Croghan Bancshares, Inc. Financial Ratios — CHBH Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	7.28	7.13	6.01	10.56	9.65	9.81	10.36	11.28	10.93	11.13	11.44	9.8	7.17	6.46	7.5
Return on Assets (%)	0.85	0.77	0.61	1.08	1.07	1.12	1.23	1.42	1.45	1.44	1.42	1.25	0.96	0.89	0.98
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	3.79	2.79	2.28	5.75	5.42	4.48	4.08	3.53	3.34	2.99	2.73	2.75	2.71	2.55	2.33
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	27.38	24.79	22.24	33.43	32.3	33.35	35.23	37.03	37.05	37.54	39.98	38.04	31.07	28.98	31.55
Profit Margin (%)	21.87	21.5	18.52	25.31	24.48	25.3	27.5	31.39	30.91	31.05	32.87	31.37	25.72	23.53	25.33
Net Income to Common Margin (%)	21.87	21.5	18.52	25.31	24.48	25.3	27.5	31.39	30.91	31.05	32.87	31.37	25.72	23.53	25.33
Effective Tax Rate (%)	20.13	13.27	16.71	24.29	24.21	24.15	21.95	15.24	16.58	17.28	17.8	17.53	17.24	18.8	19.74
Dvd Payout Ratio (%)	45.06	55.32	36.25	34.06	36.98	35.4	32.53	30.26	33.41	32.25	31.09	34.53	45.28	- -	- -
Sustainable Growth Rate (%)	4	3.19	3.83	6.96	6.08	6.34	6.99	7.87	7.28	7.54	7.88	6.42	3.92	6.46	7.5

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	18	15	14	9	19	16	23	17	18	18	18	60	58	25	145
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	18	15	14	9	19	16	23	17	18	18	18	60	58	25	145
Total Debt/EBITDA	22.48	24.16	26.23	4.51	10.4	9.63	15.05	12.75	13.02	13.24	13.84	49.31	51.5	22.91	130.04
Net Debt/EBITDA	-50.54	-25.46	-24.43	-2.47	0.68	-2.46	1.88	-2.45	-2.22	-11.3	-22.39	32.18	18.61	-10.99	102.44
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	10.58	10.98	9.63	10.83	11.25	11.66	12.15	13.03	13.54	12.44	12.44	13.11	13.69	13.75	12.6
Long-Term Debt/Equity (%)	29.42	22.63	16.87	9.42	19.6	15.25	21	14.98	14.25	12.89	12.5	55.47	48.89	20.11	105.28
Long-Term Debt/Capital (%)	21.74	17.99	15.4	9.46	17.75	13.97	18.25	13.49	12.92	12.04	11.23	29.08	27.65	13.64	46.68
Long-Term Debt/Total Assets (%)	2.94	2.41	1.75	1.13	2.43	1.89	2.71	2.03	2.01	1.7	1.57	5.37	5.23	2.17	11.03
Total Debt/Equity (%)	29.42	22.63	16.87	9.42	19.6	15.25	21	14.98	14.25	12.89	12.5	55.47	48.89	20.11	105.28
Total Debt/Capital (%)	21.74	17.99	15.4	9.46	17.75	13.97	18.25	13.49	12.92	12.04	11.23	29.08	27.65	13.64	46.68
Total Debt/Total Assets (%)	2.94	2.41	1.75	1.13	2.43	1.89	2.71	2.03	2.01	1.7	1.57	5.37	5.23	2.17	11.03
Net Debt to Equity	-66.14	-23.85	-15.71	-5.15	1.28	-3.9	2.62	-2.88	-2.43	-11	-20.21	36.2	17.67	-9.65	82.93
Net Debt/Capital (%)	-166.41	-30.07	-20.43	-6.06	1.39	-4.34	2.71	-3.09	-2.6	-13.23	-25.71	21.11	12.14	-8.19	40.81
EBITDA	1	1	1	2	2	2	2	1	1	1	1	1	1	1	1
EBITDA-CapEx	- -	- -	- -	1	1	1	-17	- -	- -	1	- -	1	- -	1	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	10.58	10.98	9.63	10.83	11.25	11.66	12.15	13.03	13.54	12.44	12.44	13.11	13.69	13.75	12.6
Long-Term Debt/Equity (%)	29.42	22.63	16.87	9.42	19.6	15.25	21	14.98	14.25	12.89	12.5	55.47	48.89	20.11	105.28
Long-Term Debt/Capital (%)	21.74	17.99	15.4	9.46	17.75	13.97	18.25	13.49	12.92	12.04	11.23	29.08	27.65	13.64	46.68
Long-Term Debt/Total Assets (%)	2.94	2.41	1.75	1.13	2.43	1.89	2.71	2.03	2.01	1.7	1.57	5.37	5.23	2.17	11.03
Total Debt/Equity (%)	29.42	22.63	16.87	9.42	19.6	15.25	21	14.98	14.25	12.89	12.5	55.47	48.89	20.11	105.28
Total Debt/Capital (%)	21.74	17.99	15.4	9.46	17.75	13.97	18.25	13.49	12.92	12.04	11.23	29.08	27.65	13.64	46.68
Total Debt/Total Assets (%)	2.94	2.41	1.75	1.13	2.43	1.89	2.71	2.03	2.01	1.7	1.57	5.37	5.23	2.17	11.03
CFO/Total Liabilities	1.45	2.08	1.46	1.97	1.95	1.64	1.84	2.01	1.95	1.68	1.9	1.76	1.47	1.33	1.16
CFO/CapEx	15.06	52.21	30.78	17.41	12.71	13.68	0.74	16.94	11.62	20.15	13.99	26.8	11.69	24.45	20.19
Altman's Z-Score	0.18	0.19	0.16	0.21	0.22	0.25	0.26	0.27	0.29	0.26	0.27	0.26	0.25	0.25	0.24

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	9.74	8.88	8.45	11.64	12.46	12.71	12.7	12.84	13.7	13.21	12.58	11.29	9.42	9.3	9.84
Days Sales Outstanding	37.49	41.12	43.21	31.36	29.29	28.71	28.75	28.42	26.64	27.63	29	32.34	38.76	39.26	37.09
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	49	51	59	80	81	105	115	114	121	117	142	122	98	101	109
- Cash & Cash Equivalents	60	31	28	14	18	19	20	21	21	32	46	21	37	37	31
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	18	15	14	9	19	16	23	17	18	18	18	60	58	25	145
Enterprise Value	7	-204	-207	-144	-108	-88	-56	-44	-42	-127	-245	-168	-177	33	160
Total Capital	85	84	93	93	109	111	125	128	136	145	156	208	212	183	311
Total Debt/Capital (%)	21.74	17.99	15.4	9.46	17.75	13.97	18.25	13.49	12.92	12.04	11.23	29.08	27.65	13.64	46.68
Total Debt / EV	2.66	-0.07	-0.07	-0.06	-0.18	-0.18	-0.41	-0.39	-0.42	-0.14	-0.07	-0.36	-0.33	0.77	0.91
EV/Sales	0.32	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.76	3.34
EV/EBITDA	8.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	29.86	143.41
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	0.85	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.39	11.67
EV/Free Cash Flow to Firm	0.79	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.3	11.11
Diluted Market Cap	49	51	59	80	81	105	115	114	122	117	142	122	98	101	109
Diluted Enterprise Value	7	35	46	75	83	101	118	110	119	102	114	162	119	89	224
EV per Share	4.15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	15.53	78.22
TTM Sales	22	23	24	34	34	36	37	38	41	44	46	45	42	43	48
TTM EBITDA	1	1	1	2	2	2	2	1	1	1	1	1	1	1	1
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	8	12	11	14	14	12	13	15	15	15	18	18	15	14	14
TTM Free Cash Flow to Firm	9	12	11	14	15	13	32	16	16	16	20	19	16	14	14

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	5.55	4.25	5.37	5.62	5.54	8.33	3.63	7.29	7.63	7.4	7.18	6.61	6.14	7.14	7.6
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	7	-204	-207	-144	-108	-88	-56	-44	-42	-127	-245	-168	-177	33	160
Low Price	23.55	27.8	30.65	32.65	33.35	35.25	42.25	49.15	48.76	28.75	50.25	54.2	44	45.05	44.9
EV/Sales	0.32	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.76	3.34
EV/EBITDA	8.44	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	29.86	143.41
Price/Earnings	10.21	10.46	13.25	9.29	9.66	11.54	11.21	9.47	9.7	8.5	9.32	8.73	9.11	10.07	9.01
Price/Earnings Average	8.9	11.44	13.29	9.12	9.46	9.65	10.45	10.38	9.58	7.7	8.67	9.66	9.96	9.72	8.21
Price/Earnings High	10.35	12.61	14.7	10.04	10.06	11.54	11.71	11.28	10.88	9.24	10.05	11.34	12.28	10.53	9.01
Price/Earnings Low	8.29	9.61	11.86	8.62	9.07	8.85	9.42	9.35	8.84	4.7	7.32	8.45	8.71	9.39	7.56
Price/Book Value	0.73	0.73	0.75	0.95	0.9	1.1	1.12	1.03	1.02	0.91	1.03	0.83	0.64	0.64	0.66
Price/Book Value Average	0.64	0.8	0.75	0.93	0.89	0.92	1.05	1.13	1.01	0.83	0.95	0.92	0.7	0.62	0.6
Price/Book Value High	0.74	0.88	0.83	1.02	0.94	1.1	1.17	1.23	1.15	0.99	1.11	1.08	0.86	0.67	0.66
Price/Book Value Low	0.59	0.67	0.67	0.88	0.85	0.84	0.94	1.02	0.93	0.5	0.81	0.8	0.61	0.6	0.55
Price/Tangible Book Value	1.04	0.98	1.03	1.19	1.11	1.36	1.36	1.24	1.21	1.03	1.21	1.41	1.01	0.99	0.95
Price/Tangible Book Value Average	0.9	1.07	1.04	1.17	1.09	1.14	1.27	1.36	1.2	0.94	1.12	1.56	1.1	0.96	0.86
Price/Tangible Book Value High	1.05	1.18	1.15	1.29	1.15	1.36	1.42	1.48	1.36	1.12	1.3	1.84	1.36	1.04	0.95
Price/Tangible Book Value Low	0.84	0.9	0.92	1.11	1.04	1.05	1.14	1.23	1.1	0.57	0.95	1.37	0.97	0.93	0.8
Price/Sales	2.23	2.25	2.45	2.35	2.36	2.92	3.08	2.97	3	2.64	3.06	2.74	2.34	2.37	2.28
Price/Sales Average	1.95	2.46	2.46	2.31	2.32	2.44	2.88	3.26	2.96	2.39	2.85	3.03	2.56	2.29	2.08
Price/Sales High	2.26	2.71	2.72	2.54	2.46	2.92	3.22	3.54	3.36	2.87	3.3	3.56	3.16	2.48	2.28
Price/Sales Low	1.81	2.07	2.2	2.18	2.22	2.24	2.59	2.94	2.73	1.46	2.41	2.65	2.24	2.21	1.91
Price/Cash Flow	5.92	4.31	5.52	5.93	5.96	8.92	8.53	7.71	8.28	7.77	7.7	6.86	6.67	7.43	7.98
Price/Cash Flow Average	5.16	4.72	5.54	5.82	5.84	7.47	7.95	8.45	8.18	7.03	7.16	7.58	7.29	7.18	7.27
Price/Cash Flow High	6.01	5.2	6.12	6.4	6.22	8.92	8.91	9.18	9.29	8.44	8.3	8.91	8.99	7.78	7.98
Price/Cash Flow Low	4.81	3.96	4.94	5.5	5.6	6.84	7.16	7.62	7.55	4.29	6.04	6.64	6.38	6.94	6.7
Price/Free Cash Flow Average	4.84	4.65	5.38	5.51	5.43	6.97	3.38	7.99	7.53	6.7	6.68	7.31	6.71	6.89	6.93
Price/Free Cash Flow High	5.63	5.12	5.96	6.07	5.78	8.33	3.79	8.68	8.55	8.04	7.75	8.59	8.28	7.47	7.6
Price/Free Cash Flow Low	4.51	3.9	4.8	5.21	5.21	6.39	3.05	7.2	6.95	4.09	5.64	6.4	5.87	6.66	6.38
EV/Sales Average	0.03	1.75	1.91	2.17	2.35	2.33	2.95	3.17	2.89	2.05	2.24	3.91	3.07	2.01	4.46
EV/Sales High	0.35	2	2.17	2.4	2.5	2.81	3.3	3.45	3.29	2.53	2.69	4.44	3.66	2.2	4.66
EV/Sales Low	- -	1.35	1.64	2.04	2.26	2.13	2.67	2.85	2.66	1.12	1.79	3.53	2.75	1.93	4.3
EV/EBITDA Average	0.88	62.65	83.65	37.69	43.38	51.99	72.42	89.74	86.46	68.53	82.09	142.49	113.04	78.6	191.85
EV/EBITDA High	9.25	71.66	95.11	41.72	46.1	62.61	80.9	97.72	98.5	84.47	98.7	161.72	135.05	86.08	200.52
EV/EBITDA Low	-2.64	48.51	71.99	35.5	41.62	47.46	65.41	80.64	79.65	37.43	65.79	128.69	101.25	75.62	184.75
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	29	30.27	34.25	35.18	35.5	45.95	50.3	49.75	53.5	52	64	56	46	48.27	53.49
High Price	29.4	36.5	38	38	37	45.95	52.55	59.25	59.99	56.5	69	72.75	62	50.49	53.5
Enterprise Value Average	1	39	46	74	81	84	110	121	117	91	104	175	128	86	214
Enterprise Value High	8	45	52	82	86	101	123	132	133	112	125	198	153	94	224
Enterprise Value Low	-2	31	39	69	77	76	99	109	108	50	83	158	115	83	206

Shares Outstanding	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Diluted Weighted Avg Shares	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Basic Weighted Avg Shares	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
Revenue per Share	12.99	13.46	13.95	14.96	15.02	15.75	16.32	16.74	17.84	19.7	20.89	20.45	19.64	20.38	23.45
EBITDA per Share	0.49	0.38	0.32	0.86	0.81	0.71	0.67	0.59	0.6	0.59	0.57	0.56	0.53	0.52	0.55
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.84	2.89	2.58	3.79	3.68	3.98	4.49	5.25	5.52	6.12	6.87	6.41	5.05	4.8	5.94
Basic EPS from Cont Ops	2.84	2.89	2.58	3.79	3.68	3.98	4.49	5.25	5.52	6.12	6.87	6.41	5.05	4.8	5.94
Diluted EPS, GAAP	2.84	2.88	2.57	3.78	3.67	3.98	4.48	5.25	5.51	6.12	6.87	6.41	5.05	4.8	5.94
Diluted EPS from Cont Ops	2.84	2.88	2.57	3.78	3.67	3.98	4.48	5.25	5.51	6.12	6.87	6.41	5.05	4.8	5.94
Dividend per Share	1.28	1.6	0.94	1.29	1.36	1.41	1.46	1.59	1.84	1.97	2.13	2.21	2.29	- -	- -
Cash Flow per Share	4.9	7.02	6.21	5.94	5.95	5.15	5.9	6.45	6.46	6.7	8.31	8.17	6.9	6.49	6.71
Free Cash Flow per Basic Share	4.57	6.88	6	5.6	5.48	4.77	-2.08	6.07	5.9	6.36	7.72	7.86	6.31	6.23	6.37
Cash & Equivalents per Share	35.9	160.99	162.82	102.47	91.12	91.14	84.97	76.51	79.65	116.37	182.37	160.76	156.26	44.66	46.2
Book Value per Share	39.78	41.4	45.79	37.1	39.26	41.88	44.83	48.35	52.28	57.05	62.38	67.52	71.73	75.47	81.03
Tangible Book Value per Share	28.01	30.84	33.15	29.51	32.04	33.72	37.07	39.98	44.19	50.37	52.93	39.62	45.58	48.57	56.41

Croghan Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)