CONVERSION VALUATION APPRAISAL REPORT
PREPARED FOR:
THE MARKET BUILDING AND SAVING COMPANY
and
MARKET FINANCIAL CORPORATION
Mt. Healthy, Ohio
As Of:
August 2, 1996
PREPARED BY:
KELLER & COMPANY, INC.
555 Metro Place North
Suite 524
Dublin, Ohio 43017
(614) 766-1426
KELLER & COMPANY
CONVERSION VALUATION APPRAISAL REPORT
PREPARED FOR:
THE MARKET BUILDING AND SAVING COMPANY
and
MARKET FINANCIAL CORPORATION
Mt. Healthy, Ohio
As Of:
August 2, 1996
PREPARED BY:
Michael R. Keller
President
KELLER & COMPANY, INC.
555 METRO PLACE NORTH
SUITE 524
DUBLIN, 0H10 43017
(614) 766-1426
(614) 766-1459 FAX
August 15, 1996
Board of Directors
The Market Building
and Saving Company
7522 Hamilton Avenue
Mt. Healthy, OH 45231
Gentlemen:
We hereby submit an independent appraisal of the pro forma market value of the
to-be-issued stock of Market Financial Corporation (the "Corporation"), which is
the newly formed holding company of Market Building and Saving Company, Mt.
Healthy, Ohio ("Market" or the "Company"). The Corporation will hold all of the
shares of the common stock of the Company. Such stock is to be issued in
connection with the Company's conversion from a state-chartered mutual savings
and loan association to a state-chartered stock savings and loan association in
accordance with the Company's Plan of Conversion. This appraisal was prepared
and provided to the Company in accordance with the conversion requirements and
regulations of the Office of Thrift Supervision of the United States Department
of the Treasury.
Keller & Company, Inc. is an independent financial institution consulting firm
that serves both banks and thrift institutions. The firm is a full-service
consulting organization, as described in more detail in Exhibit A, specializing
in market studies, business and strategic plans, stock valuations, conversion
appraisals, 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 Market
and the material provided by the independent auditor, Grant Thornton, LLP,
Cincinnati, Ohio, are both accurate and complete. We did not proceed to verify
the financial statements provided to us, nor did we conduct independent
valuations of the Company's assets and liabilities. We have also used
information from other public sources, but we cannot assure the accuracy of such
material.
Board of Directors
The Market Building
and Saving Company
August 15, 1996
Page 2
In the completion of this appraisal, we held discussions with the management of
Market, with the law firm of Vorys, Sater, Seymour & Pease, Cincinnati, Ohio,
the Company's conversion counsel, and with Grant Thornton, LLP, the independent
auditors. Further, we viewed the Company's local economy and primary market
area.
This valuation must not be considered as 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 in this conversion will
be able to later sell such shares at a price equivalent to the price designated
in this appraisal.
Our valuation will be updated as required and will give consideration to any new
developments in the Company's operation that have an impact on 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 Company as determined by this firm, we will
proceed to make necessary adjustments to the Company's appraised value in such
appraisal update.
It is our opinion that as of August 2, 1996, the pro forma market value or
appraised value of the Corporation is $10,100,000. Further, a range for this
valuation is from a minimum of $8,585,000 to a maximum of $11,615,000, with a
super-maximum of $13,357,250.
Very truly yours,
KELLER & COMPANY, INC.
Michael R. Keller
President
TABLE OF CONTENTS
PAGE
INTRODUCTION 1
I. DESCRIPTION OF THE MARKET BUILDING AND SAVING COMPANY 4
General 4
Performance Overview 9
Income and Expense 11
Yields and Costs 17
Interest Rate Sensitivity 19
Lending Activities 21
Non-Performing Assets 24
Investments 26
Deposit Activities 27
Borrowings 28
Subsidiaries 28
Office Properties 28
Management 28
II. DESCRIPTION OF PRIMARY MARKET AREA 30
Summary 35
III. COMPARABLE GROUP SELECTION 36
Introduction 36
General Parameters
Merger/Acquisition 37
Mutual Holding Companies 38
Trading Exchange 38
IPO Date 39
Geographic Location 39
Asset Size 40
Summary 40
Balance Sheet Parameters
Introduction 41
Equity to Assets 41
One- to Four Family Loans to Assets 42
Cash and Investments to Assets 42
Mortgage-Backed Securities to Assets 42
Total Net Loans to Assets 43
Total Net Loans and Mortgage-Backed Securities to Assets 43
Advances to Assets 43
TABLE OF CONTENTS (cont.) PAGE
Performance Parameters
Introduction 45
Return on Average Assets 45
Return on Average Equity 46
Net Interest Margin 46
Operating Expenses to Assets 47
Noninterest Income to Assets 47
Asset Quality Parameters
Introduction 48
Nonperforming Assets to Asset Ratio 48
Repossessed Assets to Assets 49
Loans Loss Reserves to Assets 49
The Comparable Group 49
Summary of Comparable Group Institutions 50
Enterprise Federal Bancorp 50
Community Investors Bancorp, Inc. 50
FEW Corporation 50
First Franklin Corporation 50
Harvest Home Financial Corporation 50
MFB Corp. 51
Milton Federal Financial Corporation 51
North Bancshares, Inc. 51
OHSL Financial Corp. 51
StateFed Financial Corp. 51
IV. ANALYSIS OF FINANCIAL PERFORMANCE 52
V. MARKET VALUE ADJUSTMENTS 55
Earnings Performance 55
Financial Condition 59
Dividend Payments 61
Subscription Interest 61
Liquidity of Stock 62
Management 63
Marketing of the Issue 63
VI. VALUATION METHODS 65
Price to Book Value Ratio Method 65
Price to Earnings Ratio Method 67
Price to Net Assets Ratio Method 68
Valuation Conclusion 68
LIST OF EXHIBITS
NUMERICAL PAGE
EXHIBITS
1 Statement of Financial Condition -
June 30, 1996, and September 30, 1995 71
2 Statements of Financial Condition -
September 30, 1991 through 1994 72
3 Statement of Earnings - Nine months ended March 31,
1996, and Year Ended September 30, 1995 73
4 Statements of Earnings - September 30, 1991 through 1994 74
5 Selected Financial Information and Other Data 75
6 Income and Expense Trends 76
7 Normalized Earnings Trend 77
8 Performance Indicators 78
9 Volume/Rate Analysis 79
10 Yield and Cost Trends 80
11 Net Portfolio Value 81
12 Loan Portfolio Composition 82
13 Loan Maturity Schedule 83
14 Loan Portfolio Originations 84
15 Delinquent Loans 85
16 Nonperforming Assets 86
17 Classified Assets 87
18 Allowance for Loan Losses 88
19 Investment Portfolio Composition 89
20 Mix of Deposits 90
21 Deposit Activity 91
22 Offices of The Market Building and Saving Company 92
23 List of Key Officers and Directors 93
24 Key Demographic Data and Trends 94
25 Major Sources of Personal Income 95
26 Key Housing Data 96
27 New Housing Permits and Growth Rates 97
28 Unemployment Rates 98
29 Market Share of Deposits 99
30 National Interest Rates 100
31 Thrift Stock Prices and Pricing Ratios 101
32 Key Financial Data and Ratios 111
33 Recently Converted Thrift Institutions 123
LIST OF EXHIBITS (cont.)
NUMERICAL PAGE
EXHIBITS
34 Acquisitions and Pending Acquisitions 124
35 Thrift Stock Prices and Pricing Ratios -
Mutual Holding Companies 127
36 Key Financial Data and Ratios -
Mutual Holding Companies
37 Balance Sheets Parameters -
Comparable Group Selection 129
38 Operating Performance and Asset Quality Parameters -
Comparable Group Selection 131
39 Balance Sheet Ratios -
Final Comparable Group 134
40 Operation Performance and Asset Quality Ratios
Final Comparable Group 135
41 Balance Sheet Totals - Final Comparable Group 136
42 Market Area Comparison - Final Comparable Group 137
43 Balance Sheet - Asset Composition
Most Recent Quarter 138
44 Balance Sheet - Liability and Equity
Most Recent Quarter 139
45 Income and Expense Comparison
Trailing Four Quarters 140
46 Income and Expense Comparison as a Percent of
Average Assets - Trailing Four Quarters 141
47 Yields, Costs & Earnings Ratios
Trailing Four Quarters 142
48 Dividends, Reserves and Supplemental Data 143
49 Market Pricings and Financial Ratios - Stock Prices
Comparable Group 144
50 Valuation Analysis and Conclusions 145
51 Pro Forma Minimum Valuation 146
52 Pro Forma Mid-Point Valuation 147
53 Pro Forma Maximum Valuation 148
54 Pro Forma Superrange Valuation 149
55 Summary of Valuation Premium or Discount 150
ALPHABETICAL EXHIBITS
PAGE
A Background and Qualifications 151
B RB 20 Certification 153
C Affidavit of Independence 154
INTRODUCTION
Keller & Company, Inc., an independent appraisal firm for financial
institutions, has prepared this Conversion Appraisal Report ("Report") which
provides the pro forma market value of the to-be-issued common stock of Market
Financial Corporation (the "Corporation"), an Ohio corporation, formed as a
holding company to own all of the to be issued shares of common stock of The
Market Building and Saving Company, Mt. Healthy, Ohio, ("Market" or the
"Company"). The stock is to be issued in connection with the Company's
Application for Approval of Conversion from a state-chartered mutual savings and
loan association to a state-chartered stock savings and loan association. The
Application is being filed with the Office of Thrift Supervision ("OTS") of the
Department of the Treasury and the Securities and Exchange Commission ("SEC").
In accordance with the Company's conversion, there will be a simultaneous
issuance of all the Company's stock to the Corporation, which will be formed by
the Company. Such Application for Conversion has been reviewed by us, including
the Prospectus and related documents, and discussed with the Company's
management and the Company's conversion counsel, Vorys, Sater, Seymour & Pease,
Cincinnati, Ohio.
This conversion appraisal was prepared based on the guidelines provided by
OTS entitled "Guidelines for Appraisal Reports for the Valuation of Savings
Institutions Converting from the Mutual to Stock Form of Organization", in
accordance with the OTS application requirements of Regulation Section 563b and
the OTS's 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 fourteen 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
1
INTRODUCTION (CONT.)
is not under any compulsion to sell, and with both parties having reasonable
knowledge of relevant facts in an arms-length transaction. The appraisal
assumes the Company is a going concern and that the shares issued by the
Corporation in the conversion are sold in non-control blocks.
In preparing this conversion appraisal, we have reviewed the audited
financial statements for the five fiscal years ended September 30, 1991 through
1995, as well as the unaudited financial statements for the nine months ended
March 31, 1995 and 1996, and discussed them with Market's management and with
Market's independent auditors, Grant, Thornton, LLP, Cincinnati, Ohio. We have
also discussed and reviewed with management other financial matters. We have
reviewed the Corporation's preliminary Form 5-1 and the Company's preliminary
Form AC and discussed them with management and with the Company's conversion
counsel.
We have visited Market's home office and have traveled the surrounding area
in Hamilton County, Ohio. We have studied the economic and demographic
characteristics of the community of Mt. Healthy, where the Company's home office
is located, and the Company's primary market area of Hamilton County, relative
to Ohio and the United States. We have also examined the competitive
environment within which Market operates, giving consideration to the area's key
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 Market to those selected institutions.
2
INTRODUCTION (CONT.)
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.
3
I. DESCRIPTION OF THE MARKET BUILDING AND SAVING COMPANY
GENERAL
The Market Building and Saving Company, Cincinnati, Ohio, was incorporated
in 1883 as an Ohio savings and loan association with the name of The Court
Street Market Building and Saving Company. In 1926, Market changed its name to
The Market Building and Saving Company. In 1960, Hilltop Savings and Loan
Company of Mt. Healthy, Ohio merged into Market, and in 1994, Cleves-North Bend
Building and Loan Company of North Bend, Ohio, merged into the Company,
resulting in the Company's current branch in North Bend.
Market conducts its business from its home office in Mt. Healthy, Ohio, and
its branch in North Bend. The Company's primary market area consists of
Hamilton County, Ohio, which includes the city of Cincinnati. Market's deposits
are insured up to applicable limits by the Federal Deposit Insurance Corporation
("FDIC") in the Savings Association Insurance Fund ("SAIF"). The Company is
also subject to certain reserve requirements of the Board of Governors of the
Federal Reserve Bank (the "FRB"). Market is a member of the Federal Home Loan
Bank (the "FHLB") of Cincinnati and is regulated by the OTS, and by the FDIC.
At June 30, 1996, Market had assets of $46,260,000, deposits of $38,190,000, and
retained earnings of $7,141,000.
In the past five years, legislation has had an impact on the operations in
the financial institution industry. In 1989, the Financial Institution Reform,
Recovery, and Enforcement Act ("FIRREA") became effective and put into place
more stringent supervisory standards and higher capital requirements for the
thrift industry. FIRREA established new capital requirements and strengthened
OTS' enforcement powers. These capital requirements continue today under the
FDIC and the FRB and include a tier one capital requirement of 4.0 percent of
total assets, and a risk-based capital requirement of 8.0 percent of risk-
4
GENERAL (CONT.)
weighted assets. OTS now has the power to assess civil money penalties and
issue cease and desist orders for violations of regulations deemed unsafe and
unsound practices.
FIRREA also resulted in an increase in deposit insurance premiums which
thrifts must pay to the FDIC. A plan for a one-time premium of 0.85 percent to
0.90 percent of deposits based on deposits as of March 31, 1995, to capitalize
the SAIF does exist, and such an increase would have an immediate adverse effect
on Market's equity and earnings. Further, there has been a recent significant
decrease in premiums on Bank Insurance Fund ("BIF") deposits, which has an
adverse competitive impact on Market and could affect the Company's ability to
compete effectively with BIF-insured banks for deposits. Such impact could
result in a downward impact on prices of publicly traded thrift institutions.
FIRREA's objective was strengthened in December, 1991, when the Federal
Deposit Insurance Corporation Improvement Act of 1991 ("FDICIA") was passed,
resulting in additional provisions relating to thrift institutions. FDICIA
provided for the recapitalization of BIF. FDICIA requires federally-insured
financial institutions to be examined at least annually and submit independently
audited financial reports based on the size of the institution.
Market is a community-oriented institution which has been principally
engaged in the business of serving the financial needs of the public in its
local communities and throughout its market area. Market has been actively and
consistently involved in the origination of residential mortgage loans for the
purchase of one- to four-family dwellings, comprising 97.2 percent of its loan
originations during the nine months ended June 30, 1996, and 89.7 percent of its
loan originations during the fiscal year ended September 30, 1995. At June 30,
1996, a strong 92.8 percent of its net loans consisted of residential real
estate loans on one- to four-family dwellings, compared to a smaller 87.0
percent at September 30, 1993, with the source of its funds being retail
deposits from residents in its
5
GENERAL (CONT.)
local communities. The Company is also an originator of multi-family loans,
nonresidential real estate loans, construction loans and offers consumer loans
on a less active basis. Consumer loans include only loans on savings accounts.
Consumer loans represented a very modest 0.5 percent share of the Company's
total loans at June 30, 1996.
The Company had a strong $19.9 million, or 43.1 percent of its assets in
U.S. government and federal agency securities, Federal funds sold, FHLB stock,
FHLMC stock and interest-bearing deposits in other financial institutions. The
Company had an additional $1.8 million, or 3.9 percent of its assets, in
mortgage-backed securities, with the combined total of investment securities,
mortgage-backed securities and cash and cash equivalents being $22.9 million or
49.4 percent of assets. Deposits and retained earnings have been the sources of
funds for the Company's lending and investment activities.
The management of Market is aware of the emphasis on matching the
maturities of assets and liabilities and monitoring the Company's interest rate
sensitivity position and market value of portfolio equity. The Company
understands the nature of interest rate risk and the potential earnings impact
during times of rapidly changing rates, either rising or falling. Market also
recognizes the need and importance of attaining a competitive net interest
margin due to its more moderate levels of fee and other income.
The Company's gross amount of stock to be sold in the conversion will be
$10,100,000 or 1,010,000 shares at $10 per share based on the midpoint of the
appraised value, with net conversion proceeds of $9,665,000 reflecting
conversion expenses of $435,000. The actual cash proceeds to the Company of
$4.0 million will represent fifty percent of the net conversion proceeds, less
the ESOP of $808,000, and will be invested in mortgage loans and construction
loans over time, and initially invested in short term investments. The Company
may also use the proceeds to expand services, expand operations or other
financial service organizations, diversification into other businesses, or
6
GENERAL (CONT.)
for any other purposes authorized by law. The Holding Company will use its
proceeds to fund the ESOP and to invest in short- and intermediate-term
government securities.
Market has witnessed a shrinkage in deposits over the past five fiscal
years with deposits decreasing 7.0 percent from September 30, 1991, to September
30, 1995, or an average of 1.75 percent per year. From September 30, 1995, to
June 30, 1996, deposits increased by 0.4 percent or 0.5 percent a year,
annualized, compared to a 1.6 percent decrease in fiscal 1995. The Company
anticipates a shrinkage in deposits in 1996. The Company has focused on
maintaining a strong residential real estate loan portfolio during the past five
years, increasing its level of investments, monitoring its earnings and
increasing its capital to assets ratio. Equity to assets increased from 11.25
percent of assets at September 30, 1991, to 15.64 percent at September 30, 1995,
and to 16.28 percent at June 30, 1996.
Market's lending strategy has been to originate and retain fixed-rate
residential mortgage loans with no activity in the secondary market and no
originations of adjustable-rate mortgage loans.
Market's loan share of one- to four-family mortgage loans has remained
strong, increasing from 87.0 percent of net loans at September 30, 1993, to 92.8
percent as of June 30, 1996. Nonresidential real estate loans decreased from
10.1 percent of net loans at September 30, 1993, to 5.3 percent at June 30,
1996. Multi-family loans decreased from 2.7 percent of net loans at September
30, 1993, to 1.8 percent at June 30, 1996. The decrease in multi-family and
nonresidential loans was offset by the Company's increase in one- to four-family
loans. The Company's share of consumer loans decreased from 0.8 percent at
September 30, 1993, to 0.5 percent at June 30, 1996, representing a dollar
decrease of only $47,000.
7
GENERAL (CONT.)
Management's internal strategy has also included continued emphasis on
maintaining an adequate and appropriate allowance for loan losses relative to
loans and nonperforming assets and in recognition of the more stringent
requirements within the industry to establish and maintain a higher level of
general valuation allowances. At September 30, 1993, Market had $39,000 in its
loan loss allowance or 1.0 percent of total loans, which increased to $52,000
and represented a lower 0.23 percent of total loans at June 30, 1996.
Interest income from loans and investments has been the basis of earnings
with the net interest margin being the key determinant of net earnings. The
Company had very minimal levels of noninterest income. With a dependence on net
interest margin for earnings, current management will focus on strengthening the
Company's net interest margin without undertaking excessive credit risk and will
not pursue any significant change in its interest rate risk position.
8
PERFORMANCE OVERVIEW
Market's financial position over the past five fiscal years of September
30, 1991, Through September 30, 1995, and for the nine months ended June 30,
1996, is highlighted through the use of selected financial data in Exhibit 5.
Market has focused on strengthening its equity position, controlling its
overhead ratio, maintaining its general valuation allowance, and strengthening
its net interest margin and interest rate spread. Market has experienced
basically no change in assets from 1991 to 1995 and a decrease in deposits with
a less than average increase in equity over the past five fiscal years. The
resultant impact has been a modest increase in the Company's equity to assets
ratio.
Market witnessed an actual decrease in assets of $640,000 or 1.4 percent
for the period of September 30, 1991, to September 30, 1995, representing an
average annual decrease in assets of 0.3 percent. For the year ended September
30, 1995, assets increased $394,000 or 0.9 percent. For the nine months ended
June 30, 1996, the Company's assets increased $526,000 or 1.2 percent. Over the
past four fiscal periods, the Company experienced its largest dollar rise in
assets of $1.2 million in fiscal year 1992, which represented a 2.5 percent
increase in assets due partially to a rise in mortgage-backed securities and
primarily funded by a rise in deposits. This increase was succeeded by a
$614,000 or 1.3 percent decrease in assets in fiscal year 1993, a $1.6 million
or 3.4 percent decrease in 1994 and a 0.9 percent increase in 1995.
The Company's net loan portfolio, including mortgage loans and non-mortgage
loans, increased from $18.9 million at September 30, 1991, to $23.0 million at
September 30, 1995, and represented a total increase of $4.1 million, or 21.9
percent. The average annual decrease during that period was 5.48 percent. That
increase was the result of a high level of loan originations of one- to four-
family loans in fiscal year 1994 and a much lower level of loan payoffs in 1994.
The increase in loans at Market was partially offset by the Company's decrease
in mortgage-backed securities. For the year ended September 30, 1995, loans
actually decreased $640,000 or 2.7 percent. For the nine months ended June
9
PERFORMANCE OVERVIEW (CONT.)
30, 1996, net loans continued to decrease $634,000 or 2.8 percent.
Market has pursued obtaining funds through deposit growth in accordance
with the demand for loans, and had no use of FHLB advances during the past five
fiscal years. The Company's competitive rates for savings in its local market
have been the source of retail deposits. Deposits increased 1.9 percent from
1991 to 1992, followed by a 2.4 percent decrease in fiscal year 1993, a 5.0
percent decrease in 1994 and then a modest 1.6 percent decrease in 1995, with an
average annual rate of decrease of 1.75 percent from September 30, 1991, to
September 30, 1995. For the nine months ended June 30, 1996, deposits increased
by $134,000 or 0.4 percent. The Company's strongest fiscal year deposit growth
was in fiscal year 1992, when deposits increased $2.3 million or 8.9 percent.
Deposits decreased $2.7 million or 6.7 percent from September 30, 1991, to June
30, 1996.
Market has been able to increase its retained earnings each fiscal year
from 1991 through 1995. At September 30, 1991, the Company had total retained
earnings of $5.2 million representing an 11.25 percent equity to assets ratio,
increasing to $7.2 million at September 30, 1995, and representing a 15.64
percent equity to assets ratio. At June 30, 1996, equity was a higher $7.5
million or 16.28 percent of assets. The rise in the equity to assets ratio is
primarily the result of the Company's steady earnings performance in 1991
through 1995. Equity increased 37.1 percent from September 30, 1991, to
September 30, 1995, representing an average annual increase of 9.3 percent and
increased 5.31 percent for the nine months ended June 30, 1996, or 7.1 percent,
annualized.
10
INCOME AND EXPENSE
Exhibit 6 presents selected operating data for Market, reflecting the
Company's income and expense trends. This table provides selected audited
income and expense figures in dollars for the fiscal years of 1991 through 1995
and unaudited income and expense figures for the nine months ended March 31,
1995 and 1996.
Market has witnessed a decrease in its annual dollar level of interest
income from fiscal 1991 to fiscal 1995, ranging from a high of $3.8 million in
fiscal 1991 to a low of $2.9 million in fiscal 1994, increasing modestly to $3.2
million in fiscal year 1995, but representing a four year decrease of 15.7
percent, or an average decrease of 3.9 percent per year. In fiscal year 1995,
interest income increased $274,000, or 9.4 percent to $3.2 million. For the
nine months ended June 30, 1996, interest income was $2.5 million or $3.3
million, annualized, compared to a similar $2.4 million for the nine months
ended March 31, 1995, suggesting a basically flat trend. The overall decrease
in interest income from 1991 to 1995 was due primarily to the Company's decrease
in yields.
The Company's interest expense experienced a similar overall declining
trend from fiscal year 1991 to 1995, with an increase in 1995. Interest expense
decreased $1,348,000, or 47.7 percent, from 1991 to 1994, compared to a decrease
in interest income of $868,000, or 23.0 percent, for the same time period.
Interest expense then increased $144,000 or 9.7 percent from 1994 to 1995,
compared to an increase in interest income of $274,000 or 9.4 percent as
discussed above. Such lower increase in interest expense in 1995,
notwithstanding the increase in interest income, resulted in a moderate increase
in annual net interest income to $1,560,000 for the fiscal year ended September
36, 1995. Net interest income increased from $950,000 in fiscal 1991 to its
highest level of $1,560,000 in 1995. For the nine months ended June 30, 1996,
Market's interest expense was $ 1.3 million, or $ 1.7 million on an annualized
basis, which was greater than 1995 interest expense of $1.6 million. The rise
in interest expense during the nine months ended June 30, 1996, combined with a
flat trend in interest income resulted in a decrease in net interest
11
INCOME AND EXPENSE (CONT.)
income. For the nine months ended June 30, 1996, net interest income was $1.1
million or $1.5 million, annualized, representing a 3.1 percent decrease from
net interest income in fiscal year 1995.
The Company has made provisions for loan losses in three of the past five
fiscal years of 1991 through 1995, and in the nine months ended June 30, 1996.
The amounts of those provisions were determined in recognition of the Company's
level of nonperforming assets, charge-offs and repossessed assets, but also
relative to the increase in provisions in the industry to strengthen the level
of general valuation allowance. The loan loss provisions were $9,000 in 1991,
$11,000 in 1992, $10,000 in 1993 and $13,000 in the nine months ended June 30,
1996. The impact of these loan loss provisions has been to provide Market with
a general valuation allowance of $52,000 at June 30, 1996, or 0.23 percent of
net loans and 346.7 percent of nonperforming assets.
Total other income or noninterest income indicated modest and very stable
levels in fiscal years 1991 to 1995. The highest level of noninterest income
was in fiscal year 1994 at $12,000 or 0.03 percent of assets and the lowest
level at $8,000 was in 1992 and 1995, representing 0.02 percent of assets. The
average noninterest income level for the past five fiscal years was $9,400 or
0.02 percent of average assets, which is significantly below the industry
average of 0.44 percent. For the nine months ended June 30, 1996, noninterest
income was $6,000 or $8,000, annualized.
The Company's general and administrative expenses or noninterest expenses
increased from $659,000 for the fiscal year of 1991 to $861,000 for the fiscal
year ended September 30, 1995. The dollar increase in noninterest expenses was
$202,000 from 1991 to 1995, representing an average annual increase of $50,500
or 7.2 percent. The average annual increase in other expenses was due to the
Company's normal rise in overhead expenses and an increase in staffing. On a
percent of assets basis, operating expenses
12
INCOME AND EXPENSE (CONT.)
increased from 1.46 percent of average assets for the fiscal year ended
September 30, 1991, to 1.89 percent for the fiscal year ended September 30,
1995, which was the Company's highest ratio during the past five years but lower
than current industry averages of approximately 2.35 percent. For the nine
months ended June 30, 1996, Market's ratio of operating expenses to average
assets was a nominally higher 2.00 percent.
The net earnings position of Market has indicated profitable performance in
each of the past five fiscal years ended September 30, 1991 through 1995, and
for the nine months ended June 30, 1996. The annual net income figures for the
past five fiscal years of 1991, 1992, 1993, 1994 and 1995 have been $205,000,
$331,000, $469,000, $412,000, and $467,000, representing returns on average
assets of 0.45 percent, 0.70 percent, 0.99 percent, 0.89 percent, and 1.03
percent, respectively. The average return on assets for the past five fiscal
years was 0.81 percent. For the nine months ended June 30, 1996, net earnings
were $302,000, representing an annualized return on assets of 0.88 percent.
Exhibit 7 provides the Company's normalized earnings or core earnings for
fiscal years 1993 to 1995 and for the twelve months ended June 30, 1996. The
Company's normalized earnings eliminate any nonrecurring income and expense
items. There were no adjustments for any of the periods with core earnings
equal to net income.
The key performance indicators comprised of selected operating ratios,
asset quality ratios and capital ratios are shown in Exhibit 8 to reflect the
results of performance. The Company's return on assets increased from 0.45
percent in fiscal year 1991 to its highest level of 1.03 percent in fiscal year
1995, decreasing to 0.88 percent for the nine months ended June 30, 1996,
annualized.
13
INCOME AND EXPENSE (CONT.)
The Company's average interest rate spread strengthened from a low of 1.44
percent in fiscal year 1991 to 2.98 percent in fiscal year 1994, then declined
the next fiscal year to 2.93 percent in 1995 and then decreased to 2.66 percent
for the nine months ended June 30, 1996, annualized. The Company's net interest
margin indicated a similar trend, increasing from 2.14 percent in fiscal year
1991 to 2.57 percent in fiscal year 1992, then increasing to 3.29 percent in
1994, and then rising to 3.55 percent in 1995 and then down to 3.37 percent for
the nine months ended June 30, 1996. Market's interest rate spread increased 54
basis points in 1992 to 1.98 percent from 1.44 percent in 1991 and then
increased 60 basis points in 1993 to 2.58 percent. Interest rate spread then
increased 40 basis points to 2.98 percent for fiscal year 1994 and then
decreased 5 basis points to 2.93 percent for the fiscal year ended September 30,
1995. The Company's net interest margin followed a similar trend, increasing 43
basis points to 2.57 percent in 1992 and then increasing 46 basis points to 3.03
percent in 1993. Net interest margin increased 26 basis points to 3.29 percent
in 1994 and increased 26 basis points to 3.55 percent in 1995. For the nine
months ended June 30, 1996, Market's annualized net interest spread was a lower
2.66 percent, and its net interest margin was a lower 3.37 percent.
The Company's return on average equity increased from 1991 to 1993, but
decreased from 1993 to 1995. The return on average equity increased from 4.01
percent in 1991 to 8.15 percent in fiscal year 1993, and then down to 6.91
percent in fiscal year 1995. For the nine months ended June 30, 1996,
annualized, return on average equity was an even lower 4.56 percent.
Market's ratio of interest-earning assets to interest-bearing liabilities
increased modestly from 111.04 percent at September 30, 1991, to 116.62 percent
at September 30, 1995, and then to 117.64 percent at June 30, 1996.
14
INCOME AND EXPENSE (CONT.)
The Company's ratio of non-interest expenses to average assets increased
from 1.46 percent in fiscal year 1991 to 1.89 percent in fiscal year 1995, which
was its highest ratio during the past five years. For the nine months ended
June 30, 1996, noninterest expenses to assets increased to 2.00 percent.
Another key noninterest expense ratio reflecting efficiency of operation is the
ratio of noninterest expenses to the sum of net interest income and non-interest
income referred to as the "efficiency ratio". The industry norm is 60.0 percent
with a higher ratio indicating less efficiency. The Company has been
characterized with a normal efficiency ratio, which decreased from 68.72 percent
in 1991 to 54.91 percent in 1995. The ratio was 58.30 percent for the nine
months ended June 30, 1996.
Earnings performance can be affected by an institution's asset quality
position. The ratio of nonperforming assets to total assets is a key indicator
of asset quality. Market witnessed a decrease in its nonperforming asset ratio
from 0.6 percent of assets in 1993 to zero in 1995 and remaining at zero at June
30, 1996. Nonperforming assets consist of nonaccruing loans, loans 90 days or
more past due and repossessed assets. The ratio of nonperforming assets to
total assets was 0.6 percent at September 30, 1993, and decreased to zero at
September 30, 1995. At June 30, 1996, Market's ratio of nonperforming assets to
total assets remained at zero. The Company's allowance for loan losses was 20.2
percent of nonperforming assets at September 30, 1993, and increased to 346.7
percent at June 30, 1996.
Exhibit 9 provides the changes in net interest income due to rate and
volume changes for the past two fiscal years of 1994 and 1995 and for the nine
months ended June 30, 1996. In fiscal year 1994, net interest income increased
$41,000, due to a decrease in interest expense of $228,000 partially offset by a
smaller $187,000 decrease in interest income. The decrease in interest expense
was due to a decrease due to a change in rate of $192,000 accented by a decrease
due to volume of $36,000. The decrease in interest
15
INCOME AND EXPENSE (CONT.)
income was due to a decrease due to rate of $124,000 increased by a decrease due
to a change in volume of $63,000.
In fiscal year 1995, net interest income increased $130,000, due to a
$274,000 increase in interest income reduced by a $144,000 increase in interest
expense. The increase in interest income was due to a $193,000 increase due to
rate increased by an $81,000 increase due to volume. The increase in interest
expense was due to a $230,000 increase due to rate reduced by a $86,000 decrease
due to volume.
For the nine months ended June 30, 1996, compared to the nine months ended
March 31, 1995, net interest income decreased $73,000 due to a $166,000 increase
in interest expense reduced by a $93,000 increase in interest income. The rise
in interest expense was due to a $148,000 increase due to rate accented by an
$18,000 increase due to volume. The rise in interest income was somewhat split
with $36,000 due to a rise in rate and $57,000 due to a rise in volume.
16
YIELDS AND COSTS
The overview of yield and cost trends for the years ended September 30,
1993 to 1995, for the nine months ended March 31, 1995, and June 30, 1996 and at
March 31, 1996, can be seen in Exhibit 10, which offers a summary of key yields
on interest-earning assets and costs of interest-bearing liabilities.
Market's weighted average yield on its loan portfolio was 10.09 percent in
1993 and decreased 165 basis points from fiscal year 1993 to 1995, to 8.44
percent, and then decreased 18 basis points to 8.26 percent for the nine months
ended June 30, 1996. The yield on mortgage-backed securities increased 49 basis
points from fiscal year 1993 to 1995 from 8.16 percent to 8.65 percent and then
increased 41 basis points to 9.06 percent for the nine months ended June 30,
1996. The yield on investment securities decreased 107 basis points from 5.31
percent in 1993 to 4.24 percent in 1995 and increased to 6.47 percent for the
nine months ended June 30, 1996. Other interest bearing deposits indicated an
increase in their yield of 299 basis points from 3.44 percent in 1993 to 6.43
percent in 1995 and then decreased to 5.83 percent for the nine months ended
June 30, 1996. The combined weighted average yield on all interest-earning
assets increased 48 basis points to 7.24 percent from 1993 to 1995. The yield
on interest-earning assets for the nine months ended June 30, 1996, was a higher
7.33 percent, while the yield at June 30, 1996, was a similar 7.16 percent when
compared to fiscal 1995.
Market's weighted average cost of interest-bearing liabilities decreased 47
basis points to 3.71 percent from fiscal year 1993 to 1994, which was greater
than the Company's 7 basis point decrease in yield, resulting in an increase in
the Company's interest rate spread of 40 basis points from 2.58 percent to 2.98
percent from 1993 to 1994. The Company's average cost of interest-bearing
liabilities then increased from 1994 to 1995 by 60 basis points to 4.31 percent
compared to a 55 basis point increase in yield on interest earning assets. The
result was a decrease in the Company's interest rate spread of 5 basis points to
2.93 percent for fiscal year 1995. For the nine months ended June 30, 1996, the
Company's
17
YIELDS AND COSTS (CONT.)
cost of funds increased 36 basis points to 4.67 percent, compared to a smaller 9
basis point increase in yield on interest-earning assets, resulting in a lower
net interest rate spread of 2.66 percent compared to 2.93 percent for the fiscal
year ended September 30, 1995. The net interest spread was an even lower 2.56
percent at June 30, 1996. The Company's net interest margin increased from 3.03
percent in fiscal year 1993 to 3.29 percent in fiscal year 1994, then increasing
to 3.55 percent for the year ended September 30, 1995. The Company's net
interest margin for the nine months ended June 30, 1996, then decreased 18 basis
points to 3.37 percent.
18
INTEREST RATE SENSITIVITY
Market has been successful in controlling its interest rate sensitivity
position even though it focuses on the origination of all fixed-rate mortgage
loans, but offsets this activity by maintaining a higher level of short term
investments. Further, the Company's higher level of capital is another factor
that must be considered.
Market has been aware of the thrift industry's significant interest rate
risk exposure in the 1980's, which caused a negative impact on earnings and
Market value of portfolio equity as a result of significant fluctuations in
interest rates, specifically rising rates. Such exposure was due to the
disparate rate of maturity and/or repricing of assets relative 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 Market 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 in the 1990's
to minimize their gap position. This frequently results in a decline in the
institution's net interest margin and overall earnings performance.
The Company measures its interest rate risk through the use of its net
portfolio value ("NPV") of the expected cash flows from interest-earning assets
and interest-bearing liabilities and any off-balance sheet contracts. The NPV
for the Company was prepared by the Sendero Corporation as well as the change in
the NPV for the Company under rising and falling interest rates. Such changes
in NPV under changing rates is reflective of the Company's interest rate risk
exposure.
There are other factors which have a measurable influence on interest rate
sensitivity. Such key factors to consider when analyzing interest rate
sensitivity include the Company's equity position, liquidity level, the loan
payoff schedule, accelerated principal payments, deposit maturities, interest
rate caps on any adjustable-rate loans, and deposit withdrawals.
19
INTEREST RATE SENSITIVITY (CONT.)
Exhibit 11 provides the Company's NPV as of March 31, 1996, and the change
in the Company's NPV under rising and declining interest rates. Such
calculations are provided by Sendero Corporation, and the focus of this exposure
table is a 200 basis points change in interest rates either up or down.
The Company's change in its NPV at March 31, 1996, based on a rise in
interest rates of 200 basis points was a moderate 13.75 percent decrease,
representing a dollar decrease in equity value of $987,000. In contrast, based
on a decline in interest rates of 200 basis points, the Company's NPV was
estimated to increase 3.75 percent or $269,000 at March 31, 1996. The Company's
exposure at March 31, 1996, increases to a 26.48 percent decrease under a 400
basis point rise in rates, and the NPV is estimated to decrease 6.64 percent
based on a 400 basis point decrease in rates.
The Company is aware of its higher negative interest rate risk exposure
under strongly rising rates compared to declining rates. Due to Market's
recognition of the need to control its interest rate exposure, the Company has
maintained a higher level of investments, which represented 49.4 percent of
assets.
20
LENDING ACTIVITIES
Market has focused its lending activity on the origination of conventional
fixed-rate mortgage loans secured by one- to four-family dwellings. Exhibit 12
provides a summary of Market's loan portfolio, by loan type, at September 30,
1993 through 1995, and at June 30, 1996.
Residential loans secured by one- to four-family dwellings was the primary
loan type representing a very significant 92.8 percent of the Company's net
loans as of June 30, 1996. This share has seen a minimal increase from 87.0
percent at September 30, 1993. The second largest real estate loan type as of
June 30, 1996, was nonresidential real estate loans which comprised 5.3 percent
of net loans compared to a larger 10.1 percent as of September 30, 1993. The
nonresidential loan category was also the second largest real estate loan type
in 1993. The third real estate loan type was multi-family loans, which
represented 1.8 percent of net loans as of June 30, 1996, compared to a larger
2.7 percent at September 30, 1993. These three real estate loan categories
represented 99.9 percent of net loans at June 30, 1996, compared to a similar
99.8 percent of net loans at September 30, 1993.
Consumer loans were the only other loan group at June 30, 1996, and
represented only 0.5 percent of net loans compared to 0.8 percent at September
30, 1993. Consumer loans were the fourth largest overall loan type at June 30,
1996, and the fourth largest loan type in 1993. The Company originates savings
account loans. The overall mix of loans has witnessed minimal change from
fiscal year-end 1993 to June 30, 1996, with the Company having increased its
level of one- to four-family real estate loans to offset its decreases in multi-
family loans and nonresidential real estate loans.
21
LENDING ACTIVITIES (CONT.)
The emphasis of Market's lending activity is the origination of
conventional mortgage loans secured by one- to four-family residences. Such
residences are located in Market's primary market area of Hamilton County. At
June 30, 1996, 92.8 percent of Market's net loans consisted of loans secured by
one- to four-family residential properties.
The Company originates fixed-rate mortgage loans. The fixed rate loans
have normal terms of up to 30 years. The Company retains all of its fixed rate
loans. Historically, all of Market's mortgage loans have been fixed-rate loans.
The original loan to value ratio for conventional mortgage loans to
purchase or refinance single-family dwellings generally does not exceed 80
percent at Market, even though the Company will grant loans with up to a 95
percent loan to value ratio, but private mortgage insurance is required for the
amount of the loan in excess of 80 percent at the expense of the borrower.
Market has also been an originator of nonresidential real estate loans, and
has been less active in multifamily loans in the past. The Company will
continue to make multifamily and nonresidential real estate loans. The Company
had a total of $1.2 million in nonresidential real estate loans at June 30,
1996, or 5.3 percent of net loans, compared to $1.9 million or 10.1 percent of
net loans at September 30, 1993. The major portion of non-residential real
estate loans are secured by office buildings and other commercial properties.
Multifamily loans have decreased from $508,000 or 2.7 percent of net loans at
September 30, 1993, to $410,000 or 1.8 percent of net loans at June 30, 1996.
Market has not been active in consumer lending. Consumer loans consist of
savings account loans and represented a total of 0.5 percent of net loans at
June 30, 1996, down from 0.8 percent in 1993. At June 30, 1996, consumer loans
totaled $107,000.
22
LENDING ACTIVITIES (CONT.)
Exhibit 13 provides a maturity schedule for Market's loan portfolio and a
breakdown of Market's fixed- and adjustable-rate loans. All loans are fixed-
rate, with a strong 61.3 percent of one- to four-family residential mortgage
loans and 56.3 percent of total loans having maturities of less than 20 years.
As indicated in Exhibit 14, Market experienced a decrease in both its
single-family loan originations and total loan originations from fiscal years
1993 to 1995. Total loan originations in fiscal year 1995 were $2.4 million
compared to $7.7 million in fiscal year 1993, with fiscal year 1994 indicating a
higher $10.7 million. The decrease in one- to four-family residential loan
originations from 1993 to 1995 of $5.3 million represented 98.1 percent of the
$5.4 million aggregate decrease in total loan originations from 1993 to 1995.
Loan originations for the nine months ended June 30, 1996, were $2.0 million, up
from $759,000 for the nine months ended March 31, 1995. Loan originations for
the purchase of one- to four-family residences represented 95.9 percent of total
loan originations in fiscal year 1993, compared to a similar 95.8 percent in
fiscal year 1994 and a lower 89.7 percent in fiscal year 1995. One- to four
family loan originations were 97.2 percent of total loan originations for the
nine months ended June 30, 1996. The Company had no loan purchases or loan
sales. Overall, loan originations exceeded repayments and other reductions in
fiscal 1993 by $329,000 and by $4.7 million in 1994, and fell short of
reductions in fiscal year 1995 by $640,000. For the nine months ended June 30,
1996, originations fell short of reductions by $634,000.
23
NONPERFORMING ASSETS
Market understands the risk related to asset quality and the direct
relationship of such risk to delinquent loans and nonperforming assets including
real estate owned. The quality of assets has been a key concern to financial
institutions throughout many regions of the country. A number of financial
institutions have been confronted with rapid increases in their levels of
nonperforming assets and have been forced to recognize significant losses,
setting aside major valuation allowances. A sharp increase in nonperforming
assets has often been related to specific regions of the country and has
frequently been associated with higher risk loans, including purchased
nonresidential real estate loans. Market has not been faced with such problems
and has made a concerted effort to control its nonperforming assets during the
past five years.
Exhibit 15 provides a summary of Market's delinquent loans at September 30,
1993 through 1995, and at June 30, 1996, indicating a moderate level of
delinquent loans from 1993 to 1995. Loans delinquent 90 days or more totaled
$183,000 at September 30, 1993, and decreased to zero at September 30, 1995,
with all delinquent loans totaling $777,000 in 1993 and $922,000 or 4.0 percent
of loans at September 30, 1995. At June 30, 1996, delinquent loans of ninety
days or more decreased to $15,000 or 0.10 percent of loans compared to 1.0
percent in 1993, with total delinquent loans up to $1,005,000 or 4.5 percent of
loans.
Market reviews each loan when it becomes delinquent 30 days or more, to
assess its collectibility and to initiate direct contact with the borrower. The
Company sends the borrower a late payment notice within 15 days after the
payment is due. The Company then initiates both written and oral communication
with the borrower if the loan remains delinquent for 60 days or more. When the
loan becomes delinquent at least 90 days, the Company will commence foreclosure
proceedings. The Company normally accrues interest on loans past due 90 days or
more. Most loans delinquent 90 days still accrue interest, and
24
NONPERFORMING ASSETS (CONT.)
at that point in time the Company considers initiating foreclosure procedures.
Market had no real estate owned at September 30, 1994 or 1995, or at June 30,
1996.
Exhibit 16 provides a summary of Market's nonperforming assets at June 30,
1996, and at September 30, 1993 through 1995. Nonperforming assets consist of
non-accrual loans, loans delinquent 90 days or more and real estate acquired by
foreclosure or by deed in lieu. The Company has historically carried a lower
than average level of nonperforming assets when compared to its peer group and
the thrift industry in general. Market's level of nonperforming assets ranged
from a high of $272,000 or 0.60 percent of total assets at September 30, 1993,
to a low of zero at September 30, 1994, and 1995. At June 30, 1996, Market's
nonperforming assets consisted entirely of loans delinquent 90 days or more with
no real estate owned or nonaccrual loans, and totaled $15,000 or 0.03 percent of
assets and 0.10 percent of total loans.
Market's level of nonperforming assets is much lower than its level of
classified assets. The Company's level of classified assets was $53,000 or 0.11
percent of assets at June 30, 1996 (reference Exhibit 17). The Company's
classified assets consisted of $15,000 in substandard assets, with no assets
classified as doubtful and $2,000 classified as loss. The Company's classified
assets were a higher $170,000 at September 30, 1993, or 0.36 percent of assets,
and consisted of $167,000 in substandard assets and $3,000 of assets classified
as loss.
Exhibit 18 shows Market's allowance for loan losses at June 30, 1996, and
for fiscal years 1993 through 1995, indicating the activity and the resultant
balances. Market has witnessed a moderate change in its balance of allowance
for loan losses, changing from $39,000 in 1993 to $52,000 at June 30, 1996, with
provisions of $10,000 in 1993, and $13,000 during the nine months ended June 30,
1996. The Company had net charge-offs of $4,000 in 1993, with no charge-offs or
recoveries in any other period. The Company's ratio of allowance for loan
losses to total loans decreased from 0.21 percent at September
25
NONPERFORMING ASSETS (CONT.)
30,1993, to 0.17 percent at September 30, 1995, due simply to growth in loans.
The allowance for loan losses to total loans was a higher 0.23 percent at June
30, 1996. Allowance for loan losses to nonperforming assets were 20.21 percent
at September 30, 1993, and a higher 346.7 percent at June 30, 1996, reflecting
the increase in allowance for loan losses.
INVESTMENTS
The investment and securities portfolio of Market has been comprised of
interest-bearing deposits, Federal funds sold, U.S. government obligations,
mortgage-backed securities, FHLMC stock and FHLB stock. Exhibit 19 provides a
summary of Market's investment portfolio at September 30, 1993 through 1995, and
at June 30, 1996. Total investment securities were $22.1 million at June 30,
1996, compared to $21.5 million at September 30, 1995, and $26.9 million at
September 30, 1993. The primary component of investment securities at June 30,
1996, was interest-bearing deposits, representing 48.7 percent of investments,
followed by U. S. government obligations, representing 36.3 percent, for a
combined total of 87.6 percent. At September 30, 1995, the major component was
again interest-bearing deposits representing a smaller 48.7 percent of
investments, with U. S. government obligations being the second major investment
group comprising 37.1 percent of investments, and these two categories still
representing a strong 85.8 percent. The securities portfolio had a weighted
average yield of 6.05 percent, and the mortgage-backed securities had a weighted
average yield of 9.06 percent for the nine months ended June 30, 1996.
The Company's mortgage-backed securities had a book value of $1.79 million
at June 30, 1996, compared to a market value of $1.86 million. Mortgage-backed
securities are included in total investments and shown in Exhibit 19. Mortgage-
backed securities had
26
INVESTMENTS (CONT.)
a book value of $2.21 million at September 30, 1995, compared to a higher fair
market value of $2.31 million.
DEPOSIT ACTIVITIES
The mix of deposits from September 30, 1993, to June 30, 1996, and the
change in the mix is provided in Exhibit 20. There has been a moderate change
in both total deposits and in the deposit mix during this period. Certificates
of deposit witnessed a modest increase in their share of deposits, rising from a
moderate 53.7 percent of deposits at September 30, 1993, to a higher 60.6
percent at June 30, 1996. The rise in the share of certificates of deposits is
typical of the thrift industry overall. The major component of certificates had
rates between 5.0 percent and 5.99 percent and represented 77.2 percent of
certificates at June 30, 1996. At September 30, 1993, the major component of
certificates was the 4.00 percent to 4.99 percent category with a lower 45.2
percent of certificates. Passbook accounts decreased in dollar amount from
$12.1 million to $11.4 million, but their share of total deposits increased from
29.8 percent to 29.9 percent from September 30, 1993, to June 30, 1996,
respectively, with modest decreases in rates during that period. Money market
accounts indicated a larger decrease in their share from 16.4 percent in 1993 to
9.4 percent at June 30, 1996. The Company had no non-interest bearing accounts
or NOW accounts.
Exhibit 21 shows the Company's deposit activity for the three years ended
September 30, 1993 to 1995, and for the nine months ended June 30, 1996. With
interest credited, Market experienced a net decrease in deposits in fiscal years
1993, 1994 and 1995 and an increase for the nine months ended June 30, 1996. In
fiscal year 1993, there was a net decrease in deposits of $1.0 million or 2.4
percent, with net withdrawals exceeding interest credited. In fiscal year 1994,
withdrawals exceeded deposits resulting in a $2.0 million or a 5.0 percent
decrease, and in 1995 there was a net decrease of $618,000 or 1.6
27
DEPOSIT ACTIVITIES (CONT.)
percent. For the nine months ended June 30, 1996, an increase in deposit
balances of $134,000 resulted in a net increase in deposits of 0.4 percent.
BORROWINGS
Market has relied on retail deposits as its primary source of funds, making
no use of FHLB advances during the past three fiscal years ended September 30,
1995 or during the nine months ended June 30, 1996. Market has never utilized
FHLB advances.
SUBSIDIARIES
Market has no wholly-owned subsidiaries.
OFFICE PROPERTIES
Market has two offices, its home office located in Mt. Healthy, a suburb
north of downtown Cincinnati and a branch located in North Bend, located west of
Cincinnati. Market owns both its offices. The Company's investment in its
office premises totaled $79,000 or only 0.17 percent of assets at June 30, 1996.
MANAGEMENT
The president, chief executive officer, and managing officer of Market is
John T. Larimer. Mr. Larimer has served the Company as president since 1993 and
as managing officer since November, 1995. Mr. Larimer has been a director since
1976. Mr. Larimer is also an attorney and worked in private practice prior to
working at Market. Mr. Larimer has over twenty years experience in the
financial institution industry having served Market as its counsel since 1976.
Julie Bertsch is chief financial officer of the Company and prior to that was
associated with the accounting firm of Grant Thornton, LLP in its Cincinnati
28
MANAGEMENT (CONT.)
office. Charles Dell is vice president in charge of lending and joined Market
in 1996, having served in a similar capacity at a larger area thrift institution
(reference Exhibit 22).
29
II. DESCRIPTION OF PRIMARY MARKET AREA
Market Building and Saving's primary market area is Hamilton County, Ohio,
including the city and community of Mt. Healthy, located in Hamilton County.
The Company's home office is located in the City of Mt. Healthy and its branch
is located in North Bend.
The Company's economic performance has been very dependent on the overall
market and economic trends in Hamilton County. Hamilton County is home to a
diverse economy, and is a major center for manufacturing, wholesaling and
retailing. Among its prominent manufacturing groups are transportation
equipment, which includes aircraft engines and auto parts; food products; metal
working and general industrial machinery; chemicals and fabricated metal
products. Nearly 800 firms in Hamilton County are engaged in international
trade and generate large sales to customers outside the United States. Hamilton
County also offers strong opportunities for graduate and undergraduate
education, including the University of Cincinnati and Xavier University among
many other colleges, universities and specialized institutions.
Exhibit 24 provides a summary of key demographic data and trends for the
United States, Ohio, Hamilton County and Mt. Healthy for the periods of 1990,
1995, and 2000. Mt. Healthy indicated a decrease in population from 1990
through 1995, the only decline in population of the four geographic regions in
our table. Hamilton County witnessed no growth in population, while Ohio and
the United States did show increases. Overall, the period of 1990 to 1995 was
characterized by a rise in the national population of 5.7 percent, compared to
an increase in population of 2.8 percent in Ohio. Hamilton County witnessed a
nominal decrease from 866,288 in 1990 to 866,222 in 1995. During the same time,
population also decreased in Mt. Healthy by 1.5 percent, from 44,648 in 1990 to
43,967 in 1995. From 1995 through 2000, the population is projected to continue
to rise in the United States by 5.4 percent and in Ohio by 2.7 percent.
Hamilton County will show no percentage change in population though it will
decrease slightly to 866,216. Mt. Healthy is
30
DESCRIPTION OF PRIMARY MARKET AREA (CONT.)
projected to continue to decrease its population by 0.7 percent, declining to
43,639 by the year 2000.
Hamilton County and Mt. Healthy displayed trends in household levels,
similar to their trends in population growth from 1990 to 1995. In 1990,
Hamilton County had a level of households of 338,881 households, and Mt.
Healthy's number of households was 15,970. By 1995, Hamilton County, while
showing no percentage decline, had decreased minimally to 338,749 households,
while Mt. Healthy decreased its number of households by 1.2 percent to 15,785.
Both the county and the city should experience slight decreases in households
from 1995 to 2000. Hamilton County is projected once again to experience no
percentage change, while actually decreasing to 338,595 households, and Mt.
Healthy is projected to decrease by 0.6 percent to 15,692 households. These
decreases are in contrast to Ohio's increase in households of 2.7 percent, and
the United States' increase of 5.3 percent from 1995 to 2000.
Both Mt. Healthy and Hamilton County had higher per capita income levels
than Ohio or the United States in 1990 and 1995. Mt. Healthy's per capita
income was a relatively high $16,805 in 1995 compared to an even higher $18,004
for Hamilton County, while Ohio and the United States experienced lower per
capita income levels of $15,708 and $16,405, respectively. In 1995, this
represented a per capita income for Mt. Healthy that was 6.7 percent lower than
Hamilton County, 7.0 percent higher than Ohio, and 2.4 percent higher than the
United States. From 1990 to 1995, Mt. Healthy and Hamilton County witnessed
increases in median household income which exceeded the average increase in
Ohio, and median household income levels above those of Ohio and the United
States. In 1990, the United States had a median household income of $28,255
compared to $29,276 in Ohio, $29,498 in Hamilton County, and a much higher
$34,088 in Mt. Healthy. In 1995, Mt. Healthy had an even higher $39,043 median
household income, and Hamilton County's level increased to $34,401. These
figures were higher than Ohio and the United
31
DESCRIPTION OF PRIMARY MARKET AREA (CONT.)
States at $33,038 and $33,610, respectively. In 2000, Mt. Healthy is projected
to have a median household income that is by far the highest figure among the
four groups on our table, 15.0 percent higher than Hamilton County, 14.9 percent
higher than Ohio and 13.1 percent higher than the United States. Mt. Healthy's
median household income is projected to decrease by 4.5 percent to $37,300 by
2000, remaining higher than Hamilton County at $32,443, Ohio at $32,477, and the
United States at $32,972.
The major business source of personal income by industry group in Hamilton
County, based on total wages, was the manufacturing industry. This sector
contributed 30.3 percent of the wages in 1993, which was somewhat lower than
Ohio at 34.8 percent and moderately higher than the United States at 24.8
percent (reference Exhibit 25). The major employers in Hamilton County are:
Employer Industry Employees
- -------- -------- ---------
Procter & Gamble Co. Manufacturing 14,150
U.S. Government (all agencies) Government 13,562
University of Cincinnati Government 11,716
The Kroger Co. Wholesale/Retail 10,000
G.E. Aircraft Engines Manufacturing 8,000
City of Cincinnati Government 7,526
Cincinnati Public Schools Government 6,226
Hamilton County Government 5,679
Cincinnati Gas & Electric Co. Services 5,000
Cincinnati Milacron Manufacturing 5,000
AK Steel Manufacturing 4,300
The major provider of income in the United States was the services industry
with a 31.0 percent share in 1993, while manufacturing was the major provider in
Ohio at 34.8 percent. The leading provider of income in Hamilton County was
also manufacturing at
32
DESCRIPTION OF PRIMARY MARKET AREA (CONT.)
30.3 percent, whereas the services sector ranked second at 28.5 percent of
personal income and the wholesale/retail trade was third in Hamilton County with
a 22.2 percent share of personal income. These numbers compare to 19.3 percent
for wholesale/retail and 26.5 percent for services in Ohio. The
wholesale/retail trade group was the, third major source of personal income in
the United States at 19.8 percent and in Ohio at 19.3 percent. The
construction, finance, insurance and real estate, transportation/utilities, and
the agriculture/mining groups combined to contribute 19.0 percent of the wages
earned in Hamilton County, 19.4 percent of wages earned in Ohio, and 24.4
percent in the United States. The mix of income sources by industry group for
Hamilton County was similar to Ohio's mix in that both were dominated by the
manufacturing, wholesale/retail, and services sectors.
Exhibit 26 provides a summary of key housing data for Mt. Healthy, Hamilton
County, Ohio, and the United States. Mt. Healthy is characterized by the
highest share of owner-occupied housing among the four areas outlined on Exhibit
26, at 74.9 percent, whereas Hamilton County has the lowest share of owner-
occupancy at 58.3 percent. Ohio and the United States fall in the middle of
these two figures at 67.5 percent and 64.2 percent, respectively.
Correspondingly, Mt. Healthy supports a low rate of renter-occupied housing of
25.1 percent compared to 41.7 percent in Hamilton County, which is higher than
Ohio at 32.5 percent, and the United States at 35.8 percent. Mt. Healthy had a
median housing value of $64,696 which is 2.0 percent higher than Ohio's value of
$63,457, but lower than the Hamilton County and the United States' median
housing values of $72,243 and $79,098, respectively. Mt. Healthy had a median
rent of $373 which is exceeded only by the United States at $374. These median
rent figures are significantly higher than Hamilton County at $304 and Ohio at
$296.
An economic indicator that pertains more directly to the banking and thrift
industries is the issuance of new housing permits (reference Exhibit 27). In
1991, 1,713 new housing permits were issued in Hamilton County, and in 1992, his
number grew by 22.4 percent to
33
DESCRIPTION OF PRIMARY MARKET AREA (CONT.)
2,096 new housing permits in Hamilton County. These numbers are fairly small
when compared to the issuance of 29,542 permits in Ohio, and 796,647 in the
United States. Ohio and the United States also witnessed building permit growth
rates of 16.3 percent and 20.1 percent, respectively, in 1992. In 1993,
however, Ohio and the United States witnessed less significant growth, and
Hamilton County authorized 1,924 new permits, a decrease of 8.2 percent over the
previous year. Ohio's increase of 9.1 percent was higher than the United States
increase in new housing permits of 8.6 percent. Hamilton County's decline
continued through 1994, when the county issued 1,676 new housing permits, a 12.9
percent decrease, compared to increases of 5.2 percent and 8.8 percent in Ohio
and the United States, respectively.
The unemployment rate is another key economic indicator. Exhibit 28 shows
the average unemployment rates in Hamilton County, Ohio, and the United States
in 1990, 1994 and April, 1996. Hamilton County has been characterized by
unemployment rates lower than Ohio and the United States in 1990, 1994 and to
date in 1996. The County has experienced an increase in its unemployment rate
from 4.2 percent in 1990 to 4.8 percent in 1994, but then declined to 3.6
percent by April, 1996. This represents a 25.0 percent decline in unemployment
since 1994 for Hamilton County, compared to a 20.0 percent decline for Ohio and
a 11.5 percent decline for the United States since 1994. Hamilton County's
April unemployment figure is 18.1 percent lower than the state unemployment
level and 33.3 percent lower than the unemployment figure for the United States
for April, 1996.
Exhibit 29 provides deposit data for banks, thrifts, and credit unions in
the Company's market area of Hamilton County. Market Building and Saving's
market penetration in Hamilton County was a minimal 1.1 percent of thrift
deposits and 0.2 percent of all financial institution deposits which totaled
$16.4 billion.
34
DESCRIPTION OF PRIMARY MARKET AREA (CONT.)
Exhibit 30 provides interest rate data by quarter for the years 1992
through the first quarter of 1996. The rates tracked are the prime rate, as
well as the rates on 90-Day, One-Year and 30-Year Treasury Bills. Rates
indicated a declining trend in the first three quarters of 1992, but then began
to rise in the fourth quarter with the exception of the prime rate, which
remained at a lower level at year end. In 1993 rates experienced some
volatility, but indicated the beginning of a rising trend in the last quarter.
This rising trend continued throughout all of 1994 and into the first quarter of
1995 with prime reaching 9.00 percent. After the first quarter of 1995,
however, rates experienced considerable declines through the end of 1995, with
the prime rate decreasing to 8.50 percent. Such decrease in the prime rate
continued through the first quarter of 1996 as it fell to 8.25 percent. Rates
on T-bills, however, witnessed an increase with 30-Year Treasury Bills
experiencing the largest increase.
SUMMARY
To summarize, Hamilton County in general and Mt. Healthy in particular
represent a somewhat stagnant market in terms of population growth and household
levels. However, per capita income and median household income have reached
levels above state and national averages. The market is led by the
manufacturing industry, which provides almost one third of all jobs in Hamilton
County, and unemployment levels have historically been lower than state and
national levels. The city of Mt. Healthy also had a higher median rent level
than Ohio or Hamilton County, and also a higher median household value than
Ohio. Hamilton County has a relatively strong financial institution market
dominated by the banking industry with $12.4 billion in deposits and $16.3
billion in total deposits for banks, thrifts and credit unions. The market area
represents an overall positive market.
35
III. COMPARABLE GROUP SELECTION
INTRODUCTION
Integral to the valuation of Market is the selection of an appropriate
group of publicly-traded thrift institutions, hereinafter referred to as the
"comparable group". This section identifies the comparable group and describes
each parameter used in the selection of each institution in the group, resulting
in a comparable group based on such specific and detailed parameters, current
financials and recent trading prices. The various characteristics of the
selected comparable group provide the primary basis for making the necessary
adjustments to the Company's pro forma value relative to the comparable group.
There is also a recognition and consideration of financial comparisons with all
publicly-traded, SAIF-insured thrifts in the United States and all publicly-
traded, SAIF-insured thrifts in the Midwest and in Ohio.
Exhibits 31 and 32 present Thrift Stock Prices and Pricing Ratios and Key
Financial Data and Ratios, respectively, both individually and in aggregate, for
the universe of 335 publicly-traded, SAIF-insured thrifts in the United States
("all thrifts"), excluding mutual holding companies, used in the selection of
the comparable group and other financial comparisons. Exhibits 31 and 32 also
subclassify all thrifts by region, including the 152 Midwest thrifts ("Midwest
thrifts") and the 31 thrifts in Ohio ("Ohio thrifts"), and by trading exchange.
Exhibit 33 presents prices, pricing ratios and price trends for all SAIF-insured
thrifts completing their conversions between January 1, 1996, and August 2,
1996.
The selection of the comparable group was based on the establishment of
both general and specific parameters using financial, operating and asset
quality characteristics of Market as determinants for defining those parameters.
The determination of parameters was also based on the uniqueness of each
parameter as a normal indicator of a thrift institution's operating philosophy
and perspective. The parameters established and defined are considered to be
both reasonable and reflective of Market's basic operation. Inasmuch as the
comparable group must consist of at least ten institutions, the parameters
relating to
36
INTRODUCTION (CONT.)
asset size and geographic location have been expanded as necessary in order to
fulfill this requirement.
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. The thrift institutions that were potential comparable group
candidates but were not considered due to their involvement in a
merger/acquisition or a potential merger/acquisition include the following:
Institution State
- ----------- -----
Financial Security Corp. Illinois
Workingmens Capital Holdings Indiana
Marshalltown Financial Corp. Iowa
Circle Financial Corp. Ohio
Seven Hills Financial Corp. Ohio
Third Financial Corp. Ohio
Bridgeville Savings Bank Pennsylvania
Five thrift institutions in Market's city, county or market area are
currently involved in merger/acquisition activity or have been recently so
involved, as indicated in Exhibit 34.
37
MUTUAL HOLDING COMPANIES
The comparable group will not include any mutual holding companies. Mutual
holding companies typically demonstrate higher price to book valuation ratios
that are the result of their minority ownership structure that are inconsistent
with those of conventional, publicly-traded institutions. Exhibit 35 presents
pricing ratios and Exhibit 36 presents key financial data and ratios for all
publicly-traded, SAIF-insured mutual holding companies in the United States.
The following thrift institutions were potential comparable group candidates,
but were not considered due to their mutual holding company form:
Institution State
----------- -----
Webster City Federal Savings Company, MHC Iowa
Wayne Savings & Loan Co., MHC Ohio
Greater Delaware Valley Savings Bank, MHC Pennsylvania
TRADING EXCHANGE
It is necessary that each institution in the comparable group be listed on
one of the two major stock exchanges, the New York Stock Exchange or the
American Stock Exchange, or traded over-the-counter ("OTC") and listed on the
National Company of Securities Dealers Automated Quotation System ("NASDAQ").
Such a listing indicates that an institution's stock has demonstrated trading
activity and is responsive to normal market conditions, which are requirements
for listing. Of the 353 publicly-traded, SAIF insured institutions, including
18 mutual holding companies, 14 are traded on the New York Stock Exchange, 17
are traded on the American Stock Exchange and 322 are listed on NASDAQ.
38
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 August 2, 1996, used in this report, 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 March 31, 1995.
GEOGRAPHIC LOCATION
The geographic location of an institution is a key parameter due to the
impact of various economic and thrift industry conditions on the performance and
trading prices of thrift institution stocks. Although geographic location and
asset size are the two parameters that have been developed incrementally to
fulfill the comparable group requirements, the geographic location parameter has
definitely eliminated regions of the United States distant to Market, including
the western states, the Southeastern states and the New England states.
The geographic location parameter consists of Ohio, its surrounding states
of Kentucky, Indiana, Michigan, Pennsylvania and West Virginia, as well as the
states of Iowa, Illinois and Wisconsin, for a total of nine states. To extend
the geographic parameter beyond those states could result in the selection of
similar thrift institutions with regard to financial conditions and operating
characteristics, but with different pricing ratios due to their geographic
regions. The result could then be an unrepresentative comparable group with
regard to price relative to the parameters and, therefore, an inaccurate value.
39
ASSET SIZE
Asset size was another key parameter used in the selection of the
comparable group. The maximum total assets for any comparable group institution
considered was $250 million, due to the typically different operating
strategies, expansion capabilities, liquidity of stock and acquisition appeal of
larger institutions when compared to Market, with assets of approximately $46
million. Such an asset size parameter was necessary to obtain a comparable
group of at least ten institutions.
In connection with asset size, we did not consider the number of offices or
branches in selecting or eliminating candidates since this characteristic is
directly related to operating expenses, which are recognized as an operating
performance parameter.
SUMMARY
Exhibits 37 and 38 show the 35 institutions considered as comparable group
candidates after applying the general parameters, with the shaded lines denoting
the institutions ultimately selected for the comparable group using the balance
sheet, performance and asset quality parameters established in this section.
40
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 37. The
balance sheet ratios consist of the following:
1. Cash and Investments/Assets
2. Mortgage-Backed Securities/Assets
3. One- to Four-Family Loans/Assets
4. Total Net Loans/Assets
5. Total Net Loans and Mortgage-Backed Securities/Assets
6. Borrowed Funds/Assets
7. Equity/Assets
The parameters enable the identification and elimination of thrift
institutions that are distinctly different from Market with regard to asset mix.
The balance sheet parameters also distinguish institutions with a significantly
different capital position from Market. 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.
EQUITY TO ASSETS
Market's equity to assets ratio as of June 30, 1996, was 16.28 percent.
The equity to assets ratio for Market after conversion, based on the midpoint
value of $10,100,000 and net proceeds to the Company of approximately $4.8
million, is projected to stabilize in the area of 24.0 percent to 25.0 percent.
Based on those equity ratios, we have defined the equity ratio parameter to be
8.0 percent to 25.0 percent with a midpoint ratio of 16.5 percent.
41
ONE- TO FOUR-FAMILY LOANS TO ASSETS
Market's lending activity is focused on the origination of residential
mortgage loans secured by one- to four-family dwellings. One- to four-family
loans, including construction loans, represented 44.8 percent of the Company's
assets at June 30, 1996, which is below to industry averages. The parameter for
this characteristic requires any comparable group institution to have from 35.0
percent to 70.0 percent of its assets in one- to four-family loans with a
midpoint of 52.5 percent.
CASH AND INVESTMENTS TO ASSETS
Market's level of cash and investments to assets was 45.5 percent at June
30, 1996, and reflects the Company's level of investments considerably higher
than national and regional averages. The Company's investments consist
primarily of FHLB deposits and government securities. It should be noted that
for the purposes of comparable group selection and comparison, Federal Home Loan
Bank stock is included in other assets rather than in investments. During the
past five fiscal years, Market's level of cash and investments to assets has
averaged 46.1 percent, from a high of 50.3 percent at September 30, 1993, to a
low of 40.7 percent in 1994.
The parameter range for cash and investments is broad due to the volatility
of this parameter and to prevent the elimination of otherwise good potential
comparable group candidates. The range has been defined as 10.0 percent of
assets to 50.0 of assets, with a midpoint of 30.0 percent.
MORTGAGE-BACKED SECURITIES TO ASSETS
At June 30, 1996, Market's ratio of mortgage-backed securities to assets
was 3.9 percent, well below the national average of 14.0 percent and the
regional average of 9.8 percent. Inasmuch as many institutions purchase
mortgage-backed securities as an alternative to lending relative to cyclical
loan demand and prevailing interest rates, this
42
MORTGAGE-BACKED SECURITIES TO ASSETS (CONT.)
parameter is moderately broad at 25.0 percent or less of assets and a midpoint
of 12.5 percent.
TOTAL NET LOANS TO ASSETS
At June 30, 1996, Market had a ratio of total net loans to assets of 48.4
percent and a five fiscal year average of 44.5 percent. The parameter for the
selection of the comparable group is from 40.0 percent to 85.0 percent with a
midpoint of 62.5 percent. The wider range is simply due to the fact, as stated
above, that many institutions purchase a greater or smaller volume of mortgage-
backed securities as an alternative to lending, but may otherwise be similar to
Market.
TOTAL NET LOANS AND MORTGAGE-BACKED SECURITIES TO ASSETS
As discussed previously, Market's shares of mortgage-backed securities to
assets and total net loans to assets were 3.9 percent and 48.4 percent,
respectively, for a combined share of 52.2 percent. Recognizing the industry
and regional ratios of 14.0 percent and 9.8 percent, respectively, of mortgage-
backed securities to assets, the parameter range for the comparable group in
this category is 45.0 percent to 90.0 percent, with a midpoint of 67.5 percent.
ADVANCES TO ASSETS
Market was absent FHLB advances at June 30, 1996, and likewise had no
advances at the end of its last five fiscal years. The use of borrowed funds by
some thrift institutions indicates an alternative to retail deposits and may
provide a source of term funds for lending. The federal insurance premium on
deposits has also increased the attractiveness of borrowed funds.
43
ADVANCES TO ASSETS (CONT.)
The public demand for longer term funds increased in 1994 and the first
half of 1995 due to the rise in interest rates. The result was competitive
rates on longer term Federal Home Loan Bank advances, and an increase in
borrowed funds by many institutions as an alternative to higher cost, long term
certificates. The ratio of borrowed funds to assets, therefore, does not
typically indicate higher risk or more aggressive lending, but primarily an
alternative to retail deposits.
The required range of borrowed funds to assets is 30.0 percent or less with
a midpoint of 15.0 percent, similar to the national average of 12.5 percent.
44
PERFORMANCE PARAMETERS
INTRODUCTION
Exhibit 38 presents five parameters identified as key indicators of
Market's earnings performance and the basis for such performance. The primary
performance indicator is the Company's return on average assets ("ROAA"). The
second performance indicator is the Company's return on average equity ("ROAE").
To measure the Company's ability to generate net interest income, we have used
net interest margin. The supplemental source of income for the Company is
noninterest income, and the parameter used to measure this factor is noninterest
income to assets. The final performance indicator that has been identified is
the Company's ratio of operating expenses to assets (noninterest expenses to
assets), a key factor in distinguishing different types of operations,
particularly institutions that are aggressive in secondary market activities
which results in much higher operating costs and overhead ratios.
RETURN ON AVERAGE ASSETS
The key performance parameter is the ROAA. Market's most recent ROAA was
0.85 percent for the twelve months ended June 30, 1996, based on identical net
and core earnings after taxes as detailed in Item I of this report and presented
in Exhibit 7. The Company's ROAA over the past five fiscal years, based on net
earnings, has ranged from a low of 0.45 percent in 1991 to a high of 1.02
percent in 1995 with an average ROAA of 0.81 percent, similar to the current
period. The Company's pro forma ROAA at the time of conversion is 1.02 percent,
and for the four quarters following conversion in the fourth quarter of 1996,
Market's ROAA is projected to be between 0.70 percent and 0.88 percent,
remaining within that range through the end of 1998.
45
RETURN ON AVERAGE ASSETS (CONT.)
Considering primarily the historical, current and projected earnings
performance of Market, the range for the ROAA parameter based on net income has
been defined as 0.55 percent to a high of 1.20 percent with a midpoint of 0.88
percent.
RETURN ON AVERAGE EQUITY
The ROAE has been used as a secondary parameter to eliminate any
institutions with an unusually high or low ROAE that is inconsistent with the
Company'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 newness 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 consolidated ROAE for the Company and the Corporation on a pro forma
basis at the time of conversion is 3.55 percent based on the midpoint valuation.
Prior to conversion, the Company's ROAE was 5.36 percent for the twelve months
ended June 30, 1996, based on net income, with a five fiscal year average ROAE
of 6.38 percent. The parameter range for the comparable group, based on net
income, is from 2.0 percent to 10.0 percent with a midpoint of 6.0 percent.
NET INTEREST MARGIN
Market had a net interest margin of 3.31 percent based on the twelve month
period ended June 30, 1996. The Company's range of net interest margin for the
past five fiscal years has been from a low of 2.14 percent in 1991 to a high of
3.55 percent in 1995 with an average of 2.92 percent.
46
NET INTEREST MARGIN (CONT.)
The parameter range for the selection of the comparable group is from a low
of 2.75 percent to a high of 4.00 percent with a midpoint of 3.38 percent.
OPERATING EXPENSES TO ASSETS
Market had a lower than average operating expense to average assets ratio
of 1.92 percent for the twelve months ended June 30, 1996. The Company's ratio
of operating expenses to average assets for the last five years has ranged from
a low of 1.46 percent in 1991 to a high of 1.89 percent in 1995 with an average
of 1.63 percent, considerably lower than the industry average of approximately
2.30 percent.
The operating expense to assets parameter for the selection of the
comparable group is from a low of 1.50 percent to a high of 2.75 percent with a
midpoint of 2.13 percent.
NONINTEREST INCOME TO ASSETS
Market experienced a much lower than average dependence on noninterest
income as a source of additional income for the twelve months ended June 30,
1996, and the fiscal year ended September 30, 1995, at 0.02 percent of average
assets for both annual periods. For the four fiscal years prior to 1995, the
Company also had ratios of noninterest income to average assets much lower than
average. The Company's noninterest income to average assets of 0.02 percent for
the twelve months ended June 30, 1996, was below the industry average of 0.44
percent for that period. Market's noninterest income for the past five fiscal
years, including net gains and losses, has remained generally constant, from a
high of 0.03 percent of assets in 1994 to a low of 0.02 percent in fiscal years
1995, 1993, 1992 and 1992, with an average ratio of 0.02 percent.
47
NONINTEREST INCOME TO ASSETS (CONT.)
The range for this parameter for the selection of the comparable group is
0.35 percent of assets or less, with a midpoint of 0.18 percent.
ASSET QUALITY PARAMETERS
INTRODUCTION
The final set of financial parameters used in the selection of the
comparable group are asset quality parameters, also shown in Exhibit 38. 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 Market. 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 ASSETS RATIO
Market's ratio of nonperforming assets to assets was 0.03 percent at June
30, 1996, which is considerably lower than both the national average of 1.34
percent and the Midwest regional average of 0.58 percent, compared to the
Company's absence of nonperforming assets at September 30, 1995. For the five
fiscal years ended September 30, 1995, the Company's ratio decreased
significantly from a high of 0.81 percent at September 30, 1991, to a low of
zero at September 30, 1994 and 1995, with a five year average of 0.39 percent.
The parameter range for nonperforming assets to assets has been defined as
0.75 percent of assets or less with a midpoint of 0.38 percent.
48
REPOSSESSED ASSETS TO ASSETS
Market was absent repossessed assets at June 30, 1996, and at the end of
its past five fiscal years. National and regional averages were 0.63 percent
and 0.47 percent, respectively.
The range for the repossessed assets to total assets parameter is 0.20
percent of assets or less with a midpoint of 0.10 percent, significantly below
the industry average.
LOANS LOSS RESERVES TO ASSETS
Market had a loan loss reserve or allowance for loan losses of $52,000,
representing a loan loss allowance to total assets ratio of 0.11 percent at June
30, 1996, which is higher than its ratio of 0.09 percent at both September 30,
1995 and 1994.
The loan loss allowance to assets parameter range used for the selection of
the comparable group focused on a minimum required ratio of 0.10 percent of
assets.
THE COMPARABLE GROUP
With the application of the parameters previously identified and applied,
the final comparable group represents ten institutions identified in Exhibits
39, 40 and 41. The comparable group institutions range in size from $73.0
million to $216.5 million with an average asset size of $151.9 million and have
an average of 3.6 offices per institution compared to Market with assets of
$46.3 million and 2 offices. One of the comparable group institutions was
converted in 1988, three in 1993, five in 1994 and one in 1995.
Exhibit 42 presents a comparison of Market's market area demographic data
with that of each of the institutions in the comparable group.
49
SUMMARY OF COMPARABLE GROUP INSTITUTIONS
ENTERPRISE FEDERAL BANCORP, Lockland, Ohio, is the holding company for
Enterprise Federal Savings Bank, which operates five offices in the Cincinnati,
Ohio, area. With assets of $203.4 million and equity of $31.5 million,
Enterprise reported an ROAA of 1.03 percent and an ROAE of 5.52 percent for its
most recent four quarters.
COMMUNITY INVESTORS BANCORP, INC., Bucyrus, Ohio, is the holding company
for First Federal Savings and Loan Association of Bucyrus. The Association
serves its Crawford County, Ohio, market with three offices, two in Bucyrus and
one in New Washington. As of its most recent quarter, the Association had
assets of $85.8 million and equity of $11.9 million, and reported an ROAA of
1.01 percent and an ROAE of 6.98 percent.
FEW CORPORATION, Wabash, Indiana, is the holding company of First Federal
Savings Bank of Wabash, and operates three offices, two of which are in Wabash
County, Indiana. The third office is located in nearby Kosciusko County, giving
the Bank a combined market area population of 102,500. The Company has an asset
size of $148.9 million with equity of $16.1 million and reported an ROAA of 0.90
percent for its most recent four quarters.
FIRST FRANKLIN CORPORATION, Cincinnati, Ohio, is the holding company of
Franklin Savings & Loan Company which operates seven branches in the Greater
Cincinnati Metropolitan Area. The Company has assets of $216.1 million and
equity of $20.5 million and reported an ROAA of 0.63 percent.
HARVEST HOME FINANCIAL CORPORATION, Cincinnati, Ohio, is the holding
company for Harvest Home Savings Bank, which operates three offices serving the
Greater Cincinnati area. The Bank had assets of 73.0 million and equity of 12.9
million at the end of its most recent quarter, and reported an ROAA of 0.80
percent for its trailing four quarters.
50
SUMMARY OF COMPARABLE GROUP INSTITUTIONS (CONT.)
MFB CORP., Mishawaka, Indiana, is the holding company for Mishawaka Federal
Savings. Mishawaka Federal operates four offices in Mishawaka and surrounding
St. Joseph County. As of the most recent quarter, Mishawaka Federal had total
assets of $200.9 million, and total equity of $38.8 million. For the most
recent four quarters, Mishawaka Federal reported an ROAA of 0.69 percent.
MILTON FEDERAL FINANCIAL CORPORATION, West Milton, Ohio, is the holding
company for Milton Federal Savings and Loan Association. The Association
operates two full service offices, one in West Milton, Ohio, in Miami County and
the other in Englewood, Ohio, in Montgomery County. Milton Federal has assets
of $171.7 million, equity of $34.3 million and an ROAA of 1.13 percent for its
most recent four quarters.
NORTH BANCSHARES, INC., Chicago, Illinois, is the holding company for North
Federal Savings Bank, a community oriented thrift operating 2 offices in the
Chicago area. As of the most recent quarter, the Bank had assets of $114.3
million and equity of $19.8 million, and reported an ROAA of 0.57 percent for
its most recent four quarters.
OHSL FINANCIAL CORP., Cincinnati, Ohio, is the holding company for Oak
Hills Savings and Loan Company, F.A. The Company's headquarters and three
offices are all in Hamilton County, and serve the Greater Cincinnati
Metropolitan Area. The Company has total assets of $205.5 million and equity of
$25.5 million, and had an ROAA of 0.95 percent for its most recent four
quarters.
STATEFED FINANCIAL CORP., Des Moines, Iowa, is the holding company for
State Federal Savings and Loan Association of Des Moines, operating two offices
in Polk County, Iowa. The Association has total assets of $74.2 million and
equity of $14.9 million and reported an ROAA of 1.18 percent for its most recent
four quarters.
51
IV. ANALYSIS OF FINANCIAL PERFORMANCE
This section reviews and compares the financial performance of Market to
all thrifts, regional thrifts, Ohio thrifts and the ten institutions
constituting Market'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 43 through 48.
As presented in Exhibits 43 and 44, at June 30, 1996, Market's total equity
of 16.28 percent of assets was higher than the 15.18 percent for the comparable
group, and also higher than the 12.84 percent ratio of all thrifts, the 14.16
percent ratio for Midwest thrifts, and the 13.45 percent ratio for Ohio thrifts.
The Company had a 48.38 percent share of net loans in its asset mix,
significantly lower than the comparable group at 66.55 percent, all thrifts at
66.59 percent, Midwest thrifts at 68.35 percent and Ohio thrifts at 72.04
percent. Market's share of net loans, lower than industry averages, is
reflected in its higher level of cash and investments of 45.54 percent,
notwithstanding its lower share of mortgage-backed securities of 3.86 percent.
The comparable group had a higher 8.58 percent share of mortgage-backed
securities, but a much lower 24.27 percent share of cash and investments. All
thrifts had 14.52 percent of assets in mortgage-backed securities and 13.95
percent in cash and investments. Market's share of deposits of 82.56 percent
was significantly higher than the comparable group and the three geographic
categories, reflecting the Company's absence of FHLB advances. The comparable
group had deposits of 73.10 percent and borrowings of 10.79 percent. All
thrifts averaged a 73.18 percent share of deposits and 12.52 percent of borrowed
funds, while Midwest thrifts had a 72.12 percent share of deposits and an 12.51
percent share of borrowed funds. Ohio thrifts averaged a 76.66 percent share of
deposits and a 8.77 percent share of borrowed funds. Market was absent goodwill
and other intangibles, while the comparable group averaged a nominal 0.01
percent. The ratio to assets of goodwill and other intangibles was 0.33 percent
for all thrifts, 0.15 percent for Midwest thrifts and 0.18 percent for Ohio
thrifts.
52
ANALYSIS OF FINANCIAL PERFORMANCES (CONT.)
Operating performance indicators are summarized in Exhibits 45 and 46 and
provide a synopsis of key sources of income and key expense items for Market in
comparison to the comparable group, all thrifts, and regional thrifts for the
trailing four quarters.
As shown in Exhibit 47, for the twelve months ended June 30, 1996, Market
had a yield on average interest-earning assets lower than the comparable group
and the three geographical categories. The Company's yield on interest-earning
assets was 7.30 percent compared to the comparable group at 7.60 percent, all
thrifts at 7.72 percent, Midwest thrifts at 7.70 percent and Ohio thrifts at
7.86 percent.
The Company's cost of funds for the twelve months ended June 30, 1996, was
also lower than the comparable group and all geographical categories for their
most recent four quarters. Market had an average cost of interest-bearing
liabilities of 4.70 percent compared to 5.15 percent for the comparable group,
4.91 percent for all thrifts, 5.00 percent for Midwest thrifts and 4.99 for Ohio
thrifts. The Company's interest income and interest expense ratios resulted in
an interest rate spread of 2.60 percent, which was higher than the comparable
group at 2.45 percent, but lower than all thrifts at 2.82 percent, Midwest
thrifts at 2.70 percent, and Ohio thrifts at 2.87 percent. Market demonstrated
a net interest margin of 3.31 percent for the twelve months ended June 30, 1996,
based on average interest-earning assets, which was similar to the comparable
group ratio of 3.25 percent. All thrifts also averaged a similar 3.34 percent
net interest margin for the trailing four quarters, as did Midwest thrifts at
3.32 percent, while Ohio thrifts averaged a modestly higher 3.45 percent.
Market's major source of income is interest earnings, as is evidenced by
the operations ratios presented in Exhibit 46. The Company made a $13,000
provision for loan losses during the twelve months ended June 30, 1996,
representing a 0.03 percent ratio to
53
ANALYSIS OF FINANCIAL PERFORMANCES (CONT.)
average assets, almost identical to the comparable group at 0.04 percent, but
lower than all thrifts at 0.12 percent, Midwest thrifts at 0.08 percent and Ohio
thrifts at 0.05 percent.
Reflecting the Company's absence of repossessed assets, and very low levels of
high risk real estate loans and nonperforming and classified assets, its loan
loss reserve remains lower than national, regional and state averages. The
Company's non-interest income was $8,000 or 0.02 percent of average assets for
the twelve months ended June 30, 1996, much lower than the comparable group at
0.15 percent, all thrifts at 0.44 percent, Midwest thrifts at 0.41 percent and
Ohio thrifts at 0.26 percent. For the twelve months ended June 30, 1996,
Market's operating expense ratio was 1.92 percent, similar to the comparable
group but considerably lower than the three geographical averages. The
comparable group's operating expense ratio was 2.00 percent, while all thrifts
averaged 2.29 percent, Midwest thrifts averaged 2.20 percent and Ohio thrifts
averaged 2.21 percent.
The overall impact of Market's income and expense ratios is reflected in
the Company's income and return on assets. The Company had an ROAA, based on
both net and core income, of 0.85 percent for the twelve months ended June 30,
1996. For its most recent four quarters, the comparable group had a higher ROAA
of 0.89 percent based on net income, but a lower ROAA of 0.84 percent based on
core income. All thrifts averaged a similar net ROAA of 0.86 percent, while
Midwest thrifts and Ohio thrifts averaged a higher 0.92 percent and 0.93
percent, respectively. Midwest thrifts indicated a core ROAA of 0.86 percent,
while all thrifts and Ohio thrifts averaged a core ROAA of 0.80 percent and 0.88
percent, respectively.
54
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 Market with the comparable group. These adjustments will take
into consideration such key items as earnings performance, market area,
financial condition, dividend payments, subscription interest, liquidity of the
stock to be issued, management, and market conditions or marketing of the issue.
It must be remembered that all of the institutions in the comparable group have
their differences, and as a result, such adjustments become necessary.
EARNINGS PERFORMANCE
In analyzing earnings performance, consideration was given to the level of
net interest income, the level and volatility of interest income and interest
expense relative to changes in market area conditions and overall interest
rates, the quality of assets as it relates to the presence of problem assets
which may result in adjustments to earnings, the level of current and historical
classified assets and real estate owned, the level of valuation allowances to
support any problem assets or nonperforming assets, the level and volatility of
non-interest income, and the level and trend of non-interest expenses.
As discussed earlier, the Company's historical business philosophy has
focused on strengthening its net interest income, maintaining its current low
level of nonperforming assets, improving its ratio of interest sensitive assets
relative to interest sensitive liabilities, maintaining stable net earnings,
maintaining an adequate level of general valuation allowances to reduce the
impact of any unforeseen losses, and closely scrutinizing and maintaining its
reasonable level of overhead expenses. The Company will continue to focus on
striving to increase its yield on interest-earning assets, its net interest
spread and its net interest margin, and to maintain its lower cost of savings,
through well designed and more active lending and the continued conservative
pricing of deposits, and to strive to improve its ratio of interest sensitive
assets relative to interest sensitive liabilities through the
55
EARNINGS PERFORMANCE (CONT.)
origination of adjustable-rate mortgage loans for the first time and to increase
its level of construction loans.
Earnings are often related to an institution's ability to generate loans.
The Company was a moderately active originator of mortgage loans in fiscal years
1993 and 1994, but loan origination activity declined significantly in fiscal
year 1995, although it rebounded modestly during the twelve months ended June
30, 1996. In fiscal years 1993 and 1994, total loan originations were $7.7
million and $10.6 million, respectively. In fiscal year 1995, originations
declined by 77.9 percent to $2.4 million and for the twelve months ended June
30, 1996, originations were a higher $3.6 million, with most the changes
occurring in the category of one- to four-family residential loans. Higher
levels of principal repayments during fiscal years 1993 and 1994 offset a
significant portion of the Company's originations, resulting in a very small
increase in net loans receivable in fiscal year 1993 and a moderate increase in
1994. In fiscal year 1995 and the twelve months ended June 30, 1996, much lower
originations resulted in net decreases in net loans receivable. Market's loans
receivable increased a significant $8.1 million or 56.9 percent from September
30, 1991, to June 30, 1996, an annualized average increase of 12.0 percent, with
totals remaining generally constant in fiscal years 1991 to 1993, increasing
62.6 percent in fiscal year 1994, reflecting Market's merger with Cleves-North
Bend Building and Loan Company, and then decreasing at both September 30, 1995,
and June 30, 1996. The Company's focus has consistently been on the origination
of fixed-rate one- to four-family residential mortgage loans, with that loan
category constituting a preponderant 95.9 percent, 95.8 percent and 89.7 percent
of total origination in fiscal years 1993, 1995 and 1995, respectively, and 93.8
percent for the twelve months ended June 30, 1996. Construction loans
represented the second largest loan origination category in fiscal year 1995 and
for the twelve months ended June 30, 1996, although no construction loans
remained outstanding at June 30, 1996. Non-residential loans was the second
largest loan origination category in fiscal years 1993 and 1994. The impact of
these primary lending efforts has been to generate a yield on
56
EARNINGS PERFORMANCE (CONT.)
average interest-earning assets of 7.30 percent for Market for the twelve months
ended June 30, 1996, compared to 7.60 percent for the comparable group, 7.72
percent for all thrifts and 7.70 for Midwest thrifts. The Company's level of
interest income to average assets was 7.09 percent for the twelve months ended
June 30, 1996, which was lower than the comparable group at 7.40 percent and
both Midwest thrifts and all thrifts at 7.41 percent for their most recent four
quarters.
The Company's net interest margin of 3.31 percent, based on average
interest-earning assets, for the twelve months ended June 30, 1996, was similar
to the comparable group at 3.24 percent, all thrifts at 3.32 percent and Midwest
thrifts at 3.25 percent. Market's cost of interest-bearing liabilities of 4.70
percent for the twelve months ended June 30, 1996, was lower than the comparable
group at 5.15 percent, and also lower than all thrifts at 4.91 percent and
Midwest thrifts at 5.00 percent. Market's net interest spread of 2.60 percent
for the twelve months ended June 30, 1996, was higher than the comparable group
at 2.45 percent, but lower than all thrifts at 2.80 percent and Midwest thrifts
at 2.70 percent.
The Company's ratio of noninterest income to assets was 0.02 percent for
the twelve months ended June 30, 1996, much lower than the comparable group at
0.15 percent, and considerably lower than all thrifts at 0.44 percent and
Midwest thrifts at 0.41 percent. The Company has indicated operating expenses
similar to the comparable group, but lower than all thrifts and Midwest thrifts.
For the twelve months ended June 30, 1996, Market had an operating expenses to
assets ratio of 1.92 percent, compared to a similar 2.00 percent for the
comparable group and higher ratios of 2.29 percent for all thrifts 2.20 percent
for Midwest thrifts. It should be noted, however, that although the Company's
operating expenses are below industry averages, those expenses have increased
steadily and noticeably since 1991, with that trend expected to continue as
staff is added to implement and administer its more active post-conversion
lending programs.
57
EARNINGS PERFORMANCE (CONT.)
Relative to its comparable group for the twelve months ended June 30, 1996,
Market generated a lower level of noninterest income and similar levels of
noninterest expenses and net interest margin. As a result, the Company's net
income level was slightly lower than its comparable group for the twelve months
ended June 30, 1996. Based on identical net and core earnings, the Company had
a return on average assets of 0.45 percent in fiscal year 1991, 0.70 percent in
fiscal year 1992, 0.99 percent in fiscal year 1993, 0.89 percent in fiscal year
1994, 1.03 percent in fiscal year 1995, and 0.85 percent for the twelve months
ended June 30, 1996. For its most recent four quarters, the comparable group
had a higher ROAA of 0.89 percent, as did Midwest thrifts at 0.91 percent. All
thrifts indicated a similar ROAA of 0.86 percent.
Market's earnings stream will continue to be dependent to a considerable
degree on the overall trends in interest rates. Based on current rate
projections, the Company's cost of newly issued or repriced interest-bearing
liabilities will continue to increase moderately during the next few years, as
will its overall liability cost, as deposits continue their gradual movement
toward longer term instruments. Such upward pressure on savings costs is likely
to continue based on current rates, although the rate of increase may subside
somewhat during the next few years. Additionally, as previously noted,
operating costs have indicated an upward trend in recent years and are expected
to show some additional increases in the future.
In recognition of the foregoing earnings related factors, as well as the
Company's recent downward trend in ROAA, net interest spread and net interest
margin, a minimum downward adjustment has been made to Market's pro forma market
value for earnings performance.
Market's primary market area is Hamilton County, Ohio, including the
Cincinnati community. The Company's home office is in Mt. Healthy, Ohio, and
its branch office is located in North Bend, Ohio, both in Hamilton County. The
market area is part of the
58
EARNINGS PERFORMANCE (CONT.)
Cincinnati MSA with Hamilton County having a population base of almost
900,000 residents in 1995. The county and the Company's market area communities
are characterized by higher housing values, higher income levels and lower
unemployment levels when compared to all of Ohio. As discussed in Section II, a
predominance of market area demographic factors are favorable for the Company's
market area compared to both all of Ohio and the United States (reference
Exhibit 41).
The major private sector employer in Hamilton County is Proctor & Gamble,
which contributes to the county's 30.3 percent share of workers in the
manufacturing industry. Other major private sector employers in Hamilton County
include The Kroger Company, a large supermarket chain, G.E. Aircraft Engines, AK
Steel, Cincinnati Gas & Electric and Cincinnati Milacron. The manufacturing
industry is the major employment category in Hamilton County, followed by the
retail/wholesale trade, with services a close third.
The level of financial competition is strong in the county, dominated by
the commercial banking industry, and results in more competitive pricing of
savings and loan products. Market has been only moderately aggressive in
competing for deposits during the past five years, with withdrawals exceeding
new deposits. The market area indicates growth potential, but at a high cost
considering the large deposit base and the competitiveness of the market. In
recognition of all these factors, we believe a minimum upward adjustment is
warranted.
FINANCIAL CONDITION
The financial condition of Market is discussed in Section I and shown in
Exhibits 1, 2, 5, 15, 16 and 17, and is compared to the comparable group in
Exhibits 40, 42 and 43. The Company's total equity ratio before conversion was
16.28 percent at June 30, 1996, which was higher than the comparable group at
15.18 percent, all thrifts at 12.84 percent and Midwest thrifts at 14.16
percent. With a conversion at the midpoint, the Corporation's
59
FINANCIAL CONDITION (CONT.)
pro forma equity to assets ratio will increase to approximately 28.60 percent,
and the Company's pro forma equity to assets ratio will increase to
approximately 25.00 percent.
The Company's mix of assets indicates a few differences from its comparable
group. Market had a 48.38 percent share of net loans at June 30, 1996, compared
to the comparable group at 66.55 percent and all thrifts at 66.59 percent. The
Company's share of cash and investments was a strong 45.54 percent of total
assets, compared to a lower 24.27 percent for the comparable group and 14.52
percent for all thrifts. Market's ratio of mortgage-backed securities to total
assets was 3.86 percent, also lower than the comparable group at 8.58 percent
and all thrifts at 13.95 percent. The Company had a higher share of deposits at
82.56 percent with no FHLB advances, compared to the comparable group's 73.10
percent in deposits and 10.79 percent in borrowed funds.
The Company was absent both goodwill and repossessed real estate compared
to 0.02 percent and 0.63 percent of repossessed real estate for the comparable
group and all thrifts, respectively. The financial condition of Market is
further affected by its level of nonperforming assets at 0.03 percent of assets
at June 30, 1996, compared to a higher 0.26 percent for the comparable group and
a much higher 1.34 percent for all thrifts. It should be recognized, however,
that while the Company's 0.03 percent ratio of nonperforming assets to total
assets has decreased from 0.81 percent in fiscal year 1991 and 0.58 percent in
fiscal year 1993, its current ratio has increased slightly from zero at the end
of its two most recent fiscal years of 1994 and 1995. The Company was absent
repossessed real estate in fiscal years 1991 through 1995 and at June 30, 1996.
The Company had a lower share of high risk real estate loans at 3.45
percent compared to 10.79 percent for the comparable group and 14.90 percent for
all thrifts. Market had $52,000 in allowance for loan losses or 346.67 percent
of nonperforming assets at June 30, 1996, compared to the comparable group's
much lower coverage of 185.29
60
FINANCIAL CONDITION (CONT.)
percent, with Midwest thrifts at 142.57 percent and all thrifts at a lower 83.73
percent. The Company's ratio is reflective of its current absence of real
estate owned and lower share of high risk real estate loans.
Overall, we believe that a minimum upward adjustment is warranted for
Market's current financial condition.
DIVIDEND PAYMENTS
Market has not indicated its intention to pay an initial cash dividend.
The future payment of cash dividends will be dependent upon such factors as
earnings performance, capital position, growth level, and regulatory
limitations. Nine of the ten institutions in the comparable group pay cash
dividends for an average dividend-yield of 2.92 percent for those eight
institutions, and an average dividend yield of 2.63 percent for all ten
institutions.
Currently, some thrifts are committing to initial cash dividends in 1996,
in comparison to absence of such dividend commitments in 1994 and 1995
conversions. As a result, we believe that a minimum downward adjustment to the
pro forma market value is warranted at this time related to dividend payments.
SUBSCRIPTION INTEREST
The general interest in thrift conversion offerings was often difficult to
gauge in 1995. Based upon recent offerings, subscription and community interest
weakened significantly in early 1995 but regained some strength in the second
half of the year. To date in 1996, nationwide subscription interest in thrift
conversion offerings is once again indicating measureable weakness. Such
interest has frequently been directly related to the financial performance and
condition of the thrift institution converting, the strength of the local
economy, general market conditions and aftermarket price trends.
61
SUBSCRIPTION INTEREST (CONT.)
Market will focus its offering to depositors and residents in the market
area, which has generally been an active and receptive market for new thrift
stocks. The board of directors and officers anticipate purchasing approximately
$1,568,000 or 15.5 percent of the conversion stock based on the appraised
midpoint valuation. Market will form an 8.0 percent ESOP, which plans to
purchase stock in the initial offering. Additionally, the Prospectus restricts
to 2.0 percent of the total number of shares to be issued in the conversion the
amount of conversion stock that may be purchased by a single account holder, or
by persons and associates acting in concert.
The Company has secured the services of Charles Webb & Company ("Webb") to
assist the Company in the marketing and sale of the conversion stock. Based on
the size of the offering, current market conditions, local market interest and
the terms of the offering, we believe that no adjustment is warranted for the
Company's anticipated subscription interest.
LIQUIDITY OF THE STOCK
Market will offer its shares through concurrent subscription and community
offerings with the assistance of Webb. If necessary, Webb will conduct a
syndicated community offering upon the completion of the subscription and
community offering. Market will pursue two market makers for the stock. The
Company's offering is much smaller in size than the comparable group, far below
the national average and, more significantly, approximately 90.0 percent below
the Ohio average. It is likely, therefore, that the stock of Market will be
much less liquid than thrift stocks nationally and in its Ohio market area.
Therefore, we believe that a moderate downward adjustment to the pro forma
market value is warranted at this time relative to the liquidity of the stock.
62
MANAGEMENT
The president, chief executive officer and designated managing officer of
Market is John T. Larimer, who also serves as a director of the Company. Mr.
Larimer, who has been president of Market since 1993 and managing officer since
1995, joined the Company in 1975 and has over 20 years of financial institution
experience. Previously, Mr. Larimer served the Company as legal counsel and was
in private legal practice. Mr. Larimer and the management of Market have made a
concerted and combined effort to increase and stabilize earnings, strengthen the
Company's financial condition, increase equity and maintain market share.
Market has been able to strengthen its equity position and maintain a
reasonable level 9f operating expenses over the past few years. The Company's
current asset quality, including nonperforming assets, is generally superior to
industry averages. Earnings and net interest margin, historically above
industry averages, have declined since the end of Market's most recent fiscal
year and are currently similar to or slightly below those averages. It is our
opinion that no adjustment to the pro forma market value is warranted for
management.
MARKETING OF THE ISSUE
The response to a newly issued thrift institution stock is more difficult
to predict, due to the volatility of new thrift stocks. Further, with each
conversion, there is a high level of uncertainty with regard to the stock
market, related particularly thrift institution stocks and interest rate trends.
The impact of recent increases in interest rates has made it more difficult for
more thrift institutions to strengthen their earnings and resulted in soft
market prices. Recently disseminated projections of rising interest rate trends
have also resulted in some significant stock volatility. Further, the impact of
the difference in a thrift's premium level on deposits compared to BIF-insured
institutions is another key concern, along with
63
MARKETING OF THE ISSUE (CONT.)
the imminent one time assessment of SAIF-insured thrifts to increase the
capitalization of the SAIF insurance fund.
The necessity to build a new issue discount into the stock price of a
converting thrift has prevailed in the thrift industry in recognition of higher
uncertainty among investors as a result of the thrift industry's dependence on
interest rate trends. We believe that a new issue discount applied to the price
to book valuation approach continues and is considered to be reasonable and
necessary in the pricing of the Corporation, and we have made a maximum downward
adjustment to the Corporation's pro forma market value in recognition of the new
issue discount.
64
VI. VALUATION METHODS
Under normal stock market conditions, the most frequently used method for
determining the pro forma market value of common stock for thrift institutions
by this firm is the price to book value ratio method. The focus on the price to
book value method is primarily due to the volatility of earnings in the thrift
industry. As earnings in the thrift industry stabilized in 1993, 1994 and 1995,
there has been more emphasis placed on the price to earnings method, but the
price to book value method continues to be the primary valuation method. These
two pricing methods, as well as the price to net assets method, have both been
used in determining the pro forma market value of the Corporation.
In recognition of the volatility and variance in earnings due to fluctuations in
interest rates, 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, the price to net assets method is used as a third
valuation approach. The price to net assets method is used less often for
valuing ongoing institutions; however, this method 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 a 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".
PRICE TO BOOK VALUE METHOD
The price to book value method focuses on a thrift institution's financial
condition, and does not give as much consideration to the institution's
performance as measured by net earnings. Therefore, this method is sometimes
considered less meaningful for institutions that do provide a consistent
earnings trend. Due to the earnings volatility of many thrift
65
PRICE TO BOOK VALUE METHOD (CONT.)
stocks, the price to book value method is frequently used by investors who rely
on an institution's financial condition rather than earnings performance.
Consideration was given to the adjustments to the Company's pro forma
market value discussed in Section V. Minimum upward adjustments were made for
market area financial condition. Minimum downward adjustments were made for
earnings performance and dividend payments. A moderate downward adjustment was
made for the liquidity of the stock and a maximum downward adjustment was made
for the marketing of the issue. No adjustments were made for subscription
interest or for the Company's management.
Exhibit 48 shows the average and median price to book value ratios for the
comparable group which were 86.75 percent and 86.38 percent, respectively. The
total comparable group indicated a moderately wide range, from a low of 77.13
percent (Milton Federal Financial Corporation) to a high of 97.77 percent (North
Bancshares, Inc.). This variance cannot be attributed to any one factor such as
the institution's equity ratio or earnings performance. Excluding the low and
the high in this group, the price to book value range narrowed slightly from a
low of 77.27 percent to a high of 93.12 percent.
Taking into consideration all of the previously mentioned items in
conjunction with the adjustments made in Section V, we have determined a pro
forma price to book value ratio of 63.18 percent at the midpoint and ranging
from a low of 58.52 percent at the minimum to a high of 70.99 percent at the
super maximum for the Corporation, which is strongly influenced by the Company's
earnings performance, local market and subscription interest in thrift stocks.
Further, the Company's pro forma equity to assets after conversion will be 28.58
percent compared to 15.18 percent for the comparable group. Based on this price
to book value ratio and the Company's equity of $7,533,000 at June 30, 1996, the
indicated pro forma market value for the Company using this approach is
$11,101,137 (reference Exhibit 49).
66
PRICE TO EARNINGS METHOD
The focal point of this method is the determination of the earnings base to
be used and secondly, the determination of an appropriate price to earnings
multiple. The recent earnings position of Market is displayed in Exhibit 3,
indicating after tax net earnings for the twelve months ended June 30, 1996, of
$392,000. Exhibit 7 indicates that the Company's core or normalized earnings
were also $392,000 for the twelve months ended June 30, 1996. To arrive at the
pro forma market value of the Company by means of the price to earnings method,
we used the net and core earnings base of $392,000.
In determining the price to earnings multiple, we reviewed the range of
price to core earnings multiples for the comparable group and all publicly-
traded thrifts. The average price to net earnings multiple for the comparable
group was 16.33, while the median was 14.21. The average price to core earnings
multiple was a higher 17.54 and the median multiple was 15.91. The comparable
group's price to net earnings multiple was similar to the average for all
publicly-traded thrifts of 16.42 and higher than their median of 13.34. The
price to core earnings multiple for all publicly-traded thrifts was slightly
higher than the comparable group with an average of 17.61 times core earnings
and a median of 14.66 times core earnings. The range in the price to net
earnings multiple for the comparable group was from a low of 11.76 (FFW Corp.)
to a high of 29.55 (North Bancshares, Inc.). The primary range in the price to
earnings multiple for the comparable group excluding the high and low ranges was
from a low price to earnings multiple of 11.90 to a high of 20.77 times earnings
for eight of the ten institutions in the group.
Consideration was given to the adjustments to the Corporation's pro forma
market value discussed in Section V. In recognition of these adjustments, we
have determined a price to earnings multiple of 17.78 based on Market's net and
core earnings of $392,000 for twelve months ended June 30, 1996. Based on such
an earnings base of $392,000 and a price to earnings multiple of 17.78
(reference Exhibits 48 and 49), the pro forma market value of the Corporation
using the price to earnings ratio method is $10,098,278 at the
67
PRICE TO EARNINGS METHOD (CONT.)
midpoint. The range in the price to earnings multiple is from a low of 15.90 at
the minimum of the range to a high of 21.24 at the super maximum of the range.
PRICE TO NET ASSETS METHOD
The final valuation method is the price to net assets method. This method
is not as frequently used due to the fact that it does not focus as much on an
institution's equity position or earnings performance. Exhibit 48 indicates
that the average price to net assets ratio for the comparable group was 13.07
percent and the median was 13.96 percent. The range in the price to net assets
ratios for the comparable group varied from a low of 7.80 percent (First
Franklin Corporation) to a high of 16.93 percent (StateFed Financial
Corporation). It narrows very modestly with the elimination of the two extremes
in the group to a low of 9.93 percent and a high of 15.15 percent.
Based on the adjustments made previously for Market, it is our opinion that
an appropriate price to net assets ratio for the Corporation is 18.06 percent
which is higher than file comparable group at 13.07 and ranges from a low of
15.77 percent at the minimum to 22.58 percent at the super maximum. Based on
the Company's June 30, 1996, asset base of $46,260,000, the indicated pro forma
market value of the Corporation using the price to net assets method is
$10,099,364 (reference Exhibit 49).
VALUATION CONCLUSION
Exhibit 54 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 valuation approaches. At the midpoint value, the price to book value ratio
of 63.18 percent for the Corporation represents a discount of 27.16 percent
relative to the comparable group and decreases to 18.16 percent at the super
maximum. The price to earnings multiple of 17.78
68
VALUATION CONCLUSION (CONT.)
for the Corporation at the midpoint value indicates a premium of 8.88 percent,
increasing to a premium of 30.08 percent at the super maximum. The price to
assets ratio of 18.06 percent at the midpoint represents a premium of 38.21
percent, increasing to a premium of 72.85 percent at the super maximum.
It is our opinion that as of August 2, 1996, the pro forma market value of
the common stock to be issued by the Corporation is $11,100,000, representing
1,010,000 shares at $10.00 per share. The valuation range for this stock is
from a minimum of $8,585,000 or 858,500 shares at $10.00 per share to a maximum
of $11,615,000 or 1,161,500 shares at $10.00 per share, with such range being
defined as 15 percent below the appraised value to 15 percent above the
appraised value. The super maximum is $13,357,250 or 1,335,725 shares at $10.00
per share (reference Exhibits 49 to 53). The appraised value of Market
Financial Corporation as of August 2, 1996, is $10,100,000.
69
NUMERICAL
EXHIBITS
70
EXHIBIT 1
THE MARKET BUILDING AND SAVING COMPANY
MT. HEALTHY, OHIO
STATEMENT OF FINANCIAL CONDITION
AT JUNE 30, 1995
(In thousands)
June 30, September 30,
ASSETS 1996 1995
- ------ -------- -------------
(Unaudited)
Cash and due from banks $ 1,120 $ 669
Federal funds sold 3,207 2,727
Interest-bearing deposits in other financial institutions 424 617
-------- --------
Cash and cash equivalents 4,751 4,013
Certificates of deposit in other financial institutions 7,140 7,139
Investment securities - at amortized cost. Approximate market
value of $8,559 and $8,023 at June 30,1996,
and September 30,1995 8,554 7,984
Investment securities designated as available for sale - at market 622 504
Mortgage-backed securities - at cost. Approximate market value
of $1,856 and $2,313 at June 30,1996, and September
30,1995 1,785 2,211
Loans receivable, net 22,384 23,018
Office premises and equipment, at depreciated cost 125 121
Federal Home Loan Bank stock - at cost 357 339
Accrued interest receivable 343 341
Prepaid expenses and other assets 147 64
Prepaid federal income taxes 52 -
-------- --------
TOTAL ASSETS $ 46,260 $ 45,734
-------- --------
-------- --------
LIABILITIES AND RETAINED EARNINGS
- ---------------------------------
Deposits $ 38,190 $ 38,056
Advances by borrowers for taxes and insurance 10 57
Accrued interest payable 137 134
Other liabilities 6 13
Accrued federal income taxes - 14
Deferred federal income taxes 384 307
-------- --------
38,727 38,581
Retained earnings - substantially restricted 7,141 6,839
Unrealized gains on securities designated as available for sale,
net of related tax effects 392 314
-------- --------
Total retained earnings 7,533 7,153
TOTAL LIABILITIES AND RETAINED EARNINGS $ 46,260 $ 45,734
-------- --------
Source: The Market Building and Saving Company's audited and unaudited financial
statements
71
EXHIBIT 2
THE MARKET BUILDING AND SAVING COMPANY
MT. HEALTHY, OHIO
STATEMENTS OF FINANCIAL CONDITION
AT SEPTEMBER 30, 1991 THROUGH 1994
ASSETS 1994 1993 1992 1991
- ------ ---- ---- ---- ----
(In thousands)
Cash and due from banks $ 676 $ 558 $ 362 $ 487
Federal funds sold 4,510 7,500 8,100 8,100
Interest-bearing deposits in other financial institutions 1,194 8,129 4,744 1,816
------- ------- ------- -------
Cash and cash equivalents 6,380 16,186 13,207 10,403
Certificates of deposit in other financial institutions 6,139 1,340 3,715 5,447
Investment securities - at cost, approximate market value
of $6,113, $3,806, $3,523 and $5,139 at September 30,
1994,1993,1992 and 1991, respectively 5,919 3,517 3,235 4,910
Mortgage-backed securities, at cost (approximate market
value of $2,220, $3,407, $5,430 and $3,727 at
September 1994, 1993,1992 and 1991, respectively 2,441 3,220 5,056 3,632
Loans receivable - net 23,658 14,557 14,345 14,264
Real estate acquired through foreclosure - net - 79 - -
Office premises and equipment - at depreciated cost 112 103 110 112
Federal Home Loan Bank stock - at cost 318 246 235 225
Accrued interest receivable 235 129 133 223
Prepaid expenses and other assets 100 70 47 47
Prepaid Federal income taxes 38 - - 33
------- ------- ------- -------
TOTAL ASSETS $45,340 $39,448 $40,084 $39,296
------- ------- ------- -------
------- ------- ------- -------
LIABILITIES AND RETAINED EARNINGS
- ---------------------------------
Deposits $38,674 $34,414 $35,361 $34,857
Advances by borrowers for taxes and insurance 63 52 41 43
Accrued interest payable 103 74 109 148
Accrued Federal income taxes - 21 31 -
Deferred Federal income taxes 114 89 22 13
Other liabilities 14 14 44 3
------- ------- ------- -------
Total liabilities $38,968 $34,664 $35,609 $35,064
Retained earnings - substantially restricted 6,372 4,784 4,475 4,232
------- ------- ------- -------
$45,340 $39,448 $40,084 $39,296
------- ------- ------- -------
------- ------- ------- -------
Note: Balance sheet information subsequent to fiscal year 1993 reflects the
merger of Market Building and Saving Company and Cleves-North Bend
Building and Loan Company.
Source: The Market Building and Saving Company's audited financial statements
72
EXHIBIT 3
THE MARKET BUILDING AND SAVING COMPANY
MT. HEALTHY, OHIO
STATEMENT OF EARNINGS
FOR THE NINE MONTHS ENDED JUNE 30, 1996, AND
THE FISCAL YEAR ENDED SEPTEMBER 30,1995
(In thousands)
Nine months ended Year ended
June 30, 1996 September 30, 1995
----------------- ------------------
(Unaudited)
Interest income:
Loans $1,414 $1,960
Mortgage-backed securities 133 196
Investment securities 436 309
Interest-bearing deposits and other 486 717
------ ------
Total interest income 2,469 3,182
Interest expense:
Deposits 1,336 1,622
------ ------
Net interest income before provision for losses on
loans 1,133 1,560
Provision for losses on loans 13 -
------ ------
Net interest income after provision for losses on loans 1,120 1,560
Other operating income 6 8
General, administrative and other expense:
Employee compensation and benefits 328 376
Occupancy and equipment 85 122
Federal deposit insurance premiums 60 92
Franchise taxes 70 101
Loss on sale of real estate acquired through
foreclosure - -
Other operating 121 170
------ ------
Total general, administrative and other expense 664 861
------ ------
Earnings before income taxes 462 707
Federal Income tax expense:
Current 123 210
Deferred 37 30
------ ------
160 240
------ ------
NET EARNINGS $ 302 $ 467
------ ------
------ ------
Source: The Market Building and Saving Company's audited financial statements
73
EXHIBIT 4
THE MARKET BUILDING AND SAVING COMPANY
MT. HEALTHY, OHIO
STATEMENTS OF EARNINGS
FISCAL YEARS ENDED SEPTEMBER 30, 1991 THROUGH 1994
1994 1993 1992 1991
---- ---- ---- ----
(In thousands)
Interest income:
Loans $1,398 $1,443 $1,402 $1,455
Mortgage-backed securities 230 348 485 109
Interest-bearing deposits and
investment securities 749 758 1,013 1,600
----- ----- ----- -----
Total interest income 2,378 2,549 2,900 3,163
Interest expense:
Deposits 1,236 1,444 1,972 2,413
----- ----- ----- -----
Net Interest Income 1,142 1,105 928 750
Provision for loan losses - 10 11 5
----- ----- ----- -----
Net interest income after provision
for loan losses 1,142 1,095 917 745
Other operating income 9 6 5 5
General, administrative and other
expense
Employee compensation and benefits 273 253 258 224
Occupancy and equipment 65 68 72 66
Federal deposit insurance premiums 79 36 61 60
Franchise taxes 72 62 69 60
Loss on sale of real estate acquired
through foreclosure 24 - 0 -
Other operating 140 121 108 104
----- ----- ----- -----
Total noninterest expense 652 540 570 513
----- ----- ----- -----
Earnings before income taxes 499 561 352 237
Federal income tax expense:
Current 148 185 100 93
Deferred 22 7 10 (20)
----- ----- ----- -----
170 192 109 73
NET EARNINGS $ 329 $ 368 $ 243 $ 164
------ ------ ------ ------
------ ------ ------ ------
Source: The Market Building and Saving Company's audited financial statements
74
EXHIBIT 5
SELECTED FINANCIAL INFORMATION AND OTHER DATA
AT JUNE 30, 1996, AND AT SEPTEMBER 30, 1991 THROUGH 1995
At September 30,
At June 30, ------------------------------------------------------
1996 1995 1994 1993 1992 1991
------ ------ ------ ------ ------ ------
(Unaudited) (In thousands)
Selected financial condition (1):
Total amount of:
Assets $45,260 $45,734 $45,340 $46,942 $47,556 $46,374
Cash and cash equivalents 4,751 4,013 6,380 18,289 15,126 12,174
Certificates of deposit in other
financial institutions 7,140 7,139 6,139 1,789 4,164 5,647
Investment security - at cost 8,554 7,984 5,919 3,525 3,243 4,917
Investment securities designated as
available for sale - at market 622 504 - - - -
Mortgage-backed securities - at cost 1,785 2,211 2,441 3,661 5,793 4,081
Loans receivable - net 22,384 23,018 23,658 18,945 18,616 18,882
Real estate acquired through
foreclosure - - - 79 - -
Deposits 38,190 38,056 38,674 40,703 41,719 40,925
Unrealized gains on securities
designated as available for sale (2) 392 314 - - - -
Retained earnings, net, substantially
restricted 7,533 7,153 6,372 5,960 5,550 5,218
- ----------------------------
(1) The consolidated financial statements as of June 30,1996, and for the nine
months ended June 30,1996 and 1995, are unaudited. However, in the opinion
of management all adjustments (consisting only of normal recurring
accruals) which are necessary for a fair presentation of financial
condition and results of operation have been included. The results of
operations for the nine months ended June 30,1996, are not necessarily
indicative of the results that may be obtained for the fiscal year.
(2) The Association adopted Statement of Financial Accounting Standards
("SFAS") No. 115, "Accounting for Certain Investment in Debt and Equity
Securities," on October 1,1994. As of and subsequent to that date, the
Association carries at market value securities designated as available for
sale.
Source: Market Financial Corporation's Prospectus
75
EXHIBIT 6
INCOME AND EXPENSE TRENDS
FOR THE NINE MONTHS ENDED JUNE 30, 1995 AND 1996, AND
FOR THE YEARS ENDED SEPTEMBER 30, 1991 THROUGH 1995
Nine months ended
June 30, For the years ended September 30,
------------------ -----------------------------------------------
1996 1995 1995 1994 1993 1992 1991
------ ------ ------ ------ ------ ------ ------
(In thousands)
Selected operating data (1):
Interest income $2,469 $2,376 $3,182 $2,908 $3,095 $3,500 $3,776
Interest expense 1,336 1,170 1,622 1,478 1,706 2,318 2,826
------ ------ ------ ------ ------ ------ ------
Net interest income 1,133 1,206 1,560 1,430 1,389 1,182 450
Provision for losses on loans 13 - - - 10 11 -
------ ------ ------ ------ ------ ------ ------
Net interest income after
provision for loan losses 1,120 1,206 1,560 1,430 1,379 1,171 941
Other income 6 6 8 12 10 8 9
General, administrative and
other expenses 664 643 861 836 697 710 659
------ ------ ------ ------ ------ ------ ------
Earnings before income taxes 462 569 707 606 692 459 291
Federal income taxes 160 192 240 194 223 138 86
------ ------ ------ ------ ------ ------ ------
Net earnings $ 302 $ 377 $ 467 $ 412 $ 469 $ 331 $ 205
------ ------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------ ------
(1) The consolidated financial statements as of June 30,1996, and for the nine
months ended June 30,1996 and 1995, are unaudited. However, in the opinion
of management all adjustments (consisting only of normal recurring
accruals) which are necessary for a fair presentation of financial
condition and results of operation have been included. The results of
operations for the nine months ended June 30,1996, are not necessarily
indicative of the results that may be obtained for the fiscal year.
Source: Market Financial Corporation's Prospectus
76
EXHIBIT 7
NORMALIZED EARNINGS TREND
FOR THE TWELVE MONTHS ENDED JUNE 30,1996, AND
FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1993 THROUGH 1995
Twelve Fiscal years ended September 30,
months ended --------------------------------
June 30,1996 1995 1994 1993
------------ ------ ------ ------
(Dollars in thousands)
Net income after taxes $392 $467 $412 $469
Net income before taxes and effect
of accounting adjustments 600 707 606 692
Income adjustments 0 0 0 0
Expense adjustments 0 0 0 0
Normalized earnings before taxes 600 707 606 692
Taxes 208 240 194 223
---- ---- ---- ----
Normalized earnings after taxes $392 $467 $412 $469
---- ---- ---- ----
---- ---- ---- ----
Source: Market Financial Corporation's Prospectus
77
EXHIBIT 8
PERFORMANCE INDICATORS
FOR THE NINE MONTHS ENDED JUNE 30,1995 AND 1996, AND
FOR THE YEARS ENDED SEPTEMBER 30, 1991 THROUGH 1995
At or for the
nine months
ended June 30,(1) For the years ended September 30,
----------------- ----------------------------------------------
Selected Financial Ratios: 1996 1995 1995 1994 1993 1992 1991
------ ------ ------ ------ ------ ------ ------
(unaudited)
Performance ratios:
Return on average asset (2)(3) 0.88% 1.11% 1.03% 0.89% 0.99% 0.70% 0.45%
Return on average equity (3)(4) 5.49 7.49 6.91 6.68 8.15 6.15 4.01
Interest rate spread(5) 2.66 3.23 2.93 2.98 2.58 1.98 1.44
Net interest margin(6) 3.37 3.75 3.55 3.29 3.03 2.57 2.14
Operating expenses to average assets 1.92 1.89 1.89 1.81 1.48 1.51 1.46
Equity to average assets (7) 16.28 15.55 15.64 14.05 12.70 11.67 11.25
Asset quality ratios:
Nonperforming assets to total assets - - - - 0.58 0.57 0.81
Nonperforming loans to total
loans(8) - - - - 1.02 1.46 2.00
Allowance for losses on loans to total
loans 0.23 0.17 0.17 0.16 0.21 0.18 0.16
Allowance for losses on loans to non-
performing loans 346.67 N/M(7) N/M(7) N/M(7) 20.21 12.18 7.96
Net (charge-offs) recoveries to
average loans - - - - (0.02) (0.05) -
Average interest-earning assets to
average interest-bearing liabilities 117.74% 114.26% 116.62% 109.04% 112.38% 111.54% 111.04%
- ---------------------------
(1) Annualized, where appropriate.
(2) Return on average assets equals net earnings divided by average assets.
(3) Based on the arithmetic average of beginning and ending balances.
(4) Return on average equity is calculated by dividing net earnings by average
equity capital.
(5) Average yield on interest-earning assets less average cost of interest-
bearing liabilities.
(6) Net interest income as a percentage of average interest-earning assets.
(7) At present period.
(8) Not meaningful, as the Company had no non performing loans at September
30,1995 or 1994.
Source: Market Financial Corporation's Prospectus
78
EXHIBIT 9
VOLUME RATE ANALYSIS
FOR THE NINE MONTHS ENDED JUNE 30, 1996, AND
FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1994 AND 1995
Nine months ended
June 30, For the fiscal years ended September 30,
--------------------------- ----------------------------------------------------------
1996 vs. 1995 1995 vs. 1994 1994 vs. 1993
--------------------------- ---------------------------- ----------------------------
Increase (Decrease) Increase (Decrease) Increase (Decrease)
Due to Due to Due to
------------------ ------------------- -------------------
Volume Rate Total Volume Rate Total Volume Rate Total
-------- ------ ------- -------- ------ ------- -------- ------ -------
(In thousands)
INTEREST INCOME ATTRIBUTABLE TO:
Loans receivable $(30) $(39) $(69) $241 $(80) $161 $193 $(247) $ (54)
Mortgage-backed securities (23) (4) (27) (50) (4) (54) (181) 28 (153)
Investment securities 76 150 226 118 (10) 108 52 (32) 20
Interest-bearing deposits 34 (71) (37) (228) 287 59 (127) 127 0
--- ----- ----- ----- ---- ---- ------ ----- -----
Total interest income $57 $ 36 $ 93 $ 81 $193 $274 $ (63) $(124) $(187)
--- ----- ----- ----- ---- ---- ------ ----- -----
--- ----- ----- ----- ---- ---- ------ ----- -----
INTEREST EXPENSE ATTRIBUTABLE TO:
Deposits 18 148 166 (86) 230 144 (36) (192) (228)
--- ----- ----- ----- ---- ---- ------ ----- -----
Total interest expense 18 148 166 (86) 230 144 (36) (192) (228)
--- ----- ----- ----- ---- ---- ------ ----- -----
Increase (decrease) in net
interest income $39 $(112) $(73) $167 $ (37) $130 $ (27) $ 68 $ 41
--- ----- ----- ----- ---- ---- ------ ----- -----
--- ----- ----- ----- ---- ---- ------ ----- -----
Source: Market Financial Corporations Prospectus
79
EXHIBIT 10
YIELD AND COST TRENDS
FOR THE NINE MONTHS ENDED JUNE 30, 1995 AND 1996, AND
FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1993 THROUGH 1995
Nine months ended
June 30, Years ended September 30,
---------------- ---------------------------------
1996 1995 1995 1994 1993
------ ------ ------ ------ ------
Average Average Average Average Average
yield/rate yield/rate yield/rate yield/rate yield/rate
---------- ---------- ---------- ---------- ----------
Interest-earning assets:
Loans receivable 8.26% 8.48% 8.44% 8.81% 10.09%
Mortgage-backed secures 9.06% 9.36% 8.65% 8.77% 8.16%
Investment securities 6.47% 9.10% 4.24% 4.47% 5.31%
Other interest earning assets 5.83% 6.69% 6.43% 4.18% 3.44%
------ ------ ------ ------ ------
Total interest-earning assets 7.33% 7.38% 7.24% 6.69% 6.76%
Interest-bearing liabilities:
Deposits 4.67% 4.15% 4.31% 3.71% 4.18%
Total interest-bearing liabilities 4.67% 4.15% 4.31% 3.71% 4.18%
------ ------ ------ ------ ------
Net interest spread 2.66% 3.23% 2.93% 2.98% 2.58%
------ ------ ------ ------ ------
Net interest margin (net interest income as
a percent of average interest-earning assets) 3.37% 3.75% 3.55% 3.29% 3.03%
------ ------ ------ ------ ------
Average interest-earning assets
to interest-bearing liabilities 117.74% 114.26% 116.62% 109.04% 112.38%
------ ------ ------ ------ ------
------ ------ ------ ------ ------
Source: Market Financial Corporation's Prospectus
80
EXHIBIT 11
NET PORTFOLIO VALUE
AT MARCH 31,1996
At March 31, 1996
------------------
Change in Board Limit
Interest Rate % change $ change % change
(basis points) in MVP in MVP in MVP
-------------- ----------- ------ ---------
(Dollars in thousands)
+400 (70.0)% $(1,901) (26.48)%
+300 (50.0)% (1,492) (20.78)%
+200 (35.0)% (987) (13.75)%
+100 (20.0)% (487) (6.79)%
0 0 0 0
-100 (20.0)% 279 3.89 %
-200 (35.0)% 269 3.75 %
-300 (50.0)% (233) (3.24)%
-400 (70.0)% (477) (6.64)%
Source: Market Financial Corporation's Prospectus
81
EXHIBIT 12
LOAN PORTFOLIO COMPOSITION
AT JUNE 30, 1996, AND AT SEPTEMBER 30,1993 THROUGH 1995
At September 30,
At June 30, ------------------------------------------------------------------
1996 1995 1994 1993
------------------ ------------------ ------------------ ------------------
Percent of Percent of Percent of Percent of
Amount total loans Amount total loans Amount total loans Amount total loans
------ ----------- ------ ----------- ------ ----------- ------ -----------
(In thousands)
Real estate loans
One-to-four family $20,763 92.8% $21,093 91.6% $21,299 90.0% $16,482 87.0 %
Multifamily 410 1.8 465 2.0 500 2.1 508 2.7
Nonresidential 1,186 5.3 1,431 6.3 1,627 6.9 1,917 10.1
Construction - - 146 0.6 260 1.1 - -
------- ----- ------- ------ ------- ------ ------- ------
Total real estate loans 22,359 99.9 23,135 100.5 23,686 100.1 18,907 99.8 %
Consumer loans:
Loans on deposits 107 0.5 118 0.5 117 0.5 154 0.8
------- ----- ------- ------ ------- ------ ------- ------
Total loans 22,466 100.4 23,253 101.0% 23,803 100.6% 19,061 100.6%
Less:
Undisbursed portions of loans in
process - - 146 0.6 41 0.1 - -
Unearned and deferred income 30 0.2 50 0.2 65 0.3 77 0.4
Allowance for loan losses 52 0.2 39 0.2 39 0.2 39 0.2
------- ----- ------- ------ ------- ------ ------- ------
Net loans $22,384 100.0% $ 23,018 100.0% $ 23,658 100.0% $ 18,945 100.0%
------- ----- ------- ------ ------- ------ ------- ------
------- ----- ------- ------ ------- ------ ------- ------
Source: Market Financial Corporation's Prospectus
82
EXHIBIT 13
LOAN MATURITY SCHEDULE
AT JUNE 30,1996
Due during the year
ending Due Due Due Due 20 or
June 30, 4-5 years 6-10 years 11-20 years more years
------------------------------ after after after after
1997 1998 1999 6/30196 6/30/96 6/30196 6/30/96 Total
---- ---- ---- ------- ------- ------- ------- -----
(In thousands)
Real estate loans:
One-to-four family $620 50 $65 $424 $1,509 $10,051 $8,044 $20,763
Multifamily - 1 1 - 68 340 - 410
Nonresidential 1 2 3 - 197 983 - 1,186
Consumer loans 68 16 15 8 - - - 107
---- --- --- ---- ------ ------- ------ -------
Total $689 $69 $84 $432 $1,774 $11,374 $8,044 $22,466
---- --- --- ---- ------ ------- ------ -------
---- --- --- ---- ------ ------- ------ -------
Source: Market Financial Corporation's Prospectus
83
EXHIBIT 14
LOAN ORIGINATIONS
FOR THE NINE MONTHS ENDED JUNE 30,1995 AND 1996, AND
YEARS ENDED SEPTEMBER 30,1993 THROUGH 1995
Nine months ended
June 30, Year ended September 30,
--------------------- ------------------------------------
1996 1995 1995 1994 1993
------ ------ ------ ------ ------
Loans originated:
One- to-four-family residential $1,991 $ 684 $2,115 $10,216 $7,425
Nonresidential 38 - - 368 184
Construction - - 146 41
Consumer 20 75 97 37 135
------ ------ ------ ------- ------
Total loans originated 2,049 759 2,358 10,662 7,744
Principal loan repayments (2,695) (1,733) (3,018) (6,008) (7,479)
Increase (decrease) in other items, net(1) 12 14 20 59 64
------ ------ ------ ------- ------
Net increase (decrease) $ (634) $(960) $ (640) $ 4,713 $ 329
(1) Other items consist of loans in process, deferred loan origination fees and
allowance for loan losses.
Source: Market Financial Corporation's Prospectus
84
EXHIBIT 15
DELINQUENT LOANS AT JUNE 30, 1996, AND AT SEPTEMBER 30, 1993 THROUGH 1995
At June 30, At September 30,
------------------------ ------------------------ ------------------------ ------------------------
1996 1995 1994 1993
------------------------ ------------------------ ------------------------ ------------------------
Percent Percent Percent Percent
of Total of Total of Total of Total
Number Amount Loans Number Amount Loans Number Amount Loans Number Amount Loans
------ ------ ----- ------ ------ ----- ------ ------ ----- ------ ------ -----
(Dollars in thousands)
Loans delinquent for:
30-59 days 19 $357 1.6% 17 $902 3.9% 23 $424 2.3% 23 $505 2.7%
60-89 days 6 148 0.6% 2 20 0.1% 2 45 0.2% 5 89 0.5%
90 days and over 1 15 0.1% - - - - - 6 183 1.0%
-- ---- ---- -- ---- ---- -- ---- ----
Total delinquent loans 26 $520 2.3% 19 $922 4.0% 25 $469 2.5% 34 $777 4.2%
-- ---- ---- -- ---- ---- -- ---- ----
-- ---- ---- -- ---- ---- -- ---- ----
Source: Market Financial Corporations Prospectus
85
EXHIBIT 16
NONPERFORMING ASSETS
AT JUNE 30, 1995 AND 1996, AND AT SEPTEMBER 30, 1993 THROUGH 1995
At June 30, At September 30,
-------------- ------------------------
1996 1995 1995 1994 1993
---- ---- ---- ---- ----
(Dollars in thousands)
Accruing loans delinquent more than 90 days(1) $ 15 $ - $ - $ - $ 89
Loans accounted for on a nonaccrual basis:
Real estate:
One- to four family - - - - 32
Multifamily - - - - 72
Nonresidential - - - - -
Consumer - - - - -
---- ---- ---- ---- ----
Total nonaccrual loans - - - - 104
---- ---- ---- ---- ----
Total nonperforming loans 15 - - - 193
Real estate owned - - - - 79
---- ---- ---- ---- ----
Total nonperforming assets $ 15 $ - $ - $ $272
---- ---- ---- ---- ----
---- ---- ---- ---- ----
Allowance for loans losses $ 52 $ 39 $ 39 $ 39 $ 39
---- ---- ---- ---- ----
---- ---- ---- ---- ----
Nonperforming assets as a percent of total assets - N/A N/A N/A 0.6%
Nonperforming loans as a percent of total loans 0.1% N/A N/A N/A 1.0%
Allowance for loans losses as a percent of 346.7% N/A N/A N/A 20.2%
nonperforming loans
(1) Consists entirely of one- to four-family residential loans for all dates
presented.
Source: Market Financial Corporation's Prospectus
86
EXHIBIT 17
CLASSIFIED ASSETS
AT JUNE 30, 1996, AND AT SEPTEMBER 30, 1993 THROUGH 1995
At September 30,
At June 30, --------------------------
1996 1995 1994 1993
------ ------ ------ ------
(In thousands)
Classified Assets:
Substandard $ 51 $ 15 $ 52 $ 167
Doubtful - - - -
Loss 2 2 3 3
------ ------ ------ ------
Total classified assets $ 53 $ 17 $ 55 $ 170
------ ------ ------ ------
------ ------ ------ ------
Source: Market Financial Corporation's Prospectus
87
EXHIBIT 18
ALLOWANCE FOR LOAN LOSSES
NINE MONTHS ENDED JUNE 30, 1995 AND 1996, AND
FISCAL YEARS ENDED SEPTEMBER 30, 1993 THROUGH 1995
Nine months ended
June 30, Years ended September 30,
--------------- ------------------------
1996 1995 1995 1994 1993
------ ------ ------ ------ ------
(Dollars in thousands)
Balance at beginning of period $39 $39 $39 $39 $33
Loans charged off: - - - - -
Residential real estate loans - - - - (4)
Nonresidential real estate loans - - - - -
Consumer loans - - - - -
--- --- --- --- ---
Total charge offs - - - - (4)
Recoveries - - - - -
Provision for possible loan losses 13 - - - 10
--- --- --- --- ---
Balance at end of period $52 $39 $39 $39 $39
Ratio of net charge-offs to average
loans - - - - 0.02%
--- --- --- --- ----
Ratio of allowance for loan losses
to total loans 0.23% 0.17% 0.17% 0.16% 0.21%
---- ---- ---- ---- ----
Source: Market Financial Corporation's Prospectus
88
EXHIBIT 19
INVESTMENT PORTFOLIO COMPOSITION
AT JUNE 30, 1996, AND
AT SEPTEMBER 30, 1993 THROUGH 1995
At September 30,
--------------------------------------------------------------
At June 30,1996 1995 1994 1993
------------------ ------------------ ----------------- ------------------
Book Percent Book Percent Book Percent Book Percent
Value of Total Value of Total Value of Total Value of Total
----- -------- ----- -------- ----- -------- ------------------
(Dollars in thousands)
Interest-bearing deposits
in other financial institutions $10,771 53.0% $10,483 54.3% $11,843 65.5% $19,444 83.6%
U.S. government agency obligations(2) 8,554 42.1% 7,984 41.3% 5,890 32.6% 3,496 15.0%
FHLMC stock(3) 622 3.1% 504 2.6% 29 0.2% 29 0.1%
FHLB stock 357 1.8% 339 1.8% 318 1.7% 302 1.3%
------- ---- ------- ---- ------- ---- ------- ----
Total interest-bearing deposits,
investment securities and FHLB stock $20,304 100.0% $19,310 100.0% $18,080 100.0% $23,271 100.0%
(1) Includes interest-bearing deposits, Federal Funds sold and certificates of
deposit.
(2) Consists primarily of investments in U.S. Treasury Notes and Bills, which
are classified as held to maturity at March 31,1996.
(3) Classified as available for sale at June 30,1996.
At June 30,1996 At September 30,1995
----------------------------------------------- -----------------------------------------------
Gross Gross Gross Gross
Amortized Unrealized Unrealized Estimated Amortized Unrealized Unrealized Estimated
Cost Gains Loss Fair Value Cost Gains Loss Fair Value
--------- ---------- ---------- ---------- --------- ---------- ---------- ----------
(In thousands)
GNMA participation certificates $1,785 $71 $ - $1,856 $2,211 $102 $ - $2,313
At September 30,1994
-----------------------------------------------
Gross Gross
Amortized Unrealized Unrealized Estimated
Cost Gains Loss Fair Value
-----------------------------------------------
GNMA participation certificates $2,441 $32 $54 $2,409
Source: Market Financial Corporation's Prospectus
89
EXHIBIT 20
MIX OF DEPOSITS
AT JUNE 30, 1996, AND AT SEPTEMBER 30, 1993 THROUGH 1995
At September 30,
At June 30, ---------------------------------------------------------------
1996 1995 1994 1993
-------------------- ------------------- ------------------- -------------------
Percent Percent Percent Percent
of total of total of total of total
Amount deposits Amount deposits Amount deposits Amount deposits
------ -------- ------ -------- ------ -------- ------ --------
(In thousands)
TRANSACTION ACCOUNTS:
Passbook accounts(1) $11,424 29.9% $11,008 28.9% $12,058 31.2% $12,109 29.8%
Club accounts(2) 37 0.1% 54 0.1% 54 0.1% 55 0.1%
Money market accounts(3) 3,574 9.4% 3,857 10.2% 5,988 15.5% 6,676 16.4%
------- ---- ------- ---- ------- ---- ------- ----
Total transaction accounts 15,035 39.4% 14,919 39.2% 18,100 46.80% 18,840 46.30%
------- ---- ------- ---- ------- ---- ------- ----
CERTIFICATES OF DEPOSIT:
3.00 - 3.99% 2 - 22 0.1% 2,927 7.6% 4,980 12.2%
4.00 - 4.99% - - 12,545 33.0% 12,252 31.7% 9,891 24.3%
5.00-5.99% 17,882 46.8% 8,304 21.8% 5,337 13.8% 6,874 16.9%
6.00-6.99% 5,271 13.8% 2,266 5.9% - - 48 0.1%
7.00-7.99% - - - - - - - -
8.00 - 9.99% - - - - 58 0.1% 70 0.2%
------- ---- ------- ---- ------- ---- ------- ----
Total certificates of Deposit (4) 23,155 60.6% 23,137 60.8% 20,574 53.2% 21,863 53.7%
------- ---- ------- ---- ------- ---- ------- ----
Total deposits $38,190 100.0% $38,056 100.0% $38,674 100.0% $40,703 100.0%
------- ---- ------- ---- ------- ---- ------- ----
------- ---- ------- ---- ------- ---- ------- ----
(1) The weighted average interest rates on passbook accounts were 2.83% at June
30, 1996, and September 30, 1995 and 1994, and 3.22% at September 30, 1993.
(2) The weighted average interest rate on club accounts was 5.08% at June 30,
1996, and 5.07%, 5.00% and 5.00% at September 30, 1995, 1994 and 1993,
respectively.
(3) The weighted average interest rate on money market accounts were 2.83%,
3.09%, 3.11% and 3.26%, respectively, at June 30, 1996, and September 30,
1995, 1994 and 1993.
(4) The weighted average rates on all certificates of deposit were 5.74%,
5.04%, 4.38% and 4.43% at June 30, 1996, and September 30, 1995, 1994 and
1993, respectively.
Source: Market Financial Corporation's Prospectus
90
EXHIBIT 21
DEPOSIT ACTIVITY
FOR THE NINE MONTHS ENDED JUNE 30, 1995 AND 1996, AND
FOR THE YEARS ENDED SEPTEMBER 30, 1993 THROUGH 1995
Nine months ended
June 30, Year ended September 30,
------------------- ---------------------------
1996 1995 1995 1994 1993
------ ------ ------ ------ ------
(In thousands)
Beginning balance $38,056 $38,674 $38,674 $40,703 $41,719
Deposits 10,015 14,999 19,344 16,866 21,265
Withdrawals (10,875) (16,566) (21,039) (19,905) (23,390)
Interest credited 994 766 1,077 1,010 1,109
------- ------- ------- ------- -------
Ending balance $38,190 $37,873 $38,056 $38,674 $40,703
------- ------- ------- ------- -------
Net increase (decrease) $ 134 $ (801) $ (618) $(2,029) $(1,016)
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Percent increase (decrease) 0.4% (2.0)% (1.6)% (5.0)% (2.4)%
--- --- --- --- ---
--- --- --- --- ---
Source: Market Financial Corporation's Prospectus
91
EXHIBIT 22
OFFICES OF THE MARKET BUILDING AND SAVING COMPANY
AS OF JUNE 30,1996
Owned or Date Square Net book
Location leased acquired footage value Deposits
- ------------------ -------- -------- ------- -------- -----------
7522 Hamilton Avenue Owned 1964 2,325 $74,000 $32,902,000
Mt. Healthy, Ohio 45231
125-127 Miami Avenue Owned 1994 1,753 $5,000 $ 5,288,000
North Bend, Ohio 45052
Source: Market Financial Corporation's Prospectus
92
EXHIBIT 23
LIST OF KEY OFFICERS AND DIRECTORS
Year of
Position with commencement Term
Name the Association or directorship expires
- ---------------- ----------------- --------------- -------
John T. Larimer Director, President and
Managing Officer 1975 1997
David H. Korn Director 1961 1997
R.C. Meyerenke Director and Treasurer 1974 1999
Edgar H. May Director 1992 1998
Una Schaeperklaus Director and Secretary 1992 1998
Julie M. Bertsch Chief Financial Officer - -
Charles D. Dell Vice President/Lending - -
Source: Market Financial Corporation's Prospectus
93
EXHIBIT 24
KEY DEMOGRAPHIC DATA AND TRENDS
MT. HEALTHY, HAMILTON COUNTY, OHIO AND THE UNITED STATES
1990, 1995, 2000
Population 1990 1995 % Chg. 2000 % Chg.
- ---------- ---- ---- ------ ---- ------
Mt. Healthy 44,648 43,967 (1.5%) 43,639 (0.7%)
Hamilton County 866,288 866,222 0.0% 866,216 0.0%
Ohio 10,847,115 11,151,720 2.8% 11,457,175 2.7%
United States 248,709,873 263,006,245 5.70% 277,083,635 5.4%
Households
- ----------
Mt. Healthy 15,970 15,785 (1.2%) 15,692 (0.6%)
Hamilton County 338,881 338,749 0.0% 338,595 0.0%
Ohio 4,087,546 4,198,418 2.7% 4,311,607 2.7%
United States 91,947,410 97,069,804 5.6% 102,201,641 5.3%
Per Capita Income ($)
- --------------------
Mt. Healthy $14,460 $16,805 16.2%
Hamilton County 15,354 18,004 7.3% - -
Ohio 12,788 15,708 22.8% - -
United States 12,313 16,405 33.2% - -
Median Household Income ($)
- --------------------------
Mt. Healthy $34,088 $39,043 14.5% $37,300 (4.5%)
Hamilton County 29,498 34,401 16.6% 32,443 (5.7%)
Ohio 29,276 33,038 12.9% 32,477 (1.7%)
United States 28,255 33,610 19.0% 32,972 (1.9%)
Source: Data Users Center and CACI.
94
EXHIBIT 25
MAJOR SOURCES OF PERSONAL INCOME BY INDUSTRY GROUP
HAMILTON COUNTY, OHIO AND THE UNITED STATES
1993
Hamilton
Industry Group County Ohio United States
- -------------- ------ ---- -------------
Agriculture/Mining 0.4% 1.0% 1.6%
Construction 4.4% 5.1% 5.4%
Manufacturing 30.3% 34.8% 24.8%
Transportation/Utilities 6.6% 6.3% 7.7%
Wholesale/Retail 22.2% 19.3% 19.8%
Finance, Insurance,
Real Estate 7.6% 7.0% 9.7%
Services 28.5% 26.5% 31.0%
Source: Bureau of the Census County Business Patterns
95
EXHIBIT 26
KEY HOUSING DATA
MT. HEALTHY, HAMILTON COUNTY, OHIO AND THE UNITED STATES
1990
Occupied Housing Units 1990
- ---------------------- ----
Mt. Healthy 15,785
Hamilton County 338,881
Ohio 4,087,546
United States 91,947,410
Occupancy
- ---------
Mt. Healthy
Owner-Occupied 74.9%
Renter-Occupied 25.1%
Hamilton County
Owner-Occupied 58.3%
Renter-Occupied 41.7%
Ohio
Owner-Occupied 67.5%
Renter-Occupied 32.5%
United States
Owner-Occupied 64.2%
Renter-Occupied 35.8%
Median Housing Values
- ---------------------
Mt. Healthy $64,696
Hamilton County 72,243
Ohio 63,457
United States 79,098
Median Rent
- -----------
Mt. Healthy $373
Hamilton County 304
Ohio 296
United States 374
Source: U.S. Department of Commerce and CACI Sourcebook.
96
EXHIBIT 27
NEW HOUSING PERMITS AND GROWTH RATES
UNITED STATES, OHIO AND HAMILTON COUNTY
1991-1994
New Housing Permits
1-4 Family Dwellings
% Chg. % Chg. % Chg.
1991 1992 `91 -`92 1993 `92-'93 1994 `93-'94
------ ------ --------- ------ ------- ------ -------
United States 796,647 956,494 20.1% 1,038,907 8.6% 1,130,657 8.8%
Ohio 29,542 34,361 16.3% 37,477 9.1% 39,443 5.2%
Hamilton County 1,713 2,096 22.4% 1,924 (8.2%) 1,676 (12.9%)
Source: Bureau of the Census
97
EXHIBIT 28
UNEMPLOYMENT RATES
HAMILTON COUNTY, OHIO AND THE UNITED STATES
1990,1994 AND 1996
Location 1990 1994 1996*
- -------- ---- ---- ----
Hamilton County 4.2% 4.8% 3.6%
Ohio 5.7% 5.5% 4.4%
United States 5.5% 6.1% 5.4%
*April, 1996
Source: Ohio Bureau of Employment Services
98
EXHIBIT 29
MARKET SHARE OF DEPOSITS
HAMILTON COUNTY
Market Market
Hamilton County Building & Saving's Building & Saving's
Deposits Share Share
(000) (000) %
--------------- ------------------- -------------------
Banks $12,423,808 -
Thrifts $ 2,970,477 $31,937 1.1%
Credit Unions $ 865,203 - -
----------- ------ ---
Total $16,259,488 $31,937 0.2%
Source: Sheshunoff
99
EXHIBIT 30
NATIONAL INTEREST RATES BY QUARTER
1992-1996
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1992 1992 1992 1992
---- ---- ---- ----
Prime Rate 6.50% 6.50% 6.00% 6.00%
90-Day Treasury Bills 4.14% 3.63% 2.73% 3.13%
1-Year Treasury Bills 4.49% 4.03% 3.04% 3.57%
30-Year Treasury Bills 7.98% 7.78% 7.67% 7.39%
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1993 1993 1993 1993
---- ---- ---- ----
Prime Rate 6.00% 6.00% 6.00% 6.00%
90-Day Treasury Bills 2.93% 3.07% 2.96% 3.05%
1-Year Treasury Bills 3.27% 3.43% 3.35% 3.58%
30-Year Treasury Bills 6.92% 6.67% 6.03% 6.35%
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1994 1994 1994 1994
---- ---- ---- ----
Prime Rate 6.25% 7.25% 7.75% 8.50%
90-Day Treasury Bills 3.54% 4.23% 5.14% 5.66%
1-Year Treasury Bills 4.40% 5.49% 6.13% 7.15%
30-Year Treasury Bills 7.11% 7.43% 7.82% 7.88%
1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr.
1995 1995 1995 1995
---- ---- ---- ----
Prime Rate 9.00% 9.00% 8.75% 8.50%
90-Day Treasury Bills 5.66% 5.58% 5.40% 5.06%
1-Year Treasury Bills 6.51% 5.62% 5.45% 5.14%
30-Year Treasury Bills 7.43% 6.71% 5.69% 5.97%
1st Qtr. 2nd Qtr.
1996 1996
---- ----
Prime Rate 8.25% 8.25%
90-Day Treasury Bills 5.18% 5.25%
1-Year Treasury Bills 5.43% 5.91%
30-Year Treasury Bills 6.73% 7.14%
Source: THE WALL STREET JOURNAL
100
KELLER & COMPANY Page 2
Columbus, Ohio
614-766-1426
EXHIBIT 31
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2, 1996
PER SHARE
------------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------- -------- -------- ------- --------- ----- -------- --------
MORG Morgan Financial Corp. CO NASDAQ 12.250 12.500 6.750 0.00 11.36 12.61 86.05 0.77
EGFC Eagle Financial Corp. CT NASDAQ 24.500 27.750 6.198 (2.97) 6.52 22.69 318.06 0.88
FFES First Federal of East Hartford CT NASDAQ 17.500 21.500 4.000 (1.41) 1.45 21.95 364.96 0.58
NTMG Nutmeg Federal S&LA CT NASDAQ 7.250 7.750 4.645 0.00 0.00 7.84 120.36 0.00
WBST Webster Financial Corporation CT NASDAQ 29.250 30.500 3.864 2.63 7.10 24.42 473.65 0.64
IFSB Independence Federal Savings DC NASDAQ 7.250 10.250 0.250 (7.94) (1.69) 13.21 206.21 0.22
BANC BankAtlantic Bancorp, Inc. FL NASDAQ 11.375 12.800 0.223 4.36 (9.72) 9.32 111.92 0.14
BKUNA BankUnited Financial Corp. FL NASDAQ 7.250 12.750 2.320 (1.69) (5.35) 7.93 129.72 0.00
FFFG F.F.O. Financial Group, Inc. FL NASDAQ 2.625 10.000 0.563 5.00 0.00 2.18 36.26 0.00
FFLC FFLC Bancorp, Inc. FL NASDAQ 18.500 20.250 12.750 (2.63) 4.23 21.54 126.81 0.34
FFML First Family Financial Corp. FL NASDAQ 21.500 23.000 5.000 2.38 2.38 16.38 291.83 0.16
FFPB First Palm Beach Bancorp, Inc. FL NASDAQ 20.375 24.875 14.000 (4.68) (4.12) 21.93 277.55 0.35
FFPC Florida First Bancorp, Inc. FL NASDAQ 11.000 11.250 0.750 (1.12) 27.54 6.31 89.43 0.24
HOFL Home Financial Corp. FL NASDAQ 14.250 16.250 5.803 6.54 3.64 12.86 49.19 0.75
SCSL Suncoast Savings and Loan FL NASDAQ 6.500 10.682 1.250 6.12 3.01 6.59 234.43 0.00
CCFH CCF Holding Company GA NASDAQ 11.750 12.750 10.750 (6.00) (3.09) 14.79 69.66 NA
EBSI Eagle Bancshares GA NASDAQ 15.000 19.000 1.875 (3.23) 0.00 12.56 134.33 0.51
FGHC First Georgia Holding, Inc. GA NASDAQ 6.000 7.833 1.222 (11.11) (14.29) 5.86 70.23 0.07
FLFC First Liberty Financial Corp. GA NASDAQ 20.500 25.000 4.000 (4.65) (4.65) 16.84 246.56 0.49
FLAG FLAG Financial Corp. GA NASDAQ 12.000 15.000 3.200 (2.04) (11.11) 10.75 112.50 0.30
NFSL Newnan Savings Bank, FSB GA NASDAQ 20.000 20.500 2.955 1.27 14.29 12.86 111.04 0.31
CASH First Midwest Financial, Inc. IA NASDAQ 21.750 24.250 13.250 (1.41) (9.84) 21.94 192.34 0.41
GFSB GFS Bancorp, Inc. IA NASDAQ 20.250 20.750 11.000 0.00 (1.22) 19.52 163.47 0.33
HZFS Horizon Financial Svcs Corp. IA NASDAQ 14.000 16.375 10.375 (6.67) (13.18) 18.66 161.24 0.32
MFCX Marshalltown Financial Corp. IA NASDAQ 15.750 16.750 8.500 1.61 (4.55) 13.86 88.78 0.00
MIFC Mid-Iowa Financial Corp. IA NASDAQ 6.375 7.875 2.474 6.25 (5.56) 6.42 68.49 0.08
MWBI Midwest Bancshares, Inc. IA NASDAQ 24.500 27.125 11.750 (4.85) (7.55) 26.46 396.78 0.52
FFFD North Central Bancshares, Inc. IA NASDAQ 11.000 12.683 8.071 (2.22) 4.17 13.90 48.44 NA
PMFI Perpetual Midwest Financial IA NASDAQ 17.500 17.750 10.000 0.00 (1.41) 17.86 185.44 0.15
SFFC StateFed Financial Corporation IA NASDAQ 15.250 19.750 10.500 (4.69) (10.29) 18.12 90.08 0.40
AVND Avondale Financial Corp. IL NASDAQ 14.000 15.250 11.500 7.69 2.75 16.33 164.65 0.00
CBCI Calumet Bancorp, Inc. IL NASDAQ 28.375 28.500 10.333 1.34 (0.44) 33.23 206.72 0.00
CBSB Charter Financial, Inc. IL NASDAQ 11.000 12.250 6.361 (4.35) (4.35) 12.95 60.48 NA
CBK Citizens First Financial Corp. IL AMSE 10.250 10.500 9.500 1.23 (2.38) NA NA NA
PRICING RATIOS
-----------------------------------------
Price/ Price/Bk Price/ Price/Core
Earnings Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- ----------
MORG Morgan Financial Corp. 15.31 97.15 14.24 15.91
EGFC Eagle Financial Corp. 6.98 107.98 7.70 14.00
FFES First Federal of East Hartford 9.21 79.73 4.80 9.31
NTMG Nutmeg Federal S&LA 12.29 92.47 6.02 20.71
WBST Webster Financial Corporation 11.99 119.78 6.18 11.38
IFSB Independence Federal Savings 7.25 54.88 3.52 15.10
BANC BankAtlantic Bancorp, Inc. 9.32 122.05 10.16 12.10
BKUNA BankUnited Financial Corp. 5.99 91.42 5.59 NM
FFFG F.F.O. Financial Group, Inc. 17.50 120.41 7.24 16.41
FFLC FFLC Bancorp, Inc. 15.81 85.89 14.59 15.81
FFML First Family Financial Corp. 8.37 131.26 7.37 15.58
FFPB First Palm Beach Bancorp, Inc. 10.67 92.91 7.34 11.32
FFPC Florida First Bancorp, Inc. 13.58 174.33 12.30 14.67
HOFL Home Financial Corp. 21.92 110.81 28.97 17.59
SCSL Suncoast Savings and Loan 13.27 98.63 2.77 NM
CCFH CCF Holding Company NA 79.45 16.87 NA
EBSI Eagle Bancshares 9.80 119.43 11.17 9.93
FGHC First Georgia Holding, Inc. 10.71 102.39 8.54 11.54
FLFC First Liberty Financial Corp. 9.67 121.73 8.31 12.20
FLAG FLAG Financial Corp. 12.24 111.63 10.67 13.79
NFSL Newnan Savings Bank, FSB 9.52 155.52 18.01 10.87
CASH First Midwest Financial, Inc. 12.43 99.13 11.31 12.57
GFSB GFS Bancorp, Inc. 11.77 103.74 12.39 12.13
HZFS Horizon Financial Svcs Corp. 20.00 75.03 8.68 23.33
MFCX Marshalltown Financial Corp. 49.22 113.64 17.74 52.50
MIFC Mid-Iowa Financial Corp. 10.63 99.30 9.31 10.81
MWBI Midwest Bancshares, Inc. 6.84 92.59 6.17 9.84
FFFD North Central Bancshares, Inc. NA 79.14 22.71 NA
PMFI Perpetual Midwest Financial 23.65 97.98 9.44 23.65
SFFC StateFed Financial Corporation 14.66 84.16 16.93 14.66
AVND Avondale Financial Corp. 15.05 85.73 8.50 20.90
CBCI Calumet Bancorp, Inc. 12.13 85.39 13.73 12.13
CBSB Charter Financial, Inc. NA 84.94 18.19 NA
CBK Citizens First Financial Corp. NA NA NA NA
101
KELLER & COMPANY Page 3
Columbus, Ohio
614-766-1426
EXHIBIT 31
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
PER SHARE
------------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------- -------- -------- ------- --------- ----- -------- --------
CSBF CSB Financial Group, Inc. IL NASDAQ 9.000 9.625 8.810 (2.70) (1.37) 12.30 39.82 NA
DFIN Damen Financial Corp. IL NASDAQ 11.440 11.940 11.000 (0.52) (0.52) 14.34 59.31 NA
EGLB Eagle BancGroup, Inc. IL NASDAQ 11.500 11.750 10.500 2.22 NA NA NA NA
FBCI Fidelity Bancorp, Inc. IL NASDAQ 15.690 17.000 9.500 (3.45) (0.38) 16.99 155.90 0.22
FNSC Financial Security Corp. IL NASDAQ 26.000 26.500 11.875 1.46 (0.95) 25.85 179.85 0.00
FFBI First Financial Bancorp, Inc. IL NASDAQ 15.500 16.250 9.000 0.00 0.00 16.67 187.79 0.00
FMBD First Mutual Bancorp, Inc. IL NASDAQ 12.625 14.750 11.125 5.21 3.06 16.83 73.11 NA
FFDP FirstFed Bancshares IL NASDAQ 16.875 17.625 8.000 (2.88) 11.88 16.12 186.84 0.30
GTPS Great American Bancorp IL NASDAQ 13.500 15.125 11.875 (5.26) (2.70) 17.96 65.17 NA
HNFC Hinsdale Financial Corp. IL NASDAQ 23.500 26.750 9.000 (8.74) 11.90 20.62 246.26 0.00
HMCI HomeCorp, Inc. IL NASDAQ 18.500 18.750 5.000 0.00 1.37 18.72 300.36 0.00
KNK Kankakee Bancorp, Inc. IL AMSE 19.250 21.000 13.625 1.32 (1.28) 24.72 252.33 0.40
LBCI Liberty Bancorp, Inc. IL NASDAQ 25.000 30.625 12.750 0.24 9.89 25.84 262.90 0.60
MAFB MAF Bancorp, Inc. IL NASDAQ 25.250 26.810 2.727 4.66 (3.81) 23.42 301.45 0.32
NBSI North Bancshares, Inc. IL NASDAQ 16.250 16.250 11.000 6.56 0.00 16.62 107.25 0.20
SWBI Southwest Bancshares IL NASDAQ 26.750 28.250 11.750 (1.38) 0.00 22.30 198.77 1.06
SPBC St. Paul Bancorp, Inc. IL NASDAQ 24.310 26.625 3.833 5.12 1.82 20.88 241.13 0.35
STND Standard Financial, Inc. IL NASDAQ 16.125 16.500 9.125 (0.77) 7.50 16.29 139.15 0.16
SFSB SuburbFed Financial Corp. IL NASDAQ 17.250 18.167 6.667 0.00 4.55 20.72 301.02 0.32
WCBI Westco Bancorp IL NASDAQ 21.250 22.000 7.667 1.19 10.39 18.40 119.07 0.45
FBCV 1ST Bancorp IN NASDAQ 29.000 34.286 4.190 7.41 1.75 32.33 410.07 0.34
AMFC AMB Financial Corp. IN NASDAQ 10.250 11.000 9.750 (2.38) 0.00 NA NA NA
ASBI Ameriana Bancorp IN NASDAQ 13.750 14.438 2.750 1.85 5.77 13.51 121.72 0.54
ATSB AmTrust Capital Corp. IN NASDAQ 8.625 11.250 7.750 0.00 (19.77) 13.32 128.88 0.00
CBCO CB Bancorp, Inc. IN NASDAQ 17.625 19.250 7.125 (0.70) 5.22 16.44 166.49 0.00
CBIN Community Bank Shares IN NASDAQ 13.125 14.750 12.000 3.96 (11.02) 12.85 113.08 NA
FFWC FFW Corp. IN NASDAQ 20.000 20.000 12.500 3.90 1.27 21.76 201.43 0.48
FFED Fidelity Federal Bancorp IN NASDAQ 10.750 14.773 1.534 (10.42) (10.75) 5.70 112.36 0.70
FISB First Indiana Corporation IN NASDAQ 23.125 25.190 1.797 (3.65) (5.61) 16.40 177.60 0.51
HFGI Harrington Financial Group IN NASDAQ 10.250 11.000 10.250 (2.38) NA 5.92 164.03 0.00
HBFW Home Bancorp IN NASDAQ 15.500 16.000 12.500 3.33 5.08 16.60 101.07 0.00
HBBI Home Building Bancorp IN NASDAQ 17.750 21.250 10.000 (16.47) 5.97 20.04 131.70 0.23
HOMF Home Federal Bancorp IN NASDAQ 27.250 27.750 3.222 0.00 5.83 23.14 282.99 0.45
HWEN Home Financial Bancorp IN NASDAQ 10.500 10.875 9.875 2.44 NA NA NA NA
PRICING RATIOS
-----------------------------------------
Price/ Price/Bk Price/ Price/Core
Earnings Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- ----------
CSBF CSB Financial Group, Inc. NA 73.17 22.60 NA
DFIN Damen Financial Corp. NA 79.78 19.29 NA
EGLB Eagle BancGroup, Inc. NA NA NA NA
FBCI Fidelity Bancorp, Inc. 16.01 92.35 10.06 16.01
FNSC Financial Security Corp. 18.98 100.58 14.46 15.85
FFBI First Financial Bancorp, Inc. 13.72 92.98 8.25 16.67
FMBD First Mutual Bancorp, Inc. NA 75.01 17.27 NA
FFDP FirstFed Bancshares 18.15 104.68 9.03 34.44
GTPS Great American Bancorp NA 75.17 20.72 NA
HNFC Hinsdale Financial Corp. 15.16 113.97 9.54 16.91
HMCI HomeCorp, Inc. 16.09 98.82 6.16 25.34
KNK Kankakee Bancorp, Inc. 17.99 77.87 7.63 18.33
LBCI Liberty Bancorp, Inc. 18.80 96.75 9.51 18.80
MAFB MAF Bancorp, Inc. 9.15 107.81 8.38 9.35
NBSI North Bancshares, Inc. 29.55 97.77 15.15 32.50
SWBI Southwest Bancshares 13.65 119.96 13.46 13.72
SPBC St. Paul Bancorp, Inc. 12.66 116.43 10.08 12.93
STND Standard Financial, Inc. 15.81 98.99 11.59 17.34
SFSB SuburbFed Financial Corp. 12.87 83.25 5.73 14.74
WCBI Westco Bancorp 15.40 115.49 17.85 15.18
FBCV 1ST Bancorp 2.96 89.70 7.07 NM
AMFC AMB Financial Corp. NA NA NA NA
ASBI Ameriana Bancorp 14.03 101.78 11.30 14.32
ATSB AmTrust Capital Corp. 23.96 64.75 6.69 95.83
CBCO CB Bancorp, Inc. 8.39 107.21 10.59 8.39
CBIN Community Bank Shares NA 102.14 11.61 NA
FFWC FFW Corp. 11.76 91.91 9.931 0.58
FFED Fidelity Federal Bancorp 8.53 188.60 9.57 9.11
FISB First Indiana Corporation 11.34 141.01 13.02 13.60
HFGI Harrington Financial Group 16.80 173.14 6.25 19.34
HBFW Home Bancorp 18.45 93.37 15.34 18.45
HBBI Home Building Bancorp 27.31 88.57 13.48 27.73
HOMF Home Federal Bancorp 8.46 117.76 9.63 9.98
HWEN Home Financial Bancorp NA NA NA NA
102
KELLER & COMPANY Page 4
Columbus, Ohio
614-766-1426
EXHIBIT 31
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
PER SHARE
------------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------- -------- -------- ------- --------- ----- -------- --------
INCB Indiana Community Bank, SB IN NASDAQ 13.250 16.750 11.000 (4.95) (10.17) 15.35 102.46 0.33
IFSL Indiana Federal Corporation IN NASDAQ 18.500 21.500 4.000 (6.92) 5.71 14.88 151.50 0.78
LOGN Logansport Financial Corp. IN NASDAQ 12.500 13.750 11.250 (3.85) (3.85) 15.48 57.84 NA
MARN Marion Capital Holdings IN NASDAQ 20.000 21.000 14.250 (1.23) (1.84) 21.47 91.94 0.74
MFBC MFB Corp. IN NASDAQ 14.750 16.250 10.500 7.27 3.51 19.09 106.67 0.00
NEIB Northeast Indiana Bancorp IN NASDAQ 12.375 13.500 11.250 4.78 (4.81) 14.13 74.76 0.23
PFDC Peoples Bancorp IN NASDAQ 19.250 22.500 5.375 (1.28) (2.53) 18.46 118.51 0.54
PERM Permanent Bancorp, Inc. IN NASDAQ 15.750 18.500 9.750 (3.08) 5.88 19.44 185.48 0.20
SOBI Sobieskl Bancorp, Inc. IN NASDAQ 12.125 13.250 10.000 2.11 (1.02) 16.87 91.25 0.00
WCHI Workingmens Capital Holdings IN NASDAQ 20.500 20.750 4.313 1.23 3.14 14.63 115.12 0.35
LARK Landmark Bancshares, Inc. KS NASDAQ 15.375 15.875 9.750 0.42 4.24 17.06 99.15 0.35
MCBS Mid Continent Bancshares Inc. KS NASDAQ 17.500 19.250 9.750 (5.41) (6.04) 18.61 141.13 0.40
WBCI WFS Bancorp, Inc. KS NASDAQ 23.000 23.090 11.000 (0.26) 1.66 21.99 171.20 0.40
CKFB CKF Bancorp, Inc. KY NASDAQ 19.500 20.250 11.375 0.00 0.00 17.21 63.06 0.40
CLAS Classic Bancshares, Inc. KY NASDAQ 11.000 11.750 10.375 2.33 (3.30) 14.76 51.26 NA
FSBS First Ashland Financial Corp KY NASDAQ 18.250 18.375 12.500 0.00 2.82 16.15 59.37 NA
FFKY First Federal Financial Corp. KY NASDAQ 21.500 22.000 3.063 2.38 20.28 11.70 83.27 0.45
FLKY First Lancaster Bancshares KY NASDAQ 14.250 14.250 13.125 8.57 NA NA NA NA
FTSB Fort Thomas Financial Corp. KY NASDAQ 17.750 17.750 11.250 2.90 20.34 13.58 55.89 NA
FKKY Frankfort First Bancorp, Inc. KY NASDAQ 12.125 15.875 11.000 0.00 (23.02) 13.87 40.18 NA
GWBC Gateway Bancorp, Inc. KY NASDAQ 13.000 16.250 11.000 (7.96) (8.77) 15.64 62.93 1.50
GTFN Great Financial Corporation KY NASDAQ 26.440 27.375 13.875 1.21 (0.23) 19.19 169.06 0.42
HFFB Harrodsburg First Fin Bancorp KY NASDAQ 16.250 16.750 12.375 3.17 14.04 15.49 49.82 NA
KYF Kentucky First Bancorp, Inc. KY AMSE 14.750 15.250 11.375 5.36 21.65 14.29 60.48 NA
ANA Acadiana Bancshares, Inc. LA AMSE 11.875 12.125 11.690 NA NA NA NA NA
CZF CitiSave Financial Corp LA AMSE 13.750 16.500 12.750 (1.79) (6.78) 16.26 82.63 NA
ISBF ISB Financial Corporation LA NASDAQ 14.375 17.000 12.938 (2.14) (7.26) 16.37 84.51 NA
JEBC Jefferson Bancorp, Inc. LA NASDAQ 22.250 22.500 12.750 1.14 1.14 16.42 120.96 0.30
MERI Meritrust Federal SB LA NASDAQ 31.500 34.000 13.500 0.80 (4.55) 22.40 295.05 0.58
TSH Teche Holding Co. LA AMSE 12.625 14.500 11.375 (3.81) (2.88) 14.51 84.54 NA
AFCB Affiliated Community Bancorp MA NASDAQ 17.500 18.000 16.060 0.72 1.45 19.30 193.66 NA
BFD BostonFed Bancorp, Inc. MA AMSE 12.500 12.625 10.000 4.17 2.04 14.55 118.06 NA
FMLY Family Bancorp MA NASDAQ 24.750 25.250 1.167 0.51 22.22 16.60 219.50 0.42
PRICING RATIOS
-----------------------------------------
Price/ Price/Bk Price/ Price/Core
Earnings Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- ----------
INCB Indiana Community Bank, SB 18.93 86.32 12.93 18.93
IFSL Indiana Federal Corporation 12.09 124.33 12.21 12.94
LOGN Logansport Financial Corp. NA 80.75 21.61 NA
MARN Marion Capital Holdings 16.39 93.15 21.75 16.39
MFBC MFB Corp. 20.77 77.27 13.83 21.38
NEIB Northeast Indiana Bancorp 15.47 87.58 16.55 15.47
PFDC Peoples Bancorp 11.26 104.28 16.24 11.26
PERM Permanent Bancorp, Inc. 28.64 81.02 8.49 28.64
SOBI Sobieskl Bancorp, Inc. 32.77 71.87 13.29 32.77
WCHI Workingmens Capital Holdings 20.10 140.12 17.81 19.90
LARK Landmark Bancshares, Inc. 16.90 90.12 15.51 19.46
MCBS Mid Continent Bancshares Inc. 9.51 94.04 12.40 9.78
WBCI WFS Bancorp, Inc. 18.55 104.59 13.43 17.16
CKFB CKF Bancorp, Inc. 25.66 113.31 30.92 25.66
CLAS Classic Bancshares, Inc. NA 74.53 21.46 NA
FSBS First Ashland Financial Corp NA 113.00 30.74 NA
FFKY First Federal Financial Corp. 16.29 183.76 25.82 18.86
FLKY First Lancaster Bancshares NA NA NA NA
FTSB Fort Thomas Financial Corp. NA 130.71 31.76 NA
FKKY Frankfort First Bancorp, Inc. NA 87.42 30.18 NA
GWBC Gateway Bancorp, Inc. 19.70 83.12 20.66 19.70
GTFN Great Financial Corporation 17.06 137.78 15.64 20.82
HFFB Harrodsburg First Fin Bancorp NA 104.91 32.62 NA
KYF Kentucky First Bancorp, Inc. NA 103.22 24.39 NA
ANA Acadiana Bancshares, Inc. NA NA NA NA
CZF CitiSave Financial Corp NA 84.56 16.64 NA
ISBF ISB Financial Corporation NA 87.81 17.01 NA
JEBC Jefferson Bancorp, Inc. 18.54 135.51 18.39 18.54
MERI Meritrust Federal SB 11.33 140.63 10.68 11.62
TSH Teche Holding Co. NA 87.01 14.93 NA
AFCB Affiliated Community Bancorp NA 90.67 9.04 NA
BFD BostonFed Bancorp, Inc. NA 85.91 10.59 NA
FMLY Family Bancorp 13.16 149.10 11.28 13.67
103
KELLER & COMPANY Page 5
Columbus, Ohio
614-766-1426
EXHIBIT 31
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
PER SHARE
------------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------- -------- -------- ------- --------- ----- -------- --------
ANBK American National Bancorp MD NASDAQ 10.125 10.625 4.639 (4.71) 1.25 12.87 112.80 NA
EQSB Equitable Federal Savings Bank MD NASDAQ 25.250 26.250 11.250 2.02 (3.81) 22.75 433.56 0.00
FCIT First Citizens Financial Corp. MD NASDAQ 17.625 19.091 0.375 (0.70) 2.17 13.45 214.17 0.00
FFWM First Financial-W. Maryland MD NASDAQ 22.500 27.250 7.167 11.80 11.11 18.70 149.25 0.48
HRBF Harbor Federal Bancorp, Inc. MD NASDAQ 12.875 15.500 9.750 0.98 (0.96) 15.84 114.58 0.30
HFMD Home Federal Corp. MD NASDAQ 10.375 15.873 0.750 1.22 (5.16) 7.41 86.02 0.12
MFSL Maryland Federal Bancorp MD NASDAQ 29.250 34.125 4.545 0.43 (3.31) 29.95 357.10 0.61
WSB Washington Savings Bank, FSB MD AMSE 5.060 6.917 0.281 (5.86) 1.20 4.97 60.42 0.09
WHGB WHG Bancshares Corp. MD NASDAQ 11.125 11.750 10.875 0.59 1.14 NA NA NA
MCBN Mid-Coast Bancorp, Inc. ME NASDAQ 20.250 20.250 8.095 5.88 4.52 21.67 239.77 0.50
BWFC Bank West Financial Corp. MI NASDAQ 11.625 12.250 8.500 4.49 19.23 11.99 60.63 0.21
CFSB CFSB Bancorp, Inc. Ml NASDAQ 19.500 24.000 3.486 (6.02) (2.50) 14.57 177.22 0.45
DNFC D & N Financial Corp. MI NASDAQ 12.690 18.875 2.500 (10.95) (2.38) 10.30 180.31 0.00
MSBF MSB Financial, Inc. MI NASDAQ 17.000 19.500 10.750 1.86 0.00 18.86 83.33 0.30
MSBK Mutual Savings Bank, FSB Ml NASDAQ 5.190 25.500 3.000 (9.74) (3.44) 9.03 159.10 0.00
OFCP Ottawa Financial Corp. MI NASDAQ 16.250 16.750 10.250 0.00 0.00 14.92 136.66 0.32
SJSB SJS Bancorp MI NASDAQ 20.000 20.750 10.810 (1.23) 5.26 17.90 153.42 0.30
SFB Standard Federal Bancorp Ml NYSE 41.000 43.125 4.750 5.47 3.80 30.74 486.52 0.74
THR Three Rivers Financial Corp. MI AMSE 13.000 13.625 11.375 (2.80) 2.97 15.17 99.04 NA
BDJI First Federal Bancorporation MN NASDAQ 13.000 14.750 10.625 (0.46) (1.89) 17.64 122.69 NA
FFHH FSF Financial Corp. MN NASDAQ 11.625 13.500 7.750 (3.13) (5.10) 15.58 95.29 0.50
HMNF HMN Financial, Inc. MN NASDAQ 15.375 16.500 9.313 (5.73) (0.81) 17.54 104.63 0.00
MIVI Mississippi View Holding Co. MN NASDAQ 11.000 12.250 8.500 0.00 (4.35) 13.78 73.08 0.08
QCFB QCF Bancorp, Inc. MN NASDAQ 14.750 15.250 11.000 (3.28) (2.48) 17.82 81.68 NA
TCB TCF Financial Corp. MN NYSE 37.250 37.625 2.813 7.19 9.16 14.98 194.88 0.66
WEFC Wells Financial Corp. MN NASDAQ 12.250 12.250 9.000 6.52 15.29 13.41 89.68 NA
CMRN Cameron Financial Corp MO NASDAQ 14.000 15.500 10.688 1.82 (1.75) 17.29 60.52 NA
CAPS Capital Savings Bancorp, Inc. MO NASDAQ 18.750 19.500 12.250 4.17 0.67 20.34 194.94 0.33
CNSB CNS Bancorp, Inc. MO NASDAQ 11.500 12.000 11.000 (2.13) NA NA NA NA
FBSI First Bancshares, Inc. MO NASDAQ 16.250 17.000 10.250 6.56 (1.52) 18.26 107.92 0.20
GSBC Great Southern Bancorp, Inc. MO NASDAQ 28.500 28.500 2.292 3.64 4.59 15.04 148.61 0.68
HFSA Hardin Bancorp, Inc. MO NASDAQ 12.000 13.000 11.000 3.23 2.13 14.75 85.90 NA
JSBA Jefferson Savings Bancorp MO NASDAQ 23.125 30.750 13.250 (6.57) (24.18) 21.59 266.48 0.08
JOAC Joachim Bancorp, Inc. MO NASDAQ 12.500 13.500 11.500 0.00 0.00 14.14 48.37 NA
PRICING RATIOS
-----------------------------------------
Price/ Price/Bk Price/ Price/Core
Earnings Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- ----------
ANBK American National Bancorp NA 78.67 8.98 NA
EQSB Equitable Federal Savings Bank 7.75 110.99 5.82 7.77
FCIT First Citizens Financial Corp. 13.25 131.04 8.23 16.63
FFWM First Financial-W. Maryland 34.62 120.32 15.08 37.50
HRBF Harbor Federal Bancorp, Inc. 23.41 81.28 11.24 23.41
HFMD Home Federal Corp. 10.27 140.01 12.06 10.48
MFSL Maryland Federal Bancorp 10.56 97.66 8.19 14.92
WSB Washington Savings Bank, FSB 9.20 101.81 8.37 12.05
WHGB WHG Bancshares Corp. NA NA NA NA
MCBN Mid-Coast Bancorp, Inc. 14.57 93.45 8.45 15.82
BWFC Bank West Financial Corp. 25.83 96.96 19.17 44.71
CFSB CFSB Bancorp, Inc. 12.26 133.84 11.00 13.00
DNFC D & N Financial Corp. 7.25 123.20 7.04 7.93
MSBF MSB Financial, Inc. 10.97 90.14 20.40 12.06
MSBK Mutual Savings Bank, FSB NM 57.48 3.26 NM
OFCP Ottawa Financial Corp. 21.67 108.91 11.89 21.96
SJSB SJS Bancorp 21.74 111.73 13.04 22.22
SFB Standard Federal Bancorp 10.33 133.38 8.43 11.85
THR Three Rivers Financial Corp. NA 85.70 13.13 NA
BDJI First Federal Bancorporation NA 73.70 10.60 NA
FFHH FSF Financial Corp. 20.39 74.61 12.20 20.39
HMNF HMN Financial, Inc. 13.03 87.66 14.69 14.64
MIVI Mississippi View Holding Co. 11.00 79.83 15.05 12.36
QCFB QCF Bancorp, Inc. NA 82.77 18.06 NA
TCB TCF Financial Corp. 13.07 248.66 19.11 13.69
WEFC Wells Financial Corp. NA 91.35 13.66 NA
CMRN Cameron Financial Corp NA 60.97 23.13 NA
CAPS Capital Savings Bancorp, Inc. 10.36 92.18 9.62 10.36
CNSB CNS Bancorp, Inc. NA NA NA NA
FBSI First Bancshares, Inc. 18.06 88.99 15.06 18.26
GSBC Great Southern Bancorp, Inc. 11.97 189.49 19.18 12.72
HFSA Hardin Bancorp, Inc. NA 81.36 13.97 NA
JSBA Jefferson Savings Bancorp 13.06 107.11 8.68 14.27
JOAC Joachim Bancorp, Inc. NA 88.40 25.84 NA
104
KELLER & COMPANY Page 6
Columbus, Ohio
614-766-1426
EXHIBIT 31
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
PER SHARE
------------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------- -------- -------- ------- --------- ----- -------- --------
LXMO Lexington B&L Financial Corp. MO NASDAQ 10.125 10.125 9.500 1.86 NA NA NA NA
MBLF MBLA Financial Corp. MO NASDAQ 21.500 26.000 12.750 (7.53) (9.47) 20.68 142.21 0.40
MFSB Mutual Bancompany MO NASDAQ 21.000 21.750 10.000 0.00 0.00 18.70 159.85 0.00
NASB North American Savings Bank MO NASDAQ 29.500 32.375 2.500 0.00 (1.86) 21.44 291.83 0.53
NSLB NS&L Bancorp, Inc. MO NASDAQ 12.500 13.750 11.750 (0.99) (3.85) 15.62 66.51 NA
PCBC Perry County Financial Corp. MO NASDAQ 16.250 21.500 12.375 (8.45) (7.14) 18.37 91.63 0.30
RFED Roosevelt Financial Group MO NASDAQ 16.000 19.750 2.167 (11.11) (14.09) 10.98 221.32 0.59
SMFC Sho-Me Financial Corp. MO NASDAQ 17.000 17.000 9.375 6.25 6.25 19.59 161.62 0.00
SMBC Southern Missouri Bancorp, Inc. MO NASDAQ 14.125 17.500 8.875 (4.24) (2.59) 15.41 93.96 0.50
CFTP Community Federal Bancorp MS NASDAQ 12.875 13.750 12.250 (3.74) 2.51 14.37 43.56 NA
FFBS FFBS BanCorp, Inc. MS NASDAQ 22.000 24.250 12.000 (9.28) 10.00 16.43 78.55 1.40
MGNL Magna Bancorp, Inc. MS NASDAQ 37.000 37.750 1.688 5.71 10.45 18.36 191.00 0.50
GBCI Glacier Bancorp, Inc. MT NASDAQ 20.250 22.273 1.495 (5.81) (9.08) 11.45 121.53 0.59
SFBM Security Bancorp MT NASDAQ 20.250 23.250 4.250 (4.14) (1.22) 21.97 246.22 0.65
UBMT United Financial Corp. MT NASDAQ 18.000 22.500 5.625 (4.00) (4.00) 20.12 85.48 0.83
WSTR WesterFed Financial Corp. MT NASDAQ 14.500 17.125 11.375 (1.69) 0.00 17.88 128.31 0.36
COOP Cooperative Bankshares, Inc. NC NASDAQ 16.750 22.500 3.467 (1.47) (2.90) 19.77 212.28 0.00
SOPN First Savings Bancorp, Inc. NC NASDAQ 17.500 21.000 13.500 (4.11) (7.89) 17.94 68.45 0.68
GSFC Green Street Financial Corp. NC NASDAQ 12.875 13.125 12.125 (1.90) 4.04 14.60 41.64 NA
HFNC HFNC Financial Corp. NC NASDAQ 16.750 16.750 13.125 2.29 18.58 14.21 41.66 NA
KSAV KS Bancorp. Inc. NC NASDAQ 20.000 22.000 11.625 9.59 15.94 20.86 141.02 1.10
MBSP Mitchell Bancorp, Inc. NC NASDAQ 10.625 10.625 10.190 NA NA NA NA NA
PDB Piedmont Bancorp, Inc. NC AMSE 13.250 13.625 12.000 0.00 (2.75) 14.05 47.20 NA
SSB Scotland Bancorp, Inc. NC AMSE 12.125 12.625 11.625 (2.02) 2.11 NA NA NA
SSM Stone Street Bancorp, Inc. NC AMSE 16.750 18.500 16.250 (0.74) (4.29) NA NA NA
UFRM United Federal Savings Bank NC NASDAQ 8.000 8.750 1.750 0.00 3.23 6.81 82.27 0.17
CFB Commercial Federal Corporation NE NYSE 39.125 39.125 1.625 0.97 3.99 26.57 439.20 0.30
EBCP Eastern Bancorp NH NASDAQ 17.000 18.333 3.000 4.62 7.37 17.77 230.19 0.43
CJFC Central Jersey Financial NJ NASDAQ 31.500 31.500 2.645 1.20 13.27 20.84 175.50 0.46
COFD Collective Bancorp, Inc. NJ NASDAQ 24.000 28.250 1.351 (2.04) (3.03) 17.88 252.55 0.85
FSPG First Home Bancorp, Inc. NJ NASDAQ 17.750 19.000 2.531 0.00 (2.74) 14.97 229.73 0.48
FSFI First State Financial Services NJ NASDAQ 12.875 14.125 1.625 (0.96) 13.19 10.69 156.21 0.22
PRICING RATIOS
-----------------------------------------
Price/ Price/Bk Price/ Price/Core
Earnings Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- ----------
LXMO Lexington B&L Financial Corp. NA NA NA NA
MBLF MBLA Financial Corp. 22.40 103.97 15.12 22.40
MFSB Mutual Bancompany 61.76 112.30 13.14 53.85
NASB North American Savings Bank 7.97 137.59 10.11 8.70
NSLB NS&L Bancorp, Inc. NA 80.03 18.79 NA
PCBC Perry County Financial Corp. 17.11 88.46 17.73 17.47
RFED Roosevelt Financial Group 12.70 145.72 7.23 9.25
SMFC Sho-Me Financial Corp. 13.49 86.78 10.52 13.93
SMBC Southern Missouri Bancorp, Inc. 17.88 91.66 15.03 19.35
CFTP Community Federal Bancorp NA 89.60 29.56 NA
FFBS FFBS BanCorp, Inc. 20.56 133.90 28.01 20.56
MGNL Magna Bancorp, Inc. 12.33 201.53 19.37 12.42
GBCI Glacier Bancorp, Inc. 11.13 176.86 16.66 11.13
SFBM Security Bancorp 12.50 92.17 8.22 16.74
UBMT United Financial Corp. 13.64 89.46 21.06 13.64
WSTR WesterFed Financial Corp. 13.55 81.10 11.30 14.80
COOP Cooperative Bankshares, Inc. 29.39 84.72 7.89 29.91
SOPN First Savings Bancorp, Inc. 18.42 97.55 25.57 18.04
GSFC Green Street Financial Corp. NA 88.18 30.92 NA
HFNC HFNC Financial Corp. NA 117.87 40.21 NA
KSAV KS Bancorp. Inc. 14.39 95.88 14.18 14.18
MBSP Mitchell Bancorp, Inc. NA NA NA NA
PDB Piedmont Bancorp, Inc. NA 94.31 28.07 NA
SSB Scotland Bancorp, Inc. NA NA NA NA
SSM Stone Street Bancorp, Inc. NA NA NA NA
UFRM United Federal Savings Bank 10.96 117.47 9.72 12.31
CFB Commercial Federal Corporation 10.43 147.25 8.91 10.49
EBCP Eastern Bancorp 10.76 95.67 7.39 14.66
CJFC Central Jersey Financial 16.07 151.15 17.95 16.94
COFD Collective Bancorp, Inc. 8.99 134.23 9.50 9.09
FSPG First Home Bancorp, Inc. 8.18 118.57 7.73 8.57
FSFI First State Financial Services 13.41 120.44 8.24 17.40
105
KELLER & COMPANY Page 7
Columbus, Ohio
614-766-1426
EXHIBIT 31
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
PER SHARE
------------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------- -------- -------- ------- --------- ----- -------- --------
FMCO FMS Financial Corporation NJ NASDAQ 15.875 17.500 1.500 (2.31) (3.79) 13.91 209.90 0.20
IBSF IBS Financial Corp. NJ NASDAQ 14.250 15.455 8.409 7.55 3.64 13.55 68.05 0.21
LVSB Lakeview Financial NJ NASDAQ 20.750 20.750 8.068 5.06 7.79 19.99 200.89 0.23
LFBI Little Falls Bancorp, Inc. NJ NASDAQ 10.250 11.500 9.500 (1.20) (1.20) 14.40 92.79 NA
OCFC Ocean Financial Corp. NJ NASDAQ 21.000 21.250 19.625 NA NA NA NA NA
PBCI Pamrapo Bancorp, Inc. NJ NASDAQ 18.560 26.125 2.563 (3.58) (3.58) 17.23 111.42 0.90
PFSB PennFed Financial Services Inc. NJ NASDAQ 17.000 17.000 9.063 12.40 9.68 19.69 201.44 0.00
PULS Pulse Bancorp NJ NASDAQ 17.750 18.000 4.000 (1.39) 14.52 12.90 165.62 0.78
SFIN Statewide Financial Corp. NJ NASDAQ 11.875 13.750 11.250 (2.06) (6.86) 13.36 120.40 NA
WYNE Wayne Bancorp, Inc. NJ NASDAQ 12.000 12.000 10.750 2.13 NA NA NA NA
WWFC Westwood Financial Corporation NJ NASDAQ 10.310 11.000 10.250 (2.96) NA NA NA NA
FSBC First Savings Bank, FSB NM NASDAQ 5.750 10.417 1.750 4.55 (8.87) 7.86 166.01 0.00
GUPB GFSB Bancorp, Inc. NM NASDAQ 14.000 15.000 12.875 3.70 0.00 17.09 74.23 NA
ALBK ALBANK Financial Corporation NY NASDAQ 25.375 30.625 9.167 (4.25) (7.53) 23.83 250.27 0.44
ALBC Albion Banc Corp. NY NASDAQ 17.500 18.750 10.500 2.94 2.94 23.29 217.45 0.31
ASFC Astoria Financial Corporation NY NASDAQ 27.000 28.125 12.688 (2.26) 2.37 26.11 329.08 0.41
BFSI BFS Bankorp, Inc. NY NASDAQ 38.000 39.750 2.500 (0.65) 0.00 29.73 379.90 0.00
CARV Carver Federal Savings Bank NY NASDAQ 8.250 10.750 6.250 3.13 (2.25) 15.03 156.57 0.00
FIBC Financial Bancorp, Inc. NY NASDAQ 14.250 14.875 8.500 14.00 8.57 14.60 146.15 0.25
HAVN Haven Bancorp, Inc. NY NASDAQ 27.875 28.875 10.000 (0.89) 6.70 21.77 358.85 0.45
LISB Long Island Bancorp, Inc. NY NASDAQ 28.750 32.875 12.090 (12.55) 5.02 21.03 210.48 0.40
NYB New York Bancorp Inc. NY NYSE 27.500 27.500 2.425 7.32 12.24 13.78 253.93 0.80
PEEK Peekskill Financial Corp. NY NASDAQ 12.000 12.125 11.125 0.00 2.13 15.73 47.24 NA
PKPS Poughkeepsie Savings Bank, FS NY NASDAQ 5.000 26.750 0.875 (4.76) 0.00 5.65 66.97 0.09
RELY Reliance Bancorp, Inc. NY NASDAQ 16.625 16.625 8.875 3.10 11.28 16.83 195.27 0.46
SFED SFS Bancorp, Inc. NY NASDAQ 12.375 13.500 11.000 0.00 1.02 17.24 127.17 0.00
TPNZ Tappan Zee Financial, Inc. NY NASDAQ 13.250 13.500 11.250 13.98 7.07 13.80 70.86 NA
YFCB Yonkers Financial Corporation NY NASDAQ 10.125 10.125 9.310 0.00 1.25 NA NA NA
ASBP ASB Financial Corp. OH NASDAQ 14.750 16.500 11.375 (1.67) (1.67) 15.04 65.18 NA
CAFI Camco Financial Corporation OH NASDAQ 18.000 19.286 12.245 0.80 3.56 13.83 166.04 0.39
COFI Charter One Financial OH NASDAQ 37.625 38.000 3.445 6.74 7.50 20.76 309.97 0.82
CRCL Circle Financial Corp. OH NASDAQ 35.000 35.500 10.500 0.00 6.06 34.51 323.98 0.62
CTZN CitFed Bancorp, Inc. OH NASDAQ 38.500 39.500 9.250 0.00 13.24 30.62 456.93 0.27
CIBI Community Investors Bancorp OH NASDAQ 15.000 17.500 10.750 0.00 (1.64) 16.93 122.33 0.12
PRICING RATIOS
-----------------------------------------
Price/ Price/Bk Price/ Price/Core
Earnings Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- ----------
FMCO FMS Financial Corporation 9.74 114.13 7.56 9.74
IBSF IBS Financial Corp. 19.52 105.17 20.94 19.00
LVSB Lakeview Financial 9.88 103.80 10.33 16.21
LFBI Little Falls Bancorp, Inc. NA 71.18 11.05 NA
OCFC Ocean Financial Corp. NA NA NA NA
PBCI Pamrapo Bancorp, Inc. 12.71 107.72 16.66 12.71
PFSB PennFed Financial Services Inc. 13.18 86.34 8.44 12.23
PULS Pulse Bancorp 12.86 137.60 10.72 12.86
SFIN Statewide Financial Corp. NA 88.88 9.86 NA
WYNE Wayne Bancorp, Inc. NA NA NA NA
WWFC Westwood Financial Corporation NA NA NA NA
FSBC First Savings Bank, FSB NA 73.16 3.46 NA
GUPB GFSB Bancorp, Inc. NA 81.92 18.86 NA
ALBK ALBANK Financial Corporation 12.20 106.48 10.14 12.20
ALBC Albion Banc Corp. 26.12 75.14 8.05 30.70
ASFC Astoria Financial Corporation 11.84 103.41 8.20 12.98
BFSI BFS Bankorp, Inc. 6.38 127.82 10.00 6.60
CARV Carver Federal Savings Bank 23.57 54.89 5.27 24.26
FIBC Financial Bancorp, Inc. 16.57 97.60 9.75 16.96
HAVN Haven Bancorp, Inc. 11.61 128.04 7.77 12.02
LISB Long Island Bancorp, Inc. 15.37 136.71 13.66 16.91
NYB New York Bancorp Inc. 9.68 199.56 10.83 10.30
PEEK Peekskill Financial Corp. NA 76.29 25.40 NA
PKPS Poughkeepsie Savings Bank, FS 4.67 88.50 7.47 3.45
RELY Reliance Bancorp, Inc. 12.69 98.78 8.51 13.41
SFED SFS Bancorp, Inc. 14.73 71.78 9.73 14.56
TPNZ Tappan Zee Financial, Inc. NA 96.01 18.70 NA
YFCB Yonkers Financial Corporation NA NA NA NA
ASBP ASB Financial Corp. NA 98.07 22.63 NA
CAFI Camco Financial Corporation 8.91 130.15 10.84 11.61
COFI Charter One Financial 33.00 181.24 12.14 12.02
CRCL Circle Financial Corp. 24.31 101.42 10.80 28.46
CTZN CitFed Bancorp, Inc. 14.05 125.73 8.43 17.11
CIBI Community Investors Bancorp 11.90 88.60 12.26 12.61
106
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Columbus, Ohio
614-766-1426
EXHIBIT 31
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
PER SHARE
------------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------- -------- -------- ------- --------- ----- -------- --------
EFBI Enterprise Federal Bancorp OH NASDAQ 13.750 18.000 11.250 (5.17) (3.51) 15.09 97.56 3.00
FFDF FFD Financial Corp. OH NASDAQ 10.375 10.750 10.000 2.47 (1.19) NA NA NA
FFYF FFY Financial Corp. OH NASDAQ 23.875 24.000 12.250 1.06 4.37 20.25 110.37 0.55
FFOH Fidelity Financial of Ohio OH NASDAQ 9.750 10.890 3.112 (2.50) (1.27) 12.54 61.66 NA
FDEF First Defiance Financial OH NASDAQ 10.375 11.000 5.790 0.00 (3.49) 12.14 49.91 NA
FFBZ First Federal Bancorp, Inc. OH NASDAQ 24.500 24.500 6.250 0.00 4.26 16.84 226.57 0.40
FFHS First Franklin Corporation OH NASDAQ 14.500 17.500 3.500 (3.33) (1.69) 17.41 185.79 0.29
FFSW First Federal Financial Svcs OH NASDAQ 30.250 31.000 2.232 7.08 23.47 15.09 291.48 0.45
GFCO Glenway Financial Corp. OH NASDAQ 19.286 23.333 15.419 0.00 (6.89) 23.12 239.12 0.49
HHFC Harvest Home Financial Corp. OH NASDAQ 12.000 13.250 8.750 (4.00) (7.69) 14.44 81.55 0.39
HVFD Haverfield Corporation OH NASDAQ 18.000 19.250 5.165 0.00 2.13 14.90 175.30 0.53
INBI Industrial Bancorp OH NASDAQ 10.250 16.000 10.250 (7.87) (32.23) 10.95 56.45 NA
LONF London Financial Corporation OH NASDAQ 10.440 11.250 9.750 3.11 1.85 NA NA NA
MFFC Milton Federal Financial Corp. OH NASDAQ 11.500 17.125 10.000 (4.17) (24.59) 14.91 78.76 1.37
OHSL OHSL Financial Corp. OH NASDAQ 19.500 22.000 11.500 (2.50) (6.02) 20.94 171.71 0.72
PTRS Potters Financial Corp. OH NASDAQ 16.000 18.500 9.000 (0.78) (3.03) 20.80 213.70 0.21
PVFC PVF Capital Corp. OH NASDAQ 19.000 21.000 6.474 2.70 (5.00) 13.77 205.36 0.00
SFSL Security First Corp. OH NASDAQ 14.000 17.250 1.625 1.82 9.80 11.58 132.99 0.40
SHFC Seven Hills Financial Corp. OH NASDAQ 17.500 18.125 11.000 (3.45) 20.69 17.99 84.83 0.86
SSBK Strongsville Savings Bank OH NASDAQ 20.750 22.000 15.500 1.22 (4.60) 16.81 209.10 0.45
SBCN Suburban Bancorporation, Inc. OH NASDAQ 15.250 18.500 10.500 (1.61) (1.61) 17.48 133.13 0.55
THIR Third Financial Corp. OH NASDAQ 32.625 32.625 14.500 1.95 5.24 24.88 137.05 0.60
WOFC Western Ohio Financial Corp. OH NASDAQ 20.750 24.375 14.750 (6.74) (8.79) 25.19 138.38 1.00
WFCO Winton Financial Corp. OH NASDAQ 11.250 15.000 3.750 (16.67) (16.67) 10.61 142.40 0.41
FFWD Wood Bancorp, Inc. OH NASDAQ 13.250 13.500 8.000 1.92 7.44 13.14 90.07 0.22
BRFC Bridgeville Savings Bank PA NASDAQ 15.125 15.375 11.750 0.83 14.15 14.13 49.56 0.38
CVAL Chester Valley Bancorp Inc. PA NASDAQ 18.500 20.476 4.073 1.37 1.37 15.91 173.80 0.35
CMSB Commonwealth Bancorp, Inc. PA NASDAQ 10.500 12.389 5.790 (2.60) (2.52) NA NA NA
FSBI Fidelity Bancorp, Inc. PA NASDAQ 16.000 18.182 3.756 0.00 0.57 15.73 231.70 0.29
FBBC First Bell Bancorp, Inc. PA NASDAQ 13.500 14.250 10.000 (0.92) 0.93 14.24 69.88 0.10
FKFS First Keystone Financial PA NASDAQ 16.750 20.875 10.250 (2.90) (4.29) 17.83 215.24 0.00
SHEN First Shenango Bancorp, Inc. PA NASDAQ 21.250 22.250 12.750 1.19 0.00 20.53 161.88 0.42
GAF GA Financial, Inc. PA AMSE 11.875 11.875 10.250 9.20 7.95 14.43 63.19 NA
PRICING RATIOS
-----------------------------------------
Price/ Price/Bk Price/ Price/Core
Earnings Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- ----------
EFBI Enterprise Federal Bancorp 13.75 91.12 14.09 20.83
FFDF FFD Financial Corp. NA NA NA NA
FFYF FFY Financial Corp. 17.69 117.90 21.63 17.05
FFOH Fidelity Financial of Ohio NA 77.75 15.81 NA
FDEF First Defiance Financial NA 85.46 20.79 NA
FFBZ First Federal Bancorp, Inc. 10.56 145.49 10.81 10.75
FFHS First Franklin Corporation 13.55 83.29 7.80 13.81
FFSW First Federal Financial Svcs 15.43 200.46 10.38 18.67
GFCO Glenway Financial Corp. 14.50 83.42 8.07 14.72
HHFC Harvest Home Financial Corp. 18.75 83.10 14.71 18.75
HVFD Haverfield Corporation 13.95 120.81 10.27 14.75
INBI Industrial Bancorp NA 93.61 18.16 NA
LONF London Financial Corporation NA NA NA NA
MFFC Milton Federal Financial Corp. 15.75 77.13 14.60 17.16
OHSL OHSL Financial Corp. 12.83 93.12 11.36 13.09
PTRS Potters Financial Corp. 13.91 76.92 7.49 14.16
PVFC PVF Capital Corp. 8.88 137.98 9.25 10.00
SFSL Security First Corp. 10.77 120.90 10.53 10.22
SHFC Seven Hills Financial Corp. 58.33 97.28 20.63 60.34
SSBK Strongsville Savings Bank 10.81 123.44 9.92 12.13
SBCN Suburban Bancorporation, Inc. 28.77 87.24 11.45 19.81
THIR Third Financial Corp. 18.13 131.13 23.81 20.14
WOFC Western Ohio Financial Corp. 19.95 82.37 14.99 34.02
WFCO Winton Financial Corp. 9.07 106.03 7.90 10.82
FFWD Wood Bancorp, Inc. 12.62 100.84 14.71 12.99
BRFC Bridgeville Savings Bank 25.21 107.04 30.52 25.21
CVAL Chester Valley Bancorp Inc. 12.01 116.28 10.64 12.42
CMSB Commonwealth Bancorp, Inc. NA NA NA NA
FSBI Fidelity Bancorp, Inc. 11.76 101.72 6.91 11.85
FBBC First Bell Bancorp, Inc. 12.27 94.80 19.32 12.39
FKFS First Keystone Financial 15.80 93.94 7.78 14.57
SHEN First Shenango Bancorp, Inc. 13.98 103.51 13.13 14.66
GAF GA Financial, Inc. NA 82.29 18.79 NA
107
KELLER & COMPANY Page 9
Columbus, Ohio
614-766-1426
EXHIBIT 31
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
PER SHARE
------------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------- -------- -------- ------- --------- ----- -------- --------
HARL Harleysville Savings Bank PA NASDAQ 17.875 19.750 3.535 2.14 (0.69) 15.38 231.24 0.38
LARL Laurel Capital Group, Inc. PA NASDAQ 15.000 16.500 3.627 1.69 (6.25) 13.66 127.95 0.27
MLFB MLF Bancorp, Inc. PA NASDAQ 24.625 25.000 12.438 1.55 1.55 24.47 282.67 0.52
PVSA Parkvale Financial Corporation PA NASDAQ 26.000 28.500 2.688 2.97 (7.14) 21.56 284.10 0.52
PBIX Patriot Bank Corp. PA NASDAQ 13.125 13.375 12.310 2.94 2.94 15.47 89.48 NA
PWBC PennFirst Bancorp, Inc. PA NASDAQ 13.750 15.915 4.019 0.00 7.84 13.37 170.26 0.36
PWBK Pennwood Savings Bank PA NASDAQ 9.060 9.750 9.000 NA NA NA NA NA
PHFC Pittsburgh Home Financial Corp PA NASDAQ 10.250 11.125 9.500 0.00 (2.38) 13.93 84.32 NA
PRBC Prestige Bancorp Inc. PA NASDAQ 10.250 10.500 9.750 (2.38) NA NA NA NA
PSAB Prime Bancorp, Inc. PA NASDAQ 19.000 20.682 3.194 5.56 7.80 15.58 173.03 0.66
PFNC Progress Financial Corporation PA NASDAQ 6.000 18.750 0.750 (11.11) (14.29) 5.23 93.26 0.00
SVRN Sovereign Bancorp, Inc. PA NASDAQ 10.000 11.250 1.005 0.00 (2.44) 7.75 185.25 0.08
THRD TF Financial Corporation PA NASDAQ 14.250 16.000 9.750 (0.87) 0.88 17.80 114.78 0.26
THBC Troy Hill Bancorp Inc. PA NASDAQ 13.000 14.000 10.250 (3.70) (7.14) 16.73 75.37 0.32
WVFC WVS Financial Corporation PA NASDAQ 20.250 22.250 13.000 (1.22) 0.00 20.92 138.38 0.52
YFED York Financial Corp. PA NASDAQ 16.125 18.864 4.731 (6.52) (6.52) 15.22 173.33 0.55
AMFB American Federal Bank SC NASDAQ 16.000 16.750 0.625 (1.90) (1.90) 9.88 122.62 0.31
CFCP Coastal Financial Corp. SC NASDAQ 21.000 21.000 1.918 16.67 26.14 7.83 128.74 0.40
FFCH First Financial Holdings Inc. SC NASDAQ 18.375 22.250 4.000 (3.29) (9.26) 15.04 227.64 0.60
FSFC First Southeast Financial Corp SC NASDAQ 9.375 20.250 9.125 (6.25) (49.32) 7.67 74.42 10.48
PALM Palfed, Inc. SC NASDAQ 13.125 18.500 3.500 5.00 5.00 10.09 119.41 0.02
SCCB S. Carolina Community Bancshrs SC NASDAQ 16.000 20.500 12.625 (0.78) (3.03) 16.80 59.01 0.55
HFFC HF Financial Corp. SD NASDAQ 16.000 16.750 5.500 6.67 8.47 16.86 187.92 0.32
LFCT Leader Financial Corp. TN NASDAQ 45.500 46.375 14.500 2.25 4.00 26.78 322.79 0.66
TWIN Twin City Bancorp TN NASDAQ 17.500 18.250 10.500 6.06 9.38 15.69 114.01 0.55
CBSA Coastal Bancorp, Inc. TX NASDAQ 17.625 18.875 9.875 (1.40) (0.70) 18.89 563.56 0.36
FTFS East Texas Financial Services TX NASDAQ 14.250 16.750 11.000 (2.56) (9.52) 18.91 96.32 0.05
FBHC Fort Bend Holding Corp. TX NASDAQ 17.000 20.250 10.375 (1.45) (8.11) 21.98 310.96 0.28
LOAN Horizon Bancorp TX NASDAQ 12.250 12.250 7.250 28.95 10.11 7.69 94.41 0.14
JXVL Jacksonville Bancorp, Inc. TX NASDAQ 10.125 11.990 7.141 (4.71) 2.53 NA NA NA
BFSB Bedford Bancshares, Inc. VA NASDAQ 17.000 18.750 10.250 3.03 (2.16) 16.86 98.42 0.33
CNIT CENlT Bancorp, Inc. VA NASDAQ 31.750 40.250 10.875 (7.30) (5.22) 29.58 406.57 0.50
CFFC Community Financial Corp. VA NASDAQ 22.000 22.000 4.250 6.02 4.76 17.25 125.85 0.43
ESX Essex Bancorp, Inc. VA AMSE 2.375 19.250 0.750 5.56 (17.39) 7.72 300.38 0.00
PRICING RATIOS
-----------------------------------------
Price/ Price/Bk Price/ Price/Core
Earnings Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- ----------
HARL Harleysville Savings Bank 10.51 116.22 7.73 9.99
LARL Laurel Capital Group, Inc. 9.04 109.81 11.72 9.38
MLFB MLF Bancorp, Inc. 13.53 100.63 8.71 15.20
PVSA Parkvale Financial Corporation 9.09 120.59 9.15 9.74
PBIX Patriot Bank Corp. NA 84.84 14.67 NA
PWBC PennFirst Bancorp, Inc. 14.03 102.84 8.08 14.95
PWBK Pennwood Savings Bank NA NA NA NA
PHFC Pittsburgh Home Financial Corp NA 73.58 12.16 NA
PRBC Prestige Bancorp Inc. NA NA NA NA
PSAB Prime Bancorp, Inc. 11.73 121.95 10.98 12.58
PFNC Progress Financial Corporation 6.74 114.72 6.43 8.33
SVRN Sovereign Bancorp, Inc. 9.35 129.03 5.40 9.71
THRD TF Financial Corporation 14.84 80.06 12.42 15.66
THBC Troy Hill Bancorp Inc. 12.15 77.70 17.25 13.27
WVFC WVS Financial Corporation 12.27 96.80 14.63 11.25
YFED York Financial Corp. 10.08 105.95 9.30 11.86
AMFB American Federal Bank 10.81 161.94 13.05 10.00
CFCP Coastal Financial Corp. 17.95 268.20 16.31 19.81
FFCH First Financial Holdings Inc. 11.20 122.17 8.07 11.00
FSFC First Southeast Financial Corp 31.25 122.23 12.60 11.87
PALM Palfed, Inc. 15.81 130.08 10.99 18.75
SCCB S. Carolina Community Bancshrs 19.75 95.24 27.11 19.75
HFFC HF Financial Corp. 11.68 94.90 8.51 14.95
LFCT Leader Financial Corp. 10.41 169.90 14.10 10.66
TWIN Twin City Bancorp 13.78 111.54 15.35 15.91
CBSA Coastal Bancorp, Inc. 8.24 93.30 3.13 8.56
FTFS East Texas Financial Services 15.49 75.36 14.79 16.76
FBHC Fort Bend Holding Corp. 9.55 77.34 5.47 10.83
LOAN Horizon Bancorp 11.45 159.30 12.98 14.24
JXVL Jacksonville Bancorp, Inc. NA NA NA NA
BFSB Bedford Bancshares, Inc. 13.60 100.83 17.27 13.60
CNIT CENlT Bancorp, Inc. 17.07 107.34 7.81 15.34
CFFC Community Financial Corp. 13.75 127.54 17.48 13.75
ESX Essex Bancorp, Inc. NA 30.76 0.79 NA
108
KELLER & COMPANY Page 10
Columbus, Ohio
614-766-1426
EXHIBIT 31
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
PER SHARE
------------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------- -------- -------- ------- --------- ----- -------- --------
FFFC FFVA Financial Corp. VA NASDAQ 17.000 18.250 8.250 (1.45) 8.80 16.79 95.43 0.33
FFRV Fidelity Financial Bankshares VA NASDAQ 13.000 14.750 2.381 0.00 (3.70) 12.01 141.09 0.16
GSLC Guaranty Financial Corp. VA NASDAQ 7.250 8.500 6.313 (6.45) (14.71) 6.93 112.02 0.00
LIFB Life Bancorp, Inc. VA NASDAQ 14.250 16.625 8.313 0.88 0.00 14.73 122.86 0.44
VABF Virginia Beach Fed. Financial VA NASDAQ 7.000 9.938 1.625 0.43 (12.17) 8.28 125.95 0.16
VFFC Virginia First Financial VA NASDAQ 11.000 14.250 1.250 (10.20) (4.35) 9.81 127.14 0.06
CASB Cascade Financial Corp. WA NASDAQ 15.500 17.250 2.662 (1.59) 3.33 9.94 159.90 0.00
FWWB First SB of Washington Bancorp WA NASDAQ 15.375 15.625 12.375 0.42 5.13 15.30 73.75 NA
IWBK InterWest Bancorp, Inc. WA NASDAQ 24.500 25.125 8.478 0.51 5.38 14.94 219.20 0.44
MSEA Metropolitan Bancorp WA NASDAQ 16.875 17.000 3.636 26.17 19.47 13.79 205.11 0.00
STSA Sterling Financial Corp. WA NASDAQ 14.000 15.000 1.878 (2.61) 3.70 11.01 272.67 0.00
WFSL Washington Federal, Inc. WA NASDAQ 21.500 23.967 1.723 4.24 2.38 14.14 119.31 0.88
AADV Advantage Bancorp, Inc. WI NASDAQ 33.750 34.500 10.600 (0.74) (0.74) 26.04 284.07 0.26
ABCW Anchor BanCorp Wisconsin WI NASDAQ 35.000 36.250 9.800 0.72 5.26 24.00 355.58 0.32
FCBF FCB Financial Corp. WI NASDAQ 17.750 18.500 10.000 1.43 0.00 18.78 101.75 0.60
FFEC First Fed Bncshrs Eau Claire WI NASDAQ 15.125 16.190 8.375 (3.60) 8.04 14.04 98.07 0.10
FTFC First Federal Capital Corp. WI NASDAQ 20.625 22.875 1.449 (2.94) (5.17) 15.03 219.45 0.56
FFHC First Financial Corp. WI NASDAQ 22.750 24.000 1.392 (1.09) 1.11 13.64 186.56 0.54
FNGB First Northern Capital Corp. WI NASDAQ 15.250 16.500 3.063 (3.17) (3.17) 16.10 132.01 0.58
HALL Hallmark Capital Corp. WI NASDAQ 15.250 16.250 9.875 3.39 3.39 18.38 235.13 0.00
MWFD Midwest Federal Financial WI NASDAQ 15.750 16.000 4.167 0.00 9.57 10.21 109.16 0.14
NWEQ Northwest Equity Corp. WI NASDAQ 10.250 11.375 6.875 0.00 1.23 12.74 88.04 0.33
OSBF OSB Financial Corp. WI NASDAQ 23.000 24.875 14.500 (2.13) (3.66) 28.26 225.03 0.58
RELI Reliance Bancshares, Inc. WI NASDAQ 8.000 8.500 7.500 (1.54) (1.54) NA NA NA
SECP Security Capital Corporation WI NASDAQ 60.250 62.500 25.000 1.69 3.43 56.63 369.03 0.45
STFR St. Francis Capital Corp. WI NASDAQ 26.000 28.000 12.625 5.05 0.97 23.39 238.04 0.30
FOBC Fed One Bancorp WV NASDAQ 13.500 16.250 5.358 (6.90) (12.90) 16.73 134.09 0.54
CRZY Crazy Woman Creek Bancorp WY NASDAQ 10.310 11.000 10.000 2.49 (1.81) 14.61 47.57 NA
TRIC Tri-County Bancorp, Inc. WY NASDAQ 18.875 18.875 11.375 4.86 7.86 20.76 116.42 0.45
PRICING RATIOS
-----------------------------------------
Price/ Price/Bk Price/ Price/Core
Earnings Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- ----------
FFFC FFVA Financial Corp. 14.66 101.25 17.81 15.04
FFRV Fidelity Financial Bankshares 9.49 108.24 9.21 9.70
GSLC Guaranty Financial Corp. 8.84 104.62 6.47 14.22
LIFB Life Bancorp, Inc. 14.69 96.74 11.60 13.97
VABF Virginia Beach Fed. Financial 21.21 84.54 5.56 NA
VFFC Virginia First Financial 7.59 112.13 8.65 9.32
CASB Cascade Financial Corp. 20.13 155.94 9.69 41.89
FWWB First SB of Washington Bancorp NA 100.49 20.85 NA
IWBK InterWest Bancorp, Inc. 11.04 163.99 11.18 11.61
MSEA Metropolitan Bancorp 10.89 122.37 8.23 10.17
STSA Sterling Financial Corp. 15.56 127.16 5.13 16.47
WFSL Washington Federal, Inc. 10.86 152.05 18.02 11.32
AADV Advantage Bancorp, Inc. 14.42 129.61 11.88 16.00
ABCW Anchor BanCorp Wisconsin 12.96 145.83 9.84 13.46
FCBF FCB Financial Corp. 17.57 94.52 17.44 17.93
FFEC First Fed Bncshrs Eau Claire 17.39 107.73 15.42 18.01
FTFC First Federal Capital Corp. 11.15 137.23 9.40 15.17
FFHC First Financial Corp. 9.68 166.79 12.19 10.02
FNGB First Northern Capital Corp. 16.05 94.72 11.55 16.76
HALL Hallmark Capital Corp. 12.92 82.97 6.49 14.52
MWFD Midwest Federal Financial 13.70 154.26 14.43 16.94
NWEQ Northwest Equity Corp. 11.39 80.46 11.64 11.92
OSBF OSB Financial Corp. 46.94 81.39 10.22 28.40
RELI Reliance Bancshares, Inc. NA NA NA NA
SECP Security Capital Corporation 17.72 106.39 16.33 16.92
STFR St. Francis Capital Corp. 10.53 111.16 10.92 14.21
FOBC Fed One Bancorp 10.89 80.69 10.07 10.89
CRZY Crazy Woman Creek Bancorp NA 70.57 21.67 NA
TRIC Tri-County Bancorp, Inc. 19.46 90.92 16.21 19.87
109
KELLER & COMPANY Page 11
Columbus, Ohio
614-766-1426
EXHIBIT 31
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
PER SHARE
------------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
Price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------- -------- -------- ------- --------- ----- -------- --------
ALL THRIFTS
AVE RAGE 17.216 21.453 7.956 0.23 1.24 16.76 168.62 0.41
MEDIAN 15.750 17.500 9.125 0.00 0.00 16.14 138.38 0.35
HIGH 60.250 589.500 25.000 28.95 54.17 56.63 617.63 10.48
LOW 2.375 6.917 0.223 (16.67) (49.32) 2.18 36.26 0.00
AVERAGE FOR STATE
OH 18.632 20.549 8.964 (0.95) (0.71) 17.67 164.06 0.60
AVERAGE BY REGION
MIDWEST 18.019 19.738 8.975 (0.41) 0.07 17.85 156.38 0.39
NEW ENGLAND 18.025 19.496 5.878 1.17 5.14 17.83 242.76 0.49
MID ATLANTIC 16.349 18.423 7.181 0.48 1.47 16.32 171.88 0.33
SOUTHEAST 15.665 18.382 7.017 (0.43) (0.34) 14.16 138.60 0.66
SOUTHWEST 14.900 16.577 9.681 1.79 (0.82) 15.63 164.14 0.31
WEST 18.292 39.277 6.458 2.33 7.11 16.79 228.64 0.32
OTC/NASDAQ 16.951 18.956 8.040 0.07 0.86 16.68 162.66 0.41
PRICING RATIOS
-----------------------------------------
Price/ Price/Bk Price/ Price/Core
Earnings Value Assets Earnings
(X) (%) (%) (X)
-------- -------- -------- ----------
ALL THRIFTS
AVE RAGE 16.42 106.18 12.77 17.61
MEDIAN 13.34 99.79 11.18 14.66
HIGH 124.14 268.20 40.21 155.00
LOW 2.96 30.76 0.79 3.45
AVERAGE FOR STATE
OH 17.207 108.345 13.319 17.841
AVERAGE BY REGION
MIDWEST 16.71 104.67 13.96 18.38
NEW ENGLAND 11.34 99.96 7.80 13.86
MID ATLANTIC 13.14 103.88 11.26 14.17
SOUTHEAST 16.79 113.19 14.26 18.45
SOUTHWEST 12.84 100.54 13.01 13.78
WEST 22.46 109.69 9.99 21.09
OTC/NASDAQ 16.52 105.34 12.86 17.61
110
Page l
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
ASSETS AND EQUITY
------------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ----------- ------------ -------------
PLE Pinnacle Bank AL 185,793 15,223 14,682
SRN Southern Banc Company, Inc AL 109,768 22,293 NA
SZB SouthFirst Bancshares, Inc. AL 88,899 13,235 13,235
VAFD Valley Federal Savings Bank AL 118,625 9,595 9,595
FF BH First Federal Bancshares of AR AR 466,101 36,255 36,255
FTF Texarkana First Financial Corp AR 163,391 33,683 33,683
AHM Ahmanson & Company (H.F.) CA 49,506,630 2,777,356 2,637,334
AFFFZ America First Financial Fund CA 2,333,113 158,755 155,020
BPLS Bank Plus Corp. CA 3,296,633 174,998 NA
BVFS Bay View Capital Corp. CA 3,388,847 206,177 181,928
BYFC Broadway Financial Corp. CA 115,222 14,062 14,062
CAL Cal Fed Bancorp, Inc. CA 14,045,400 683,200 NA
CFHC California Financial Holding CA 1,327,178 86,924 86,431
CENF CENFED Financial Corp. CA 2,148,344 107,221 106,989
CSA Coast Savings Financial CA 8,350,710 429,883 423,104
DSL Downey Financial Corp. CA 4,712,294 391,919 385,323
FSSB First FS&LA of San Bernardino CA 103,288 5,827 5,566
FED FirstFed Financial Corp. CA 4,104,854 188,766 185,646
GLN Glendale Federal Bank, FSB CA 14,456,564 957,451 898,235
GDW Golden West Financial CA 35,775,375 2,362,246 2,224,420
GWF Great Western Financial CA 43,719,958 2,834,725 2,529,871
HTHR Hawthorne Financial Corp. CA 761,162 46,137 45,982
HEMT HF Bancorp, Inc. CA 826,916 81,072 NA
HBNK Highland Federal Bank FSB CA 441,911 34,626 34,626
MBBC Monterey Bay Bancorp, Inc. CA 318,879 47,771 47,196
NHSL NHS Financial, Inc. CA 292,618 24,671 24,618
PSSB Palm Springs Savings Bank CA 192,093 11,693 11,693
PFFB PFF Bancorp, Inc. CA 2,146,293 290,480 287,172
PRQV Provident Financial Holdings CA 567,186 37,323 37,323
QCBC Quaker City Bancorp, Inc. CA 725,085 67,926 67,628
REDF RedFed Bancorp Inc. CA 857,959 48,329 48,329
PROFITABILITY
-----------------------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ----- ------ ------- ------
PLE Pinnacle Bank AL 0.79 0.70 10.34 9.23
SRN Southern Banc Company, Inc AL 0.54 0.54 3.96 3.96
SZB SouthFirst Bancshares, Inc. AL 0.55 0.37 3.24 2.19
VAFD Valley Federal Savings Bank AL 0.08 0.07 0.96 0.85
FF BH First Federal Bancshares of AR AR NA NA NA NA
FTF Texarkana First Financial Corp AR 1.77 1.77 10.80 10.80
AHM Ahmanson & Company (H.F.) CA 0.92 0.26 15.79 4.50
AFFFZ America First Financial Fund CA 0.81 0.81 12.57 12.50
BPLS Bank Plus Corp. CA (1.74) (1.75) (30.56) (30.67)
BVFS Bay View Capital Corp. CA 0.06 0.36 0.85 5.12
BYFC Broadway Financial Corp. CA 0.41 0.41 6.78 6.83
CAL Cal Fed Bancorp, Inc. CA 0.82 0.73 14.84 13.17
CFHC California Financial Holding CA 0.57 0.52 8.53 7.65
CENF CENFED Financial Corp. CA 0.55 0.40 11.33 8.16
CSA Coast Savings Financial CA 0.49 0.45 9.90 9.08
DSL Downey Financial Corp. CA 0.69 0.61 8.44 7.48
FSSB First FS&LA of San Bernardino CA (0.17) (0.34) (2.90) (6.03)
FED FirstFed Financial Corp. CA 0.23 0.22 4.98 4.82
GLN Glendale Federal Bank, FSB CA 0.28 0.42 4.43 6.82
GDW Golden West Financial CA 0.81 0.79 12.46 12.25
GWF Great Western Financial CA 0.72 0.67 11.60 10.83
HTHR Hawthorne Financial Corp. CA 0.61 (0.02) 12.80 (0.38)
HEMT HF Bancorp, Inc. CA 0.26 0.26 2.31 2.31
HBNK Highland Federal Bank FSB CA 0.22 0.21 3.92 3.87
MBBC Monterey Bay Bancorp, Inc. CA 0.19 0.23 1.28 1.53
NHSL NHS Financial, Inc. CA 0.16 0.16 1.93 1.93
PSSB Palm Springs Savings Bank CA 0.62 0.34 10.80 5.85
PFFB PFF Bancorp, Inc. CA NA NA NA NA
PRQV Provident Financial Holdings CA (0.72) (0.80) (9.81) (10.93)
QCBC Quaker City Bancorp, Inc. CA 0.53 0.51 5.25 5.08
REDF RedFed Bancorp Inc. CA (0.56) (0.90) (9.99) (16.03)
CAPITAL ISSUES
-----------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ----------- ----------
PLE Pinnacle Bank AL 12/17/86 AMSE 889,824 15.91
SRN Southern Banc Company, Inc AL 10/05/95 AMSE 1,454,750 17.09
SZB SouthFirst Bancshares, Inc. AL 02/14/95 AMSE 854,855 10.15
VAFD Valley Federal Savings Bank AL 10/15/87 NASDAQ 366,860 12.11
FF BH First Federal Bancshares of AR AR 05/03/96 NASDAQ NA NA
FTF Texarkana First Financial Corp AR 07/07/95 AMSE 1,983,750 29.51
AHM Ahmanson & Company (H.F.) CA 10/01/72 NYSE 107,188,014 2894.08
AFFFZ America First Financial Fund CA NA NASDAQ 6,010,589 174.31
BPLS Bank Plus Corp. CA NA NASDAQ 18,242,465 159.62
BVFS Bay View Capital Corp. CA 05/09/86 NASDAQ 6,885,242 234.10
BYFC Broadway Financial Corp. CA 01/09/96 NASDAQ 892,688 9.26
CAL Cal Fed Bancorp, Inc. CA 03/01/83 NYSE 49,395,947 901.48
CFHC California Financial Holding CA 04/01/83 NASDAQ 4,688,652 101.98
CENF CENFED Financial Corp. CA 10/25/91 NASDAQ 5,040,437 112.15
CSA Coast Savings Financial CA 12/23/85 NYSE 18,583,617 608.61
DSL Downey Financial Corp. CA 01/01/71 NYSE 16,972,905 371.28
FSSB First FS&LA of San Bernardino CA 02/02/93 NASDAQ 328,296 3.78
FED FirstFed Financial Corp. CA 12/16/83 NYSE 10,508,897 182.59
GLN Glendale Federal Bank, FSB CA 10/01/83 NYSE 46,729,698 846.98
GDW Golden West Financial CA 05/29/59 NYSE 57,923,709 3243.73
GWF Great Western Financial CA NA NYSE 137,392,481 3280.25
HTHR Hawthorne Financial Corp. CA NA NASDAQ 2,599,000 22.74
HEMT HF Bancorp, Inc. CA 06/30/95 NASDAQ 6,281,875 61.25
HBNK Highland Federal Bank FSB CA NA NASDAQ 2,295,983 39.03
MBBC Monterey Bay Bancorp, Inc. CA 02/15/95 NASDAQ 3,414,063 42.68
NHSL NHS Financial, Inc. CA NA NASDAQ 2,522,827 22.71
PSSB Palm Springs Savings Bank CA NA NASDAQ 1,130,946 11.03
PFFB PFF Bancorp, Inc. CA 03/29/96 NASDAQ 19,837,500 220.69
PRQV Provident Financial Holdings CA 06/28/96 NASDAQ NA NA
QCBC Quaker City Bancorp, Inc. CA 12/30/93 NASDAQ 3,813,600 52.21
REDF RedFed Bancorp Inc. CA 04/08/94 NASDAQ 4,059,917 36.54
111
Page 2
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
ASSETS AND EQUITY
----------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ---------- ---------- -------------
SGVB SGV Bancorp, Inc. CA 333,064 32,581 32,581
WES Westcorp CA 3,027,248 312,836 NA
FFBA First Colorado Bancorp, Inc. CO 1,501,330 245,056 242,168
MORG Morgan Financial Corp. CO 71,654 10,501 10,501
EGFC Eagle Financial Corp. CT 1,428,558 101,928 73,743
FFES First Federal of East HartFord CT 947,807 57,007 56,846
NTMG Nutmeg Federal S&LA CT 85,194 5,548 5,548
WBST Webster Financial Corporation CT 3,837,220 214,669 167,767
lFSB Independence Federal Savings DC 263,735 16,891 14,544
BANC BankAtlantic Bancorp, Inc. FL 1,642,825 136,819 125,676
BKUNA BankUnited Financial Corp. FL 738,491 69,468 66,955
FFFG F.F.O. Financial Group, Inc. FL 305,683 18,408 18,408
FFLC FFLC Bancorp, Inc. FL 332,087 56,404 56,404
FFML First Family Financial Corp. FL 159,049 8,929 8,929
FFPB First Palm Beach Bancorp, Inc. FL 1,438,024 113,606 110,733
FFPC Florida First Bancorp, Inc. FL 302,689 21,349 21,349
HOFL Home Financial Corp. FL 1,215,712 301,582 301,582
SCSL Suncoast Savings and Loan FL 466,504 25,338 25,283
CCFH CCF Holding Company GA 78,772 16,725 16,725
EBSI Eagle Bancshares GA 611,512 57,175 57,175
FGHC First Georgia Holding, Inc. GA 142,133 11,605 10,263
FLFC First Liberty Financial Corp. GA 981,694 74,634 63,866
FLAG FLAG Financial Corp. GA 225,960 21,599 21,599
NFSL Newnan Savings Bank, FSB GA 160,656 18,605 18,483
CASH First Midwest Financial, Inc. 1A 342,095 39,029 36,450
GFSB GFS Bancorp, Inc. 1A 83,305 9,945 9,945
HZFS Horizon Financial Svcs Corp. 1A 72 8,358 8,358
MFCX Marshalltown Financial Corp. IA 125,308 19,563 19,563
MlFC Mid-Iowa Financial Corp. IA 115,260 10,807 10,791
MWBI Midwest Bancshares, Inc. IA 138,628 9,244 9,244
FFFD North Central Bancshares, Inc. 1A 194,283 55,736 55,736
PROFITABILITY
--------------------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ----- ------ ------- ------
SGVB SGV Bancorp, Inc. CA 0.12 0.11 1.10 1.08
WES Westcorp CA 1.28 0.51 13.55 5.37
FFBA First Colorado Bancorp, Inc. CO 1.09 1.09 8.16 8.13
MORG Morgan Financial Corp. CO 0.97 0.93 6.38 6.12
EGFC Eagle Financial Corp. CT 1.29 0.64 17.83 8.86
FFES First Federal of East HartFord CT 0.57 0.57 8.65 8.58
NTMG Nutmeg Federal S&LA CT 0.66 0.42 10.75 6.78
WBST Webster Financial Corporation CT 0.60 0.63 10.69 11.19
lFSB Independence Federal Savings DC 0.49 0.24 7.71 3.69
BANC BankAtlantic Bancorp, Inc. FL 1.08 0.86 16.11 12.86
BKUNA BankUnited Financial Corp. FL 1.12 0.13 14.68 1.64
FFFG F.F.O. Financial Group, Inc. FL 0.45 0.45 6.83 6.75
FFLC FFLC Bancorp, Inc. FL 0.94 0.94 5.51 5.51
FFML First Family Financial Corp. FL 0.90 0.48 17.04 9.16
FFPB First Palm Beach Bancorp, Inc. FL 0.73 0.69 8.92 8.44
FFPC Florida First Bancorp, Inc. FL 0.90 0.83 13.27 12.31
HOFL Home Financial Corp. FL 1.23 1.54 4.78 5.99
SCSL Suncoast Savings and Loan FL 0.51 (0.16) 8.77 (2.73)
CCFH CCF Holding Company GA 0.85 0.81 5.07 4.80
EBSI Eagle Bancshares GA 0.98 0.97 13.09 12.96
FGHC First Georgia Holding, Inc. GA 0.87 0.81 10.61 9.91
FLFC First Liberty Financial Corp. GA 1.03 0.83 13.14 10.60
FLAG FLAG Financial Corp. GA 0.92 0.81 9.91 8.77
NFSL Newnan Savings Bank, FSB GA 1.89 1.65 17.69 15.47
CASH First Midwest Financial, Inc. 1A 1.06 1.05 8.14 8.05
GFSB GFS Bancorp, Inc. 1A 1.16 1.13 9.19 8.93
HZFS Horizon Financial Svcs Corp. 1A 0.46 0.39 3.71 3.14
MFCX Marshalltown Financial Corp. IA 0.38 0.36 2.43 2.31
MlFC Mid-Iowa Financial Corp. IA 0.93 0.92 10.00 9.79
MWBI Midwest Bancshares, Inc. IA 1.01 0.70 14.64 10.14
FFFD North Central Bancshares, Inc. 1A 1.64 1.64 8.13 8.11
CAPITAL ISSUES
-----------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ---------- ----------
SGVB SGV Bancorp, Inc. CA 06/29/95 NASDAQ 2,727,656 24.55
WES Westcorp CA 05/01/86 NYSE 25,977,094 461.09
FFBA First Colorado Bancorp, Inc. CO 01/02/96 NASDAQ 20,134,256 266.78
MORG Morgan Financial Corp. CO 01/11/93 NASDAQ 832,700 9.78
EGFC Eagle Financial Corp. CT 02/03/87 NASDAQ 4,491,493 106.67
FFES First Federal of East HartFord CT 06/23/87 NASDAQ 2,597,010 46.75
NTMG Nutmeg Federal S&LA CT NA NASDAQ 707,814 5.49
WBST Webster Financial Corporation CT 12/12/86 NASDAQ 8,101,382 226.84
lFSB Independence Federal Savings DC 06/06/85 NASDAQ 1,278,935 9.27
BANC BankAtlantic Bancorp, Inc. FL 11/29/83 NASDAQ 14,678,749 176.14
BKUNA BankUnited Financial Corp. FL 12/11/85 NASDAQ 5,693,125 46.97
FFFG F.F.O. Financial Group, Inc. FL 10/13/88 NASDAQ 8,430,000 22.93
FFLC FFLC Bancorp, Inc. FL 01/04/94 NASDAQ 2,618,763 47.14
FFML First Family Financial Corp. FL 10/22/92 NASDAQ 545,000 11.45
FFPB First Palm Beach Bancorp, Inc. FL 09/29/93 NASDAQ 5,181,187 110.75
FFPC Florida First Bancorp, Inc. FL 11/06/86 NASDAQ 3,384,645 37.65
HOFL Home Financial Corp. FL 10/25/94 NASDAQ 24,716,619 321.32
SCSL Suncoast Savings and Loan FL 07/30/85 NASDAQ 1,989,930 12.69
CCFH CCF Holding Company GA 07/12/95 NASDAQ 1,130,738 13.57
EBSI Eagle Bancshares GA 04/01/86 NASDAQ 4,552,200 70.56
FGHC First Georgia Holding, Inc. GA 02/11/87 NASDAQ 2,023,711 14.67
FLFC First Liberty Financial Corp. GA 12/06/83 NASDAQ 3,981,578 83.61
FLAG FLAG Financial Corp. GA 12/11/86 NASDAQ 2,008,457 25.11
NFSL Newnan Savings Bank, FSB GA 03/01/86 NASDAQ 1,446,856 24.96
CASH First Midwest Financial, Inc. 1A 09/20/93 NASDAQ 1,778,577 39.13
GFSB GFS Bancorp, Inc. 1A 01/06/94 NASDAQ 509600 10.32
HZFS Horizon Financial Svcs Corp. 1A 06/30/94 NASDAQ 447,937 7.06
MFCX Marshalltown Financial Corp. IA 03/31/94 NASDAQ 1,411,475 21.88
MlFC Mid-Iowa Financial Corp. IA 10/14/92 NASDAQ 1,682,880 10.10
MWBI Midwest Bancshares, Inc. IA 11/12/92 NASDAQ 349,379 9.00
FFFD North Central Bancshares, Inc. 1A 03/21/96 NASDAQ 4,011,057 44.12
112
Page 3
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2, 1996
ASSETS AND EQUITY
------------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ----------- ------------ -------------
PMFI Perpetual Midwest Financial IA 374,039 36,053 36,053
SFFC StateFed Financial Corporation IA 74,181 14,925 14,925
AVND Avondale Financial Corp. IL 592,727 58,798 58,798
CBCI Calumet Bancorp, Inc. IL 500,814 80,507 80,507
CBSB Charter Financial, Inc. IL 300,812 64,393 62,739
CBK Citizens First Financial Corp. IL 232,196 15,765 15,765
CSBF CSB Financial Group, Inc. IL 41,211 12,730 12,730
DFIN Damen Financial Corp. IL 235,320 56,903 56,903
EGLB Eagle BancGroup, Inc. IL 150,974 11,515 11,515
FBCI Fidelity Bancorp, Inc. IL 456,896 49,801 49,630
FNSC Financial Security Corp. IL 273,965 39,372 39,372
FFBI First Financial Bancorp, Inc. IL 88,615 7,865 7,865
FMBD First Mutual Bancorp, Inc. IL 301,690 69,445 69,445
FFDP FirstFed Bancshares IL 635,096 54,810 52,341
GTPS Great American Bancorp IL 120,540 33,212 33,212
HNFC Hinsdale Financial Corp. IL 662,482 55,463 53,831
HMCI HomeCorp, Inc. IL 338,985 21,133 21,133
KNK Kankakee Bancorp, Inc. IL 363,182 35,581 33,014
LBCI Liberty Bancorp, Inc. IL 651,198 64,017 63,854
MAFB MAF Bancorp, Inc. IL 3,117,149 242,226 215,325
NBSI North Bancshares, Inc. IL 119,436 18,514 18,514
SWBI Southwest Bancshares IL 356,692 40,010 40,010
SPBC St. Paul Bancorp. Inc. IL 4,337,546 375,542 374,234
STND Standard Financial, Inc. IL 2,274,536 266,294 265,772
SFSB SuburbFed Financial Corp. IL 378,388 26,045 25,898
WCBI Westco Bancorp IL 312,158 48,236 48,236
FBCV 1ST Bancorp IN 273,122 21,535 21,535
AMFC AMB Financial Corp. IN 80,533 16,147 16,147
ASBI Ameriana Bancorp IN 402,051 44,609 44,547
ATSB AmTrust Capital Corp. IN 73,072 7,553 7,472
CBCO CB Bancorp, Inc. IN 195,658 19,319 19,319
PROFITABILITY
--------------------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ----- ----- ------ -----
PMFI Perpetual Midwest Financial IA 0.41 0.41 4.09 4.09
SFFC StateFed Financial Corporation IA 1.18 1.18 5.80 5.80
AVND Avondale Financial Corp. IL 0.62 0.45 5.81 4.20
CBCI Calumet Bancorp, Inc. IL 1.31 1.31 7.85 7.84
CBSB Charter Financial, Inc. IL 1.11 1.11 7.88 7.87
CBK Citizens First Financial Corp. IL 0.43 0.35 6.49 5.34
CSBF CSB Financial Group, Inc. IL 0.84 0.84 4.03 4.03
DFIN Damen Financial Corp. IL NA NA NA NA
EGLB Eagle BancGroup, Inc. IL (0.05) (0.11) (0.68) (1.59)
FBCI Fidelity Bancorp, Inc. IL 0.74 0.74 5.68 5.67
FNSC Financial Security Corp. IL 0.78 0.93 5.71 6.81
FFBI First Financial Bancorp, Inc. IL 0.70 0.57 6.53 5.33
FMBD First Mutual Bancorp, Inc. IL 0.98 0.94 3.80 3.65
FFDP FirstFed Bancshares IL 0.58 0.31 6.32 3.39
GTPS Great American Bancorp IL 0.68 0.67 2.46 2.43
HNFC Hinsdale Financial Corp. IL 0.63 0.57 8.18 7.37
HMCI HomeCorp, Inc. IL 0.40 0.25 6.66 4.23
KNK Kankakee Bancorp, Inc. IL 0.50 0.49 4.53 4.46
LBCI Liberty Bancorp, Inc. IL 0.55 0.55 5.61 5.61
MAFB MAF Bancorp, Inc. IL 0.70 0.71 9.90 9.97
NBSI North Bancshares, Inc. IL 0.59 0.54 3.19 2.92
SWBI Southwest Bancshares IL 1.15 1.14 8.95 8.89
SPBC St. Paul Bancorp. Inc. IL 0.91 0.88 9.81 9.56
STND Standard Financial, Inc. IL 0.80 0.73 6.06 5.53
SFSB SuburbFed Financial Corp. IL 0.50 0.44 6.91 6.12
WCBI Westco Bancorp IL 1.30 1.31 8.37 8.44
FBCV 1ST Bancorp IN 2.25 (0.13) 35.92 (2.02)
AMFC AMB Financial Corp. IN 0.50 0.50 4.75 4.75
ASBI Ameriana Bancorp IN 0.92 0.91 7.38 7.28
ATSB AmTrust Capital Corp. IN 0.31 0.07 2.75 0.60
CBCO CB Bancorp, Inc. IN 1.38 1.38 14.64 14.64
CAPITAL ISSUES
----------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ---------- ----------
PMFI Perpetual Midwest Financial IA 03/31/94 NASDAQ 2,017,082 34.29
SFFC StateFed Financial Corporation IA 01/05/94 NA5DAQ 823,485 14.00
AVND Avondale Financial Corp. IL 04/07/95 NASDAQ 3,599,868 48.38
CBCI Calumet Bancorp, Inc. IL 02/20/92 NASDAQ 2,422,678 67.83
CBSB Charter Financial, Inc. IL 12/29/95 NASDAQ 4,974,016 59.07
CBK Citizens First Financial Corp. IL 05/01/96 AMSE NA NA
CSBF CSB Financial Group, Inc. IL 10/09/95 NASDAQ 1,035,000 9.44
DFIN Damen Financial Corp. IL 10/02/95 NASDAQ 3,967,500 46.12
EGLB Eagle BancGroup, Inc. IL 07/01/96 NASDAQ NA NA
FBCI Fidelity Bancorp, Inc. IL 12/15/93 NASDAQ 2,930,608 47.99
FNSC Financial Security Corp. IL 12/29/92 NASDAQ 1,523,338 39.61
FFBI First Financial Bancorp, Inc. IL 10/04/93 NASDAQ 471,896 7.31
FMBD First Mutual Bancorp, Inc. IL 07/05/95 NASDAQ 4,126,600 51.07
FFDP FirstFed Bancshares IL 07/01/92 NASDAQ 3,399,116 59.91
GTPS Great American Bancorp IL 06/30/95 NASDAQ 1,849,562 26.36
HNFC Hinsdale Financial Corp. IL 07/07/92 NASDAQ 2,690,155 67.93
HMCI HomeCorp, Inc. IL 06/22/90 NASDAQ 1,128,579 20.31
KNK Kankakee Bancorp, Inc. IL 01/06/93 AMSE 1,439,318 29.33
LBCI Liberty Bancorp, Inc. IL 12/24/91 NASDAQ 2,477,022 61.93
MAFB MAF Bancorp, Inc. IL 01/12/90 NASDAQ 10,340,673 253.35
NBSI North Bancshares, Inc. IL 12/21/93 NASDAQ 1,113,631 16.98
SWBI Southwest Bancshares IL 06/24/92 NASDAQ 1,794,474 48.68
SPBC St. Paul Bancorp. Inc. IL 05/18/87 NASDAQ 17,988,321 413.73
STND Standard Financial, Inc. IL 08/01/94 NASDAQ 16,876 269.71
SFSB SuburbFed Financial Corp. IL 03/04/92 NASDAQ 1,257019 21.68
WCBI Westco Bancorp IL 06/26/92 NASDAQ 2,621,643 56.04
FBCV 1ST Bancorp IN 04/07/87 NASDAQ 666,042 19.81
AMFC AMB Financial Corp. IN 04/01/96 NASDAQ NA NA
ASBI Ameriana Bancorp IN 03/02/87 NASDAQ 3,303,130 44.59
ATSB AmTrust Capital Corp. IN 03/28/95 NASDAQ 566,964 5.81
CBCO CB Bancorp, Inc. IN 12/28/92 NASDAQ 1,175,226 20.86
113
Page 4
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2, 1996
ASSETS AND EQUITY
------------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ----------- ------------ -------------
CBIN Community Bank Shares IN 224,311 25,482 25,482
FFWC FFW Corp. IN 148,892 16,083 16,083
FFED Fidelity Federal Bancorp IN 280,138 14,221 14,221
FISB First Indiana Corporation IN 1,473,094 136,048 134,184
HFGI Harrington Financial Group IN 321,756 11,616 11,616
HBFW Home Bancorp IN 312,758 51,355 51,355
HBBI Home Building Bancorp IN 42,407 5,992 5,992
HOMF Home Federal Bancorp IN 630,015 51,517 49,619
HWEN Home Financial Bancorp IN 33,462 3,295 3,295
INCB Indiana Community Bank, SB IN 94,476 14,156 14,156
IFSL Indiana Federal Corporation IN 717,720 70,504 65,491
LOGN Logansport Financial Corp. IN 76,493 20,473 20,473
MARN Marion Capital Holdings IN 177,767 41,511 41,511
MFBC MFB Corp. IN 210,559 37,691 37,691
NEIB Northeast Indiana Bancorp IN 154,128 29,125 29,125
PFDC Peoples Bancorp IN 277,958 43,298 43,298
PERM Permanent Bancorp, Inc. IN 395,903 41,494 40,949
SOBl Sobieski Bancorp, Inc. IN 76,362 14,120 14,120
VCHI Workingmens Capital Holdings IN 208,203 26,459 26,459
FFSL First Independence Corp. KS 105,771 13,050 13,050
LARK Landmark Bancshares, Inc. KS 193,403 33,272 33,272
MCBS Mid Continent Bancshares Inc. KS 290,903 36,434 36,384
WBCI WFS Bancorp, Inc. KS 267,829 34,405 34,390
CKFB CKF Bancorp, Inc. KY 58,763 16,036 16,036
CLAS Classic Bancshares Inc. KY 67,786 19,517 19,517
FSBS First Ashland Financial Corp KY 86,860 23,631 23,631
FFKY First Federal Financial Corp. KY 351,010 49,291 45,966
FLKY First Lancaster Bancshares KY 33,812 4,643 4,643
FTSB Fort Thomas Financial Corp. KY 87,960 21,368 21,368
FKKY Frankfort First Bancorp, Inc. KY 138,616 47,836 47,836
GWBC Gateway Bancorp, Inc. KY 71,260 17,714 17,714
PROFITABILITY
--------------------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ----- ------ ------- ------
CBIN Community Bank Shares IN 0.91 0.88 7.91 7.71
FFWC FFW Corp. IN 0.90 1.00 8.07 8.96
FFED Fidelity Federal Bancorp IN 1.29 1.22 25.83 24.30
FISB First Indiana Corporation IN 1.19 0.99 13.57 11.33
HFGI Harrington Financial Group IN 0.42 0.38 11.98 11.00
HBFW Home Bancorp IN 0.86 0.86 4.97 4.96
HBBI Home Building Bancorp IN 0.46 0.45 3.16 3.09
HOMF Home Federal Bancorp IN 1.23 1.04 15.14 12.85
HWEN Home Financial Bancorp IN 0.97 0.97 9.55 9.55
INCB Indiana Community Bank, SB IN 0.67 0.67 4.39 4.39
IFSL Indiana Federal Corporation IN 1.02 0.96 10.75 10.07
LOGN Logansport Financial Corp. IN 1.40 1.33 5.41 5.13
MARN Marion Capital Holdings IN 1.41 1.41 5.86 5.86
MFBC MFB Corp. IN 0.73 0.71 3.69 3.59
NEIB Northeast Indiana Bancorp IN 1.19 1.19 5.46 5.46
PFDC Peoples Bancorp IN 1.45 1.44 9.51 9.49
PERM Permanent Bancorp, Inc. IN 0.34 0.34 2.94 2.92
SOBl Sobieski Bancorp, Inc. IN 0.42 0.42 2.24 2.24
VCHI Workingmens Capital Holdings IN 0.86 0.87 7.04 7.09
FFSL First Independence Corp. KS 1.10 0.94 8.51 7.28
LARK Landmark Bancshares, Inc. KS 0.92 0.80 5.34 4.64
MCBS Mid Continent Bancshares Inc. KS 1.40 1.36 10.14 9.85
WBCI WFS Bancorp, Inc. KS 0.67 0.73 5.71 6.18
CKFB CKF Bancorp, Inc. KY 1.24 1.24 4.39 4.39
CLAS Classic Bancshares Inc. KY NA NA NA NA
FSBS First Ashland Financial Corp KY 0.96 0.95 3.61 3.58
FFKY First Federal Financial Corp. KY 1.65 1.43 11.50 9.98
FLKY First Lancaster Bancshares KY 1.50 1.50 11.24 11.24
FTSB Fort Thomas Financial Corp. KY 1.29 1.29 5.55 5.55
FKKY Frankfort First Bancorp, Inc. KY 1.05 1.11 3.80 4.02
GWBC Gateway Bancorp, Inc. KY 1.05 1.05 4.05 4.05
CAPITAL ISSUES
------------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ----------- ----------
CBIN Community Bank Shares IN 04/10/95 NASDAQ 1,983,720 27.03
FFWC FFW Corp. IN 04/05/93 NASDAQ 739,176 13.31
FFED Fidelity Federal Bancorp IN 08/31/87 NASDAQ 2,493,229 32.02
FISB First Indiana Corporation IN 08/02/83 NASDAQ 8,294,482 199.07
HFGI Harrington Financial Group IN NA NASDAQ 1,961,626 NA
HBFW Home Bancorp IN 03/30/95 NASDAQ 3,094,489 44.87
HBBI Home Building Bancorp IN 02/08/95 NASDAQ 322,000 5.64
HOMF Home Federal Bancorp IN 01/23/88 NASDAQ 2,226,282 57.88
HWEN Home Financial Bancorp IN 07/02/96 NASDAQ NA NA
INCB Indiana Community Bank, SB IN 12/15/94 NASDAQ 922,039 14.06
IFSL Indiana Federal Corporation IN 02/04/87 NASDAQ 4,737,329 87.64
LOGN Logansport Financial Corp. IN 06/14/95 NASDAQ 1,322,500 16.37
MARN Marion Capital Holdings IN 03/18/93 NASDAQ 1,933,613 40.12
MFBC MFB Corp. IN 03/25/94 NASDAQ 1,973,980 27.14
NEIB Northeast Indiana Bancorp IN 06/28/95 NASDAQ 2,061,670 24.22
PFDC Peoples Bancorp IN 07/07/87 NASDAQ 2,345,512 46.32
PERM Permanent Bancorp, Inc. IN 04/04/94 NASDAQ 2,134,515 30.42
SOBl Sobieski Bancorp, Inc. IN 03/31/95 NASDAQ 836,860 10.67
VCHI Workingmens Capital Holdings IN 06/07/90 NASDAQ 1,808,560 36.85
FFSL First Independence Corp. KS 10/08/93 NASDAQ 583,421 10.36
LARK Landmark Bancshares, Inc. KS 03/28/94 NASDAQ 1,950,522 28.77
MCBS Mid Continent Bancshares Inc. KS 06/27/94 NASDAQ 2,061,250 36.98
WBCI WFS Bancorp, Inc. KS 06/03/94 NASDAQ 1,564,387 36.07
CKFB CKF Bancorp, Inc. KY 01/04/95 NASDAQ 931,911 18.64
CLAS Classic Bancshares Inc. KY 12/29/95 NASDAQ 1,322,500 15.54
FSBS First Ashland Financial Corp KY 04/07/95 NASDAQ 1,463,039 26.33
FFKY First Federal Financial Corp. KY 07/15/87 NASDAQ 4,215,360 76.93
FLKY First Lancaster Bancshares KY 07/01/96 NASDAQ NA NA
FTSB Fort Thomas Financial Corp. KY 06/28/95 NASDAQ 1,573,775 22.82
FKKY Frankfort First Bancorp, Inc. KY 07/10/95 NASDAQ 3,450000 48.73
GWBC Gateway Bancorp, Inc. KY 01/18/95 NASDAQ 1,132,372 15.99
114
Page 5
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2,1996
ASSETS AND EQUITY
-----------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ----------- ----------- -------------
GTFN Great Financial Corporation KY 2,477,204 281,206 278,685
HFFB Harrodsburg Firstfin Bancorp KY 108,710 31,161 31,161
KYF Kentucky First Bancorp, Inc. KY 83,981 19,841 19,841
ANA Acadiana Bancshares, Inc. LA 225,248 17,697 17,697
CZF CitiSave Financial Corp LA 79,717 14,497 14,484
ISBF ISB Financial Corporation LA 623,720 120,802 120,752
JEBC Jefferson Bancorp, Inc. LA 265,594 36,060 36,060
MERI Meritrust Federal SB LA 228,419 17,338 17,338
TSH Teche Holding Co. LA 346,115 59,404 59,404
AFCB Affiliated Community Bancorp MA 983,904 96,871 96,159
BFD BostonFed Bancorp, Inc. MA 777,997 88,947 88,947
FMLY Family Bancorp MA 925,239 69,952 64,294
ANBK American National Bancorp MD 449,019 49,011 49,011
EQSB Equitable Federal Savings Bank MD 260,134 13,648 13,648
FCIT First Citizens Financial Corp. MD 624,118 39,192 39,192
FFWM First Financial-W. Maryland MD 326,489 40,919 40,919
HRBF Harbor Federal Bancorp, Inc. MD 201,030 27,782 27,782
HFMD Home Federal Corp. MD 216,684 18,673 18,417
MFSL Maryland Federal Bancorp MD 1,128,449 94,654 93,158
WSB Washington Savings Bank, FSB MD 254,968 20,959 20,959
WHGB WHG Bancshares Corp. MD 111,704 23,008 23,008
MCBN Mid Coast Bancorp, Inc. ME 55,048 4,976 4976
BWFC Bank West Financial Corp. Ml 139,217 27,540 57,540
CFSB CFSB Bancorp, Inc. MI 791,610 65,067 65,067
DNFC D & N Financial Corp. Ml 1,364,024 78,954 77,886
MSBF MSB Financial Inc. Ml 56,317 12,747 12,747
MSBK Mutual Savings Bank, FSB MI 680,033 38,616 38,616
OFP Ottawa Financial Corp. MI 745464 81374 65222
SJSB SJS Bancorp Ml 150 752 17587 17,587
SFB Standard Federal Bancorp MI 15,239,983. 962,935 754,005
THR Three Rivers Financial Corp. Ml 85,138 13,044 12,986
PROFITABILITY
--------------------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ----- ----- ------ -----
GTFN Great Financial Corporation KY 1.00 0.81 8.18 6.68
HFFB Harrodsburg Firstfin Bancorp KY NA NA NA NA
KYF Kentucky First Bancorp, Inc. KY 1.12 1.12 5.27 5.27
ANA Acadiana Bancshares, Inc. LA (0.43) (0.11) (5.23) (1.34)
CZF CitiSave Financial Corp LA 1.15 1.08 7.47 6.98
ISBF ISB Financial Corporation LA 1.24 1.23 6.22 6.18
JEBC Jefferson Bancorp, Inc. LA 0.94 0.94 7.22 7.21
MERI Meritrust Federal SB LA 1.01 0.98 13.70 13.38
TSH Teche Holding Co. LA 1.17 1.15 6.66 6.55
AFCB Affiliated Community Bancorp MA 0.74 0.88 6.71 7.98
BFD BostonFed Bancorp, Inc. MA 0.49 0.45 4.66 4.28
FMLY Family Bancorp MA 0.90 0.87 11.79 11.33
ANBK American National Bancorp MD 0.34 0.33 3.88 3.80
EQSB Equitable Federal Savings Bank MD 0.84 0.83 16.13 16.03
FCIT First Citizens Financial Corp. MD 0.71 0.57 11.36 9.03
FFWM First Financial-W. Maryland MD 0.43 0.39 3.56 3.27
HRBF Harbor Federal Bancorp, Inc. MD 0.56 0.56 3.19 3.19
HFMD Home Federal Corp. MD 1.19 1.17 14.29 14.01
MFSL Maryland Federal Bancorp MD 0.79 0.56 9.60 6.77
WSB Washington Savings Bank, FSB MD 0.94 0.71 12.56 9.48
WHGB WHG Bancshares Corp. MD NA NA NA NA
MCBN Mid Coast Bancorp, Inc. ME 0.60 0.55 6.65 6.10
BWFC Bank West Financial Corp. Ml 0.69 0.41 3.41 2.03
CFSB CFSB Bancorp, Inc. MI 0.96 0.90 11.70 10.96
DNFC D & N Financial Corp. Ml 1.08 0.99 19.53 17.89
MSBF MSB Financial Inc. Ml 1.92 1.76 7.79 7.13
MSBK Mutual Savings Bank, FSB MI 0.01 (0.08) 0.18 (1.55)
OFP Ottawa Financial Corp. MI 0.99 0.99 4.97 4.99
SJSB SJS Bancorp Ml 0.63 0.61 5.00 4.87
SFB Standard Federal Bancorp MI 0.95 0.82 14.09 12.27
THR Three Rivers Financial Corp. Ml NA NA NA NA
CAPITAL ISSUES
-----------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ----------- ----------
GTFN Great Financial Corporation KY 03/31/94 NASDAQ 14,652,595 362.65
HFFB Harrodsburg Firstfin Bancorp KY 10/04/95 NASDAQ 2,182,185 31.10
KYF Kentucky First Bancorp, Inc. KY 08/29/95 AMSE 1,388,625 17.18
ANA Acadiana Bancshares, Inc. LA 07/16/96 AMSE NA NA
CZF CitiSave Financial Corp LA 07/14/95 AMSE 964,707 13.51
ISBF ISB Financial Corporation LA 04/07/95 NASDAQ 7,380,671 114.84
JEBC Jefferson Bancorp, Inc. LA 08/18/94 NASDAQ 2,195,635 48.30
MERI Meritrust Federal SB LA NA NASDAQ 774,176 24.19
TSH Teche Holding Co. LA 04/19/95 AMSE 4,093,900 53.22
AFCB Affiliated Community Bancorp MA 10/19/95 NASDAQ 5,080,666 88.28
BFD BostonFed Bancorp, Inc. MA 10/24/95 AMSE 6,589,617 79.08
FMLY Family Bancorp MA 11/07/86 NASDAQ 4,215,211 104.85
ANBK American National Bancorp MD 10/31/95 NASDAQ 3,980,500 40.30
EQSB Equitable Federal Savings Bank MD 09/10/93 NASDAQ 600,000 13.50
FCIT First Citizens Financial Corp. MD 12/17/86 NASDAQ 2,914,100 48.35
FFWM First Financial-W. Maryland MD 02/11/92 NASDAQ 2,187,584 40.47
HRBF Harbor Federal Bancorp, Inc. MD 08/12/94 NASDAQ 1,754,420 21.93
HFMD Home Federal Corp. MD 02/10/84 NASDAQ 2,519,010 20.78
MFSL Maryland Federal Bancorp MD 06/02/87 NASDAQ 3,160,068 93.22
WSB Washington Savings Bank, FSB MD NA AMSE 4,220,206 21.10
WHGB WHG Bancshares Corp. MD 04/01/96 NASDAQ NA NA
MCBN Mid Coast Bancorp, Inc. ME 11/02/89 NASDAQ 229,588 4.39
BWFC Bank West Financial Corp. Ml 03/30/95 NASDAQ 2,296,040 22.52
CFSB CFSB Bancorp, Inc. MI 06/22/90 NASDAQ 4,466,741 92.68
DNFC D & N Financial Corp. Ml 02/13/85 NASDAQ 7,564,730 105.91
MSBF MSB Financial Inc. Ml 02/06/95 NASDAQ 675,804 12.16
MSBK Mutual Savings Bank, FSB MI 07/17/92 NASDAQ 4,274,154 24.04
OFP Ottawa Financial Corp. MI 08/19/94 NASDAQ 5454838 88.6
SJSB SJS Bancorp Ml 02/16/95 NASDAQ 982,622 18.18
SFB Standard Federal Bancorp MI 01/21/87 NYSE 31,324,268 1205.98
THR Three Rivers Financial Corp. Ml 08/24/95 AMSE 859,625 11.39
115
Page 6
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2, 1996
ASSETS AND EQUITY
------------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ----------- ------------ -------------
BDJI First Federal Bancorporation MN 100,533 14,458 14,458
FFHH FSF Financial Corp. MN 331,395 47,624 47,624
HMNF HMN Financial, Inc. MN 542,012 90,879 90,879
MIVI Mississippi View Holding Co. MN 69,983 13,197 13,197
QCFB QCF Bancorp, Inc. MN 145,608 31,760 31,760
TCB TCF Financial Corp. MN 7,000,871 523,788 500,956
WEFC Wells Financial Corp. MN 196,184 29,327 29,327
CMRN Cameron Financial Corp MO 172,484 45,775 45,775
CAPS Capital Savings Bancorp, Inc. MO 202,554 21,136 21,136
CNSB CNS Bancorp, Inc. MO 85,390 9,180 9,180
FBSl First Bancshares, Inc. MO 140,471 23,771 23,725
GSBC Great Southern Bancorp, Inc. MO 658,997 66,706 65,583
HFSA Hardin Bancorp, Inc. MO 86,949 14,932 14,932
JSBA Jefferson Savings Bancorp MO 1,114,294 81,088 66,842
JOAC Joachim Bancorp, Inc. MO 36,779 10,751 10,751
LXMO Lexington B&L Financial Corp. MO 49,981 7,195 7,195
MBLF MBLA Financial Corp. MO 195,074 28,365 28,365
MFSB Mutual Bancompany MO 53,311 6,236 6,236
NASB North American Savings Bank MO 664,250 48,808 46,849
NSLB NS&L Bancorp, Inc. MO 59,052 13,868 13,868
PCBC Perry County Financial Corp. MO 78,480 15,733 15,733
RFED Roosevelt Financial Group MO 9,327,772 516,317 NA
SMFC Sho-Me Financial Corp. MO 280,027 30,787 30,787
SMBC Southern Missouri Bancorp, Inc MO 161,992 26,572 26,572
CFTP Community Federal Bancorp MS 201,650 66,523 66,523
FFBS FFBS BanCorp, Inc. MS 123,553 24,170 24,170
MGNL Magna Bancorp, Inc. MS 1,308,657 125,819 119,043
GBCI Glacier Bancorp, Inc. MT 408,467 38,472 38,425
SFBM Security Bancorp MT 360,021 32,128 27666
UBMT United Financial Corp. MT 104,574 24,609 24,609
WSTR WesterFed Financial Corp. MT 563,931 78,607 78,607
PROFITABILITY
-------------------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ---- ----- ------ -----
BDJI First Federal Bancorporation MN 0.71 0.71 5.03 5.02
FFHH FSF Financial Corp. MN 0.64 0.64 3.79 3.76
HMNF HMN Financial, Inc. MN 1.10 0.98 6.27 5.59
MIVI Mississippi View Holding Co. MN 1.32 1.17 6.73 5.98
QCFB QCF Bancorp, Inc. MN 1.51 1.51 7.61 7.61
TCB TCF Financial Corp. MN 1.43 1.37 20.06 19.14
WEFC Wells Financial Corp. MN 0.81 0.79 5.96 5.77
CMRN Cameron Financial Corp MO 1.60 1.58 5.72 5.64
CAPS Capital Savings Bancorp, Inc. MO 0.95 0.95 8.96 8.96
CNSB CNS Bancorp, Inc. MO 0.22 0.26 2.14 2.54
FBSl First Bancshares, Inc. MO 0.79 0.78 4.42 4.34
GSBC Great Southern Bancorp, Inc. MO 1.74 1.63 17.18 16.11
HFSA Hardin Bancorp, Inc. MO 0.76 0.75 4.25 4.23
JSBA Jefferson Savings Bancorp MO 0.62 0.57 8.90 8.19
JOAC Joachim Bancorp, Inc. MO 0.63 0.63 2.82 2.82
LXMO Lexington B&L Financial Corp. MO 1.17 1.23 8.36 8.82
MBLF MBLA Financial Corp. MO 0.70 0.70 4.83 4.81
MFSB Mutual Bancompany MO 0.20 0.23 1.84 2.10
NASB North American Savings Bank MO 1.33 1.22 18.15 16.65
NSLB NS&L Bancorp, Inc. MO 0.92 0.81 3.83 3.39
PCBC Perry County Financial Corp. MO 1.00 0.97 4.86 4.76
RFED Roosevelt Financial Group MO 0.64 0.86 12.31 16.46
SMFC Sho-Me Financial Corp. MO 0.85 0.83 6.89 6.66
SMBC Southern Missouri Bancorp, Inc MO 0.87 0.82 4.98 4.67
CFTP Community Federal Bancorp MS 1.29 1.27 6.12 5.99
FFBS FFBS BanCorp, Inc. MS 1.32 1.32 6.50 6.50
MGNL Magna Bancorp, Inc. MS 1.71 1.70 17.51 17.38
GBCI Glacier Bancorp, Inc. MT 1.59 1.59 16.40 16.41
SFBM Security Bancorp MT 0.69 0.52 8.01 6.01
UBMT United Financial Corp. MT 1.50 1.50 6.64 6.63
WSTR WesterFed Financial Corp. MT 0.81 0.74 5.93 5.44
CAPITAL ISSUES
-----------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ----------- ----------
BDJI First Federal Bancorporation MN 04/04/95 NASDAQ 819,375 11.68
FFHH FSF Financial Corp. MN 10/07/94 NASDAQ 3,477,694 41.30
HMNF HMN Financial, Inc. MN 06/30/94 NASDAQ 5,180,210 75.76
MIVI Mississippi View Holding Co. MN 03/24/95 NASDAQ 957,593 10.89
QCFB QCF Bancorp, Inc. MN 04/03/95 NASDAQ 1,782,750 25.63
TCB TCF Financial Corp. MN 06/17/86 NYSE 35,924,268 1194.48
WEFC Wells Financial Corp. MN 04/11/95 NASDAQ 2,187,500 22.70
CMRN Cameron Financial Corp MO 04/03/95 NASDAQ 2,850,180 39.19
CAPS Capital Savings Bancorp, Inc. MO 12/29/93 NASDAQ 1,039,079 18.44
CNSB CNS Bancorp, Inc. MO 06/12/96 NASDAQ NA NA
FBSl First Bancshares, Inc. MO 12/22/93 NASDAQ 1,301,576 21.80
GSBC Great Southern Bancorp, Inc. MO 12/14/89 NASDAQ 4,434,331 109.20
HFSA Hardin Bancorp, Inc. MO 09/29/95 NASDAQ 1,012,180 11.51
JSBA Jefferson Savings Bancorp MO 04/08/93 NASDAQ 4,181,563 123.88
JOAC Joachim Bancorp, Inc. MO 12/28/95 NASDAQ 760,437 9.51
LXMO Lexington B&L Financial Corp. MO 06/06/96 NASDAQ NA NA
MBLF MBLA Financial Corp. MO 06/24/93 NASDAQ 1,371,738 28.81
MFSB Mutual Bancompany MO 02/02/95 NASDAQ 333,500 5.59
NASB North American Savings Bank MO 09/27/85 NASDAQ 2,276,148 73.69
NSLB NS&L Bancorp, Inc. MO 06/08/95 NASDAQ 887,814 10.88
PCBC Perry County Financial Corp. MO 02/13/95 NASDAQ 856,452 15.42
RFED Roosevelt Financial Group MO 01/23/87 NASDAQ 42,145,561 811.30
SMFC Sho-Me Financial Corp. MO 07/01/94 NASDAQ 1,732,674 26.86
SMBC Southern Missouri Bancorp, Inc MO 04/13/94 NASDAQ 1,724,013 23.92
CFTP Community Federal Bancorp MS 03/26/96 NASDAQ 4,628,750 62.49
FFBS FFBS BanCorp, Inc. MS 07/01/93 NASDAQ 1,572,883 29.88
MGNL Magna Bancorp, Inc. MS 03/13/91 NASDAQ 6,851,434 255.22
GBCI Glacier Bancorp, Inc. MT 03/30/84 NASDAQ 3,361,133 71.42
SFBM Security Bancorp MT 11/20/86 NASDAQ 1,462,182 29.61
UBMT United Financial Corp. MT 09/23/86 NASDAQ 1,223,312 22.02
WSTR WesterFed Financial Corp. MT 01/10/94 NASDAQ 4,395,204 65.38
116
Page 7
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2, 1996
ASSETS AND EQUITY
------------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ----------- ------------ -------------
COOP Cooperative Bankshares, Inc. NC 316,654 29,494 26,038
SOPN First Savings Bancorp, Inc. NC 256,294 67,178 67,178
GSFC Green Street Financial Corp. NC 178,965 62,755 62,755
HFNC HFNC Financial Corp. NC 716,277 244,362 244,362
KSAV KS Bancorp, Inc. NC 93,536 13,835 13,821
MBSP Mitchell Bancorp, Inc. NC 27,596 6,078 6,078
PDB Piedmont Bancorp, Inc. NC 124,847 37,164 37,164
SSB Scotland Bancorp, Inc NC 70,412 26,464 26,464
SSM Stone Street Bancorp, Inc. NC 116,101 39,117 39,117
UFRM United Federal Savings Bank NC 252,170 20,859 20,859
CFB Commercial Federal Corporation NE 6,617,488 400,399 359,682
EBCP Eastern Bancorp NH 840,534 64,880 61,257
NHTB New Hampshire Thrift Bncshrs NH 252,481 19,417 19,417
FBER 1st Bergen Bancorp NJ 252,173 43,397 43,397
CJFC Central Jersey Financial NJ 468,272 55,612 51,821
COFD Collective Bancorp, Inc. NJ 5,145,471 364,304 339,997
FSPG First Home Bancorp, Inc. NJ 466,363 30,396 29,572
FSFI First State Financial Services NJ 628,684 43,014 40,765
FMCO FMS Financial Corporation NJ 517,943 34,327 33,491
IBSFF IBS Financial Corp. NJ 748,745 149,085 149,085
LVSB Lakeview Financial NJ 455,155 45,287 34,781
LFBl Little Falls Bancorp, Inc. NJ 282,232 43,813 40,416
OCFC Ocean Financial Corp. NJ 1,036,445 92,351 92,351
PBCI Pamrapo Bancorp, Inc. NJ 365,553 56,543 56,058
PFSB Pennfed Financial Services Inc NJ 1 022,777 91,782 72,708
PULS Pulse Bancorp NJ 505,034 39,338 39,338
SFlN Statewide Financial Corp. NJ 634,464 70,421 70,218
WYNE Wayne Bancorp, Inc. NJ 207,997 17,299 17,299
WWFC Westwood Financial Corporation NJ 84,779 5,978 4,717
FSBC First Savings Bank, FSB NM 115,492 5,471 5,471
GUPB GFSB Bancorp, Inc. NM 70,422 16,216 16,216
PROFITABILITY
--------------------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ----- ------ ------ -----
COOP Cooperative Bankshares, Inc. NC 0.29 0.28 3.14 3.06
SOPN First Savings Bancorp, Inc. NC 1.48 1.51 5.68 5.78
GSFC Green Street Financial Corp. NC NA NA NA NA
HFNC HFNC Financial Corp. NC NA NA NA NA
KSAV KS Bancorp, Inc. NC 1.11 1.12 6.88 6.97
MBSP Mitchell Bancorp, Inc. NC 0.92 0.92 4.24 4.24
PDB Piedmont Bancorp, Inc. NC 1.35 1.38 7.23 7.43
SSB Scotland Bancorp, Inc NC NA NA NA NA
SSM Stone Street Bancorp, Inc. NC NA NA NA NA
UFRM United Federal Savings Bank NC 0.87 0.77 11.31 10.05
CFB Commercial Federal Corporation NE 0.84 0.84 15.33 15.24
EBCP Eastern Bancorp NH 0.72 0.53 9.60 7.07
NHTB New Hampshire Thrift Bncshrs NH 0.58 0.61 7.41 7.74
FBER 1st Bergen Bancorp NJ NA NA NA NA
CJFC Central Jersey Financial NJ 1.13 1.07 10.41 9.88
COFD Collective Bancorp, Inc. NJ 1.07 1.06 15.71 15.51
FSPG First Home Bancorp, Inc. NJ 1.01 0.96 15.60 14.84
FSFI First State Financial Services NJ 0.63 0.49 9.27 7.24
FMCO FMS Financial Corporation NJ 0.83 0.83 12.68 12.66
IBSFF IBS Financial Corp. NJ 1.05 1.06 4.99 5.05
LVSB Lakeview Financial NJ 1.15 0.70 10.25 6.23
LFBl Little Falls Bancorp, Inc. NJ NA NA NA NA
OCFC Ocean Financial Corp. NJ 0.80 0.83 9.44 9.70
PBCI Pamrapo Bancorp, Inc. NJ 1.34 1.34 6.52 8.52
PFSB Pennfed Financial Services Inc NJ 0.74 0.80 7.04 7.59
PULS Pulse Bancorp NJ 1.19 1.19 10.28 10.28
SFlN Statewide Financial Corp. NJ NA NA NA NA
WYNE Wayne Bancorp, Inc. NJ 0.46 0.59 5.12 6.51
WWFC Westwood Financial Corporation NJ 0.67 0.67 9.40 9.40
FSBC First Savings Bank, FSB NM 0.31 0.24 6.81 5.26
GUPB GFSB Bancorp, Inc. NM 1.25 1.25 4.87 4.87
CAPITAL ISSUES
-----------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ----------- ----------
COOP Cooperative Bankshares, Inc. NC 08/21/91 NASDAQ 1,491,698 25.36
SOPN First Savings Bancorp, Inc. NC 01/06/94 NASDAQ 3,744,000 68.33
GSFC Green Street Financial Corp. NC 04/04/96 NASDAQ 4,298,125 55.88
HFNC HFNC Financial Corp. NC 12/29/95 NASDAQ 17,192,500 255.74
KSAV KS Bancorp, Inc. NC 12/30/93 NASDAQ 663,263 11.94
MBSP Mitchell Bancorp, Inc. NC 07/12/96 NASDAQ NA NA
PDB Piedmont Bancorp, Inc. NC 12/08/95 AMSE 2,645,000 35.05
SSB Scotland Bancorp, Inc NC 04/01/96 AMSE NA NA
SSM Stone Street Bancorp, Inc. NC 04/01/96 AMSE NA NA
UFRM United Federal Savings Bank NC 07/01/80 NASDAQ 3,065,064 24.52
CFB Commercial Federal Corporation NE 12/31/84 NYSE 15,067,179 585.74
EBCP Eastern Bancorp NH 11/17/83 NASDAQ 3,651,534 59.34
NHTB New Hampshire Thrift Bncshrs NH 05/22/86 NASDAQ 1,689,503 16.47
FBER 1st Bergen Bancorp NJ 04/01/96 NASDAQ 3,174,000 28.96
CJFC Central Jersey Financial NJ 09/01/84 NASDAQ 2,668,269 68.04
COFD Collective Bancorp, Inc. NJ 02/07/84 NASDAQ 20,374,141 481.34
FSPG First Home Bancorp, Inc. NJ 04/20/87 NASDAQ 2,030,009 38.06
FSFI First State Financial Services NJ 12/18/87 NASDAQ 4,024,658 49.30
FMCO FMS Financial Corporation NJ 12/14/88 NASDAQ 2,467,593 39.79
IBSFF IBS Financial Corp. NJ 10/13/94 NASDAQ 11,002,393 143.03
LVSB Lakeview Financial NJ 12/22/93 NASDAQ 2,265,704 44.46
LFBl Little Falls Bancorp, Inc. NJ 01/05/96 NASDAQ 3,041,750 31.56
OCFC Ocean Financial Corp. NJ 07/03/96 NASDAQ NA NA
PBCI Pamrapo Bancorp, Inc. NJ 11/14/89 NASDAQ 3280964 63.16
PFSB Pennfed Financial Services Inc NJ 07/15/94 NASDAQ 5,077,225 75.85
PULS Pulse Bancorp NJ 09/18/86 NASDAQ 3,049,378 53.36
SFlN Statewide Financial Corp. NJ 10/02/95 NASDAQ 5,269,752 67.85
WYNE Wayne Bancorp, Inc. NJ 06/27/96 NASDAQ NA NA
WWFC Westwood Financial Corporation NJ 06/07/96 NASDAQ NA NA
FSBC First Savings Bank, FSB NM 08/08/86 NASDAQ 695698 4.44
GUPB GFSB Bancorp, Inc. NM 06/30/95 NASDAQ 948,750 12.81
117
Page 8
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2, 1996
ASSETS AND EQUITY
------------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ----------- ------------ -------------
ALBK ALBANK Financial Corporation NY 3,325,592 316,703 279,777
ALBC Albion Banc Corp. NY 56,692 6,072 6,072
ASFC Astoria Financial Corporation NY 7,078,383 561,667 456,987
BFSl BFS Bankorp, Inc. NY 621,324 48,620 48,620
CARV Carver Federal Savings Bank NY 362,369 34,793 33,177
FIBC Financial Bancorp, Inc. NY 262,497 26,224 NA
HAVN Haven Bancorp, Inc. NY 1,550,275 94,068 93,515
LISB Long Island Bancorp, Inc. NY 5,221,019 520,711 521,711
NYB New York Bancorp Inc. NY 2,918,120 158,374 158,374
PEEK Peekskill Financial Corp. NY 193,675 59,409 59,409
PKPS Poughkeepsie Savings Bank, FSB NY 840,491 70,958 70,958
RELY Reliance Bancorp, Inc. NY 1,782,550 153,619 104,190
SFED SFS Bancorp, Inc. NY 164,366 22,287 22,287
TPNZ Tappan Zee Financial, Inc. NY 114,790 22,360 22,360
YFCB Yonkers Financial Corporation NY 212,248 16,598 16,598
ASBP ASB Financial Corp. OH 111,718 25,784 25,784
CAF l Camco Financial Corporation OH 343,711 28,625 28,625
COFl Charter One Financial OH 13,951,846 934,478 NA
CRCL Circle Financial Corp. OH 229,406 24,436 21,196
CTZN Citfed Bancorp, Inc. OH 2,597,886 174,109 150,890
CIBI Community Investors Bancorp OH 85,785 11,869 11,869
EFBI Enterprise Federal Bancorp OH 203,431 31,470 31,405
FFDF FFD Financial Corp. OH 76,159 8,302 8,302
FFYF FFY Financial Corp. OH 573,162 105,162 105,162
FFOH Fidelity Financial of Ohio OH 251,188 51,087 51,087
FDEF First Defiance Financial OH 520,666 126,605 126,605
FFBZ First Federal Bancorp, Inc. OH 177,778 14,022 14,003
FFHS First Franklin Corporation OH 216,508 20,287 20,080
FFSW First Federal Financial Svcs OH 1,044,608 82,838 71,588
GFCO Glenway Financial Corp. OH 273,890 26,485 25,854
HHFC Harvest Home Financial Corp. OH 73,005 12,930 12,930
PROFITABILITY
--------------------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ----- ------ ------- ------
ALBK ALBANK Financial Corporation NY 0.97 0.97 9.50 9.49
ALBC Albion Banc Corp. NY 0.30 0.25 2.87 2.46
ASFC Astoria Financial Corporation NY 0.74 0.67 8.56 7.82
BFSl BFS Bankorp, Inc. NY 1.84 1.78 24.09 23.30
CARV Carver Federal Savings Bank NY 0.21 0.20 2.15 2.07
FIBC Financial Bancorp, Inc. NY 0.66 0.64 5.76 5.65
HAVN Haven Bancorp, Inc. NY 0.74 0.71 11.42 11.05
LISB Long Island Bancorp, Inc. NY 0.93 0.85 8.78 7-99
NYB New York Bancorp Inc. NY 1.27 1.20 21.77 20.51
PEEK Peekskill Financial Corp. NY 1.08 1.11 5.14 5.30
PKPS Poughkeepsie Savings Bank, FSB NY 1.70 2.36 21.07 29.34
RELY Reliance Bancorp, Inc. NY 0.83 0.79 7.61 7.23
SFED SFS Bancorp, Inc. NY 0.69 0.70 4.88 4.95
TPNZ Tappan Zee Financial, Inc. NY 0.81 0.75 6.04 5.63
YFCB Yonkers Financial Corporation NY NA NA NA NA
ASBP ASB Financial Corp. OH 1.02 1.02 4.52 4.52
CAF l Camco Financial Corporation OH 1.22 0.94 15.56 11.93
COFl Charter One Financial OH 0.42 1.12 6.39 17.06
CRCL Circle Financial Corp. OH 0.49 0.42 4.32 3.71
CTZN Citfed Bancorp, Inc. OH 0.68 0.56 9.62 7.89
CIBI Community Investors Bancorp OH 1.01 0.96 6.98 6.63
EFBI Enterprise Federal Bancorp OH 1.03 0.68 5.52 3.65
FFDF FFD Financial Corp. OH 0.87 0.82 6.92 6.51
FFYF FFY Financial Corp. OH 1.21 1.25 6.50 6.72
FFOH Fidelity Financial of Ohio OH 0.87 0.87 5.60 5.59
FDEF First Defiance Financial OH 1.21 1.19 5.29 5.21
FFBZ First Federal Bancorp, Inc. OH 1.14 1.12 15.12 14.89
FFHS First Franklin Corporation OH 0.62 0.61 6.56 6.47
FFSW First Federal Financial Svcs OH 1.12 0.95 13.85 11.82
GFCO Glenway Financial Corp. OH 0.56 0.55 5.82 5.75
HHFC Harvest Home Financial Corp. OH 0.80 0.80 4.31 4.31
CAPITAL ISSUES
----------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ---------- ----------
ALBK ALBANK Financial Corporation NY 04/01/92 NASDAQ 13,287,933 350.47
ALBC Albion Banc Corp. NY 07/26/93 NASDAQ 260,714 4.30
ASFC Astoria Financial Corporation NY 11/18/93 NASDAQ 21,509,444 583.44
BFSl BFS Bankorp, Inc. NY 05/12/88 NASDAQ 1,635,488 61.74
CARV Carver Federal Savings Bank NY 10/25/94 NASDAQ 2,314,375 18.52
FIBC Financial Bancorp, Inc. NY 08/17/94 NASDAQ 1,796,122 22.45
HAVN Haven Bancorp, Inc. NY 09/23/93 NASDAQ 4,320,060 121.50
LISB Long Island Bancorp, Inc. NY 04/18/94 NASDAQ 24,805,349 758.05
NYB New York Bancorp Inc. NY 01/28/88 NYSE 11,491,858 293.04
PEEK Peekskill Financial Corp. NY 12/29/95 NASDAQ 4,099,750 47.66
PKPS Poughkeepsie Savings Bank, FSB NY 11/19/85 NASDAQ 12,549,325 62.75
RELY Reliance Bancorp, Inc. NY 03/31/94 NASDAQ 9,128,739 142.64
SFED SFS Bancorp, Inc. NY 06/30/95 NASDAQ 1,292,450 16.48
TPNZ Tappan Zee Financial, Inc. NY 10/05/95 NASDAQ 1,620,062 19.44
YFCB Yonkers Financial Corporation NY 04/18/96 NASDAQ NA NA
ASBP ASB Financial Corp. OH 05/11/95 NASDAQ 1,713,960 27.42
CAF l Camco Financial Corporation OH NA NASDAQ 2,070,051 35.73
COFl Charter One Financial OH 01/22/88 NASDAQ 45,009,764 1569.72
CRCL Circle Financial Corp. OH 08/06/91 NASDAQ 708,096 18.59
CTZN Citfed Bancorp, Inc. OH 01/23/92 NASDAQ 5,685,567 201.84
CIBI Community Investors Bancorp OH 02/07/95 NASDAQ 701,246 1034
EFBI Enterprise Federal Bancorp OH 10/17/94 NASDAQ 2,085,215 31.02
FFDF FFD Financial Corp. OH 04/03/96 NASDAQ NA NA
FFYF FFY Financial Corp. OH 06/28/93 NASDAQ 5192895 117.49
FFOH Fidelity Financial of Ohio OH 03/04/96 NASDAQ 4,073589 40.74
FDEF First Defiance Financial OH 10/02/95 NASDAQ 10,432,476 108.24
FFBZ First Federal Bancorp, Inc. OH 07/13/92 NASDAQ 784,658 18.44
FFHS First Franklin Corporation OH 01/26/88 NASDAQ 1,165,318 17.48
FFSW First Federal Financial Svcs OH 03/31/87 NASDAQ 3,583,829 104.83
GFCO Glenway Financial Corp. OH 11/30/90 NASDAQ 1145431 23.45
HHFC Harvest Home Financial Corp. OH 10/10/94 NASDAQ 895,182 10.74
118
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KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDLNG COMPANIES)
AS OF AUGUST 2, 1996
ASSETS AND EQUITY
------------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ----------- ------------ -------------
HVFD Haverfield Corporation OH 334,226 28,414 28,352
INBI Industrial Bancorp OH 313,563 60,799 60,799
LONF London Financial Corporation OH 37,552 7,834 7,834
MFFC Milton Federal Financial Corp. OH 178,289 33,756 33,756
OHSL OHSL Financial Corp. OH 209,037 25,494 25,494
PTRS Potters Financial Corp. OH 113,862 11,081 11,081
PVFC PVF Capital Corp. OH 318,100 21,325 21,325
SFSL Security First Corp. OH 469,656 40,901 39,766
SHFC Seven Hills Financial Corp. OH 45,511 9,651 9,651
SSBK Strongsville Savings Bank OH 529,187 42,554 41,701
SBCN Suburban Bancorporation, Inc. OH 197,137 25,639 25,639
THIR Third Financial Corp. OH 155,687 28,257 28,257
WOFC Western Ohio Financial Corp. OH 319,558 58,161 54,774
WFCO Winton Financial Corp. OH 282,833 21,083 20,544
FFWD Wood Bancorp. Inc. OH 139,718 20,395 20,395
KFBI Klamath First Bancorp OR 604,663 167,694 167,694
BRFC Bridgeville Savings Bank PA 55,712 15,883 15,883
CVAL Chester Valley Bancorp Inc. PA 274,575 25,123 25,123
CMSB Commonwealth Bancorp, Inc. PA 1,657,690 137,683 120,977
FSBI Fidelity Bancorp, Inc. PA 317,315 21,544 21,434
FBBC FirstBell Bancorp, Inc. PA 570,649 116,265 116,265
FKFS First Keystone Financial PA 278,204 23,043 23,043
SHEN First Shenango Bancorp, Inc. PA 369,279 46,836 46,836
GAF GA Financial, Inc. PA 562,351 128,420 128,420
HARL Harleysville Savings Bank PA 298,172 19,826 19,826
LARL Laurel Capital Group, Inc. PA 193,008 20,609 20,609
MLFB MLF Bancorp, Inc. PA 1,765,812 140,337 136,838
PVSA Parkvale Financial Corporation PA 919,242 69,765 69489
PBIX Patriot Bank Corp. PA 312,990 54,126 54,126
PWBC PennFirst Bancorp, Inc. PA 680,434 53,430 48,680
PWBK Pennwood Savings Bank PA 42,634 3,862 3,862
PROFITABILITY
--------------------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ----- ----- ------ ------
HVFD Haverfield Corporation OH 0.71 0.67 8.57 8.10
INBI Industrial Bancorp OH 1.57 1.57 7.13 7.13
LONF London Financial Corporation OH NA NA NA NA
MFFC Milton Federal Financial Corp. OH 1.04 0.96 4.80 4.41
OHSL OHSL Financial Corp. OH 0.95 0.93 7.55 7.41
PTRS Potters Financial Corp. OH 0.54 0.53 5.67 5.55
PVFC PVF Capital Corp. OH 1.13 1.00 17.86 15.90
SFSL Security First Corp. OH 1.18 1.24 13.51 14.20
SHFC Seven Hills Financial Corp. OH 0.36 0.34 1.69 1.61
SSBK Strongsville Savings Bank OH 0.99 0.88 11.84 10.54
SBCN Suburban Bancorporation, Inc. OH 0.39 0.57 2.95 4.30
THIR Third Financial Corp. OH 1.40 1.25 7.85 7.04
WOFC Western Ohio Financial Corp. OH 1.12 0.66 4.19 2.46
WFCO Winton Financial Corp. OH 0.94 0.80 12.39 10.50
FFWD Wood Bancorp. Inc. OH 1.17 1.13 8.14 7.85
KFBI Klamath First Bancorp OR 1.34 1.34 6.64 6.64
BRFC Bridgeville Savings Bank PA 1.24 1.24 4.17 4.17
CVAL Chester Valley Bancorp Inc. PA 0.91 0.88 10.03 9.63
CMSB Commonwealth Bancorp, Inc. PA 0.78 0.70 8.41 7.52
FSBI Fidelity Bancorp, Inc. PA 0.65 0.65 8.66 8.53
FBBC FirstBell Bancorp, Inc. PA 1.62 1.61 7.34 7.30
FKFS First Keystone Financial PA 0.48 0.52 5.49 5.96
SHEN First Shenango Bancorp, Inc. PA 1.03 0.98 7.45 7.10
GAF GA Financial, Inc. PA 0.78 0.96 5.90 7.26
HARL Harleysville Savings Bank PA 0.81 0.85 11.83 12.43
LARL Laurel Capital Group, Inc. PA 1.35 1.31 13.23 12.79
MLFB MLF Bancorp, Inc. PA 0.71 0.64 7.88 7.04
PVSA Parkvale Financial Corporation PA 1.06 0.99 15.13 14.14
PBIX Patriot Bank Corp. PA NA NA NA NA
PWBC PennFirst Bancorp, Inc. PA 0.61 0.58 7.46 7.08
PWBK Pennwood Savings Bank PA 0.28 0.12 2.99 1.30
CAPITAL ISSUES
-----------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ----------- ----------
HVFD Haverfield Corporation OH 03/19/85 NASDAQ 1,906,591 36.23
INBI Industrial Bancorp OH 08/01/95 NASDAQ 5,554,500 62.49
LONF London Financial Corporation OH 04/01/96 NASDAQ NA NA
MFFC Milton Federal Financial Corp. OH 10/07/94 NASDAQ 2,263,797 27.73
OHSL OHSL Financial Corp. OH 02/10/93 NASDAQ 1,217,386 24.35
PTRS Potters Financial Corp. OH 12/31/93 NASDAQ 532,809 9.32
PVFC PVF Capital Corp. OH 12/30/92 NASDAQ 1,548,957 30.20
SFSL Security First Corp. OH 01/22/88 NASDAQ 3,531,508 43.16
SHFC Seven Hills Financial Corp. OH 12/31/93 NASDAQ 536,472 7.78
SSBK Strongsville Savings Bank OH NA NASDAQ 2,530,800 51.88
SBCN Suburban Bancorporation, Inc. OH 09/30/93 NASDAQ 1,480,732 23.88
THIR Third Financial Corp. OH 03/25/93 NASDAQ 1,135,954 33.23
WOFC Western Ohio Financial Corp. OH 07/29/94 NASDAQ 2,309,342 52.54
WFCO Winton Financial Corp. OH 08/04/88 NASDAQ 1,986,152 28.30
FFWD Wood Bancorp. Inc. OH 08/31/93 NASDAQ 1,551,255 19.13
KFBI Klamath First Bancorp OR 10/05/95 NASDAQ 11,254,475 150.53
BRFC Bridgeville Savings Bank PA 10/07/94 NASDAQ 1,124,125 15.18
CVAL Chester Valley Bancorp Inc. PA 03/27/87 NASDAQ 1,579,803 28.83
CMSB Commonwealth Bancorp, Inc. PA 06/17/96 NASDAQ NA NA
FSBI Fidelity Bancorp, Inc. PA 06/24/88 NASDAQ 1,369,511 22.60
FBBC FirstBell Bancorp, Inc. PA 06/29/95 NASDAQ 8,166450 112.29
FKFS First Keystone Financial PA 01/26/95 NASDAQ 1,292,500 24.56
SHEN First Shenango Bancorp, Inc. PA 04/06/93 NASDAQ 2,281,250 46.20
GAF GA Financial, Inc. PA 03/26/96 AMSE 8,900,000 97.90
HARL Harleysville Savings Bank PA 08/04/87 NASDAQ 1,289442 22.89
LARL Laurel Capital Group, Inc. PA 02/20/87 NASDAQ 1,508,464 23.76
MLFB MLF Bancorp, Inc. PA 08/11/94 NASDAQ 6,246,900 149.14
PVSA Parkvale Financial Corporation PA 07/16/87 NASDAQ 3,235,643 81.70
PBIX Patriot Bank Corp. PA 12/04/95 NASDAQ 3,497,748 44.60
PWBC PennFirst Bancorp, Inc. PA 06/13/90 NASDAQ 3,996,494 47.96
PWBK Pennwood Savings Bank PA 07/15/96 NASDAQ NA NA
119
Page 10
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2, 1996
ASSETS AND EQUITY
------------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ----------- ------------ -------------
PHFC Pittsburgh Home Financial Corp PA 184,002 30,406 30,406
PRBC Prestige Bancorp, Inc. PA 91,841 7,178 7,178
PSAB Prime Bancorp, Inc. PA 644,560 58,048 54,425
PFNC Progress Financial Corporation PA 347,858 19,508 19,374
SVRN Sovereign Bancorp, Inc. PA 9,183,447 461,466 344,022
THRD TF Financial Corporation PA 519,196 74,298 74,298
THBC Troy Hill Bancorp, Inc. PA 80,484 17,865 17,865
WVFC WVS Financial Corporation PA 240,282 36,331 36,331
YFED York Financial Corp. PA 1,048,673 92,078 92,078
AMFB American Federal Bank SC 1,339,147 109,941 101,420
CFCP Coastal Financial Corp. SC 441,216 26,847 26,847
FFCH First Financial Holdings Inc. SC 1,449,162 95,758 95,758
FSFC First Southeast Financial Corp SC 326,573 33,669 33,669
PALM PalFed, Inc. SC 623,553 52,706 50,118
SCCB S. Carolina Community Bancshrs SC 44,088 12,553 12,553
HFFC HF Financial Corp. SD 574,027 51,514 51,355
LFCT Leader Financial Corp. TN 3,211,064 266,390 266,390
TWIN Twin City Bancorp TN 102,423 14,095 14,095
CBSA Coastal Bancorp, Inc. TX 2,796,568 95,091 78,680
ETFS East Texas Financial Services TX 114,961 22,570 22,570
FBHC Fort Bend Holding Corp. TX 254,739 18,008 18,008
LOAN Horizon Bancorp TX 130,930 11,195 10,830
JXVL Jacksonville Bancorp, Inc. TX 213,062 35,582 35,582
BFSB Bedford Bancshares, Inc. VA 117,596 18,938 18,938
CNIT CENIT Bancorp, Inc. VA 655,771 47,716 46,010
CFFC Community Financial Corp. VA 159,793 21,900 21,900
ESX Essex Bancorp, Inc. VA 315,568 23,114 14,739
FFFC FFVA Financial Corp. VA 517,754 84,487 82,789
FFRV Fidelity Financial Bankshares VA 321,558 27,360 27,337
GSLC Guaranty Financial Corp. VA 102,967 6,373 6,373
LIFB Life Bancorp, Inc. VA 1,240,520 148,718 143,199
PROFITABILITY
--------------------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ----- ------ ------- ------
PHFC Pittsburgh Home Financial Corp PA NA NA NA NA
PRBC Prestige Bancorp, Inc. PA 0.18 0.20 2.26 2.51
PSAB Prime Bancorp, Inc. PA 1.02 0.95 10.90 10.19
PFNC Progress Financial Corporation PA 0.91 0.71 18.78 14.73
SVRN Sovereign Bancorp, Inc. PA 0.79 0.76 14.64 14.24
THRD TF Financial Corporation PA 0.92 0.87 5.60 5.29
THBC Troy Hill Bancorp, Inc. PA 1.38 1.26 6.09 5.57
WVFC WVS Financial Corporation PA 1.23 1.29 8.09 8.45
YFED York Financial Corp. PA 0.97 0.83 11.42 9.78
AMFB American Federal Bank SC 1.29 1.41 15.99 17.42
CFCP Coastal Financial Corp. SC 1.00 0.90 16.47 14.86
FFCH First Financial Holdings Inc. SC 0.75 0.76 11.29 11.45
FSFC First Southeast Financial Corp SC 0.31 0.82 1.61 4.26
PALM PalFed, Inc. SC 0.66 0.56 8.53 7.19
SCCB S. Carolina Community Bancshrs SC 1.35 1.35 4.50 4.50
HFFC HF Financial Corp. SD 0.78 0.61 8.68 6.79
LFCT Leader Financial Corp. TN 1.48 1.45 18.45 18.01
TWIN Twin City Bancorp TN 1.08 0.93 7.84 6.79
CBSA Coastal Bancorp, Inc. TX 0.40 0.38 11.69 11.27
ETFS East Texas Financial Services TX 0.89 0.83 4.58 4.27
FBHC Fort Bend Holding Corp. TX 0.70 0.62 9.62 8.50
LOAN Horizon Bancorp TX 1.47 1.18 16.04 12.84
JXVL Jacksonville Bancorp, Inc. TX 0.79 0.79 7.47 7.47
BFSB Bedford Bancshares, Inc. VA 1.26 1.25 7.56 7.54
CNIT CENIT Bancorp, Inc. VA 0.48 0.54 6.76 7.51
CFFC Community Financial Corp. VA 1.30 1.30 9.71 9.70
ESX Essex Bancorp, Inc. VA 0.32 (0.77) 6.11 (14.69)
FFFC FFVA Financial Corp. VA 1.25 1.21 7.22 7.04
FFRV Fidelity Financial Bankshares VA 0.99 0.97 12.15 11.93
GSLC Guaranty Financial Corp. VA 0.68 0.42 10.91 6.77
LIFB Life Bancorp, Inc. VA 0.87 0.91 6.27 6.57
CAPITAL ISSUES
------------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ---------- ----------
PHFC Pittsburgh Home Financial Corp PA 04/01/96 NASDAQ 2,182,125 21.95
PRBC Prestige Bancorp, Inc. PA 06/27/96 NASDAQ NA NA
PSAB Prime Bancorp, Inc. PA 11/21/88 NASDAQ 3,725,056 69.14
PF NC Progress Financial Corporation PA 07/18/83 NASDAQ 3,730,000 24.25
SVRN Sovereign Bancorp, Inc. PA 08/12/86 NASDAQ 49,573,278 495.73
THRD TF Financial Corporation PA 07/13/94 NASDAQ 4,523,374 65.02
THBC Troy Hill Bancorp, Inc. PA 06/27/94 NASDAQ 1,067,917 14.42
WVFC WVS Financial Corporation PA 11/29/93 NASDAQ 1,736,400 36.90
YFED York Financial Corp. PA 02/01/84 NASDAQ 6,049,983 108.90
AMFB American Federal Bank SC 01/19/89 NASDAQ 10,921,085 163.82
CFCP Coastal Financial Corp. SC 09/26/90 NASDAQ 3,427,140 55.52
FFCH First Financial Holdings Inc. SC 11/10/83 NASDAQ 6,365,941 132.09
FSFC First Southeast Financial Corp SC 10/08/93 NASDAQ 4,388,231 43.88
PALM PalFed, Inc. SC 12/15/85 NASDAQ 5,221,962 67.42
SCCB S. Carolina Community Bancshrs SC 07/07/94 NASDAQ 747,188 12.70
HFFC HF Financial Corp. SD 04/08/92 NASDAQ 3,054,572 43.53
LFCT Leader Financial Corp. TN 09/30/93 NASDAQ 9,947,794 445.16
TWIN Twin City Bancorp TN 01/04/95 NASDAQ 898,404 15.27
CBSA Coastal Bancorp, Inc. TX NA NASDAQ 4,962,344 89.32
ETFS East Texas Financial Services TX 01/10/95 NASDAQ 1,193,568 17.68
FBHC Fort Bend Holding Corp. TX 06/30/93 NASDAQ 819,198 14.54
LOAN Horizon Bancorp TX NA NASDAQ 1,386,757 15.60
JXVL Jacksonville Bancorp, Inc. TX 04/01/96 NASDAQ NA NA
BFSB Bedford Bancshares, Inc. VA 08/22/94 NASDAQ 1,194,875 20.61
CNIT CENIT Bancorp, Inc. VA 08/06/92 NASDAQ 1,612,952 54.84
CFFC Community Financial Corp. VA 03/30/88 NASDAQ 1,269,698 26.66
ESX Essex Bancorp, Inc. VA NA AMSE 1,050,547 2.76
FFFC FFVA Financial Corp. VA 10/12/94 NASDAQ 5,425,664 79.51
FFRV Fidelity Financial Bankshares VA 05/01/86 NASDAQ 2,279,047 30.20
GSLC Guaranty Financial Corp. VA NA NASDAQ 919,168 7.12
LIFB Life Bancorp, Inc. VA 10/11/94 NASDAQ 10,097,094 142.62
120
Page 11
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2, 1996
ASSETS AND EQUITY
------------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ----------- ------------ -------------
VABF Virginia Beach Fed. Financial VA 624,964 41,100 41,100
VFFC Virginia First Financial VA 713,931 55,114 53,131
CASB Cascade Financial Corp. WA 326,266 20,269 20,269
FWWB First SB of Washington Bancorp WA 743,176 154,142 154,142
IWBK InterWest Bancorp, Inc. WA 1,413,926 96,338 93,662
MSEA Metropolitan Bancorp WA 761,014 51,166 46,402
STSA Sterling Financial Corp. WA 1,479,643 85,745 74,141
WFSL Washington Federal, Inc. WA 5,040,588 597,495 569,151
AADV Advantage Bancorp, Inc. WI 979,891 95,793 82,999
ABCW Anchor BanCorp Wisconsin WI 1,754,556 118,402 115,297
FCBF FCB Financial Corp. WI 255,660 47,192 47,192
FF EC First Fed Bncshrs Eau Claire WI 672,300 96,278 92,366
FTFC First Federal Capital Corp. WI 1,382,069 94,672 89,135
FFHC First Financial Corp. WI 5,579,294 407,905 388,953
FNGB First Northern Capital Corp. WI 580,128 70,754 70,754
HALL Hallmark Capital Corp. WI 339,283 26,524 26,524
MWFD Midwest Federal Financial WI 178,249 16,664 15,901
NWEQ Northwest Equity Corp. WI 86,355 11,864 11,864
OSBF OSB Financial Corp. WI 250,003 31,400 31,400
RELI Reliance Bancshares, Inc. WI 32,260 9,616 NA
SECP Security Capital Corporation WI 3,437,317 559,048 559,048
STFR St. Francis Capital Corp. WI 1,329,903 130,656 124,711
FOBC FedOne Bancorp WV 343,028 41,188 39,077
CRZY Crazy Woman Creek Bancorp WY 50,324 15,453 15,453
TRIC Tri-County Bancorp, Inc. WY 73,436 13,094 13,094
PROFITABILITY
-------------------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ---- ----- ------ -----
VABF Virginia Beach Fed. Financial VA 0.23 0.01 3.99 0.20
VFFC Virginia First Financial VA 1.21 0.98 16.02 13.01
CASB Cascade Financial Corp. WA 0.56 0.27 8.90 4.22
FWWB First SB of Washington Bancorp WA 1.11 1.06 6.62 6.35
IWBK InterWest Bancorp, Inc. WA 1.11 1.06 15.69 14.93
MSEA Metropolitan Bancorp WA 0.78 0.83 11.41 12.23
STSA Sterling Financial Corp. WA 0.45 0.43 7.73 7.39
WFSL Washington Federal, Inc. WA 1.78 1.71 14.47 13.84
AADV Advantage Bancorp, Inc. WI 0.90 0.81 9.43 8.49
ABCW Anchor BanCorp Wisconsin WI 0.88 0.85 12.13 11.69
FCBF FCB Financial Corp. WI 1.03 1.01 5.37 5.26
FF EC First Fed Bncshrs Eau Claire WI 0.97 0.92 5.85 5.57
FTFC First Federal Capital Corp. WI 0.92 0.68 13.46 9.91
FFHC First Financial Corp. WI 1.31 1.26 18.55 17.93
FNGB First Northern Capital Corp. WI 0.78 0.75 6.12 5.85
HALL Hallmark Capital Corp. WI 0.57 0.52 6.40 5.74
MWFD Midwest Federal Financial WI 1.20 0.96 12.27 9.86
NWEQ Northwest Equity Corp. WI 1.06 1.01 6.95 6.62
OSBF OSB Financial Corp. WI 0.21 0.36 1.63 2.85
RELI Reliance Bancshares, Inc. WI 1.23 1.25 4.32 4.39
SECP Security Capital Corporation WI 0.99 1.04 5.85 6.13
STFR St. Francis Capital Corp. WI 1.18 0.87 10.78 7.95
FOBC FedOne Bancorp WV 1.00 1.00 7.93 7.92
CRZY Crazy Woman Creek Bancorp WY NA NA NA NA
TRIC Tri-County Bancorp, Inc. WY 0.94 0.91 4.69 4.53
CAPITAL ISSUES
-----------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ----------- ----------
VABF Virginia Beach Fed. Financial VA 11/01/80 NASDAQ 4,961,840 39.69
VFFC Virginia First Financial VA 01/01/78 NASDAQ 5,615,450 67.39
CASB Cascade Financial Corp. WA 09/16/92 NASDAQ 2,040,485 27.75
FWWB First SB of Washington Bancorp WA 11/91/95 NASDAQ 10,077,498 136.05
IWBK InterWest Bancorp, Inc. WA NA NASDAQ 6,450,308 154.00
MSEA Metropolitan Bancorp WA 01/09/90 NASDAQ 3,710,205 50.09
STSA Sterling Financial Corp. WA NA NASDAQ 5,426,398 80.04
WFSL Washington Federal, Inc. WA 11/17/82 NASDAQ 42,246,383 866.05
AADV Advantage Bancorp, Inc. WI 03/23/92 NASDAQ 3,449,426 112.11
ABCW Anchor BanCorp Wisconsin WI 07/16/92 NASDAQ 4,934,350 166.53
FCBF FCB Financial Corp. WI 09/24/93 NASDAQ 2,512,614 45.23
FF EC First Fed Bncshrs Eau Claire WI 10/12/94 NASDAQ 6,855,379 95.98
FTFC First Federal Capital Corp. WI 11/02/89 NASDAQ 6,297,735 125.95
FFHC First Financial Corp. WI 12/24/80 NASDAQ 29,905,406 672.87
FNGB First Northern Capital Corp. WI 12/29/83 NASDAQ 4,394,725 67.02
HALL Hallmark Capital Corp. WI 01/03/94 NASDAQ 1,442,950 22.00
MWFD Midwest Federal Financial WI 07/08/92 NASDAQ 1,632,880 18.78
NWEQ Northwest Equity Corp. WI 10/11/94 NASDAQ 980,892 10.18
OSBF OSB Financial Corp. WI 07/01/92 NASDAQ 1,110,984 26.11
RELI Reliance Bancshares, Inc. WI 04/19/96 NASDAQ NA NA
SECP Security Capital Corporation WI 01/03/94 NASDAQ 9,314 365 554.20
STFR St. Francis Capital Corp. WI 06/21/93 NASDAQ 5,586,837 139.67
FOBC FedOne Bancorp WV 01/19/95 NASDAQ 2,558,191 38.37
CRZY Crazy Woman Creek Bancorp WY 03/29/96 NASDAQ 1,058,000 10.71
TRIC Tri-County Bancorp, Inc. WY 09/30/93 NASDAQ 630,788 11.67
121
Page 12
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 32
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED INSTITUTIONS
(EXCLUDING MUTUAL HOLDING COMPANIES)
AS OF AUGUST 2, 1996
ASSETS AND EQUITY
-------------------------------------------
Total Total Total
Assets Equity Tang. Equity
State ($000) ($000) ($000)
----- ------------ ---------- ------------
ALL THRIFTS
AVERAGE 1,296,856 102,068 90,919
MEDIAN 312,874 36,158 35,582
HIGH 49,506,630 2,834,725 2,637,334
LOW 27,596 3,295 3,295
AVERAGE FOR STATE
OH 786,279 68,188 37,825
AVERAGE BY REGION
MIDWEST 867,462 78,819 68,102
NEW ENGLAND 768,552 75,957 45,418
MID ATLANTIC 478,640 56,685 55,027
SOUTHEAST 855,084 66,602 56,499
SOUTHWEST 682,548 78,916 77,443
WEST 5,455,270 339,858 319,901
AVERAGE BY EXCHANGE
NYSE 16,113,500 998,760 1,005,177
AMEX 232,537 34,692 34,741
OTC/NASDAQ 726,269 67,712 60,376
PROFITABILITY
-------------------------------------
Core Core
ROAA ROAA ROAE ROAE
State (%) (%) (%) (%)
----- ------ ------ ------- -------
ALL THRIFTS
AVERAGE 0.86 0.80 8.13 7.24
MEDIAN 0.90 0.82 7.38 6.79
HIGH 2.25 2.36 35.92 29.34
LOW (1.74) (1.75) (30.56) (30.67)
AVERAGE FOR STATE
OH 0.93 0.88 7.90 7.66
AVERAGE BY REGION
MIDWEST 0.92 0.86 8.13 7.38
NEW ENGLAND 0.82 0.66 6.53 4.53
MID ATLANTIC 0.93 0.90 8.15 7.82
SOUTHEAST 0.89 0.81 9.43 8.30
SOUTHWEST 0.46 0.38 4.76 3.84
WEST 0.58 0.49 6.56 5.02
AVERAGE BY EXCHANGE
NYSE 0.83 0.68 12.86 10.88
AMEX 0.76 0.68 6.00 4.48
OTC/NASDAQ 0.87 0.81 8.02 7.22
CAPITAL ISSUES
------------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- -------- -------- ----------- ----------
ALL THRIFTS
AVERAGE 5,941,757 127.42
MEDIAN 2,477,022 39.16
HIGH 137,392,481 3,280.25
LOW 229,588 2.76
AVERAGE FOR STATE
OH 3,908,053 96.08
AVERAGE BY REGION
MIDWEST 4,727,774 103.68
NEW ENGLAND 5,551,728 103.64
MID ATLANTIC 3,902,786 63.42
SOUTHEAST 4,790,674 78.14
SOUTHWEST 6,642,346 102.83
WEST 16,120,249 423.72
AVERAGE BY EXCHANGE
NYSE 43,421,533 1,236.10
AMEX 2,666,766 30.94
OTC/NASDAQ 4,382,084 81.10
122
EXHIBIT 33
KELLER & COMPANY
Columbus, Ohio
614-766-1426
RECENTLY CONVERTED, SAIF-INSURED THRIFT INSTITUTIONS
PRICES AND PRICING RATIOS
PRO FORMA RATIOS CURRENT RATIOS
----------------------------------- ----------------------------------
Price/ Price/ Price/ Price/
Price/ Book Tang. Bk. Price/ Price/ Book Tang. Bk. Price/
IPO Earnings Value Value Assets Earnings Value Value Assets
Date (X) (%) (%) (%) (X) (%) (%) (%)
---- -------- ----- -------- ------ -------- ----- ---------- ------
FFBA First Colorado Bancorp, Inc. CO 01/02/96 NA NA NA NA 13.34 114.01 115.34 18.61
LFBI Little Falls Bancorp, Inc. NJ 01/05/96 31.90 71.40 71.43 13.40 17.08 71.18 77.18 11.05
BYFC Broadway Financial Corp. CA 01/09/96 13.30 68.50 68.48 8.00 NA 67.89 67.89 7.75
FFOH Fidelity Financial of Ohio OH 03/04/96 NA NA NA NA 15.23 77.75 77.75 15.81
FFFD North Central Bancshares, Inc. IA 03/21/96 NA NA NA NA 10.58 79.14 79.14 22.71
GAF GA Financial, Inc. PA 03/26/96 13.80 70.50 70.52 15.70 11.42 82.29 82.29 18.79
CFTP Community Federal Bancorp MS 03/26/96 14.00 71.40 71.35 22.20 16.09 89.60 89.60 29.56
PFFB PFF Bancorp, Inc. CA 03/29/96 26.60 69.00 68.99 9.50 21.88 77.70 78.61 10.51
CRZY Crazy Woman Creek Bancorp WY 03/29/96 16.40 69.70 69.72 22.00 18.41 70.57 70.57 21.67
SSM Stone Street Bancorp, Inc. NC 04/01/96 19.70 74.90 74.92 24.40 NA NA NA NA
JXVL Jacksonville Bancorp, Inc. TX 04/01/96 NA NA NA NA NA NA NA NA
WHG WHG Bancshares Corp. MD 04/01/96 15.50 71.10 71.08 16.00 NA NA NA NA
PHFC Pittsburgh Home Financial Corp. PA 04/01/96 17.50 72.80 72.83 12.20 NA 73.58 73.58 12.16
LONF London Financial Corporation OH 04/01/96 22.40 68.50 68.46 13.40 NA NA NA NA
SSB Scotland Bancorp, Inc. NC 04/01/96 16.20 74.80 74.83 24.20 NA NA NA NA
AMFC AMB Financial Corp. IN 04/01/96 18.20 70.80 70.83 14.00 NA NA NA NA
FBER 1st Bergen Bancorp NJ 04/01/96 21.70 74.80 74.81 12.50 NA 69.93 69.93 12.03
FFDF FFD Financial Corp. OH 04/03/96 17.40 69.90 69.87 19.80 NA NA NA NA
GSFC Green Street Financial Corp. NC 04/04/96 14.80 71.00 71.03 22.20 NA 88.18 88.18 30.92
YFCB Yonkers Financial Corporation NY 04/18/96 16.10 74.90 74.93 14.60 NA NA NA NA
RELI Reliance Bancshares, Inc. WI 04/19/96 22.50 72.50 72.47 38.90 NA NA NA NA
CBK Citizens First Financial Corp. IL 05/01/96 15.30 73.10 73.10 11.00 NA NA NA NA
FFBH First Federal Bancshares of AR AR 05/03/96 9.80 63.40 63.39 10.20 NA NA NA NA
LXMO Lexington B&L Financial Corp. MO 06/06/96 14.40 69.10 69.10 20.20 NA NA NA NA
WWF Westwood Financial Corporation NJ 06/07/96 NA NA NA NA NA NA NA NA
CNSB CNS Bancorp. Inc. MO 06/12/96 26.10 69.30 69.35 16.20 NA NA NA NA
CMS Commonwealth Bancorp, Inc. PA 06/17/96 NA NA NA NA NA NA NA NA
WYN Wayne Bancorp. Inc. NJ 06/27/96 16.70 60.90 60.94 9.70 NA NA NA NA
PRBC Prestige Bancorp, Inc. PA 06/27/96 24.60 61.90 61.90 9.50 NA NA NA NA
PROV Provident Financial Holdings CA 06/28/96 18.20 60.90 60.87 8.20 NA NA NA NA
FLKY First Lancaster Bancshares KY 07/01/96 19.00 72.50 72.51 21.30 NA NA NA NA
EGLB Eagle BancGroup, Inc. IL 07/01/96 58.10 57.10 57.11 7.90 NA NA NA NA
HWE Home Financial Bancorp IN 07/02/96 12.40 66.20 66.23 13.10 NA NA NA NA
OCFC Ocean Financial Corp. NJ 07/03/96 13.80 69.20 69.21 13.90 NA NA NA NA
MBSP Mitchell Bancorp, Inc. NC 07/12/96 94.50 68.10 68.13 25.80 NA NA NA NA
PWB Pennwood Savings Bank PA 07/15/96 13.30 65.80 65.76 12.80 NA NA NA NA
ANA Acadiana Bancshares, Inc. LA 07/16/96 NA 69.90 69.92 12.70 NA NA NA NA
PRICES AND TREND FROM IPO DATE
------------------------------------------------------------
1 Day 1 Week 1 Mo.
IPO After After After
IPO Price IPO % IPO % IPO %
Date ($) ($) Change ($) Change ($) Change
---- ----- ----- ------ ----- ------ ------ ------
FFBA First Colorado Bancorp, Inc. CO 01/02/96 NA 11.44 NA 11.63 NA 12.00 NA
LFBI Little Falls Bancorp, Inc. NJ 01/05/96 10.00 11.31 13.13 11.38 13.75 11.00 10.00
BYFC Broadway Financial Corp. CA 01/09/96 10.00 10.38 3.75 10.25 2.50 10.25 2.50
FFOH Fidelity Financial of Ohio OH 03/04/96 NA 10.50 NA 10.00 NA 10.13 NA
FFFD North Central Bancshares, Inc. IA 03/21/96 NA 10.88 NA 10.69 NA 10.44 NA
GAF GA Financial, Inc. PA 03/26/96 10.00 11.38 13.75 11.50 15.00 11.00 10.00
CFTP Community Federal Bancorp MS 03/26/96 10.00 12.63 26.25 12.88 28.75 12.63 26.25
PFFB PFF Bancorp, Inc. CA 03/29/96 10.00 11.38 13.75 11.63 16.25 11.63 16.25
CRZY Crazy Woman Creek Bancorp WY 03/29/96 10.00 NA NA 10.75 7.50 10.50 5.00
SSM Stone Street Bancorp, Inc. NC 04/01/96 15.00 17.50 16.67 18.00 20.00 17.75 18.33
JXVL Jacksonville Bancorp, Inc. TX 04/01/96 NA 11.11 NA 9.63 NA 9.88 NA
WHG WHG Bancshares Corp. MD 04/01/96 10.00 11.13 11.25 11.06 10.60 11.25 12.50
PHFC Pittsburgh Home Financial Corp. PA 04/01/96 10.00 11.00 10.00 11.00 10.00 10.63 6.25
LONF London Financial Corporation OH 04/01/96 10.00 10.81 8.12 10.63 6.25 10.13 1.25
SSB Scotland Bancorp, Inc. NC 04/01/96 10.00 12.25 22.50 12.50 25.00 11.75 17.50
AMFC AMB Financial Corp. IN 04/01/96 10.00 10.50 5.00 10.50 5.00 10.50 5.00
FBER 1st Bergen Bancorp NJ 04/01/96 10.00 10.00 0.00 9.50 (5.00) 9.63 (3.75)
FFDF FFD Financial Corp. OH 04/03/96 10.00 10.50 5.00 10.50 5.00 10.31 3.10
GSFC Green Street Financial Corp. NC 04/04/96 10.00 12.88 28.75 12.25 22.50 12.31 23.10
YFCB Yonkers Financial Corporation NY 04/18/96 10.00 9.75 (2.50) 10.13 1.25 9.94 (0.60)
RELI Reliance Bancshares, Inc. WI 04/19/96 8.00 8.38 4.69 8.25 3.13 7.94 (0.75)
CBK Citizens First Financial Corp. IL 05/01/96 10.00 10.50 5.00 10.00 0.00 10.13 1.25
FFBH First Federal Bancshares of AR AR 05/03/96 10.00 13.00 30.00 13.25 32.50 13.69 36.90
LXMO Lexington B&L Financial Corp. MO 06/06/96 10.00 9.50 (5.00) 9.75 (2.50) 10.13 1.25
WWF Westwood Financial Corporation NJ 06/07/96 NA 10.75 NA 10.38 NA 10.63 NA
CNSB CNS Bancorp. Inc. MO 06/12/96 10.00 11.00 10.00 11.63 16.25 11.50 15.00
CMS Commonwealth Bancorp, Inc. PA 06/17/96 NA 10.50 NA 10.75 NA 10.00 NA
WYN Wayne Bancorp. Inc. NJ 06/27/96 10.00 11.13 11.25 11.38 13.75 11.25 12.50
PRBC Prestige Bancorp, Inc. PA 06/27/96 10.00 10.38 3.75 10.25 2.50 9.75 (2.50)
PROV Provident Financial Holdings CA 06/28/96 10.00 10.97 9.70 10.81 8.10 10.13 1.25
FLKY First Lancaster Bancshares KY 07/01/96 10.00 13.50 35.00 13.38 33.75 13.75 37.50
EGLB Eagle BancGroup, Inc. IL 07/01/96 10.00 11.25 12.50 11.25 12.50 11.13 11.25
HWE Home Financial Bancorp IN 07/02/96 10.00 10.25 2.50 9.88 (1.25) 10.50 5.00
OCFC Ocean Financial Corp. NJ 07/03/96 20.00 21.25 6.25 20.13 0.63 21.00 5.00
MBSP Mitchell Bancorp, Inc. NC 07/12/96 10.00 NA NA 10.63 6.25 NA NA
PWB Pennwood Savings Bank PA 07/15/96 10.00 9.50 (5.00) 9.13 (8.75) NA NA
ANA Acadiana Bancshares, Inc. LA 07/16/96 12.00 12.00 0.00 11.75 (2.08) NA NA
123
EXHIBIT 34
Page 1
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT ACQUISITIONS AND PENDING ACQUISITIONS
COUNTY, CITY OR MARKET AREA OF MARKET BUILDING AND SAVING COMPANY
1. Target institution:
Name Brentwood Financial Corp.
City and state Cincinnati, OH
Asset size $100,300,000
Acquiring institution:
Name PNC Bank Corp.
City and state Pittsburgh, PA
Asset size $64,000,000,000
Transaction:
Purchase price $21,700,000
Price/earnings (x) 21.00
Price/book value (%) 153.00
Date completed 03/03/95
2. Target institution:
Name Circle Financial Corp.
City and state Sharonville, OH
Asset size $229,400,000
Acquiring institution:
Name Fidelity Financial of Ohio, Inc.
City and state Cincinnati, OH
Asset size $249,400,000
Transaction:
Purchase price $27,000,000
Price/earnings (x) 25.9
Price/book value(%) 111.0
Date completed Pending (announced 4/29/96)
124
Page 2
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT ACQUISITIONS AND PENDING ACQUISITIONS
COUNTY, CITY OR MARKET AREA OF MARKET BUILDING AND SAVING COMPANY
3. Target institution:
Name Kentucky Enterprise Bancorp, Inc.
City and state Newport, KY
Asset size $276,100,000
Acquiring institution:
Name Fifth Third Bancorp
City and state Cincinnati, OH
Asset size $18,900,000,000
Transaction:
Purchase price $94,000,000
Price/earnings (x) NM
Price/book value (%) 176.0
Date completed 3/15/96
4. Target institution:
Name PSB Holdings Corp.
City and state Xenia, Ohio
Asset size $174,800,000
Acquiring institution:
Name CitFed Bancorp, Inc.
City and state Dayton, Ohio
Asset size $2,300,000,000
Transaction:
Purchase price $56,000,000
Price/earnings (x) NM
Price/book value (%) 175.0
Date completed 08/31/95
125
Page 3
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT ACQUISITIONS AND PENDING ACQUISITIONS
COUNTY, CITY OR MARKET AREA OF MARKET BUILDING AND SAVING COMPANY
5. Target institution:
Name Seven Hills Financial Corporation
City and state Cincinnati, Ohio
Asset size $45,500,000
Acquiring institution:
Name Western Ohio Financial Corporation
City and state Springfield, Ohio
Asset size $319,600,000
Transaction:
Purchase price $10,500,000
Price/earnings (x) NM
Price/book value (%) 108.8
Date announced 06/14/96
126
EXHIBIT 35
KELLER & COMPANY
Columbus, Ohio
614-766-1426
THRIFT STOCK PRICES AND PRICING RATIOS
PUBLICLY-TRADED, SAIF INSURED MUTUAL HOLDING COMPANIES
AS OF AUGUST 2, 1996
PER SHARE
-------------------------------------------------------------------------
Latest All Time All Time Monthly Quarterly Book 12 Month
price High Low Change Change Value Assets Div.
State Exchange ($) ($) ($) (%) (%) ($) ($) ($)
----- -------- ------ -------- -------- ------- --------- ----- ------ --------
PFSL Pocahontas FS&LA, MHC AR NASDAQ 14.500 17.250 9.500 (1.69) (3.33) 13.64 229.43 0.67
CMSV Community Savings, MHC FL NASDAQ 16.500 18.250 10.000 1.54 12.82 15.35 129.91 0.65
FFFL Fidelity FSB of Florida, MHC FL NASDAQ 12.750 17.000 9.091 (8.93) (4.67) 12.18 117.84 0.57
HARB Harbor Federal Savings Bk, MHC FL NASDAQ 24.250 29.250 11.875 (3.00) (16.38) 17.24 205.56 1.05
FFSX First Fed SB of Siouxland, MHC IA NASDAQ 24.500 28.625 9.063 (2.00) 2.08 21.52 255.82 0.69
WCFB Webster City Federal SB, MHC IA NASDAQ 12.875 13.500 8.813 (0.96) 1.98 10.32 46.31 0.80
JXSB Jacksonville Savings Bank, MHC IL NASDAQ 13.000 14.250 10.000 0.00 (7.14) 13.41 113.76 NA
LFED Leeds Federal Savings Bk, MHC MD NASDAQ 13.000 16.750 9.875 (3.70) (7.14) 12.65 77.34 0.63
GFED Guaranty Federal SB, MHC MO NASDAQ 10.500 12.500 8.000 (8.70) (6.67) 8.69 59.37 NA
PULB Pulaski Bank, Savings Bk, MHC MO NASDAQ 12.500 16.500 10.500 (10.71) (10.71) 10.82 85.68 0.80
FSLA First Savings Bank, MHC NJ NASDAQ 16.250 17.500 5.579 3.17 5.69 13.98 147.33 0.37
FSNJ First Savings Bk of NJ, MHC NJ NASDAQ 14.000 19.500 10.750 (0.88) 0.00 16.17 212.89 0.50
SBFL SB of the Finger Lakes, MHC NY NASDAQ 16.500 17.000 8.125 0.00 0.00 11.40 98.92 NA
WAYN Wayne Savings & Loan Co. MHC OH NASDAQ 19.250 22.000 11.255 (3.75) (3.75) 15.31 166.54 1.05
GDVS Greater Delaware Valley SB, MHC PA NASDAQ 9.250 13.000 9.250 (7.50) (13.95) 8.86 72.08 0.27
HARS Harris Savings Bank, MHC PA NASDAQ 15.440 20.500 12.750 (6.42) (7.82) 13.45 111.45 0.53
NWSB Northwest Savings Bank, MHC PA NASDAQ 11.125 13.500 7.375 (5.32) (11.00) 8.28 80.32 0.30
RVSB Riverview Savings Bank, MHC WA NASDAQ 15.000 17.000 9.711 4.35 (11.76) 10.75 97.21 0.19
ALL MUTUAL HOLDING COMPANIES
AVERAGE 15.066 17.993 9.528 (3.03) (4.54) 13.00 128.21 0.60
MEDIAN 14.250 17.000 9.606 (2.50) (5.67) 13.03 112.60 0.63
HIGH 24.500 29.250 12.750 4.35 12.82 21.52 255.82 1.05
LOW 9.250 12.500 5.579 (10.71) (16.38) 8.28 46.31 0.19
PRICING RATIOS
-------------------------------------------
Price/ Price/ Price/ Price/Core
Earnings Bk. Value Assets Earnings
State Exchange (X) (%) (%) (X)
----- -------- -------- --------- ------ ----------
PFSL Pocahontas FS&LA, MHC AR NASDAQ 11.98 106.30 6.32 11.69
CMSV Community Savings, MHC FL NASDAQ 16.50 107.49 12.70 19.19
FFFL Fidelity FSB of Florida, MHC FL NASDAQ 17.47 104.68 10.82 18.75
HARB Harbor Federal Savings Bk, MHC FL NASDAQ 11.02 140.66 11.80 11.02
FFSX First Fed SB of Siouxland, MHC IA NASDAQ 15.03 113.85 9.58 16.33
WCFB Webster City Federal SB, MHC IA NASDAQ 24.76 124.76 27.80 25.25
JXSB Jacksonville Savings Bank, MHC IL NASDAQ NA 96.94 11.43 NA
LFED Leeds Federal Savings Bk, MHC MD NASDAQ 16.25 102.77 16.81 16.05
GFED Guaranty Federal SB, MHC MO NASDAQ NA 120.83 17.69 NA
PULB Pulaski Bank, Savings Bk, MHC MO NASDAQ 17.12 115.53 14.59 20.16
FSLA First Savings Bank, MHC NJ NASDAQ 13.43 116.24 11.03 14.25
FSNJ First Savings Bk of NJ, MHC NJ NASDAQ 66.67 86.58 6.58 20.00
SBFL SB of the Finger Lakes, MHC NY NASDAQ NA 144.75 16.68 NA
WAYN Wayne Savings & Loan Co. MHC OH NASDAQ 20.05 125.73 11.56 21.39
GDVS Greater Delaware Valley SB, MHC PA NASDAQ 26.43 104.40 12.83 26.43
HARS Harris Savings Bank, MHC PA NASDAQ 20.86 114.80 13.85 21.15
NWSB Northwest Savings Bank, MHC PA NASDAQ 14.45 134.36 13.85 13.91
RVSB Riverview Savings Bank, MHC WA NASDAQ 12.30 140.06 15.43 13.64
ALL MUTUAL HOLDING COMPANIES
AVERAGE 20.29 116.71 13.41 17.95
MEDIAN 16.50 115.17 12.77 18.75
HIGH 66.67 144.74 27.80 26.43
LOW 11.02 86.58 6.32 11.02
127
EXHIBIT 36
KELLER & COMPANY
Columbus, Ohio
614-766-1426
KEY FINANCIAL DATA AND RATIOS
PUBLICLY-TRADED, SAIF INSURED MUTUAL HOLDING COMPANIES
AS OF AUGUST 2, 1996
ASSETS AND EQUITY PROFITABILITY
------------------------------- ------------------------------------
Total Total Total Core Core
Assets Equity Tang. Equity ROAA ROAA ROAE ROAE
State ($000) ($000) ($000) (%) (%) (%) (%)
----- ------ ------ ------------ ---- ---- ---- ----
PFSL Pocahontas FS&LA, MHC AR 369,379 21,964 21,964 0.56 0.58 9.45 9.70
CMSV Community Savings, MHC FL 632,507 74,750 74,750 0.84 0.72 6.62 5.67
FFFL Fidelity FSB of Florida, MHC FL 791,897 81,076 80,095 0.65 0.60 6.23 5.83
HARB Harbor Federal Savings Bk, MHC FL 1,014,013 85,062 81,880 1.18 1.18 13.57 13.56
FFSX First Fed SB of Siouxland, MHC IA 436,519 36,727 36,547 0.64 0.59 7.78 7.16
WCFB Webster City Federal SB, MHC IA 97,258 21,675 21,675 1.11 1.09 5.04 4.93
JXSB Jacksonville Savings Bank, MHC IL 142,200 16,761 16,759 0.43 0.35 3.96 3.22
LFED Leeds Federal Savings Bk, MHC MD 266,658 43,610 43,610 1.03 1.04 6.32 6.37
GFED Guaranty Federal SB, MHC MO 185,546 27,165 27,165 1.02 0.56 7.11 3.92
PULB Pulaski Bank, Savings Bk, MHC MO 179,406 22,651 22,651 0.84 0.71 6.94 5.89
FSLA First Savings Bank, MHC NJ 959,356 91,060 79,028 0.87 0.82 9.48 8.97
FSNJ First Savings Bk of NJ, MHC NJ 651,945 49,519 49,519 0.11 0.36 1.20 4.01
SBFL SB of the Finger Lakes, MHC NY 176,570 20,351 20,351 NA NA NA NA
WAYN Wayne Savings & Loan Co. MHC OH 248,503 22,852 22,852 0.58 0.55 6.32 5.96
GDVS Greater Delaware Valley SB, MHC PA 235,877 28,982 28,982 0.48 0.48 3.98 3.98
HARS Harris Savings Bank, MHC PA 1,249,497 150,835 141,219 0.70 0.69 5.58 5.50
NWSB Northwest Savings Bank, MHC PA 1,877,529 190,651 181,003 1.01 1.05 9.47 9.83
RVSB Riverview Savings Bank, MHC WA 209,506 23,086 20,430 1.31 1.18 12.02 10.85
ALL MUTUAL HOLDING COMPANIES
AVERAGE 540,231 56,043 53,916 0.79 0.74 7.12 6.79
MEDIAN 318,019 32,855 32,765 0.84 0.69 6.62 5.89
HIGH 1,877,529 190,651 181,003 1.31 1.18 13.57 13.56
LOW 97,258 16,761 16,759 0.11 0.35 1.20 3.22
CAPITAL ISSUES
---------------------------------------------
Number of Mkt. Value
IPO Shares of Shares
State Date Exchange Outstg. ($M)
----- ---- -------- --------- ----------
PFSL Pocahontas FS&LA, MHC AR 04/05/94 NASDAQ 1,610,000 25.36
CMSV Community Savings, MHC FL 10/24/94 NASDAQ 4,868,732 75.47
FFFL Fidelity FSB of Florida, MHC FL 01/07/94 NASDAQ 6,720,252 89.04
HARB Harbor Federal Savings Bk, MHC FL 01/06/94 NASDAQ 4,932,854 124.55
FFSX First Fed SB of Siouxland, MHC IA 07/13/92 NASDAQ 1,706,345 41.81
WCFB Webster City Federal SB, MHC IA 08/15/94 NASDAQ 2,100,000 25.73
JXSB Jacksonville Savings Bank, MHC IL 04/21/95 NASDAQ 1,250,000 16.88
LFED Leeds Federal Savings Bk, MHC MD 05/02/94 NASDAQ 3,448,000 51.72
GFED Guaranty Federal SB, MHC MO 04/10/95 NASDAQ 3,125,000 36.72
PULB Pulaski Bank, Savings Bk, MHC MO 05/11/94 NASDAQ 2,094,000 31.67
FSLA First Savings Bank, MHC NJ 07/10/92 NASDAQ 6,511,756 100.93
FSNJ First Savings Bk of NJ, MHC NJ 01/09/95 NASDAQ 3,062,321 46.70
SBFL SB of the Finger Lakes, MHC NY 11/11/94 NASDAQ 1,785,000 28.34
WAYN Wayne Savings & Loan Co. MHC OH 06/25/93 NASDAQ 1,492,149 30.55
GDVS Greater Delaware Valley SB, MHC PA 03/03/95 NASDAQ 3,272,500 35.18
HARS Harris Savings Bank, MHC PA 01/25/94 NASDAQ 11,211,400 201.81
NWSB Northwest Savings Bank, MHC PA 11/07/94 NASDAQ 23,376,000 262.98
RVSB Riverview Savings Bank, MHC WA 10/26/93 NASDAQ 2,155,206 35.56
ALL MUTUAL HOLDING COMPANIES
AVERAGE 4,706,751 70.06
MEDIAN 3,093,661 39.27
HIGH 23,376,000 262.98
LOW 1,250,000 16.88
128
KELLER & COMPANY Page 1
Columbus, Ohio
614-766-1426
EXHIBIT 37
THE MARKET BUILDING AND SAVING COMPANY
COMPARABLE GROUP SELECTION
BALANCE SHEET PARAMETERS
General Parameters:
States: IA IL IN KY MI OH PA WI WV
IPO Date: 03/31/95
Asset size: $250,000
Cash & 1-4 Fam. Total Net
Total Invest./ MBS/ Loans/ Loans/
Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%)
-------- ------ -------- ------ -------- --------
MARKET BUILDING & SAVING CO. -- 46,260 45.54 3.86 44.88 48.38
-------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to Less Than 10.00- Less Than 35.00- 40.00-
INCLUSION IN COMPARABLE GROUP 03/31/95 250,000 50.00 25.00 70.00 85.00
-------------------------------------------------------------------------------------------------------
HBBI Home Building Bancorp IN 02/08/95 42,407 16.97 12.13 51.03 68.16
MSBF MSB Financial, Inc. MI 02/06/95 56,317 6.27 3.71 64.02 87.63
CKFB CKF Bancorp, Inc. KY 01/04/95 58,763 11.76 0.02 68.59 86.58
GWBC Gateway Bancorp, Inc. KY 01/18/95 71,260 33.13 41.47 22.74 24.17
HZFS Horizon Financial Svcs Corp. IA 06/30/94 72,225 29.62 0.00 44.04 67.11
HHFC Harvest Home Financial Corp. OH 10/10/94 73,005 45.33 7.70 48.14 54.74
ATSB AmTrust Capital Corp. IN 03/28/95 73,072 19.57 6.38 40.49 68.35
SFFC StateFed Financial Corporation IA 01/05/94 74,181 12.61 0.00 54.46 82.23
SOBI Sobieski Bancorp, Inc. IN 03/31/95 76,362 11.72 20.72 56.33 64.03
THBC Troy Hill Bancorp, Inc. PA 06/27/94 80,484 10.63 7.49 58.01 79.92
GFSB GFS Bancorp, Inc. IA 01/06/94 83,305 8.02 4.12 55.32 86.16
CIBI Community Investors Bancorp OH 02/07/95 85,785 26.17 2.90 59.73 74.02
NWEQ Northwest Equity Corp. WI 10/11/94 86,355 8.19 6.22 57.07 81.85
FFBI First Financial Bancorp, Inc. IL 10/04/93 88,615 16.80 8.87 59.14 72.00
INCB Indiana Community Bank, SB IN 12/15/94 94,476 15.10 3.49 41.74 78.20
PTRS Potters Financial Corp. OH 12/31/93 113,862 28.33 24.74 32.79 43.98
MIFC Mid-Iowa Financial Corp. IA 10/14/92 115,260 19.74 25.74 39.47 52.80
NBSI North Bancshares, Inc. IL 12/21/93 119,436 34.86 6.94 45.48 55.50
MWBI Midwest Bancshares, Inc. IA 11/12/92 138,628 16.11 23.61 44.47 57.32
Total Net Borrowed
Loans & Funds/ Equity/
MBS Assets Assets Assets
(%) (%) (%)
---------- --------- --------
MARKET BUILDING & SAVING CO. 52.24 0.00 16.28
-------------------------------------------------------------------------------
DEFINED PARAMETERS FOR 45.00- Less Than 8.00-
INCLUSION IN COMPARABLE GROUP 90.00 30.00 25.00
-------------------------------------------------------------------------------
HBBI Home Building Bancorp IN 80.29 9.97 14.13
MSBF MSB Financial, Inc. MI 91.34 3.55 22.63
CKFB CKF Bancorp, Inc. KY 86.59 0.47 27.29
GWBC Gateway Bancorp, Inc. KY 65.64 0.00 24.86
HZFS Horizon Financial Svcs Corp. IA 67.11 12.70 11.57
HHFC Harvest Home Financial Corp. OH 62.44 0.00 17.71
ATSB AmTrust Capital Corp. IN 74.73 19.16 10.34
SFFC StateFed Financial Corporation IA 82.23 17.52 20.12
SOBI Sobieski Bancorp, Inc. IN 84.75 0.00 18.49
THBC Troy Hill Bancorp, Inc. PA 87.41 10.66 22.20
GFSB GFS Bancorp, Inc. IA 90.28 23.19 11.94
CIBI Community Investors Bancorp OH 76.92 2.28 13.84
NWEQ Northwest Equity Corp. WI 88.07 19.58 13.74
FFBI First Financial Bancorp, Inc. IL 80.87 11.28 8.88
INCB Indiana Community Bank, SB IN 81.68 0.00 14.98
PTRS Potters Financial Corp. OH 68.71 1.28 9.73
MIFC Mid-Iowa Financial Corp. IA 78.54 20.82 9.38
NBSI North Bancshares, Inc. IL 62.43 18.21 15.50
MWBI Midwest Bancshares, Inc. IA 80.93 20.20 6.67
129
KELLER & COMPANY Page 2
Columbus, Ohio
614-766-1426
EXHIBIT 37
THE MARKET BUILDING AND SAVING COMPANY
COMPARABLE GROUP SELECTION
BALANCE SHEET PARAMETERS
General Parameters:
States: IA IL IN KY MI OH PA WI WV
IPO Date: 03/31/95
Asset size: $250,000
Cash & 1-4 Fam. Total Net
Total Invest./ MBS/ Loans/ Loans/
Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%)
-------- ------ -------- ------ -------- --------
MARKET BUILDING & SAVING CO.
-- 46,260 45.54 3.86 44.88 48.38
-------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to Less Than 10.00- Less Than 35.00- 40.00-
INCLUSION IN COMPARABLE GROUP 03/31/95 250,000 50.00 25.00 70.00 85.00
-------------------------------------------------------------------------------------------------------
BWFC Bank West Financial Corp. MI 03/30/95 139,217 21.53 1.84 68.63 73.74
FFWD Wood Bancorp, Inc. OH 08/31/93 139,718 18.62 3.79 62.62 76.02
FFWC FFW Corp. IN 04/05/93 148,892 17.60 12.99 44.56 67.24
SJSB SJS Bancorp MI 02/16/95 150,752 26.46 9.72 42.45 61.74
MARN Marion Capital Holdings IN 03/18/93 177,767 12.67 0.02 47.76 80.54
FFBZ First Federal Bancorp, Inc. OH 07/13/92 177,778 7.30 0.96 55.98 87.69
MWFD Midwest Federal Financial WI 07/08/92 178,249 18.42 6.19 33.37 70.95
MFFC Milton Federal Financial Corp. OH 10/07/94 178,289 23.80 10.57 53.84 63.08
LARL Laurel Capital Group, Inc. PA 02/20/87 193,008 15.92 7.81 57.20 74.40
CBCO CB Bancorp, Inc. IN 12/28/92 195,658 NA NA 38.49 46.18
SBCN Suburban Bancorporation, Inc. OH 09/30/93 197,137 6.99 15.29 55.19 75.47
EFBI Enterprise Federal Bancorp OH 10/17/94 203,431 20.61 15.71 47.06 64.07
OHSL OHSL Financial Corp. OH 02/10/93 209,037 20.05 6.91 48.56 71.45
MFBC MFB Corp. IN 03.25/94 210,559 30.47 2.70 60.71 65.90
FFHS First Franklin Corporation OH 01/26/88 216,508 11.23 19.40 53.54 67.30
WVFC WVS Financial Corporation PA 11/29/93 240,282 33.38 6.22 47.14 58.56
Total Net Borrowed
Loans & Funds/ Equity/
MBS Assets Assets Assets
(%) (%) (%)
---------- --------- --------
MARKET BUILDING & SAVING CO.
52.24 0.00 16.28
-------------------------------------------------------------------------------
DEFINED PARAMETERS FOR 45.00- Less Than 8.00-
INCLUSION IN COMPARABLE GROUP 90.00 30.00 25.00
-------------------------------------------------------------------------------
BWFC Bank West Financial Corp. MI 75.58 15.64 19.78
FFWD Wood Bancorp, Inc. OH 79.80 2.41 14.60
FFWC FFW Corp. IN 80.23 26.39 10.80
SJSB SJS Bancorp MI 71.46 14.63 11.67
MARN Marion Capital Holdings IN 80.56 3.51 23.35
FFBZ First Federal Bancorp, Inc. OH 88.65 17.74 7.89
MWFD Midwest Federal Financial WI 77.13 7.29 9.35
MFFC Milton Federal Financial Corp. OH 73.65 9.00 18.93
LARL Laurel Capital Group, Inc. PA 82.21 2.24 10.68
CBCO CB Bancorp, Inc. IN NA 22.53 9.87
SBCN Suburban Bancorporation, Inc. OH 90.76 21.65 13.01
EFBI Enterprise Federal Bancorp OH 79.77 14.75 15.47
OHSL OHSL Financial Corp. OH 78.36 8.12 12.20
MFBC MFB Corp. IN 68.60 8.31 17.90
FFHS First Franklin Corporation OH 86.69 3.34 9.37
WVFC WVS Financial Corporation PA 64.78 11.24 15.12
130
KELLER & COMPANY Page 1
Columbus, Ohio
614-766-1426
EXHIBIT 38
THE MARKET BUILDING AND SAVING COMPANY
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
MOST RECENT FOUR QUARTERS
General Parameters:
States: IA IL IN KY MI OH PA WI WV
IPO Date: 03/31/95
Asset size: $250,000
OPERATING PERFORMANCE
------------------------------------------------------
Net Operating Noninterest
Total Interest Expenses/ Income/
Assets ROAA ROAE Margin** Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%)
-------- ------ ----- ---- --------- --------- -----------
MARKET BUILDING & SAVING CO. -- 46,260 0.85 5.63 3.31 1.92 0.02
----------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to Less Than 0.55- 2.00- 2.75- 1.50- Less Than
INCLUSION IN COMPARABLE GROUP 03/31/95 250,000 1.20 10.00 4.00 2.75 0.35
----------------------------------------------------------------------------------------------------------------------
HBBI Home Building Bancorp IN 02/08/95 42,407 0.46 3.16 3.82 2.50 0.32
MSBF MSB Financial, Inc. MI 02/06/95 56,317 1.92 7.79 5.80 3.31 0.50
CKFB CKF Bancorp, Inc. KY 01/04/95 58,763 1.24 4.39 3.90 1.97 0.07
GWBC Gateway Bancorp, Inc. KY 01/18/95 71,260 1.05 4.05 2.83 1.23 0.04
HZFS Horizon Financial Svcs Corp. IA 06/30/94 72,225 0.46 3.71 3.30 2.66 0.48
HHFC Harvest Home Financial Corp. OH 10/10/94 73,005 0.80 4.31 3.20 2.00 0.07
ATSB AmTrust CapitalCorp IN 03/28/95 73,072 0.31 2.75 2.81 2.95 0.44
SFFC StateFed Financial Corporation IA 01/05/94 74,181 1.18 5.80 3.70 1.75 0.08
SOBI Sobieski Bancorp, Inc IN 03/31/95 76,362 0.42 2.24 3.28 2.69 0.21
THBC Troy Hill Bancorp, Inc. PA 06/27/94 80,484 1.38 6.09 4.24 2.06 0.10
GFSB GFS Bancorp, Inc. IA 01/06/94 83,305 1.16 9.19 3.46 1.73 0.12
CIBI Community Investors Bancorp OH 02/07/95 85,785 1.01 6.98 3.60 2.06 0.17
NWEQ Northwest Equity Corp. WI 10/11/94 86,355 1.06 6.95 4.26 2.73 0.47
FFBI First Financial Bancorp, Inc. IL 10/04/93 88,615 0.70 6.53 3.28 3.18 0.46
INCB Indiana Community Bank, SB IN 12/15/94 94,476 0.67 4.39 4.35 3.72 0.84
PTRS Potters Financial Corp. OH 12/31/93 113,862 0.54 5.67 3.40 2.64 0.22
ASSET QUALITY*
-----------------------------------------
NPA/ REO/ Reserves/
Assets Assets Assets
(%) (%) (%)
--------- --------- ------------
MARKET BUILDING & SAVING CO. 0.03 0.00 0.11
-----------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Less Than Less Than Greater Than
INCLUSION IN COMPARABLE GROUP 0.75 0.20 0.10
-----------------------------------------------------------------------------------
HBBI Home Building Bancorp IN 0.23 0.00 1.02
MSBF MSB Financial, Inc. MI 0.60 0.00 0.61
CKFB CKF Bancorp, Inc. KY 1.70 0.00 0.18
GWBC Gateway Bancorp, Inc. KY 0.31 0.00 0.11
HZFS Horizon Financial Svcs Corp. IA 1.57 0.28 0.45
HHFC Harvest Home Financial Corp. OH 0.20 0.00 0.15
ATSB AmTrust CapitalCorp IN 1.31 0.00 0.50
SFFC StateFed Financial Corporation IA 0.53 0.00 0.32
SOBI Sobieski Bancorp, Inc IN 0.00 NA 0.26
THBC Troy Hill Bancorp, Inc. PA 2.95 0.03 0.88
GFSB GFS Bancorp, Inc. IA 0.00 0.27 NA
CIBI Community Investors Bancorp OH 0.73 0.11 0.50
NWEQ Northwest Equity Corp. WI 0.92 0.15 0.50
FFBI First Financial Bancorp, Inc. IL 0.53 0.00 0.40
INCB Indiana Community Bank, SB IN NA 0.00 0.48
PTRS Potters Financial Corp. OH 2.49 0.09 1.81
131
KELLER & COMPANY Page 2
Columbus, Ohio
614-766-1426
EXHIBIT 38
THE MARKET BUILDING AND SAVING COMPANY
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
MOST RECENT FOUR QUARTERS
General Parameters:
States: IA IL IN KY MI OH PA WI WV
IPO Date: 03/31/95
Asset size: $250,000
OPERATING PERFORMANCE
------------------------------------------------------
Net Operating Noninterest
Total Interest Expenses/ Income/
Assets ROAA ROAE Margin ** Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%)
-------- ------ ----- ---- --------- -------- -----------
MARKET BUILDING & SAVING CO. -- 46,260 0.85 5.63 3.31 1.92 0.02
----------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to Less Than 0.55- 2.00- 2.75- 1.50- Less Than
INCLUSION IN COMPARABLE GROUP 03/31/95 250,000 1.20 10.00 4.00 2.75 0.35
----------------------------------------------------------------------------------------------------------------------
MIFC Mid-Iowa Financial Corp. IA 10/14/92 115,260 0.93 10.00 2.83 2.18 0.80
NBSI North Bancshares, Inc. IL 12/21.93 119,436 0.59 3.19 3.27 2.50 0.14
MWBI Midwest Bancshares, Inc. IA 11/12/92 138,628 1.01 14.64 2.95 1.91 0.16
BWFC Bank West Financial Corp. MI 03/30/95 139,217 0.69 3.41 3.06 2.44 0.12
FFWD Wood Bancorp, Inc. OH 08/31/93 139,718 1.17 8.14 4.29 2.52 0.26
FFWC FFW Corp. IN 04/05/93 148,892 0.90 8.07 3.01 1.72 0.31
SJSB SJS Bancorp MI 02/16/95 150,752 0.63 5.00 2.89 2.32 0.34
MARN Marion Capital Holdings IN 03/18/93 177,767 1.41 5.86 4.18 2.14 0.18
FFBZ First Federal Bancorp, Inc. OH 07/13/92 177,778 1.14 15.12 3.91 2.43 0.47
MWFD Midwest Federal Financial WI 07/08/92 178,249 1.20 12.27 4.06 2.98 0.81
MFFC Milton Federal Financial Corp. OH 10/07/94 178,289 1.04 4.80 3.61 2.16 0.13
LARL Laurel Capital Group, Inc. PA 02/20/87 193,008 1.35 13.23 4.00 2.01 0.26
CBCO CB Bancorp, Inc. IN 12/28/92 195,658 1.38 14.64 4.81 2.02 0.68
SBCN Suburban Bancorporation, Inc. OH 09/30/93 197,137 0.39 2.95 3.01 2.29 0.24
EFBI Enterprise Federal Bancorp. OH 10/17/94 203,431 1.03 5.52 2.96 1.91 0.05
OHSL OHSL Financial Corp. OH 02/10/93 209,037 0.95 7.55 3.39 2.06 0.15
ASSET QUALITY*
-----------------------------------------
NPA/ REO/ Reserves/
Assets Assets Assets
(%) (%) (%)
--------- --------- ------------
MARKET BUILDING & SAVING CO. 0.03 0.00 0.11
------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Less Than Less Than Greater Than
INCLUSION IN COMPARABLE GROUP 0.75 0.20 0.10
------------------------------------------------------------------------------------
MIFC Mid-Iowa Financial Corp. IA NA NA 0.24
NBSI North Bancshares, Inc. IL 0.00 0.00 0.17
MWBI Midwest Bancshares, Inc. IA 0.28 0.14 0.48
BWFC Bank West Financial Corp. MI 0.08 0.03 0.10
FFWD Wood Bancorp, Inc. OH 0.18 0.02 0.35
FFWC FFW Corp. IN 0.06 0.01 0.35
SJSB SJS Bancorp MI 0.29 0.06 0.42
MARN Marion Capital Holdings IN 1.07 0.10 1.13
FFBZ First Federal Bancorp, Inc. OH NA NA 0.87
MWFD Midwest Federal Financial WI 0.26 0.00 0.76
MFFC Milton Federal Financial Corp. OH 0.40 0.02 0.23
LARL Laurel Capital Group, Inc. PA 0.70 0.12 0.99
CBCO CB Bancorp, Inc. IN NA NA NA
SBCN Suburban Bancorporation, Inc. OH 0.20 0.16 1.59
EFBI Enterprise Federal Bancorp. OH 0.01 0.00 0.17
OHSL OHSL Financial Corp. OH 0.12 0.00 0.25
132
Page 3
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 38
THE MARKET BUILDING AND SAVING COMPANY
COMPARABLE GROUP SELECTION
OPERATING PERFORMANCE AND ASSET QUALITY PARAMETERS
MOST RECENT FOUR QUARTERS
General Parameters:
States: IA IL IN KY MI OH PA WI WV
IPO Date: 03/31/95
Asset size: $250,000
OPERATING PERFORMANCE
------------------------------------------------------
Net Operating Noninterest
Total Interest Expenses/ Income/
Assets ROAA ROAE Margin** Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%)
-------- --------- ----- ---- --------- -------- -----------
MARKET BUILDING & SAVING CO. -- 46,260 0.85 5.63 3.31 1.92 0.02
----------------------------------------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Prior to Less Than 0.55- 2.00- 2.75- 1.50- Less Than
INCLUSION IN COMPARABLE GROUP 03/31/95 250,000 1.20 10.00 4.00 2.75 0.35
----------------------------------------------------------------------------------------------------------------------
MFBC MFB Corp. IN 03/25/94 210,559 0.73 3.69 3.06 1.95 0.15
FFHS First Franklin Corporation OH 01/26/88 216,508 0.62 6.56 2.74 1.91 0.18
WVFC WVS Financial Corporation PA 11/29/93 240,282 1.23 8.09 4.06 1.91 0.13
ASSET QUALITY*
-----------------------------------------
NPA/ REO/ Reserves/
Assets Assets Assets
(%) (%) (%)
--------- --------- ------------
MARKET BUILDING & SAVING CO. 0.03 0.00 0.11
------------------------------------------------------------------------------------
DEFINED PARAMETERS FOR Less Than Less Than Greater Than
INCLUSION IN COMPARABLE GROUP 0.75 0.20 0.10
------------------------------------------------------------------------------------
MFBC MFB Corp. IN 0.05 0.00 0.16
FFHS First Franklin Corporation OH 0.50 0.09 0.43
WVFC WVS Financial Corporation PA 0.45 0.01 0.80
* Asset quality ratios reflect balance sheet totals at the end of the most
recent quarter.
** Based on average interest-earning assets.
133
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 39
THE MARKET BUILDING AND SAVING COMPANY
FINAL COMPARABLE GROUP
BALANCE SHEET RATIOS
Total
Cash & 1-4 Fam. Total Net Net Loans Borrowed
Total Invest./ MBS/ Loans/ Loans/ & MBS/ Funds/ Equity/
Assets Assets Assets Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%)
-------- ------ -------- ------ -------- --------- --------- -------- -------
MARKET BUILDING & SAVING CO.
-- 46,260 45.54 3.86 44.88 48.38 52.24 0.00 16.28
------------------------------------------------------------------------------------------------------------------------------
8.00-
Less Less Less Less
DEFINED PARAMETERS FOR Prior to than 10.00 than 35.00- 40.00- 45.00- than than
INCLUSION IN COMPARABLE GROUP 03/31/95 250,000 50.00 25.00 70.00 85.00 90.00 30.00 25.00
------------------------------------------------------------------------------------------------------------------------------
HHFC Harvest Home Financial Corp. OH 10/10/94 73,005 45.33 7.70 48.14 54.74 62.44 0.00 17.71
SFFC StateFed Financial Corporation IA 01/05/94 74,181 12.61 0.00 54.46 82.23 82.23 17.52 20.12
CIBI Community Investors Bancorp OH 02/07/95 85,785 26.17 2.90 59.73 74.02 76.92 2.28 13.84
NBSI North Bancshares, Inc. IL 12/21/93 119,436 34.86 6.94 45.48 55.50 62.43 18.21 15.50
FFWC FFW Corp. IN 04/05/93 148,892 17.60 12.99 44.56 67.24 80.23 26.39 10.80
MFFC Milton Federal Financial Corp. OH 10/07/94 178,289 23.80 10.57 53.84 63.08 73.65 9.00 18.93
EFBI Enterprise Federal Bancorp OH 10/17/94 203,431 20.61 15.71 47.06 64.07 79.77 14.75 15.47
OHSL OHSL Financial Corp. OH 02/10/93 209,037 20.05 6.91 48.56 71.45 78.36 8.12 12.20
MFBC MFB Corp. IN 03/25/94 210,559 30.47 2.70 60.71 65.90 68.60 8.31 17.90
FFHS First Franklin Corporation OH 01/26/88 216,508 11.23 19.40 53.54 67.30 86.69 3.34 9.37
AVERAGE 151,912 24.27 8.58 51.61 66.55 75.13 10.79 15.18
MEDIAN 163,591 22.20 7.32 51.05 66.57 77.64 8.66 15.49
HIGH 216,508 45.33 19.40 60.71 82.23 86.69 26.39 20.12
LOW 73,005 11.23 0.00 44.56 54.74 62.43 0.00 9.37
134
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 40
THE MARKET BUILDING AND SAVING COMPANY
FINAL COMPARABLE GROUP
OPERATING PERFORMANCE AND ASSET QUALITY RATIOS
MOST RECENT FOUR QUARTERS
OPERATING PERFORMANCE ASSET QUALITY*
-------------------------------------------- ------------------------
Net Operating Noninterest
Total Interest Expenses/ Income/ NPA/ REO/ Reserves/
Assets ROAA ROAE Margin** Assets Assets Assets Assets Assets
IPO Date ($000) (%) (%) (%) (%) (%) (%) (%) (%)
-------- ------ ---- ---- -------- --------- ----------- ------ ------ ---------
MARKET BUILDING & SAVING CO.
-- 46,260 0.85 5.36 3.31 1.92 0.02 0.03 0.00 0.11
------------------------------------------------------------------------------------------------------------------------------
Less Less Less Less Greater
DEFINED PARAMETERS FOR Prior to than 0.55- 2.00- 2.75- 1.50- than than than than
INCLUSION IN COMPARABLE GROUP 03/31/95 250,000 1.20 10.00 4.00 2.75 0.35 0.75 0.20 0.10
------------------------------------------------------------------------------------------------------------------------------
HHFC Harvest Home Financial Corp. OH 10/10/94 73,005 0.80 4.31 3.20 2.00 0.07 0.20 0.00 0.15
SFFC StateFed Financial Corporation IA 01/05/94 74,181 1.18 5.80 3.70 1.75 0.08 0.53 0.00 0.32
CIBI Community Investors Bancorp OH 02/07/95 85,785 1.01 6.98 3.60 2.06 0.17 0.73 0.11 0.50
NBSI North Bancshares, Inc. IL 12/21/93 119,436 0.59 3.19 3.27 2.50 0.14 0.00 0.00 0.17
FFWC FFW Corp. IN 04/05/93 148,892 0.90 8.07 3.01 1.72 0.31 0.06 0.01 0.35
MFFC Milton Federal Financial Corp. OH 10/07/94 178,289 1.04 4.80 3.61 2.16 0.13 0.40 0.02 0.23
EFBI Enterprise Federal Bancorp OH 10/17/94 203,431 1.03 5.52 2.96 1.91 0.05 0.01 0.00 0.17
OHSL OHSL Financial Corp. OH 02/10/93 209,037 0.95 7.55 3.39 2.06 0.15 0.12 0.00 0.25
MFBC MFB Corp. IN 03/25/94 210,559 0.73 3.69 3.06 1.95 0.15 0.05 0.00 0.16
FFHS First Franklin Corporation OH 01/26/88 216,508 0.62 6.56 2.74 1.91 0.18 0.50 0.09 0.43
AVERAGE 151,912 0.89 5.65 3.25 2.00 0.14 0.26 0.02 0.27
MEDIAN 163,591 0.93 5.66 3.24 1.98 0.15 0.16 0.00 0.24
HIGH 216,508 1.18 8.07 3.70 2.50 0.31 0.73 0.11 0.50
LOW 73,005 0.59 3.19 2.74 1.72 0.05 0.00 0.00 0.15
* Asset quality ratios reflect balance sheet totals at the end of the most
recent quarter.
** Based on average interest-earning assets.
135
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 41
THE MARKET BUILDING & SAVING COMPANY
COMPARABLE GROUP CHARACTERISTICS AND BALANCE SHEET TOTALS
Number
of
Offices Exchange Conversion
------- -------- ----------
SUBJECT
THE MARKET BUILDING &
SAVINGS COMPANY MT. HEALTHY OH 2 NA NA
COMPARABLE GROUP
CIBI Community Investors Bancorp, Inc. Bucyrus OH 3 NASDAQ 02/07/95
EFBI Enterprise Federal Bancorp, Inc. Lockland OH 5 NASDAQ 10/17/94
FFWC FFW Corporation Wabash IN 3 NASDAQ 04/05/93
FFHS First Franklin Corporation Cincinnati OH 7 NASDAQ 01/26/88
HHFC Harvest Home Financial Corporation Cheviot OH 3 NASDAQ 10/10/94
MFBC MFB Corp. Mishawaka IN 4 NASDAQ 03/25/94
MFFC Milton Federal Financial Corporation West Milton OH 2 NASDAQ 10/07/94
NBSI North Bancshares, Inc. Chicago IL 2 NASDAQ 12/21/93
OHSL OHSL Financial Corp. Cincinnati OH 5 NASDAQ 02/10/93
SFFC StateFed Financial Corporation Des Moines IA 2 NASDAQ 01/05/94
Average 3.6
Median 3.0
High 7.0
Low 2.0
Most Recent Quarter
-----------------------------------------------------------------
Total Goodwill
Total Int. Earning Net and Total Total
Assets Assets Loans Intang. Deposits Equity
($000) ($000) ($000) ($000) ($000) ($000)
------ ------ ------ ------ ------ ------
SUBJECT
THE MARKET BUILDING &
SAVINGS COMPANY MT. HEALTHY 46,260 45,015 22,384 0 38,190 7,533
COMPARABLE GROUP
CIBI Community Investors Bancorp, Inc. Bucyrus OH 85,785 83,103 63,498 0 71,548 11,869
EFBI Enterprise Federal Bancorp, Inc. Lockland OH 203,431 201,684 130,334 65 139,708 31,470
FFWC FFW Corporation Wabash IN 148,892 142,848 100,113 0 92,131 16,083
FFHS First Franklin Corporation Cincinnati OH 216,508 210,224 145,703 207 188,336 20,287
HHFC Harvest Home Financial Corporation Cheviot OH 73,005 70,109 39,963 0 59,606 12,930
MFBC MFB Corp. Mishawaka IN 210,559 202,589 138,762 0 153,962 37,691
MFFC Milton Federal Financial Corporation West Milton OH 178,289 170,995 112,468 0 127,456 33,756
NBSI North Bancshares, Inc. Chicago IL 119,436 114,046 66,285 0 75,547 18,514
OHSL OHSL Financial Corp. Cincinnati OH 209,037 203,055 149,350 0 165,035 25,494
SFFC StateFed Financial Corporation Des Moines IA 74,181 70,291 61,002 0 45,665 14,925
Average 151,912 146,894 100,748 27 111,899 22,302
Median 163,591 156,922 106,291 0 109,794 19,401
High 216,508 210,224 149,350 207 188,336 37,691
Low 73,005 70,109 39,963 0 45,665 11,869
136
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 42
THE MARKET BUILDING & SAVING COMPANY
COMPARABLE GROUP MARKET AREA COMPARISON
1990-1995 Median Median
1995 Population Per Capita Household Housing
Population Growth (%) Income ($) Income ($) Value ($)
---------- ---------- ---------- ---------- ---------
SUBJECT
THE MARKET BUILDING & SAVING
COMPANY OH 866,222 1.2 18,004 34,401 72,243
COMPARABLE GROUP
EFBI Enterprise Federal Bancorp OH 866,222 1.2 18,004 34,401 72,243
CIBI Community Investors Bancorp OH 47,870 0.2 16,237 32,915 56,087
FFWC FFW Corp. IN 34,831 0.3 13,428 30,573 43,401
FFHS First Franklin Corporation OH 866,222 1.2 18,004 34,401 72,243
HHFC Harvest Home Financial Corporation OH 866,222 1.2 18,004 34,401 72,243
MFBC MFB Corp. IN 257,533 0.8 16,003 34,165 50,751
MFFC Milton Federal Financial Corp. OH 677,496 1.5 17,691 33,144 67,088
NBSI North Bancshares, Inc. IL 5,144,275 0.8 17,825 36,543 102,118
OHSL OHSL Financial Corp. OH 866,222 1.2 18,004 34,401 72,243
SFFC StateFed Financial Corporation IA 350,024 1.3 16,864 33,804 59,700
Average 997,692 1.0 17,006 33,875 66,812
Median 771,859 1.2 17,758 34,283 69,666
High 5,144,275 1.5 18,004 36,543 102,118
Low 34,831 0.2 13,428 30,573 43,401
Below
Median Unem- High School College Poverty
Rent ($) ployment (%) Graduates (%) Graduates (%) Level (%)
-------- ------------ ------------- ------------- ---------
SUBJECT
THE MARKET BUILDING & SAVING
COMPANY OH 304 3.6 75.6 23.7 13.3
COMPARABLE GROUP
EFBI Enterprise Federal Bancorp OH 304 3.6 75.6 23.7 13.3
CIBI Community Investors Bancorp OH 309 6.4 73.8 16.8 14.1
FFWC FFW Corp. IN 304 4.8 75.4 12.7 10.2
FFHS First Franklin Corporation OH 304 3.6 75.6 12.7 13.3
HHFC Harvest Home Financial Corporation OH 304 3.6 75.6 23.7 13.3
MFBC MFB Corp. IN 325 5.7 76.1 19.2 9.7
MFFC Milton Federal Financial Corp. OH 317 3.7 74.9 20.7 13.8
NBSI North Bancshares, Inc. IL 411 5.1 73.4 22.8 14.2
OHSL OHSL Financial Corp. OH 304 3.6 75.6 23.7 13.3
SFFC StateFed Financial Corporation IA 369 3.9 85.4 23.9 9.2
Average 325 4.4 76.1 20.0 12.4
Median 307 3.8 75.6 21.8 13.3
High 411 6.4 85.4 23.9 14.2
Low 304 3.6 73.4 12.7 9.2
137
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 43
BALANCE SHEET
ASSET COMPOSITION - MOST RECENT QUARTER
As a Percent of Total Assets
------------------------------------------------------------------------
Loan Loss
Total Assets Cash & MBS Net Loans Reserves Real Estate Goodwill &
($000) Invest. ($) (%) (%) (%) Owned(%) Intang.(%)
------------ ----------- ---------- ---------- ---------- ----------- ----------
SUBJECT
THE MARKET BUILDING &
SAVING COMPANY 46,260 45.54 3.86 48.38 0.11 0.00 0.00
COMPARABLE GROUP
CIBI Community Investors Bancorp 85,785 26.17 2.90 74.02 0.50 0.11 0.00
EFBI Enterprise Federal Bancorp 203,431 20.61 15.71 64.07 0.17 0.00 0.03
FFWC FFW Corp. 148,892 17.60 12.99 67.24 0.35 0.01 0.00
FFHS First Franklin Corporation 216,508 11.23 19.40 67.30 0.43 0.09 0.10
HHFC Harvest Home Financial Corp. 73,005 45.33 7.70 54.74 0.15 0.00 0.00
MFBC MFB Corp. 210,559 30.47 2.70 65.90 0.16 0.00 0.00
MFFC Milton Federal Financial Corp. 178,289 23.80 10.57 63.08 0.23 0.02 0.00
NBSI North Bancshares. Inc. 119,436 34.86 6.94 55.50 0.17 0.00 0.00
OHSL OHSL Financial Corp. 209,037 20.05 6.91 71.45 0.25 0.00 0.00
SFFC StateFed Financial Corporation 74,181 12.61 0.00 82.23 0.32 0.00 0.00
Average 151,912 24.27 8.58 66.55 0.27 0.02 0.01
Median 163,591 22.20 7.32 66.57 0.24 0.00 0.00
High 216,508 45.33 19.40 82.23 0.50 0.11 0.10
Low 73,005 11.23 0.00 54.74 0.15 0.00 0.00
ALL THRIFTS (335)
Average 2,738,542 14.52 13.95 66.59 0.63 0.63 0.33
MIDWEST THRIFTS (152)
Average 783,533 17.97 9.79 68.35 0.47 0.47 0.15
OHIO THRIFTS (31)
Average 786,279 16.07 8.39 72.04 0.50 0.07 0.18
As a Percent of Total Assets
----------------------------------------------------------------------------------
Interest Interest
Non-Perf. Earning Bearing Capitalized
Other Assets High Risk R.E. Assets Assets Liabilities Loan Servicing
(%) Loan(%) (%) (%) (%) (%)
------------ -------------- ---------- ---------- ----------- --------------
SUBJECT
THE MARKET BUILDING &
SAVING COMPANY 1.94 3.45 0.03 97.31 82.56 0.00
COMPARABLE GROUP
CIBI Community Investors Bancorp 1.37 6.33 0.73 96.87 84.55 0.00
EFBI Enterprise Federal Bancorp 2.10 16.98 0.01 99.14 84.33 0.00
FFWC FFW Corp. 2.15 5.62 0.06 95.94 85.67 0.00
FFHS First Franklin Corporation 1.89 13.05 0.50 97.10 89.16 0.00
HHFC Harvest Home Financial Corp. 2.26 6.87 0.20 96.03 79.60 0.00
MFBC MFB Corp. 1.51 1.45 0.05 96.21 78.59 0.00
MFFC Milton Federal Financial Corp. 2.53 6.07 0.40 95.91 78.62 0.00
NBSI North Bancshares. Inc. 2.71 3.59 0.00 95.49 79.11 0.00
OHSL OHSL Financial Corp. 1.59 19.50 0.12 97.14 84.30 0.01
SFFC StateFed Financial Corporation 3.23 28.46 0.53 94.76 78.80 0.00
Average 2.13 10.79 0.26 96.46 82.27 0.00
Median 2.13 6.60 0.16 96.12 81.95 0.00
High 3.23 28.46 0.73 99.14 89.16 0.01
Low 1.37 1.45 0.00 94.76 78.59 0.00
ALL THRIFTS (335)
Average 2.93 14.90 1.34 94.16 86.92 0.34
MIDWEST THRIFTS (152)
Average 2.50 12.10 0.58 94.31 82.80 0.10
OHIO THRIFTS (31)
Average 2.30 15.70 0.47 93.31 83.67 0.04
138
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 44
BALANCE SHEET COMPARISON
LIABILITIES AND EQUITY - MOST RECENT QUARTER
As a Percent of Total Assets
----------------------------------------------------------
Total Total Total Total Other Preferred Common
Liabilities Equity Deposits Borrowings Liabilities Equity Equity
($000) ($000) (%) (%) (%) (%) (%)
----------- ---------- ---------- ---------- ----------- ---------- ----------
SUBJECT
THE MARKET BUILDING &
SAVING COMPANY 38,727 7,533 82.56 0.00 1.16 - --
COMPARABLE GROUP
CIBI Community Investors Bancorp 73,916 11,869 83.40 2.28 0.48 0.00 13.84
EFBI Enterprise Federal Bancorp 171,961 31,470 68.68 14.75 1.11 0.00 15.47
FFWC FFW Corp. 132,809 16,083 61.88 26.39 0.93 0.00 10.80
FFHS First Franklin Corporation 196,221 20,287 86.99 3.34 0.30 0.00 9.37
HHFC Harvest Home Financial Corp. 60,075 12,930 81.65 0.00 0.64 0.00 17.71
MFBC MFB Corp. 172,868 37,691 73.12 8.31 0.67 0.00 17.90
MFFC Milton Federal Financial Corp. 144,533 33,756 71.49 9.00 0.58 0.00 18.93
NBSI North Bancshares, Inc. 100,922 18,514 63.25 18.21 3.04 0.00 15.50
OHSL OHSL Financial Corp. 183,543 25,494 78.95 8.12 0.74 0.00 12.20
SFFC StateFed Financial Corporation 59,256 14,925 61.56 17.52 0.80 0.00 20.12
Average 129,610 22,302 73.10 10.79 0.93 0.00 15.18
Median 138,671 19,401 72.30 8.66 0.70 0.00 15.49
High 196,221 37,691 86.99 26.39 3.04 0.00 20.12
Low 59,256 11,869 61.56 0.00 0.30 0.00 9.37
ALL THRIFTS (335)
Average 1,194,788 102,068 73.18 12.52 1.46 0.07 12.77
MIDWEST THRIFTS (152)
Average 713,379 70,154 72.12 12.51 1.22 0.02 14.14
OHIO THRIFTS (31)
Average 718,091 68,188 76.66 8.77 1.12 0.07 13.38
FASB 115 Reg. Reg. Reg.
Unrealized Retained Total Tangible Core Tangible Risk-Based
Gain (Loss) Earnings Equity Equity Capital Capital Capital
(%) (%) (%) (%) (%) (%) (%)
---------- ---------- ---------- ---------- ---------- ---------- ----------
SUBJECT
THE MARKET BUILDING &
SAVING COMPANY 0.85 15.44 16.28 15.44 15.44 15.44 48.85
COMPARABLE GROUP
CIBI Community Investors Bancorp (0.00) 7.68 13.84 13.84 11.86 11.86 24.41
EFBI Enterprise Federal Bancorp 0.09 6.56 15.47 15.44 NA NA 26.64
FFWC FFW Corp. 0.17 5.12 10.80 10.80 7.83 7.83 15.21
FFHS First Franklin Corporation (0.04) 3.80 9.37 9.28 6.45 6.45 14.87
HHFC Harvest Home Financial Corp. 0.17 6.03 17.71 17.71 NA NA NA
MFBC MFB Corp. (0.16) 9.74 17.90 17.90 NA NA 37.61
MFFC Milton Federal Financial Corp. (0.06) 8.56 18.93 18.93 14.69 14.69 33.82
NBSI North Bancshares, Inc. (0.63) 9.05 15.50 15.50 14.45 14.45 44.11
OHSL OHSL Financial Corp. (0.09) 6.52 12.20 12.20 9.93 9.93 20.64
SFFC StateFed Financial Corporation 0.02 8.72 20.12 20.12 13.92 13.92 24.35
Average (0.05) 7.18 15.18 15.17 11.30 11.30 26.85
Median (0.02) 7.12 15.49 15.47 11.86 11.86 24.41
High 0.17 9.74 20.12 20.12 14.69 14.69 44.11
Low (0.63) 3.80 9.37 9.28 6.45 6.45 14.87
ALL THRIFTS (335)
Average (0.01) 6.46 12.84 12.70 10.65 10.52 23.26
MIDWEST THRIFTS (152)
Average (0.02) 7.26 14.16 14.03 11.54 11.48 24.40
OHIO THRIFTS (31)
Average 0.03 6.81 13.45 13.51 11.22 11.42 22.80
139
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 45
INCOME AND EXPENSE COMPARISON
TRAILING FOUR QUARTERS
($000)
Net Gain Total Goodwill Net
Interest Interest Interest Provision (Loss) Non-Int. & Intang Real Est.
Income Expense Income for Loss on Sale Income Amts. Expense
-------- -------- -------- --------- ------- -------- -------- ---------
SUBJECT
THE MARKET BUILDING
& SAVING COMPANY 3,275 1,788 1,487 13 0 8 0 0
COMPARABLE GROUP
CIBI Community Investors Bancorp 6,651 3,668 2,983 149 65 148 0 54
EFBI Enterprise Federal Bancorp 14,103 8,410 5,693 30 1,052 108 30 (39)
FFWC FFW Corp. 10,804 6,638 4,166 54 (168) 455 0 (1)
FFHS First Franklin Corporation 15,238 9,598 5,640 56 31 388 5 3
HHFC Harvest Home Financial Corp. 4,954 2,752 2,202 6 0 52 0 0
MFBC MFB Corp. 13,393 7,635 5,758 30 58 318 0 0
MFFC Milton Federal Financial Corp. 12,265 6,448 5,817 72 214 231 0 2
NBSI North Bancshares. Inc. 7,957 4,367 3,590 24 85 173 0 0
OHSL OHSL Financial Corp. 15,616 8,915 6,701 8 19 319 0 0
SFFC StateFed Financial Corporation 5,658 3,129 2,529 24 0 57 0 (220)
Average 10,664 6,156 4,508 45 136 225 4 (20)
Median 11,535 6,543 4,903 30 45 202 0 0
High 15,616 9,598 6,701 149 1,052 455 30 54
Low 4,954 2,752 2,202 6 (168) 52 0 (220)
ALL THRIFTS (335)
Average 96,561 59,670 36,891 2,733 2,602 6,410 598 691
MIDWEST THRIFTS (152)
Average 56,685 34,405 22,280 576 575 4,434 328 (91)
OHIO THRIFTS (31)
Average 58,801 36,781 22,021 261 511 3,056 187 (16)
Net Net Inc.
Total Non- Income Before
Non-Int. Recurring Before Income Extraord Extraord Net Core
Expense Expense Taxes Taxes Items Items Income Income
--------- --------- ------ ------ -------- -------- ------ ------
SUBJECT
THE MARKET BUILDING
& SAVING COMPANY 882 0 600 208 392 0 392 392
COMPARABLE GROUP
CIBI Community Investors Bancorp 1,749 0 1,298 443 855 0 855 813
EFBI Enterprise Federal Bancorp 3,740 0 3,083 1,069 2,014 0 2,014 1,331
FFWC FFW Corp. 2,449 51 1,899 613 1,286 0 1,286 1,428
FFHS First Franklin Corporation 4,042 0 1,961 645 1,316 0 1,316 1,297
HHFC Harvest Home Financial Corp. 1,404 0 844 286 558 0 558 558
MFBC MFB Corp. 3,758 0 2,346 935 1,411 0 1,411 1,373
MFFC Milton Federal Financial Corp. 3,563 0 2,627 900 1,727 0 1,727 1,588
NBSI North Bancshares. Inc. 2,796 0 1,028 372 656 0 656 600
OHSL OHSL Financial Corp. 4,155 0 2,911 998 1,913 0 1,913 1,878
SFFC StateFed Financial Corporation 1,262 0 1,300 454 847 0 847 847
Average 2,892 5 1,930 672 1,258 0 1,258 1,171
Median 3,180 0 1,930 629 1,301 0 1,301 1,314
High 4,155 51 3,083 1,069 2,014 0 2,014 1,878
Low 1,262 0 844 286 558 0 558 558
ALL THRIFTS (335)
Average 25,700 657 16,866 6,283 10,583 (27) 10,555 9,284
MIDWEST THRIFTS (152)
Average 15,362 1,003 10,382 3,631 6,751 (8) 6,742 7,007
OHIO THRIFTS (31)
Average 13,323 4,678 7,352 2,509 4,843 0 4,843 7,534
140
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 46
INCOME AND EXPENSE COMPARISON
AS A PERCENTAGE OF AVERAGE ASSETS
TRAILING FOUR QUARTERS
Net Gain Total Goodwill Net
Interest Interest Interest Provision (Loss) Non-Int. & Intang Real Est.
Income Expense Income for Loss on Sale Income Amts. Expense
(%) (%) (%) (%) (%) (%) (%) (%)
-------- ------- -------- --------- ------- -------- --------- --------
SUBJECT
THE MARKET BUILDING
& SAVING COMPANY 7.14 3.90 3.24 0.03 0.00 0.02 0.00 0.00
COMPARABLE GROUP
CIBI Community Investors Bancorp 7.82 4.31 3.51 0.18 0.08 0.17 0.00 0.06
EFBI Enterprise Federal Bancorp 7.21 4.30 2.91 0.02 0.54 0.06 0.02 (0.02)
FFWC FFW Corp. 7.60 4.67 2.93 0.04 (0.12) 0.32 0.00 (0.00)
FFHS First Franklin Corporation 7.21 4.54 2.67 0.03 0.01 0.18 0.00 0.00
HHFC Harvest Home Financial Corp. 7.06 3.92 3.14 0.01 0.00 0.07 0.00 0.00
MFBC MFB Corp. 6.95 3.96 2.99 0.02 0.03 0.16 0.00 0.00
MFFC Milton Federal Financial Corp. 7.42 3.90 3.52 0.04 0.13 0.14 0.00 0.00
NBSI North Bancshares. Inc. 7.10 3.90 3.20 0.02 0.08 0.15 0.00 0.00
OHSL OHSL Financial Corp. 7.75 4.42 3.32 0.00 0.01 0.16 0.00 0.00
SFFC StateFed Financial Corporation 7.86 4.35 3.51 0.03 0.00 0.08 0.00 (0.31)
Average 7.40 4.23 3.17 0.04 0.08 0.15 0.00 (0.03)
Median 7.32 4.31 3.17 0.02 0.02 0.16 0.00 0.00
High 7.86 4.67 3.52 0.18 0.54 0.32 0.02 0.06
Low 6.95 3.90 2.67 0.00 (0.12) 0.06 0.00 (0.31)
ALL THRIFTS (335)
Average 7.41 4.21 3.20 0.12 0.11 0.44 0.02 0.01
MIDWEST THRIFTS (152)
Average 7.41 4.22 3.19 0.08 0.10 0.41 0.01 (0.01)
OHIO THRIFTS (31)
Average 7.57 4.25 3.33 0.05 0.10 0.26 0.02 0.00
Net Net Inc.
Total Non- Income Before
Non-Int. Recurring Before Income Extraord Extraord Net Core
Expense Expense Taxes Taxes Items Items Income Income
(%) (%) (%) (%) (%) (%) (%) (%)
------- --------- ------- ------ -------- -------- ------ -------
SUBJECT
THE MARKET BUILDING
& SAVING COMPANY 1.92 0.00 1.30 0.45 0.85 0.00 0.85 0.85
COMPARABLE GROUP
CIBI Community Investors Bancorp 2.06 0.00 1.53 0.52 1.01 0.00 1.01 0.96
EFBI Enterprise Federal Bancorp 1.91 0.00 1.58 0.55 1.03 0.00 1.03 0.68
FFWC FFW Corp. 1.72 0.04 1.34 0.43 0.90 0.00 0.90 1.00
FFHS First Franklin Corporation 1.91 0.00 0.93 0.30 0.62 0.00 0.62 0.61
HHFC Harvest Home Financial Corp. 2.00 0.00 1.20 0.41 0.80 0.00 0.80 0.80
MFBC MFB Corp. 1.95 0.00 1.22 0.48 0.73 0.00 0.73 0.71
MFFC Milton Federal Financial Corp. 2.16 0.00 1.59 0.54 1.04 0.00 1.04 0.96
NBSI North Bancshares. Inc. 2.50 0.00 0.92 0.33 0.59 0.00 0.59 0.54
OHSL OHSL Financial Corp. 2.06 0.00 1.44 0.50 0.95 0.00 0.95 0.93
SFFC StateFed Financial Corporation 1.75 0.00 1.81 0.63 1.18 0.00 1.18 1.18
Average 2.00 0.00 1.35 0.47 0.88 0.00 0.88 0.84
Median 1.98 0.00 1.39 0.49 0.93 0.00 0.93 0.86
High 2.50 0.04 1.81 0.63 1.18 0.00 1.18 1.18
Low 1.72 0.00 0.92 0.30 0.59 0.00 0.59 0.54
ALL THRIFTS (335)
Average 2.29 0.02 1.33 0.47 0.86 0.00 0.86 0.80
MIDWEST THRIFTS (152)
Average 2.20 0.02 1.42 0.50 0.92 (0.00) 0.92 0.86
OHIO THRIFTS (31)
Average 2.21 0.05 1.40 0.47 0.93 0.00 0.93 0.88
141
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 47
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 ROAA ROAE ROAE
(%) (%) (%) (%) (%) (%) (%) (%)
------------ ------------ -------- -------- ---- ---- ---- ----
SUBJECT
THE MARKET BUILDING
& SAVING COMPANY 7.30 4.70 2.60 3.31 0.85 0.85 5.36 5.36
CIBI Community Investors Bancorp 8.02 5.08 2.94 3.60 1.01 0.96 6.98 6.63
EFBI Enterprise Federal Bancorp 7.34 5.35 1.99 2.96 1.03 0.68 5.52 3.65
FFWC FFW Corp. 7.82 5.42 2.40 3.01 0.90 1.00 8.07 8.96
FFHS First Franklin Corporation 7.41 5.06 2.35 2.74 0.62 0.61 6.56 6.47
HHFC Harvest Home Financial Corp. 7.21 4.85 2.36 3.20 0.80 0.80 4.31 4.31
MFBC MFB Corp. 7.12 5.02 2.10 3.06 0.73 0.71 3.69 3.59
MFFC Milton Federal Financial Corp. 7.62 5.04 2.58 3.61 1.04 0.96 4.80 4.41
NBSI North Bancshares, Inc. 7.24 4.97 2.27 3.27 0.59 0.54 3.19 2.92
OHSL OHSL Financial Corp. 7.91 5.15 2.76 3.39 0.95 0.93 7.55 7.41
SFFC StateFed Financial Corporation 8.28 5.54 2.74 3.70 1.18 1.18 5.80 5.80
Average 7.60 5.15 2.45 3.25 0.89 0.84 5.65 5.42
Median 7.52 5.07 2.38 3.24 0.93 0.87 5.66 5.11
High 8.28 5.54 2.94 3.70 1.18 1.18 8.07 8.96
Low 7.12 4.85 1.99 2.74 0.59 0.54 3.19 2.92
ALL THRIFTS (335)
Average 7.72 4.91 2.82 3.34 0.86 0.80 8.13 7.24
MIDWEST THRIFTS (152)
Average 7.70 5.00 2.70 3.32 0.92 0.86 7.75 7.07
OHIO THRIFTS (31)
Average 7.86 4.99 2.87 3.45 0.93 0.88 7.90 7.66
* Based on average interest-earning assets.
142
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 48
DIVIDENDS, RESERVES AND SUPPLEMENTAL DATA
DIVIDENDS
--------------------------------------------
12 Month 12 Month
12 Month Common Current Dividend
Preferred Div./ Dividend Payout
Dividends Share Yield Ratio
($000) ($) (%) (%)
--------- -------- -------- --------
SUBJECT
THE MARKET BUILDING
& SAVING COMPANY NA NA NA NA
COMPARABLE GROUP
CIBI Community Investors Bancorp 0 0.12 2.67 9.52
EFBI Enterprise Federal Bancorp 0 3.00 0.00 300.00
FFWC FFW Corp. 0 0.48 3.00 28.24
FFHS First Franklin Corporation 0 0.29 2.21 27.10
HHFC Harvest Home Financial Corp. 0 0.39 3.33 60.94
MFBC MFB Corp. 0 0.00 1.63 0.00
MFFC Milton Federal Financial Corp. 0 1.37 4.52 187.67
NBSI North Bancshares, Inc. 0 0.20 2.46 36.36
OHSL OHSL Financial Corp. 0 0.72 3.90 47.37
SFFC StateFed Financial Corporation 0 0.40 2.62 38.46
Average 0 0.70 2.63 73.57
Median 0 0.40 2.65 37.41
High 0 3.00 4.52 300.00
Low 0 0.00 0.00 0.00
ALL THRIFTS (335)
Average 362 0.26 1.39 22.38
MIDWEST THRIFTS (152)
Average 46 0.38 1.85 35.21
OHIO THRIFTS (31)
Average 0 0.25 1.40 18.60
RESERVES AND SUPPLEMENTAL DATA - MOST RECENT PERIOD
------------------------------------------------------------------------------------
Net
Reserves/ Reserves/ Chargeoffs/ Provisions/ 1 Year Total
Gross Non-Perf. Average Net Repricing Effective Assets/
Loans Assets Loans Chargeoffs Gap Tax Rate Employee
(%) (%) (%) (%) (%) (%) ($000)
--------- --------- ----------- ----------- --------- --------- --------
SUBJECT
THE MARKET BUILDING
& SAVING COMPANY 0.23 346.67 0.00 NM NA 34.67 7,710
COMPARABLE GROUP
CIBI Community Investors Bancorp 0.68 69.06 0.27 102.33 NA 38.32 NA
EFBI Enterprise Federal Bancorp 0.27 NM 0.00 NM NA 34.13 NA
FFWC FFW Corp. 0.52 620.00 0.09 163.64 11.64 32.99 4,024
FFHS First Franklin Corporation 0.63 84.85 0.04 133.33 NA 33.06 4,419
HHFC Harvest Home Financial Corp. 0.28 75.00 NA NA NA 34.30 NA
MFBC MFB Corp. 0.24 NA NA NA NA 39.69 NA
MFFC Milton Federal Financial Corp. 0.36 56.05 0.00 NM NA 34.13 3,962
NBSI North Bancshares, Inc. 0.31 NM 0.00 NM NA 36.36 3,732
OHSL OHSL Financial Corp. 0.35 206.77 0.00 NM NA 35.26 3,604
SFFC StateFed Financial Corporation 0.38 NA 0.00 NM NA 34.82 NA
Average 0.40 185.29 0.05 133.10 11.64 35.31 3,948
Median 0.36 79.93 0.00 133.33 11.64 34.56 3,962
High 0.68 620.00 0.27 163.64 11.64 39.69 4,419
Low 0.24 56.05 0.00 102.33 11.64 32.99 3,604
ALL THRIFTS (335)
Average 0.67 89.89 0.11 108.29 -0.29 24.57 3,984
MIDWEST THRIFTS (152)
Average 0.69 154.64 0.08 187.31 -1.16 35.20 3,839
OHIO THRIFTS (31)
Average 0.68 117.76 0.08 255.76 -2.60 34.42 3,794
143
KELLER & COMPANY
Columbus, Ohio
614-766-1426
EXHIBIT 49
COMPARABLE GROUP MARKET, PRICING AND FINANCIAL RATIOS
Stock Prices as of August 2,1996
Market Data Pricing Ratios
------------------------------------- ----------------------------------------------------
Book Price/ Price/ Price/
Market Price/ 12 Mo. Value Price/ Book Price/ Tang. Core
Value Share EPS /Share Earnings Value Assets Bk. Val. Earnings
($M) ($) ($) ($) (X) (%) (%) (%) (%)
------ ------ ------ ------ -------- ------ ------ ------- --------
THE MARKET BUILDING & SAVING COMPANY
APPRAISED VALUE- MIDPOINT 10.10 10.00 0.56 15.83 17.78 63.18 18.06 63.18 17.78
Minimum of range 8.59 10.00 0.63 17.09 15.90 58.52 15.77 58.52 15.90
Maximum of range 11.62 10.00 0.51 14.90 19.48 67.13 20.23 67.13 19.48
Superrange maximum 13.36 10.00 0.47 14.09 21.24 70.99 22.58 70.99 21.24
ALL THRIFTS (335)
Average 122.76 17.22 1.40 16.76 16.42 106.18 12.77 109.33 17.61
Median 35.46 15.75 1.25 16.14 13.34 99.79 11.18 101.81 14.66
OHIO THRIFTS (31)
Average 73.93 17.88 1.39 19.46 15.95 94.40 12.60 95.85 18.30
Median 46.99 16.56 1.33 18.18 15.40 94.87 10.84 95.00 16.67
COMPARABLE GROUP (10)
Average 19.07 15.25 1.02 17.53 16.33 86.75 13.07 86.85 17.54
Median 17.50 14.88 1.02 17.17 14.21 86.38 13.96 86.38 15.91
COMPARABLE GROUP
CIBI Community Investors Bancorp 10.52 15.00 1.26 16.93 11.90 88.60 12.26 88.60 12.61
EFBI Enterprise Federal Bancorp 28.45 13.75 1.00 15.09 13.75 91.12 14.09 91.30 20.83
FFWC FFW Corp. 14.78 20.00 1.70 21.76 11.76 91.91 9.93 91.91 10.58
FFHS First Franklin Corporation 16.90 14.50 1.07 17.41 13.55 83.29 7.80 84.16 13.81
HHFC Harvest Home Financial Corp. 10.74 12.00 0.64 14.44 18.75 83.10 14.71 83.10 18.75
MFBC MFB Corp. 29.12 14.75 0.71 19.09 20.77 77.27 13.83 77.27 21.38
MFFC Milton Federal Financial Corp. 25.98 11.50 0.73 14.91 15.75 77.13 14.60 77.13 17.16
NBSI North Bancshares, Inc. 18.10 16.25 0.55 16.62 29.55 97.77 15.15 97.77 32.50
OHSL OHSL Financial Corp. 23.74 19.50 1.52 20.94 12.83 93.12 11.36 93.12 13.09
SFFC StateFed Financial Corporation 12.41 15.25 1.04 18.12 14.66 84.16 16.93 84.16 14.66
Dividends Financial Ratios
---------------------------- ----------------------------
Div./ Dividend Payout Equity/
Share Yield Ratio Assets ROA ROE
($) (%) (%) (%) (%) (%)
----- -------- ------ ------- --- ---
THE MARKET BUILDING & SAVING COMPANY
APPRAISED VALUE- MIDPOINT 0.00 0.00 0.00 28.58 1.02 3.55
Minimum of range 0.00 0.00 0.00 26.95 0.99 3.68
Maximum of range 0.00 0.00 0.00 30.13 1.04 3.45
Superrange maximum 0.00 0.00 0.00 31.81 1.06 3.34
ALL THRIFTS (335)
Average 0.41 1.89 32.57 12.84 0.86 8.13
Median 0.35 2.00 23.11 10.31 0.90 7.40
OHIO THRIFTS (31)
Average 0.26 1.40 19.38 13.40 0.73 6.09
Median 0.22 1.91 18.23 10.41 0.70 6.32
COMPARABLE GROUP (10)
Average 0.70 2.63 73.57 15.18 0.89 5.65
Median 0.40 2.65 37.41 15.49 0.93 5.66
COMPARABLE GROUP
CIBI Community Investors Bancorp 0.12 2.67 9.52 13.84 1.01 6.98
EFBI Enterprise Federal Bancorp 3.00 0.00 300.00 15.47 1.03 5.52
FFWC FFW Corp. 0.48 3.00 28.24 10.80 0.90 8.07
FFHS First Franklin Corporation 0.29 2.21 27.10 9.37 0.62 6.56
HHFC Harvest Home Financial Corp. 0.39 3.33 60.94 17.71 0.80 4.31
MFBC MFB Corp. 0.00 1.63 0.00 17.90 0.73 3.69
MFFC Milton Federal Financial Corp. 1.37 4.52 187.67 18.93 1.04 4.80
NBSI North Bancshares, Inc. 0.20 2.46 36.36 15.50 0.59 3.19
OHSL OHSL Financial Corp. 0.72 3.90 47.37 12.20 0.95 7.55
SFFC StateFed Financial Corporation 0.40 2.62 38.46 20.12 1.18 5.80
144
EXHIBIT 50
KELLER & COMPANY
Columbus, Ohio
614-766-1426
VALUATION ANALYSIS AND CONCLUSIONS
MARKET FINANCIAL CORPORATION/THE MARKET BUILDING & SAVING CO.
Stock Prices as of August 2, 1996
Valuation assumptions: Comparable Group All Thrifts
----------------- ----------------
Symbol Value Average Median Average Median
------ ----- ------- ------ ------- ------
Post conv. price to earnings P/E 17.78 16.33 14.21 16.42 13.34
Post conv. price to book value P/B 63.18% 86.75% 86.38% 106.18% 99.79%
Post conv. price to assets P/A 18.06% 13.07% 13.96% 12.77% 11.18%
Post conv. price to core earnings P/E 17.78 17.54 15.91 17.61 14.86
Pre conversion earnings ($) Y $ 392,000 For the twelve months ended June 30,1996.
Preconversion book value ($) B $ 7,533,000 At June 30, 1996.
Pre conversion assets ($) A $46,260,000 At June 30, 1996.
Pre conversion core earnings ($) $ 392,000 For the twelve months ended June 30, 1996.
Conversion expense ($) X $ 435,000
Proceeds not reinvested ($) Z $ 808,000
ESOP borrowings ($) E $ 808,000
ESOP cost of borrowings, net(%) S 6.11%
ESOP term of borrowings (yrs.) T 8
RRP amount ($) M $ 404,000
RRP expense ($) N $ 80,800
Tax rate (%) TAX 34.00%
Investment rate of return, net (%) R 3.90%
Investment rate of return, pretax (%) 5.91%
FORMULAE TO INDICATE VALUE AFTER CONVERSION:
1. P/E method: Value = P/E(Y-R(X+Z)-ES-(1-TAX)E/T-(1-TAX)N))
------------------------------------- = $ 10,098,278
1-(P/E)R
2. P/B method: Value = P/B(B-X-E-M)
------------ = $ 10,101,137
1-P/B
3. P/A method: Value = P/A(A-X)
-------- = $ 10,099,364
1-P/A
VALUATION CORRELATION AND CONCLUSIONS:
Number of Price TOTAL
Shares Per Share VALUE
--------- --------- -----------
APPRAISED VALUE - MIDRANGE 1,010,000 $10.00 $10,100,000
Minimum - 85% of midrange 858,500 $10.00 $ 8,585,000
Maximum - 115% of midrange 1,161,500 $10.00 $11,615,000
Superrange- 115% of maximum 1,335,725 $10.00 $13,357,250
145
EXHIBIT 51
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Market Financial Corporation/The Market Building & Saving Co.
At the MINIMUM of the Range
1. GROSS CONVERSION PROCEEDS
Minimum market value $ 8,585,000
Less: Estimated conversion expenses 417,000
Net conversion proceeds $ 8,168,000
2. GENERATION OF ADDITIONAL INCOME
Net conversion proceeds $ 8,168,000
Less: Proceeds not invested (1) 686,800
Total conversion proceeds invested $ 7,481,200
Investment rate 3.90%
Earnings increase - return on proceeds invested $ 291,812
Less: Estimated cost of ESOP borrowings 41,963
Less: Amortization of ESOP borrowings, net of taxes 56,661
Less: RRP expense, net of taxes 45,329
Net earnings increase $ 147,858
3. COMPARATIVE EARNINGS
Regular Core
------- ----
Before conversion - 12 months ended 06/30/96 $ 392,000 392,000
Net earnings increase 147,858 147,858
After conversion $ 539,858 539,858
4. COMPARATIVE NET WORTH (2)
Before conversion - 06/30/96 $ 7,533,000
Conversion proceeds 7,137,800
After conversion $ 14,670,800
5. COMPARATIVE NET ASSETS
Before conversion - 06/30/96 $46,260,000
Conversion proceeds 8,168,000
After conversion $54,428,000
(1) Represents ESOP borrowings.
(2) ESOP borrowings and RRP are omitted from net worth.
146
EXHIBIT 52
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Market Financial Corporation/The Market Building & Saving Co.
At the MIDPOINT of the Range
1. GROSS CONVERSION PROCEEDS
Midpoint market value $ 10,100,000
Less: Estimated conversion expenses 435,000
Net conversion proceeds $ 9,665,000
2. GENERATION OF ADDITIONAL INCOME
Net conversion proceeds $ 9,665,000
Less: Proceeds not invested (1) 808,000
Total conversion proceeds invested $ 8,857,000
Investment rate of return 3.90%
Earnings increase - return on proceeds invested $ 345,476
Less: Estimated cost of ESOP borrowings 49,369
Less: Amortization of ESOP borrowings, net of taxes 66,660
Less: RRP expense, net of taxes 53,328
Net earnings increase $ 176,119
3. COMPARATIVE EARNINGS
Regular Core
------- ----
Before conversion - 12 months ended 06/30/96 $ 392,000 392,000
Net earnings increase 176,119 176,119
After conversion $ 568,119 568,119
4. COMPARATIVE NET WORTH (2)
Before conversion - 06/30/96 $ 7,533,000
Conversion proceeds 8,453,000
After conversion $ 15,986,000
5. COMPARATIVE NET ASSETS
Before conversion - 06/30/96 $ 46,260,000
Conversion proceeds 9,665,000
After conversion $ 55,925,000
(1) Represents ESOP borrowings.
(2) ESOP borrowings and RRP are omitted from net worth.
147
EXHIBIT 53
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Market Financial Corporation/The Market Building & Saving Co.
At the MAXIMUM of the Range
1. GROSS CONVERSION PROCEEDS
Maximum market value $11,615,000
Less: Estimated conversion expenses 453,000
Net conversion proceeds $11,162,000
2. GENERATION OF ADDITIONAL INCOME
Net conversion proceeds $11,162,000
Less: Proceeds not invested (1) 929,200
Total conversion proceeds invested $10,232,800
Investment rate 3.90%
Earnings increase - return on proceeds invested $ 399,141
Less: Estimated cost of ESOP borrowings 56,774
Less: Amortization of ESOP borrowings, net of taxes 76,659
Less: RRP expense, net of taxes 61,327
Net earnings increase $ 204,380
3. COMPARATIVE EARNINGS
Regular Core
------- ----
Before conversion - 12 months ended 06/30/96 $ 392,000 392,000
Net earnings increase 204,380 204,380
After conversion $ 596,380 596,380
4. COMPARATIVE NET WORTH (2)
Before conversion - 06/30/96 $ 7,533,000
Conversion proceeds 9,768,200
After conversion $17,301,200
5. COMPARATIVE NET ASSETS
Before conversion - 06/30/96 $46,260,000
Conversion proceeds 11,162,000
After conversion $57,422,000
(1) Represents ESOP borrowings.
(2) ESOP borrowings and RRP are omitted from net worth.
148
EXHIBIT 54
KELLER & COMPANY
Columbus, Ohio
614-766-1426
PROJECTED EFFECT OF CONVERSION PROCEEDS
Market Financial Corporation/The Market Building & Saving Co.
At the SUPERRANGE Maximum
1. GROSS CONVERSION PROCEEDS
Superrange market value $13,357,250
Less: Estimated conversion expenses 473,000
Net conversion proceeds $12,884,250
2. GENERATION OF ADDITIONAL INCOME
Net conversion proceeds $12,884,250
Less: Proceeds not invested (1) 1,068,580
Total conversion proceeds invested $11,815,670
Investment rate 3.90%
Earnings increase - return on proceeds invested $ 460,882
Less: Estimated cost of ESOP borrowings 65,290
Less: Amortization of ESOP borrowings, net of taxes 88,158
Less: RRP expense, net of taxes 70,526
Net earnings increase $ 236,908
3. COMPARATIVE EARNINGS
Regular Core
------- ----
Before conversion - 12 months ended 06/30/96 $ 392,000 392,000
Net earnings increase 236,908 236,908
After conversion $ 628,908 628,908
4. COMPARATIVE NET WORTH (2)
Before conversion - 06/30/96 $ 7,533,000
Conversion proceeds 11,281,380
After conversion $18,814,380
5. COMPARATIVE NET ASSETS
Before conversion - 06/30/96 $46,260,000
Conversion proceeds 12,884,250
After conversion $59,144,250
(1) Represents ESOP borrowings.
(2) ESOP borrowings and RRP are omitted from net worth.
149
EXHIBIT 55
KELLER & COMPANY
Columbus, Ohio
614-766-1426
SUMMARY OF VALUATION PREMIUM OR DISCOUNT
Premium or (discount)
from comparable group.
------------------------
Market Average Median
------ ------- ------
MIDPOINT:
Price/earnings 17.78x 8.88% 25.15%
Price/book value 63.18% * (27.16)% (26.85)%
Price/assets 18.06% 38.21% 29.36%
Price/tangible book value 63.18% (27.26)% (26.86)%
Price/core earnings 17.78x 1.37% 11.73%
MINIMUM OF RANGE:
Price/earnings 15.90x (2.60)% 11.95%
Price/book value 58.52% * (32.54)% (32.26)%
Price/assets 15.77% 20.72% 12.99%
Price/tangible book value 58.52% (32.62)% (32.26)%
Price/core earnings 15.90x (9.32)% (0.05)%
MAXIMUM OF RANGE:
Price/earnings 19.48x 19.29% 37.11%
Price/book value 67.13% * (22.61)% (22.28)%
Price/assets 20.23% 54.81% 44.90%
Price/tangible book value 67.13% (22.70)% (22.28%)
Price/core earnings 19.48x 11.06% 22.41%
SUPER MAXIMUM OF RANGE:
Price/earnings 21.24x 30.08% 49.52%
Price/book value 70.99% * (18.16)% (17.81)%
Price/assets 22.58% 72.85% 61.78%
Price/tangible book value 70.99% (18.26)% (17.81)%
Price/core earnings 21.24x 21.11% 33.49%
* Represents pricing ratio associated with primary valuation method.
150
EXHIBIT A
KELLER & COMPANY, INC.
555 METRO PLACE NORTH
SUITE 524
DUBLIN, OHIO 43017
(614) 766-1426
(614) 766-1459 FAX
PROFILE OF THE FIRM
KELLER & COMPANY, INC. is a full service consulting firm to financial
institutions, serving clients throughout the United States from its offices in
Columbus, Ohio. The firm consults primarily in the areas of regulatory and
compliance matters, financial analysis and strategic planning, stock valuation
and appraisal, mergers and acquisitions, mutual to stock conversions,
conversion/mergers and branching. Since its inception in 1985, KELLER & COMPANY
has provided a wide range of consulting services to over 80 financial
institutions including thrifts, banks, mortgage companies and holding companies.
KELLER & COMPANY is an affiliate member of the Community Bankers of America, the
Ohio League of Financial institutions, and the Tri State League of Financial
Institutions.
Each of the firm's senior consultants has over fifteen years front line
experience and accomplishment in various areas of the thrift, banking, and real
estate industries. Each consultant provides to clients distinct and diverse
areas of expertise. Specific services and projects have included charter and
insurance applications, market studies, institutional mergers and acquisitions,
branch sales and acquisitions, operations and performance analyses, business
plans, strategic planning, financial projection and modeling, stock valuation,
fairness opinions, capital plans, policy development and revision, lending,
underwriting and investment criteria, data processing and management information
systems, and incentive compensation programs.
It is the goal of KELLER & COMPANY to provide specific and ongoing services that
are pertinent 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 consulting firms in the nation.
CONSULTANTS IN THE FIRM
MICHAEL R. KELLER has over eighteen years experience as a consultant to the
financial institution industry. immediately following his graduation from
college, he was employed by the Ohio Division of Savings and Loan Associations,
working for two years in the northeastern Ohio district as an examiner of thrift
institutions before pursuing graduate studies at the Ohio State University.
Mr. Keller later worked as an associate for a management consulting firm
specializing in services to thrift institutions. 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 thrift
operations.
151
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, conversion appraisals,
and fairness opinions. Mr. Keller established the firm in November, 1985 to
better serve the needs of the financial institution industry.
Mr. Keller graduated from Wooster College 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 courses in corporate stock valuations.
JOHN A. SHAFFER has over twenty years experience in banking, finance, real
estate lending, and development.
From 1971 to 1974, Mr. Shaffer was employed by a large real estate investment
trust as a lending officer, specializing in construction and development loans.
By 1974, having gained experience in loan underwriting, management and workout,
he 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 $1 billion. His responsibilities also included the analysis,
management and workout of problem commercial loans and properties, and the
structuring, negotiation, acquisition and sale of loan servicing and mortgage
and equity securities.
Mr. Shaffer later formed an independent real estate and financial consulting
firm, serving corporate and institutional clients, and also investing in and
developing real estate. His primary activities have included the planning,
analysis, financing, implementation, and administration of real estate projects,
as well as financial projection and modeling, cost and profit analysis, loan
management, budgeting, cash flow management and project design.
Mr. Shaffer graduated from Syracuse University in 1965 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.
JOHN S. KORTING has eighteen years experience in the financial institution
industry working in such areas as data processing, software design, strategic
planning, productivity improvement, cash management, incentive compensation
planning, asset and liability management and organizational planning.
Mr. Korting began his career with Huntington Bank, Columbus, Ohio, in 1976 as
manager of the accounting department in the Bank's operations area, focusing on
system analysis for automated teller machines and electronic funds transfer.
Mr. Korting then became a system engineer with Electronic Data Systems, Dallas,
Texas, providing computer programming and implementation support. He then
served as a senior consultant with two big eight accounting firms, Deloitte &
Touche and Price Waterhouse. He worked on a wide variety of financial
institution projects, including strategic planning, Office of Thrift Supervision
business plans, financial analysis, computer, installations, computerized
financial modeling, and bank operations.
John Korting graduated from the Ohio State University with a B.S. in Accounting
and Computer Science in 1976.
152
EXHIBIT B
RB2O
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 or
ongoing indictments, formal investigations, examinations, or administrative
proceedings (excluding routine or customary audits, inspections and
investigations) 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 of 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 l have made herein are true, complete, and
correct to the best of my knowledge and belief.
Conversion Appraiser
- ----------------------- ----------------------------------
Date Michael R. Keller
153
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, The Market Building
and Saving Company, Mt. Healthy, Ohio, in the amount of $17,000 for the
performance of my appraisal was not related to the value determined in the
appraisal; that the undersigned appraiser is independent and has fully disclosed
to the Office of Thrift Supervision 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 in a written statement to the Office
of Thrift Supervision.
Further, affiant sayeth naught.
------------------------------
MICHAEL R. KELLER
Sworn to before me and subscribed in my presence this 9th day of August,
1996.
------------------------------
NOTARY PUBLIC
154