United Tennessee Bankshares (UNTN) SC 13E3/A Going private transaction (amended)

EXHIBIT (C)(4)

Presentation to Presentation to United Tennessee Bankshares, Inc. United Tennessee Bankshares, Inc. April 12, 2005 April 12, 2005

Table of Contents

Triangle Capital Partners Triangle Capital Partners, LLC3600 Glenwood Avenue, Suite 104Raleigh, NC 27612Fax: (919) 719 - 4777www.trianglecapitalpartne rs.comJohn SchrammBill WagnerMike PattersonManaging DirectorManaging DirectorManaging DirectorPhone: (919) 719 - 4783Phone: (919) 719 - 4782Phone: (919) 719 - 4786jschramm@trianglecapital partners.comwwagner@triangl ecapitalpartners.commpatterso n@trianglecapitalpartners.com Matt ParamoreAnalystPhone: (919) 719 - 4785mparamore@triangleca pitalpartners.comFinancial Institutions

1. Valuation Analysis

Methodologies To establish a range of fair value for the common stock of United Tennessee Bankshares, Inc. "UTBI", Triangle Capital Partners utilized three valuation methodologies: Comparison to market multiples of selected peer groups Premium to market analysis Discounted dividend analysis In addition, Triangle Capital Partners reviewed the historic trading activity of UTBI's common stock Triangle Capital Partners reconciled the results of these analyses to establish a range of fair values for UTBI

Financial Institution Indexed Market Performance *As of the market close on 03/31/2005 Source: SNL Financial, LC

Small Company Indexed Market Performance *As of the market close on 03/31/2005 Source: SNL Financial, LC

UTBI 3-Year Price / Volume Analysis *As of the market close on 03/31/2005Source: SNL Financial, LC

UTBI Stock Trading Activity * As of the market close on 03/31/2005 Source: SNL Financial, LC and TCP calculations High Low ClosingClosingClosingDatePric eVolumeDatePriceVolumeDate PriceVolume3/31/2005$18.65 3,40011/23/2004$20.522,300 7/22/2004$18.077003/29/200 5$18.653,70211/18/2004$18. 255007/20/2004$19.688003/2 8/2005$18.6520011/9/2004$1 9.112007/13/2004$20.001003 /23/2005$19.3150010/28/200 4$20.251007/7/2004$18.7230 03/21/2005$20.052,50010/14/ 2004$20.005256/30/2004$18. 421,1003/18/2005$18.801001 0/5/2004$19.901006/28/2004 $17.752003/11/2005$18.8113 310/4/2004$20.001006/25/20 04$19.002,0863/9/2005$19.6 160010/1/2004$19.004506/18 /2004$18.937002/22/2005$19 ..251009/30/2004$19.524006/ 17/2004$17.723,3002/17/200 5$19.152009/28/2004$18.204 006/15/2004$17.501,7002/14/ 2005$19.651009/24/2004$19. 259006/14/2004$16.502,0002/9/ 2005$19.454009/23/2004$18. 732006/9/2004$17.501002/8/ 2005$19.651009/14/2004$18. 255256/8/2004$17.507002/1/ 2005$19.302009/8/2004$18.6 51206/7/2004$17.461,1781/1 9/2005$19.927009/7/2004$17 ..854005/17/2004$17.002001/ 11/2005$19.682259/3/2004$1 7.901005/12/2004$16.732001 /7/2005$19.689019/2/2004$1 7.601045/11/2004$17.001,63 912/29/2004$20.502,3058/27/ 2004$17.306005/10/2004$17. 5010012/28/2004$19.751008/ 20/2004$17.252005/7/2004$1 8.221,00012/23/2004$18.591, 0758/13/2004$17.255004/26/ 2004$18.0155012/14/2004$2 0.491,0008/9/2004$16.59100 4/20/2004$18.4820012/13/20 04$19.421,2008/6/2004$17.2 52004/19/2004$18.7348212/8 /2004$20.281008/3/2004$17. 151,0004/16/2004$18.601,60 012/3/2004$20.501008/2/200 4$16.802004/15/2004$18.751 0011/24/2004$20.711007/23/20 04$17.503,7804/6/2004$19.1 5200PriceSharesWeighted EarliestTradedLowAverageHig hTradeLast 5 trades10,302$18.65$19.02$2 0.053/21/2005Last 10 trades11,935$18.65$19.05$2 0.052/17/2005Last 20 trades17,541$18.59$19.31$2 0.5012/23/2004Last twelve months55,280$16.50$18.60$ 20.714/6/2004

Analysis of Trading History Price RangeLast 12 MonthsLast 6 MonthsLast 90 Days% Total% Total% TotalSharesSharesSharesShare sSharesShares$20.50$20.994, 8059%4,80519%2,30514%$2 0.00$20.494,4258%4,32517% 2,50015%$19.50$19.994,026 7%3,22613%2,62616%$19.00 $19.496,43612%3,25013%1,4 009%$18.50$18.9912,11222 %8,61035%7,53546%$18.00$ 18.494,9759%5002%00%$17. 50$17.9910,48419%00%00% $17.00$17.495,51710%00%0 0%$16.50$16.992,5005%00% 00%Total55,280100%24,71610 0%16,366100%Weighted Average18.60$ 19.49$ 19.36$ Days Traded753418Days Not Traded1759246Avg. Daily Volume737727909 * As of the market close on 03/31/2005 Source: SNL Financial, LC and TCP calculations

Selection of Peer Groups To help establish the range of fair value for the common stock of UTBI, Triangle Capital Partners reviewed the trading prices of the following peer groups: All publicly traded thrifts nationwide as identified by SNL Financial, LC All Southeast thrifts All thrifts nationwide with assets between $100 million and $200million All thrifts nationwide with market capitalizations between $15 million and $35 million All thrifts nationwide with returns on average assets between 1.40% and 1.80% All thrifts nationwide with returns on average equity between 10.0% and 12.0% All thrifts nationwide with ratios of tangible equity / tangibleassets between 12% and 20% The following pricing ratios for each peer group were reviewed: Price / book value Price / tangible book value Price / earnings - -reported last twelve months Price / earnings - core*last twelve months Core earnings are net income minus after tax net non-operating income

Comparison to Thrift Industry Median Ratios The typical publicly traded thrift is larger than UTBI, has less capital, and is less profitable UTBI has a higher level of non-performing assets than the median for U.S. thrifts The typical publicly traded thrift is trading for 140%-155% of book value and tangible book value and approximately 17 times LTM earningsThrifts*All U.S.Thrifts*UTBICompany Financials278 ThriftsTotal Assets ($mil)$331$123Tangible Equity/Assets %9.0%14.5%NPAs/Assets %0.34%0.62%ROA %0.72%1.58%ROE %7.1%10.9%Efficiency Ratio %66%51%Pricing RatiosPrice/Book Value %141%Price/Tangible BV %155%Price/LTM Earnings x16.8xPrice/LTM Core Earnings x17.4xPrice/2005E Earnings x14.7xDividend Yield %2.2%Market Value ($mil)$53* Median ratios for publicly traded thrifts Source: SNL Financial, LC as of 03/31/2005

Comparison to Southeast Thrifts Southeastern thrifts are typically smaller, with higher capital and lower profitability UTBI is similar in size, but has higher capital and is more profitable Southeastern thrifts tend to trade a lower price to book value ratios and higher price to earnings ratios than the industry as a wholeThrifts*SoutheastThrifts *UTBICompany Financials28 ThriftsTotal Assets ($mil)$158$123Tangible Equity/Assets %10.7%14.5%NPAs/Assets %0.64%0.62%ROA %0.60%1.58%ROE %4.1%10.9%Efficiency Ratio %71%51%Pricing RatiosPrice/Book Value %138%Price/Tangible BV %138%Price/LTM Earnings x22.3xPrice/LTM Core Earnings x22.8xPrice/2005E Earnings x25.1xDividend Yield %2.1%Market Value ($mil)$25* Median ratios for publicly traded thrifts Source: SNL Financial, LC as of 03/31/2005

Comparison to Nationwide Peer Groups based on Size Smaller thrifts tend to have higher levels of capital and lower profitability than the typical publicly traded thrift UTBI has a higher level of capital and profitability than these peer groups Smaller thrifts typically trade at a discount to the market in terms of price / book value ratios Smaller thrifts typically have similar price to book value and price to tangible book value ratios due to a limited amount of intangible assets Smaller thrifts typically trade at higher than average price to earnings ratiosThrifts*AssetsMarket Cap100MM15MM- 200MM- 35MMUTBICompany Financials56 Thrifts56 ThriftsTotal Assets ($mil)$136$189$123Tangible Equity/Assets %10.8%10.3%14.5%NPAs/A ssets %0.56%0.66%0.62%ROA %0.66%0.57%1.58%ROE %5.5%5.3%10.9%Efficiency Ratio %72%73%51%Pricing RatiosPrice/Book Value %113%119%Price/Tangible BV %116%123%Price/LTM Earnings x18.1x18.9xPrice/LTM Core Earnings x18.9x19.5xPrice/2005E Earnings xNA NA Dividend Yield %2.0%2.5%Market Value ($mil)$21$24* Median ratios for publicly traded thrifts Source: SNL Financial, LC as of 03/31/2005

Comparison to Nationwide Peer Groups based on Profitability Thrifts with above average profitability tend to be much larger in size UTBI is much smaller than the medians for these peer groups UTBI has a much higher level of capital than the medians for these peer groups Thrifts with above average profitability tend to trade at higher price to book value ratios, but lower price to earnings multiplesThrifts*ROAROE1.4 0%10.0%- 1.80%- 12.0%UTBICompany Financials8 Thrifts26 ThriftsTotal Assets ($mil)$738$801$123Tangible Equity/Assets %9.3%7.1%14.5%NPAs/Ass ets %0.12%0.35%0.62%ROA %1.55%0.99%1.58%ROE %13.2%11.0%10.9%Efficienc y Ratio %47%57%51%Pricing RatiosPrice/Book Value %155%151%Price/Tangible BV %177%166%Price/LTM Earnings x14.0x14.6xPrice/LTM Core Earnings x14.0x14.9xPrice/2005E Earnings x13.0x13.0xDividend Yield %2.9%2.2%Market Value ($mil)$190$103* Median ratios for publicly traded thrifts Source: SNL Financial, LC as of 03/31/2005

Comparison to Nationwide Peer Groups based on Capital Level Highly capitalized thrifts tend to be smaller in size than the average thrift UTBI is much more profitable than the typical overcapitalized thrift Thrifts with high levels of capital trade at lower price to book value ratios, but they trade at above average price to earnings multiplesThrifts*T. Equity12.0%- 20.0%UTBICompany Financials38 ThriftsTotal Assets ($mil)$195$123Tangible Equity/Assets %14.5%14.5%NPAs/Assets %0.25%0.62%ROA %0.69%1.58%ROE %4.9%10.9%Efficiency Ratio %68%51%Pricing RatiosPrice/Book Value %121%Price/Tangible BV %135%Price/LTM Earnings x20.5xPrice/LTM Core Earnings x24.9xPrice/2005E Earnings x25.7xDividend Yield %2.1%Market Value ($mil)$34* Median ratios for publicly traded thrifts Source: SNL Financial, LC as of 03/31/2005

Comments on Trading Market Conditions The data clearly indicates that smaller thrifts tend to trade atlower price to book value ratios Thrifts with above average profitability then to trade at higherprices based on book value, but they trade at lower price to earnings multiples Thrifts with above average profitability are typically much larger than UTBI The data also indicates that highly capitalized thrifts trade atlower price to book value ratios Investors generally consider small, over- capitalized thrifts to trade primarily on book value rather than earnings

Guideline Company Selection We reviewed all thrifts identified as public companies by SNL Financial, LC and selected a group of thrift institutions that met the following criteria (the "Guideline Companies"): Total assets between $50 million and $500 million Return on average equity of greater than 8.0% Tangible equity to tangible assets of greater than 8.0% Non-performing assets / total assets of less than 1.50% We excluded companies that: Were mutual holding companies Did not have available pricing ratios Were targets of merger transactions The criteria resulted in the selection of 11 Guideline Companies

Financial Comparison to Guideline Companies UnitedTennesseeGuidelineBan ksharesCompaniesBalance Sheet RatiosTotal Assets ($MM)$123$226Net Loans / Assets64.3%83.0%Deposits / Assets82.3%76.7%Borrowin gs / Assets - 11.7%GAAP Tangible Equity / Assets14.5%10.8%Profitabili ty RatiosInterest Rate Margin4.50%3.71%Non- interest Income / Average Assets0.41%0.58%Non- interest Expense / Average Assets2.48%2.68%Efficienc y Ratio51.2%60.7%ROA1.58% 1.10%ROE10.9%10.3%Reser ves & Asset QualityLLR / Loans1.23%0.85%NPL's / Loans0.80%0.52%NPA's / Assets0.62%0.45%LLR / NPA's69.8%113.7%OtherInsi der Ownership28.8%26.3%Instit utional Ownership2.6%4.2%Deposit s / Branch ($MM)$34$39* Median ratios for publicly traded thrifts (LTM 12/31/2004) Source: SNL Financial, LC as of 03/31/2005

Pricing Ratios for Guideline Companies Source: SNL Financial, LC and TCP calculations EAvgPrice/TotalClsgxDailyMk t.Price/Tang.Divid.LTMLTME ffic.Tang.NPAs/AssetsPricecVo l.Cap.BookBookYieldROAAR OAERatioCapitalAssetsState/C ompanyStSymbol($mil)$h(000s )($mil)RepCore%%%%%% %% Guideline Companies as of 03/31/2005ASB Financial Corp.OHASBP17322.00O137 18.618.82012012.71.2111.45 610.80.47CKF Bancorp Inc.KYCKFB15416.25B12412 ..412.41361463.71.2211.7471 0.30.72Community Financial Corp.VACFFC37922.44O147 13.213.21501502.01.0412.46 28.20.18Farnsworth Bancorp Inc.NJFNSW10119.25B0131 7.518.21381380.50.638.5749. 00.45First Bancshares Inc.MOFBSI26021.24O23312 ..012.11191210.81.1010.5631 0.8NA First Community Bank Corp.FLFCFL22624.11O2512 9.829.82312360.00.969.0601 0.10.06Great American BancorpILGTPS16031.25B1 2317.217.51301341.40.928.4 7410.8NA Horizon Financial Svcs Corp.IAHZFS10715.00B1129 ..99.997971.81.1910.36111.3N A Park Bancorp Inc.ILPFED26830.25O03211. 314.71031032.41.1310.16311 ..71.20Perpetual Federal Savings BankOHPFOH35428.65B071 14.014.01371373.41.559.929 14.6NA River Valley BancorpINRIVR27421.74O13 415.015.11561573.50.9610.8 588.10.41High1137927129.829. 82312363.71.5512.47414.61.203 rd Quartile1127114217.317.81531 533.01.2011.16311.00.60Median 1122613314.014.71371382.01.10 10.36110.80.451st Quartile1115712412.212.81241 271.10.969.4579.50.30Low1110 10129.99.997970.00.638.4298.10 ..06United Tennessee Bankshares, Inc.TNUTBI1231.5810.95114.5 0.62CompanyTrading MarketPricing MultiplesLTMFinancial RatiosEarnings RatiosPrice To

Observations on Guideline Companies The Guideline Companies consist of 11 thrifts which are smaller than the average actively traded thrift, have higher levels of capital, and are more profitable The median pricing ratios for these Guideline Companies on a price to book value and price to earnings basis are lower than national medians Perpetual Federal is very comparable to UTBI in terms of capitallevel and profitability The Guideline Companies support the position that smaller, highly capitalized thrifts tend to trade more on book value than earnings Small thrifts are perceived to have a high level of earnings volatility which can be attributed in part to interest rate risk

Valuation of UTBI Based on Guideline Companies(1) 18 (1) Pricing for UTBI implied by ratios of the 11 peers selected Blue bars represent the inter-quartile range, medians boxed 3rdQuartile 17.3x 17.8x 153% 153% Median 14.0x 14.7x 137% 138% 1stQuartile 12.2x 12.8x 124% 127%

Trading Market Conclusions (1) As of or for the year twelve months ended 12/31/2004 In comparison to the typical publicly traded thrift, UTBI is smaller, more profitable and has a higher level of capital The overall market, supported by the Guideline Companies, indicate that small, overcapitalized thrifts trade at below average price to book value ratios Based on a review of the trading data for thrifts with similar financial characteristics, Triangle Capital Partners selected the following pricing ratios to apply to UTBI:Range implied by trading market analysis -$17.75 - - $23.50UTBI(1)LowHighIndicat ed Price RangePrice/Book Value$15.39120%140%$18.4 7$21.54Price/Tangible BV$14.79120%140%$17.75$ 20.71Price/LTM Earnings$1.5813.0 x15.0 x$20.54$23.70Price/LTM Core Earnings$1.5713.0 x15.0 x$20.36$23.49Selected Pricing Ratios

Dividend Discount Analysis A range of fair value for a common stock can be determined basedon the present value of the expected future dividends to be received UTBI provided Triangle with financial projections through 12/31/09 To determine the present value of future dividends beyond 12/31/09, assumptions were made regarding an appropriate terminal multiple

Financial Projections The management of UTBI provided Triangle Capital Partners with the following financial projections:Projections for the Year Ending December 31, 20052006200720082009Total Assets ($000s)128,792135,232141,9 93149,093156,547 Growth (%)5%5%5%5%5%Equity ($000s)19,16219,56820,0352 0,55121,126Net Income ($000s)1,9001,6001,7001,800 1,900EPS$1.59$1.38$1.51$1. 65$1.79Book value per share$16.50$17.37$18.34$19 ..39$20.55Dividends per share$0.40$0.44$0.48$0.52$ 0.56ROA1.51%1.21%1.23%1. 24%1.24%ROE10.1%8.3%8.6 %8.9%9.1%

Dividend Discount Analysis (1) Based on UTBI's projections. Triangle discounted UTBI's projected dividends to present value at discount rates between 11% and 13%. Triangle assumed that an appropriate terminal multiple for UTBI would be between 13x and 15x. Triangle multiplied UTBI's 2009 estimated earnings per share by the selected terminal multiples and discounted this value using the same discount rate selected for dividends. The sum of these values was the implied present value per share. Range implied by dividend discount analysis -$18.25 to $22.00 Implied Value per Share(1)Terminal Multiple13x14x15x11.0%$18.9 1$20.36$21.8111.5%$18.22$20. 18$21.6212.0%$18.57$20.00$21 ..4312.5%$18.40$19.82$21.2413. 0%$18.24$19.65$21.05Discount Rate

Going Private Premium Study Triangle selected 19 going private transactions announced in thelast two years The analysis includes only reverse stock splits and cash-out mergers The analysis includes only bank and thrift transactions The analysis excludes transactions that could be deemed a changeof control Triangle analyzed the range of premiums paid over the trading price

Selected Transactions Sources: SNL Financial, LC and SEC filings Announce TransactionAssetsTransaction % ofCompanyTickerDateType($0 00's)ValueSharesPremiumASB Financial Corp. ASBP 3/3/2005Reverse Stock Split172,961$1,985,6595.0% 11.4%First Manitowoc Bancorp, Inc.FWBW02/25/05Cash Out Merger606,753$1,844,7001.4 %27.9%Benchmark Bankshares, Inc.BMRB12/23/04Reverse Stock Split284,623$11,796,16920.9 %11.8%KS Bancorp, Inc. KSAV12/22/04Reverse Stock Split223,208$1,418,0404.9% 23.1%Commercial National Financial Corp.CEFC11/18/04Cash Out Merger243,859$8,750,00017. 1%13.6%Fidelity Federal BancorpFFED11/11/04Rever se Stock Split201,842$2,000,00010.0 %6.3%Central Federal Corporation GCFC10/22/04Reverse Stock Split128,953$1,940,8116.1% 14.2%Blackhawk Bancorp, Inc.BKHB10/22/04Reverse Stock Split415,911$995,5662.6%27 ..1%Sturgis Bancorp, Inc.STBI09/29/04Cash Out Merger312,431$588,8321.3% 18.1%Southern Michigan Bancorp Inc.SOMC09/03/04Cash Out Merger310,815$1,213,2155.1 %20.3%First Banking Center, Inc. FBCI08/20/04Reverse Stock Split565,408$21,660,00024.2 %17.6%Coddle Creek Financial Corp.CDLC03/30/04Reverse Stock Split137,652$500,0002.0%4. 1%Easton Bancorp Inc.EASB01/02/04Cash Out Merger101,837$3,013,65024. 3%(6.9%)IBW Financial Corp. IBWF12/31/03Reverse Stock Split302,720$470,2301.9%65 ..9%HFB Financial CorporationHFBA10/28/03C ash Out Merger256,689$468,4001.6% 3.4%Valley Ridge Financial Corp.VYRG09/19/03Reverse Stock Split193,008$1,660,0004.9% 11.1%BankPlus, FSBBPLS07/15/03Reverse Stock Split313,234$200,0000.8%6. 7%Capital Directions, Inc.CTDN06/25/03Cash Out Merger129,839$551,4501.7% (3.8%)Chesapeake Financial Shares, Inc.CPKF09/03/02Reverse Stock Split332,424$1,979,0736.5% 18.7%3rd Quartile19312,833$1,992,8308. 2%19.5%Median19256,689$1,6 60,0004.9%13.6%1st Quartile19182,985$570,1411.8 %6.5%

Premium Analysis Based on a review of these 19 transactions, Triangle concluded that a reasonable premium to be paid was between 5% and 20%. Range implied by premium analysis -$19.50 to $23.00 (1) Weighted average PremiumPrice5.0%10.0%15.0 %20.0%Last trade$18.65$19.58$20.52$21 ..45$22.38Last 5 trades(1)$19.02$19.97$20.92 $21.88$22.83Last 10 trades(1)$19.05$20.01$20.96 $21.91$22.86Last 20 trades(1)$19.31$20.28$21.24 $22.21$23.17Last year(1)$18.60$19.53$20.46$ 21.39$22.32Average$18.93$ 19.87$20.82$21.77$22.71

Reconciliation of Valuation Methodologies Historical trading prices$16.50$20.71Guideline company analysis$17.75$23.50Dividen d discount analysis$18.25$22.00Premiu m to market analysis$19.50$23.00Final range of fair value selected$19.00$23.00Price range indicated byLowHigh

Sensitivity Analysis (1) Based on weighted average for the last 10 trading days. PricePrice/Price/Price/Price/Pr emium/PerBookTangibleLTM CoreMarketShareValueBookE PSEPSPrice(1)$18.00117%12 2%11.4x11.5x(5.5%)$18.5012 0%125%11.7x11.8x(2.9%)$1 9.00123%128%12.0x12.1x(0. 3%)$19.50127%132%12.3x12 ..5x2.3%$20.00130%135%12. 7x12.8x5.0%$20.50133%139 %13.0x13.1x7.6%$21.00136 %142%13.3x13.4x10.2%$21. 50140%145%13.6x13.7x12.8 %$22.00143%149%13.9x14.0 x15.5%$22.50146%152%14.2 x14.4x18.1%$23.00149%156 %14.6x14.7x20.7%$23.50153 %159%14.9x15.0x23.3%$24. 00156%162%15.2x15.3x26.0 %$24.50159%166%15.5x15.6 x28.6%$25.00162%169%15.8 x16.0x31.2%$25.50166%172 %16.1x16.3x33.8%

2. Pro Forma Analysis

Registered Shareholder List Analysis (1)Number of shareholders represented by CEDE is estimated from thenumber of brokers on the NOBO List. This analysis is based on the registered shareholder list provided by the Company for the record date 3/31/2005. PercentNumber ofNumber ofOutstandingShareholdersSha reholdersSharesSharesCEDE & Co.(1)37442,35737.3%Newp ort Federal Bank ESOP1116,3809.8%Richard Harwood144,5223.8%Other Shareholders Owning >= 1%9157,96613.3%Owning 10,000 - 11,860 shares998,0008.3%Owning 5,001 - 9,999 shares750,2134.2%Owning 2,500 - 5,000 shares32114,9769.7%Ownin g 2,000 - 2,499 shares1428,5262.4%Owning 1,500 - 1,999 shares1219,1221.6%Owning 1,000 - 1,499 shares4040,8103.4%Owning 500 - 999 shares6234,2182.9%Owning 100 - 499 shares20334,2872.9%Ownin g 0 - 99 shares1204,6220.4%Total54 71,185,999100.0%

Cash-out Merger Analysis (1)Number of NOBO and OBO shares based on the assumption that the shares held by the UTBI ESOP and Directors' Incentive Plan are duplicated on the registered shareholder list and on the NOBO shareholder list.(2)Assumes OBO shares are cashed out in the same proportion as NOBO shares.This analysis is based on the registered shareholder list provided by the Company for the record date 3/31/2005,the NOBO shareholder list provided by the Company for the record date 1/12/2005.Cash out merger at:1:1,5001:2,0001:2,500Registe red ShareholdersShareholders Cashed Out/RemainingCashed Out425437451Remaining547 12211096Shares OutstandingShares Cashed OutRegistered743,642113,93 79.6%133,05911.2%161,5851 3.6%NOBO(1)377,10357,586 4.9%70,9346.0%83,6417.1% OBO(1)(2)65,2549,9650.8%1 2,2751.0%14,4731.2%Total1, 185,999181,48815.3%216,26 718.2%259,70021.9%Purchas e Price/ShareEstimated Cost ($000's)$19.00$3,448$4,109$ 4,934$20.00$3,630$4,325$5, 194$21.00$3,811$4,542$5,45 4$22.00$3,993$4,758$5,713$ 23.00$4,174$4,974$5,973$24 ..00$4,356$5,190$6,233$25.0 0$4,537$5,407$6,492

Pro Forma 1:1,500 Cash Out Merger Analysis As ofPro Forma 1:1,500 Cash-out merger at12/31/2004$19.00$21.00$23.0 0$25.00Shares purchased181,488181,48818 1,488181,488181,488Cost ($000s)(1)3,5483,9114,2744,6 37Shares outstanding1,196,9991,015,5 111,015,5111,015,5111,015,5 11Assets ($000's)122,659119,111118,7 48118,385118,022Equity ($000's)(1)18,41914,87114,50 814,14513,782Tangible equity / assets14.52%11.96%11.69% 11.41%11.14%Change in net income(2)(50)(62)(74)(86)200 5E net income ($000's)(2)1,9001,8501,8381, 8261,8142005E EPS(2)$1.57$1.79$1.78$1.77 $1.762005E ROA(2)1.51%1.51%1.51%1.5 0%1.50%2005E ROE(2)10.1%12.1%12.4%12. 6%12.8%Tangible book value per share$14.79$13.94$13.58$13 ..23$12.87(1) Includes transaction costs of $100,000.(2) Reflects $100,000 of annual cost savings and an opportunity cost of 5% on the funds used in the purchase of shares.

Pro Forma 1:2,000 Cash Out Merger Analysis As ofPro Forma 1:2,000 Cash-out merger at12/31/2004$19.00$21.00$23.0 0$25.00Shares purchased216,267216,26721 6,267216,267216,267Cost ($000s)(1)4,2094,6425,0745,5 07Shares outstanding1,196,999980,73 2980,732980,732980,732Ass ets ($000's)122,659118,450118,0 17117,585117,152Equity ($000's)(1)18,41914,21013,77 713,34512,912Tangible equity / assets14.52%11.46%11.14% 10.81%10.48%Change in net income(2)(72)(86)(100)(114)2 005E net income ($000's)(2)1,9001,8281,8141, 8001,7862005E EPS(2)$1.57$1.83$1.82$1.80 $1.792005E ROA(2)1.51%1.50%1.50%1.4 9%1.49%2005E ROE(2)10.1%12.5%12.8%13. 1%13.4%Tangible book value per share$14.79$13.76$13.32$12 ..88$12.44(1) Includes transaction costs of $100,000.(2) Reflects $100,000 of annual cost savings and an opportunity cost of 5% on the funds used in the purchase of shares.

Pro Forma 1:2,500 Cash Out Merger Analysis As ofPro Forma 1:2,500 Cash-out merger at12/31/2004$19.00$21.00$23.0 0$25.00Shares purchased259,700259,70025 9,700259,700259,700Cost ($000s)(1)5,0345,5546,0736,5 92Shares outstanding1,196,999937,29 9937,299937,299937,299Ass ets ($000's)122,659117,625117,1 05116,586116,067Equity ($000's)(1)18,41913,38512,86 512,34611,827Tangible equity / assets14.52%10.84%10.44% 10.04%9.63%Change in net income(2)(99)(115)(132)(149) 2005E net income ($000's)(2)1,9001,8011,7851, 7681,7512005E EPS(2)$1.57$1.89$1.87$1.85 $1.842005E ROA(2)1.51%1.49%1.48%1.4 8%1.47%2005E ROE(2)10.11%13.09%13.48% 13.90%14.35%Tangible book value per share$14.79$13.52$12.97$12 ..41$11.86(1) Includes transaction costs of $100,000.(2) Reflects $100,000 of annual cost savings and an opportunity cost of 5% on the funds used in the purchase of shares.

Impact of Cash-Out Merger on Insider Ownership (1)Based on UTBI's proxy filed on 5/18/2004 except for Richard Harwood, whose share ownership was provided by the Company (2)Share ownership is below the threshold amount SharesPercent of Shares OutstandingBeneficiallyAfter a Cash-Out Merger AtDirectorOwned(1)At 12/31/041:1,5001:2,0001:2,500R ichard G. Harwood 117,9199.85%11.61%12.02% 12.58%William B. Henry 46,2913.87%4.56%4.72%4.94 %J. William Myers 41,5333.47%4.09%4.23%4.43 %Robert L. Overholt24,8692.08%2.45%2 ..54%2.65%Tommy C. Bible 23,0001.92%2.26%2.35%2.45 %Robert D. Self 18,3081.53%1.80%1.87%1.95 %Ben W. Hooper, III(2) 1,4000.12%0.00%0.00%0.00 %Total273,32022.83%26.78 %27.73%29.01%