisions, continuations, continuations in part and renewal applications), all improvements thereto, and
any renewals, extensions or reissues thereof, in any jurisdiction; nonpublic information, trade secrets and
know-how, including processes, technologies, protocols, formulae, prototypes and confidential information and rights in any
jurisdiction to limit the use or disclosure thereof by any person; writings and other works, whether copyrightable or not and
whether in published or unpublished works, in any jurisdiction; and registrations or applications for registration of
copyrights in any jurisdiction, and any renewals or extensions thereof; and any similar intellectual property or proprietary
rights.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.19<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Privacy</U>.
The computer, information technology and data processing systems, facilities and services used by Covenant or any Covenant
Subsidiary, including all software, hardware, networks, communications facilities, platforms and related systems and services
(collectively, the &#8220;<B>Covenant Systems</B>&#8221;), are reasonably sufficient for the conduct of the
respective businesses of Covenant and the Covenant Subsidiaries as currently conducted and the Covenant Systems are in
sufficiently good working condition to effectively perform all computing, information technology and data processing
operations reasonably necessary for the operation of the respective businesses of Covenant and the Covenant Subsidiaries as
currently conducted, in each case, except for such failures that would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect on Covenant. Except as would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect on Covenant, to the Knowledge of Covenant, since January&nbsp;1, 2016, no third
party has gained unauthorized access to any Covenant Systems owned or controlled by Covenant or any of the Covenant
Subsidiaries. Covenant and the Covenant Subsidiaries have taken commercially reasonable steps and implemented commercially
reasonable safeguards (i)&nbsp;to protect the Covenant Systems from unauthorized access and from disabling codes or
instructions, spyware, Trojan horses, worms, viruses or other software routines that permit or cause unauthorized access to,
or disruption, impairment, disablement, or destruction of, software, data or other materials and (ii)&nbsp;that are designed
for the purpose of reasonably mitigating the risks of cybersecurity breaches and attacks. Each of Covenant and the Covenant
Subsidiaries has in all material respects implemented reasonably appropriate backup and disaster recovery policies,
procedures and systems consistent with generally accepted industry standards and sufficient to reasonably mitigate the risk
of a material disruption to the operation of the respective businesses of Covenant and the Covenant Subsidiaries. Each of
Covenant and its Subsidiaries has (a)&nbsp;complied in all material respects with all of its published privacy and data
security policies and internal privacy and data security policies and guidelines, including with respect to the collection,
storage, transmission, transfer, disclosure, destruction and use of Personal Information, and with all applicable Privacy
Laws; (b)&nbsp;the requisite consent or other authority under all applicable laws regarding the collection, use, storage,
disclosure, or other processing of Personal Information to use, disclose, store, and otherwise process Personal Information,
which consent or other authority is sufficient for the business as currently conducted, and (c)&nbsp;taken commercially
reasonable measures to ensure that all Personal Information in its possession or control is protected against loss, damage,
and unauthorized access, use, modification, or other misuse. No communication from any Governmental Entity with respect to or
alleging non-compliance with any law regarding the collection, use, storage, disclosure or other processing of Personal
Information has been received by Covenant or any of its Subsidiaries. To the Knowledge of Covenant, since January&nbsp;1,
2016, there has been no material loss, damage, or unauthorized access, use, modification, or other misuse of any such
information by Covenant or any of the Covenant Subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.20<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Compliance
with Laws; Governmental Authorizations</U>. Covenant and each of its Subsidiaries hold, and have at all times since
December&nbsp;31 of the Prior Year held, all licenses, franchises, permits and authorizations necessary for the lawful
conduct of their respective businesses and ownership of their respective properties, rights and assets under and pursuant to
each (and have paid all fees and assessments due and payable in connection therewith), except where neither the cost of
failure to hold nor the cost of obtaining and holding such license, franchise, permit or authorization (nor the failure to
pay any fees or assessments) would, either individually or in the aggregate, reasonably be likely to have a Material Adverse
Effect on Covenant, and to the Knowledge of Covenant no suspension or cancellation of any such necessary license, franchise,
permit or authorization is threatened. Covenant and each of its Subsidiaries have complied in all material respects with and
are not in material default or violation under any law, statute, order, rule or regulation of any Governmental Entity
applicable to Covenant or any of its Subsidiaries, including (to the extent applicable to Covenant or its Subsidiaries) all
laws related to data protection or privacy, the USA PATRIOT Act, the Bank Secrecy Act, the Equal Credit Opportunity Act and
Regulation B, the Fair Housing Act, the Community Reinvestment Act, the Fair Credit Reporting Act, the Truth in Lending Act
and Regulation&nbsp;Z, the Home Mortgage Disclosure Act, the Fair Debt Collection Practices Act, the Electronic Fund Transfer
Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, any regulations promulgated by the Consumer Financial
Protection Bureau, the Foreign Corrupt Practices Act, the Interagency Policy Statement on Retail Sales of Nondeposit
Investment Products, the SAFE Mortgage Licensing Act of 2008, the Real Estate Settlement Procedures Act and Regulation X, and
any other law relating to bank secrecy, discriminatory lending, financing or leasing practices, money laundering prevention,
Sections&nbsp;23A and 23B of the Federal Reserve Act, the SOX Act, and all agency requirements relating to the origination,
sale and servicing of mortgage and consumer loans. Covenant Bank has a Community Reinvestment Act rating
of &#8220;satisfactory&#8221; or better.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.21<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. All policies of insurance relating to Covenant&#8217;s and the Covenant Subsidiaries&#8217; operations
(except for title insurance policies), including without limitation all financial institutions bonds, held by or on behalf of Covenant
or the Covenant Subsidiaries are listed in <U>Schedule&nbsp;3.21</U>. All such policies of insurance are in full force and effect,
and no notices of cancellation have been received in connection therewith.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.22<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Institutions Bonds</U>. Since January&nbsp;1, 2017, Covenant Bank has continuously maintained in full force
and effect one or more financial institutions bonds listed in <U>Schedule&nbsp;3.22</U> insuring Covenant Bank against acts of
dishonesty by each of its employees. No claim has been made under any such bond and Covenant Bank has no Knowledge of any fact
or condition presently existing which might form the basis of a claim under any such bond. Covenant Bank has received no notice
that its present financial institutions bond or bonds will not be renewed by its carrier on substantially the same terms as those
now in effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.23<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Labor Relations and Employment Agreements</U>. Neither Covenant nor any of the Covenant Subsidiaries is a party to or
bound by any collective bargaining agreement. Covenant and the Covenant Subsidiaries enjoy good working relationships with their
employees, and there are no labor disputes pending, or to the Knowledge of Covenant threatened, that would have a Material Adverse
Effect on Covenant. To Covenant&#8217;s Knowledge, in the last five (5) years, (i)&nbsp;no allegations of sexual harassment have
been made against any employee at the level of Vice President or above, and (ii)&nbsp;neither Covenant nor any of the Covenant
Subsidiaries has entered into any settlement agreements related to allegations of sexual harassment or misconduct by any employee
at the level of Vice President or above. Except as disclosed in <U>Schedule&nbsp;3.23</U>, as of the Effective Time, neither Covenant
nor the Covenant Subsidiaries will have any liability for employee termination rights or payments arising out of any Employment
Obligation, and neither the execution of this Agreement nor the consummation of the Merger shall, by itself, entitle any employee
of Covenant or the Covenant Subsidiaries to any &#8220;change of control&#8221; payments or benefits. Except as set forth on <U>Schedule&nbsp;3.23</U>,
no payment that is owed or may become due to any director, officer, employee, or agent of Covenant or any Covenant Subsidiary as
a result of the consummation of the Merger will be non-deductible to Covenant or any Covenant Subsidiary or subject to tax under
Internal Revenue Code of 1986, &sect;280G or &sect;4999; nor, except as set forth on <U>Schedule&nbsp;3.23</U>, will Covenant or
any Covenant Subsidiary be required to &#8220;gross up&#8221; or otherwise compensate any such person because of the imposition
of any excise tax on a payment to such person as a result of the consummation of the Merger.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.24<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Employee
Benefit Plans</U>. All Benefit Plans to which Covenant or the Covenant Subsidiaries are a party or by which Covenant or the
Covenant Subsidiaries are bound, but not including the Employment Obligations described in Section&nbsp;3.23, are identified
in <U>Schedule&nbsp;3.24</U>. Each Covenant Pension Plan is exempt from tax under Sections&nbsp;401 and 501 of the Code and
has been maintained and operated in material compliance with all applicable provisions of the Code and ERISA, except where a
failure to so comply would not result in a material liability. No &#8220;prohibited transaction&#8221; (as such term
is defined in Section&nbsp;4975 of the Code or Section&nbsp;406 of ERISA) and not otherwise exempt under ERISA or the Code
has occurred in respect of the Covenant Pension Plans. To the Knowledge of Covenant, there have been no material breaches of
fiduciary duty by any fiduciary under or with respect to the Covenant Pension Plan or any other Covenant Benefit Plan which
is an employee welfare benefit plan as defined in Section&nbsp;3(1) of ERISA, and no claim is pending or, to the Knowledge of
Covenant, threatened with respect to any Covenant Benefit Plan other than claims for benefits made in the Ordinary Course of
Business. Neither Covenant nor the Covenant Subsidiaries have incurred any material penalty imposed by the Code or by ERISA
with respect to the Covenant Pension Plans or any other Covenant Benefit Plan. Within the past five (5) years, there has not
been any audit of any Covenant Benefit Plan by the U.S. Department of Labor or the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Benefit Plan that is a &#8220;nonqualified
deferred compensation plan&#8221; (within the meaning of Section&nbsp;409A(d)(1) of the Code) is operated in material compliance
with the provisions of Section&nbsp;409A of the Code and the regulations promulgated thereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.25<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loan Portfolio</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As of the date hereof, except as set forth in <U>Schedule&nbsp;3.25(a)</U>, neither Covenant nor any of its Subsidiaries
is a party to any written or oral (i)&nbsp;loan, loan agreement, note or borrowing arrangement (including leases, credit enhancements,
commitments, guarantees and interest-bearing assets) (collectively, &#8220;<B>Loans</B>&#8221;) in which Covenant or any Subsidiary
of Covenant is a creditor which as of the end of the last full month prior to the date of this Agreement, had an outstanding balance
of $50,000 or more and under the terms of which the obligor was, as of the end of the last full month prior to the date of this
Agreement, over 90&nbsp;days or more delinquent in payment of principal or interest, or (ii)&nbsp;Loans with any director, executive
officer or principal shareholder of Covenant or any of its Subsidiaries (as such terms are defined in 12&nbsp;C.F.R. Part&nbsp;215).
Except as such disclosure may be limited by any applicable law, rule or regulation, <U>Schedule&nbsp;3.25(a)</U> sets forth a true,
correct and complete list of all of the Loans of Covenant and its Subsidiaries that, as of the end of the last full month prior
to the date of this Agreement had an outstanding balance of $50,000 or more and were classified by Covenant as &#8220;Other Loans
Specially Mentioned,&#8221; &#8220;Special Mention,&#8221; &#8220;Substandard,&#8221; &#8220;Doubtful,&#8221; &#8220;Loss,&#8221;
 &#8220;Classified,&#8221; &#8220;Criticized,&#8221; &#8220;Credit Risk Assets,&#8221; &#8220;Concerned Loans,&#8221; &#8220;Watch
List&#8221; or words of similar import, together with the principal amount of and accrued and unpaid interest on each such Loan
and the aggregate principal amount of and accrued and unpaid interest on such Loans as of such date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be likely to have, either individually or in the aggregate, a Material Adverse Effect on
Covenant, each outstanding Loan of Covenant and its Subsidiaries (i)&nbsp;is evidenced by notes, agreements or other evidences
of indebtedness that are true, genuine and what they purport to be, (ii)&nbsp;to the extent carried on the books and records of
Covenant and its Subsidiaries as a secured Loan, has been secured by valid Liens, which have been perfected and (iii)&nbsp;is the
legal, valid and binding obligation of the obligor named therein, enforceable in accordance with its terms, subject to the Bankruptcy
and Equity Exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Except
as would not reasonably be likely to have, either individually or in the aggregate, a Material Adverse Effect on Covenant,
each outstanding Loan of Covenant and its Subsidiaries (including Loans held for resale to investors) was solicited
and originated, and is and has been administered and, where applicable, serviced, and the relevant Loan files are being
maintained, in all material respects in accordance with the relevant notes or other credit or security documents, the
applicable written underwriting standards of Covenant and its Subsidiaries (and, in the case of Loans held for resale to
investors, the applicable underwriting standards, if any, of the applicable investors) and with all applicable federal, state
and local laws, regulations and rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the agreements pursuant to which Covenant or any of its Subsidiaries has sold Loans or pools of Loans or participations
in Loans or pools of Loans contains any obligation to repurchase such Loans or interests therein solely on account of a payment
default by the obligor on any such Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no outstanding Loans made by Covenant or any of its Subsidiaries to any &#8220;executive officer&#8221; or other
 &#8220;insider&#8221; (as each such term is defined in Regulation O promulgated by the Federal Reserve Board) of Covenant or its
Subsidiaries, other than Loans that are subject to and that were made and continue to be in compliance with Regulation O or that
are exempt therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither Covenant nor any of its Subsidiaries is now nor has it ever been since December&nbsp;31 of the Prior Year, subject
to any material fine, suspension, settlement or other contract or other administrative agreement or sanction by, or any reduction
in any loan purchase commitment from, any Governmental Entity or Regulatory Agency relating to the origination, sale or servicing
of mortgage or consumer Loans.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.26<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Portfolio</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of Covenant and its Subsidiaries has good title in all material respects to all securities owned by it (except those
sold under repurchase agreements or held in any fiduciary or agency capacity), free and clear of any Lien, except to the extent
such securities or commodities are pledged in the Ordinary Course of Business to secure obligations of Covenant or its Subsidiaries.
Such securities are valued on the books of Covenant in accordance with GAAP in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covenant and its Subsidiaries employ, to the extent applicable, investment, securities, risk management and other policies,
practices and procedures that Covenant believes are prudent and reasonable in the context of their respective businesses, and Covenant
and its Subsidiaries have, since January&nbsp;1 of the Current Year, been in compliance with such policies, practices and procedures
in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.27<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Related
Party Transactions</U>. There are no transactions or series of related transactions, agreements, arrangements or
understandings, nor are there any currently proposed transactions or series of related transactions, between Covenant or
any of its Subsidiaries, on the one hand, and any current director or &#8220;executive officer&#8221; (as defined in
Rule&nbsp;3b&#45;7 under the Exchange Act) of Covenant or any of its Subsidiaries or any person who beneficially owns (as
defined in Rules&nbsp;13d&#45;3 and 13d&#45;5 of the Exchange Act) five percent (5%) or more of the outstanding Covenant
Common Stock (or any of such person&#8217;s immediate family members or affiliates) (other than Subsidiaries of Covenant) on
the other hand, of the type that would be required to be reported by Covenant in any SEC Report to which Covenant would be
subject (if Covenant would be subject thereto) pursuant to Item&nbsp;404 of Regulation&nbsp;S&#45;K promulgated under the
Exchange Act (a &#8220;<B>Related Party Transaction</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.28<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Activities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither Covenant, nor any Covenant Subsidiary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>provides investment management, investment advisory or sub-advisory services to any person, including management and advice
provided to separate accounts and participation in wrap fee programs, and that is required to register with the SEC as an investment
adviser under the Investment Advisers Act of 1940, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>is a broker-dealer, or is required to be registered as a commodity trading advisor, commodity pool operator, futures commission
merchant or introducing broker under any applicable laws or regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>originates, maintains or administers credit card accounts; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>provides, or has provided, merchant credit card processing services to any merchants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covenant and each Covenant Subsidiary has administered all accounts for which it acts as a fiduciary, including, but not
limited to, accounts for which it serves as trustee, agent, custodian, personal representative, guardian, conservator or investment
advisor, in all material respects in accordance with the terms of the governing documents and applicable laws and regulations.
To Covenant&#8217;s Knowledge, neither Covenant, any Covenant Subsidiary, nor any of their respective directors, officers or employees,
committed any breach of trust with respect to any such fiduciary account and the records for each such fiduciary account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.29<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Finder</U>. Except as disclosed in <U>Schedule&nbsp;3.29</U>, neither Covenant nor any of the Covenant Subsidiaries
have paid or become obligated to pay any fee or commission of any kind whatsoever to any investment banker, broker, finder, financial
advisor or other intermediary for, on account of or in connection with the transactions contemplated in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.30<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Complete and Accurate Disclosure</U>. Neither this Agreement (insofar as it relates to Covenant, the Covenant Subsidiaries,
the Covenant Common Stock, the Covenant Subsidiaries&#8217; Common Equity, and the involvement of Covenant and the Covenant Subsidiaries
in the transactions contemplated hereby) nor any Exhibits or Schedules to this Agreement nor the Financial Statements delivered
by Covenant to C&amp;N pursuant to Section&nbsp;3.8 contains, at the time and under the circumstances under which it is made, any
untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary in order to
make the statements made therein, in light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.31<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proxy Statement/Prospectus</U>. The information relating to Covenant and the Covenant Subsidiaries to be contained in
the Proxy Statement/Prospectus and Registration Statement, or in any other document filed with any Regulatory Agency or other Governmental
Entity in connection herewith, and any amendments or supplements thereto, will: (i)&nbsp;comply in all material respects with applicable
provisions of the Securities Act, and the Exchange Act and the applicable rules and regulations of the SEC thereunder; and (ii)&nbsp;not
contain, at the time and in light of the circumstances under which it is made, any untrue statement of a material fact, or omit
to state any material fact that is required to be stated therein or necessary in order (A)&nbsp;to make the statements therein
not misleading, or (B)&nbsp;to correct any statement in an earlier communication with respect to the Proxy Statement/Prospectus
or Registration Statement which has become false or misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.32<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Beneficial Ownership of C&amp;N Common Stock</U>. Covenant and the Covenant Subsidiaries do not, and prior to the Effective
Time, Covenant and the Covenant Subsidiaries will not, own beneficially (within the meaning of SEC Rule&nbsp;13d&nbsp;3(d)(1))
more than five percent (5%) of the outstanding shares of C&amp;N Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.33<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fairness Opinion</U>. Covenant&#8217;s Board of Directors has received a written opinion from Sandler O&#8217;Neill +
Partners (a copy of such written opinion having been provided to C&amp;N), to the effect that the Merger Consideration, at the
time of execution of this Agreement, is fair to Covenant&#8217;s shareholders from a financial point of view.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.34<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>State Takeover Laws</U>. The Board of Directors of Covenant has approved this Agreement and the transactions contemplated
hereby as required to render inapplicable to this Agreement and the transactions contemplated hereby Chapter&nbsp;25 of the PBCL
and any similar &#8220;moratorium,&#8221; &#8220;control share,&#8221; &#8220;fair price,&#8221; &#8220;takeover&#8221; or &#8220;interested
shareholder&#8221; law (any such laws, &#8220;<B>Takeover Statutes</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.35<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reorganization</U>. Covenant has not taken any action and is not aware of any fact or circumstance that could reasonably
be expected to prevent the Merger from qualifying as a &#8220;reorganization&#8221; within the meaning of Section&nbsp;368(a) of
the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
IV.</FONT><BR>
REPRESENTATIONS AND WARRANTIES OF C&amp;N</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">C&amp;N represents and warrants to Covenant
that the statements contained in this Article&nbsp;IV are correct and complete, as of the date of this Agreement, except (i)&nbsp;as
set forth in the Schedules delivered by C&amp;N to Covenant on the date hereof, or (ii)&nbsp;disclosed in any report, schedule,
form or other document filed with the SEC by C&amp;N prior to the date hereof and on or after December&nbsp;31, 2018 (but excluding
any risk factor disclosures contained under the heading &#8220;Risk Factors,&#8221; any disclosure of risks included in any &#8220;forward-looking
statements&#8221; disclaimer or any other statements that are similarly&nbsp;non-specific or predictive or forward-looking in nature).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>C&amp;N
is a corporation that is duly organized, validly existing and in good standing under the laws of the state of
its incorporation. C&amp;N is a bank holding company under the BHC Act, and has full corporate power and lawful authority to
own and hold its properties and to carry on its business as presently conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>C&amp;N Bank is a Pennsylvania-chartered bank that is duly organized, validly existing and in good standing under the laws
of the jurisdiction of its formation. C&amp;N Bank is an insured bank under the provisions of the FDI Act, and is not a member
of the Federal Reserve System. C&amp;N Bank has full corporate power and lawful authority to own and hold its properties and to
carry on its business as presently conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the C&amp;N Subsidiaries currently conducting operations, other than C&amp;N Bank, is an entity that is duly organized,
validly existing and in good standing under the laws of its state of incorporation or formation. Each of the C&amp;N Subsidiaries
currently conducting operations has full corporate power and lawful authority to own and hold its properties and to carry on its
business as presently conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authority</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution and delivery of this Agreement and the Bank Merger Agreement, and the performance of the transactions contemplated
herein and therein, have been authorized by the Board of Directors of C&amp;N and of C&amp;N Bank, as required by law. The Board
of Directors of C&amp;N has determined that the Merger, on the terms and conditions set forth in this Agreement, is in the best
interests of C&amp;N and has adopted a resolution to the foregoing effect. C&amp;N and C&amp;N Bank have taken all corporate action
necessary to authorize this Agreement and the Bank Merger Agreement and the performance of the transactions contemplated herein
and therein, including the Merger and the Bank Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement has been duly executed and delivered by C&amp;N and, assuming due authorization, execution and delivery by
Covenant, constitutes the valid and binding obligation of C&amp;N, enforceable against C&amp;N in accordance with its terms, subject
to applicable Bankruptcy and Equity Exceptions. The Bank Merger Agreement has been duly executed and delivered by C&amp;N Bank
and, assuming due authorization, execution and delivery by C&amp;N Bank, constitutes the valid and binding obligation of C&amp;N
Bank, enforceable against C&amp;N Bank in accordance with its terms, subject to the Bankruptcy and Equity Exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance of this Agreement and the Bank Merger Agreement will not constitute a violation
or breach of or default under (i)&nbsp;the Articles of Incorporation or Bylaws of C&amp;N or C&amp;N Bank, (ii)&nbsp;any statute,
rule, regulation, order, decree or directive of any governmental authority or court applicable to C&amp;N or any C&amp;N Subsidiary,
subject to the receipt of all required governmental approvals, or (iii)&nbsp;any agreement, contract, memorandum of understanding,
indenture or other instrument to which C&amp;N or any C&amp;N Subsidiary is a party or by which C&amp;N or any C&amp;N Subsidiary
or any of their properties are bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries</U>. Each of C&amp;N Bank and the entities listed on <U>Schedule&nbsp;4.3(i)</U> is a wholly-owned subsidiary
of C&amp;N, and each of the entities listed on <U>Schedule&nbsp;4.3(ii)</U> is a wholly-owned subsidiary of C&amp;N Bank (collectively,
the &#8220;<B>C&amp;N Subsidiaries</B>&#8221;). Except for the C&amp;N Subsidiaries, C&amp;N has no Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.4<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The authorized capital of C&amp;N consists exclusively of 30,000&nbsp;shares of preferred stock and 20,000,000&nbsp;shares
of C&amp;N Common Stock. As of the date of this Agreement, no shares of capital stock or other voting securities of C&amp;N are
issued, reserved for issuance or outstanding, other than as set forth on <U>Schedule&nbsp;4.4(a)</U>. All of the issued and outstanding
shares of C&amp;N Common Stock have been duly authorized and validly issued and are fully paid, nonassessable and free of preemptive
rights, with no personal liability attaching to the ownership thereof. No bonds, debentures, notes or other indebtedness that have
the right to vote on any matters on which shareholders of C&amp;N may vote are issued or outstanding. Except as set forth in <U>Schedule&nbsp;4.4(a)</U>,
as of the date of this Agreement, no trust preferred or subordinated debt securities of C&amp;N are issued or outstanding. Other
than the stock options listed on <U>Schedule&nbsp;4.4(a)</U>, and other than restricted stock, there are no outstanding subscriptions,
options, restricted shares, warrants, puts, calls, rights, exchangeable or convertible securities or other commitments or agreements
obligating C&amp;N to issue, transfer, sell, purchase, redeem or otherwise acquire any such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>C&amp;N owns, directly or indirectly, all of the issued and outstanding shares of capital stock or other equity ownership
interests of each of the C&amp;N Subsidiaries, free and clear of any Liens, and all of such shares or equity ownership interests
are duly authorized and validly issued and are fully paid, nonassessable (except, with respect to C&amp;N Subsidiaries that are
insured depository institutions, as provided under 12&nbsp;U.S.C. &sect;&nbsp;55 or any comparable provision of applicable state
law) and free of preemptive rights, with no personal liability attaching to the ownership thereof. No C&amp;N Subsidiary has or
is bound by any outstanding subscriptions, options, warrants, calls, rights, commitments or agreements of any character calling
for the purchase or issuance of any shares of capital stock or any other equity security of such Subsidiary or any securities representing
the right to purchase or otherwise receive any shares of capital stock or any other equity security of such Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no voting trusts, shareholder agreements, proxies or other agreements in effect pursuant to which C&amp;N or any
of the C&amp;N Subsidiaries has a contractual or other obligation with respect to the voting or transfer of the C&amp;N Common
Stock or other equity interests of C&amp;N. <U>Schedule&nbsp;4.4(c)</U> sets forth a true, correct and complete list of all C&amp;N
plans pursuant to which C&amp;N equity interests may be issued (each an &#8220;<B>C&amp;N Stock Plan</B>&#8221;) and the aggregate
numbers of stock options and restricted shares that may be and have been issued under such C&amp;N Stock Plans as of the date hereof.
Other than the stock options and restricted shares set forth on <U>Schedule&nbsp;4.4(a)</U>, no equity-based awards are outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The equity ownership interests of the C&amp;N Subsidiaries are sometimes collectively referred to herein as the <B>&#8220;C&amp;N
Subsidiaries Common Equity</B>.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.5<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consents and Approvals</U>. Except for (i)&nbsp;the filing of applications, filings and notices, as applicable, with
the Bank Regulators as required by applicable law in connection with the Merger and the Bank Merger and approval of such applications,
filings and notices, (ii)&nbsp;the filing of any required applications, filings or notices, as applicable, with FINRA and the approval
of such applications, filings and notices, (iii)&nbsp;the filing with the SEC of a Proxy Statement/Prospectus and of the Registration
Statement and declaration of effectiveness of the Registration Statement, (iv)&nbsp;the filing of Articles of Merger with the Filing
Offices, and (v)&nbsp;such filings and approvals as are required to be made or obtained under the securities or &#8220;Blue Sky&#8221;
laws of various states in connection with the issuance of the shares of C&amp;N Common Stock pursuant to this Agreement and the
approval of the listing of such C&amp;N Common Stock on the Market, no consents or approvals of or filings or registrations with
any Governmental Entity are necessary in connection with (A)&nbsp;the execution and delivery by C&amp;N of this Agreement or (B)&nbsp;the
consummation by C&amp;N of the Merger and the other transactions contemplated hereby (including the Bank Merger). As of the date
hereof, C&amp;N is not aware of any reason why the Requisite Regulatory Approvals will not be received in order to permit consummation
of the Merger and Bank Merger on a timely basis.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.6<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Charter, Bylaws and Minute Books</U>. Copies of the Articles of Incorporation and Bylaws or Articles of Organization
and Operating Agreements or other operative charter or entity documents of C&amp;N and each of the C&amp;N Subsidiaries have been
previously made available to Covenant for inspection and are true, correct and complete. Except as previously disclosed to Covenant
in writing, the minute books of C&amp;N and the C&amp;N Subsidiaries that have been made available to Covenant for inspection are
true, correct and complete in all material respects and accurately record the actions taken by the Boards of Directors and shareholders
or members of C&amp;N and the C&amp;N Subsidiaries at the meetings documented in such minutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.7<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>C&amp;N
and each of its Subsidiaries have timely filed (or furnished, as applicable) all reports, registrations and
statements, together with any amendments required to be made with respect thereto, that they were required to file (or
furnish, as applicable) since January&nbsp;1 of the Current Year with any Regulatory Agency, including any report,
registration or statement required to be filed (or furnished, as applicable) pursuant to the laws, rules or regulations of
the United States, any state, any foreign entity, or any Regulatory Agency, and have paid all fees and assessments due and
payable in connection therewith, except where the failure to file such report, registration or statement or to pay such fees
and assessments, either individually or in the aggregate, would not reasonably be likely to have a Material Adverse Effect on
C&amp;N. Except for examinations of C&amp;N and its Subsidiaries conducted by a Regulatory Agency in the Ordinary Course of
Business, no Regulatory Agency has initiated or has pending any proceeding or, to the Knowledge of C&amp;N, investigation
into the business or operations of C&amp;N or any of its Subsidiaries since January&nbsp;1 of the Current Year, except where
such proceedings or investigation would not reasonably be likely to have, either individually or in the aggregate, a Material
Adverse Effect on C&amp;N. There is no unresolved violation, criticism, or exception by any Regulatory Agency with respect to
any report or statement relating to any examinations or inspections of C&amp;N or any of its Subsidiaries, which would
reasonably be likely to have, either individually or in the aggregate, a Material Adverse Effect on C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>An accurate and complete copy of each final registration statement, prospectus, report, schedule and definitive proxy statement
filed with or furnished to the SEC by C&amp;N or any of its Subsidiaries pursuant to the Securities Act or the Exchange Act, as
the case may be, since January&nbsp;1 of the Current Year (the &#8220;<B>C&amp;N SEC Reports</B>&#8221;) is publicly available.
No such C&amp;N SEC Report, at the time filed, furnished or communicated (and, in the case of registration statements and proxy
statements, on the dates of effectiveness and the dates of the relevant meetings, respectively), contained any untrue statement
of a material fact or omitted to state any material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances in which they were made, not misleading, except that information filed or furnished as of
a later date (but before the date of this Agreement) shall be deemed to modify information as of an earlier date. As of their respective
dates, all C&amp;N SEC Reports filed or furnished under the Securities Act and the Exchange Act complied as to form in all material
respects with the published rules and regulations of the SEC with respect thereto. As of the date of this Agreement, no executive
officer of C&amp;N has failed in any respect to make the certifications required of him or her under Section&nbsp;302 or 906 of
the SOX Act. As of the date of this Agreement, there are no outstanding comments from or material unresolved issues raised by the
SEC with respect to any of the C&amp;N SEC Reports.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.8<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Statements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The financial statements of C&amp;N and its Subsidiaries included (or incorporated by reference) in the C&amp;N SEC Reports
(including the related notes, where applicable) (i)&nbsp;have been prepared from, and are in accordance with, the books and records
of C&amp;N and its Subsidiaries, (ii)&nbsp;fairly present in all material respects the consolidated results of operations, cash
flows, changes in shareholders&#8217; equity and consolidated financial position of C&amp;N and its Subsidiaries for the respective
fiscal periods or as of the respective dates therein set forth (subject in the case of unaudited statements to year-end audit adjustments
normal in nature and amount), (iii)&nbsp;complied, as of their respective dates of filing with the SEC, in all material respects
with applicable accounting requirements and with the published rules and regulations of the SEC with respect thereto, and (iv)&nbsp;have
been prepared in accordance with GAAP consistently applied during the periods involved, except, in each case, as indicated in such
statements or in the notes thereto. The books and records of C&amp;N and its Subsidiaries have been, since January&nbsp;1 of the
Current Year, and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and accounting
requirements. Baker Tilly Virchow Krause, LLP has not resigned (or informed C&amp;N that it intends to resign) or been dismissed
as independent public accountants of C&amp;N as a result of or in connection with any disagreements with C&amp;N on a matter of
accounting principles or practices, financial statement disclosure or auditing scope or procedure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Except
as would not reasonably be likely to have, either individually or in the aggregate, a Material Adverse Effect on C&amp;N,
neither C&amp;N nor any of its Subsidiaries has any liability of any nature whatsoever (whether absolute, accrued,
contingent or otherwise and whether due or to become due), except for those liabilities that are reflected or reserved
against on the consolidated balance sheet of C&amp;N included in its Quarterly Report on Form 10&#45;Q for the fiscal quarter
ended September&nbsp;30, 2019 (including any notes thereto) and for liabilities incurred in the Ordinary Course of Business
consistent with past practice since September&nbsp;30, 2019, or in connection with this Agreement and the transactions
contemplated hereby.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The records, systems, controls, data and information of C&amp;N and its Subsidiaries are recorded, stored, maintained and
operated under means (including any electronic, mechanical or photographic process, whether computerized or not) that are under
the exclusive ownership and direct control of C&amp;N or its Subsidiaries or accountants (including all means of access thereto
and therefrom), except for any non-exclusive ownership and non-direct control that would not reasonably be likely to have, either
individually or in the aggregate, a Material Adverse Effect on C&amp;N. C&amp;N (i)&nbsp;has implemented and maintains disclosure
controls and procedures (as defined in Rule&nbsp;13a&#45;15(e) of the Exchange Act) to ensure that material information relating
to C&amp;N, including its Subsidiaries, is made known to the chief executive officer and the chief financial officer of C&amp;N
by others within those entities as appropriate to allow timely decisions regarding required disclosures and to make the certifications
required by the Exchange Act and Sections&nbsp;302 and 906 of the SOX Act, and (ii)&nbsp;has disclosed, based on its most recent
evaluation prior to the date hereof, to C&amp;N&#8217;s outside auditors and the audit committee of C&amp;N&#8217;s Board of Directors
(x)&nbsp;any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
(as defined in Rule&nbsp;13a&#45;15(f) of the Exchange Act) which are reasonably likely to adversely affect C&amp;N&#8217;s ability
to record, process, summarize and report financial information, and (y)&nbsp;to the Knowledge of C&amp;N, any fraud, whether or
not material, that involves management or other employees who have a significant role in C&amp;N&#8217;s internal controls over
financial reporting. These disclosures were made in writing by management to C&amp;N&#8217;s auditors and audit committee and a
copy has been previously made available to Covenant. To the Knowledge of C&amp;N, there is no reason to believe that C&amp;N&#8217;s
outside auditors and its chief executive officer and chief financial officer will not be able to give the certifications and attestations
required pursuant to the rules and regulations adopted pursuant to Section&nbsp;404 of the SOX Act, without qualification, when
next due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Since
January&nbsp;1 of the Current Year, (i)&nbsp;neither C&amp;N nor any of its Subsidiaries, nor, to the Knowledge of C&amp;N,
any director, officer, auditor, accountant or representative of C&amp;N or any of its Subsidiaries, has received or
otherwise had or obtained Knowledge of any material complaint, allegation, assertion or claim, whether written or, to the
Knowledge of C&amp;N, oral, regarding the accounting or auditing practices, procedures, methodologies or methods (including
with respect to loan loss reserves, write-downs, charge-offs and accruals) of C&amp;N or any of its Subsidiaries or their
respective internal accounting controls, including any material complaint, allegation, assertion or written claim that
C&amp;N or any of its Subsidiaries has engaged in questionable accounting or auditing practices, and (ii)&nbsp;no attorney
representing C&amp;N or any of its Subsidiaries, whether or not employed by C&amp;N or any of its Subsidiaries, has reported
evidence of a material violation of securities laws, breach of fiduciary duty or similar violation by C&amp;N or any of its
officers, directors or employees to the Board of Directors of C&amp;N or any committee thereof or to the Knowledge of
C&amp;N, to any director or officer of C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.9<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Undisclosed Liabilities</U>. Except as disclosed in <U>Schedule&nbsp;4.9</U>, or as reflected, noted or adequately reserved
against in the most recent balance sheet provided by C&amp;N to Covenant prior to the date of this Agreement (the &#8220;<B>C&amp;N
Balance Sheet</B>&#8221;), as of the date of the C&amp;N Balance Sheet, C&amp;N had no material liabilities (whether accrued,
absolute, contingent or otherwise) which were required to be reflected, noted or reserved against in the C&amp;N Balance Sheet
under GAAP. Except as disclosed in <U>Schedule&nbsp;4.9</U>, C&amp;N and the C&amp;N Subsidiaries have not incurred, since the
date of the C&amp;N Balance Sheet, any such liability, other than liabilities of the same nature as those set forth in the C&amp;N
Balance Sheet, all of which have been incurred in the Ordinary Course of Business.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.10<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Changes</U>. Since the date of the C&amp;N Balance Sheet, C&amp;N and the C&amp;N Subsidiaries have each conducted
their businesses in the Ordinary Course of Business and, except as disclosed in Schedule&nbsp;4.10, neither C&amp;N nor the C&amp;N
Subsidiaries have undergone any changes in their condition (financial or otherwise), assets, liabilities, business, results of
operations or future prospects, other than changes in the Ordinary Course of Business, which, in the aggregate, had a Material
Adverse Effect as to C&amp;N and the C&amp;N Subsidiaries on a consolidated basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.11<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dividends, Distributions and Stock Purchases</U>. Except as set forth in Schedule&nbsp;4.11, since the date of the C&amp;N
Balance Sheet, C&amp;N has not declared, set aside, made or paid any dividend or other distribution in respect of the C&amp;N Common
Stock, or purchased, issued or sold any shares of C&amp;N Common Stock or the C&amp;N Subsidiaries Common Equity, other than as
described in the C&amp;N SEC Reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.12<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Taxes</U>.
Each of C&amp;N and its Subsidiaries has duly and timely filed (taking into account all applicable extensions) all material
Tax Returns in all jurisdictions in which Tax Returns are required to be filed by it, and all such Tax Returns are true,
correct, and complete in all material respects. All material Taxes of C&amp;N and its Subsidiaries (whether or not shown on
any Tax Returns) that are due have been fully and timely paid. Each of C&amp;N and its Subsidiaries has withheld and paid
all material Taxes required to have been withheld and paid in connection with amounts paid or owing to any employee,
creditor, shareholder, independent contractor or other third party. Neither C&amp;N nor any of its Subsidiaries has granted
any extension or waiver of the limitation period applicable to any material Tax that remains in effect. Except as set forth
on Schedule&nbsp;4.12, the federal income Tax Returns of C&amp;N and its Subsidiaries for all years in the five (5) year
period ending December&nbsp;31 of the Prior Year have been examined by the IRS or are Tax Returns with respect to which the
applicable period for assessment under applicable law, after giving effect to extensions or waivers, has expired. No
deficiency with respect to a material amount of Taxes has been proposed, asserted or assessed against C&amp;N or any of its
Subsidiaries. There are no pending or threatened in writing disputes, claims, audits, examinations or other proceedings
regarding any material Taxes of C&amp;N and its Subsidiaries or the assets of C&amp;N and its Subsidiaries. In the last six
(6) years, neither C&amp;N nor any of its Subsidiaries has been informed in writing by any jurisdiction that the jurisdiction
believes that C&amp;N or any of its Subsidiaries was required to file any Tax Return that was not filed. C&amp;N has made
available to Covenant true, correct, and complete copies of any private letter ruling requests, closing agreements or gain
recognition agreements with respect to Taxes requested or executed in the last six (6) years. There are no Liens for material
Taxes (except Taxes not yet due and payable) on any of the assets of C&amp;N or any of its Subsidiaries. Neither C&amp;N nor
any of its Subsidiaries is a party to or is bound by any Tax sharing, allocation or indemnification agreement or arrangement
(other than such an agreement or arrangement exclusively between or among C&amp;N and its Subsidiaries). Neither C&amp;N nor
any of its Subsidiaries (A)&nbsp;has been a member of an affiliated group filing a consolidated federal income Tax Return
(other than a group the common parent of which was C&amp;N) or (B)&nbsp;has any liability for the Taxes of any person
(other than C&amp;N or any of its Subsidiaries) under Treasury Regulation&nbsp;Section&nbsp;1.1502&#45;6 (or any similar
provision of state, local or foreign law), as a transferee or successor, by contract or otherwise. Neither C&amp;N nor any of
its Subsidiaries has been, within the past two (2) years or otherwise as part of a &#8220;plan (or series of related
transactions)&#8221; within the meaning of Section&nbsp;355(e) of the Code of which the Merger is also a part, a
 &#8220;distributing corporation&#8221; or a &#8220;controlled corporation&#8221; (within the meaning of
Section&nbsp;355(a)(1)(A) of the Code) in a distribution of stock intended to qualify for tax-free treatment under
Section&nbsp;355 of the Code. Neither C&amp;N nor any of its Subsidiaries has participated in a &#8220;listed
transaction&#8221; within the meaning of Treasury Regulations Section&nbsp;1.6011&#45;4(b)(2). At no time during the past
five (5) years has C&amp;N been a United States real property holding corporation within the meaning of
Section&nbsp;897(c)(2) of the Code. Neither C&amp;N nor any of its Subsidiaries will be required to include any material
item of income in, or to exclude any material item of deduction from, taxable income in any taxable period (or portion
thereof) ending after the Effective Date as a result of any (i)&nbsp;change in method of accounting, (ii)&nbsp;closing
agreement, (iii)&nbsp;intercompany transaction or excess loss account described in Treasury Regulations under
Section&nbsp;1502 of the Code (or any similar provision of state, local or foreign law), (iv)&nbsp;installment sale or open
transaction disposition made on or prior to the Effective Date, or (v)&nbsp;prepaid amount received on or prior to the
Effective Date, in the case of (i), (iii), (iv) and (v), outside of the Ordinary Course of Business.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.13<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Litigation
and Governmental Directives</U>. Except as disclosed in <U>Schedule&nbsp;4.13</U>, (i)&nbsp;there is no
litigation, investigation or proceeding pending, or to the Knowledge of C&amp;N or the C&amp;N Subsidiaries, threatened, that
involves C&amp;N or the C&amp;N Subsidiaries or any of their properties and that, if determined adversely, would have a
Material Adverse Effect on C&amp;N; (ii)&nbsp;there are no outstanding orders, writs, injunctions, judgments, decrees,
regulations, directives, consent agreements or memoranda of understanding issued by any Governmental Entity against, or with
the consent of, C&amp;N or the C&amp;N Subsidiaries that would have a Material Adverse Effect on, or that materially
restricts the right of, C&amp;N or the C&amp;N Subsidiaries to carry on their businesses as presently conducted; and
(iii)&nbsp;neither C&amp;N nor the C&amp;N Subsidiaries have Knowledge of any fact or condition presently existing that might
give rise to any litigation, investigation or proceeding which, if determined adversely to either C&amp;N or the C&amp;N
Subsidiaries, would have a Material Adverse Effect on, or would materially restrict the right of, C&amp;N or the C&amp;N
Subsidiaries to carry on their businesses as presently conducted. All litigation (except for bankruptcy proceedings in which
C&amp;N or the C&amp;N Subsidiaries have filed proofs of claim) in which C&amp;N or the C&amp;N Subsidiaries are involved as
a plaintiff (other than routine collection and foreclosure suits initiated in the Ordinary Course of Business) in which the
amount sought to be recovered is greater than $100,000 is identified in <U>Schedule&nbsp;4.13</U>. Neither C&amp;N nor any of
its Subsidiaries is, or has been since January&nbsp;1 of the Current Year, subject to any Regulatory Agreement, nor been
advised in writing or, to C&amp;N&#8217;s Knowledge, orally by any Regulatory Agency or other Governmental Entity that it is
considering issuing, initiating, ordering, or requesting any such Regulatory Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.14<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Risk Management Instruments</U>. All Derivative Contracts, whether entered into for the account of C&amp;N, any of its
Subsidiaries or for the account of a customer of C&amp;N or one of its Subsidiaries, were entered into in the Ordinary Course of
Business and in accordance with applicable rules, regulations and policies of any Regulatory Agency and with counterparties believed
to be financially responsible at the time and are legal, valid and binding obligations of C&amp;N or one of its Subsidiaries enforceable
in accordance with their terms (except as may be limited by the Bankruptcy and Equity Exceptions), and are in full force and effect.
C&amp;N and each of its Subsidiaries have duly performed in all material respects all of their material obligations under each
Derivative Contract to the extent that such obligations to perform have accrued, and, to C&amp;N&#8217;s Knowledge, there are no
material breaches, violations or defaults or bona fide allegations or assertions of such by any party thereunder. Each such Derivative
Contract has been reflected in the books and records of C&amp;N and such Subsidiaries in accordance with GAAP consistently applied.
Each Derivative Contract is evidenced by customary and appropriate documentation (including an ISDA master agreement and long-form
confirmation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.15<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Privacy</U>.
The computer, information technology and data processing systems, facilities and services used by C&amp;N or any C&amp;N
Subsidiary, including all software, hardware, networks, communications facilities, platforms and related systems and services
(collectively, the &#8220;<B>C&amp;N Systems</B>&#8221;), are reasonably sufficient for the conduct of the
respective businesses of C&amp;N and the C&amp;N Subsidiaries as currently conducted and the C&amp;N Systems are in
sufficiently good working condition to effectively perform all computing, information technology and data processing
operations reasonably necessary for the operation of the respective businesses of C&amp;N and the C&amp;N Subsidiaries as
currently conducted, in each case, except for such failures that would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect on C&amp;N. Except as would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect on C&amp;N, to the Knowledge of C&amp;N, since January&nbsp;1, 2016, no third party
has gained unauthorized access to any C&amp;N Systems owned or controlled by C&amp;N or any of the C&amp;N Subsidiaries.
C&amp;N and the C&amp;N Subsidiaries have taken commercially reasonable steps and implemented commercially reasonable
safeguards (i)&nbsp;to protect the C&amp;N Systems from unauthorized access and from disabling codes or instructions,
spyware, Trojan horses, worms, viruses or other software routines that permit or cause unauthorized access to, or disruption,
impairment, disablement, or destruction of, software, data or other materials and (ii)&nbsp;that are designed for the purpose
of reasonably mitigating the risks of cybersecurity breaches and attacks. Each of C&amp;N and the C&amp;N Subsidiaries has in
all material respects implemented reasonably appropriate backup and disaster recovery policies, procedures and systems
consistent with generally accepted industry standards and sufficient to reasonably mitigate the risk of a material disruption
to the operation of the respective businesses of C&amp;N and the C&amp;N Subsidiaries. Each of C&amp;N and its Subsidiaries
has (a)&nbsp;complied in all material respects with all of its published privacy and data security policies and internal
privacy and data security policies and guidelines, including with respect to the collection, storage, transmission, transfer,
disclosure, destruction and use of Personal Information, and with all applicable Privacy Laws; (b)&nbsp;the requisite consent
or other authority under all applicable laws regarding the collection, use, storage, disclosure, or other processing
of Personal Information to use, disclose, store, and otherwise process Personal Information, which consent or other authority
is sufficient for the business as currently conducted, and (c)&nbsp;taken commercially reasonable measures to ensure that all
Personal Information in its possession or control is protected against loss, damage, and unauthorized access, use,
modification, or other misuse. No communication from any Governmental Entity with respect to or alleging non-compliance with
any law regarding the collection, use, storage, disclosure or other processing of Personal Information has been received by
C&amp;N or any of its Subsidiaries. To the Knowledge of C&amp;N, since January&nbsp;1, 2016, there has been no material loss,
damage, or unauthorized access, use, modification, or other misuse of any such information by C&amp;N or any of the C&amp;N
Subsidiaries.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.16<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Laws; Governmental Authorizations</U>. C&amp;N and each of its Subsidiaries hold, and have at all times
since December&nbsp;31 of the Prior Year held, all licenses, franchises, permits and authorizations necessary for the lawful conduct
of their respective businesses and ownership of their respective properties, rights and assets under and pursuant to each (and
have paid all fees and assessments due and payable in connection therewith), except where neither the cost of failure to hold nor
the cost of obtaining and holding such license, franchise, permit or authorization (nor the failure to pay any fees or assessments)
would, either individually or in the aggregate, reasonably be likely to have a Material Adverse Effect on C&amp;N, and to the Knowledge
of C&amp;N no suspension or cancellation of any such necessary license, franchise, permit or authorization is threatened. C&amp;N
and each of its Subsidiaries have complied in all material respects with and are not in material default or violation under any
law, statute, order, rule or regulation of any Governmental Entity applicable to C&amp;N or any of its Subsidiaries, including
(to the extent applicable to C&amp;N or its Subsidiaries) all laws related to data protection or privacy, the USA PATRIOT Act,
the Bank Secrecy Act, the Equal Credit Opportunity Act and Regulation&nbsp;B, the Fair Housing Act, the Community Reinvestment
Act, the Fair Credit Reporting Act, the Truth in Lending Act and Regulation&nbsp;Z, the Home Mortgage Disclosure Act, the Fair
Debt Collection Practices Act, the Electronic Fund Transfer Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act,
any regulations promulgated by the Consumer Financial Protection Bureau, the Foreign Corrupt Practices Act, the Interagency Policy
Statement on Retail Sales of Nondeposit Investment Products, the SAFE Mortgage Licensing Act of 2008, the Real Estate Settlement
Procedures Act and Regulation&nbsp;X, and any other law relating to bank secrecy, discriminatory lending, financing or leasing
practices, money laundering prevention, Sections&nbsp;23A and 23B of the Federal Reserve Act, the SOX Act, and all agency requirements
relating to the origination, sale and servicing of mortgage and consumer loans. C&amp;N Bank has a Community Reinvestment Act rating
of &#8220;satisfactory&#8221; or better.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.17<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. All policies of insurance relating to C&amp;N&#8217;s and the C&amp;N Subsidiaries&#8217; operations (except
for title insurance policies), including without limitation all financial institutions bonds, held by or on behalf of C&amp;N or
the C&amp;N Subsidiaries are in full force and effect, and no notices of cancellation have been received in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.18<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Employee
Benefit Plans</U>. All Benefit Plans to which C&amp;N or the C&amp;N Subsidiaries are a party or by which C&amp;N or the
C&amp;N Subsidiaries are bound are identified in <U>Schedule&nbsp;4.18</U>. Each C&amp;N Pension Plan is exempt from
tax under Sections&nbsp;401 and 501 of the Code and has been maintained and operated in material compliance with all
applicable provisions of the Code and ERISA, except where a failure to so comply would not result in a material liability. No
 &#8220;prohibited transaction&#8221; (as such term is defined in Section&nbsp;4975 of the Code or Section&nbsp;406 of ERISA)
and not otherwise exempt under ERISA or the Code has occurred in respect of the C&amp;N Pension Plans. There have been no
material breaches of fiduciary duty by any fiduciary under or with respect to the C&amp;N Pension Plans or any other C&amp;N
Benefit Plan which is an employee welfare benefit plan as defined in Section&nbsp;3(1) of ERISA, and no claim is pending or,
to the Knowledge of C&amp;N, threatened with respect to any C&amp;N Benefit Plan other than claims for benefits made in the
Ordinary Course of Business. Neither C&amp;N nor the C&amp;N Subsidiaries have incurred any material penalty imposed by the
Code or by ERISA with respect to the C&amp;N Pension Plans or any other C&amp;N Benefit Plan. Within the past five (5) years,
there has not been any audit of any C&amp;N Benefit Plan by the U.S. Department of Labor or the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Benefit Plan that is a &#8220;nonqualified
deferred compensation plan&#8221; (within the meaning of Section&nbsp;409A(d)(1) of the Code) is operated in material compliance
with the provisions of Section&nbsp;409A of the Code and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.19<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loan Portfolio</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be likely to have, either individually or in the aggregate, a Material Adverse Effect on
C&amp;N, each outstanding Loan of C&amp;N and its Subsidiaries (i)&nbsp;is evidenced by notes, agreements or other evidences of
indebtedness that are true, genuine and what they purport to be, (ii)&nbsp;to the extent carried on the books and records of C&amp;N
and its Subsidiaries as secured Loans, has been secured by valid Liens, which have been perfected and (iii)&nbsp;is the legal,
valid and binding obligation of the obligor named therein, enforceable in accordance with its terms, subject to the Bankruptcy
and Equity Exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be likely to have, either individually or in the aggregate, a Material Adverse Effect on
C&amp;N, each outstanding Loan of C&amp;N and its Subsidiaries (including Loans held for resale to investors) was solicited and
originated, and is and has been administered and, where applicable, serviced, and the relevant Loan files are being maintained,
in all material respects in accordance with the relevant notes or other credit or security documents, the applicable written underwriting
standards of C&amp;N and its Subsidiaries (and, in the case of Loans held for resale to investors, the applicable underwriting
standards, if any, of the applicable investors) and with all applicable federal, state and local laws, regulations and rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the agreements pursuant to which C&amp;N or any of its Subsidiaries has sold Loans or pools of Loans or participations
in Loans or pools of Loans contains any obligation to repurchase such Loans or interests therein solely on account of a payment
default by the obligor on any such Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no outstanding Loans made by C&amp;N or any of its Subsidiaries to any &#8220;executive officer&#8221; or other
 &#8220;insider&#8221; (as each such term is defined in Regulation&nbsp;O promulgated by the Federal Reserve Board) of C&amp;N or
its Subsidiaries, other than Loans that are subject to and that were made and continue to be in compliance with Regulation O or
that are exempt therefrom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither C&amp;N nor any of its Subsidiaries is now nor has it been since December&nbsp;31 of the Prior Year, subject to
any material fine, suspension, settlement or other contract or other administrative agreement or sanction by, or any reduction
in any loan purchase commitment from, any Governmental Entity or Regulatory Agency relating to the origination, sale or servicing
of mortgage or consumer Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.20<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Portfolio</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be likely to have, either individually or in the aggregate, a Material Adverse Effect on
C&amp;N, each of C&amp;N and its Subsidiaries has good title in all material respects to all securities owned by it (except those
sold under repurchase agreements or held in any fiduciary or agency capacity), free and clear of any Lien, except to the extent
such securities or commodities are pledged in the Ordinary Course of Business to secure obligations of C&amp;N or its Subsidiaries.
Such securities are valued on the books of C&amp;N in accordance with GAAP in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>C&amp;N and its Subsidiaries employ, to the extent applicable, investment, securities, risk management and other policies,
practices and procedures that C&amp;N believes are prudent and reasonable in the context of their respective businesses, and C&amp;N
and its Subsidiaries have, since January&nbsp;1 of the Current Year, been in compliance with such policies, practices and procedures
in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.21<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Activities</U>. C&amp;N and each C&amp;N Subsidiary has administered all accounts for which it acts as a fiduciary,
including, but not limited to, accounts for which it serves as trustee, agent, custodian, personal representative, guardian, conservator
or investment advisor, in all material respects in accordance with the terms of the governing documents and applicable laws and
regulations. To C&amp;N&#8217;s Knowledge, neither C&amp;N, any C&amp;N Subsidiary, nor any of their respective directors, officers
or employees, committed any breach of trust with respect to any such fiduciary account and the records for each such fiduciary
account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.22<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Finder</U>. Except as disclosed in <U>Schedule&nbsp;4.22</U>, neither C&amp;N nor any of the C&amp;N Subsidiaries
have paid or become obligated to pay any fee or commission of any kind whatsoever to any investment banker, broker, finder, financial
advisor or other intermediary for, on account of or in connection with the transactions contemplated in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.23<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Complete and Accurate Disclosure</U>. Neither this Agreement (insofar as it relates to C&amp;N, the C&amp;N Subsidiaries,
the C&amp;N Common Stock, the C&amp;N Subsidiaries&#8217; Common Equity, and the involvement of C&amp;N and the C&amp;N Subsidiaries
in the transactions contemplated hereby) nor any Exhibits or Schedules to this Agreement nor the Financial Statements delivered
by C&amp;N to Covenant pursuant to Section&nbsp;4.8 contains any untrue statement of a material fact or omitted to state any material
fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under
which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.24<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Proxy
Statement/Prospectus</U>. The information relating to C&amp;N and the C&amp;N Subsidiaries to be contained in the Proxy
Statement/Prospectus and Registration Statement, or in any other document filed with any Regulatory Agency or
other Governmental Entity in connection herewith, and any amendments or supplements thereto, will: (i)&nbsp;comply in all
material respects with applicable provisions of the Securities Act, and the Exchange Act and the applicable rules and
regulations of the SEC thereunder; and (ii)&nbsp;not contain any statement which, at the time and in light of the
circumstances under which it is made, is false or misleading with respect to any material fact, or omit to state any material
fact that is required to be stated therein or necessary in order (A)&nbsp;to make the statements therein not false or
misleading, or (B)&nbsp;to correct any statement in an earlier communication with respect to the Proxy Statement/Prospectus
or Registration Statement which has become false or misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.25<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reorganization</U>. C&amp;N has not taken any action and is not aware of any fact or circumstance that could reasonably
be expected to prevent the Merger from qualifying as a &#8220;reorganization&#8221; within the meaning of Section&nbsp;368(a) of
the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
V.</FONT><BR>
COVENANTS OF <FONT STYLE="text-transform: uppercase">Covenant</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From the date of this Agreement until the
Effective Time, Covenant covenants and agrees to comply, and shall cause the Covenant Subsidiaries to comply, with the following
covenants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conduct of Business</U>. Except as otherwise consented to by C&amp;N in writing (such consent not to be unreasonably
withheld) or as set forth on Schedule&nbsp;5.1, Covenant and the Covenant Subsidiaries shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>use all reasonable efforts to carry on their respective businesses in the Ordinary Course of Business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>use all reasonable efforts to preserve their present business organizations, to retain the services of substantially all
of their present officers and employees, and to maintain their relationships with customers, suppliers and others having business
dealings with Covenant or any of the Covenant Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>maintain all of their structures, equipment and other real property and tangible personal property in good repair, order
and condition, except for ordinary wear and tear and damage by casualty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>use all reasonable efforts to preserve or collect all material claims and causes of action belonging to Covenant or any
of the Covenant Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>keep in full force and effect all insurance policies now carried by Covenant or any of the Covenant Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>perform in all material respects each of their obligations under all Material Contracts to which Covenant or any of the
Covenant Subsidiaries are a party or by which any of them may be bound or which relate to or affect their properties, assets and
business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>maintain their books of account and other records in the Ordinary Course of Business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(h)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>comply in all material respects with all statutes, laws, ordinances, rules and regulations, decrees, orders, consent agreements,
memoranda of understanding and other federal, state, and local governmental directives applicable to Covenant or any of the Covenant
Subsidiaries and to the conduct of their businesses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not amend Covenant&#8217;s or any of the Covenant Subsidiaries&#8217; Articles of Incorporation or Bylaws, except in accordance
with the terms hereof or to the extent necessary to consummate the transactions contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(j)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not terminate, materially amend, or waive any material provision of, any Material Contract, or make any change in any instrument
or agreement governing the terms of any of its securities, or any material lease or contract, other than normal renewals of contracts
and leases in the Ordinary Course of Business (to the extent that the amounts owed under the term of such contract or lease is
less than $35,000) and without material adverse changes of terms with respect to Covenant, or enter into any contract that would
constitute a Material Contract if it were in effect on the date of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(k)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not make any material acquisition or disposition of any properties or assets (except for acquisitions or dispositions of
properties or assets in accordance with any Material Contract disclosed on <U>Schedule&nbsp;3.14</U> or which do not exceed, in
any case, $100,000), or subject any of their properties or assets to any material lien, claim, charge, or encumbrance of any kind
whatsoever, except for loan and investment activity engaged in the Ordinary Course of Business and consistent with past practice;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(l)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not knowingly take or permit to be taken any action which would constitute or cause a material breach of any representation,
warranty or covenant set forth in this Agreement as of or subsequent to the date of this Agreement or as of the Effective Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(m)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>not
(i) adjust, split, combine or reclassify any capital stock; (ii)&nbsp;make, declare or pay any dividend, or make any other
distribution on, or directly or indirectly redeem, purchase or otherwise acquire, any shares of its capital stock or
any securities or obligations convertible (whether currently convertible or convertible only after the passage of time or the
occurrence of certain events) into or exchangeable for any shares of its capital stock (except (A) dividends paid by any
wholly-owned Subsidiary of Covenant to Covenant or any of its other wholly-owned Subsidiaries, or (B) the acceptance of
shares of Covenant Common Stock as payment for the exercise price of the Covenant Stock Options or for withholding taxes
incurred in connection with the exercise of the Covenant Stock Options in accordance with past practice and the terms of the
applicable award agreements); (iii)&nbsp;grant any stock options, stock appreciation rights, performance shares, restricted
stock units, deferred stock units, shares of restricted stock or other equity or equity-based awards or interests or grant
any individual, corporation or other entity any right to acquire any shares of its capital stock; or (iv)&nbsp;issue, sell or
otherwise permit to become outstanding (including by issuing any shares of Covenant Common Stock that are held as
 &#8220;treasury shares&#8221; as of the date of this Agreement) any additional shares of capital stock or securities
convertible or exchangeable into, or exercisable for, any shares of its capital stock or any options, warrants or other
rights of any kind to acquire any shares of capital stock, except pursuant to the exercise of stock options or the settlement
of equity compensation awards outstanding as of the date hereof in accordance with their terms;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(n)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>except for transactions in the Ordinary Course of Business, not make any material investment either by purchase of stock
or securities, contributions to capital, property transfers or purchase of any property or assets of any other individual, corporation
or other entity other than a wholly-owned Subsidiary of Covenant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(o)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not increase the rate of compensation of, pay a bonus or severance compensation to, establish or amend any Covenant Benefit
Plan, except as required by law, or enter into or amend any Employment Obligation, severance or &#8220;change in control&#8221;
agreement or arrangement with any officer, director, employee or consultant of Covenant or any of the Covenant Subsidiaries, or
hire any new employees except as necessary to fill existing vacancies; provided that Covenant and the Covenant Subsidiaries may
grant reasonable salary increases and bonuses to their officers, directors and employees in the Ordinary Course of Business to
the extent consistent with past practice, in magnitude and otherwise, with any change to director compensation (including bonuses)
to be set forth on <U>Schedule&nbsp;5.1</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(p)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not (i)&nbsp;enter into a new line of business, or (ii)&nbsp;make any loans or extensions of credit or grant additional
credit to a current borrower, except in the Ordinary Course of Business; provided that any individual unsecured loan or unsecured
extension of credit, or grant of additional unsecured credit, in each case, in excess of $100,000 that is not as of the date of
this Agreement approved and committed (a schedule of which approved and committed loans has been made available to C&amp;N) or
any individual secured loan or secured extension of credit or grant of additional secured credit, in each case, in excess of $2,000,000
that is not as of the date of this Agreement approved and committed (a schedule of which approved and committed loans has been
made available to C&amp;N) shall require the prior written approval of the Chief Credit Officer of C&amp;N or another officer designated
in writing by C&amp;N, which approval or rejection shall be given in writing (e-mail to suffice) within two (2) Business Days after
the loan package is delivered by email or other written form of delivery to such individual or it shall be deemed approved;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(q)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any material changes in its policies and practices with respect to (i)&nbsp;underwriting, pricing, originating, acquiring,
selling, servicing, buying or selling rights to service Loans, (ii)&nbsp;investment, deposit pricing, risk and asset liability
management or other banking and operating matters (including any change in the maximum ratio or similar limits as a percentage
of its capital exposure applicable with respect to its loan portfolio or any segment thereof) or (iii)&nbsp;hedging, in each case,
except as required by applicable law or requested by a Bank Regulator;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(r)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not enter into any Related Party Transaction, except loans in accordance with Regulation&nbsp;O;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(s)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in determining the additions to loan loss reserves and loan write-offs, writedowns and other adjustments and reserves, write-offs,
writedowns and other adjustments with respect to other real estate owned that reasonably should be made by Covenant Bank and classifying,
valuing and retaining its investment portfolio, during the Current Year and thereafter, Covenant and the Covenant Subsidiaries
shall act in accordance with GAAP and shall advise C&amp;N of any material changes thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(t)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>file with appropriate federal, state, local and other governmental agencies all Tax Returns and other material reports required
to be filed, pay in full or make adequate provisions for the payment of all Taxes, interest, penalties, assessments or deficiencies
shown to be due on Tax Returns or by any taxing authorities and report all information on such returns truthfully, accurately and
completely;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(u)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>other than in the Ordinary Course of Business, incur any indebtedness for borrowed money (other than indebtedness of Covenant
or any of its wholly-owned Subsidiaries to Covenant or any of its other Subsidiaries), assume, guarantee, endorse or otherwise
as an accommodation become responsible for the obligations of any other individual, corporation or other entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not settle any material claim, suit, action or proceeding, except in the Ordinary Course of Business; provided that (x)&nbsp;the
amount for which Covenant or any of its Subsidiaries is liable, net of any insurance recoveries received by Covenant or any of
its Subsidiaries, for all such settlements shall not exceed $35,000 in the aggregate and (y) no such settlement shall impose any
material restriction on the business of Covenant or its Subsidiaries or the Surviving Corporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(w)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not merge or consolidate itself or any of its Subsidiaries with any other person, or restructure, reorganize or completely
or partially liquidate or dissolve itself or any of its Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(x)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not materially restructure or materially change its investment securities or derivatives portfolio or its interest rate
exposure, through purchases, sales or otherwise, or the manner in which the portfolio is classified or reported or purchase any
security rated below investment grade;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(y)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not implement or adopt any change in its accounting principles, practices or methods, other than as may be required by GAAP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(z)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>except as permitted by (k) above, not make any capital expenditures other than in the Ordinary Course of Business or as
necessary to maintain existing assets in good repair;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(aa)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not make application for the opening, relocation or closing of any, or open, relocate or close any, branches or automated
banking locations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(bb)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not materially reduce the amount of insurance coverage or fail to renew any material existing insurance policy, in each
case, with respect to the key employees, properties or assets of Covenant or any of its Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(cc)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not make any equity investment or commitment to make such an investment in real estate or in any real estate development
project, other than in connection with foreclosures, settlements in lieu of foreclosure or troubled loan or debt restructuring
in the Ordinary Course of Business consistent with customary banking practice;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(dd)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not take any action that is intended or expected to result in any of its representations and warranties set forth in this
Agreement being or becoming untrue in any material respect, or in any of the conditions to the Merger set forth in Article VII
not being satisfied, or in a violation of any provision of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ee)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not take any action, or knowingly fail to take any action, where such action or failure to act could reasonably be expected
to prevent the Merger and the Bank Merger, taken together, from being treated as an integrated transaction that qualifies as a
 &#8220;reorganization&#8221; within the meaning of Section&nbsp;368(a) of the Code; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ff)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not agree to take, make any commitment to take, or adopt any resolutions of Covenant&#8217;s Board of Directors or similar
governing body in support of, any of the actions prohibited by this Section&nbsp;5.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Best Efforts</U>. Covenant and the Covenant Subsidiaries shall cooperate with C&amp;N and the C&amp;N Subsidiaries and
shall use their respective best efforts to do or cause to be done all things necessary or appropriate on their part in order to
effectuate the transactions contemplated by this Agreement, fulfill the conditions precedent set forth in Article&nbsp;VII of this
Agreement and to consummate the transactions contemplated by this Agreement, including the Merger and the Bank Merger. In particular,
without limiting the generality of the foregoing sentence, Covenant and the Covenant Subsidiaries shall: (i)&nbsp;cooperate with
C&amp;N in the preparation of all applications for all Requisite Regulatory Approvals and in the preparation of the Registration
Statement and Proxy Statement/Prospectus; (ii)&nbsp;hold a meeting of its Shareholders for the purpose of obtaining approval of
the Merger and this Agreement and recommend to its Shareholders that they vote in favor thereof (the &#8220;<B>Covenant Recommendation</B>&#8221;);
and (iii)&nbsp;cooperate with C&amp;N in making Covenant&#8217;s and the Covenant Subsidiaries&#8217; employees reasonably available
for training by C&amp;N at Covenant&#8217;s and the Covenant Subsidiaries&#8217; facilities a reasonable period of time prior to
the Effective Time, to the extent that such training is deemed reasonably necessary by C&amp;N to ensure that Covenant&#8217;s
and the Covenant Subsidiaries&#8217; facilities will be properly operated in accordance with C&amp;N&#8217;s policies after the
Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Access to Properties and Records</U>. Covenant and the Covenant Subsidiaries shall give to C&amp;N and its authorized
employees and representatives (including without limitation its counsel, accountants, economic and environmental consultants and
other designated representatives) such access during normal business hours to all properties, books, contracts, documents and records
of Covenant and the Covenant Subsidiaries as C&amp;N may reasonably request, subject to the obligation of C&amp;N and its authorized
employees and representatives to maintain the confidentiality of all nonpublic information concerning Covenant and the Covenant
Subsidiaries obtained by reason of such access and subject to applicable law. Notwithstanding the forgoing, Covenant shall not
be required to provide access to or to disclose information where such access or disclosure would waive any privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.4<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsequent Financial Statements</U>. Between the date of this Agreement and the Effective Time, Covenant and the Covenant
Subsidiaries shall promptly prepare and deliver to C&amp;N as soon as practicable, all Additional Financial Statements. Covenant
shall be deemed to make the representations and warranties set forth in Sections&nbsp;3.8, 3.9 and 3.10 to C&amp;N with respect
to Covenant&#8217;s Additional Financial Statements upon delivery thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.5<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Update Schedules</U>. Covenant or any of the Covenant Subsidiaries shall promptly disclose to C&amp;N in writing any
change, addition, deletion or other modification to the information set forth in its Schedules to this Agreement. No such notification
shall, however, be deemed an acceptance by C&amp;N thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.6<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice</U>. Covenant and the Covenant Subsidiaries shall promptly notify C&amp;N in writing of any actions, claims, investigations,
proceedings or other developments which, if pending or in existence on the date of this Agreement, would have been required to
be disclosed to C&amp;N in order to ensure the accuracy of the representations and warranties set forth in this Agreement or which
otherwise would have a Material Adverse Effect on Covenant or materially restrict in any manner the right or ability of Covenant
to carry on its business as presently conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.7<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Solicitation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in Section&nbsp;5.7(b), Covenant shall not, and shall cause each Covenant Subsidiary and their respective
officers, directors, employees, investment bankers, financial advisors, attorneys, accountants, consultants, Affiliates and other
agents (collectively, the &#8220;<B>Covenant Representatives</B>&#8221;) not to, directly or indirectly, (i)&nbsp;initiate, solicit,
induce or encourage, or take any action to facilitate the making of, any inquiry, offer or proposal which constitutes, relates
or could reasonably be expected to lead to an Acquisition Proposal; (ii)&nbsp;respond to any inquiry relating to an Acquisition
Proposal or an Acquisition Transaction (defined below); (iii)&nbsp;recommend or endorse an Acquisition Transaction; (iv)&nbsp;participate
in any discussions or negotiations regarding any Acquisition Proposal or furnish, or otherwise afford access, to any Person (other
than C&amp;N) any information or data with respect to Covenant or any Covenant Subsidiary or otherwise relating to an Acquisition
Proposal; (v)&nbsp;release any Person from, waive any provisions of, or fail to enforce any confidentiality agreement or standstill
agreement to which Covenant is a party; or (vi)&nbsp;enter into any agreement, agreement in principle or letter of intent with
respect to any Acquisition Proposal or approve or resolve to approve any Acquisition Proposal or any agreement, agreement in principle
or letter of intent relating to an Acquisition Proposal. Any violation of the foregoing restrictions by Covenant or any Covenant
Representative, whether or not such Covenant Representative is so authorized and whether or not such Covenant Representative is
purporting to act on behalf of Covenant or otherwise, shall be deemed to be a breach of this Agreement by Covenant. Covenant and
each Covenant Subsidiary shall, and shall cause each of the Covenant Representatives to, immediately cease and cause to be terminated
any and all existing discussions, negotiations, and communications with any Persons with respect to any existing or potential Acquisition
Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">For purposes of this Agreement,
 &#8220;<B>Acquisition Proposal</B>&#8221; shall mean any inquiry, offer or proposal (other than an inquiry, offer or proposal from
C&amp;N), whether or not in writing, contemplating, relating to, constituting or that could reasonably be expected to lead to,
an Acquisition Transaction. For purposes of this Agreement, &#8220;<B>Acquisition Transaction</B>&#8221; shall mean (A)&nbsp;any
transaction or series of transactions involving any merger, consolidation, recapitalization, share exchange, liquidation, dissolution
or similar transaction involving Covenant or any Covenant Subsidiary; (B)&nbsp;any transaction pursuant to which any third party
or group acquires or would acquire (whether through sale, lease or other disposition), directly or indirectly, any assets of Covenant
or any Covenant Subsidiary representing, in the aggregate, twenty&#45;five percent (25%) or more of the assets of Covenant and
each Covenant Subsidiary on a consolidated basis; (C)&nbsp;any issuance, sale or other disposition of (including by way of merger,
consolidation, share exchange or any similar transaction) securities (or options, rights or warrants to purchase or securities
convertible into, such securities) representing twenty-five percent (25%) or more of the votes attached to the outstanding securities
of Covenant or any Covenant Subsidiary; (D)&nbsp;any tender offer or exchange offer that, if consummated, would result in any third
party or group beneficially owning twenty-five percent (25%) or more of any class of equity securities of Covenant or any Covenant
Subsidiary; or (E)&nbsp;any transaction which is similar in form, substance or purpose to any of the foregoing transactions, or
any combination of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding Section&nbsp;5.7(a), Covenant may respond to or engage in discussions or negotiations with, or provide confidential
information or data to, any Person making an unsolicited bona fide Acquisition Proposal that did not result from a breach of this
Section&nbsp;5.7, if, but only if: (A)&nbsp;the Covenant Shareholders&#8217; Meeting shall not have occurred; (B)&nbsp;Covenant
shall have complied, in all material respects, with the provisions of this Section&nbsp;5.7; (C)&nbsp;Covenant&#8217;s Board of
Directors shall have determined, with the advice of its outside legal counsel, that failure to take such action would be inconsistent
with its fiduciary duties under applicable law; (D)&nbsp;Covenant&#8217;s Board of Directors determines in good faith, after consultation
with and having considered the advice of its outside legal counsel and, with respect to financial matters, its independent financial
advisor, that such Acquisition Proposal constitutes or is reasonably likely to result in a Superior Proposal; (E)&nbsp;Covenant
has provided C&amp;N with notice of such determination within one (1) business day thereafter; and (F)&nbsp;prior to furnishing
or affording access to any confidential information or data with respect to Covenant or any Covenant Subsidiary or otherwise relating
to an Acquisition Proposal, Covenant receives from such Person a confidentiality agreement with terms no less favorable to Covenant
than those contained in the Confidentiality Agreement. Covenant shall promptly provide to C&amp;N any non-public information regarding
Covenant or Covenant Subsidiary provided to any other Person that was not previously provided to C&amp;N, such additional information
to be provided no later than the date of provision of such information to such other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">For purposes of this
Agreement, &#8220;<B>Superior Proposal</B>&#8221; shall mean any bona fide written proposal (on its most recently amended or
modified terms, if amended or modified) made by a third party to enter into an Acquisition Transaction on terms that the
Covenant Board of Directors determines in its good faith judgment, after consultation with and having considered the advice
of outside legal counsel and, with respect to financial matters, its financial advisor, (i)&nbsp;would, if consummated,
result in the acquisition of all, but not less than all, of the issued and outstanding shares of Covenant Common Stock or
all, or substantially all, of the assets of Covenant and any Covenant Subsidiary on a consolidated basis; (ii)&nbsp;would
result in a transaction that (A)&nbsp;in the aggregate is more favorable from a financial point of view than the Merger,
(B)&nbsp;is more favorable, in the aggregate, to all of Covenant&#8217;s shareholders than the Merger and the transactions
contemplated by this Agreement, in light of the other terms of such proposal, any material regulatory approvals or other
risks associated with the timing of the proposed transaction beyond or in addition to those specifically contemplated hereby;
and (C)&nbsp;is reasonably likely to be completed on the terms proposed, in each case taking into account all legal,
financial, regulatory and other aspects of the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covenant shall promptly (and in any event within twenty-four (24) hours) notify C&amp;N in writing if any proposals or offers
are received by, any information is requested from, or any negotiations or discussions are sought to be initiated or continued
with, Covenant or any Covenant Representatives, in each case in connection with any Acquisition Proposal, and such notice shall
indicate the name of the person initiating such discussions or negotiations or making such proposal, offer or information request
and the material terms and conditions of any proposals or offers (and, in the case of written materials relating to such proposal,
offer, information request, negotiations or discussion, providing copies of such materials (including e-mails or other electronic
communications) unless disclosure of such materials contravenes any law, rule, regulation, order, judgment or decree). Covenant
agrees that it shall keep C&amp;N informed, on a current basis, of the status and terms of any such proposal, offer, information
request, negotiations or discussions (including any amendments or modifications to such proposal, offer or request).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in Section&nbsp;5.7(e), neither the Covenant Board of Directors nor any committee thereof shall (i)&nbsp;withdraw,
qualify or modify, or propose to withdraw, qualify or modify, in a manner adverse to C&amp;N in connection with the transactions
contemplated by this Agreement (including the Merger), the Covenant Recommendation, or make any statement, filing or release, in
connection with the Covenant Shareholders Meeting or otherwise, inconsistent with the Covenant Recommendation (it being understood
that taking a neutral position or no position with respect to an Acquisition Proposal shall be considered an adverse modification
of the Covenant Recommendation); (ii)&nbsp;approve or recommend, or publicly propose to approve or recommend, any Acquisition Proposal;
or (iii)&nbsp;enter into (or cause Covenant or any Covenant Subsidiary to enter into) any letter of intent, agreement in principle,
acquisition agreement or other agreement (A)&nbsp;related to any Acquisition Transaction (other than a confidentiality agreement
entered into in accordance with the provisions of Section&nbsp;5.7(b)) or (B) requiring Covenant to abandon, terminate or fail
to consummate the Merger or any other transaction contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Notwithstanding
Section&nbsp;5.7(d), prior to the date of the Covenant Shareholders&#8217; Meeting, the Covenant Board of Directors may
approve or recommend to the shareholders of Covenant a Superior Proposal or withdraw, qualify or modify the
Covenant Recommendation in connection therewith (a &#8220;<B>Subsequent Determination</B>&#8221;) after the fifth (5th)
Business Day following C&amp;N&#8217;s receipt of a notice (the &#8220;<B>Notice of Superior Proposal</B>&#8221;) from
Covenant advising C&amp;N that the Covenant Board of Directors has decided that a bona fide unsolicited written Acquisition
Proposal that it received (that did not result from a breach of this Section&nbsp;5.7) constitutes a Superior Proposal (it
being understood that Covenant shall be required to deliver a new Notice of Superior Proposal in respect of any revised
Superior Proposal from such third party or its Affiliates that Covenant proposes to accept and the subsequent notice period
shall be two (2) Business Days) if, but only if, (i)&nbsp;the Covenant Board of Directors has reasonably determined in good
faith, after consultation with and having considered the advice of outside legal counsel and, with respect to financial
matters, its financial advisor, that the failure to take such actions would be inconsistent with its fiduciary duties under
applicable law, and (ii)&nbsp;at the end of such five (5)&nbsp;Business Day period, after taking into account any such
adjusted, modified or amended terms as may have been committed to it in writing by C&amp;N since its receipt of such Notice
of Superior Proposal (provided, however, that C&amp;N shall not have any obligation to propose any adjustments, modifications
or amendments to the terms and conditions of this Agreement), Covenant&#8217;s Board of Directors has again in good faith
made the determination&nbsp;(A) in clause (i)&nbsp;of this Section&nbsp;5.7(e) and (B)&nbsp;that such Covenant Acquisition
Proposal constitutes an Superior Proposal; and Covenant shall provide written notice (the &#8220;<B>Final Notice of Superior
Proposal</B>&#8221;) to C&amp;N of its determination to accept the Superior Proposal no later than one (1) Business Day
following expiration of such five (5) Business Day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing contained in this Section&nbsp;5.7 or elsewhere in this Agreement shall prohibit Covenant from (i)&nbsp;taking and
disclosing to its shareholders a position contemplated by 14e&#45;2(a) promulgated under the Exchange Act or (ii)&nbsp;making any
disclosure to its shareholders if, in each case, in the good faith judgment of the Board of Directors, with the advice of outside
counsel, making such disclosure to Covenant&#8217;s shareholders is required under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.8<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>INTENTIONALLY OMITTED</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.9<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>INTENTIONALLY OMITTED</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.10<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Internal Controls</U>. Between the date of this Agreement and the Effective Date, Covenant shall permit C&amp;N senior
officers to meet with the Chief Financial Officer of Covenant and other officers responsible for the preparation of Covenant&#8217;s
financial statements, the internal controls of Covenant and the disclosure controls and procedures of Covenant to discuss such
matters as C&amp;N may deem reasonably necessary or appropriate for C&amp;N to satisfy its obligations under Sections&nbsp;302,
404 and 906 of the SOX Act and any rules and regulations relating thereto. C&amp;N shall have continuing access through the Effective
Time to both the Covenant books and records and internal audit team for the purpose of ongoing assessment of internal controls
and shall cause its outside auditors to provide any documentation regarding Covenant&#8217;s internal control to C&amp;N and cause
its auditors to be available for discussions with C&amp;N&#8217;s representatives regarding Covenant&#8217;s systems of internal
controls. Notwithstanding the forgoing, Covenant shall not be required to provide access to or to disclose information where such
access or disclosure would waive any privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.11<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transaction Expenses of Covenant</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covenant shall cause its and the Covenant Subsidiaries&#8217; professionals to render monthly invoices within 30&nbsp;days
after the end of each month. Covenant shall advise C&amp;N monthly of all out-of-pocket expenses which Covenant and the Covenant
Subsidiaries have incurred in connection with the transactions contemplated hereby. Covenant shall not, and shall cause each of
the Covenant Subsidiaries not to, pay fees and expenses to its accountants or attorneys on any basis different than the basis on
which such professionals would be paid in the absence of any business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Covenant, in reasonable consultation with C&amp;N and at C&amp;N&#8217;s expense, shall make all arrangements with respect
to the printing and mailing of the Proxy Statement/Prospectus. Covenant shall establish a &#8220;stay bonus pool&#8221; in the
amount of $400,000 to be used by Covenant to provide cash incentives to employees of Covenant to remain employed by Covenant. The
Parties shall mutually agree on the employees to whom a stay-bonus will be offered, as well as the amount and terms of payment
of such stay-bonuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
VI.</FONT><BR>
COVENANTS OF C&amp;N</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From the date of this Agreement until the
Effective Time, or until such later date as may be expressly stipulated in any Section of this Article&nbsp;VI, C&amp;N covenants
and agrees to comply, and shall cause the C&amp;N Subsidiaries to comply, with the following covenants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Best Efforts</U>. C&amp;N and C&amp;N Subsidiaries shall cooperate with Covenant and the Covenant Subsidiaries and shall
use its best efforts to do or cause to be done all things necessary or appropriate on its part in order to effectuate the transactions
contemplated by this Agreement, fulfill the conditions precedent set forth in Article&nbsp;VII of this Agreement and to consummate
the transactions contemplated by this Agreement, including the Merger and the Bank Merger. In particular, without limiting the
generality of the foregoing sentence, C&amp;N agrees to do the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Applications for Regulatory Approval</U>. C&amp;N shall promptly prepare and file, with the cooperation and assistance
of (and after review by) Covenant and its counsel and accountants, all required applications for all Requisite Regulatory Approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Registration
Statement; Proxy Statement/Prospectus</U>. C&amp;N shall promptly prepare, with the cooperation and assistance of (and after
review by) Covenant and its counsel and accountants and file with the SEC for the purpose of registering under the Securities
Act the shares of C&amp;N Common Stock to be issued to shareholders of Covenant under the provisions of this Agreement the
Registration Statement of which the Proxy Statement/ Prospectus is a part for the purpose of soliciting proxies of
Covenant&#8217;s shareholders in favor of the Merger, under the provisions of this Agreement. C&amp;N may rely upon all
information provided to it by Covenant and Covenant Bank in connection with the preparation of the Proxy Statement/Prospectus
and C&amp;N shall not be liable for any untrue statement of a material fact or any omission to state a material fact in the
Registration Statement, or in the Proxy Statement/Prospectus, if such statement is made by C&amp;N in reliance upon any
information provided to C&amp;N by Covenant or the Covenant Subsidiaries or by any of their officers, agents or
representatives. Except as set forth in the preceding sentence, none of the information supplied or to be supplied by C&amp;N
for inclusion or incorporation by reference in the Registration Statement or in the Proxy Statement/Prospectus will contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in light of the circumstances made, not misleading, at the time the Registration Statement and each amendment or supplement
thereto becomes effective or at the date of mailing the Proxy Statement/Prospectus, or any amendment or supplement thereto,
to Covenant shareholders. C&amp;N shall provide a draft of the Registration Statement to Covenant and its counsel for comment
and review at least ten (10) Business Days in advance of the anticipated filing date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>State Securities Laws</U>. C&amp;N, with the cooperation and assistance of Covenant and its counsel and accountants,
shall promptly take all such actions as may be necessary or appropriate in order to comply with all applicable Blue Sky laws of
any state having jurisdiction over the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Listing</U>. C&amp;N, with the cooperation and assistance of Covenant and its counsel and accountants, shall promptly
take all such actions as may be necessary or appropriate in order to list the shares of C&amp;N Common Stock to be issued in the
Merger on the Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Treatment</U>. C&amp;N shall take no action which would have the effect of causing the Merger not to qualify as a
tax-free reorganization under Section&nbsp;368 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Closing Conditions.</U> C&amp;N shall not take any action that is intended or expected to result
in any of its representations and warranties set forth in this Agreement being or becoming untrue in any material respect, or in
any of the conditions to the Merger set forth in Article VII not being satisfied, or in a violation of any provision of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Changes in Accounting.</U> C&amp;N shall not implement or adopt any change in its accounting principles, practices or
methods, other than as may be required by GAAP; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(h)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Articles of Incorporation</U>. C&amp;N shall not amend its Articles of Incorporation, except in accordance with the terms
hereof or to the extent necessary to consummate the transactions contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Access
to Properties and Records</U>. C&amp;N and the C&amp;N Subsidiaries shall give to Covenant and to its authorized employees
and representatives (including, without limitation, Covenant&#8217;s counsel, accountants, economic and
environmental consultants and other designated representatives) such access during normal business hours to all properties,
books, contracts, documents and records of C&amp;N and the C&amp;N Subsidiaries as Covenant may reasonably request, subject
to the obligation of Covenant and its authorized employees and representatives to maintain the confidentiality of all
nonpublic information concerning C&amp;N and the C&amp;N Subsidiaries obtained by reason of such access and subject to
applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsequent Financial Statements</U>. Between the date of signing of this Agreement and the Effective Time, C&amp;N shall
promptly prepare and deliver to Covenant as soon as practicable all Additional Financial Statements. C&amp;N shall be deemed to
make the representations and warranties set forth in Sections&nbsp;4.8, 4.9 and 4.10 herein to Covenant with respect to C&amp;N&#8217;s
Additional Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.4<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Update Schedules</U>. C&amp;N shall promptly disclose to Covenant in writing any change, addition, deletion or other
modification to the information set forth in its Schedules to this Agreement. No such modifications shall, however, be deemed an
acceptance by Covenant thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.5<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice</U>. C&amp;N shall promptly notify Covenant in writing of any actions, claims, investigations, proceedings or
other developments which, if pending or in existence on the date of this Agreement, would have been required to be disclosed to
Covenant in order to ensure the accuracy of the representations and warranties set forth in this Agreement or which otherwise would
have a Material Adverse Effect on C&amp;N or restrict in any material manner the right or ability of C&amp;N to carry on its business
as presently conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.6<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>INTENTIONALLY OMITTED</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.7<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Employment Arrangements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to any positions eliminated as a result of consolidation of operations, from and after the Effective Time, (i)&nbsp;C&amp;N,
C&amp;N Bank or another subsidiary of C&amp;N (any such parties employing employees of Covenant or a Covenant Subsidiary, the &#8220;<B>C&amp;N
Employers</B>&#8221;) shall use its good faith efforts to retain each present employee of Covenant and the Covenant Subsidiaries,
other than employees who are identified on <U>Schedule&nbsp;6.7(a)</U> (&#8220;<B>Designated Employees</B>&#8221;), in a comparable
position or a position with comparable responsibilities and salary compensation (or, if offered to, and accepted by, an employee,
a position for which the employee is qualified with the C&amp;N Employers at a compensation commensurate with the position).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any employee of Covenant or a Covenant Subsidiary (excluding employees who become parties to an employment agreement with
C&amp;N simultaneously with the execution of this Agreement as identified on <U>Schedule&nbsp;6.7(b)</U> (the &#8220;<B>Contract
Employees</B>&#8221;)) who is employed by Covenant or a Covenant Subsidiary as of the Effective Time and who either (i)&nbsp;is
not offered employment by the C&amp;N Employers as of the Effective Time; or (ii)&nbsp;accepts employment with the C&amp;N Employers
at the Effective Time and is subsequently terminated (other than as a result of unsatisfactory performance) within twelve (12)
months following the Effective Time, shall be entitled to the severance benefits described in Section&nbsp;6.7(c) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Where a Covenant or Covenant Subsidiary employee is entitled to be paid severance benefits as provided in Section&nbsp;6.7(b)
above, such severance benefits shall be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Designated Employees entitled to severance shall receive, in a lump sum payment, the amount of one (1) year&#8217;s salary,
and for a period of twelve (12) months following the date of termination of employment, C&amp;N shall maintain the same level of
contribution for the Designated Employees&#8217; participation in C&amp;N&#8217;s life, disability, medical/health insurance and
other health and welfare benefits, including, without limitation, profit sharing and matching contributions to defined contribution
plans, in effect with respect to the Designated Employees prior to the date of termination of employment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Non-Designated Employees entitled to severance shall be paid two (2) week&#8217;s salary for each full year of service with
Covenant or a Covenant Subsidiary, or predecessor of Covenant or a Covenant Subsidiary if such service was recognized by Covenant
for the purposes of Covenant&#8217;s 401(k) Plan, with a minimum of four (4) weeks&#8217; salary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the cases not covered by subsections&nbsp;(b) and (c) above, if the employment with C&amp;N of any Covenant or Covenant
Subsidiary employee (other than a Designated Employee) is terminated, such employee shall be entitled to severance in accordance
with the then existing severance policy of C&amp;N or its successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The C&amp;N Employers shall be obligated to provide employee benefits to each person who is an employee of Covenant or a
Covenant Subsidiary immediately before the Effective Time (the &#8220;<B>Continuing Employees</B>&#8221;) and who continues to
be employed by a C&amp;N Employer following the Effective Time that are substantially equivalent, in the aggregate, to the benefits
under the Covenant Benefit Plans prior to the Effective Time, for a period of one (1) year after the Effective Date. Notwithstanding
the immediately preceding sentence, if the C&amp;N Employers can no longer satisfy the applicable employee benefit plan testing
requirements under the Code after applicable transition periods under the Code with respect to a C&amp;N Benefit Plan then the
C&amp;N Employers shall provide appropriately adjusted benefits to each person who is an employee of Covenant or a Covenant Subsidiary
that would permit such C&amp;N Benefit Plan to satisfy the applicable test under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For vesting and eligibility purposes for employee benefits, under each C&amp;N Benefit Plan and/or any employee benefit
plan established by C&amp;N after the Effective Date, the Continuing Employees shall receive credit for all years of service with
Covenant and the Covenant Subsidiaries or predecessor of Covenant or the Covenant Subsidiaries if such service was recognized by
Covenant for purposes of a comparable Covenant Benefit Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Except
to the extent not allowable under the terms of existing insurance contracts, any restrictions on coverage for
preexisting conditions or requirements for evidence of insurability under a C&amp;N Benefit Plan that is an employee welfare
benefit plan shall be waived for the employees of Covenant and the Covenant Subsidiaries who are currently covered for such
conditions under Covenant&#8217;s existing insurance plans, and such employees shall receive credit under the applicable
C&amp;N Benefit Plan for co&#45;payments and payments under a deductible limit made by them and for out&#45;of&#45;pocket
maximums applicable to them during the plan year of the Covenant Benefit Plan in accordance with the corresponding Covenant
Benefit Plan. If the terms of an existing insurance contract do not permit a waiver of restrictions or credit for co-payments
and payments as described in the preceding sentence, C&amp;N agrees to use its best efforts to negotiate such provisions with
the applicable insurer and, if C&amp;N is unable to obtain such provision, C&amp;N shall provide reasonable compensation to
such employee in respect thereof. For the purposes of the foregoing sentence, reasonable compensation shall be deemed to be
annual compensation in the amount of the premium contribution which C&amp;N makes under any such insurance policy on behalf
of other employees with similar age and years of service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(h)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The C&amp;N Employers shall honor those Employment Obligations listed on <U>Schedule 3.23</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.8<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance; Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For a period of up to six (6) years (the exact number of years to be determined by the policy cost cap stated below) after
the Effective Date, C&amp;N shall (and Covenant Bank shall cooperate in these efforts) obtain and maintain &#8220;tail&#8221; coverage
relating to Covenant&#8217;s existing directors and officers liability insurance policy in such amount and with terms and conditions
no less favorable than the director and officer liability policy of Covenant as of the date of this Agreement, subject to the caveat
that C&amp;N shall not be required to pay premiums for such policy in excess of 200% of the current premium for Covenant&#8217;s
existing directors and officers liability insurance policy; provided, however, if C&amp;N is unable to obtain and maintain such
policy as a result of such limitations, it shall obtain as much comparable insurance as is available at such time for the maximum
amount that it is obligated to spend. C&amp;N may substitute therefor policies of at least the same coverage and amounts containing
terms and conditions which are substantially no less advantageous) with respect to claims arising from facts or circumstances which
occur prior to the Effective Date (including facts or circumstances relating to this Agreement and the transactions contemplated
herein to the extent coverage therefor is available) and covering persons who are covered by such insurance immediately prior to
the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>For
a period of six (6) years from and after the Effective Date, C&amp;N shall indemnify, defend and hold harmless each person
who is now, or has been at any time prior to the date hereof, or who becomes prior to the Effective Date, an officer,
employee, director or manager of Covenant or a Covenant Subsidiary (the &#8220;<B>Indemnified Parties</B>&#8221;) against all
losses, claims, damages, costs, expenses (including reasonable attorneys&#8217; fees), liabilities or judgments or amounts
that are paid in settlement (which settlement shall require the prior written consent of C&amp;N, which consent shall not be
unreasonably withheld) or in connection with any claim, action, suit, proceeding or investigation (a
 &#8220;<B>Claim</B>&#8221;) in which an Indemnified Party is, or is threatened to be made, a party or a witness based in
whole or in part out of the fact that such person is or was a director, officer or employee of Covenant or a Covenant
Subsidiary if such Claim pertains to any matter of fact arising, existing or occurring prior to the Effective Date
(including, without limitation, the Merger and other transactions contemplated by this Agreement) regardless of whether such
Claim is asserted or claimed prior to, at, or after the Effective Date (the &#8220;<B>Indemnified Liabilities</B>&#8221;) to
the full extent permitted under applicable law as of the date hereof or amended prior to the Effective Date and under the
Articles of Incorporation or Bylaws of Covenant or a Covenant Subsidiary as in effect as of the date hereof (and C&amp;N
shall pay expenses in advance of the full disposition of any such action or proceeding to each of the Indemnified Parties to
the full extent permitted by applicable law (including the SOX Act) and C&amp;N&#8217;s Articles of Incorporation and
Bylaws). Any Indemnified Party wishing to claim indemnification under this provision, upon learning of any Claim, shall
notify C&amp;N (but the failure to so notify C&amp;N shall not relieve C&amp;N from any liability which C&amp;N may have
under this section except to the extent C&amp;N is materially prejudiced thereby). In the defense of any Claim covered by
this Section, C&amp;N shall have the right to direct the defense of such action and retain counsel of its choice; provided,
however, that, notwithstanding the foregoing, the Indemnified Parties as a group may retain a single law firm to represent
them with respect to each matter under this section if there is, under applicable standards of professional conduct, a
conflict on any significant issue between the positions of C&amp;N and the Indemnified Parties (the Indemnified Parties may
also retain more than one law firm if there is, under applicable standards of professional conduct, a conflict of any
significant issues between the positions of two or more Indemnified Parties). C&amp;N shall have an obligation to advance
funds to satisfy an obligation of C&amp;N or any successor to C&amp;N under this Section&nbsp;to the same extent that C&amp;N
would be obligated to advance funds under the indemnification provisions of its Articles of Incorporation and/or Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any indemnification payments made pursuant to this Section&nbsp;are subject to and conditioned upon their compliance with
Section&nbsp;18(k) of the Federal Deposit Insurance Act (12&nbsp;U.S.C.&nbsp;1828(k)) and the regulations promulgated thereunder
by the Federal Deposit Insurance Corporation (12&nbsp;C.F.R. Part&nbsp;359).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.9<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment of C&amp;N Directors</U>. C&amp;N shall, on or promptly after the Effective Date (but no later than C&amp;N&#8217;s
next Board of Directors meeting following the Effective Date), appoint two (2) members of Covenant&#8217;s Board of Directors,
each of whom are mutually acceptable to both Covenant and C&amp;N, to C&amp;N&#8217;s Board of Directors, subject only to any applicable
regulatory approvals. C&amp;N has a mandatory retirement policy for directors who attain age&nbsp;72. In addition, the Board of
C&amp;N Bank shall, on or promptly after the Effective Date (but no later than the next Board of Directors meeting of C&amp;N Bank
following the Effective Date), appoint two (2) members of Covenant&#8217;s Board of Directors, each of whom are mutually acceptable
to both Covenant and C&amp;N, to C&amp;N Bank&#8217;s Board of Directors, subject only to any applicable regulatory approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.10<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Advisory
Board</U>. At or promptly following the Effective Time, C&amp;N shall invite members of Covenant&#8217;s Board of Directors
immediately prior to the Effective Time (other than those individuals who have joined or will join the Board of Directors of
the Surviving Corporation in accordance with the terms set forth in Section&nbsp;6.9) to serve as members of a regional
advisory board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
VII.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>CONDITIONS PRECEDENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Common Conditions</U>. The obligations of the Parties to consummate this Agreement shall be subject to the satisfaction
of each of the following common conditions prior to or as of the Closing, except to the extent that any such condition shall have
been waived in accordance with the provisions of Section&nbsp;8.4 herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shareholder Approval.</U> This Agreement shall have been duly authorized, approved and adopted by the shareholders of
Covenant in accordance with the Applicable Corporate Law and the Articles of Incorporation of Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regulatory Approvals</U>. The Requisite Regulatory Approvals shall have been obtained and all applicable waiting and
notice periods shall have expired, and such approvals shall be subject to no terms or conditions which would (i)&nbsp;require or
could reasonably be expected to require (A)&nbsp;any divestiture by C&amp;N of a portion of the business of C&amp;N, or any subsidiary
of C&amp;N or (B)&nbsp;any divestiture by Covenant or the Covenant Subsidiaries of a portion of their businesses, in each case
which will have a significant and material adverse impact on the business of C&amp;N or Covenant, or their other Subsidiaries,
as the case may be, or (ii)&nbsp;impose any condition upon C&amp;N or Covenant, or their other subsidiaries, taken as a whole,
which (x)&nbsp;would be materially burdensome to C&amp;N or Covenant, or their other Subsidiaries, taken as a whole, (y)&nbsp;would
significantly increase the costs incurred or that will be incurred by C&amp;N or Covenant as a result of consummating the Merger
or (z)&nbsp;would prevent C&amp;N or Covenant from obtaining any material benefit contemplated by it to be attained as a result
of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Listing</U>. The shares of C&amp;N Common Stock to be issued in the Merger shall have been authorized for listing
on the Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Opinion</U>. Each of C&amp;N and Covenant shall have received an opinion of C&amp;N&#8217;s counsel, Stevens&nbsp;&amp;
Lee, P.C., reasonably acceptable to C&amp;N and Covenant, addressed to C&amp;N and Covenant, with respect to federal tax laws or
regulations, to the effect that the Merger will constitute a reorganization within the meaning of Section&nbsp;368(a)(1)(A) of
the Code and C&amp;N and Covenant will each be a &#8220;party to a reorganization&#8221; within the meaning of Section&nbsp;368(b)(1)
of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Registration
Statement</U>. The Registration Statement, including any amendments thereto, shall have been declared effective by the SEC;
the information contained therein shall be true, complete and correct in all material respects as of the date of mailing of
the Proxy Statement/Prospectus to the shareholders of Covenant; regulatory clearance for the offering contemplated by the
Registration Statement (the &#8220;<B>Offering</B>&#8221;) shall have been received from each federal and state regulatory
authority having jurisdiction over the Offering; and no stop order shall have been issued and no proceedings shall have been
instituted or threatened by any federal or state regulatory authority to suspend or terminate the effectiveness of the
Registration Statement or the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Suits</U>. No action, suit or proceeding shall be pending or threatened before any federal, state or local court or
governmental authority or before any arbitration tribunal which seeks to modify, enjoin or prohibit or otherwise adversely and
materially affect the transactions contemplated by this Agreement; provided, however, that if C&amp;N agrees to defend and indemnify
Covenant and Covenant Bank and their respective officers and directors with regard to any such action, suit or proceeding pending
or threatened against them or any of them on such specific terms and conditions as are mutually agreeable to Covenant and C&amp;N,
then such pending or threatened action, suit or proceeding shall not be deemed to constitute the failure of a condition precedent
to the obligation of Covenant to consummate this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Federal and State Securities and Antitrust Laws</U>. All applicable securities and antitrust laws of the federal government
and of any state government having jurisdiction over the transactions contemplated by this Agreement shall have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions Precedent to Obligations of C&amp;N</U>. The obligations of C&amp;N to consummate this Agreement shall be
subject to the satisfaction of each of the following conditions prior to or as of the Closing, except to the extent that any such
condition shall have been waived by C&amp;N in accordance with the provisions of Section&nbsp;8.4 herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accuracy of Representations and Warranties</U>. All of the representations and warranties of Covenant as set forth in
this Agreement shall be true and correct in all material respects as of the Closing as if made on such date (or on the date to
which it relates in the case of any representation or warranty which expressly relates to an earlier date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Covenants Performed</U>. Covenant shall have performed or complied in all material respects with each of the covenants
required by this Agreement to be performed or complied with by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Effect</U>. From the date hereof through the Closing Date, there shall not have occurred, on a consolidated
basis, any change that individually or in the aggregate has a Material Adverse Effect with respect to Covenant or any Covenant
Subsidiary. Covenant and the Covenant Subsidiaries, on a consolidated basis, shall not have sustained any Material Adverse Effect
since the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Closing
Documents</U>. On or before the Effective Time, Covenant shall have delivered to C&amp;N: (i)&nbsp;a certificate signed by
Covenant&#8217;s Chief Executive Officer (or other officers reasonably acceptable to C&amp;N) verifying that, to
their Knowledge, all of the representations and warranties of Covenant set forth in this Agreement are true and correct in
all material respects as of the Closing and that Covenant has performed in all material respects each of the covenants
required to be performed by it under this Agreement; (ii)&nbsp;a certificate confirming the absence of any event of
circumstance having a Material Adverse Effect on Covenant since the date of this Agreement; (iii)&nbsp;a certificate (from
appropriate officers of Covenant or Covenant&#8217;s transfer agent) as to the issued and outstanding shares of Covenant
Common Stock, shares issuable under outstanding stock options granted under Covenant&#8217;s Stock Option Plans and any
outstanding obligations, options or rights of any kind entitling persons to purchase or sell any shares of Covenant Common
Stock and any outstanding securities or other instruments of any kind that are convertible into such shares; and
(iv)&nbsp;such other certificates and documents as C&amp;N and its counsel may reasonably request (all of the foregoing
certificates and other documents being herein referred to as the &#8220;<B>Covenant Closing Documents</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Holders of no more than five percent (5%) of the outstanding Covenant Common Stock shall have exercised dissenters&#8217;
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions Precedent to the Obligations of Covenant</U>. The obligation of Covenant to consummate this Agreement shall
be subject to the satisfaction of each of the following conditions prior to or as of the Closing, except to the extent that any
such condition shall have been waived by Covenant in accordance with the provisions of Section&nbsp;8.4 herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accuracy of Representations and Warranties</U>. All of the representations and warranties of C&amp;N as set forth in
this Agreement shall be true and correct in all material respects as of the Closing as if made on such date (or on the date to
which it relates in the case of any representation or warranty which expressly relates to an earlier date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Covenants Performed</U>. C&amp;N shall have performed or complied in all material respects with each of the covenants
required by this Agreement to be performed or complied with by C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Effect</U>. From the date hereof through the Closing Date, there shall not have occurred, on a consolidated
basis, any change that individually or in the aggregate has a Material Adverse Effect with respect to C&amp;N or any C&amp;N Subsidiary.
C&amp;N and the C&amp;N Subsidiaries, on a consolidated basis, shall not have sustained any Material Adverse Effect since the date
of this Agreement. In particular, without limiting the generality of the foregoing sentence, the Additional Financial Statements
of C&amp;N shall indicate that the consolidated financial condition, assets, liabilities and results of operations of C&amp;N as
of the respective dates reported therein do not vary adversely in any material respect from the consolidated financial condition,
assets, liabilities and results of operations presented in C&amp;N&#8217;s Quarterly Report on Form 10&#45;Q at and for the nine
months ended September&nbsp;30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fairness Opinion</U>. Covenant shall have obtained from an independent financial advisor selected by the Board of Directors
of Covenant, an opinion furnished to the Board of Directors of Covenant stating that the Merger Consideration contemplated by this
Agreement is fair to the shareholders of Covenant from a financial point of view.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Closing
Documents</U>. On or before the Effective Time, C&amp;N shall have delivered to Covenant: (i)&nbsp;a certificate signed by
C&amp;N&#8217;s Chief Executive Officer (or other officer reasonably acceptable to Covenant) verifying that, to
their Knowledge, all of the representations and warranties of C&amp;N set forth in this Agreement are true and correct in all
material respects as of the Closing and that C&amp;N has performed in all material respects each of the covenants required to
be performed by it under this Agreement; (ii)&nbsp;a certificate confirming the absence of any event of circumstance having a
Material Adverse Effect on C&amp;N since the date of this Agreement; and (iii)&nbsp;such other certificates and documents as
Covenant and its counsel may reasonably request (all of the foregoing certificates and documents being herein referred to as
the &#8220;<B>C&amp;N Closing Documents</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
VIII.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>TERMINATION, AMENDMENT AND WAIVER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>. This Agreement may be terminated at any time prior to the Effective Date, whether before or after approval
of the Merger by the shareholders of Covenant:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At any time by the mutual written agreement of C&amp;N and Covenant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>By either Party (provided, that the terminating Party is not then in material breach of any representation, warranty, covenant
or other agreement contained herein) if there shall have been a material breach of any of the representations or warranties set
forth in this Agreement on the part of the other Party, which breach by its nature cannot be cured prior to November&nbsp;20, 2020
(the &#8220;<B>Termination Date</B>&#8221;) or shall not have been cured within 30&nbsp;days after written notice of such breach
by the terminating party to the other party but in any event prior to the Termination Date<I>; provided, however,</I> that neither
party shall have the right to terminate this Agreement pursuant to this Section&nbsp;8.1(b) unless the breach of representation
or warranty, together with all other such breaches, would entitle the terminating party not to consummate the transactions contemplated
hereby under Section&nbsp;7.2(a) (in the case of a breach of a representation or warranty by Covenant) or Section&nbsp;7.3(a) (in
the case of a breach of a representation or warranty by C&amp;N);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>By either Party (provided, that the terminating Party is not then in material breach of any representation, warranty, covenant
or other agreement contained herein) if there shall have been a material failure to perform or comply with any of the covenants
or agreements set forth in this Agreement on the part of the other party, which failure by its nature cannot be cured prior to
the Termination Date or shall not have been cured within 30&nbsp;days after written notice of such failure by the terminating party
to the other party but in any event prior to the Termination Date; <I>provided, however,</I> that neither party shall have the
right to terminate this Agreement pursuant to this Section&nbsp;8.1(c) unless the breach of covenant or agreement, together with
all other such breaches, would entitle the terminating party not to consummate the transactions contemplated hereby under Section&nbsp;7.2(b)
(in the case of a breach of covenant by Covenant) or Section&nbsp;7.3(b) (in the case of a breach of covenant by C&amp;N);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>By
either party if the Closing shall not have occurred by the Termination Date, or such later date as shall have been agreed to
in writing by C&amp;N and Covenant; <I>provided,</I> that no Party may terminate this Agreement pursuant to this
Section&nbsp;8.1(d) if the failure of the Closing to have occurred on or before said date was due to such Party&#8217;s
material breach of any representation, warranty, covenant or other agreement contained in this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>By either Party if the shareholders of Covenant fail to approve the transactions contemplated by this Agreement at a meeting
of Covenant shareholders called for that purpose; provided, however, that no termination right shall exist for Covenant hereunder
if prior to such shareholder vote, the board of directors of Covenant shall have withdrawn, modified or changed in a manner adverse
to C&amp;N its approval or recommendation of this Agreement and the transactions contemplated thereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>By either Party if (i)&nbsp;final action has been taken by a Bank Regulator whose approval is required in connection with
this Agreement and the transactions contemplated hereby, which final action (A)&nbsp;has become nonappealable and (B)&nbsp;does
not approve this Agreement or the transactions contemplated hereby, or (ii)&nbsp;any court of competent jurisdiction or other Governmental
Entity shall have issued an order, decree, ruling or taken any other action restraining, enjoining or otherwise prohibiting the
Merger and such order, decree, ruling or other action shall have become final and nonappealable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>By the Board of Directors of C&amp;N (i)&nbsp;if Covenant has received a Superior Proposal and (ii)&nbsp;in accordance with
Section&nbsp;5.7 of this Agreement, the Board of Directors of Covenant enters into <FONT STYLE="background-color: white">any letter
of intent, agreement in principle or</FONT> acquisition agreement with respect to a Superior Proposal, withdraws its recommendation
of this Agreement, fails to make such recommendation or modifies or qualifies its recommendation in a manner adverse to C&amp;N,
delivers a Final Notice of Superior Proposal, or <FONT STYLE="background-color: white">has otherwise made a determination to accept
such Superior Proposal</FONT>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(h)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>By the Board of Directors of Covenant if Covenant has received a Superior Proposal and, in accordance with Section&nbsp;5.7,
the Board of Directors of Covenant has delivered a Final Notice of Superior Proposal; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>By the Board of Directors of Covenant, through a resolution adopted by its Board of Directors within three (3) days after
the Determination Date, if both (x)&nbsp;the Determination Date Market Price is less than $21.67 (the &#8220;<B>Floor Price</B>&#8221;)
and (y)&nbsp;the C&amp;N Price Ratio is less than the Index Ratio by more than twenty percent (20%) a (the &#8220;<B>Market Termination
Test</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Section&nbsp;8.1, the following terms shall have the meanings indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(A)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Starting Price</B>&#8221; shall mean $27.09, the closing price for C&amp;N Common Stock on December 17, 2019 (the
 &#8220;<B>Starting Date</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(B)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>C&amp;N Price Ratio</B>&#8221; shall mean the quotient (multiplied by 100 to express such quotient as a percentage)
obtained by dividing the Determination Date Market Price by the Starting Price, calculated to four (4) decimal places.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(C)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Index Ratio</B>&#8221; shall mean the quotient (multiplied by 100 to express such quotient as a percentage) obtained
by dividing the Average NASDAQ Bank Index Value For The Price Determination Period by the NASDAQ Bank Index
Value on the Starting Date, calculated to four (4) decimal places.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(D)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Average NASDAQ Bank Index Value For The Price Determination Period</B>&#8221; means the average of the NASDAQ
Bank Index as quoted by NASDAQ for the Price Determination Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(E)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Determination Date</B>&#8221; shall mean the first date on which all Requisite Regulatory Approvals (and waivers,
if applicable) necessary for consummation of the Merger and the Bank Merger have been received (disregarding any waiting period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">(F)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Determination Date Market Price</B>&#8221; shall be the average of the closing prices for C&amp;N Common Stock,
calculated to two (2) decimal places, for the ten (10) consecutive trading days immediately preceding the date which is five (5)
Business Days before the Determination Date (the &#8220;<B>Price Determination Period</B>&#8221;), as reported by the Market. In
the event that there is no trading activity for C&amp;N Common Stock on the Market on a day during the Price Determination Period,
the Determination Date Market Price shall be based on the days during the Price Determination Period during which there is trading
activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Starting Price, the Determination Date Market Price, the Floor Price and the other amounts above shall be appropriately
adjusted for any event described in the definition of Conversion Ratio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event Covenant desires to effect a Market Termination, it shall give prompt written notice thereof to C&amp;N (provided
that such notice of election to terminate may be withdrawn at any time within the three&#45;day period set forth in subsection&nbsp;(i)).
C&amp;N shall have the right, through a resolution adopted by its Board of Directors, to cause Covenant to amend this Agreement
to increase the Conversion Ratio or increase the Cash Consideration such that the combined Cash Consideration and C&amp;N Stock
Consideration, based on the Determination Date Market Price, is at least equal to an aggregate amount which would satisfy the Market
Termination Test, i.e. an amount which would not allow termination under this Section&nbsp;8.1(i), in lieu of terminating the agreement
(and, upon such amendment, Covenant shall not have the right to terminate this Agreement pursuant to this Section&nbsp;8.1(i)(iii));
<I>provided, however </I>that any such amendment shall not cause the Merger not to qualify as a tax-free reorganization under Section&nbsp;368
of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect</U>. In the event of a permitted termination of this Agreement under Section&nbsp;8.1 herein, the Agreement shall
become null and void and the transactions contemplated herein shall thereupon be abandoned, except that Sections&nbsp;8.2(b), 8.2(c),
11.1 and 11.2 shall survive such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability</U>. If this Agreement is terminated, expenses and damages of the Parties hereto shall be determined as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as provided below, whether or not the Merger is consummated, all costs and expenses incurred in connection with this
Agreement and the transactions contemplated by this Agreement shall be paid by the party incurring such expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of a termination of this Agreement because of a willful breach of any representation, warranty, covenant or
agreement contained in this Agreement, the breaching party shall remain liable for any and all actual and direct damages, costs
and expenses, including all reasonable attorneys&#8217; fees, sustained or incurred by the non-breaching party as a result thereof
or in connection therewith or with respect to the enforcement of its rights hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="background-color: white">In the event that Covenant enters into a definitive agreement relating to an Acquisition
Proposal or consummates an Acquisition Proposal within twelve (12)&nbsp;months after the termination of this Agreement (i)&nbsp;by
C&amp;N pursuant to Sections&nbsp;8.1(b) or 8.1(c) because of a willful breach by Covenant; or (ii)&nbsp;by C&amp;N or Covenant
pursuant to Section&nbsp;8.1(e) following failure of the shareholders of Covenant to approve the transactions contemplated by this
Agreement and, in the case of (ii): (A)&nbsp;Covenant has breached the provisions of Section&nbsp;5.7, or (B)&nbsp;a third party
has publicly proposed or announced an Acquisition Proposal, Covenant shall pay to C&amp;N the Termination Fee within two (2)&nbsp;Business
Days after C&amp;N makes written demand therefor. Such payments shall be made by wire transfer of immediately available funds to
an account designated by C&amp;N.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that C&amp;N terminates this Agreement in accordance with Section&nbsp;8.1(g) or Covenant terminates this Agreement
in accordance with Section&nbsp;8.1(h), Covenant shall pay to C&amp;N the Termination Fee within five (5) Business Days after C&amp;N
makes written demand therefor. Such payments shall be made by wire transfer of immediately available funds to an account designated
by C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(v)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Agreement, the &#8220;<B>Termination Fee</B>&#8221; shall mean $2,900,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(vi)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
right to receive payment of the Termination Fee under Section&nbsp;8.2(b)(iii) or Section&nbsp;8.2(b)(iv) will constitute the
sole and exclusive remedy of either party against the other and their respective officers and directors with respect to a
termination under that Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Confidentiality</U>. In the event of a termination of this Agreement, neither C&amp;N nor Covenant nor Covenant Bank
shall use or disclose to any other person any confidential information obtained by it during the course of its investigation of
the other party or parties, except as may be necessary in order to establish the liability of the other party or parties for breach
as contemplated under Section&nbsp;8.2(b) herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>. To the extent permitted by law, this Agreement may be amended at any time before the Effective Time (whether
before or after the authorization, approval and adoption of this Agreement by the shareholders of Covenant), but only by a written
instrument duly authorized, executed and delivered by C&amp;N and by Covenant; provided, however, that any amendment to the Merger
Consideration to be received by the former shareholders of Covenant in exchange for their shares of Covenant Common Stock shall
not take effect until such amendment has been approved, adopted or ratified by the shareholders of Covenant in accordance with
applicable provisions of the Applicable Corporate Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.4<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver</U>. Any term or condition of this Agreement may be waived, to the extent permitted by applicable federal and
state law, by the party or parties entitled to the benefit thereof at any time before the Effective Time (whether before or after
the authorization, approval and adoption of this Agreement by the shareholders of Covenant) by a written instrument duly authorized,
executed and delivered by such party or parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
IX.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>CLOSING AND EFFECTIVE TIME</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing</U>. Subject to the terms and conditions of this Agreement, the Parties shall hold a closing (the &#8220;<B>Closing</B>&#8221;),
by the electronic (PDF) facsimile or overnight courier exchange of executed documents or at the headquarters of C&amp;N on the
first Business Day of the first month in which the conditions set forth in Article VII hereof have been satisfied or, if permitted
by applicable law, waived (other than those conditions that by their nature can only be satisfied at the Closing, but subject to
the satisfaction or waiver thereof); provided, however, if the foregoing conditions are satisfied within the last fifteen days
of a month, the Closing shall occur on the first Business Day of the second month following such date, provided, further, that
in no case shall the Closing occur earlier than July&nbsp;1, 2020, unless another date, time or place is agreed to in writing by
the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effective Time</U>. Immediately following the Closing, and provided that this Agreement has not been terminated or abandoned
pursuant to Article&nbsp;VIII hereof, C&amp;N and Covenant will cause Articles of Merger (the &#8220;<B>Articles of Merger</B>&#8221;)
to be delivered and properly filed with the Filing Offices. The Merger shall become effective at 11:59 p.m. (or such other time
as the Parties may agree) on the day on which the Closing occurs and Articles of Merger are filed with the Filing Offices or such
later date and time as may be specified in the Articles of Merger (the &#8220;<B>Effective Time</B>&#8221;). The &#8220;<B>Effective
Date</B>&#8221; when used herein means the day on which the Effective Time occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE X.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">NO SURVIVAL OF REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Survival</U>. The representations and warranties of Covenant and of C&amp;N set forth in this Agreement shall expire
and be terminated on the Effective Time by consummation of this Agreement, and no such representation or warranty shall thereafter
survive. Except with respect to the agreements of the Parties which by their terms are intended to be performed either in whole
or in part after the Effective Time, the agreements of the Parties set forth in this Agreement shall not survive the Effective
Time, and shall be terminated and extinguished at the Effective Time, and from and after the Effective Time none of the Parties
hereto shall have any liability to the other on account of any breach of such agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">ARTICLE
XI.</FONT><BR>
GENERAL PROVISIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U>. Except as expressly provided in this Agreement to the contrary, each party shall pay its own expenses incurred
in connection with this Agreement and the consummation of the transactions contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Press Releases, Etc</U>. C&amp;N and Covenant agree that all press releases or other public communications relating to
this Agreement or the transactions contemplated hereby will require mutual approval by C&amp;N and Covenant, unless counsel has
advised any such party that such release or other public communication must immediately be issued and the issuing party has not
been able, despite its good faith efforts, to obtain such approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. <FONT STYLE="background-color: white">All notices or other communications hereunder shall be in writing
and shall be deemed given if delivered by receipted hand delivery, mailed by United States prepaid registered or certified mail
(return receipt requested), or by a nationally recognized overnight courier promising next Business Day delivery, addressed as
follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If to C&amp;N, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Citizens&nbsp;&amp; Northern Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">90&#45;92 Main Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">P.O. Box&nbsp;58</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Wellsboro, Pennsylvania 16901</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Attn: J.&nbsp;Bradley Scovill, President and CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in">With a copy (which shall not constitute notice)
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Stevens&nbsp;&amp; Lee, P.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">17&nbsp;N 2<SUP>nd</SUP> Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Harrisburg, Pennsylvania 17101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Attn: Charles&nbsp;J. Ferry, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If to Covenant, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Covenant Financial, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">182&nbsp;N Main Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Doylestown, Pennsylvania 18901</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Attn: John&nbsp;C. Spier, Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in">With a copy (which shall not constitute notice)
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Windels Marx Lane&nbsp;&amp; Mittendorf, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">120&nbsp;Albany Street Plaza, 6<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">New Brunswick, New Jersey 08901</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Attn: Robert&nbsp;A. Schwartz, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.4<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed simultaneously in several counterparts, each of which shall be deemed
an original, but all such counterparts together shall be deemed to be one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.5<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Waiver of Jury Trial</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement shall be deemed to have been made in, and shall be governed by and construed in accordance with the substantive
laws of, the Commonwealth of Pennsylvania, except to the extent that the Applicable Corporate Law or federal law specifically applies
to the Merger and the transactions contemplated thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW AT THE TIME OF INSTITUTION OF THE APPLICABLE LITIGATION, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (A)&nbsp;NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER, (B)&nbsp;EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C)&nbsp;EACH PARTY MAKES THIS WAIVER
VOLUNTARILY AND (D)&nbsp;EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS&nbsp;<U>SECTION&nbsp;11.5(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.6<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Parties
in Interest</U>. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective
successors, assigns and legal representatives; provided, however, that neither party may assign its rights or delegate its
duties under this Agreement without the prior written consent of the other party (which consent may be withheld in such
other party&#8217;s sole and absolute discretion). Except as otherwise specifically provided in Section&nbsp;6.8 with respect
to Covenant&#8217;s directors, who shall be deemed third party beneficiaries of such provision, this Agreement (including the
documents and instruments referred to herein) is not intended to, and does not, confer upon any person other than the parties
hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth
herein. The representations and warranties in this Agreement are the product of negotiations among the parties hereto and are
for the sole benefit of the parties. In some instances, the representations and warranties in this Agreement may represent an
allocation among the parties hereto of risks associated with particular matters regardless of the knowledge of any of the
parties hereto. Consequently, persons other than the parties may not rely upon the representations and warranties in this
Agreement as characterizations of actual facts or circumstances as of the date of this Agreement or as of any other date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.7<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Specific Performance Jurisdiction</U>. <FONT STYLE="background-color: white">The parties hereto agree that irreparable
damage would occur in the event that the provisions contained in this Agreement were not performed in accordance with its specific
terms or was otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to
prevent breaches of this Agreement and to enforce specifically the terms and provisions thereof in the United States District Court
for the Middle District of Pennsylvania or in any state court in the Commonwealth of Pennsylvania, this being in addition to any
other remedy to which they are entitled at law or in equity. In addition, each of the parties hereto (a)&nbsp;consents to submit
itself to the personal jurisdiction of the United States District Court for the Middle District of Pennsylvania or of any state
court located in the Commonwealth of Pennsylvania in the event any dispute arises out of this Agreement or the transactions contemplated
by this Agreement, (b)&nbsp;agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request
for leave from any such court and (c)&nbsp;agrees that it will not bring any action relating to this Agreement or the transactions
contemplated by this Agreement in any court other United States District Court for the Middle District of Pennsylvania or a state
court located in the Commonwealth of Pennsylvania.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.8<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disclosure Schedules</U>. The inclusion of a given item in a disclosure schedule annexed to this Agreement shall not
be deemed a conclusion or admission that such item (or any other item) is material or is a material and adverse change. Information
disclosed for one section shall constitute disclosure for other sections whether or not specifically referenced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.9<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U>. This Agreement (including the Schedules and Exhibits hereto), sets forth the entire understanding
and agreement of the Parties hereto and supersedes any and all prior agreements, arrangements and understandings, whether oral
or written, relating to the subject matter hereof and thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Signature Page to follow]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>IN WITNESS WHEREOF</I></B>, the Parties
have caused this Agreement to be executed by their duly authorized officers all as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">CITIZENS&nbsp;&amp; NORTHERN CORPORATION</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ J.&nbsp;Bradley
    Scovill</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: &nbsp;J.&nbsp;Bradley Scovill</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">COVENANT FINANCIAL, INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ John&nbsp;C. Spier</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;&nbsp;John&nbsp;C. Spier </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:&nbsp;&nbsp;&nbsp;Chief Executive Officer</TD></TR>
</TABLE>





<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>APPENDIX&nbsp;I</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEFINED TERMS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Definitions of the following capitalized
terms used in this Agreement are set forth below or in the indicated sections:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Acquisition Proposal</B>&#8221; has the meaning given
to it in Section&nbsp;5.7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Acquisition Transaction</B>&#8221; has the meaning
given to it in Section&nbsp;5.7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Additional Financial Statements</B>&#8221; means any
internal monthly and quarterly financial reports, all quarterly or annual reports to shareholders and all regulatory reports to
regulatory authorities normally prepared by the Party in question or by its banking Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Aggregate Cash Election Percentage</B>&#8221; has
the meaning given to it in Section&nbsp;2.2(b)(iii)(B).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Aggregate Cash Elections</B>&#8221; has the meaning
given to it in Section&nbsp;2.2(b)(iii)(B).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Aggregate Stock Election Percentage</B>&#8221; has
the meaning given to it in Section&nbsp;2.2(b)(iv)(B).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Aggregate Stock Elections</B>&#8221; has the meaning
given to it in Section&nbsp;2.2(b)(iii)(A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Agreement</B>&#8221; has the meaning given to it in
the introductory paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Applicable Corporate Law</B>&#8221; shall mean the
Pennsylvania Business Corporation Law of 1988, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Articles of Merger</B>&#8221; has the meaning given
to it in Section&nbsp;9.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Average NASDAQ Bank Index Value For the Price Determination
Period</B>&#8221; has the meaning given to it in Section&nbsp;8.1(i)(i)(D).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Bank Merger</B>&#8221; has the meaning given to it
in the Background.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Bank Merger Agreement</B>&#8221; has the meaning given
to it in the Background.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Bank Regulators</B>&#8221; means of the Federal Reserve
Board, the FDIC, and the Pennsylvania Department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Bankruptcy and Equity Exceptions</B>&#8221; has the
meaning given to it in Section&nbsp;3.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Benefit Plan</B>&#8221; means all employee benefit
plans, contracts or arrangements including, without limitation, pension, retirement, deferred compensation, savings, incentive,
bonus, profit sharing, stock purchase, stock option, life insurance, death or survivor&#8217;s benefit, health insurance, sickness,
disability, medical, surgical, hospital, severance, layoff or vacation plans, contracts or arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>BHC Act</B>&#8221; has the meaning given to it in
the Background.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Business Day</B>&#8221; means any day other than a
Saturday, Sunday or day on which banking institutions in Harrisburg, Pennsylvania are authorized or obligated pursuant to legal
requirements or executive order to be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N</B>&#8221; has the meaning given to it in
the introductory paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Balance Sheet</B>&#8221; has the meaning given
to it in Section&nbsp;4.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Bank</B>&#8221; has the meaning given to it
in the Background.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Closing Documents</B>&#8221; has the meaning
given to it in Section&nbsp;7.3(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Common Stock</B>&#8221; has the meaning given
to it in the Background.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Employers</B>&#8221; has the meaning given
to it in Section&nbsp;6.7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Price Ratio</B>&#8221; has the meaning given
to it in Section&nbsp;8.1(i)(i)(B).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Rollover Options</B>&#8221; has the meaning
given to it in Section&nbsp;2.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N SEC Reports</B>&#8221; has the meaning given
to it in Section&nbsp;4.7(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Share Value</B>&#8221; has the meaning given
to it in Section&nbsp;2.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Stock Consideration</B>&#8221; has the meaning
given to it in Section&nbsp;2.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Stock Plan</B>&#8221; has the meaning given
to it in Section&nbsp;4.4(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Subsidiaries</B>&#8221; has the meaning given
to it in Section&nbsp;4.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Subsidiaries Common Equity</B>&#8221; has
the meaning given to it in Section&nbsp;4.4(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>C&amp;N Systems</B>&#8221; has the meaning given to
it in Section&nbsp;4.15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Canceled Shares</B>&#8221; has the meaning given to
it in Section&nbsp;2.1(a)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Cash Consideration</B>&#8221; has the meaning given
to it in Section&nbsp;2.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Cash Election</B>&#8221; has the meaning given to
it in Section&nbsp;2.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Cash Percentage</B>&#8221; has the meaning given to
it in Section&nbsp;2.2(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Cash/Stock Election</B>&#8221; has the meaning given
to it in Section&nbsp;2.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Cash Test Amount</B>&#8221; has the meaning given
to it in Section&nbsp;2.2(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Claim</B>&#8221; has the meaning given to it in Section&nbsp;6.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Closing</B>&#8221; has the meaning given to it in
Section&nbsp;9.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Code</B>&#8221; has the meaning given to it in Section&nbsp;2.2(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Confidentiality Agreement</B>&#8221; means that certain
Confidentiality Agreement between the Parties, dated October 8, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Contract Employees</B>&#8221; has the meaning given
to it in Section&nbsp;6.7(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Conversion Ratio</B>&#8221; has the meaning given
to it in Section&nbsp;2.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant</B>&#8221; has the meaning given to it in
the introductory paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Balance Sheet</B>&#8221; has the meaning
given to it in Section&nbsp;3.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Bank</B>&#8221; has the meaning given to
it in the Background.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Closing Documents</B>&#8221; has the meaning
given to it in Section&nbsp;7.2(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Common Stock</B>&#8221; has the meaning given
to it in the Background.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Options</B>&#8221; has the meaning given
to it in Section&nbsp;2.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Recommendation</B>&#8221; has the meaning
given to it in Section&nbsp;5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Representatives</B>&#8221; has the meaning
given to it in Section&nbsp;5.7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Share/Covenant Shares</B>&#8221; has the
meaning given to it in Section&nbsp;2.1(a)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Shareholders&#8217; Meeting</B>&#8221; means
the meeting of Covenant for purposes of obtaining the approval of its shareholders as required by this Agreement, and any adjournment
or postponement thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Stock Plan&#8221;</B> has the meaning given
to it in Section&nbsp;3.4(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Stock Option Plans</B>&#8221; means the 2008
Stock Option Plan and the 2017 Equity Compensation Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Subsidiaries</B>&#8221; has the meaning given
to it in Section&nbsp;3.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Subsidiaries Common Equity</B>&#8221; has
the meaning given to it in Section&nbsp;3.4(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Covenant Systems</B>&#8221; has the meaning given
to it in Section&nbsp;3.19.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Current Year</B>&#8221; means the calendar year in
which this Agreement was executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Derivative Contract</B>&#8221; has the meaning given
to it in Section&nbsp;3.16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Designated Employees</B>&#8221; has the meaning given
to it in Section&nbsp;6.7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Determination Date</B>&#8221; has the meaning given
to it in Section&nbsp;8.1(i)(i)(E).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Determination Date Market Price&#8221;</B> has the
meaning given to it in Section&nbsp;8.1(i)(i)(F).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Dissenting Shares</B>&#8221; has the meaning given
to it in Section&nbsp;2.2(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Dissenting Shareholders</B>&#8221; has the meaning
given to it in Section&nbsp;2.2(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Effective Date</B>&#8221; has the meaning given to
it in Section&nbsp;9.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Effective Time</B>&#8221; has the meaning given to
it in Section&nbsp;9.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Election</B>&#8221; has the meaning given to it in
Section&nbsp;2.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Election Deadline</B>&#8221; has the meaning given
to it in Section&nbsp;2.2(a)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Employment Obligation</B>&#8221; means any employment
contract, change of control agreement or policy, severance agreement or policy, deferred compensation agreement, consulting agreement
or similar obligation, in each case including any amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>ERISA</B>&#8221; means the Employee Retirement Income
Security Act of 1974, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Exchange Act</B>&#8221; means the Security Exchange
Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Exchange Agent</B>&#8221; shall mean American Stock
Transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>FDI Act</B>&#8221; has the meaning given to it in
Section&nbsp;3.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>FDIC</B>&#8221; means the Federal Deposit Insurance
Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Federal Reserve Board</B>&#8221; means the Board of
Governors of the Federal Reserve System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Filing Offices</B>&#8221; shall mean the Pennsylvania
Department of State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Final Notice of Superior Proposal</B>&#8221; has the
meaning given to it in Section&nbsp;5.7(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>FINRA</B>&#8221; has the meaning given to it in Section&nbsp;3.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Floor Price</B>&#8221; has the meaning given to it
in Section&nbsp;8.1(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Form of Election</B>&#8221; has the meaning given
to it in Section&nbsp;2.2(a)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>GAAP</B>&#8221; means United States Generally Accepted
Accounting Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Governmental Entity</B>&#8221; has the meaning given
to it in Section&nbsp;3.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Indemnified Liabilities</B>&#8221; has the meaning
given to it in Section&nbsp;6.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Indemnified Parties</B>&#8221; has the meaning given
to it in Section&nbsp;6.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Index Ratio</B>&#8221; has the meaning given to it
in Section&nbsp;8.1(i)(i)(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Intellectual Property</B>&#8221; has the meaning given
to it in Section&nbsp;3.18.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>IRS</B>&#8221; has the meaning given to it in Section&nbsp;3.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Knowledge</B>&#8221; means, with respect to C&amp;N,
the actual knowledge of J.&nbsp;Bradley Scovill and Mark Hughes. With respect to Covenant, &#8220;Knowledge&#8221; means the actual
knowledge of John C. Spier, Blair T. Rush, Aaron Sattler, and Kelley Cwiklinski.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Liens</B>&#8221; has the meaning given to it in Section&nbsp;3.4(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Letter of Transmittal</B>&#8221; has the meaning given
to it in Section&nbsp;2.2(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Loans</B>&#8221; has the meaning given to it in Section&nbsp;3.25.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Market</B>&#8221; shall mean the market on which C&amp;N
stock is listed i.e., the NASDAQ Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Market Termination Test</B>&#8221; has the meaning
given to it in Section&nbsp;8.1(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Material Adverse Effect</B>&#8221; means, with
respect to Covenant, C&amp;N or the Surviving Corporation, as the case may be, an event or circumstance that (i)&nbsp;has a
material negative impact on the business, properties, assets, liabilities, results of operations, financial condition or
prospects of such party and its Subsidiaries, taken as a whole; provided however that &#8220;Material Adverse Effect&#8221;
shall not be deemed to include the impact of the following: (A)&nbsp;changes, after the date hereof, in U.S. GAAP or
applicable regulatory accounting requirements; (B)&nbsp;changes, after the date hereof, in laws, rules or regulations of
general applicability to companies in the industries in which such party and its Subsidiaries operate, or interpretations
thereof by courts or Governmental Entities; (C)&nbsp;changes, events, or developments, after the date hereof, in global,
national or regional political conditions (including the outbreak or escalation of war or hostilities, any occurrence or
threat of acts of terrorism or any armed hostilities associated therewith and any national or international calamity,
disaster, or emergency or any escalation thereof) or in economic or market conditions affecting the financial services
industry generally and not specifically relating to such party or its Subsidiaries, or other changes, events or developments,
after the date hereof, that affect bank or savings associations or their holding companies generally; (D)&nbsp;the failure,
in and of itself, of such party to meet earnings projections or internal financial forecasts or any decrease in the market
price of a party&#8217;s common stock, but not including the underlying causes thereof, (E)&nbsp;disclosure or
consummation of the transactions contemplated hereby or actions expressly required by this Agreement in contemplation of the
transactions contemplated hereby, (F)&nbsp;actions or omissions taken pursuant to the written consent or request of C&amp;N,
in the case of Covenant, or Covenant, in the case of C&amp;N, or (G)&nbsp;the announcement of this Agreement and the
transactions contemplated hereby, and compliance with this Agreement on the assets, business, financial condition or results
of operations of the Parties and their respective subsidiaries, including reasonable expenses incurred by the Parties hereto
in consummating the transactions contemplated by this Agreement; except, with respect to subclauses&nbsp;(A), (B), (C) or
(D), to the extent that the effects of such change are materially disproportionately adverse to the business, properties,
assets, liabilities, results of operations, financial condition or prospects of such Party and its Subsidiaries, taken as a
whole, as compared to other companies in the industry in which such Party and its Subsidiaries operate; or (ii)&nbsp;does or
would reasonably be expected to materially impair the ability of either Covenant, on the one hand, or C&amp;N on the other
hand, to perform its obligations under this Agreement or otherwise materially threaten or materially impede the timely
consummation of the transactions contemplated by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Material Contract</B>&#8221; means any of the following
agreements of a party or any of its direct or indirect subsidiaries (the &#8220;<B>Subject Company</B>&#8221;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(1) any contract for outstanding debt securities,
notes, credit agreements, credit facilities or other agreements, documents or instruments evidencing indebtedness of the Subject
Company in excess of $50,000 or by which the Subject Company is bound;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(2) any contract containing covenants that
limit in any material respect the ability of the Subject Company to compete in any line of business or with any person or which
involve any material restriction of the geographical area in which, or method by which or with whom, the Subject Company may carry
on its business (other than as may be required by law or applicable regulatory authorities), and any contract that could require
the disposition of any material assets or line of business of the Subject Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(3) any joint venture, partnership, strategic
alliance, or other similar contract (including any franchising agreement, but in any event excluding introducing broker agreements),
and any contract relating to the acquisition or disposition of any material business or material assets (whether by merger, sale
of stock or assets, or otherwise), which acquisition or disposition is not yet complete or where such contract contains continuing
material obligations or contains continuing indemnity obligations of the Subject Company or any of the Subject Company subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(4) any real property lease and any other
lease with annual rental payments aggregating $50,000 or more;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(5) other than with respect to loans, any
contract providing for, or reasonably likely to result in, the receipt or expenditure of more than $100,000 on an annual basis,
including the payment or receipt of royalties or other amounts calculated based upon revenues or income;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(6) any contract or arrangement under which
the Subject Company or any of the Subject Company subsidiaries is licensed or otherwise permitted by a third party to use any Intellectual
Property that is material to its business (except for any &#8220;shrinkwrap&#8221; or &#8220;click through&#8221; license agreements
or other agreements for software that is generally available to the public and has not been customized for the Subject Company
or the Subject Company subsidiaries) or under which a third party is licensed or otherwise permitted to use any Intellectual Property
owned by the Subject Company or any of the Subject Company subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(7) any contract that by its terms limits
the payment of dividends or other distributions by the Subject Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(8) any standstill or similar agreement
pursuant to which any party has agreed not to acquire assets or securities of another person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(9) any contract that would reasonably
be expected to prevent, materially delay, or materially impede the Subject Company&#8217;s ability to consummate the transactions
contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(10) any contract providing for indemnification
by the Subject Company of any person, except for immaterial contracts entered into in the Ordinary Course of Business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(11) any contract that contains a put,
call, or similar right pursuant to which the Subject Company could be required to purchase or sell, as applicable, any equity interests
or assets that have a fair market value or purchase price of more than $100,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(12) any other contract or agreement which
is a &#8220;material contract&#8221; within the meaning of Item&nbsp;601(b)(10) of Regulation&nbsp;S&#45;K; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">(13) any contract of the Subject Company
that was, or was required to be, filed as an exhibit pursuant to Section&nbsp;10 of Item&nbsp;601 of Regulation&nbsp;S&#45;K (or
would have been required if the Subject Company was subject to compliance with the Exchange Act of 1934).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Merger</B>&#8221; has the meaning given to it in the
Background.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Merger Consideration</B>&#8221; has the meaning given
to it in Section&nbsp;2.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>NASDAQ</B>&#8221; shall mean the National Market System
of the National Association of Securities Dealers Automated Quotation System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Non-Electing Shares</B>&#8221; has the meaning given
to it in Section&nbsp;2.2(a)(viii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Notice of Superior Proposal</B>&#8221; has the meaning
given to it in Section&nbsp;5.7(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Offering</B>&#8221; has the meaning given to it in
Section&nbsp;7.1(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Ordinary Course of Business</B>&#8221; means the ordinary
course of operations of a person, consistent with its customary business practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Outstanding Shares</B>&#8221; has the meaning given
to it in Section&nbsp;2.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Parties</B>&#8221; means C&amp;N and Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Pennsylvania Department</B>&#8221; means the Pennsylvania
Department of Banking and Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Pension Plan</B>&#8221; means each Benefit Plan that
is an &#8220;employee pension benefit plan&#8221; as defined in Section&nbsp;3(2) of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Permitted Encumbrances</B>&#8221; means
(i)&nbsp;statutory liens for Taxes that are not yet due and payable or otherwise due or contested in good faith in
appropriate proceedings for which adequate reserves have been made in accordance with GAAP; (ii)&nbsp;encumbrances in the
nature of zoning restrictions, easements, rights or restrictions of record on the use of real property if the same do not
materially impair the continued use of such property in the manner in which it is currently used and do not, individually or
in the aggregate detract from the value of, or impair the use of, such property; (iii)&nbsp;liens to secure landlords,
lessors or renters under leases or rental agreements; (iv)&nbsp;liens in favor of carriers, warehousemen, mechanics and
materialmen, liens to secure claims for labor, materials or supplies and other similar liens; and (v)&nbsp;restrictions on
transfer of securities imposed by applicable state and federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Person</B>&#8221; means an individual, partnership,
limited partnership, corporation, limited liability company, association, trust, joint venture, unincorporated organization, labor
union, Governmental Entity or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Personal Information</B>&#8221; means the type of
information regulated by Privacy Laws and collected, used, disclosed or retained by a Party in its business including information
regarding the customers, suppliers, employees and agents of such business, such as an individual&#8217;s name, address, age, gender,
identification number, income, family status, citizenship, employment, assets, liabilities, source of funds, payment records, credit
information, personal references and health records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Price Determination Period</B>&#8221; has the meaning
given to it in Section&nbsp;8.1(i)(i)(F).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Prior Year</B>&#8221; means the calendar year most
recently ended prior to the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Privacy Laws</B>&#8221; means all applicable federal,
state, municipal or other legal requirements governing the collection, use, disclosure and retention of Personal Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Pro-rated Cash Percentage</B>&#8221; has the meaning
given to it in Section&nbsp;2.2(b)(iii)(B)1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Pro-rated Stock Percentage</B>&#8221; has the meaning
given to it in Section&nbsp;2.2(b)(iv)(B)1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Proxy Statement/Prospectus</B>&#8221; has the meaning
given to it in Section&nbsp;3.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Registration Statement</B>&#8221; has the meaning
given to it in Section&nbsp;3.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Regulatory Agency or Regulatory Agencies</B>&#8221;
has the meaning given to it in Section&nbsp;3.7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Regulatory Agreement</B>&#8221; has the meaning given
to it in Section&nbsp;3.15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Related Party Transaction</B>&#8221; has the meaning
given to it in Section&nbsp;3.27.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Remaining Cash Percentage</B>&#8221; has the meaning
given to it in Section&nbsp;2.2(b)(iv)(B)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Remaining Stock Percentage</B>&#8221; has the meaning
given to it in Section&nbsp;2.2(b)(iii)(B)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Requisite Regulatory Approvals</B>&#8221; means (i)&nbsp;all
regulatory authorizations, consents, permits, orders or approvals from the Federal Reserve Board, the FDIC and the Pennsylvania
Department and (ii)&nbsp;any other approvals set forth in&nbsp;Sections&nbsp;3.5&nbsp;and&nbsp;4.5, in each case (x)&nbsp;that
are necessary to consummate the transactions contemplated by this Agreement (including the Mergers and the Bank Merger) or (y)&nbsp;the
failure of which to be obtained would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect
on the Surviving Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Rollover Options</B>&#8221; has the meaning given
to it in Section&nbsp;2.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>SEC</B>&#8221; means the United States Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Securities Act</B>&#8221; has the meaning given to
it in Section&nbsp;2.3(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>SOX Act</B>&#8221; has the meaning given to it in
Section&nbsp;3.8(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>SRO</B>&#8221; means (i)&nbsp;any &#8220;self-regulatory
organization&#8221; as defined in Section&nbsp;3(a)(26) of the Exchange Act and (ii)&nbsp;any other United States or foreign securities
exchange, futures exchange, commodities exchange or contract market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Starting Date</B>&#8221; has the meaning given to
it in Section&nbsp;8.1(i)(i)(A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Starting Price</B>&#8221; has the meaning given to
it in Section&nbsp;8.1(i)(i)(A).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Stock Election</B>&#8221; has the meaning given to
it in Section&nbsp;2.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Stock Percentage</B>&#8221; has the meaning given
to it in Section&nbsp;2.2(b)(iii)(B).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Stock Test Amount</B>&#8221; has the meaning given
to it in Section&nbsp;2.2(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Subsequent Determination</B>&#8221; has the meaning
given to it in Section&nbsp;5.7(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Subsidiary</B>&#8221; means a corporation, partnership,
joint venture or other entity in which C&amp;N or Covenant, as the case may be, has, directly or indirectly, an equity interest
representing 50% or more of any class of the capital stock thereof or other equity interests therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Superior Proposal</B>&#8221; has the meaning given
to it in Section&nbsp;5.7(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Surviving Corporation</B>&#8221; has the meaning given
to it in Section&nbsp;1.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Systems Consultant</B>&#8221; has the meaning given
to it in Section&nbsp;5.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Systems Report</B>&#8221; has the meaning given to
it in Section&nbsp;5.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Tax or Taxes</B>&#8221; means all federal, state,
local, and foreign income, excise, gross receipts, ad valorem, profits, gains, property, capital, sales, transfer, use, license,
payroll, employment, social security, severance, unemployment, withholding, duties, excise, windfall profits, intangibles, franchise,
backup withholding, value added, alternative or add-on minimum, estimated and other taxes, charges, fees, levies or like assessments
together with all penalties and additions to tax and interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Tax Return</B>&#8221; means any return, declaration,
report, claim for refund, estimate, or information return or statement relating to Taxes, including any schedule or attachment
thereto, and including any amendment thereof, supplied or required to be supplied to a Governmental Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Termination Date</B>&#8221; has the meaning given
to it in Section&nbsp;8.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Termination Fee</B>&#8221; has the meaning given to
it in Section&nbsp;8.2(b)(v).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Unclaimed Shares</B>&#8221; has the meaning given
to it in Section&nbsp;2.3(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Unexchanged Shareholder</B>&#8221; has the meaning
given to it in Section&nbsp;2.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8220;<B>Voting Agreements</B>&#8221; has the meaning given
to it in the Background.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit A</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>BANK PLAN OF MERGER</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is the Plan of Merger approved
and adopted by the respective Boards of Directors of Citizens &amp; Northern Bank (&#8220;<B>C&amp;N Bank</B>&#8221;), a Pennsylvania-chartered
financial institution and a wholly-owned subsidiary of Citizens &amp; Northern Corporation, a Pennsylvania corporation (&#8220;<B>C&amp;N</B>&#8221;),
and Covenant Bank (&#8220;<B>Covenant Bank</B>&#8221;), a Pennsylvania-chartered financial institution and wholly-owned subsidiary
of Covenant Financial, Inc. (&#8220;<B>Covenant</B>&#8221;), a Pennsylvania corporation. This Plan of Merger is subject to the
effectiveness of the Agreement and Plan of Merger, dated as of December 18, 2019 (the &#8220;<B>Holding Company Merger Agreement</B>&#8221;)
between C&amp;N and Covenant pursuant to which Covenant shall merge with and into C&amp;N, and C&amp;N will be the surviving corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">ARTICLE I - MERGER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Effective Date (as defined in Section 7 hereof), Covenant Bank shall merge with and into C&amp;N Bank pursuant to
the applicable provisions of the Pennsylvania Banking Code of 1965, as amended (the &#8220;<B>Banking Code</B>&#8221;), and subject
to the approval of the Pennsylvania Department of Banking and Securities (the &#8220;<B>Department</B>&#8221;) and the Federal
Deposit Insurance Corporation (the &#8220;<B>FDIC</B>&#8221;), whereupon the separate existence of Covenant Bank shall cease and
C&amp;N Bank shall be the resulting bank (hereinafter sometimes referred to as the &#8220;<B>Surviving Bank</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">ARTICLE II - REQUIRED
APPROVALS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;<U>Board
of Directors' Approval</U>. The Plan of Merger has been unanimously approved by the members of the Board of Directors of Covenant
Bank and the members of the Board of Directors of C&amp;N Bank, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Shareholder
Approvals</U>. The Plan of Merger was approved and adopted by Covenant, as the sole shareholder of Covenant Bank, at a meeting
of Covenant&#8217;s Board of Directors duly called and held on December 18, 2019, and by C&amp;N, as the sole shareholder of
C&amp;N Bank, pursuant to a written consent of sole shareholder of C&amp;N Bank dated December 18, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">ARTICLE III - NAME</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The name of the Surviving Bank, which shall operate as a wholly-owned subsidiary of C&amp;N, shall be &#8220;<B>Citizens
 &amp; Northern Bank</B>&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">ARTICLE IV - ARTICLES
OF INCORPORATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Articles of Incorporation of the Surviving Bank shall be the Articles of Incorporation of C&amp;N Bank, as in effect immediately
prior to the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">ARTICLE V -
BYLAWS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Bylaws of the Surviving Bank shall be the Bylaws of C&amp;N Bank, as in effect immediately prior to the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">ARTICLE VI - DIRECTORS
AND OFFICERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Effective
as of the Effective Date, the Board of Directors of C&amp;N Bank shall consist of the directors of C&amp;N Bank in office immediately
prior to the Effective Date, with the additions, subject to any required regulatory approvals, of two (2) members of Covenant&#8217;s
Board of Directors, each of whom are mutually acceptable to both Covenant and C&amp;N, each to hold office until his or her successor
is elected and qualified in accordance with applicable law and the Articles of Incorporation and Bylaws of C&amp;N Bank. The executive
officers of the Surviving Bank shall be the executive officers of C&amp;N Bank in office immediately prior to the Effective Date.
Each such executive officer shall serve until such time as his successor is duly elected and has qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">ARTICLE VII - EFFECTIVE
DATE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The merger of Covenant Bank with and into C&amp;N Bank shall become effective, and this Plan of Merger shall be consummated,
on the date on which articles of merger executed by Covenant Bank and C&amp;N Bank are endorsed by the Department and filed with
the Pennsylvania Department of State, unless a later date is specified in such articles of merger (the &#8220;<B>Effective Date</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">ARTICLE VIII -
ASSUMPTION OF LIABILITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The effect of the Bank Merger shall be as set forth in Section 1606 of the Banking Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">ARTICLE IX - CONVERSION
OF SHARES AND CANCELLATION OF STOCK</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion of C&amp;N Bank Stock</U>. On the Effective Date, all of the then issued and outstanding shares of common
stock, par value $5 per share, of C&amp;N Bank shall continue to be issued and outstanding and be owned by C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation of Covenant Bank Common Stock</U>. On the Effective Date, all of the shares of common stock, par value $1
per share, and preferred stock of Covenant Bank which are issued and outstanding immediately prior thereto, shall, by virtue of
the merger, be thereupon cancelled. No new shares of the capital stock of the Surviving Bank shall be issued or be deemed to have
been issued in exchange for the cancelled shares of Covenant Bank common stock, and such cancelled shares shall not be converted
into any other shares or other securities of the Surviving Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">ARTICLE X - MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10.1<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Acknowledgement</U>.
Each party to this Plan of Merger, by executing the same, acknowledges and affirms that its Board of Directors, has, by the
affirmative vote of at least a majority of its members, approved this Agreement and the transactions contemplated hereby,
authorized the execution of this Plan of Merger, empowered its undersigned officers to execute this Plan of Merger, and
authorized the filing of this Plan of Merger with the Department and the FDIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10.2<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Counterparts, Modifications, Successors, Headings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Plan of Merger may be executed in one or more counterparts each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to applicable law, this Plan of Merger may be amended or modified by the parties; provided, however, that all such
amendments and modifications must be in writing and signed by both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Plan of Merger shall be binding upon and shall inure to the benefit of the parties and their respective successors,
permitted assigns and legal representatives; provided, however, that neither party may assign any of its rights nor delegate its
duties under this Plan of Merger without the prior written consent of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section headings are not to be considered part of this Plan of Merger, are solely for convenience of reference, and shall
not affect the meaning or interpretation of this Plan of Merger or any of its provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10.3<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Plan of Merger and the legal obligations among the parties hereto shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania (without taking into account provisions regarding choice of law), except to
the extent that certain matters may be governed by federal law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10.4<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination</U>.
This Plan of Merger shall terminate and forthwith become void automatically upon the termination of the Holding Company Merger
Agreement in accordance with its terms, unless earlier terminated with the signed written consent of both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[Signature Page Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties have caused
this Plan of Merger to be duly executed, and their respective seals to be hereunto affixed, as of the day and year first above
written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">COVENANT
    BANK</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ John&nbsp;C. Spier </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;&nbsp;</FONT>John&nbsp;C. Spier </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(BANK SEAL)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attest:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Donald P. Worthington</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT>&nbsp;&nbsp;Donald
P. Worthington</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:&nbsp;&nbsp;&nbsp;&nbsp;Chairman
    of the Board</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CITIZENS
    &amp; NORTHERN BANK</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ <FONT STYLE="font: 10pt Times New Roman, Times, Serif">J.&nbsp;Bradley
    Scovill</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:
J.&nbsp;Bradley Scovill</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT>&nbsp;&nbsp;&nbsp;President
    and Chief Executive Officer</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(BANK SEAL)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attest:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Kimberly
    N. Battin&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT>&nbsp;&nbsp;Kimberly
    N. Battin</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:&nbsp;&nbsp;&nbsp;&nbsp;Corporate Secretary</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Plan of Merger Signature Page</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December
18, 2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens &amp; Northern Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">90-92 Main Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PO Box 58</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wellsboro, PA 16901</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Re: Shareholder Voting Agreement </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The
undersigned shareholder (&ldquo;<B>Shareholder</B>&rdquo;) of Covenant Financial, Inc., a Pennsylvania corporation (&ldquo;<B>Covenant</B>&rdquo;),
in order to induce Citizens &amp; Northern Corporation, a Pennsylvania corporation (&ldquo;<B>C&amp;N</B>&rdquo;), to enter into
the Agreement and Plan of Merger, of even date herewith, executed by and between Covenant and C&amp;N (the &ldquo;<B>Agreement</B>&rdquo;),
hereby represents, warrants and agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Shareholder hereby represents and warrants that Shareholder owns of record, or beneficially, good and valid title to all of the
shares of the capital stock of Covenant shown on <I>Schedule&nbsp;1</I>, attached hereto, free and clear of any and all mortgages,
liens, encumbrances, charges, claims, restrictions, pledges, security interests, voting trusts or agreements, or impositions, except
as otherwise disclosed on <I>Schedule&nbsp;1</I>, and such shares represent all of the shares of capital stock of Covenant beneficially
owned by Shareholder, as determined in accordance with Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) Rule&nbsp;13d-3.
For purposes hereof, the capital stock of Covenant set forth on <I>Schedule&nbsp;1</I> shall be referred to herein as the &ldquo;<B>Shares</B>&rdquo;.
It is understood and agreed that the term Shares shall not include any securities beneficially owned by Shareholder as a trustee
or fiduciary, and that this Agreement is not in any way intended to affect the exercise by the Shareholder of Shareholder's fiduciary
responsibility with respect to any such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
will vote, or cause to be voted, all of the Shares over which the Shareholder has sole voting power, in person or by proxy, (a)&nbsp;for
approval of the Agreement and the transactions contemplated thereby at any meeting of the Covenant shareholders duly held for such
purpose and (b)&nbsp;against any action that is intended, or could reasonably be expected, to impede, interfere with, delay, postpone,
or adversely affect the transactions contemplated by the Agreement, unless and until the Agreement is terminated as set forth therein
(the &ldquo;<B>Expiration Date</B>&rdquo;). Shareholder will use his or her reasonable efforts to cause any Shares over which Shareholder
shares voting power to be voted in the same manner. Shareholder will use his or her best efforts to vote or cause to be voted all
other Shares, in person or by proxy, in accordance with Section 2(a) and 2(b), above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
will not, nor will Shareholder permit any entity under Shareholder's control to, deposit any of the Shares over which the Shareholder
holds or shares voting power in a voting trust or subject any of the Shares to any arrangement with respect to the voting of the
Shares in any manner inconsistent with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
will not sell, transfer, pledge, give, hypothecate, assign or otherwise alienate or transfer, by proxy or otherwise, the Shares
over which the Shareholder shares or holds the power of disposition or any of Shareholder's voting rights with respect to the Shares,
except to a person who is or becomes a party to a voting agreement with C&amp;N in the form of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irreparable
damage would occur in the event any of the provisions of this Agreement are not performed in accordance with the terms hereof and,
therefore, C&amp;N shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity
to which it may be entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement by Shareholder does not, and the performance by Shareholder of its obligations hereunder
will not, constitute a violation of, conflict with, result in a default (or an event which, with notice or lapse of time or both,
would result in a default) under, or result in the creation of any lien on any of such Shares under, (i)&nbsp;any contract, commitment
or agreement, to which Shareholder is a party or by which Shareholder is bound, or (ii)&nbsp;any judgment, order or ruling applicable
to Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
has full power and authority to execute, deliver and perform this Agreement, to vote the Shares over which the Shareholder holds
sole voting power as required herein and to consummate the transactions contemplated hereby. The execution, delivery and performance
of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized, and no other
actions on the part of Shareholder are required in order to consummate the transaction contemplated hereby. This Agreement has
been duly and validly executed and delivered by Shareholder and constitutes a valid and binding agreement of Shareholder, enforceable
against Shareholder in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
understands that the shares of C&amp;N Common Stock into which his or her Shares may be converted will be issued in a transaction
subject to the Securities Act of 1933, as amended (the &ldquo;<B>1933 Act</B>&rdquo;), and registered on a Registration Statement
on Form&nbsp;S-4. Shareholder further understands that, should he or she become an affiliate of C&amp;N, within the meaning of
SEC Rule&nbsp;144, Shareholder may become subject to certain restrictions with respect to the sale, transfer or other disposition
of any C&amp;N Common Stock received in connection with the transactions contemplated by the Agreement (the &ldquo;<B>Merger</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Accordingly, the
Shareholder acknowledges, agrees and undertakes that, if he or she becomes an affiliate of C&amp;N, he or she will not,
directly or indirectly, make any sale, transfer or other disposition of any of the C&amp;N Common Stock owned beneficially by
him or her as a result of the Merger unless (i)&nbsp;such sale, transfer or other disposition is made pursuant to an
effective registration or a valid exemption from registration under the 1933 Act, (ii)&nbsp;such sale, transfer or other
disposition is made pursuant to the resale provisions contained in Rule&nbsp;144, or (iii)&nbsp;in the opinion of counsel in
form and substance reasonably satisfactory to C&amp;N or under a &ldquo;no-action&rdquo; letter obtained by Shareholder from
the staff of the SEC, such sale, transfer or other disposition will not violate the registration requirements of, or is
otherwise exempt from registration under, the 1933 Act. Shareholder agrees that a restrictive legend reflecting the foregoing
may be imprinted on the face of the stock certificate(s) representing the C&amp;N Common Stock to be issued to him or her in
connection with the Merger. Shareholder further understands and agrees that the transfer agent for C&amp;N will be instructed
not to effect, or to record on the books of C&amp;N, any transfer of shares of C&amp;N Common Stock owned beneficially by
Shareholder unless such person has satisfied the requirements of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all other
prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof, and
shall be binding upon the heirs, successors and assigns (as applicable) of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">10.&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise set forth herein, this Agreement will be governed by and construed in accordance with the laws of the Commonwealth
of Pennsylvania regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">11.&nbsp;&nbsp;&nbsp;&nbsp;Capitalized
terms not otherwise defined herein shall have the meanings given to them in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">12.&nbsp;&nbsp;&nbsp;&nbsp;It
is understood and hereby agreed that this Agreement relates solely to the capacity of Shareholder as a shareholder or beneficial
owner of the Shares and is not in any way intended to affect the exercise of Shareholder's responsibilities and fiduciary duties
as a director or officer of Covenant or any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">13.&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall terminate and shall have no further force or effect as of the earlier of the Expiration Date and the Effective
Time of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGE FOLLOWS]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: capitalize"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Acknowledged
    and Agreed:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Citizens
    &amp; Northern Corporation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: capitalize; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-transform: capitalize"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule&nbsp;1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 33%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Class
    of Shares</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number
    of Shares</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common
    Stock&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Encumbrances</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="z_003"></a>ANNEX B</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><img src="image_005.jpg" alt="">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in; text-indent: 0.5in">December 18, 2019</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Board of Directors</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Covenant Financial Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">182 North Main Street</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Doylestown, PA 1890</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Covenant Financial,
Inc. (&ldquo;Covenant&rdquo;) and Citizens &amp; Northern Corporation (&ldquo;C&amp;N&rdquo;) are proposing to enter into an Agreement
and Plan of Merger (the &ldquo;Agreement&rdquo;) pursuant to which Covenant will merge with and into C&amp;N with C&amp;N being
the surviving corporation (the &ldquo;Merger&rdquo;). Pursuant to the terms of the Agreement, at the Effective Time, each share
of the common stock, par value $1.00 per share, of Covenant (&ldquo;Covenant Common Stock&rdquo;) issued and outstanding immediately
prior to the Effective Time, excluding certain shares of Covenant Common Stock as specified in the Agreement, will be converted,
in accordance with and subject to the election, allocation and proration procedures set forth in the Agreement, into the right
to receive the C&amp;N Stock Consideration or the Cash Consideration, or a combination of C&amp;N Stock Consideration and the Cash
Consideration, without any interest thereon (collectively, the &ldquo;Merger Consideration&rdquo;). As defined more fully in the
Agreement, the &ldquo;C&amp;N Stock Consideration&rdquo; means a number of shares of C&amp;N Common Stock equal to the number of
shares of Covenant Common Stock to be converted into C&amp;N Common Stock multiplied by the Conversion Ratio and the &ldquo;Cash
Consideration&rdquo; means $16.50 per share. The Agreement provides, generally, that seventy-five percent (75%) of the total number
of shares of Covenant Common Stock shall be converted into the C&amp;N Stock Consideration and twenty-five percent (25%) of such
shares of Covenant Common Stock shall be converted into the Cash Consideration in accordance with the election and allocation procedures
set forth in the Agreement. Capitalized terms used herein without definition shall have the meanings assigned to them in the Agreement.
The terms and conditions of the Merger are more fully set forth in the Agreement. You have requested our opinion as to the fairness,
from a financial point of view, of the Merger Consideration to the holders of Covenant Common Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sandler O&rsquo;Neill
 &amp; Partners, L.P. (&ldquo;Sandler O&rsquo;Neill&rdquo;, &ldquo;we&rdquo; or &ldquo;our&rdquo;), as part of its investment banking
business, is regularly engaged in the valuation of financial institutions and their securities in connection with mergers and acquisitions
and other corporate transactions. In connection with this opinion, we have reviewed and considered, among other things: (i) a draft
of the Agreement, dated December 13, 2019; (ii) certain publicly available financial statements and other historical financial
information of Covenant and its banking subsidiary that we deemed relevant; (iii) certain publicly available financial statements
and other historical financial information of C&amp;N and its banking subsidiary that we deemed relevant; (iv) certain internal
financial projections for Covenant for the years ending December 31, 2019 and December 31, 2020 as well as an estimated long-term
net income growth rate for the years ending December 31, 2021 through December 31, 2023, as provided by the senior management of
Covenant; (v) the publicly available analyst net income and earnings per share estimates for C&amp;N for the years ending December
31, 2019 and December 31, 2020, as well as an estimated long-term annual earnings per share growth rate for the years ending December
31, 2021 through December 31, 2023 and an estimated annual dividend per share growth rate for the years ending December 31, 2020
through December 31, 2023, as provided by the senior management of C&amp;N; (vi) the pro forma financial impact of the Merger on
C&amp;N based on certain assumptions relating to purchase accounting adjustments, transaction expenses and cost savings, as well
as estimated net income for Covenant for the years ending December 31, 2019 and December 31, 2020 with an estimated annual net
income growth rate for the years ending December 31, 2021 through December 31, 2023, as provided by the senior management of C&amp;N
and its representatives; (vii) the publicly reported historical price and trading activity for C&amp;N Common Stock, including
a comparison of certain stock market information for C&amp;N Common Stock and certain stock indices as well as publicly available
information for certain other similar companies, the securities of which are publicly traded; (viii) a comparison of certain financial
information for Covenant and C&amp;N with similar financial institutions for which information is publicly available; (ix) the
financial terms of certain recent business combinations in the bank and thrift industry (on a regional and nationwide basis), to
the extent publicly available; (x) the current market environment generally and the banking environment in particular; and (xi)
such other information, financial studies, analyses and investigations and financial, economic and market criteria as we considered
relevant. We also discussed with certain members of the senior management of Covenant the business, financial condition, results
of operations and prospects of Covenant and held similar discussions with certain members of the senior management of C&amp;N and
its representatives regarding the business, financial condition, results of operations and prospects of C&amp;N.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><img src="image_006.jpg" alt="">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><img src="image_005.jpg" alt="">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In performing our review,
we have relied upon the accuracy and completeness of all of the financial and other information that was available to and reviewed
by us from public sources, that was provided to us by Covenant or C&amp;N, or their respective representatives, or that was otherwise
reviewed by us, and we have assumed such accuracy and completeness for purposes of rendering this opinion without any independent
verification or investigation. We further have relied on the assurances of the respective senior managements of Covenant and C&amp;N
that they are not aware of any facts or circumstances that would make any of such information inaccurate or misleading. We have
not been asked to undertake, and have not undertaken, an independent verification of any of such information and we do not assume
any responsibility or liability for the accuracy or completeness thereof. We did not make an independent evaluation or perform
an appraisal of the specific assets, the collateral securing assets or the liabilities (contingent or otherwise) of Covenant or
C&amp;N or any of their respective subsidiaries, nor have we been furnished with any such evaluations or appraisals. We render
no opinion or evaluation on the collectability of any assets or the future performance of any loans of Covenant or C&amp;N or any
of their respective subsidiaries. We did not make an independent evaluation of the adequacy of the allowance for loan losses of
Covenant, C&amp;N, any of their respective subsidiaries, or of the combined entity after the Merger, and we have not reviewed any
individual credit files relating to Covenant, C&amp;N or any of their respective subsidiaries. We have assumed, with your consent,
that the respective allowances for loan losses for Covenant, C&amp;N and their respective subsidiaries are adequate to cover such
losses and will be adequate on a pro forma basis for the combined entity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparing its analyses,
Sandler O&rsquo;Neill used certain internal financial projections for Covenant for the years ending December 31, 2019 and December
31, 2020 as well as an estimated long-term net income growth rate for the years ending December 31, 2021 through December 31, 2023,
as provided by the senior management of Covenant. In addition, Sandler O&rsquo;Neill used the publicly available analyst net income
and earnings per share estimates for C&amp;N for the years ending December 31, 2019 and December 31, 2020, as well as an estimated
long-term annual earnings per share growth rate for the years ending December 31, 2021 through December 31, 2023 and an estimated
annual dividend per share growth rate for the years ending December 31, 2020 through December 31, 2023, as provided by the senior
management of C&amp;N. Sandler O&rsquo;Neill also received and used in its pro forma analysis certain assumptions relating to purchase
accounting adjustments, transaction expenses and cost savings, as well as estimated net income for Covenant for the years ending
December 31, 2019 and December 31, 2020 with an estimated annual net income growth rate for the years ending December 31, 2021
through December 31, 2023, as provided by the senior management of C&amp;N and its representatives. With respect to the foregoing
information, the respective senior managements of Covenant and C&amp;N confirmed to us that such information reflected (or, in
the case of the publicly available analyst estimates referred to above, were consistent with) the best currently available projections,
estimates and judgments of those respective senior managements as to the future financial performance of Covenant and C&amp;N,
respectively, and the other matters covered thereby. We express no opinion as to such information, or the assumptions on which
such information is based. We have also assumed that there has been no material change in the respective assets, financial condition,
results of operations, business or prospects of Covenant or C&amp;N since the date of the most recent financial statements made
available to us. We have assumed in all respects material to our analyses that Covenant and C&amp;N will remain as going concerns
for all periods relevant to our analyses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><img src="image_005.jpg" alt="">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have also assumed,
with your consent, that (i) each of the parties to the Agreement will comply in all material respects with all material terms and
conditions of the Agreement and all related agreements, that all of the representations and warranties contained in such agreements
are true and correct in all material respects, that each of the parties to such agreements will perform in all material respects
all of the covenants and other obligations required to be performed by such party under such agreements and that the conditions
precedent in such agreements are not and will not be waived, (ii) in the course of obtaining the necessary regulatory or third
party approvals, consents and releases with respect to the Merger, no delay, limitation, restriction or condition will be imposed
that would have an adverse effect on Covenant, C&amp;N, the Merger or any related transactions, and (iii) the Merger and any related
transactions will be consummated in accordance with the terms of the Agreement without any waiver, modification or amendment of
any material term, condition or agreement thereof and in compliance with all applicable laws and other requirements. Finally, with
your consent, we have relied upon the advice that Covenant has received from its legal, accounting and tax advisors as to all legal,
accounting and tax matters relating to the Merger and the other transactions contemplated by the Agreement. We express no opinion
as to any such matters.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion is necessarily
based on financial, regulatory, economic, market and other conditions as in effect on, and the information made available to us
as of, the date hereof. Events occurring after the date hereof could materially affect this opinion. We have not undertaken to
update, revise, reaffirm or withdraw this opinion or otherwise comment upon events occurring after the date hereof. We express
no opinion as to the trading value of C&amp;N Common Stock at any time or what the value of C&amp;N Common Stock will be once it
is actually received by the holders of Covenant Common Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as Covenant&rsquo;s
financial advisor in connection with the Merger and will receive a fee for our services, which fee is contingent upon closing of
the Merger. We will also receive a fee for rendering this opinion, which opinion fee will be credited in full towards the advisory
fee becoming payable to Sandler O&rsquo;Neill upon closing of the Merger. Covenant has also agreed to indemnify us against certain
claims and liabilities arising out of our engagement and to reimburse us for certain of our out-of-pocket expenses incurred in
connection with our engagement. We have not provided any other investment banking services to Covenant in the two years preceding
the date hereof. As we have previously advised you, Sandler O&rsquo;Neill provided investment banking services to C&amp;N in the
two years preceding the date hereof. In summary, Sandler O&rsquo;Neill acted as financial advisor to C&amp;N in connection with
C&amp;N&rsquo;s acquisition of Monument Bank, which transaction closed in April 2019. In the ordinary course of our business as
a broker-dealer, we may purchase securities from and sell securities to Covenant, C&amp;N and their respective affiliates. We may
also actively trade the equity and debt securities of Covenant, C&amp;N and their respective affiliates for our own account and
for the accounts of our customers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><img src="image_005.jpg" alt="">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion is directed
to the Board of Directors of Covenant in connection with its consideration of the Agreement and the Merger and does not constitute
a recommendation to any shareholder of Covenant as to how any such shareholder should vote at any meeting of shareholders called
to consider and vote upon the approval of the Agreement and the Merger. Our opinion is directed only to the fairness, from a financial
point of view, of the Merger Consideration to the holders of Covenant Common Stock and does not address the underlying business
decision of Covenant to engage in the Merger, the form or structure of the Merger or any other transactions contemplated in the
Agreement, the relative merits of the Merger as compared to any other alternative transactions or business strategies that might
exist for Covenant or the effect of any other transaction in which Covenant might engage. We also do not express any opinion as
to the fairness of the amount or nature of the compensation to be received in the Merger by any officer, director or employee of
Covenant, or any class of such persons, if any, relative to the compensation to be received in the Merger by any other shareholder.
This opinion has been approved by Sandler O&rsquo;Neill&rsquo;s fairness opinion committee. This opinion shall not be reproduced
without Sandler O&rsquo;Neill&rsquo;s prior written consent; <i>provided</i>, however, Sandler O&rsquo;Neill will provide its consent
for the opinion to be included in regulatory filings to be completed in connection with the Merger.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon and subject
to the foregoing, it is our opinion that, as of the date hereof, the Merger Consideration is fair to the holders of Covenant Common
Stock from a financial point of view.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Very truly yours,</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; color: red"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0.5in"><img src="image_004.jpg" alt="" style="height: 45px; width: 326px"></p>



<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="z_004"></a>ANNEX&nbsp;C<BR>
<BR>
 &#8199;DISSENTERS&rsquo; RIGHTS STATUTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pennsylvania Business Corporation Law of
1988, as amended</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Provisions for Dissenting Shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SUBCHAPTER&nbsp;D&thinsp;&mdash;&thinsp;DISSENTERS
RIGHTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&sect;1571. Application and effect of subchapter</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
</FONT><B>General rule</B>. &thinsp;&mdash;&thinsp; Except as otherwise provided in subsection&nbsp;(b), any shareholder (as defined
in section&nbsp;1572 (relating to definitions)) of a business corporation shall have the rights and remedies provided in this subchapter
in connection with a transaction under this title only where this title expressly provides that a shareholder shall have the rights
and remedies provided in this subchapter. See:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;329(c) (relating to special
treatment of interest holders).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;333 (relating to approval of
merger).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;343 (relating to approval of
interest exchange).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;353 (relating to approval of
conversion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;363 (relating to approval of
division).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1906(c) (relating to dissenters
rights upon special treatment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1932(c) (relating to dissenters
rights in asset transfers).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2104(b) (relating to procedure).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2324 (relating to corporation
option where a restriction on transfer of a security is held invalid).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2325(b) (relating to minimum
vote requirement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2704(c) (relating to dissenters
rights upon election).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2705(d) (relating to dissenters
rights upon renewal of election).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2904(b) (relating to procedure).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2907(a) (relating to proceedings
to terminate breach of qualifying conditions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7104(b)(3) (relating to procedure).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
</FONT><B>Exceptions.</B> &thinsp;&mdash;&thinsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1) </FONT>Except
as otherwise provided in paragraph&nbsp;(2), the holders of the shares of any class or series of shares shall not have the
right to dissent and obtain payment of the fair value of the shares under this subchapter if, on the record date fixed to
determine the shareholders entitled to notice of and to vote at the meeting at which a plan specified in any of
section&nbsp;333, 343, 353, 363 or 1932(c) is to be voted on or on the date of the first public announcement that such a plan
has been approved by the shareholders by consent without a meeting, the shares are either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD>listed on a national securities exchange registered under section&nbsp;6 of the Exchange Act; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD>held beneficially or of record by more than 2,000&nbsp;persons.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)
</FONT>Paragraph&nbsp;(1) shall not apply to and dissenters rights shall be available without regard to the exception provided
in that paragraph in the case of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD>(Repealed).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD>Shares of any preferred or special class or series unless the articles, the plan or the terms of the transaction entitle all
shareholders of the class or series to vote thereon and require for the adoption of the plan or the effectuation of the transaction
the affirmative vote of a majority of the votes cast by all shareholders of the class or series.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD>Shares entitled to dissenters rights under section&nbsp;329(d) or 1906(c) (relating to dissenters rights upon special treatment).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)
</FONT>The shareholders of a corporation that acquires by purchase, lease, exchange or other disposition all or substantially all
of the shares, property or assets of another corporation by the issuance of shares, obligations or otherwise, with or without assuming
the liabilities of the other corporation and with or without the intervention of another corporation or other person, shall not
be entitled to the rights and remedies of dissenting shareholders provided in this subchapter regardless of the fact, if it be
the case, that the acquisition was accomplished by the issuance of voting shares of the corporation to be outstanding immediately
after the acquisition sufficient to elect a majority or more of the directors of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
</FONT><B>Grant of optional dissenters rights</B>. &mdash;&thinsp; The bylaws or a resolution of the board of directors may direct
that all or a part of the shareholders shall have dissenters rights in connection with any corporate action or other transaction
that would otherwise not entitle such shareholders to dissenters rights. See section&nbsp;317 (relating to contractual dissenters
rights in entity transactions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)
</FONT><B>Notice of dissenters rights</B>. &thinsp;&mdash;&thinsp; Unless otherwise provided by statute, if a proposed corporate
action that would give rise to dissenters rights under this subpart is submitted to a vote at a meeting of shareholders, there
shall be included in or enclosed with the notice of meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)
</FONT>a statement of the proposed action and a statement that the shareholders have a right to dissent and obtain payment of the
fair value of their shares by complying with the terms of this subchapter; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)
</FONT>a copy of this subchapter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)
</FONT><B>Other statutes</B>. &thinsp;&mdash;&thinsp; The procedures of this subchapter shall also be applicable to any transaction
described in any statute other than this part that makes reference to this subchapter for the purpose of granting dissenters rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)
</FONT><B>Certain provisions of articles ineffective</B>. &thinsp;&mdash;&thinsp; This subchapter may not be relaxed by any provision
of the articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)
</FONT><B>Computation of beneficial ownership</B>. &thinsp;&mdash;&thinsp; For purposes of subsection&nbsp;(b)(1)(ii), shares that
are held beneficially as joint tenants, tenants by the entireties, tenants in common or in trust by two or more persons, as fiduciaries
or otherwise, shall be deemed to be held beneficially by one person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)
</FONT><B>Cross references</B>. &thinsp;&mdash;&thinsp; See:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;315 (relating to nature of
transactions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1105 (relating to restriction
on equitable relief).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1763(c) (relating to determination
of shareholders of record).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2512 (relating to dissenters
rights procedure).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&sect;1572. Definitions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following words and phrases when used
in this subchapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Corporation</B>.&rdquo; The issuer
of the shares held or owned by the dissenter before the corporate action or the successor by merger, consolidation, division, conversion
or otherwise of that issuer. A plan of division may designate which one or more of the resulting corporations is the successor
corporation for the purposes of this subchapter. The designated successor corporation or corporations in a division shall have
sole responsibility for payments to dissenters and other liabilities under this subchapter except as otherwise provided in the
plan of division.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Dissenter</B>.&rdquo; A shareholder
who is entitled to and does assert dissenters rights under this subchapter and who has performed every act required up to the time
involved for the assertion of those rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Fair value</B>.&rdquo; The fair
value of shares immediately before the effectuation of the corporate action to which the dissenter objects, taking into account
all relevant factors, but excluding any appreciation or depreciation in anticipation of the corporate action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Interest</B>.&rdquo; Interest
from the effective date of the corporate action until the date of payment at such rate as is fair and equitable under all the circumstances,
taking into account all relevant factors, including the average rate currently paid by the corporation on its principal bank loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Shareholder</B>.&rdquo; A shareholder
as defined in section&nbsp;1103 (relating to definitions) or an ultimate beneficial owner of shares, including, without limitation,
a holder of depository receipts, where the beneficial interest owned includes an interest in the assets of the corporation upon
dissolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&sect;1573. Record and beneficial holders
and owners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
</FONT><B>Record holders of shares</B>. &thinsp;&mdash;&thinsp; A record holder of shares of a business corporation may assert
dissenters rights as to fewer than all of the shares registered in his name only if he dissents with respect to all the shares
of the same class or series beneficially owned by any one person and discloses the name and address of the person or persons on
whose behalf he dissents. In that event, his rights shall be determined as if the shares as to which he has dissented and his other
shares were registered in the names of different shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
</FONT><B>Beneficial owners of shares</B>. &thinsp;&mdash;&thinsp; A beneficial owner of shares of a business corporation who is
not the record holder may assert dissenters rights with respect to shares held on his behalf and shall be treated as a dissenting
shareholder under the terms of this subchapter if he submits to the corporation not later than the time of the assertion of dissenters
rights a written consent of the record holder. A beneficial owner may not dissent with respect to some but less than all shares
of the same class or series owned by the owner, whether or not the shares so owned by him are registered in his name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&sect;1574. Notice of intention to dissent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the proposed corporate action is submitted
to a vote at a meeting of shareholders of a business corporation, any person who wishes to dissent and obtain payment of the fair
value of his shares must file with the corporation, prior to the vote, a written notice of intention to demand that he be paid
the fair value for his shares if the proposed action is effectuated, must effect no change in the beneficial ownership of his shares
from the date of such filing continuously through the effective date of the proposed action and must refrain from voting his shares
in approval of such action. A dissenter who fails in any respect shall not acquire any right to payment of the fair value of his
shares under this subchapter. Neither a proxy nor a vote against the proposed corporate action shall constitute the written notice
required by this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&sect;1575. Notice to demand payment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
</FONT><B>General rule</B>. &thinsp;&mdash;&thinsp; If the proposed corporate action is approved by the required vote at a meeting
of shareholders of a business corporation, the corporation shall deliver a further notice to all dissenters who gave due notice
of intention to demand payment of the fair value of their shares and who refrained from voting in favor of the proposed action.
If the proposed corporate action is approved by the shareholders by less than unanimous consent without a meeting or is taken without
the need for approval by the shareholders, the corporation shall deliver to all shareholders who are entitled to dissent and demand
payment of the fair value of their shares a notice of the adoption of the plan or other corporate action. In either case, the notice
shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)
</FONT>State where and when a demand for payment must be sent and certificates for certificated shares must be deposited in order
to obtain payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)
</FONT>Inform holders of uncertificated shares to what extent transfer of shares will be restricted from the time that demand for
payment is received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)
</FONT>Supply a form for demanding payment that includes a request for certification of the date on which the shareholder, or the
person on whose behalf the shareholder dissents, acquired beneficial ownership of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)
</FONT>Be accompanied by a copy of this subchapter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
</FONT><B>Time for receipt of demand for payment</B>. &thinsp;&mdash;&thinsp; The time set for receipt of the demand and deposit
of certificated shares shall be not less than 30&nbsp;days from the delivery of the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&sect;1576. Failure to comply with notice
to demand payment, etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
</FONT><B>Effect of failure of shareholder to act</B>. &thinsp;&mdash;&thinsp; A shareholder who fails to timely demand payment,
or fails (in the case of certificated shares) to timely deposit certificates, as required by a notice pursuant to section&nbsp;1575
(relating to notice to demand payment) shall not have any right under this subchapter to receive payment of the fair value of his
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
</FONT><B>Restriction on uncertificated shares</B>. &thinsp;&mdash;&thinsp; If the shares are not represented by certificates,
the business corporation may restrict their transfer from the time of receipt of demand for payment until effectuation of the proposed
corporate action or the release of restrictions under the terms of section&nbsp;1577(a) (relating to failure to effectuate corporate
action).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
</FONT><B>Rights retained by shareholder</B>. &thinsp;&mdash;&thinsp; The dissenter shall retain all other rights of a shareholder
until those rights are modified by effectuation of the proposed corporate action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&sect;1577. Release of restrictions or payment
for shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a) </FONT><B>Failure
to effectuate corporate action</B>. &thinsp;&mdash;&thinsp; Within 60&nbsp;days after the date set for demanding payment and
depositing certificates, if the business corporation has not effectuated the proposed corporate action, it shall return any certificates that have been deposited and release uncertificated shares from any transfer restrictions imposed by reason of
the demand for payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
</FONT><B>Renewal of notice to demand payment</B>. &thinsp;&mdash;&thinsp; When uncertificated shares have been released from transfer
restrictions and deposited certificates have been returned, the corporation may at any later time send a new notice conforming
to the requirements of section&nbsp;1575 (relating to notice to demand payment), with like effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
</FONT><B>Payment of fair value of shares</B>. &thinsp;&mdash;&thinsp; Promptly after effectuation of the proposed corporate action,
or upon timely receipt of demand for payment if the corporate action has already been effectuated, the corporation shall either
remit to dissenters who have made demand and (if their shares are certificated) have deposited their certificates the amount that
the corporation estimates to be the fair value of the shares, or give written notice that no remittance under this section will
be made. The remittance or notice shall be accompanied by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)
</FONT>The closing balance sheet and statement of income of the issuer of the shares held or owned by the dissenter for a fiscal
year ending not more than 16 months before the date of remittance or notice together with the latest available interim financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)
</FONT>A statement of the corporation&rsquo;s estimate of the fair value of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)
</FONT>A notice of the right of the dissenter to demand payment or supplemental payment, as the case may be, accompanied by a copy
of this subchapter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)
</FONT><B>Failure to make payment</B>. &thinsp;&mdash;&thinsp; If the corporation does not remit the amount of its estimate of
the fair value of the shares as provided by subsection&nbsp;(c), it shall return any certificates that have been deposited and
release uncertificated shares from any transfer restrictions imposed by reason of the demand for payment. The corporation may make
a notation on any such certificate or on the records of the corporation relating to any such uncertificated shares that such demand
has been made. If shares with respect to which notation has been so made shall be transferred, each new certificate issued therefor
or the records relating to any transferred uncertificated shares shall bear a similar notation, together with the name of the original
dissenting holder or owner of such shares. A transferee of such shares shall not acquire by such transfer any rights in the corporation
other than those that the original dissenter had after making demand for payment of their fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&sect;1578. Estimate by dissenter of fair
value of shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
</FONT><B>General rule</B>. &mdash;&thinsp; If the business corporation gives notice of its estimate of the fair value of the shares,
without remitting such amount, or remits payment of its estimate of the fair value of a dissenter&rsquo;s shares as permitted by
section&nbsp;1577(c) (relating to payment of fair value of shares) and the dissenter believes that the amount stated or remitted
is less than the fair value of his shares, he may send to the corporation his own estimate of the fair value of the shares, which
shall be deemed a demand for payment of the amount or the deficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
</FONT><B>Effect of failure to file estimate</B>. &thinsp;&mdash;&thinsp; Where the dissenter does not file his own estimate under
subsection (a) within 30&nbsp;days after the mailing by the corporation of its remittance or notice, the dissenter shall be entitled
to no more than the amount stated in the notice or remitted to him by the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&sect;1579. Valuation proceedings generally</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
</FONT><B>General rule</B>. &thinsp;&mdash;&thinsp; Within 60&nbsp;days after the latest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)
</FONT>effectuation of the proposed corporate action;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)
</FONT>timely receipt of any demands for payment under section&nbsp;1575 (relating to notice to demand payment); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)
</FONT>timely receipt of any estimates pursuant to section&nbsp;1578 (relating to estimate by dissenter of fair value of shares);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">if any demands for payment remain unsettled, the business corporation
may file in court an application for relief requesting that the fair value of the shares be determined by the court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
</FONT><B>Mandatory joinder of dissenters</B>. &thinsp;&mdash;&thinsp; All dissenters, wherever residing, whose demands have not
been settled shall be made parties to the proceeding as in an action against their shares. A copy of the application shall be served
on each such dissenter. If a dissenter is a nonresident, the copy may be served on him in the manner provided or prescribed by
or pursuant to 42 C.S.A. Ch.&nbsp;53 (relating to bases of jurisdiction and interstate and international procedure).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
</FONT><B>Jurisdiction of the court</B>. &thinsp;&mdash;&thinsp; The jurisdiction of the court shall be plenary and exclusive.
The court may appoint an appraiser to receive evidence and recommend a decision on the issue of fair value. The appraiser shall
have such power and authority as may be specified in the order of appointment or in any amendment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)
</FONT><B>Measure of recovery</B>. &thinsp;&mdash;&thinsp; Each dissenter who is made a party shall be entitled to recover the
amount by which the fair value of his shares is found to exceed the amount, if any, previously remitted, plus interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)
</FONT><B>Effect of corporation&rsquo;s failure to file application</B>. &thinsp;&mdash;&thinsp; If the corporation fails to file
an application as provided in subsection&nbsp;(a), any dissenter who made a demand and who has not already settled his claim against
the corporation may do so in the name of the corporation at any time within 30&nbsp;days after the expiration of the 60-day period.
If a dissenter does not file an application within the 30-day period, each dissenter entitled to file an application shall be paid
the corporation&rsquo;s estimate of the fair value of the shares and no more, and may bring an action to recover any amount not
previously remitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&sect;1580. Costs and expenses of valuation
proceedings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
</FONT><B>General rule</B>. &thinsp;&mdash;&thinsp; The costs and expenses of any proceeding under section&nbsp;1579 (relating
to valuation proceedings generally), including the reasonable compensation and expenses of the appraiser appointed by the court,
shall be determined by the court and assessed against the business corporation except that any part of the costs and expenses may
be apportioned and assessed as the court deems appropriate against all or some of the dissenters who are parties and whose action
in demanding supplemental payment under section&nbsp;1578 (relating to estimate by dissenter of fair value of shares) the court
finds to be dilatory, obdurate, arbitrary, vexatious or in bad faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
</FONT>Assessment of counsel fees and expert fees where lack of good faith appears. &thinsp;&mdash;&thinsp; Fees and expenses of
counsel and of experts for the respective parties may be assessed as the court deems appropriate against the corporation and in
favor of any or all dissenters if the corporation failed to comply substantially with the requirements of this subchapter and may
be assessed against either the corporation or a dissenter, in favor of any other party, if the court finds that the Party&nbsp;Against
whom the fees and expenses are assessed acted in bad faith or in a dilatory, obdurate, arbitrary or vexatious manner in respect
to the rights provided by this subchapter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
</FONT>Award of fees for benefits to other dissenters. &thinsp;&mdash;&thinsp; If the court finds that the services of counsel
for any dissenter were of substantial benefit to other dissenters similarly situated and should not be assessed against the corporation,
it may award to those counsel reasonable fees to be paid out of the amounts awarded to the dissenters who were benefited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item&nbsp;20. Indemnification of Directors and Officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1741 of the Pennsylvania Business
Corporation Law, or the PBCL, provides, in general, that a corporation will have the power to indemnify any person who was or is
a party or is threatened to be made a party to any threatened, pending or completed action or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the corporation), by reason of the fact that the person
is or was a representative of the corporation, or is or was serving at the request of the corporation as a representative of another
enterprise. Such indemnity may be against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by the person in connection with the action or proceeding, if the person acted in good faith and
in a manner the person reasonably believed to be in, or not opposed to, the best interests of the corporation and if, with respect
to any criminal proceeding, the person did not have reasonable cause to believe his conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1742 of the PBCL provides,
in general, that a corporation will have the power to indemnify any person who was or is a party, or is threatened to be made a
party, to any threatened, pending or completed action by or in the right of the corporation to procure a judgment in its favor
by reason of the fact that the person is or was a representative of the corporation or is or was serving at the request of the
corporation as a representative of another entity. Such indemnity may be against expenses (including attorneys&rsquo; fees) actually
and reasonably incurred by the person in connection with the defense or settlement of the action if the person acted in good faith
and in a manner the person reasonably believed to be in, or not opposed to, the best interests of the corporation, except no indemnification
will be made in respect of any claim, issue, or matter as to which the person has been adjudged to be liable to the corporation
unless and only to the extent that the court of common pleas of the judicial district embracing the county in which the registered
office of the corporation is located or the court in which the action was brought will determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, the person is fairly and reasonably entitled to
indemnity for the expenses that the court of common pleas or other court deems proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Section&nbsp;1743 of the PBCL, the
corporation is required to indemnify directors and officers against expenses they may incur in defending actions against them in
such capacities if they are successful on the merits or otherwise in the defense of such actions. Under Section&nbsp;1745 of the
PBCL, a corporation may pay the expenses of a director or officer incurred in defending an action or proceeding in advance of the
final disposition thereof upon receipt of an undertaking from such person to repay the amounts advanced unless it is ultimately
determined that such person is entitled to indemnification from the corporation. Article&nbsp;VIII of C&amp;N&rsquo;s bylaws provides
for indemnification of directors, officers, employees and other agents of C&amp;N and advancement of expenses upon the undertaking
by or on behalf of the indemnified party to repay such amount if it is ultimately determined that the indemnified person is not
entitled to be indemnified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;8.3 of C&amp;N&rsquo;s bylaws
provide that the rights to indemnification and advancement of expenses in the bylaws are not exclusive, and may be in addition
to, indemnification rights provided for under any agreement, by vote of shareholders or disinterested directors, or otherwise.
As authorized by Section&nbsp;1747 of the PBCL and Section&nbsp;8.4 of C&amp;N&rsquo;s bylaws, C&amp;N maintains, on behalf of
its directors and officers, insurance protection against certain liabilities arising out of the discharge of their duties, as well
as insurance covering C&amp;N for indemnification payments made to its directors and officers for certain liabilities. The premiums
for such insurance are paid by C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing is only a general summary
of certain aspects of Pennsylvania law and C&amp;N&rsquo;s bylaws dealing with indemnification of directors and officers, and does
not purport to be complete. The description of the bylaws is qualified in its entirety by reference to the detailed provisions
of Article&nbsp;VIII of the bylaws of C&amp;N.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item&nbsp;21. Exhibits and Financial Statement Schedules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) Exhibits. The following is a list of
Exhibits to this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2px solid"><B>Exhibit No.&nbsp;</B></P></TD>
    <TD STYLE="width: 45%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Description</B></TD>
    <TD STYLE="width: 41%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="#z_002">2.1</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="#z_002">Agreement and Plan of Merger, dated as of December&nbsp;18, 2019, between Citizens&nbsp;&amp; Northern Corporation and Covenant Financial, Inc.</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="#z_002">Included as <I>Annex&nbsp;A</I> of the Proxy statement/Prospectus contained in this Registration Statement.&nbsp;&nbsp;The registrant agrees to provide to the Securities and Exchange Commission, upon request, a copy of the schedules to this Agreement.</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420409049141/v160816_ex3-1.htm">3.1(i)</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420409049141/v160816_ex3-1.htm">Articles of Incorporation</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420409049141/v160816_ex3-1.htm">Incorporated by reference to Exhibit&nbsp;3.1 of the Registrant&rsquo;s Form&nbsp;8-K filed September&nbsp;21, 2009</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413022810/v341881_ex3-1.htm">3.1(ii)</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413022810/v341881_ex3-1.htm">Bylaws</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413022810/v341881_ex3-1.htm">Incorporated by reference to Exhibit&nbsp;3.1 of the Registrant&rsquo;s Form&nbsp;8-K filed April&nbsp;19, 2013</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420419004477/tv510910_ex4-1.htm">4.1</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420419004477/tv510910_ex4-1.htm">Form of Common Stock Certificate</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420419004477/tv510910_ex4-1.htm">Incorporated by reference to Exhibit&nbsp;4.1 of the Registrant&rsquo;s Amendment No.&nbsp;1 to Form S-4 (333-229186) filed on February&nbsp;1, 2019</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex4vi.htm">4.2</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex4vi.htm">Description of registrant&rsquo;s securities</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex4vi.htm">Incorporated by reference to Exhibit&nbsp;4(vi) of the Registrant&rsquo;s Annual report on Form&nbsp;10-K filed February&nbsp;20, 2020</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex5-1.htm" style="-sec-extract: exhibit">5.1</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex5-1.htm" style="-sec-extract: exhibit">Opinion of Stevens&nbsp;&amp; Lee, P.C.as to the legality of the securities to be registered</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex5-1.htm" style="-sec-extract: exhibit">Filed herewith</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">8.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Opinion of Stevens&nbsp;&amp; Lee, P.C.as to the tax consequences of the merger</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">To be filed by amendment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-1.htm">10.1</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-1.htm">Form of Time-Based Restricted Stock agreement dated January&nbsp;31, 2020 between the Corporation and Executive Officers pursuant to the Citizens&nbsp;&amp; Northern Corporation Stock Incentive Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-1.htm">Incorporated by reference to Exhibit&nbsp;10.1 of the Registrant&rsquo;s Form&nbsp;10-K, filed February&nbsp;20, 2020</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-2.htm">10.2</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-2.htm">Form of Restricted Stock agreement dated January&nbsp;31, 2020 between the Corporation and its independent directors pursuant to the Citizens&nbsp;&amp; Northern Corporation Independent Directors Stock Incentive Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-2.htm">Incorporated by reference to Exhibit&nbsp;10.2 of the Registrant&rsquo;s Form&nbsp;10-K, filed February&nbsp;20, 2020</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-3.htm">10.3</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-3.htm">2020 Annual Performance Incentive Award Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-3.htm">Incorporated by reference to Exhibit&nbsp;10.3 of the Registrant&rsquo;s Form&nbsp;10-K, filed February&nbsp;20, 2020</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-4.htm">10.4</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-4.htm">2020 Annual Performance Incentive Award Plan&thinsp;&mdash;&thinsp;Mortgage Lenders</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex10-4.htm">Incorporated by reference to Exhibit&nbsp;10.4 of the Registrant&rsquo;s Form&nbsp;10-K, filed February&nbsp;20, 2020</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418009237/tv485825_ex10-6.htm">10.5</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418009237/tv485825_ex10-6.htm">Form of Indemnification Agreement dated January&nbsp;9, 2018 between the Corporation and Tracy&nbsp;E. Watkins</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418009237/tv485825_ex10-6.htm">Incorporated by reference to Exhibit&nbsp;10.6 of the Registrant&rsquo;s Form&nbsp;10-K, filed February&nbsp;15, 2018</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418009237/tv485825_ex10-7.htm">10.6</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418009237/tv485825_ex10-7.htm">Change in Control Agreement dated January&nbsp;9, 2018 between the Corporation and Tracy&nbsp;E. Watkins</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418009237/tv485825_ex10-7.htm">Incorporated by reference to Exhibit&nbsp;10.7 of the Registrant&rsquo;s Form&nbsp;10-K, filed February&nbsp;15, 2018</a></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2px solid"><B>Exhibit No.&nbsp;</B></P></TD>
    <TD STYLE="width: 45%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Description</B></TD>
    <TD STYLE="width: 41%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 14%"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418009237/tv485825_ex10-8.htm">10.7</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 45%"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418009237/tv485825_ex10-8.htm">Deferred Compensation Agreement dated December&nbsp;17, 2015</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 41%"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418009237/tv485825_ex10-8.htm">Incorporated by reference to Exhibit&nbsp;10.8 of the Registrant&rsquo;s Form&nbsp;10-K, filed February&nbsp;15, 2018</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420415007049/v400815_ex10-1.htm">10.8</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420415007049/v400815_ex10-1.htm">Employment agreement dated March&nbsp;2, 2015 between the Corporation and J.&nbsp;Bradley Scovill</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420415007049/v400815_ex10-1.htm">Incorporated by reference to Exhibit&nbsp;10.1 filed with Corporation&rsquo;s Form&nbsp;8-K on February&nbsp;9, 2015</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-2.htm">10.9</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-2.htm">Employment agreement dated September&nbsp;19, 2013 between the Corporation and Mark&nbsp;A. Hughes</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-2.htm">Incorporated by reference to Exhibit&nbsp;10.2 filed with Corporation&rsquo;s Form&nbsp;8-K on September&nbsp;19, 2013</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-3.htm">10.10</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-3.htm">Employment agreement dated September&nbsp;19, 2013 between the Corporation and Harold&nbsp;F. Hoose, III</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-3.htm">Incorporated by reference to Exhibit&nbsp;10.3 filed with Corporation&rsquo;s Form&nbsp;8-K on September&nbsp;19, 2013</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-4.htm">10.11</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-4.htm">Employment agreement dated September&nbsp;19, 2013 between the Corporation and Deborah&nbsp;E. Scott</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-4.htm">Incorporated by reference to Exhibit&nbsp;10.4 filed with Corporation&rsquo;s Form&nbsp;8-K on September&nbsp;19, 2013</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420415012176/v402532_ex10-9.htm">10.12</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420415012176/v402532_ex10-9.htm">Form of Indemnification Agreement dated February&nbsp;11, 2015 between the Corporation and Stan&nbsp;R. Dunsmore</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420415012176/v402532_ex10-9.htm">Incorporated by reference to Exhibit&nbsp;10.9 filed with Corporation&rsquo;s Form&nbsp;10-K on February&nbsp;26, 2015</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413010482/v335719_ex10-5.htm">10.13</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413010482/v335719_ex10-5.htm">Form of Indemnification Agreement dated January&nbsp;2, 2013 between the Corporation and Shelley&nbsp;L.&nbsp;D&rsquo;Haene</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413010482/v335719_ex10-5.htm">Incorporated by reference to Exhibit&nbsp;10.5 filed with Corporation&rsquo;s Form&nbsp;10-K on February&nbsp;21, 2013</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420411011876/v212969_ex10-8.htm">10.14</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420411011876/v212969_ex10-8.htm">Form of Indemnification Agreement dated January&nbsp;19, 2011 between the Corporation and John&nbsp;M. Reber</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420411011876/v212969_ex10-8.htm">Incorporated by reference to Exhibit&nbsp;10.8 filed with Corporation&rsquo;s Form&nbsp;10-K on March&nbsp;1, 2011</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015205002064/l12593aexv10w1.txt">10.15</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015205002064/l12593aexv10w1.txt">Form of Indemnification Agreements dated May 2004 between the Corporation and the Directors and certain officers</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015205002064/l12593aexv10w1.txt">Incorporated by reference to Exhibit&nbsp;10.1 filed with Corporation&rsquo;s 10-K on March&nbsp;14, 2005</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420415028667/v409693_ex10-1.htm">10.16</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420415028667/v409693_ex10-1.htm">Change in Control Agreement dated March&nbsp;17, 2015 between the Corporation and Stan&nbsp;R. Dunsmore</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420415028667/v409693_ex10-1.htm">Incorporated by reference to Exhibit&nbsp;10.1 filed with Corporation&rsquo;s Form&nbsp;10-Q on May&nbsp;8, 2015</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413010482/v335719_ex10-7.htm">10.17</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413010482/v335719_ex10-7.htm">Change in Control Agreement dated January&nbsp;2, 2013 between the Corporation and Shelley&nbsp;L. D&rsquo;Haene</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413010482/v335719_ex10-7.htm">Incorporated by reference to Exhibit&nbsp;10.7 filed with Corporation&rsquo;s Form&nbsp;10-K on February&nbsp;21, 2013</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420416083170/v432061_ex10-18.htm">10.18</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420416083170/v432061_ex10-18.htm">Change in Control Agreement dated January&nbsp;20, 2005 between the Corporation and John&nbsp;M. Reber</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420416083170/v432061_ex10-18.htm">Incorporated by reference to Exhibit&nbsp;10.18 filed with Corporation&rsquo;s Form&nbsp;10-K on February&nbsp;18, 2016</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015205002064/l12593aexv10w2.txt">10.19</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015205002064/l12593aexv10w2.txt">Change in Control Agreement dated December&nbsp;31, 2003 between the Corporation and Thomas&nbsp;L. Rudy,&nbsp;Jr.</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015205002064/l12593aexv10w2.txt">Incorporated by reference to Exhibit&nbsp;10.2 filed with the Corporation&rsquo;s Form&nbsp;10-K on March&nbsp;14, 2005</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-5.htm">10.20</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-5.htm">Executive Compensation Recoupment Policy dated September&nbsp;19, 2013</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-5.htm">Incorporated by reference to Exhibit&nbsp;10.5 filed with Corporation&rsquo;s Form&nbsp;8-K on September&nbsp;19, 2013</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418065959/tv509752_ex10-1.htm">10.21</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418065959/tv509752_ex10-1.htm">Fifth Amendment to Citizens&nbsp;&amp; Northern Stock Incentive Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418065959/tv509752_ex10-1.htm">Incorporated by reference to Exhibit 10.1 filed with Corporation's Form 8-K on December&nbsp;21, 2018</a></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <div style="page-break-before: always; margin-top: 6pt">&nbsp;</div>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2px solid"><B>Exhibit No.&nbsp;</B></P></TD>
    <TD STYLE="width: 45%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Description</B></TD>
    <TD STYLE="width: 41%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 14%"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-6.htm">10.22</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 45%"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-6.htm">Fourth Amendment to Citizens&nbsp;&amp; Northern Corporation Stock Incentive Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 41%"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420413051607/v355444_ex10-6.htm">Incorporated by reference to Exhibit&nbsp;10.6 filed with Corporation&rsquo;s Form&nbsp;8-K on September&nbsp;19, 2013</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015208001992/l30612adef14a.htm">10.23</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015208001992/l30612adef14a.htm">Third Amendment to Citizens&nbsp;&amp; Northern Corporation Stock Incentive Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015208001992/l30612adef14a.htm">Incorporated by reference to Exhibit&nbsp;A to the Corporation&rsquo;s proxy statement dated March&nbsp;18, 2008 for the annual meeting of stockholders held on April&nbsp;15, 2008</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015204001756/l05566aexv10w5.txt">10.24</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015204001756/l05566aexv10w5.txt">Second Amendment to Citizens&nbsp;&amp; Northern Corporation Stock Incentive Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015204001756/l05566aexv10w5.txt">Incorporated by reference to Exhibit&nbsp;10.5 filed with the Corporation&rsquo;s Form&nbsp;10-K on March&nbsp;10, 2004</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015204001756/l05566aexv10w6.txt">10.25</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015204001756/l05566aexv10w6.txt">First Amendment to Citizens&nbsp;&amp; Northern Corporation Stock Incentive Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015204001756/l05566aexv10w6.txt">Incorporated by reference to Exhibit&nbsp;10.6 filed with the Corporation&rsquo;s Form&nbsp;10-K on March&nbsp;10, 2004</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015204001756/l05566aexv10w7.txt">10.26</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015204001756/l05566aexv10w7.txt">Citizens&nbsp;&amp; Northern Corporation Stock Incentive Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015204001756/l05566aexv10w7.txt">Incorporated by reference to Exhibit&nbsp;10.7 filed with the Corporation&rsquo;s Form&nbsp;10-K on March&nbsp;10, 2004</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418065959/tv509752_ex10-2.htm">10.27</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418065959/tv509752_ex10-2.htm">Second Amendment to Citizens&nbsp;&amp; Northern Corporation&rsquo;s Independent Directors Stock Incentive Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418065959/tv509752_ex10-2.htm">Incorporated by reference to Exhibit&nbsp;10.2 of the Registrant&rsquo;s Form&nbsp;8-K, filed December&nbsp;21, 2018</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015208001992/l30612adef14a.htm">10.28</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015208001992/l30612adef14a.htm">First Amendment to Citizens&nbsp;&amp; Northern Corporation Independent Directors Stock Incentive Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015208001992/l30612adef14a.htm">Incorporated by reference to Exhibit&nbsp;B to the Corporation&rsquo;s proxy statement dated March&nbsp;18, 2008 for the annual meeting of stockholders held on April&nbsp;15, 2008</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015201500465/l87019adef14a.txt">10.29</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015201500465/l87019adef14a.txt">Citizens&nbsp;&amp; Northern Corporation Independent Directors Stock Incentive Plan</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015201500465/l87019adef14a.txt">Incorporated by reference to Exhibit&nbsp;A to the Corporation&rsquo;s proxy statement dated March&nbsp;19, 2001 for the annual meeting of stockholders held on April&nbsp;17, 2001.</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015209002277/l35752aexv10w21.htm">10.30</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015209002277/l35752aexv10w21.htm">Citizens&nbsp;&amp; Northern Corporation Supplemental Executive Retirement Plan (as amended and restated)</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000095015209002277/l35752aexv10w21.htm">Incorporated by reference to Exhibit&nbsp;10.21 filed with the Corporation&rsquo;s Form&nbsp;10-K on March&nbsp;6, 2009</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418056692/tv505945_ex10-1.htm">10.31</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418056692/tv505945_ex10-1.htm">Form of Indemnification Agreement dated September&nbsp;20, 2018 between the Corporation and J.&nbsp;Bradley Scovill</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418056692/tv505945_ex10-1.htm">Incorporated by reference to Exhibit&nbsp;10.1 to the Registrant&rsquo;s Form&nbsp;10-Q, filed November&nbsp;1, 2018</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418042057/tv500013_ex10-1.htm">10.32</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418042057/tv500013_ex10-1.htm">Form of Indemnification Agreements dated May&nbsp; 24, 2018 between the Corporation and Directors Bobbi&nbsp;J. Kilmer, Terry&nbsp;L. Lehman, Frank G. Pellegrino and Aaron K. Singer</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000114420418042057/tv500013_ex10-1.htm">Incorporated by reference to Exhibit&nbsp;10.1 to the Registrant&rsquo;s Form&nbsp;10-Q, filed August&nbsp;6, 2018</a></TD></TR>
<tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex10-33.htm">10.33</a></td>
    <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex10-33.htm">Form of Performance-Based Restricted Stock Agreement (2020)</a></td>
    <td style="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex10-33.htm">Filed herewith</a></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex21.htm" style="-sec-extract: exhibit">21.1</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex21.htm" style="-sec-extract: exhibit">Subsidiaries</a></TD>
    <td style="text-align: left; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="http://www.sec.gov/Archives/edgar/data/810958/000110465920023334/tm208260d1_ex21.htm" style="-sec-extract: exhibit">Incorporated by reference to Exhibit&nbsp;21 of the registrant&rsquo;s Form&nbsp;10-K, filed February&nbsp;20, 2020</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">23.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Consent of Stevens&nbsp;&amp; Lee, P.C.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">Included in <a href="tm2015071d1_ex5-1.htm" style="-sec-extract: exhibit">Exhibit&nbsp;5.1</a> and Exhibit&nbsp;8.1 to this Registration Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-2.htm" style="-sec-extract: exhibit">23.2</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-2.htm" style="-sec-extract: exhibit">Consent of Baker Tilly Virchow Krause, LLP</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-2.htm" style="-sec-extract: exhibit">Filed herewith</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-3.htm">23.3</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-3.htm">Consent of S.R. Snodgrass, P.C.</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-3.htm">Filed herewith</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-4.htm" style="-sec-extract: exhibit">23.4</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-4.htm" style="-sec-extract: exhibit">Consent
    of Baker Tilly Virchow Krause, LLP</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-4.htm" style="-sec-extract: exhibit">Filed herewith</a></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">III-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <div style="page-break-before: always; margin-top: 6pt">&nbsp;</div>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2px solid"><B>Exhibit No.&nbsp;</B></P></TD>
    <TD STYLE="width: 45%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Description</B></TD>
    <TD STYLE="width: 41%; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-5.htm" style="-sec-extract: exhibit">23.5</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-5.htm" style="-sec-extract: exhibit">Consent
    of Piper Sandler &amp; Co.</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex23-5.htm" style="-sec-extract: exhibit">Filed herewith</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 14%"><a href="#z_001">24.1</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 45%"><a href="#z_001">Power of Attorney</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; width: 41%"><a href="#z_001">Included on the signature page of this Registration Statement</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex99-1.htm">99.1</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex99-1.htm">Form of Proxy Card for Special Meeting of Shareholders of Covenant Financial, Inc.</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex99-1.htm">Filed herewith</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="#z_003">99.2</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="#z_003">Opinion of Piper Sandler &amp; Co.</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="#z_003">Included as <I>Annex&nbsp;B</I> to the Proxy statement/Prospectus contained in this Registration Statement</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex99-3.htm">99.3</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex99-3.htm">Consent to Serve as Director</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex99-3.htm">Filed herewith</a></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex99-4.htm">99.4</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex99-4.htm">Consent to Serve as Director</a></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><a href="tm2015071d1_ex99-4.htm">Filed herewith</a></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)
</FONT>Financial statement schedules: Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(e) Reports, opinion or appraisals: Not
applicable</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Item&nbsp;22. Undertakings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
</FONT>The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)
</FONT>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act (the &ldquo;Act&rdquo;);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange
Commission (&ldquo;SEC&rdquo;) pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no
more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table
in the effective registration statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)
</FONT>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)
</FONT>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
</FONT>The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Exchange
Act of 1934, each filing of the registrant&rsquo;s annual report pursuant to section&nbsp;13(a) or Section&nbsp;15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to section&nbsp;15(d)
of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
</FONT>The undersigned registrant hereby undertakes as follows: that prior to any public reoffering of the securities registered
hereunder through use of a prospectus which is a part of this Registration Statement, by any person or party who is deemed to be
an underwriter within the meaning of Rule&nbsp;145(c), the registrant undertakes that such reoffering prospectus will contain information
called for by the applicable registration form with respect to reofferings by persons who may be deemed underwriters, in addition
to the information called by the other items of the applicable form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)
</FONT>The undersigned hereby undertakes that every prospectus (i)&nbsp;that is filed pursuant to the paragraph immediately preceding,
or (ii)&nbsp;that purports to meet the requirements of section&nbsp;10(a)(3) of the Act and is used in connection with an offering
of securities subject to Rule&nbsp;415, will be filed as part of an amendment to the Registration Statement and will not be used
until such amendment is effective, and that, for purposes of determining any liability under the Act, each such post-effective
amendment shall be deemed a new Registration Statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)
</FONT>Insofar as indemnification for liabilities arising under the Act may be permitted to directors, officers and controlling
persons of registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by
a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)
</FONT>The undersigned registrant hereby undertakes to respond to requests for information that is incorporated by reference into
the prospectus pursuant to Items&nbsp;4, 10(b), 11, or 13 of this Form, within one business day of receipt of such request, and
to send the incorporated documents by first class mail or other equally prompt means. This includes information contained in documents
filed subsequent to the effective date of the registration statement through the date of responding to the request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)
</FONT>The undersigned hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction,
and the company being acquired involved therein, that was not the subject of and included in the Registration Statement when it
became effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, Citizens&nbsp;&amp; Northern Corporation has duly caused this Registration Statement on Form&nbsp;S-4 to be signed
on its behalf by the undersigned, thereunto duly authorized, in the city of Wellsboro, Commonwealth of Pennsylvania, on April 7,
2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="3"><B>CITIZENS&nbsp;&amp; NORTHERN CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>By:</TD><TD COLSPAN="2"><U>/s/ J. Bradley Scovill </U></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="width: 5%">Name:</TD>
                              <TD STYLE="width: 42%">J.&nbsp;Bradley Scovill&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title:&nbsp;&nbsp;</TD>
                              <TD>President and Chief Executive Officer (Principal Executive Officer)</TD></TR>
</TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement on Form&nbsp;S-4 has been signed by the following persons in the capacities and on the
dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><a name="z_001"></a>KNOW ALL MEN BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints Kimberly&nbsp;N. Battin, his true and lawful attorney-in-fact, as
agent with full power of substitution and resubstitution for him and in his name, place and stead, in any and all capacity, to
sign any or all amendments to this Registration Statement and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the Securities and Exchange Commission, granting unto such attorney-in-fact and agent full power
and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
and to all intents and purposes as they might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2px solid"><B>Signature&nbsp;</B></P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 2px solid"><B>Title</B>&nbsp;</P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 2px solid"><B>Date</B>&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Dennis&nbsp;F. Beardslee</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Dennis&nbsp;F. Beardslee</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Clark S. Frame</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Clark S. Frame</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Susan&nbsp;E. Hartley</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Susan&nbsp;E. Hartley</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Mark&nbsp;A. Hughes</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Treasurer and Chief Financial Officer</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Mark&nbsp;A. Hughes</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Principal Accounting and Financial Officer)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Bobbi&nbsp;J. Kilmer</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Bobbi&nbsp;J. Kilmer</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Leo&nbsp;F. Lambert</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Director, Chairman</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Leo&nbsp;F. Lambert</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Terry&nbsp;L. Lehman</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Terry&nbsp;L. Lehman</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Frank&nbsp;G. Pellegrino</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Frank&nbsp;G. Pellegrino</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Timothy E. Schoener</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Timothy E. Schoener</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 25%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ J.&nbsp;Bradley Scovill</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Director, President and Chief Executive</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">J.&nbsp;Bradley Scovill</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Officer (Principal Executive Officer)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Leonard Simpson</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Leonard Simpson</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><I>/s/ Aaron&nbsp;K. Singer</I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Director</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">April 7, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Aaron&nbsp;K. Singer</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2015071d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: small-caps 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stevens &amp; Lee</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Lawyers &amp; Consultants</U></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">17 N. Second Street, 16<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Harrisburg, PA 17101<BR>
(717) 234-1090 Fax (717) 234-1099<BR>
www.stevenslee.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 333pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April 7, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors<BR>
Citizens &amp; Northern Corporation<BR>
90-92 Main Street<BR>
Wellsboro, Pennsylvania 16901</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">Re: Citizens &amp; Northern
Corporation; Registration Statement on Form S-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-indent: -31.5pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel to Citizens &amp;
Northern Corporation, a Pennsylvania corporation (the&nbsp;&ldquo;<I>Company</I>&rdquo;), in connection with the preparation and
filing of the above-referenced Registration Statement (the &ldquo;<I>Registration Statement</I>&rdquo;) under the Securities Act
of 1933, as amended (the &ldquo;<I>Securities Act</I>&rdquo;), with the Securities and Exchange Commission (the &ldquo;<I>Commission</I>&rdquo;).
The Registration Statement relates to the proposed offering and sale of up to 2,317,908&nbsp;shares (the &ldquo;<I>Shares</I>&rdquo;)
of the Company&rsquo;s common stock, par value $1.00 per share (the&nbsp;&ldquo;<I>Common Stock</I>&rdquo;), in connection with
the merger (the &ldquo;<I>Merger</I>&rdquo;) of Covenant Financial,&nbsp;Inc., a Pennsylvania corporation (&ldquo;<I>Covenant</I>&rdquo;),
with and into the Company, pursuant to the Agreement and Plan of Merger, dated as December&nbsp;18, 2019 (the&nbsp;&ldquo;<I>Agreement</I>&rdquo;),
by and between the Company and Covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering this opinion, we have (i) examined
the Agreement, (ii)&nbsp;examined the Registration Statement and the exhibits thereto, (iii)&nbsp;examined and relied upon original,
certified, conformed, photostat or other copies of the Articles of Incorporation and Bylaws of the Company, each as restated and/or
amended to date, minutes of meetings and resolutions of the Board of Directors of the Company, and (iv)&nbsp;a specimen certificate
representing the Common Stock. We have also examined originals or copies, certified or otherwise identified to our satisfaction,
of such records of the Company and such agreements, certificates and receipts of public officials, certificates of officers or
other representatives of the Company and others, and such other documents as we have deemed necessary or appropriate as a basis
for the opinion stated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our examination, we have assumed the
genuineness of all signatures, including endorsements, the legal capacity and competency of all natural persons, the authenticity
of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile,
electronic, certified or photocopied copies, and the authenticity of the originals of such copies. As to any facts relevant to
the opinion stated herein that we did not independently establish or verify, we have, with your consent, relied upon oral and written
statements and representations of officers and other representatives of the Company and others and of public officials, including
the factual representations and warranties contained in the Merger Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">Allentown&nbsp;&nbsp;
<FONT STYLE="font-family: Symbol">&middot;</FONT> &nbsp;&nbsp;Bala Cynwyd&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;</FONT> &nbsp;&nbsp;Cleveland&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;
</FONT>&nbsp;&nbsp;Fort Lauderdale&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;</FONT> &nbsp;&nbsp;Harrisburg&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;
</FONT>&nbsp;&nbsp;Lancaster&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;</FONT> &nbsp;&nbsp;New York&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;</FONT>
 &nbsp;&nbsp;Philadelphia<BR>
Princeton&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;</FONT> &nbsp;&nbsp;Reading&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;</FONT> &nbsp;&nbsp;Rochester&nbsp;&nbsp;
<FONT STYLE="font-family: Symbol">&middot;</FONT> &nbsp;&nbsp;Scranton&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;</FONT> &nbsp;&nbsp;Valley Forge&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;
 &nbsp;&nbsp;</FONT>Wilkes-Barre&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;</FONT> &nbsp;&nbsp;Wilmington</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">A PROFESSIONAL
CORPORATION</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: small-caps 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stevens &amp; Lee</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Lawyers &amp; Consultants</U></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens &amp; Northern Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 7, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the opinion stated herein,
we have also assumed that (i)&nbsp;if issued in physical form, the certificates evidencing the Shares will be signed by the authorized
officers of the Company and registered by the transfer agent and registrar and will conform to the specimen certificate examined
by us evidencing the Common Stock or, if issued in book-entry form, an appropriate account statement evidencing the Shares credited
to the recipient&rsquo;s account maintained with said transfer agent has been issued by said transfer agent and (ii)&nbsp;the issuance
of the Shares will be properly recorded in the books and records of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing, when the Registration
Statement becomes effective under the Securities Act, and the Merger is consummated in accordance with the terms of the Merger
Agreement, it is our opinion that the Shares have been duly authorized by the Company and, when issued by the Company in the manner
contemplated by the Registration Statement and in accordance with the Agreement, will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinion set forth above is subject to
the following qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with providing this opinion, we express no opinion as to the applicability of, compliance with, or effect
of the laws of any states, or as to any matter subject to such laws, other than the laws of the Commonwealth of Pennsylvania.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our opinion is subject to and limited by (i)&nbsp;all applicable bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium or similar laws affecting the enforcement of creditors&rsquo; rights generally; and (ii)&nbsp;general equitable principles
regardless of whether such enforceability is considered in a proceeding at law or in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our opinion is limited to the matters expressly set forth herein and no opinion is to be implied or inferred beyond the
matters expressly so stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

<P STYLE="font: small-caps 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stevens &amp; Lee</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Lawyers &amp; Consultants</U></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens &amp; Northern Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 7, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this
opinion with the Commission as an exhibit to the Registration Statement and to the reference to our firm under the caption &ldquo;<I>Legal
Matters</I>&rdquo; in the prospectus included in the Registration Statement. In giving this consent, we do not thereby admit that
we are included in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the rules and
regulations of the Commission promulgated thereunder. This opinion speaks only as of the date hereof unless otherwise expressly
stated and is limited to present statutes, regulations and judicial opinions and to the facts, as they currently exist. In rendering
this opinion, we assume no obligation to revise or supplement this opinion should the present laws be changed by legislative or
regulatory action, judicial decision or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 60%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 40%; text-indent: 0">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">STEVENS &amp; LEE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">/s/ Stevens &amp; Lee, P.C.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.33
<SEQUENCE>3
<FILENAME>tm2015071d1_ex10-33.htm
<DESCRIPTION>EXHIBIT 10.33
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.33</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_001.jpg" ALT="" STYLE="height: 64px; width: 548px"></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CITIZENS &amp; NORTHERN CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1995 STOCK INCENTIVE PLAN (As Amended)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERFORMANCE-BASED RESTRICTED STOCK
AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESTRICTED STOCK AGREEMENT dated as of the <B><U>16th</U></B>
day of March, 2020, by and between Citizens &amp; Northern Corporation (the &quot;Corporation&quot;) and <B><U>Employee </U></B>an
employee of the Corporation or of a subsidiary (the &quot;Recipient&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Citizens &amp; Northern Corporation 1995 Stock
Incentive Plan (the &quot;Plan&quot;), as amended, the Compensation Committee of the Board of Directors (the &quot;Committee&quot;)
has determined that the Recipient is to be granted, on the terms and conditions set forth herein, <B><U>Number</U></B> Restricted
Shares of the Corporation's common stock and hereby grants such Restricted Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Shares and Price. </B>Restricted Stock
shall consist of shares of Stock that will be acquired by and issued to the Recipient at a designated time approved by the board
of directors, for no purchase price, and under and subject to such transfer, forfeiture and other restrictions, conditions or terms
as shall be determined by the Committee, including but not limited to prohibitions against transfer and substantial risks of forfeiture
within the meaning of Section 83 of the Code. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rights of Recipient. </B>Except as otherwise provided
in the Plan or the Restricted Stock Agreement, a Recipient of shares of Restricted Stock shall have all the rights as does a holder
of Stock, including without limitation the right to vote such shares and receive dividends with respect thereto; however, during
the time period of any restrictions, conditions or terms applicable to such Restricted Stock, the shares thereof and the right
to vote the same and receive dividends thereon shall not be sold, assigned, transferred, exchanged, pledged, hypothecated, encumbered
or otherwise disposed of except as permitted by the Plan or the Restricted Stock Agreement. Cash dividends shall be paid out and
shall not participate in Dividend Reinvestment. Stock dividends resulting in whole shares shall be added to the shares held in
the Restricted Account and shall be distributed to the Recipient with subsequent distributions of any Award for which they accrued.
Partial shares that result from any stock dividend shall be paid to the Recipient in cash at the time of the payment of the stock
dividend. If the Restricted Shares expire prior to the satisfaction of performance standards set forth in section 4 or due to forfeiture
as set forth in section 5, all shares accrued by virtue of stock dividends shall be forfeited. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Holding of Restricted Shares. </B> Each certificate
for shares of Restricted Stock shall be deposited with the Secretary of the Corporation, or the office thereof, and shall bear
a legend in substantially the following form and content:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: 0pt"><B><I>This Certificate and the
shares of Stock hereby represented are subject to the provisions of the Corporation&rsquo;s Stock Incentive Plan and a certain
agreement entered into between the owner and the Corporation pursuant to said Plan. The release of the Certificate and the shares
of Stock hereby represented from such provision shall occur only as provided by said Plan and Agreement, a copy of which are on
file in the office of the Secretary of the Corporation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: -22.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-indent: 0pt"><B><I>Upon the lapse or satisfaction
of the restrictions, conditions and terms applicable to such Restricted Stock, a certificate for the shares of Stock without such
legend shall be issued to the Recipient.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Release and Lapse of Restricted Shares. </B>The
release of restrictions or expiration of restricted shares awarded under this agreement shall occur over a period of three years.
On each anniversary date of this award, up to one-third of the total shares will be distributed based on the Corporation&rsquo;s
attainment of earnings-based performance standards, based on the following criteria:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release of 50% (one-sixth of the total shares awarded)
each year will be based on the Corporation achieving a percent ranking of at least 35% of the Core Return on Average Equity (ROAE)
within a defined peer group of bank holding companies for the prior calendar year.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release of 50% (one-sixth of the total shares awarded)
each year will be based on the Corporation achieving a percent ranking of at least 65% of the Core Return on Average Assets (ROAA)
within a defined peer group of bank holding companies for the prior calendar year. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For the purpose of determining Core ROAE and Core
ROAA. nonrecurring items, as determined by the Committee, and securities gains and losses, will be excluded from the Corporation&rsquo;s
and the peer group&rsquo;s earnings results The peer group consists of all publicly traded Commercial Banks and Thrifts headquartered
in Maryland, New Jersey, New York, Ohio, Pennsylvania and West Virginia with total assets of $1.1 billion to $4.6 billion as of
the end of the calendar year prior to the Award Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Committee reserves the right to change the composition
of the peer group, as well as the method of evaluating the Corporation&rsquo;s Core ROAE and Core ROAA performance as compared
to the peer group, based on mergers or acquisitions involving members of the peer group, changes in size of the Corporation or
members of the peer group, or other factors deemed appropriate by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">All Restricted Shares not distributed due to the Corporation
failing to achieve the defined earnings-based performance standards shall expire and revert back to the Corporation as of the anniversary
date on which such determinations are made. No partial shares may be released, thus an amount equal to the next whole share amount
will be released subject to the specified performance criteria at each anniversary. The shares released may be in certificate form
or may be directed to be held in a custodial account designated by the Recipient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of Forfeiture. </B>If a Recipient&rsquo;s
employment with the Corporation, or a subsidiary, ceases for any reason prior to the lapse of the restrictions, conditions or terms
applicable to his or her Restricted Stock, all of the Recipient&rsquo;s Restricted Stock still subject to unexpired restrictions,
conditions or terms shall be forfeited absolutely by the Recipient to the Corporation without payment or delivery of any consideration
or other thing of value by the Corporation or its affiliates, and thereupon and thereafter neither the Recipient nor his or her
heirs, personal or legal representatives, successors, assigns, beneficiaries, or any claimants under the Recipient&rsquo;s Last
Will or laws of descent and distribution, shall have any rights or claims to or interests in the forfeited Restricted Stock or
any certificates representing shares thereof, or claims against the Corporation or its affiliates with respect thereto. Except
in the case of disability, employment ceases with the Corporation, or its Subsidiary, on the day the Recipient&rsquo;s employment
is terminated with or without cause, or on their date of death. In the event of disability, the Recipient&rsquo;s employment is
considered terminated on the date for which the Recipient receives the final payment under the Corporation&rsquo;s, or Subsidiary&rsquo;s,
short-term disability program. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-Transferability of Restricted Stock. </B>The
Restricted Stock and this Restricted Stock Agreement shall <B><U>not</U></B> be transferable. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change in Control</B>. If any of the change in
control events described in Section 11 of the Plan occur, all shares of Restricted Stock shall fully vest and all restrictions
on the shares of Restricted Stock shall lapse as follows: In the case of an event specified in clause (a) of the second sentence
of the third paragraph of Section 11, the lapse of all restrictions on the shares of Restricted Stock shall occur immediately prior
to the consummation of the described transaction and, in the case of an event specified in clause (b) or (c) of said sentence,
the full vesting and lapse of restrictions shall occur upon occurrence of the described event.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notices. </B>Any notice required or permitted
under this Restricted Stock Agreement shall be deemed given when delivered personally, or when deposited in a United States Post
Office, postage prepaid, addressed, as appropriate, to the Recipient either at his or her address herein above set forth or such
other address as he or she may designate in writing to the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Failure to Enforce Not a Waiver. </B>The failure
of the Corporation to enforce at any time any provision of this Restricted Stock Agreement shall in no way be construed to be a
waiver of such provision or of any other provision hereof.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>10.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing Law. </B>This Restricted Stock Agreement
shall be governed by and construed according to the laws of the Commonwealth of Pennsylvania.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>11.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporation of Plan. </B>The Plan is hereby
incorporated by reference and made a part hereof, and the Restricted Stock and this Restricted Stock Agreement are subject to all
terms and conditions of the Plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>12.</B></TD><TD><B>Amendments. </B>This Restricted Stock Agreement may be amended or modified at any time by an instrument in writing signed
by the parties hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the parties have executed this Restricted
Stock Agreement on the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 5%">By</TD>
                                                    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 45%"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 53px; width: 137px">&nbsp;</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                                    <TD STYLE="text-align: right">&#9;J. Bradley Scovill - President
 &amp; CEO</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing Restricted Stock Agreement and to all the terms and provisions of the Citizens &amp; Northern Corporation 1995 Stock Incentive Plan herein incorporated by reference.</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                                    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                                    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                                    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;</FONT>Recipient
- J. Bradley Scovill</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: right">&nbsp;&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>tm2015071d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>Consent of Independent
Auditors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this
Registration Statement on Form S-4 of Citizens &amp; Northern Financial Corp. and Subsidiaries of our report dated
February 15, 2019, relating to the consolidated financial statements of Covenant Financial, Inc. and its subsidiary as of and
for the year ended December 31, 2018 and to the reference to our firm under the heading &ldquo;Experts&rdquo; in such
registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Baker Tilly Virchow Krause, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Allentown, Pennsylvania</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">April 7, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>&nbsp;</B></P>

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<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>tm2015071d1_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We consent to the use
in this Registration Statement of Citizens &amp; Northern Corporation on Form S-4 of our report dated February 21, 2020, on the
financial statements of Covenant Financial, Inc. as of and for the year ended December 31, 2019, and to the reference to us under
the heading &ldquo;Experts&rdquo; in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_008.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0pt 0">Cranberry Township, Pennsylvania <BR>
April 7, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="image_009.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



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<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>6
<FILENAME>tm2015071d1_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="color: Black"><B>Exhibit 23.4</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="color: fuchsia; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">Consent
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="color: fuchsia; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">We consent
to the reference to our firm under the caption &ldquo;Experts&rdquo; in this Registration Statement on Form S-4 of Citizens &amp;
Northern Corporation and Subsidiaries and to the incorporation by reference therein of our report dated February 20, 2020,
with respect to the consolidated financial statements and the effectiveness of internal control over financial reporting of Citizens
 &amp; Northern Corporation and Subsidiaries, included in its Annual Report on Form 10-K for the year ended December&nbsp;31, 2019.&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">/s/ Baker Tilly Virchow Krause,
LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Williamsport, Pennsylvania<BR>
April 7, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>7
<FILENAME>tm2015071d1_ex23-5.htm
<DESCRIPTION>EXHIBIT 23.5
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.5</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="padding: 0; vertical-align: top; text-indent: 0"><IMG SRC="image_013.jpg" ALT="" STYLE="height: 33px; width: 218px"></TD>
    <TD STYLE="border-right: #3F97B5 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1251
    AVENUE OF THE AMERICAS, 6<SUP>TH</SUP> FLOOR<BR>
    NEW YORK, NY 10020</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 0; vertical-align: top; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>P </B>212 466-7800 | <B>TF</B> 800 635-6851</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 0; vertical-align: top; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-right: #3F97B5 1.5pt solid; padding: 0; text-align: right; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Piper
    Sandler &amp; Co. Since 1985.<BR>
    Member SIPC and NYSE.</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF PIPER SANDLER &amp; CO.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45pt">We hereby consent to
the inclusion of our opinion letter to the Board of Directors of Covenant Financial, Inc. (the &ldquo;Company&rdquo;) as an Annex
to the Proxy Statement/Prospectus relating to the proposed merger of the Company with Citizens &amp; Northern Corporation contained
in the Registration Statement on Form S-4, as filed with the Securities and Exchange Commission, and to references to such opinion
and the quotation or summarization of such opinion in such Proxy Statement/Prospectus and the Registration Statement. In giving
such consent, we do not admit that we come within the category of persons whose consent is required under Section&nbsp;7 of the
Securities Act of 1933, as amended (the &ldquo;Act&rdquo;), or the rules and regulations of the Securities and Exchange Commission
thereunder (the &ldquo;Regulations&rdquo;), nor do we admit that we are experts with respect to any part of such Proxy Statement/Prospectus
and the Registration Statement within the meaning of the term &ldquo;experts&rdquo; as used in the Act or the Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Piper Sandler &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">April 7, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4F55">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4F55"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4F55">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4F55">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4F55">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #4A4F55"><BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #3F97B5">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 149pt">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>8
<FILENAME>tm2015071d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>CERT# ____</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Covenant
Financial, Inc.<BR>
Revocable Proxy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR THE SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD ON [&#9679;], [&#9679;]
[&#9679;], 2020<BR>
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby constitutes and appoints
[&#9679;] and [&#9679;], and each or
any of them, proxies of the undersigned, with full power of substitution to vote all of the shares of Covenant Financial, Inc.,
or &ldquo;Covenant,&rdquo; that the undersigned shareholder may be entitled to vote at the special meeting of shareholders to be
held on [&#9679;], [&#9679;] [&#9679;],
2020 at [&#9679;]:00&nbsp;a.m., local time, at James Lorah Memorial Home Auditorium,
132 N.&nbsp;Main St., Doylestown, Pennsylvania 18901, and at any adjournment or postponement of the special meeting as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The board of directors recommends you
vote FOR proposals 1 and 2.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.
    a proposal to adopt and approve the Agreement and Plan of Merger, dated as of December&nbsp;18, 2019, by and between Covenant
    and Citizens&nbsp;&amp; Northern Corporation, or &ldquo;C&amp;N,&rdquo; which provides for, among other things, the merger
    of Covenant with and into C&amp;N; and </FONT></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Against</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Abstain</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.
    a proposal to authorize the board of directors to adjourn the special meeting, if necessary, to solicit additional proxies,
    in the event there are not sufficient votes at the time of the special meeting to approve the proposal to adopt the merger
    agreement.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">For</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Against</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Abstain</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned hereby acknowledges receipt of Notice of the
special meeting of shareholders and the accompanying proxy statement/prospectus prior to signing this proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This proxy, when properly signed and dated, will be voted
in the manner specified by the undersigned shareholders. If no specification is made, this proxy will be voted FOR proposal&nbsp;#1
and FOR proposal&nbsp;#2. This proxy may be revoked at any time prior to the special meeting by written notice to Covenant or may
be withdrawn and you may vote in person should you attend the special meeting.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please check this box if you plan to attend
the special meeting. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Signature</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Signature</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Print Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Print Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: Black 2px solid">&nbsp;</TD></TR>
</TABLE>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Shares Held of Record on [&#9679;]&nbsp;[&#9679;],
2020: ____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD><I>This proxy must be dated, signed by the shareholder and returned promptly in the enclosed envelope.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD><I>When signing as attorney, executor, administrator, trustee, or guardian, please state full title. If more than one trustee,
all should sign.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD><I>If stock is held jointly, each owner should sign.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>9
<FILENAME>tm2015071d1_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Consent to Serve as Director</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens&nbsp;&amp; Northern Corporation is filing a Registration
Statement on Form&nbsp;S-4 (the &ldquo;<B>Registration Statement</B>&rdquo;) with the Securities and Exchange Commission under
the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;) in connection with the registration of shares
of Citizens&nbsp;&amp; Northern Corporation to be issued to shareholders of Covenant Financial, Inc. in connection with the proposed
acquisition of Covenant Financial, Inc. by Citizens&nbsp;&amp; Northern Corporation. In connection therewith, I hereby consent,
pursuant to Rule 438 of the Securities Act, to being named as a person to become a director of Citizens&nbsp;&amp; Northern Corporation
in the Registration Statement, as it may be amended from time to time. I also consent to the filing of this consent as an exhibit
to such Registration Statement and any amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>/s/ Stephen&nbsp;M. Dorwart</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stephen&nbsp;M. Dorwart</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>10
<FILENAME>tm2015071d1_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Consent to Serve as Director</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens&nbsp;&amp; Northern Corporation is filing a Registration
Statement on Form&nbsp;S-4 (the &ldquo;<B>Registration Statement</B>&rdquo;) with the Securities and Exchange Commission under
the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;) in connection with the registration of shares
of Citizens&nbsp;&amp; Northern Corporation to be issued to shareholders of Covenant Financial, Inc. in connection with the proposed
acquisition of Covenant Financial, Inc. by Citizens&nbsp;&amp; Northern Corporation. In connection therewith, I hereby consent,
pursuant to Rule 438 of the Securities Act, to being named as a person to become a director of Citizens&nbsp;&amp; Northern Corporation
in the Registration Statement, as it may be amended from time to time. I also consent to the filing of this consent as an exhibit
to such Registration Statement and any amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>/s/ Robert&nbsp;G. Loughery</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert&nbsp;G. Loughery</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<SEQUENCE>11
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<DOCUMENT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>image_006.jpg
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
