Eagle Financial Bancorp (EFBI) S-1 IPO registration

Exhibit 99.3

CONVERSION VALUATION APPRAISAL REPORT

Prepared for:

Eagle Financial Bancorp, Inc.

Cincinnati, Ohio

As Of:

February 21, 2017

Prepared By:

Keller & Company, Inc.

555 Metro Place North

Suite 524

Dublin, Ohio 43017

(614) 766-1426

KELLER & COMPANY

KELLER & COMPANY, INC.

FINANCIAL INSTITUTION CONSULTANTS

555 METRO PLACE NORTH

SUITE 524

DUBLIN, OHIO 43017

(614) 766-1426          (614) 766-1459 FAX

March 3, 2017

Boards of Directors

Eagle Financial Bancorp, Inc.

Eagle Savings Bank

6415 Bridgetown Road

Cincinnati, Ohio 45248

To the Boards:

We hereby submit our independent appraisal of the pro forma market value of the to be issued stock of the Eagle Financial Bancorp, Inc. (the “Corporation”) which is the holding company of Eagle Savings Bank (“Eagle” or the “Bank”), Cincinnati, Ohio. Such stock is to be issued in connection with the application by the Corporation to complete a stock offering, with the Corporation to own 100 percent of the stock of the Bank. This appraisal, as of February 21, 2017, was prepared and provided to the Bank in accordance with the regulatory appraisal requirements and regulations.

Keller & Company, Inc. is an independent, financial institution consulting firm that serves both thrift institutions and banks throughout the U.S. The firm is a full-service consulting organization, as described in more detail in Exhibit A, specializing in business and strategic plans, stock valuations, conversion and reorganization appraisals, market studies and fairness opinions for thrift institutions and banks. The firm has affirmed its independence in this transaction with the preparation of its Affidavit of Independence, a copy of which is included as Exhibit C.

· Our appraisal is based on the assumption that the data provided to us by Eagle and the material provided to us by the independent auditor, BKD, LLP, are both accurate and complete. We did not verify the financial statements provided to us, nor did we conduct independent valuations of the Bank's assets and liabilities. We have also used information from other public sources, but we cannot assure the accuracy of such material.

In the preparation of this appraisal, we held discussions with the management of Eagle, with the law firm of Luse Gorman, PC, Washington, D.C., the Bank's conversion counsel, and with BKD, LLP and Michael Trokey & Company, P.C., the Bank’s outside auditors. Further, we viewed the Bank's local economy and primary market area and also reviewed the Bank's most recent Business Plan as part of our review process.

The Boards of Directors

Eagle Financial Bancorp, Inc.

Eagle Savings Bank

March 3, 2017

Page 2

This valuation must not be considered to be a recommendation as to the purchase of stock in the Corporation, and we can provide no guarantee or assurance that any person who purchases shares of the Corporation's stock will be able to later sell such shares at a price equivalent to the price designated in this appraisal.

Our valuation will be further updated as required and will give consideration to any new developments in Eagle’s operations that have an impact on the results of operations or financial condition. Further, we will give consideration to any changes in general market conditions and to specific changes in the market for publicly traded thrift institutions. Based on the material impact of any such changes on the pro forma market value of the Corporation as determined by this firm, we will make necessary adjustments to the Corporation's appraised value in an appraisal update.

It is our opinion that as of February 21, 2017, the pro forma market value or appraised value of the Corporation is $17,000,000 at the midpoint, representing 1,700,000 shares at $10 per share. The pro forma valuation range of the Corporation is from a minimum of $14,550,000 to a maximum of $19,550,000, with a maximum, as adjusted, of $22,482,500, representing 1,445,000 shares, 1,955,000 shares and 2,248,250 shares at $10 per share at the minimum, maximum, and maximum, as adjusted, respectively.

The pro forma appraised value of Eagle Financial Bancorp, Inc., as of February 21, 2017, is $17,000,000, at the midpoint.

Very truly yours,

KELLER & COMPANY, INC.

TABLE OF CONTENTS

		PAGE
INTRODUCTION		1
I.	Description of Eagle Savings Bank
	General	4
	Performance Overview	8
	Income and Expense	10
	Yields and Costs	14
	Interest Rate Sensitivity	15
	Lending Activities	18
	Nonperforming Assets	22
	Investments	25
	Deposit Activities	26
	Borrowings	27
	Subsidiaries	27
	Office Properties	27
	Management	27
II.	Description of Primary Market Area	29
III.	Comparable Group Selection
	Introduction	35
	General Parameters
	Merger/Acquisition	36
	Trading Exchange	37
	IPO Date	37
	Geographic Location	37
	Asset Size	38
	Balance Sheet Parameters
	Introduction	40
	Cash and Investments to Assets	40
	Mortgage-Backed Securities to Assets	41
	One- to Four-Family Loans to Assets	41
	Total Net Loans to Assets	42
	Total Net Loans and Mortgage-Backed Securities to Assets	42
	Borrowed Funds to Assets	43
	Equity to Assets	43
	Performance Parameters
	Introduction	44

TABLE OF CONTENTS (cont.)

		PAGE
III.	Comparable Group Selection (cont.)
	Performance Parameters (cont.)
	Return on Average Assets	44
	Return on Average Equity	45
	Net Interest Margin	45
	Operating Expenses to Assets	46
	Noninterest Income to Assets	46
	Asset Quality Parameters
	Introduction	47
	Nonperforming Assets to Total Assets	47
	Repossessed Assets to Assets	47
	Loan Loss Reserve to Assets	48
	The Comparable Group	48
IV.	Analysis of Financial Performance	50
V.	Market Value Adjustments
	Earnings Performance	53
	Market Area	58
	Financial Condition	59
	Asset, Loan and Deposit Growth	62
	Dividend Payments	63
	Subscription Interest	64
	Liquidity of Stock	65
	Management	65
	Marketing of the Issue	68
VI.	Valuation Methods
	Introduction	69
	Price to Book Value Method	70
	Price to Core Earnings Method	72
	Price to Assets Method	73
	Valuation Conclusion	73

LIST OF EXHIBITS

NUMERICAL		PAGE
EXHIBITS
1	Balance Sheet at December 31, 2016	75
2	Balance Sheets at December 31, 2012 through 2015	76
3	Statement of Income for the Year Ended December 31, 2016	77
4	Statements of Income for the Years Ended December 31, 2012 through 2015	78
5	Selected Financial Information	79
6	Income and Expense Trends	80
7	Normalized or Core Earnings	81
8	Performance Indicators	82
9	Volume/Rate Analysis	83
10	Yield and Cost Trends	84
11	Net Portfolio Value	85
12	Loan Portfolio Composition	86
13	Loan Maturity Schedule	87
14	Loan Originations, Purchases, Sales and Repayments	88
15	Delinquent Loans	89
16	Nonperforming Assets	90
17	Classified Assets	91
18	Allowance for Loan Losses	92
19	Mix of Deposits	93
20	Certificates of Deposit by Rate and Maturity	94
21	Deposit Activity	95
22	Borrowed Funds Activity	96
23	Offices of Eagle Savings Bank	97
24	Management of the Bank	98
25	Key Demographic Data and Trends	99
26	Key Housing Data	100
27	Major Sources of Employment	101
28	Unemployment Rates	102
29	Market Share of Deposits	103
30	National Interest Rates by Quarter	104

LIST OF EXHIBITS (cont.)

NUMERICAL		PAGE
EXHIBITS
31	Thrift Share Data and Pricing Ratios	105
32	Key Financial Data and Ratios	112
33	Recently Converted Thrift Institutions	119
34	Acquisitions and Pending Acquisitions	120
35	Balance Sheets Parameters - Comparable Group Selection	121
36	Operating Performance and Asset Quality Parameters - Comparable Group Selection	123
37	Balance Sheet Ratios Final Comparable Group	125
38	Operating Performance and Asset Quality Ratios Final Comparable Group	126
39	Balance Sheet Totals - Final Comparable Group	127
40	Balance Sheet - Asset Composition Most Recent Quarter	128
41	Balance Sheet - Liability and Equity Most Recent Quarter	129
42	Income and Expense Comparison Trailing Four Quarters	130
43	Income and Expense Comparison as a Percent of Average Assets - Trailing Four Quarters	131
44	Yields, Costs and Earnings Ratios Trailing Four Quarters	132
45	Reserves and Supplemental Data	133
46	Valuation Analysis and Conclusions	134
47	Comparable Group Market, Pricings and Financial Ratios - Stock Prices as of February 21, 2017	135
48	Pro Forma Effects of Conversion Proceeds - Minimum	136
49	Pro Forma Effects of Conversion Proceeds - Midpoint	137
50	Pro Forma Effects of Conversion Proceeds - Maximum	138
51	Pro Forma Effects of Conversion Proceeds - Maximum, as Adjusted	139
52	Summary of Valuation Premium or Discount	140

ALPHABETICAL EXHIBITS		PAGE
A	Background and Qualifications	141
B	RB 20 Certification	145
C	Affidavit of Independence	146

CONVERSION VALUATION APPRAISAL REPORT

Prepared for:

Eagle Financial Bancorp, Inc.

Cincinnati, Ohio

As Of:

February 21, 2017

INTRODUCTION

Keller & Company, Inc. is an independent appraisal firm for financial institutions and has prepared this Conversion Valuation Appraisal Report ("Report") to provide the pro forma market value of the to-be-issued common stock of Eagle Financial Bancorp, Inc. (the“Corporation”), a Maryland corporation, which will be formed as part of the conversion to own all of the to-be-issued shares of common stock of Eagle Savings Bank (“Eagle” or the“Bank”), Cincinnati, Ohio. The shares of common stock are to be issued in connection with the Bank’s Application for Approval of Conversion from a state-chartered mutual savings bank to a state-chartered stock savings bank.

The Application is being filed with the Federal Reserve Bank (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the Ohio Division of Financial Institutions (“ODFI”), and the Securities and Exchange Commission ("SEC"). Such Application for Conversion has been reviewed by us, including the Prospectus and related documents, and discussed with the Bank’s management and the Bank’s conversion counsel, Luse Gorman, PC, Washington, D.C.

This conversion appraisal was prepared based on the guidelines used by the OCC entitled“Guidelines for Appraisal Reports for the Valuation of Savings Institutions Converting from the Mutual to Stock Form of Organization,” in accordance with application requirements and the Revised Guidelines for Appraisal Reports and represents a full appraisal report. The Report provides detailed exhibits based on the Revised Guidelines and a discussion on each of the factors that need to be considered. Our valuation will be updated in accordance with the Revised Guidelines and will consider any changes in market conditions for thrift institutions.

The pro forma market value is defined as the price at which the stock of the Corporation after conversion would change hands between a typical willing buyer and a typical willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, and with both parties having reasonable knowledge of relevant facts in an arm's-length

1

Introduction (cont.)

transaction. The appraisal assumes the Bank is a going concern and that the shares issued by the Corporation in the conversion are sold in noncontrol blocks.

As part of our appraisal procedure, we have reviewed the audited financial statements for the five fiscal years ended December 31, 2012 through 2016, and discussed them with Eagle’s management and with Eagle’s current independent auditors, BKD, LLP, Cincinnati, Ohio, and with Michael Trokey & Company, P.C. (“Trokey & Company”) for prior financials. We have also discussed and reviewed with management other financial matters and have reviewed internal projections. We have reviewed the Corporation's preliminary Form AC and discussed it with management and with the Bank’s conversion counsel.

To gain insight into the Bank’s local market condition, we have visited Eagle’s main office and two branches and have traveled the surrounding area. We have studied the economic and demographic characteristics of the primary market area, and analyzed the Bank’s primary market area relative to Ohio and the United States. We have also examined the competitive market within which Eagle operates, giving consideration to the area's numerous financial institution offices, mortgage banking offices, and credit union offices and other key market area characteristics, both positive and negative.

We have given consideration to the market conditions for securities in general and for publicly traded thrift stocks in particular. We have examined the performance of selected publicly traded thrift institutions and compared the performance of Eagle to those selected institutions.

Our valuation is not intended to represent and must not be interpreted to be a recommendation of any kind as to the desirability of purchasing the to-be-outstanding shares of common stock of the Corporation. Giving consideration to the fact that this appraisal is based on numerous factors that can change over time, we can provide no assurance that any person who purchases the stock of the Corporation in this mutual-to-stock conversion will subsequently be

2

Introduction (cont.)

able to sell such shares at prices similar to the pro forma market value of the Corporation as determined in this conversion appraisal.

3

I. DESCRIPTION OF EAGLE SAVINGS BANK

GENERAL

Eagle was organized in 1882 as a state-chartered mutual savings and loan association with the name The Price Hill Eagle Loan and Building Company No. 1, later changing its name in 1996 to Eagle Savings Bank, and changing to charter to a state-chartered mutual savings bank.

Eagle conducts its business from its main office located in the Bridgetown area in Cincinnati, Ohio, and from its branch offices in Delhi and Hyde Park, both areas that are part of greater Cincinnati, Ohio. The Bank’s primary retail market area is focused on Bridgetown, Delhi and Hyde Park, while the Bank’s lending market extends into the surrounding Hamilton County in Ohio and its surrounding counties in Ohio of Butler, Clermont and Warren and the adjoining counties of Boone, Kenton and Campbell in Kentucky and Dearborn County in Indiana. The Bank has no loan production offices.

Eagle’s deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation ("FDIC") in the Bank Insurance Fund ("BIF"). The Bank is also subject to certain reserve requirements of the Board of Governors of the Federal Reserve Bank (the "FRB"). Eagle is a member of the Federal Home Loan Bank (the "FHLB") of Cincinnati and is regulated by the FDIC and ODFI. As of December 31, 2016, Eagle had assets of $115,973,000, deposits of $100,044,000 and equity of $13,477,000.

Eagle has been principally engaged in the business of serving the financial needs of the public in its local communities and throughout its primary market area as a community-oriented institution. Eagle has been most active in the origination of one- to four-family loans, which represented 81.7 percent of its loan originations during the fiscal year ended December 31, 2016. One- to four-family loan originations represented a smaller 79.1 percent of loan originations during the year ended December 31, 2015. At December 31, 2016, 53.2 percent of the Bank’s gross loans consisted of residential real estate loans on one- to four-family dwellings, compared to a larger 54.8 percent at December 31, 2015, with the primary sources of

4

General (cont.)

funds being retail deposits from residents in its local communities and to a much lesser extent, FHLB advances. The Bank is also an originator of commercial real estate loans, home equity and consumer loans, construction loans, multi-family loans, and commercial loans. Consumer loans were minimal and include automobile loans, loans on deposit accounts and other secured and unsecured personal loans.

The Bank had cash and investments of $19.9 million, or 17.2 percent of its assets, excluding FHLB stock which totaled $728,000 or 0.6 percent of assets at December 31, 2016. Deposits, principal payments, loan sales, FHLB advances and equity have been the primary sources of funds for the Bank’s lending and investment activities.

The total amount of stock to be sold in the stock conversion will be $17.0 million or 1,700,000 shares at $10 per share based on the midpoint of the appraised value of $17.0 million. The net conversion proceeds will be $15.35 million, reflecting conversion expenses of $1.25 million, with 40,000 shares to be used to form a charitable foundation, Eagle Savings Bank Charitable Foundation (“Foundation”), along with $100,000 in cash from the proceeds. The actual cash proceeds to the Bank of $7.6 million will represent 50.0 percent of the net conversion proceeds at the midpoint after the Foundation contribution. The ESOP will represent 8.00 percent of the gross shares issued or 136,000 shares at $10 per share, representing $1,360,000. The Bank’s net proceeds will be used to fund new loans and to invest in securities following their initial deployment to short term investments. The Bank may also use the proceeds to expand services, expand operations, diversify into other businesses, or for any other purposes authorized by law. The Corporation will use its proceeds to fund the ESOP or to purchase interest-bearing deposits and short- and intermediate-term government or federal agency securities.

The Bank has experienced a moderate deposit increase of $12.5 million over the past four fiscal years, with deposits increasing 14.2 percent from December 31, 2012, to December 31,

5

General (cont.)

2016, or an average of 3.6 percent per year. From December 31, 2015, to December 31, 2016, deposits increased by $7.6 million or 8.2 percent, compared to an increase of 4.6 percent in fiscal 2015.

The Bank experienced an increase in its loan portfolio during the previous four years of 2012 to 2015, while focusing on maintaining its favorable asset quality position, on maintaining its higher level of gains on loans sold, on maintaining its net interest margin and on maintaining a reasonable equity to assets ratio. In 2016, the Bank focused on strengthening its loan growth and experienced higher loan growth than in 2014 or 2015. Equity to assets increased from 9.26 percent of assets at December 31, 2012, to 11.62 percent at December 31, 2016.

The primary lending strategy of Eagle has been to focus on the origination of adjustable-rate and fixed-rate one-to four-family mortgage loans, the origination of commercial real estate and multi-family loans, the origination of home equity loans, the origination of construction loans and the origination of commercial business loans.

The Bank’s share of one- to four-family mortgage loans has decreased modestly from 54.8 percent of gross loans at December 31, 2015, to 53.2 percent as of December 31, 2016. Commercial real estate and land loans decreased from 15.4 percent of loans to 15.2 percent of loans, and home equity and consumer loans increased from 15.4 percent of loans to 16.3 percent from December 31, 2015, to December 31, 2016. All types of real estate loans as a group decreased slightly from 98.6 percent of gross loans at December 31, 2015, to 98.0 percent at December 31, 2016. The decrease in real estate loans was offset by the Bank’s increase in commercial loans. The Bank’s share of commercial loans witnessed an increase in their share of loans from 1.4 percent at December 31, 2015, to 2.0 percent at December 31, 2016.

Management's internal strategy has also included continued emphasis on maintaining an adequate and appropriate level of allowance for loan losses relative to loans and nonperforming assets in recognition of the more stringent requirements within the industry to establish and

6

General (cont.)

maintain a higher level of general valuation allowances and also in response to the Bank’s changing level of loans and nonperforming assets. At December 31, 2015, Eagle had $1,036,000 in its loan loss allowance or 1.23 percent of gross loans, and 113.4 percent of nonperforming loans with the loan loss allowance increasing slightly to $1,137,000 and representing a higher 1.27 percent of gross loans and a higher 145.2 percent of nonperforming loans at December 31, 2016.

The basis of earnings for the Bank has been interest income from loans and investments with the net interest margin being the key determinant of net earnings followed closely by gains on loan sales with a continued emphasis on strengthening noninterest income and controlling noninterest expenses. With a primary dependence on net interest margin and gains on loan sales for earnings, current management will focus on striving to strengthen the Bank’s net interest margin without undertaking excessive credit risk combined with controlling the Bank’s interest risk position and increasing other components of noninterest income, controlling nonperforming assets, and monitoring noninterest expenses.

7

PERFORMANCE OVERVIEW

The financial position of Eagle at fiscal year end December 31, 2012, through December 31, 2016, is shown in Exhibits 1 and 2, and the earnings performance of Eagle for the fiscal years 2012 through 2016 is shown in Exhibits 3 and 4. Exhibit 5 provides selected financial data at December 31, 2015 and 2016. Eagle has experienced a rise in its loan portfolio, a rise in its asset base, minimal change in cash and investments, and an increase in deposits from 2015 to 2016.

With regard to the Bank’s historical financial condition, Eagle has experienced a modest increase in assets from December 31, 2014, to December 31, 2015, with a modest decrease in loans, a moderate increase in deposits and a modest increase in the dollar level of equity over the prior year. Then from December 31, 2015, to December 31, 2016, Eagle experienced modest growth in loans, a modest rise in deposits and assets, a slight rise in cash and investments, and a modest increase in equity, impacted by the Bank one-time receipt of BOLI death benefits.

The Bank witnessed an increase in assets of $6.3 million or 5.7 percent and an increase in deposits of $7.6 million or 8.2 percent for the period of December 31, 2015, to December 31, 2016. Over the past four fiscal periods, the Bank experienced its largest dollar increase in assets of $6.3 million in fiscal year 2016, due primarily to a $6.4 million increase in net loans, with a $7.6 million increase in deposits and a $3.0 million decrease in FHLB advances.

Eagle’s net loan portfolio, which includes mortgage loans and nonmortgage loans, increased from $76.6 million at December 31, 2015, to $83.0 million at December 31, 2016, and represented a total increase of $6.4 million, or 8.4 percent.

Eagle has obtained funds through deposits and FHLB advances with a minimal use of FHLB advances totaling only $28,000 at December 31, 2016. The Bank’s competitive rates for deposits in its local market in conjunction with its focus on service have been the sources for competing for retail deposits. Deposits increased $4.0 million or 4.6 percent from fiscal 2014 to 2015 and a larger $7.6 million or 8.2 percent from fiscal 2015 to 2016.

8

Performance Overview (cont.)

The Bank witnessed an increase in its dollar equity level from 2015 to 2016, impacted by the one-tie recovery of BOLI death benefits. At December 31, 2015, the Bank had an equity level of $12.0 million, representing a 10.95 percent equity to assets ratio and increased to $13.5 million at December 31, 2016, representing a higher 11.62 percent equity to assets ratio.

A major share of the increase in the equity to assets ratio from December 31, 2015, to December 31, 2016, was the result of the Bank’s one-time recovery of BOLI death benefits. The dollar level of equity increased 12.1 percent from December 31, 2015, to December 31, 2016.

9

INCOME AND EXPENSE

Exhibit 6 presents selected operating data for Eagle. This table provides key income and expense figures in dollars for the fiscal years of 2015 and 2016.

Eagle witnessed a minimal increase in its dollar level of interest income from fiscal 2015 to fiscal 2016. Interest income was $3.78 million in 2015 and a higher $3.80 million in 2016. The Bank’s interest expense experienced a modest decrease from fiscal year 2015 to 2016. Interest expense decreased from $766,000 in 2015 to $722,000 in 2016, representing a decrease of $44,000 or 5.7 percent. Interest income increased $19,000 or 0.5 percent. Such increase in interest income from 2015 to 2016, notwithstanding the larger dollar decrease in interest expense, resulted in a dollar increase in annual net interest income but a decrease in net interest margin due to the rise in assets.

The Bank had $75,000 in provisions for loan losses in 2015 and had a higher $83,000 in 2016. The impact of those loan loss provisions has been to provide Eagle with a general valuation allowance of $1,137,000 at December 31, 2016, or 1.27 percent of gross loans and 145.21 percent of nonperforming loans.

Total other income or noninterest income indicated a significant increase in dollars from 2015 to 2016, due to a one-time recovery of BOLI death benefits. Noninterest income was $1,802,600 or 1.64 percent of assets in 2015, with $1,585,000 in gains on sale of loans and a higher $3,318,000 in fiscal year 2016 or 2.86 percent of assets in 2016, including $2,131,000 in gains on the sale of loans and $940,000 in BOLI death benefits. Noninterest income normally consists primarily of gains on loan sales, service charges and other income.

The Bank’s general and administrative expenses or noninterest expenses increased from $3.79 million for the fiscal year of 2015 to $4.59 million for the fiscal year ended December 31, 2016, representing an increase of 21.3 percent and including a $410,000 BOLI death benefit obligation expense.

10

Income and Expense (cont.)

On a percent of average assets basis, operating expenses increased from 3.51 percent of average assets for the fiscal year ended December 31, 2015, to 4.08 percent for the fiscal year ended December 31, 2016.

The net earnings position of Eagle has indicated volatility in 2015 and 2016. The annual net income (loss) figures for the fiscal years of 2015 and 2016 were $624,000 and $1,460,000, respectively, representing returns on average assets of 0.58 percent and 1.30 percent for fiscal years 2015, and 2016, respectively. The increase in ROAA in 2016 was due to the one-time BOLI death benefits and gain on sale of loans.

Exhibit 7 provides the Bank’s normalized earnings or core earnings for the twelve months ended December 31, 2016. The Bank’s normalized earnings typically eliminate any nonrecurring or higher or lower than normal income and expense items. There were two expense adjustments and two noninterest income adjustments, resulting in the normalized income being less than actual income for the twelve months ended December 31, 2016, and equal to net income of $693,000. The core expense adjustments were the BOLI death benefit payout obligation of $410,000 and a $121,000 reduction related to the FHLB advance prepayment penalty, and the core noninterest income adjustment was a reduction in the BOLI death benefit of $940,000 and reduction in the higher than normal gains on loans sold of $251,000.

The key performance indicators comprised of selected performance ratios, asset quality ratios and capital ratios are shown in Exhibit 8 to reflect the results of performance. The Bank’s return on average assets changed from 0.58 percent in fiscal year 2015, to 1.30 percent in 2016, with the higher earnings in 2016 due to the Bank’s BOLI death benefit.

The Bank’s net interest rate spread was 3.00 percent in 2015 and a lower 2.95 percent in 2016. The Bank’s net interest margin also indicated a decreasing trend, declining from 3.06 percent in 2015 to 3.02 percent in 2016. Eagle’s net interest margin decreased 4 basis points from 2015 to 2016.

11

Income and Expense (cont.)

The Bank’s return on average equity improved from 2015 to 2016. The return on average equity improved from 5.28 percent in 2015, to 11.29 percent in 2016, due to the BOLI death benefits.

Eagle’s ratio of average interest-earning assets to interest-bearing liabilities increased modestly from 108.42 percent at December 31, 2015, to 109.68 percent at December 31, 2016. The Bank’s overall increase in its ratio of interest-earning assets to interest-bearing liabilities is the result of the Bank’s decrease in FHLB advances.

The Bank’s ratio of noninterest expenses to average assets increased from 3.51 percent in fiscal year 2015 to 4.08 percent in fiscal year 2016, due to the BOLI payout obligation and the FHLB advance prepayment penalty. Another key noninterest expense ratio reflecting efficiency of operation is theratio of noninterest expenses to noninterest income plus net interest income referred to as the "efficiency ratio." The industry norm is 55.7 percent for all thrifts and 71.1 percent for thrifts with assets of $100.0 million to $1.0 billion, with the lower the ratio indicating higher efficiency. The Bank has been characterized with a modestly lower level of efficiency historically reflected in its higher efficiency ratio, which decreased from 78.55 percent in 2015 to a more normal 71.75 percent in 2016.

Earnings performance can be affected by an institution's asset quality position. The ratio of nonperforming loans to total loans is a key indicator of asset quality. Eagle witnessed a modest decrease in its nonperforming loans ratio from 2015 to 2016, and the ratio is currently similar to the industry norm. Nonperforming loans, by definition, consist of loans delinquent 90 days or more, troubled debt restructurings that have not been performing for at least three months, and nonaccruing loans. Eagle’s nonperforming loans consisted entirely of nonaccrual loans. The ratio of nonperforming loans to total loans was 1.27 percent at December 31, 2015, and a lower 0.72 percent at December 31, 2016. The Bank’s ratio of nonperforming assets to total assets was a higher 0.87 percent at December 31, 2016, but decreased from 1.09 percent at December 31, 2015.

12

Income and Expense (cont.)

Two other indicators of asset quality are the Bank’s ratios of allowance for loan losses to total loans and also to nonperforming loans. The Bank’s allowance for loan losses was 1.23 percent of loans at December 31, 2015, and increased to 1.27 percent at December 31, 2016. As a percentage of nonperforming loans, Eagle’s allowance for loan losses to nonperforming loans was 113.35 percent at December 31, 2015, and was a higher 145.21 percent at December 31, 2016.

Exhibit 9 provides the changes in net interest income due to rate and volume changes for the fiscal year 2016. For the year ended December 31, 2016, net interest income increased $63,000, due to an increase in interest income of $19,000, enhanced by a $44,000 decrease in interest expense. The increase in interest income was due to an increase due to volume of $52,000 reduced by a decrease due to rate of $33,000. The decrease in interest expense was due to a $121,000 decrease due to volume, reduced by a $77,000 increase due to rate.

13

YIELDS AND COSTS

The overview of yield and cost trends for the years ended December 31, 2015 and 2016, and at December 31, 2016, can be seen in Exhibit 10, which offers a summary of key yields on interest-earning assets and costs of interest-bearing liabilities.

Eagle’s weighted average yield on its loan portfolio decreased 8 basis points from fiscal year 2015 to 2016, from 4.49 percent to 4.41 percent and then decreased 2 basis points to 4.39 percent at December 31, 2016. The yield on other interest-earning assets increased 15 basis points from fiscal year 2015 to 2016, from 0.42 percent to 0.57 percent, and then increased 16 basis points to 0.73 percent at December 31, 2016. The combined weighted average yield on all interest-earning assets decreased 12 basis points from 3.84 percent in fiscal year 2015 to 3.72 percent in fiscal year 2016, and then decreased to 3.68 percent at December 31, 2016.

Eagle’s weighted average cost of interest-bearing liabilities decreased 6 basis points to 0.78 percent from fiscal year 2015 to 2016, which was less than the Bank’s 12 basis point decrease in yield, resulting in a decrease in the Bank’s net interest rate spread of 6 basis points from 3.00 percent to 2.94 percent from 2015 to 2016. Then the Bank’s interest rate spread decreased 49 basis points to 2.46 percent at December 31, 2016. The Bank’s net interest margin decreased from 3.06 percent in fiscal year 2015 to 3.02 percent in fiscal year 2016, representing a decrease of 4 basis points.

The Bank’s ratio of average interest-earning assets to interest-bearing liabilities increased from 108.42 percent for the year ended December 31, 2015, to 109.68 percent for the year ended December 31, 2016.

14

INTEREST RATE SENSITIVITY

Eagle has monitored its interest rate sensitivity position and focused on maintaining a reasonable level of interest rate risk exposure by maintaining a modest share of adjustable-rate residential mortgage loans, commercial real estate and home equity loans and multi-family loans, and modest shares of shorter term commercial business loans and construction loans to offset its higher share of fixed-rate residential mortgage loans. Eagle recognizes the thrift industry’s historically higher interest rate risk exposure, which caused a negative impact on earnings and economic value of equity in the past as a result of significant fluctuations in interest rates, specifically rising rates in the past. Such exposure was due to the disparate rate of maturity and/or repricing of assets relative to liabilities commonly referred to as an institution’s “gap.” The larger an institution’s gap, the greater the risk (interest rate risk) of earnings loss due to a decrease in net interest margin and a decrease in economic value of equity or portfolio loss. In response to the potential impact of interest rate volatility and negative earnings impact, many institutions have taken steps to reduce their gap position. This frequently results in a decline in the institution’s net interest margin and overall earnings performance. Eagle has responded to the interest rate sensitivity issue by controlling its share of fixed-rate one- to four-family loans.

The Bank measures its interest rate risk through the use of its net portfolio value of equity (“NPV”) of the expected cash flows from interest-earning assets and interest-bearing liabilities and any off-balance sheets contracts. The NPV for the Bank is calculated on a quarterly basis by an outside firm, showing the Bank’s NPV to asset ratio, the dollar change in NPV, and the change in the NPV ratio for the Bank under rising and falling interest rates. Such changes in the NPV ratio under changing rates are reflective of one of the Bank’s interest rate risk exposure measures. The second interest rate risk exposure measure used by the Bank is the change in its net interest income based on a one-year horizon and a rise in interest rates of 100, 200 and 300 basis points and a decrease in rates of 100 basis points.

There are numerous factors which have a measurable influence on interest rate sensitivity in addition to changing interest rates. Such key factors to consider when analyzing interest rate

15

Interest Rate Sensitivity (cont.)

sensitivity include the loan payoff schedule, accelerated principal payments, deposit maturities, interest rate caps on adjustable-rate mortgage loans and deposit withdrawals.

Exhibit 11 provides the Bank’s NPV levels and ratios as of December 31, 2016, based on the most recent calculations and reflects the changes in the Bank’s NPV levels under rising and declining interest rates.

The Bank’s change in its NPV level at December 31, 2016, based on a rise in interest rates of 100 basis points was a 5.35 percent decrease, representing a dollar decrease in equity value of $1,670,000. In contrast, based on a decline in interest rates of 100 basis points, the Bank’s NPV level was estimated to decrease 7.69 percent or $2,401,000 at December 31, 2016. The Bank’s exposure increases to a 10.09 percent decrease under a 200 basis point rise in rates, representing a dollar decrease in equity of $3,152,000. The Bank’s exposure is not reasonably measurable based on a 200 basis point decrease in interest rates, due to the currently low level of interest rates.

The Bank’s post shock NPV ratio based on a 200 basis point rise in interest rates is 24.68 percent and indicates a 219 basis point decrease from its 26.87 percent based on no change in interest rates.

The Bank’s percentage change in its net interest income based on a 100 basis point rise in rates is a decrease of 2.78 percent and a decrease of 5.89 percent based on a 100 basis point decrease in rates. Based on a 200 basis point rise in rates, the Bank’s change in net interest income is a decrease of 5.65 percent.

The Bank is aware of its interest rate risk exposure under rapidly rising rates and falling rates. Due to Eagle’s recognition of the need to control its interest rate exposure, the Bank has pursued the origination of adjustable-rate loans. The Bank plans to increase its lending activity in the future and continue to maintain a modest share of adjustable-rate loans. The Bank will

16

Interest Rate Sensitivity (cont.)

also continue to focus on strengthening its NPV ratio, recognizing the planned conversion and stock offering will strengthen the Bank’s equity level and NPV ratio, based on any change in interest rates.

17

LENDING ACTIVITIES

Eagle has focused its lending activity on the origination of conventional mortgage loans secured by one- to four-family dwellings, commercial real estate and multi-family loans and home equity loans, including a small level of consumer loans. Exhibit 12 provides a summary of Eagle’s loan portfolio by loan type at December 31, 2015 and 2016.

The primary loan type for Eagle has been residential loans secured by one- to four-family dwellings, representing a moderate 53.2 percent of the Bank’s gross loans as of December 31, 2016. This share of loans has seen a minimal decrease from 54.8 percent at December 31, 2015. The second largest real estate loan type as of December 31, 2016, was home equity loans, including a small level of consumer loans, which comprised a relatively strong 16.3 percent of gross loans at December 31, 2016, compared to 15.4 percent as of December 31, 2015. The third largest real estate loan type was combined commercial real estate loans, including a small amount of land loans, which comprised a moderate 15.2 percent of gross loans at December 31, 2016, compared to a similar 15.4 percent at December 31, 2015. These three real estate loan categories represented a strong 84.7 percent of gross loans at December 31, 2016, compared to a larger 85.6 percent of gross loans at December 31, 2015.

The construction loan category was the fourth largest loan category at December 31, 2016, and represented a moderate $9.5 million or 10.6 percent of gross loans compared to 9.4 percent at December 31, 2015. Multi-family loans was the next largest loan category at December 31, 2015. These loans represented a minimal 2.8 percent of loans at December 31, 2016, and a larger 3.6 percent of loans at December 31, 2015. The smallest loan category was commercial business loans with a minimal 2.0 percent of loans at December 31, 2016, and a lesser 1.4 percent at December 31, 2015. The overall mix of loans has witnessed a modest change from December 31, 2015, to December 31, 2016, with the Bank having increased its share of home equity and construction loans to offset its decreases in one- to four-family loans and commercial real estate loans.

18

Lending Activities (cont.)

The emphasis of Eagle’s lending activity is the origination of conventional mortgage loans secured by one- to four-family residences, with a focus on selling a major share of these loans to the FHLB of Cincinnati through their Mortgage Purchase Program (“MPP”). Such residences are located primarily in Hamilton County, Ohio, and its adjacent counties in Ohio, Kentucky and Indiana. At December 31, 2016, 53.2 percent of Eagle’s gross loans consisted of loans secured by one- to four-family residential properties.

The Bank offers three types of adjustable-rate mortgage loans, ("ARMs") with adjustment periods of five years, seven years and ten years. The interest rates on ARMs are generally indexed to the weekly average yield on U.S. Treasury rate securities adjusted to a constant maturity of one year. ARMs have a maximum rate adjustment of 2.0 percent at each adjustment period and 4.0 percent or 6.0 percent for the life of the loan. Rate adjustments are computed by adding a stated margin to the index, the U.S. Treasury securities rate. The Bank retains all ARMs which it originates. The majority of ARMs have terms of up to 30 years, which is the maximum term offered, with some loans having terms of 15 and 20 years.

The Bank’s one- to four-family mortgage loans remain outstanding for shorter periods than their contractual terms, because borrowers have the right to refinance or prepay. These mortgage loans contain “due on sale” clauses which permit the Bank to accelerate the indebtedness of the loan upon transfer of ownership of the mortgage property.

The Bank’s other key mortgage loan product is a fixed-rate mortgage loan with Eagle’s fixed-rate mortgage loans having terms of 15 years, 20 years and 30 years. Fixed-rate mortgage loans have a maximum term of 30 years. These loans are generally written in accordance with Fannie Mae and Freddie Mac guidelines. The Bank also is approved to offer FHA loans, , with such loans to be originated for sale on a servicing-released, nonrecourse basis in accordance with FHA guidelines. The Bank has not yet originated any FHA loans but plans to initiate a new program in the future. The Bank’s fixed-rate and adjustable rate mortgage loans normally conform to the maximum loan limits.

19

Lending Activities (cont.)

The normal loan-to-value ratio for conventional mortgage loans to purchase or refinance one-to four-family dwellings generally does not exceed 80.0 percent at Eagle, even though the Bank is permitted to make loans up to a 95.0 percent loan-to-value ratio. While the Bank does make loans up to 95.0 percent of loan-to-value, the Bank requires private mortgage insurance for the amount in excess of the 80.0 percent loan-to-value ratio for fixed-rate loans and adjustable-rate loans. Mortgage loans originated by the Bank include due-on-sale clauses enabling the Bank to adjust rates on fixed-rate loans in the event the borrower transfers ownership. The Bank also requires an escrow account for insurance and taxes on conventional one-to four family mortgage loans.

Eagle has also been an originator of adjustable-rate and fixed-rate commercial real estate loans and multi-family loans in the past and will continue to make multi-family and commercial real estate loans. The Bank had a total of $13.6 million in commercial real estate loans, including land loans, and $2.5 million in multi-family loans at December 31, 2016, or a combined 18.0 percent of gross loans, compared to a combined $15.9 million and a larger 19.0 percent, combined, of gross loans at December 31, 2015.

The major portion of commercial real estate and multi-family loans are secured by apartment buildings, small retail establishments, office buildings, and other mixed-use properties used for business. Most of the multi-family and commercial real estate loans are fully amortizing with an amortization period of 30 years. The maximum loan-to-value ratio is normally 80.0 percent for commercial real estate loans and multi-family loans.

Eagle is also an originator of construction loans. Construction loans have a normal term of 12 months and provide for interest only payments during the construction phase. Upon completion of construction, the construction loans convert to a longer-term permanent mortgage loan. Construction loans have a normal loan-to-value ratio of 80.0 percent.

20

Lending Activities (cont.)

Eagle is also an originator of home equity loans, including a small level of consumer loans, with these loans totaling $14.6 million at December 31, 2016, and representing 16.2 percent of gross loans and consist primarily of home equity loans. Home equity loans have a variable rate with a maximum term of 10 years. The normal maximum loan-to-value ratio is 90.0 percent.

Exhibit 13 provides a loan maturity schedule and breakdown and summary of Eagle’s fixed- and adjustable-rate loans, indicating a majority of fixed-rate loans. At December 31, 2016, 39.0 percent of the Bank’s loans due after December 31, 2017, were adjustable- rate and 61.0 percent were fixed-rate. At December 31, 2016, the Bank had 13.5 percent of its loans due on or before December 31, 2017, or in one year or less, with 27.1 percent due by December 31, 2021, or in one to five years. The Bank had a moderate 41.9 percent of its loans with a maturity of more than 15 years.

As indicated in Exhibit 14, Eagle experienced a moderate increase in its one- to four-family loan originations and total loan originations from fiscal year 2015 to 2016. Total loan originations in fiscal year 2015 were $100.0 million compared to a larger $115.6 million in fiscal year 2016, reflective of the higher level of one- to four-family loans originated, increasing from $79.1 million to $94.4 million. The increase in one- to-four-family loan originations from 2015 to 2016 of $15.3 million represented 98.1 percent of the Bank’s $15.6 million increase in total loan originations from 2015 to 2016, with home equity loans increasing $1.0 million. Commercial loans increased $1.1 million from 2015 to 2016, and commercial real estate and land loans decreased $2.0 million.

Overall, loan originations and purchases exceeded loan sales, principal payments, charge-offs, loan repayments and other deductions in the year ended December 31, 2016. In fiscal 2015, loan originations fell short of reductions by $27,000, impacted by $69.0 million in loan sales, and then exceeded reductions by $6.0 million in 2016, impacted by $81.8 million in loan sales in the year ended December 31, 2016.

21

NONPERFORMING ASSETS

Eagle understands asset quality risk and the direct relationship of such risk to delinquent loans and nonperforming assets, including real estate owned. The quality of assets has been a key concern to financial institutions throughout many regions of the country. A number of financial institutions have been dealt with higher levels of nonperforming assets over the past years and were forced to recognize significant losses, setting aside major valuation allowances.

A sharp increase in nonperforming assets has often been related to specific regions of the country and has frequently been associated with higher risk loans, including purchased commercial real estate loans and multi-family loans. Eagle has maintained a lower share of nonperforming assets and has experienced a modest decrease in its level of nonperforming assets, with nonperforming assets decreasing in dollars in 2016 and decreasing as a percent of assets.

Exhibit 15 provides a summary of Eagle’s delinquent loans at December 31, 2015 and 2016, indicating an overall increase in the dollar amount of delinquent loans from December 31, 2015, to December 31, 2016. The Bank had $780,000 in loans delinquent 30 to 89 days at December 31, 2016. Loans delinquent 90 days or more totaled $50,000 at December 31, 2016, with these two categories representing 0.93 percent of gross loans, with most of them one- to four-family real estate loans. At December 31, 2015, delinquent loans of 30 to 89 days totaled $58,000 or 0.07 percent of gross loans and loans delinquent 90 days or more were zero for a combined total of $58,000 and a share of 0.07 percent of gross loans, compared to a higher $830,000 and a higher 0.93 percent of gross loans at December 31, 2016.

It is normal procedure for Eagle’s board to review loans delinquent 90 days or more on a monthly basis, to assess their collectibility and possibly commence foreclosure proceedings. When a loan is delinquent 15 days, the Bank sends a late notice to the borrower and may call the borrower when the loan is 30 days past due. If the loan still remains delinquent after 90 days, the loan is considered in default, and a certified letter is generally sent to the borrower indicating the entire balance is due. The loan is placed on nonaccrual status. If the loan is not made current by no later than 120 days, foreclosure proceedings will begin.

22

Nonperforming Assets (cont.)

Exhibit 16 provides a summary of Eagle’s nonperforming assets at December 31, 2015 and 2016. Nonperforming assets, by definition, include loans 90 days or more past due, nonaccruing loans, troubled debt restructurings that have not performed, and repossessed assets. The Bank carried a lower dollar level of nonperforming assets at December 31, 2016, relative to December 31, 2015. Eagle’s level of nonperforming assets was $1,392,000 at December 31, 2015, and a lower $838,000 at December 31, 2016, which represented 1.27 percent of assets in 2015 and 0.72 percent in 2016. The Bank’s nonperforming assets included no nonaccrual loans, no loans 90 days or more past due, $914,000 in troubled debt restructurings, and $478,000 in real estate owned for a total of $1,392,000 at December 31, 2015. At December 31, 2016, nonperforming assets were a lesser $838,000 or 0.72 percent of assets and included no loans 90 days or more past due, $50,000 in nonaccrual loans, $733,000 in troubled debt restructurings and $55,000 in real estate owned.

Eagle’s levels of nonperforming assets were lower than its levels of classified assets. The Bank’s ratios of classified assets to assets, excluding special mention assets, were 1.51 percent of assets at December 31, 2015, and 1.50 percent at December 31, 2016 (reference Exhibit 17). The Bank’s classified assets consisted of $1,737,000 in substandard assets, with no assets classified as doubtful or loss at December 31, 2016, and totaled $1,658,000 in substandard assets at December 31, 2015.

Exhibit 18 shows Eagle’s allowance for loan losses at December 31, 2015 and 2016, indicating the activity and the resultant balances. Eagle has witnessed a minimal increase in its balance of allowance for loan losses from $1,036,000 at December 31, 2015, to $1,137,000 at December 31, 2016. The Bank had provisions for loan losses of $75,000 in fiscal 2015 and $83,000 in fiscal 2016.

The Bank had total charge-offs of $289,000 in 2015 and $35,000 in 2016, with recoveries of $31,000 in 2015 and $53,000 in 2016. The Bank’s ratio of allowance for loan losses to gross

23

Nonperforming Assets (cont.)

loans was 1.23 percent at December 31, 2015, and a higher 1.27 percent at December 31, 2016. Allowance for loan losses to nonperforming loans was 113.35 percent at December 31, 2015 and a higher 145.21 percent at December 31, 2016.

24

INVESTMENTS

The Bank has not maintained an investment and securities portfolio other than interest-bearing deposits. The Bank had cash and interest-bearing deposits totaling $19.94 million at December 31, 2016, and a similar $19.85 million at December 31, 2015. The Bank had $728,000 in FHLB stock at December 31, 2016. The weighted average yield on interest-bearing deposits was 0.57 percent for the year ended December 31, 2016.

25

DEPOSIT ACTIVITIES

The mix of average deposits by amount at December 31, 2015 and 2016, is provided in Exhibit 19. There has been a moderate change in total deposits and a minimal change in the deposit mix during this period. Total average deposits have increased from $89.3 million at December 31, 2015, to $97.0 million at December 31, 2016, representing an increase of $7.7 million or 8.6 percent. The balance of certificates of deposit has increased from $39.8 million at December 31, 2015, to $41.9 million at December 31, 2016, representing an increase of $2.1 million or 5.3 percent, while savings, transaction, money market and noninterest and interest-bearing demand accounts have increased $5.5 million from $49.6 million at December 31, 2015, to $55.1 million at December 31, 2016 or 11.1 percent.

Exhibit 20 provides a breakdown of certificates of $100,000 or more by maturity as of December 31, 2016, and a breakdown of all certificates by rate and maturity at December 31, 2016. A strong 64.0 percent of the Bank’s certificates of deposit of $100,000 or more mature in one to three years with no certificates maturing in more than three years. The second largest category of certificates based on maturity was certificates maturing in six months to one year, which represented 14.4 percent of these certificates. The largest category based on maturity, for all certificates is one year or less, which represented 39.9 percent of certificates followed by certificates maturing over three years years, which represented 25.8 percent of certificates. Based on rate, the largest category was certificates with rates of 1.00 percent to 1.99 percent, which represented 56.9 percent of certificates followed by certificates with rates of less than 1.00 percent with 35.0 percent of total certificates.

Exhibit 21 provides the deposit activity for the Bank for fiscal years 2015 and 2016. The Bank indicated net increases in deposits in both 2015 and 2016. In 2015, deposits indicated a net increase of 3.8 percent or $3.4 million. In 2016, deposits indicated a larger net increase of 8.2 percent or $7.6 million.

26

BORROWINGS

Eagle has made regular use of FHLB advances (reference Exhibit 22) in each of the years ended December 31, 2015 and 2016. The Bank had total FHLB advances of only $28,000 at December 31, 2016, with a weighted average cost of 3.33 percent during the period and a balance of a higher $3.1 million at December 31, 2015, with a weighted average cost of a higher 4.31 percent during the period.

SUBSIDIARIES

Eagle has no owned subsidiaries.

OFFICE PROPERTIES

Eagle has three offices–its home location in Cincinnati, Ohio (Bridgetown), and branches in the communities of Delhi and Hyde Park, both in Cincinnati. The Bank owns its home office and Hyde Park branch and leases its Delhi office. At December 31, 2016, the Bank’s total investment in fixed assets, based on depreciated cost, was $4,340,000 or 3.74 percent of assets.

MANAGEMENT

Gary J. Koester is the president and chief executive officer and has served in those capacities with Eagle since 1996. He has also served as a director since 1982. Mr. Koester began his career at Eagle in 1977 and has held various other positions during his time with the Bank. His experience at Eagle includes all facets of the Bank, including lending, operations, and information technology.

27

Management (cont.)

Ms. Patricia L. Walter is the executive vice president of the Bank and was hired on July 6, 2016. For the eleven preceding years, Ms. Walter served as the controller and then the senior vice president of financial for the former Cheviot Savings Bank. Ms. Walter began her career in 1997, working for six years with Grant Thornton LLP as an auditor and for two years for Comair, Inc., as the manager of corporate accounting.

Mr. Kevin R. Schramm is a vice president, chief financial officer and treasurer of the Bank. Mr. Schramm has served as chief financial officer and treasurer with Eagle since September 2006, recently being named vice president. Mr. Schramm began his career in 1986 with Cinco Federal Credit Union, where he spent 17 years in various positions, including operations manager and controller. Mr. Schramm’s experience also includes service as the chief financial officer of Cottage Savings Bank.

W. Raymond McCleese is the Bank’s vice president of commercial lending and was hired on May 16, 2016. Prior to joining Eagle, he served two years as the vice president of commercial lending for First Financial Bank, and for over four years as a vice president and a part of senior management for the former Merchants Bank and Trust, heading up the commercial and industrial division. Additional experience includes service as a federal SBSE agent for the Internal Revenue Service, chief financial officer of a mid-sized interior design firm, and as a staff accountant for a well-established local CPA firm.

28

II. DESCRIPTION OF PRIMARY MARKET AREA

Eagle’s market area is focused on Hamilton County, Ohio, as all three of the Bank’s offices are located in Cincinnati. The Bank’s primary retail market area is focused on the Cincinnati areas of Hyde Park (ZIP Code 45208), Delhi (ZIP Code 45238), and Bridgetown (ZIP Code 45248), while the Bank’s lending market extends into the surrounding Hamilton County in Ohio as well as more distantly into the adjacent counties of Butler, Clermont and Warren in Ohio, the counties of Boone, Campbell and Kenton in Kentucky, and Dearborn County in Indiana. Exhibit 25 shows the trends in population, households and income for ZIP Code 45208, ZIP Code 45238, ZIP Code 45248, Cincinnati, Hamilton County, Ohio and the United States. The population trends indicate decreases in Delhi, Cincinnati and Hamilton County for the period from 2000 to 2010, while Hyde Park, Bridgetown, Ohio and the United States increased in population. Delhi, Cincinnati and Hamilton County had population decreases of 3.1 percent, 10.4 percent and 5.1 percent, respectively. Hyde Park’s and Bridgetown’s populations increased by 1.9 percent and 11.7 percent, respectively, while population in Ohio increased at a rate of 1.6 percent, and the United States’ population increased by 9.7 percent during the same time period. Through 2020, population is projected to decrease by 2.2 percent and 2.4 percent in the Delhi and Bridgetown but increase by 0.3 percent in Hyde Park, 0.7 percent in Cincinnati, by 0.8 percent in Hamilton County, by 1.5 percent in Ohio and by 7.6 percent in the United States.

More important is the trend in households. Hyde Park, Bridgetown, Ohio and the United States experienced 0.1 percent, 14.2 percent, 3.5 percent and 10.7 percent increases in households from 2000 through 2010, compared to decreases of 2.8 percent in Delhi, 9.9 percent in Cincinnati and 3.7 percent in Hamilton County. Delhi and Bridgetown are projected to decrease slightly in households from 2010 through 2020 by 2.5 percent and 2.4 percent, respectively. The numbers of households in Hyde Park, Cincinnati, Hamilton County, Ohio and the United States are projected to increase by 0.4 percent, 1.0 percent, 1.7 percent, 1.4 percent and 7.5 percent, respectively, through 2020.

29

Description of Primary Market Area (cont.)

Hyde Park had 2000 per capita income of $45,453, much higher than all other areas, with Delhi at $21,686, Bridgetown at $25,377, Cincinnati at $19,962, Hamilton County at $24,053, Ohio at $21,003 and the United States at $22,162. Per capita income increased in all areas from 2000 to 2010. Hyde Park’s per capita income increased to a still high $56,541, Delhi, Bridgetown, Cincinnati and Hamilton County increased in per capita income to $24,063, $30,746 $24,538 and $28,037, respectively. Ohio’s per capita income increased to $26,520 and the United States’ increased to $26,059. In 2000, median household income in Hyde Park was $58,379, higher than all other areas, with Delhi at $42,573, Bridgetown at $54,210, Cincinnati at $29,493 and Hamilton County at $40,964, Ohio at $40,956 and the United States with a median household income $41,994. Median household income increased from 2000 to 2010 by 33.6 percent, 38.3 percent, 16.6 percent, 82.0 percent, 12.9 percent, 19.3 percent and 19.2 percent to $77,993, $58,882, $63,218, $53,681, $46,236, $48,849 and $50,046 in Hyde Park, Delhi, Bridgetown, Cincinnati, Hamilton County, Ohio and the United States, respectively. All areas except Cincinnati are also projected to show increases in their median household income levels from 2010 through 2020. Cincinnati is projected to experience a median household income decrease of 13.9 percent to $46,256, while Hyde Park, Delhi, Bridgetown, Hamilton County, Ohio and the United States are projected to increase by 18.5 percent, 0.9 percent, 19.2 percent, 20.3 percent, 9.5 percent and 23.1 percent, respectively, to $92,453, $59,413, $75,352, $55,611, $53,490 and $61,618 median household income, respectively, from 2010 to 2020.

Exhibit 26 provides a summary of key housing data for Hyde Park, Delhi, Bridgetown, Cincinnati, Hamilton County, Ohio and the United States. In 2000, Bridgetown had a much higher rate of owner-occupancy of 88.2 percent, higher than all other areas, with Hyde Park at 57.2 percent, Delhi at 66.4 percent, Cincinnati at 39.0 percent, Hamilton County at 59.9 percent, Ohio at 66.4 percent and the United States at 66.2 percent. As a result, Bridgetown supported a much lower rate of renter-occupied housing of 11.8 percent, compared to 42.8 percent in Hyde Park, 33.6 percent in Delhi, 61.0 percent in Cincinnati, 40.1 percent in Hamilton County, 33.6

30

Description of Primary Market Area (cont.)

percent in Ohio and 33.8 percent in the United States. In 2010, owner-occupied housing decreased in Delhi, Bridgetown, Cincinnati, Hamilton County and the United States while increasing slightly in Hyde Park and Ohio. In 2010, owner-occupied housing was 59.2 percent in Hyde Park, 63.2 percent in Delhi, 86.8 percent in Bridgetown, 38.9 percent in Cincinnati, 59.5 percent in Hamilton County, 67.6 percent in Ohio and 65.4 percent in the United States.

Hyde Park’s 2000 median housing value was a higher $220,300, compared to Delhi at $101,200, Bridgetown at $120,100, Cincinnati at $93,000, Hamilton County at $111,400, Ohio at $103,700 and the United States at $119,600. The 2000 median rent of Hyde Park was $640, which was again higher than Delhi’s at $468, Bridgetown’s at $550, Cincinnati’s at $444, Hamilton County’s at $485, Ohio’s at $515 and the United States’ at $602. In 2010, median housing values had increased in Hyde Park to $312,800, in Delhi to $124,600, in Bridgetown to $148,100, in Cincinnati to $126,900, in Hamilton County to $141,100, in Ohio to $134,400 and in the United States to $179,900. The 2010 median rent levels were $822, $639, $770, $630, $683, $685 and $871 in Hyde Park, Delhi, Bridgetown, Cincinnati, Hamilton County, Ohio and the United States, respectively.

In 2000, the major source of employment for all areas by industry group, based on share of employment, was the services industry. The services industry was responsible for the majority of employment in Hyde Park, Delhi, Bridgetown, Cincinnati, Hamilton County, Ohio and the United States at percentages of 53.5 percent, 48.6 percent, 45.1 percent, 54.8 percent, 49.5 percent, 43.8 percent and 46.7 percent, respectively (reference Exhibit 27). The wholesale/retail industry was the second major employer in all areas except Ohio, where the manufacturing group was the second highest employer. The manufacturing group was the third major overall employer in all areas except Ohio, where the wholesale/retail industry was the third highest employer. The agriculture/mining group, construction group, transportation/ utilities, information and finance/insurance/real estate group combined to provide 18.4 percent of employment in Hyde Park, 23.0 percent of employment in Delhi, 24.1 percent of employment in Bridgetown, 19.7 percent of employment in Cincinnati, 21.1 percent of employment in

31

Description of Primary Market Area (cont.)

Hamilton County, 20.6 percent of employment in Ohio and 23.9 percent of employment in the United States.

In 2010, the services industry, wholesale/retail trade industry, and manufacturing industry provided the first, second and third highest levels of employment, respectively, for Delhi, Bridgetown, Cincinnati, Hamilton County and the United States, with the services industry, manufacturing industry and then wholesale/retail trade industries indicating first, second and third highest levels in Hyde Park and Ohio. The services industry accounted for 57.8 percent, 54.2 percent, 51.1 percent, 58.7 percent, 54.9 percent, 51.2 percent and 53.2 percent in Hyde Park, Delhi, Bridgetown, Cincinnati, Hamilton County, Ohio and the United States, respectively. The wholesale/retail trade industry provided for 10.9 percent, 14.8 percent, 13.9 percent, 12.7 percent, 14.2 percent, 14.8 percent and 14.5 percent in Hyde Park, Delhi, Bridgetown, Cincinnati, Hamilton County, Ohio and the United States, respectively. The manufacturing group provided 13.4 percent, 9.9 percent, 11.3 percent, 11.0 percent, 12.3 percent, 15.0 percent and 10.4 percent of employment in Hyde Park, Delhi, Bridgetown, Cincinnati, Hamilton County, Ohio and the United States, respectively. The agriculture/mining, construction, transportation/utilities, information and finance/insurance/real estate areas accounted for 17.9 percent, 21.1 percent, 23.7 percent, 17.6 percent 18.7 percent, 19.0 percent and 21.9 percent of employment in Hyde Park, Delhi, Bridgetown, Cincinnati, Hamilton County, Ohio and the United States, respectively, with Hyde Park and Bridgetown having higher employment in the finance/insurance/real estate industry than other areas.

Some of the largest employers in Hamilton County are:

Employer	Employees		Product/Service
Kroger Company		21,646	Retail - food stores
University of Cincinnati		16,016	Education
Cincinnati Children’s Hospital		14,944	Healthcare
TriHealth, Inc.		11,800	Healthcare
Procter & Gamble Company		11,000	Manufacturing - soaps, consumer goods
UC Health		10,000	Healthcare
GE Aviation		7,800	Manufacturing

32

Description of Primary Market Area (cont.)

Employer	Employees		Product/Service
Mercy Health		7,500	Healthcare
St. Elizabeth Healthcare		7,479	Healthcare
Fifth Third Bancorp		6,882	Finance/banking
City of Cincinnati		6,530	Government
Christ Hospital		5,300	Healthcare
Archdiocese of Cincinnati		5,096	Religious administration
Macy’s		4,500	Retail - department stores
Internal Revenue Service		4,413	Government
Miami University		4,188	Education
Fidelity Investments		4,125	Finance
Kings Island		4,000	Entertainment
Frisch’s Restaurants, Inc.		3,393	Restaurants
State of Ohio		3,087	Government
Amazon.com LLC		3,000	Retail

The unemployment rate is another key economic indicator. Exhibit 28 shows the unemployment rates in Hamilton County, Ohio and the United States in 2012 through 2016. Hamilton County has been characterized by similar but more recently lower unemployment rates than both state and national levels. In 2012, Hamilton County had an unemployment rate of 7.4 percent, compared to unemployment rates of 7.4 percent in Ohio and 8.1 percent in the United States. Hamilton County's unemployment rate decreased slightly in 2013, as did those of Ohio and the United States to 7.3 percent, 7.5 percent and 7.4 percent, respectively. In 2014, Hamilton County’s rate of unemployment decreased as did all other areas to 5.5 percent, 5.8 percent and 6.2 percent in Hamilton County, Ohio and the United States, respectively. In 2015, Hamilton County’s rate of unemployment decreased to 4.5 percent compared to a decrease to 4.9 percent in Ohio and to 5.3 percent in the United States. Through 2016, unemployment rates were slightly lower in Hamilton County at 4.4 percent, no change in Ohio at 4.9 percent and a decrease in the United States at 4.9 percent.

Exhibit 29 provides deposit data for banks and thrifts in Hamilton County. Eagle’s deposit base in Hamilton County was approximately $98.8 million or a 4.6 percent share of the total thrift deposits but a 0.1 percent share of the total deposits, which were approximately $82.2

33

Description of Primary Market Area (cont.)

billion as of December 31, 2016. The market area is dominated by banks, with bank deposits accounting for approximately 97.6 percent of deposits at December 31, 2016.

Exhibit 30 provides interest rate data for each quarter for the years 2012 through 2016. The interest rates tracked are the Prime Rate, as well as 90-Day, One-Year and Thirty-Year Treasury Bills. The Prime Rate was stable for the majority of the five years, increasing slightly in the 4^th quarter of 2015 and again in the 4^th quarter of 2016. Short term interest rates experienced a slightly rising trend in 2012, and then stable in 2013 and 2014, with the Thirty-Year Treasury rate rising in 2013, decreasing in 2014, fluctuating in 2015, and then decreasing in the first three quarters of 2016 but increasing in the last quarter of 2016.

SUMMARY

In summary, population increased by in Hyde Park and Bridgetown from 2000 to 2010 but decreased in Delhi, Cincinnati and Hamilton County, and the number of households increased and decreased similarly. The 2010 per capita income and median household income levels in Hyde Park were much higher than all other areas, and all but Hamilton County had 2010 median household income levels above both state and national levels. Also, Hamilton County’s unemployment rates have been lower than state and national rates. According to the 2010 Census, median housing values ranged from a low of $124,600 in Delhi to a high of $312,800 in Hyde Park.

The Bank held deposits of approximately 4.6 percent of all thrift deposits in the market area as of December 31, 2016, but represented only a 0.1 percent share of the total deposit base of $88.2 billion.

34

III. COMPARABLE GROUP SELECTION

Introduction

Integral to the valuation of the Corporation is the selection of an appropriate group of publicly traded thrift institutions, hereinafter referred to as the "comparable group". This section identifies the comparable group and describes each parameter used in the selection of each institution in the group, resulting in a comparable group based on such specific and detailed parameters, current financials and recent trading prices. The various characteristics of the selected comparable group provide the primary basis for making the necessary adjustments to the Corporation's pro forma value relative to the comparable group. There is also a recognition and consideration of financial comparisons with all publicly traded, FDIC-insured thrifts in the United States and all publicly traded, FDIC-insured thrifts in the Midwest region and in Ohio.

Exhibits 31 and 32 present Share Data and Pricing Ratios and Key Financial Data and Ratios, respectively, both individually and in aggregate, for the universe of 146 publicly traded, FDIC-insured thrifts in the United States ("all thrifts"), excluding mutual holding companies, used in the selection of the comparable group and other financial comparisons. Exhibits 31 and 32 also subclassify all thrifts by region, including the 47 publicly traded Midwest thrifts ("Midwest thrifts") and the 13 publicly traded thrifts in Ohio ("Ohio thrifts"), and by trading exchange. Exhibit 31 presents prices, pricing ratios and price trends for all publicly traded FDIC-insured thrifts.

The selection of the comparable group was based on the establishment of both general and specific parameters using financial, operating and asset quality characteristics of the Corporation as determinants for defining those parameters. The determination of parameters was also based on the uniqueness of each parameter as a normal indicatorof a thrift institution's operating philosophy and perspective. The parameters established and defined are considered to be both reasonable and reflective of the Corporation’s basic operation.

35

Introduction (cont.)

The general parameter requirements for the selection of the peer group candidates included a maximum asset size limit of $800 million, a trading exchange requirement that each candidate be traded on one of the two major stock exchanges, the New York Stock Exchange or the NASDAQ, a geographic parameter that eliminates potential candidates located in the Southwest and West, a merger and acquisition parameter that eliminates any potential candidate that is involved in a merger and acquisition transaction, and a recent conversion parameter that eliminates any institution that has not been converted from mutual to stock for at least four quarters or prior to December 31, 2016. Due to the general parameter requirement related to trading on NASDAQ or the New York Stock Exchange, the size of the peer group institutions results in larger institutions.

Inasmuch as the comparable group must consist of at least ten institutions, the parameters relating to asset size and geographic location have been expanded as necessary in order to fulfill this requirement.

Due to lack of comparability, there are no mutual holding companies included as potential comparable group candidates.

GENERAL PARAMETERS

Merger/Acquisition

The comparable group will not include any institution that is in the process of a merger or acquisition as the seller at December 31, 2016, due to the price impact of such a pending transaction. There were two thrift institutions that were potential comparable group candidates but had to be eliminated due to their involvement in a merger/acquisition.

Georgetown Bancorp - Massachusetts

Standard Financial Corp. - Pennsylvania

36

Merger/Acquisition (cont.)

There are no pending merger/acquisition transactions involving thrift institutions that were potential comparable group candidates in the Corporation’s city, county or market area as indicated in Exhibit 34.

Trading Exchange

It is necessary that each institution in the comparable group be listed on one of the two major stock exchanges, the New York Stock Exchange or the National Association of Securities Dealers Automated Quotation System (NASDAQ). Such a listing indicates that an institution’s stock has demonstrated trading activity and is responsive to normal market conditions, which are requirements for listing. Of the 146 publicly traded, FDIC-insured savings institutions, excluding mutual holding companies, 8 are traded on the New York Stock Exchange and 89 are traded on NASDAQ. There were an additional 18 traded over the counter and 31 institutions are listed in the Pink Sheets, but they were not considered for the comparable group selection.

IPO Date

Another general parameter for the selection of the comparable group is the initial public offering ("IPO") date, which must be at least four quarterly periods prior to December 31, 2016, in order to insure at least four consecutive quarters of reported data as a publicly traded institution. The resulting parameter is a required IPO date prior to December 31, 2015.

Geographic Location

The geographic location of an institution is a key parameter due to the impact of various economic and thrift industry conditions on the performance and trading prices of thrift institution

37

Geographic Location (cont.)

stocks. Although geographic location and asset size are the two parameters that have been developed incrementally to fulfill the comparable group requirements, the geographic location parameter has nevertheless eliminated regions of the United States distant to the Corporation, including the Southwest and West regions.

The geographic location parameter consists of the Midwest, North Central, Southeast and Northeast regions for a total of fifteen states. To extend the geographic parameter beyond those states could result in the selection of similar thrift institutions with regard to financial conditions and operating characteristics, but with different pricing ratios due to their geographic regions. The result could then be an unrepresentative comparable group with regard to price relative to the parameters and, therefore, an inaccurate value.

Asset Size

Asset size was another key parameter used in the selection of the comparable group. The total asset size for any potential comparable group institution was $800 million or less, due to the general similarity of asset mix and operating strategies of institutions within this asset range, compared to the Corporation, with assets of approximately $116 million. Such an asset size parameter was necessary to obtain an appropriate comparable group of at least ten institutions.

In connection with asset size, we did not consider the number of offices or branches in selecting or eliminating candidates, since that characteristic is directly related to operating expenses, which are recognized as an operating performance parameter.

38

SUMMARY

Exhibits 35 and 36 show the 25 institutions considered as comparable group candidates after applying the general parameters, with the outlined institutions being those ultimately selected for the comparable group using the balance sheet, performance and asset quality parameters established in this section.

39

BALANCE SHEET PARAMETERS

Introduction

The balance sheet parameters focused on seven balance sheet ratios as determinants for selecting a comparable group, as presented in Exhibit 35. The balance sheet ratios consist of the following:

1. Cash and investments to assets

2. Mortgage-backed securities to assets

3. One- to four-family loans to assets

4. Total net loans to assets

5. Total net loans and mortgage-backed securities to assets

6. Borrowed funds to assets

7. Equity to assets

The parameters enable the identification and elimination of thrift institutions that are distinctly and functionally different from the Corporation with regard to asset mix. The balance sheet parameters also distinguish institutions with a significantly different capital position from the Corporation. The ratio of deposits to assets was not used as a parameter as it is directly related to and affected by an institution's equity and borrowed funds ratios, which are separate parameters.

Cash and Investments to Assets

The Bank’s ratio of cash and investments to assets, excluding mortgage-backed securities, was 17.2 percent at December 31, 2016, and reflects the Bank’s share of cash and investments higher than the national and state averages of 13.4 percent and 15.2 percent, respectively. The Bank's investments have consisted of only interest-bearing deposits.

40

Cash & Investments to Assets (cont.)

For its three most recent fiscal years ended December 31, 2016, the Bank’s average ratio of cash and investments to assets was a lower 16.66 percent, ranging from a low of 14.70 percent in 2014 to high of 18.10 percent in 2015.

The parameter range for cash and investments is has been defined as 38.0 percent or less of assets, with a midpoint of 19.0 percent.

Mortgage-Backed Securities to Assets

At December 31, 2016, the Bank had no mortgage-backed securities, resulting in a zero percent ratio, modestly lower than the national average of 7.59 percent and the regional average of 7.79 percent for publicly traded thrifts. The Bank’s three most recent fiscal year average is also zero percent, also lower than industry averages.

Inasmuch as many institutions purchase mortgage-backed securities as an alternative to both lending, relative to cyclical loan demand and prevailing interest rates, and other investment vehicles, this parameter is also fairly broad at 42.0 percent or less of assets and a midpoint of 21.0 percent.

One- to Four-Family Loans to Assets

The Bank’s lending activity has been focused on the origination of residential mortgage loans secured by one- to four-family dwellings. One- to four-family loans, excluding construction loans and home equity loans, represented 41.1 percent of the Bank's assets at December 31, 2016, which is lower than its ratio of 41.9 percent at December 31, 2015, and

41

One- to Four-Family Loans to Assets (cont.)

lower than its ratio of 46.9 percent at December 31, 2014. The parameter for this characteristic is 60.00 percent of assets or less in one- to four-family loans with a midpoint of 30.00 percent.

Total Net Loans to Assets

At December 31, 2016, the Bank had a 74.0 percent ratio of total net loans to assets and a higher three fiscal year average of 74.1 percent, compared to the national average of 71.2 percent and the regional average of 68.4 percent for publicly traded thrifts. The Bank's ratio of total net loans to assets changed from 76.2 percent of total assets at December 31, 2014, to 72.1 percent at December 31, 2015, to 74.0 percent at December 31, 2016.

The parameter for the selection of the comparable group is from 20.0 percent to 90.0 percent with a midpoint of 55.0 percent. The lower end of the parameter range relates to the fact that, as the referenced national and regional averages indicate, many institutions hold greater volumes of mortgage-backed securities as cyclical alternatives to lending, but may otherwise be similar to the Bank.

Total Net Loans and Mortgage-Backed Securities to Assets

As discussed previously, the Bank’s shares of mortgage-backed securities to assets and total net loans to assets were zero percent and 74.0 percent, respectively, for a combined share of 74.0 percent. Recognizing the industry and regional ratios of 78.8 percent and 76.2 percent, respectively, the parameter range for the comparable group in this category is 60.0 percent to 90.0 percent, with a midpoint of 75.0 percent.

42

Borrowed Funds to Assets

The Bank had borrowed funds of $28,000 or 0.02 percent of assets at December 31, 2016, which is moderately lower than current industry average of 9.74 percent.

The use of borrowed funds by some institutions indicates an alternative to retail deposits and may provide a source of longer term funds. The federal insurance premium on deposits has also increased the attractiveness of borrowed funds. The institutional demand for borrowed funds has decreased in recent years, due to much lower rates paid on deposits. Additionally, many thrifts are not aggressively seeking deposits, since quality lending opportunities have diminished in the current economic environment.

The parameter range of borrowed funds to assets is 48.0 percent or less with a midpoint of 24.0 percent.

Equity to Assets

The Bank’s equity to assets ratio was 11.62 percent at December 31, 2016, 10.95 percent at December 31, 2015, and 10.58 percent at December 31, 2014, averaging 11.05 percent for the three fiscal years ended December 31, 2016. The Bank’s equity increased in each of the past four fiscal periods from December 31, 2012, to December 31, 2016. After conversion, based on the midpoint value of $17.0 million, with 50.0 percent of the net proceeds of the public offering going to the Bank and recognizing the Foundation, its equity is projected to increase to 17.07 percent of assets, with the Corporation’s equity at 20.76 percent of assets.

Based on those equity ratios, we have defined the equity ratio parameter to be 8.0 percent to 20.0 percent with a midpoint ratio of 14.0 percent.

43

PERFORMANCE PARAMETERS

Introduction

Exhibit 36 presents five parameters identified as key indicators of the Bank’s earnings performance and the basis for such performance both historically and during the year ended December 31, 2016. The primary performance indicator is the Bank's core return on average assets (ROAA). The second performance indicator is the Bank's core return on average equity (ROAE). To measure the Bank's ability to generate net interest income, we have used net interest margin. The supplemental source of income for the Bank is noninterest income, and the parameter used to measure this factor is the ratio of noninterest income to average assets. The final performance indicator is the Bank's ratio of operating expenses or noninterest expenses to average assets, a key factor in distinguishing different types of operations, particularly institutions that are aggressive in secondary market activities, which often results in much higher operating costs and overhead ratios.

Return on Average Assets

The key performance parameter is core ROAA. For the year ended December 31, 2016, the Bank’s core ROAA was 0.61 percent based on a core income after taxes of $693,000, as detailed in Item I of this Report. The net ROAA for the year ended December 31, 2016, was 1.29 percent on net income of $1,460,000. The Bank's ROAA in its prior two fiscal years of 2014 and 2015, was 0.63 percent and 0.58 percent, respectively, with a three fiscal year average ROAA of 0.63 percent based on core income.

Considering the historical and current earnings performance of the Bank, as well as the industry, the range for the ROAA parameter based on core income has been defined as less than 1.30 percent with a midpoint of 0.65 percent.

44

Return on Average Equity

The ROAE has been used as a secondary parameter to eliminate any institutions with an unusually high or low ROAE that is inconsistent with the Bank's position. This parameter does not provide as much meaning for a newly converted thrift institution as it does for established stock institutions, due to the unseasoned nature of the capital structure of the newly converted thrift and the inability to accurately reflect a mature ROAE for the newly converted thrift relative to other stock institutions.

The Bank’s core ROAE for the year ended December 31, 2016, was 5.44 percent based on its core earnings. In its most recent three fiscal years, the Bank's average ROAE was 5.81 percent, from a low of 5.31 percent in 2015 to a high of 6.19 percent in 2014.

The parameter range for ROAE for the comparable group, based on core income, is 10.00 percent or less with a midpoint of 5.00 percent.

Net Interest Margin

The Bank had a net interest margin of 3.00 percent for the year ended December 31, 2016, representing net interest income as a percentage of average interest-earning assets. The Bank's net interest margin levels in its two prior fiscal years of 2014 and 2015 were 3.25 percent and 3.06 percent, respectively, averaging 3.10 percent.

The parameter range for the selection of the comparable group is from a low of 1.50 percent to a high of 4.50 percent with a midpoint of 3.00 percent.

45

Operating Expenses to Assets

For the year ended December 31, 2016, the Bank had a 4.07 percent ratio of operating expense to average assets impacted by two one-time expenses. In its two prior fiscal years of 2014 to 2015, the Bank’s expense ratio averaged 3.42 percent, from a low of 3.26 percent in fiscal year 2014 to a high of 4.07 percent in fiscal year 2016, with a core 2016 overhead ratio of a more normal 3.51 percent.

The operating expense to assets parameter for the selection of the comparable group is from a low of 1.10 percent to a high of 4.10 percent with a midpoint of 2.50 percent.

Noninterest Income to Assets

Compared to publicly traded thrifts, the Bank has experienced a higher level of noninterest income as a source of additional income due to its gains on loans sold. The Bank’s ratio of noninterest income to average assets was 2.94 percent for the year ended December 31, 2016, but a lesser 2.11 percent excluding the one time BOLI death benefit. For its prior two fiscal years ended December 31, 2014, and 2015, the Bank’s ratios of noninterest income to average assets were 1.24 percent and 1.69 percent, respectively, for a three-year average of 1.96 percent and a lower 1.68 percent excluding BOLI death benefit in 2016.

The range for this parameter for the selection of the comparable group is 3.00 percent of average assets or less, with a midpoint of 1.50 percent.

46

ASSET QUALITY PARAMETERS

Introduction

The final set of financial parameters used in the selection of the comparable group are asset quality parameters, also shown in Exhibit 36. The purpose of these parameters is to insure that any thrift institution in the comparable group has an asset quality position similar to that of the Bank. The three defined asset quality parameters are the ratios of nonperforming assets to total assets, repossessed assets to total assets and loan loss reserves to total assets at the end of the most recent period.

Nonperforming Assets to Total Assets

The Bank’s ratio of nonperforming assets to assets was 0.72 percent at December 31, 2016, which was lower than the national average of 0.94 percent for publicly traded thrifts and the average of 0.94 percent for Midwest thrifts. The Bank’s ratio of nonperforming assets to total assets averaged 0.99 percent for its most recent three fiscal years ended December 31, 2016, from a high of 1.16 percent at December 31, 2014, to a low of 0.72 percent at December 31, 2016.

The comparable group parameter for nonperforming assets is 3.00 percent or less of total assets, with a midpoint of 1.50 percent.

Repossessed Assets to Assets

The Bank had repossessed assets of $55,000 at December 31, 2016, representing a ratio to total assets of 0.05 percent, following ratios of repossessed assets to total assets of 0.44 percent and 0.37 percent at December 31, 2015, and December 31, 2014, respectively. National

47

Repossessed Assets to Assets (cont.)

and regional averages were 0.16 percent and 0.16 percent, respectively, for publicly traded thrift institutions.

The range for the repossessed assets to total assets parameter is 0.30 percent of assets or less with a midpoint of 0.15 percent.

Loans Loss Reserves to Assets

The Bank had an allowance for loan losses of $1,137,000, representing a loan loss allowance to total assets ratio of 0.98 percent at December 31, 2016, which was higher than its 0.94 percent ratio at December 31, 2015, and lower than its 1.13 percent ratio at December 31, 2014.

The loan loss allowance to assets parameter range used for the selection of the comparable group required a minimum ratio of 0.10 percent of assets.

THE COMPARABLE GROUP

With the application of the parameters previously identified and applied, the final comparable group represents ten institutions identified in Exhibits 37, 38 and 39. The comparable group institutions range in size from $335.0 million to $777.5 million with an average asset size of $529.3 million and have an average of 7.0 offices per institution. Three of the comparable group institutions are in Maryland, one each in Illinois, Kentucky, Michigan, New York, Ohio, Pennsylvania and Minnesota, and all ten are traded on NASDAQ.

48

The Comparable Group (cont.)

The comparable group institutions as a unit have a ratio of equity to assets of 11.6 percent, which is 2.2 percent lower than all publicly traded thrift institutions in the United States; and for the most recent four quarters indicated a core return on average assets of 0.71 percent, lower than all publicly traded thrifts at 0.77 percent and lower than the publicly traded Ohio thrifts at 0.95 percent.

49

IV. ANALYSIS OF FINANCIAL PERFORMANCE

This section reviews and compares the financial performance of the Bank to all publicly traded thrifts, to publicly traded thrifts in the Midwest region and to Ohio thrifts, as well as to the ten institutions constituting the Bank’s comparable group, as selected and described in the previous section. The comparative analysis focuses on financial condition, earning performance and pertinent ratios as presented in Exhibits 40 through 45.

As presented in Exhibits 40 and 41, at December 31, 2016, the Bank’s total equity of 11.62 percent of assets was similar to the comparable group at 11.60 percent, lower than all thrifts at 11.86 percent, Midwest thrifts at 11.82 percent and lower than Ohio thrifts at 12.16 percent. The Bank had a 73.97 percent share of net loans in its asset mix, higher than the comparable group at 71.70 percent, all thrifts at 71.24 percent and Midwest thrifts at 68.44 percent and lower than Ohio thrifts at 74.98 percent. The Bank had a higher 17.19 percent share of cash and investments with a lower zero percent share of mortgage-backed securities. The comparable group had a lower 15.01 percent share of cash and investments and a higher 7.89 percent share of mortgage-backed securities. All thrifts had a 7.59 percent of assets in mortgage-backed securities and 13.42 percent in cash and investments. The Bank’s 86.26 percent share of deposits was higher than the comparable group, all thrifts, Midwest thrifts and Ohio thrifts, reflecting the Bank's lower share of borrowed funds of 0.02 percent and similar share of equity of 11.62 percent. As ratios to assets, the comparable group had deposits of 77.96 percent and borrowings of 10.75 percent. All thrifts averaged a 77.52 percent share of deposits and 9.74 percent of borrowed funds, while Midwest thrifts had a 79.07 percent share of deposits and an 8.19 percent share of borrowed funds. Ohio thrifts averaged a 74.49 percent share of deposits and a 12.57 percent share of borrowed funds. The Bank had no goodwill and intangible assets, compared to 0.53 percent for the comparable group, 0.46 percent for all thrifts, 0.27 percent for Midwest thrifts and 0.31 percent for Ohio thrifts.

50

Analysis of Financial Performance (cont.)

Operating performance indicators are summarized in Exhibits 42, 43 and 44 and provide a synopsis of key sources of income and key expense items for the Bank in comparison to the comparable group, all thrifts, and regional thrifts for the trailing four quarters.

As shown in Exhibit 44, for the year ended December 31, 2016, the Bank had a lower yield on average interest-earning assets relative to the comparable group, all thrifts, Midwest thrifts and Ohio thrifts. The Bank's yield on interest-earning assets was 3.71 percent compared to the comparable group at 4.10 percent, all thrifts at 3.81 percent, Midwest thrifts at 3.76 percent and Ohio thrifts at 3.97 percent.

The Bank's cost of funds for the twelve months ended December 31, 2016, was lower than the comparable group and all thrifts, similar to Midwest thrifts, and higher than Ohio thrifts. The Bank had an average cost of interest-bearing liabilities of 0.78 percent compared to 0.83 percent for the comparable group, 0.87 percent for all thrifts, 0.79 percent for Midwest thrifts and 0.66 percent for Ohio thrifts. The Bank's yield on interest-earning assets and cost of funds resulted in a net interest spread of 2.93 percent, which was lower than the comparable group at 3.27 percent, similar to all thrifts at 2.94 percent, lower than Midwest thrifts at 2.97 percent and Ohio thrifts at 3.31 percent. The Bank generated a net interest margin of 3.00 percent for the year ended December 31, 2016, based on its ratio of net interest income to average interest-earning assets, which was lower than the comparable group ratio of 3.40 percent. All thrifts averaged a higher 3.10 percent net interest margin for the trailing four quarters, with Midwest thrifts at 3.13 percent; and Ohio thrifts averaged a higher 3.44 percent.

The Bank’s major source of earnings is interest income, as indicated by the operations ratios presented in Exhibit 43. The Bank had $83,000 in provision for loan losses during the twelve months ended December 31, 2016, representing 0.07 percent of average assets. The average provision for loan losses for the comparable group was also 0.07 percent, with all thrifts at 0.06 percent, Midwest thrifts at 0.05 percent and Ohio thrifts at 0.07 percent.

51

Analysis of Financial Performance (cont.)

The Bank's total noninterest income was $3,318,000 or 2.94 percent of average assets for the year ended December 31, 2016, including a one time BOLI death benefit of $940,000 or 28.3 percent of noninterest income. Excluding such death benefit, noninterest income was lower but a still strong 2.11 percent of assets. The Bank’s higher ratio of noninterest income to average assets was higher than the comparable group at 0.63 percent, and higher than all thrifts at 0.90 percent, Midwest thrifts at 0.91 percent and higher than Ohio thrifts at 0.69 percent. For the year ended December 31, 2016, the Bank’s operating expense ratio was 4.07 percent of average assets, including $121,000 in a one-time FHLB prepayment advance penalty and a $410,000 death benefit obligation for a combined $531,000 and resulting in core operating expenses of $4,060,000 or 3.60 percent, higher than the comparable group at 2.80 percent, all thrifts at 3.02 percent Midwest thrifts at 3.07 percent, and Ohio thrifts at 2.81 percent.

The overall impact of the Bank’s income and expense ratios is reflected in its net income and return on assets. For the year ended December 31, 2016, the Bank had a net ROAA of 1.29 and core ROAA of 0.61 percent. For its most recent four quarters, the comparable group had a lower net ROAA of 0.84 percent and a higher core ROAA of 0.71 percent. All publicly traded thrifts averaged a lower net ROAA of 0.81 percent and a higher 0.77 percent core ROAA, with Midwest thrifts a 1.02 percent net ROAA and a 0.99 percent core ROAA. The twelve month net and core ROAA for the 13 Ohio thrifts was 0.99 percent and 0.95 percent, respectively.

52

V. MARKET VALUE ADJUSTMENTS

This is a conclusive section where adjustments are made to determine the pro forma market value or appraised value of the Corporation based on a comparison of Eagle with the comparable group. These adjustments will take into consideration such key items as earnings performance, primary market area, financial condition, asset and deposit growth, dividend payments, subscription interest, liquidity of the stock to be issued, management, and market conditions or marketing of the issue. It must be noted that all of the institutions in the comparable group have their differences among themselves and relative to the Bank, and, as a result, such adjustments become necessary.

EARNINGS PERFORMANCE

In analyzing earnings performance, consideration was given to net interest income, the amount and volatility of interest income and interest expense relative to changes in market area conditions and to changes in overall interest rates, the quality of assets as it relates to the presence of problem assets which may result in adjustments to earnings due to provisions for loan losses, the balance of current and historical nonperforming assets and real estate owned, the balance of valuation allowances to support any problem assets or nonperforming assets, the amount and volatility of noninterest income, and the amount and ratio of noninterest expenses. The earnings performance analysis was based on the Bank’s respective net and core earnings for the year ended December 31, 2016, with comparisons to the core earnings of the comparable group, all thrifts and other geographical subdivisions.

As discussed earlier, the Bank has experienced increases in its assets in each of the past four fiscal years and loans in two of the past four fiscal years and increases in deposits in three of the past four fiscal years, with increases experienced for loans in 2016 and 2013 and increases in deposits in 2014, 2015 and 2016. The Bank has experienced positive earnings in each of the past five fiscal years and has focused on controlling its lower balance of nonperforming assets;

53

Earnings Performance (cont.)

maintaining its ratio of interest sensitive assets relative to interest sensitive liabilities by maintaining a moderate share of cash and investments and adjustable-rate loans, thereby maintaining its overall interest rate risk; strengthening its strong level of noninterest income; and maintaining adequate allowances for loan losses to reduce the impact of any charge-offs. Historically, the Bank has closely monitored its lower yields and costs, which have resulted in a lower net interest margin that has been historically lower than industry averages due to its lower yield on earning assets even with its lower cost of funds, with the margin trend experiencing minimal change over the past two years, and a 3.00 percent net interest margin for the year ended December 31, 2016, was lower than the industry average of 3.10 percent and lower than the comparable group average of 3.41 percent. During its prior two fiscal years, Eagle’s ratio of interest expense to interest-bearing liabilities has increased slightly from 0.82 percent in fiscal year 2014 to 0.84 percent in 2015. The Bank’s ratio then decreased to 0.78 percent for the year ended December 31, 2016, which was lower than the average of 0.83 percent for the comparable group and lower than the average of 0.87 percent for all thrifts. Following the conversion, the Bank will continue to control its operating expenses, strive to maintain its net interest margin, strive to increase its noninterest income, gradually increase its core net income, increase its return on assets, continue to control its balance of nonperforming and classified assets, and closely monitor its interest rate risk.

The Bank has experienced a moderate increase in loan origination activity from fiscal year 2015 to 2016. Total loan originations in fiscal year 2015 were $100.0 million with a net loan change of a decrease of $(27,000) including $69.0 million in loan sales and no loan purchases. Gross loan originations were a larger $115.6 million in fiscal year 2016, with another $1.2 million in loan purchases. This level of originations and purchases in 2016 resulted in a net increase in loans of $6.0 million in 2016, noticeably higher than the $27,000 decrease in 2015, and included $81.7 million in loan sales in 2016.

54

Earnings Performance (cont.)

From December 31, 2015, to December 31, 2016, one- to four-family loans and commercial real estate loans, home equity loans, construction loans and commercial business loans experienced increases in their balances. Home equity loans and construction loans indicated dollar increases of $1.7 million and $1.6 million, respectively, from December 31, 2015, to December 31, 2016. One- to four-family loans increased in dollars by $1.7 million or 3.6 percent, from December 31, 2015, to December 31, 2016. Commercial real estate loans increased by $692,000 or 5.3 percent from December 31, 2015, to December 31, 2016. The other individual changes were commercial business loans, which increased $585,000 or 49.0 percent and multi-family loans, which decreased $482,000 or 16.1 percent from December 31, 2015, to December 31, 2016. Overall, the Bank’s lending activities resulted in a total loan increase of $5.7 million or 6.8 percent and a net loan increase of $6.4 million or 8.4 percent from December 31, 2015, to December 31, 2016.

The impact of Eagle’s primary lending efforts has been to generate a yield on average interest-earning assets of 3.71 percent for the year ended December 31, 2016, compared to a higher 4.10 percent for the comparable group, 3.81 percent for all thrifts and 3.26 percent for Midwest thrifts. The Bank’s ratio of interest income to average assets was 3.37 percent for the year ended December 31, 2016, lower than the comparable group at 3.78 percent, all thrifts at 3.73 percent and Midwest thrifts at 3.66 percent, reflecting the Bank's lower yield.

Eagle’s 0.78 percent cost of interest-bearing liabilities for the year ended December 31, 2016, was lower than the comparable group at 0.83 percent, lower than all thrifts at 0.87 percent and similar to Midwest thrifts at 0.79 percent and higher than Ohio thrifts at 0.66 percent. The Bank's resulting net interest spread of 2.93 percent for the year ended December 31, 2016, was lower the comparable group at 3.27 percent and similar to all thrifts at 2.94 percent, Midwest thrifts at 2.97 percent and lower than Ohio thrifts at 3.31 percent. The Bank's net interest margin of 3.00 percent, based on average interest-earning assets for the year ended December 31, 2016, was lower than the comparable group at 3.40 percent, lower than all thrifts at 3.10 percent, Midwest thrifts at 3.13 percent and Ohio thrifts at 3.44 percent.

55

Earnings Performance (cont.)

The Bank's ratio of noninterest income to average assets was a higher 2.94 percent for the year ended December 31, 2016, due to a one-time BOLI death benefit and lower 2.11 percent excluding the BOLI death benefit, which was higher than the comparable group at 0.63 percent, higher than all thrifts at 0.90 percent and Midwest thrifts at 0.91 percent, due to the Bank’s higher gains on loans sold.

The Bank's operating expenses were higher than the comparable group, all thrifts, Midwest thrifts and Ohio thrifts. For the year ended December 31, 2016, Eagle had an operating expenses to average assets ratio of 4.07 percent and a lower 3.60 percent, excluding one-time expenses, compared to 2.80 percent for the comparable group, 3.02 percent for all thrifts, 3.07 percent for Midwest thrifts and 2.81 percent for Ohio thrifts.

For the year ended December 31, 2016, Eagle generated a higher ratio of noninterest income, a higher ratio of noninterest expenses and a lower net interest margin relative to its comparable group. The Bank had 0.07 percent in provision for loan losses during the year ended December 31, 2016, compared to the comparable group at 0.07 percent of assets, all thrifts at 0.06 percent and Midwest thrifts at 0.05 percent. The Bank’s allowance for loan losses to total loans of 1.31 percent was higher than the comparable group and higher than all thrifts. The Bank’s 135.68 percent ratio of reserves to nonperforming assets was similar to the comparable group at 132.94 percent and higher than all thrifts at 117.4 percent.

As a result of its operations, the Bank's core income for the year ended December 31, 2016, was lower than the comparable group but its net income was higher due to a one-time BOLI death benefit. Based on net earnings, the Bank had a return on average assets of 1.29 percent for the year ended December 31, 2016, and a return on average assets of 0.58 percent and 0.63 percent in fiscal years 2015 and 2014, respectively. The Bank’s core return on average assets was 0.61 percent for the year ended December 31, 2016, as detailed in Exhibit 7. For their most recent four quarters, the comparable group had a lower net ROAA of 0.84 percent and a higher core ROAA of 0.71 percent, while all thrifts indicated a lower net ROAA and higher core

56

Earnings Performance (cont.)

ROAA of 0.81 percent and 0.77 percent, respectively. Midwest thrifts indicated a net ROAA of 1.02 percent and a core ROAA of 0.99 percent.

Following its conversion, Eagle’s earnings will continue to be dependent on a combination of the overall trends in interest rates, the consistency, reliability and variation of its net interest income, noninterest income, overhead expenses and its asset quality and its future needs for provisions for loan losses. Earnings are projected to represent a 0.42 percent ROAA in 2017 and then 0.58 percent in 2018. The Bank’s ratio of noninterest income to average assets increased from fiscal 2015 to 2016. The increase in core noninterest income in fiscal 2016 was due to the Bank’s increases in gains on the sale of loans. Overhead expenses indicated a modest increase overall during the past two fiscal years also impacted by the higher expenses related to the Bank’s strong lending program.

In recognition of the foregoing earnings related factors, considering Eagle’s historical and current performance measures, as well as Business Plan projections, a downward adjustment has been made to the Corporation’s pro forma market value for earnings performance.

57

MARKET AREA

Eagle’s market area is focused on Hamilton County, Ohio, as all three of the Bank’s offices are located in Cincinnati. The Bank’s primary retail market area is focused on the Cincinnati areas of Hyde Park (ZIP Code 45208), Delhi (ZIP Code 45238), and Bridgetown (ZIP Code 45248), while the Bank’s lending market extends into the surrounding Hamilton County in Ohio as well as more distantly into the adjacent counties of Butler, Clermont and Warren in Ohio, the counties of Boone, Campbell and Kenton in Kentucky, and Dearborn County in Indiana. The population trends indicate decreases in Delhi, Cincinnati and Hamilton County for the period from 2000 to 2010, while Hyde Park, Bridgetown, Ohio and the United States increased in population. Through 2020, population is projected to decrease by 2.6 percent and 2.4 percent in Delhi and Bridgetown, respectively.

Hyde Park and Bridgetown had higher per capita income than all other areas; and Hyde Park, Delhi and Bridgetown all had higher median household income levels than all other areas.

In 2010, median housing values were $312,800 in Hyde Park, $124,600 in Delhi, $148,100 in Bridgetown, $126,900 in Cincinnati, $141,100 in Hamilton County, $134,400 in Ohio and $179,900 in the United States.

Also, Hamilton County has been characterized with lower unemployment rates. Currently, Hamilton County has an unemployment rate of 4.4 percent, with Ohio and the United States both at 4.9 percent.

The Bank held deposits of 4.6 percent of the total thrift deposits in the market area as of June 30, 2016, which represented only an 0.1 percent share of the total deposit base of $88.2 billion.

In recognition of the foregoing factors, we believe that a downward adjustment is warranted for the Bank’s market area.

58

FINANCIAL CONDITION

The financial condition of Eagle is discussed in Section I and shown in Exhibits 1, 2, 5, and 12 through 22, and is compared to the comparable group in Exhibits 39, 40, and 41. The Bank's ratio of total equity to total assets was 11.62 percent at December 31, 2016, which was similar to the comparable group at 11.60 percent and lower than all thrifts at 11.86 percent and Ohio thrifts at 12.16 percent. Based on the conversion completed at the midpoint of the valuation range, the Corporation's pro forma equity to assets ratio will be 20.76 percent, and the Bank's pro forma equity to assets ratio will increase to 17.07 percent, recognizing the formation of the $500,000 Foundation.

The Bank's mix of assets and liabilities indicates both similarities to and variations from its comparable group. Eagle had a higher 73.97 percent ratio of net loans to total assets at December 31, 2016, compared to the comparable group at 71.7 percent. All thrifts indicated a lower 71.2 percent, as did Midwest thrifts at 68.4 percent. The Bank's 17.2 percent share of cash and investments was higher than the comparable group at 15.0 percent, while all thrifts were at 13.4 percent and Midwest thrifts were at 15.2 percent. Eagle’s absence of mortgage-backed securities was moderately lower than the comparable group at 7.9 percent and lower than all thrifts at 7.6 percent and Midwest thrifts at 7.8 percent.

The Bank's 86.3 percent ratio of deposits to total assets was higher than the comparable group at 78.0 percent, higher than all thrifts at 77.5 percent and higher than Midwest thrifts at 79.1 percent. Eagle’s higher ratio of deposits was due to its lower share of borrowed funds. Eagle had a similar equity to asset ratio of 11.6 percent, compared to the comparable group at 11.6 percent of total assets, with all thrifts at 11.9 percent and Midwest thrifts at 11.8 percent. Eagle had a lower share of borrowed funds to assets of 0.02 percent at December 31, 2016, moderately below the comparable group at 10.8 percent and lower than all thrifts at 9.7 percent and lower than Midwest thrifts at 8.2 percent. In fiscal year 2016, total deposits increased by $7.6 million or 8.2 percent and increased from $92.4 million to $100.0 million. During fiscal year 2015, Eagle’s deposits increased by $4.1 million or 4.6 percent from $88.4 million to $92.5 million.

59

Financial Condition (cont.)

Eagle had no assets in combined goodwill and intangible assets and had a lower share of repossessed real estate at December 31, 2016. The Bank had repossessed real estate of $55,000 or 0.05 percent of assets at December 31, 2016. This compares to ratios of 0.53 percent for goodwill and intangible assets and 0.10 percent for real estate owned, for the comparable group. All thrifts had a goodwill and intangible assets ratio of 0.46 percent and a real estate owned ratio of 0.16 percent.

The financial condition of Eagle is impacted by its lower than average balance of nonperforming assets of $733,000 or 0.72 percent of total assets at December 31, 2016, compared to a higher 1.07 percent for the comparable group, 0.94 percent for all thrifts, 0.94 percent for Midwest thrifts and a higher 0.86 percent for Ohio thrifts. The Bank's ratio of nonperforming assets to total assets was 1.16 percent at December 31, 2014, and 1.27 percent at December 31, 2015.

At December 31, 2016, Eagle had $1,137,000 of allowances for loan losses, which represented 0.98 percent of assets and 1.31 percent of total loans. The comparable group indicated higher allowance ratios, relative to assets and loans, equal to 1.00 percent of assets and 1.22 percent of total loans, while all thrifts had allowances relative to assets and loans that averaged a lower 0.80 percent of assets and a lower 1.08 percent of total loans. Also of major importance is an institution's ratio of allowances for loan losses to nonperforming assets, since a portion of nonperforming assets might eventually be charged off. Eagle’s $1,137,000 of allowances for loan losses, represented 135.68 percent of nonperforming assets at December 31, 2016, compared to the comparable group's similar 132.94 percent, with all thrifts at 117.37 percent, Midwest thrifts at 110.18 percent and Ohio thrifts at a higher 138.06 percent. Eagle’s ratio of net charge-offs to average total loans was (0.02) percent for the year ended December 31, 2016, compared to a similar (0.01) percent for the comparable group, 0.06 percent for all thrifts and 0.10 percent for Midwest thrifts.

60

Financial Condition (cont.)

Eagle has a modest level of interest rate risk. The change in the Bank’s NPV level at December 31, 2016, reflecting the most current information available, based on a rise in interest rates of 100 basis points was a 5.35 percent decrease, representing a dollar decrease in equity value of $1,670,000. The Bank’s exposure increases to a 10.09 percent decrease in its NPV level under a 200 basis point rise in rates, representing a dollar decrease in equity of $3,152,000. The Bank’s post shock NPV ratio at December 31, 2016, assuming a 200 basis point rise in interest rates was 24.68 percent and indicated a 219 basis point decrease from its 26.87 percent based on no change in interest rates.

Compared to the comparable group, with particular attention to the Bank’s equity level, asset quality position level and asset and liability mix, we believe that no adjustment is warranted for Eagle’s current financial condition, due to the Bank’s similar equity position, recognizing its recently lower share of nonperforming assets and similar share of allowance for loan losses to nonperforming assets.

61

ASSET, LOAN AND DEPOSIT GROWTH

During its most recent two fiscal years, Eagle has been characterized by moderate changes in assets, loans and deposits relative to its comparable group. The Bank’s average annual asset change from December 31, 2014, to December 31, 2016, was an increase of 3.5 percent. This increase compares to a similar 3.1 percent increase for the comparable group, a lesser 2.8 percent for all thrifts, and a lesser 2.5 percent for Midwest thrifts. The Bank’s increase in assets is reflective of its increases in loans and deposits in 2016 of 8.49 percent and 8.18 percent, respectively. Eagle’s deposits indicate an average annual increase of 5.97 percent from December 31, 2014, to December 31, 2016, compared to average growth rates of 4.2 percent for the comparable group, 2.7 percent for all thrifts and 2.6 percent for Midwest thrifts.

Eagle’s deposits indicated an increase of 8.2 percent from fiscal 2015 to 2016. Annual deposit change was growth rates of 4.2 percent for the comparable group, 2.7 percent for all thrifts and 2.6 percent for Midwest thrifts. The Bank had only $28,000 in borrowed funds or 0.02 percent of assets at December 31, 2016, compared to the comparable group at 9.7 percent and had a higher $3.1 million in borrowed funds for the Bank at December 31, 2015, or 2.78 percent of assets.

Recognizing its moderate increase in deposits in 2016, after modest growth in 2015 and 2014, and considering the demographics, competition and deposit base trends in its market area, the Bank’s ability to increase its asset, loan and deposit bases in the future is somewhat limited, with its ability to increase its market share by competitively pricing its loan and deposit products, maintaining a high quality of service to its customers and strengthening its loan origination activity. Eagle’s primary market area county of Hamilton experienced decreases in population and households in Hamilton County between 2000 and 2010 with a projected increase from 2010 to 2020 of a minimal 0.8 percent. The Bank’s primary market area county also indicated 2010 per capita income modestly above Ohio’s and that of the United States, and the median household income level in Hamilton County was below the state and the national levels in 2010. In 2010, the median housing value in Hamilton County at $141,100 was higher than that of Ohio at $134,400 and lower than the United States at $179,900, with median rents lower than both.

62

Asset, Loan and Deposit Growth (cont.)

The total deposit base in Hamilton County increased by 17.2 percent from June 30, 2015, to June 30, 2016; and during that period, the number of financial institution offices in Hamilton County decreased by four. In June 30, 2016, Eagle’s deposit market share of thrifts in Hamilton County was 4.6 percent, increasing from 3.6 percent in 2015.

Based on all the foregoing factors, we have concluded that no adjustment to the Corporation’s pro forma value is warranted for asset, loan and deposit growth.

DIVIDEND PAYMENTS

The Corporation has no plans to pay an initial cash dividend. The payment of cash dividends will depend upon such factors as earnings performance, financial condition, capital position, growth, asset quality and regulatory limitations. Five of the ten institutions in the comparable group paid cash dividends during the most recent twelve months for an average dividend yield of 1.92 percent and an average payout ratio of 28.41 percent. During that twelve month period, the average dividend yield was 2.05 percent for the thirteen Ohio thrifts; and the average dividend yield was 1.45 percent and the average payout ratio was 28.70 percent for all thrifts.

In our opinion, a downward adjustment to the pro forma market value of the Corporation is warranted related to dividend payments.

63

SUBSCRIPTION INTEREST

In 2015, investors' interest in new issues continued to be reasonable then increased in late 2016. Such interest is possibly related to the improved asset quality position and resultant earnings of financial institutions overall, along with the change in the political environment and the over reaction of the new political status, which could be challenged in the future due to the low interest rate environment and the compression of net interest margin. The selective and conservative reaction of IPO investors appears generally to be related to a number of analytical, economic and market-related factors, including the financial performance and condition of the converting thrift institution, the strength of the local economy, housing market conditions, general market conditions for financial institution stocks and stocks overall, aftermarket price trends and the expectation of renewed merger/acquisition activity in the thrift industry.

Eagle will direct its offering initially to depositors and residents in its market area. The board of directors and officers anticipate purchasing approximately $2.1 million or 12.4 percent of the stock offered to the public based on the appraised midpoint valuation. The Bank will form an ESOP, which plans to purchase 8.0 percent of the total shares issued in the conversion and 40,000 shares will be issued to the Foundation.

The Bank has secured the services of Keefe, Bruyette & Woods, to assist in the marketing and sale of the conversion stock.

Based on the size of the offering, recent banking conditions, current market conditions, historical local market interest, the terms of the offering, and recent subscription levels for conversions, we believe that no adjustment is warranted for the Bank’s anticipated subscription interest.

64

LIQUIDITY OF THE STOCK

The Corporation will offer its shares through a subscription and Eagle offering with the assistance of Keefe, Bruyette & Woods. . The stock of the Corporation will be traded on NASDAQ.

The Bank's total public offering is considerably smaller in size than the average market value of the comparable group. The comparable group has an average market value of $61.5 million for the stock outstanding compared to a midpoint value of $17.0 million for the Corporation, less the ESOP of 136,000 shares, 40,000 to be contributed to the Foundation, and the estimated 208,000 shares to be purchased by senior officers and directors. The Corporation’s public market capitalization will be approximately 27.6 percent of the size of the public market capitalization of the comparable group. Of the ten institutions in the comparable group, all trade on Nasdaq with those ten institutions indicating an average daily trading volume of over 13,000 shares during the last four quarters.

The comparable group has an average of 6,092,184 shares outstanding compared to 1,700,000 shares outstanding for the Corporation based on the midpoint valuation.

Based on the average market capitalization, shares outstanding and daily trading volume of the comparable group, we have concluded that a moderate downward adjustment to the Corporation’s pro forma market value is warranted relative to the liquidity of its stock.

MANAGEMENT

Gary J. Koester is the president and chief executive officer and has served in those capacities with Eagle since 1996. He has also served as a director since 1982. Mr. Koester began his career at Eagle in 1977 and has held various other positions during his time with the Bank. His experience at Eagle includes all facets of the Bank, including lending, operations, and information technology.

65

Management (cont.)

Ms. Patricia L. Walter is the executive vice president of the Bank and was hired on July 6, 2016. For the eleven preceding years, Ms. Walter served as the controller and then the senior vice president of financial for the former Cheviot Savings Bank. Ms. Walter began her career in 1997, working for six years with Grant Thornton LLP as an auditor and for two years for Comair, Inc., as the manager of corporate accounting.

Mr. Kevin R. Schramm is a vice president, chief financial officer and treasurer of the Bank. Mr. Schramm has served as chief financial officer and treasurer with Eagle since September 2006, recently being named vice president. Mr. Schramm began his career in 1986 with Cinco Federal Credit Union, where he spent 17 years in various positions, including operations manager and controller. Mr. Schramm’s experience also includes service as the chief financial officer of Cottage Savings Bank.

W. Raymond McCleese is the Bank’s vice president of commercial lending and was hired on May 16, 2016. Prior to joining Eagle, he served two years as the vice president of commercial lending for First Financial Bank, and for over four years as a vice president and a part of senior management for the former Merchants Bank and Trust, heading up the commercial and industrial division. Additional experience includes service as a federal SBSE agent for the Internal Revenue Service, chief financial officer of a mid-sized interior design firm, and as a staff accountant for a well-established local CPA firm.

During its two most recent fiscal years, Eagle has been able to control its net interest spread and demonstrated a strong level of core noninterest income, excluding its one-time BOLI death benefit in 2016. The Bank did experience an increase in its noninterest expenses to assets in 2016, again including two one-time expense items–an FHLB prepayment penalty and a BOLI payout obligation. The Bank experienced positive earnings in 2015 and 2016. The Bank’s asset quality position has remained favorable in 2015 and 2016, with nonperforming assets being lower than industry overages. Eagle’s interest rate risk has been moderate, primarily as a result of its higher share of fixed-rate one- to four-family mortgage loans. The Bank’s core earnings

66

Management (cont.)

and core return on assets have been below industry averages, along with its net interest margin, impacted by a much lower yield on earning assets. Management is confident that the Bank is positioned for moderate loan growth and stable profitability following its conversion.

Overall, we believe the Bank to be professionally and knowledgeably managed, as are the comparable group institutions. It is our opinion that no adjustment to the pro forma market value of the Corporation is warranted for management.

67

MARKETING OF THE ISSUE

The necessity to build a new issue discount into the stock price of a new conversion continues to be a closely examined issue in recognition of uncertainty among investors as a result of the thrift industry's continued high level of competition, dependence on interest rate trends, volatility in the stock market, speculation on future changes, current legislation related to the regulation of financial institutions, and their ability to generate selected income.

We believe that a new issue discount applied to the price to book valuation approach is appropriate and necessary in this offering, recognizing the Bank’s volatile earnings and strong dependence on gains on loan sales, historically, as well as going forward. In our opinion, recent market trends cause us to conclude that a modest new issue discount is warranted in the case of this offering. Consequently, at this time we have made a modest downward adjustment to the Corporation's pro forma market value related to a new issue discount.

68

VI. VALUATION METHODS

Introduction

Historically, the most frequently used method for determining the pro forma market value of common stock for thrift institutions by this firm has been the price to book value ratio method, due to the volatility of earnings in the thrift industry. As earnings in the thrift industry have improved, more emphasis has been placed on the price to earnings method, particularly considering increases in stock prices during these last two years. However, as provisions for loan losses decreased significantly and became negative for some, the price to book value method continues to be pertinent and meaningful in the objective of discerning commonality and comparability among institutions. In determining the pro forma market value of the Corporation, primary emphasis has been placed on the price to book value method, with additional analytical and correlative attention to the price to earnings method and the price to assets method.

In recognition of the volatility and variance in earnings, the continued differences in asset and liability repricing and the frequent disparity in value between the price to book approach and the price to earnings approach, a third valuation method, the price to net assets method, has also been used. The price to assets method is used less often for valuing ongoing institutions, but becomes more useful in valuing converting institutions when the equity position and earnings performance of the institutions under consideration are different.

In addition to the pro forma market value, we have defined a valuation range with the minimum of the range being 85.0 percent of the pro forma market value, the maximum of the range being 115.0 percent of the pro forma market value and the super maximum being 115.0 percent of the maximum. The pro forma market value or appraised value will also be referred to as the “midpoint value.”

69

Introduction (cont.)

In applying each of the valuation methods, consideration was given to the adjustments to the Bank's pro forma market value discussed in Section V. Downward adjustments were made for the Bank’s earnings, market area, liquidity of the stock, dividend and marketing of the issue. No adjustments were made for the Bank’s subscription interest, management, financial condition and asset, loan and deposit growth.

PRICE TO BOOK VALUE METHOD

In the valuation of thrift institutions, the price to book value method focuses on an institution's financial condition, and does not give as much consideration to the institution's long term performance and value as measured by earnings. Due to the earnings volatility of many thrift stocks, the price to book value method is frequently used by investors who rely on an institution's financial condition rather than earnings performance. Although this method is, under certain circumstances, considered somewhat less meaningful for institutions that provide a consistent earnings trend, it remains significant and reliable when an institution’s performance or general economic conditions are experiencing volatile or uncustomary trends related to internal or external factors, and serves as a complementary and correlative analysis to the price to earnings and price to assets approaches.

The pro forma equity used in the valuation was $13,477,000, which is based on the Bank’s December 31, 2016, equity level. The Bank’s tangible equity was an identical $13,477,000.

Exhibit 47 shows the average and median price to book value ratios for the comparable group which were 98.17 percent and 100.78 percent, respectively. The full comparable group indicated a moderate pricing range, from a low of 70.85 percent (Central Federal Corp.) to a high of 108.23 percent (Poage Bankshares). The comparable group had higher average and median price to tangible book value ratios of 105.33 percent and 105.88 percent, respectively, with a

70

Price to Book Value Method (cont.)

range of 70.85 percent to 134.45 percent. Excluding the low and the high in the group, the comparable group's price to book value ratio range narrowed to a low of 93.24 percent and a high of 106.32 percent, and the comparable group’s price to tangible book value ratio range also narrowed modestly from a low of 93.25 percent to a high of 118.45 percent.

Considering the foregoing factors in conjunction with the adjustments made in Section V, we have determined a fully converted pro forma price to book value ratio of 63.30 percent and a price to tangible book value ratio of 63.30 percent at the midpoint. The price to book value ratio increases from 58.71 percent at the minimum to 70.96 percent at the super maximum, while the price to tangible book value ratio increases from 58.71 percent at the minimum to 70.96 percent at the super maximum.

The Corporation's pro forma price to book value and price to tangible book value ratios of 63.30 percent and 63.30 percent, respectively, as calculated using the prescribed formulary computation indicated in Exhibit 46, are influenced by the Bank's capitalization, asset quality position, earnings performance, ESOP level, local market and public ownership, as well as subscription interest in thrift stocks and overall market and economic conditions. The pro forma price to book value also recognized the Bank’s plan to form a foundation of $500,000 from the proceeds comprised of $100,000 in cash and 40,000 shares of stock at a price of $10.00 per share. The Corporation's ratio of equity to assets after conversion at the midpoint of the valuation range will be approximately 20.76 percent compared to 11.60 percent for the comparable group (reference Exhibit 47). Based on the price to book value ratio and the Bank's total pro forma equity of $13,477,000 at December 31, 2016, the indicated pro forma market value of the Corporation using this approach is $17,000,000 at the midpoint (reference Exhibit 46).

71

PRICE TO CORE EARNINGS METHOD

The foundation of the price to core earnings method is the determination of the core earnings based to be used, followed by the calculation of an appropriate price to core earnings multiple. The Corporation’s after tax core earnings for the year ended December 31, 2016, were $693,000 (reference Exhibit 7) and its net earnings were $1,460,000 for that period. To opine the pro forma market value of the Corporation using the price to core earnings method, we applied the core earnings base of $693,000.

In determining the fully converted price to core earnings multiple, we reviewed the ranges of the price to core earnings and the price to net earnings multiples for the comparable group and all publicly traded thrifts. As indicated in Exhibit 46, the average price to core earnings multiple for the comparable group was 21.20, while the median was a lower 17.16. The average price to net earnings multiple was 22.62, and the median multiple was 16.21. The range of the price to core earnings multiple for the comparable group was from a low of 8.33 to a high of 47.09. The range in the price to core earnings multiple for the comparable group, excluding the high and low ranges, was from a low multiple of 12.15 to a high of 41.25 times earnings for eight of the ten institutions in the group, indicating a modest narrowing of the range.

Consideration was given to the adjustments to the Corporation’s pro forma market value discussed in Section V. In recognition of those adjustments, we have determined a fully converted price to core earnings multiple of 22.74 at the midpoint, based on the Corporation’s core earnings of $693,000 for the year ended December 31, 2016. The Corporation’s fully converted core earnings multiple of 22.74 is higher than its net earnings multiple, which was 10.77 times earnings.

72

PRICE TO ASSETS METHOD

The final valuation method is the price to assets method. This method is not frequently used, since the calculation incorporates neither an institution's equity position nor its earnings base. Additionally, the prescribed formulary computation of value using the pro forma price to assets method does not recognize the runoff of deposits concurrently allocated to the purchase of conversion stock, returning a pro forma price to assets ratio below its true level following conversion.

Exhibit 47 indicates that the average price to assets ratio for the comparable group was 11.51 percent and the median was 11.29 percent. The range in the price to assets ratios for the comparable group varied from a low of 6.90 percent (Central Federal) to a high of 18.09 percent (Wolverine Bancorp). The range narrows modestly with the elimination of the two extremes in the group to a low of 8.60 percent and a high of 15.56 percent.

Consistent with the previously noted adjustments, it is our opinion that an appropriate price to assets ratio for the Corporation is 13.14 percent at the midpoint, which ranges from a low of 11.37 percent at the minimum to 16.761 percent at the super maximum. Based on the Bank's December 31, 2016, asset base of $115,973,000, the indicated pro forma market value of the Corporation using the price to assets method is $17,000,000 at the midpoint (reference Exhibit 45).

VALUATION CONCLUSION

Exhibit 52 provides a summary of the valuation premium or discount for each of the valuation ranges when compared to the comparable group based on each of the fully converted valuation approaches. At the midpoint value, the price to book value ratio of 63.30 percent for the Corporation represents a discount of 35.52 percent relative to the comparable group and decreases to a discount of 27.92 percent at the super maximum. The price to assets ratio of 13.14 percent at the midpoint represents a premium of 14.16 percent, increasing to a premium of 45.61

73

Valuation Conclusion (cont.)

percent at the super maximum. The price to core earnings multiple at the midpoint represents a premium of 7.25 percent and represents a premium of 40.17 percent at the super maximum.

It is our opinion that as of February 21, 2017, the pro forma market value of the Corporation is $17,000,000 at the midpoint, representing 1,700,000 shares at $10.00 per share. The pro forma valuation range of the Corporation is from a minimum of $14,450,000 or 1,445,000 shares at $10.00 per share to a maximum of $19,550,000 or 1,955,000 shares at $10.00 per share, and then to a super maximum of $22,482,500 or 2,248,250 shares at $10.00 a share, with such range being defined as 15 percent below the appraised value to 15 percent above the appraised value and then 15 percent above the maximum.

The appraised value of Eagle Financial Bancorp, Inc., as of February 21, 2017, is $17,000,000 at the midpoint.

74

EXHIBITS

NUMERICAL

EXHIBITS

EXHIBIT 1

EAGLE SAVINGS BANK

CINCINNATI, OHIO

Balance Sheet

At December 31, 2016

	At December 31,
	2016
	(in thousands)
ASSETS
Cash and due from banks	$	459
Federal Reserve Bank and Federal Home Loan Bank (FHLB) demand accounts		19,130
Cash and cash equivalents		19,589
Interest-bearing time deposits in other banks		346
Loans held-for-sale		2,732
Loans, net of allowance for loan losses of $1,137		83,048
Premises and equipment at depreciated cost		4,340
FHLB stock, at cost		728
Foreclosed real estate held-for-sale, net		55
Bank-owned life insurance		1,865
FHLB lender risk account receivable		2,698
Accrued interest receivable		270
Prepaid federal income taxes		75
Other assets		227
Total assets	$	115,973
LIABILITIES AND EQUITY
LIABILITIES
Deposits
Noninterest-bearing	$	4,816
Interest-bearing		95,228
Total deposits		100,044
FHLB advances		28
Advances from borrowers for taxes and insurance		716
Accrued interest payable		1
Accrued supplemental retirement plans		868
Deferred federal tax liability		554
Other liabilities		285
Total liabilities		102,496
Retained earnings		13,477
Total equity		13,477
Total liabilities and retained earnings	$	115,973

Source: Eagle Savings' audited financial statement

75

EXHIBIT 2

EAGLE SAVINGS BANK

CINCINNATI, OHIO

Balance Sheets

At December 31, 2012, 2013, 2014 and 2015

	December 31,
	2015		2014		2013		2012
	(in thousands)
ASSETS
Cash and cash equivalents	$	19,012	$	12,850	$	10,351	$	13,139
Interest-bearing time deposits in other banks		842		2,979		4,966		8,644
Loans held-for-sale		2,439		803		1,242		3,977
Loans, net of allowance for loan losses of $1,036, $1,219, $1,339, and $1,324, respectively		76,638		81,278		82,044		69,363
Premises and equipment at depreciated cost		4,410		3,938		3,134		3,117
FHLB stock at cost		727		726		722		722
Foreclosed real estate held-for-sale, net		478		402		247		877
Bank-owned life insurance		2,362		2,299		2,237		2,180
FHLB lender risk account receivable		2,212		1,981		1,470		1,096
Accrued interest receivable		260		272		292		267
Prepaid federal income taxes		133
Other assets		183		138		177		476
Total assets	$	109,696	$	107,666	$	106,882	$	103,858
LIABILITIES AND RETAINED EARNINGS LIABILITIES
Deposits	$	92,450	$	88,404	$	86,668	$	87,568
FHLB advances		3,052		6,079		8,111		5,168
Advances from borrowers for taxes and insurance		674		705		723		527
Accrued interest payable		12		14		21		20
Accrued supplemental retirement plans		769
Deferred federal tax liability		437
Other liabilities		285		1,072		732		962
Total liabilities		97,679		96,274		96,255		94,245
Retained earnings	$	12,017	$	11,392	$	10,627	$	9,613
Total equity		12,017		11,392		10,627		9,613
Total liabilities and retained earnings	$	109,696	$	107,666	$	106,882	$	103,858

Source: Eagle Savings Bank's audited financial statements

76

EXHIBIT 3

EAGLE SAVINGS BANK

CINCINNATI, OHIO

Statement of Income

For the Year Ended December 31, 2016

(In thousands)

	Year Ended
	December 31,
	2016
Interest and dividend income
Interest earned on loans	$	3,698
Dividends on FHLB stock		29
Other interest-earning deposits and other		76
Total interest and dividend income		3,803
Interest expense:
Interest on deposits		689
FHLB advances		33
Total interest expense		722
Net interest income		3,081
Provision for loan losses		83
Net interest income after provision for loan losses		2,998
Noninterest income:
Net gains on loan sales		2,131
Other service charges and fees		187
Net gain (loss) on sale of foreclosed real estate		12
Death benefit proceeds in excess of cash surrender value BOLI		940
Income from BOLI		48
Total noninterest income		3,318
Noninterest expense:
Compensation and benefits		2,463
Occupancy and equipment, net		226
Data processing		360
Legal and professional services		189
FDIC premium expense		57
Foreclosed real estate impairments and expenses, net		44
Franchise and other taxes		109
Advertising		179
ATM processing expense		81
FHLB advance prepayment penalty		121
Death benefit obligation payout of BOLI		410
Other expenses		352
Total noninterest expense		4,591
Income before income taxes		1,725
Income taxes
Current		109
Deferred		156
Total income taxes		265
Net income	$	1,460

Source: Eagle Savings Bank's audited financial statement

77

EXHIBIT 4

EAGLE SAVINGS BANK

CINCINNATI, OHIO

Statements of Income

Years Ended December 31, 2012, 2013, 2014 and 2015

	December 31,
	2015			2014		2013		2012
Interest and dividend income:
Interest earned on loans	$	3,718		$	3,892	$	3,754	$	3,870
Deposits with financial institutions		—			33		61		68
Dividends on FHLB stock		29			29		31		32
Other interest-earning deposits and other		37			16		15		18
Total interest and dividend income		3,784			3,970		3,861		3,988
Interest expense:
Interest on deposits		622			591		573		772
FHLB advances		144			169		227		222
Total interest expense		766			760		800		994
Net interest income		3,018			3,210		3,061		2,994
Provision for loan losses		75			75		—		510
Net interest income after provision for loan losses		2,943			3,135		3,061		2,484
Noninterest income:
Net gains on loan sales		1,585			1,309		1,513		2,737
Other service charges and fees		172			141		159		170
Net gain (loss) on sale of foreclosed real estate		(18	)		10		22		67
Income from leasing		—			119		118		120
Income from BOLI		63			62		57		65
Total noninterest income		1,802			1,641		1,869		3,159
Noninterest expense:
Compensation and benefits		2,213			1,891		1,797		1,656
Occupancy and equipment, net		248			318		282		274
Data processing		345			268		250		260
Legal and professional services		167			147		202		206
FDIC premium expense		79			69		95		140
Foreclosed real estate impairments and expenses, net		118			66		118		217
Franchise and other taxes		78			73		101		84
Advertising		136			—		—
ATM processing expense		78			—		—
Other expenses		324			847		553		790
Total noninterest expense		3,786			3,679		3,398		3,627
Income before income taxes		959			1,097		1,532		2,016
Federal income tax expense		335			331		518		807
Net income	$	624		$	766	$	1,014	$	1,209

Source: Eagle Savings Bank's audited financial statements

78

EXHIBIT 5

Selected Financial Information

At December 31, 2015 and 2016

	At December 31,
	2016		2015
	(In thousands)
Selected Financial Condition Data:
Total assets	$	115,973	$	109,696
Cash and due from banks		19,589		19,012
Interest-bearing deposits in banks		346		842
Loans held-for-sale		2,732		2,439
Loans, net		83,048		76,638
Premises and equipment, net		4,340		4,410
Bank-owned life insurance		1,865		2,362
FHLB lender risk account receivable		2,698		2,212
Deposits		100,044		92,450
FHLB advances		28		3,052
Total equity		13,477		12,017

Source: Eagle Financial Bancorp, Inc.'s Prospectus

79

EXHIBIT 6

Income and Expense Trends

For the Years Ended December 31, 2015 and 2016

	For the Years Ended
	December 31,
	2016		2015
	(In thousands)
Selected Operations Data:
Interest and dividend income	$	3,803	$	3,784
Interest expense		722		766
Net interest income		3,081		3,018
Provision for loan losses		83		75
Net interest income after provision for loan losses		2,998		2,943
Noninterest income		3,318		1,802
Noninterest expense		4,591		3,786
Income before income tax expense		1,725		959
Income tax expense		265		335
Net income	$	1,460	$	624

Source: Eagle Financial Bancorp, Inc.'s Prospectus

80

EXHIBIT 7

EAGLE SAVINGS BANK

Normalized or Core Earnings

Twelve Months Ended December 31, 2016

				Twelve Months
				Ended
				December 31,
	Total			2016
NET
Net income before taxes	$	1,725,000		$	1,725,000
Taxes		265,000			265,000
Net income	$	1,460,000		$	1,460,000
CORE
Net income before taxes	$	1,725,000
Income adjustments:
BOLI death benefit		(940,000	)
Gains on loans sold		(251,000	)
Expense adjustments:
BOLI payout		410,000
FHLB penalty		121,000
Net income before taxes		1,065,000
Taxes @ 34.9%		372,000
Core income	$	693,000

Source: Eagle Savings Bank's audited financial statements

81

EXHIBIT 8

Performance Indicators

At or for the Years Ended December 31, 2015 and 2016

	Years Ended
	December 31,
	2016			2015
Selected Financial Ratios and Other Data
Performance Ratios:
Return on average assets		1.30	%		0.58	%
Return on average equity		11.29	%		5.28	%
Interest rate spread(1)		2.94	%		3.00	%
Net interest margin(2)		3.02	%		3.06	%
Efficiency ratio(3)		71.75	%		78.55	%
Noninterest expense to average total assets		4.08	%		3.51	%
Average interest-earning assets to average interest-bearing liabilities		109.68	%		108.42	%
Average equity to average total assets		11.49	%		10.96	%
Asset Quality Ratios:
Nonperforming assets to total assets		0.72	%		1.27	%
Nonperforming loans to total loans		0.87	%		1.09	%
Allowance for loan losses to nonperforming loans		145.21	%		113.35	%
Allowance for loan losses to total loans		1.27	%		1.23	%
Capital Ratios:
Total capital (to risk-weighted assets)		14.11	%		14.09	%
Common equity Tier 1 capital (to risk-weighted assets)		13.02	%		12.98	%
Tier 1 capital (to risk-weighted assets)		13.02	%		12.98	%
Tier 1 capital (to average assets)		11.67	%		11.19	%

⁽¹⁾ Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the year.

⁽²⁾ The net interest margin represents net interest income as a percent of average interest-earning assets for the year.

⁽³⁾ The efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.

Source: Eagle Financial Bancorp, Inc.'s Prospectus

82

EXHIBIT 9

Volume/Rate Analysis

For the Years Ended December 31, 2016 vs. 2015

	Year Ended December 31,
	2016 vs 2015
	Increase (Decrease)
	Due to
	Volume			Rate			Total
	(Dollars in thousands)
Interest-earning assets:
Loans	$	44		$	(64	)	$	(20	)
Other interest-earning assets		8			31			39
Total interest-earning assets	$	52		$	(33	)	$	19
Interest-bearing liabilities:
Interest-bearing checking	$	3		$	16		$	19
Savings		2			—			2
Money market demand		2			21			23
Certificates of deposit		31			(8	)		23
Total deposits		38			29			67
FHLB advances		(159	)		48			(111	)
Total interest-bearing liabilities		(121	)		77			(44	)
Change in net interest income	$	173		$	(110	)	$	63

Source: Eagle Financial Bancorp, Inc.'s Prospectus

83

EXHIBIT 10

Yield and Cost Trends

At December 31, 2016, and

For the Years Ended December 31, 2015 and 2016

				For the Years Ended
	At December 31,			December 31,
	2016			2016			2015
	Yield/			Yield/			Yield/
	Rate			Rate			Rate
Interest-earning assets:
Loans, net		4.39	%		4.41	%		4.49	%
Other interest-earning assets		0.73	%		0.57	%		0.42	%
Total interest-earning assets		3.68	%		3.72	%		3.84	%
Interest-bearing liabilities:
Interest-bearing checking		0.16	%		0.26	%		0.16	%
Savings		0.14	%		0.15	%		0.14	%
Money market demand		2.60	%		0.32	%		0.22	%
Certificates of deposit		1.33	%		1.34	%		1.36	%
Total interest-bearing deposits		1.22	%		0.75	%		0.72	%
FHLB advances		3.33	%		4.25	%		2.88	%
Total interest-bearing liabilities		1.22	%		0.78	%		0.84	%
Net interest rate spread(1)		2.46	%		2.94	%		3.00	%
Net interest margin(2)		—			3.02	%		3.06	%
Average interest-earning assets to interest-bearing liabilities		—			109.68	%		108.42	%

⁽¹⁾ Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

⁽²⁾ Net interest margin represents net interest income divided by average total interest-earning assets.

Source: Eagle Financial Bancorp, Inc.'s Prospectus

84

EXHIBIT 11

Net Portfolio Value

At December 31, 2016

									NPV as a Percentage of
Change in			Estimated Increase						Present Value of Assets(3)
Interest Rates	Estimated		(Decrease) in NPV						MPV			Increase/
(Basis Points)(1)	NPV(2)		$ Amount			Percent			Ratio(4)			(Decrease)
	(Dollars in thousands)											(Basis Points)
+300	$	26,673	$	(4,556	)		(14.59	)%		23.71	%		(316	)
+200		28,077		(3,152	)		(10.09	)%		24.68	%		(219	)
+100		29,559		(1,670	)		(5.35	)%		25.71	%		(116	)
—		31,229		—			—			26.87	%		—
-100		28,828		(2,401	)		(7.69	)%		24.51	%		(236	)

⁽¹⁾ Assumes an immediate uniform change in interest rates at all maturities.

⁽²⁾ NPV is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.

⁽³⁾ Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.

⁽⁴⁾ NPV Ratio represents NPV divided by the present value of assets.

Source: Eagle Financial Bancorp, Inc.'s Prospectus

85

EXHIBIT 12

Loan Portfolio Composition

At December 31, 2015 and 2016

(Dollars in thousands)

	At December 31,
	2016						2015
	Amount			Percent			Amount			Percent
One- to four-family residential:
Owner-occupied	$	41,914			46.75	%	$	39,376			46.94	%
Nonowner-occupied		5,743			6.41	%		6,603			7.87	%
Commercial real estate and land		13,631			15.21	%		12,939			15.42	%
Home equity and other consumer(1)		14,593			16.28	%		12,912			15.39	%
Residential construction		9,468			10.56	%		7,877			9.39	%
Multi-family real estate		2,513			2.80	%		2,995			3.57	%
Commercial real estate and land		1,779			1.99	%		1,194			1.42	%
Total gross loans receivable		89,641			100.0	%		83,896			100.0	%
Deferred loan costs		98						113
Loans in process		(5,554	)					(6,335	)
Allowance for loan losses		(1,137	)					(1,036	)
Total loans receivable, net	$	83,048					$	76,638

⁽¹⁾ At December 31, 2016, other consumer loans totaled $32,000.

Source: Eagle Financial Bancorp, Inc.'s Prospectus

86

EXHIBIT 13

Loan Maturity Schedule

At December 31, 2016

			One- to four
	One- to four-		Family				Home
	Family		Residential		Commercial		Equity and
Due During the Years	Residential		Nonowner		Real Estate		Other		Residential		Multi-family
Ending December 31,	Owner-Occupied		Occupied		and Land		Consumer		Construction		Real Estate		Commercial		Total
	(Dollars in thousands)
2017	$	727	$	100	$	320	$	1,188	$	9,468	$	52	$	266	$	12,121
2018		827		105		335		1,241		—		55		277		2,840
2019		863		111		350		1,297		—		57		289		2,967
2020 to 2021		1,839		240		751		2,772		—		123		618		6,343
2022 to 2026		5,345		721		2,206		8,095		—		359		329		17,055
2027 to 2031		6,612		934		2,771		—		—		448		—		10,765
2032 and beyond		25,701		3,532		6,898		—		—		1,419		—		37,550
Total	$	41,914	$	5,743	$	13,631	$	14,593	$	9,468	$	2,513	$	1,779	$	89,641

Fixed and Adjustable-Rate Loan Schedule

	Due After December 31, 2017
	Fixed		Adjustable		Total
	(Dollars in thousands)
One- to four-family residential:
Owner-occupied	$	39,997	$	1,190	$	41,187
Nonowner-occupied		2,237		3,406		5,643
Commercial real estate and land		2,638		10,673		13,311
Home equity and other consumer		733		12,672		13,405
Residential construction		—		—		—
Multi-family real estate		148		2,313		2,461
Commercial		1,513		—		1,513
Total	$	47,266	$	30,254	$	77,520

Source: Eagle Financial Bancorp, Inc.'s Prospectus

87

EXHIBIT 14

Loan Originations, Purchases, Sales and Repayments

For the Years Ended December 31, 2015 and 2016

	Years Ended
	December 31,
	2016			2015
	(In thousands)
Total gross loans, including loans held-for-sale, at beginning of year	$	86,335		$	86,361
Loans originated:
One- to four-family residential:
Owner-occupied		94,440			79,098
Nonowner-occupied		—			—
Multi-family real estate		—			—
Residential construction		9,439			9,295
Commercial real estate and land		1,131			3,095
Commercial		1,559			468
Home equity and other consumer		9,061			8,021
Total loans originated		115,630			99,977
Loans purchased:
One- to four-family residential:
Owner-occupied		—			—
Nonowner-occupied		—			—
Multi-family real estate		—			—
Residential construction		—			—
Commercial real estate and land		1,176			—
Commercial		—			—
Home equity and other consumer		—			—
Total loans purchased		1,176			—
Loans sold:
One- to four-family residential:
Owner-occupied		(81,741	)		(68,956	)
Nonowner-occupied		—			—
Multi-family real estate		—			—
Residential construction		—			—
Commercial real estate and land		(74	)		(576	)
Commercial		—			—
Home equity and other consumer		—			—
Total loans sold		(81,815	)		(69,532	)
Other:
Principal repayments		(28,953	)		(30,469	)
Net loan activity		6,038			(27	)
Total loans at end of period	$	92,373		$	86,334

Source: Eagle Financial Bancorp, Inc.'s Prospectus

88

EXHIBIT 15

Loan Delinquencies

At December 31, 2016

	Loans Delinquent For
	30-89 Days				90 Days and Over				Total
	Number		Amount		Number		Amount		Number		Amount
	(Dollars in thousands)
At December 31, 2016
One- to four-family residential:
Owner-occupied		6	$	469		—	$	—		6	$	469
Nonowner-occupied		—		—		—		—		—		—
Commercial real estate and land		1		207		—		—		1		207
Home equity and other consumer		4		104		1		50		5		154
Residential construction		—		—		—		—		—		—
Multi-family real estate		—		—		—		—		—		—
Commercial		—		—		—		—		—		—
Total		11	$	780		1	$	50		12	$	830
At December 31, 2015
One- to four-family residential:
Owner-occupied		1	$	25		—	$	—		1	$	25
Nonowner-occupied		—		—		—		—		—		—
Commercial real estate and land		—		—		—		—		—		—
Home equity and other consumer		2		33		—		—		2		33
Residential construction		—		—		—		—		—		—
Multi-family real estate		—		—		—		—		—		—
Commercial		—		—		—		—		—		—
Total		3	$	58		0	$	0		3	$	58

Source: Eagle Financial Bancorp, Inc.'s Prospectus

89

EXHIBIT 16

Nonperforming Assets

At December 31, 2015 and 2016

	At December 31,
	2016			2015
	(Dollars in thousands)
Nonaccrual loans:
One- to four-family residential:
Owner-occupied	$	—		$	—
Nonowner-occupied		—			—
Commercial real estate and land		—			—
Home equity and other consumer		50			—
Residential construction		—			—
Multi-family real estate		—			—
Commercial		—			—
Total Total nonaccrual loans		50			0
Accruing loans 90 days or more past due		—			—
Total loans 90 days or more past due		—			—
Accruing troubled debt restructurings:
One- to four-family residential:
Owner-occupied	$	80		$	82
Nonowner-occupied		319			485
Commercial real estate and land		—			—
Home equity and other consumer		—			—
Residential construction		—			—
Multi-family real estate		4			17
Commercial		330			330
Total Total		733			914
Total nonperforming loans	$	783		$	914
Foreclosed real estate		55			478
Total nonperforming assets		838			1,392
Ratios:
Total nonperforming loans to total loans		0.87	%		1.09	%
Total nonperforming assets to total assets		0.72	%		1.27	%

Source: Eagle Financial Bancorp, Inc.'s Prospectus

90

EXHIBIT 17

Classified Assets

At December 31, 2015 and 2016

(Dollars in thousands)

	At
	December 31,
	2016		2015
Classified loans:
Substandard	$	1,737	$	1,658
Doubtful assets		—		—
Loss assets		—		—
Total classified loans	$	1,737	$	1,658
Special mention loans	$	99	$	260
Foreclosed real estate held-for-sale	$	55	$	478

Source: Eagle Financial Bancorp, Inc.'s Prospectus

91

EXHIBIT 18

Allowance for Loan Losses

For the Years Ended December 31, 2015 and 2016

	At or for the Years Ended
	December 31,
	2016			2015
	(Dollars in thousands)
Balance at beginning of year	$	1,036		$	1,219
Charge-offs:
One- to four-family residential
Owner-occupied		(35	)		(91	)
Nonowner-occupied		—			(198	)
Commercial real estate and land		—			—
Home equity and other consumer		—			—
Residential construction		—			—
Multi-family real estate		—			—
Commercial		—			—
Total charge-offs		(35	)		(289	)
Recoveries:
One- to four-family residential
Owner-occupied		11			18
Nonowner-occupied		—			—
Commercial real estate and land		—			—
Home equity and other consumer		—			—
Residential construction		—			—
Multi-family real estate		—			—
Commercial		42			13
Total recoveries		53			31
Net recoveries (charge-offs)		18			(258	)
Provision for loan losses		83			75
Balance at end of year	$	1,137		$	1,036
Ratios:
Net charge-offs (recoveries) to average loans outstanding		(0.02	)%		0.31	%
Allowance for loan losses to nonperforming loans at end of year		145.21	%		113.35	%
Allowance for loan losses to total loans at end of year		1.27	%		1.23	%

Source: Eagle Financial Bancorp, Inc.'s Prospectus

92

EXHIBIT 19

Mix of Average Deposit Accounts

For the Years Ended December 31, 2015 and 2016

	For the Years Ended December 31,
	2016					2015
	(Dollars in thousands)
Deposit type:
	Average		Percent			Average		Percent
	Balance		of Total			Balance		of Total
Noninterest-bearing checking	$	4,621		4.77	%	$	3,454		3.87	%
Interest-bearing checking		15,733		16.22	%		13,971		15.64	%
Savings		14,152		14.59	%		13,115		14.68	%
Money market demand		20,587		21.23	%		19,038		21.31	%
Certificates of deposit		41,879		43.19	%		39,762		44.50	%
Total deposits	$	96,972		100.00	%	$	89,340		100.00	%

Source: Eagle Financial Bancorp, Inc.'s Prospectus

93

EXHIBIT 20

Certificates of Deposit of $100,000 or More by Maturity and

All Certificates of Deposit By Rate and Maturity

As of December 31, 2016

	At
	December 31,
	2016
	(In thousands)
Three months or less	$	1,521
Over three months through six months		2,578
Over six months through one year		2,740
Over one year to three years		12,180
Over three years		—
Total	$	19,019

	At December 31, 2016
	Period to Maturity
											Percentage
	Less Than		Over One		Over Two						of Total
	or Equal to		Year to Two		Years to		Over Three				Certificate
	One Year		Years		Three Years		Years		Total		Accounts
	(Dollars in thousands)
Interest Rate:
Less than 1.00%	$	12,257	$	1,740	$	479	$	—	$	14,476		35.03	%
1.00% - 1.99%		4,220		2,183		7,568		9,536		23,507		56.89	%
2.00% - 2.99%		—		2,201		0		1,136		3,337		8.08	%
Total	$	16,477	$	6,124	$	8,047	$	10,672	$	41,320		100.00	%

Source: Eagle Financial Bancorp, Inc.'s Prospectus

94

EXHIBIT 21

Deposit Activity

At or for the Years Ended December 31, 2015 and 2016

	At December 31,
	2016		2015
	(In thousands)
Beginning balance	$	92,450	$	89,055
Net deposits before interest expense		6,905		2,773
Interest expense		689		622
Net increase in deposits		7,594		3,395
Ending balance	$	100,044	$	92,450

Source: Eagle Financial Bancorp, Inc.'s Prospectus

95

EXHIBIT 22

Borrowed Funds

For the Years Ended December 31, 2015 and 2016

	At or for the Years Ended
	December 31,
	2016			2015
	(In thousands)
FHLB advances:
Balance at end of year	$	28		$	3,052
Average balance during year		777			5,000
Maximum outstanding at any month end		3,050			6,077
Weighted average interest rate at end of year		3.33	%		4.31	%
Average interest rate during year		4.25	%		2.88	%

Source: Community Savings Bancorp, Inc.'s Prospectus

96

EXHIBIT 23

OFFICES OF EAGLE SAVINGS

CINCINNATI, OHIO

As of December 31, 2016

	Owned		Net Book Value
	or	Year Acquired	of
Location	Leased	or Leased	Real Property
			(in thousands)
Main Office
6415 Bridgetown Road Cincinnati, Ohio 45248	Owned	2003	$	2,586
Branch Offices:
5681 Rapid Run Rapid Run Plaza (at Neeb Rd.) Cincinnati, Ohio 45238	Leased	2009		34
3420 Edwards Road Cincinnati, Ohio 45208	Owned	2014		1,394

Source: Eagle Financial Bancorp, Inc.'s Prospectus

97

EXHIBIT 24

DIRECTORS AND MANAGEMENT OF COMMUNITY

At December 31, 2016

			Director	Term
Name(1)	Position(s) Held with the Bank	Age	Since	Expires
Gary J. Koester	President, Chief Executive Officer and Director	63	1982	2019
James W. Braun	Chairman of the Board	69	1995	2018
Guy W. Cagney	Director	64	2002	2020
Steven J. Dulle	Director	59	1996	2020
Adam B. Goetzman	Director	57	2008	2018
Steven C. Kehoe	Director	61	2008	2019

⁽¹⁾ The mailing address for each person listed is 6415 Bridgetown Road, Cincinnati, Ohio 45248

Source: Eagle Financial Bancorp, Inc.'s Prospectus

98

EXHIBIT 25

Key Demographic Data and Trends

ZIP Codes 45208, 45238 and 45248,

Cincinnati, Hamilton County, Ohio and the United States

2000, 2010 and 2020

	2000		2010		% Change			2020		% Change
Population
Hyde Park (ZIP Code 45208)		17,286		17,614		1.9	%		17,665		0.3	%
Delhi (ZIP Code 45238)		47,231		45,760		(3.1	)%		44,767		(2.2	)%
Bridgetown (ZIP Code 45248)		22,315		24,915		11.7	%		24,325		(2.4	)%
Cincinnati		331,285		296,943		(10.4	)%		299,070		0.7	%
Hamilton County		845,303		802,374		(5.1	)%		809,128		0.8	%
Ohio		11,353,140		11,536,504		1.6	%		11,704,840		1.5	%
United States		281,421,906		308,745,538		9.7	%		332,139,637		7.6	%
Households
Hyde Park (ZIP Code 45208)		8,730		8,741		0.1	%		8,780		0.4	%
Delhi (ZIP Code 45238)		19,199		18,656		(2.8	)%		18,189		(2.5	)%
Bridgetown (ZIP Code 45248)		8,600		9,819		14.2	%		9,579		(2.4	)%
Cincinnati		148,095		133,420		(9.9	)%		134,816		1.0	%
Hamilton County		346,790		333,945		(3.7	)%		339,479		1.7	%
Ohio		4,445,773		4,603,435		3.5	%		4,669,326		1.4	%
United States		105,480,101		116,716,292		10.7	%		125,527,510		7.5	%
Per Capita Income
Hyde Park (ZIP Code 45208)	$	45,453	$	56,541		24.4	%		—		—
Delhi (ZIP Code 45238)		21,686		24,063		11.0	%		—		—
Bridgetown (ZIP Code 45248)		25,377		30,746		21.2	%		—		—
Cincinnati		19,962		24,538		22.9	%		—		—
Hamilton County		24,053		28,037		16.6	%		—		—
Ohio		21,003		26,520		26.3	%		—		—
United States		22,162		26,059		17.6	%		—		—
Median Household Income
Hyde Park (ZIP Code 45208)	$	58,379	$	77,993		33.6	%	$	92,453		18.5	%
Delhi (ZIP Code 45238)		42,573		58,882		38.3	%		59,413		0.9	%
Bridgetown (ZIP Code 45248)		54,210		63,218		16.6	%		75,352		19.2	%
Cincinnati		29,493		53,681		82.0	%		46,245		(13.9	)%
Hamilton County		40,964		46,236		12.9	%		55,611		20.3	%
Ohio		40,956		48,849		19.3	%		53,490		9.5	%
United States		41,994		50,046		19.2	%		61,618		23.1	%

Source: U.S. Census and Business Decision

99

EXHIBIT 26

Key Housing Data

ZIP Codes 45208, 45238 and 45248,

Cincinnati, Hamilton County, Ohio and the United States

2000 & 2010

	2000			2010
Occupied Housing Units
Hyde Park (ZIP Code 45208)		8,730			8,741
Delhi (ZIP Code 45238)		19,199			18,656
Bridgetown (ZIP Code 45248)		8,600			9,819
Cincinnati		148,095			133,420
Hamilton County		346,790			333,945
Ohio		4,445,773			4,603,435
United States		105,480,101			116,716,292
Occupancy Rate
Hyde Park (ZIP Code 45208)
Owner-Occupied		57.2	%		59.2	%
Renter-Occupied		42.8	%		40.8	%
Delhi (ZIP Code 45238)
Owner-Occupied		66.4	%		63.2	%
Renter-Occupied		33.6	%		36.8	%
Bridgetown (ZIP Code 45248)
Owner-Occupied		88.2	%		86.8	%
Renter-Occupied		11.8	%		13.2	%
Cincinnati
Owner-Occupied		39.0	%		38.9	%
Renter-Occupied		61.0	%		61.1	%
Hamilton County
Owner-Occupied		59.9	%		59.5	%
Renter-Occupied		40.1	%		40.5	%
Ohio
Owner-Occupied		66.4	%		67.6	%
Renter-Occupied		33.6	%		32.4	%
United States
Owner-Occupied		66.2	%		65.4	%
Renter-Occupied		33.8	%		34.6	%
Median Housing Values
Hyde Park (ZIP Code 45208)	$	220,300		$	312,800
Delhi (ZIP Code 45238)		101,200			124,600
Bridgetown (ZIP Code 45248)		120,100			148,100
Cincinnati		93,000			126,900
Hamilton County		111,400			141,100
Ohio		103,700			134,400
United States		119,600			179,900
Median Rent
Hyde Park (ZIP Code 45208)	$	640		$	822
Delhi (ZIP Code 45238)		468			639
Bridgetown (ZIP Code 45248)		550			770
Cincinnati		444			630
Hamilton County		485			683
Ohio		515			685
United States		602			871

Source: U.S. Census Bureau

100

EXHIBIT 27

Major Sources of Employment by Industry Group

ZIP Codes 45208, 45238 and 45248,

Cincinnati, Hamilton County, Ohio and the United States

2000 and 2010

	2000
	Hyde Park			Delhi			Bridgetown
	ZIP Code			ZIP Code			ZIP Code						Hamilton						United
Industry Group	45208			45238			45248			Cincinnati			County			Ohio			States
Agriculture/Mining		0.0	%		0.1	%		0.1	%		0.1	%		0.1	%		1.1	%		1.9	%
Construction		2.0	%		6.0	%		7.8	%		4.7	%		5.6	%		6.0	%		6.8	%
Manufacturing		13.5	%		11.7	%		14.6	%		12.3	%		14.5	%		20.0	%		14.1	%
Wholesale/Retail		14.6	%		16.7	%		16.2	%		13.2	%		15.2	%		15.5	%		15.3	%
Transportation/Utilities		2.3	%		5.5	%		4.8	%		4.7	%		4.7	%		4.9	%		5.2	%
Information		3.6	%		2.4	%		2.6	%		2.9	%		2.8	%		2.4	%		3.1	%
Finance, Insurance & Real Estate		10.5	%		9.0	%		8.8	%		7.3	%		7.9	%		6.3	%		6.9	%
Services		53.5	%		48.6	%		45.1	%		54.8	%		49.5	%		43.8	%		46.7	%

	2010
	Hyde Park			Delhi			Bridgetown
	ZIP Code			ZIP Code			ZIP Code						Hamilton						United
	45208			45238			45248			Cincinnati			County			Ohio			States
Agriculture/Mining		0.0	%		0.0	%		0.2	%		0.1	%		0.2	%		0.9	%		1.9	%
Construction		1.9	%		4.8	%		7.5	%		3.6	%		4.5	%		5.1	%		6.2	%
Manufacturing		13.4	%		9.9	%		11.3	%		11.0	%		12.3	%		15.0	%		10.4	%
Wholesale/Retail		10.9	%		14.8	%		13.9	%		12.7	%		14.2	%		14.8	%		14.5	%
Transportation/Utilities		2.1	%		5.8	%		4.8	%		4.5	%		4.5	%		4.8	%		4.9	%
Information		2.2	%		2.6	%		2.2	%		1.9	%		1.9	%		1.8	%		2.2	%
Finance, Insurance & Real Estate		11.7	%		7.9	%		9.0	%		7.5	%		7.6	%		6.4	%		6.7	%
Services		57.8	%		54.2	%		51.1	%		58.7	%		54.9	%		51.2	%		53.2	%

Source: Bureau of the Census

101

EXHIBIT 28

Unemployment Rates

Hamilton County, Ohio and the United States

For the Years 2012 through 2016

Location	2012			2013			2014			2015			2016
Hamilton County		7.4	%		7.3	%		5.5	%		4.5	%		4.4	%
Ohio		7.4	%		7.5	%		5.8	%		4.9	%		4.9	%
United States		8.1	%		7.4	%		6.2	%		5.3	%		4.9	%

Source: Local Area Unemployment Statistics - U.S. Bureau of Labor Statistics

102

EXHIBIT 29

Market Share of Deposits

Hamilton County

June 30, 2016

	Hamilton
	County's		Eagle's		Eagle's
	Deposits		Deposits		Share
	($000)		($000)		(%)
Banks	$	86,053,532		—		—
Thrifts		2,154,550	$	98,847		4.6	%
Total	$	88,208,082	$	98,847		0.1	%

Source: FDIC

103

EXHIBIT 30

National Interest Rates by Quarter

2012 - 2016

	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	2012			2012			2012			2012
Prime Rate		3.25	%		3.25	%		3.25	%		3.25	%
90-Day Treasury Bills		0.10	%		0.10	%		0.10	%		0.11	%
1-Year Treasury Bills		0.19	%		0.19	%		0.17	%		0.15	%
30-Year Treasury Notes		3.35	%		2.76	%		2.82	%		2.95	%

	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	2013			2013			2013			2013
Prime Rate		3.25	%		3.25	%		3.25	%		3.25	%
90-Day Treasury Bills		0.06	%		0.04	%		0.04	%		0.05	%
1-Year Treasury Bills		0.11	%		0.11	%		0.09	%		0.10	%
30-Year Treasury Notes		3.14	%		3.70	%		3.69	%		3.96	%

	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	2014			2014			2014			2014
Prime Rate		3.25	%		3.25	%		3.25	%		3.25	%
90-Day Treasury Bills		0.05	%		0.04	%		0.13	%		0.07	%
1-Year Treasury Bills		0.13	%		0.11	%		0.14	%		0.13	%
30-Year Treasury Notes		3.56	%		3.34	%		3.07	%		2.75	%

	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	2015			2015			2015			2015
Prime Rate		3.25	%		3.25	%		3.25	%		3.50	%
90-Day Treasury Bills		0.03	%		0.01	%		0.01	%		0.16	%
1-Year Treasury Bills		0.26	%		0.28	%		0.32	%		0.62	%
30-Year Treasury Notes		2.54	%		3.20	%		2.87	%		3.01	%

	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	2016			2016			2016			2016
Prime Rate		3.50	%		3.50	%		3.50	%		3.75	%
90-Day Treasury Bills		0.24	%		0.30	%		0.32	%		0.51	%
1-Year Treasury Bills		0.53	%		0.58	%		0.57	%		0.81	%
30-Year Treasury Notes		2.61	%		2.26	%		2.40	%		2.97	%

Source:The Wall Street Journal

104

Page 1

EXHIBIT 31

KELLER & COMPANY

Dublin, Ohio

614-766-1426

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF DECEMBER 30, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS

				PER SHARE											PRICING RATIOS
						52 Week		Earnings					12 Month		Price/Net		Price/Core		Price/		Price/Tang.		Price/
				Price		Change		(EPS)			Assets		Div.		Earnings		Earnings		Book Value		Book Value		Assets
		State	Exchange	($)		(%)		($)			($)		($)		(X)		(X)		(X)		(X)		(X)
SCBS	SOUTHERN COMMUNITY BANCSHARES	AL	OTC PINK		8.50		0.0		0.34			124.15		0.02		25.00		24.29		63.00		63.00		6.85
SZBI	SOUTHFIRST BANCSHARES	AL	OTC PINK		4.25		21.4		0.52			128.00		0.00		8.17		5.74		NM		NM		3.32
BOFI	BOFI HOLDING	CA	NASDAQ		28.55		35.6		1.94			124.09		0.00		14.72		14.87		250.00		252.00		23.01
BYFC	BROADWAY FINANCIAL CORP	CA	NASDAQ		1.64		8.6		0.26			14.21		0.00		6.31		6.31		93.00		93.00		11.54
FUBP	FIRST ULB CORP	CA	OTC PINK		25.75		68.9		2.75			346.68		0.00		9.36		9.33		85.00		88.00		7.43
MLGF	MALAGA FINANCIAL CORP	CA	OTC BB		25.25		14.7		2.01			164.21		0.93		12.56		12.56		112.00		112.00		15.38
PROV	PROVIDENT FINANCIAL HOLDINGS	CA	NASDAQ		20.22		7.0		0.83			155.74		1.08		24.36		23.79		121.00		122.00		12.98
FBNK	FIRST CONNECTICUT BANCORP	CT	NASDAQ		22.65		30.1		0.85			179.19		0.22		26.65		26.65		140.00		143.00		12.64
SIFI	SI FINANCIAL GROUP	CT	NASDAQ		15.40		12.8		0.51			125.83		0.26		30.20		30.20		118.00		133.00		12.24
UBNK	UNITED FINANCIAL BANCORP	CT	NASDAQ		18.16		41.0		0.89			129.80		0.82		20.40		21.36		140.00		174.00		13.99
WSFS	WSFS FINANCIAL CORP	DE	NASDAQ		46.35		43.2		1.91			211.51		0.39		24.27		24.65		210.00		280.00		21.91
ACFC	ATLANTIC COAST FINANCIAL CORP	FL	NASDAQ		6.80		16.0		0.34			60.37		0.00		20.00		20.61		127.00		128.00		11.26
EVER	EVERBANK FINANCIAL CORP	FL	NYSE		19.45		21.7		1.05			228.82		0.38		18.52		18.52		129.00		153.00		8.50
FFHD	FIRSTATLANTIC BANK	FL	OTC BB		11.20		NM		0.61			72.54		0.03		18.36		19.31		117.00		123.00		15.44
SBCP	SUNSHINE BANCORP, INC	FL	NASDAQ		17.14		12.8		(0.12	)		107.09		0.00		NM		NM		117.00		135.00		16.01
SSNF	SUNSHINE FINANCIAL	FL	OTC PINK		19.90		5.6		0.04			162.05		0.00		NM		NM		98.00		100.00		12.28
CHFN	CHARTER FINANCIAL CORP	GA	NASDAQ		16.67		26.2		0.79			96.13		0.30		21.10		21.93		123.00		148.00		17.34
TBNK	TERRITORIAL BANCORP	HI	NASDAQ		32.84		18.4		1.61			189.34		1.20		20.40		20.78		140.00		141.00		17.34
AJSB	AJS BANCORP	IL	OTC BB		15.50		4.9		0.27			95.05		0.20		57.41		57.41		114.00		114.00		16.31
AFBA	ALLIED FIRST BANCORP	IL	OTC BB		0.49		63.3		1.81			181.56		0.00		0.27		0.27		NM		NM		0.27
BFIN	BANKFINANCIAL CORP	IL	NASDAQ		14.82		17.3		0.38			79.93	��	0.31		39.00		38.00		140.00		141.00		18.54
BFFI	BEN FRANKLIN FINANCIAL	IL	OTC BB		11.50		0.0		(1.47	)		115.03		0.00		NM		NM		102.00		102.00		10.00
FIRT	FIRST BANCTRUST CORP	IL	OTC PINK		21.60		29.0		1.71			215.27		0.20		12.63		12.86		96.00		98.00		10.03
GTPS	GREAT AMERICAN BANCORP	IL	OTC BB		27.15		18.0		1.66			408.14		0.84		16.36		18.10		70.00		75.00		6.65
HARI	HARVARD BANCSHARES	IL	OTC BB		15.00		1.7		2.21			259.75		0.00		6.79		6.64		51.00		57.00		5.77
IROQ	IF BANCORP	IL	NASDAQ		18.50		0.0		1.04			148.35		0.31		17.79		19.68		106.00		107.00		12.47
JXSB	JACKSONVILLE BANCORP	IL	NASDAQ		30.00		14.2		1.82			183.86		1.29		16.48		18.18		118.00		127.00		16.32

105

Page 2

KELLER & COMPANY

Dublin, Ohio

614-766-1426

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF DECEMBER 30, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS

				PER SHARE												PRICING RATIOS
						52 Week			Earnings					12 Month		Price/Net		Price/Core		Price/		Price/Tang.		Price/
				Price		Change			(EPS)			Assets		Div.		Earnings		Earnings		Book Value		Book Value		Assets
		State	Exchange	($)		(%)			($)			($)		($)		(X)		(X)		(X)		(X)		(X)
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL	OTC PINK		19.00		0.3			(0.02	)		321.30		0.08		NM		NM		62.00		62.00		5.91
OTTW	OTTAWA SAVINGS BANCORP, INC	IL	OTC BB		12.73		26.7			0.47			95.40		0.00		27.09		28.93		116.00		121.00		13.34
RYFL	ROYAL FINANCIAL	IL	OTC BB		11.65		17.7			0.72			120.28		0.00		16.18		15.96		83.00		85.00		9.69
SUGR	SUGAR CREEK FINANCIAL CORP	IL	OTC BB		13.12		8.4			0.14			110.57		0.12		93.71		82.00		101.00		101.00		11.87
AMFC	AMB FINANCIAL CORP	IN	OTC BB		15.00		36.4			1.67			203.94		0.25		8.98		8.98		76.00		77.00		7.36
DSFN	DSA FINANCIAL CORP	IN	OTC BB		10.80		8.0			0.49			74.91		0.66		22.04		22.04		106.00		107.00		14.42
FFWC	FFW CORP	IN	OTC PINK		31.05		25.5			3.40			297.47		0.30		9.13		9.55		99.00		103.00		10.44
FDLB	FIDELITY FEDERAL BANCORP	IN	OTC PINK		10.00		(60.0	)		5.59			430.13		0.00		1.79		2.84		NM		NM		2.32
FCAP	FIRST CAPITAL	IN	NASDAQ		32.42		24.2			1.80			221.52		1.43		18.01		18.21		143.00		159.00		14.64
FSFG	FIRST SAVINGS FINANCIAL GROUP	IN	NASDAQ		47.00		29.0			3.53			360.12		0.75		13.31		13.62		124.00		140.00		13.05
LOGN	LOGANSPORT FINANCIAL CORP	IN	OTC PINK		39.15		18.6			2.64			216.22		0.80		14.83		14.94		134.00		135.00		18.11
NWIN	NORTHWEST INDIANA BANCORP	IN	OTC BB		38.85		26.1			3.09			314.98		1.88		12.57		13.49		127.00		132.00		12.33
TDCB	THIRD CENTURY BANCORP	IN	OTC BB		11.09		34.4			0.48			94.16		0.19		23.10		20.54		106.00		107.00		11.78
UCBA	UNITED COMMUNITY BANCORP	IN	NASDAQ		16.70		11.4			0.87			125.18		0.48		19.20		20.12		111.00		117.00		13.34
WEIN	WEST END INDIANA BANCSHARES	IN	OTC BB		34.00		46.9			2.02			263.22		0.24		16.83		16.43		134.00		137.00		12.92
CFFN	CAPITOL FEDERAL FINANCIAL	KS	NASDAQ		16.46		31.1			0.61			67.53		0.51		26.98		27.43		162.00		162.00		24.37
PBSK	POAGE BANKSHARES	KY	NASDAQ		18.80		9.9			0.88			120.82		0.06		21.36		21.12		108.00		113.00		15.56
CTUY	CENTURY NEXT FINANCIAL CORP	LA	OTC BB		20.00		2.8			2.05			208.86		0.00		9.76		9.85		98.00		98.00		9.58
FPBF	FPB FINANCIAL CORP	LA	OTC PINK		17.00		(2.9	)		1.86			166.73		0.20		9.14		9.50		97.00		97.00		10.20
HIBE	HIBERNIA BANCORP	LA	OTC BB		21.27		(0.4	)		0.35			169.56		0.00		60.77		60.77		76.00		76.00		12.54
HFBL	HOME FED BANCORP OF LOUISIANA	LA	NASDAQ		26.86		15.5			1.88			199.00		0.72		14.29		14.52		119.00		120.00		13.50
MDNB	MINDEN BANCORP	LA	OTC BB		23.75		5.6			2.07			140.07		0.72		11.47		11.47		104.00		104.00		16.96
BHBK	BLUE HILLS BANCORP	MA	NASDAQ		18.75		22.5			0.26			85.73		0.00		72.12		81.52		130.00		134.00		21.87
BLMT	BSB BANCORP INC.	MA	NASDAQ		28.95		23.8			1.18			227.84		0.00		24.53		24.53		168.00		168.00		12.71
GTWN	GEORGETOWN BANCORP	MA	NASDAQ		25.85		36.6			0.51			171.14		0.33		50.69		52.76		157.00		158.00		15.10
HIFS	HINGHAM INSTITUTION FOR SAVINGS	MA	NASDAQ		196.78		64.3			10.51			920.89		4.24		18.72		18.90		272.00		272.00		21.37
MTGB	MEETINGHOUSE BANCORP	MA	OTC BB		17.50		12.9			0.47			181.29		0.00		37.23		72.92		117.00		121.00		9.65

106

Page 3

KELLER & COMPANY

Dublin, Ohio

614-766-1426

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF DECEMBER 30, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS

				PER SHARE												PRICING RATIOS
						52 Week			Earnings					12 Month		Price/Net		Price/Core		Price/		Price/Tang.		Price/
				Price		Change			(EPS)			Assets		Div.		Earnings		Earnings		Book Value		Book Value		Assets
		State	Exchange	($)		(%)			($)			($)		($)		(X)		(X)		(X)		(X)		(X)
EBSB	MERIDIAN BANCORP	MA	NASDAQ		18.90		34.0			0.55			77.70		0.15		34.36		34.36		170.00		174.00		24.32
PLRM	PILGRIM BANCSHARES	MA	OTC BB		15.00		15.1			0.39			111.34		0.00		38.46		39.47		147.00		147.00		13.47
PVBC	PROVIDENT BANCORP	MA	NASDAQ		17.90		37.8			0.63			80.89		0.00		28.41		29.83		163.00		163.00		22.13
WEBK	WELLESLEY BANCORP	MA	NASDAQ		27.75		46.1			1.67			270.27		0.12		16.62		16.62		112.00		112.00		10.27
WNEB	WESTERN NEW ENGLAND BANCORP	MA	NASDAQ		9.35		NM			0.24			75.16		0.12		38.96		44.52		118.00		118.00		12.44
BYBK	BAY BANCORP	MD	NASDAQ		6.60		30.4			0.17			58.43		0.00		38.82		41.25		99.00		104.00		11.30
IFSB	COLOMBO BANK	MD	OTC PINK		0.32		(8.6	)		0.09			130.47		0.00		3.56		10.67		NM		NM		0.25
HBK	HAMILTON BANCORP	MD	NASDAQ		14.25		(0.1	)		0.19			149.46		0.00		75.00		47.09		96.00		118.00		9.53
MBCQ	MB BANCORP, INC	MD	OTC BB		14.70		9.1			(0.35	)		69.64		0.00		NM		NM		113.00		113.00		21.11
SVBI	SEVERN BANCORP	MD	NASDAQ		7.90		37.4			1.28			64.23		0.00		6.17		15.40		110.00		111.00		12.30
FFNM	FIRST FED OF NO MICHIGAN BANCORP	MI	OTC BB		7.65		27.1			0.38			88.33		0.22		20.13		23.18		91.00		95.00		8.66
FBC	FLAGSTAR BANCORP	MI	NYSE		26.94		16.6			3.11			252.18		0.00		8.66		8.95		119.00		155.00		10.68
NWBB	NEW BANCORP, INC	MI	OTC BB		13.75		NM			(0.59	)		144.61		0.00		NM		NM		74.00		76.00		9.51
STBI	STURGIS BANCORP	MI	OTC BB		13.75		31.2			1.43			195.50		0.14		9.62		10.26		79.00		100.00		7.03
WBKC	WOLVERINE BANCORP	MI	NASDAQ		31.60		18.6			2.16			174.73		1.00		14.63		14.63		104.00		104.00		18.09
HMNF	HMN FINANCIAL	MN	NASDAQ		17.50		51.5			1.49			152.47		0.00		11.74		12.15		102.00		106.00		11.48
REDW	REDWOOD FINANCIAL	MN	OTC PINK		36.00		(1.4	)		7.45			584.67		0.35		4.83		5.01		50.00		61.00		6.16
WEFP	WELLS FINANCIAL CORP	MN	OTC PINK		39.25		21.0			3.09			340.49		0.72		12.70		12.70		114.00		123.00		11.53
CCFC	CCSB FINANCIAL CORP	MO	OTC PINK		12.56		28.8			0.27			101.79		0.00		46.52		66.11		110.00		110.00		12.34
CFDB	CENTRAL FEDERAL S&L ASSN OF ROLLA	MO	OTC PINK		12.75		NM			0.06			41.55		0.00		NM		NM		112.00		112.00		30.69
LBCP	LIBERTY BANCORP	MO	OTC BB		19.25		13.2			1.34			119.74		0.25		14.37		14.58		137.00		146.00		16.08
NASB	NASB FINANCIAL	MO	OTC BB		34.75		8.6			3.02			262.94		0.20		11.51		11.58		120.00		129.00		13.22
QRRY	QUARRY CITY S&L ASSN	MO	OTC BB		14.00		15.7			0.50			126.30		0.00		28.00		28.00		68.00		71.00		11.08
ASBB	ASB BANCORP	NC	NASDAQ		29.75		14.6			1.53			210.23		0.00		19.44		23.24		131.00		131.00		14.15
ENFC	ENTEGRA FINANCIAL CORP	NC	NASDAQ		20.60		6.4			0.92			188.42		0.00		22.39		24.24		96.00		100.00		10.93
KSBI	KS BANCORP	NC	OTC BB		18.50		48.0			1.63			268.83		0.18		11.35		12.67		69.00		69.00		6.88
LSFG	LIFESTORE FINANCIAL GROUP	NC	OTC PINK		18.00		12.9			1.63			251.80		0.00		11.04		12.08		65.00		67.00		7.15

107

Page 4

KELLER & COMPANY

Dublin, Ohio

614-766-1426

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF DECEMBER 30, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS

				PER SHARE												PRICING RATIOS
						52 Week			Earnings					12 Month		Price/Net		Price/Core		Price/		Price/Tang.		Price/
				Price		Change			(EPS)			Assets		Div.		Earnings		Earnings		Book Value		Book Value		Assets
		State	Exchange	($)		(%)			($)			($)		($)		(X)		(X)		(X)		(X)		(X)
LTLB	LITTLE BANK, SSB	NC	OTC PINK		13.10		6.9			1.02			114.61		0.24		12.84		12.97		112.00		112.00		11.43
EQFN	EQUITABLE FINANCIAL CORP	NE	NASDAQ		9.90		12.4			0.36			65.38		0.00		27.50		27.50		125.00		130.00		15.14
MCBK	MADISON COUNTY FINANCIAL	NE	OTC PINK		20.40		(3.9	)		1.43			112.83		0.00		14.27		14.78		97.00		102.00		18.08
GUAA	GUARANTY BANCORP	NH	OTC PINK		18.50		0.0			2.58			466.65		0.10		7.17		11.42		44.00		44.00		3.96
LSBG	NEW HAMPSHIRE THRIFT BANCSHARES	NH	NASDAQ		23.59		68.1			1.11			188.87		0.54		21.25		23.59		139.00		223.00		12.49
CSBK	CLIFTON BANCORP INC.	NJ	NASDAQ		16.92		18.0			0.19			56.85		0.48		89.05		89.05		129.00		129.00		29.76
DLNO	DELANCO BANCORP	NJ	OTC PINK		11.55		22.9			0.09			136.35		0.00		NM		52.50		85.00		85.00		8.47
KRNY	KEARNY FINANCIAL CORP	NJ	NASDAQ		15.55		22.7			0.20			50.78		0.18		77.75		77.75		124.00		137.00		30.62
MSBF	MB BANCORP	NJ	NASDAQ		14.70		17.6			0.15			75.93		0.12		98.00		NM		152.00		152.00		19.36
NFBK	NORTHFIELD BANCORP	NJ	NASDAQ		19.97		25.4			0.49			78.30		0.50		40.76		41.60		156.00		166.00		25.50
OCFC	OCEANFIRST FINANCIAL CORP	NJ	NASDAQ		30.03		49.9			0.86			160.91		0.91		34.92		34.92		186.00		224.00		18.66
ORIT	ORITANI FINANCIAL CORP	NJ	NASDAQ		18.75		13.6			1.12			83.98		1.58		16.74		30.74		157.00		157.00		22.33
PFS	PROVIDENT FINANCIAL SERVICES	NJ	NYSE		28.30		40.4			1.31			142.21		1.17		21.60		21.77		150.00		228.00		19.90
ALMG	ALAMOGORDO FINANCIAL CORP	NM	OTC BB		23.05		28.1			0.70			195.75		0.00		32.93		28.11		125.00		127.00		11.78
AF	ASTORIA FINANCIAL CORP	NY	NYSE		18.65		17.7			0.73			146.20		0.28		25.55		25.55		111.00		125.00		12.76
CARV	CARVER BANCORP	NY	NASDAQ		3.22		(14.1	)		(0.12	)		189.86		0.00		NM		NM		NM		NM		1.70
DCOM	DIME COMMUNITY BANCSHARES	NY	NASDAQ		20.10		14.9			2.22			155.07		0.98		9.05		17.33		136.00		151.00		12.96
ESBK	ELMIRA SAVINGS BANK	NY	NASDAQ		20.45		2.9			1.58			207.10		2.30		12.94		13.37		100.00		134.00		9.87
FSBC	FSB COMMUNITY BANKSHARES, INC	NY	OTC BB		14.20		26.2			0.35			143.90		0.00		40.57		43.03		90.00		92.00		9.87
PFDB	PATRIOT FEDERAL BANK	NY	OTC PINK		6.84		(4.3	)		0.46			145.91		0.00		14.87		16.68		52.00		52.00		4.69
SNNY	SUNNYSIDE BANCORP	NY	OTC BB		13.30		15.7			(0.02	)		115.63		0.00		NM		NM		92.00		92.00		11.50
TRST	TRUSTCO BANK CORP NY	NY	NASDAQ		8.75		42.5			0.44			50.33		0.46		19.89		20.35		192.00		192.00		17.39
ASBN	ASB FINANCIAL CORP	OH	OTC PINK		13.50		6.1			1.11			137.92		0.18		12.16		12.16		89.00		99.00		9.79
CFBK	CENTRAL FEDERAL CORP	OH	NASDAQ		1.75		32.6			0.21			25.35		0.00		8.33		8.33		71.00		71.00		6.90
CIBN	COMMUNITY INVESTORS BANCORP	OH	OTC PINK		14.50		15.5			1.73			272.74		0.35		8.38		8.15		61.00		64.00		5.32
FDEF	FIRST DEFIANCE FINANCIAL CORP	OH	NASDAQ		50.74		34.3			3.12			272.82		0.78		16.26		16.64		156.00		208.00		18.60
FNFI	FIRST NILES FINANCIAL	OH	OTC PINK		10.95		21.7			0.16			85.08		0.30		68.44		NM		97.00		97.00		12.87

108

Page 5

KELLER & COMPANY

Dublin, Ohio

614-766-1426

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF DECEMBER 30, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS

				PER SHARE												PRICING RATIOS
						52 Week			Earnings					12 Month		Price/Net		Price/Core		Price/		Price/Tang.		Price/
				Price		Change			(EPS)			Assets		Div.		Earnings		Earnings		Book Value		Book Value		Assets
		State	Exchange	($)		(%)			($)			($)		($)		(X)		(X)		(X)		(X)		(X)
HCFL	HOME CITY FINANCIAL CORP	OH	OTC PINK		21.05		16.6			1.90			194.71		0.40		11.08		11.38		98.00		98.00		10.81
HLFN	HOME LOAN FINANCIAL CORP	OH	OTC BB		28.85		24.1			2.24			143.73		1.81		12.88		12.88		183.00		184.00		20.07
MWBC	MW BANCORP INC	OH	OTC BB		18.88		NM			1.06			140.40		0.00		17.81		24.52		111.00		112.00		13.45
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH	OTC PINK		9.00		12.5			0.40			89.33		0.16		22.50		22.50		75.00		75.00		10.08
PFOH	PERPETUAL FEDERAL SAVINGS BANK	OH	OTC PINK		24.15		20.1			2.01			156.64		1.02		12.01		12.08		89.00		89.00		15.42
UCFC	UNITED COMMUNITY FINANCIAL CORP	OH	NASDAQ		8.94		51.5			0.39			46.50		0.11		22.92		23.53		162.00		167.00		19.23
VERF	VERSAILLES FINANCIAL CORP	OH	OTC BB		20.25		12.6			(0.44	)		152.52		0.00		NM		NM		75.00		75.00		13.28
WAYN	WAYNE SAVINGS BANCSHARES	OH	NASDAQ		16.50		24.9			0.96			160.32		0.54		17.19		17.01		113.00		119.00		10.29
BNCL	BENEFICIAL MUTUAL BANCORP	PA	NASDAQ		18.40		38.1			0.30			73.18		0.00		61.33		63.45		137.00		166.00		25.14
ESSA	ESSA BANCORP	PA	NASDAQ		15.72		14.9			0.68			155.57		0.54		23.12		26.20		102.00		112.00		10.10
HARL	HARLEYSVILLE SAVINGS FIN CORP	PA	OTC PINK		21.65		1.2			1.62			202.94		1.26		13.36		13.62		122.00		122.00		10.67
MLVF	MALVERN BANCORP	PA	NASDAQ		21.15		20.4			1.85			125.12		0.00		11.43		12.44		155.00		156.00		16.90
NWBI	NORTHWEST BANCSHARES	PA	NASDAQ		18.03		34.7			0.41			96.51		0.56		43.98		43.98		157.00		223.00		18.68
PBIP	PRUDENTIAL BANCORP	PA	NASDAQ		17.12		12.6			0.36			69.43		0.22		47.56		51.88		136.00		136.00		24.66
QNTO	QUAINT OAK BANCORP	PA	OTC PINK		12.00		(0.8	)		0.79			110.76		0.25		15.19		14.46		120.00		128.00		10.83
STND	STANDARD FINANCIAL CORP	PA	NASDAQ		25.20		(1.2	)		1.13			164.94		1.00		22.30		22.91		108.00		124.00		15.28
WVFC	WVS FINANCIAL CORP	PA	NASDAQ		14.72		19.7			0.72			166.81		0.40		20.44		20.73		96.00		96.00		8.82
CWAY	COASTWAY BANCORP	RI	NASDAQ		15.65		19.6			0.76			141.60		0.00		20.59		20.32		124.00		124.00		11.05
FCPB	FIRST CAPITAL BANCSHARES	SC	OTC PINK		7.95		34.1			0.61			95.07		0.00		13.03		13.03		56.00		56.00		8.36
FSGB	FIRST FEDERAL OF SOUTH CAROLINA	SC	OTC PINK		4.49		(18.4	)		0.60			75.89		0.00		7.48		9.76		94.00		100.00		5.92
CASH	META FINANCIAL GROUP	SD	NASDAQ		102.90		124.0			3.90			470.07		0.39		26.38		26.12		262.00		326.00		21.89
AFCB	ATHENS BANCSHARES CORP	TN	NASDAQ		34.75		40.4			1.84			235.38		0.35		18.89		18.99		126.00		136.00		14.76
SFBK	SFB BANCORP	TN	OTC PINK		33.20		2.0			1.37			111.63		0.50		24.23		29.38		154.00		156.00		29.74
UNTN	UNITED TENNESSEE BANKSHARES	TN	OTC PINK		19.00		7.0			1.36			176.49		0.51		13.97		13.97		103.00		103.00		10.77
BAFI	BANCAFFILIATED	TX	OTC PINK		75.00		0.0			27.93			2,214.07		0.00		2.69		2.68		36.00		38.00		3.39
TBK	TRIUMPH BANCORP	TX	NASDAQ		26.15		58.5			1.05			142.24		0.00		24.90		23.77		166.00		200.00		18.38
ANCB	ANCHOR BANCORP	WA	NASDAQ		27.20		5.1			0.49			174.09		0.00		55.51		55.51		114.00		114.00		15.62

109

Page 6

KELLER & COMPANY

Dublin, Ohio

614-766-1426

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF DECEMBER 30, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS

				PER SHARE										PRICING RATIOS
						52 Week		Earnings				12 Month		Price/Net		Price/Core		Price/		Price/Tang.		Price/
				Price		Change		(EPS)		Assets		Div.		Earnings		Earnings		Book Value		Book Value		Assets
		State	Exchange	($)		(%)		($)		($)		($)		(X)		(X)		(X)		(X)		(X)
FFNW	FIRST FINANCIAL NORTHWEST	WA	NASDAQ		19.74		41.4		0.67		90.32		0.24		29.46		28.61		155.00		155.00		21.86
FSBW	FS BANCORP	WA	NASDAQ		35.95		38.3		3.38		270.47		0.51		10.64		10.86		127.00		147.00		13.29
HMST	HOMESTREET	WA	NASDAQ		31.60		45.6		2.60		250.74		0.00		12.15		12.20		134.00		201.00		12.60
RVSB	RIVERVIEW BANCORP	WA	NASDAQ		7.00		49.3		0.31		43.65		0.15		22.58		21.88		121.00		151.00		16.04
SFBC	SOUND FINANCIAL BANCORP	WA	NASDAQ		28.00		23.7		2.06		226.35		0.39		13.59		13.46		125.00		133.00		12.37
TSBK	TIMBERLAND BANCORP	WA	NASDAQ		20.66		66.5		1.46		128.37		0.22		14.15		13.59		148.00		160.00		16.09
BKMU	BANK MUTUAL CORP	WI	NASDAQ		9.45		21.2		0.36		58.10		0.19		26.25		26.25		150.00		153.00		16.27
HWIS	HOME BANCORP WISCONSIN	WI	OTC PINK		10.97		29.1		0.02		14.24		0.00		NM		NM		NM		NM		77.04
WSBF	WATERSTONE FINANCIAL	WI	NASDAQ		18.40		30.5		0.76		61.04		0.35		24.21		23.90		132.00		133.00		30.14
WBB	WESTBURY BANCORP	WI	NASDAQ		20.70		15.0		0.92		171.49		0.00		22.50		24.94		116.00		117.00		12.07
CRZY	CRAZY WOMAN CREEK BANCORP	WY	OTC PINK		16.50		37.5		0.98		133.91		0.00		16.84		17.55		115.00		116.00		12.32

110

Page 7

KELLER & COMPANY

Dublin, Ohio

614-766-1426

SHARE DATA AND PRICING RATIOS

PUBLICLY-TRADED, FDIC-INSURED SAVINGS INSTITUTIONS

(EXCLUDING MUTUAL HOLDING COMPANIES)

PRICES AS OF DECEMBER 30, 2016

ALL RATIOS/FINANCIAL DATA AS OF MOST RECENT FOUR QUARTERS

		PER SHARE												PRICING RATIOS
				52 Week			Earnings					12 Month		Price/Net		Price/Core		Price/		Price/Tang.		Price/
		Price		Change			(EPS)			Assets		Div.		Earnings		Earnings		Book Value		Book Value		Assets
		($)		(%)			($)			($)		($)		(X)		(X)		(X)		(X)		(X)
ALL INSTITUTIONS
	AVERAGE		21.28		21.47			1.40			179.59		0.34		23.54		23.85		117.89		126.60		14.03
	HIGH		196.78		124.00			27.93			2,214.07		4.24		98.00		89.05		272.00		326.00		77.04
	LOW		0.32		(60.00	)		(1.47	)		14.21		0.00		0.27		0.27		36.00		38.00		0.25
AVERAGE FOR STATE
	OH		18.39		22.71			1.14			144.47		0.43		19.16		15.38		106.15		112.15		12.78
AVERAGE BY REGION
	MID-ATLANTIC		17.82		20.07			0.68			114.54		0.42		34.15		32.92		126.09		142.04		17.05
	MIDWEST		19.32		18.59			1.29			172.24		0.38		17.89		16.62		99.40		104.43		13.60
	NORTH CENTRAL		27.98		25.08			1.96			203.81		0.20		18.73		20.50		121.58		131.50		16.01
	NORTHEAST		24.84		23.59			1.20			191.17		0.46		25.38		28.55		126.33		135.25		12.94
	SOUTHEAST		16.85		14.31			0.89			150.42		0.14		14.77		15.60		98.89		104.44		11.73
	SOUTHWEST		29.14		13.40			4.74			429.54		0.21		20.74		20.08		102.63		107.50		12.04
	WEST		22.92		32.90			1.53			165.16		0.34		18.76		18.66		131.43		141.79		14.85
AVERAGE BY EXCHANGE
	NYSE		23.34		24.10			1.55			192.35		0.46		18.58		18.70		127.25		165.25		12.96
	NASDAQ		24.01		27.27			1.18			152.65		0.43		26.83		26.21		135.10		147.65		16.15
	OTC BB		17.82		17.73			0.96			163.31		0.26		20.27		21.35		99.53		102.26		11.74
	OTC PINK		18.87		10.14			2.21			247.40		0.22		12.76		13.46		80.11		82.08		12.08

111

Page 1

EXHIBIT 32

KELLER & COMPANY

Dublin, Ohio

614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS

			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
			Total		Total		Total					Core						Core				Number of		Mkt. Value
			Assets		Equity		Tang. Equity		ROAA			ROAA			ROAE			ROAE				Shares		of Shares
		State	($000)		($000)		($000)		(%)			(%)			(%)			(%)			Exchange	Outstanding		($000)
SCBS	SOUTHERN COMMUNITY BANCSHARES	AL		79,342		8,640		8,640		0.27			0.28			2.58			2.65		OTC PINK		639,077		5,432
SZBI	SOUTHFIRST BANCSHARES	AL		89,798		9,887		9,887		0.40			0.58			3.74			5.34		OTC PINK		701,526		2,981
BOFI	BOFI HOLDING	CA		7,855,042		721,859		717,005		1.74			1.72			18.87			18.72		NASDAQ		63,299,014		1,807,187
BYFC	BROADWAY FINANCIAL CORP	CA		413,295		51,468		51,436		1.88			1.88			16.11			16.15		NASDAQ		29,076,708		47,686
FUBP	FIRST ULB CORP	CA		450,688		39,165		38,115		0.86			0.86			9.57			9.59		OTC PINK		1,300,000		33,475
MLGF	MALAGA FINANCIAL CORP	CA		998,472		137,103		137,103		1.24			1.24			9.13			9.13		OTC BB		6,080,349		153,529
PROV	PROVIDENT FINANCIAL HOLDINGS	CA		1,242,514		133,223		132,635		0.55			0.56			4.86			4.96		NASDAQ		7,978,166		161,319
FBNK	FIRST CONNECTICUT BANCORP	CT		2,832,271		255,615		251,214		0.48			0.48			5.38			5.37		NASDAQ		15,805,748		358,000
SIFI	SI FINANCIAL GROUP	CT		1,537,165		159,825		141,203		0.42			0.42			4.00			3.98		NASDAQ		12,216,033		188,127
UBNK	UNITED FINANCIAL BANCORP	CT		6,549,979		656,240		527,576		0.73			0.69			7.05			6.74		NASDAQ		50,462,946		916,407
WSFS	WSFS FINANCIAL CORP	DE		6,627,593		692,010		518,817		1.03			1.01			10.01			9.83		NASDAQ		31,334,432		1,452,351
ACFC	ATLANTIC COAST FINANCIAL CORP	FL		936,267		82,837		82,162		0.61			0.58			6.67			6.37		NASDAQ		15,509,061		105,462
EVER	EVERBANK FINANCIAL CORP	FL		28,703,045		1,895,556		1,598,415		0.49			0.49			7.09			7.12		NYSE		125,437,973		2,439,769
FFHD	FIRSTATLANTIC BANK	FL		435,255		57,322		54,743		0.84			0.78			6.58			6.16		OTC BB		6,000,000		67,200
SBCP	SUNSHINE BANCORP, INC	FL		563,345		76,739		66,723		(0.13	)		(0.23	)		(0.98	)		(1.73	)	NASDAQ		5,260,252		90,161
SSNF	SUNSHINE FINANCIAL	FL		167,214		20,903		20,628		0.03			0.00			0.21			(0.01	)	OTC PINK		1,031,898		20,535
CHFN	CHARTER FINANCIAL CORP	GA		1,445,001		203,150		169,896		0.96			0.92			5.81			5.58		NASDAQ		15,031,076		250,568
TBNK	TERRITORIAL BANCORP	HI		1,848,705		228,418		228,094		0.86			0.85			7.02			6.89		NASDAQ		9,764,169		320,655
AJSB	AJS BANCORP	IL		204,339		29,295		29,293		0.28			0.28			1.95			1.98		OTC BB		2,149,918		33,324
AFBA	ALLIED FIRST BANCORP	IL		92,830		8,458		8,458		0.88			0.89			11.63			11.76		OTC BB		511,300		251
BFIN	BANKFINANCIAL CORP	IL		1,540,273		203,667		202,137		0.50			0.51			3.53			3.62		NASDAQ		19,271,211		285,599
BFFI	BEN FRANKLIN FINANCIAL	IL		79,881		7,822		7,822		(1.23	)		(1.15	)		(12.22	)		(11.39	)	OTC BB		694,419		7,986
FIRT	FIRST BANCTRUST CORP	IL		448,863		47,043		46,081		0.80			0.79			7.76			7.64		OTC PINK		2,085,116		45,039
GTPS	GREAT AMERICAN BANCORP	IL		181,755		17,293		16,196		0.42			0.38			4.44			4.02		OTC BB		445,327		12,091
HARI	HARVARD BANCSHARES	IL		218,446		24,839		22,234		0.86			0.88			7.67			7.86		OTC BB		840,986		12,615
IROQ	IF BANCORP	IL		588,445		69,021		68,503		0.72			0.65			5.99			5.44		NASDAQ		3,966,561		73,381
JXSB	JACKSONVILLE BANCORP	IL		330,675		45,714		42,402		1.03			0.93			7.31			6.63		NASDAQ		1,798,544		53,956

112

Page 2

KELLER & COMPANY

Dublin, Ohio

614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS

			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
			Total		Total		Total					Core						Core				Number of		Mkt. Value
			Assets		Equity		Tang. Equity		ROAA			ROAA			ROAE			ROAE				Shares		of Shares
		State	($000)		($000)		($000)		(%)			(%)			(%)			(%)			Exchange	Outstanding		($000)
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL		119,715		11,433		11,433		(0.01	)		(0.02	)		(0.08	)		(0.21	)	OTC PINK		372,600		7,079
OTTW	OTTAWA SAVINGS BANCORP, INC	IL		276,086		31,873		30,513		0.55			0.52			4.38			4.13		OTC BB		2,894,123		36,842
RYFL	ROYAL FINANCIAL	IL		301,549		35,193		34,195		0.72			0.72			5.35			5.37		OTC BB		2,507,112		29,208
SUGR	SUGAR CREEK FINANCIAL CORP	IL		94,731		11,101		11,101		0.13			0.14			1.09			1.18		OTC BB		856,720		11,240
AMFC	AMB FINANCIAL CORP	IN		200,200		19,373		19,057		0.84			0.84			8.50			8.48		OTC BB		981,638		14,725
DSFN	DSA FINANCIAL CORP	IN		125,107		17,057		16,793		0.68			0.67			4.94			4.87		OTC BB		1,670,000		18,036
FFWC	FFW CORP	IN		345,383		36,505		34,846		1.16			1.11			11.13			10.63		OTC PINK		1,161,084		36,052
FDLB	FIDELITY FEDERAL BANCORP	IN		394,278		57,767		57,344		1.38			0.87			10.40			6.55		OTC PINK		916,656		9,167
FCAP	FIRST CAPITAL	IN		739,321		75,770		68,002		1.00			0.99			9.03			8.94		NASDAQ		3,337,552		108,203
FSFG	FIRST SAVINGS FINANCIAL GROUP	IN		794,059		83,409		74,126		1.01			0.99			9.64			9.43		NASDAQ		2,205,000		103,635
LOGN	LOGANSPORT FINANCIAL CORP	IN		169,945		22,938		22,733		1.23			1.23			9.36			9.30		OTC PINK		786,000		30,772
NWIN	NORTHWEST INDIANA BANCORP	IN		900,889		87,307		83,914		1.01			0.95			10.56			9.85		OTC BB		2,860,157		111,117
TDCB	THIRD CENTURY BANCORP	IN		133,708		14,822		14,681		0.52			0.59			4.46			5.04		OTC BB		1,420,000		15,748
UCBA	UNITED COMMUNITY BANCORP	IN		525,504		63,383		59,885		0.70			0.67			5.76			5.49		NASDAQ		4,198,143		70,109
WEIN	WEST END INDIANA BANCSHARES	IN		285,567		27,610		26,961		0.78			0.80			7.82			8.03		OTC BB		1,084,882		36,886
CFFN	CAPITOL FEDERAL FINANCIAL	KS		9,284,493		1,392,964		1,392,537		0.87			0.87			5.94			5.92		NASDAQ		137,486,172		2,263,022
PBSK	POAGE BANKSHARES	KY		448,688		64,516		61,802		0.75			0.76			5.00			5.04		NASDAQ		3,713,695		69,817
CTUY	CENTURY NEXT FINANCIAL CORP	LA		231,830		22,756		22,756		1.10			1.09			10.60			10.47		OTC BB		1,110,000		22,200
FPBF	FPB FINANCIAL CORP	LA		268,432		28,196		28,196		1.19			1.15			11.30			10.88		OTC PINK		1,610,000		27,370
HIBE	HIBERNIA BANCORP	LA		122,229		20,075		20,075		0.21			0.21			1.27			1.27		OTC BB		720,854		15,333
HFBL	HOME FED BANCORP OF LOUISIANA	LA		389,920		44,209		43,963		0.98			0.96			8.40			8.23		NASDAQ		1,959,419		52,630
MDNB	MINDEN BANCORP	LA		319,365		52,087		52,087		1.52			1.51			9.50			9.50		OTC BB		2,280,000		54,150
BHBK	BLUE HILLS BANCORP	MA		2,314,488		389,688		378,483		0.33			0.30			1.77			1.58		NASDAQ		26,996,942		506,193
BLMT	BSB BANCORP INC.	MA		2,073,835		156,815		156,429		0.57			0.57			7.15			7.15		NASDAQ		9,102,016		263,503
GTWN	GEORGETOWN BANCORP	MA		315,060		30,392		30,091		0.31			0.30			3.18			3.05		NASDAQ		1,840,920		47,588
HIFS	HINGHAM INSTITUTION FOR SAVINGS	MA		1,960,348		154,154		154,154		1.23			1.21			15.53			15.38		NASDAQ		2,128,750		418,895
MTGB	MEETINGHOUSE BANCORP	MA		119,879		9,860		9,589		0.26			0.13			3.27			1.62		OTC BB		661,250		11,572

113

Page 3

KELLER & COMPANY

Dublin, Ohio

614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS

			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
			Total		Total		Total					Core						Core				Number of		Mkt. Value
			Assets		Equity		Tang. Equity		ROAA			ROAA			ROAE			ROAE				Shares		of Shares
		State	($000)		($000)		($000)		(%)			(%)			(%)			(%)			Exchange	Outstanding		($000)
EBSB	MERIDIAN BANCORP	MA		4,173,426		597,056		583,146		0.79			0.78			5.04			5.02		NASDAQ		53,714,191		1,015,198
PLRM	PILGRIM BANCSHARES	MA		250,906		23,003		23,003		0.39			0.38			3.89			3.78		OTC BB		2,253,439		33,802
PVBC	PROVIDENT BANCORP	MA		768,365		104,058		104,058		0.82			0.78			6.04			5.72		NASDAQ		9,498,722		170,027
WEBK	WELLESLEY BANCORP	MA		664,484		60,904		60,766		0.66			0.66			7.63			7.61		NASDAQ		2,458,553		68,225
WNEB	WESTERN NEW ENGLAND BANCORP	MA		1,377,780		145,223		145,223		0.32			0.29			3.08			2.74		NASDAQ		18,330,487		171,390
BYBK	BAY BANCORP	MD		605,604		69,083		65,817		0.32			0.30			2.54			2.40		NASDAQ		10,363,998		68,402
IFSB	COLOMBO BANK	MD		202,552		20,352		20,352		0.07			0.02			0.66			0.20		OTC PINK		1,552,448		497
HBK	HAMILTON BANCORP	MD		510,208		50,488		41,064		0.15			0.24			1.31			2.04		NASDAQ		3,413,646		48,644
MBCQ	MB BANCORP, INC	MD		132,620		24,726		24,726		(0.49	)		(0.51	)		(2.64	)		(2.73	)	OTC BB		1,904,400		27,995
SVBI	SEVERN BANCORP	MD		777,466		86,782		85,964		2.00			0.80			17.97			5.72		NASDAQ		12,104,379		95,625
FFNM	FIRST FED OF NO MICHIGAN BANCORP	MI		329,223		31,364		29,997		0.43			0.37			4.51			3.93		OTC BB		3,727,014		28,512
FBC	FLAGSTAR BANCORP	MI		14,272,486		1,285,982		984,167		1.31			1.27			12.62			12.20		NYSE		56,597,271		1,524,730
NWBB	NEW BANCORP, INC	MI		100,737		12,984		12,545		(0.43	)		(0.18	)		(3.60	)		(1.50	)	OTC BB		696,600		9,578
STBI	STURGIS BANCORP	MI		407,378		36,068		28,711		0.77			0.73			8.43			7.94		OTC BB		2,083,741		28,651
WBKC	WOLVERINE BANCORP	MI		370,207		64,205		64,145		1.28			1.28			7.26			7.26		NASDAQ		2,118,707		66,951
HMNF	HMN FINANCIAL	MN		684,441		77,058		74,241		1.03			0.99			8.86			8.60		NASDAQ		4,488,923		78,556
REDW	REDWOOD FINANCIAL	MN		261,337		31,898		26,370		1.32			1.27			10.78			10.40		OTC PINK		446,980		16,091
WEFP	WELLS FINANCIAL CORP	MN		264,997		26,835		24,822		0.90			0.90			8.69			8.69		OTC PINK		778,288		30,548
CCFC	CCSB FINANCIAL CORP	MO		93,336		10,463		10,428		0.27			0.19			2.39			1.70		OTC PINK		916,940		11,517
CFDB	CENTRAL FEDERAL S&L ASSN OF ROLLA	MO		74,291		20,368		20,368		0.15			0.18			0.60			0.71		OTC PINK		1,788,020		22,797
LBCP	LIBERTY BANCORP	MO		431,056		50,608		47,455		1.11			1.09			8.39			8.27		OTC BB		3,600,000		69,300
NASB	NASB FINANCIAL	MO		1,949,142		214,383		199,325		1.29			1.28			10.87			10.79		OTC BB		7,413,009		257,602
QRRY	QUARRY CITY S&L ASSN	MO		51,490		8,369		8,052		0.40			0.40			2.47			2.47		OTC BB		407,691		5,708
ASBB	ASB BANCORP	NC		796,211		86,236		86,236		0.73			0.61			6.64			5.57		NASDAQ		3,787,322		112,673
ENFC	ENTEGRA FINANCIAL CORP	NC		1,218,372		138,204		132,704		0.54			0.50			4.43			4.07		NASDAQ		6,466,375		133,207
KSBI	KS BANCORP	NC		352,033		34,926		34,926		0.62			0.56			6.30			5.65		OTC BB		1,309,501		24,226
LSFG	LIFESTORE FINANCIAL GROUP	NC		264,593		29,038		28,161		0.66			0.60			6.13			5.60		OTC PINK		1,050,800		18,914

114

Page 4

KELLER & COMPANY

Dublin, Ohio

614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS

			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
			Total		Total		Total					Core						Core				Number of		Mkt. Value
			Assets		Equity		Tang. Equity		ROAA			ROAA			ROAE			ROAE				Shares		of Shares
		State	($000)		($000)		($000)		(%)			(%)			(%)			(%)			Exchange	Outstanding		($000)
LTLB	LITTLE BANK, SSB	NC		366,543		37,317		37,317		0.89			0.88			9.10			9.01		OTC PINK		3,198,157		41,896
EQFN	EQUITABLE FINANCIAL CORP	NE		227,323		27,507		26,465		0.56			0.57			4.60			4.63		NASDAQ		3,477,157		34,424
MCBK	MADISON COUNTY FINANCIAL	NE		352,020		65,475		62,410		1.32			1.27			7.32			7.03		OTC PINK		3,120,000		63,648
GUAA	GUARANTY BANCORP	NH		453,482		41,017		40,868		0.57			0.36			6.10			3.83		OTC PINK		971,787		17,978
LSBG	NEW HAMPSHIRE THRIFT BANCSHARES	NH		1,584,261		142,389		88,765		0.61			0.55			6.49			5.88		NASDAQ		8,388,079		197,875
CSBK	CLIFTON BANCORP INC.	NJ		1,312,502		302,890		302,890		0.36			0.36			1.39			1.37		NASDAQ		23,086,235		390,619
DLNO	DELANCO BANCORP	NJ		128,906		12,875		12,875		0.07			0.16			0.66			1.60		OTC PINK		945,425		10,920
KRNY	KEARNY FINANCIAL CORP	NJ		4,523,281		1,119,535		1,010,303		0.40			0.40			1.53			1.54		NASDAQ		89,075,620		1,385,126
MSBF	MB BANCORP	NJ		433,619		55,095		55,095		0.21			0.10			1.54			0.74		NASDAQ		5,711,044		83,952
NFBK	NORTHFIELD BANCORP	NJ		3,784,641		620,608		580,194		0.67			0.67			3.99			3.94		NASDAQ		48,337,147		965,293
OCFC	OCEANFIRST FINANCIAL CORP	NJ		4,159,586		417,244		346,727		0.66			0.66			6.82			6.82		NASDAQ		25,850,956		776,304
ORIT	ORITANI FINANCIAL CORP	NJ		3,794,900		539,718		539,718		1.42			0.77			9.55			5.21		NASDAQ		45,188,139		847,278
PFS	PROVIDENT FINANCIAL SERVICES	NJ		9,390,000		1,244,432		820,755		0.95			0.94			7.14			7.07		NYSE		66,028,442		1,868,605
ALMG	ALAMOGORDO FINANCIAL CORP	NM		328,755		30,952		30,515		0.39			0.46			3.87			4.56		OTC BB		1,679,500		38,712
AF	ASTORIA FINANCIAL CORP	NY		14,813,942		1,707,662		1,513,931		0.49			0.50			4.41			4.43		NYSE		101,328,740		1,889,781
CARV	CARVER BANCORP	NY		701,726		54,413		54,217		(0.06	)		0.00			(0.78	)		0.00		NASDAQ		3,696,087		11,901
DCOM	DIME COMMUNITY BANCSHARES	NY		5,821,786		555,291		499,487		1.56			0.82			16.01			8.41		NASDAQ		37,543,852		754,631
ESBK	ELMIRA SAVINGS BANK	NY		567,639		55,793		41,693		0.76			0.74			7.84			7.57		NASDAQ		2,740,873		56,051
FSBC	FSB COMMUNITY BANKSHARES, INC	NY		256,866		28,197		27,466		0.25			0.24			2.59			2.47		OTC BB		1,785,000		25,347
PFDB	PATRIOT FEDERAL BANK	NY		139,712		12,666		12,485		0.33			0.29			3.57			3.21		OTC PINK		957,544		6,550
SNNY	SUNNYSIDE BANCORP	NY		91,749		11,490		11,490		(0.02	)		(0.22	)		(0.15	)		(1.76	)	OTC BB		793,500		10,554
TRST	TRUSTCO BANK CORP NY	NY		4,812,572		435,608		435,054		0.88			0.86			9.90			9.70		NASDAQ		95,614,285		836,625
ASBN	ASB FINANCIAL CORP	OH		272,941		30,040		27,089		0.83			0.84			7.61			7.64		OTC PINK		1,979,034		26,717
CFBK	CENTRAL FEDERAL CORP	OH		405,668		39,486		39,478		0.91			0.91			8.85			8.84		NASDAQ		16,002,910		28,005
CIBN	COMMUNITY INVESTORS BANCORP	OH		143,188		12,463		11,955		0.65			0.67			7.50			7.74		OTC PINK		525,000		7,613
FDEF	FIRST DEFIANCE FINANCIAL CORP	OH		2,450,040		292,138		219,581		1.20			1.17			9.83			9.60		NASDAQ		8,980,366		455,664
FNFI	FIRST NILES FINANCIAL	OH		94,435		12,529		12,529		0.19			(1.04	)		1.45			(8.05	)	OTC PINK		1,110,000		12,155

115

Page 5

KELLER & COMPANY

Dublin, Ohio

614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS

			ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
			Total		Total		Total					Core						Core				Number of		Mkt. Value
			Assets		Equity		Tang. Equity		ROAA			ROAA			ROAE			ROAE				Shares		of Shares
		State	($000)		($000)		($000)		(%)			(%)			(%)			(%)			Exchange	Outstanding		($000)
HCFL	HOME CITY FINANCIAL CORP	OH		155,951		17,183		17,183		0.99			0.97			9.12			8.91		OTC PINK		800,947		16,860
HLFN	HOME LOAN FINANCIAL CORP	OH		201,409		22,081		21,910		1.59			1.59			14.62			14.61		OTC BB		1,401,256		40,426
MWBC	MW BANCORP INC	OH		124,324		15,005		14,915		0.78			0.57			6.48			4.69		OTC BB		885,473		16,718
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH		111,252		14,941		14,941		0.45			0.45			3.33			3.32		OTC PINK		1,245,410		11,209
PFOH	PERPETUAL FEDERAL SAVINGS BANK	OH		386,898		67,200		67,200		1.34			1.34			7.56			7.53		OTC PINK		2,470,000		59,651
UCFC	UNITED COMMUNITY FINANCIAL CORP	OH		2,164,358		256,403		249,603		0.88			0.86			7.25			7.11		NASDAQ		46,542,388		416,089
VERF	VERSAILLES FINANCIAL CORP	OH		57,490		10,145		10,145		(0.30	)		(0.23	)		(1.64	)		(1.25	)	OTC BB		376,927		7,633
WAYN	WAYNE SAVINGS BANCSHARES	OH		445,989		40,652		38,519		0.62			0.62			6.74			6.79		NASDAQ		2,781,839		45,900
BNCL	BENEFICIAL MUTUAL BANCORP	PA		5,583,367		1,023,247		847,118		0.44			0.42			2.12			2.05		NASDAQ		76,294,842		1,403,825
ESSA	ESSA BANCORP	PA		1,772,479		176,344		159,658		0.46			0.40			4.45			3.92		NASDAQ		11,393,558		179,107
HARL	HARLEYSVILLE SAVINGS FIN CORP	PA		748,208		65,579		65,579		0.79			0.77			9.25			9.06		OTC PINK		3,686,890		79,821
MLVF	MALVERN BANCORP	PA		820,855		89,311		88,983		1.65			1.52			15.42			14.18		NASDAQ		6,560,403		138,753
NWBI	NORTHWEST BANCSHARES	PA		9,773,396		1,162,803		818,065		0.44			0.44			3.56			3.54		NASDAQ		101,268,648		1,825,874
PBIP	PRUDENTIAL BANCORP	PA		558,645		101,350		101,350		0.56			0.50			2.95			2.65		NASDAQ		8,046,000		137,748
QNTO	QUAINT OAK BANCORP	PA		208,141		18,756		17,651		0.78			0.82			8.22			8.66		OTC PINK		1,879,284		22,551
STND	STANDARD FINANCIAL CORP	PA		493,350		69,468		60,553		0.70			0.69			4.79			4.69		NASDAQ		2,991,000		75,373
WVFC	WVS FINANCIAL CORP	PA		334,972		30,909		30,909		0.43			0.43			4.71			4.65		NASDAQ		2,008,144		29,560
CWAY	COASTWAY BANCORP	RI		632,457		56,486		56,335		0.59			0.60			6.19			6.32		NASDAQ		4,466,634		69,903
FCPB	FIRST CAPITAL BANCSHARES	SC		53,595		8,051		8,051		0.65			0.65			4.39			4.35		OTC PINK		563,720		4,482
FSGB	FIRST FEDERAL OF SOUTH CAROLINA	SC		76,860		4,864		4,568		0.82			0.62			13.66			10.33		OTC PINK		1,012,755		4,547
CASH	META FINANCIAL GROUP	SD		4,006,642		334,975		269,126		1.02			1.03			10.96			11.07		NASDAQ		8,523,458		877,064
AFCB	ATHENS BANCSHARES CORP	TN		426,045		49,815		46,330		0.90			0.90			7.56			7.53		NASDAQ		1,810,000		62,898
SFBK	SFB BANCORP	TN		63,686		12,262		12,113		1.26			1.03			6.05			4.97		OTC PINK		570,522		18,941
UNTN	UNITED TENNESSEE BANKSHARES	TN		201,731		21,006		21,006		0.79			0.79			7.63			7.62		OTC PINK		1,142,999		21,717
BAFI	BANCAFFILIATED	TX		616,508		57,302		54,736		1.34			1.34			14.06			14.07		OTC PINK		278,450		20,884
TBK	TRIUMPH BANCORP	TX		2,575,490		284,521		237,072		0.91			0.95			6.91			7.23		NASDAQ		18,106,978		473,497
ANCB	ANCHOR BANCORP	WA		436,142		59,881		59,665		0.30			0.30			2.09			2.09		NASDAQ		2,505,219		68,142

116

Page 6

KELLER & COMPANY

Dublin, Ohio

614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS

			ASSETS AND EQUITY						PROFITABILITY								CAPITAL ISSUES
			Total		Total		Total				Core				Core			Number of		Mkt. Value
			Assets		Equity		Tang. Equity		ROAA		ROAA		ROAE		ROAE			Shares		of Shares
		State	($000)		($000)		($000)		(%)		(%)		(%)		(%)		Exchange	Outstanding		($000)
FFNW	FIRST FINANCIAL NORTHWEST	WA		1,074,698		151,054		151,054		0.78		0.80		4.90		5.04	NASDAQ		11,898,149		234,869
FSBW	FS BANCORP	WA		827,019		86,803		74,980		1.41		1.38		13.34		13.09	NASDAQ		3,057,753		109,926
HMST	HOMESTREET	WA		6,226,574		586,028		389,954		1.15		1.15		12.33		12.27	NASDAQ		24,833,008		784,723
RVSB	RIVERVIEW BANCORP	WA		982,381		130,079		104,122		0.73		0.76		5.39		5.61	NASDAQ		22,507,890		157,555
SFBC	SOUND FINANCIAL BANCORP	WA		565,561		56,044		52,615		0.96		0.97		9.49		9.60	NASDAQ		2,498,604		69,961
TSBK	TIMBERLAND BANCORP	WA		891,388		96,834		89,611		1.19		1.23		10.92		11.33	NASDAQ		6,943,868		143,460
BKMU	BANK MUTUAL CORP	WI		2,653,434		288,873		282,262		0.65		0.64		5.85		5.80	NASDAQ		45,671,782		431,598
HWIS	HOME BANCORP WISCONSIN	WI		140,502		11,360		11,360		0.14		0.07		1.75		0.89	OTC PINK		9,864,000		108,208
WSBF	WATERSTONE FINANCIAL	WI		1,793,852		409,557		406,560		1.25		1.27		5.55		5.62	NASDAQ		29,385,903		540,701
WBB	WESTBURY BANCORP	WI		702,748		73,333		72,533		0.56		0.51		5.21		4.70	NASDAQ		4,098,000		84,829
CRZY	CRAZY WOMAN CREEK BANCORP	WY		108,683		11,684		11,552		0.73		0.70		6.95		6.70	OTC PINK		811,600		13,391

117

Page 7

KELLER & COMPANY

Dublin, Ohio

614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS

		ASSETS AND EQUITY						PROFITABILITY												CAPITAL ISSUES
		Total		Total		Total					Core						Core				Number of		Mkt. Value
		Assets		Equity		Tang. Equity		ROAA			ROAA			ROAE			ROAE				Shares		of Shares
		($000)		($000)		($000)		(%)			(%)			(%)			(%)			Exchange	Outstanding		($000)
ALL INSTITUTIONS
	AVERAGE		1,585,678		178,507		157,405		0.81			0.77			6.96			6.61				13,206,330		254,302
	MEDIAN		441,066		55,444		53,416		0.73			0.67			6.25			5.69				2,877,140		61,275
	HIGH		28,703,045		1,895,556		1,598,415		2.00			1.88			18.87			18.72				137,486,172		2,439,769
	LOW		51,490		4,864		4,568		(1.23	)		(1.15	)		(12.22	)		(11.39	)			278,450		251
AVERAGE FOR STATE
	OH		539,534		63,867		57,311		0.99			0.95			8.19			7.90				6,546,273		88,049
AVERAGE BY REGION
	MID-ATLANTIC		2,464,213		347,548		287,616		0.72			0.67			4.90			4.54				25,175,003		518,010
	MIDWEST		794,144		88,451		78,890		1.02			0.99			8.67			8.38				6,427,092		110,665
	NORTH CENTRAL		1,473,381		188,409		180,133		0.96			0.95			7.30			7.26				14,370,553		310,856
	NORTHEAST		2,283,924		243,494		222,780		0.70			0.61			6.50			5.69				19,323,182		335,255
	SOUTHEAST		2,013,274		154,264		134,584		0.52			0.52			6.56			6.45				10,584,612		190,312
	SOUTHWEST		606,566		67,512		61,175		0.99			1.01			8.02			8.19				3,468,150		88,097
	WEST		1,708,654		177,832		159,853		1.25			1.24			11.79			11.76				13,753,893		293,277
AVERAGE BY EXCHANGE
	NYSE		16,794,868		1,533,408		1,229,317		0.73			0.72			7.62			7.53				87,348,107		1,930,721
	NASDAQ		2,019,781		247,040		222,073		0.85			0.79			6.67			6.23				20,255,203		378,173
	OTC		305,509		34,869		33,610		0.84			0.82			7.20			7.05				1,943,708		37,906
	OTC PINK		236,611		26,556		25,885		0.85			0.79			7.64			7.06				1,507,527		24,667

118

EXHIBIT 33

KELLER & COMPANY

Dublin, Ohio

614-766-1426

RECENT STANDARD CONVERSIONS

PRICE CHANGES FROM IPO DATE

December 31, 2015 through Febuary 21, 2017

				Percentage Price Change
				From Initial Trading Date
		Conversion		One			One			One			Through
Company Name	Ticker	Date	Exchange	Day			Week			Month			2/21/2017
Best Hometown Bancorp	BTHT	4/30/2016	OTC Pink		8.50			8.50			8.50			37.50
Community Savings Bancorp	CCSB	1/10/2017	OTC Pink		30.00			30.00			30.00			30.00
HV Bancorp, Inc.	HVBC	1/12/2017	NASDAQ		36.70			41.30			39.90			41.80
		AVERAGE			25.07	%		26.60	%		26.13	%		36.43	%
		MEDIAN			30.00			30.00			30.00			30.00
		HIGH			36.70			41.30			39.90			41.80
		LOW			8.50			8.50			8.50			30.00

119

EXHIBIT 34

KELLER & COMPANY

Dublin, Ohio

614-766-1426

RECENT ACQUISITIONS AND PENDING ACQUISITIONS

COUNTY, CITY OR MARKET AREA OF EAGLE SAVINGS BANK

NONE

(that were potential comparable group candidates)

120

EXHIBIT 35

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

BALANCE SHEET PARAMETERS

Most Recent Quarter

General Parameters:

Regions: Mid-Atlantic, MIdwest, Northcentral, Northeast

Asset size: < $800 Million

Stock trades on NASDAQ, NYSE or NYSE Market

No Recent Acquisition Announcement

													Total
					Cash &				1-4 Fam.		Total Net		Net Loans		Borrowed
			Total		Securities/		MBS/		Loans/		Loans/		& MBS/		Funds/		Equity/
			Assets		Assets		Assets		Assets		Assets		Assets		Assets		Assets
			($000)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
	EAGLE SAVINGS BANK	OH		115,973		17.19		0.00		44.12		73.97		73.97		0.02		11.62
	DEFINED PARAMETERS FOR											20.00 -		60.00 -				8.00 -
	INCLUSION IN COMPARABLE GROUP			< 800,000		< 38.00		< 42.00		< 60.00		90.00		90.00		< 48.00		20.00
IROQ	IF BANCORP	IL		588,445		17.27		4.84		25.18		74.75		79.59		13.26		11.73
JXSB	JACKSONVILLE BANCORP	IL		330,675		21.29		9.60		16.29		56.05		65.65		2.11		13.82
FCAP	FIRST CAPITAL	IN		739,321		28.46		15.73		17.63		49.55		65.28		0.01		10.25
FSFG	FIRST SAVINGS FINANCIAL GROUP	IN		794,059		17.73		8.36		23.90		64.40		72.76		15.49		10.50
UCBA	UNITED COMMUNITY BANCORP	IN		525,504		21.95		19.10		28.23		51.99		71.09		2.61		12.06
PBSK	POAGE BANKSHARES	KY		448,688		11.35		6.02		41.33		75.69		81.71		3.36		14.38
GTWN	GEORGETOWN BANCORP	MA		315,060		3.49		5.90		37.32		86.27		92.17		12.47		9.65
PVBC	PROVIDENT BANCORP	MA		768,365		12.19		5.80		14.09		76.70		82.50		5.40		13.54
WEBK	WELLESLEY BANCORP	MA		664,484		10.63		2.73		55.96		82.55		85.28		15.40		9.17
BYBK	BAY BANCORP	MD		605,604		9.63		5.72		28.32		79.25		84.97		0.00		11.41
HBK	HAMILTON BANCORP	MD		510,208		15.79		14.89		36.75		63.93		78.82		5.64		9.90
SVBI	SEVERN BANCORP	MD		777,466		10.36		4.07		42.53		77.64		81.71		14.21		11.16
WBKC	WOLVERINE BANCORP	MI		370,207		11.63		0.00		19.40		85.26		85.26		12.70		17.34
HMNF	HMN FINANCIAL	MN		684,441		16.56		0.19		21.21		78.97		79.16		0.00		11.26
EQFN	EQUITABLE FINANCIAL CORP	NE		227,323		4.24		0.34		22.92		90.26		90.60		0.66		12.10
MSBF	MB BANCORP	NJ		433,619		11.81		5.80		39.59		75.93		81.73		5.74		12.71
CARV	CARVER BANCORP	NY		701,726		23.52		6.56		18.81		74.77		81.33		4.28		7.75
ESBK	ELMIRA SAVINGS BANK	NY		567,639		6.84		2.92		55.98		80.23		83.15		7.40		9.83
CFBK	CENTRAL FEDERAL CORP	OH		405,668		14.97		0.15		17.18		81.19		81.34		3.82		9.73
WAYN	WAYNE SAVINGS BANCSHARES	OH		445,989		8.15		14.58		38.67		72.09		86.67		5.49		9.12

121

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

BALANCE SHEET PARAMETERS

Most Recent Quarter

General Parameters:

Regions: Mid-Atlantic, MIdwest, Northcentral, Northeast

Asset size: < $800 Million

Stock trades on NASDAQ, NYSE or NYSE Market

No Recent Acquisition Announcement

													Total
					Cash &				1-4 Fam.		Total Net		Net Loans		Borrowed
			Total		Securities/		MBS/		Loans/		Loans/		& MBS/		Funds/		Equity/
			Assets		Assets		Assets		Assets		Assets		Assets		Assets		Assets
			($000)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
	EAGLE SAVINGS BANK	OH		115,973		17.19		0.00		44.12		73.97		73.97		0.02		11.62
	DEFINED PARAMETERS FOR											20.00 -		60.00 -				8.00 -
	INCLUSION IN COMPARABLE GROUP			< 800,000		< 38.00		< 42.00		< 60.00		90.00		90.00		< 48.00		20.00
PBIP	PRUDENTIAL BANCORP	PA		558,645		16.99		17.55		42.58		61.75		79.30		10.01		18.14
STND	STANDARD FINANCIAL CORP	PA		493,350		12.47		3.97		54.46		76.64		80.61		10.30		14.08
WVFC	WVS FINANCIAL CORP	PA		334,972		35.70		40.12		17.37		20.13		60.25		47.09		9.23
CWAY	COASTWAY BANCORP	RI		632,457		3.23		0.00		45.95		82.95		82.95		26.85		8.93
WBB	WESTBURY BANCORP	WI		702,748		10.06		7.82		23.24		75.95		83.77		3.36		10.44

122

Exhibit36

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

OPERATING PERFORMANCE AND ASSET QUALITY RATIOS

Most Recent Four Quarters

General Parameters:

Regions: Mid-Atlantic, MIdwest, Northcentral, Northeast

Asset size: < $800 Million

Stock trades on NASDAQ, NYSE or NYSE Market

No Recent Acquisition Announcement

					OPERATING PERFORMANCE										ASSET QUALITY
									Net		Operating		Noninterest
			Total		Core		Core		Interest		Expenses/		Income/		NPA/		REO/		Reserves/
			Assets		ROAA		ROAE		Margin(2)		Assets		Assets		Assets		Assets		Assets
			($000)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
	EAGLE SAVINGS BANK	OH		115,973		0.61		5.44		3.00		4.07		2.94		0.72		0.05		0.98
	DEFINED PARAMETERS FOR									1.50-		1.10-
	INCLUSION IN COMPARABLE GROUP			< 800,000		< 1.30		< 10.00		4.50		4.10		< 3.00		< 3.00		< 0.30		> 0.10
IROQ	IF BANCORP	IL		588,445		0.65		5.44		3.21		2.40		0.66		0.47		0.04		0.93
JXSB	JACKSONVILLE BANCORP	IL		330,675		0.93		6.63		3.56		3.13		1.31		0.57		0.07		0.90
FCAP	FIRST CAPITAL	IN		739,321		0.99		8.94		3.95		2.62		0.74		1.13		0.58		0.45
FSFG	FIRST SAVINGS FINANCIAL GROUP	IN		794,059		0.99		9.43		3.69		2.85		0.80		0.55		0.07		0.90
UCBA	UNITED COMMUNITY BANCORP	IN		525,504		0.67		5.49		2.78		2.64		0.90		0.60		0.01		0.85
PBSK	POAGE BANKSHARES	KY		448,688		0.76		5.04		4.26		3.37		0.40		1.08		0.22		0.52
GTWN	GEORGETOWN BANCORP	MA		315,060		0.30		3.05		3.62		3.10		0.35		0.30		0.00		0.81
PVBC	PROVIDENT BANCORP	MA		768,365		0.78		5.72		3.70		2.64		0.53		0.18		0.00		1.09
WEBK	WELLESLEY BANCORP	MA		664,484		0.66		7.61		3.33		2.30		0.26		0.09		0.00		0.80
BYBK	BAY BANCORP	MD		605,604		0.30		2.40		3.98		3.74		0.95		2.88		0.27		0.40
HBK	HAMILTON BANCORP	MD		510,208		0.24		2.04		3.06		2.35		0.24		1.03		0.09		0.38
SVBI	SEVERN BANCORP	MD		777,466		0.80		5.72		3.13		2.98		0.77		1.18		0.17		1.16
WBKC	WOLVERINE BANCORP	MI		370,207		1.28		7.26		3.82		2.13		0.37		1.88		0.02		2.52
HMNF	HMN FINANCIAL	MN		684,441		0.99		8.60		4.07		3.38		1.13		0.95		0.12		1.51
EQFN	EQUITABLE FINANCIAL CORP	NE		227,323		0.57		4.63		3.58		3.28		1.04		0.99		0.20		1.34
MSBF	MB BANCORP	NJ		433,619		0.10		0.74		3.03		2.44		0.24		1.45		0.00		0.93
CARV	CARVER BANCORP	NY		701,726		0.00		0.00		3.17		3.86		0.74		1.52		0.19		0.68
ESBK	ELMIRA SAVINGS BANK	NY		567,639		0.74		7.57		3.25		2.74		1.01		0.93		0.04		0.76
CFBK	CENTRAL FEDERAL CORP	OH		405,668		0.91		8.84		3.12		2.32		0.29		0.21		0.00		1.70
WAYN	WAYNE SAVINGS BANCSHARES	OH		445,989		0.62		6.79		3.28		2.59		0.45		0.35		0.00		0.65

123

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

OPERATING PERFORMANCE AND ASSET QUALITY RATIOS

Most Recent Four Quarters

General Parameters:

Regions: Mid-Atlantic, MIdwest, Northcentral, Northeast

Asset size: < $800 Million

Stock trades on NASDAQ, NYSE or NYSE Market

No Recent Acquisition Announcement

					OPERATING PERFORMANCE										ASSET QUALITY
									Net		Operating		Noninterest
			Total		Core		Core		Interest		Expenses/		Income/		NPA/		REO/		Reserves/
			Assets		ROAA		ROAE		Margin(2)		Assets		Assets		Assets		Assets		Assets
			($000)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
	EAGLE SAVINGS BANK	OH		115,973		0.61		5.44		3.00		4.07		2.94		0.72		0.05		0.98
	DEFINED PARAMETERS FOR									1.50-		1.10-
	INCLUSION IN COMPARABLE GROUP			< 800,000		< 1.30		< 10.00		4.50		4.10		< 3.00		< 3.00		< 0.30		> 0.10
PBIP	PRUDENTIAL BANCORP	PA		558,645		0.50		2.65		2.80		2.01		0.17		2.86		0.10		0.59
STND	STANDARD FINANCIAL CORP	PA		493,350		0.69		4.69		2.86		2.18		0.54		0.20		0.06		0.77
WVFC	WVS FINANCIAL CORP	PA		334,972		0.43		4.65		1.71		1.11		0.17		0.08		0.00		0.11
CWAY	COASTWAY BANCORP	RI		632,457		0.60		6.32		3.46		3.17		1.32		0.86		0.06		0.39
WBB	WESTBURY BANCORP	WI		702,748		0.51		4.70		3.31		2.91		0.89		0.08		0.01		0.75

124

Exhibit 37

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426 

FINAL COMPARABLE GROUP

BALANCE SHEET RATIOS

Most Recent Quarter

													Total
					Cash &				1-4 Fam.		Total Net		Net Loans		Borrowed
			Total		Securities/		MBS/		Loans/		Loans/		& MBS/		Funds/			Equity/
			Assets		Assets		Assets		Assets		Assets		Assets		Assets			Assets
			($000)		(%)		(%)		(%)		(%)		(%)		(%)			(%)
	EAGLE SAVINGS BANK	OH		115,973		17.19		0.00		44.12		73.97		73.97		0.02			11.62
	DEFINED PARAMETERS FOR											20.00-		60.00-					8.00-
	INCLUSION IN COMPARABLE GROUP			< 800,000		< 38.00		< 42.00		< 60.00		90.00		90.00		< 48.00			20.00
WVFC	WVS FINANCIAL CORP	PA		334,972		35.70		40.12		17.37		20.13		60.25		47.09			9.23
WBKC	WOLVERINE BANCORP	MI		370,207		11.63		0.00		19.40		85.26		85.26		12.70			17.34
CFBK	CENTRAL FEDERAL CORP	OH		405,668		14.97		0.15		17.18		81.19		81.34		3.82			9.73
PBSK	POAGE BANKSHARES	KY		448,688		11.35		6.02		41.33		75.69		81.71		3.36			14.38
HBK	HAMILTON BANCORP	MD		510,208		15.79		14.89		36.75		63.93		78.82		5.64			9.90
ESBK	ELMIRA SAVINGS BANK	NY		567,639		6.84		2.92		55.98		80.23		83.15		7.40			9.83
IROQ	IF BANCORP	IL		588,445		17.27		4.84		25.18		74.75		79.59		13.26			11.73
BYBK	BAY BANCORP	MD		605,604		9.63		5.72		28.32		79.25		84.97		0.00			11.41
HMNF	HMN FINANCIAL	MN		684,441		16.56		0.19		21.21		78.97		79.16		0.00			11.26
SVBI	SEVERN BANCORP	MD		777,466		10.36		4.07		42.53		77.64		81.71		14.21			11.16
		AVERAGE		529,334		15.01		7.89		30.53		71.70		79.60		10.75			11.60
		MEDIAN		538,924		13.30		4.45		26.75		78.31		81.52		6.52			11.21
		HIGH		777,466		35.70		40.12		55.98		85.26		85.26		47.09	��		17.34
		LOW		334,972		6.84		0.00		17.18		20.13		60.25		0.00			9.23

125

Exhibit 38

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426 

FINAL COMPARABLE GROUP

OPERATING PERFORMANCE AND ASSET QUALITY RATIOS

Most Recent Four Quarters

					OPERATING PERFORMANCE										ASSET QUALITY
									Net		Operating		Noninterest
			Total		Core		Core		Interest		Expenses/		Income/		NPA/		REO/		Reserves/
			Assets		ROAA		ROAE		Margin		Assets		Assets		Assets		Assets		Assets
			($000)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
	EAGLE SAVINGS BANK	OH		115,973		0.61		5.44		3.00		4.07		2.94		0.72		0.05		0.98
	DEFINED PARAMETERS FOR									1.50-		1.10-
	INCLUSION IN COMPARABLE GROUP			< 800,000		< 1.30		< 10.00		4.50		4.10		< 3.00		< 3.00		< 0.30		> 0.10
WVFC	WVS FINANCIAL CORP	PA		334,972		0.43		4.65		1.71		1.11		0.17		0.08		0.00		0.11
WBKC	WOLVERINE BANCORP	MI		370,207		1.28		7.26		3.82		2.13		0.37		1.88		0.02		2.52
CFBK	CENTRAL FEDERAL CORP	OH		405,668		0.91		8.84		3.12		2.32		0.29		0.21		0.00		1.70
PBSK	POAGE BANKSHARES	KY		448,688		0.76		5.04		4.26		3.37		0.40		1.08		0.22		0.52
HBK	HAMILTON BANCORP	MD		510,208		0.24		2.04		3.06		2.35		0.24		1.03		0.09		0.38
ESBK	ELMIRA SAVINGS BANK	NY		567,639		0.74		7.57		3.25		2.74		1.01		0.93		0.04		0.76
IROQ	IF BANCORP	IL		588,445		0.65		5.44		3.21		2.40		0.66		0.47		0.04		0.93
BYBK	BAY BANCORP	MD		605,604		0.30		2.40		3.98		3.74		0.95		2.88		0.27		0.40
HMNF	HMN FINANCIAL	MN		684,441		0.99		8.60		4.07		3.38		1.13		0.95		0.12		1.51
SVBI	SEVERN BANCORP	MD		777,466		0.80		5.72		3.13		2.98		0.77		1.18		0.17		1.16
		AVERAGE		529,334		0.71		5.76		3.36		2.65		0.60		1.07		0.10		1.00
		MEDIAN		538,924		0.75		5.58		3.23		2.57		0.53		0.99		0.07		0.85
		HIGH		777,466		1.28		8.84		4.26		3.74		1.13		2.88		0.27		2.52
		LOW		334,972		0.24		2.04		1.71		1.11		0.17		0.08		0.00		0.11

126

Exhibit 39

KELLER & COMPANY

Dublin, Ohio

614-766-1426

COMPARABLE GROUP CHARACTERISTICS AND BALANCE SHEET TOTALS

						Most Recent Quarter
										Total		Goodwill
				Number		Total		Int. Earning		Net		and		Total		Total
				of		Assets		Assets		Loans		Intang.		Deposits		Equity
				Offices	Exchange	($000)		($000)		($000)		($000)		($000)		($000)
SUBJECT
EAGLE SAVINGS BANK		CINCINNATI	OH	3	-		115,973		106,393		85,780		0		100,044		13,477
COMPARABLE GROUP
BYBK	BAY BANCORP	COLUMBIA	MD	11	NASDAQ		605,604		569,929		485,256		3,266		530,807		69,083
CFBK	CENTRAL FEDERAL CORP	FAIRLAWN	OH	4	NASDAQ		405,668		341,165		338,735		0		348,930		39,486
ESBK	ELMIRA SAVINGS BANK	ELMIRA	NY	13	NASDAQ		567,639		505,481		464,243		12,349		464,185		55,793
HBK	HAMILTON BANCORP	TOWSON	MD	5	NASDAQ		510,208		457,303		329,571		9,424		426,709		50,488
HMNF	HMN FINANCIAL	ROCHESTER	MN	13	NASDAQ		684,441		657,739		556,520		1,280		600,944		77,058
IROQ	IF BANCORP	WATSEKA	IL	6	NASDAQ		588,445		554,010		445,371		0		436,057		69,021
PBSK	POAGE BANKSHARES	ASHLAND	KY	10	NASDAQ		448,688		417,138		342,644		2,369		364,174		64,516
SVBI	SEVERN BANCORP	ANNAPOLIS	MD	4	NASDAQ		777,466		697,301		625,567		334		658,475		86,782
WBKC	WOLVERINE BANCORP	MIDLAND	MI	3	NASDAQ		370,207		358,872		325,166		0		257,130		64,205
WVFC	WVS FINANCIAL CORP	PITTSBURGH	PA	5	NASDAQ		334,972		310,607		67,794		0		145,207		30,909
	Average			7			529,334		486,955		398,087		2,902		423,262		60,734
	Median			6			538,924		481,392		394,008		807		431,383		64,361
	High			13			777,466		697,301		625,567		12,349		658,475		86,782
	Low			3			334,972		310,607		67,794		0		145,207		30,909

127

EXHIBIT 40

KELLER & COMPANY

Dublin, Ohio

614-766-1426

BALANCE SHEET

ASSET COMPOSITION - MOST RECENT QUARTER

				As a Percent of Total Assets
												Repo-						Interest		Interest		Capitalized
		Total		Cash &				Net		Loan Loss		sessed		Goodwill		Non-Perf.		Earning		Bearing		Loan
		Assets		Invest.		MBS		Loans		Reserves		Assets		& Intang.		Assets		Assets		Liabilities		Servicing
		($000)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
SUBJECT
EAGLE SAVINGS BANK			15,973		17.19		0.00		73.97		0.98		0.05		0.00		0.72		91.74		86.29		0.00
COMPARABLE GROUP
WVFC	WVS FINANCIAL CORP		334,972		35.70		40.12		20.13		0.11		0.00		0.00		0.08		95.08		83.71		0.00
WBKC	WOLVERINE BANCORP		370,207		11.63		0.00		85.26		2.52		0.02		0.00		1.88		96.85		75.57		0.02
CFBK	CENTRAL FEDERAL CORP		405,668		14.97		0.15		81.19		1.70		0.00		0.00		0.21		96.08		75.94		0.00
PBSK	POAGE BANKSHARES		448,688		11.35		6.02		75.69		0.52		0.22		0.53		1.08		92.97		72.34		0.08
HBK	HAMILTON BANCORP		510,208		15.79		14.89		63.93		0.38		0.09		1.85		1.03		89.63		83.78		0.00
ESBK	ELMIRA SAVINGS BANK		567,639		6.84		2.92		80.23		0.76		0.04		2.18		0.93		89.05		76.37		0.31
IROQ	IF BANCORP		588,445		17.27		4.84		74.75		0.93		0.04		0.00		0.47		95.03		81.98		0.09
BYBK	BAY BANCORP		605,604		9.63		5.72		79.25		0.40		0.27		0.54		2.88		94.11		71.10		0.00
HMNF	HMN FINANCIAL		684,441		16.56		0.19		78.97		1.51		0.12		0.19		0.95		96.10		63.34		0.22
SVBI	SEVERN BANCORP		777,466		10.36		4.07		77.64		1.16		0.17		0.04		1.18		89.69		85.52		0.06
	Average		529,334		15.01		7.89		71.70		1.00		0.10		0.53		1.07		93.46		76.97		0.08
	Median		538,924		13.30		4.46		78.31		0.85		0.07		0.12		0.99		94.57		76.16		0.04
	High		777,466		35.70		40.12		85.26		2.52		0.27		2.18		2.88		96.85		85.52		0.31
	Low		334,972		6.84		0.00		20.13		0.11		0.00		0.00		0.08		89.05		63.34		0.00
ALL THRIFTS (146)
	Average		1,585,678		13.42		7.59		71.24		0.80		0.16		0.46		0.94		92.69		76.00		0.13
MIDWEST THRIFTS (47)
	Average		794,144		15.19		7.79		68.44		0.86		0.16		0.27		0.94		92.28		76.91		0.15
OHIO THRIFTS (13)
	Average		539,534		13.08		5.56		74.98		0.98		0.06		0.31		0.86		93.32		79.56		0.10

128

EXHIBIT 41

KELLER & COMPANY

Dublin, Ohio

614-766-1426

BALANCE SHEET COMPARISON

LIABILITIES AND EQUITY - MOST RECENT QUARTER

						As a Percent of  Assets
																Acc. Other										Total
		Total		Total		Total		Total		Other		Preferred		Common		Compr.			Retained			Total		Tier 1		Risk-Based
		Liabilities		Equity		Deposits		Borrowings		Liabilities		Equity		Equity		Income			Earnings			Equity		Capital		Capital
		($000)		($000)		(%)		(%)		(%)		(%)		(%)		(%)			(%)			(%)		(%)		(%)
SUBJECT
EAGLE SAVINGS BANK			102,496		13,477		86.26		0.02		2.09		0.00		11.62		0.00			11.62			11.62		11.67		14.11
COMPARABLE GROUP
WVFC	WVS FINANCIAL CORP		304,063		30,909		43.35		47.09		0.33		0.00		9.23		(0.08	)		8.30			9.23		9.20		17.79
WBKC	WOLVERINE BANCORP		306,002		64,205		69.46		12.70		0.51		0.00		17.34		0.00			13.24			17.34		17.02		23.78
CFBK	CENTRAL FEDERAL CORP		366,182		39,486		86.01		3.82		0.43		0.00		9.73		0.01			(3.72	)		9.73		10.28		13.11
PBSK	POAGE BANKSHARES		384,172		64,516		81.16		3.36		1.10		0.00		14.38		0.18			6.57			14.38		13.85		21.43
HBK	HAMILTON BANCORP		459,720		50,488		83.63		5.64		0.83		0.00		9.90		0.01			6.67			9.90		7.65		12.31
ESBK	ELMIRA SAVINGS BANK		511,846		55,793		81.77		7.40		1.00		1.71		9.83		0.07			0.74			9.83		8.15		13.78
IROQ	IF BANCORP		519,424		69,021		74.10		13.26		0.90		0.00		11.73		0.30			8.01			11.73		11.36		16.70
BYBK	BAY BANCORP		536,521		69,083		87.65		0.00		0.94		0.00		11.41		0.09			2.46			11.41		10.83		13.62
HMNF	HMN FINANCIAL		607,383		77,058		87.80		0.00		0.94		0.00		11.26		(0.01	)		3.15			11.26		11.00		13.85
SVBI	SEVERN BANCORP		690,684		86,782		84.70		14.21		0.20		0.42		11.16		0.00			2.94			11.16		9.97		14.31
	Average		468,600		60,734		77.96		10.75		0.72		0.21		11.60		0.06			4.84			11.60		10.93		16.07
	Median		485,783		64,361		82.70		6.52		0.87		0.00		11.21		0.01			4.86			11.21		10.56		14.08
	High		690,684		86,782		87.80		47.09		1.10		1.71		17.34		0.30			13.24			17.34		17.02		23.78
	Low		304,063		30,909		43.35		0.00		0.20		0.00		9.23		(0.08	)		(3.72	)		9.23		7.65		12.31
ALL THRIFTS (146)
	Average		1,407,171		178,507		77.52		9.74		0.76		0.09		11.86		0.03			5.81			11.86		11.54		18.43
MIDWEST THRIFTS (47)
	Average		705,692		88,451		79.07		8.19		0.86		0.00		11.82		0.12			5.85			11.82		11.33		18.94
OHIO THRIFTS (13)
	Average		475,667		63,867		74.49		12.57		0.66		0.00		12.16		0.02			6.53			12.16		12.11		19.64

129

EXHIBIT 42

KELLER & COMPANY

Dublin, Ohio

614-766-1426

INCOME AND EXPENSE COMPARISON

TRAILING FOUR QUARTERS

($000)

																			Net
						Net					Gain			Total		Total			Income
		Interest		Interest		Interest		Provision			(Loss)			Non-Int.		Non-Int.			Before		Income			Net		Core
		Income		Expense		Income		for Loss			on Sale			Income		Expense			Taxes		Taxes			Income		Income
SUBJECT
EAGLE SAVINGS BANK			3,803		722		3,081		83			1,706			3,318		4,591			1,725		265			1,460		757
COMPARABLE GROUP																		��
WVFC	WVS FINANCIAL CORP		6,928		1,493		5,435		53			31			561		3,706			2,278		831			1,447		1,428
WBKC	WOLVERINE BANCORP		16,912		3,779		13,133		(610	)		0			1,360		7,873			7,100		2,525			4,575		4,575
CFBK	CENTRAL FEDERAL CORP		13,794		2,813		10,981		280			0			1,185		9,392			2,726		(617	)		3,343		3,340
PBSK	POAGE BANKSHARES		19,486		2,264		17,222		841			(1	)		1,781		15,132			4,731		1,451			3,280		3,311
HBK	HAMILTON BANCORP		14,419		2,486		11,934		580			249			1,222		11,997			917		254			663		502
ESBK	ELMIRA SAVINGS BANK		20,996		4,503		16,493		582			180			5,747		15,531			6,307		1,971			4,331		4,180
IROQ	IF BANCORP		20,883		3,500		17,383		964			587			3,912		14,149			6,481		2,372			4,109		3,731
BYBK	BAY BANCORP		22,158		1,710		20,448		1,280			580			5,747		22,665			2,300		570			1,730		1,636
HMNF	HMN FINANCIAL		26,663		1,268		25,395		(196	)		(3	)		7,756		23,104			10,776		4,103			6,673		6,474
SVBI	SEVERN BANCORP		30,569		8,759		21,810		(330	)		0			6,016		23,140			4,699		(10,815	)		15,514		16,654
	Average		19,281		3,258		16,023		344			162			3,529		14,669			4,832		265			4,567		4,583
	Median		20,185		2,650		16,858		430			16			2,847		14,641			4,715		1,141			3,726		3,536
	High		30,569		8,759		25,395		1,280			587			7,756		23,140			10,776		4,103			15,514		16,654
	Low		6,928		1,268		5,435		(610	)		(3	)		561		3,706			917		(10,815	)		663		502
ALL THRIFTS (146)
	Average		53,007		9,968		43,039		1,101			261			16,695		40,466			18,244		5,995			12,238		11,620
MIDWEST THRIFTS (47)
	Average		25,993		4,399		21,594		119			266			16,821		26,878			11,431		3,530			7,901		7,636
OHIO THRIFTS (13)
	Average		18,889		2,553		16,336		514			113			5,271		14,025			7,112		2,006			5,106		4,920

130

EXHIBIT 43

KELLER & COMPANY

Dublin, Ohio

614-766-1426

INCOME AND EXPENSE COMPARISON

AS A PERCENTAGE OF AVERAGE ASSETS

																		Net
						Net					Gain			Total		Total		Income
		Interest		Interest		Interest		Provision			(Loss)			Non-Int.		Non-Int.		Before		Income			Net		Core
		Income		Expense		Income		for Loss			on Sale			Income		Expense		Taxes		Taxes			Income		Income
SUBJECT
EAGLE SAVINGS BANK			3.37		0.64		2.73		0.07			1.51			2.94		4.07		1.53		0.23			1.29		0.61
COMPARABLE GROUP
WVFC	WVS FINANCIAL CORP		2.07		0.45		1.63		0.02			0.01			0.17		1.11		0.68		0.25			0.43		0.43
WBKC	WOLVERINE BANCORP		4.74		1.06		3.68		(0.17	)		0.00			0.38		2.21		1.99		0.71			1.28		1.28
CFBK	CENTRAL FEDERAL CORP		3.75		0.77		2.99		0.08			0.00			0.32		2.56		0.74		(0.17	)		0.91		0.91
PBSK	POAGE BANKSHARES		4.46		0.52		3.94		0.19			(0.00	)		0.41		3.46		1.08		0.33			0.75		0.76
HBK	HAMILTON BANCORP		3.32		0.57		2.75		0.13			0.06			0.28		2.76		0.21		0.06			0.15		0.24
ESBK	ELMIRA SAVINGS BANK		3.70		0.79		2.91		0.10			0.03			1.01		2.74		1.11		0.35			0.76		0.74
IROQ	IF BANCORP		3.64		0.61		3.03		0.17			0.10			0.68		2.47		1.13		0.41			0.72		0.65
BYBK	BAY BANCORP		4.10		0.32		3.79		0.24			0.11			1.06		4.20		0.43		0.11			0.32		0.30
HMNF	HMN FINANCIAL		4.10		0.19		3.90		(0.03	)		(0.00	)		1.19		3.55		1.66		0.63			1.03		0.99
SVBI	SEVERN BANCORP		3.94		1.13		2.81		(0.04	)		0.00			0.78		2.98		0.61		(1.39	)		2.00		0.80
	Average		3.78		0.64		3.14		0.07			0.03			0.63		2.80		0.96		0.13			0.84		0.71
	Median		3.85		0.59		3.01		0.09			0.00			0.55		2.75		0.91		0.29			0.76		0.75
	High		4.74		1.13		3.94		0.24			0.11			1.19		4.20		1.99		0.71			2.00		1.28
	Low		2.07		0.19		1.63		(0.17	)		(0.00	)		0.17		1.11		0.21		(1.39	)		0.15		0.24
ALL THRIFTS (146)
	Average		3.73		0.56		3.16		0.06			0.03			0.90		3.02		1.00		0.29			0.81		0.77
MIDWEST THRIFTS (47)
	Average		3.66		0.53		3.13		0.05			0.03			0.91		3.07		0.96		0.27			1.02		0.99
OHIO THRIFTS (13)
	Average		3.80		0.65		3.16		0.07			0.02			0.69		2.81		1.00		0.22			0.99		0.95

131

EXHIBIT 44

KELLER & COMPANY

Dublin, Ohio

614-766-1426

YIELDS, COSTS AND EARNINGS RATIOS

TRAILING FOUR QUARTERS

		Yield on		Cost of		Net		Net
		Int. Earning		Int. Bearing		Interest		Interest						Core		Core
		Assets		Liabilities		Spread		Margin *		ROAA		ROAE		ROAA		ROAE
		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
SUBJECT
EAGLE SAVINGS BANK			3.71		0.78		2.93		3.00		1.29		11.45		0.61		5.44
COMPARABLE GROUP
WVFC	WVS FINANCIAL CORP		2.20		0.53		1.68		1.73		0.43		4.71		0.43		4.65
WBKC	WOLVERINE BANCORP		4.89		1.41		3.47		3.79		1.28		7.26		1.28		7.26
CFBK	CENTRAL FEDERAL CORP		4.33		0.99		3.33		3.45		0.91		8.85		0.91		8.84
PBSK	POAGE BANKSHARES		4.89		0.72		4.17		4.32		0.75		5.00		0.76		5.04
HBK	HAMILTON BANCORP		3.68		0.70		2.98		3.05		0.15		1.31		0.24		2.04
ESBK	ELMIRA SAVINGS BANK		4.14		1.04		3.10		3.25		0.76		7.84		0.74		7.57
IROQ	IF BANCORP		3.88		0.75		3.13		3.23		0.72		5.99		0.65		5.44
BYBK	BAY BANCORP		4.31		0.46		3.85		3.98		0.32		2.54		0.30		2.40
HMNF	HMN FINANCIAL		4.28		0.30		3.98		4.07		1.03		8.86		0.99		8.60
SVBI	SEVERN BANCORP		4.39		1.36		3.03		3.13		2.00		17.97		0.80		5.72
	Average		4.10		0.83		3.27		3.40		0.84		7.03		0.71		5.76
	Median		4.29		0.73		3.23		3.35		0.76		6.63		0.75		5.58
	High		4.89		1.41		4.17		4.32		2.00		17.97		1.28		8.84
	Low		2.20		0.30		1.68		1.73		0.15		1.31		0.24		2.04
ALL THRIFTS (147)
	Average		3.81		0.87		2.94		3.10		0.81		6.96		0.77		6.61
MIDWEST THRIFTS (47)
	Average		3.76		0.79		2.97		3.13		1.02		8.67		0.99		8.38
OHIO THRIFTS (13)
	Average		3.97		0.66		3.31		3.44		0.99		8.19		0.95		7.90

* Based on average interest-earning assets.

132

EXHIBIT 45

KELLER & COMPANY

Dublin, Ohio

614-766-1426

RESERVES AND SUPPLEMENTAL DATA

		RESERVES AND SUPPLEMENTAL DATA
						Net
		Reserves/				Chargeoffs/			Provisions/
		Gross		Reserves/		Average			Net			Effective
		Loans		NPA		Loans			Chargeoffs			Tax Rate
		(%)		(%)		(%)			(%)			(%)
SUBJECT
EAGLE SAVINGS BANK			1.31		135.68		-0.02			NM			15.36
COMPARABLE GROUP
WVFC	WVS FINANCIAL CORP		0.55		73.62		0.00			56.00			37.64
WBKC	WOLVERINE BANCORP		2.78		121.32		(0.16	)		100.00			35.04
CFBK	CENTRAL FEDERAL CORP		1.92		473.71		0.05			310.00			NM
PBSK	POAGE BANKSHARES		0.60		44.58		0.15			489.00			30.85
HBK	HAMILTON BANCORP		0.57		38.76		0.15			650.00			23.06
ESBK	ELMIRA SAVINGS BANK		0.89		77.19		0.09			665.00			29.42
IROQ	IF BANCORP		1.18		211.75		0.05			1,366.00			36.11
BYBK	BAY BANCORP		0.53		26.84		0.09			1,227.00			36.33
HMNF	HMN FINANCIAL		1.85		174.97		(0.43	)		(332.00	)		38.34
SVBI	SEVERN BANCORP		1.35		86.70		(0.04	)		(380.00	)		NM
	Average		1.22		132.94		(0.01	)		415.10			33.35
	Median		1.04		81.95		0.05			399.50			35.58
	High		2.78		473.71		0.15			1,366.00			38.34
	Low		0.53		26.84		(0.43	)		(380.00	)		23.06
ALL THRIFTS (146)
	Average		1.08		117.37		0.06			895.37			30.20
MIDWEST THRIFTS (47)
	Average		1.19		110.18		0.10			(130.13	)		27.42
OHIO THRIFTS (13)
	Average		1.22		138.06		0.10			480.69			30.99

133

EXHIBIT 46

KELLER & COMPANY

Columbus, Ohio

614-766-1426

VALUATION ANALYSIS AND CALCULATION - FULL CONVERSION

EAGLE SAVINGS BANK

Pricing ratios and parameters:

		Midpoint			Comparable Group				All Thrifts
Pro Forma	Symbol	Ratios			Average		Median		Average		Median
Price to earnings	P/E		10.77			22.62		16.21		23.54		18.89
Price to core earnings	P/CE		22.74			21.20		17.16		23.85		20.22
Price to book value	P/B		63.30	%		98.17		100.78		117.90		113.81
Price to tangible book value	P/TB		63.30	%		105.33		105.08		126.62		119.70
Price to assets	P/A		13.14	%		11.51		11.29		14.03		12.64

Pre conversion earnings	(Y)	$	1,460,000	For the twelve months ended December 31, 2016
Pre conversion core earnings	(CY)	$	693,000	For the twelve months ended December 31, 2016
Pre conversion book value	(B)	$	13,477,000	At December 31, 2016
Pre conversion tang. book value	(TB)	$	13,477,000	At December 31, 2016
Pre conversion assets	(A)	$	115,973,000	At December 31, 2016

Conversion expense	(X)	7.35	%	Percent sold	(PCT)		100.00	%
ESOP stock purchase	(E)	8.00	%	Option % granted	(OP)		10.00	%
ESOP cost of borrowings, net	(S)	0.00	%	Est. option value	(OV)		24.10	%
ESOP term (yrs.)	(T)	20		Option maturity	(OM)		5
RRP amount	(M)	4.00	%	Option % taxable	(OT)		25.00	%
RRP term  (yrs.)	(N)	5		Price per share	(P)	$	10.00
Tax rate	(TAX)	34.00	%
Investment rate of return, pretax		2.38	%
Investment rate of return, net	(RR)	1.57	%

Formulae to indicate value after conversion:

1.  P/CE method:     Value  = P/CE*CY = $ 17,000,000

((1-P/CE*(PCT)*((1-X-E-M)*(RR*(1-TAX))-((1-TAX)*E/T)-((1-TAX)*M/N)-((1-TAX)*OT)*(OP*OV)/OM)))

2.  P/B method:     Value  =	P/B*(B)	=	$	17,000,000
	(1-PB*(PCT)*(1-X-E-M))

3.  P/A method:     Value  =	P/A*(A)	=	$	17,000,000
	(1-PA*(PCT)*(1-X-E-M))

VALUATION CORRELATION AND CONCLUSIONS:

					Gross Proceeds
	Price		Public		of Public		Foundation		Total		TOTAL
	per Share		Shares Sold		Offering		Shares Issued		Shares Issued		VALUE
Midpoint	$	10.00		1,660,000	$	16,600,000		40,000		1,700,000	$	17,000,000
Minimum	$	10.00		1,405,000	$	14,050,000		40,000		1,445,000	$	14,450,000
Maximum	$	10.00		1,915,000	$	19,150,000		40,000		1,955,000	$	19,550,000
Maximum, as adjusted	$	10.00		2,208,250	$	22,082,500		40,000		2,248,250	$	22,482,500

134

EXHIBIT 47

KELLER & COMPANY

Dublin, Ohio

614-766-1426

COMPARABLE GROUP MARKET, PRICING AND FINANCIAL RATIOS

STOCK PRICES AS OF FEBRUARY 21, 2017

FINANCIAL DATA/ALL RATIOS MOST RECENT FOUR QUARTERS

		Market Data								Pricing Ratios										Dividends						Financial Ratios
												Price/				Price/		Price/		12 Mo.
		Market		Price/		12 Mo.		Bk. Value		Price/		Book		Price/		Tang.		Core		Div./		Dividend		Payout		Equity/		Core		Core
		Value		Share		EPS		/Share		Earnings		Value		Assets		Bk. Val.		Earnings		Share		Yield		Ratio		Assets		ROAA		ROAE
		($M)		($)		($)		($)		(X)		(%)		(%)		(%)		(X)		($)		(%)		(%)		(%)		(%)		(%)
EAGLE SAVINGS BANK
	Midpoint		17,000		10.00		0.44		15.80		10.77		63.30		13.14		63.30		22.74		0.00		0.00		0.00		20.76		0.53		2.57
	Minimum		14,450		10.00		0.51		17.03		9.18		58.71		11.37		58.71		19.43		0.00		0.00		0.00		19.36		0.54		2.79
	Maximum		19,550		10.00		0.38		14.89		12.36		67.18		14.86		67.18		26.00		0.00		0.00		0.00		22.11		0.53		2.39
	Maximum, as adjusted		22,483		10.00		0.34		14.09		14.17		70.96		16.76		70.96		29.72		0.00		0.00		0.00		23.61		0.52		2.21
ALL THRIFTS (146)
	Average		254,302		21.28		1.40		19.66		23.54		117.90		14.03		126.62		23.85		0.34		1.45		28.70		11.86		0.77		6.61
	Median		61,275		18.45		0.86		15.76		18.89		113.81		12.64		119.70		20.22		0.18		0.97		14.97		11.01		0.67		5.62
OHIO THRIFTS (13)
	Average		88,049		18.39		1.14		17.36		19.16		106.20		12.78		112.10		15.38		0.43		2.05		40.46		12.16		0.95		7.90
	Median		26,717		16.50		1.06		15.76		14.57		96.99		12.87		98.14		12.88		0.30		1.78		25.00		11.85		0.84		7.53
COMPARABLE GROUP (10)
	Average		61,499		15.11		0.97		14.91		22.62		98.17		11.51		105.33		21.20		0.41		1.92		28.41		11.60		0.71		5.76
	Median		67,677		15.93		0.96		16.28		16.21		100.78		11.29		105.08		17.16		0.03		0.16		3.41		11.21		0.75		5.58
COMPARABLE GROUP
BYBK	BAY BANCORP		68,402		6.60		0.17		6.67		38.82		98.95		11.30		103.94		41.25		0.00		0.00		0.00		11.41		0.30		2.40
CFBK	CENTRAL FEDERAL CORP		28,005		1.75		0.21		2.47		8.33		70.85		6.90		70.85		8.33		0.00		0.00		0.00		9.73		0.91		8.84
ESBK	ELMIRA SAVINGS BANK		56,051		20.45		1.58		20.36		12.94		100.44		9.87		134.45		13.37		2.30		11.25		145.57		9.83		0.74		7.57
HBK	HAMILTON BANCORP		48,644		14.25		0.19		14.79		75.00		96.35		9.53		118.45		47.09		0.00		0.00		0.00		9.90		0.24		2.04
HMNF	HMN FINANCIAL		78,556		17.50		1.49		17.17		11.74		101.92		11.48		105.80		12.15		0.00		0.00		0.00		11.26		0.99		8.60
IROQ	IF BANCORP		73,381		18.50		1.04		17.40		17.79		106.32		12.47		107.12		19.68		0.31		1.68		29.81		11.73		0.65		5.44
PBSK	POAGE BANKSHARES		69,817		18.80		0.88		17.37		21.36		108.23		15.56		112.98		21.12		0.06		0.32		6.82		14.38		0.76		5.04
SVBI	SEVERN BANCORP		95,625		7.25		1.28		7.17		5.66		101.12		11.29		102.11		14.14		0.00		0.00		0.00		11.16		0.80		5.72
WBKC	WOLVERINE BANCORP		66,951		31.60		2.16		30.30		14.63		104.29		18.09		104.36		14.63		1.00		3.16		46.30		17.34		1.28		7.26
WVFC	WVS FINANCIAL CORP		29,560		14.35		0.72		15.39		19.93		93.24		8.60		93.25		20.21		0.40		2.79		55.56		9.23		0.43		4.65

135

EXHIBIT 48

KELLER & COMPANY

Columbus, Ohio

614-766-1426

PROJECTED EFFECT OF CONVERSION PROCEEDS

EAGLE SAVINGS BANK

At the MIDPOINT

1.	Gross Offering Proceeds
	Offering proceeds(1)	$	16,600,000
	Less:  Estimated offering expenses		1,250,000
	Net offering proceeds	$	15,350,000

2.	Generation of Additional Income
	Net offering proceeds	$	15,350,000
	Less:  Stock-based benefit plans  (2)		2,040,000
	Less: Cash contribution to foundation		100,000
	Net offering proceeds invested	$	13,210,000
	Investment rate, after taxes		1.57	%
	Earnings increase - return on  proceeds invested	$	207,503
	Less: Estimated cost of ESOP borrowings		0
	Less:  Amortization of ESOP borrowings, net of taxes		44,880
	Less:  Stock-based incentive plan expense, net of taxes		89,760
	Less:  Option expense, net of applicable taxes		74,975
	Net earnings increase (decrease)	$	(2,112	)

3.	Comparative Pro Forma Earnings
		Regular			Core
	Before conversion - twelve months ended 12/31/16	$	1,460,000		$	693,000
	Net earnings increase		(2,112	)		(2,112	)
	After conversion	$	1,457,888		$	690,888

4.	Comparative Pro Forma Net Worth  (3)
		Total		Tangible
	Before conversion - 12/31/16	$	13,477,000	$	13,477,000
	Net cash conversion proceeds		13,210,000		13,210,000
	Tax benefit of contribution		170,000		170,000
	After conversion	$	26,857,000	$	26,857,000

5.	Comparative Pro Forma Assets
	Before conversion - 12/31/16	$	115,973,000
	Net cash conversion proceeds		13,210,000
	Tax benefit of contribution		170,000
	After conversion	$	129,353,000

(1) Represents gross proceeds of public offering.

(2) Represents ESOP and stock-based incentive plans.

(3) ESOP and RRP are omitted from net worth.

136

EXHIBIT 49

KELLER & COMPANY

Columbus, Ohio

614-766-1426

PROJECTED EFFECT OF CONVERSION PROCEEDS

EAGLE SAVINGS BANK

At the MINIMUM

1.	Gross Offering Proceeds
	Offering proceeds(1)	$	14,050,000
	Less:  Estimated offering expenses		1,250,000
	Net offering proceeds	$	12,800,000

2.	Generation of Additional Income
	Net offering proceeds	$	12,800,000
	Less:  Stock-based benefit plans  (2)		1,734,000
	Less: Cash contribution to foundation		100,000
	Net offering proceeds invested	$	10,966,000
	Investment rate, after taxes		1.57	%
	Earnings increase - return on  proceeds invested	$	172,254
	Less: Estimated cost of ESOP borrowings		0
	Less:  Amortization of ESOP borrowings, net of taxes		38,148
	Less:  Stock-based incentive plan expense, net of taxes		76,296
	Less:  Option expense, net of applicable taxes		63,729
	Net earnings increase (decrease)	$	(5,919	)

3.	Comparative Pro Forma Earnings
		Net			Core
	Before conversion - twelve months ended 12/31/16	$	1,460,000		$	693,000
	Net earnings increase (decrease)		(5,919	)		(5,919	)
	After conversion	$	1,454,081		$	687,081

4.	Comparative Pro Forma Net Worth  (3)
		Total		Tangible
	Before conversion - 12/31/16	$	13,477,000	$	13,477,000
	Net cash conversion proceeds		10,966,000		10,966,000
	Tax benefit of contribution		170,000		170,000
	After conversion	$	24,613,000	$	24,613,000

5.	Comparative Pro Forma Assets
	Before conversion - 12/31/16	$	115,973,000
	Net cash conversion proceeds		10,966,000
	Tax benefit of contribution		170,000
	After conversion	$	127,109,000

(1) Represents gross proceeds of public offering.

(2) Represents ESOP and stock-based incentive plans.

(3) ESOP and RRP are omitted from net worth.

137

EXHIBIT 50

KELLER & COMPANY

Columbus, Ohio

614-766-1426

PROJECTED EFFECT OF CONVERSION PROCEEDS

EAGLE SAVINGS BANK

At the MAXIMUM

1.	Gross Offering Proceeds
	Offering proceeds(1)	$	19,150,000
	Less:  Estimated offering expenses		1,250,000
	Net offering proceeds	$	17,900,000

2.	Generation of Additional Income
	Net offering proceeds	$	17,900,000
	Less:  Stock-based benefit plans  (2)		2,346,000
	Less: Cash contribution to foundation		100,000
	Net offering proceeds invested	$	15,454,000
	Investment rate, after taxes		1.57	%
	Earnings increase - return on  proceeds invested	$	242,751
	Less: Estimated cost of ESOP borrowings		0
	Less:  Amortization of ESOP borrowings, net of taxes		51,612
	Less:  Stock-based incentive plan expense, net of taxes		103,224
	Less:  Option expense, net of applicable taxes		86,221
	Net earnings increase (decrease)	$	1,694

3.	Comparative Pro Forma Earnings
		Regular		Core
	Before conversion - twelve months ended 12/31/16	$	1,460,000	$	693,000
	Net earnings increase		1,694		1,694
	After conversion	$	1,461,694	$	694,694

4.	Comparative Pro Forma Net Worth  (3)
		Total		Tangible
	Before conversion - 12/31/16	$	13,477,000	$	13,477,000
	Net cash conversion proceeds		15,454,000		15,454,000
	Tax benefit of contribution		170,000		170,000
	After conversion	$	29,101,000	$	29,101,000

5.	Comparative Pro Forma Assets
	Before conversion - 12/31/16	$	115,973,000
	Net cash conversion proceeds		15,454,000
	Tax benefit of contribution		170,000
	After conversion	$	131,597,000	131,597,000

(1) Represents gross proceeds of public offering.

(2) Represents ESOP and stock-based incentive plans.

(3) ESOP and RRP are omitted from net worth.

138

EXHIBIT 51

KELLER & COMPANY

Columbus, Ohio

614-766-1426

PROJECTED EFFECT OF CONVERSION PROCEEDS

EAGLE SAVINGS BANK

At the Maximum, as adjusted

1.	Gross Offering Proceeds
	Offering proceeds(1)	$	22,082,500
	Less:  Estimated offering expenses		1,250,000
	Net offering proceeds	$	20,832,500

2.	Generation of Additional Income
	Net offering proceeds	$	20,832,500
	Less:  Stock-based benefit plans  (2)		2,697,900
	Less: Cash contribution to foundation		100,000
	Net offering proceeds invested	$	18,034,600
	Investment rate, after taxes		1.57	%
	Earnings increase - return on  proceeds invested	$	283,287
	Less: Estimated cost of ESOP borrowings		0
	Less:  Amortization of ESOP borrowings, net of taxes		59,354
	Less:  Stock-based incentive plan expense, net of taxes		118,708
	Less:  Option expense, net of applicable taxes		99,155
	Net earnings increase (decrease)	$	6,072

3.	Comparative Pro Forma Earnings
		Regular		Core
	Before conversion - twelve months ended 12/31/16	$	1,460,000	$	693,000
	Net earnings increase		6,072		6,072
	After conversion	$	1,466,072	$	699,072

4.	Comparative Pro Forma Net Worth  (3)
		Total		Tangible
	Before conversion - 12/31/16	$	13,477,000	$	13,477,000
	Net cash conversion proceeds		18,034,600		18,034,600
	Tax benefit of contribution		170,000		170,000
	After conversion	$	31,681,600	$	31,681,600

5.	Comparative Pro Forma Assets
	Before conversion - 12/31/16	$	115,973,000
	Net cash conversion proceeds		18,034,600
	Tax benefit of contribution		170,000
	After conversion	$	134,177,600

(1) Represents gross proceeds of public offering.

(2) Represents ESOP and stock-based incentive plans.

(3) ESOP and RRP are omitted from net worth.

139

EXHIBIT 52

KELLER & COMPANY

Columbus, Ohio

614-766-1426

SUMMARY OF VALUATION PREMIUM OR DISCOUNT

EAGLE SAVINGS BANK

				Premium or (discount)
				from comparable group.
	Eagle Savings Bank			Average			Median
Midpoint:
Price/earnings		10.77	x		-52.37	%		-33.53	%
Price/book value		63.30	%*		-35.52	%		-37.19	%
Price/assets		13.14	%		14.16	%		16.39	%
Price/tangible book value		63.30	%		-39.90	%		-39.76	%
Price/core earnings		22.74	x		7.25	%		32.49	%
Minimum of range:
Price/earnings		9.18	x		-59.41	%		-43.35	%
Price/book value		58.71	%*		-40.20	%		-41.74	%
Price/assets		11.37	%		-1.22	%		0.71	%
Price/tangible book value		58.71	%		-44.26	%		-44.13	%
Price/core earnings		19.43	x		-8.34	%		13.24	%
Maximum of range:
Price/earnings		12.36	x		-45.37	%		-23.76	%
Price/book value		67.18	%*		-31.57	%		-33.34	%
Price/assets		14.86	%		29.11	%		31.62	%
Price/tangible book value		67.18	%		-36.22	%		-36.07	%
Price/core earnings		26.00	x		22.66	%		51.53	%
Super maximum of range:
Price/earnings		14.17	x		-37.36	%		-12.59	%
Price/book value		70.96	%*		-27.72	%		-29.59	%
Price/assets		16.76	%		45.61	%		48.45	%
Price/tangible book value		70.96	%		-32.63	%		-32.47	%
Price/core earnings		29.72	x		40.17	%		73.17	%

* Represents pricing ratio associated with primary valuation method.

140

ALPHABETICAL

EXHIBITS

EXHIBIT A

KELLER & COMPANY, INC.

Financial Institution Consultants

555 Metro Place North	614-766-1426
Dublin, Ohio 43017	(fax) 614-766-1459

PROFILE OF THE FIRM

KELLER & COMPANY, INC. is a national consulting firm to financial institutions, serving clients throughout the United States from its office in Dublin, Ohio. Since our inception in 1985, we have provided a wide range of consulting services to over 250 financial institutions including banks, thrifts, mortgage companies, insurance companies and holding companies from Oregon to Maine.

Services offered by Keller & Company include the preparation of stock and ESOP valuations, fairness opinions, business and strategic plans, capital plans, financial models and projections, market studies, de novo charter and deposit insurance applications, incentive compensation plans, compliance policies, lending, underwriting and investment criteria, and responses to regulatory comments. Keller & Company also serves as advisor in merger/acquisition, deregistration, going private, secondary offering and branch purchase/sale transactions. Keller & Company is additionally active in loan review, director and management review, product analysis and development, performance analysis, compensation review, policy development, charter conversion, data processing, information technology systems, and conference planning and facilitation.

Keller & Company is one of the leading thrift conversion appraisal firms in the United States. We have on-line access to current and historical financial, organizational and demographic data for every financial institution and financial institution holding company in the United States and daily pricing data and ratios for all publicly traded financial institutions.

Keller & Company is an approved appraiser for filing with the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and numerous state government agencies, and is also approved by the Internal Revenue Service as an expert in financial institution stock valuations. We are an affiliate member of numerous trade organizations including the American Bankers Association and America’s Community Bankers.

Each of the firm's senior consultants has over thirty years of front line experience and accomplishment in various areas of the financial institution, regulatory and real estate sectors, offering clients distinct and diverse areas of expertise. It is the goal of Keller & Company to provide specific and ongoing relationship-based services that are pertinent, focused and responsive to the needs of the individual client institution within the changing industry environment, and to offer those services at reasonable fees on a timely basis. In recent years, Keller & Company has become one of the leading and most recognized financial institution consulting firms in the nation.

141

CONSULTANTS IN THE FIRM

MICHAEL R. KELLER has over thirty years experience as a consultant to the financial institution industry. Immediately following his graduation from college, Mr. Keller took a position as an examiner of financial institutions in northeastern Ohio with a focus on Cleveland area institutions. After working two years as an examiner, Mr. Keller entered Ohio State University full time to obtain his M.B.A. in Finance.

Mr. Keller then worked as an associate for a management consulting firm specializing in services to financial institutions immediately after receiving his M.B.A. During his eight years with the firm, he specialized in mergers and acquisitions, branch acquisitions and sales, branch feasibility studies, stock valuations, charter applications, and site selection analyses. By the time of his departure, he had attained the position of vice president, with experience in almost all facets of banking operations.

Prior to forming Keller & Company, Mr. Keller also worked as a senior consultant in a larger consulting firm. In that position, he broadened his activities and experience, becoming more involved with institutional operations, business and strategic planning, regulatory policies and procedures, performance analysis, conversion appraisals, and fairness opinions. Mr. Keller established Keller & Company in November 1985 to better serve the needs of the financial institution industry.

Mr. Keller graduated from the College of Wooster with a B.A. in Economics in 1972, and later received an M.B.A. in Finance in 1976 from the Ohio State University where he took numerous courses in corporate stock valuations.

142

Consultants in the Firm (cont.)

SUSAN H. O’DONNELLhas twenty years of experience in the finance and accounting areas of the banking industry.

At the start of her career, Ms. O’Donnell worked in public accounting for Coopers & Lybrand in Cincinnati and earned her CPA. Her clients consisted primarily of financial institutions and health care companies.

Ms. O’Donnell then joined Empire Bank of America in Buffalo, New York. During her five years with Empire, Ms. O’Donnell progressed to the level of Vice President and was responsible for SEC, FHLB and internal financial reporting. She also coordinated the offering circular for its initial offering of common stock.

Ms. O’Donnell later joined Banc One Corporation where she worked for eleven years. She began her career at Banc One in the Corporate Accounting Department where she was responsible for SEC, Federal Reserve and investor relations reporting and coordinated the offering documents for stock and debt offerings. She also performed acquisition work including regulatory applications and due diligence and established accounting policies and procedures for all affiliates. Ms. O’Donnell later moved within Banc One to the position of chief financial officer of the Personal Trust business responsible for $225 million in revenue. She then provided leadership as the Director of Personal Trust Integration responsible for various savings and revenue enhancements related to the Bank One/First Chicago merger.

Ms. O’Donnell graduated from Miami University with a B.S. in Business. She also completed the Leading Strategic Change Program at The Darden School of Business and the Banc One Leadership Development Program.

143

Consultants in the Firm (cont.)

JOHN A. SHAFFER has over thirty years experience in banking, finance, real estate lending, and development.

Following his university studies, Mr. Shaffer served as a lending officer for a large real estate investment trust, specializing in construction and development loans. Having gained experience in loan underwriting, management and workout, he later joined Chemical Bank of New York and was appointed Vice President for Loan Administration of Chemical Mortgage Company in Columbus, Ohio. At Chemical, he managed all commercial and residential loan servicing, administering a portfolio in excess of $2 billion. His responsibilities also included the analysis, management and workout of problem commercial real estate loans and equity holdings, and the structuring, negotiation, acquisition and sale of loan servicing, mortgage and equity securities and real estate projects. Mr. Shaffer later formed and managed an independent real estate and financial consulting firm, serving corporate and institutional clients, and also investing in and developing real estate.

Mr. Shaffer's primary activities and responsibilities have included financial analysis, projection and modeling, asset and liability management, real estate finance and development, loan management and workout, organizational and financial administration, budgeting, cash flow management and project design.

Mr. Shaffer graduated from Syracuse University with a B.S. in Business Administration, later receiving an M.B.A. in Finance and a Ph.D. in Economics from New York University.

144

EXHIBIT B

RB 20

CERTIFICATION

I hereby certify that I have not been the subject of any criminal, civil or administrative judgments, consents, undertakings or orders, or any past administrative proceedings (excluding routine or customary audits, inspections and investigation) issued by any federal or state court, any department, agency, or commission of the U.S. Government, any state or municipality, any self-regulatory trade or professional organization, or any foreign government or governmental entity, which involve:

(i) commission of a felony, fraud, moral turpitude, dishonesty or breach of trust;

(ii) violation of securities or commodities laws or regulations;

(iii) violation of depository institution laws or regulations;

(iv) violation of housing authority laws or regulations;

(v) violation of the rules, regulations, codes or conduct or ethics of a self-regulatory trade or professional organization;

(vi) adjudication of bankruptcy or insolvency or appointment of a receiver, conservator, trustee, referee, or guardian.

I hereby certify that the statements I have made herein are true, complete and correct to the best of my knowledge and belief.

	Conversion Appraiser
2/28/17
Date	Michael R. Keller

145

EXHIBIT C

AFFIDAVIT OF INDEPENDENCE

STATE OF OHIO,

COUNTY OF FRANKLIN, ss:

I, Michael R. Keller, being first duly sworn hereby depose and say that:

The fee which I received directly from the applicant, Eagle Savings Bank, in the amount of $37,000 for the performance of my appraisal was not related to the value determined in the appraisal and that the undersigned appraiser is independent and has fully disclosed any relationships which may have a material bearing upon the question of my independence; and that any indemnity agreement with the applicant has been fully disclosed.

Further, affiant sayeth naught.

 

MICHAEL R. KELLER

Sworn to before me and subscribed in my presence this 28^th day of February 2017.

	NOTARY PUBLIC

146