Benj Gallander First United FUNC-Q PAST TOP PICK Jun 19, 2015

This is a really small US bank. He has a target price of better than $20 on it. There are only 6 million shares. They did not dilute at all during the recession. He suspects they will restart a dividend before the end of 2016. A well-run company with good capitalization ratios. When it moves, it could actually move fairly quickly because of the share count.

A small US bank. They are making a little bit of money. Have just over 6 million shares outstanding. They did not dilute at all in the recession. This is one of his favourites.

(A Top Pick Nov 17/14. Down 3.47%.) A small bank based in Oakland, Maryland with 25 branches. Recent quarterly results were not as good. Revenue and income was down a bit. Capitalization rates were down a bit, but are still very good. Prior to the recession it paid $0.20 a quarter as a dividend. They don’t pay a dividend now, but thinks they will start one before the end of 2016. He can see this tripling.

Thinks it can double from here. Has had a nice little run lately. A lot of this is because if interest rates go up banks usually do better. A beautifully run little bank. It was so much a better Buy when it was $8, and doesn’t know if he would chase it at its current level.

(A Top Pick Feb 3/15. Up 12.03%.) A small bank out of Oakland Maryland. 25 branches and great capitalization ratios. Expects that before the end of 2017 they’ll start paying a dividend again. He can see this going back over $20. Compared to many banks, they did not dilute at all during the recession.

(A Top Pick March 26/15. Up 20.89%.) Small US bank with about 25 outlets. Good capitalization ratios and good management. Profitable. Waiting for them to reinstate a dividend. When he looks at the money they are making, they could put in a dividend now. Expects a dividend will be reinstated before 2017, and one that a stock would usually go up on.

(A Top Pick May 7/15. Up 24.09%.) This has been up 25% annualized each of the past 5 years. Doesn’t pay a dividend, but expects it will before the end of 2017. He can see this doing better than a double from here.

A bank out of Oakland Maryland. It has a pretty good balance sheet. This bank didn’t dilute at all during the recession. Thinks they will start paying a dividend after 2017, and the stock should start to move up.

(Top Pick Oct 27/15, Up 79.89%) They did not dilute shares during the downturn. They stopped paying the dividend and he thinks they will start paying one again. They will be taking out their convertible debentures which pay a high dividend rate.

(A Top Pick Sept 22/16. Up 70%.) This has done very well, and he keeps on waiting for it to start a dividend again. A regional bank, but with reasonable insider ownership. Well-managed. Trades at around BV. He can see a $5 upside from here.