VWF Bancorp (VWFB) S-1 IPO registration

Exhibit 99.3

CONVERSION VALUATION APPRAISAL REPORT

Prepared for:

VWF Bancorp, Inc.

Van Wert, Ohio

As Of:

February 18, 2022

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 25, 2022

Board of Directors

VWF Bancorp, Inc.

Van Wert Federal Savings Bank

976 South Shannon Street

Van Wert, Ohio 45891

To the Boards:

We hereby submit our independent appraisal of the pro forma market value of the to be issued stock of the VWF Bancorp, Inc. (the “Corporation”) which is the holding company of Van Wert Federal Savings Bank (“Van Wert Federal” or the “Bank”), Van Wert, Ohio. Such stock is to be issued in connection with the application by the Corporation to complete a stock offering, with the Corporation to own 100 percent of the stock of the Bank. This appraisal, as of February 18, 2022, 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 Van Wert Federal and the material provided to us by the independent auditor, Wipfli, LLP, are both accurate and complete. We did not verify the financial statements provided to us, nor did we conduct independent valuations of the Bank's assets and liabilities. We have also used information from other public sources, but we cannot assure the accuracy of such material.

In the preparation of this appraisal, we held discussions with the management of Van Wert Federal, with the law firm of Luse Gorman, PC, Washington, D.C., the Bank's conversion counsel, and with Wipfli, LLP, 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

VWF Bancorp, Inc.

Van Wert Federal Savings Bank

February 25, 2022

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 may be further updated if required and will give consideration to any new developments in Van Wert Federal’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 18, 2022, the pro forma market value or appraised value of the Corporation is $22,000,000 at the midpoint, representing 2,200,000 shares at $10 per share with 20,000 of these shares to be issued to the newly formed foundation at each level of the valuation. The pro forma valuation range of the Corporation is from a minimum of $18,700,000 to a maximum of $25,300,000, with a maximum, as adjusted, of $29,095,000, representing 1,870,000 shares, 2,530,000 shares and 2,909,500 shares at $10 per share at the minimum, maximum, and maximum, as adjusted, respectively.

The pro forma appraised value of VWF Bancorp, Inc., as of February 18, 2022, is $22,000,000, at the midpoint.

Very truly yours,

KELLER & COMPANY, INC.

/s/ Keller & Company, Inc. 

TABLE OF CONTENTS

		PAGE
INTRODUCTION		1
I.	Description of Van Wert Federal Savings Bank	3
	General	3
	Performance Overview	8
	Income and Expense	9
	Yields and Costs	13
	Interest Rate Sensitivity	14
	Lending Activities	16
	Nonperforming Assets	19
	Investments	21
	Deposit Activities	21
	Borrowings	22
	Subsidiaries	23
	Office Properties	23
	Management	23
II.	Description of Primary Market Area	24
III.	Comparable Group Selection
	Introduction	29
	Selection Parameters
	Merger/Acquisition	30
	Trading Exchange	30
	IPO Date	30
	Geographic Location	31
	Asset Size	31
	Summary	32
	Balance Sheet Parameters
	Cash and Investments to Assets	33
	Mortgage-Backed Securities to Assets	34
	Total Net Loans to Assets	35
	Total Net Loans & Mortgage-Backed Securities to Assets	35
	Borrowed Funds to Assets	36
	Equity to Assets	36

TABLE OF CONTENTS

		PAGE
	Performance Parameters
	Return on Average Assets	37
	Return on Average Equity	38
	Net Interest Margin	38
	Operating Expenses to Assets	39
	Noninterest Income to Assets	39
	Asset Quality Parameters	40
	Introduction	40
	Nonperforming Assets to Total Assets	40
	Repossessed Assets to Total Assets	40
	Los Loss Reserve to Assets	41
	The Comparable Group
IV.	Analysis of Financial Performance	42
V.	Market Value Adjustments
	Earnings Performance	45
	Market Area	50
	Financial Condition	51
	Asset, Loan and Deposit Growth	54
	Dividend Payments	55
	Subscription Interest	56
	Liquidity of Stock	57
	Management	57
	Marketing of the Issue	60
VI.	Valuation Methods
	Introduction	61
	Price to Book Value Method	62
	Price to Core Earnings Method	64
	Price to Assets Method	64
	Valuation Conclusion	66

LIST OF EXHIBITS

NUMERICAL		PAGE
EXHIBITS
1	Balance Sheets - At June 30, 2021 and December 31, 2021	69
2	Balance Sheets - At June 30, 2017 through 2020	70
3	Statements of Income for the Twelve Months Ended December 31, 2021 and for the Year Ended June 30, 2021	71
4	Statements of Income for the Years Ended June 30, 2017 through 2020	72
5	Selected Financial Information	73
6	Income and Expense Trends	74
7	Normalized Earnings Trends	75
8	Performance Indicators	76
9	Volume/Rate Analysis	77
10	Yield and Cost Trends	78
11	Net Portfolio Value	79
12	Loan Portfolio Composition	80
13	Loan Maturity Schedule	81
14	Loan Delinquencies	82
15	Nonperforming Assets	83
16	Classified Assets	84
17	Allowance for Loan Losses	85
18	Mix of Deposits	86
19	Certificates of Deposit by Rate and Maturity	87
20	Management of the Bank	88
21	Key Demographic Data and Trends	89
22	Key Housing Data	90
23	Major Sources of Employment	91
24	Unemployment Rates	92
25	Market Share of Deposits	93
26	National Interest Rates by Quarter	94
27	Thrift Stock Prices and Pricing Ratios	95
28	Key Financial Data and Ratios	100

LIST OF EXHIBITS (cont.)

NUMERICAL		PAGE
EXHIBITS
29	Recently Converted Thrift Institutions	105
30	Acquisitions and Pending Acquisitions	106
31	Comparable Group Selection - Balance Sheets Parameters	107
32	Comparable Group Selection - Operating Performance and Asset Quality Parameters	109
33	Final Comparable Group - Balance Sheet Ratios	111
34	Final Comparable Group - Operating Performance and Asset Quality Ratios	112
35	Comparable Group Characteristics and Balance Sheet Totals	113
36	Balance Sheet - Asset Composition - Most Recent Quarter	114
37	Balance Sheet Comparison - Liability and Equity - Most Recent Quarter	115
38	Income and Expense Comparison Trailing Four Quarters	116
39	Income and Expense Comparison as a Percent of Average Assets	117
40	Yields, Costs and Earnings Ratios Trailing Four Quarters	118
41	Reserves and Supplemental Data	119
42	Valuation Analysis and Calculations	120
43	Comparable Group Market, Pricings and Financial Ratios - Stock Prices as of February 18, 2022	121
44	Pro Forma Effects of Conversion Proceeds - Minimum	122
45	Pro Forma Effects of Conversion Proceeds - Midpoint	123
46	Pro Forma Effects of Conversion Proceeds - Maximum	124
47	Pro Forma Effects of Conversion Proceeds - Maximum, as Adjusted	125
48	Summary of Valuation Premium or Discount	126
ALPHABETICAL EXHIBITS
A	Background and Qualifications	128
B	RB 20 Certification	132
C	Affidavit of Independence	133

CONVERSION VALUATION APPRAISAL REPORT

Prepared for:

VWF Bancorp, Inc.

Van Wert, Ohio

As Of:

February 18, 2022

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 VWF 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 Van Wert Federal Savings Bank (“Van Wert Federal” or the “Bank”), Van Wert, Ohio. The shares of common stock are to be issued in connection with the Bank’s Application for Approval of Conversion from a federal-chartered mutual savings bank to a federal-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 , 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.

1

Introduction (cont.)

As part of our appraisal procedure, we have reviewed the audited financial statements for the five fiscal years ended June 30, 2017 through 2021, and unaudited financial statements for the six months ended December 31, 2021, and discussed them with Van Wert Federal’s management and with Van Wert Federal’s current independent auditors, Wipfli, LLP, Eau Claire, Wisconsin. 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 Van Wert Federal’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 Ohio and the United States. We have also examined the competitive market within which Van Wert Federal 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 Van Wert Federal 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.

2

I. DESCRIPTION OF VAN WERT FEDERAL

GENERAL

Van Wert Federal was organized in 1889 as a state-chartered mutual savings and loan association and then changed its charter to a federally chartered mutual savings bank with the name Van Wert Federal Savings Bank.

Van Wert Federal conducts its business from its main office located at 976 South Shannon Street in Van Wert, Ohio. Van Wert Federal has no branch offices. The Bank’s primary retail market area is focused on Van Wert City, while the Bank’s lending market includes all of Van Wert County.

Van Wert Federal’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"). Van Wert Federal is a member of the Federal Home Loan Bank (the "FHLB") of Cincinnati and is regulated by the Office of the Comptroller of the Currency. As of December 31, 2021, Van Wert Federal had assets of $138,553,014, deposits of $112,274,392 and equity of $25,252,424.

Van Wert Federal 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. Van Wert Federal has been most active in the origination of one- to four-family loans. At December 31, 2021, 79.1 percent of the Bank’s gross loans consisted of residential real estate loans on one- to four-family dwellings, compared to a slightly larger 79.6 percent at June 30, 2020, with the primary sources of funds being retail deposits from residents in its local communities. The Bank had no 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.

3

General (cont.)

The Bank had cash and investments, including mortgage-backed securities, of $53.3 million, or 38.5 percent of its assets, excluding FHLB stock which totaled $1,012,900 or 0.7 percent of assets at December 31, 2021. Deposits, principal payments 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 $21.8 million or 2,180,000 shares at $10 per share with another 20,000 shares to be issued to the newly formed foundation for a combined 2,200,000 shares or $22.0 million based on the midpoint of the appraised value of $22.0 million. The net conversion proceeds will be $20.3 million, reflecting conversion expenses of $1.50 million. The actual cash proceeds to the Bank of $10.15 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 2,180,000 shares at $10 per shares sold, representing $21,800,000. 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 along with the elimination of the Bank’s defined benefit plan. 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 modest deposit increase of $8.2 over the past four fiscal years, with deposits increasing a total 8.8 percent from June 30, 2017, to June 30, 2021, or an average of 2.2 percent per year. From June 30, 2021, to December 31, 2021, deposits increased by $11.4 million or 11.2 percent, compared to an increase of 7.6 percent in fiscal 2021.

The Bank experienced an increase in its loan portfolio during the previous four years of 2017 to 2020, while focusing on maintaining its favorable asset quality position, on controlling its net interest margin and on maintaining a reasonable equity to assets ratio. In 2021, the Bank continued its loan growth and experienced larger loan growth than in 2020 or 2019. Equity to assets decreased from 20.33 percent of assets at June 30, 2017, to 19.96 percent at June 30, 2021, and decreased further to 18.23 percent at December 31, 2021.

4

General (cont.)

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

The Bank’s share of one- to four-family mortgage loans has decreased slightly from 79.6 percent of gross loans at June 30, 2020, to 79.1 percent as of December 31, 2021. Commercial real estate and agricultural loans increased from 12.7 percent of loans to 13.4 percent of loans, and construction loans increased from 12.7 percent of loans to 5.8 percent from June 30, 2020, to December 31, 2021. All types of real estate loans as a group increased slightly from 98.4 percent of gross loans at June 30, 2020, to 98.8 percent at December 31, 2021. 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 1.1 percent at June 30, 2020, to 0.8 percent at December 31, 2021.

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. At June 30, 2020, Van Wert Federal had $223,000 in its loan loss allowance or 0.32 percent of gross loans, and 500.28 percent of nonperforming loans with the loan loss allowance remaining at $223,000 at December 31, 2021, representing a lesser 0.29 percent of gross loans and a lesser 138.20 percent of nonperforming loans because of the Bank’s rise in nonperforming loans.

5

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 BOLI income with a continued emphasis on strengthening noninterest income and controlling noninterest expenses. With a primary dependence on net interest margin 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 controlling interest expense.

6

PERFORMANCE OVERVIEW

The financial position of Van Wert Federal at December 31, 2021, and at year end June 30, 2017 through 2021, is shown in Exhibits 1 and 2, and the earnings performance of Van Wert Federal for the twelve months ended December 31, 2021, and for the years ended June 30, 2017 through 2021, is shown in Exhibits 3 and 4. Exhibit 5 provides selected financial data for Van Wert Federal at December 31, 2021, and at June 30, 2020 and 2021. It has been Van Wert Federal’s objective to increase its loans and deposits, and maintain its equity from June 30, 2020, through December 31, 2021. The most recent impact of these trends, recognizing the decline in interest rates, was a moderate increase in assets, a modest increase in loans, moderate increase in cash and deposits, with a moderate decrease in available for sale securities from June 30, 2021, to December 31, 2021. Van Wert Federal also experienced a minimal decrease in the dollar amount of equity during that period. The Bank’s increase in assets was $11.3 million or 8.9 percent from June 30, 2021, to December 31, 2021.

During the past two fiscal years, the Bank experienced its larger dollar increase in assets of $7.1 million in fiscal year 2021, which represented a moderate 5.9 percent increase in assets due to a $5.3 million increase in loans, accented by a $17.5 million increase in investments reduced by a $12.1 million decrease in cash and cash equivalents. Such increase in assets was preceded by a $4.8 million or 4.1 percent increase in assets in fiscal 2020. In the six months ended December 31, 2021, assets increased $11.3 million or 8.9 percent.

Van Wert Federal’s loan portfolio, which includes mortgage loans and nonmortgage loans, increased from $69.5 million at June 30, 2020 to $74.4 million at June 30, 2021, and represented a total increase of $4.9 million or 7.1 percent. For the six months ended December 31, 2021, loans increased by $3.0 million or 4.0 percent to $77.4 million.

Van Wert Federal has obtained funds through deposits with no use of FHLB advances. The Bank’s competitive rates for deposits and its single office in its local market in conjunction with its focus on service have been the sources for attracting retail deposits. Deposits increased a moderate $7.1 or 7.6 percent from June 30, 2020 to June 30, 2021. For the six months ended December 31, 2021, deposits increased by $11.4 million or 11.3 percent. The Bank’s largest deposit growth period was in the six months ended December 31, 2021, when deposits increased $11.4 million or a strong 11.3 percent.

7

Performance Overview (cont.)

The Bank experienced a minimal increase in the dollar amount of its equity in fiscal year 2021, and then experienced a minimal decrease in equity from June 30, 2021, through December 31, 2021. The dollar amount of equity increased 0.1 percent from June 30, 2020 to June 30, 2021, and then decreased 0.6 percent from June 30, 2021, through December 31, 2021. At June 30, 2020 the Bank had equity of $25.36 million, representing a 21.10 percent equity to assets ratio and then increased to $25.39 million at June 30, 2021, representing a lower 19.96 percent equity to assets ratio due to the Bank’s increase in assets. At December 31, 2021, equity was $25.3 million and a lower 18.22 percent of assets due to the Bank’s continued growth in assets.

INCOME AND EXPENSE

Exhibit 6 presents selected operating data for Van Wert Federal, providing selected income and expense data in dollars for the fiscal years of 2020 and 2021, and for the six months ended December 31, 2021.

Van Wert Federal experienced a moderate decrease in its dollar amount of interest income from fiscal 2020 to fiscal 2021. Interest income was $3.59 million in 2020 and a lesser $3.11 million in 2021, representing a decrease of $477,290 or 13.3 percent.

The Bank’s interest expense also experienced a moderate decrease from fiscal year 2020 to 2021. Interest expense decreased from $721,063 in 2020 to $452,906 in 2021, representing a decrease of $268,157 or 37.2 percent, resulting in a decrease in net interest income. Net interest income decreased $269,133 or 7.3 percent from 2020 to 2021. In the six months ended December 31, 2021, compared to the six months ended December 31, 2020, there was a modest increase in interest income of $18,550, notwithstanding the decrease in interest expense of $72,650, resulting in a dollar increase in net interest income of $91,200 or 7.0 percent for the six months ended December 31, 2021, and a modest decrease in net interest margin.

8

Income and Expense (cont.)

The Bank has made no provisions for loan losses in each of the past two fiscal years 2020 and 2021. The Bank also made no provisions in the six months ended December 31, 2021. The provisions were determined in recognition of the Bank’s nonperforming assets, charge-offs, repossessed assets, and industry norms. The Bank had no charge-offs in 2020 and 2021with no charge-offs in the six months ended December 31, 2021. The impact of these provisions and net charge-offs has been to provide Van Wert Federal with a general valuation allowance of $222,884 at December 31, 2021, or 0.79 percent of gross loans and 138.2 percent of nonperforming assets.

Total other income or noninterest income indicated a slight decrease from fiscal year 2020 to fiscal year 2021. In the year ended June 30, 2020 noninterest income was $214,562 or 0.18 percent of assets. In the year ended June 30, 2021, noninterest income was a similar $213,979, representing a lower 0.17 percent of assets with the ratio decrease due to the rise in assets. For the six months ended December 31, 2021, noninterest income was $108,852 or 0.08 percent of assets or 0.16 percent, annualized. Noninterest income consists primarily of service charges and other income.

The Bank’s general and administrative expenses or noninterest expenses decreased from $2.59 million for the fiscal year of 2020 to $2.58 million for the fiscal year ended June 30, 2021, representing a decrease of 0.54 percent. On a percent of average assets basis, operating expenses decreased from 2.17 percent of average assets for the fiscal year ended June 30, 2020 to 2.05 percent for the fiscal year ended June 30, 2021, and then increased to 2.47 percent for the six months ended December 31, 2021, annualized, due to one-time expenses.

9

Income and Expense (cont.)

The net earnings position of Van Wert Federal has indicated moderate volatility. The annual net income figures for the fiscal years ended June 30, 2020 and 2021, were $411,197, $550,000 and $257,764, respectively, representing returns on average assets of 0.34 percent and 0.20 percent for fiscal years 2020 and 2021, respectively. For the six months ended December 31, 2021, Van Wert Federal had a net loss of $107,790, representing a negative return on average assets of 0.16 percent, annualized.

Exhibit 7 provides the Bank’s normalized earnings or core earnings for the twelve months ended December 31, 2021. The Bank’s normalized earnings eliminate any nonrecurring income and expense items. There was one adjustment to earnings, eliminating the Bank’s loss on the sale of securities by $291,000 and applying a tax rate of 21.00 percent, resulting in a change in Van Wert Federal’s net income to a higher $244,000.

Key performance indicators, including asset quality ratios and capital ratios are shown in Exhibit 8. The Bank’s return on assets decreased slightly from 0.34 percent in 2020, to 0.20 percent in fiscal year 2021 and then decreased to (0.16) percent in the six months ended December 31, 2021, annualized.

The Bank’s lower return on average equity decreased from 2020 to 2021. The return on average equity decreased from 1.63 percent in 2020 to 1.02 percent in fiscal year 2021 and than decreased to a negative 0.85 percent for the six months ended December 31, 2021, annualized.

The Bank’s net interest rate spread decreased from 2.94 percent in 2020 to 2.73 percent in 2021 and then decreased to 2.54 percent for the six months ended December 31, 2021, annualized. The Bank’s net interest margin indicated a similar trend, decreasing from 2.98 percent in 2020 to 2.72 percent in 2021, and then decreased to 2.56 percent for the six months ended December 31, 2021. Van Wert Federal’s net interest rate spread decreased 21 basis points from 2020 to 2021 and then decreased 19 basis points in the first six months of fiscal 2022. The Bank’s net interest margin followed a similar trend, decreasing 12 basis points from 2020 to 2021 and then decreased 16 basis points in the first six months of fiscal 2022.

10

Income and Expense (cont.)

Van Wert Federal’s ratio of interest-earning assets to interest-bearing liabilities decreased modestly from 107.34 percent at June 30, 2020 to 105.87 percent at December 31, 2021. The Bank’s decrease in its ratio of interest-earning assets to interest-bearing liabilities is primarily the result of the Bank’s decrease in its equity ratio.

As discussed previously, the Bank’s ratio of noninterest expenses to average assets decreased from 2.17 percent in fiscal year 2020 to 2.05 percent in fiscal year 2021 and then increased to 2.47 percent for the six months ended December 31, 2021, annualized. 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 61.0 percent with a lower ratio indicating greater efficiency. Historically, the Bank has been characterized by lower efficiency, reflected in its higher efficiency ratio, which decreased from 107.34 percent in 2020 to 99.95 percent in 2021 and then increased to 109.66 percent for the six months ended December 31, 2021, annualized, due partially to one time expenses.

Earnings performance can be affected by an institution's asset quality position. The ratio of nonperforming loans to total loans and the ratio of nonperforming assets to assets are two fundamental indicators of asset quality. Van Wert Federal experienced an increase in its ratios of nonperforming loans and nonperforming assets to both loans and total assets from 2020 to 2021, and then a further increase in nonperforming loans to loans but a decrease in nonperforming assets in the six months ended December 31, 2021. Nonperforming assets consist of real estate owned, loans delinquent 90 days or more but still accruing, and nonaccruing loans. The Bank’s ratio of nonperforming assets to total assets was 0.12 percent at December 31, 2021, increasing from 0.04 percent at June 30, 2020 and the Bank’s ratio of nonperforming loans to loans increased from 0.06 percent at June 30, 2020 to 0.20 percent at December 31, 2021.

11

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 0.32 percent of loans at June 30, 2020 and a lower 0.29 percent at December 31, 2021. Van Wert Federal’s allowance for loan losses to nonperforming loans was 500.28 percent at June 30, 2020 and 138.20 percent at December 31, 2021.

Exhibit 9 provides the changes in net interest income due to rate and volume changes for the fiscal year 2021 and the six months ended December 31, 2021. In fiscal year 2021, net interest income decreased $210,000, due to a decrease in interest income of $478,000, reduced by a $268,000 decrease in interest expense. The decrease in interest income was due to a decrease due to rate of $546,000, reduced by an increase due to volume of $68,000. The decrease in interest expense was due to a $215,000 decrease due to rate, accented by a $53,000 decrease due to volume.

For the six months ended December 31, 2021, net interest income increased $91,000, due to an increase in interest income of $19,000, increased by a $72,000 decrease in interest expense. The increase in interest income was due to a increase due to volume of $150,000, reduced by an decrease due to rate of $131,000. The decrease in interest expense was due to a $61,000 decrease due to rate, accented by an $11,000 decrease due to volume.

12

YIELDS AND COSTS

The overview of yield and cost trends for the fiscal years ended June 30, 2020 and 2021 and the six months ended December 31, 2020 and 2021, can be seen in Exhibit 10, which offers a summary of yields on interest-earning assets and costs of interest-bearing liabilities.

Van Wert Federal’s weighted average yield on its loan portfolio decreased 29 basis points from fiscal year 2020 to 2021, from 4.78 percent to 3.89 percent, and then decreased 33 basis points to 3.56 percent for the six months ended December 31, 2021. The yield on investment securities decreased 95 basis points from fiscal year 2020 to 2021, from 2.09 percent to 1.14 percent, and then increased 1 basis point to 1.15 percent for the six months ended December 31, 2021. The yield on other interest-earning assets decreased 188 basis points from fiscal year 2020 to 2021, from 3.64 percent to 1.76 percent, and then increased 35 basis points to 2.11 percent for the six months ended December 31, 2021. The combined weighted average yield on all interest-earning assets decreased 55 basis points to 3.18 percent from fiscal year 2020 to 2021 and then decreased 29 basis points to 2.89 percent for the six months ended December 31, 2021, and was a similar 2.94 percent at December 31, 2021.

Van Wert Federal’s weighted average cost of interest-bearing liabilities decreased 35 basis points to 0.46 percent from fiscal year 2020 to 2021, which was less than the Bank’s 55 basis point decrease in yield, resulting in a decrease in the Bank’s net interest rate spread of 19 basis points from 2.94 percent to 2.73 percent from 2020 to 2021. The Bank’s net interest margin decreased from 2.98 percent in fiscal year 2020 to 2.72 percent in fiscal year 2021, representing a decrease of 26 basis points. In the six months ended December 31, 2021, the Bank’s net interest rate spread decreased 19 basis points to 2.54 percent, and the Bank’s net interest margin decreased 16 basis points to 2.56 percent. The Bank’s net interest rate spread was a modestly higher 2.65 percent at December 31, 2021.

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INTEREST RATE SENSITIVITY

Van Wert Federal monitors its interest rate sensitivity position and has focused on maintaining a moderate level of interest rate risk exposure. Van Wert Federal has adjustable-rate loans to reduce its interest rate risk exposure. Van Wert Federal recognizes the thrift industry’s historically higher interest rate risk exposure, which caused a negative impact on earnings and net portfolio 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 net portfolio value of equity or portfolio loss. In response to the potential impact of interest rate volatility and negative earnings impact, many institutions have taken steps to minimize their gap position. This frequently results in a decline in the institution’s net interest margin and overall earnings performance.

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 and the change in the EVE ratio for the Bank under rising and falling interest rates. Such changes in EVE ratio under changing rates are reflective of the Bank’s interest rate risk exposure.

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, investment maturities, deposit maturities and deposit withdrawals.

Exhibit 11 provides the Bank’s EVE levels and ratios as of December 31, 2021, based on the outside firm’s calculations and the changes in the Bank’s EVE levels under rising and declining interest rates. The focus of this exposure table is a 200 basis point change in interest rates and a 100 basis point change in interest rates down.

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Interest Rate Sensitivity (cont.)

The Bank’s percentage change in its EVE at December 31, 2021, based on a rise in interest rates of 100 basis points was a 0.23 percent increase, representing a dollar increase in equity value of $67,000. In contrast, based on a decline in interest rates of 100 basis points, the Bank’s EVE was estimated to decrease 3.79 percent or $1,084,000 at December 31, 2021. The Bank’s exposure indicates a 4.73 percent decrease based on a 200 basis point increase in interest rates, representing $1,353,000.

The Bank’s post shock EVE to asset ratio based on a 200 basis point rise in interest rates is 20.30 percent and indicates a 3 basis point increase from its 20.27 percent based on no change in interest rates.

The Bank is aware of its minimal interest rate risk exposure under rapidly rising rates and minimal exposure under falling rates. The Bank plans to maintain its balance and share of adjustable-rate commercial real estate loans as well as residential ARM loans and adjustable-rate agricultural loans. The Bank will focus on increasing its post shock EVE ratio, recognizing that the planned stock offering will immediately strengthen the Bank’s post shock EVE ratio.

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LENDING ACTIVITIES

Van Wert Federal has focused its lending activity on the origination of conventional mortgage loans secured by one- to four-family dwellings, commercial real estate loans, agricultural loans, consumer and home equity loans and commercial loans. Exhibit 12 provides a summary of Van Wert Federal’s loan portfolio, by loan type, at June 30, 2020 and 2021, and at December 31, 2021.

The primary and predominant loan type for Van Wert Federal has been residential loans secured by one- to four-family dwellings, representing a strong 79.1 percent of the Bank’s gross loans as of December 31, 2021. The share of this loan type has decreased from 79.6 percent at

June 30, 2020, and decreased from 79.6 percent at June 30, 2021. The second largest real estate loan type as of December 31, 2021, was commercial real estate loans, which constituted a moderate 9.3 percent of gross loans compared to 9.0 percent as of June 30, 2020, and 8.5 percent as of June 30, 2021. The third largest real estate loan category as of December 31, 2021, was agricultural real estate loans, which represented a modest 4.1 percent of gross loans compared to a lesser 3.7 percent as of June 30, 2020. These three real estate loan categories represented a strong 92.5 percent of gross loans at December 31, 2021, compared to a similar 92.3 percent of gross loans at June 30, 2020, and a similar 92.0 percent at June 30, 2021.

Nonmortgage consumer loans and home equity loans represented a minimal 1.3 percent of gross loans at December 31, 2021, compared to 1.4 percent at June 30, 2020, and a similar 1.3 percent at June 30, 2021. The Bank’s consumer loans include savings account loans and secured and unsecured personal loans.

Commercial loans represented a minimal 0.4 percent of gross loans at December 31, 2021, compared to 0.5 percent at June 30, 2020, and 0.4 percent at June 30, 2021. The Bank’s overall mix of loans has changed slightly from June 30, 2020, to December 31, 2021, with the share of one- to four-family loans decreasing, offset by an increase in commercial real estate loans.

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Lending Activities (cont.)

The focus of Van Wert Federal’s residential mortgage loan activity is on properties located in Van Wert Federal’s primary market area focused on Van Wert County. The Bank offers fixed-rate residential mortgage loans and adjustable-rate residential mortgage loans. Fixed-rate residential mortgage loans have a maximum term of 30 years with most originations today having terms of 15, 20 or 30 years. The Bank’s fixed-rate residential mortgage loans conform to FHLMC underwriting standards. The Bank’s ARM residential loans have initial terms of five, seven or ten years and then adjust to a one term with an annual rate cap of 2.0 percent and 6.0 percent over the life of the loan.

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 Van Wert Federal, even though the Bank is permitted to make loans up to a 90.0 percent loan-to-value ratio for first mortgage loans on owner-occupied one- to four-family dwellings, including construction loans of the same type. While the Bank does make loans up to 90.0 percent of loan-to-value, the Bank may require private mortgage insurance for the amount in excess of the 80.0 percent loan-to-value ratio and normally requires a higher FICO credit score for the borrower.

Mortgage loans originated by the Bank include due-on-sale clauses enabling the Bank to adjust rates on fixed-rate loans in the event the borrower transfers ownership. The Bank also requires an escrow account for insurance and taxes on most loans.

Van Wert Federal has also been an originator of fixed-rate and adjustable-rate commercial real estate loans and agricultural loans in the past and will continue to make agricultural and commercial real estate loans. As previously indicated, the Bank had a combined total of $11.7 million in commercial real estate and agricultural loans at December 31, 2021, representing 14.64 percent of gross loans, compared to a lesser $10.5 million or 14.8 percent of gross loans at June 30, 2020. The major portion of commercial real estate loans are secured by small retail establishments, churches, small office buildings, and other owner-occupied properties used for business. The agricultural and commercial real estate loans are fully amortizing with a term of up to 20 years. The maximum loan-to-value ratio does not exceed 80.0 percent and 75.0 percent for nonowner-occupied properties.

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Lending Activities (cont.)

The Bank also originates home equity loans and home equity lines of credit. Home equity loans normally have a term of 10 years. Home equity lines of credit have an adjustable interest rate tied to the prime rate published by The Wall Street Journal and a loan-to-value ratio of no more than 90.0 percent of value. Home equity lines of credit have a term of up to five years.

Van Wert Federal is an originator of other consumer loans, with all consumer loans totaling $675.763 at December 31, 2021, representing 0.8 percent of gross loans. The focus of the Bank’s other consumer loans is farm equipment loans, savings account loans and secured and unsecured personal loans.

Exhibit 13 provides a loan maturity schedule and breakdown and summary of Van Wert Federal’s loans by fixed or adjustable-rate, indicating a predominance of fixed-rate loans. It should be noted, however, that a significant share of the loans classified as having fixed rates are residential mortgage loans with longer contractual maturities. At December 31, 2021, the Bank had a minimal 1.1 percent of its loans due on or before December 31, 2022, or in one year or less, with a modest 3.4 percent due by December 31, 2026, or in one to five years. Van Wert Federal had a strong 73.5 percent of loans in fixed-rate loans and 26.5 percent in adjustable-rate loans at December 31, 2021.

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NONPERFORMING ASSETS

Van Wert Federal 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 through many regions of the country. There has been a moderate decrease in nonperforming assets in 2020 and 2021 in the industry.

Any increase in nonperforming assets has often been related to specific regions of the country and has frequently been associated with higher risk loans, including commercial real estate loans, construction loans and nonowner-occupied single-family loans. Van Wert Federal experienced a slight increase in nonperforming assets from June 30, 2020 to December 31, 2021, but continues to be below industry norms.

It is normal procedure for Van Wert Federal’s board to review all delinquent loans on a monthly basis, to assess their collectability and to initiate any direct contact with borrowers. When a loan is delinquent, the Bank sends a notice to the borrower. If the borrower remains delinquent for 60 days, a phone call by the collections officer is made to discuss future payments. The Bank initiates both written and oral communication with the borrower if the loan remains delinquent.

If the loan remains delinquent for 120 days, the loan is brought to the board for possible foreclosure. A decision as to whether and when to initiate foreclosure proceedings is based on such factors as the amount of the outstanding loan, the extent of the delinquency and the borrower’s ability and willingness to cooperate during the delinquency. Once the board declares a loan due, a certified letter is sent to the borrower explaining that the entire balance is due. The borrower is permitted thirty additional days to submit payment. If the borrower does not respond, Van Wert Federal will initiate foreclosure proceedings.

Exhibit 14 provides a summary of Van Wert Federal’s delinquent loans at June 30, 2020 and 2021, and at December 31, 2021. Delinquent loans include loans 30 to 59 days past due, loans 60 to 89 days past due and loans 90 days or more past due. The Bank had $1,464,000 in delinquent loans at December 31, 2021, compared to a much lesser $96,000 at June 30, 2020. The delinquent loans included 68.7 percent in loans 30 to 59 days past due at December 31, 2021, compared to a lesser zero percent at June 30, 2020. The delinquent loans consisted entirely of residential real estate loans, at December 31, 2021, and also at June 30, 2020 and June 30, 2021.

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Nonperforming Assets (cont.)

Exhibit 15 provides a summary of Van Wert Federal’s nonperforming assets at June 30, 2020 and 2021, and at December 31, 2021. Nonperforming assets are defined as loans 90 days or more past due, nonaccruing loans, troubled debt restructurings and real estate owned. The Bank carried lower balances of nonperforming assets in each of the periods. Van Wert Federal’s nonperforming assets were $45,000 at June 30, 2020, and a higher $161,000 at December 31, 2021, which represented 0.04 percent of assets at June 30, 2020, and 0.12 percent or assets at December 31, 2021. The Bank’s nonperforming assets included $161,000 in nonaccrual loans, no real estate owned and no loans 90 days or more past due at December 31, 2021, and $9,000 in nonaccrual loans, $35,000 in loans 90 days or more past due and no real estate owned at June 30, 2020. The Bank had $41,000 in troubled debt restructurings at December 31, 2021, and a similar $47,000 at June 30, 2020.

Van Wert Federal’s classified assets were less than its nonperforming assets at June 30, 2020 and 2021, and at December 31, 2021. The classified assets include loans classified as substandard, doubtful and loss and do not include loans classified as special mention. The Bank’s classified assets were 0.03 percent of assets at June 30, 2020, 0.14 percent at June 30, 2021, and 0.03 percent at December 31, 2021, as indicated in Exhibit 16. The Bank’s classified assets consisted entirely of substandard assets, with no assets classified as doubtful or loss at June 30, 2020 and 2021, and at December 31, 2021.

Exhibit 17 shows Van Wert Federal’s allowance for loan losses at June 30, 2020 and 2021, and at December 31, 2020 and 2021, indicating the activity and the resulting balances. Van Wert Federal indicated no change in its balance of allowance for loan losses which was $222,884 at June 30, 2020 and 2021, and also at December 31, 2020 and 2021. The Bank had no provisions for loan losses of in fiscal 2020 or in fiscal 2020 or in the six months ended December 31, 2020 ad 2021 and also had no recoveries in any of these periods.

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Nonperforming Assets (cont.)

The Bank had no net charge-offs in fiscal 2020 or fiscal 2021 and none during the six months ended December 31, 2020 and 2021. The Bank’s ratio of allowance for loan losses to gross loans was 0.32 percent at June 30, 2020, and a similar 0.29 percent at December 31, 2021. Allowance for loan losses to nonperforming loans was 500.28 percent at June 30, 2020, and a lesser 138.20 percent at December 31, 2021.

INVESTMENTS

The Bank’s investment and securities portfolio, excluding interest-bearing deposits, has been comprised of U.S. government and federal agency obligations, municipal securities and mortgage-backed securities. The Bank’s investments are all carried at fair market value and totaled $18.3 million, excluding interest-bearing deposits.

DEPOSIT ACTIVITIES

The mix of deposits by type at June 30, 2020 and 2021, and at December 31, 2021, is provided in Exhibit 18. There has been a moderate change in the Bank’s total deposits and a modest change in the deposit mix during that twenty-one month period. Total deposits increased from $93.8 million at June 30, 2020 to $100.9 million at June 30, 2021, followed by an increase to $112.3 million at December 31, 2021, representing a net twenty-one month increase of $18.5 million or 19.7 percent and an annualized increase of 13.1 percent. Certificates of deposits decreased from $41.4 million at June 30, 2020 to $37.2 million at December 31, 2021, representing a decrease of $4.2 million or 10.1 percent, while savings, MMDA, demand and checking accounts increased $17.7 million or 33.8 percent from $52.4 million at June 30, 2020 to $70.1 million at December 31, 2021.

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Deposit Activities (cont.)

The Bank’s share of certificates of deposit to total deposits experienced a decrease from 44.2 percent of deposits at June 30, 2020 to a modestly lower 33.2 percent of deposits at December 31, 2021, offset by an increase in the share of savings, MMDA, demand and checking accounts, which increased from 55.8 percent at June 30, 2020 to 66.8 percent at December 31, 2021.

The deposit category experiencing the strongest growth in dollars from June 30, 2020, to December 31, 2021, was savings accounts, which increased $12.4 million during that time period; and the category experiencing the second largest increase from June 30, 2020, to December 31, 2021, was interest-bearing demand accounts, which increased $9.7 million.

Exhibit 20 provides a breakdown of uninsured certificates of deposit by maturity at December 31, 2021, due to their higher balance. The Bank had a moderate $37.2 million in certificates of deposit, representing 33.2 percent of total deposits, but only had $3.2 million in certificates of deposit of $250,000 or more. A modest $415,000 of these certificates mature in over three months to six months, representing 1.1 percent of certificates of deposit with $2.7 million or 7.4 percent of certificates maturing in over twelve months.

BORROWINGS

Van Wert Federal has not made use of FHLB advances in the years ended June 30, 2020 and 2021, or during the six months ended December 31, 2021.

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SUBSIDIARIES

Van Wert Federal has no active subsidiary corporations.

OFFICE PROPERTIES

Van Wert Federal had one office at December 31, 2021, which is owned by the Bank, and is their home office located at 376 South Shannon Street, Van Wert, Ohio. At December 31, 2021, the Bank’s investment in office premises and equipment totaled $1.4 million, net of depreciation, or 1.0 percent of total assets.

MANAGEMENT

The chairman of the board is Gary Clay who joined the Bank in 1977. He has served as chairman of the board since 2019. Mr. Clay joined the Bank in 1977 and served as president and CEO from 2006 to 2019. His extensive community banking experience and knowledge of Van Wert Federal’s business and market area provides the board of directors with valuable insight into the business of Van Wert Federal.

Mr. Mark K. Schumm, age 50, joined Van Wert Federal in 2007. He is currently president and chief executive officer, positions he has held since 2019. The Bank is now seeking a new president and chief executive officer, and Mr. Schumm will become the new chief operating officer and chief risk officer.

Ms. Kylee Moody, age 40, has served as treasurer and chief financial officer of Van Wert Federal since 2015 and joined the Bank in 2012.

Mr. George R. Scott, III has served as vice president and senior lending officer since joining Van Wert Federal in 2017. He is the son-in-law of Mr. Clay.

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II. DESCRIPTION OF PRIMARY MARKET AREA

Van Wert Federal’s market area encompasses Van Wert County in Ohio. The Bank’s main office is in Van Wert County, and it has no branch offices.

Exhibit 21 provides a summary of key demographic data and trends for Van Wert County, Ohio and the United States. From 2000 to 2010, population decreased in Van Wert Count but increased in Ohio and the United States. The population decreased by 3.1 percent in Van Wert County, while increasing by 1.6 percent in Ohio and by 9.7 percent in the United States. From 2010 to 2021, population continued to decrease, by 1.2 percent in Van Wert County, but increased by 1.7 percent and 7.2 percent in Ohio and the United States, respectively. Projections indicate that population will continue to decrease in Van Wert County by 1.0 percent through 2026, while the population in Ohio and the United States are projected to increase by 0.4 percent and 3.5 percent, respectively.

From 2000 to 2010, the number of households decreased in Van Wert County by 1.3 percent, but increase in Ohio by 3.5 percent and in the United States by 10.7 percent. The trend in household growth from 2010 to 2021 indicates a decrease in Van Wert County of 1.7 percent, but increases in Ohio by 1.7 percent, and in the United States by 8.0 percent. Projections indicate a slight decrease in households from 2021 through the year 2026 and increases in households by 1.0 percent and 4.0 percent in Ohio and the United States, respectively.

With regard to income, in 2000, Van Wert County, Ohio and the United States, had per capita income of $18,184, $21,694 and $21,242, respectively. From 2000 to 2010, per capita income increased in all areas. Van Wert Federal County’s per capita income increased from 2000 to 2010 by 17.0 percent to a still lower $21,278. Per capita income increased by 10.5 percent to $23,975 in Ohio and by 32.2 percent to $28,088 in the United States. From 2010 to 2021, per capita income continued to increase by 30.2 percent, 37.4 percent, and 29.8 percent to $27,699, $32,948, and $36,445 in Van Wert County, Ohio and the United States, respectively. Projections indicate that through 2026, per capita income will increase by 6.7 percent to $29,547 in Van Wert County, by 6.7 percent to $35,169 in Ohio and by 5.8 percent to $38,550 in the United States, with Van Wert County’s per capita income continuing to be below both state and national levels.

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Description of Primary Market Area (cont.)

The 2000 median household income of $39,442 in Van Wert County was lower than the median household income in Ohio of $41,066 and lower than the median household income of $42,257 in the United States. From 2000 to 2010, median household income increased in all areas, with Van Wert County indicating a 9.7 percent increase to $43,279, in comparison to Ohio indicating a 13.1 percent increase to $46,454, and the United States indicating a 21.5 percent increase to $51,362. From 2010 to 2021, median household income in Van Wert County increased by 39.6 percent to $60,418, slightly higher than 2021 Ohio’s median household income of $59,934, but lower than the United States’ increase to $65,694. Through 2026, median household income is projected to increase by 5.8 percent in Van Wert County to $63,938, by 5.7 percent in Ohio to $63,332, and by 4.8 percent in the United States to $68,820.

Exhibit 22 provides a summary of key housing data for Van Wert County, Ohio and the United States. In 2010, Van Wert County had a higher 78.6 percent owner-occupancy rate. Ohio and the United States had owner-occupancy rates of 67.6 percent and 65.1 percent, respectively. As a result, Van Wert County supported a lower rate of renter-occupied housing of 21.4 percent, compared to 32.4 percent in Ohio and 34.9 percent in the United States. In 2021, owner-occupied housing decreased slightly to 76.5 percent in Van Wert County, to 64.1 percent in Ohio and 63.9 percent in the United States. Conversely, the renter-occupied rates increased in Van Wert County to 23.5 percent and increased in Ohio and the United States to 35.9 percent and 36.1 percent, respectively. The estimates of 2026 rates of owner-occupancy indicates little change in Van Wert County, a slight increase in Ohio and no change in the United States.

Van Wert County’s 2000 median housing value was a much lower $74,670 with Ohio and the United States at $100,500 and $110,313, respectively. The 2000 median rent in Van Wert County was a lower $306 compared to Ohio at $415 and the United States at $469. By 2010, median housing values had increased in Van Wert County, Ohio and the United States to values of $86,986, $134,400 and $179,900, respectively. The 2010 median rents were $551 in Van Wert County, $685 and $855 in Ohio and the United States, respectively. The 2021 median housing values increased to $117,440 in Van Wert County, $163,017 in Ohio, and $227,827 in the United States, with median rents increasing to $712 in Van Wert County, $808 in Ohio, and $1,104 in the United States.

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Description of Primary Market Area (cont.)

In 2021, the major source of employment in Van Wert County was the services sector, providing 45.9 percent of employment in the county, with the services sector the largest employment area in both Ohio and the United States at 48.2 percent and 49.6 percent, respectively (reference Exhibit 23). The manufacturing sector was the second major employment source in Van Wert County at 21.4 percent, while the wholesale/retail sector was the second largest employer in Ohio and in the United States. The wholesale/retail trade sector was the third largest employer in Van Wert County at 16.6 percent, and also the third largest employer in the United States, while the manufacturing sector was the third largest employer at 13.7 percent. The agriculture/mining, construction, transportation/utilities, information, and finance, insurance and real estate sectors combined to provide 16.1 percent of employment in Van Wert County, 16.7 percent of employment in Ohio and 19.1 percent in the United States.

Some of the largest employers in the area are listed below.

Employer	Number of Employees	Type of Business
Danfoss	856	Manufacturing
Cooper Farms	600	Food Manufacturing
Van Wert Health	596	Health Services
Central Mutual Insurance Co.	470	Services
Braun Industries	351	Ambulance Manufacturing
Tenneco	345	Auto/Truck Parts Manufacturing
Van Wert County	334	Government
Walmart	311	Retail
Van Wert City Schools	282	Education

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Description of Primary Market Area (cont.)

Unemployment rates are another key economic indicator. Exhibit 24 shows the unemployment rates in Van Wert County, Ohio and the United States in 2017 through 2021. Van Wert County has been characterized by lower unemployment rates compared to both Ohio and the United States. In 2017, Van Wert County had an unemployment rate of 3.9 percent, compared to rates of 5.0 percent in Ohio and 4.4 percent in the United States. In 2018, unemployment rates decreased to 3.5 percent, 4.5 percent, and 3.9 percent in Van Wert County, Ohio, and the United States, respectively. In 2019, the unemployment rates in Van Wert County, Ohio and the United States decreased again to 3.3 percent, 4.1 percent and 3.7 percent, respectively. In 2020, however, unemployment rates increased in all areas due to the business slow-down because of the COVID pandemic. The 2020 unemployment rates were 7.0 percent in Van Wert County, 8.2 percent in Ohio and 8.1 percent in the United States. Through 2021, unemployment rates decrease to 3.8 percent, 4.9 percent and 5.4 percent in Van Wert County, Ohio and the United States, respectively.

Exhibit 25 provides deposit data for banks and thrifts in Van Wert County. At June 30, 2021, Van Wert Federal Savings= deposits represented a moderate 38.4 percent of the thrift deposits in Van Wert County but a smaller 15.7 percent of the total deposits in Van Wert County. It is evident from the size of the thrift and bank deposits that the market area has a smaller deposit base at $647.5 million.

Exhibit 26 provides interest rate data for each quarter for the years 2017 through 2021. The interest rates tracked are the Prime Rate, as well as 90-Day, One-Year and Thirty-Year Treasury Bills. Short term interest rates experienced a rising trend in 2017 and 2018 and then a softening trend in 2019. Then rates indicated noticeable decrease in 2020 with the rates remaining lower in 2021, with minimal change.

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SUMMARY

Van Wert County experienced decreases in population and households from 2000 through 2021. Van Wert County indicated lower per capita income and median household income levels than the United States. In 2000, 2010 and 2021, the median housing values in Van Wert County were lower than those of Ohio and the United States.

Van Wert County has had lower unemployment rates compared to both Ohio and the United States. Finally, the county is a smaller financial institution market dominated by banks with a total market area deposit base for banks and thrifts of $647.5 million with Van Wert Federal having a 15.7 percent share of the total county deposits.

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III. COMPARABLE GROUP SELECTION

Introduction

Integral to the valuation of Van Wert Federal 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 various methodologies and parameters used in the selection of the group. The selection of the comparable group was based on the establishment of both general and specific parameters using financial condition, operating and asset quality characteristics of the Bank to indicate the overall appropriateness of each of the comparable group institutions and the full comparable group in aggregate. The parameters established and defined are considered to be both reasonable and reflective of the Bank’s basic operations.

The various characteristics of the selected comparable group provide the primary basis for applying the necessary adjustments to the Bank’s pro forma value relative to the comparable group. There is also a general 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.

Exhibits 27 and 28 present Thrift Stock Prices and Pricing Ratios and Key Financial Data and Ratios, respectively, for the universe of 86 publicly traded, FDIC-insured, fully converted thrifts in the United States (“all thrifts”), also subclassifying those thrifts by region, including the 32 publicly traded Midwest thrifts (“Midwest thrifts”), and by trading exchange.

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GENERAL PARAMETERS

Merger/Acquisition

The comparable group will not include any institution that is in the process of a merger or acquisition due to the price impact of such a pending transaction.

There are no other pending merger/acquisition transaction involving thrift institutions in the city, county or market area of Van Wert Federal, as indicated in Exhibit 30.

Trading Exchange

It is necessary that each institution in the comparable group be listed on one of the three 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 continued listing.

Of the 86 publicly traded, FDIC-insured savings institutions, four are traded on the New York Stock Exchange, 62 are traded on NASDAQ, and the remainder are traded on the OTC Bulletin Board or are listed in the Pink Sheets. Comparable group institutions will be focused on the 38 companies traded on NASDAQ.

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 the trading date of February 18, 2022, used in this Appraisal, 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, 2020.

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Geographic Location

The geographic location of an institution is a pertinent parameter due to the impact of various regional economic and thrift industry conditions on the performance and trading prices of thrift institution stocks. The geographic location parameter has, therefore, eliminated regions of the United States incompatible with the Bank, including the Western, Southwestern, and New England states. The geographic location parameter consists of the North Central, Midwest, Mid-Atlantic and Southeastern states.

Asset Size

Asset size was another parameter used in the selection of the comparable group. The maximum total assets for any potential comparable group institution was $1.9 billion, due to the general similarity of asset mix and operating strategies of institutions within this asset range combined with the requirement to have comparable group candidates be traded on the NYSE or on NASDAQ. Van Wert Federal had assets of approximately $138.6 million at December 31, 2021.

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.

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SUMMARY

Exhibits 33 and 34 show the 38 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.

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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 31. The balance sheet ratios consist of the following:

1.       Cash and investments to assets

2.       Mortgage-backed securities to assets

3.       One- to four-family loans to assets

4.       Total net loans to assets

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

6.       Borrowed funds to assets

7.       Equity to assets

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

Cash and Investments to Assets

The Bank’s ratio of cash and investments to assets, excluding mortgage-backed securities, was 28.21 percent at December 31, 2021, and reflects the Bank’s share of cash and investments higher than the national and state averages of 18.61 percent and 17.74 percent, respectively. The Bank's investments have consisted of federal agency securities, municipal securities and other interest-bearing deposits.

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Cash & Investments to Assets (cont.)

For its two most recent fiscal years ended June 30, 2021, the Bank’s average ratio of cash and investments to assets was a lower 25.46 percent, ranging from a low of 20.42 percent in 2021 to a high of 30.51 percent in 2020.

The parameter range for cash and investments is has been defined as 45.0 percent or less of assets, with a midpoint of 22.5 percent.

Mortgage-Backed Securities to Assets

At December 31, 2021, the Bank had $14.2 million in mortgage-backed securities, resulting in a 10.25 percent ratio, modestly higher than the national average of 8.05 percent and higher than the regional average of 6.76 percent for publicly traded thrifts. The Bank’s two most recent fiscal year average is 8.53 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 30.0 percent or less of assets and a midpoint of 15.0 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 45.39 percent of the Bank's assets at December 31, 2020, which is lower than its ratio of 48.22 percent at June 30, 2021, and lower than its ratio of 46.95 percent at June 30, 2020. The parameter for this characteristic is 50.00 percent of assets or less in one- to four-family loans with a midpoint of 25.00 percent.

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Total Net Loans to Assets

At December 31, 2021, the Bank had a 55.88 percent ratio of total net loans to assets and a higher two fiscal year average of 59.80 percent, compared to the national average of 64.72 percent and the regional average of 62.41 percent for publicly traded thrifts. The Bank's ratio of total net loans to assets changed from 59.0 percent of total assets at June 30, 2020, to 60.6 percent at June 30, 2021, to 55.9 percent at December 31, 2021.

The parameter for the selection of the comparable group is from 20.0 percent to 80.0 percent with a midpoint of 50.0 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 10.25 percent and 55.88 percent, respectively, for a combined share of 66.12 percent. Recognizing the industry and regional ratios of 72.8 percent and 69.2 percent, respectively, the parameter range for the comparable group in this category is 50.0 percent to 92.0 percent, with a midpoint of 71.0 percent.

35

Borrowed Funds to Assets

The Bank had no borrowed funds at December 31, 2021, which is lower than the current industry average of 5.84 percent. The Bank also had no borrowed funds at June 30, 2021 and June 30, 2020.

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 does increase the attractiveness of borrowed funds. The institutional demand for borrowed funds has decreased recently, due to lower rates paid on deposits.

The parameter range of borrowed funds to assets is 44.0 percent or less with a midpoint of 22.0 percent.

Equity to Assets

The Bank’s equity to assets ratio was 18.23 percent at December 31, 2021, 20.46 percent at December 31, 2020, and 21.28 percent at December 31, 2019, averaging 19.99 percent for the three calendar years ended December 31, 2021. The Bank’s equity decreased in each of the past three calendar periods from December 31, 2019, to December 31, 2021. After conversion, based on the midpoint value of $22.0 million, with a foundation of $300,000, consisting of $100,000 in cash and $200,000 in stock, with 50.0 percent of the net proceeds of the public offering going to the Bank, its equity is projected to increase to 24.86 percent of assets, with the Corporation’s equity at 30.23 percent of assets.

Based on those equity ratios, we have defined the equity ratio parameter to be 8.0 percent to 24.0 percent with a midpoint ratio of 16.0 percent.

36

PERFORMANCE PARAMETERS

Introduction

Exhibit 32 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, 2021. 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 twelve months ended December 31, 2021, the Bank’s core ROAA was 0.19 percent based on a core income after taxes of $244,000, as detailed in Item I of this Report. The net ROAA for the twelve months ended December 31, 2021, was 0.03 percent on net income of $35,000. The Bank's ROAAs in its most recent two fiscal years of 2021 and 2020 were 0.20 percent and 0.34 percent, respectively, with a two fiscal year average ROAA of 0.27 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 1.38 percent with a midpoint of 0.69 percent.

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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 twelve months ended December 31, 2021, was 0.96 percent based on its core earnings. In its most recent two fiscal years, the Bank's average ROAE was 1.33 percent, from a low of 1.02 percent in 2021 to a high of 1.63 percent in 2020.

The parameter range for ROAE for the comparable group, based on core income, is 15.00 percent or less with a midpoint of 7.50 percent.

Net Interest Margin

The Bank had a net interest margin of 2.24 percent for the twelve months ended December 31, 2021, 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 2020 and 2021 were 2.94 percent and 2.73 percent, respectively, averaging 2.84 percent.

The parameter range for the selection of the comparable group is from a low of 1.40 percent to a high of 3.80 percent with a midpoint of 2.60 percent.

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Operating Expenses to Assets

For the twelve months ended December 31, 2021, the Bank had a 2.24 percent ratio of operating expense to average assets. In its two prior fiscal years of 2020 to 2021, the Bank’s expense ratio averaged 2.11 percent, from a low of 2.05 percent in fiscal year 2021 to a high of 2.17 percent in fiscal year 2020.

The operating expense to assets parameter for the selection of the comparable group is from a low of 1.04 percent to a high of 5.60 percent with a midpoint of 3.32 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 0.17 percent for the twelve months ended December 31, 2021. For its prior two fiscal years ended June 30, 2020 and 2021, the Bank’s ratios of noninterest income to average assets were 0.18 percent and 0.18 percent, respectively, for a two-year average of 0.18 percent.

The range for this parameter for the selection of the comparable group is 4.90 percent of average assets or less, with a midpoint of 2.45 percent.

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

Nonperforming Assets to Total Assets

The Bank’s ratio of nonperforming assets to assets was 0.12 percent at December 31, 2021, which was lower than the national average of 0.47 percent for publicly traded thrifts and the average of 0.53 percent for Midwest thrifts. The Bank’s ratio of nonperforming assets to total assets averaged 0.08 percent for its most recent two fiscal years ended June 30, 2021, from a high of 0.14 percent at June 30, 2021, to a low of 0.04 percent at June 30, 2020.

The comparable group parameter for nonperforming assets is 1.15 percent or less of total assets, with a midpoint of 0.58 percent.

Repossessed Assets to Assets

The Bank had no repossessed assets at December 31, 2021, representing a ratio to total assets of zero percent, following ratios of repossessed assets to total assets of zero percent and zero percent at June 30, 2020 and June 30, 2021, respectively. National and regional averages were 0.05 percent and 0.10 percent, respectively, for publicly traded thrift institutions.

40

Repossessed Assets to Assets (cont.)

The range for the repossessed assets to total assets parameter is 0.40 percent of assets or less with a midpoint of 0.20 percent.

Loans Loss Reserves to Assets

The Bank had an allowance for loan losses of $223,000, representing a loan loss allowance to total assets ratio of 0.16 percent at December 31, 2021, which was lower than its 0.18 percent ratio at June 30, 2021, and lower than its 0.19 percent ratio at June 30, 2020.

The loan loss allowance to assets parameter range used for the selection of the comparable group required a minimum ratio of 0.15 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 33, 34 and 35. The comparable group institutions range in size from $248.6 million to $1.86 billion with an average asset size of $883.8 million and have an average of 11.0 offices per institution. Four of the comparable group institutions are in Pennsylvania, two in Illinois, and one each in Ohio, Indiana, Wisconsin and Washington, and all ten are traded on NASDAQ.

The comparable group institutions as a unit have a ratio of equity to assets of 12.45 percent, which is 8.4 percent higher 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 0.77 percent, lower than all publicly traded thrifts at 0.94 percent and lower than the publicly traded Ohio thrifts at 0.91 percent.

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IV. ANALYSIS OF FINANCIAL PERFORMANCE

This section reviews and compares the financial performance of the Bank to all publicly traded thrifts, to publicly traded thrifts in the Midwest region and to Ohio thrifts, as well as to the ten institutions constituting the Bank’s comparable group, as selected and described in the previous section. The comparative analysis focuses on financial condition, earning performance and pertinent ratios as presented in Exhibits 36 through 41.

As presented in Exhibits 36 and 37, at December 31, 2021, the Bank’s total equity of 18.23 percent of assets was moderately above the comparable group at 12.45 percent, higher than all thrifts at 11.48 percent, Midwest thrifts at 11.89 percent and higher than Ohio thrifts at 12.86 percent. The Bank had an 55.88 percent share of net loans in its asset mix, lower than the comparable group at 57.50 percent, all thrifts at 64.72 percent and Midwest thrifts at 62.41 percent and lower than Ohio thrifts at 68.48 percent. The Bank had a higher 28.21 percent share of cash and investments with a lower 10.25 percent share of mortgage-backed securities. The comparable group had a lower 23.96 percent share of cash and investments and a higher 11.26 percent share of mortgage-backed securities. All thrifts had an 8.05 percent of assets in mortgage-backed securities and 18.61 percent in cash and investments. The Bank’s 81.03 percent share of deposits was higher than the comparable group, all thrifts, Midwest thrifts and Ohio thrifts, reflecting the Bank's much lower share of borrowed funds of zero percent and higher share of equity of 18.23 percent. As ratios to assets, the comparable group had deposits of 77.52 percent and borrowings of 8.73 percent. All thrifts averaged an 81.24 percent share of deposits and 5.84 percent of borrowed funds, while Midwest thrifts had an 81.65 percent share of deposits and a 5.24 percent share of borrowed funds. Ohio thrifts averaged an 80.04 percent share of deposits and a 5.22 percent share of borrowed funds. The Bank had no goodwill and intangible assets, compared to 0.31 percent for the comparable group, 0.71 percent for all thrifts, 0.36 percent for Midwest thrifts and 0.62 percent for Ohio thrifts.

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Analysis of Financial Performance (cont.)

Operating performance indicators are summarized in Exhibits 38, 39 and 40 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 40, for the twelve months ended December 31, 2021, the Bank had a lower yield on average interest-earning assets relative to the comparable group, all thrifts, Midwest thrifts and Ohio thrifts. The Bank's yield on interest-earning assets was 2.55 percent compared to the comparable group at 3.24 percent, all thrifts at 3.66 percent, Midwest thrifts at 3.53 percent and Ohio thrifts at 3.78 percent.

The Bank's cost of funds for the twelve months ended December 31, 2021, was also lower than the comparable group and all thrifts, Midwest thrifts, and Ohio thrifts. The Bank had an average cost of interest-bearing liabilities of 0.37 percent compared to 0.62 percent for the comparable group, 0.57 percent for all thrifts, 0.58 percent for Midwest thrifts and 0.70 percent for Ohio thrifts. The Bank's yield on interest-earning assets and cost of funds resulted in a net interest spread of 2.17 percent, which was lower than the comparable group at 2.62 percent, all thrifts at 3.09 percent, lower than Midwest thrifts at 2.96 percent and Ohio thrifts at 3.08 percent. The Bank generated a net interest margin of 2.24 percent for the twelve months ended December 31, 2021, based on its ratio of net interest income to average interest-earning assets, which was lower than the comparable group ratio of 2.77 percent. All thrifts averaged a higher 3.19 percent net interest margin for the trailing four quarters, with Midwest thrifts at 3.06 percent, and Ohio thrifts averaged a higher 3.20 percent.

The Bank’s major source of earnings is interest income, as indicated by the operations ratios presented in Exhibit 42. The Bank had no provision for loan losses during the twelve months ended December 31, 2021, representing zero percent of average assets. The average provision for loan losses for the comparable group was 0.02 percent, with all thrifts at 0.02 percent, Midwest thrifts at (0.01) percent and Ohio thrifts at 0.01 percent.

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Analysis of Financial Performance (cont.)

The Bank's total noninterest income was $220,000 or 0.17 percent of average assets for the twelve months ended December 31, 2021. The Bank's ratio of noninterest income to average assets was lower than the comparable group at 1.13 percent, and lower than all thrifts at 1.01 percent, Midwest thrifts at 1.30 percent and lower than Ohio thrifts at 1.78 percent. For the twelve months ended December 31, 2021, the Bank’s operating expense ratio was 2.24 percent of average assets, lower than the comparable group at 2.58 percent, all thrifts at 2.81 percent, Midwest thrifts at 3.13 percent, and Ohio thrifts at 3.48 percent.

The overall impact of the Bank’s income and expense ratios is reflected in its net income and return on assets. For the twelve months ended December 31, 2021, the Bank had a net ROAA of 0.03 and a core ROAA of 0.19 percent. For its most recent four quarters, the comparable group had a higher net ROAA of 0.83 percent and a higher core ROAA of 0.77 percent. All publicly traded thrifts averaged a higher net ROAA of 1.06 percent and a higher 0.94 percent core ROAA, with Midwest thrifts a 1.01 percent net ROAA and a 0.88 percent core ROAA. The twelve month net and core ROAA for the 10 Ohio thrifts was 0.95 percent and 0.91 percent, respectively.

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V. MARKET VALUE ADJUSTMENTS

This is a conclusive section where adjustments are made to determine the pro forma market value or appraised value of the Corporation based on a comparison of Van Wert Federal 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 twelve months ended December 31, 2021, with comparisons to the core earnings of the comparable group, all thrifts and other geographical subdivisions.

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Earnings Performance (cont.)

As discussed earlier, the Bank has experienced increases in its assets in three of the past four fiscal years and in the six months ended December 31, 2021, and increases in loans in each of the past four fiscal years and in the six months ended December 31, 2021, and increases in deposits in three of the past four fiscal years and in the six months ended December 31, 2021, with increases experienced for assets and deposits in 2019, 2020 and 2021. The Bank has experienced lower and declining positive earnings in each of the past five fiscal years and a decrease in the six months ended December 31, 2021, and has focused on controlling its lower balance of nonperforming assets; monitoring 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; maintaining its modest level of noninterest income; and monitoring its declining net interest margin. Historically, the Bank has been characterized with its lower yields and lower 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 modest decrease over the past two fiscal years and in the six months ended December 31, 2021, with a 2.24 percent net interest margin for the twelve months ended December 31, 2021, was lower than the industry average of 3.19 percent and lower than the comparable group average of 2.77 percent. During its prior two fiscal years, Van Wert Federal’s net interest margin has decreased from 2.98 percent in fiscal year 2020 to 2.72 percent in 2021. The Bank’s cost of funds decreased to 0.37 percent for the twelve months ended December 31, 2021, which was lower than the average of 0.62 percent for the comparable group and lower than the average of 0.57 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.

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Earnings Performance (cont.)

From June 30, 2020, to December 31, 2021, one- to four-family loans and commercial real estate loans, multi-family loans, commercial business loans, home equity loans and consumer loans have experienced various movements in their balances. One- to four-family loans, commercial real estate loans and agricultural loans indicated dollar increases of $6.0 million, $1.1 million and $670,000, respectively, from June 30, 2020, to December 31, 2021. One- to four-family loans increased in dollars by $2.0 million or 3.3 percent from June 30, 2021, to December 31, 2021. Commercial real estate loans increased by $903,000 or 13.8 percent from June 30, 2021, to December 31, 2021. Agricultural loans increased $327,000 or 11.0 percent from June 30, 2021, through December 31, 2021. Overall the Bank’s lending activities resulted in a total loan increase of $9.1 million or 2.9 percent and a net loan increase of $7.9 million or 11.4 percent from June 30, 2020, to December 31, 2021.

The impact of Van Wert Federal’s primary lending efforts has been to generate a yield on average interest-earning assets of a lower 2.55 percent for the twelve months ended December 31, 2021, compared to a higher 3.24 percent for the comparable group, 3.66 percent for all thrifts and 3.53 percent for Midwest thrifts. The Bank’s ratio of interest income to average assets was a lower 2.38 percent for the twelve months ended December 31, 2021, lower than the comparable group at 2.96 percent, all thrifts at 3.35 percent and Midwest thrifts at 3.20 percent, reflecting the Bank's lower yield.

Van Wert Federal’s 0.37 percent cost of interest-bearing liabilities for the twelve months ended December 31, 2021, was lower than the comparable group at 0.62 percent, lower than all thrifts at 0.57 percent, lower than Midwest thrifts at 0.58 percent and lower than Ohio thrifts at 0.70 percent. The Bank's resulting net interest spread of 2.17 percent for the twelve months ended December 31, 2021, was lower the comparable group at 2.62 percent and lower than all thrifts at 3.09 percent, Midwest thrifts at 2.96 percent and Ohio thrifts at 3.08 percent. The Bank's net interest margin of 2.24 percent, based on average interest-earning assets for the twelve months ended December 31, 2021, was lower than the comparable group at 2.77 percent, lower than all thrifts at 3.19 percent, Midwest thrifts at 3.06 percent and Ohio thrifts at 3.20 percent.

The Bank's ratio of noninterest income to average assets was a much lower 0.17 percent for the twelve months ended December 31, 2021, which was lower than the comparable group at 1.13 percent, lower than all thrifts at 1.01 percent and Midwest thrifts at 1.30 percent.

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Earnings Performance (cont.)

The Bank's operating expenses were lower than the comparable group, all thrifts, Midwest thrifts and Ohio thrifts. For the twelve months ended December 31, 2021, Van Wert Federal had an operating expenses to average assets ratio of 2.24 percent, compared to 2.58 percent for the comparable group, 2.81 percent for all thrifts, 3.13 percent for Midwest thrifts and 3.48 percent for Ohio thrifts. For the twelve months ended December 31, 2021, Van Wert Federal 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 zero percent in provision for loan losses during the twelve months ended December 31, 2021, compared to the comparable group at 0.02 percent of assets, all thrifts at 0.02 percent and Midwest thrifts at (0.01) percent. The Bank’s allowance for loan losses to total loans of 0.29 percent was much lower than the comparable group and much lower than all thrifts. The Bank’s reserves to nonperforming assets was 138.51 percent relative to the comparable group at 181.53 percent and all thrifts at 265.07 percent.

As a result of its operations, the Bank's core income for the twelve months ended December 31, 2021, 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 0.03 percent for the year ended December 31, 2021, and a return on average assets of 0.20 percent and 0.34 percent in fiscal years 2021 and 2020, respectively. The Bank’s core return on average assets was 0.19 percent for the twelve months ended December 31, 2021, as detailed in Exhibit 7. For their most recent four quarters, the comparable group had a higher net ROAA of 0.83 percent and a higher core ROAA of 0.77 percent, while all thrifts indicated a higher net ROAA and higher core ROAA of 1.06 percent and 0.94 percent, respectively. Midwest thrifts indicated a net ROAA of 1.01 percent and a core ROAA of 0.88 percent.

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Earnings Performance (cont.)

Following its conversion, Van Wert Federal’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 (1.63) percent ROAA in 2022 and then 0.40 percent in 2023. The Bank’s ratio of noninterest income to average assets was 0.18 percent in fiscal 2020 to 2021. Overhead expenses indicated a minimal decrease overall during the past two fiscal years.

In recognition of the foregoing earnings related factors, considering Van Wert Federal’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.

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MARKET AREA

Van Wert Federal’s market area is focused on Van Wert, Ohio, where the Bank’s office is located. The population trends indicate decreases in Van Wert County from 2000 through 2026 projections, while Ohio and the United States increased in population.

Van Wert had lower per capita and lower median household income than all other areas. In 2010, median housing values were $86,986 in Van Wert, $134,400 in Ohio and $179,900 in the United States. In 2021, median housing values increased to $117,440, $163,017, and $227,827, with Van Wert County continuing to stay lower than Ohio and the United States.

Also, Van Wert County has been characterized with lower unemployment rates than the state and national unemployment rates. The 2021 unemployment rates were 3.8 percent in Van Wert County, 4.9 percent in Ohio and 5.4 percent in the United States.

The Bank held 38.4 percent of the total thrift deposits in the market area as of June 30, 2021, which represented a 15.7 percent share of the total deposit base of $647.5 million.

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

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FINANCIAL CONDITION

The financial condition of Van Wert Federal is discussed in Section I and shown in Exhibits 1, 2, 5, and 12 through 19, and is compared to the comparable group in Exhibits 35, 36, and 37. The Bank's ratio of total equity to total assets was 18.23 percent at December 31, 2021, which was above the comparable group at 12.45 percent and higher than all thrifts at 11.48 percent and Ohio thrifts at 12.86 percent. Based on the conversion completed at the midpoint of the valuation range, the Corporation's pro forma equity to assets ratio will be 30.23 percent, and the Bank's pro forma equity to assets ratio will increase to 24.86 percent.

The Bank's mix of assets and liabilities indicates both similarities to and variations from its comparable group. Van Wert Federal had a lower 55.88 percent ratio of net loans to total assets at December 31, 2021, compared to the comparable group at 57.5 percent. All thrifts indicated a higher 64.7 percent, as did Midwest thrifts at 62.4percent. The Bank's 28.21 percent share of cash and investments, excluding mortgage-backed securities, was higher than the comparable group at 23.96 percent, while all thrifts were at 18.61 percent and Midwest thrifts were at 20.88 percent. Van Wert Federal’s 10.25 percent of mortgage-backed securities was modestly lower than the comparable group at 11.26 percent and higher than all thrifts at 8.05 percent and higher than Midwest thrifts at 6.76 percent.

The Bank's 81.03 percent ratio of deposits to total assets was higher than the comparable group at 77.52 percent, lower than all thrifts at 81.24 percent and lower than Midwest thrifts at 81.65 percent. Van Wert Federal’s higher ratio of deposits was due to its lower share of borrowed funds. Van Wert Federal had a higher equity to asset ratio of 18.23 percent, compared to the comparable group at 12.45 percent of total assets, with all thrifts at 11.48 percent and Midwest thrifts at 11.89 percent. Van Wert Federal had a lower share of borrowed funds to assets of zero percent at December 31, 2021, moderately lower than the comparable group at 8.73 percent and lower than all thrifts at 5.84 percent and lower than Midwest thrifts at 5.24 percent. In fiscal year 2021, total deposits increased by $7.1 million or 7.6 percent and increased from $93.8 million to $100.9 million. During fiscal year 2020, Van Wert Federal’s deposits increased by $4.0 million or 4.4 percent from $89.8 million to $93.8 million.

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Financial Condition (cont.)

Van Wert Federal had no assets in combined goodwill and intangible assets and had a lower share of repossessed real estate at December 31, 2021. The Bank also had no repossessed real estate or zero percent of assets at December 31, 2020. This compares to ratios of 0.31 percent for goodwill and intangible assets and 0.05 percent for real estate owned for the comparable group. All thrifts had a goodwill and intangible assets ratio of 0.71 percent and a real estate owned ratio of 0.05 percent.

The financial condition of Van Wert Federal is impacted by its lower than average balance of nonperforming assets of 0.12 percent of total assets at December 31, 2021, compared to a higher 0.33 percent for the comparable group, 0.47 percent for all thrifts, 0.53 percent for Midwest thrifts and a higher 0.45 percent for Ohio thrifts. The Bank's ratio of nonperforming assets to total assets was 0.04 percent at June 30, 2020, and 0.14 percent at June 30, 2021.

At December 31, 2021, Van Wert Federal had $223,000 of allowances for loan losses, which represented a lower 0.16 percent of assets and 0.29 percent of total loans. The comparable group indicated higher allowance ratios, relative to assets and loans, equal to 0.66 percent of assets and 1.02 percent of total loans, while all thrifts had allowances relative to assets and loans that averaged a higher 0.74 percent of assets and a higher 1.09 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. Van Wert Federal’s $223,000 of allowances for loan losses, relative to its $161,000 in nonperforming assets at December 31, 2021, was 138.51 percent, compared to the comparable group's 181.53 percent, with all thrifts at 265.07 percent, Midwest thrifts at 229.54 percent and Ohio thrifts at 401.27 percent. Van Wert Federal’s ratio of net charge-offs to average total loans was zero percent for the twelve months ended December 31, 2021, compared to a higher 0.03 percent for the comparable group, 0.07 percent for all thrifts and 0.04 percent for Midwest thrifts.

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Financial Condition (cont.)

Van Wert Federal has a modest level of interest rate risk. The change in the Bank’ s EVE level at December 31, 2021, reflecting the most current information available, based on a rise in interest rates of 100 basis points was a 0.23 percent increase, representing a dollar increase in equity value of $67,000. The Bank’s exposure increases to a 4.73 percent decrease in its EVE level under a 200 basis point rise in rates, representing a dollar decrease in equity of $1,353,000. The Bank’s post shock EVE ratio at December 31, 2021, assuming a 200 basis point rise in interest rates was 20.30 percent and indicated a 3 basis point increase from its 20.27 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, lower level of allowance for loan loss, and asset and liability mix, we believe that a modest upward adjustment is warranted for Van Wert Federal’s current financial condition, due to the Bank’s higher equity position, recognizing its recently rising share of nonperforming assets and lower share of allowance for loan losses to loans, higher share of cash and investments, and lower level of interest rate risk.

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ASSET, LOAN AND DEPOSIT GROWTH

During its most recent two fiscal years and in the six months ended December 31, 2021, Van Wert Federal has been characterized by moderate changes in assets, loans and deposits relative to its comparable group. The Bank’s average annual asset change from June 30, 2020, to December 31, 2021, was an increase of 8.0 percent. This increase compares to a similar 7.8 percent increase for the comparable group, a lower 6.8 percent for all thrifts, and a similar 7.4 percent for Midwest thrifts. The Bank’s increase in assets is reflective of its average annual increases in loans and deposits of 6.21 percent and 10.0 percent, respectively. Van Wert Federal’s deposits indicate an annual increase of 8.5 percent from December 31, 2018, to December 31, 2021, compared to average growth rates of 8.8 percent for the comparable group, 7.8 percent for all thrifts and 8.2 percent for Midwest thrifts.

Van Wert Federal’s deposits indicated an increase of 14.7 percent from calendar 2020 to 2021. Annual deposit change was growth rates of 12.8 percent for the comparable group, 9.2 percent for all thrifts and 13.8 percent for Midwest thrifts. The Bank had no borrowed funds or zero percent of assets at December 31, 2021, compared to the comparable group at 8.7 percent and had no borrowed funds for the Bank at December 31, 2019 and December 31, 2020.

Recognizing its stronger increase in deposits in 2021, after moderate growth in 2020 and a modest growth in 2019, 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. Van Wert Federal’s primary market area county of Van Wert experienced decreases in population and households between 2000 and 2010 with a population decrease from 2010 to 2021 of a 1.2 percent. The Bank’s primary market area county also indicated 2010 per capita income modestly below Ohio’s and moderately below that of the United States, and the median household income level in Van Wert County was below the state level and below the national level in 2010. In 2010, the median housing value in Van Wert County at $86,986 was well below that of Ohio at $134,400 and lower than the United States at $179,900, with median rents lower than both.

54

Asset, Loan and Deposit Growth (cont.)

The total deposit base in Van Wert County increased by 7.3 percent from June 30, 2020, to June 30, 2021. In June 30, 2021, Van Wert Federal’s market share of thrift deposits in Van Wert County was 38.4 percent, decreasing from 39.4 percent in 2020.

Based on all the foregoing factors, we have concluded that a moderate downward 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. Seven of the ten institutions in the comparable group paid cash dividends during the most recent twelve months for an average dividend yield of 1.65 percent and an average payout ratio of 24.11 percent. During that twelve month period, the average dividend yield was 2.34 percent for the eleven Ohio thrifts; and the average dividend yield was 2.53 percent and the average payout ratio was 21.33 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.

55

SUBSCRIPTION INTEREST

In 2021, investors' interest in financial institution new issues experienced modest activity followed by a downward pricing trend in early 2022. Such decline is possibly related to the volatility in financial institution stocks and the lower 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 market and the 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.

Van Wert Federal will direct its offering initially to depositors and residents in its market area. The board of directors and officers anticipate purchasing approximately $4.8 million or 22.1 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 Performance Trust Capital Partner, 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, current turbulent international conditions in Ukraine, 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.

56

LIQUIDITY OF THE STOCK

The Corporation will offer its shares through a subscription and community offering with the assistance of Performance Trust Capital Partner, 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 $94.6 million for the stock outstanding compared to a midpoint value of $22.0 million for the Corporation, including the ESOP of 176,000 shares, and the estimated 480,000 shares to be purchased by senior officers and directors. The Corporation’s public market capitalization will be approximately 23.3 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 5,879 shares during the last four quarters.

The comparable group has an average of 6,154,847 shares outstanding compared to 2,200,000 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

The chairman of the board is Gary Clay who joined the Bank in 1977. He has served as chairman of the board since 2019. Mr. Clay joined the Bank in 1977 and served as president and CEO from 2006 to 2019. His extensive community banking experience and knowledge of Van Wert Federal’s business and market area provides the board of directors with valuable insight into the business of Van Wert Federal.

57

Management (cont.)

Mr. Mark K. Schumm, age 50, joined Van Wert Federal in 2007. He is currently president and chief executive officer, positions he has held since 2019. The Bank is now seeking a new president and chief executive officer, and Mr. Schumm will become the new chief operating officer and chief risk officer.

Ms. Kylee Moody, age 40, has served as treasurer and chief financial officer of Van Wert Federal since 2015 and joined the Bank in 2012.

Mr. George R. Scott, III has served as vice president and senior lending officer since joining Van Wert Federal in 2017. He is the son-in-law of Mr. Clay.

During its two most recent fiscal years and the subsequent six months, Van Wert Federal has experienced a decrease in its net interest spread and experienced a lower level of core noninterest income. The Bank experienced lower positive earnings in 2020 and a decrease in 2021 and negative in the six months ended December 31, 2021. The Bank’s asset quality position has remained favorable in 2020 and 2021, and the six months ended December 31, 2021 with nonperforming assets being lower than industry overages. Van Wert Federal’s interest rate risk has been modest, primarily as a result of its higher equity position along with a higher share of fixed-rate one- to four-family mortgage loans of 66.3 percent of total 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 lower yield on earning assets. Management is confident that the Bank is positioned for rising earnings following its conversion, with plans to employ a new chief executive officer in the next few months.

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.

58

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 moderate new issue discount is warranted in the case of this offering. Consequently, at this time we have made a moderate downward adjustment to the Corporation's pro forma market value related to a new issue discount.

59

VI. VALUATION APPROACH, METHODS AND CONCLUSION

Valuation Approach

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.”

60

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, marketing of the issue and market area. No adjustments were made for the Bank’s management and financial condition.

61

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 $22,833,000, which is based on the Bank’s December 31, 2021, equity level, which is based on the Bank’s actual equity of $25,252,000 less the after-tax cost of $2,419,000 for the Bank to withdraw from its defined benefit plan. The Bank’s tangible equity was an identical $22,833,000.

Exhibit 43 shows the average and median price to book value ratios for the comparable group which were 99.61 percent and 99.91 percent, respectively. The full comparable group indicated a moderate pricing range, from a low of 83.21 percent (Prudential Bancorp) to a high of 117.90 percent (Cincinnati Bancorp). The comparable group had higher average and median price to tangible book value ratios of 104.62 percent and 106.19 percent, respectively, with a range of 87.06 percent to 127.35 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 87.06 percent and a high of 111.69 percent, and the comparable group’s price to tangible book value ratio range also narrowed modestly from a low of 87.56 percent to a high of 114.61 percent.

62

Price to Book Value Method (cont.)

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 54.38 percent and a price to tangible book value ratio of 54.38 percent at the midpoint. The price to book value ratio increases from 49.80 percent at the minimum to 62.27 percent at the super maximum, while the price to tangible book value ratio increases from 49.80 percent at the minimum to 62.27 percent at the super maximum.

The Corporation's pro forma price to book value and price to tangible book value ratios of 54.38 percent and 54.38 percent, respectively, as calculated using the prescribed formulary computation indicated in Exhibit 42, are influenced by the Bank's capitalization, asset quality position, earnings performance, ESOP level, local market and public interest, 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 25.90 percent compared to 12.45 percent for the comparable group (reference Exhibit 43). Based on the price to book value ratio and the Bank's total pro forma equity of $22,833,000 at December 31, 2021, the indicated pro forma market value of the Corporation using this approach is $22,000,000 at the midpoint, including 20,000 shares to be issued to the newly formed foundation (reference Exhibit 42).

63

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 twelve months ended December 31, 2021, were $244,000 (reference Exhibit 7) and its net earnings were $35,000 for that period. Due to a low level of earnings and resultant very high price to earnings multiple, it was deemed appropriate not to use this price to core earnings approach and deem it not meaningful.

Due to the importance of recognizing the earnings position of the comparable group and the industry, we will discuss these performance measures in the industry and with the comparable group. As indicated in Exhibit 42, the average price to core earnings multiple for the comparable group was 18.18, while the median was a lower 15.51. The average price to net earnings multiple was 16.87, and the median multiple was 13.42. The range of the price to core earnings multiple for the comparable group was from a low of 8.04 to a high of 34.71. 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 10.39 to a high of 29.23 times earnings for eight of the ten institutions in the group, indicating a modest narrowing of the range. For all thrifts, the average price to core earnings multiple was 14.00 with a median of 12.58 and a higher 21.11 average for Ohio thrifts with a median of a much lower 10.51.

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.

64

Price to Assets Method (cont.)

Exhibit 43 indicates that the average price to assets ratio for the comparable group was 12.63 percent and the median was 9.93 percent. The range in the price to assets ratios for the comparable group varied from a low of 8.32 percent (WVS Financial Corp.) to a high of 23.36 percent (FFBW Inc.). The range narrows modestly with the elimination of the two extremes in the group to a low of 8.88 percent and a high of 18.87 percent.

Consistent with the previously noted adjustments, it is our opinion that an appropriate price to assets ratio for the Corporation is 14.09 percent at the midpoint, which ranges from a low of 12.20 percent at the minimum to 17.91 percent at the super maximum. Based on the Bank's December 31, 2021, asset base of $138,553,000, the indicated pro forma market value of the Corporation using the price to assets method is $22,000,000 at the midpoint (reference Exhibit 41).

65

VALUATION CONCLUSION

Exhibit 48 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 54.38 percent for the Corporation represents a discount of 45.41 percent relative to the comparable group and decreases to a discount of 37.49 percent at the super maximum. The price to assets ratio of 14.09 percent at the midpoint represents a premium of 11.56 percent, increasing to a premium of 41.81 percent at the super maximum. The price to core earnings multiple was not meaningful for the Corporation.

It is our opinion that as of February 18, 2022, the pro forma market value of the Corporation is $22,000,000 at the midpoint, representing 2,200,000 shares at $10.00 per share, including 20,000 shares to be issued to the newly formed foundation. The pro forma valuation range of the Corporation is from a minimum of $18,700,000 or 1,870,000 shares at $10.00 per share to a maximum of $25,300,000 or 2,530,000 shares at $10.00 per share, and then to a super maximum of $29,095,000 or 2,909,500 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 VWF Bancorp, Inc., as of February 18, 2022, is $22,000,000 at the midpoint.

66

EXHIBITS

67

NUMERICAL

EXHIBITS

68

EXHIBIT 1

VAN WERT FEDERAL SAVINGS BANK

Van Wert, Ohio

Balance Sheet

At December 31, 2021 and June 30, 2021

	At December 31,			At June 30,
	2021			2021
	(Unaudited)
ASSETS
Cash and due from banks	$	31,549,304		$	11,660,839
Interest-bearing time deposits		3,420,000			4,890,000
Available-for-sale debt securities		18,310,171			28,526,420
Loans receivable, net of allowance of $222,884 at December 31, 2021 and June 30, 2021		77,419,787			74,384,207
Premises and equipment, net		1,395,784			1,421,166
Federal Home Loan Bank stock		1,012,900			1,012,900
Bank owned life insurance		5,058,567			5,003,803
Accrued interest receivable		198,121			193,018
Other assets		188,380			134,596
Total assets	$	138,553,014		$	127,226,949
LIABILITIES AND EQUITY
LIABILITIES
Deposits
Demand	$	27,211,074		$	19,237,348
Savings		47,821,779			43,184,282
Time		37,241,539			38,501,260
Total deposits		112,274,392			100,922,890
Advances from borrowers for taxes and insurance		729,686			579,312
Accrued interest payable and other liabilities		296,512			328,771
Total liabilities		113,300,590			101,830,973
EQUITY
Retained earnings		25,363,218			25,471,008
Accumulated other comprehensive (loss) income		(110,794	)		(75,032	)
Total equity		25,252,424			25,395,976
Total liabilities and equity	$	138,553,014		$	127,226,949

Source:  Van Wert Federal Savings Bank's unaudited and audited financial statement

69

EXHIBIT 2

VAN WERT FEDERAL SAVINGS BANK

Van Wert, Ohio

Balance Sheets

At June 30, 2017, 2018, 2019 and 2020

	June 30,
	2020		2019			2018			2017
ASSETS
Cash and due from banks		23,773,919	$	4,849,042		$	5,320,007		$	9,554,839
Interest-bearing time deposits		8,075,000		8,105,000			7,305,000			6,810,000
Available-for-sale debt securities		11,063,796		27,724,983			29,975,811			34,119,129
Loans, net of allowance for loan losses of $222,884 at June 30, 2020, 2019, 2018 and 2017		69,495,771		67,065,220			62,617,795			60,778,891
Premises and equipment, net		1,451,100		1,507,746			1,524,881			1,186,834
Federal Home Loan Bank stock		1,012,900		1,012,900			1,012,900			1,012,900
Bank owned life insurance		4,892,967		4,775,316			4,362,710			3,658,675
Accrued interest receivable		221,344		324,778			253,878			218,544
Other assets		175,784		162,981			200,745			189,170
Total assets	$	120,162,581	$	115,527,966		$	112,573,727		$	117,528,982
LIABILITIES AND EQUITY
LIABILITIES
Deposits
Demand	$	16,972,408	$	13,062,988		$	12,642,990		$	12,523,091
Savings		35,386,095		32,887,401			33,538,363			32,947,597
Time		41,434,177		43,865,322			41,778,672			47,261,603
Total deposits	$	93,792,680	$	89,815,711		$	87,960,025		$	92,732,291
Advances from borrowers for taxes and insurance		594,412		510,374			570,831			617,832
Accrued interest payable and other liabilities		413,266		389,010			160,029			289,556
Total liabilities		94,800,358		90,715,095			88,690,885			93,639,679
EQUITY
Retained earnings		25,277,733		24,866,536			24,387,796			23,996,058
Accumulated other comprehensive (loss) income	$	84,490		(53,665	)		(504,954	)		(106,755	)
Total equity		25,362,223		24,812,871			23,882,842			23,889,303
Total liabilities and retained earnings	$	120,162,581	$	115,527,966		$	112,573,727		$	117,528,982

Source:  Van Wert Federal Savings Bank's audited financial statements

70

EXHIBIT 3

VAN WERT FEDERAL SAVINGS BANK

Van Wert, Ohio

Statements of Income

For the Twelve Months Ended December 31, 2021 and the Year Ended June 30, 2021

	Twelve Months
	Ended			Year Ended
	December 31,			June 30,
	2021			2021
Interest income:
Loans	$	2,728,194		$	2,746,377
Investment securities		283,069			206,720
Interest-bearing deposits and other		117,631			157,247
Total interest income		3,128,894			3,110,344
Interest expense:
Deposits		380,255			452,904
Federal Home Loan Bank advances		1			2
Total interest expense		380,256			452,906
Net interest income		2,748,638			2,657,438
Provision for loan losses		0			0
Net interest income after provision for loan losses		2,748,638			2,657,438
Noninterest income:
Bank owned life insurance		109,312			110,836
Other income		110,230			103,143
Total noninterest income		219,542			213,979
Noninterest expense:
Salaries and employee benefits		1,401,151			1,368,035
Directors fees		199,500			202,667
Occupancy and equipment		181,851			181,507
Data processing fees		220,830			204,906
Franchise taxes		139,485			134,936
FDIC insurance premiums		31,310			25,230
Professional services		138,623			140,824
Loss on sale of investment securities		291,198			--
Other		346,570			320,325
Total noninterest expense		2,950,518			2,578,430
Income (loss) before income taxes		17,662			292,987
Provision(benefit) for income taxes)		(17,083	)		35,223
Net income (loss)	$	34,745		$	257,764

Source:  Van Wert Federal Savings Bank unaudited and audited financial statements

71

EXHIBIT 4

VAN WERT FEDERAL SAVINGS BANK

Van Wert, Ohio

Statements of Income

Years Ended June 30, 2017, 2018, 2019 and 2020

	June 30,
	2020		2019		2018		2017
Interest and dividend income
Loans	$	2,872,360	$	2,677,638	$	2,519,560	$	2,620,126
Securities and other		715,274		851,807		752,227		622,637
Total interest and dividend income		3,587,634		3,529,445		3,271,787		3,242,763
Interest expense:
Deposits		721,052		607,890		498,633		514,938
Advances from Federal Home Loan Bank		11		7		0		7
Total interest expense		721,063		607,897		498,633		514,945
Net interest income		2,866,571		2,921,548		2,773,154		2,727,818
Provision for loan losses		0		0		0		36,995
Net interest income after provision for loan losses		2,866,571		2,921,548		2,773,154		2,690,823
Noninterest income:
Bank owned life insurance income		117,652		112,605		104,036		106,132
Other income		96,910		105,614		113,472		94,616
Total noninterest income		214,562		218,219		217,508		200,748
Noninterest expense:
Salaries and employee benefits		1,436,228		1,390,330		1,339,235		1,284,367
Net occupancy and equipment expense		185,271		193,263		167,044		142,679
Data processing fees		154,333		138,250		144,650		124,000
Professional fees		195,952		184,294		175,863		165,949
Franchise taxes		2,267		29,100		33,600		29,800
Loss on sale of foreclosed assets		--		--		47,524		12,628
State franchise taxes		165,132		194,918		--		--
FDIC insurance premiums		142,298		142,434		159,893		169,981
Other		310,966		283,253		321,257		313,834
Total noninterest expense		2,592,447		2,555,842		2,389,066		2,243,238
Income before income taxes		488,686		583,925		601,596		648,333
Income tax expense		77,489		105,185		48,958		120,714
Net income	$	411,197	$	478,740	$	552,638	$	527,619

Source:  Van Wert Federal Savings Bank's audited financial statements

72

EXHIBIT  5

Selected Financial Information

At December 31, 2021, and at June 30, 2020 and 2021

	At
	December 31,		At June 30,
	2021		2021		2020
Selected Financial Condition Data:
Total assets	$	138,553,014	$	127,226,949	$	120,162,581
Cash and cash equivalents		31,549,304		11,660,839		23,773,919
Interest-bearing time deposits		3,420,000		4,890,000		8,075,000
Available-for-sale securities		18,310,171		28,526,420		11,063,796
Loans, net		77,419,787		74,384,207		69,495,771
Premises and equipment, net		1,395,784		1,421,166		1,451,100
Federal Home Loan Bank stock		1,012,900		1,012,900		1,012,900
Bank-owned life insurance		5,058,567		5,003,803		4,892,967
Total deposits		112,274,392		100,922,890		93,792,680
Total equity		25,252,424		25,395,976		25,362,223

Source:  VWF Bancorp, Inc.'s Prospectus

73

EXHIBIT 6

Income and Expense Trends

For the Six Months Ended December 31, 2020 and 2021, and

For the Years Ended June 30, 2020 and 2021

	For the Six Months Ended					For the Years Ended
	December 31,					June 30,
	2021			2020		2021		2020
	(In thousands)
Selected Operations Data:
Interest income	$	1,573		$	1,555	$	3,110	$	3,588
Interest expense		179			252		453		721
Net interest income		1,394			1,303		2,657		2,867
Provision for loan losses		--			--		--		--
Net interest income after provision for loan losses		1,394			1,303		2,657		2,867
Noninterest income		109			103		214		215
Noninterest expense		1,648			1,276		2,578		2,592
Income (loss) before income tax expense		(145	)		130		293		489
Provision for income taxes (benefit)		(37	)		15		35		78
Net income (loss)	$	(108	)	$	115	$	258	$	411

Source:  VWF Bancorp, Inc.'s Prospectus

74

EXHIBIT 7

VAN WERT FEDERAL SAVINGS BANK

Normalized or Core Earnings

Twelve Months Ended December 31, 2021

	Twelve Months
	Ended
	December 31,
	2021
		(in thousands)
NET
Net income before taxes	$	18
Taxes		17
Net income	$	35
CORE
Net income before taxes	$	18
Income adjustments:
Loss on sale of securities		291
Net income before taxes		309
Taxes @ 21.0%		65
Core income	$	244

Source:  Van Wert Federal's audited and unaudited financial statements

75

EXHIBIT 8

Performance Indicators

At or for the Six Months Ended December 31, 2020 and 2021, and

At or for the Years Ended June 30, 2020 and 2021

	At or For the Six Months Ended						At or For the Years Ended
	December 31,						June 30,
	2021			2020			2021			2020
Selected Financial Ratios and Other Data(1)
Performance Ratios:
Return (loss) on average assets		(0.16	)%		0.19	%		0.20	%		0.34	%
Return (loss) on average equity		(0.85	)%		0.91	%		1.02	%		1.63	%
Interest rate spread (2)		2.54	%		2.76	%		2.73	%		2.94	%
Net interest margin (3)		2.56	%		2.78	%		2.72	%		2.98	%
Noninterest expenses to average assets		2.47	%		2.08	%		2.05	%		2.17	%
Efficiency ratio (4)		109.66	%		90.75	%		89.80	%		84.14	%
Average interest-earning assets to average interest-bearing liabilities		105.87	%		101.92	%		99.95	%		107.34	%
Capital Ratios:
Average equity to average assets		19.05	%		20.51	%		20.15	%		21.16	%
Tier 1 capital to average assets(5)		18.55	%		20.53	%		19.49	%		21.06	%
Asset Quality Ratios:
Allowance for loan losses as a percentage of total loans		0.29	%		0.32	%		0.30	%		0.32	%
Allowance for loan losses as a percentage of nonperforming loans		138.20	%		246.16	%		121.88	%		500.28	%
Allowance for loan losses as a percentage of  nonaccrual loans		138.20	%		246.16	%		261.04	%		2435.36	%
Nonaccrual loans as a percentage of total loans		0.20	%		0.13	%		0.11	%		0.01	%
Net (charge-offs) recoveries as a percentage of average outstanding loans during the period		0.00	%		0.00	%		0.00	%		0.00	%
Nonperforming loans as a percentage of total loans		0.20	%		0.13	%		0.24	%		0.01	%
Nonperforming loans as a percentage of total assets		0.12	%		0.07	%		0.14	%		0.01	%
Total nonperforming assets as a percentage of total assets		0.12	%		0.07	%		0.14	%		0.04	%

⁽¹⁾ Performance ratios for the six months ended December 31, 2021 and 2020 are annualized.

⁽²⁾ Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the year.

⁽³⁾ Represents net interest income as a percentage of average interest-earning assets.

⁽⁴⁾ Represents noninterest expenses divided by the sum of net interest income and noninterest income.

⁽⁵⁾ Van Wert Federal has adopted the "community bank leverage ratio (CBLR)" framework for measuring regulatory capital adequacy, which became effective January 1, 2020.  The CBLR is the ratio of Tier 1 capital to average assets.  To be considered well capitalized under the CBLR framework, Van Wert Federal was required to have a CBLR ratio of at least 8.5% at December 31, 2021, 8.0% at June 30, 2021, and 9.0% at June 30, 2020.

Source:  VWF Bancorp, Inc.'s Prospectus

76

EXHIBIT 9

Volume/Rate Analysis

For the Six Months Ended December 31, 2021 vs. 2020, and

For the Year Ended June 30, 2021 vs. 2020

	Six Months Ended December 31,									Year Ended June 30,
	2021 vs. 2020									2021 vs. 2020
	Increase (Decrease)									Increase (Decrease)
	Due to									Due to
	Volume			Rate			Total			Volume			Rate			Total
	(Dollars in thousands)									(Dollars in thousands)
Interest-earning assets:
Loans	$	126		$	(144	)	$	(18	)	$	78		$	(205	)	$	(127	)
Investment securities		86			(10	)		76			2			(173	)		(171	)
Other interest-earning assets		(62	)		23			(39	)		(12	)		(168	)		(180	)
Total interest-earning assets	$	150		$	(131	)	$	19		$	68		$	(546	)	$	(478	)
Interest-bearing liabilities:
Interest-bearing demand	$	0		$	0		$	0		$	1		$	0		$	1
Money market accounts		0			0			0			0			0			0
Savings accounts		1			0			1			2			(6	)		(4	)
Certificates of deposit		(12	)		(61	)		(72	)		(56	)		(209	)		(265	)
Total deposits		(11	)		(61	)		(72	)		(53	)		(215	)		(268	)
Borrowings								0									0
Total interest-bearing liabilities		(11	)		(61	)		(72	)		(53	)		(215	)		(268	)
Change in net interest income	$	161		$	(70	)	$	91		$	121		$	(331	)	$	(210	)

Source: VWF Bancorp, Inc.'s Prospectus

77

EXHIBIT 10

Yield and Cost Trends

At December 31, 2021, for the Six Months Ended December 31, 2020 and 2021,

And For the Years Ended June 30, 2020 and 2021

	At			For the Six Months Ended						For the Years Ended
	December 31,			December 31,						June 30,
	2021			2021			2020			2021			2020
	Yield/			Yield/			Yield/			Yield/			Yield/
	Rate			Rate			Rate			Rate			Rate
Interest-earning assets:
Loans		3.35	%		3.56	%		3.95	%		3.89	%		4.18	%
Investment securities		1.33	%		1.15	%		1.29	%		1.14	%		2.09	%
Interest-bearing deposits and other		2.21	%		2.11	%		1.61	%		1.76	%		3.64	%
Total interest-earning assets		2.94	%		2.89	%		3.31	%		3.18	%		3.78	%
Interest-bearing liabilities:
Interest-bearing demand		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Savings accounts		0.02	%		0.02	%		0.02	%		0.02	%		0.04	%
Certificates of deposit		0.83	%		0.91	%		1.23	%		1.13	%		1.65	%
Total deposits		0.29	%		0.35	%		0.55	%		0.46	%		0.81	%
Borrowings		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Total interest-bearing liabilities		0.29	%		0.35	%		0.55	%		0.46	%		0.81	%
Net interest rate spread (1)		2.65	%		2.54	%		2.76	%		2.73	%		2.94	%
Net interest margin (2)		--			2.56	%		2.78	%
Average interest-earning assets to interest-bearing liabilities

(1)	Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(2)	Net interest margin represents net interest income divided by average total interest-earning assets.

Source: VWF Bancorp, Inc.'s Prospectus

78

EXHIBIT 11

Net Portfolio Value

At June 30, 2021, and at December 31, 2021

At December 31, 2021
										EVE as a Percentage of
Change in				Estimated Increase						Present Value of Assets (3)
Interest Rates		Estimated		(Decrease) in EVE									Increase/
(Basis Points) (1)		EVE (2)		$ Amount			Percent			EVE Ratio (4)			(Decrease)
		(Dollars in thousands)											(Basis Points)
	+400	$	24,248	$	(4,341	)		(5.18	)%		19.40	%		(120	)
	+300		25,531		(3,058	)		(10.70	)%		19.58	%		(69	)
	+200		27,236		(1,353	)		(4.73	)%		20.30	%		3
	+100		28,656		67			0.23	%		20.79	%		52
	--		28,589		--			--			20.27	%		--
	-100		27,505		(1,084	)		(3.79	)%		19.21	%		(106	)
	-200		27,330		(1,259	)		(4.40	)%		19.04	%		(123	)

⁽¹⁾  Assumes an immediate 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⁾  EVE Ratio represents EVE divided by the present value of assets.

At June 30, 2021
										EVE as a Percentage of
Change in				Estimated Increase						Present Value of Assets (3)
Interest Rates		Estimated		(Decrease) in EVE									Increase/
(Basis Points) (1)		EVE (2)		$ Amount			Percent			EVE Ratio (4)			(Decrease)
		(Dollars in thousands)											(Basis Points)
	+400	$	20,477	$	(6,227	)		(23.32	)%		17.79	%		(278	)
	+300		22,238		(4,466	)		(16.27	)%		18.76	%		(181	)
	+200		24,404		(2,300	)		(8.61	)%		19.92	%		(65	)
	+100		26,186		(518	)		(1.94	)%		20.73	%		16
	--		26,704		--			--			20.57	%		--
	-100		27,153		449			1.68	%		20.56	%		(1	)
	-200		27,377		673			2.52	%		20.70	%		13

⁽¹⁾  Assumes an immediate 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⁾  EVE Ratio represents EVE divided by the present value of assets.  

Source: VWF Bancorp, Inc.'s Prospectus

79

EXHIBIT 12

Loan Portfolio Composition

At June 30, 2020 and 2021 and at December 31, 2021

(Dollars in thousands)

	At December 31,					At June 30,
	2021					2021						2020
	Amount		Percent			Amount			Percent			Amount				Percent
Real estate:
Commercial	$	7,451		9.30	%	$	6,548			8.50	%	$	6,377				9.00	%
Residential		63,317		79.10	%		61,355			79.60	%		56,417				79.60	%
Agricultural		3,303		4.10	%		2,976			3.90	%		2,633				3.70	%
Construction and land		4,603		5.80	%		4,877			6.30	%		4,070				5.70	%
Commercial and industrial		325		0.40	%		342			0.40	%		361				0.50	%
Home equity line of credit		379		0.50	%		206			0.30	%		242				0.30	%
Consumer		676		0.80	%		775			1.00	%		809				1.10	%
Total loans		80,054		100.0	%		77,079			100.0	%		70,909				100.0	%
Less:
Undisbursed loans in process		2,408					2,480						1,225
Net deferred loan costs, premium and discounts
		3					(8	)					(35	)
Allowance for loan losses		223					223						223
Total loans receivable, net	$	77,420				$	74,384					$	69,496		��

Source:  VWF Bancorp, Inc.'s Prospectus

80

EXHIBIT 13

Loan Maturity Schedule

At June 30, 2021 and at December 31, 2021

									Commercial		Home Equity
Due During the Years	Commercial		Residential		Agricultural		Construction		and		Lines of		Consumer
Ending December 31,	Real Estate		Real Estate		Real Estate		and Land		Industrial		Credit		Consumer		Total
	(In thousands)
2022	$	--	$	15	$	--	$	835	$	--	$	--	$	23	$	873
2023		--		126		--		--		--		--		37		163
2024		92		193		--		--		--		--		116		401
2025 to 2026		24		730		174		89		--		--		238		1,255
2027 to 2031		3,668		8,889		389		--		325		--		182		13,453
2032 to 2036		1,465		17,201		305		--		--		75		80		19,126
2037 and beyond		2,202		33,163		2,435		3,679		--		304		--		41,783
Total	$	7,451	$	60,317	$	3,303	$	4,603	$	325	$	379	$	676	$	77,054

											Commercial		Home Equity
Due During the Years			Commercial		Residential		Agricultural		Construction		and		Lines of		Consumer
Ending June 30,			Real Estate		Real Estate		Real Estate		and Land		Industrial		Credit		Consumer		Total
	(In thousands)
2022		$	--	$	22	$	--	$	752	$	--	$	--	$	4	$	778
2023			--		140		--		167		--		--		35		342
2024			114		209		--		--		--		--		79		402
2025 to 2026			28		772		174		55		--		--		321		1,350
2027 to 2031			4,022		8,613		396		--		342		--		196		13,569
2032 to 2036			1,143		17,041		337		--		--		41		83		18,645
2037 and beyond			1,241		34,558		2,069		3,903		--		165		58		41,994
Total		$	6,548	$	61,355	$	2,976	$	4,877	$	342	$	206	$	776	$	77,080

Fixed and Adjustable-Rate Loan Schedule  

		Due After December 31, 2022						Due After June 30, 2022
		Fixed		Adjustable		Total		Fixed		Adjustable		Total
		(Dollars in thousands)						(Dollars in thousands)
Real estate loans:
Commercial	$	1,945	$	5,505	$	7,450	$	1,679	$	4,869	$	6,548
Residential		51,232		12,071		63,303		47,237		14,096		61,333
Agricultural		211		3,092		3,303		214		2,762		2,976
Construction and land		3,768		--		3,768		2,793		1,332		4,125
Commercial and industrial loans		--		325		325		--		342		342
Home equity line of credit		379		--		379		206		--		206
Consumer loans		653		--		653		771		--		771
Total	$	58,188	$	20,993	$	79,181	$	52,901	$	23,401	$	76,301

Source: VWF Bancorp, Inc.'s Prospectus

81

EXHIBIT 14

Loan Delinquencies

At June 30, 2020 and 2021, and at December 31, 2021

							At June 30,
	At December 31, 2021						2021						2020
	30-59		60-89		90 Days		30-59		60-89		90 Days		30-59		60-89		90 Days
	Days		Days		or More		Days		Days		or More		Days		Days		or More
	Past		Past		Past		Past		Past		Past		Past		Past		Past
	Due		Due		Due		Due		Due		Due		Due		Due		Due
	(Dollars in thousands)
At December 31, 2018
Real estate loans:
Commercial	$	--	$	--	$	--	$	--	$	--	$	--	$	--	$	--	$	--
Residential		1,006		413		45		--		99		177		--		51		45
Agricultural		--		--		--		--		--		--		--		--		--
Construction and land		--		--		--		--		--		--		--		--		--
Commercial and industrial loans		--		--		--		--		--		--		--		--		--
Home equity lines of credit (HELOC)		--		--		--		--		--		--		--		--		--
Consumer loans		--		--		--		--		--		--		--		--		--
Total	$	1,006	$	413	$	45	$	0	$	99	$	177	$	0	$	51	$	45
Source:  VWF Bancorp, Inc.'s Prospectus

82

EXHIBIT 15

Nonperforming Assets

At June 30, 2020 and 2021, and at December 31, 2021

	At December 31,			At June 30,
	2021			2021			2020
	(Dollars in thousands)
Nonaccrual loans:
Real estate loans:
Commercial real estate	$	-		$	--		$	--
Residential		161			85			9
Agricultural		--			--			--
Construction and land		--			--			--
Commercial and industrial loans		--			--			--
Home equity lines of credit (HELOC)		--			--			--
Consumer		--			--			--
Total nonaccrual loans		161			85			9
Accruing loans 90 days or more past due:
Real estate loans:
Commercial		--			--			--
Residential		--			98			35
Agricultural		--			--			--
Construction and land		--			--			--
Commercial and industrial loans		--			--			--
Home equity lines of credit (HELOC)		--			--			--
Consumer		--			--			--
Total loans		--			98			35
Total nonperforming loans		161			183			44
Real estate owned		--			--
Other nonperforming assets		--			--			--
Total nonperforming assets	$	161		$	183			44
Troubled debt restructurings:
Commercial	$	41		$	45			47
Residential		--			--			--
Agricultural		--			--			--
Construction and land		--			--			--
Commercial and industrial loans		--			--			--
Home equity lines of credit (HELOC)		--			--			--
Consumer		--			--			--
Total troubled debt restructurings	$	41		$	45		$	47
Ratios:
Total nonperforming loans to total loans		0.20	%		0.24	%		0.06	%
Total nonperforming loans to total assets		0.12	%		0.14	%		0.04	%
Total nonperforming assets to total assets		0.12	%		0.14	%		0.04	%
Total nonperforming loans and troubled debt restructurings to total loans		0.25	%		0.30	%		0.13	%
Total nonperforming loans and troubled debt restructurings to total assets		0.15	%		0.18	%		0.08	%

Source: VWF Bancorp, Inc.’s Prospectus

83

EXHIBIT 16

Classified Assets

At December 31, 2021 and at June 30, 2020 and 2021

(Dollars in thousands)

	At		At
	December 31,		June 30,
	2021		2021		2020
Classified Assets:
Substandard assets	$	45	$	177	$	35
Doubtful assets		--		--		--
Loss assets		--		--		--
Total classified assets	$	45	$	177	$	35
Special Mention	$	64	$	65	$	--

Source: VWF Bancorp, Inc.’s Prospectus

84

EXHIBIT 17

Allowance for Loan Losses

At or For the Six Months Ended December 31, 2020 and 2021, and

At or For the Years Ended June 30, 2020 and 2021

	At or for the Six Months Ended						At or for the Years Ended
	December 31,						June 30,
	2021			2020			2021			2020
	(Dollars in thousands)
Allowance for loan losses at beginning of period	$	223		$	223		$	223		$	223
Provision for loan losses		--			--			--			--
Charge-offs:
Real estate loans:
Commercial		--			--			--			--
Residential		--			--			--			--
Agricultural		--			--			--			--
Construction and land		--			--			--			--
Commercial and industrial loans		--			--			--			--
Home equity lines of credit (HELOC)		--			--			--			--
Consumer loans		--			--			--			--
Total charge-offs		0			0			0			0
Recoveries:
Real estate loans:		--			--			--			--
Commercial		--			--			--			--
Residential		--			--			--			--
Agricultural		--			--			--			--
Construction and land		--			--			--			--
Commercial and industrial loans		--			--			--			--
Home equity lines of credit (HELOC)		--			--			--			--
Consumer loans		--			--			--			--
Total recoveries		0			0			0			0
Net (charge-offs) recoveries		0			0			0			0
Allowance for loan losses at end of period	$	223		$	223		$	223		$	223
Ratios:
Allowance for loan losses to nonperforming loans at end of period		138.20	%		247.65	%		121.88	%		500.28	%
Allowance for loan losses to total loans outstanding at end of period		0.29	%		0.32	%		0.30	%		0.32	%
Net charge-offs (recoveries) to average loans outstanding during period		0.00	%		0.00	%		0.00	%		0.00	%

Source: VWF Bancorp, Inc.’s Prospectus

85

EXHIBIT 18

Mix of Total Deposit Accounts

At June 30, 2020 and 2021, and at December 31, 2021

						At June 30,
	At December 31, 2021					2021					2020
	(Dollars in thousands)
	Amount		Percent			Amount		Percent			Amount		Percent
Noninterest-bearing demand	$	2,568		2.3	%	$	2,006		2.0	%	$	2,031		2.2	%
Interest-bearing demand deposits		24,643		21.9	%		17,232		17.1	%		14,942		15.9	%
Savings deposits		47,822		42.6	%		43,184		42.8	%		35,386		37.7	%
Certificates of deposit		37,241		33.2	%		38,501		38.1	%		41,434		44.2	%
Total deposits	$	112,274		100.0	%	$	100,923		100.0	%	$	93,793		100.0	%

Source:  VWF Bancorp, Inc.'s Prospectus

86

EXHIBIT 19

Certificates of Deposit of $250,000 or More by Maturity

As of December 31, 2021

	At
	December 31,
	2021
	(In thousands)
Three months or less	$	--
Over three months through six months		415
Over six months through 12 months\		--
Over 12 months		2,749
Total	$	3,164

Source: VWF Bancorp, Inc.'s Prospectus

87

EXHIBIT 20

DIRECTORS AND MANAGEMENT OF VAN WERT FEDERAL SAVINGS BANK

At December 31, 2021

			Director	Term
Name	Position(s) Held with the Bank	Age	Since	Expires
Gary L. Clay	Chairman of the Board	68	1992	2024
Jon Bagley	Director	57	2015	2024
Charles F. Koch	Director	66	1994	2023
Michael Keysor	Director	52	2016	2023
Thomas Turnwald	Director	50	2018	2022
Executive Officers Not on the Board of Directors
Mark K. Schumm	President and Chif Executive Officer	50	--	--
Kylee Moody	Treasurer and Chief Financial Officer	--	--	--
George R. Scott, III	Vice President and Senior Lending Officer	38	--	--

Source:  VWF Bancorp, Inc.'s Prospectus

88

EXHIBIT 21

Key Demographic Data and Trends

Van Wert County, Ohio and the United States

2000, 2010 and 2026

					2000-					2010					2021-
					2010			2021		2021			2026		2026
	2000		2010		% Change			Estimates		% Change			Projections		% Change
Population
Van Wert County		29,658		28,744		(3.1	)%		28,394		(1.2	)%		28,111		(1.0	)%
Ohio		11,353,249		11,536,504		1.6	%		11,727,474		1.7	%		11,775,645		0.4	%
United States		281,422,025		308,745,538		9.7	%		331,030,342		7.2	%		342,471,025		3.5	%
Households
Van Wert County		11,587		11,439		(1.3	)%		11,250		(1.7	)%		11,202		(0.4	)%
Ohio		4,445,833		4,603,435		3.5	%		4,680,004		1.7	%		4,727,537		1.0	%
United States		105,480,443		116,716,292		10.7	%		126,093,779		8.0	%		131,168,645		4.0	%
Per Capita Income
Van Wert County	$	18,184	$	21,278		17.0	%		27,699		30.2	%		29,547		6.7	%
Ohio		21,694		23,975		10.5	%		32,948		37.4	%		35,169		6.7	%
United States		21,242		28,088		32.2	%		36,445		29.8	%		38,550		5.8	%
Median Household Income
Van Wert County	$	39,442	$	43,279		9.7	%		60,418		39.6	%	$	63,938		5.8	%
Ohio		41,066		46,454		13.1	%		59,934		29.0	%		63,332		5.7	%
United States		42,257		51,362		21.5	%		65,694		27.9	%		68,820		4.8	%

Source:  U.S. Census and Demographics Now

89

EXHIBIT 22

Key Housing Data

Van Wert County, Ohio and the United States

							Estimated
Occupied Housing Units	2010			2021			2026
Van Wert County		11,439			11,250			11,202
Ohio		4,603,435			4,680,004			4,727,537
United States		116,716,292			126,093,779			131,168,645
Occupancy Rate
Van Wert County
Owner-Occupied		78.6	%		76.5	%		76.4	%
Renter-Occupied		21.4	%		23.5	%		23.6	%
Ohio
Owner-Occupied		67.6	%		64.1	%		66.2	%
Renter-Occupied		32.4	%		35.9	%		33.8	%
United States
Owner-Occupied		65.1	%		63.9	%		63.9	%
Renter-Occupied		34.9	%		36.1	%		36.1	%

Median Housing Values	2000		2010		2021
Van Wert County	$	74,670	$	86,986	$	117,440
Ohio		100,500		134,400		163,017
United States		110,313		179,900		227,827
Median Rent
Van Wert County	$	306	$	551	$	712
Ohio		415		685		808
United States		469		855		1,104

Source:  U.S. Census Bureau

90

EXHIBIT 23

Major Sources of Employment by Industry Group

Van Wert County, Ohio and the United States

2021

	2021
	Van Wert						United
	County			Ohio			States
Agriculture/Mining		2.1	%		1.3	%		1.9	%
Construction		3.2	%		4.1	%		4.8	%
Manufacturing		21.4	%		13.7	%		10.0	%
Wholesale/Retail		16.6	%		21.4	%		21.3	%
Transportation/Utilities		4.2	%		5.1	%		5.9	%
Information
Finance, Insurance & Real Estate		6.6	%		6.2	%		6.5	%
Services		45.9	%		48.2	%		49.6	%

Source:  Demographics Now

91

EXHIBIT 24

Unemployment Rates

Van Wert County, Ohio and the United States

2017 through 2021

Location	2017			2018			2019			2020			2021
Van Wert County		3.9	%		3.5	%		3.3	%		7.0	%		3.8	%
Ohio		5.0	%		4.5	%		4.1	%		8.2	%		4.9	%
United States		4.4	%		3.9	%		3.7	%		8.1	%		5.4	%

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

92

EXHIBIT 25

Market Share of Deposits

Van Wert County

June 30, 2021

	Van Wert		Van Wert		Van Wert
	County		Federal		Federal
	Deposits		Deposits		Share
	($000)		($000)		(%)
Banks	$	382,632		---		---
Thrifts		264,824	$	101,823		38.4	%
Total	$	647,456	$	101,823		15.7	%

Source:  FDIC

93

EXHIBIT 26

National Interest Rates by Quarter

2017 - 2021

	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	%

	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	2019			2019			2019			2019
Prime Rate		5.50	%		5.50	%		5.50	%		4.75	%
90-Day Treasury Bills		2.39	%		2.18	%		1.84	%		1.52	%
1-Year Treasury Bills		2.50	%		1.96	%		1.71	%		1.59	%
30-Year Treasury Notes		2.94	%		2.57	%		1.94	%		2.25	%

	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	2020			2020			2020			2020
Prime Rate		3.25	%		3.25	%		3.25	%		3.25	%
90-Day Treasury Bills		0.11	%		0.16	%		0.10	%		0.09	%
1-Year Treasury Bills		0.17	%		0.16	%		0.12	%		0.10	%
30-Year Treasury Notes		1.15	%		1.18	%		1.48	%		1.67	%

	1st Qtr.			2nd Qtr.			3rd Qtr.			4th Qtr.
	2021			2021			2021			2021
Prime Rate		3.25	%		3.25	%		3.25	%		3.25	%
90-Day Treasury Bills		0.02	%		0.05	%		0.04	%		0.06	%
1-Year Treasury Bills		0.06	%		0.09	%		0.09	%		0.39	%
30-Year Treasury Notes		2.34	%		2.07	%		2.08	%		1.90	%

Source:  The Wall Street Journal

94

EXHIBIT 27

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, 2021

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)
MLGF	MALAGA FINANCIAL CORPORATION	CA	OTC BB		26.00		10.6			2.56			185.00		1.04		10.16		10.16		114.19		114.19		14.05
PROV	PROVIDENT FINANCIAL HOLDINGS	CA	NASDAQ		16.53		5.6			1.27			158.09		0.99		13.02		15.17		106.30		106.37		10.46
WSFS	WSFS FINANCIAL CORP	DE	NASDAQ		50.12		11.7			5.78			323.47		0.51		8.67		14.92		124.96		175.55		15.49
TBNK	TERRITORIAL BANCORP	HI	NASDAQ		25.25		4.2			2.07			224.68		1.06		12.20		15.78		101.49		101.65		11.24
WCFB	WCF BANCORP	IA	OTC PINK		8.74		24.9			0.30			55.67		0.00		29.13		38.00		97.54		97.76		15.70
AFBA	ALLIED FIRST BANCORP	IL	OTC BB		8.80		141.1			3.86			91.37		0.00		2.28		2.28		69.02		69.02		9.63
BFIN	BANKFINANCIAL CORP	IL	NASDAQ		10.67		20.4			0.65			117.53		0.07		16.42		18.40		90.35		90.42		9.08
GTPS	GREAT AMERICAN BANCORP	IL	OTC BB		34.00		12.4			1.74			513.57		0.00		19.54		22.82		77.11		83.58		6.62
IROQ	IF BANCORP	IL	NASDAQ		25.99		17.8			1.87			236.72		2.47		13.90		14.85		103.09		104.42		10.98
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL	OTC PINK		11.65		(3.0	)		(1.84	)		339.82		0.00		NM		NM		44.64		44.64		3.43
OTTW	OTTAWA SAVINGS BANCORP	IL	OTC BB		14.60		0.0			1.04			117.27		0.00		14.04		14.04		90.46		93.29		12.45
RYFL	ROYAL FINANCIAL	IL	OTC BB		21.00		48.4			2.49			216.10		0.11		8.43		9.01		98.27		102.49		9.72
SUGR	SUGAR CREEK FINANCIAL CORP	IL	OTC BB		13.55		43.4			1.25			115.06		0.00		10.84		NM		106.03		106.03		11.78
AMFC	AMB FINANCIAL CORP	IN	OTC BB		25.00		56.3			4.96			296.93		0.00		5.04		5.26		86.93		90.51		8.42
FDLB	FIDELITY FEDERAL BANCORP	IN	OTC PINK		95.00		(5.0	)		38.77			2,227.06		0.00		2.45		2.74		37.35		37.73		4.27
FBPI	FIRST BANCORP OF INDIANA	IN	OTC BB		20.90		22.7			2.34			268.15		0.39		8.93		8.36		78.39		95.17		7.79
FCAP	FIRST CAPITAL	IN	NASDAQ		40.50		(36.4	)		3.22			331.04		0.80		12.58		12.58		127.12		136.00		12.23
MSVB	MID-SOUTHERN BANCORP, INC	IN	NASDAQ		15.00		3.4			0.59			79.50		0.11		25.42		25.42		111.69		111.69		18.87
NWIN	NORTHWEST INDIANA BANCORP	IN	OTC BB		44.00		21.9			4.14			462.14		1.58		10.63		12.57		102.52		114.46		9.52
TDCB	THIRD CENTURY BANCORP	IN	OTC BB		17.50		16.7			1.80			201.58		0.48		9.72		11.44		96.74		99.49		8.68
CFFN	CAPITOL FEDERAL FINANCIAL	KS	NASDAQ		11.33		(8.5	)		0.55			69.53		0.85		20.60		25.18		126.59		128.02		16.30
CTUY	CENTURY NEXT FINANCIAL CORP	LA	OTC BB		33.30		28.1			2.76			303.76		0.00		12.07		11.81		92.37		98.46		10.96
HRGG	HERITAGE NOLA BANCORP	LA	OTC PINK		16.50		36.9			0.78			100.11		0.00		21.15		21.15		118.28		122.86		16.48

95

KELLER & COMPANY

Dublin, Ohio

614-766-1426

				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)
HFBL	HOME FED BANCORP OF LOUISIANA	LA	NASDAQ		20.38		(29.4	)		1.74		169.34		0.90		11.71		11.26		125.18		125.18		12.03
HONE	HARBORONE BANCORP	MA	NASDAQ		14.84		37.2			1.19		82.00		0.00		12.47		13.74		131.10		158.72		18.10
HIFS	HINGHAM INSTITUTION FOR SAVINGS	MA	NASDAQ		419.88		92.6			31.74		1,481.06		2.04		13.23		13.69		263.35		263.35		28.35
PVBC	PROVIDENT BANCORP	MA	NASDAQ		18.60		51.5			0.94		89.05		0.00		19.79		19.79		170.80		170.80		20.89
RNDB	RANDOLPH BANCORP	MA	NASDAQ		24.00		6.8			2.69		142.93		0.95		8.92		9.23		132.52		158.21		16.79
WNEB	WESTERN NEW ENGLAND BANCORP	MA	NASDAQ		8.76		28.6			1.02		104.01		0.59		8.59		9.03		96.05		103.42		8.42
FBC	FLAGSTAR BANCORP	MI	NYSE		47.94		18.0			11.38		511.55		0.23		4.21		4.91		95.80		117.56		9.37
SBT	STERLING BANCORP	MI	NASDAQ		5.75		26.9			0.07		62.18		0.00		82.14		NM		86.21		86.99		9.25
STBI	STURGIS BANCORP	MI	OTC BB		19.00		0.3			3.29		337.85		0.00		5.78		5.81		61.99		70.97		5.62
HMNF	HMN FINANCIAL	MN	NASDAQ		24.67		43.3			3.29		223.03		1.29		7.50		10.07		119.24		124.47		11.06
REDW	REDWOOD FINANCIAL	MN	OTC PINK		120.50		0.0			11.99		1,188.84		11.40		10.05		11.30		117.12		139.00		10.14
NASB	NASB FINANCIAL	MO	OTC BB		61.00		(6.9	)		10.08		317.08		4.24		6.05		5.97		112.94		118.38		19.24
QRRY	QUARRY CITY S&L ASSN	MO	OTC BB		16.00		23.1			0.49		178.62		0.00		32.65		38.10		67.97		69.29		8.96
FCPB	FIRST CAPITAL BANCSHARES	NC	OTC PINK		9.50		46.2			0.18		70.31		0.00		52.78		63.33		129.78		129.78		13.51
KSBI	KS BANCORP	NC	OTC BB		58.00		118.9			5.74		504.53		2.67		10.10		10.10		138.62		138.62		11.50
LSFG	LIFESTORE FINANCIAL GROUP	NC	OTC PINK		47.00		23.7			4.78		388.19		1.77		9.83		10.51		113.04		117.21		12.11
UBNC	UNION BANK	NC	OTC BB		17.65		50.3			2.04		185.87		0.00		8.65		9.05		95.20		108.22		9.50
EQFN	EQUITABLE FINANCIAL CORP	NE	OTC BB		12.90		7.9			1.70		150.50		0.00		7.59		7.59		89.15		95.91		8.57
MCBK	MADISON COUNTY FINANCIAL	NE	OTC PINK		33.00		13.2			2.97		194.41		1.50		11.11		13.47		107.88		111.52		16.97
KRNY	KEARNY FINANCIAL CORP	NJ	NASDAQ		13.25		25.5			0.91		90.97		0.37		14.56		18.15		103.11		130.80		14.57
NFBK	NORTHFIELD BANCORP	NJ	NASDAQ		16.16		32.2			1.33		106.28		0.47		12.15		13.69		111.14		117.78		15.21
OCFC	OCEANFIRST FINANCIAL CORP	NJ	NASDAQ		22.20		18.7			2.01		197.85		0.70		11.04		12.83		87.78		133.73		11.22
PFS	PROVIDENT FINANCIAL SERVICES	NJ	NYSE		24.22		34.2			2.20		172.04		0.91		11.01		13.23		112.23		155.26		14.08

96

KELLER & COMPANY

Dublin, Ohio

614-766-1426

				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)
BCTF	BANCORP 34	NM	OTC PINK		13.78		18.9			1.66			172.46		0.00		8.30		8.61		71.62		71.77		7.99
AX	AXOS FINANCIAL	NV	NYSE		55.91		49.7			3.76			251.30		0.00		14.87		14.87		227.37		260.05		22.25
CARV	CARVER BANCORP	NY	NASDAQ		8.54		29.0			(1.14	)		203.50		0.00		NM		NM		52.78		52.88		4.20
ESBK	ELMIRA SAVINGS BANK	NY	NASDAQ		22.84		98.4			1.54			183.42		0.61		14.83		14.74		126.47		162.10		12.45
GBNY	GENERATIONS BANK	NY	NASDAQ		NA		NM			0.52			153.64		0.00		NM		NM		NM		NM		NM
NYCB	NEW YORK COMMUNITY BANCORP	NY	NYSE		12.21		16.5			1.37			124.48		0.68		8.91		9.18		81.51		125.10		9.81
PCSB	PCSB FINANCIAL CORP	NY	NASDAQ		19.04		20.1			0.86			118.71		0.00		22.14		24.10		124.61		127.96		16.04
PDLB	PDL COMMUNITY BANCORP	NY	NASDAQ		14.50		37.1			0.80			89.04		0.00		18.13		26.85		162.56		162.56		16.28
SNNF	SENECA FIN CORP	NY	OTC PINK		12.00		58.7			0.95			113.60		0.00		12.63		12.90		103.27		103.27		10.56
SNNY	SUNNYSIDE BANCORP	NY	OTC BB		20.02		61.2			(1.51	)		118.37		0.00		NM		NM		172.29		172.29		16.91
TRST	TRUSTCO BANK CORP NY	NY	NASDAQ		33.31		406.2			3.07			318.45		1.36		10.85		11.41		109.39		109.50		10.46
CNNB	CINCINNATI BANCORP	OH	NASDAQ		14.62		22.3			1.13			84.85		0.00		12.94		12.94		117.90		127.35		17.23
CCSB	COMM SAVINGS BANCORP	OH	OTC BB		42.90		230.0			1.29			147.89		0.00		33.26		35.16		217.77		220.00		29.01
CIBN	COMMUNITY INVESTORS BANCORP	OH	OTC PINK		18.20		5.5			2.82			288.25		0.38		6.45		6.28		76.15		80.64		6.31
EFBI	EAGLE FIN BANCORP	OH	OTC BB		18.15		10.3			1.20			112.84		0.00		15.13		15.65		106.95		106.95		16.08
FNFI	FIRST NILES FINANCIAL	OH	OTC PINK		10.45		1.6			0.49			110.68		0.27		21.33		20.90		77.18		86.79		9.44
GVFF	GREENVILLE FED FINANCIAL CORP (MHC)	OH	OTC BB		7.00		(0.3	)		0.48			103.35		0.00		14.58		14.58		73.15		75.92		6.77
HLFN	HOME LOAN FINANCIAL CORP	OH	OTC BB		33.00		10.0			2.69			184.55		3.56		12.27		12.36		163.77		166.50		17.88
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH	OTC PINK		10.74		19.3			0.66			106.89		0.37		16.27		16.27		81.06		81.06		10.05
PFC	PREMIER FINANCIAL CORP	OH	NASDAQ		30.91		35.7			3.54			200.97		0.99		8.73		10.37		111.35		171.72		15.38
VERF	VERSAILLES FINANCIAL CORP	OH	OTC BB		21.00		0.0			0.48			161.68		0.00		43.75		43.75		69.26		69.26		12.99
ESSA	ESSA BANCORP	PA	NASDAQ		17.33		15.4			1.57			175.73		1.23		11.04		11.63		93.07		100.81		9.86
HARL	HARLEYSVILLE SAVINGS FINANCIAL	PA	OTC PINK		24.96		16.1			2.09			239.36		1.52		11.94		11.94		115.45		115.45		10.43

97

KELLER & COMPANY

Dublin, Ohio

614-766-1426

				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)
HVBC	HV BANCORP, INC	PA	NASDAQ		21.80		26.8			2.74		245.55		0.00		7.96		8.04		105.57		114.32		8.88
NWBI	NORTHWEST BANCSHARES	PA	NASDAQ		14.16		12.3			1.25		113.29		0.78		11.33		15.06		115.97		156.64		12.50
PBIP	PRUDENTIAL BANCORP	PA	NASDAQ		13.58		(1.9	)		1.05		140.29		1.02		12.93		16.17		83.21		87.56		9.68
QNTO	QUAINT OAK BANCORP	PA	OTC PINK		19.00		28.8			2.88		267.41		0.75		6.60		6.91		93.69		102.59		7.11
WVFC	WVS FINANCIAL CORP	PA	NASDAQ		15.20		1.3			0.61		182.70		0.42		24.92		29.23		87.06		87.06		8.32
FSGB	FIRST FEDERAL OF SOUTH CAROLINA	SC	OTC PINK		30.00		121.2			0.06		5.50		0.00		NM		NM		NM		NM		NM
CASH	META FINANCIAL GROUP	SD	NASDAQ		59.66		64.9			4.44		209.61		0.20		13.44		13.23		218.45		361.36		28.46
UNTN	UNITED TENNESSEE BANKSHARES	TN	OTC PINK		24.00		22.9			2.06		340.31		6.70		11.65		11.94		76.65		76.65		7.05
STXB	SPIRIT OF TEXAS BANCSHARES	TX	NASDAQ		28.78		72.0			2.87		183.63		0.39		10.03		10.32		121.59		153.99		15.67
TBK	TRIUMPH BANCORP	TX	NASDAQ		119.08		142.6			4.72		239.93		0.00		25.23		27.31		364.38		NM		49.63
FSBW	FS BANCORP	WA	NASDAQ		33.63		(38.6	)		4.98		267.24		1.28		6.75		6.75		103.64		113.27		12.58
RVSB	RIVERVIEW BANCORP	WA	NASDAQ		7.69		47.3			0.91		77.00		0.29		8.45		10.39		96.73		114.61		9.99
TSBK	TIMBERLAND BANCORP	WA	NASDAQ		27.70		11.6			3.33		214.16		1.10		8.32		8.34		113.76		126.08		12.93
FFBW	FFBW, INC	WI	NASDAQ		11.80		17.9			0.34		50.51		0.00		34.71		34.71		107.47		107.96		23.36
HWIS	HOME BANCORP WISCONSIN	WI	OTC PINK		25.14		79.7			0.56		135.01		0.00		44.89		44.89		185.67		185.67		18.62
WSBF	WATERSTONE FINANCIAL	WI	NASDAQ		21.86		16.7			3.41		88.46		1.51		6.41		6.98		124.56		125.06		24.71
WBBW	WESTBURY BANCORP	WI	OTC BB		30.07		25.2			3.56		334.77		3.20		8.45		9.28		98.27		98.43		8.98

98

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, 2021

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		30.66		34.69			2.99			242.35		0.80		15.06		15.58		113.11		120.85		13.17
HIGH		419.88		406.20			38.77			2,227.06		11.40		82.14		63.33		364.38		361.36		49.63
LOW		5.75		(38.60	)		(1.84	)		5.50		0.00		2.28		2.28		37.35		37.73		3.43
AVERAGE FOR STATE
OH		20.70		33.44			1.48			150.20		0.56		18.47		18.83		109.45		118.62		14.11
AVERAGE BY REGION
MID-ATLANTIC		21.00		18.43			2.04			187.91		0.72		12.01		14.32		102.77		123.13		11.45
MIDWEST		23.96		27.48			3.26			269.88		0.52		16.61		14.21		99.19		104.93		12.02
NORTH CENTRAL		38.64		17.99			3.98			287.48		2.17		15.35		18.10		117.43		138.41		15.04
NORTHEAST		44.90		67.42			3.15			237.30		0.45		10.75		11.76		123.33		133.58		13.52
SOUTHEAST		31.03		63.87			2.48			249.12		1.86		15.50		17.49		92.22		95.08		8.95
SOUTHWEST		38.64		44.85			2.42			194.87		0.21		14.75		15.08		148.90		95.38		18.79
WEST		27.53		12.91			2.70			196.78		0.82		10.54		11.64		123.35		133.74		13.36
AVERAGE BY EXCHANGE
NYSE		35.07		29.60			4.68			264.84		0.45		9.75		10.55		129.23		164.49		13.88
NASDAQ		33.00		34.73			2.64			195.75		0.63		14.85		14.31		121.46		127.26		14.73
OTC BB		25.64		38.82			2.52			233.70		0.72		12.91		13.13		103.31		107.39		11.73
OTC PINK		29.45		28.31			4.01			352.44		1.37		15.36		16.73		91.46		94.69		10.01

99

EXHIBIT 28

Page 1

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)
MLGF	MALAGA FINANCIAL CORPORATION	CA		1,427,795		175,768		175,768		1.45			1.45			11.54			11.54		OTC BB		7,718,015		200,668
PROV	PROVIDENT FINANCIAL HOLDINGS	CA		1,192,261		117,298		117,166		0.81			0.70			8.09			6.99		NASDAQ		7,541,469		124,660
WSFS	WSFS FINANCIAL CORP	DE		15,376,096		1,906,698		1,357,346		1.85			1.07			14.95			8.69		NASDAQ		47,535,215		2,382,465
TBNK	TERRITORIAL BANCORP	HI		2,116,805		234,410		234,069		0.92			0.71			8.30			6.43		NASDAQ		9,421,560		237,894
WCFB	WCF BANCORP	IA		135,584		21,821		21,766		0.53			0.41			3.40			2.62		OTC PINK		2,435,498		21,286
AFBA	ALLIED FIRST BANCORP	IL		161,890		22,585		22,585		NM			NM			NM			NM		OTC BB		1,771,897		15,593
BFIN	BANKFINANCIAL CORP	IL		1,659,315		166,805		166,596		0.56			0.50			5.56			4.96		NASDAQ		14,118,720		150,647
GTPS	GREAT AMERICAN BANCORP	IL		210,212		18,048		16,649		0.33			0.29			3.97			3.41		OTC BB		409,314		13,917
IROQ	IF BANCORP	IL		767,055		81,682		80,662		0.80			0.75			7.36			6.90		NASDAQ		3,240,376		84,217
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL		126,618		9,724		9,724		(0.54	)		(0.53	)		(6.76	)		(6.65	)	OTC PINK		372,600		4,341
OTTW	OTTAWA SAVINGS BANCORP	IL		342,948		47,194		45,782		0.93			0.93			6.59			6.59		OTC BB		2,924,465		42,697
RYFL	ROYAL FINANCIAL	IL		554,859		54,875		52,617		1.20			1.12			12.18			11.37		OTC BB		2,567,573		53,919
SUGR	SUGAR CREEK FINANCIAL CORP	IL		90,664		10,071		10,071		1.06			(0.98	)		9.78			(9.05	)	OTC BB		787,983		10,677
AMFC	AMB FINANCIAL CORP	IN		276,451		26,776		25,715		1.70			1.63			18.29			17.52		OTC BB		931,043		23,276
FDLB	FIDELITY FEDERAL BANCORP	IN		1,881,334		214,874		212,696		1.99			1.78			17.86			15.98		OTC PINK		844,763		80,252
FBPI	FIRST BANCORP OF INDIANA	IN		465,998		46,326		38,163		0.85			0.91			8.92			9.52		OTC BB		1,737,796		36,320
FCAP	FIRST CAPITAL	IN		1,117,298		107,539		100,505		1.02			1.02			10.39			10.39		NASDAQ		3,375,082		136,691
MSVB	MID-SOUTHERN BANCORP, INC	IN		252,244		42,624		42,624		0.76			0.77			4.42			4.45		NASDAQ		3,172,718		47,591
NWIN	NORTHWEST INDIANA BANCORP	IN		1,607,861		149,323		133,746		0.92			0.78			9.61			8.13		OTC BB		3,479,139		153,082
TDCB	THIRD CENTURY BANCORP	IN		238,755		21,425		20,839		0.94			0.80			10.40			8.86		OTC BB		1,184,444		20,728
CFFN	CAPITOL FEDERAL FINANCIAL	KS		9,652,561		1,242,273		1,228,835		0.79			0.65			6.04			5.02		NASDAQ		138,833,184		1,572,980
CTUY	CENTURY NEXT FINANCIAL CORP	LA		540,277		64,123		60,155		0.92			0.94			7.88			8.04		OTC BB		1,778,635		59,229
HRGG	HERITAGE NOLA BANCORP	LA		152,694		21,274		20,479		0.79			0.80			5.72			5.75		OTC PINK		1,525,209		25,166

100

Page 2

KELLER & COMPANY

Dublin, Ohio

614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS

			Assets and Equity						Profitability										Capital Issues
			Total		Total		Total				Core					Core				Number of		Mkt. Value
			Assets		Equity		Tang. Equity		ROAA		ROAA			ROAE		ROAE				Shares		of Shares
		State	($000)		($000)		($000)		(%)		(%)			(%)		(%)			Exchange	Outstanding		($000)
HFBL	HOME FED BANCORP OF LOUISIANA	LA		567,440		54,556		54,556		1.04		1.08			10.76		11.21		NASDAQ		3,350,966		68,293
HONE	HARBORONE BANCORP	MA		4,570,043		630,969		521,203		1.46		1.32			10.95		9.89		NASDAQ		55,735,623		827,117
HIFS	HINGHAM INSTITUTION FOR SAVINGS	MA		3,164,872		340,716		340,716		2.29		2.21			21.37		20.64		NASDAQ		2,136,900		897,242
PVBC	PROVIDENT BANCORP	MA		1,624,862		198,748		198,748		1.10		1.10			8.99		8.99		NASDAQ		18,246,136		339,378
RNDB	RANDOLPH BANCORP	MA		751,052		95,153		79,725		1.91		1.85			15.38		14.90		NASDAQ		5,254,522		126,109
WNEB	WESTERN NEW ENGLAND BANCORP	MA		2,503,631		219,465		203,807		1.00		0.95			11.44		10.87		NASDAQ		24,070,399		210,857
FBC	FLAGSTAR BANCORP	MI		27,041,559		2,645,079		2,155,897		2.10		1.80			24.80		21.29		NYSE		52,862,264		2,534,217
SBT	STERLING BANCORP	MI		3,138,372		336,565		333,692		0.10		(0.15	)		1.12		(1.63	)	NASDAQ		50,475,181		290,232
STBI	STURGIS BANCORP	MI		718,879		65,222		56,960		1.01		1.00			11.32		11.25		OTC BB		2,127,791		40,428
HMNF	HMN FINANCIAL	MN		1,035,877		96,104		92,053		1.57		1.17			16.04		11.97		NASDAQ		4,644,575		114,582
REDW	REDWOOD FINANCIAL	MN		521,367		45,121		38,020		1.05		0.94			11.72		10.43		OTC PINK		438,551		52,845
NASB	NASB FINANCIAL	MO		2,347,185		399,833		381,420		3.08		3.12			18.89		19.16		OTC BB		7,402,434		451,548
QRRY	QUARRY CITY S&L ASSN	MO		72,822		9,598		9,412		0.28		0.24			2.07		1.79		OTC BB		407,691		6,523
FCPB	FIRST CAPITAL BANCSHARES	NC		357,446		37,191		37,191		0.29		0.25			2.84		2.43		OTC PINK		5,083,936		48,297
KSBI	KS BANCORP	NC		558,907		46,344		46,344		1.21		1.21			14.18		14.18		OTC BB		1,107,776		64,251
LSFG	LIFESTORE FINANCIAL GROUP	NC		395,605		42,377		40,864		1.26		1.18			11.82		11.04		OTC PINK		1,019,091		47,897
UBNC	UNION BANK	NC		1,106,304		110,354		97,070		1.15		1.10			11.56		11.05		OTC BB		5,952,147		105,055
EQFN	EQUITABLE FINANCIAL CORP	NE		431,939		41,529		38,606		1.15		1.15			12.29		12.29		OTC BB		2,870,000		37,023
MCBK	MADISON COUNTY FINANCIAL	NE		520,184		81,861		79,169		1.64		1.36			9.89		8.18		OTC PINK		2,675,735		88,299
KRNY	KEARNY FINANCIAL CORP	NJ		7,183,688		1,014,423		799,820		0.98		0.79			6.79		5.48		NASDAQ		78,964,859		1,046,284
NFBK	NORTHFIELD BANCORP	NJ		5,403,557		739,314		697,728		1.23		1.10			9.01		8.02		NASDAQ		50,843,651		821,633
OCFC	OCEANFIRST FINANCIAL CORP	NJ		11,838,271		1,513,249		993,141		1.04		0.89			8.03		6.89		NASDAQ		59,834,018		1,328,315
PFS	PROVIDENT FINANCIAL SERVICES	NJ		13,391,943		1,679,561		1,214,501		1.30		1.08			10.34		8.59		NYSE		77,841,528		1,885,322

101

Page 3

KELLER & COMPANY

Dublin, Ohio

614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS

			Assets and Equity						Profitability												Capital Issues
			Total		Total		Total					Core						Core				Number of		Mkt. Value
			Assets		Equity		Tang. Equity		ROAA			ROAA			ROAE			ROAE				Shares		of Shares
		State	($000)		($000)		($000)		(%)			(%)			(%)			(%)			Exchange	Outstanding		($000)
BCTF	BANCORP 34	NM		509,591		56,863		56,724		1.03			0.99			9.81			9.46		OTC PINK		2,954,836		40,718
AX	AXOS FINANCIAL	NV		14,906,750		1,458,621		1,275,239		1.53			1.53			16.23			16.24		NYSE		59,317,944		3,316,466
CARV	CARVER BANCORP	NY		706,876		56,218		56,085		(0.57	)		(0.62	)		(7.63	)		(8.27	)	NASDAQ		3,473,565		29,664
ESBK	ELMIRA SAVINGS BANK	NY		643,804		63,396		49,455		0.83			0.84			8.72			8.78		NASDAQ		3,510,000		80,168
GBNY	GENERATIONS BANK	NY		377,738		40,870		39,261		0.34			0.18			3.33			1.72		NASDAQ		2,458,527		NM
NYCB	NEW YORK COMMUNITY BANCORP	NY		57,890,106		6,966,902		4,540,523		1.11			1.08			9.24			9.01		NYSE		465,056,962		5,678,346
PCSB	PCSB FINANCIAL CORP	NY		1,872,147		240,910		234,670		0.73			0.68			5.79			5.36		NASDAQ		15,770,645		300,273
PDLB	PDL COMMUNITY BANCORP	NY		1,542,915		154,493		154,493		0.95			0.64			9.31			6.30		NASDAQ		17,327,942		251,255
SNNF	SENECA FIN CORP	NY		217,311		22,231		22,231		0.82			0.80			8.47			8.31		OTC PINK		1,912,959		22,956
SNNY	SUNNYSIDE BANCORP	NY		93,926		9,222		9,222		(1.24	)		(1.39	)		(12.07	)		(13.61	)	OTC BB		793,500		15,886
TRST	TRUSTCO BANK CORP NY	NY		6,134,855		586,684		586,131		0.98			0.93			10.26			9.75		NASDAQ		19,264,941		641,715
CNNB	CINCINNATI BANCORP	OH		248,604		36,323		33,647		1.35			1.35			9.21			9.21		NASDAQ		2,930,000		42,837
CCSB	COMM SAVINGS BANCORP	OH		60,394		8,046		7,962		0.89			0.84			6.75			6.41		OTC BB		408,379		17,519
CIBN	COMMUNITY INVESTORS BANCORP	OH		229,217		19,003		17,948		1.00			1.03			12.21			12.56		OTC PINK		795,192		14,472
EFBI	EAGLE FIN BANCORP	OH		171,993		25,861		25,861		1.10			1.07			7.24			7.04		OTC BB		1,524,153		27,663
FNFI	FIRST NILES FINANCIAL	OH		123,199		15,072		13,404		0.48			0.49			4.11			4.21		OTC PINK		1,113,067		11,632
GVFF	GREENVILLE FED FINANCIAL CORP (MHC)	OH		223,486		20,703		19,936		0.47			0.47			5.10			5.09		OTC BB		2,162,481		15,137
HLFN	HOME LOAN FINANCIAL CORP	OH		259,043		28,288		27,816		1.49			1.48			13.46			13.35		OTC BB		1,403,668		46,321
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH		125,551		15,559		15,559		0.61			0.62			4.98			5.03		OTC PINK		1,174,557		12,615
PFC	PREMIER FINANCIAL CORP	OH		7,471,403		1,031,869		669,204		1.77			1.49			13.03			10.99		NASDAQ		37,177,605		1,149,160
VERF	VERSAILLES FINANCIAL CORP	OH		62,618		11,744		11,744		0.30			0.30			1.61			1.61		OTC BB		387,289		8,133
ESSA	ESSA BANCORP	PA		1,857,599		196,817		181,733		0.88			0.84			8.62			8.19		NASDAQ		10,570,536		183,187
HARL	HARLEYSVILLE SAVINGS FINANCIAL	PA		893,893		80,748		80,748		0.87			0.87			9.69			9.69		OTC PINK		3,734,476		93,213

102

Page 4

KELLER & COMPANY

Dublin, Ohio

614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS

			Assets and Equity						Profitability								Capital Issues
			Total		Total		Total				Core				Core			Number of		Mkt. Value
			Assets		Equity		Tang. Equity		ROAA		ROAA		ROAE		ROAE			Shares		of Shares
		State	($000)		($000)		($000)		(%)		(%)		(%)		(%)		Exchange	Outstanding		($000)
HVBC	HV BANCORP, INC	PA		534,198		44,923		41,483		0.94		0.93		14.74		14.54	NASDAQ		2,175,548		47,427
NWBI	NORTHWEST BANCSHARES	PA		14,490,132		1,561,768		1,156,693		1.11		0.84		10.25		7.72	NASDAQ		127,907,885		1,811,176
PBIP	PRUDENTIAL BANCORP	PA		1,100,455		128,014		121,666		0.71		0.57		6.39		5.11	NASDAQ		7,844,002		106,522
QNTO	QUAINT OAK BANCORP	PA		535,885		40,647		37,110		1.09		1.05		15.79		15.12	OTC PINK		2,004,015		38,076
WVFC	WVS FINANCIAL CORP	PA		347,627		33,218		33,218		0.35		0.30		3.51		2.96	NASDAQ		1,902,690		28,921
FSGB	FIRST FEDERAL OF SOUTH CAROLINA	SC		132,252		11,315		10,819		1.06		0.48		12.54		5.72	OTC PINK		24,066,545		721,996
CASH	META FINANCIAL GROUP	SD		6,690,689		871,884		526,887		1.84		1.87		16.71		16.97	NASDAQ		31,919,780		1,904,334
UNTN	UNITED TENNESSEE BANKSHARES	TN		253,888		23,357		23,357		0.62		0.60		6.36		6.23	OTC PINK		746,044		17,905
STXB	SPIRIT OF TEXAS BANCSHARES	TX		3,151,900		406,309		320,842		1.58		1.53		12.75		12.37	NASDAQ		17,164,103		493,983
TBK	TRIUMPH BANCORP	TX		6,024,533		820,674		540,619		1.97		1.82		15.27		14.10	NASDAQ		25,109,703		2,990,063
FSBW	FS BANCORP	WA		2,227,072		270,451		247,422		1.90		1.90		16.27		16.28	NASDAQ		8,333,566		280,258
RVSB	RIVERVIEW BANCORP	WA		1,715,497		177,113		149,428		1.28		1.05		11.80		9.66	NASDAQ		22,277,868		171,317
TSBK	TIMBERLAND BANCORP	WA		1,789,108		203,439		183,562		1.63		1.63		14.10		14.04	NASDAQ		8,353,969		231,405
FFBW	FFBW, INC	WI		355,258		77,209		76,866		0.68		0.68		3.08		3.09	NASDAQ		7,034,033		83,002
HWIS	HOME BANCORP WISCONSIN	WI		182,680		18,320		18,320		0.41		0.41		4.17		4.17	OTC PINK		1,353,104		34,017
WSBF	WATERSTONE FINANCIAL	WI		2,230,275		442,571		440,790		3.91		3.58		20.04		18.35	NASDAQ		25,213,161		551,160
WBBW	WESTBURY BANCORP	WI		921,588		84,246		84,095		1.08		0.98		11.74		10.67	OTC BB		2,752,939		82,781

103

Page 5

KELLER & COMPANY

Dublin, Ohio

614-766-1426

KEY FINANCIAL DATA AND RATIOS

PUBLICLY-TRADED FDIC-INSURED SAVINGS INSTITUTIONS

MOST RECENT FOUR QUARTERS

	Assets and Equity						Profitability												Capital Issues
	Total		Total		Total					Core						Core				Number of		Mkt. Value
	Assets		Equity		Tang. Equity		ROAE			ROAE			ROAE			ROAE				Shares		of Shares
	($000)		($000)		($000)		(%)			(%)			(%)			(%)			Exchange	Outstanding		($000)
ALL INSTITUTIONS
AVERAGE		3,126,738		367,544		288,930		1.06			0.94			9.40			8.35				20,260,868		453,220
MEDIAN		712,878		78,979		78,018		1.01			0.93			9.69			8.69				3,363,024		83,002
HIGH		57,890,106		6,966,902		4,540,523		3.91			3.58			24.80			21.29				465,056,962		5,678,346
LOW		60,394		8,046		7,962		(1.24	)		(1.39	)		(12.07	)		(13.61	)			372,600		4,341
AVERAGE FOR STATE
OH		897,551		121,247		84,308		0.95			0.91			7.77			7.55				4,907,639		134,549
AVERAGE BY REGION
MID-ATLANTIC		6,079,445		744,948		559,599		1.03			0.86			9.84			8.42				39,263,202		814,378
MIDWEST		1,666,176		184,423		155,896		1.01			0.88			8.79			7.58				7,244,149		182,352
NORTHCENTRAL		2,378,690		312,225		268,463		1.33			1.21			10.78			9.83				21,291,939		472,158
NORTHEAST		5,863,867		687,570		502,591		0.84			0.76			7.40			6.62				45,358,044		672,926
SOUTHEAST		467,400		45,156		42,608		0.93			0.80			9.88			8.44				6,329,257		167,567
SOUTHWEST		1,824,406		237,300		175,563		1.22			1.19			10.37			10.16				8,647,242		612,909
WEST		3,625,041		376,729		340,379		1.36			1.28			12.33			11.60				17,566,342		651,810
AVERAGE BY EXCHANGE
NYSE		28,307,590		3,187,541		2,296,540		1.43			1.32			13.22			12.17				163,769,675		3,353,588
NASDAQ		3,385,700		414,594		337,179		1.32			1.11			10.96			9.19				24,462,881		554,625
OTC		539,450		62,396		59,106		1.49			1.44			12.91			12.54				2,274,606		64,516
OTC PINK		405,239		43,187		42,007		1.17			1.06			11.14			10.15				3,013,899		76,444

104

EXHIBIT 29 

KELLER & COMPANY 

Dublin, Ohio  

614-766-1426  

RECENT STANDARD CONVERSIONS

PRICE CHANGES FROM IPO DATE

June 30, 2020 through February 18, 2022

						Percentage Price Change
						From Initial Trading Date
		Conversion				One			One			One			Through
Company Name	Ticker	Date		Exchange		Day			Week			Month			2/18/2022
Eastern Bankshares	EBC		10/15/2020		NASDAQ		19.10			22.60			39.40			116.20
PB Bankshares	PBBK		7/15/2021		NASDAQ		30.80			32.50			31.00			38.80
TC Bancshares	TCBC		7/21/2021		NASDAQ		20.40			20.00			29.50			37.70
Catalyst Bancorp	CLST		10/13/2021		NASDAQ		35.60			38.50			37.60			38.80
NSTS Bancorp	NSTS		1/28/2022		NASDAQ		24.00			22.20			--			24.90
			AVERAGE				13.85	%		14.15	%		12.26	%		17.53	%
			MEDIAN				24.00			22.60			34.30			38.80
			HIGH				35.60			38.50			39.40			116.20
			LOW				19.10			20.00			29.50			24.90

105

EXHIBIT 30

KELLER & COMPANY

Dublin, Ohio

614-766-1426

RECENT ACQUISITIONS AND PENDING ACQUISITIONS

COUNTY, CITY OR MARKET AREA OF VAN WERT FEDERAL

NONE

(that were potential comparable group candidates)

106

EXHIBIT 31

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

BALANCE SHEET PARAMETERS

Most Recent Quarter

General Parameters:
	Regions: Mid-Atlantic, Midwest and West
	Asset Size: < $1.9 Billion
	No Recent Acquisition Activity

					Cash &				1-4 Fam.		Total Net		Total Net Loans		Borrowed
			Total		Securities/		MBS/		Loans/		Loans/		& MBS/		Funds/		Equity/
			Assets		Assets		Assets		Assets		Assets		Assets		Assets		Assets
			($000)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
	VAN WERT FEDERAL SAVINGS BANK			138,553		28.21		10.25		45.39		55.88		66.12		0.00		18.23
	DEFINED PARAMETERS FOR											20.00 -		50.00 -				8.00 -
	INCLUSION IN COMPARABLE GROUP			< 1,900,000		<45.00		<30.00		<  50.00		80.00		92.00		<44.00		24.00
MLGF	MALAGA FINANCIAL CORPORATION	CA		1,427,795		11.09		0.00		7.31		86.98		86.98		19.13		12.31
PROV	PROVIDENT FINANCIAL HOLDINGS	CA		1,192,261		7.47		17.47		23.27		72.05		89.52		7.55		9.84
AFBA	ALLIED FIRST BANCORP	IL		161,890		44.14		3.88		28.58		44.44		48.32		3.09		13.95
BFIN	BANKFINANCIAL CORP	IL		1,659,315		32.33		0.41		1.50		63.10		63.51		0.30		10.05
GTPS	GREAT AMERICAN BANCORP	IL		210,212		54.62		0.03		19.96		40.83		40.86		0.00		8.59
IROQ	IF BANCORP	IL		767,055		6.81		23.30		15.40		65.98		89.28		4.42		10.65
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL		126,618		62.62		10.67		21.67		23.71		34.38		0.00		7.68
OTTW	OTTAWA SAVINGS BANCORP	IL		342,948		5.36		5.70		42.73		79.28		84.98		5.13		13.76
RYFL	ROYAL FINANCIAL	IL		554,859		11.12		0.00		33.23		84.06		84.06		0.90		9.89
SUGR	SUGAR CREEK FINANCIAL CORP	IL		90,664		1.91		0.00		60.39		64.10		64.10		5.75		11.11
AMFC	AMB FINANCIAL CORP	IN		276,451		17.53		2.42		20.83		72.85		75.27		1.81		9.69
FDLB	FIDELITY FEDERAL BANCORP	IN		1,881,334		11.36		38.57		0.00		29.48		68.05		3.52		11.42
FBPI	FIRST BANCORP OF INDIANA	IN		465,998		16.42		3.49		23.07		72.24		75.73		12.88		9.94
FCAP	FIRST CAPITAL	IN		1,117,298		42.71		9.53		9.17		43.45		52.98		0.00		9.62
MSVB	MID-SOUTHERN BANCORP, INC	IN		252,244		34.97		15.04		24.34		46.85		61.89		3.96		16.90
NWIN	NORTHWEST INDIANA BANCORP	IN		1,607,861		22.43		12.34		17.05		58.62		70.96		1.48		9.28
TDCB	THIRD CENTURY BANCORP	IN		238,755		24.46		13.90		12.20		57.44		71.34		2.09		8.92
STBI	STURGIS BANCORP	MI		718,879		9.85		11.44		31.76		70.75		82.19		8.55		9.07
CNNB	CINCINNATI BANCORP	OH		248,604		4.58		3.35		38.71		78.30		81.65		6.52		14.61

107

KELLER & COMPANY

Dublin, Ohio

(614) 766-1426

COMPARABLE GROUP SELECTION

BALANCE SHEET PARAMETERS

Most Recent Quarter

General Parameters:
	Regions: Mid-Atlantic, Midwest and West
	Asset Size: < $1.9 Billion
	No Recent Acquisition Activity

					Cash &				1-4 Fam.		Total Net		Total Net Loans		Borrowed
			Total		Securities/		MBS/		Loans/		Loans/		& MBS/		Funds/		Equity/
			Assets		Assets		Assets		Assets		Assets		Assets		Assets		Assets
			($000)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
	VAN WERT FEDERAL SAVINGS BANK			138,553		28.21		10.25		45.39		55.88		66.12		0.00		18.23
	DEFINED PARAMETERS FOR											20.00-		50.00-				8.00-
	INCLUSION IN COMPARABLE GROUP			<1,900,000		<45.00		<30.00		<  50.00		80.00		92.00		<44.00		24.00
CCSB	COMM SAVINGS BANCORP	OH		60,394		31.45		2.49		41.66		60.49		62.98		2.12		13.32
CIBN	COMMUNITY INVESTORS BANCORP	OH		229,217		20.03		1.99		36.02		67.40		69.39		12.91		8.29
EFBI	EAGLE FIN BANCORP	OH		171,993		25.34		0.00		41.01		62.35		62.35		0.00		15.04
FNFI	FIRST NILES FINANCIAL	OH		123,199		17.09		2.61		50.00		57.62		60.23		23.71		12.23
GVFF	GREENVILLE FED FINANCIAL CORP (MHC)	OH		223,486		7.34		8.23		43.72		77.48		85.71		0.22		9.26
HLFN	HOME LOAN FINANCIAL CORP	OH		259,043		16.71		0.00		35.65		77.97		77.97		1.80		10.92
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH		125,551		13.88		3.00		47.77		76.30		79.30		1.17		12.39
VERF	VERSAILLES FINANCIAL CORP	OH		62,618		30.16		2.38		44.49		57.33		59.71		3.49		18.75
ESSA	ESSA BANCORP	PA		1,857,599		18.38		4.12		34.15		72.18		76.30		0.00		10.60
HARL	HARLEYSVILLE SAVINGS FINANCIAL	PA		893,893		25.48		9.33		31.08		61.08		70.41		9.13		9.03
HVBC	HV BANCORP, INC	PA		534,198		19.77		3.15		39.61		58.58		61.73		5.65		8.41
PBIP	PRUDENTIAL BANCORP	PA		1,100,455		24.28		12.96		18.07		56.18		69.14		21.20		11.63
QNTO	QUAINT OAK BANCORP	PA		535,885		4.43		0.80		15.32		71.23		72.03		9.99		7.17
WVFC	WVS FINANCIAL CORP	PA		347,627		44.05		28.75		19.77		23.39		52.14		43.32		9.56
RVSB	RIVERVIEW BANCORP	WA		1,715,497		28.14		13.75		4.92		52.35		66.10		0.13		10.31
TSBK	TIMBERLAND BANCORP	WA		1,789,108		34.92		5.72		7.30		54.13		59.85		0.28		11.37
FFBW	FFBW, INC	WI		355,258		26.26		7.78		13.78		58.07		65.85		1.83		21.73
HWIS	HOME BANCORP WISCONSIN	WI		182,680		10.85		0.38		40.15		82.27		82.65		14.92		10.03
WBBW	WESTBURY BANCORP	WI		921,588		11.50		11.25		11.58		72.18		83.43		1.16		9.14

108

EXHIBIT 32

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 and West
	Asset Size: < $ 1.9 Billion
	No Recent Acquisition Activity

					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)		(%)			(%)			(%)		(%)		(%)		(%)		(%)		(%)
	VAN WERT FEDERAL SAVINGS  BANK	OH		138,553		0.19			0.96			2.24		2.24		0.17		0.12		0.00		0.16
	DEFINED PARAMETERS FOR											1.40-		1.00-
	INCLUSION IN COMPARABLE GROUP			<1,900,000		<1.38			<16.00			3.50		5.60		<4.90		<1.15		<0.40		>0.15
MLGF	MALAGA FINANCIAL CORPORATION	CA		1,427,795		1.45			11.54			2.97		0.86		0.06		0.00		0.00		0.26
PROV	PROVIDENT FINANCIAL HOLDINGS	CA		1,192,261		0.70			6.99			2.71		2.00		0.35		0.61		0.00		0.62
AFBA	ALLIED FIRST BANCORP	IL		161890		NM			NM			3.38		73.99		77.88		0.53		0.00		0.79
BFIN	BANKFINANCIAL CORP	IL		1,659,315		0.50			4.96			2.89		2.32		0.28		0.05		0.02		0.42
GTPS	GREAT AMERICAN BANCORP	IL		210,212		0.29			3.41			2.30		3.67		2.06		0.95		0.90		0.40
IROQ	IF BANCORP	IL		767,055		0.75			6.90			2.90		2.38		0.77		0.03		0.02		0.84
MCPH	MIDLAND CAPITAL HOLDINGS CORP	IL		126,618		(0.53	)		(6.65	)		1.68		2.26		0.15		0.74		0.00		0.26
OTTW	OTTAWA SAVINGS BANCORP	IL		342,948		0.93			6.59			3.75		2.76		0.58		0.49		0.04		1.05
RYFL	ROYAL FINANCIAL	IL		554,859		1.12			11.37			3.54		1.85		0.12		0.31		0.03		0.68
SUGR	SUGAR CREEK FINANCIAL CORP	IL		90,664		(0.98	)		(9.05	)		2.02		3.24		0.18		1.66		0.78		0.27
AMFC	AMB FINANCIAL CORP	IN		276,451		1.63			17.52			3.93		2.82		1.54		0.17		0.01		0.92
FDLB	FIDELITY FEDERAL BANCORP	IN		1,881,334		1.78			15.98			2.21		2.12		2.53		0.42		0.17		0.16
FBPI	FIRST BANCORP OF INDIANA	IN		465,998		0.91			9.52			3.20		3.08		1.32		0.29		0.12		0.75
FCAP	FIRST CAPITAL	IN		1,117,298		1.02			10.39			2.93		2.14		0.82		0.13		0.01		0.59
MSVB	MID-SOUTHERN BANCORP, INC	IN		252,244		0.77			4.45			3.09		2.40		0.43		0.30		0.04		0.65
NWIN	NORTHWEST INDIANA BANCORP	IN		1,607,861		0.78			8.13			3.35		2.85		0.91		0.91		0.01		0.86
TDCB	THIRD CENTURY BANCORP	IN		238,755		0.80			8.86			3.08		2.94		1.16		0.04		0.00		0.79
STBI	STURGIS BANCORP	MI		718,879		1.00			11.25			3.38		2.64		1.21		0.06		0.00		0.99
CNNB	CINCINNATI BANCORP	OH		248,604		1.35			9.21			2.73		5.57		4.88		0.05		0.00		0.67

109

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 and West
	Asset Size: < $ 1.9 Billion
	No Recent Acquisition Activity

					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)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
	VAN WERT FEDERAL SAVINGS BANK	OH		138,553		0.19		0.96		2.24		2.24		0.17		0.12		0.00		0.16
	DEFINED PARAMETERS FOR									1.40-		1.00-
	INCLUSION IN COMPARABLE GROUP			<1,900,000		<1.38		<16.00		3.50		5.60		<4.90		<1.15		<0.40		>0.15
CCSB	COMM SAVINGS BANCORP	OH		60,394		0.84		6.41		4.09		4.28		1.82		1.11		0.00		0.48
CIBN	COMMUNITY INVESTORS BANCORP	OH		229,217		1.03		12.56		3.61		5.29		3.39		0.32		0.00		0.89
EFBI	EAGLE FIN BANCORP	OH		171,993		1.07		7.04		3.13		4.23		2.88		1.28		1.03		0.70
FNFI	FIRST NILES FINANCIAL	OH		123,199		0.49		4.21		1.95		2.50		1.35		0.36		0.00		0.46
GVFF	GREENVILLE FED FINANCIAL CORP (MHC)	OH		223,486		0.47		5.09		3.00		3.01		0.88		0.04		0.00		0.54
HLFN	HOME LOAN FINANCIAL CORP	OH		259,043		1.48		13.35		3.84		2.23		0.73		0.23		0.08		0.91
PPSF	PEOPLES-SIDNEY FINANCIAL CORP	OH		125,551		0.62		5.03		3.58		2.78		0.23		0.34		0.00		0.85
VERF	VERSAILLES FINANCIAL CORP	OH		62,618		0.30		1.61		2.59		2.02		0.04		0.00		0.00		0.41
ESSA	ESSA BANCORP	PA		1,857,599		0.84		8.19		2.99		2.24		0.60		0.88		0.02		0.98
HARL	HARLEYSVILLE SAVINGS FINANCIAL	PA		893,893		0.87		9.69		2.76		1.67		0.30		0.76		0.00		0.62
HVBC	HV BANCORP, INC	PA		534,198		0.93		14.54		2.86		3.91		2.96		0.74		0.00		0.46
PBIP	PRUDENTIAL BANCORP	PA		1,100,455		0.57		5.11		2.13		1.57		0.20		1.13		0.37		0.77
QNTO	QUAINT OAK BANCORP	PA		535,885		1.05		15.12		3.70		3.45		1.95		0.41		0.09		0.80
WVFC	WVS FINANCIAL CORP	PA		347,627		0.30		2.96		1.44		1.05		0.11		0.00		0.00		0.16
RVSB	RIVERVIEW BANCORP	WA		1,715,497		1.05		9.66		3.20		2.15		0.77		0.03		0.00		0.96
TSBK	TIMBERLAND BANCORP	WA		1,789,108		1.63		14.04		3.27		1.92		0.97		0.18		0.01		0.75
FFBW	FFBW, INC	WI		355,258		0.68		3.09		3.49		2.39		0.38		0.05		0.00		0.68
HWIS	HOME BANCORP WISCONSIN	WI		182,680		0.41		4.17		2.89		2.31		0.23		0.00		0.00		0.78
WBBW	WESTBURY BANCORP	WI		921,588		0.98		10.67		3.24		2.41		0.96		0.95		0.00		0.98

110

EXHIBIT 33

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)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
	VAN WERT FEDERAL SAVINGS BANK			138,553		28.21		10.25		45.39		55.88		66.12		0.00		18.23
	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			<1,900,000		<45.00		<30.00		<  50.00		20.00- 80.00		50.00- 92.00		<44.00		8.00- 24.00
CNNB	CINCINNATI BANCORP	OH		248,604		4.58		3.35		38.71		78.30		81.65		6.52		14.61
MSVB	MID-SOUTHERN BANCORP, INC	IN		252,244		34.97		15.04		24.34		46.85		61.89		3.96		16.90
WVFC	WVS FINANCIAL CORP	PA		347,627		44.05		28.75		19.77		23.39		52.14		43.32		9.56
FFBW	FFBW, INC	WI		355,258		26.26		7.78		13.78		58.07		65.85		1.83		21.73
HVBC	HV BANCORP, INC	PA		534,198		19.77		3.15		39.61		58.58		61.73		5.65		8.41
IROQ	IF BANCORP	IL		767,055		6.81		23.30		15.40		65.98		89.28		4.42		10.65
PBIP	PRUDENTIAL BANCORP	PA		1,100,455		24.28		12.96		18.07		56.18		69.14		21.20		11.63
BFIN	BANKFINANCIAL CORP	IL		1,659,315		32.33		0.41		1.50		63.10		63.51		0.30		10.05
RVSB	RIVERVIEW BANCORP	WA		1,715,497		28.14		13.75		4.92		52.35		66.10		0.13		10.31
ESSA	ESSA BANCORP	PA		1,857,599		18.38		4.12		34.15		72.18		76.30		0.00		10.60
		AVERAGE		883,785		23.96		11.26		21.03		57.50		68.76		8.73		12.45
		MEDIAN		650,627		25.27		10.37		18.92		58.33		65.98		4.19		10.63
		HIGH		1,857,599		44.05		28.75		39.61		78.30		89.28		43.32		21.73
		LOW		248,604		4.58		0.41		1.50		23.39		52.14		0.00		8.41

111

EXHIBIT 34

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)		(%)		(%)		(%)		(%)		(%)		(%)		(%)		(%)
	VAN WERT FEDERAL SAVINGS BANK	OH		138,553		0.19		0.96		2.24		2.24		0.17		0.12		0.00		0.16
	DEFINED PARAMETERS FOR INCLUSION IN COMPARABLE GROUP			<1,900,000		<1.38		<16.00		1.40- 3.50		1.00- 5.60		<4.90		<1.15		<0.40		>0.15
CNNB	CINCINNATI BANCORP	OH		248,604		1.35		9.21		2.73		5.57		4.88		0.05		0.00		0.67
MSVB	MID-SOUTHERN BANCORP, INC	IN		252,244		0.77		4.45		3.09		2.40		0.43		0.30		0.04		0.65
WVFC	WVS FINANCIAL CORP	PA		347,627		0.30		2.96		1.44		1.05		0.11		0.00		0.00		0.16
FFBW	FFBW, INC	WI		355,258		0.68		3.09		3.49		2.39		0.38		0.05		0.00		0.68
HVBC	HV BANCORP, INC	PA		534,198		0.93		14.54		2.86		3.91		2.96		0.74		0.00		0.46
IROQ	IF BANCORP	IL		767,055		0.75		6.90		2.90		2.38		0.77		0.03		0.02		0.84
PBIP	PRUDENTIAL BANCORP	PA		1,100,455		0.57		5.11		2.13		1.57		0.20		1.13		0.37		0.77
BFIN	BANKFINANCIAL CORP	IL		1,659,315		0.50		4.96		2.89		2.32		0.28		0.05		0.02		0.42
RVSB	RIVERVIEW BANCORP	WA		1,715,497		1.05		9.66		3.20		2.15		0.77		0.03		0.00		0.96
ESSA	ESSA BANCORP	PA		1,857,599		0.84		8.19		2.99		2.24		0.60		0.88		0.02		0.98
		AVERAGE		883,785		0.77		6.91		2.77		2.60		1.14		0.33		0.05		0.66
		MEDIAN		650,627		0.76		6.01		2.90		2.35		0.52		0.05		0.01		0.68
		HIGH		1,857,599		1.35		14.54		3.49		5.57		4.88		1.13		0.37		0.98
		LOW		248,604		0.30		2.96		1.44		1.05		0.11		0.00		0.00		0.16

112

EXHIBIT 35

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
VAN WERT FEDERAL SAVINGS BANK		VAN WERT	OH	1	-	138,553	130,045	774,420	0	112,274		25,252
COMPARABLE GROUP
BFIN	BANKFINANCIAL CORP	OLYMPIA FIELDS	IL	20	NASDAQ	1,659,315	1,558,852	1,047,056	209	1,471,953		166,805
CNNB	CINCINNATI BANCORP	CINCINNATI	OH	6	NASDAQ	248,604	223,118	194,667	2,676	192,924		36,323
ESSA	ESSA BANCORP	STROUDSBURG	PA	23	NASDAQ	1,857,599	1,764,708	1,340,854	15,084	1,641,232		196,817
FFBW	FFBW, INC	WAUKESHA	WI	6	NASDAQ	355,258	298,602	206,314	343	269,173		77,209
HVBC	HV BANCORP, INC	HUNTINGDON VALLEY	PA	6	NASDAQ	534,198	488,512	312,929	3,440	445,741		44,923
IROQ	IF BANCORP	WATSEKA	IL	8	NASDAQ	767,055	718,930	506,067	1,020	643,910		81,682
MSVB	MID-SOUTHERN BANCORP, INC	SALEM	IN	3	NASDAQ	252,244	227,298	118,164	0	198,781		42,624
PBIP	PRUDENTIAL BANCORP	PHILADELPHIA	PA	10	NASDAQ	1,100,455	1,094,207	618,206	6,348	714,067		128,014
RVSB	RIVERVIEW BANCORP	VANCOUVER	WA	17	NASDAQ	1,715,497	1,472,802	898,032	27,685	1,517,789		177,113
WVFC	WVS FINANCIAL CORP	PITTSBURGH	PA	6	NASDAQ	347,627	322,532	81,300	0	156,991		33,218
	Average			11		883,785	816,956	532,359	5,681	725,256		98,473
	Median			7		650,627	603,721	409,498	1,848	544,826		79,446
	High			23		1,857,599	1,764,708	1,340,854	27,685	1,641,232		196,817
	Low			3		248,604	223,118	81,300	0	156,991		33,218

113

EXHIBIT 36

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
VAN WERT FEDERAL SAVINGS BANK			135,553	28.21		10.25	55.88	0.16	0.00	0.00	0.12	93.86	81.03	0.00
COMPARABLE GROUP
CNNB	CINCINNATI BANCORP		248,604	4.58		3.35	78.30	0.67	0.00	0.06	0.05	92.56	76.89	1.01
MSVB	MID-SOUTHERN BANCORP, INC		252,244	34.97		15.04	46.85	0.65	0.04	0.00	0.30	96.89	70.48	0.00
WVFC	WVS FINANCIAL CORP		347,627	44.05		28.75	23.39	0.16	0.00	0.00	0.00	95.68	81.35	0.00
FFBW	FFBW, INC		355,258	26.26		7.78	58.07	0.68	0.00	0.10	0.05	92.46	57.54	0.00
HVBC	HV BANCORP, INC		534,198	19.77		3.15	58.58	0.46	0.00	0.00	0.74	93.09	71.91	0.64
IROQ	IF BANCORP		767,055	6.81		23.30	65.98	0.84	0.02	0.00	0.03	96.22	81.62	0.13
PBIP	PRUDENTIAL BANCORP		1,100,455	24.28		12.96	56.18	0.77	0.37	0.58	1.13	93.83	82.68	0.00
BFIN	BANKFINANCIAL CORP		1,659,315	32.33		0.41	63.10	0.42	0.02	0.00	0.05	95.57	68.17	0.01
RVSB	RIVERVIEW BANCORP		1,715,497	28.14		13.75	52.35	0.96	0.00	1.61	0.03	94.28	59.41	0.00
ESSA	ESSA BANCORP		1,857,599	18.38		4.12	72.18	0.98	0.02	0.77	0.88	94.78	73.78	0.04
	Average		883,785	23.96		11.26	57.50	0.66	0.05	0.31	0.33	94.54	72.38	0.18
	Median		650,627	25.27		10.37	58.33	0.68	0.01	0.03	0.05	94.53	72.85	0.01
	High		1,857,599	44.05		28.75	78.30	0.98	0.37	1.61	1.13	96.89	82.68	1.01
	Low		248,604	4.58		0.41	23.39	0.16	0.00	0.00	0.00	92.46	57.54	0.00
ALL THRIFTS (86)
	Average		3,126,738	18.61		8.05	64.72	0.74	0.05	0.71	0.47	93.06	70.76	0.17
MIDWEST THRIFTS (32)
	Average		1,666,176	20.88		6.76	62.41	0.73	0.10	0.36	0.53	91.52	72.63	0.18
OHIO THRIFTS (10)
	Average		489,195	27.36		5.50	58.19	0.59	0.22	0.11	0.60	90.42	73.15	0.10

114

EXHIBIT 37

KELLER & COMPANY

Dublin, Ohio

614-766-1426

BALANCE SHEET COMPARISON

LIABILITIES AND EQUITY - MOST RECENT QUARTER  

						As a Percent of Total 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		Leverage		Capital
		($000)		($000)		(%)		(%)		(%)		(%)		(%)		(%)			(%)		(%)		(%)		(%)
SUBJECT
VAN WERT FEDERAL SAVINGS BANK			113,301		25,252		81.03		0.00		0.74		0.00		18.23		(0.08	)		18.31		18.23		18.55		NR
COMPARABLE GROUP
CNNB	CINCINNATI BANCORP		212,281		36,323		77.60		6.52		1.27		0.00		14.76		(0.15	)		9.21		14.61		14.60		19.64
MSVB	MID-SOUTHERN BANCORP, INC		209,620		42,624		78.81		3.96		0.33		0.00		16.92		0.78			9.75		16.90		16.48		NM
WVFC	WVS FINANCIAL CORP		314,409		33,218		45.16		43.32		1.96		0.00		9.44		0.11			8.47		9.56		9.55		17.40
FFBW	FFBW, INC		278,049		77,209		75.77		1.83		0.67		0.00		21.44		0.29			11.54		21.73		21.42		33.45
HVBC	HV BANCORP, INC		489,275		44,923		83.44		5.65		2.50		0.00		8.41		0.00			4.85		8.41		8.63		13.52
IROQ	IF BANCORP		685,373		81,682		83.95		4.42		0.98		0.00		10.75		0.14			7.45		10.65		10.59		NM
PBIP	PRUDENTIAL BANCORP		972,441		128,014		64.89		21.20		2.28		0.00		11.83		(0.20	)		2.33		11.63		11.30		17.55
BFIN	BANKFINANCIAL CORP		1,492,510		166,805		88.71		0.30		0.94		0.00		10.04		0.01			0.63		10.05		10.00		NM
RVSB	RIVERVIEW BANCORP		1,538,384		177,113		88.48		0.13		1.07		0.00		10.33		(0.02	)		3.52		10.32		9.08		17.42
ESSA	ESSA BANCORP		1,660,782		196,817		88.35		0.00		0.98		0.00		10.56		0.04			2.22		10.60		10.05		14.47
	Average		785,312		98,473		77.52		8.73		1.30		0.00		12.45		0.10			6.00		12.45		12.17		19.06
	Median		587,324		79,446		81.13		4.19		1.03		0.00		10.66		0.03			6.15		10.63		10.32		17.42
	High		1,660,782		196,817		88.71		43.32		2.50		0.00		21.44		0.78			11.54		21.73		21.42		33.45
	Low		209,620		33,218		45.16		0.00		0.33		0.00		8.41		(0.20	)		0.63		8.41		8.63		13.52
ALL THRIFTS (86)
	Average		2,759,194		367,544		81.24		5.84		1.21		0.10		11.72		0.01			5.95		11.48		10.98		17.98
MIDWEST THRIFTS (32)
	Average		1,481,752		184,423		81.65		5.24		1.06		0.07		12.09		0.10			6.52		11.89		11.49		19.68
OHIO THRIFTS (10)
	Average		437,822		51,373		85.92		2.45		0.92		0.00		10.79		(0.00	)		5.04		10.71		10.57		25.24

115

EXHIBIT 38

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
VAN WERT FEDERAL SAVINGS BANK			3,129		380		2,749		0			(291	)		220		2,951		18		(17	)		35		244
COMPARABLE GROUP
CNNB	CINCINNATI BANCORP		7,977		1,880		6,097		200			0			12,137		13,855		4,179		882			3,297		3,298
MSVB	MID-SOUTHERN BANCORP, INC		7,726		702		7,024		30			0			1,094		6,065		2,023		155			1,868		1,881
WVFC	WVS FINANCIAL CORP		5,383		741		4,642		(69	)		111			501		3,655		1,557		394			1,163		983
FFBW	FFBW, INC		11,473		1,060		10,413		205			0			1,354		8,503		3,059		699			2,360		2,362
HVBC	HV BANCORP, INC		16,215		2,240		13,975		768			79			15,875		20,882		8,200		2,231			5,969		5,890
IROQ	IF BANCORP		24,342		3,482		20,860		402			116			6,047		18,220		8,285		2,240			6,045		5,667
PBIP	PRUDENTIAL BANCORP		38,087		14,798		23,289		200			1,644			3,801		17,310		9,607		1,386			8,221		6,577
BFIN	BANKFINANCIAL CORP		47,731		2,687		45,044		(1,290	)		0			4,597		38,456		12,475		3,339			9,136		8,156
RVSB	RIVERVIEW BANCORP		49,213		2,044		47,169		(2,700	)		0			13,144		36,864		26,149		5,871			20,267		16,594
ESSA	ESSA BANCORP		58,941		6,125		52,816		2,700			460			11,604		41,668		20,052		3,495			16,557		15,727
	Average		26,709		3,576		23,133		45			241			7,015		20,548		9,559		2,069			7,488		6,714
	Median		20,279		2,142		17,418		200			40			5,322		17,765		8,243		1,809			6,007		5,779
	High		58,941		14,798		52,816		2,700			1,644			15,875		41,668		26,149		5,871			20,267		16,594
	Low		5,383		702		4,642		(2,700	)		0			501		3,655		1,557		155			1,163		983
ALL THRIFTS (86)
	Average		102,339		13,626		88,713		(1,818	)		304			40,380		76,261		55,367		12,459			42,861		37,855
MIDWEST THRIFTS (32)
	Average		52,326		5,598		46,728		(2,311	)		190			58,119		68,832		38,639		8,634			30,006		25,855
OHIO THRIFTS (10)
	Average		29,492		2,740		26,752		(1,491	)		310			11,662		21,658		18,208		3,628			14,579		12,513

116

EXHIBIT 39

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
VAN WERT FEDERAL SAVINGS BANK			2.38		0.29		2.09		0.00			(0.22	)		0.17		2.24		0.01		(0.01	)		0.03		0.19
COMPARABLE GROUP
CNNB	CINCINNATI BANCORP		3.27		0.77		2.50		0.08			0.00			4.97		5.68		1.71		0.36			1.35		1.35
MSVB	MID-SOUTHERN BANCORP, INC		3.15		0.29		2.86		0.01			0.00			0.45		2.47		0.82		0.06			0.76		0.77
WVFC	WVS FINANCIAL CORP		1.64		0.23		1.41		(0.02	)		0.03			0.15		1.11		0.47		0.12			0.35		0.30
FFBW	FFBW, INC		3.32		0.31		3.01		0.06			0.00			0.39		2.46		0.88		0.20			0.68		0.68
HVBC	HV BANCORP, INC		2.56		0.35		2.20		0.12			0.01			2.50		3.29		1.29		0.35			0.94		0.93
IROQ	IF BANCORP		3.22		0.46		2.76		0.05			0.02			0.80		2.41		1.10		0.30			0.80		0.75
PBIP	PRUDENTIAL BANCORP		3.30		1.28		2.02		0.02			0.14			0.33		1.50		0.83		0.12			0.71		0.57
BFIN	BANKFINANCIAL CORP		2.92		0.16		2.76		(0.08	)		0.00			0.28		2.36		0.76		0.20			0.56		0.50
RVSB	RIVERVIEW BANCORP		3.12		0.13		2.99		(0.17	)		0.00			0.83		2.34		1.66		0.37			1.28		1.05
ESSA	ESSA BANCORP		3.14		0.33		2.82		0.14			0.02			0.62		2.22		1.07		0.19			0.88		0.84
	Average		2.96		0.43		2.53		0.02			0.02			1.13		2.58		1.06		0.23			0.83		0.77
	Median		3.15		0.32		2.76		0.04			0.01			0.53		2.38		0.98		0.20			0.78		0.76
	High		3.32		1.28		3.01		0.14			0.14			4.97		5.68		1.71		0.37			1.35		1.35
	Low		1.64		0.13		1.41		(0.17	)		0.00			0.15		1.11		0.47		0.06			0.35		0.30
ALL THRIFTS (86)
	Average		3.35		0.43		2.92		0.02			0.02			1.01		2.81		1.41		0.32			1.06		0.94
MIDWEST THRIFTS (32)
	Average		3.20		0.44		2.76		(0.01	)		0.01			1.30		3.13		1.41		0.29			1.01		0.88
OHIO THRIFTS (10)
	Average		3.39		0.52		2.87		0.01			0.01			1.78		3.48		1.16		0.21			0.95		0.91

117

EXHIBIT 40

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
VAN WERT FEDERAL SAVINGS BANK			2.55		0.37		2.17		2.24		0.03		0.14		0.19		0.96
COMPARABLE GROUP
CNNB	CINCINNATI BANCORP		3.58		1.08		2.50		2.73		1.35		9.21		1.35		9.21
MSVB	MID-SOUTHERN BANCORP, INC		3.40		0.39		3.01		3.09		0.76		4.42		0.77		4.45
WVFC	WVS FINANCIAL CORP		1.67		0.49		1.18		1.44		0.35		3.51		0.30		2.96
FFBW	FFBW, INC		3.84		0.46		3.38		3.49		0.68		3.08		0.68		3.09
HVBC	HV BANCORP, INC		3.32		0.55		2.77		2.86		0.94		14.74		0.93		14.54
IROQ	IF BANCORP		3.39		0.56		2.83		2.90		0.80		7.36		0.75		6.90
PBIP	PRUDENTIAL BANCORP		3.48		1.99		1.49		2.13		0.71		6.39		0.57		5.11
BFIN	BANKFINANCIAL CORP		3.06		0.19		2.88		2.89		0.56		5.56		0.50		4.96
RVSB	RIVERVIEW BANCORP		3.34		0.15		3.19		3.20		1.28		11.80		1.05		9.66
ESSA	ESSA BANCORP		3.34		0.38		2.96		2.99		0.88		8.62		0.84		8.19
	Average		3.24		0.62		2.62		2.77		0.83		7.47		0.77		6.91
	Median		3.36		0.47		2.85		2.90		0.78		6.88		0.76		6.01
	High		3.84		1.99		3.38		3.49		1.35		14.74		1.35		14.54
	Low		1.67		0.15		1.18		1.44		0.35		3.08		0.30		2.96
ALL THRIFTS (86)
	Average		3.66		0.57		3.09		3.19		1.06		9.40		0.94		8.35
MIDWEST THRIFTS (32)
	Average		3.53		0.58		2.96		3.06		1.01		8.79		0.88		7.58
OHIO THRIFTS (10)
	Average		3.21		0.44		2.76		2.81		0.62		5.53		0.30		2.50

* Based on average interest-earning assets.

118

EXHIBIT 41

KELLER & COMPANY

Dublin, Ohio

614-766-1426

RESERVES AND SUPPLEMENTAL DATA

		Reserves and Supplemental Data
						Net
		Reserves/		Reserves/		Chargeoffs/			Provisions/			Non-Perf
		Gross		Non-Perf.		Average			Net			Loans/		Effective
		Loans		Assets		Loans			Chargeoffs			Total Loans		Tax Rate
		(%)		(%)		(%)			(%)			(%)		(%)
SUBJECT
VAN WERT FEDERAL SAVINGS BANK			0.29		138.51		0.00			N/A			0.21		(96.72	)
COMPARABLE GROUP
CNNB	CINCINNATI BANCORP		0.81		NM		0.00			0.00			0.06		21.17
MSVB	MID-SOUTHERN BANCORP, INC		1.38		254.00		(0.07	)		0.00			0.54		8.42
WVFC	WVS FINANCIAL CORP		0.67		0.00		0.00			0.00			0.00		25.19
FFBW	FFBW, INC		1.16		NM		0.26			0.00			0.09		20.49
HVBC	HV BANCORP, INC		0.64		62.27		0.07			318.81			1.03		27.07
IROQ	IF BANCORP		1.26		NM		0.11			104.88			0.01		26.68
PBIP	PRUDENTIAL BANCORP		1.31		231.07		0.00			(1,388.89	)		0.57		26.79
BFIN	BANKFINANCIAL CORP		0.65		NM		(0.02	)		625.15			0.06		26.60
RVSB	RIVERVIEW BANCORP		0.99		427.66		0.00			(1,500.00	)		0.23		23.69
ESSA	ESSA BANCORP		1.33		114.16		(0.02	)		(1,046.51	)		1.17		17.66
	Average		1.02		181.53		0.03			(288.66	)		0.38		22
	Median		1.08		172.62		0.00			0.00			0.16		24
	High		1.38		427.66		0.26			625.15			1.17		27
	Low		0.64		0.00		(0.07	)		(1,500.00	)		0.00		8
ALL THRIFTS (86)
	Average		1.09		265.07		0.07			1,313.78			0.61		21.00
MIDWEST THRIFTS (32)
	Average		1.04		229.60		0.04			860.41			0.60		19.58
OHIO THRIFTS (10)
	Average		1.12		289.45		0.02			(184.23	)		0.76		23.14

119

EXHIBIT 42

KELLER & COMPANY

Columbus, Ohio

614-766-1426

VALUATION ANALYSIS AND CALCULATION - FULL CONVERSION

VAN WERT FEDERAL SAVINGS BANK

Pricing ratios and parameters:

		Midpoint		Comparable Group			All Thrifts
Pro Forma	Symbol	Ratios		Average	Median		Average		Median
Price to earnings	P/E		NM	16.87		13.42		14.40		11.68
Price to core earnings	P/CE		NM	18.18		15.51		14.00		12.58
Price to book value	P/B		54.38	99.61		99.91		113.77		106.16
Price to tangible book value	P/TB		54.38	104.62		106.19		121.38		114.19
Price to assets	P/A		14.09	12.63		9.93		13.40		11.64
Pre conversion earnings	(Y)	$	35,000
Pre conversion core earnings	(CY)	$	244,000
Pre conversion book value	(B)	$	22,833,444
Pre conversion tang. book value	(TB)	$	22,833,444
Pre conversion assets	(A)	$	138,553,014

Conversion expense	(X)	6.82	%	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)	$	38.90
ESOP term (yrs.)	(T)	20		Option maturity	(OM)		5
RRP amount	(M)	4.00	%	Option % taxable	(OT)		25.00	%
RRP term  (yrs.)	(N)	5		Price per share	(P)	$	10.00
Tax rate	(TAX)	21.00	%
Investment rate of return, pretax		1.63	%
Investment rate of return, net	(RR)	1.29	%

Formulae to indicate value after conversion:
1.  P/CE method:     Value  =                                                    P/CE*CY	=                  $	22,000,000
((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)	=                  $	22,000,000
(1-PB*(PCT)*(1-X-E-M))
3.  P/A method:     Value  =                 P/A*(A)	=                  $	22,000,000
(1-PA*(PCT)*(1-X-E-M))

VALUATION CORRELATION AND CONCLUSIONS:

				Gross Proceeds
		Public		of Public		Shares issued		Total		TOTAL
	Price	Shares Sold		Offering		to Foundation		Shares Issued		VALUE
Midpoint	10.00		2,180,000	$	21,800,000		20,000		2,200,000	$	22,000,000
Minimum	10.00		1,850,000	$	18,500,000		20,000		1,870,000	$	18,700,000
Maximum	10.00		2,510,000	$	25,100,000		20,000		2,530,000	$	25,300,000
Maximum, as adjusted	10.00		2,889,500	$	28,895,000		20,000		2,909,500	$	29,095,000

120

EXHIBIT 43

KELLER & COMPANY

Dublin, Ohio

614-766-1426

FULL CONVERSION

COMPARABLE GROUP MARKET, PRICING AND FINANCIAL RATIOS

STOCK PRICES AS OF FEBRUARY 18, 2022

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)		($)		(%)		(%)		(%)		(%)		(%)
VAN WERT FEDERAL SAVINGS BANK
	Appraised value - midpoint		22,000		10.00		(0.07	)		18.39		NM		54.38		14.09		54.38		NM		0.00		0.00		0.00		25.90		0.06		0.25
	Minimum		18,700		10.00		(0.07	)		20.08		NM		49.80		12.20		49.80		NM		0.00		0.00		0.00		24.50		0.08		0.31
	Maximum		25,300		10.00		(0.07	)		17.14		NM		58.34		15.90		58.34		NM		0.00		0.00		0.00		27.26		0.05		0.19
	Maximum, as adjusted		29,095		10.00		(0.07	)		16.05		NM		62.27		17.91		62.27		NM		0.00		0.00		0.00		28.75		0.04		0.13
ALL THRIFTS  (88)
	Average		458,541		30.69		2.95			26.16		14.40		113.77		13.40		121.38		14.00		0.76		2.53		21.33		11.60		0.80		6.52
	Median		84,217		20.90		1.72			18.93		11.68		106.16		11.64		114.19		12.58		0.32		1.51		13.47		10.80		0.93		8.69
OHIO THRIFTS  (11)
	Average		131,299		22.45		1.47			19.92		19.49		111.01		15.11		119.35		21.11		0.64		2.34		16.79		13.50		0.96		8.11
	Median		451,548		26.00		2.56			26.10		10.16		112.94		14.57		118.38		10.51		0.68		3.76		40.36		13.03		1.18		9.01
COMPARABLE GROUP  (10)
	Average		94,567		15.37		1.15			15.48		16.87		99.61		12.63		104.62		18.18		0.22		1.65		24.11		12.45		0.77		6.91
	Median		83,610		14.81		0.98			14.88		13.42		99.91		9.93		106.19		15.51		0.29		1.64		24.35		10.63		0.76		6.01
COMPARABLE GROUP
BFIN	BANKFINANCIAL CORP		150,647		10.67		0.65			11.81		16.42		90.35		9.08		90.42		18.40		0.40		3.75		61.54		10.05		0.50		4.96
CNNB	CINCINNATI BANCORP		42,837		14.62		1.13			12.40		12.94		117.90		17.23		127.35		12.94		0.00		0.00		0.00		14.61		1.35		9.21
ESSA	ESSA BANCORP		183,187		17.33		1.57			18.62		11.04		93.07		9.86		100.81		11.63		0.48		2.77		30.57		10.60		0.84		8.19
FFBW	FFBW, INC		83,002		11.80		0.34			10.98		34.71		107.47		23.36		107.96		34.71		0.00		0.00		0.00		21.73		0.68		3.09
HVBC	HV BANCORP, INC		47,427		21.80		2.74			20.65		7.96		105.57		8.88		114.32		8.04		0.00		0.00		0.00		8.41		0.93		14.54
IROQ	IF BANCORP		84,217		25.99		1.87			25.21		13.90		103.09		10.98		104.42		14.85		0.33		1.25		17.38		10.65		0.75		6.90
MSVB	MID-SOUTHERN BANCORP, INC		47,591		15.00		0.59			13.43		25.42		111.69		18.87		111.69		25.42		0.13		0.87		22.03		16.90		0.77		4.45
PBIP	PRUDENTIAL BANCORP		106,522		13.58		1.05			16.32		12.93		83.21		9.68		87.56		16.17		0.28		2.06		26.67		11.63		0.57		5.11
RVSB	RIVERVIEW BANCORP		171,317		7.69		0.91			7.95		8.45		96.73		9.99		114.61		10.39		0.29		3.79		32.06		10.32		1.05		9.66
WVFC	WVS FINANCIAL CORP		28,921		15.20		0.61			17.46		24.92		87.06		8.32		87.06		29.23		0.31		2.04		50.82		9.56		0.30		2.96

121

EXHIBIT 44

KELLER & COMPANY

Columbus, Ohio

614-766-1426

PROJECTED EFFECT OF CONVERSION PROCEEDS

VAN WERT FEDERAL SAVINGS BANK

Offering at the MINIMUM

1. Gross Offering Proceeds

Offering proceeds (1)	$	18,500,000
Less:  Estimated offering expenses		(1,500,000	)
Net offering proceeds	$	17,000,000

2. Generation of Additional Income

Net offering proceeds	$	17,000,000
Less:  Stock-based benefit plans  (2)		(2,244,000	)
Less: Cash to Foundation		(100,000	)
Net offering proceeds invested	$	14,656,000
Investment rate, after taxes		1.29	%
Earnings increase - return on  proceeds invested	$	188,725
Less:  Estimated cost of ESOP borrowings		0
Less:  Amortization of ESOP borrowings, net of taxes		(59,092	)
Less:  Stock-based incentive plan expense, net of taxes		(118,184	)
Less:  Option expense, net of applicable taxes		(137,848	)
Net earnings increase (decrease)	$	(126,399	)

3. Comparative Pro Forma Earnings

	Net			Core
Before conversion - 12 months ended 12/31/21	$	35,000		$	244,000
Net earnings increase (decrease)		(126,399	)		(126,399	)
After conversion	$	(91,399	)	$	117,601

4. Comparative Pro Forma Net Worth  ⁽³⁾

	Total		Tangible
Before conversion - 12/31/21	$	22,833,444	$	22,833,444
Net cash conversion proceeds		14,656,000		14,656,000
Tax benefit - foundation		63,000		63,000
After conversion	$	37,552,444	$	37,552,444

5. Comparative Pro Forma Assets

Before conversion - 12/31/21	$	138,553,014
Net cash conversion proceeds		14,656,000
Tax benefit - foundation		63,000
After conversion	$	153,272,014

(1)	Represents gross proceeds of public offering.
(2)	Represents ESOP and stock-based incentive plans.
(3)	ESOP and RRP are omitted from net worth.

122

EXHIBIT 45

KELLER & COMPANY

Columbus, Ohio

614-766-1426

PROJECTED EFFECT OF CONVERSION PROCEEDS

VAN WERT FEDERAL SAVINGS BANK

Offering at the MIDPOINT

1. Gross Offering Proceeds

Offering proceeds (1)	$	21,800,000
Less:  Estimated offering expenses		(1,500,000	)
Net offering proceeds	$	20,300,000

2. Generation of Additional Income

Net offering proceeds	$	20,300,000
Less:  Stock-based benefit plans  (2)		(2,640,000	)
Less: Cash to Foundation		(100,000	)
Net offering proceeds invested	$	17,560,000
Investment rate, after taxes		1.29	%
Earnings increase - return on  proceeds invested	$	226,120
Less:  Estimated cost of ESOP borrowings		0
Less:  Amortization of ESOP borrowings, net of taxes		(69,520	)
Less:  Stock-based incentive plan expense, net of taxes		(139,040	)
Less:  Option expense, net of applicable taxes		(162,174	)
Net earnings increase (decrease)	$	(144,614	)

3. Comparative Pro Forma Earnings

	Regular			Core
Before conversion - 12 months ended 12/31/21	$	35,000		$	244,000
Net earnings increase (decrease)		(144,614	)		(144,614	)
After conversion	$	(109,614	)	$	99,386

4. Comparative Pro Forma Net Worth  ⁽³⁾

	Total		Tangible
Before conversion - 12/31/21	$	22,833,444	$	22,833,444
Net cash conversion proceeds		17,560,000		17,560,000
Tax benefit - foundation		63,000		63,000
After conversion	$	40,456,444	$	40,456,444

5. Comparative Pro Forma Assets

Before conversion - 12/31/21	$	138,553,014
Net cash conversion proceeds		17,560,000
Tax benefit - foundation		63,000
After conversion	$	156,176,014

(1)	Represents gross proceeds of public offering.
(2)	Represents ESOP and stock-based incentive plans..
(3)	ESOP and RRP are omitted from net worth.

123

EXHIBIT 46

KELLER & COMPANY

Columbus, Ohio

614-766-1426

PROJECTED EFFECT OF CONVERSION PROCEEDS

VAN WERT FEDERAL SAVINGS BANK

Offering at the MAXIMUM

1. Gross Offering Proceeds

Offering proceeds (1)	$	25,100,000
Less:  Estimated offering expenses		(1,500,000	)
Net offering proceeds	$	23,600,000

2. Generation of Additional Income

Net offering proceeds	$	23,600,000
Less:  Stock-based benefit plans  (2)		(3,036,000	)
Less: Cash to Foundation		(100,000	)
Net offering proceeds invested	$	20,464,000
Investment rate, after taxes		1.29	%
Earnings increase - return on  proceeds invested	$	263,515
Less:  Estimated cost of ESOP borrowings		0
Less:  Amortization of ESOP borrowings, net of taxes		(79,948	)
Less:  Stock-based incentive plan expense, net of taxes		(159,896	)
Less:  Option expense, net of applicable taxes		(186,500	)
Net earnings increase (decrease)	$	(162,829	)

3. Comparative Pro Forma Earnings

	Regular			Core
Before conversion - 12 months ended 12/31/21	$	35,000		$	244,000
Net earnings increase		(162,829	)		(162,829	)
After conversion	$	(127,829	)	$	81,171

4. Comparative Pro Forma Net Worth  ⁽³⁾

	Total		Tangible
Before conversion - 12/31/21	$	22,833,444	$	22,833,444
Net cash conversion proceeds		20,464,000		20,464,000
Tax benefit - foundation		63,000		63,000
After conversion	$	43,360,444	$	43,360,444

5. Comparative Pro Forma Assets

Before conversion - 12/31/21	$	138,553,014
Net cash conversion proceeds		20,464,000
Tax benefit - foundation		63,000
After conversion	$	159,080,014

(1)	Represents gross proceeds of public offering.
(2)	Represents ESOP and stock-based incentive plans..
(3)	ESOP and RRP are omitted from net worth.

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EXHIBIT 47

KELLER & COMPANY

Columbus, Ohio

614-766-1426

PROJECTED EFFECT OF CONVERSION PROCEEDS

VAN WERT FEDERAL SAVINGS BANK

Offering at the Maximum, as adjusted

1. Gross Offering Proceeds

Offering proceeds (1)	$	28,895,000
Less:  Estimated offering expenses		(1,500,000	)
Net offering proceeds	$	27,395,000

2. Generation of Additional Income

Net offering proceeds	$	27,395,000
Less:  Stock-based benefit plans  (2)		(3,491,400	)
Less: Cash to Foundation		(100,000	)
Net offering proceeds invested	$	23,803,600
Investment rate, after taxes		1.29	%
Earnings increase - return on  proceeds invested	$	306,519
Less:  Estimated cost of ESOP borrowings		0
Less:  Amortization of ESOP borrowings, net of taxes		(91,940	)
Less:  Stock-based incentive plan expense, net of taxes		(183,880	)
Less:  Option expense, net of applicable taxes		(214,475	)
Net earnings increase (decrease)	$	(183,777	)

3. Comparative Pro Forma Earnings

	Regular			Core
Before conversion - 12 months ended 12/31/21	$	35,000		$	244,000
Net earnings increase		(183,777	)		(183,777	)
After conversion	$	(148,777	)	$	60,223

4. Comparative Pro Forma Net Worth  ⁽³⁾

	Total		Tangible
Before conversion - 12/31/21	$	22,833,444	$	22,833,444
Net cash conversion proceeds		23,803,600		23,803,600
Tax benefit - foundation		63,000		63,000
After conversion	$	46,700,044	$	46,700,044

5. Comparative Pro Forma Assets

Before conversion - 12/31/21	$	138,553,014
Net cash conversion proceeds		23,803,600
Tax benefit - foundation		63,000
After conversion	$	162,419,614

(1)	Represents gross proceeds of public offering.
(2)	Represents ESOP and stock-based incentive plans.
(3)	ESOP and RRP are omitted from net worth.

125

EXHIBIT 48

KELLER & COMPANY

Columbus, Ohio

614-766-1426

OFFERING SUMMARY OF VALUATION PREMIUM OR DISCOUNT

VAN WERT FEDERAL SAVINGS BANK

			Premium or (discount)
			from comparable group.
	Van Wert Federal
	Savings Bank		Average			Median
Midpoint:
Price/earnings	NM	x		NM			NM
Price/book value	54.38	*		-45.41	%		-45.57	%
Price/assets	14.09			11.56	%		41.93	%
Price/tangible book value	54.38			-48.02	%		-48.79	%
Price/core earnings	NM	x		NM			NM
Minimum of range:
Price/earnings	NM	x		NM			NM
Price/book value	49.80	%    *		-50.01	%		-50.16	%
Price/assets	12.20	%		-3.41	%		22.93	%
Price/tangible book value	49.80	%		-52.40	%		-53.10	%
Price/core earnings	NM	x		NM			NM
Maximum of range:
Price/earnings	NM	x		NM			NM
Price/book value	58.34	%    *		-41.43	%		-41.61	%
Price/assets	15.90	%		25.89	%		60.24	%
Price/tangible book value	58.34	%		-44.24	%		-45.06	%
Price/core earnings	NM	x		NM			NM
Super maximum of range:
Price/earnings	NM	x		NM			NM
Price/book value	62.27	%    *		-37.49	%		-37.68	%
Price/assets	17.91	%		41.81	%		80.49	%
Price/tangible book value	62.27	%		-40.48	%		-41.36	%
Price/core earnings	NM	x		NM			NM

*   Represents pricing ratio associated with primary valuation method.

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ALPHABETICAL

EXHIBITS

127

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 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 30 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 experienced in completing valuations for the Internal Revenue Service as an expert in financial institution stock valuations.

Each of the firm's senior consultants has over twenty-five 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.

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CONSULTANTS IN THE FIRM

MICHAEL R. KELLER has over thirty-five 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.

129

Consultants in the Firm (cont.)

SUSAN H. O’DONNELL has twenty-five 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.

130

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.

131

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
02/25/2022	/s/ Michael R. Keller
Date	Michael R. Keller

132

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, VWF Bancorp, Inc., in the amount of $35,000 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 2022.

	/s/ Janet M. Mohr
	NOTARY PUBLIC

133