Eureka Homestead Bancorp S1 IPO registration | ERKH 11 Mar 19

Exhibit 99.3

CONVERSION VALUATION APPRAISAL REPORT

Prepared for:

Eureka Homestead Bancorp, Inc.

Metairie, Louisiana

As Of:

February 12, 2019

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

February 27, 2019

Boards of Directors

Eureka Homestead Bancorp, Inc.

Eureka Homestead

1922 Veterans Boulevard

Metairie, Louisiana 70005

To the Boards:

We hereby submit our independent appraisal of the pro forma market value of the to be issued stock of the Eureka Homestead Bancorp, Inc. (the “Corporation”) which is the holding company of Eureka Homestead (“Eureka Homestead” or the “Bank”), Metairie, Louisiana. 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 12, 2019, 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 Eureka Homestead and the material provided to us by the independent auditor, T.E. Lott & Company, PA, 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 Eurreka Homestead, with the law firm of Luse Gorman, PC, Washington, D.C., the Bank's conversion counsel, and with T.E. Lott & Company, PA, the Bank’s outside auditor. 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

Eureka Homestead Bancorp, Inc.

Eureka Homestead

February 27, 2019

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 Eureka Homestead’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 12, 2019, the pro forma market value or appraised value of the Corporation is $16,000,000 at the midpoint, representing 1,600,000 shares at $10 per share. The pro forma valuation range of the Corporation is from a minimum of $13,600,000 to a maximum of $18,400,000, with a maximum, as adjusted, of $21,160,000, representing 1,360,000 shares, 1,840,000 shares and 2,116,000 shares at $10 per share at the minimum, maximum, and maximum, as adjusted, respectively.

The pro forma appraised value of Eureka Homestead Bancorp, Inc., as of February 12, 2019, is $16,000,000, at the midpoint.

Very truly yours,

/s/ KELLER & COMPANY, INC.

KELLER & COMPANY, INC.

CONVERSION VALUATION APPRAISAL REPORT

Prepared for:

Eureka Homestead Bancorp, Inc.

Metairie, Louisiana

As Of:

February 12, 2019

TABLE OF CONTENTS

		PAGE

INTRODUCTION		1

I.	Description of Eureka Homestead	3
	General	3
	Performance Overview	7
	Income and Expense	9
	Yields and Costs	13
	Interest Rate Sensitivity	14
	Lending Activities	16
	Nonperforming Assets	20
	Investments	23
	Deposit Activities	24
	Borrowings	25
	Subsidiaries	25
	Office Properties	25
	Management	25

II.	Description of Primary Market Area	27

III.	Comparable Group Selection	33
	Introduction	33
	General Parameters	34
	Merger/Acquisition	34
	Trading Exchange	35
	IPO Date	35
	Geographic Location	35
	Asset Size	36

	Balance Sheet Parameters	38
	Introduction	38
	Cash and Investments to Assets	38
	Mortgage-Backed Securities to Assets	39
	One- to Four-Family Loans to Assets	39
	Total Net Loans to Assets	40
	Total Net Loans and Mortgage-Backed Securities to Assets	40
	Borrowed Funds to Assets	41
	Equity to Assets	41
	Performance Parameters	42
	Introduction	42

TABLE OF CONTENTS (cont.)

		PAGE

III.	Comparable Group Selection (cont.)
	Performance Parameters (cont.)
	Return on Average Assets	42
	Return on Average Equity	43
	Net Interest Margin	43
	Operating Expenses to Assets	44
	Noninterest Income to Assets	44
	Asset Quality Parameters	45
	Introduction	45
	Nonperforming Assets to Total Assets	45
	Repossessed Assets to Assets	45
	Loan Loss Reserve to Assets	46
	The Comparable Group	46

IV.	Analysis of Financial Performance	48

V.	Market Value Adjustments	51
	Earnings Performance	51
	Market Area	56
	Financial Condition	57
	Asset, Loan and Deposit Growth	60
	Dividend Payments	61
	Subscription Interest	62
	Liquidity of Stock	63
	Management	63
	Marketing of the Issue	65

VI.	Valuation Methods	66
	Introduction	66
	Price to Book Value Method	68
	Price to Core Earnings Method	70
	Price to Assets Method	71
	Valuation Conclusion	72

LIST OF EXHIBITS

NUMERICAL EXHIBITS		PAGE

1	Balance Sheet at December 31, 2018	75
2	Balance Sheets at December 31, 2014 through 2017	76
3	Statement of Income for the Year EndedDecember 31, 2018	77
4	Statements of Income for the Years EndedDecember 31, 2014 through 2017	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	Loan Delinquencies	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	Borrowed Funds Activity	95
22	Offices of Eureka Homestead	96
23	Management of the Bank	97
24	Key Demographic Data and Trends	98
25	Key Housing Data	99
26	Major Sources of Employment	100
27	Unemployment Rates	101
28	Market Share of Deposits	102
29	National Interest Rates by Quarter	103

LIST OF EXHIBITS (cont.)

NUMERICAL
EXHIBITS		PAGE
30	Thrift Share Data and Pricing Ratios	104
31	Key Financial Data and Ratios	110
32	Recently Converted Thrift Institutions	116
33	Acquisitions and Pending Acquisitions	117
34	Balance Sheets Parameters - Comparable Group Selection	118
35	Operating Performance and Asset Quality Parameters - Comparable Group Selection	119
36	Balance Sheet Ratios Final Comparable Group	120
37	Operating Performance and Asset Quality Ratios Final Comparable Group	121
38	Balance Sheet Totals - Final Comparable Group	122
39	Balance Sheet - Asset Composition Most Recent Quarter	123
40	Balance Sheet - Liability and Equity Most Recent Quarter	124
41	Income and Expense Comparison Trailing Four Quarters	125
42	Income and Expense Comparison as a Percent of Average Assets - Trailing Four Quarters	126
43	Yields, Costs and Earnings Ratios Trailing Four Quarters	127
44	Reserves and Supplemental Data	128
45	Valuation Analysis and Conclusions	129
46	Comparable Group Market, Pricings and Financial Ratios - Stock Prices as of February 12, 2019	130
47	Pro Forma Effects of Conversion Proceeds - Minimum	131
48	Pro Forma Effects of Conversion Proceeds - Midpoint	132
49	Pro Forma Effects of Conversion Proceeds - Maximum	133
50	Pro Forma Effects of Conversion Proceeds - Maximum, as Adjusted	134
51	Summary of Valuation Premium or Discount	135

ALPHABETICAL EXHIBITS		PAGE

A	Background and Qualifications	136
B	RB 20 Certification	140
C	Affidavit of Independence	141

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 Eureka Homestead 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 Eureka Homestead (“Eureka Homestead”or the“Bank”), Metairie, Louisiana. 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 Office of the Comptroller of the Currency (“OCC”), 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 Pomerenk & Schick, 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 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.

Introduction (cont.)

As part of our appraisal procedure, we have reviewed the audited financial statements for the five fiscal years ended December 31, 2014 through 2018, and discussed them with Eureka Homestead’s management and with Eureka Homestead’s current independent auditors, T.E. Lott & Company, PA, Columbus, Mississippi, and with Hannis T. Bourgeois, LLP, New Orleans, Louisiana, 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 traveled Eureka Homestead’s market area. We have studied the economic and demographic characteristics of the primary market area, and analyzed the Bank’s primary market area relative to Louisiana and the United States. We have also examined the competitive market within which Eureka Homestead 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 Eureka Homestead 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 able to sell such shares at prices similar to the pro forma market value of the Corporation as determined in this conversion appraisal.

DESCRIPTION OF EUREKA HOMESTEAD

GENERAL

Eureka Homestead was organized in 1884 as a state-chartered mutual savings and loan association. In 2002, Eureka Homestead changed its charter to a federally chartered mutual savings bank with the name Eureka Homestead.

Eureka Homestead conducts its business from its main office located at 1922 Veterans Memorial Boulevard in Metairie, Louisiana. Eureka Homestead has no branch offices but does have a loan production office in New Orleans. The Bank’s primary retail market area is focused on Jefferson Parish, while the Bank’s lending market includes Jefferson Parish and Orleans Parish.

Eureka Homestead’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"). Eureka Homestead is a member of the Federal Home Loan Bank (the "FHLB") of Dallas and is regulated by the Office of the Comptroller of the Currency. As of December 31, 2018, Eureka Homestead had assets of $98,070,000, deposits of $56,183,000 and equity of $12,239,000.

Eureka Homestead 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. Eureka Homestead has been most active in the origination of one- to four-family loans, which represented 95.4 percent of its loan originations during the fiscal year ended December 31, 2018. One- to four-family loan originations represented a smaller 93.5 percent of loan originations during the year ended December 31, 2017. At December 31, 2018, 93.2 percent of the Bank’s gross loans consisted of residential real estate loans on one- to four-family dwellings, compared to a larger 93.9 percent at December 31, 2017, with the primary sources of 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 loans, consumer loans, construction loans and multi-family loans. Consumer loans were minimal and include loans on deposit accounts and other secured and unsecured personal loans.

General (cont.)

The Bank had cash and investments, including mortgage-backed securities, of $9.6 million, or 9.8 percent of its assets, excluding FHLB stock which totaled $1,376,000 or 1.4 percent of assets at December 31, 2018. Deposits, principal payments, 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 $16.0 million or 1,600,000 shares at $10 per share based on the midpoint of the appraised value of $16.0 million. The net conversion proceeds will be $14.73 million, reflecting conversion expenses of $1.27 million. The actual cash proceeds to the Bank of $7.4 million will represent 50.0 percent of the net conversion proceeds at the midpoint. The ESOP will represent 8.00 percent of the gross shares issued or 128,000 shares at $10 per share, representing $1,280,000. 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 slight deposit increase of $464,000 over the past four fiscal years, with deposits increasing 0.8 percent from December 31, 2014, to December 31, 2018, or an average of 0.2 percent per year. From December 31, 2017, to December 31, 2018, deposits increased by $3.1 million or 5.8 percent, compared to an increase of 10.0 percent in fiscal 2017.

General (cont.)

The Bank experienced an increase in its loan portfolio during the previous four years of 2014 to 2017, while focusing on maintaining its favorable asset quality position, on strengthening its net interest margin and on maintaining a reasonable equity to assets ratio. In 2018, the Bank continued its loan growth but experienced smaller loan growth than in 2016 or 2017. Equity to assets increased from 11.86 percent of assets at December 31, 2014, to 12.48 percent at December 31, 2018.

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

The Bank’s share of one- to four-family mortgage loans has decreased slightly from 93.9 percent of gross loans at December 31, 2017, to 93.2 percent as of December 31, 2018. Multi-family loans increased from 3.4 percent of loans to 5.1 percent of loans, and commercial real estate loans decreased from 2.1 percent of loans to 1.4 percent from December 31, 2017, to December 31, 2018. All types of real estate loans as a group increased slightly from 99.4 percent of gross loans at December 31, 2017, to 99.7 percent at December 31, 2018. The increase in real estate loans was offset by the Bank’s decrease in consumer loans. The Bank’s share of consumer loans witnessed a decrease in their share of loans from 0.6 percent at December 31, 2017, to 0.3 percent at December 31, 2018.

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 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, 2017, Eureka Homestead had $850,000 in its loan loss allowance or 1.08 percent of gross loans, and 366.68 percent of nonperforming loans with the loan loss allowance remaining at $850,000, representing a lesser 1.05 percent of gross loans and was not applicable relative to nonperforming loans because of the Bank’s absence of nonperforming loans.

General (cont.)

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 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, monitoring noninterest expenses and reducing interest expense.

PERFORMANCE OVERVIEW

The financial position of Eureka Homestead at fiscal year end December 31, 2014, through December 31, 2018, is shown in Exhibits 1 and 2, and the earnings performance of Eureka Homestead for the fiscal years 2014 through 2018 is shown in Exhibits 3 and 4. Exhibit 5 provides selected financial data at December 31, 2017 and 2018. Eureka Homestead 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 2017 to 2018.

With regard to the Bank’s historical financial condition, Eureka Homestead has experienced a modest increase in assets from December 31, 2016, to December 31, 2017, with a moderate increase in loans, a moderate increase in deposits and a slight decrease in the dollar level of equity over the prior year. Then from December 31, 2017, to December 31, 2018, Eureka Homestead experienced modest growth in loans, a moderate rise in deposits, a modest rise in assets, a moderate rise in cash and investments, and a modest increase in equity.

The Bank witnessed an increase in assets of $3.4 million or 3.6 percent and an increase in deposits of $3.1 million or 5.8 percent for the period of December 31, 2017, to December 31, 2018. Over the past four fiscal periods, the Bank experienced its largest dollar increase in assets of $3.4 million in fiscal year 2018, due primarily to a $1.8 million increase in net loans, and a $1.7 million increase in cash and investments, with a $3.1 million increase in deposits and minimal change in FHLB advances.

Eureka Homestead’s net loan portfolio, which includes mortgage loans and nonmortgage loans, increased from $79.3 million at December 31, 2017, to $81.1 million at December 31, 2018, and represented a total increase of $1.8 million, or 2.3 percent.

Eureka Homestead has obtained funds through deposits and FHLB advances with a stronger use of FHLB advances totaling $26.0 million at December 31, 2018. 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 $4.6 million or 9.5 percent from fiscal 2016 to 2017 and a lesser $3.1 million or 5.8 percent from fiscal 2017 to 2018.

Performance Overview (cont.)

The Bank witnessed an increase in its dollar equity level from 2017 to 2018. At December 31, 2017, the Bank had an equity level of $11.9 million, representing a 12.61 percent equity to assets ratio and increased to $12.2 million at December 31, 2018, representing a higher 12.48 percent equity to assets ratio. The dollar level of equity decreased 0.2 percent from December 31, 2016, to December 31, 2017, and the equity ratio decreased from 12.97 percent of assets in 2016 to 12.61 percent in 2017.

INCOME AND EXPENSE

Exhibit 6 presents selected operating data for Eureka Homestead. This table provides key income and expense figures in dollars for the fiscal years of 2017 and 2018.

Eureka Homestead witnessed a moderate increase in its dollar level of interest income from fiscal 2017 to fiscal 2018. Interest income was $3.30 million in 2017 and a higher $3.74 million in 2018. The Bank’s interest expense experienced a moderate increase from fiscal year 2017 to 2018. Interest expense increased from $1.29 million in 2017 to $1.65 million in 2018, representing an increase of $364,000 or 28.2 percent. Interest income increased a larger $453,000 or 13.7 percent. Such increase in interest income from 2017 to 2018, notwithstanding the smaller dollar increase 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 $20,000 in provisions for loan losses in 2017 and had a smaller $11,000 credit in 2018. The impact of those loan loss provisions has been to provide Eureka Homestead with a general valuation allowance of $850,000 at December 31, 2018, or 1.05 percent of gross loans and a “not meaningful” ratio to nonperforming loans, due to the absence of nonperforming loans.

Total other income or noninterest income indicated a minimal decrease in dollars from 2017 to 2018. Noninterest income was $515,000 or 0.54 percent of assets in 2017, with $296,330 in fees on loans sold and a lesser $505,000 in fiscal year 2018 or 0.51 percent of assets in 2018, including $307,000 in fees on loans sold. Noninterest income normally consists primarily of fees on loans sold, service charges, BOLI insurance income, and other income.

The Bank’s general and administrative expenses or noninterest expenses decreased slightly from $2.261 million for the fiscal year of 2017 to $2.256 million for the fiscal year ended December 31, 2018, representing a decrease of 10.3 percent. On a percent of average assets basis, operating expenses decreased from 2.48 percent of average assets for the fiscal year ended December 31, 2017, to 2.30 percent for the fiscal year ended December 31, 2018.

Income and Expense (cont.)

The net earnings position of Eureka Homestead has indicated volatility in 2017 and 2018. The annual net income (loss) figures for the fiscal years of 2017 and 2018 were $(25,000) and $295,000, respectively, representing returns on average assets of (0.03) percent and 0.30 percent for fiscal years 2017, and 2018, respectively. The increase in ROAA in 2018 was due to an increase in net interest income and a credit for provision for loan losses.

Exhibit 7 provides the Bank’s normalized earnings or core earnings for the twelve months ended December 31, 2018. The Bank’s normalized earnings typically eliminate any nonrecurring or higher or lower than normal income and expense items. There were two income adjustments and two noninterest expense adjustments, resulting in the normalized income being less than actual income for the twelve months ended December 31, 2018, and equal to net income of $273,000. The core noninterest income adjustments were the loss on sale of securities of $55,000 and a $25,000 reduction related to a gain on real estate, and the core expense adjustments were a reduction in the credit for provision for loan losses and the elimination of the $23,000 credit for real estate owned write-down.

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 (0.03) percent in fiscal year 2017, to 0.30 percent in 2018, with the higher earnings in 2018 due to a credit for provision for loan losses, higher net interest income and lower taxes.

The Bank’s net interest rate spread was 2.24 percent in 2017 and a lower 2.12 percent in 2018. The Bank’s net interest margin also indicated a decreasing trend, declining from 2.40 percent in 2017 to 2.30 percent in 2018. Eureka Homestead’s net interest margin decreased 10 basis points from 2017 to 2018.

Income and Expense (cont.)

The Bank’s return on average equity improved from 2017 to 2018. The return on average equity improved from (0.20) percent in 2017, to 2.42 percent in 2018, due to a credit for provision for loan loss, higher net interest income and lower taxes.

Eureka Homestead’s ratio of average interest-earning assets to interest-bearing liabilities decreased slightly from 110.43 percent at December 31, 2017, to 109.92 percent at December 31, 2018. The Bank’s overall decrease in its ratio of interest-earning assets to interest-bearing liabilities is the result of the Bank’s increase in deposits.

The Bank’s ratio of noninterest expenses to average assets increased from 2.48 percent in fiscal year 2017 to 2.30 percent in fiscal year 2018. Another key noninterest expense ratio reflecting efficiency of operation is the ratio of noninterest expenses to noninterest income plus net interest income referred to as the "efficiency ratio." The industry norm is 52.8 percent for all thrifts and 50.9 percent for thrifts with assets of less than $100.0 million, 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 89.71 percent in 2017 to 86.96 percent in 2018.

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. Eureka Homestead witnessed a modest decrease in its nonperforming loans ratio from 2017 to 2018, and the ratio is currently below 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. Eureka Homestead’s nonperforming loans in 2017 consisted of nonaccrual loans and loans delinquent 90 days or more. The ratio of nonperforming loans to total loans was 0.29 percent of assets at December 31, 2017, and a lower zero percent of assets at December 31, 2018. The Bank’s ratio of nonperforming assets to total assets was zero percent at December 31, 2018, and decreased from 0.31 percent at December 31, 2017.

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 1.08 percent of loans at December 31, 2017, and decreased to 1.05 percent at December 31, 2018. As a percentage of nonperforming loans, Eureka Homestead’s allowance for loan losses to nonperforming loans was 366.68 percent at December 31, 2017, and was“not meaningful”at December 31, 2018, due to the absence of nonperforming assets.

Exhibit 9 provides the changes in net interest income due to rate and volume changes for the fiscal year 2018. For the year ended December 31, 2018, net interest income increased $84,000, due to an increase in interest income of $449,000, reduced by a $365,000 increase in interest expense. The increase in interest income was due to an increase due to volume of $337,000, accented by an increase due to rate of $112,000. The increase in interest expense was due to a $105,000 increase due to volume, accented by a $260,000 increase due to rate.

YIELDS AND COSTS

The overview of yield and cost trends for the years ended December 31, 2017 and 2018, and at December 31, 2018, can be seen in Exhibit 10, which offers a summary of key yields on interest-earning assets and costs of interest-bearing liabilities.

Eureka Homestead’s weighted average yield on its loan portfolio increased 13 basis points from fiscal year 2017 to 2018, from 4.26 percent to 4.39 percent and then increased 19 basis points to 4.58 percent at December 31, 2018. The yield on investment securities increased 24 basis points from fiscal year 2017 to 2018, from 1.72 percent to 1.94 percent and increased 37 basis points to 2.31 percent at December 31, 2018. The yield on other interest-earning assets increased 67 basis points from fiscal year 2017 to 2018, from 1.17 percent to 1.84 percent, and then increased 80 basis points to 2.64 percent at December 31, 2018. The combined weighted average yield on all interest-earning assets increased 18 basis points from 3.94 percent in fiscal year 2017 to 4.12 percent in fiscal year 2018, and then increased to 4.36 percent at December 31, 2018.

Eureka Homestead’s weighted average cost of interest-bearing liabilities increased 30 basis points to 2.00 percent from fiscal year 2017 to 2018, which was more than the Bank’s 18 basis point increase in yield, resulting in a decrease in the Bank’s net interest rate spread of 12 basis points from 2.24 percent to 2.12 percent from 2017 to 2018. Then the Bank’s interest rate spread increased 1 basis point to 2.13 percent at December 31, 2018. The Bank’s net interest margin decreased from 2.40 percent in fiscal year 2017 to 2.30 percent in fiscal year 2018, representing a decrease of 10 basis points.

The Bank’s ratio of average interest-earning assets to interest-bearing liabilities decreased from 110.43 percent for the year ended December 31, 2017, to 109.92 percent for the year ended December 31, 2018.

INTEREST RATE SENSITIVITY

Eureka Homestead has monitored its interest rate sensitivity position and focused on maintaining a moderate level of interest rate risk exposure by maintaining a minimal share of adjustable-rate residential mortgage loans, modest shares of commercial real estate and multi-family loans and a minimal share of consumer loans. Eureka Homestead 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, some 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. Eureka Homestead 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 economic value of equity (“EVE”) of the expected cash flows from interest-earning assets and interest-bearing liabilities and any off-balance sheets contracts. The EVE for the Bank is calculated on a quarterly basis by an outside firm, showing the Bank’s EVE to asset ratio, the dollar change in EVE, and the change in the EVE ratio for the Bank under rising and falling interest rates. Such changes in the EVE 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 and 200 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 sensitivity include the loan payoff schedule, accelerated principal payments, deposit maturities, interest rate caps on adjustable-rate mortgage loans and deposit withdrawals.

Interest Rate Sensitivity (cont.)

Exhibit 11 provides the Bank’s EVE levels and ratios as of December 31, 2018, based on the most recent calculations and reflects the changes in the Bank’s EVE levels under rising and declining interest rates.

The Bank’s change in its EVE level at December 31, 2018, based on a rise in interest rates of 100 basis points was a 16.01 percent decrease, representing a dollar decrease in equity value of $2,136,000. In contrast, based on a decline in interest rates of 100 basis points, the Bank’s EVE level was estimated to increase 10.81 percent or $1,443,000 at December 31, 2018. The Bank’s exposure increases to a 34.75 percent decrease under a 200 basis point rise in rates, representing a dollar decrease in equity of $4,637,000. The Bank’s exposure based on a 200 basis point decrease in interest rates, was an increase of 15.57 percent or $2,078,000.

The Bank’s post shock EVE ratio based on a 200 basis point rise in interest rates is 9.61 percent and indicates a 396 basis point decrease from its 13.57 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 1.39 percent and an increase of 0.52 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 3.23 percent.

The Bank is aware of its interest rate risk exposure under rapidly rising rates and falling rates. Due to Eureka Homestead’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 strive to maintain a modest share of adjustable-rate loans. The Bank will also continue to focus on strengthening its EVE ratio, recognizing the planned conversion and stock offering will strengthen the Bank’s equity level and EVE ratio, based on any change in interest rates.

LENDING ACTIVITIES

Eureka Homestead 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 Eureka Homestead’s loan portfolio by loan type at December 31, 2017 and 2018.

The primary loan type for Eureka Homestead has been residential loans secured by one- to four-family dwellings, representing a strong 93.2 percent of the Bank’s gross loans as of December 31, 2018. This share of loans has seen a minimal decrease from 93.9 percent at December 31, 2017. The second largest real estate loan type as of December 31, 2018, was multi-family loans, which comprised a moderate 5.1 percent of gross loans at December 31, 2018, compared to 3.4 percent as of December 31, 2017. The third largest real estate loan type was commercial real estate loans, which comprised a modest 1.4 percent of gross loans at December 31, 2018, compared to a larger 2.1 percent at December 31, 2017. These three real estate loan categories represented a strong 99.7 percent of gross loans at December 31, 2018, compared to a lesser 99.4 percent of gross loans at December 31, 2017.

The consumer loan category was the smallest loan category at December 31, 2018, and represented a minimal $211,000 or 0.3 percent of gross loans compared to 0.6 percent at December 31, 2017. The overall mix of loans has witnessed a minimal change from December 31, 2017, to December 31, 2018, with the Bank having increased its share of multi-family loans to offset its decreases in one- to four-family loans and commercial real estate loans.

Lending Activities (cont.)

The emphasis of Eureka Homestead’s lending activity is the origination of conventional mortgage loans secured by one- to four-family residences, with recent activity in the sale of a portion of these loans. Such residences are located primarily in Jefferson Parish and Orleans Parish, Louisiana. At December 31, 2018, 93.2 percent of Eureka Homestead’s gross loans consisted of loans secured by one- to four-family residential properties.

The Bank offers two types of adjustable-rate mortgage loans, ("ARMs") with adjustment periods of three years and five 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 plus a margin of 2.25 percent. ARMs have a maximum rate adjustment of 2.0 percent at each adjustment period and 5.0 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 normally 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 Eureka Homestead’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 guidelines. The Bank’s fixed-rate and adjustable rate mortgage loans normally conform to the maximum loan limits.

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 Eureka Homestead, even though the Bank is permitted to make loans up to a 95.0 percent of the purchase price or appraised value. While the Bank can make loans above 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 maintains an escrow account for insurance and taxes on conventional one-to four family mortgage loans. On occasion, the Bank may allow the borrower to pay their own taxes and insurance, but proof of payment is required.

Eureka Homestead 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 $4.1 million in multi-family loans, and $1.2 million in multi-family loans at December 31, 2018, or a combined 6.5 percent of gross loans, compared to a combined $4.4 million and a lesser 5.5 percent, combined, of gross loans at December 31, 2017.

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 25 years. The maximum loan-to-value ratio is normally 75.0 percent for commercial real estate loans and multi-family loans.

Eureka Homestead 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 maximum loan-to-value ratio of 85.0 percent.

Lending Activities (cont.)

Eureka Homestead is also an originator of home equity loans, including a small level of consumer loans, with these loans totaling $1.6 million at December 31, 2018, and representing 2.0 percent of gross loans. Home equity loans have a fixed rate with a maximum term of 15 years. The normal maximum loan-to-value ratio is 90.0 percent. Eureka Homestead makes home equity loans to borrowers where the Bank holds the first mortgage as well as to borrowers where the Bank does not hold the first mortgage.

Exhibit 13 provides a loan maturity schedule and breakdown and summary of Eureka Homestead’s fixed- and adjustable-rate loans, indicating a strong majority of fixed-rate loans. At December 31, 2018, 99.2 percent of the Bank’s loans due after December 31, 2019, were fixed-rate and 0.8 percent were adjustable-rate. At December 31, 2018, the Bank had 0.7 percent of its loans due on or before December 31, 2018, or in one year or less, with 1.8 percent due by December 31, 2023, or in one to five years. The Bank had a strong 81.4 percent of its loans with a maturity of more than 15 years.

As indicated in Exhibit 14, Eureka Homestead experienced a modest decrease in its one- to four-family loan originations and total loan originations from fiscal year 2017 to 2018. Total loan originations in fiscal year 2017 were $27.0 million compared to a lesser $25.1 million in fiscal year 2018, reflective of the lower level of one- to four-family loans originated, decreasing from $25.3 million to $23.7 million. The decrease in one- to-four-family loan originations from 2017 to 2018 of $1.6 million represented 84.2 percent of the Bank’s $1.9 million decrease in total loan originations from 2017 to 2018, with multi-family loans decreasing $10,000. Consumer loans decreased $597,000.

Overall, loan originations exceeded loan sales, principal payments, charge-offs, loan repayments and other deductions in the years ended December 31, 2017 and 2018. In fiscal 2017, loan originations exceeded reductions by $8.8 millions, impacted by $11.0 million in loan sales, and then exceeded reductions by $1.6 million in 2018, impacted by $12.4 million in loan sales in the year ended December 31, 2018.

NONPERFORMING ASSETS

Eureka Homestead 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 dealt with higher levels of nonperforming assets in the past and have been forced to recognize significant losses, setting aside major valuation allowances. The level of nonperforming assets has decreased steadily and significantly over the past three years.

A sharp increase in nonperforming assets in the past was often related to specific regions of the country and was frequently associated with higher risk loans, including purchased commercial real estate loans and multi-family loans. Eureka Homestead has maintained a lower share of nonperforming assets and has experienced a modest decrease in its level of nonperforming assets, with nonperforming assets decreasing to zero in 2018.

Exhibit 15 provides a summary of Eureka Homestead’s delinquent loans at December 31, 2017 and 2018, indicating an overall decrease in the dollar amount of delinquent loans from December 31, 2017, to December 31, 2018. The Bank had $398,000 in loans delinquent 30 to 89 days at December 31, 2018. Loans delinquent 90 days or more were zero at December 31, 2018, with these two categories representing 0.49 percent of gross loans, with all of them one- to four-family real estate loans. At December 31, 2017, delinquent loans of 30 to 89 days totaled $613,000 or 0.76 percent of gross loans and loans delinquent 90 days or more were $86,000 for a combined total of $699,000 and a share of 0.87 percent of gross loans, compared to a lower $398,000 or 0.11 percent of gross loans, and a lower 0.49 percent of gross loans at December 31, 2018.

Nonperforming Assets (cont.)

It is normal procedure for Eureka Homestead’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 30 days, the Bank attempts to contact the borrower by phone. Such delinquent loans are also reported to the board of directors monthly. 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 then transferred to the appropriate collections personnel. The loan is placed on nonaccrual status. If the loan is not made current by no later than 120 days, foreclosure proceedings will begin.

Exhibit 16 provides a summary of Eureka Homestead’s nonperforming assets at December 31, 2017 and 2018. 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, 2018, relative to December 31, 2017. Eureka Homestead’s level of nonperforming assets was $384,000 at December 31, 2017, and a lower zero at December 31, 2018, which represented 0.31 percent of assets in 2017 and zero percent in 2018. The Bank’s nonperforming assets included $232,000 in nonaccrual loans, $86,000 in loans 90 days or more past due, no troubled debt restructurings, and $66,000 in real estate owned for a total of $384,000 at December 31, 2017. At December 31, 2018, nonperforming assets were zero or zero percent of assets with no loans 90 days or more past due, no nonaccrual loans, no troubled debt restructurings and no real estate owned.

Eureka Homestead’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 0.87 percent of assets at December 31, 2017, and 0.59 percent at December 31, 2018 (reference Exhibit 17). The Bank’s classified assets consisted of $580,000 in substandard assets, with no assets classified as doubtful or loss at December 31, 2018, and totaled $828,000 in substandard assets at December 31, 2017.

Exhibit 18 shows Eureka Homestead’s allowance for loan losses at December 31, 2017 and 2018, indicating the activity and the resultant balances. Eureka Homestead has witnessed no change in its balance of allowance for loan losses, remaining at $850,000 at December 31, 2017, and at December 31, 2018. The Bank had provisions for loan losses of $20,000 in fiscal 2017 and $(11,000) in fiscal 2018.

Nonperforming Assets (cont.)

The Bank had total charge-offs of $70,000 in 2017 and zero in 2018, with recoveries of zero in 2017 and $11,000 in 2018. The Bank’s ratio of allowance for loan losses to gross loans was 1.08 percent at December 31, 2017, and a lower 1.05 percent at December 31, 2018. Allowance for loan losses to nonperforming loans was 366.38 percent at December 31, 2017, and “not meaningful” at December 31, 2018, due to the absence of nonperforming loans.

INVESTMENTS

The Bank’s investment and securities portfolio consists entirely of mortgage-backed securities. The Bank had $6.1 million in mortgage-backed securities at December 31, 2017, and a lesser $5.8 million at December 31, 2018. The Bank also had cash and interest-bearing deposits totaling $3.8 million at December 31, 2018, and a lesser $1.7 million at December 31, 2017. The Bank had $1,376,000 in FHLB stock at December 31, 2018. The weighted average yield on interest-bearing deposits was 1.84 percent for the year ended December 31, 2018, and 1.94 percent on securities available-for-sale.

DEPOSIT ACTIVITIES

The mix of average deposits by amount at December 31, 2017 and 2018, 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 $47.6 million at December 31, 2017, to $55.6 million at December 31, 2018, representing an increase of $8.0 million or 16.8 percent. The balance of certificates of deposit has increased from $44.1 million at December 31, 2017, to $52.2 million at December 31, 2018, representing an increase of $8.1 million or 18.4 percent, while savings and money market accounts have decreased $204,000 from $3.6 million at December 31, 2017, to $3.4 million at December 31, 2018, or 5.7 percent. The balance of certificates of deposit includes $21.7 million in Quickrate certificates of deposit or 49.2 percent of total certificates of deposit at December 31, 2017, and a larger $24.8 million in Quickrate certificates of deposit or 47.5 percent of total certificates of deposit at December 31, 2018.

Exhibit 20 provides a breakdown of certificates of $100,000 or more by maturity as of December 31, 2018, and a breakdown of all certificates by rate and maturity at December 31, 2018. A moderate 22.9 percent of the Bank’s certificates of deposit of $100,000 or more mature in six months to one year, with 14.9 percent of certificates maturing in more than three years. The second largest category of certificates based on maturity was certificates maturing in one year to three years, which represented 22.1 percent of these certificates. The largest category based on maturity, for all certificates is one year or less, which represented 60.5 percent of certificates followed by certificates maturing in one year to two years, which represented 16.4 percent of certificates. Based on rate, the largest category was certificates with rates of 2.00 percent to 2.99 percent, which represented 51.8 percent of certificates followed by certificates with rates of 1.00 percent to 1.99 percent with 39.8 percent of total certificates.

BORROWINGS

Eureka Homestead has made regular use of FHLB advances (reference Exhibit 21) in each of the years ended December 31, 2017 and 2018. The Bank had total FHLB advances of $26.0 million at December 31, 2018, with a weighted average cost of 2.68 percent during the period and a balance of a similar $26.0 million at December 31, 2017, with a weighted average cost of a lower 2.57 percent during the period.

SUBSIDIARIES

Eureka Homestead has no owned subsidiaries.

OFFICE PROPERTIES

Eureka Homestead has one office location in Metairie, Louisiana, with no branches. The Bank has a loan office in New Orleans. The Bank owns its home office and leases its loan office. At December 31, 2018, the Bank’s total investment in fixed assets, based on depreciated cost, was $767,000 or 0.78 percent of assets.

MANAGEMENT

Alan T. Heintzen is the chief executive officer and has served in those capacities with Eureka Homestead since 1996. Mr. Heintzen is also chairman of the board of directors and the chief compliance officer. In accordance with the Bank’s succession plan, in July 2018, Mr. Heintzen relinquished the role of president, a position he had held since 1996 and the corresponding oversight of the day-to-day operations of Eureka Homestead and was elected chairman of the board and began working off-site from the Bank’s office. Including his 22 years of experience at Eureka Homestead, Mr. Heintzen has a total of 40 years of management experience in the banking profession. Mr. Heintzen’s experience provides the board with a perspective on the day-to-day operations of Eureka Homestead and assists the board in assessing the trends and developments in the financial institutions industry on a local and national basis.

Management (cont.)

Mr. Cecil A. Haskins, Jr., is the president and chief financial officer. He has held the position of president since July 2018 and the position of chief financial officer since September 1999. Mr. Haskins is a certified public accountant with audit and consulting experience for financial institutions nationally and internationally. Mr. Haskins’ experience provides the board with the necessary financial perspective and bank operations, and assists the board in the assessing trends and developments in the financial institutions industry on a local and national basis.

II.

DESCRIPTION OF PRIMARY MARKET AREA

Eureka Homestead’s market area is focused on Metairie, Louisiana, where the Bank’s office is located, but also includes portions of both Jefferson Parish and Orleans Parish. Exhibit 24 shows the trends in population, households and income for Metairie, Jefferson Parish, Orleans Parish, Louisiana and the United States. The population trends indicate decreases in Metairie, Jefferson Parish and Orleans Parish for the period from 2000 to 2010, most likely due to the catastrophic effects of Hurricane Katrina in 2005, while Louisiana and the United States increased in population. Metairie, Jefferson Parish and Orleans Parish had population decreases of 5.2 percent, 5.0 percent and 29.1 percent, respectively. Louisiana’s and the United States’ populations increased by 1.4 percent and 9.7 percent, respectively, during the same time period. Through 2024, population is projected to increase by 3.2 percent, 3.5 percent and 21.5 percent in Metairie, Jefferson Parish and Orleans Parish, and by 5.8 percent in Louisiana and 10.7 percent in the United States.

More important is the trend in households. Metairie, Jefferson Parish and Orleans Parish experienced 6.0 percent, 3.7 percent and 24.5 percent decreases in households from 2000 through 2010, again due to Hurricane Katrina, compared to increases of 4.4 percent in Louisiana and 10.7 percent in the United States. All areas are projected to increase in households from 2010 through 2024 by 4.3 percent, 4.5 percent, 25.8 percent, 8.0 percent and 10.7 percent, respectively, in Metairie, Jefferson Parish, Orleans Parish, Louisiana and the United States.

Metairie had 2000 per capita income of $24,771, higher than all other areas, with Jefferson Parish at $19,953, Orleans Parish at $17,258, Louisiana at $16,912 and the United States at $22,162. Per capita income increased in all areas from 2000 to 2010. Metairie’s per capita income increased to a still high $31,901, Jefferson Parish and Orleans Parish increased in per capita income to $26,596 and $26,131, respectively. Louisiana’s per capita income increased to $24,264 and the United States’ increased to $26,059. In 2000, median household income in Metairie was $41,265, higher than all but the United States, with Jefferson Parish at $38,435, Orleans Parish at $27,133, Louisiana at $32,566 and the United States with a median household income $41,994. Median household income increased from 2000 to 2010 by 25.2 percent, 26.2 percent, 35.2 percent, 37.2 percent, and 19.2 percent to $51,676, $48,522, $36,681, $44,673, and $50,046 in Metairie, Jefferson Parish, Orleans Parish, Louisiana and the United States, respectively. All areas are also projected to show increases in their median household income levels from 2010 through 2024. Metairie is projected to experience a median household income increase of 20.6 percent to $62,321, while Jefferson Parish, Orleans Parish, Louisiana and the United States are projected to increase by 15.7 percent, 21.0 percent, 13.5 percent, and 25.7 percent, respectively, to $56,118, $44,388, $50,689, and $62,901 median household income, respectively, from 2010 to 2024.

Description of Primary Market Area (cont.)

Exhibit 25 provides a summary of key housing data for Metairie, Jefferson Parish, Orleans Parish, Louisiana and the United States. In 2000, Metairie had a lower rate of owner-occupancy of 61.8 percent, lower than all other areas except Orleans Parish, with Jefferson Parish at 63.9 percent, Orleans Parish at 46.5 percent, Louisiana at 67.9 percent and the United States at 66.2 percent. As a result, Metairie supported a higher rate of renter-occupied housing of 38.2 percent, compared to 36.1 percent in Jefferson Parish, 53.5 percent in Orleans Parish, 32.1 percent in Louisiana, and 33.8 percent in the United States. In 2010, owner-occupied housing increased in Metairie and Orleans Parish while decreasing slightly in Jefferson Parish, Louisiana and the United States. In 2010, owner-occupied housing was 62.1 percent in Metairie, 63.7 percent in Jefferson Parish, 47.8 percent in Orleans Parish, 67.2 percent in Louisiana and 65.4 percent in the United States.

Metairie’s 2000 median housing value was a higher $139,100, compared to Jefferson Parish at $105,300, Orleans Parish at $87,300, Louisiana at $85,000 and the United States at $119,600. The 2000 median rent in Metairie was $563, which was again higher than Jefferson Parish’s at $544, Orleans Parish’s at $488 and Louisiana’s at $466 but lower than the United States’ at $602. In 2010, median housing values had increased in Metairie to $210,900, in Jefferson Parish to $175,500, in Orleans Parish to $183,800, in Louisiana to $137,700 and in the United States to $179,900. The 2010 median rent levels were $886, $899, $922, $762, and $871 in Metairie, Jefferson and Orleans Parishes, Louisiana and the United States, respectively. More recently, in the 2017 American Community Survey (Census Bureau), median housing values were $223,000, $176,000, $205,000, $152,900 and $193,500 in Metairie, Jefferson Parish, Orleans Parish, Louisiana and the United States, respectively.

Description of Primary Market Area (cont.)

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 Metairie, Jefferson Parish, Orleans Parish, Louisiana and the United States at percentages of 52.9 percent, 53.1 percent, 62.7 percent, 49.4 percent, and 46.7 percent, respectively (reference Exhibit 26). The wholesale/retail industry was the second major employer in all areas. The finance/insurance/real estate group was the third major employer in Metairie, the construction group was the third major employer in Jefferson Parish, the transportation/utilities group was the third major employer in Orleans Parish, and the manufacturing sector was the third major employer in Louisiana and the United States. The agriculture/mining group, construction group, manufacturing group, transportation/utilities, and information group combined to provide 21.6 percent of employment in Metairie. The agriculture/mining group, construction group, transportation/utilities group, information group and finance/insurance/real estate group combined for 22.2 percent of employment in Jefferson Parish. The agriculture/mining, construction group, wholesale/retail group, information group and the finance/insurance/real estate group combined for 19.1 percent of employment in Orleans Parish. The agriculture/mining group, construction group, transportation/utilities group, information group and finance/insurance/real estate group combined for 25.1 percent of employment in Louisiana and 23.9 percent in the United States.

Description of Primary Market Area (cont.)

In 2010, the services industry, wholesale/retail trade industry, and construction industry provided the first, second and third highest levels of employment, respectively, for Metairie, Orleans Parish and Louisiana, with the services, wholesale/retail trade industry and manufacturing industry indicating first, second and third highest levels in the United States. In Jefferson Parish, the services industry, wholesale/retail group and manufacturing group accounted for first, second and third higher levels of employment. The services group accounted for 55.7 percent, 50.3 percent, 64.6 percent, 52.3 percent and 53.2 percent of employment in Metairie, Jefferson and Orleans Parishes, Louisiana and the United States. The wholesale/retail accounted for 14.6 percent, 16.8 percent, 11.7 percent, 14.6 percent and 14.5 percent of employment in Metairie, Jefferson and Orleans Parishes, Louisiana and the United States. The construction group accounted for 10.0 percent of employment in Metairie, 6.4 percent employment in Orleans Parish and 8.4 percent of employment in Louisiana. Manufacturing accounting for 8.3 percent of employment in Jefferson Parish and 10.4 percent of employment in the United States. The remaining categories accounted for 19.7 percent of employment in Metairie, 24.6 percent of employment in Jefferson Parish, 17.3 percent of employment in Orleans Parish, 24.7 percent of employment in Louisiana, and 21.9 percent of employment in the United States.

Some of the largest employers in Jefferson Parish are:

Employer	Employees		Product/Service
Ochsner Health System		16,771	Healthcare
East Jefferson General Hospital		3,000	Healthcare
Laitram, LLC		2,065	Manufacturing
West Jefferson Medical Cntr.		1,526	Healthcare
Jefferson Parish		1,440	Law Enforcement/Government
Audubon Engineering Co., LLC		950	Engineering
Blessey Marine Service, Inc.		832	Inland Water Passenger Transportation/Towing
Cornerstone Chemical Co		494	Chemical Manufacturer
Favrot & Shane AIA Architects		361	Architectural Services/Property Management
Southern Eureka Homestead Sales & Service		290	Wholesale/Distribution Beer and Ales
Geocent LLC		250	Software Engineering and Technology Consultant

Description of Primary Market Area (cont.)

The unemployment rate is another key economic indicator. Exhibit 27 shows the unemployment rates in Jefferson Parish, Orleans Parish, Louisiana and the United States in 2014 through 2018. Jefferson Parish has been characterized by lower unemployment rates than state levels. In 2014, Jefferson Parish had an unemployment rate of 6.0 percent, compared to unemployment rates of 6.9 percent in Orleans Parish, 6.4 percent in Louisiana and 6.2 percent in the United States. Jefferson Parish's unemployment rate decreased in 2015, as did those of Orleans Parish, Louisiana and the United States to 5.8 percent, 6.5 percent, 6.3 percent and 5.3 percent, respectively. In 2016, Jefferson Parish’s rate of unemployment decreased as did all other areas to 5.3 percent, 5.8 percent, 6.0 percent and 4.9 percent in Jefferson Parish, Orleans Parish, Louisiana and the United States, respectively. In 2017, Jefferson Parish’s rate of unemployment decreased to 4.5 percent compared to a decrease to 5.1 percent in Orleans Parish, 5.1 percent in Louisiana and to 4.4 percent in the United States. Through 2018, unemployment rates were lower in Jefferson Parish at 4.3 percent, Orleans Parish at 4.9 percent, Louisiana at 4.8 percent and the United States at 3.9 percent.

Exhibit 28 provides deposit data for banks and thrifts in Jefferson Parish. Eureka Homestead’s deposit base in Jefferson Parish was approximately $54.6 million or a 7.9 percent share of the total thrift deposits but a 0.5 percent share of the total deposits, which were approximately $10.7 billion as of June 30, 2018. The market area is dominated by banks, with bank deposits accounting for approximately 93.6 percent of deposits at June 30, 2018.

Exhibit 29 provides interest rate data for each quarter for the years 2014 through 2018. 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 from 2014 to 2017, then increasing steadily in 2017 and continuing in 2018. Short term interest rates experienced a slightly rising trend in 2014 and 2015, then rising at a faster pace in 2016, 2017 and 2018, with the Thirty-Year Treasury rate decreasing in 2014, then rising in 2015, fluctuating in 2016 and then decreasing in 2017 but increasing in 2018.

SUMMARY

In summary, population and households decreased by in Metairie, Jefferson Parish and Orleans Parish from 2000 to 2010 because of the impact of Hurricane Katrina in 2005. Both are projected to increase by 2024. The 2010 per capita income and median household income levels in Metairie were higher than all other areas, with Jefferson Parish higher than the state 2010 per capita and median household income levels. Also, Jefferson Parish’s unemployment rates have been lower than state rates. According to the 2010 Census, median housing values ranged from a low of $137,700 in Louisiana to a high of $210,900 in Metairie.

The Bank held deposits of approximately 7.9 percent of all thrift deposits in Jefferson Parish as of June 30, 2018, but represented only a 0.5 percent share of the total deposit base of $10.7 billion.

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 Louisiana.

Exhibits 30 and 31 present Share Data and Pricing Ratios and Key Financial Data and Ratios, respectively, both individually and in aggregate, for the universe of 107 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 30 and 31 also subclassify all thrifts by region, including the 7 publicly traded Southwest thrifts ("Southwest thrifts") and the 4 publicly traded thrifts in Louisiana ("Louisiana thrifts"), and by trading exchange. Exhibit 30 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 indicator of 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.

Introduction (cont.)

The general parameter requirements for the selection of the peer group candidates included a maximum asset size limit of $1.1 billion, 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 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, 2018. 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, 2018, due to the price impact of such a pending transaction.

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 33.

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 107 publicly traded, FDIC-insured savings institutions, excluding mutual holding companies, 3 are traded on the New York Stock Exchange and 54 are traded on NASDAQ. There were an additional 17 traded over the counter and 33 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, 2018, 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, 2017.

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 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 West regions.

Geographic Location (cont.)

The geographic location parameter consists of the Southwest, Midwest, North Central, Southeast and Northeast regions for a total of twenty 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 $1.1 billion 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 $98.1 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.

SUMMARY

Exhibits 34 and 35 show the 22 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.

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 34. The balance sheet ratios consist of the following:

Cash and investments to assets

Mortgage-backed securities to assets

One- to four-family loans to assets

Total net loans to assets

Total net loans and mortgage-backed securities to assets

Borrowed funds to assets

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 5.86 percent at December 31, 2018, and reflects the Bank’s share of cash and investments lower than the national and state averages of 18.5 percent and 14.6 percent, respectively. The Bank's investments have consisted of only interest-bearing deposits.

Cash & Investments to Assets (cont.)

For its three most recent fiscal years ended December 31, 2018, the Bank’s average ratio of cash and investments to assets was a lower 4.89 percent, ranging from a low of 1.75 percent in 2017 to high of 7.06 percent in 2016.

The parameter range for cash and investments is has been defined as 40.0 percent or less of assets, with a midpoint of 20.0 percent.

Mortgage-Backed Securities to Assets

At December 31, 2018, the Bank had $5.8 million in mortgage-backed securities, resulting in a 3.95 percent ratio, modestly lower than the national average of 4.49 percent and higher than the regional average of 2.59 percent for publicly traded thrifts. The Bank’s three most recent fiscal year average is 6.28 percent, which is higher 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 18.0 percent or less of assets and a midpoint of 9.0 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 76.59 percent of the Bank's assets at December 31, 2018, which is lower than its ratio of 78.36 percent at December 31, 2017, and higher than its ratio of 74.50 percent at December 31, 2016. The parameter for this characteristic is 78.00 percent of assets or less in one- to four-family loans with a midpoint of 39.00 percent.

Total Net Loans to Assets

At December 31, 2018, the Bank had a 83.21 percent ratio of total net loans to assets and a higher three fiscal year average of 83.26 percent, compared to the national average of 75.29 percent and the regional average of 78.83 percent for publicly traded thrifts. The Bank's ratio of total net loans to assets changed from 76.7 percent of total assets at December 31, 2016, to 83.8 percent at December 31, 2017, to 83.2 percent at December 31, 2018.

The parameter for the selection of the comparable group is from 53.0 percent to 93.0 percent with a midpoint of 73.0 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 3.95 percent and 83.21 percent, respectively, for a combined share of 87.16 percent. Recognizing the industry and regional ratios of 79.8 percent and 81.4 percent, respectively, the parameter range for the comparable group in this category is 70.0 percent to 95.0 percent, with a midpoint of 82.5 percent.

Borrowed Funds to Assets

The Bank had borrowed funds of $26.0 million or 26.54 percent of assets at December 31, 2018, which is significantly higher than the current industry average of 9.84 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 increased recently, due to higher rates paid on deposits and an increased level of lending activity. Many thrifts are aggressively seeking deposits, since quality lending opportunities have increased in the current economic environment.

The parameter range of borrowed funds to assets is 32.0 percent or less with a midpoint of 16.0 percent.

Equity to Assets

The Bank’s equity to assets ratio was 12.48 percent at December 31, 2018, 12.61 percent at December 31, 2017, and 12.96 percent at December 31, 2016, averaging 12.68 percent for the three fiscal years ended December 31, 2018. The Bank’s equity increased in each of the past four fiscal periods from December 31, 2014, to December 31, 2018. After conversion, based on the midpoint value of $16.0 million, with 50.0 percent of the net proceeds of the public offering going to the Bank, its equity is projected to increase to 18.59 percent of assets, with the Corporation’s equity at 22.59 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 16.0 percent.

PERFORMANCE PARAMETERS

Introduction

Exhibit 35 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, 2018. 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, 2018, the Bank’s core ROAA was 0.30 percent based on a core income after taxes of $273,000, as detailed in Item I of this Report. The net ROAA for the year ended December 31, 2017, was 0.31 percent on net income of $295,000. The Bank's ROAA in its prior two fiscal years of 2016 and 2017, was 0.16 percent and (0.03) percent, respectively, with a three fiscal year average ROAA of 0.14 percent based on net 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 1.00 percent with a midpoint of 0.50 percent.

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, 2018, was 2.42 percent based on its core earnings. In its most recent three fiscal years, the Bank's average ROAE was 1.19 percent, from a low of (0.21) percent in 2017 to a high of 2.45 percent in 2018.

The parameter range for ROAE for the comparable group, based on core income, is 9.00 percent or less with a midpoint of 4.50 percent.

Net Interest Margin

The Bank had a net interest margin of 2.32 percent for the year ended December 31, 2018, 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 2016 and 2017 were 2.46 percent and 2.40 percent, respectively, averaging 2.39 percent.

The parameter range for the selection of the comparable group is from a low of 2.00 percent to a high of 4.00 percent with a midpoint of 3.00 percent.

Operating Expenses to Assets

For the year ended December 31, 2018, the Bank had a 2.34 percent ratio of operating expense to average assets. In its two prior fiscal years of 2016 to 2017, the Bank’s expense ratio averaged 2.53 percent, from a low of 2.34 percent in fiscal year 2018 to a high of 2.56 percent in fiscal year 2016.

The operating expense to assets parameter for the selection of the comparable group is from a low of 1.30 percent to a high of 3.80 percent with a midpoint of 2.55 percent.

Noninterest Income to Assets

Compared to publicly traded thrifts, the Bank has experienced a lower 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 0.52 percent for the year ended December 31, 2018. For its prior two fiscal years ended December 31, 2016, and 2017, the Bank’s ratios of noninterest income to average assets were 0.52 percent and 0.44 percent, respectively, for a three-year average of 0.49 percent.

The range for this parameter for the selection of the comparable group is 1.30 percent of average assets or less, with a midpoint of 0.65 percent.

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 35. 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 zero percent at December 31, 2018, which was lower than the national average of 0.49 percent for publicly traded thrifts and the average of 0.52 percent for Southwest thrifts. The Bank’s ratio of nonperforming assets to total assets averaged 0.44 percent for its most recent three fiscal years ended December 31, 2018, from a high of 1.01 percent at December 31, 2016, to a low of zero percent at December 31, 2018.

The comparable group parameter for nonperforming assets is 1.50 percent or less of total assets, with a midpoint of 0.75 percent.

Repossessed Assets to Assets

The Bank had no repossessed assets at December 31, 2018, representing a ratio to total assets of zero percent, following ratios of repossessed assets to total assets of 0.07 percent and zero percent at December 31, 2017, and December 31, 2016, respectively. National and regional averages were 0.12 percent and 0.07 percent, respectively, for publicly traded thrift institutions.

Repossessed Assets to Assets (cont.)

The range for the repossessed assets to total assets parameter is 0.80 percent of assets or less with a midpoint of 0.40 percent.

Loans Loss Reserves to Assets

The Bank had an allowance for loan losses of $850,000, representing a loan loss allowance to total assets ratio of 0.87 percent at December 31, 2018, which was lower than its 0.90 percent ratio at December 31, 2017, and lower than its 0.98 percent ratio at December 31, 2016.

The loan loss allowance to assets parameter range used for the selection of the comparable group required a minimum ratio of 0.40 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 36, 37 and 38. The comparable group institutions range in size from $137.1 million to $1.12 billion with an average asset size of $610.3 million and have an average of 8.0 offices per institution. Two of the comparable group institutions are in New York, one each in Illinois, Ohio, Nebraska, Maryland, Louisiana, Pennsylvania, Massachusetts and Minnesota, and all ten are traded on NASDAQ.

The Comparable Group (cont.)

The comparable group institutions as a unit have a ratio of equity to assets of 10.9 percent, which is 6.7 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 0.59 percent, lower than all publicly traded thrifts at 0.89 percent and lower than the publicly traded Louisiana thrifts at 1.03 percent.

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 Southwest region and to Louisiana 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 39 through 44.

As presented in Exhibits 39 and 40, at December 31, 2018, the Bank’s total equity of 12.48 percent of assets was modestly above the comparable group at 12.48 percent, higher than all thrifts at 11.71 percent, Southwest thrifts at 11.61 percent and higher than Louisiana thrifts at 11.51 percent. The Bank had an 83.21 percent share of net loans in its asset mix, higher than the comparable group at 80.29 percent, all thrifts at 75.29 percent and Southwest thrifts at 78.83 percent and higher than Louisiana thrifts at 76.45 percent. The Bank had a much lower 5.86 percent share of cash and investments with a higher 3.95 percent share of mortgage-backed securities. The comparable group had a higher 14.98 percent share of cash and investments and a lower 3.41 percent share of mortgage-backed securities. All thrifts had a 4.49 percent of assets in mortgage-backed securities and 18.52 percent in cash and investments. The Bank’s 57.29 percent share of deposits was much lower than the comparable group, all thrifts, Southwest thrifts and Louisiana thrifts, reflecting the Bank's much higher share of borrowed funds of 26.54 percent and higher share of equity of 12.58 percent. As ratios to assets, the comparable group had deposits of 80.27 percent and borrowings of 7.77 percent. All thrifts averaged a 77.31 percent share of deposits and 9.84 percent of borrowed funds, while Southwest thrifts had a 78.92 percent share of deposits and an 8.54 percent share of borrowed funds. Louisiana thrifts averaged a 81.56 percent share of deposits and a 6.27 percent share of borrowed funds. The Bank had no goodwill and intangible assets, compared to 0.49 percent for the comparable group, 0.83 percent for all thrifts, 0.84 percent for Southwest thrifts and 0.08 percent for Louisiana thrifts.

Analysis of Financial Performance (cont.)

Operating performance indicators are summarized in Exhibits 41, 42 and 43 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 43, for the year ended December 31, 2018, the Bank had a lower yield on average interest-earning assets relative to the comparable group, all thrifts, Southwest thrifts and Louisiana thrifts. The Bank's yield on interest-earning assets was 4.15 percent compared to the comparable group at 4.19 percent, all thrifts at 4.11 percent, Southwest thrifts at 5.19 percent and Louisiana thrifts at 4.95 percent.

The Bank's cost of funds for the twelve months ended December 31, 2018, was much higher than the comparable group and all thrifts, Southwest thrifts, and Louisiana thrifts. The Bank had an average cost of interest-bearing liabilities of 2.09 percent compared to 1.05 percent for the comparable group, 1.17 percent for all thrifts, 1.15 percent for Southwest thrifts and 1.08 percent for Louisiana thrifts. The Bank's yield on interest-earning assets and cost of funds resulted in a net interest spread of 2.07 percent, which was lower than the comparable group at 3.13 percent, all thrifts at 2.89 percent, lower than Southwest thrifts at 4.03 percent and Louisiana thrifts at 3.86 percent. The Bank generated a net interest margin of 2.32 percent for the year ended December 31, 2018, based on its ratio of net interest income to average interest-earning assets, which was lower than the comparable group ratio of 3.33 percent. All thrifts averaged a higher 3.10 percent net interest margin for the trailing four quarters, with Southwest thrifts at 4.29 percent; and Louisiana thrifts averaged a higher 4.10 percent.

The Bank’s major source of earnings is interest income, as indicated by the operations ratios presented in Exhibit 42. The Bank had $(11,000) in provision for loan losses during the twelve months ended December 31, 2018, representing (0.01) percent of average assets. The average provision for loan losses for the comparable group was 0.09 percent, with all thrifts at 0.08 percent, Southwest thrifts at 0.19 percent and Louisiana thrifts at 0.18 percent.

Analysis of Financial Performance (cont.)

The Bank's total noninterest income was $505,000 or 0.53 percent of average assets for the year ended December 31, 2018. The Bank’s ratio of noninterest income to average assets was lower than the comparable group at 0.74 percent, and lower than all thrifts at 0.82 percent, Southwest thrifts at 1.11 percent and lower than Louisiana thrifts at 0.58 percent. For the year ended December 31, 2018, the Bank’s operating expense ratio was 2.34 percent of average assets, lower than the comparable group at 2.80 percent, all thrifts at 2.87 percent, Southwest thrifts at 3.73 percent, and Louisiana 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, 2018, the Bank had a net ROAA of 0.31 and core ROAA of 0.30 percent. For its most recent four quarters, the comparable group had a higher net ROAA of 0.64 percent and a higher core ROAA of 0.59 percent. All publicly traded thrifts averaged a higher net ROAA of 0.91 percent and a higher 0.89 percent core ROAA, with Southwest thrifts a 0.99 percent net ROAA and a 1.02 percent core ROAA. The twelve month net and core ROAA for the 4 Louisiana thrifts was 1.03 percent and 1.03 percent, respectively.

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 Eureka Homestead 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, 2018, with comparisons to the core earnings of the comparable group, all thrifts and other geographical subdivisions.

Earnings Performance (cont.)

As discussed earlier, the Bank has experienced increases in its assets in three of the past four fiscal years and loans in each of the past four fiscal years and increases in deposits in two of the past four fiscal years, with increases experienced for assets in 2016, 2017 and 2018 and increases in deposits in 2017 and 2018. The Bank has experienced lower positive earnings in four of the past five fiscal years and has focused on controlling its lower balance of nonperforming assets; monitoring and strengthening 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; reducing its cost of funds; strengthening its moderate level of noninterest income; and strengthening its net interest margin. Historically, the Bank has been characterized with its lower yields and higher costs of funds, which have resulted in a lower net interest margin that has been historically much 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 decrease over the past two years, and a 2.32 percent net interest margin for the year ended December 31, 2018, was lower than the industry average of 3.10 percent and lower than the comparable group average of 3.33 percent. During its prior two fiscal years, Eureka Homestead’s ratio of interest expense to interest-bearing liabilities has decreased from 2.66 percent in fiscal year 2016 to 2.24 percent in 2017. The Bank’s ratio then decreased to 2.09 percent for the year ended December 31, 2018, which was higher than the average of 1.05 percent for the comparable group and higher than the average of 1.17 percent for all thrifts. Following the conversion, the Bank will continue to control its operating expenses, strive to increase 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 modest decrease in loan origination activity from fiscal year 2017 to 2018. Total loan originations in fiscal year 2017 were $27.0 million with a net loan change of an increase of $8.8 million including $11.0 million in loan sales and no loan purchases. Gross loan originations were a smaller $25.1 million in fiscal year 2018, with no loan purchases and $12.4 million in loan sales. This level of originations in 2018 resulted in a net increase in loans of $1.6 million in 2018, noticeably lower than the $8.8 million increase in 2017.

Earnings Performance (cont.)

From December 31, 2017, to December 31, 2018, one- to four-family loans and commercial real estate loans, multi-family loans, commercial real estate loans and consumer loans have experienced various movements in their balances. Commercial real estate loans and consumer loans indicated dollar decreases of $1.5 million and $277,000, respectively, from December 31, 2017, to December 31, 2018. One- to four-family loans increased in dollars by $1.0 million or 1.3 percent, from December 31, 2017, to December 31, 2018. Multi-family loans increased by $2.5 million or 147.1 percent from December 31, 2017, to December 31, 2018. Overall, the Bank’s lending activities resulted in a total loan increase of $1.7 million or 2.1 percent and a net loan increase of $1.7 million or 2.2 percent from December 31, 2017, to December 31, 2018.

The impact of Eureka Homestead’s primary lending efforts has been to generate a yield on average interest-earning assets of 4.15 percent for the year ended December 31, 2018, compared to a higher 4.19 percent for the comparable group, 4.06 percent for all thrifts and 5.19 percent for Southwest thrifts. The Bank’s ratio of interest income to average assets was 3.88 percent for the year ended December 31, 2018, lower than the comparable group at 3.95 percent, all thrifts at 3.92 percent and Southwest thrifts at 4.92 percent, reflecting the Bank's lower yield.

Eureka Homestead’s 2.09 percent cost of interest-bearing liabilities for the year ended December 31, 2018, was higher than the comparable group at 1.05 percent, higher than all thrifts at 1.17 percent, higher than Southwest thrifts at 1.15 percent and higher than Louisiana thrifts at 1.08 percent. The Bank's resulting net interest spread of 2.07 percent for the year ended December 31, 2018, was lower the comparable group at 3.13 percent and lower than all thrifts at 2.89 percent, Southwest thrifts at 4.03 percent and lower than Louisiana thrifts at 3.86 percent. The Bank's net interest margin of 2.32 percent, based on average interest-earning assets for the year ended December 31, 2018, was lower than the comparable group at 3.33 percent, lower than all thrifts at 3.10 percent, Southwest thrifts at 4.29 percent and Louisiana thrifts at 4.10 percent.

The Bank's ratio of noninterest income to average assets was a higher 0.52 percent for the year ended December 31, 2018, which was lower than the comparable group at 0.74 percent, lower than all thrifts at 0.82 percent and Southwest thrifts at 1.11 percent.

Earnings Performance (cont.)

The Bank's operating expenses were lower than the comparable group, all thrifts, Southwest thrifts and Louisiana thrifts. For the year ended December 31, 2018, Eureka Homestead had an operating expenses to average assets ratio of 2.34 percent, compared to 2.80 percent for the comparable group, 2.87 percent for all thrifts, 3.73 percent for Southwest thrifts and 2.81 percent for Louisiana thrifts.

For the year ended December 31, 2018, Eureka Homestead generated a lower ratio of noninterest income, a lower ratio of noninterest expenses and a much lower net interest margin relative to its comparable group. The Bank had (0.01) percent in provision for loan losses during the year ended December 31, 2018, compared to the comparable group at 0.09 percent of assets, all thrifts at 0.08 percent and Southwest thrifts at 0.19 percent. The Bank’s allowance for loan losses to total loans of 1.03 percent was lower than the comparable group and lower than all thrifts. The Bank’s reserves to nonperforming assets was “not meaningful” due to the absence of nonperforming assets relative to the comparable group at 460.67 percent and all thrifts at 146.94 percent.

As a result of its operations, the Bank's core income for the year ended December 31, 2018, was lower than the comparable group and its net income was also lower. Based on net earnings, the Bank had a return on average assets of 0.31 percent for the year ended December 31, 2018, and a return on average assets of (0.03) percent and 0.16 percent in fiscal years 2017 and 2016, respectively. The Bank’s core return on average assets was 0.30 percent for the year ended December 31, 2018, as detailed in Exhibit 7. For their most recent four quarters, the comparable group had a higher net ROAA of 0.64 percent and a higher core ROAA of 0.59 percent, while all thrifts indicated a higher net ROAA and higher core ROAA of 0.91 percent and 0.89 percent, respectively. Southwest thrifts indicated a net ROAA of 0.99 percent and a core ROAA of 1.02 percent.

Earnings Performance (cont.)

Following its conversion, Eureka Homestead’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 0.24 percent ROAA in 2019 and then 0.24 percent in 2020. The Bank’s ratio of noninterest income to average assets decreased from fiscal 2017 to 2018. The decrease in noninterest income in fiscal 2018 was due to the Bank’s losses on the sale of securities. Overhead expenses indicated a minimal decrease overall during the past two fiscal years, impacted by the lower compensation costs.

In recognition of the foregoing earnings related factors, considering Eureka Homestead’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.

MARKET AREA

Eureka Homestead’s market area is focused on Metairie, Louisiana, where the Bank’s office is located, but also includes portions of both Jefferson Parish and Orleans Parish. The population trends indicate decreases in Metairie, Jefferson Parish and Orleans Parish for the period from 2000 to 2010, most likely due to the catastrophic effects of Hurricane Katrina in 2005, while Louisiana and the United States increased in population. Through 2024, both population and households are projected to increase in Metairie, Jefferson and Orleans Parishes, Louisiana and the United States.

Metairie had higher per capita and median household income than all other areas, and Orleans Parish had a much lower median household income level than all other areas.

In 2010, median housing values were $210,900 in Metairie, $175,500 in Jefferson Parish, $183,800 in Orleans Parish, $137,700 in Louisiana and $179,900 in the United States.

Also, Jefferson Parish has been characterized with lower unemployment rates than the state, and Orleans Parish has been characterized with generally higher unemployment rates than the state, with all areas having higher unemployment rates than those of the United States. Through 2018, Jefferson Parish had an unemployment rate of 4.3 percent, with Orleans Parish at 4.9 percent, Louisiana at 4.8 percent and the United States at 3.9 percent.

The Bank held 7.9 percent of the total thrift deposits in the market area as of June 30, 2018, which represented only a 0.5 percent share of the total deposit base of $10.7 billion.

In recognition of the foregoing factors, we believe that no adjustment is warranted for the Bank’s market area.

FINANCIAL CONDITION

The financial condition of Eureka Homestead is discussed in Section I and shown in Exhibits 1, 2, 5, and 12 through 21, and is compared to the comparable group in Exhibits 38, 39, and 40. The Bank's ratio of total equity to total assets was 12.48 percent at December 31, 2018, which was above the comparable group at 10.93 percent and higher than all thrifts at 11.71 percent and Louisiana thrifts at 11.51 percent. Based on the conversion completed at the midpoint of the valuation range, the Corporation's pro forma equity to assets ratio will be 22.59 percent, and the Bank's pro forma equity to assets ratio will increase to 18.59 percent.

The Bank's mix of assets and liabilities indicates both similarities to and variations from its comparable group. Eureka Homestead had a higher 83.21 percent ratio of net loans to total assets at December 31, 2018, compared to the comparable group at 80.3 percent. All thrifts indicated a lower 75.3 percent, as did Southwest thrifts at 78.8 percent. The Bank's 5.86 percent share of cash and investments, excluding mortgage-backed securities, was lower than the comparable group at 15.0 percent, while all thrifts were at 18.5 percent and Southwest thrifts were at 14.6 percent. Eureka Homestead’s 3.95 percent of mortgage-backed securities was modestly higher than the comparable group at 3.4 percent and lower than all thrifts at 4.5 percent and higher than Southwest thrifts at 2.6 percent.

The Bank's 57.29 percent ratio of deposits to total assets was lower than the comparable group at 80.3 percent, lower than all thrifts at 77.3 percent and lower than Southwest thrifts at 78.9 percent. Eureka Homestead’s lower ratio of deposits was due to its higher share of borrowed funds. Eureka Homestead had a higher equity to asset ratio of 12.5 percent, compared to the comparable group at 10.9 percent of total assets, with all thrifts at 11.7 percent and Southwest thrifts at 11.6 percent. Eureka Homestead had a higher share of borrowed funds to assets of 26.54 percent at December 31, 2018, moderately higher than the comparable group at 7.8 percent and higher than all thrifts at 9.8 percent and higher than Southwest thrifts at 8.5 percent. In fiscal year 2018, total deposits increased by $3.1 million or 5.8 percent and increased from $53.1 million to $56.2 million. During fiscal year 2017, Eureka Homestead’s deposits increased by $4.8 million or 10.0 percent from $48.3 million to $53.1 million.

Financial Condition (cont.)

Eureka Homestead had no assets in combined goodwill and intangible assets and had a lower share of repossessed real estate at December 31, 2018. The Bank had no repossessed real estate or zero percent of assets at December 31, 2018. This compares to ratios of 0.56 percent for goodwill and intangible assets and 0.49 percent for real estate owned for the comparable group. All thrifts had a goodwill and intangible assets ratio of 0.49 percent and a real estate owned ratio of 0.12 percent.

The financial condition of Eureka Homestead is impacted by its lower than average balance of nonperforming assets of zero or zero percent of total assets at December 31, 2018, compared to a higher 0.56 percent for the comparable group, 0.49 percent for all thrifts, 0.52 percent for Southwest thrifts and a higher 0.26 percent for Louisiana thrifts. The Bank's ratio of nonperforming assets to total assets was 1.01 percent at December 31, 2016, and 0.31 percent at December 31, 2017.

At December 31, 2018, Eureka Homestead had $850,000 of allowances for loan losses, which represented 0.87 percent of assets and 1.03 percent of total loans. The comparable group indicated similar allowance ratios, relative to assets and loans, equal to 0.86 percent of assets and 1.05 percent of total loans, while all thrifts had allowances relative to assets and loans that averaged a lower 0.72 percent of assets and a higher 1.06 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. Eureka Homestead’s $850,000 of allowances for loan losses, relative to a zero percent level of nonperforming assets at December 31, 2018, was “not meaningful,” compared to the comparable group's 460.67 percent, with all thrifts at 146.94 percent, Southwest thrifts at 132.14 percent and Louisiana thrifts at 197.62 percent. Eureka Homestead’s ratio of net charge-offs to average total loans was zero percent for the year ended December 31, 2018, compared to a higher 0.09 percent for the comparable group, 0.07 percent for all thrifts and 0.09 percent for Southwest thrifts.

Financial Condition (cont.)

Eureka Homestead has a moderate level of interest rate risk. The change in the Bank’s EVE level at December 31, 2018, reflecting the most current information available, based on a rise in interest rates of 100 basis points was a 16.01 percent decrease, representing a dollar decrease in equity value of $2,136,000.The Bank’s exposure increases to a 34.75 percent decrease in its EVE level under a 200 basis point rise in rates, representing a dollar decrease in equity of $4,637,000. The Bank’s post shock EVE ratio at December 31, 2018, assuming a 200 basis point rise in interest rates was 9.61 percent and indicated a 396 basis point decrease from its 13.57 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 Eureka Homestead’s current financial condition, due to the Bank’s higher equity position, recognizing its recently lower share of nonperforming assets and similar share of allowance for loan losses to loans, lower share of cash and investments, and higher level of interest rate risk.

ASSET, LOAN AND DEPOSIT GROWTH

During its most recent two fiscal years, Eureka Homestead 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, 2016, to December 31, 2018, was an increase of 3.1 percent. This increase compares to a larger 3.6 percent increase for the comparable group, a higher 3.7 percent for all thrifts, and a higher 4.2 percent for Southwest thrifts. The Bank’s increase in assets is reflective of its increases in loans and deposits in 2017 of 12.01 percent and 10.02 percent, respectively. Eureka Homestead’s deposits indicate an average annual increase of 6.05 percent from December 31, 2016, to December 31, 2018, compared to average growth rates of 3.4 percent for the comparable group, 2.9 percent for all thrifts and 3.8 percent for Southwest thrifts.

Eureka Homestead’s deposits indicated an increase of 5.9 percent from fiscal 2017 to 2018. Annual deposit change was growth rates of 3.4 percent for the comparable group, 2.9 percent for all thrifts and 3.8 percent for Southwest thrifts. The Bank had a larger $26.0 million in borrowed funds or 26.54 percent of assets at December 31, 2018, compared to the comparable group at 7.8 percent and had a similar $26.0 million in borrowed funds for the Bank at

December 31, 2017, or 27.5 percent of assets.

Recognizing its moderate increase in deposits in 2018, after stronger growth in 2017 and a decrease in 2015, 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. Eureka Homestead’s primary market area parish of Jefferson experienced decreases in population and households between 2000 and 2010 with a projected population increase from 2010 to 2024 of a modest 3.5 percent. The Bank’s primary market area parish also indicated 2010 per capita income modestly above Louisiana’s and similar to that of the United States, and the median household income level in Jefferson Parish was above the state level and below the national level in 2010. In 2010, the median housing value in Jefferson Parish at $175,500 was higher than that of Louisiana at $137,700 and lower than the United States at $179,900, with median rents lower than both.

Asset, Loan and Deposit Growth (cont.)

The total deposit base in Jefferson Parish decreased by 2.4 percent from June 30, 2017, to June 30, 2018; and during that period, the number of financial institution offices in Jefferson Parish decreased by eight. In June 30, 2018, Eureka Homestead’s deposit market share of thrifts in Jefferson Parish was 7.9 percent, increasing from 7.3 percent in 2017.

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 1.33 percent and an average payout ratio of 19.70 percent. During that twelve month period, the average dividend yield was 0.45 percent for the four Louisiana thrifts; and the average dividend yield was 2.48 percent and the average payout ratio was 25.53 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.

SUBSCRIPTION INTEREST

In 2018, investors' interest in financial institution new issues experienced a decrease. Such interest decline is possibly related to the volatility in financial institution stocks and the rising interest rate environment. 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 and national economy, housing market conditions, general market conditions for financial institution stocks and stocks overall, aftermarket price trends and the expectation of increased merger/acquisition activity in the thrift industry and their higher pricing multiples.

Eureka Homestead will direct its offering initially to depositors and residents in its market area. The board of directors and officers anticipate purchasing approximately $525,000 or 3.3 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.

The Bank has secured the services of FIG Partners, LLC, to assist in the marketing and sale of the conversion stock.

Based on the size of the offering, recent banking conditions, current market conditions, the terms of the offering, recent subscription levels for conversions, and aftermarket performance, we believe that a downward adjustment is warranted for the Bank’s anticipated subscription interest.

LIQUIDITY OF THE STOCK

The Corporation will offer its shares through a subscription and Eureka Homestead offering with the assistance of FIG Partners, LLC. The stock of the Corporation will be traded on OTC Pink Marketplace.

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 $70.8 million for the stock outstanding compared to a midpoint value of $16.0 million for the Corporation, less the ESOP of 128,000 shares, and the estimated 52,500 shares to be purchased by senior officers and directors. The Corporation’s public market capitalization will be approximately 22.5 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 4,400 shares during the last four quarters.

The comparable group has an average of 4,696,667 shares outstanding compared to 1,600,000 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

Management (cont.)

During its two most recent fiscal years, Eureka Homestead has been able to control its net interest spread and demonstrated a strong level of core noninterest income. The Bank experienced positive earnings in 2018 and a loss in 2017. The Bank’s asset quality position has remained favorable in 2017 and 2018, with nonperforming assets being lower than industry overages. Eureka Homestead’s interest rate risk has been moderate, primarily as a result of its higher share of fixed-rate one- to four-family mortgage loans of 92.6 percent of loans. The Bank’s core earnings and core return on assets have been below industry averages, along with its net interest margin, impacted by a much higher cost of funds. Management is confident that the Bank is positioned for stable profitability following its conversion, impacted by its planned shrinkage in loans combined with an increase in cash and investments and a decrease in borrowed funds.

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.

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 restrictions to generating 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. 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.

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.”

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, liquidity of the stock, dividend, subscription interest, asset, loan and deposit growth, and marketing of the issue. No adjustments were made for the Bank’s market area, management and financial condition.

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 $12,239,000, which is based on the Bank’s December 31, 2018, equity level. The Bank’s tangible equity was an identical $12,239,000.

Exhibit 46 shows the average and median price to book value ratios for the comparable group which were 109.76 percent and 112.37 percent, respectively. The full comparable group indicated a moderate pricing range, from a low of 86.59 percent (Severn Bancorp) to a high of 121.65 percent (Prudential Bancorp). The comparable group had higher average and median price to tangible book value ratios of 116.02 percent and 116.90 percent, respectively, with a range of 87.17 percent to 148.08 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 99.50 percent and a high of 119.47 percent, and the comparable group’s price to tangible book value ratio range also narrowed modestly from a low of 100.75 percent to a high of 128.35 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 63.86 percent and a price to tangible book value ratio of 63.86 percent at the midpoint. The price to book value ratio increases from 59.28 percent at the minimum to 71.53 percent at the super maximum, while the price to tangible book value ratio increases from 59.28 percent at the minimum to 71.53 percent at the super maximum.

Price to Book Value Method (cont.)

The Corporation's pro forma price to book value and price to tangible book value ratios of 63.86 percent and 63.86 percent, respectively, as calculated using the prescribed formulary computation indicated in Exhibit 45, 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 Corporation's ratio of equity to assets after conversion at the midpoint of the valuation range will be approximately 22.59 percent compared to 11.01 percent for the comparable group (reference Exhibit 46). Based on the price to book value ratio and the Bank's total pro forma equity of $12,239,000 at December 31, 2018, the indicated pro forma market value of the Corporation using this approach is $16,000,000 at the midpoint (reference Exhibit 45).

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, 2018, were $273,000 (reference Exhibit 7) and its net earnings were $295,000 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 $273,000.

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 45, the average price to core earnings multiple for the comparable group was 25.05, while the median was a lower 16.97. The average price to net earnings multiple was 21.82, and the median multiple was 15.39. The range of the price to core earnings multiple for the comparable group was from a low of 12.33 to a high of 54.84. 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 14.33 to a high of 47.75 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 50.40 at the midpoint, based on the Corporation’s core earnings of $273,000 for the year ended December 31, 2018. The Corporation’s fully converted core earnings multiple of 50.40 is higher than its net earnings multiple, which was 46.88 times earnings.

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 46 indicates that the average price to assets ratio for the comparable group was 12.12 percent and the median was 11.79 percent. The range in the price to assets ratios for the comparable group varied from a low of 10.10 percent (First Community Bankshares) to a high of 18.17 percent (Eagle Financial Bancorp). The range narrows modestly with the elimination of the two extremes in the group to a low of 10.33 percent and a high of 13.77 percent.

Consistent with the previously noted adjustments, it is our opinion that an appropriate price to assets ratio for the Corporation is 14.43 percent at the midpoint, which ranges from a low of 12.50 percent at the minimum to 18.33 percent at the super maximum. Based on the Bank's December 31, 2018, asset base of $98,070,000, the indicated pro forma market value of the Corporation using the price to assets method is $16,000,000 at the midpoint (reference Exhibit 44).

VALUATION CONCLUSION

Exhibit 51 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 63.86 percent for the Corporation represents a discount of 41.81 percent relative to the comparable group and decreases to a discount of 34.83 percent at the super maximum. The price to assets ratio of 14.43 percent at the midpoint represents a premium of 19.11 percent, increasing to a premium of 51.32 percent at the super maximum. The price to core earnings multiple at the midpoint represents a premium of 70.49 percent and represents a premium of 114.96 percent at the super maximum.

It is our opinion that as of February 12, 2019, the pro forma market value of the Corporation is $16,000,000 at the midpoint, representing 1,600,000 shares at $10.00 per share. The pro forma valuation range of the Corporation is from a minimum of $13,600,000 or 1,360,000 shares at $10.00 per share to a maximum of $18,400,000 or 1,840,000 shares at $10.00 per share, and then to a super maximum of $21,160,000 or 2,116,000 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 Eureka Homestead Bancorp, Inc., as of February 12, 2019, is $16,000,000 at the midpoint.

EXHIBITS

NUMERICAL

EXHIBITS

EXHIBIT 1

EUREKA HOMESTEAD

METAIRIE, LOUISIANA

Balance Sheet

At December 31, 2018

(In thousands)

	At December 31,
	2018

ASSETS
Cash and cash equivalents	$	3,090
Interest-bearing deposits		750
Investment securities available-for-sale, at fair value		5,781
Loans receivable, net		81,072
Loans held-for-sale		533
Accrued interest receivable		337
Federal Home Loan Bank stock		1,376
Premises and equipment, net		767
Cash surrender value of life insurance		3,950
Deferred tax asset		280
Prepaid expenses and other assets		134

Total assets	$	98,070

LIABILITIES AND EQUITY

LIABILITIES
Deposits	$	56,183
Advances from Federal Home Loan Bank		26,030
Advance Payments by borrowers for taxes and insurance		1,447
Accrued expenses and other liabilities		2,171
Total liabilities		85,831

EQUITY
Retained earnings		12,335
Accumulated other comprehensive (loss) income		(96	)
Total equity		12,239

Total liabilities and equity	$	98,070

Source: Eureka Homestead's audited financial statement

EXHIBIT 2

EUREKA HOMESTEAD

METAIRIE, LOUISIANA

Balance Sheets

At December 31, 2014, 2015, 2016 and 2017

	December 31,
	2017			2016				2015			2014
ASSETS
Cash and cash equivalents	$	713,005		$	1,570,684			$	1,091,399		$	2,541,194
Interest-bearing deposits		946,761			4,941,761				8,910,575			5,996,000
Investment securities available-for-sale, at fair value		6,145,756			7,740,524				10,642,313			22,078,919
Loans receivable, net		79,328,214			70,816,299				63,972,023			61,837,136
Loans held-for-sale		593,000			199,500		��		—			—
Accrued interest receivable		379,615			369,719				362,625			441,158
Federal Home Loan Bank stock		1,340,800			1,314,500				1,297,700			1,243,200
Premises and equipment, net		772,748			794,622				815,586			863,044
Cash surrender value of life insurance		3,855,718			3,761,510				3,665,288			3,391,922
Deferred tax asset		335,464			531,470				505,910			478,594
Prepaid expenses and other assets		225,401			238,456				323,576			340,126
Total assets	$	94,636,482		$	92,279,045			$	91,586,995		$	99,211,293

LIABILITIES AND EQUITY

LIABILITIES
Deposits	$	53,091,648		$	48,254,985			$	48,377,132		$	55,699,354
Advances from Federal Home Loan Bank		26,017,242			28,640,910				28,360,540			28,829,196
Advances payments by borrowers for taxes and insurance		1,308,699			1,260,212				1,085,782			1,101,987
Accrued expenses and other liabilities		2,281,867			2,159,395				1,936,727			1,810,002
Total liabilities		82,699,456			80,315,502				79,760,181			87,440,539

EQUITY
Retained earnings		12,039,932			12,047,770				11,905,928			11,854,300
Accumulated other comprehensive (loss) income		(102,906	)		(84,227	)			(79,114	)		(83,546	)

Total equity		11,937,026			11,963,543				11,826,814			11,770,754

Total liabilities and retained earnings	$	94,636,482		$	92,279,045			$	91,586,995		$	99,211,293

Source: Eureka Homestead's audited financial statements

EXHIBIT 3

EUREKA HOMESTEAD

METAIRIE, LOUISIANA

Statement of Income

For the Year Ended December 31, 2018

(In thousands)

	Year Ended
	December 31,
	2018
Interest income:
Loans receivable	$	3,555
Investment securities		119
Interest-bearing deposits		69
Total interest income		3,743

Interest expense:
Deposits		928
Advances from Federal Home Loan Bank		726
Total interest expense		1,654

Net interest income		2,089

Provision for loan losses		(11	)
Net interest income after provision for loan losses		2,100

Noninterest income:
Service charges and other income		124
Fees on loans sold		307
Net (Loss) on sales of available-for-sale securities		(55	)
Net income on sales/write-downs of other real estate		23
Income from life insurance		106
Total noninterest income		505

Noninterest expense:
Salaries and employee benefits		1,412
Occupancy expense		196
SAIF deposit insurance premium and examination fees		80
Data processing		112
Accounting and consulting		132
Other real estate expense		1
Insurance		71
Legal fees		7
Other		245
Total noninterest expense		2,256

Income before income taxes		349

Income taxes		54

Net income	$	295

Source: Eureka Homestead's audited financial statement

EXHIBIT 4

EUREKA HOMESTEAD

METAIRIE, LOUISIANA

Statements of Income (Loss)

Years Ended December 31, 2014, 2015, 2016 and 2017

	December 31,
	2017			2016			2015			2014
Interest income:
Loans receivable	$	3,138,778		$	2,990,297		$	2,786,475		$	2,841,655
Investment securities		119,623			150,692			312,072			401,915
Interest-bearing deposits		36,552			33,894			47,331			16,597
Total interest income		3,294,953			3,174,883			3,145,878			3,260,167

Interest expense:
Deposits		564,276			522,982			553,180			632,448
Advances from Federal Home Loan Bank		725,394			730,237			722,530			659,105
Total interest expense		1,289,670			1,253,219			1,275,710			1,291,553

Net interest income		2,005,283			1,921,664			1,870,168			1,968,614

Provision for loan losses		20,000			—			(52,152	)		7,834

Net interest income after provision for loan losses		1,985,283			1,921,664			1,922,320			1,960,780

Noninterest income:
Service charges and other income		96,533			77,260			48,133			48,173
Fees on loans sold		296,330			362,116			271,791			266,161
Net income (loss) on sales of available-for-sale securities		—			(1,300	)		(24,042	)		40,072
Net income on sales/write-downs of other real estate		—			3,230			31,201			4,874
Income from life insurance		122,247			122,155			122,012			105,018
Total noninterest income		515,110			563,461			449,095			464,298

Noninterest expense:
Salaries and employee benefits		1,499,517			1,538,204			1,492,135			1,543,588
Occupancy expense		208,950			202,309			214,960			254,282
SAIF deposit insurance premium and examination fees		76,284			87,823			117,440			113,977
Data processing		103,414			107,103			101,893			101,936
Accounting and consulting		82,309			94,331			93,995			84,155
Other real estate expense		6,316			1,036			48,813			35,375
Insurance		74,574			75,118			74,514			75,113
Legal fees		7,525			5,807			13,698			9,430
Other		202,276			240,924			191,939			185,092
Total noninterest expense		2,261,165			2,352,655			2,349,387			2,402,948

Income before income taxes		239,228			132,470			22,028			22,130

Income tax expense (benefit)		263,999			(9,372	)		(29,600	)		(65,600	)

Net income (loss)	$	(24,771	)	$	141,842		$	51,628		$	87,730

Source: Eureka Homestead's audited financial statements

EXHIBIT 5

Selected Financial Information

At December 31, 2017 and 2018

	At December 31,
	2018		2017
	(In thousands)
Selected Financial Condition Data:

Total assets	$	98,070	$	94,636
Cash and cash equivalents		3,090		713
Interest-bearing deposits		750		947
Securities available-for-sale		5,781		6,146
Loans, net		81,072		79,328
FHLB stock		1,376		1,341
Premises and equipment, net		767		773
Cash surrender value of life insurance		3,950		3,856
Deposits		56,183		53,091
FHLB advances		26,030		26,017
Accrued expenses and other liabilities		2,171		2,282
Total equity		12,239		11,937

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 6

Income and Expense Trends

For the Years Ended December 31, 2017 and 2018

	For the Years Ended
	December 31,
	2018			2017
	(In thousands)
Selected Operations Data:
Interest income	$	3,743		$	3,295
Interest expense		1,654			1,290
Net interest income		2,089			2,005
Provision for loan losses		(11	)		20
Net interest income after provision for loan losses		2,100			1,985
Noninterest income		505			515
Noninterest expense		2,256			2,261
Income before income tax expense		349			239
Income tax expense		54			264
Net income (loss)	$	295		$	(25	)

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 7

EUREKA HOMESTEAD

Normalized or Core Earnings

Twelve Months Ended December 31, 2018

	Twelve Months
	Ended
	December 31,
	2018

NET
Net income before taxes	$	349,000

Taxes		54,000

Net income	$	295,000

CORE
Net income before taxes	$	349,000

Income adjustments:
Loss on sale of securities		55,000
Gains on real estate		(25,000	)

Expense adjustments:
Real estate owned write-down		(23,000	)
Provision for loan loss		(11,000	)

Net income before taxes		345,000

Taxes @ 21.0%		72,000

Core income	$	273,000

Source: Eureka Homestead's audited financial statements

EXHIBIT 8

Performance Indicators

At or for the Years Ended December 31, 2017 and 2018

	Years Ended
	December 31,
	2018			2017
Selected Financial Ratios and Other Data

Performance Ratios:
Return (loss) on average assets		0.30	%		(0.03	)%
Return (loss) on average equity		2.42	%		(0.20	)%
Interest rate spread⁽¹⁾		2.12	%		2.24	%
Net interest margin⁽²⁾		2.30	%		2.40	%
Efficiency ratio⁽³⁾		86.96	%		89.71	%
Noninterest expense to average total assets		2.30	%		2.48	%
Average interest-earning assets to average interest-bearing liabilities		109.92	%		110.43	%
Average equity to average total assets		12.39	%		13.37	%

Asset Quality Ratios:
Nonperforming assets to total assets		—	%		0.31	%
Nonperforming loans to total loans⁽⁴⁾		—	%		0.29	%
Allowance for loan losses to nonperforming loans⁽⁴⁾		—	%		366.68	%
Allowance for loan losses to total loans		1.05	%		1.08	%

Capital Ratios:
Total capital to risk-weighted assets (bank only)		25.98	%		25.64	%
Common equity Tier 1 capital to risk-weighted assets (bank only)		24.72	%		24.38	%
Tier 1 capital to risk-weighted assets (bank only)		24.72	%		24.38	%
Tier 1 capital to adjusted total assets (bank only)		12.23	%		12.80	%

⁽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.

⁽⁴⁾

There were no nonperforming loans at December 31, 2018.

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 9

Volume/Rate Analysis

For the Years Ended December 31, 2018 vs. 2017

	Year Ended December 31,
	2018 vs 2017
	Increase (Decrease)
	Due to
	Volume			Rate			Total
	(Dollars in thousands)
Interest-earning assets:
Loans, net	$	324		$	92		$	416
Investment securities		4			(4	)		0
Other interest-earning assets		9			24			33
Total interest-earning assets	$	337		$	112		$	449

Interest-bearing liabilities:
Savings accounts	$	0		$	0		$	0
Certificates of deposit		116			248			364
Total deposits		116			248			364
Borrowings		(11	)		12			1
Total interest-bearing liabilities		105			260			365

Change in net interest income	$	232		$	(148	)	$	84

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 10

Yield and Cost Trends

At December 31, 2018, and

For the Years Ended December 31, 2017 and 2018

				For the Years Ended
	At December 31,			December 31,
	2018			2018			2017
	Yield/			Yield/			Yield/
	Rate			Rate			Rate
Interest-earning assets:
Loans, net		4.58	%		4.39	%		4.26	%
Investment securities		2.31	%		1.94	%		1.72	%
Other interest-earning assets		2.64	%		1.84	%		1.17	%
Total interest-earning assets		4.36	%		4.12	%		3.94	%
Interest-bearing liabilities:
Savings/Money Market accounts		0.20	%		0.20	%		0.20	%
Certificates of deposit		2.08	%		1.76	%		1.26	%
Total interest-bearing deposits		1.97	%		1.67	%		1.18	%
Borrowings		2.78	%		2.68	%		2.57	%
Total interest-bearing liabilities		2.23	%		2.00	%		1.70	%

Net interest rate spread⁽¹⁾					2.12	%		2.24	%

Net interest margin⁽²⁾		—			2.30	%		2.40	%

Average interest-earning assets to interest-bearing liabilities		—			109.92	%		110.43	%

⁽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: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 11

Net Portfolio Value

At December 31, 2018

										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⁾		EVE⁽²⁾		$ Amount			Percent			Ratio⁽⁴⁾			(Decrease)
(Dollars in thousands)													(Basis Points)

	+300	$	6,111	$	(7,234	)		(54.20	)		7.06	%		(650.86	)
	+200		8,708		(4,637	)		(34.75	)		9.61	%		(395.75	)
	+100		11,209		(2,136	)		(16.01	)		11.84	%		(172.29	)
	—		13,345		—			—			13.57	%		—
	-100		14,788		1,443			10.81			14.57	%		100.43
	-200		15,423		2,078			15.57			14.84	%		127.76

⁽¹⁾

Assumes an instantaneous uniform change in interest rates at all maturities.

⁽²⁾

EVE 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: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 12

Loan Portfolio Composition

At December 31, 2017 and 2018

(Dollars in thousands)

	At December 31,
	2018						2017
	Amount			Percent			Amount			Percent
One- to four-family residential:
Owner-occupied^{(1) (2)}	$	64,027			79.40	%	$	63,271			80.10	%
Nonowner-occupied		11,158			13.80	%		10,889			13.80	%
Multi-family		4,117			5.10	%		2,701			3.40	%
Commercial real estate and land		1,175			1.50	%		1,666			2.10	%
Consumer		211			0.20	%		488			0.60	%
Total loans receivable		80,688			100.0	%		79,015			100.0	%

Deferred loan costs (fees)		1,234						1,163
Allowance for loan losses		(850	)					(850	)

Total loans receivable, net	$	81,072					$	79,328

⁽¹⁾

At December 31, 2018 and 2017, includes $1.0 million and $2.1 million, respectively, of construction loans.

⁽²⁾

At December 31, 2018 and 2017, includes $1.6 million and $1.4 million, respectively, of home equity loans.

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 13

Loan Maturity Schedule

At December 31, 2018

	One- to four
	Family
Due During the Years	Residential				Commercial
Ending December 31,	Real Estate		Multi-family		Real Estate		Consumer		Total

2019	$	367	$	—	$	—	$	211	$	578
2020		125		—		—		—		125
2021		63		—		—		—		63
2022 to 2023		709		—		—		—		709
2024 to 2028		3,094		—		—		—		3,094
2029 to 2033		8,902		1,094		432		—		10,428
2033 and beyond		61,925		3,023		743		—		65,691
Total	$	75,185	$	4,117	$	1,175	$	211	$	80,688

Fixed and Adjustable-Rate Loan Schedule

	Due After December 31, 2019
	Fixed		Adjustable		Total
	(Dollars in thousands)

One- to four-family residential	$	74,389	$	429	$	74,818
Multi-family		3,881		236		4,117
Commercial real estate		1,175		—		1,175
Consumer		—		—		0
Total	$	79,445	$	665	$	80,110

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 14

Loan Originations, Purchases, Sales and Repayments

For the Years Ended December 31, 2017 and 2018

	Years Ended
	December 31,
	2018		2017
	(In thousands)

Total loans at beginning of period	$	79,608	$	70,826
Loans originated:
Real estate:
One- to four-family residential		23,668		25,250
Multi-family		1,087		1,097
Commercial		323		—
Consumer		67		664
Total loans originated		25,145		27,011

Loans sold:
Real estate:
One- to four-family residential		12,350		10,978
Total loans sold		12,350		10,978

Other:
Principal repayments and other		11,183		7,251

Net loan activity		1,612		8,782

Total loans, including loans held-for-sale, at end of period	$	81,220	$	79,608

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 15

Loan Delinquencies

At December 31, 2018

	Loans Delinquent For
	30-89 Days				90 Days and Over				Total
	Number		Amount		Number		Amount		Number		Amount
	(Dollars in thousands)

At December 31, 2018

Real estate:
One- to four-family residential		4	$	398		—	$	—		4	$	398
Multi-family		—		—		—		—		—		—
Commercial real estate		—		—		—		—		—		—
Consumer		—		—		—		—		—		—

Total		4	$	398		0	$	0		4	$	398

At December 31, 2017

Real estate:
One- to four-family residential		8	$	613		2	$	86		10	$	699
Multi-family		—		—		—		—		—		—
Commercial real estate		—		—		—		—		—		—
Consumer		—		—		—		—		—		—

Total		8	$	613		2	$	86		10	$	699

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 16

Nonperforming Assets

At December 31, 2017 and 2018

	At December 31,
	2018			2017
	(Dollars in thousands)

Nonaccrual loans:
Real estate:
One- to four-family residential	$	—		$	232
Multi-family		—			—
Commercial real estate		—			—
Consumer		—			—
Total Total nonaccrual loans		0			232

Accruing loans 90 days or more past due:
Real estate:
One- to four-family residential		—			86
Multi-family		—			—
Commercial real estate		—			—
Consumer		—			—
Total loans 90 days or more past due		—			86

Total nonaccrual loans and accruing loans 90 days or more past due		0			318

Real estate owned		0			66

Total nonperforming assets	$	0		$	384

Accruing troubled debt restructurings:
Real estate:
One- to four-family residential	$	—		$	—
Multi-family		—			—
Commercial real estate		—			—
Consumer		—			—
Total Total	$	0		$	0

Ratios:
Total nonperforming loans to total loans		0.00	%		0.29	%
Total nonperforming assets to total assets		0.00	%		0.31	%
Total nonperforming loans and troubled debt restructurings to total loans		0.00	%		0.29	%
Total nonperforming assets and troubled debt restructurings to total assets		0.00	%		0.31	%

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 17

Classified Assets

At December 31, 2017 and 2018

(Dollars in thousands)

	At
	December 31,
	2018		2017

Substandard assets	$	580	$	828
Doubtful assets		—		—
Loss assets		—		—
Total classified assets	$	580	$	828

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 18

Allowance for Loan Losses

For the Years Ended December 31, 2017 and 2018

	At or for the Years Ended
	December 31,
	2018			2017
	(Dollars in thousands)

Balance at beginning of year	$	850		$	900

Charge-offs:
Real estate:
One- to four-family residential		—			(70	)
Multi-family		—			—
Commercial		—
Consumer		—			—
Total charge-offs		0			(70	)

Recoveries:
Real estate:		11			—
One- to four-family residential		—			—
Multi-family		—			—
Commercial		—			—
Consumer		—			—
Total recoveries		11			0

Net (charge-offs) recoveries		11			(70	)

Provision for loan losses		(11	)		20

Balance at end of year	$	850		$	850

Ratios:
Net charge-offs (recoveries) to average loans outstanding		0.01	%		(0.10	)%
Allowance for loan losses to nonperforming loans at end of year⁽¹⁾		n/a			366.38	%
Allowance for loan losses to total loans at end of year		1.05	%		1.08	%

⁽¹⁾

Not applicable

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 19

Mix of Average Deposit Accounts

For the Years Ended December 31, 2017 and 2018

	For the Years Ended December 31,
	2018					2017
	(Dollars in thousands)

	Average		Percent			Average		Percent
	Balance		of Total			Balance		of Total
Savings (passbook and money market)	$	3,384		6.1	%	$	3,588		7.5	%
Certificates of deposit:
Quickrate CDs		24,773		44.6	%		21,717		45.6	%
Retail CDs		18,510		33.3	%		16,706		35.1	%
Municipal CDs		7,802		14.0	%		5,627		11.8	%
Brokered CDs		1,138		2.0	%		2		N/A

Total deposits	$	55,607		100.0	%	$	47,640		100.0	%

Source: Eureka Homesteadl Bancorp, Inc.'s Prospectus

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, 2018

	At
	December 31,
	2018
	(In thousands)

Three months or less	$	7,705
Over three months through six months		8,989
Over six months through one year		9,452
Over one year to three years		9,182
Over three years		6,201

Total	$	41,529

	At December 31, 2018
	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 or equal to 1.00%	$	2,119	$	71	$	—	$	—	$	2,190		4.1	%
1.00% - 1.99%		14,939		3,821		1,030		1,306		21,096		39.8	%
2.00% - 2.99%		14,772		4,476		3,076		5,103		27,427		51.8	%
3.00% - 3.99%		249		348		249		1,437		2,283		4.3	%

Total	$	32,079	$	8,716	$	4,355	$	7,846	$	52,996		100.0	%

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 21

Borrowed Funds

For the Years Ended December 31, 2017 and 2018

	At or for the Years Ended
	December 31,
	2018			2017
	(In thousands)
FHLB advances:
Balance at end of period	$	26,030		$	26,017

Average balance during period		27,068			28,177

Maximum outstanding at any month end		31,025			30,311

Weighted average interest rate at end of period		2.78	%		2.54	%

Average interest rate during period		2.68	%		2.57	%

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 22

OFFICES OF EUREKA HOMESTEAD

METAIRIE, LOUISIANA

As of December 31, 2018

	Owned	Net Book Value
	or	of
Location	Leased	Real Property

Main Office
1922 Beterans Memorial Blvd.
Metairie, Louisiana 70005	Owned	$	767,000	⁽¹⁾

Loan Office
720 Harrison Avenue, Suite A
New Orleans, Louisiana 70124	Leased

Total		$	767,000

⁽¹⁾ The Bank also owns a disaster relief storage facility in Baton Rouge, Louisiana, with a net book value of $269,000.

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 23

DIRECTORS AND MANAGEMENT OF COMMUNITY

At December 31, 2018

			Director	Term
Name⁽¹⁾	Position(s) Held with the Bank	Age	Since	Expires

Alan T. Heintzen	Chairman of the Board and Chief Executive Officer	66	1996	2021
Cecil A. Haskins, Jr.	President, Chief Financial Officer and Director	63	2014	2020
Creed W. Brierre, St.	Director	72	2000	2022
Patrick M. Gibbs	Director	71	2010	2022
Nick O. Sagona, Jr.	Director	71	2013	2021
Robert M. Shofstahl	Director	71	1995	2020
Wilbur A. Toups, Jr.	Director	78	1995	2020

⁽¹⁾

The mailing address for each person listed is1922 Veterans Memorial Boulevard, Metairie, Lousiana 70005

Source: Eureka Homestead Bancorp, Inc.'s Prospectus

EXHIBIT 24

Key Demographic Data and Trends

ZIP Codes 45208, 45238 and 45248,

Metairie CDP, Jefferson Parish, Orleans Parish,

Louisiana and the United States

2000, 2010 and 2024

	2000		2010		% Change			2024		% Change
Population
Metairie CDP		146,136		138,481		(5.2	)%		142,864		3.2	%
Jefferson Parish		455,466		432,552		(5.0	)%		447,703		3.5	%
Orleans Parish		484,674		343,829		(29.1	)%		417,803		21.5	%
Louisiana		4,468,976		4,533,372		1.4	%		4,795,943		5.8	%
United States		281,421,906		308,745,538		9.7	%		341,924,340		10.7	%

Households
Metairie CDP		63,741		59,915		(6.0	)%		62,470		4.3	%
Jefferson Parish		176,234		169,647		(3.7	)%		177,309		4.5	%
Orleans Parish		188,251		142,158		(24.5	)%		178,873		25.8	%
Louisiana		1,656,053		1,728,360		4.4	%		1,866,827		8.0	%
United States		105,480,101		116,716,292		10.7	%		129,182,991		10.7	%

Per Capita Income
Metairie CDP	$	24,771	$	31,901		28.8	%		—		—
Jefferson Parish		19,953		26,596		33.3	%		—		—
Orleans Parish		17,258		26,131		51.4	%		—		—
Louisiana		16,912		24,264		43.5	%		—		—
United States		22,162		26,059		17.6	%		—		—

Median Household Income
Metairie CDP	$	41,265	$	51,676		25.2	%	$	62,321		20.6	%
Jefferson Parish		38,435		48,522		26.2	%		56,118		15.7	%
Orleans Parish		27,133		36,681		35.2	%		44,388		21.0	%
Louisiana		32,566		44,673		37.2	%		50,689		13.5	%
United States		41,994		50,046		19.2	%		62,901		25.7	%

Source: U.S. Census and Mergent Intellect

EXHIBIT 25

Key Housing Data

Metairie CDP, Jefferson Parish, Orleans Parish,

Louisiana and the United States

2000 & 2010

	2000			2010
Occupied Housing Units
Metairie CDP		63,741			59,915
Jefferson Parish		176,234			169,647
Orleans Parish		188,251			142,158
Louisiana		1,656,053			1,728,360
United States		105,480,101			116,716,292

Occupancy Rate
Metairie CDP
Owner-Occupied		61.8	%		62.1	%
Renter-Occupied		38.2	%		37.9	%

Jefferson Parish
Owner-Occupied		63.9	%		63.7	%
Renter-Occupied		36.1	%		36.3	%

Orleans Parish
Owner-Occupied		46.5	%		47.8	%
Renter-Occupied		53.5	%		52.2	%

Louisiana
Owner-Occupied		67.9	%		67.2	%
Renter-Occupied		32.1	%		22.8	%

United States
Owner-Occupied		66.2	%		65.4	%
Renter-Occupied		33.8	%		34.6	%

Median Housing Values
Metairie CDP	$	139,100		$	210,900
Jefferson Parish		105,300			175,500
Orleans Parish		87,300			183,800
Louisiana		85,000			137,700
United States		119,600			179,900

Median Rent
Metairie CDP	$	563		$	886
Jefferson Parish		544			899
Orleans Parish		488			922
Louisiana		466			762
United States		602			871

Source: U.S. Census Bureau

EXHIBIT 26

Major Sources of Employment by Industry Group

Metairie CDP, Jefferson Parish, Orleans Parish,

Louisiana and the United States

2000 and 2010

	2000
	Metairie			Jefferson			Orleans						United
Industry Group	CDP			Parish			Parish			Louisiana			States

Agriculture/Mining		1.0	%		1.8	%		1.0	%		4.2	%		1.9	%
Construction		7.0	%		9.5	%		4.9	%		7.9	%		6.8	%
Manufacturing		5.7	%		6.9	%		5.2	%		10.1	%		14.1	%
Wholesale/Retail		16.5	%		15.2	%		12.3	%		15.4	%		15.3	%
Transportation/Utilities		5.4	%		5.7	%		5.9	%		5.3	%		5.2	%
Information		2.5	%		1.7	%		2.4	%		2.0	%		3.1	%
Finance, Insurance & Real Estate		9.0	%		6.1	%		5.6	%		5.7	%		6.9	%
Services		52.9	%		53.1	%		62.7	%		49.4	%		46.7	%

	2010
	Metairie			Jefferson			Orleans						United
	CDP			Parish			Parish			Louisiana			States

Agriculture/Mining		0.9	%		1.9	%		1.3	%		4.6	%		1.9	%
Construction		10.0	%		7.7	%		6.4	%		8.4	%		6.2	%
Manufacturing		4.7	%		8.3	%		4.2	%		8.1	%		10.4	%
Wholesale/Retail		14.6	%		16.8	%		11.7	%		14.6	%		14.5	%
Transportation/Utilities		5.2	%		5.9	%		4.7	%		5.1	%		4.9	%
Information		1.8	%		2.2	%		1.7	%		1.5	%		2.2	%
Finance, Insurance & Real Estate		7.1	%		6.9	%		5.4	%		5.4	%		6.7	%
Services		55.7	%		50.3	%		64.6	%		52.3	%		53.2	%

Source: Bureau of the Census

100

EXHIBIT 27

Unemployment Rates

Jefferson and Orleans Parishes, Louisiana and the United States

For the Years 2012 through 2016

Location	2014			2015			2016			2017			2018

Jefferson Parish		6.0	%		5.8	%		5.3	%		4.5	%		4.3	%

Orleans Parish		6.9	%		6.5	%		5.8	%		5.1	%		4.9	%

Louisiana		6.4	%		6.3	%		6.0	%		5.1	%		4.8	%

United States		6.2	%		5.3	%		4.9	%		4.4	%		3.9	%

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

101

EXHIBIT 28

Market Share of Deposits

Jefferson Parish

June 30, 2018

	Jefferson		Eureka		Eureka
	Parish's		Homestead's		Homestead's
	Deposits		Deposits		Share
	($000)		($000)		(%)

Banks	$	10,061,231		—		—
Thrifts		688,553	$	54,556		7.9	%
Total	$	10,749,784	$	54,556		0.5	%

Source: FDIC

102

EXHIBIT 29

National Interest Rates by Quarter

2014 - 2018

	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	%

	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	2017			2017			2017			2017

Prime Rate		4.00	%		4.25	%		4.25	%		4.50	%
90-Day Treasury Bills		0.92	%		1.01	%		1.04	%		1.37	%
1-Year Treasury Bills		1.17	%		1.24	%		1.31	%		1.76	%
30-Year Treasury Notes		2.92	%		2.84	%		2.86	%		2.74	%

	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	2018			2018			2018			2018

Prime Rate		4.75	%		5.00	%		5.25	%		5.50	%
90-Day Treasury Bills		1.74	%		1.89	%		2.15	%		2.40	%
1-Year Treasury Bills		2.09	%		2.33	%		2.57	%		2.63	%
30-Year Treasury Notes		2.97	%		2.98	%		3.19	%		3.02	%

Source:The Wall Street Journal

103

EXHIBIT 30

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 31, 2018

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)

SZBI	SOUTHFIRST BANCSHARES	AL	OTC PINK		3.50		(20.8	)		0.01			120.03		0.19		NM		26.92		25.98		25.98		2.92
AX	AXOS FINANCIAL	CA	NYSE		25.18		NM			2.50			155.84		0.00		10.07		10.07		158.17		171.64		16.16
BYFC	BROADWAY FINANCIAL CORP	CA	NASDAQ		1.09		(53.8	)		0.07			22.36		0.05		15.57		54.50		40.07		40.07		4.87
MLGF	MALAGA FINANCIAL CORPORATION	CA	OTC BB		26.00		(12.1	)		2.53			168.81		0.87		10.28		10.32		113.99		113.99		15.40
PROV	PROVIDENT FINANCIAL HOLDINGS	CA	NASDAQ		15.70		(14.7	)		0.66			154.31		1.00		23.79		29.62		105.30		106.15		10.17
SIFI	SI FINANCIAL GROUP	CT	NASDAQ		12.79		(13.0	)		0.53			132.67		0.07		24.13		24.13		93.84		105.18		9.64
UBNK	UNITED FINANCIAL BANCORP	CT	NASDAQ		14.73		(16.5	)		1.12			141.02		0.47		13.15		13.04		106.12		130.70		10.45
WSFS	WSFS FINANCIAL CORP	DE	NASDAQ		37.54		(21.5	)		2.99			224.78		0.40		12.56		13.27		149.68		195.32		16.70
ABCB	AMERIS BANCORP	GA	NASDAQ		31.44		(34.8	)		1.82			240.63		0.35		17.27		16.63		106.29		179.04		13.07
TBNK	TERRITORIAL BANCORP	HI	NASDAQ		25.66		(16.9	)		1.79			209.22		1.07		14.34		14.42		113.99		114.10		12.26
WCFB	WCF BANCORP	IA	NASDAQ		7.95		(16.5	)		0.07			45.30		0.00		113.57		NM		109.50		109.81		17.55
AJSB	AJS BANCORP	IL	OTC BB		15.26		2.4			0.10			85.05		1.16		152.60		NM		122.18		122.28		17.94
AFBA	ALLIED FIRST BANCORP	IL	OTC BB		1.05		(40.0	)		(0.71	)		62.29		0.00		NM		NM		14.96		14.96		1.69
BFFI	BEN FRANKLIN FINANCIAL	IL	OTC BB		6.86		(28.5	)		(0.23	)		73.65		0.00		NM		NM		85.43		85.43		9.31
GTPS	GREAT AMERICAN BANCORP	IL	OTC BB		29.05		(3.3	)		1.58			373.69		1.47		18.39		18.50		76.03		81.76		7.77
IROQ	IF BANCORP	IL	NASDAQ		20.10		2.2			0.45			169.31		0.00		44.67		49.02		111.42		112.86		11.87
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL	OTC PINK		25.21		0.8			(0.26	)		304.24		0.00		NM		NM		88.02		88.02		8.29
OTTW	OTTAWA SAVINGS BANCORP	IL	OTC BB		13.33		(7.7	)		0.30			81.97		0.00		44.43		45.97		103.90		107.24		16.26
RYFL	ROYAL FINANCIAL	IL	OTC BB		14.30		(6.2	)		1.26			162.04		1.30		11.35		11.26		78.31		83.19		8.82
SUGR	SUGAR CREEK FINANCIAL CORP	IL	OTC BB		10.10		(22.6	)		0.09			123.21		0.00		112.22		144.29		73.24		73.24		8.20
DSFN	DSA FINANCIAL CORP	IN	OTC PINK		12.00		0.1			0.58			88.62		1.48		20.69		20.69		111.52		114.39		13.54
FDLB	FIDELITY FEDERAL BANCORP	IN	OTC PINK		40.00		60.0			NM			932.55		0.00		2.04		3.21		37.04		37.83		4.29
FBPI	FIRST BANCORP OF INDIANA	IN	OTC BB		19.05		(15.3	)		0.72			245.44		0.63		26.46		22.95		84.86		104.10		7.76
FCAP	FIRST CAPITAL	IN	NASDAQ		41.00		11.6			2.33			234.30		1.06		17.60		17.23		183.77		204.18		17.50
NWIN	NORTHWEST INDIANA BANCORP	IN	OTC BB		43.00		(3.4	)		2.66			353.21		4.04		16.17		19.63		138.80		152.10		12.17

104

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 31, 2018

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)

TDCB	THIRD CENTURY BANCORP		IN	OTC BB		10.75		(16.0	)		0.66			133.97		0.00		16.29		16.04		79.93		81.01		8.02
WEIN	WEST END INDIANA BANCSHARES		IN	OTC BB		24.50		(15.2	)		1.28			289.44		0.00		19.14		17.25		89.22		91.83		8.46
CFFN	CAPITOL FEDERAL FINANCIAL		KS	NASDAQ		12.78		(4.7	)		0.70			67.01		0.84		18.26		18.26		129.75		131.48		19.07
PBSK	POAGE BANKSHARES		KY	NASDAQ		25.31		20.5			(0.34	)		126.00		1.72		NM		NM		153.86		161.11		20.09
CTUY	CENTURY NEXT FINANCIAL CORP	��	LA	OTC BB		30.00		2.6			2.94			292.10		0.00		10.20		10.31		109.69		109.69		10.27
FPBF	FPB FINANCIAL CORP		LA	OTC PINK		25.25		43.5			1.74			144.16		0.00		14.51		14.43		174.74		175.10		17.52
HRGG	HERITAGE NOLA BANCORP		LA	OTC PINK		12.60		5.4			0.36			67.30		0.00		35.00		35.00		119.89		122.21		18.72
HFBL	HOME FED BANCORP OF LOUISIANA		LA	NASDAQ		28.85		2.6			2.08			226.33		1.06		13.87		13.61		115.77		115.77		12.75
BHBK	BLUE HILLS BANCORP		MA	NASDAQ		21.24		5.7			0.86			103.42		0.00		24.70		25.90		161.89		167.24		20.54
BLMT	BSB BANCORP INC.		MA	NASDAQ		27.78		(5.0	)		2.09			304.71		0.00		13.29		13.29		136.91		137.66		9.12
HONE	HARBORONE BANCORP		MA	NASDAQ		15.96		(16.7	)		0.45			87.80		0.00		35.47		35.47		189.77		220.14		18.18
MELR	MELROSE BANCORP		MA	NASDAQ		18.91		(5.5	)		0.67			122.90		0.00		28.22		41.11		132.33		132.33		15.39
EBSB	MERIDIAN BANCORP		MA	NASDAQ		14.30		(30.6	)		0.97			106.50		0.19		14.74		17.23		114.22		118.18		13.43
PLRM	PILGRIM BANCSHARES		MA	OTC BB		22.84		20.1			0.69			117.49		0.00		33.10		32.63		196.56		196.56		19.44
PVBC	PROVIDENT BANCORP		MA	NASDAQ		21.60		(18.3	)		0.85			94.94		0.00		25.41		44.08		182.59		182.59		22.75
RNDB	RANDOLPH BANCORP		MA	NASDAQ		13.95		(9.1	)		(0.57	)		98.57		0.00		NM		NM		126.36		142.35		14.15
WEBK	WELLESLEY BANCORP		MA	NASDAQ		29.20		(1.7	)		2.31			331.05		0.10		12.64		12.86		105.30		105.42		8.82
WNEB	WESTERN NEW ENGLAND BANCORP		MA	NASDAQ		9.80		(10.1	)		0.47			72.91		0.73		20.85		20.42		125.80		135.55		13.44
HBK	HAMILTON BANCORP		MD	NASDAQ		13.90		(9.7	)		(1.51	)		145.97		0.00		NM		NM		96.26		118.10		9.52
MBCQ	MB BANCORP		MD	OTC BB		13.95		(11.4	)		0.54			76.61		0.00		25.83		51.67		111.33		111.33		18.21
SVBI	SEVERN BANCORP		MD	NASDAQ		7.88		8.6			0.51			69.76		0.19		15.45		16.42		88.04		88.74		11.30
FBC	FLAGSTAR BANCORP		MI	NYSE		26.47		(29.3	)		1.60			324.46		0.00		16.54		16.14		100.46		134.43		8.16
NWBB	NEW BANCORP		MI	OTC BB		15.80		(18.1	)		1.15			164.23		0.00		13.74		13.86		76.66		83.60		9.62
SBT	STERLING BANCORP		MI	NASDAQ		7.10		(44.1	)		1.02			60.32		0.09		6.96		6.96		117.74		121.58		11.77
STBI	STURGIS BANCORP		MI	OTC BB		20.00		6.4			2.04			213.12		0.74		9.80		10.36		100.50		121.51		9.38

105

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 31, 2018

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)

HMNF	HMN FINANCIAL	MN	NASDAQ		19.61		2.7			1.43			159.94		1.30		13.71		15.69		117.92		122.56		12.26
REDW	REDWOOD FINANCIAL	MN	OTC PINK		70.00		55.6			8.48			707.38		3.42		8.25		8.12		87.69		104.95		9.90
CFDB	CENTRAL FEDERAL S&L ASSN OF ROLLA	MO	OTC PINK		13.30		(8.3	)		0.13			43.06		0.00		102.31		102.31		105.14		105.14		30.89
NASB	NASB FINANCIAL	MO	OTC BB		38.00		1.3			4.05			277.22		3.87		9.38		9.18		119.16		127.39		13.71
KSBI	KS BANCORP	NC	OTC BB		27.00		(10.3	)		2.37			297.32		2.76		11.39		11.59		103.25		103.25		9.08
LSFG	LIFESTORE FINANCIAL GROUP	NC	OTC PINK		28.25		17.7			2.22			269.07		0.00		12.73		13.08		100.53		103.71		10.50
UBNC	UNION BANK	NC	OTC PINK		14.35		(13.6	)		0.91			122.10		0.27		15.77		15.60		114.53		144.66		11.75
EQFN	EQUITABLE FINANCIAL CORP	NE	NASDAQ		10.94		0.4			0.61			99.94		0.00		17.93		21.04		102.34		113.37		10.95
MCBK	MADISON COUNTY FINANCIAL	NE	OTC PINK		25.10		0.0			1.67			150.92		0.79		15.03		15.59		95.18		99.09		16.63
KRNY	KEARNY FINANCIAL CORP	NJ	NASDAQ		12.78		(11.6	)		0.26			68.09		0.28		49.15		49.15		101.11		122.65		18.77
MSBF	MB BANCORP	NJ	NASDAQ		18.24		2.5			0.73			107.08		0.44		24.99		24.99		166.73		166.73		17.03
NFBK	NORTHFIELD BANCORP	NJ	NASDAQ		13.50		(21.0	)		0.57			86.53		0.38		23.68		23.68		102.20		108.78		15.60
OCFC	OCEANFIRST FINANCIAL CORP	NJ	NASDAQ		22.50		(14.3	)		1.14			156.53		0.54		19.74		19.57		105.68		161.64		14.37
ORIT	ORITANI FINANCIAL CORP	NJ	NASDAQ		14.81		(9.7	)		0.95			88.19		1.30		15.59		16.27		122.60		122.60		16.79
PFS	PROVIDENT FINANCIAL SERVICES	NJ	NYSE		23.92		(11.3	)		1.53			145.23		0.93		15.63		15.84		120.08		175.11		16.47
BCTF	BANCORP 34	NM	NASDAQ		14.30		(3.1	)		0.17			109.51		0.00		84.12		65.00		112.60		113.49		13.06
CARV	CARVER BANCORP	NY	NASDAQ		3.44		18.2			0.94			166.29		0.00		3.66		NM		26.36		26.44		2.07
DCOM	DIME COMMUNITY BANCSHARES	NY	NASDAQ		16.83		(19.7	)		1.48			171.92		0.57		11.37		14.89		102.06		112.73		9.79
ESBK	ELMIRA SAVINGS BANK	NY	NASDAQ		18.85		(7.8	)		1.36			163.61		0.90		13.86		19.23		114.38		149.72		11.52
FSBC	FSB COMMUNITY BANKSHARES	NY	NASDAQ		17.00		0.0			0.24			167.38		0.00		70.83		73.91		112.36		115.65		10.16
NYCB	NEW YORK COMMUNITY BANCORP	NY	NYSE		9.21		(29.3	)		0.93			104.51		0.68		9.90		9.90		66.45		103.72		8.81
PDLB	PDL COMMUNITY BANCORP	NY	NASDAQ		12.65		(16.7	)		0.07			53.14		0.00		180.71		180.71		182.01		182.01		23.81
SNNF	SENECA FIN CORP	NY	OTC PINK		8.00		(8.7	)		0.36			97.35		0.00		22.22		22.22		99.50		99.50		8.22
SNNY	SUNNYSIDE BANCORP	NY	OTC BB		12.00		(29.4	)		(0.42	)		103.92		0.00		NM		NM		93.60		93.60		11.55
TRST	TRUSTCO BANK CORP NY	NY	NASDAQ		6.89		(25.1	)		0.55			50.59		0.26		12.53		12.76		139.47		139.76		13.62

106

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 31, 2018

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)

CNNB	CINCINNATI BANCORP	OH	OTC BB		12.00		15.1			0.68			100.95		0.34		17.65		20.69		108.01		114.50		11.89
CCSB	COMM SAVINGS BANCORP	OH	OTC BB		13.15		NM			(1.89	)		112.76		0.00		NM		NM		77.58		77.58		11.66
CIBN	COMMUNITY INVESTORS BANCORP	OH	OTC PINK		16.70		4.7			1.51			186.55		0.39		11.06		12.10		99.64		103.99		8.95
EFBI	EAGLE FIN BANCORP	OH	NASDAQ		15.28		(5.5	)		0.39			84.75		0.00		39.18		50.93		120.31		120.31		18.03
FDEF	FIRST DEFIANCE FINANCIAL CORP	OH	NASDAQ		24.47		(52.9	)		2.13			151.86		0.59		11.49		11.71		126.85		178.22		16.11
FNFI	FIRST NILES FINANCIAL	OH	OTC PINK		7.00		(37.2	)		0.29			88.18		0.28		24.14		22.58		70.64		70.64		7.94
HCFL	HOME CITY FINANCIAL CORP	OH	OTC PINK		37.35		29.7			2.31			200.91		1.18		16.17		16.10		161.76		161.76		18.59
HLFN	HOME LOAN FINANCIAL CORP	OH	OTC BB		30.25		16.3			2.29			137.86		1.33		13.21		13.38		184.79		185.58		21.94
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH	OTC PINK		11.15		8.8			0.56			92.44		0.72		19.91		19.91		90.87		90.87		12.06
PFOH	PERPETUAL FEDERAL SAVINGS BANK	OH	OTC PINK		29.25		6.4			2.44			159.85		1.18		11.99		12.39		99.52		99.52		18.30
UCFC	UNITED COMMUNITY FINANCIAL CORP	OH	NASDAQ		8.87		(2.8	)		0.61			55.66		0.51		14.54		14.78		163.05		182.14		15.94
VERF	VERSAILLES FINANCIAL CORP	OH	OTC BB		36.00		50.0			0.78			137.26		0.00		46.15		46.15		128.34		128.34		26.23
BNCL	BENEFICIAL MUTUAL BANCORP	PA	NASDAQ		14.18		(13.8	)		0.41			78.29		0.48		34.59		35.45		102.53		121.72		18.11
ESSA	ESSA BANCORP	PA	NASDAQ		15.42		(1.6	)		0.60			155.21		0.00		25.70		25.28		104.76		114.99		9.93
HARL	HARLEYSVILLE SAVINGS FINANCIAL	PA	OTC PINK		23.15		(0.4	)		2.08			205.43		1.27		11.13		11.58		120.64		120.64		11.27
NWBI	NORTHWEST BANCSHARES	PA	NASDAQ		16.86		0.8			0.98			93.49		0.67		17.20		17.20		140.38		191.37		18.03
PBIP	PRUDENTIAL BANCORP	PA	NASDAQ		17.25		(2.0	)		0.83			120.21		0.56		20.78		19.83		127.40		134.77		14.35
QNTO	QUAINT OAK BANCORP	PA	OTC PINK		12.00		(7.7	)		0.85			129.64		0.25		14.12		14.63		110.40		115.72		9.26
STND	STANDARD FINANCIAL CORP	PA	OTC BB		30.25		0.6			1.76			204.27		0.62		17.19		16.53		110.97		142.49		14.81
CASH	META FINANCIAL GROUP	SD	NASDAQ		19.23		(79.2	)		1.32			148.98		0.15		14.57		14.35		100.73		202.42		12.91
SFBK	SFB BANCORP	TN	OTC PINK		32.50		7.6			1.16			263.68		0.76		28.02		20.44		85.84		87.32		12.33
UNTN	UNITED TENNESSEE BANKSHARES	TN	OTC PINK		21.00		(2.8	)		1.73			245.59		0.73		12.14		12.28		83.00		83.00		8.55
STXB	SPIRIT OF TEXAS BANCSHARES	TX	NASDAQ		21.75		NM			1.08			112.24		0.00		20.14		20.14		192.14		213.24		19.38
TBK	TRIUMPH BANCORP	TX	NASDAQ		29.62		(6.0	)		1.53			173.33		0.00		19.36		18.51		125.72		186.88		17.09
FSBW	FS BANCORP	WA	NASDAQ		42.24		(22.6	)		4.56			320.17		0.39		9.26		9.37		115.00		126.66		13.19

107

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 31, 2018

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)

RVSB	RIVERVIEW BANCORP	WA	NASDAQ		7.16		(17.4	)		0.62			50.77		0.13		11.55		11.74		114.01		142.63		14.10
TSBK	TIMBERLAND BANCORP	WA	NASDAQ		24.00		(9.6	)		2.30			137.23		0.60		10.43		10.53		145.81		155.64		17.49
HWIS	HOME BANCORP WISCONSIN	WI	OTC PINK		12.60		(2.3	)		(0.04	)		161.41		0.00		NM		NM		105.09		105.09		7.81
WSBF	WATERSTONE FINANCIAL	WI	NASDAQ		16.67		(2.2	)		0.97			65.99		0.93		17.19		17.92		119.67		120.19		25.26
WBBW	WESTBURY BANCORP	WI	OTC BB		20.50		NM			1.29			223.31		0.85		15.89		15.77		99.03		99.85		9.18

108

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 31, 2018

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		19.54		(6.61	)		1.11			162.96		0.52		25.63		25.18		112.53		123.57		13.34
HIGH		70.00		60.00			8.48			932.55		4.04		180.71		180.71		196.56		220.14		30.89
LOW		1.05		(79.20	)		(1.89	)		22.36		0.00		2.04		3.21		14.96		14.96		1.69

AVERAGE FOR STATE
LA		24.18		13.53			1.78			182.47		0.26		18.40		18.34		130.02		130.69		14.82

AVERAGE BY REGION
MID-ATLANTIC		18.13		(7.26	)		0.90			126.78		0.49		20.20		21.84		116.52		136.04		14.74
MIDWEST		19.76		(3.27	)		0.85			182.25		0.61		22.44		19.66		105.08		111.53		12.52
NORTH CENTRAL		24.10		(5.41	)		2.05			188.86		1.15		34.78		22.73		107.49		124.02		15.99
NORTHEAST		15.62		(10.44	)		0.76			132.99		0.19		27.18		29.23		124.19		133.19		13.09
SOUTHEAST		22.58		(8.14	)		1.46			222.63		0.72		13.90		16.65		88.49		103.85		9.74
SOUTHWEST		23.20		6.43			1.41			160.71		0.15		28.17		25.29		135.79		148.05		15.54
WEST		20.88		(18.39	)		1.88			152.34		0.51		13.16		18.82		113.29		121.36		12.96

AVERAGE BY EXCHANGE
NYSE		21.20		(17.48	)		1.64			182.51		0.40		13.04		12.99		111.29		146.23		12.40
NASDAQ		17.96		(11.55	)		0.97			131.87		0.38		25.18		24.76		122.69		138.21		14.42
OTC BB		20.58		(4.80	)		1.10			177.35		0.77		25.03		21.47		103.09		107.94		12.26
OTC PINK		21.83		6.30			1.32			217.29		0.59		18.06		19.05		99.42		102.69		12.19

109

EXHIBIT 31

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)

SZBI	SOUTHFIRST BANCSHARES	AL		84,260		9,458		9,458		0.01			0.10			0.07			0.93		OTC PINK		702,000		2,457
AX	AXOS FINANCIAL	CA		9,791,520		1,000,247		921,892		1.64			1.65			16.71			16.75		NYSE		62,831,731		1,582,103
BYFC	BROADWAY FINANCIAL CORP	CA		417,335		50,855		50,837		0.32			0.07			2.59			0.56		NASDAQ		18,662,402		20,342
MLGF	MALAGA FINANCIAL CORPORATION	CA		1,068,569		144,414		144,414		1.52			1.51			11.39			11.34		OTC BB		6,330,000		164,580
PROV	PROVIDENT FINANCIAL HOLDINGS	CA		1,157,454		111,817		110,944		0.42			0.34			4.33			3.47		NASDAQ		7,500,860		117,764
SIFI	SI FINANCIAL GROUP	CT		1,596,497		164,012		146,355		0.41			0.41			3.97			3.97		NASDAQ		12,033,734		153,911
UBNK	UNITED FINANCIAL BANCORP	CT		7,212,544		709,818		576,577		0.80			0.81			8.18			8.25		NASDAQ		51,146,888		753,394
WSFS	WSFS FINANCIAL CORP	DE		7,159,842		798,822		612,238		1.35			1.28			12.53			11.86		NASDAQ		31,852,190		1,195,731
ABCB	AMERIS BANCORP	GA		11,428,994		1,404,977		833,821		0.90			0.93			7.79			8.08		NASDAQ		47,496,966		1,493,305
TBNK	TERRITORIAL BANCORP	HI		2,025,572		217,957		217,723		0.85			0.85			8.03			8.00		NASDAQ		9,681,579		248,429
WCFB	WCF BANCORP	IA		116,027		18,592		18,535		0.14			(0.22	)		0.91			(1.42	)	NASDAQ		2,561,542		20,364
AJSB	AJS BANCORP	IL		182,855		26,842		26,840		0.12			0.07			0.78			0.45		OTC BB		2,149,860		32,807
AFBA	ALLIED FIRST BANCORP	IL		84,208		9,488		9,488		(1.12	)		(1.46	)		(9.86	)		(12.93	)	OTC BB		1,351,892		1,419
BFFI	BEN FRANKLIN FINANCIAL	IL		94,276		10,276		10,276		(0.30	)		(0.40	)		(3.11	)		(4.21	)	OTC BB		1,280,000		8,781
GTPS	GREAT AMERICAN BANCORP	IL		165,798		16,952		15,763		0.41			0.40			4.16			4.11		OTC BB		443,680		12,889
IROQ	IF BANCORP	IL		655,454		69,833		68,939		0.28			0.25			2.50			2.29		NASDAQ		3,871,408		77,815
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL		113,361		10,673		10,673		(0.08	)		(0.08	)		(0.89	)		(0.89	)	OTC PINK		372,600		9,393
OTTW	OTTAWA SAVINGS BANCORP	IL		277,304		43,408		42,065		0.38			0.37			2.41			2.30		OTC BB		3,383,160		45,098
RYFL	ROYAL FINANCIAL	IL		406,247		45,778		43,097		0.74			0.75			6.93			6.99		OTC BB		2,507,112		35,852
SUGR	SUGAR CREEK FINANCIAL CORP	IL		96,329		10,779		10,779		0.08			0.05			0.69			0.48		OTC BB		781,830		7,896
DSFN	DSA FINANCIAL CORP	IN		119,565		14,513		14,146		0.67			0.67			5.51			5.51		OTC PINK		1,349,146		16,190
FDLB	FIDELITY FEDERAL BANCORP	IN		787,787		91,235		89,329		2.24			1.43			18.84			12.01		OTC PINK		844,763		33,791
FBPI	FIRST BANCORP OF INDIANA	IN		429,319		39,272		32,005		0.29			0.34			3.18			3.67		OTC BB		1,749,165		33,322
FCAP	FIRST CAPITAL	IN		786,360		74,881		67,407		1.01			1.03			10.32			10.52		NASDAQ		3,356,144		137,602
NWIN	NORTHWEST INDIANA BANCORP	IN		1,069,917		93,855		85,629		0.83			0.68			8.97			7.39		OTC BB		3,029,157		130,254

110

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)

TDCB	THIRD CENTURY BANCORP	IN		158,132		15,875		15,662		0.51			0.51			5.04			5.07		OTC BB		1,180,321		12,688
WEIN	WEST END INDIANA BANCSHARES	IN		308,351		29,257		28,427		0.44			0.49			4.75			5.29		OTC BB		1,065,336		26,101
CFFN	CAPITOL FEDERAL FINANCIAL	KS		9,463,253		1,391,622		1,372,669		1.08			1.08			7.26			7.29		NASDAQ		141,225,516		1,804,862
PBSK	POAGE BANKSHARES	KY		440,641		57,535		54,944		(0.27	)		(0.30	)		(2.12	)		(2.36	)	NASDAQ		3,497,243		88,515
CTUY	CENTURY NEXT FINANCIAL CORP	LA		306,710		28,720		28,720		1.04			1.03			11.33			11.22		OTC BB		1,050,000		31,500
FPBF	FPB FINANCIAL CORP	LA		382,026		38,292		38,214		1.26			1.27			12.70			12.79		OTC PINK		2,650,000		66,913
HRGG	HERITAGE NOLA BANCORP	LA		115,709		18,075		17,717		0.55			0.55			3.47			3.46		OTC PINK		1,719,236		21,662
HFBL	HOME FED BANCORP OF LOUISIANA	LA		428,684		47,206		47,206		0.94			0.96			8.46			8.61		NASDAQ		1,894,105		54,645
BHBK	BLUE HILLS BANCORP	MA		2,782,027		352,828		341,496		0.85			0.81			6.76			6.50		NASDAQ		26,899,594		571,347
BLMT	BSB BANCORP INC.	MA		2,972,085		197,950		196,835		0.72			0.72			10.86			10.84		NASDAQ		9,753,797		270,960
HONE	HARBORONE BANCORP	MA		2,853,688		273,352		235,814		0.53			0.53			5.44			5.44		NASDAQ		32,503,843		518,761
MELR	MELROSE BANCORP	MA		318,477		37,033		37,033		0.56			0.38			4.78			3.28		NASDAQ		2,591,424		49,004
EBSB	MERIDIAN BANCORP	MA		5,775,613		679,143		656,403		0.94			0.81			7.93			6.82		NASDAQ		54,233,331		775,537
PLRM	PILGRIM BANCSHARES	MA		265,726		26,287		26,287		0.59			0.60			6.10			6.21		OTC BB		2,261,619		51,655
PVBC	PROVIDENT BANCORP	MA		914,648		113,968		113,968		0.90			0.52			7.42			4.24		NASDAQ		9,634,368		208,102
RNDB	RANDOLPH BANCORP	MA		590,232		66,083		58,694		(0.61	)		(0.68	)		(5.05	)		(5.61	)	NASDAQ		5,987,796		83,530
WEBK	WELLESLEY BANCORP	MA		835,964		70,035		69,939		0.71			0.70			8.60			8.48		NASDAQ		2,525,186		73,735
WNEB	WESTERN NEW ENGLAND BANCORP	MA		2,147,502		229,485		212,915		0.66			0.67			5.92			6.04		NASDAQ		29,453,808		288,647
HBK	HAMILTON BANCORP	MD		498,706		49,328		40,215		(1.00	)		(1.04	)		(10.67	)		(11.08	)	NASDAQ		3,416,414		47,488
MBCQ	MB BANCORP	MD		150,196		24,570		24,570		0.71			0.36			4.41			2.21		OTC BB		1,960,620		27,351
SVBI	SEVERN BANCORP	MD		885,696		113,616		112,800		0.78			0.74			5.81			5.52		NASDAQ		12,695,801		100,043
FBC	FLAGSTAR BANCORP	MI		18,697,239		1,518,394		1,134,902		0.52			0.53			6.34			6.51		NYSE		57,625,439		1,525,345
NWBB	NEW BANCORP	MI		118,089		14,816		13,593		0.68			0.67			5.74			5.68		OTC BB		719,031		11,361
SBT	STERLING BANCORP	MI		3,197,600		319,443		309,470		1.75			1.75			18.22			18.21		NASDAQ		53,012,283		376,387
STBI	STURGIS BANCORP	MI		447,439		41,773		34,561		0.99			0.93			10.64			10.06		OTC BB		2,099,491		41,990

111

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)

HMNF	HMN FINANCIAL	MN		737,224		76,664		73,737		0.91			0.79			8.48			7.39		NASDAQ		4,609,440		90,391
REDW	REDWOOD FINANCIAL	MN		310,221		35,011		29,253		1.24			1.26			10.75			10.93		OTC PINK		438,551		30,699
CFDB	CENTRAL FEDERAL S&L ASSN OF ROLLA	MO		70,075		20,585		20,585		0.31			0.31			1.03			1.03		OTC PINK		1,627,220		21,642
NASB	NASB FINANCIAL	MO		2,047,222		235,536		220,257		1.51			1.54			12.79			13.08		OTC BB		7,384,851		280,624
KSBI	KS BANCORP	NC		389,338		34,241		34,241		0.82			0.80			8.95			8.80		OTC BB		1,309,500		35,357
LSFG	LIFESTORE FINANCIAL GROUP	NC		282,523		29,509		28,599		0.82			0.80			8.05			7.83		OTC PINK		1,050,000		29,663
UBNC	UNION BANK	NC		731,365		75,052		59,433		0.77			0.77			7.39			7.41		OTC PINK		5,990,000		85,957
EQFN	EQUITABLE FINANCIAL CORP	NE		289,827		30,989		27,984		0.61			0.52			5.89			5.03		NASDAQ		2,900,000		31,726
MCBK	MADISON COUNTY FINANCIAL	NE		399,927		69,878		67,118		1.13			1.09			6.45			6.21		OTC PINK		2,650,000		66,515
KRNY	KEARNY FINANCIAL CORP	NJ		6,656,211		1,236,081		1,018,826		0.44			0.44			2.27			2.27		NASDAQ		97,753,800		1,249,294
MSBF	MB BANCORP	NJ		590,349		60,341		60,341		0.69			0.69			6.82			6.82		NASDAQ		5,513,165		100,560
NFBK	NORTHFIELD BANCORP	NJ		4,286,415		654,528		614,882		0.69			0.68			4.40			4.34		NASDAQ		49,534,774		668,719
OCFC	OCEANFIRST FINANCIAL CORP	NJ		7,573,407		1,029,844		673,679		0.78			0.78			6.04			6.07		NASDAQ		48,382,370		1,088,603
ORIT	ORITANI FINANCIAL CORP	NJ		4,111,298		563,002		563,002		1.07			1.03			7.96			7.66		NASDAQ		46,619,858		690,440
PFS	PROVIDENT FINANCIAL SERVICES	NJ		9,709,633		1,331,736		913,062		1.05			1.04			7.78			7.71		NYSE		66,857,212		1,599,225
BCTF	BANCORP 34	NM		372,774		43,231		42,896		0.16			0.21			1.37			1.78		NASDAQ		3,404,065		48,678
CARV	CARVER BANCORP	NY		615,047		48,270		48,109		0.53			(1.06	)		6.93			(13.75	)	NASDAQ		3,698,664		12,723
DCOM	DIME COMMUNITY BANCSHARES	NY		6,294,193		603,577		546,582		0.86			0.66			8.95			6.83		NASDAQ		36,612,153		616,183
ESBK	ELMIRA SAVINGS BANK	NY		570,992		57,512		43,929		0.85			0.61			8.32			6.00		NASDAQ		3,490,000		65,787
FSBC	FSB COMMUNITY BANKSHARES	NY		325,268		29,407		28,559		0.14			0.14			1.56			1.53		NASDAQ		1,943,253		33,035
NYCB	NEW YORK COMMUNITY BANCORP	NY		51,246,654		6,794,015		4,356,630		0.91			0.91			6.73			6.71		NYSE		490,341,864		4,516,049
PDLB	PDL COMMUNITY BANCORP	NY		981,089		128,339		128,339		0.13			0.13			1.00			0.99		NASDAQ		18,463,028		233,557
SNNF	SENECA FIN CORP	NY		192,658		15,902		15,902		0.39			0.39			4.53			4.52		OTC PINK		1,978,923		15,831
SNNY	SUNNYSIDE BANCORP	NY		82,458		10,171		10,171		(0.40	)		(0.40	)		(3.20	)		(3.22	)	OTC BB		793,500		9,522
TRST	TRUSTCO BANK CORP NY	NY		4,885,879		477,118		476,565		1.07			1.07			11.30			11.24		NASDAQ		96,585,930		665,477

112

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)

CNNB	CINCINNATI BANCORP	OH		176,963		19,471		18,367		0.68			0.58			6.25			5.34		OTC BB		1,752,947		21,035
CCSB	COMM SAVINGS BANCORP	OH		49,760		7,479		7,479		(1.65	)		(2.09	)		(10.68	)		(13.52	)	OTC BB		441,290		5,803
CIBN	COMMUNITY INVESTORS BANCORP	OH		148,342		13,324		12,771		0.81			0.74			9.18			8.38		OTC PINK		795,192		13,280
EFBI	EAGLE FIN BANCORP	OH		137,775		20,646		20,646		0.47			0.36			3.08			2.36		NASDAQ		1,625,708		24,841
FDEF	FIRST DEFIANCE FINANCIAL CORP	OH		3,098,191		393,457		280,129		1.43			1.41			11.36			11.15		NASDAQ		20,401,461		499,224
FNFI	FIRST NILES FINANCIAL	OH		98,164		11,032		11,032		0.33			0.35			2.88			3.05		OTC PINK		1,113,172		7,792
HCFL	HOME CITY FINANCIAL CORP	OH		169,996		19,533		19,533		1.17			1.17			10.00			10.02		OTC PINK		846,120		31,603
HLFN	HOME LOAN FINANCIAL CORP	OH		206,786		24,556		24,443		1.65			1.63			14.18			14.02		OTC BB		1,500,000		45,375
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH		110,437		14,655		14,655		0.60			0.60			4.60			4.55		OTC PINK		1,194,643		13,320
PFOH	PERPETUAL FEDERAL SAVINGS BANK	OH		394,833		72,589		72,589		1.52			1.47			8.45			8.17		OTC PINK		2,470,000		72,248
UCFC	UNITED COMMUNITY FINANCIAL CORP	OH		2,778,580		271,376		242,938		1.13			1.10			11.18			10.93		NASDAQ		49,922,514		442,813
VERF	VERSAILLES FINANCIAL CORP	OH		53,171		10,864		10,864		0.54			0.54			2.82			2.82		OTC BB		387,367		13,945
BNCL	BENEFICIAL MUTUAL BANCORP	PA		5,870,975		1,037,146		873,392		0.53			0.52			3.00			2.95		NASDAQ		74,985,517		1,063,295
ESSA	ESSA BANCORP	PA		1,828,833		173,431		158,049		0.39			0.39			4.13			4.15		NASDAQ		11,782,718		181,690
HARL	HARLEYSVILLE SAVINGS FINANCIAL	PA		769,967		71,914		71,914		1.01			0.97			11.06			10.63		OTC PINK		3,748,015		86,767
NWBI	NORTHWEST BANCSHARES	PA		9,657,091		1,240,676		909,713		1.06			1.06			8.27			8.30		NASDAQ		103,293,480		1,741,528
PBIP	PRUDENTIAL BANCORP	PA		1,080,407		121,718		115,045		0.75			0.79			6.01			6.31		NASDAQ		8,987,356		155,032
QNTO	QUAINT OAK BANCORP	PA		258,192		21,647		20,663		0.68			0.65			8.04			7.77		OTC PINK		1,991,623		23,899
STND	STANDARD FINANCIAL CORP	PA		981,497		131,002		102,004		0.86			0.90			6.50			6.78		OTC BB		4,804,992		145,351
CASH	META FINANCIAL GROUP	SD		5,835,080		747,726		371,979		1.05			1.07			9.96			10.16		NASDAQ		39,167,280		753,187
SFBK	SFB BANCORP	TN		69,061		9,916		9,748		0.45			0.62			3.04			4.18		OTC PINK		261,914		8,512
UNTN	UNITED TENNESSEE BANKSHARES	TN		203,101		20,927		20,927		0.70			0.69			6.85			6.78		OTC PINK		827,000		17,367
STXB	SPIRIT OF TEXAS BANCSHARES	TX		1,101,354		111,094		100,099		1.00			1.00			9.89			9.91		NASDAQ		9,812,481		213,421
TBK	TRIUMPH BANCORP	TX		4,537,100		616,641		414,800		1.05			1.10			7.91			8.29		NASDAQ		26,175,759		775,326
FSBW	FS BANCORP	WA		1,189,916		136,514		123,926		1.56			1.54			12.88			12.75		NASDAQ		3,716,460		156,983

113

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)

RVSB	RIVERVIEW BANCORP	WA		1,147,224		141,973		113,542		1.23			1.20			10.13			9.93		NASDAQ		22,598,712		161,807
TSBK	TIMBERLAND BANCORP	WA		1,015,687		121,818		114,140		1.70			1.68			14.63			14.50		NASDAQ		7,401,177		177,628
HWIS	HOME BANCORP WISCONSIN	WI		145,134		10,780		10,780		(0.03	)		(0.09	)		(0.36	)		(1.26	)	OTC PINK		899,190		11,330
WSBF	WATERSTONE FINANCIAL	WI		1,916,995		404,644		402,812		1.52			1.46			6.97			6.70		NASDAQ		29,049,939		484,262
WBBW	WESTBURY BANCORP	WI		817,184		75,747		75,113		0.58			0.59			6.26			6.32		OTC BB		3,659,437		75,018

114

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		2,399,825		292,460		230,848		0.91			0.89			7.53			7.35				20,709,248		315,939
MEDIAN		590,349		69,833		60,341		0.71			0.68			6.50			6.31				3,490,000		73,735
HIGH		51,246,654		6,794,015		4,356,630		2.24			1.75			18.84			18.21				490,341,864		4,516,049
LOW		49,760		7,479		7,479		(1.65	)		(2.09	)		(10.68	)		(13.75	)			261,914		1,419

AVERAGE FOR STATE
LA		308,282		33,073		32,964		1.03			1.03			9.57			9.63				1,828,335		43,680

AVERAGE BY REGION
MID-ATLANTIC		3,651,101		509,377		404,964		0.87			0.85			6.27			6.17				33,775,289		597,942
MIDWEST		1,081,627		109,029		92,837		0.84			0.81			8.23			7.99				7,270,223		122,983
NORTH CENTRAL		2,140,984		291,845		244,680		1.10			1.10			8.35			8.36				22,507,156		344,446
NORTHEAST		4,450,440		527,824		396,529		0.85			0.81			7.05			6.70				42,520,605		474,607
SOUTHEAST		1,884,092		226,297		142,318		0.87			0.90			7.69			7.95				8,233,911		238,945
SOUTHWEST		1,034,908		129,037		98,522		0.99			1.02			8.10			8.38				6,672,235		173,164
WEST		2,226,660		240,699		224,677		1.40			1.39			13.24			13.11				17,340,365		328,705

AVERAGE BY EXCHANGE
NYSE		22,361,262		2,661,098		1,831,622		0.93			0.93			7.70			7.71				169,414,062		2,305,681
NASDAQ		2,757,473		343,358		285,895		0.90			0.87			7.34			7.08				26,526,779		414,272
OTC		401,302		45,055		42,120		0.90			0.88			7.98			7.82				2,129,852		50,291
OTC PINK		270,759		31,568		30,229		1.04			0.92			8.90			7.92				1,614,514		31,220

115

EXHIBIT 32

KELLER & COMPANY

Dublin, Ohio

614-766-1426

RECENT STANDARD CONVERSIONS

PRICE CHANGES FROM IPO DATE

June 30, 2017 through February 12, 2019

				Percentage Price Change
				From Initial Trading Date
		Conversion		One			One			One			Through
Company Name	Ticker	Date	Exchange	Day			Week			Month			2/12/2019

Eagle Financial Bancorp	EFBI	7/21/2017	NASDAQ		14.92			60.80			60.00			57.20
FFBW, Inc.	FFBW	10/11/2017	NASDAQ		15.30			11.00			11.00			11.00
Heritage NOLA Bancorp	HRGG	7/13/2017	OTC MKT		15.00			13.50			13.50			29.00
Seneca Financial	SNNF	10/12/2017	OTC MKT		18.00			(8.50	)		(10.00	)		(19.00	)
SSB Bancorp	SSBP	1/26/2018	OTC MKT		(5.50	)		(7.50	)		(4.00	)		(10.00	)
Columbia Financial	CLBK	4/20/2018	NASDAQ		54.20			66.30			70.70			59.30
CBM Bancorp	CBMB	9/28/2018	NASDAQ		28.00			26.30			22.00			30.00
1895 Bancorp of Wisconsin	BCOW	1/09/2019	NASDAQ		(4.00	)		(1.80	)		(5.20	)		(6.90	)

		AVERAGE			16.99	%		20.01	%		19.75	%		18.83	%
		MEDIAN			15.15			12.25			12.25			20.00
		HIGH			54.20			66.30			70.70			59.30
		LOW			(5.50	)		(8.50	)		(10.00	)		(19.00	)

116

EXHIBIT 33

KELLER & COMPANY

Dublin, Ohio

614-766-1426

RECENT ACQUISITIONS AND PENDING ACQUISITIONS

COUNTY, CITY OR MARKET AREA OF EUREKA HOMESTEAD

NONE

(that were potential comparable group candidates)

117

EXHIBIT 34

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

BALANCE SHEET PARAMETERS

Most Recent Quarter

General Parameters:

Regions: Mid-Atlantic, MIdwest, Northcentral, Northeast, Southeast and Southwest

Trades on NYSE or NASDAQ

Asset size: < $1.2 Billion

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)		(%)		(%)		(%)		(%)		(%)		(%)		(%)

	EUREKA HOMESTEAD BANCORP, INC.	LA		98,070		5.86		3.95		76.59		83.21		87.16		26.54		12.48

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 1,200,000		< 40.00		< 18.00		< 78.00		53.00 - 93.00		70.00 - 95.00		< 32.00		8.00 - 16.00

WCFB	WCF BANCORP	IA		116,027		36.20		20.41		47.92		55.18		75.59		29.19		16.02
IROQ	IF BANCORP	IL		655,454		20.61		6.87		20.11		73.91		80.78		22.48		10.65
FCAP	FIRST CAPITAL	IN		786,360		39.07		4.04		16.32		54.80		58.84		9.54		9.52
PBSK	POAGE BANKSHARES	KY		440,641		117.82		2.06		35.95		71.63		73.68		14.93		13.06
HFBL	HOME FED BANCORP OF LOUISIANA	LA		428,684		15.41		6.75		31.95		77.03		83.78		12.54		11.01
MELR	MELROSE BANCORP	MA		318,477		11.94		0.00		58.65		83.51		83.51		23.57		11.63
PVBC	PROVIDENT BANCORP	MA		914,648		7.04		2.83		11.85		87.12		89.95		15.73		12.46
RNDB	RANDOLPH BANCORP	MA		590,232		10.68		2.90		54.26		79.45		82.35		25.05		11.20
WEBK	WELLESLEY BANCORP	MA		835,964		11.00		1.04		56.95		86.14		87.18		19.13		8.38
HBK	HAMILTON BANCORP	MD		498,706		16.21		7.43		37.77		76.19		83.63		21.07		9.89
SVBI	SEVERN BANCORP	MD		885,696		17.52		2.95		37.45		76.83		79.78		20.73		12.83
HMNF	HMN FINANCIAL	MN		737,224		17.37		0.03		20.16		79.49		79.52		10.40		10.40
EQFN	EQUITABLE FINANCIAL CORP	NE		289,827		2.68		0.07		22.37		92.35		92.42		13.24		10.69
MSBF	MB BANCORP	NJ		590,349		11.02		4.20		27.42		83.82		88.03		24.13		10.22
BCTF	BANCORP 34	NM		372,774		9.16		3.41		17.41		77.64		81.06		30.84		11.60
CARV	CARVER BANCORP	NY		615,047		28.43		9.35		20.81		69.36		78.71		7.85		7.85
ESBK	ELMIRA SAVINGS BANK	NY		570,992		8.30		0.03		52.56		81.09		81.12		15.50		10.07
FSBC	FSB COMMUNITY BANKSHARES	NY		325,268		8.53		0.05		70.29		85.80		85.85		31.73		9.04
PDLB	PDL COMMUNITY BANCORP	NY		981,089		4.75		0.09		39.60		91.11		91.20		17.62		13.08
EFBI	EAGLE FIN BANCORP	OH		137,775		9.93		0.00		57.28		80.41		80.41		14.99		14.99
PBIP	PRUDENTIAL BANCORP	PA		1,080,407		38.49		16.31		29.53		55.81		72.11		25.58		11.27
STXB	SPIRIT OF TEXAS BANCSHARES	TX		1,101,354		7.06		2.37		28.12		86.07		88.43		16.89		10.09

118

EXHIBIT 35

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, Southeast and Southwest

Trades on NYSE or NASDAQ

Asset size: < $1.2 Billion

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)		(%)			(%)			(%)		(%)		(%)		(%)		(%)		(%)

	EUREKA HOMESTEAD BANCORP, INC.	LA		98,070		0.30			2.42			2.32		2.34		0.52		0.00		0.00		0.87

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 1,200,000		< 1.00			< 9.00			2.00 - 4.00		1.30 - 3.80		< 1.30		< 1.50		< 0.80		> 0.40

WCFB	WCF BANCORP	IA		116,027		(0.22	)		(1.42	)		2.91		2.86		0.79		0.71		0.41		0.45
IROQ	IF BANCORP	IL		655,454		0.25			2.29			2.71		2.55		0.64		0.83		0.76		0.94
FCAP	FIRST CAPITAL	IN		786,360		1.03			10.52			3.61		2.76		0.87		0.75		0.40		0.53
PBSK	POAGE BANKSHARES	KY		440,641		(0.30	)		(2.36	)		3.71		3.63		0.63		1.66		0.18		0.71
HFBL	HOME FED BANCORP OF LOUISIANA	LA		428,684		0.96			8.61			3.73		2.49		0.61		0.64		0.43		0.82
MELR	MELROSE BANCORP	MA		318,477		0.38			3.28			2.48		1.60		0.06		0.11		0.00		0.43
PVBC	PROVIDENT BANCORP	MA		914,648		0.52			4.24			4.10		2.80		0.49		0.80		0.00		1.22
RNDB	RANDOLPH BANCORP	MA		590,232		(0.68	)		(5.61	)		2.93		5.13		1.84		0.48		0.01		0.66
WEBK	WELLESLEY BANCORP	MA		835,964		0.70			8.48			3.04		2.04		0.28		0.14		0.00		0.78
HBK	HAMILTON BANCORP	MD		498,706		(1.04	)		(11.08	)		3.03		2.55		0.46		1.37		0.15		0.61
SVBI	SEVERN BANCORP	MD		885,696		0.74			5.52			3.62		2.61		0.65		0.68		0.03		0.91
HMNF	HMN FINANCIAL	MN		737,224		0.79			7.39			3.79		3.22		0.94		0.80		0.06		1.20
EQFN	EQUITABLE FINANCIAL CORP	NE		289,827		0.52			5.03			3.60		3.07		0.89		1.41		0.08		1.39
MSBF	MB BANCORP	NJ		590,349		0.69			6.82			3.21		1.95		0.14		0.48		0.00		0.96
BCTF	BANCORP 34	NM		372,774		0.21			1.78			4.01		7.11		4.01		1.43		0.00		0.87
CARV	CARVER BANCORP	NY		615,047		(1.06	)		(13.75	)		2.99		4.66		2.29		1.64		0.04		0.78
ESBK	ELMIRA SAVINGS BANK	NY		570,992		0.61			6.00			3.28		2.82		0.83		0.79		0.01		0.77
FSBC	FSB COMMUNITY BANKSHARES	NY		325,268		0.14			1.53			2.89		3.20		0.76		0.03		0.00		0.46
PDLB	PDL COMMUNITY BANCORP	NY		981,089		0.13			0.99			3.68		3.30		0.29		0.67		0.00		1.26
EFBI	EAGLE FIN BANCORP	OH		137,775		0.36			2.36			3.36		3.77		1.27		0.59		0.16		0.86
PBIP	PRUDENTIAL BANCORP	PA		1,080,407		0.79			6.31			2.47		1.42		0.29		1.33		0.09		0.48
STXB	SPIRIT OF TEXAS BANCSHARES	TX		1,101,354		1.00			9.91			4.49		3.31		0.66		0.37		0.02		0.56

119

EXHIBIT 36

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)		(%)		(%)		(%)		(%)		(%)		(%)		(%)

	EUREKA HOMESTEAD BANCORP, INC.	LA		98,070		5.86		3.95		76.59		83.21		87.16		26.54		12.48

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 1,200,000		< 40.00		< 18.00		< 78.00		53.00 - 93.00		70.00 - 95.00		< 32.00		8.00 - 16.00

EFBI	EAGLE FIN BANCORP	OH		137,775		9.93		0.00		57.28		80.41		80.41		14.99		14.99
EQFN	EQUITABLE FINANCIAL CORP	NE		289,827		2.68		0.07		22.37		92.35		92.42		13.24		10.69
FSBC	FSB COMMUNITY BANKSHARES	NY		325,268		8.53		0.05		70.29		85.80		85.85		31.73		9.04
HFBL	HOME FED BANCORP OF LOUISIANA	LA		428,684		15.41		6.75		31.95		77.03		83.78		12.54		11.01
ESBK	ELMIRA SAVINGS BANK	NY		570,992		8.30		0.03		52.56		81.09		81.12		15.50		10.07
IROQ	IF BANCORP	IL		655,454		20.61		6.87		20.11		73.91		80.78		22.48		10.65
HMNF	HMN FINANCIAL	MN		737,224		17.37		0.03		20.16		79.49		79.52		10.40		10.40
WEBK	WELLESLEY BANCORP	MA		835,964		11.00		1.04		56.95		86.14		87.18		19.13		8.38
SVBI	SEVERN BANCORP	MD		885,696		17.52		2.95		37.45		76.83		79.78		20.73		12.83
PBIP	PRUDENTIAL BANCORP	PA		1,080,407		38.49		16.31		29.53		55.81		72.11		25.58		11.27

		AVERAGE		594,729		14.98		3.41		39.86		78.89		82.29		18.63		10.93
		MEDIAN		613,223		13.21		0.55		34.70		79.95		80.95		17.31		10.67
		HIGH		1,080,407		38.49		16.31		70.29		92.35		92.42		31.73		14.99
		LOW		137,775		2.68		0.00		20.11		55.81		72.11		10.40		8.38

120

EXHIBIT 37

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)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)

	EUREKA HOMESTEAD BANCORP, INC.	LA		98,070		0.30		2.42		2.32		2.34		0.52		0.00		0.00		0.87

	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			< 1,200,000		< 1.00		< 9.00		2.00 - 4.00		1.30 - 3.80		< 1.30		< 1.50		< 0.80		> 0.40

EFBI	EAGLE FIN BANCORP	OH		137,775		0.36		2.36		3.36		3.77		1.27		0.59		0.16		0.86
EQFN	EQUITABLE FINANCIAL CORP	NE		289,827		0.52		5.03		3.60		3.07		0.89		1.41		0.08		1.39
FSBC	FSB COMMUNITY BANKSHARES	NY		325,268		0.14		1.53		2.89		3.20		0.76		0.03		0.00		0.46
HFBL	HOME FED BANCORP OF LOUISIANA	LA		428,684		0.96		8.61		3.73		2.49		0.61		0.64		0.43		0.82
ESBK	ELMIRA SAVINGS BANK	NY		570,992		0.61		6.00		3.28		2.82		0.83		0.79		0.01		0.77
IROQ	IF BANCORP	IL		655,454		0.25		2.29		2.71		2.55		0.64		0.83		0.76		0.94
HMNF	HMN FINANCIAL	MN		737,224		0.79		7.39		3.79		3.22		0.94		0.80		0.06		1.20
WEBK	WELLESLEY BANCORP	MA		835,964		0.70		8.48		3.04		2.04		0.28		0.14		0.00		0.78
SVBI	SEVERN BANCORP	MD		885,696		0.74		5.52		3.62		2.61		0.65		0.68		0.03		0.91
PBIP	PRUDENTIAL BANCORP	PA		1,080,407		0.79		6.31		2.47		1.42		0.29		1.33		0.09		0.48

		AVERAGE		594,729		0.59		5.35		3.25		2.72		0.72		0.72		0.16		0.86
		MEDIAN		613,223		0.66		5.76		3.32		2.72		0.71		0.74		0.07		0.84
		HIGH		1,080,407		0.96		8.61		3.79		3.77		1.27		1.41		0.76		1.39
		LOW		137,775		0.14		1.53		2.47		1.42		0.28		0.03		0.00		0.46

121

EXHIBIT 38

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

EUREKA HOMESTEAD BANCORP, INC.		METAIRIE	LA	1		-		98,070		88,886		81,072		0		56,183		12,239

COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP	CINCINNATI	OH	3		NASDAQ		137,085		123,868		113,316		0		112,943		20,849
ESBK	ELMIRA SAVINGS BANK	ELMIRA	NY	13		NASDAQ		590,217		511,278		478,077		13,513		492,784		57,949
EQFN	EQUITABLE FINANCIAL CORP	GRAND ISLAND	NE	6		NASDAQ		292,321		268,411		271,775		2,972		251,485		31,645
FSBC	FSB COMMUNITY BANKSHARES	FAIRPORT	NY	5		NASDAQ		326,569		305,804		281,748		812		222,622		29,661
HMNF	HMN FINANCIAL	ROCHESTER	MN	14		NASDAQ		711,235		702,276		586,628		2,912		627,693		79,737
HFBL	HOME FED BANCORP OF LOUISIANA	SHREVEPORT	LA	7		NASDAQ		425,956		392,605		322,274		0		374,035		48,710
IROQ	IF BANCORP	WATSEKA	IL	7		NASDAQ		664,274		609,907		494,162		896		498,089		72,727
PBIP	PRUDENTIAL BANCORP	PHILADELPHIA	PA	11		NASDAQ		1,115,161		966,071		588,511		6,640		758,967		126,216
SVBI	SEVERN BANCORP	ANNAPOLIS	MD	6		NASDAQ		970,655		850,046		672,292		771		782,988		115,798
WEBK	WELLESLEY BANCORP	WELLESLEY	MA	6		NASDAQ		869,482		813,877		737,061		96		718,403		71,951

	Average			8				610,296		554,414		454,584		2,861		484,001		65,524
	Median			7				627,246		560,592		486,120		854		495,437		64,950
	High			14				1,115,161		966,071		737,061		13,513		782,988		126,216
	Low			3				137,085		123,868		113,316		0		112,943		20,849

122

EXHIBIT 39

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
EUREKA HOMESTEAD BANCORP, INC.			98,070		5.86		3.95		83.21		0.87		0.00		0.00		0.00		93.67		83.83		0.00


COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP		137,775		9.93		0.00		82.89		0.86		0.16		0.00		0.43		92.49		62.67		0.00
EQFN	EQUITABLE FINANCIAL CORP		289,827		2.68		0.07		94.00		1.39		0.08		1.04		1.34		95.01		75.84		0.31
FSBC	FSB COMMUNITY BANKSHARES		325,268		8.53		0.05		87.69		0.46		0.00		0.26		0.03		95.71		86.86		0.26
HFBL	HOME FED BANCORP OF LOUISIANA		428,684		15.41		6.75		78.18		0.82		0.43		0.00		0.22		93.66		73.89		0.00
ESBK	ELMIRA SAVINGS BANK		570,992		8.30		0.03		82.26		0.77		0.01		2.38		0.77		89.10		74.87		0.22
IROQ	IF BANCORP		655,454		20.61		6.87		74.86		0.94		0.76		0.14		0.06		94.84		83.62		0.14
HMNF	HMN FINANCIAL		737,224		17.37		0.03		80.97		1.20		0.06		0.40		0.75		97.88		65.83		0.25
WEBK	WELLESLEY BANCORP		835,964		11.00		1.04		87.01		0.78		0.00		0.01		0.14		97.36		75.21		0.01
SVBI	SEVERN BANCORP		885,696		17.52		2.95		78.75		0.91		0.03		0.09		0.65		96.03		76.88		0.05
PBIP	PRUDENTIAL BANCORP		1,080,407		38.49		16.31		56.28		0.48		0.09		0.62		1.24		94.54		86.34		0.00

	Average		594,729		14.98		3.41		80.29		0.86		0.16		0.49		0.56		94.66		76.20		0.12
	Median		613,223		13.21		0.56		81.62		0.84		0.07		0.20		0.54		94.93		75.53		0.10
	High		1,080,407		38.49		16.31		94.00		1.39		0.76		2.38		1.34		97.88		86.86		0.31
	Low		137,775		2.68		0.00		56.28		0.46		0.00		0.00		0.03		89.10		62.67		0.00

ALL THRIFTS (105)
	Average		2,399,825		18.52		4.49		75.29		0.72		0.12		0.83		0.49		93.81		76.39		0.13

SOUTHWEST THRIFTS (7)
	Average		1,034,908		14.55		2.59		78.83		0.79		0.07		0.84		0.52		92.59		72.34		0.05

LOUISIANA THRIFTS (4)
	Average		308,282		17.81		2.89		76.45		0.87		0.11		0.08		0.26		93.32		73.75		0.08

123

EXHIBIT 40

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

EUREKA HOMESTEAD BANCORP, INC.			85,831		12,239		57.29		26.54		3.69		0.00		12.48		(0.10	)		12.58		12.48		12.23		25.98

COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP		117,129		20,646		82.51		0.00		2.51		0.00		14.99		0.00			10.59		14.99		15.97		16.89
EQFN	EQUITABLE FINANCIAL CORP		258,838		30,989		85.32		2.55		1.45		0.00		10.69		(0.01	)		5.70		10.69		10.76		12.01
FSBC	FSB COMMUNITY BANKSHARES		295,861		29,407		67.45		22.69		0.82		0.00		9.04		(0.09	)		5.82		9.04		14.86		15.62
HFBL	HOME FED BANCORP OF LOUISIANA		381,478		47,206		86.86		1.53		0.60		0.00		11.01		(0.26	)		7.70		11.01		16.19		17.36
ESBK	ELMIRA SAVINGS BANK		513,479		57,512		82.91		5.78		1.24		0.00		10.07		(0.06	)		0.53		10.07		12.23		13.36
IROQ	IF BANCORP		585,621		69,833		76.37		12.15		0.83		0.00		10.65		(0.66	)		8.04		10.65		14.64		15.86
HMNF	HMN FINANCIAL		660,560		76,664		89.04		0.00		0.56		0.00		10.40		(0.23	)		3.09		10.40		12.66		13.91
WEBK	WELLESLEY BANCORP		765,930		70,035		80.24		10.75		0.63		0.00		8.38		(0.11	)		5.63		8.38		11.41		12.46
SVBI	SEVERN BANCORP		772,080		113,616		78.72		7.90		0.55		0.00		12.83		(0.01	)		7.22		12.83		16.85		18.10
PBIP	PRUDENTIAL BANCORP		958,689		121,718		73.28		14.32		1.13		0.00		11.27		(0.75	)		2.55		11.27		18.76		19.59

	Average		530,967		63,763		80.27		7.77		1.03		0.00		10.93		(0.22	)		5.69		10.93		14.43		15.52
	Median		549,550		63,673		81.37		6.84		0.83		0.00		10.67		(0.10	)		5.76		10.67		14.75		15.74
	High		958,689		121,718		89.04		22.69		2.51		0.00		14.99		0.00			10.59		14.99		18.76		19.59
	Low		117,129		20,646		67.45		0.00		0.55		0.00		8.38		(0.75	)		0.53		8.38		10.76		12.01

ALL THRIFTS (105)
	Average		2,107,366		292,460		77.31		9.84		0.85		0.01		11.63		(0.27	)		5.97		11.71		17.15		18.27

SOUTHWEST THRIFTS (7)
	Average		905,871		129,037		78.92		8.54		0.78		0.03		11.58		(0.16	)		6.38		11.61		15.54		16.75

LOUISIANA THRIFTS (4)
	Average		275,209		33,073		81.56		6.27		0.67		0.00		11.51		(0.19	)		7.74		11.51		17.95		19.11

124

Exhibit 41

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

EUREKA HOMESTEAD BANCORP, INC.			3,743		1,654		2,089		(11	)		(55	)		505		2,256		349		54			295		292


COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP		4,830		725		4,105		99			0			1,755		5,193		568		(61	)		9,258		9,241
EQFN	EQUITABLE FINANCIAL CORP		11,951		2,109		9,842		578			0			2,574		8,904		2,934		1,171			1,763		1,505
FSBC	FSB COMMUNITY BANKSHARES		12,607		3,625		8,982		300			0			2,469		10,395		756		298			11,415		11,085
HFBL	HOME FED BANCORP OF LOUISIANA		18,714		3,637		15,077		1,000			0			2,617		10,670		6,024		2,090			23,574		23,947
ESBK	ELMIRA SAVINGS BANK		20,710		4,223		16,487		797			0			4,716		16,090		4,316		(442	)		45,736		27,192
IROQ	IF BANCORP		23,745		6,316		17,429		606			0			4,201		16,724		4,300		2,556			7,418		7,462
HMNF	HMN FINANCIAL		29,295		2,018		27,277		(423	)		0			6,948		23,711		10,925		4,314			31,924		31,938
WEBK	WELLESLEY BANCORP		32,328		7,270		25,058		752			0			2,330		17,079		9,557		3,731			35,134		34,015
SVBI	SEVERN BANCORP		35,905		7,082		28,823		(300	)		0			5,761		23,138		11,746		5,288			19,539		19,458
PBIP	PRUDENTIAL BANCORP		34,849		10,137		24,712		810			(376	)		3,115		15,347		11,294		3,830			4,660		4,713

	Average		22,493		4,714		17,779		422			(38	)		3,649		14,725		6,242		2,278			19,042		17,056
	Median		22,228		3,930		16,958		592			0			2,866		15,719		5,170		2,323			15,477		15,272
	High		35,905		10,137		28,823		1,000			0			6,948		23,711		11,746		5,288			45,736		34,015
	Low		4,830		725		4,105		(423	)		(376	)		1,755		5,193		568		(442	)		1,763		1,505

ALL THRIFTS (105)
	Average		87,000		20,419		66,581		2,313			68			19,443		53,722		30,521		9,408			77,084		59,554

SOUTHWEST THRIFTS (7)
	Average		52,254		7,592		44,662		2,990			(71	)		7,202		35,687		13,112		4,065			62,020		61,337

LOUISIANA THRIFTS (4)
	Average		13,710		2,352		11,359		623			(7	)		1,935		8,299		4,365		1,305			105,095		103,793

125

Exhibit 42

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

EUREKA HOMESTEAD BANCORP, INC.			3.88		1.72		2.17		(0.01	)		(0.06	)		0.52		2.34		0.36		0.06			0.31		0.30


COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP		3.61		0.54		3.07		0.07			0.00			1.31		3.89		0.43		(0.05	)		0.47		0.36
EQFN	EQUITABLE FINANCIAL CORP		4.16		0.73		3.43		0.20			0.00			0.90		3.10		1.02		0.41			0.61		0.52
FSBC	FSB COMMUNITY BANKSHARES		3.96		1.14		2.82		0.09			0.00			0.78		3.27		0.24		0.09			0.14		0.14
HFBL	HOME FED BANCORP OF LOUISIANA		4.46		0.87		3.60		0.24			0.00			0.62		2.55		1.44		0.50			0.94		0.96
ESBK	ELMIRA SAVINGS BANK		3.69		0.75		2.94		0.14			0.00			0.84		2.87		0.77		(0.08	)		0.85		0.61
IROQ	IF BANCORP		3.76		1.00		2.76		0.10			0.00			0.67		2.65		0.68		0.40			0.28		0.25
HMNF	HMN FINANCIAL		4.03		0.28		3.75		(0.06	)		0.00			0.96		3.26		1.50		0.59			0.91		0.79
WEBK	WELLESLEY BANCORP		3.93		0.88		3.05		0.09			0.00			0.28		2.08		1.16		0.45			0.71		0.70
SVBI	SEVERN BANCORP		4.35		0.86		3.49		(0.04	)		0.00			0.70		2.80		1.42		0.64			0.78		0.74
PBIP	PRUDENTIAL BANCORP		3.50		1.02		2.48		0.08			(0.04	)		0.31		1.54		1.13		0.38			0.75		0.79

	Average		3.95		0.81		3.14		0.09			(0.00	)		0.74		2.80		0.98		0.34			0.64		0.59
	Median		3.95		0.86		3.06		0.09			0.00			0.74		2.84		1.08		0.41			0.73		0.65
	High		4.46		1.14		3.75		0.24			0.00			1.31		3.89		1.50		0.64			0.94		0.96
	Low		3.50		0.28		2.48		(0.06	)		(0.04	)		0.28		1.54		0.24		(0.08	)		0.14		0.14

ALL THRIFTS (105)
	Average		3.92		0.74		3.18		0.08			0.00			0.82		2.87		1.03		0.35			0.91		0.89

SOUTHWEST THRIFTS (7)
	Average		4.92		0.84		4.08		0.19			(0.01	)		1.11		3.73		1.25		0.40			0.99		1.02

LOUISIANA THRIFTS (4)
	Average		4.56		0.82		3.74		0.18			(0.00	)		0.58		2.81		1.34		0.39			1.03		1.03

126

Exhibit 43

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
EUREKA HOMESTEAD BANCORP, INC.			4.15		2.09		2.07		2.32		0.31		2.44		0.30		2.42


COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP		3.91		0.66		3.25		3.32		0.47		3.08		0.36		2.36
EQFN	EQUITABLE FINANCIAL CORP		4.54		0.90		3.63		3.74		0.61		5.89		0.52		5.03
FSBC	FSB COMMUNITY BANKSHARES		4.21		1.73		2.47		3.00		0.14		1.56		0.14		1.53
HFBL	HOME FED BANCORP OF LOUISIANA		4.72		1.03		3.69		3.80		0.94		8.46		0.96		8.61
ESBK	ELMIRA SAVINGS BANK		4.09		0.91		3.18		3.26		0.85		8.32		0.61		6.00
IROQ	IF BANCORP		3.93		1.31		2.62		2.88		0.28		2.50		0.25		2.29
HMNF	HMN FINANCIAL		4.12		0.31		3.81		3.84		0.91		8.48		0.79		7.39
WEBK	WELLESLEY BANCORP		4.14		1.16		2.98		3.21		0.71		8.60		0.70		8.48
SVBI	SEVERN BANCORP		4.47		1.09		3.37		3.59		0.78		5.81		0.74		5.52
PBIP	PRUDENTIAL BANCORP		3.74		1.41		2.33		2.65		0.75		6.01		0.79		6.31

	Average		4.19		1.05		3.13		3.33		0.64		5.87		0.59		5.35
	Median		4.13		1.06		3.22		3.29		0.73		5.95		0.66		5.76
	High		4.72		1.73		3.81		3.84		0.94		8.60		0.96		8.61
	Low		3.74		0.31		2.33		2.65		0.14		1.56		0.14		1.53

ALL THRIFTS (105)
	Average		4.06		1.17		2.89		3.10		0.91		7.53		0.89		7.35

SOUTHWEST THRIFTS (7)
	Average	5.19		1.15		4.03		4.29		0.99		8.10		1.02		8.38

LOUISIANA THRIFTS (4)
	Average		4.95		1.08		3.86		4.10		1.03		9.57		1.03		9.63

* Based on average interest-earning assets.

127

Exhibit 44

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

EUREKA HOMESTEAD BANCORP, INC.		1.03	NM	NM		100.00		15.47

COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP	1.01	199.16	0.07		128.57		NM
EQFN	EQUITABLE FINANCIAL CORP	1.45	103.77	0.12		182.33		39.91
FSBC	FSB COMMUNITY BANKSHARES	0.51	1,486.00	0.00		NM		39.42
HFBL	HOME FED BANCORP OF LOUISIANA	1.02	374.41	0.22		136.24		34.69
ESBK	ELMIRA SAVINGS BANK	0.93	100.00	0.17		104.05		NM
IROQ	IF BANCORP	1.24	1,461.23	0.35		36.40		59.44
HMNF	HMN FINANCIAL	1.45	160.67	0.00		(1,922.73	)	39.49
WEBK	WELLESLEY BANCORP	0.89	542.99	0.00		NM		39.04
SVBI	SEVERN BANCORP	1.12	139.91	(0.06	)	71.60		45.02
PBIP	PRUDENTIAL BANCORP	0.84	38.59	0.02		743.12		33.91

	Average	1.05	460.67	0.09		(65.05	)	41.37
	Median	1.02	179.92	0.04		116.31		39.46
	High	1.45	1,486.00	0.35		743.12		59.44
	Low	0.51	38.59	(0.06	)	(1,922.73	)	33.91

ALL THRIFTS (105)
	Average	1.06	146.94	0.07		275.73		30.95

SOUTHWEST THRIFTS (7)
	Average	1.32	132.14	0.09		56.43		28.76

LOUISIANA THRIFTS (4)
	Average	0.97	197.62	0.01		666.09		24.50

128

Exhibit 45

KELLER & COMPANY

Columbus, Ohio

614-766-1426

VALUATION ANALYSIS AND CALCULATION - FULL CONVERSION

EUREKA HOMESTEAD BANCORP, INC.

Pricing ratios and parameters:

		Midpoint			Comparable Group				All Thrifts
Pro Forma	Symbol	Ratios			Average		Median		Average		Median

Price to earnings	P/E		46.88			21.82		15.39		17.34		15.61
Price to core earnings	P/CE		50.40			25.05		16.97		18.53		15.94
Price to book value	P/B		63.86			109.76		112.37		112.36		109.69
Price to tangible book value	P/TB		63.86			116.02		116.90		123.39		118.18
Price to assets	P/A		14.43			12.12		11.79		13.33		12.91

Pre conversion earnings	(Y)	$	295,000
Pre conversion core earnings	(CY)	$	273,000
Pre conversion book value	(B)	$	12,239,000
Pre conversion tang. book value	(TB)	$	12,239,000
Pre conversion assets	(A)	$	98,070,000

Conversion expense	(X)		7.94	%		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)		27.80	%
ESOP term (yrs.)	(T)		25			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)		21.00	%
Investment rate of return, pretax			2.43	%
Investment rate of return, net	(RR)		1.92	%

Formulae to indicate value after conversion:

1. P/CE method: Value = P/CE*CY	= $	16,000,000
((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)	= $	16,000,000
(1-PB(PCT)(1-X-E-M))

3. P/A method: Value = P/A*(A)	= $	16,000,000
(1-PA(PCT)(1-X-E-M))

VALUATION CORRELATION AND CONCLUSIONS:

			Gross Proceeds
	Share		of Public		Total		TOTAL
	Price		Offering		Shares Issued		VALUE

Midpoint		10.00	$	16,000,000		1,600,000	$	16,000,000

Minimum		10.00	$	13,600,000		1,360,000	$	13,600,000
Maximum		10.00	$	18,400,000		1,840,000	$	18,400,000
Maximum, as adjusted		10.00	$	21,160,000		2,116,000	$	21,160,000

129

Exhibit 46

KELLER & COMPANY

Dublin, Ohio

614-766-1426

FULL CONVERSION

COMPARABLE GROUP MARKET, PRICING AND FINANCIAL RATIOS

STOCK PRICES AS OF FEBRUARY 12, 2019

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)		($)		(%)		(%)		(%)		(%)		(%)

EUREKA HOMESTEAD BANCORP, INC.
	Appraised value - midpoint		0		10.00		0.01		15.66		46.88		63.86		14.43		63.86		50.40		0.00		0.00		0.00		22.59		0.26		1.17

	Minimum		0		10.00		0.01		16.87		40.71		59.28		12.50		59.28		43.84		0.00		0.00		0.00		21.09		0.26		1.25
	Maximum		0		10.00		0.02		14.76		52.80		67.75		16.28		67.75		56.68		0.00		0.00		0.00		24.04		0.27		1.10
	Maximum, as adjusted		0		10.00		0.02		13.98		59.31		71.53		18.33		71.53		63.55		0.00		0.00		0.00		25.64		0.27		1.04

ALL THRIFTS (107)
	Average		315,947		19.54		1.13		17.43		17.34		112.36		13.33		123.39		18.53		0.51		2.48		25.53		11.89		0.80		6.52
	Median		72,360		16.86		0.92		14.37		15.61		109.69		12.91		118.18		15.94		0.26		1.85		12.94		11.27		0.68		6.38

LOUISIANA THRIFTS (4)
	Average		43,362		24.18		1.91		19.66		17.70		128.47		14.76		129.14		18.02		0.13		0.45		5.00		11.61		0.96		8.11
	Median		42,437		27.05		2.17		20.39		12.81		114.79		15.03		115.95		13.38		0.00		0.00		0.00		10.73		1.03		10.20

COMPARABLE GROUP (10)
	Average		70,788		18.50		1.25		16.90		21.82		109.76		12.12		116.02		25.05		0.26		1.33		19.70		11.01		0.64		5.87
	Median		69,074		18.05		0.98		15.92		15.39		112.37		11.79		116.90		16.97		0.17		0.93		12.06		11.08		0.74		6.33

COMPARABLE GROUP
EFBI	EAGLE FIN BANCORP		24,906		15.28		0.30		12.79		50.93		119.47		18.17		119.47		47.75		0.00		0.00		0.00		15.21		0.39		2.56
ESBK	ELMIRA SAVINGS BANK		65,787		18.85		1.21		16.60		15.58		113.55		11.15		148.08		15.08		0.92		4.88		76.03		9.82		0.77		7.60
EQFN	EQUITABLE FINANCIAL CORP		36,321		10.94		0.72		9.53		15.19		114.80		12.42		126.62		18.86		0.00		0.00		0.00		10.83		0.66		6.28
FSBC	FSB COMMUNITY BANKSHARES		32,980		17.00		0.31		15.29		54.84		111.18		10.10		114.32		54.84		0.00		0.00		0.00		9.08		0.10		1.10
HMNF	HMN FINANCIAL		94,520		19.61		1.83		16.54		10.72		118.56		13.29		123.02		14.53		0.00		0.00		0.00		11.21		0.90		8.27
HFBL	HOME FED BANCORP OF LOUISIANA		53,373		28.85		2.60		26.33		11.10		109.57		12.53		109.57		12.33		0.52		1.80		20.00		11.44		1.03		9.18
IROQ	IF BANCORP		72,360		20.10		0.90		20.20		22.33		99.50		10.89		100.75		41.02		0.23		1.12		25.00		10.95		0.27		2.51
PBIP	PRUDENTIAL BANCORP		153,525		17.25		1.06		14.18		16.27		121.65		13.77		128.35		19.38		0.55		3.19		51.89		11.32		0.76		6.38
SVBI	SEVERN BANCORP		100,234		7.88		0.73		9.10		10.79		86.59		10.33		87.17		14.33		0.12		1.52		16.44		11.93		0.81		6.21
WEBK	WELLESLEY BANCORP		73,876		29.20		2.80		28.44		10.43		102.67		8.50		102.82		12.37		0.22		0.74		7.68		8.28		0.71		8.63

130

Exhibit 47

KELLER & COMPANY

Columbus, Ohio

614-766-1426

Projected effect of conversion proceeds

Eureka homestead Bancorp, inc.

Offering at theMINIMUM

Gross Offering Proceeds

Offering proceeds⁽¹⁾	$	13,600,000
Less: Estimated offering expenses		1,270,000
Net offering proceeds	$	12,330,000

Generation of Additional Income

Net offering proceeds	$	12,330,000
Less: Stock-based benefit plans ⁽²⁾		1,632,000
Less: MHC capitalization		0
Net offering proceeds invested	$	10,698,000


Investment rate, after taxes		1.92	%

Earnings increase - return on proceeds invested	$	205,370
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		34,381
Less: Stock-based incentive plan expense, net of taxes		85,952
Less: Option expense, net of applicable taxes		71,646
Net earnings increase (decrease)	$	13,391

Comparative Pro Forma Earnings

	Net		Core

Before conversion - 12 months ended 9/30/18	$	295,000	$	273,000
Net earnings increase (decrease)		13,391		13,391
After conversion	$	308,391	$	286,391

Comparative Pro Forma Net Worth ⁽³⁾

	Total		Tangible

Before conversion - 9/30/18	$	12,239,000	$	12,239,000
Net cash conversion proceeds		10,698,000		10,698,000
MHC consolidation		0		0
After conversion	$	22,937,000	$	22,937,000

Comparative Pro Forma Assets

Before conversion - 9/30/18	$	98,070,000
Net cash conversion proceeds		10,698,000
MHC consolidation		0
After conversion	$	108,768,000

(1) Represents gross proceeds of public offering.

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

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

131

Exhibit 48

KELLER & COMPANY

Columbus, Ohio

614-766-1426

Projected effect of conversion proceeds

Eureka homestead Bancorp, inc.

Offering at theMIDPOINT

Gross Offering Proceeds

Offering proceeds⁽¹⁾	$	16,000,000
Less: Estimated offering expenses		1,270,000
Net offering proceeds	$	14,730,000

Generation of Additional Income

Net offering proceeds	$	14,730,000
Less: Stock-based benefit plans ⁽²⁾		1,920,000
Less: MHC capitalization		0
Net offering proceeds invested	$	12,810,000


Investment rate, after taxes		1.92	%

Earnings increase - return on proceeds invested	$	245,914
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		40,448
Less: Stock-based incentive plan expense, net of taxes		101,120
Less: Option expense, net of applicable taxes		84,290
Net earnings increase (decrease)	$	20,056

Comparative Pro Forma Earnings

	Regular		Core

Before conversion - 12 months ended 9/30/18	$	295,000	$	273,000
Net earnings increase		20,056		20,056
After conversion	$	315,056	$	293,056

Comparative Pro Forma Net Worth ⁽³⁾

	Total		Tangible

Before conversion - 9/30/18	$	12,239,000	$	12,239,000
Net cash conversion proceeds		12,810,000		12,810,000
MHC consolidation		0		0
After conversion	$	25,049,000	$	25,049,000

Comparative Pro Forma Assets

Before conversion - 9/30/18	$	98,070,000
Net cash conversion proceeds		12,810,000
MHC consolidation		0
After conversion	$	110,880,000

(1) Represents gross proceeds of public offering.

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

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

132

Exhibit 49

KELLER & COMPANY

Columbus, Ohio

614-766-1426

Projected effect of conversion proceeds

Eureka homestead Bancorp, inc.

Offering at themaximum

Gross Offering Proceeds

Offering proceeds⁽¹⁾		18,400,000
Less: Estimated offering expenses		1,270,000
Net offering proceeds	$	17,130,000

Generation of Additional Income

Net offering proceeds	$	17,130,000
Less: Stock-based benefit plans ⁽²⁾		2,208,000
Less: MHC capitalization		0
Net offering proceeds invested	$	14,922,000


Investment rate, after taxes		1.92	%

Earnings increase - return on proceeds invested	$	286,458
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		46,515
Less: Stock-based incentive plan expense, net of taxes		116,288
Less: Option expense, net of applicable taxes		96,933
Net earnings increase (decrease)	$	26,721

Comparative Pro Forma Earnings

	Regular		Core

Before conversion - 12 months ended 9/30/18	$	295,000	$	273,000
Net earnings increase		26,721		26,721
After conversion	$	321,721	$	299,721

Comparative Pro Forma Net Worth ⁽³⁾

	Total		Tangible

Before conversion - 9/30/18	$	12,239,000	$	12,239,000
Net cash conversion proceeds		14,922,000		14,922,000
MHC consolidation		0		0
After conversion	$	27,161,000	$	27,161,000

Comparative Pro Forma Assets

Before conversion - 9/30/18	$	98,070,000
Net cash conversion proceeds		14,922,000
MHC consolidation		0
After conversion	$	112,992,000

(1) Represents gross proceeds of public offering.

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

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

133

Exhibit 50

KELLER & COMPANY

Columbus, Ohio

614-766-1426

Projected effect of conversion proceeds

Eureka homestead Bancorp, inc.

Offering at themaximum, as adjusted

Gross Offering Proceeds

Offering proceeds⁽¹⁾	$	21,160,000
Less: Estimated offering expenses		1,270,000
Net offering proceeds	$	19,890,000

Generation of Additional Income

Net offering proceeds	$	19,890,000
Less: Stock-based benefit plans ⁽²⁾		2,539,200
Less: MHC capitalization		0
Net offering proceeds invested	$	17,350,800


Investment rate, after taxes		1.92	%

Earnings increase - return on proceeds invested	$	333,083
Less: Estimated cost of ESOP borrowings		0
Less: Amortization of ESOP borrowings, net of taxes		53,492
Less: Stock-based incentive plan expense, net of taxes		133,731
Less: Option expense, net of applicable taxes		111,473
Net earnings increase (decrease)	$	34,387

Comparative Pro Forma Earnings

	Regular		Core

Before conversion - 12 months ended 9/30/18	$	295,000	$	273,000
Net earnings increase		34,387		34,387
After conversion	$	329,387	$	307,387

Comparative Pro Forma Net Worth ⁽³⁾

	Total		Tangible

Before conversion - 9/30/18	$	12,239,000	$	12,239,000
Net cash conversion proceeds		17,350,800		17,350,800
MHC consolidation		0		0
After conversion	$	29,589,800	$	29,589,800

Comparative Pro Forma Assets


Before conversion - 9/30/18	$	98,070,000
Net cash conversion proceeds		17,350,800
MHC consolidation		0
After conversion	$	115,420,800

(1) Represents gross proceeds of public offering.

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

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

134

Exhibit51

KELLER & COMPANY

Columbus, Ohio

614-766-1426

MINORITY OFFERING SUMMARY OF VALUATION PREMIUM OR DISCOUNT

EUREKA HOMESTEAD BANCORP, INC.

				Premium or (discount)
				from comparable group.
	Eureka Homestead Bancorp, Inc.			Average			Median

Midpoint:
Price/earnings		46.88	%		114.89	%		204.74	%
Price/book value		63.86	%*		-41.81	%		-43.17	%
Price/assets		14.43	%		19.11	%		22.44	%
Price/tangible book value		63.86	%		-44.95	%		-45.37	%
Price/core earnings		50.40	%		101.22	%		197.02	%

Minimum of range:
Price/earnings		40.71	%		86.60	%		164.63	%
Price/book value		59.28	%*		-45.99	%		-47.24	%
Price/assets		12.50	%		3.21	%		6.10	%
Price/tangible book value		59.28	%		-48.90	%		-49.29	%
Price/core earnings		43.84	%		75.02	%		158.34	%

Maximum of range:
Price/earnings		52.80	%		142.00	%		243.19	%
Price/book value		67.75	%*		-38.27	%		-39.70	%
Price/assets		16.28	%		34.41	%		38.18	%
Price/tangible book value		67.75	%		-41.60	%		-42.04	%
Price/core earnings		56.68	%		126.26	%		233.98	%

Super maximum of range:
Price/earnings		59.31	%		171.83	%		285.49	%
Price/book value		71.53	%*		-34.83	%		-36.34	%
Price/assets		18.33	%		51.32	%		55.56	%
Price/tangible book value		71.53	%		-38.34	%		-38.81	%
Price/core earnings		63.55	%		153.71	%		274.49	%

* Represents pricing ratio associated with primary valuation method.

135

ALPHABETHICAL

EXHIBITS

EXHIBIT A

KELLER & COMPANY, INC.

Financial Institution Consultants

555 Metro Place North, Suite 524	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 firms in the U.S. with regard to the completion of ESOP valuations for financial institutions and prepares over 25 ESOP valuations a year. Keller is also one of the leading conversion appraisal firms in the United States.

Keller has 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 as well as daily pricing data and ratios for all publicly traded financial institutions.

Keller & Company is an experienced appraiser of financial institutions for filing conversion appraisals with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Federal Reserve Board and numerous state government agencies, and is also approved by the Internal Revenue Service as an expert in financial institution stock valuations.

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.

136

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.

137

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.

138

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.

139

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


2/27/19		/s/ Michael R. Keller
Date		Michael R. Keller

140

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, Eureka Homestead, in the amount of $30,000 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.

		/s/ MICHAEL R. KELLER
		MICHAEL R. KELLER

Sworn to before me and subscribed in my presence this 25^th day of February 2019.

		/s/ JANET M. MOHR
		NOTARY PUBLIC

141

Eureka Homestead Bancorp (ERKH) S-1IPO registration