EXHIBIT 99.4
APPRAISAL REPORT OF RP FINANCIAL, LC.
----------------------------------------
CONVERSION APPRAISAL REPORT
TIMBERLAND BANCORP, INC.
PROPOSED HOLDING COMPANY FOR
TIMBERLAND SAVINGS BANK
HOQUIAM, WASHINGTON
STOCK PRICES AS OF:
AUGUST 29, 1997
----------------------------------------
Prepared By:
RP Financial, LC.
1700 North Moore Street
Suite 2210
Arlington, Virginia 22209
[LETTERHEAD APPEARS HERE]
August 29, 1997
Board of Directors
Timberland Savings Bank
624 Simpson Avenue
Hoquiam, Washington 98550
Gentlemen:
At your request, we have completed and hereby provide an independent
appraisal ("Appraisal") of the estimated pro forma market value of the common
stock which is to be issued in connection with the mutual-to-stock conversion of
Timberland Savings Bank, Hoquiam, Washington ("Timberland" or the "Bank"). The
common stock issued in connection with the Bank's conversion will simultaneously
be acquired by a holding company, Timberland Bancorp, Inc. ("Timberland Bancorp"
or the "Holding Company"). The conversion involves the issuance of shares of
common stock to depositors, tax-qualified employee plans of Timberland and the
Holding Company, including Timberland Bancorp's newly-formed employee stock
ownership plan ("ESOP"), borrowers, members of the local community and the
public at large.
This appraisal is furnished pursuant to the requirements of 563b.7 and has
been prepared in accordance with the "Guidelines for Appraisal Reports for the
Valuation of Savings and Loan Associations Converting from Mutual to Stock Form
of Organization" (Valuation Guidelines) of the Office of Thrift Supervision
("OTS"), including the most recent revisions as of October 21, 1994, and
applicable regulatory interpretations thereof. Such Valuation Guidelines are
relied upon by the Washington Department of Financial Institutions, Division of
Banks (the "Division") and the Federal Deposit Insurance Corporation (FDIC) in
evaluating conversion appraisals in the absence of separate written valuation
guidelines by the respective agencies.
Description of Reorganization
- -----------------------------
The Board of Directors of the Bank has adopted a Plan of Conversion
pursuant to which the Bank will convert from a federally chartered mutual
savings bank to a federally chartered capital stock savings bank and issue all
of its outstanding shares to the Holding Company. The Holding Company will sell
in a Subscription Offering and a concurrent Community Offering, Holding Company
stock in the amount equal to the appraised value of the Bank. Immediately
following the conversion, the primary assets of the Holding Company will be the
capital stock of the Bank and the net conversion proceeds remaining after
purchase of the Bank's common stock by the Holding Company. The Holding Company
will use up to 50 percent of the net conversion proceeds to purchase the Bank's
common stock. The remaining net conversion proceeds, retained at the Holding
Company, will be used to fund a loan to the ESOP with the remainder to be used
as general working capital.
RP Financial, LC.
- -----------------
RP Financial, LC. ("RP Financial") is a financial consulting firm serving
the financial services industry nationwide that, among other things, specializes
in financial valuations and analyses of business enterprises and securities,
including the pro forma valuation for savings institutions converting from
mutual-to-stock form. The background and experience of RP Financial is detailed
in Exhibit V-1. We believe that, except for the fee we
RP FINANCIAL, LC.
Board of Directors
August 29, 1997
Page 2
will receive for our appraisal and assisting the Bank in the preparation of its
business plan, we are independent of the Bank and the other parties engaged by
the Bank to assist in the stock conversion process.
Valuation Methodology
- ---------------------
In preparing our appraisal, we have reviewed Timberland's application for
Approval of Conversion, including the Proxy Statement, as filed with the OTS,
and the Holding Company's Form S-1 registration statement as filed with the
Securities Exchange Commission ("SEC"). We have conducted a financial analysis
of the Bank that has included due diligence related discussions with the Bank's
management; Dwyer Pemberton and Coulson, P.C., the Bank's independent auditor;
Breyer & Aguggia, the Bank's conversion counsel; and Charles Webb & Company, a
division of Keefe, Bruyette & Woods, Inc., which has been retained by the Bank
as financial and marketing advisor in connection with the Holding Company's
stock offering. All conclusions set forth in the appraisal were reached
independently from such discussions. In addition, where appropriate, we have
considered information based on other available published sources that we
believe are reliable. While we believe the information and data gathered from
all these sources are reliable, we cannot guarantee the accuracy and
completeness of such information.
We have investigated the competitive environment within which the Bank
operates and have assessed the Bank's relative strengths and weaknesses. We have
kept abreast of the changing regulatory and legislative environment and analyzed
the potential impact on the Bank and the industry as a whole. We have analyzed
the potential effects of conversion on the Bank's operating characteristics and
financial performance as they relate to the pro forma market value of
Timberland. We have reviewed the economy in the Bank's primary market area and
have compared the Bank's financial performance and condition with selected
publicly-traded thrift institutions with similar characteristics as the Bank's,
as well as all publicly-traded thrifts. We have reviewed conditions in the
securities markets in general and in the market for thrift stocks in particular,
including the market for existing thrift issues and the market for initial
public offerings by thrifts.
Our appraisal is based on the Bank's representation that the information
contained in the regulatory applications and additional information furnished to
us by the Bank and its independent auditors are truthful, accurate and complete.
We did not independently verify the financial statements and other information
provided by the Bank and its independent auditors, nor did we independently
value the assets or liabilities of the Bank. The valuation considers the Bank
only as a going concern and should not be considered as an indication of the
liquidation value of Timberland.
Our appraised value is predicated on a continuation of the current
operating environment for the Bank and for all thrifts. Changes in the local and
national economy, the legislative and regulatory environment, the stock market,
interest rates, and other external forces (such as natural disasters or
significant world events) may occur from time to time, often with great
unpredictability, and may materially impact the value of thrift stocks as a
whole or the Bank's value alone. It is our understanding Timberland intends to
remain an independent institution and there are no current plans for selling
control of the Bank as a converted institution. To the extent that such factors
can be foreseen, they have been factored into our analysis.
Pro forma market value is defined as the price at which Timberland's stock,
immediately upon completion of the conversion offering, would change hands
between a willing buyer and a willing seller, neither being under any compulsion
to buy or sell and both having reasonable knowledge of relevant facts.
RP Financial, LC.
Board of Directors
August 29, 1997
Page 3
Valuation Conclusion
- --------------------
It is our opinion that, as of August 29, 1997, the aggregate pro forma
market value of the shares to be issued was $50,000,000 at the midpoint, equal
to 5,000,000 shares offered at a per share value of $10.00. Pursuant to the
regulatory conversion guidelines, the 15 percent offering range indicates a
minimum value of $42,500,000 and a maximum value of $57,500,000. Based on the
$10.00 per share offering price, this valuation range equates to an offering of
4,250,000 shares at the minimum to 5,750,000 shares at the maximum. In the event
that the Bank's appraised value is subject to an increase, up to 6,612,500
shares may be sold at an issue price of $10.00 per share, for an aggregate
market value of $66,125,000, without a resolicitation.
Limiting Factors and Considerations
- -----------------------------------
Our valuation is not intended, and must not be construed, as a
recommendation of any kind as to the advisability of purchasing shares of the
common stock. Moreover, because such valuation is necessarily based upon
estimates and projections of a number of matters, all of which are subject to
change from time to time, no assurance can be given that persons who purchase
shares of common stock in the conversion will thereafter be able to buy or sell
such shares at prices related to the foregoing valuation of the pro forma market
value thereof.
RP Financial's valuation was determined based on the financial condition
and operations of the Bank as of June 30, 1997, the date of the financial data
included in the Holding Company's prospectus.
RP Financial is not a seller of securities within the meaning of any
federal and state securities laws and any report prepared by RP Financial shall
not be used as an offer or solicitation with respect to the purchase or sale of
any securities. RP Financial maintains a policy which prohibits the company, its
principals or employees from purchasing stock of its client institutions.
The valuation will be updated as provided for in the conversion regulations
and guidelines. These updates will consider, among other things, any
developments or changes in the Bank's financial performance and condition,
management policies, and current conditions in the equity markets for thrift
shares. These updates may also consider changes in other external factors which
impact value including, but not limited to: various changes in the legislative
and regulatory environment, the stock market and the market for thrift stocks,
and interest rates. Should any such new developments or changes be material, in
our opinion, to the valuation of the shares, appropriate adjustments to the
estimated pro forma market value will be made. The reasons for any such
adjustments will be explained in the update at the date of the release of the
update.
Respectfully submitted,
RP FINANCIAL, LC.
/s/ Ronald S. Riggins
Ronald S. Riggins
President
/s/ James P. Hennessey
James P. Hennessey
Senior Vice President
RP Financial LC.
TABLE OF CONTENTS
TIMBERLAND BANCORP, INC.
TIMBERLAND SAVINGS BANK
PAGE
DESCRIPTION NUMBER
----------- ------
CHAPTER ONE OVERVIEW AND FINANCIAL ANALYSIS
- -----------
Introduction 1.1
Strategic Overview 1.2
Balance Sheet Trends 1.4
Income and Expense Trends 1.7
Interest Rate Risk Management 1.11
Lending Activities and Strategy 1.11
Asset Quality 1.15
Funding Composition and Strategy 1.16
Subsidiary 1.17
Legal Proceedings 1.17
CHAPTER TWO MARKET AREA
- -----------
Introduction 2.1
Market Area Demographics 2.2
Economy 2.4
Unemployment 2.6
Competition 2.6
CHAPTER THREE PEER GROUP ANALYSIS
- -------------
Selection of Peer Group 3.1
Financial Condition 3.5
Income and Expense Components 3.8
Loan Composition 3.11
Credit Risk 3.11
Interest Rate Risk 3.14
Summary 3.16
RP Financial, LC.
TABLE OF CONTENTS
TIMBERLAND BANCORP, INC.
TIMBERLAND SAVINGS BANK
(CONTINUED)
PAGE
DESCRIPTION NUMBER
----------- ------
CHAPTER FOUR VALUATION ANALYSIS
- ------------
Introduction 4.1
Appraisal Guidelines 4.1
RP Financial Approach to the Valuation 4.1
Valuation Analysis 4.2
1. Financial Condition 4.2
2. Profitability, Growth and Viability of Earnings 4.3
3. Asset Growth 4.5
4. Primary Market Area 4.5
5. Dividends 4.5
6. Liquidity of the Shares 4.7
7. Marketing of the Issue 4.7
A. The Public Market 4.8
B. The New Issue Market 4.11
C. The Acquisition Market 4.14
8. Management 4.14
9. Effect of Government Regulation and Regulatory Reform 4.15
Summary of Adjustments 4.15
Valuation Approaches 4.15
1. Price-to-Tangible Book ("P/TB") 4.17
2. Price-to-Earnings ("P/E") 4.17
3. Price-to-Assets ("P/A") 4.18
Comparison to Recent Conversions 4.18
Valuation Conclusion 4.19
RP Financial, LC.
LIST OF TABLES
TIMBERLAND BANCORP, INC.
TIMBERLAND SAVINGS BANK
TABLE
NUMBER DESCRIPTION PAGE
- ------ ----------- ----
1.1 Historical Balance Sheets 1.5
1.2 Historical Income Statements 1.8
2.1 Summary Demographic Data 2.3
2.2 Major Employers in the Timberland Savings Bank's Markets 2.5
2.3 Market Area Unemployment Trends 2.6
2.4 Deposit Summary 2.7
3.1 Peer Group of Publicly-Traded Thrifts 3.4
3.2 Balance Sheet Composition and Growth Rates 3.6
3.3 Income as a Percent of Average Assets and Yields, Costs, Spreads 3.9
3.4 Loan Portfolio Composition Comparative Analysis 3.12
3.5 Credit Risk Measures and Related Information 3.13
3.6 Interest Rate Risk Comparative Analysis 3.15
4.1 Peer Group Market Area Comparative Analysis 4.6
4.2 Conversion Pricing Characteristics 4.12
4.3 Market Pricing Comparatives 4.13
4.4 Public Market Pricing 4.20
7
RP Financial, LC.
Page 1.1
I. OVERVIEW AND FINANCIAL ANALYSIS
Introduction
- ------------
Timberland Savings Bank ("Timberland" or the "Bank") is a state chartered
mutual savings bank headquartered in Hoquiam, Washington. Hoquiam is located in
Grays Harbor County, which is situated along the central Washington Pacific
coast. Hoquiam and Aberdeen are two small-sized cities (population of 8,940 and
16,750 as of 1994, respectively) located approximately 110 miles southwest of
Seattle and 145 miles northwest of Portland, Oregon. In addition to its main
office in Hoquiam, the Bank operates three additional office in Grays Harbor
County (Aberdeen, Montesano and Ocean Shores). Additionally, the Bank has
extended its market into the Seattle-Tacoma metropolitan area through the
opening of offices in Auburn (King County) and Puyallup (Pierce County).
Moreover, in May 1997, Timberland opened its newest office in Lacey (near
Olympia). The Bank has further sought to extend its lending operations into the
Seattle metropolitan area through the operation of a loan center in Port
Orchard.
Timberland was organized in 1915 and has a long history of service to its
primary market. Timberland is a member of the Federal Home Loan Bank ("FHLB")
system, with its deposits insured up to the regulatory maximums by the Federal
Deposit Insurance Corporation ("FDIC") under the Savings Association Insurance
Fund ("SAIF"). The Bank's primary regulators are the Washington Department of
Financial Institutions, Division of Banks (the "Division") and the FDIC. At June
30, 1997, Timberland had total assets of $206.2 million, total deposits of
$167.1 million, and equity of $23.9 million, equal to 11.6 percent of total
assets. For the twelve months ended June 30, 1997, the Bank reported net income
of $2.9 million, for a return of 1.58 percent of average assets.
Timberland Bancorp, Inc. ("Timberland Bancorp" or the "Holding Company"),
was recently organized to facilitate the conversion of Timberland. In the course
of the conversion, the Holding Company will acquire all of the capital stock
that the Bank will issue upon its conversion from the mutual-to-stock form of
ownership. Going forward, Timberland Bancorp will own 100 percent of the Bank's
stock, and the Bank will be Timberland Bancorp's sole subsidiary. Up to 50
percent of the net proceeds received from the sale of common stock will be used
to purchase all of the then to-be-issued and outstanding capital stock of the
Bank, with the balance of the proceeds being retained by the Holding Company. At
this time, no other activities are contemplated for Timberland Bancorp other
than the ownership of the Bank, a loan to the employee stock ownership plan
("ESOP"), the possible payment of dividends and investment of the cash retained
at the Holding Company in investment securities consistent with the Bank's
current investment practices and procedures. In the future, Timberland Bancorp
may repurchase shares, diversify its business possibly through
RP Financial, LC.
Page 1.2
existing or newly-formed subsidiaries, and through acquisitions or mergers of
other insured financial institutions as well as other related companies. There
are currently no arrangements, understandings or agreements regarding any such
activities.
Strategic Overview
- ------------------
Throughout much of its corporate history, Timberland's strategic focus has
been that of a community oriented financial institution, i.e., meeting the
borrowing and savings needs of its local customers in the central coastal areas
of the State of Washington. While the Bank continues to originate permanent
residential mortgage loans consistent with its historical roots, Timberland has
taken significant steps to diversify its loan portfolio to include construction
loans and, to a lesser extent, commercial and multi-family mortgage loans as
well as consumer installment loans, a strategy which has increased the credit
risk profile.
The Bank has sought to diversify its loan portfolio with the objective of
enhancing asset yields, improving earnings, and reducing interest rate risk
exposure. In this regard, loans secured by one-to-four family residential
properties comprised approximately 49.8 percent of total loans as of June 30,
1997, which represents a decline from 59.4 percent of the portfolio as of the
fiscal 1992 year end. Moreover, as of June 30, 1997, construction, development
and land loans totaled approximately 24.3 percent of total loans and commercial
and multi-family mortgage loans comprised an additional 20.3 percent of total
loans, an increase from 20.6 percent and 15.8 percent, respectively. Such loans
involve major lending or borrower relationships with larger principal balances
and credit concentrations than traditional single family lending.
To further support earnings growth in a highly competitive environment for
loans and deposits, the Bank has sought to reduce the level of cash and
investments and mortgage securities in favor of higher yielding loans. This
strategy coupled with increased borrowings utilization has led to rapid growth
in the loan/deposits ratio.
The Bank has employed a growth and expansion strategy with the objective of
building the franchise and leveraging its relatively strong capital position. In
this regard, Timberland's compound annual growth rate approximated 11.3 percent
for assets since fiscal year end 1992. In order to accomplish the Bank's growth
objectives, Timberland has increased the number of branches from a total of five
prevailing in fiscal 1993 to eight currently, with the new branches located in
more rapidly growing areas. It is management's belief that the Bank's new
markets in southern King County as well as the Tacoma and Olympia metropolitan
areas present a greater opportunity for growth, particularly in the area of
construction and commercial lending.
RP Financial, LC.
Page 1.3
In order to further develop the Bank's construction and land development
lending as well as commercial and multi-family mortgage lending, the Bank is
planning to employ an experienced loan officer at the senior management level
who will specialize in underwriting and originating major loans (i.e., loans
with balances of $300,000 or more) in Timberland's central and southern Puget
Sound markets. This individual will be based out of the Lacey office (Olympia
area) and direct efforts to originate loans in Thurston County and north through
southern King County. In the future, Timberland may seek to broaden the array of
products it offers by employing commercial loan officers to originate commercial
loans (real estate secured, loans secured by inventory and other collateral, as
well as unsecured loans).
Timberland's operating strategy has provided the Bank with strong asset
yields and net interest margin, which have supported the Bank's earnings,
however, the strategy entails some risks as well. The Bank's increased emphasis
on high risk-weight lending and reduced liquidity levels has resulted in greater
credit risk exposure for Timberland. In this regard, the level of non-performing
assets ("NPAs") has been subject to a notable increase in the most recent fiscal
year, primarily as a result of the delinquency of several large assets. There
are several other credit related risks associated with the Bank's operations, as
follows: (1) the Bank's reserve coverage ratio is low relative to industry
averages both in relation to NPAs and to total loans, particularly given the
risk profile of the loan portfolio; (2) the limited seasoning of the Bank's
newer loans, particularly given the types of lending dominating recent growth;
(3) the concentration of loan growth in the Tacoma and Olympia metropolitan
areas where the Bank has less experience as compared to its traditional markets
in coastal Washington; and (4) the increased concentration of loans
characterized with greater credit risk.
Retail deposits have served as the primary funding source for the Bank,
however, borrowed funds have been utilized over the last few years to fund loan
growth. The Bank's deposit growth over the last several years has been primarily
in the form of certificates of deposit ("CDs"). Timberland's funding costs have
increased as a result over the last three fiscal years, coupled with rate
pressures resulting from the Bank's growth objectives.
The Bank's operating strategy has been successful to date, leading to
earnings growth and generally high profitability. The ability to maintain such
earnings growth is largely dependent on retail growth, a continuation of limited
credit losses and a strong economy in the markets where the Bank operates.
The Board of Directors of the Bank has elected to convert to the stock form
of ownership to support the continued expansion of the Bank. The additional
capital realized from conversion proceeds is expected to increase liquidity to
support loan growth, increase the capital cushion to absorb unanticipated loss,
enhance overall profitability and provide the capital for additional growth
through existing branches or acquisition. The additional funds realized from the
conversion stock offering will also serve as an alternative funding source to
RP Financial, LC.
Page 1.4
facilitate the Bank's ability to offer competitive rates. The projected use of
conversion proceeds are highlighted below.
Timberland Bancorp. Timberland is expected to retain up to 50 percent of
------------------
the net conversion proceeds. At present, the Holding Company funds, net of
the loan to the ESOP, are expected to be invested initially into short- and
intermediate-term investment securities with maturities ranging up to three
years. Over time, the Holding Company funds are anticipated to be utilized
for various corporate purposes, possibly including acquisitions, infusing
additional equity into the Bank, repurchases of common stock, and the
payment of regular and/or special cash dividends.
Timberland. At least 50 percent of the net conversion proceeds will be
----------
infused into the Bank in exchange for all of the Bank's newly issued stock.
The increase in capital will be less, as the amount to be borrowed by the
ESOP to fund an 8 percent stock purchase will be deducted from capital.
Cash proceeds (i.e., net proceeds less deposits withdrawn to fund stock
purchases) infused into the Bank are anticipated to become part of general
operating funds, and are expected to initially be invested in short-term
investments, used to repay short-term borrowings and/or to fund loan
commitments or loans in the pipeline.
On a pro forma basis, Timberland will be in an overcapitalized position.
The Board of Directors has determined to pursue a strategy of controlled growth
in its southern Puget Sound markets in order to leverage capital and, over time,
to diversify Timberland's product lines. The Bank may also seek to expand by
branching into southwest Washington (i.e., the Portland metropolitan area).
Asset growth is expected to be funded through internal deposit growth, branching
and borrowings. The Board recognizes that asset growth is a long term strategy,
however, and that the Bank will operate in the near term in an overcapitalized
position. The Company may also consider various capital management strategies if
appropriate to assist in the long-run objective of increasing return on equity.
Balance Sheet Trends
- --------------------
Over the last several years, Timberland pursued a growth strategy,
reflecting a combination of retail deposits (including de novo branching) and,
to a lesser extent, borrowed funds. The impact of this strategy is evidenced in
the summary balance sheet data set forth in Table 1.1 which shows that
Timberland's total assets increased from $123.9 million at the end of fiscal
1992 to $206.2 million as of June 30, 1997, which reflects a 11.3 percent
compounded annual growth rate. Notwithstanding the increase in total assets,
Timberland's capital ratio increased from 8.4 percent of assets as of the end of
fiscal 1992 to 11.6 percent as of June 30, 1997, as the Bank's strong earnings
levels resulted in a more rapid equity growth pace than total assets. All of
Timberland's capital consisted of tangible capital as of the fiscal year ended
June 30, 1997.
With the balance sheet growth realized by Timberland, the mixture of
interest-earning assets has also undergone change. Loans receivable comprise the
largest segment of interest-earning assets, totaling $187.5
RP Financial, LC.
Timberland Savings Bank, S.S.B.
Historical Balance Sheets
(Amount and Percent of Assets)
For the Fiscal Year Ended September 30,
------------------------------------------------------------------------------------
1992 1993 1994
------------------ ----------------------- ---------------------
Amount Pct Amount Pct Amount Pct
------ --- ------ --- ------ ---
($000) (%) ($000) (%) ($000) (%)
Total Amount of:
Assets $123,889 100.00% $139,233 100.00% $151,044 100.00%
Loans Receivable (net) 103,045 83.18% 106,259 76.32% 121,558 80.48%
Investment Securities (Held to Maturity) 999 0.81% 1,695 1.22% 8,597 5.69%
Investment Securities (Available for Sale) 1,013 0.82% 1,172 0.84% 1,330 0.88%
Mortgage-Backed Securities (MBS) 3,411 2.75% 2,268 1.63% 7,402 4.90%
Cash and Interest-Earning Deposits 12,002 9.69% 24,122 17.32% 7,360 4.87%
Deposits 112,301 90.65% 125,404 90.07% 128,669 85.19%
Borrowed Funds 20 0.02% 18 0.01% 5,768 3.82%
Total Equity 10,387 8.38% 13,005 9.34% 15,638 10.35%
Loans Serviced for Others 30,412 32,396 44,134
Loans/Deposits 91.76% 84.73% 94.47%
Average Interest-Earning Assets/
Avergage Interest-Bearing Liabilities 110.97% 113.09% 113.41%
Non-Performing Assets/Assets 1.39% 0.76% 0.45%
Allowances for Loan Losses as a Percent of:
Loans Receivable, net 0.93% 1.06% 0.91%
Non-Performing Loans 67.69% 140.84% 204.97%
Full Service Offices 5 5 6
Compounded
As of Annual
-------------------------------------------
1995 1996 June 30, 1997 Growth Rate
---------------------- -------------------- -------------------- -----------
Amount Pct Amount Pct Amount Pct Pct
------ --- ------ --- ------ --- ---
($000) (%) ($000) (%) ($000) (%) (%)
Total Amount of:
Assets $177,761 100.00% $194,357 100.00% $206,188 100.00% 11.32%
Loans Receivable (net) 156,523 88.05% 176,495 90.81% 187,488 90.93% 13.43%
Investment Securities (Held to Maturity) 3,504 1.97% 0 0.00% 0 0.00% N.M.
Investment Securities (Available for Sale) 1,449 0.82% 1,572 0.81% 1,555 0.75% 9.44%
Mortgage-Backed Securities (MBS) 6,352 3.57% 4,951 2.55% 4,172 2.02% 4.33%
Cash and Interest-Earning Deposits 4,860 2.73% 5,055 2.60% 5,833 2.83% -14.09%
Deposits 143,084 80.49% 156,549 80.55% 167,140 81.06% 8.73%
Borrowed Funds 14,958 8.41% 14,354 7.39% 13,771 6.68% 295.79%
Total Equity 18,653 10.49% 21,329 10.97% 23,866 11.57% 19.14%
Loans Serviced for Others 43,531 45,859 53,968
Loans/Deposits 109.39% 112.74% 112.17%
Average Interest-Earning Assets/
Avergage Interest-Bearing Liabilities 113.05% 114.76% 115.94%
Non-Performing Assets/Assets 0.66% 0.86% 4.28%
Allowances for Loan Losses as a Percent of:
Loans Receivable, net 0.71% 0.64% 0.77%
Non-Performing Loans 107.91% 74.54% 18.10%
Full Service Offices 6 7 8
Source: Timberland's audited and unaudited financial reports.
RP Financial, LC.
Page 1.6
million, or 90.9 percent of total assets as of June 30, 1997. The balance of
loans receivable has grown at a faster annual rate than assets, leading to a
dramatic increase in the loans/deposits ratio. The fast loan growth has been
partially funded by the redeployment of funds from cash, investments and
mortgage-backed securities ("MBS") as well as utilization of borrowings. The
loan portfolio composition has changed as well, with the proportion of permanent
one-to-four family mortgage loans diminished given the emphasis of construction,
land, multi-family and commercial mortgage lending, including both originations
and purchases. In this regard since the beginning of fiscal year 1994, the
proportion of multi-family, construction, land and commercial real estate loans
have averaged 60 percent of total originations. Importantly, many such loans
involve major lending or borrower relationships with large principal balances
and credit concentrations, while the purchased loans are without recourse to the
seller other than for fraud.
In addition to portfolio loans, Timberland has also been originating loans
for resale into the secondary market (particularly fixed rate mortgages),
generally on a servicing retained basis, providing the Bank with fee income and
the ability to offer a more comprehensive range of products while limiting
interest rate risk. The Bank typically retains 1-4 family ARM loans for
portfolio but currently finds the demand to be relatively limited. In this
regard, borrowers seeking ARM loans generally include: (1) individuals
anticipating a short ownership period for the property; or (2) borrowers not
qualifying for a fixed rate loan (i.e., primarily non-conforming loans). The
Bank also originates ARMs to "subprime" borrowers, i.e., borrowers not
qualifying for conventional mortgage loans under FHLMC guidelines and who thus
do not satisfy secondary market requirements for sale. Such borrowers are
considered subprime because of deficient credit history or lack of sufficient
credit history. To offset such risks, the Bank requires a lower loan-to-value
("LTV") ratio, a co-signer and/or other compensating factors.
As will be explained in greater detail, until recently the Bank's level of
non-performing assets averaged below one percent of assets. During fiscal 1997,
the Bank has experienced an increase in large non-accrual loans, reflecting a
few large commercial and construction loans. During the early 1990s, the Bank's
allowance for loan losses approximated or exceeded one percent of total loans
and exceeded the balance of non-performing assets, but subsequent loan growth
and limited loan loss provisions led to a decline in the ratio of loan loss
allowance to well below one percent. Also, the increase in non-accrual loans led
to only a fractional loss coverage ratio in the most recent period.
Timberland's investment securities equaled $1.6 million, or 0.8 percent of
total assets, as of June 30, 1997, while cash and interest-bearing deposits
totaled $5.8 million, or 2.8 percent of assets. As of June 30, 1997, the Bank's
investment and mortgage-backed securities consisted of $1.6 million in FHLB
stock (designated available for sale) and MBS totaled approximately $4.2
million, or 2.0 percent of assets (designated held to maturity). The Bank has
not been an active purchaser of MBS and most of the securities in the portfolio
were
RP Financial, LC.
Page 1.7
purchased prior to fiscal 1995. The Bank's philosophy with respect to the
management of cash and investments has been to maintain liquidity levels just
above regulatory minimums, primarily in short- to intermediate-term high quality
securities. No major changes to the composition and practices with respect to
the management of the investment portfolio are anticipated over the near term
and, accordingly, the level of cash and investments is expected to remain at low
to moderate levels. The level of cash and investments is expected to increase
initially following conversion although it is management's expectation that such
funds will gradually be redeployed into whole loans receivable and other
specified uses.
Deposit balances have grown at an 8.7 percent compounded annually with
deposit growth facilitated by the opening of three new retail branch offices. In
the future, the Bank will be seeking to continue to increase retail deposits by
offering a competitive array of products and services. The Bank's deposit growth
has been dominated by growth in CDs, which coupled with the slight erosion in
the balance of core deposits, has led to a pronounced drop in the proportion of
core deposits -- from 48.2 to 36.5 percent between September 30, 1994 and June
30, 1997, respectively, the key factor leading to the increase in funding costs.
The Bank's ratio of average interest-bearing assets ("IEA") as a percent of
average interest-bearing liabilities ("IBL") has steadily increased in line with
the growth in equity. On a post-conversion basis, the increased capitalization
should lead to IEA/IBL ratio improvement.
Income and Expense Trends
- -------------------------
Timberland's earnings have been relatively strong over the last several
fiscal years, primarily as a result of relatively wide net interest margins (see
Table 1.2). Furthermore, earnings have demonstrated a general upward trend on
both a reported and core basis primarily attributable to growth in the Bank's
assets, proportion of loans to assets and proportion of higher risk loans.
Earnings growth in fiscal 1996 and the trailing twelve months through June 30,
1997, suffered due to the special SAIF assessment at the end of fiscal 1996 and
the need to establish provisions for loan losses in fiscal 1997. Core or
recurring earnings continued to trend upward over this time frame, although
profitability appears to have previously peaked.
Timberland's strong pre-conversion earnings are largely attributable to its
lending strategy which focuses on (1) speculative and custom construction
lending which provides high yielding, short-term assets; (2) portfolio
residential adjustable mortgage lending which includes non-conforming loans and
loans to subprime borrowers; (3) income producing property lending, which
includes multi-family and commercial mortgage loans; and (4) secondary market
operations in which fixed rate mortgages are originated for resale generally on
a servicing retained basis.
RP Financial, L.C.
Timberland Savings Bank, S.S.B.
Historical Income Statements
(Amount and Percent of Assets)(1)
For the Fiscal Year Ended September 30,
-----------------------------------------------------------------------------------------
1992 1993 1994 1995
--------------------- --------------------- --------------------- ---------------------
Amount Pct Amount Pct Amount Pct Amount Pct
------ --- ------ --- ------ --- ------ -------
($000) (%) ($000) (%) ($000) (%) ($000) (%)
Interest Income $11,290 9.58% $11,220 8.53% $11,307 7.99% $14,453 8.77%
Interest Expense (5,769) -4.89% (4,938) -3.75% (4,715) -3.33% (6,359) -3.86%
------- ----- ------ ----- ------ ----- ------ -----
Net Interest Income $ 5,521 4.68% $ 6,282 4.77% $ 6,592 4.65% $ 6,094 4.91%
Provision for Loan Losses (185) -0.16% (175) -0.13% 0 0.00% 0 0.00%
------- ----- ------ ----- ------ ----- ------ -----
Net Interest Income after Provisions $ 5,336 4.53% $ 6,107 4.64% $ 6,592 4.65% $ 6,094 4.91%
Other Income $ 619 0.53% $ 726 0.55% $ 673 0.48% $ 554 0.34%
Operating Expense (2,888) -2.45% (3,117) -2.37% (3,613) -2.55% (4,089) -2.48%
------- ----- ------ ----- ------ ----- ------ -----
Net Operating Income $ 3,067 2.60% $ 3,716 2.82% $ 3,652 2.58% $ 4,559 2.77%
Net Gain(Loss) on Sale of Loans $ 97 0.08% $ 144 0.11% $ 145 0.10% $ 44 0.03%
Capitalized Servicing Rights 0 0.00% 0 0.00% 0 0.00% 0 0.00%
SAIF Assessment Fee 0 0.00% 0 0.00% 0 0.00% 0 0.00%
------- ----- ------ ----- ------ ----- ------ -----
Total Non-Operating Income/(Expense) $ 97 0.08% $ 144 0.11% $ 145 0.10% $ 44 0.03%
Net Income Before Tax $ 3,164 2.68% $ 3,860 2.93% $ 3,797 2.68% $ 4,603 2.79%
Income Taxes (1,042) -0.86% (1,241) -0.94% (1,163) -0.82% (1,603) -0.97%
------- ----- ------ ----- ------ ----- ------ -----
Net Inc.(Loss) Before Extaordinary terms $ 2,122 1.80% $ 2,619 1.99% $ 2,634 1.66% $ 3,000 1.82%
Cumulative Effect of Change in
Accounting For Income Taxes $ 0 0.00% $ 0 0.00% $ 0 0.00% $ 0 0.00%
------- ----- ------ ----- ------ ----- ------ -----
Net Income (Loss) $ 2,122 1.80% $ 2,619 1.99% $ 2,634 1.66% $ 3,000 1.82%
Estimated Core Earnings
- -----------------------
Net Income $ 2,122 1.80% $ 2,619 1.99% $ 2,634 1.66% $ 3,000 1.82%
Addback (Deduct): Non-Recurring (Inc)/Exp (97) -0.08% (144) -0.11% (145) -0.10% (44) -0.03%
Tax Effect (34.00%) 33 0.03% 49 0.04% 49 0.03% 15 0.01%
------- ----- ------ ----- ------ ----- ------ -----
Estimated Core Income $ 2,058 1.75% $ 2,524 1.92% $ 2,538 1.79% $ 2,971 1.80%
Memo:
Expense Coverage Ratio (2) 191.17% 201.54% 182.45% 197.95%
Efficiency Ratio (3) 48.50% 45.62% 49.73% 47.28%
Effective Tax Rate 32.93% 32.15% 30.63% 34.82%
Twelve Months Ended
-------------------
1996 June 30, 1997
------------------- ---------------------
Amount Pct Amount Pct
------- ------ --------- -----
($000) (%) ($000) (%)
Interest Income $16,500 9.00% $17,716 9.49%
Interest Expense (7,629) -4.16% (8,184) -4.38%
------ ----- ------- -----
Net Interest Income $ 8,871 4.84% $ 9,532 5.11%
Provision for Loan Losses (70) -0.04% (359) -0.19%
------ ----- ------- -----
Net Interest Income after Provisions $ 8,801 4.80% $ 9,173 4.91%
Other Income $ 654 0.36% $ 713 0.38%
Operating Expense (4,517) -2.46% (4,810) -2.58%
------ ----- ------- -----
Net Operating Income $ 4,938 2.69% $ 5,076 2.72%
Net Gain(Loss) on Sale of Loans $ 34 0.02% $ 266 0.14%
Capitalized Servicing Rights 0 0.00% 118 0.06%
SAIF Assessment Fee (875) -0.46% (875) -0.47%
------ ----- ------- -----
Total Non-Operating Income/(Expense) $ (841) -0.46% $ (491) -0.26%
Net Income Before Tax $ 4,097 2.23% $ 4,585 2.46%
Income Taxes (1,419) -0.77% (1,637) -0.88%
------ ----- ------- -----
Net Inc.(Loss) Before Extaordinary terms $ 2,678 1.46% $ 2,948 1.58%
Cumulative Effect of Change in
Accounting For Income Taxes $ 0 0.00% 0 0.00%
------ ----- ------- -----
Net Income (Loss) $ 2,678 1.46% $ 2,948 1.58%
Estimated Core Earnings
- -----------------------
Net Income $ 2,678 1.46% $ 2,958 1.58%
Addback (Deduct): Non-Recurring (Inc)/Exp 841 0.46% 491 0.26%
Tax Effect (34.00%) (286) -0.16% (167) -0.09%
------ ----- ------- -----
Estimated Core Income $ 3,233 1.76% $ 3,272 1.75%
Memo:
Expense Coverage Ratio (2) 195.39% 198.17%
Efficiency Ratio (3) 47.77% 48.65%
Effective Tax Rate 34.64% 35.71%
(1) Ratios are as a percent of average assets.
(2) Net interest income divided by operating expenses (excluding special SAIF
assessment).
(3) Operating expenses (excluding special SAIF assessment) as a percent of the
sum of net interest income and to her income (excluding gains on sale).
Source: Timberland's audited and unaudited financial statements.
RP Financial, LC.
Page 1.9
The 105 basis point increase in interest expense from fiscal 1994 to
present is primarily attributable to the Bank's increased proportion of CDs and
increased utilization of borrowings. The CD growth in part reflects CD
promotions at premium rates at the de novo branch offices and as an incentive to
attract depositors in light of increased competition from other financial
institutions including credit unions.
Net interest income reflects an upward trend, measured in both dollar terms
and as a percent of average assets, and equaled $9.5 million, or 5.11 percent of
average assets for the twelve months ended June 30, 1997. The Bank's recent net
interest margin has been supported by several factors, including: (1) the strong
capital position; (2) modest reduction in the proportion of lower yielding
investment securities; and (3) the increasing diversification of the loan
portfolio into higher yielding, higher risk weight loans.
Information pertaining to the Bank's yield/cost spread (set forth in
Exhibit I-3) indicates that, notwithstanding the current strong net interest
margin, the Bank has become subject to spread compression as its spread has
declined from 4.56 percent in fiscal 1995 to 4.17 percent for the nine months
ended June 30, 1997. The smaller decline in the net interest margin for the same
two periods, from 5.08 percent to 4.85 percent, respectively, was attributable
to capital growth benefit on an improving IEA/IBL ratio. The decline in the
Bank's spread is the result of diminished asset yields, attributable to greater
competition, and higher funding costs given the increased funding with CDs and
borrowings. The Bank's interest rate spread at June 30, 1997 of 3.85 percent
underscores the downward pressure on net interest income and overall
profitability, a more than 30 basis point decline from the spread over the first
nine months of fiscal 1997 -- the implied reduction in earnings approximates
$0.4 million.
While the Bank's moderate level of other income has averaged approximately
$0.65 million over the last five fiscal years, the ratio as a percent of average
assets has declined from a peak of 55 basis points to 38 basis points for the
last 12 months, owing to limited growth in the portfolio of loans serviced for
others and slight erosion in the level of core deposits over the last several
years. The recent modest increase in other income has been attributable to
higher fees from ATMs (as the number of ATMs increased), higher escrow fees (as
a result of establishing a second escrow company division with the service
corporation to service the Puget Sound area) and slight growth in loans serviced
for others.
Timberland's operating expenses have been subject to a general increase
over the last several years, fluctuating in a range of 2.37 percent to 2.58
percent of average assets. Specifically, operating expenses have increased from
$2.9 million, equal to 2.45 percent of average assets in fiscal 1992, to $4.8
million, equal to 2.58 percent of average assets for the twelve months ended
June 30, 1997. The Bank's expenses reflect growth over the last several fiscal
years as a result of growth in overall business volumes and the addition of
three branches. In the future, management expects Timberland's expense levels to
continue to rise as a result of the
RP Financial, LC.
Page 1.10
employment of a senior loan officer responsible for originating major loans
including construction and commercial loans, and related support staff over the
near term, while over the longer term possibly additional commercial loan
officers. Furthermore, Timberland anticipates upward pressure on expense levels
due to the cost of stock based benefit plans resulting from the conversion and
operating as a public company. The operating expense increase has been limited
by the substantial reduction in the deposit insurance premiums during fiscal
1997.
The Bank's efficiency ratio (excluding gains and the special SAIF
assessment) has fallen in the range of roughly 45 to 50 percent over the last
several years.
Non-operating items for Timberland have generally only had a small earnings
impact primarily consisting of gains on the sale of loans. The more recent
periods have been impacted by other non-operating items, including the $875,000
special SAIF assessment and the fiscal 1997 adoption of SFAS 125 which led to
capitalizing servicing fees in conjunction with loans sold on a servicing
retained basis (totaling $118,000 for the last 12 months).
As previously noted, since Timberland's asset quality in the early to mid-
1990s was good, loan loss provisions were not a significant factor in the Bank's
operating results for the period from fiscal 1992 through fiscal 1996. However,
over this same time period, the Bank substantially increased its credit risk
profile through the origination of construction, commercial and multi-family
mortgage loans as well as through investment in non-conforming residential
loans. Moreover, Timberland has recently experienced a significant increase in
the level of NPAs, leading to the establishment of additional provisions for
loan losses, equal to $359,000, or 0.19 percent of assets, for the twelve months
ended June 30, 1997. As of June 30, 1997, the Bank maintained valuation
allowances of $1.5 million, equal to 0.77 percent of net loans receivable and
18.10 percent of non-performing assets ("NPAs"). The coverage ratio currently is
at relatively low levels given the recent increase in NPAs without a
corresponding increase in the level of valuation allowances. Management
anticipates that valuation allowances will be established in future periods per
the Bank's adopted general reserve policy, and management will continue to
assess the adequacy of valuation allowances relative to the performance of its
loan portfolio on an ongoing basis. The Bank's current policy is to accrue
$37,500 per month in valuation allowances.
The Bank is in a fully taxable position with regard to federal income taxes
and reported a 35.7 percent effective tax rate for the twelve months ended June
30, 1997. No significant changes are anticipated to the effective tax rate in
future periods.
RP Financial, LC.
Page 1.11
Interest Rate Risk Management
- -----------------------------
Timberland manages interest rate risk primarily from the asset side of the
balance sheet. To control interest rate risk, Timberland has implemented several
strategies, including: (1) diversifying the loan portfolio into shorter-term or
adjustable rate loans; (2) selling long-term residential mortgages originated
into the secondary market on a servicing retained basis; (3) striving to fund
operations through comparatively lower cost retail deposits; and (4) maintaining
strong capital levels.
These strategies have generally served to increase the sensitivity of the
Bank's assets to changes in interest rates and lengthen the duration of
liabilities. Furthermore, the sale of fixed rate loans into the secondary market
enhances the Bank's non-interest revenues, thereby reducing the reliance on net
interest income for overall earnings. The gap analysis set forth in Exhibit I-9
reflects the impact of the foregoing strategies on the Bank's repricing
structure. The gap measures indicate a asset sensitive position with a
cumulative gap-to-assets ratio equal to positive 14.54 percent in the one year
or less bucket and positive 11.69 percent in the five year or less period.
Similarly, a rate shock analysis (see Exhibit I-8) also reflects an asset
sensitive position with increases in net interest income and market value
generally reflected under higher rate scenarios, and lower levels projected
under declining rate scenarios.
Overall, the data suggests the Bank's earnings would be favorably impacted
by rising interest rates and that the Bank has been somewhat successful in
reducing its exposure to interest rate risk. At the same time, there are
numerous limitations inherent in such analyses, such as the credit risk of the
Bank's loans under a higher interest rate environment.
Lending Activities and Strategy
- -------------------------------
In view of the strong competition, Timberland has sought to position itself
in relatively less competitive market niches. In this regard, it is management's
philosophy to seek to manage risks that other financial institutions are either:
(1) unwilling to accept; or (2) price uncompetitively relative to the risks
involved in making the loans. Within this context, Timberland offers a broad
array of loan products with a variety of rates and terms. As referenced earlier,
Timberland's lending operations consist of the following major segments: (1)
speculative and custom construction lending which provides high yielding, short-
term assets; (2) adjustable rate residential mortgage lending for portfolio
(including loans to subprime borrowers); (3) commercial and multi-family
mortgage lending; and (4) secondary market operations in which fixed rate
mortgages are originated for resale generally on a servicing retained basis.
Such strategy is consistent with Timberland's community bank orientation and is
evidenced in the Bank's loan portfolio composition (see Exhibit I-10).
RP Financial, LC.
Page 1.12
Although permanent 1-4 family residential mortgage loans have represented a
diminished proportion of the loan portfolio since fiscal 1992, they continue to
represent the single largest element of the loan portfolio, totaling $102.0
million, or 49.8 percent of total loans, as of June 30, 1997. In contrast, 1-4
family mortgage loans represented 59.4 percent of total loans at fiscal year end
1992, as the portfolio of multi-family, commercial real estate, construction and
land loans grew from 33.4 percent at fiscal year end 1992 to 44.6 percent.
Importantly, higher risk weight loans typically involve major lending or
borrower relationships with large principal balances and credit concentrations.
Timberland originates both fixed rate and adjustable rate one-to-four
family loans with the majority of longer term fixed rate loans originated for
resale to the secondary market. However, the Bank may retain a portion of its
longer term fixed rate loans, including non-conforming loans, with the objective
of enhancing asset yields. The Bank typically retains 1-4 family ARM loans for
portfolio but finds the demand to be relatively limited. In this regard, as
discussed earlier, borrowers seeking ARM loans generally include: (1)
individuals anticipating a short ownership period for the property; or (2)
borrowers not qualifying for a fixed rate loan (i.e., primarily non-conforming
loans).
Timberland's market in Grays Harbor County on the central Washington coast
has developed a tourism industry over the last several decades, as its proximity
to Seattle and Portland coupled with the relatively unspoiled coastline has made
it attractive for vacationers and second homes. Timberland has been relatively
active in financing vacation rental properties and second homes in and near its
market in conjunction with its niche lending strategy.
The Bank originates one-to-four family loans up to a loan-to-value ("LTV")
ratio of 95.0 percent, with private mortgage insurance ("PMI") being required
for loans in excess of a 80.0 percent LTV ratio. The substantial portion of 1-4
family mortgage loans originated by Timberland are secured by residences in the
defined normal lending territory.
Construction lending is a key aspect of Timberland's overall operating
strategy and has enabled the Bank to more actively participate in the growth
occurring in its markets, particularly in southern King, Pierce and Thurston
County areas, shorten the average duration of assets, and has helped to support
the Bank's yields. The majority of the Bank's construction lending is in
Thurston, Pierce and King Counties. The Bank's preference is to make
construction loans for pre-sold homes or owner/builder loans, but it also
provides financing on "spec" houses as well. Additionally, the Bank also
originates land development loans as well as multi-family and commercial
construction loans. The balance of the construction loan portfolio was $42.9
million, or 21.0 percent of total loans and the composition of the portfolio at
that date was as follows:
RP Financial, LC.
Page 1.13
Outstanding Percent
Balance Of Total
----------- ---------
($000)
Speculative Construction $15,938 37.2%
Custom and Owner/Builder Construction 11,604 27.1
Land Development 4,972 11.6
Commercial Real Estate 1,197 2.8
Multi-Family 9,161 21.3
----- ----
Total $42,872 100.0%
Spec construction loans are typically made to approximately 70 to 80 local
builders, typically at a fixed rate of interest, payable on interest only terms.
Spec construction loans typically carry twelve month terms and maximum loan-to-
value ratios of 80 percent. The Bank generally limits builders to a maximum of
three or four construction loans outstanding at any one time, but may finance
more loans to its strongest customers. Owner/builder loans (i.e., construction
loans to the home owner rather than the home builder) consist of both a
construction loan (for the construction phase) and a permanent loan once the
construction phase is completed. The construction phase generally lasts six to
nine months with either fixed or adjustable interest rates. At the completion of
the construction phase, the loan automatically converts to either a fixed rate
mortgage loan, which conforms to secondary market standards, or an ARM loan for
retention in the Bank's portfolio.
As a complement to its residential construction lending niche, Timberland
also makes land loans as well as land development loans, generally to local real
estate developers with established track records (most are builders who have
previously taken down construction loans). Such loans are either for the purpose
of acquiring buildable land or for financing improvements (i.e., developing
residential lots, installing roads, sewers and other improvements). Land
development loans generally have fixed interest rates and are made with terms
ranging from two to five years. Land acquisition loans generally possess
adjustable interest rates and carry terms ranging from five to ten years. The
maximum LTV of land acquisition loans is 75 percent while the maximum LTV for
loans originated for the purpose or developing subdivisions is 80 percent.
Timberland also originates loans for the purpose of constructing multi-
family and commercial properties. As of June 30, 1997, multi-family and
commercial construction loans totaled $10.4 million, equal to 24.1 percent of
total loans. These loans are typically secured by motels, offices, and retail
space in the Bank's Washington markets.
Timberland has and will continue to make loans for the purchase or
financing of various types of multi-family and commercial real estate loans.
Timberland's commercial real estate and multi-family loan portfolios are largely
comprised of loans originated in-house and secured by properties in its coastal
Washington and southern and central Puget Sound markets. At June 30, 1997, the
balance of multi-family mortgage loans
RP Financial, LC.
Page 1.14
totaled $12.6 million, equal to 6.2 percent of total loans, and the balance of
commercial mortgage loans equaled $28.9 million, equal to 14.1 percent of total
loans.. Multi-family loans are generally originated with adjustable interest
rates indexed to the one year U.S. Treasury Bill, and have principal balances
which range from $300,000 to $3.6 million (the largest loan currently has a
balance of $1.5 million). The typical balance of a commercial real estate loans
averages $100,000 to $1,000,000 and carry rates and terms similar to multi-
family mortgage loans.
Diversification into consumer lending consists primarily of consumer loans,
with home equity loans constituting the major areas of the Bank's consumer
lending activities. Home equity loans serve as a complement to the Bank's 1-4
family mortgage lending activities, which include both lines of credit and
amortizing loans. Home equity lines of credit and second mortgages account for
most of the Bank's consumer loans. The balance of the portfolio is comprised of
auto loans, loans on deposits, and credit card loans. Management expects that
the level of consumer loans may continue to increase in the future at a moderate
pace, but that it will not become a strategic focus of the Bank.
Exhibit I-12, which shows the Bank's loan originations, purchases, sales
and repayments over the past three fiscal years and fiscal year to date,
highlights Timberland's lending emphasis on residential mortgage and
construction loans. The origination of construction loans has consistently
accounted for a notable portion of Timberland's loan volume and construction
loan volume equaled $29.6 million in fiscal 1996 and $26.3 million for the first
nine months of fiscal 1997. One-to-four family mortgage loans comprise the
second largest segment of the Bank's loan volume, equaling $24.5 million in
fiscal 1996, which is relatively consistent with the annualized rate for 1997.
The balance of the Bank's loan volume consists of various other types of loans
including multi-family and commercial mortgages and consumer loans.
Loans are originated primarily in-house by salaried personnel. In order to
facilitate loan originations in the Kitsap County markets, Timberland maintains
a loan office in Port Orchard. In addition to originating loans in its markets
through its in-house staff, Timberland has developed broker relationships
wherein it originates construction loans secured by properties throughout the
State of Washington. Additionally, the Bank will occasionally purchase
participations in loans (primarily commercial and multi-family mortgage loans)
originated by other lenders, without recourse to the seller except in cases of
fraud.
As discussed earlier, the Bank will be seeking to increase loan volumes
(primarily construction, commercial and multi-family mortgage loans) through the
employment of an experienced loan officer at the senior management level who
will specialize in underwriting and originating major loans (i.e., loans with
balances of $300,000 or more) in Timberland's southern Puget Sound markets.
This individual will be based out of the Lacy office (Olympia area) to direct
efforts to originate loans in Thurston County and north through
RP Financial, LC.
Page 1.15
the Seattle area. Over the longer term, the Bank anticipates that it may employ
experienced commercial loan officers originate commercial loans (real estate
secured, loans secured by inventory and other collateral, as well as unsecured
loans).
Loan sales by the Bank have been at relatively moderate levels and have
primarily consisted of fixed rate residential loans (both conforming and jumbo
loans). During fiscal 1996 and the nine months ended June 30, 1997, loan sales
totaled $12.4 million and $11.3 million, respectively. The portfolio of loans
serviced for others approximated $54 million at June 30, 1997.
Asset Quality
- -------------
As shown in Exhibit I-12, the Bank's credit quality was strong through the
end of fiscal 1993 through 1996, as the level of non-performing assets to total
assets remained below one percent. Subsequently, the level of non-performing
assets has increased to a level of $8.4 million, equal to 4.05 percent of assets
as of June 30, 1997.
The increase in NPAs is primarily related to two specific assets. One of
the non-performing assets consists of two delinquent condominium construction
loans with an aggregate principal balance of $2.8 million. The property consists
of a 61 unit complex of which, 30 units have been sold, 15 are available for
sale, and 16 units are in various stages of construction. The delinquency of the
property is primarily attributable to a dispute between the borrowers regarding
cost overruns.
The other large non-performing assets consists of two delinquent loans to a
borrower group secured by retail space and mini-storage units with a principal
balance of $2.9 million. The retail space consists of property leased to a
convenience store and a total of six additional retail units, two of which are
leased. The mini-storage facility is also in the lease-up phase with
approximately 140 units out of a total of 436 units leased. This loan is
primarily delinquent due to a dispute between the borrowers rather than the
adverse performance of the property relative to anticipated results.
The Bank has established allowances for loan losses in the normal course of
operations to account for the inherent risk in its loan portfolio. As of June
30, 1997, Timberland maintained allowances for loan losses equal to $1.5
million, which represents 0.77 percent of gross loans receivable and 18.10
percent of the non-performing asset balance. Relative to standards for
publicly-traded institutions, particularly institutions with a similar loan
portfolio composition and level of NPAs, the Bank's reserve levels are very low.
RP Financial, LC.
Page 1.16
As described in the strategic discussion, the Bank's emphasis on high risk-
weight lending has been a been a key factor in Timberland's earnings growth
since fiscal 1992, but it has also increased the Bank's credit risk exposure as
well. In addition to the recent increase in the level of NPAs, we believe there
are several other credit related risk factors associated with the Bank's
operations as follows: (1) the Bank's reserve coverage ratio is low relative to
industry averages both in relation to NPAs and to total loans, particularly
given the risk profile of the loan portfolio; (2) the limited seasoning of the
Bank's newer loans, particularly given the types of lending dominating recent
growth; (3) the concentration of loan growth in southern King County as well as
the Tacoma and Olympia metropolitan areas where the Bank has less experience as
compared to its traditional markets in coastal Washington; and (4) the increased
concentration of loans characterized with greater credit risk.
Funding Composition and Strategy
- --------------------------------
Deposits have consistently been the Bank's primary source of funds, and as
of June 30, 1997, totaled $167.1 million. Deposits have grown at an annual rate
of 8.7 percent since the end of fiscal 1992. As discussed previously, Timberland
has been seeking to grow and expand assets and deposits with the objective of
building the franchise and leveraging capital. Growth and entry into new markets
has been facilitated by the opening of three new offices which increased the
number of retail branches to a total of eight.
The Bank's deposit composition has consistently been concentrated in CDs,
consisting mostly of short-term CDs. As of June 30, 1997, the CD portfolio
totaled $104.0 million, or 62.2 percent of total deposits, with 74.1 percent of
those CDs having maturities of one year or less. Jumbo CDs (CD accounts with
balances of $100,000 or more) amounted to $22.8 million, or 21.9 percent of
total CDs. The high level of CDs, coupled with the Bank's growth objectives and
highly competitive market, have all contributed to a comparatively high degree
of rate sensitivity, which is evidenced by Timberland's high cost of deposits.
In fact, the Bank's deposit costs increased dramatically from fiscal 1994 to
fiscal 1996, as Timberland pursued CD growth by paying attractive market rates
on certain CDs in conjunction with the promotion of the Bank's new branches.
Lower costing savings and transaction accounts comprise the remainder of
Timberland's deposits, amounting to $63.1 million, or 37.8 percent of total
deposits, at June 30, 1997. The balance of transaction and savings accounts has
diminished modestly over the last several years as depositors have been
attracted by the comparatively higher CD rates currently prevailing in the
market.
As of June 30, 1997, borrowed funds totaled $13.8 and consisted solely of
FHLB advances. The Bank utilizes borrowings primarily for the purpose of
generating additional liquidity when loan demand is strong and typically employs
FHLB advances.
RP Financial, LC.
Page 1.17
Subsidiary
- ----------
Timberland has one wholly-owned subsidiary, Timberland Service Corporation
("Timberland Service"). Timberland Service's primary function is to act as the
Bank's escrow department. At June 30, 1997, the Bank's investment in Timberland
Service was $135,000.
Legal Proceedings
- -----------------
Other than the routine legal proceedings that occur in the Bank's ordinary
course of business, the Bank is not involved in litigation which is expected to
have a material impact on the Bank's financial condition or operations.
RP Financial, LC.
Page 2.1
II. MARKET AREA
Introduction
- ------------
Timberland conducts operations out of its headquarters office in Hoquiam,
Washington. Hoquiam is located in Grays Harbor County which is situated along
the central Washington Pacific coast. Hoquiam and Aberdeen are two modest sized
cities (population of 8,940 and 16,750 as of 1994) located approximately 110
miles southwest of Seattle and 145 miles northwest of Portland, Oregon. In
addition to its main office in Hoquiam, the Bank operates three additional
office in Grays Harbor County (Aberdeen, Montesano and Ocean Shores).
Additionally, the Bank has extended its market into the Tacoma metropolitan area
and southern King County through the opening of offices in Auburn (King County)
and Puyallup (Pierce County). Moreover, in May, Timberland opened its newest
office in Lacey (Olympia area) in May 1997. The Bank has further sought to
extend its lending operations into the Puget Sound region owing to its
substantially larger population, high growth and relatively affluent population.
Accordingly, Timberland maintains a loan center in Port Orchard (Kitsap County).
The market environment in the areas served by Timberland's branches and
loan centers is highly diverse. Throughout much of the Bank's history,
Timberland's operations were centered in Hoquiam and Aberdeen in Grays Harbor
County. Grays Harbor County is a relatively rural market along the central
Washington coast where the traditional industries were logging and fishing. The
relatively small size of the market coupled with limited growth and a relatively
volatile economy based on natural resources led Timberland to expand into the
southern Puget Sound region (i.e., the Seattle-Tacoma metropolitan area as well
as Olympia). In this regard, the Bank's markets in the Puget Sound region have
benefited from a strong economy including strength in the aerospace sector and
high-tech computer related industries, while the Olympia market is stable
partially owing to the presence of large state and federal employers.
Understanding the key characteristics and trends prevailing in Timberland's
market is important to the valuation as they affect the relative risk level of
an investment in the Bank's stock as well as its ability to generate future
earnings and sustain earnings growth. Critical areas to be assessed included
demographic statistics and the related growth trends, the nature and stability
of the local economy including an analysis of major industries and/or employers
and income and employment trends and the nature and intensity of the competitive
environment. The focus of the analysis will be on the four counties where
Timberland operates branch offices including Grays Harbor, King, Pierce and
Thurston Counties, with particular emphasis on Grays Harbor County where
approximately three-quarters of the Bank's deposit base is located and where
four of its seven full service retail branches are situated.
RP Financial, LC.
Page 2.2
Market Area Demographics
- ------------------------
The following section presents demographic details regarding Timberland's
market area. Exhibit II-3 displays comparative demographic trends for all four
counties where Timberland operates branch offices. Data for the State of
Washington and the United States has been provided for comparative purposes.
Demographic data including that pertaining to total population and
households provides evidence of several noteworthy trends. First, the population
base of the Pacific Northwest region in general, including the State of
Washington experienced relatively rapid growth through the 1980s, with
compounded annual growth rates exceeding the national average by 81 percent.
Relatively high growth rates for the region have resulted from a variety of
factors including growth of trade with Japan and other Asian nations, a
perceived attractive lifestyle, and a relatively moderate cost of living
(particularly in comparison to California), among other factors.
There has been a dichotomy in the demographic and economic growth trends
within the markets served by Timberland. The Bank's traditional markets in Grays
Harbor County remain rural in character and population and household growth
rates have trended below the average for the State of Washington and at or below
the national average. In view of the small size and limited growth trends of its
traditional markets in Grays Harbor County, the Bank has expanded into the
larger more dynamic markets in the southern Puget Sound area including King,
Pierce and Thurston Counties. These areas have benefited from a number of market
and economic factors including the growth and stability of the state government
(primarily in the Olympia area) as well as growth of the aerospace and
technology-oriented industries in the Seattle-Tacoma metropolitan area.
The relatively small size and rural character of Grays Harbor County is
displayed in Table 2.1. Grays Harbor County population was estimated to equal
69,000 as of 1997, which reflects a 0.9 percent annual rate of growth since the
beginning of the decade, while total households were estimated to equal 27,000,
which reflects a 1.0 percent compounded annual growth rate over the
corresponding time frame. By comparison, Timberland's southern Puget Sound
markets are urban in character with a combined population estimated to equal 2.5
million as of 1997 and annualized population growth rates for the period from
1990 to 1997 ranging from 1.2 percent for King County to 3.2 percent for
Thurston County, all of which exceed the national average.
Income levels in Grays Harbor County reflect the rural nature of the
market and the impact of the relatively heavy reliance on the timber, fishing
and tourism industries for income. Specifically, per capita income equaled
$12,382 in Grays Harbor County which is 32 percent below the national average
and 29 percent below the average for the State of Washington. Likewise, median
household income reported for Grays Harbor County is well below the state and
U.S. average. Moreover, income growth rates for Grays Harbor
Table 2.1
Timberland Savings Bank
Summary Demographic Data
Year Growth Rate Growth Rate
-------------------------------------
POPULATION (000) 1990 1997 2002 1990-97 1997-2002
- ---------------- ---- ---- ---- ------- ---------
UNITED STATES 248,710 267,805 281,209 1.1% 1.0%
WASHINGTON 4,867 5,622 6,143 2.1% 1.8%
GRAYS HARBOR COUNTY 64 69 72 0.9% 0.9%
KING COUNTY 1,507 1,634 1,722 1.2% 1.0%
PIERCE COUNTY 586 666 721 1.8% 1.6%
THURSTON COUNTY 161 202 229 3.2% 2.6%
HOUSEHOLDS (000)
- ----------------
UNITED STATES 91,947 99,020 104,001 1.1% 1.0%
WASHINGTON 1,872 2,150 2,343 2.0% 1.7%
GRAYS HARBOR COUNTY 26 27 29 1.0% 0.9%
KING COUNTY 616 663 696 1.1% 1.0%
PIERCE COUNTY 215 244 264 1.8% 1.6%
THURSTON COUNTY 62 77 88 3.1% 2.6%
MEDIAN HOUSEHOLD INCOME ($)
- ---------------------------
UNITED STATES $ 29,199 $ 36,961 $ 42,042 3.4% 2.6%
WASHINGTON 31,938 36,073 38,812 1.8% 1.5%
GRAYS HARBOR COUNTY 26,845 24,210 25,450 -1.5% 1.0%
KING COUNTY 37,199 41,633 43,853 1.6% 1.0%
PIERCE COUNTY 30,043 36,868 41,933 3.0% 2.6%
THURSTON COUNTY 31,491 35,401 38,217 1.7% 1.5%
PER CAPITA INCOME - ($)
- -----------------------
UNITED STATES $ 13,179 $ 18,100 ---- 4.6% N/A
WASHINGTON 14,455 17,434 ---- 2.7% N/A
GRAYS HARBOR COUNTY 12,666 12,382 ---- -0.3% N/A
KING COUNTY 17,882 21,960 ---- 3.0% N/A
PIERCE COUNTY 12,647 16,543 ---- 3.9% N/A
THURSTON COUNTY 13,825 15,967 ---- 2.1% N/A
1997 AGE DISTRIBUTION(%) 0-14 Years 15-24 Years 25-44 Years 45-64 Years 65+ Years Median Age
- ------------------------ ---------- ----------- ------------ ----------- --------- ----------
UNITED STATES 21.7 13.6 31.4 20.5 12.7 34.8
WASHINGTON 22.0 13.7 30.9 21.5 11.9 35.1
GRAYS HARBOR COUNTY 21.8 13.4 26.1 22.8 15.9 37.4
KING COUNTY 20.2 11.9 34.6 22.2 11.0 36.1
PIERCE COUNTY 23.0 14.6 31.5 19.9 10.9 33.1
THURSTON COUNTY 21.3 14.2 29.9 22.7 11.9 35.7
Less Than $15,000 to $25,000 to $50,000 to $100,000 to
1997 HH INCOME DIST.(%) $15,000 25,000 $ 50,000 $100,000 $150,000 $150,000+
- ----------------------- ------- ------ -------- -------- -------- ---------
UNITED STATES 17.7 14.4 33.5 26.5 5.4 2.6
WASHINGTON 16.8 15.4 36.1 25.7 4.2 1.8
GRAYS HARBOR COUNTY 30.9 20.2 34.0 12.9 1.3 0.8
KING COUNTY 12.6 12.9 34.7 30.3 6.3 3.3
PIERCE COUNTY 15.6 15.0 37.0 26.9 4.1 1.3
THURSTON COUNTY 15.7 16.5 38.7 25.3 3.0 0.8
Source: CACI.
RP Financial, LC.
Page 2.4
County actually reflect a declining trend when adjusted for inflation.
Timberland's markets in the southern Puget Sound area have comparatively higher
income levels as a result of the abundance of white collar and technical jobs as
compared to the blue collar job market which prevails in Grays Harbor County.
Economy
- -------
Historically, the economy of Timberland's markets have been based on
timber, fishing and other natural resources. Logging and ancillary industries
have traditionally provided a substantial portion of earnings with the area's
renowned forests providing a large supply of relatively inexpensive and
accessible wood. Likewise, Grays Harbor is an excellent natural harbor which,
coupled with areas proximity to fishing grounds in coastal Washington, led to
the development of the fisheries industry. Over the last several decades, the
economy has become somewhat more diversified and in particular, tourism has come
to play a much more important role in the Grays Harbor County market.
Additionally, a number of large government employers have also moved or
increased employment levels in the Grays Harbor County market in recent years;
at present, a state prison is being built in Aberdeen which is expected to
generate a significant number of new relatively high paying blue collar jobs
(approximately 650).
The state government plays a large role in the Thurston County market
economy owing to its role as the state capitol. In this regard, growth occurring
in the Thurston County has been facilitated by the centralization of state
functions in Olympia since the 1960s. Furthermore, Fort Lewis and McChord Air
Force Base have continued to play an important role in the local economy as a
result of the large number of military personnel living off base and as a result
of significant number of civilian jobs which have been created. More recently,
economic growth has been the result of the growth of regional, national and
international trade, continued expansion of Boeing (primarily affecting the
Pierce and King County market) and growth of the high-tech sector.
With respect to the high tech sector, Intel Corporation, the world's
largest manufacturer of computer chips has begun the first stages of a massive
manufacturing and research center in Dupont (Pierce County) near the Thurston
County border. The plant will eventually employ 6,000 people directly, and it
will create an estimated 16,000 additional support industry jobs. The Matsushita
Electric Company has announced its intention to invest $600 million to build a
new production line at its Puyallup plant, adding approximately 200
to 300 jobs in the process.
Table 2.2 provides a list of the largest employers in the four counties
where Timberland maintains full service retail offices. Weyerhaeuser is the
largest employer in Grays Harbor County reflecting the important role that the
timber industry continues to play in the Bank's largest depository market.
RP Financial, LC.
Page 2.5
Table 2.2
Timberland Savings Bank
Major Employers in the Timberland Savings Bank's Markets
Employer Activity Employees
- -------- -------- ---------
Grays Harbor County
- -------------------
Weyerhaeuser Forestry/Manufacturing 954
Grays Harbor County Government 525
Aberdeen School District Education 512
G.H. Community Hospital Health Care 437
Simpson Door Plan Manufacturing 320
Grays Harbor College Education 250
Thurston County
- ---------------
Washington State Employees Government 21,700
Local Public Education Education 5,700
Local Government (Exc. Education) Government 2,800
St. Peter Hospital Health Care 1,969
Federal Government Government 1,000
The Evergreen State College Education 592
Pierce County
- -------------
U.S. Army (Fort Lewis) Government 25,400
U.S. Air Force (McChord Air Force Base) Government 5,400
Tacoma Public Schools Education 3,638
Madigan Army Medical Center Government 2,900
Pierce County Government 2,600
Multi-Care Medical Center Health Care 2,457
King County (1)
- ---------------
The Boeing Company Aerospace 83,300
U.S. Department of Defense Government 75,350
University of Washington Education 16,500
King County Government Government 11,462
U.S. Postal Service Government 10,500
(1) Includes central Puget Sound region.
Source: Local chamber of commerce and economic development agencies.
RP Financial, LC.
Page 2.6
Unemployment
- ------------
Data pertaining to unemployment rates reflect the relatively strong economy
prevailing in King, Pierce, and Thurston Counties which are below the state and
national averages. Unemployment rates are comparatively higher in Grays Harbor
County although it is possible that some of those counted as unemployed in these
areas are able to earn income on a contract or day basis in logging or from
other sources.
Table 2.3
Timberland Savings Bank
Market Area Unemployment Trends(1)
May 1996 May 1997
Region Unemployment Unemployment
------ ------------ ------------
United States 5.4% 4.7%
Washington 6.4 4.5
Grays Harbor County 11.2 8.3
Thurston County 6.1 4.6
Pierce County 6.3 4.4
King County 4.9 3.3
(1) Unemployment rates are not seasonally adjusted.
Source: Bureau of Labor Statistics.
Competition
- -----------
Forecasts of increases in population, households and median household
income should support deposit growth by financial institutions operating in the
market area. Table 2.4 display deposit trends for savings institutions and
commercial banks in the markets served by Timberland. The data indicates that
since 1994 for Washington overall, commercial bank deposits grew at the expense
of thrift deposits, with commercial bank deposits increasing at a 3.4 percent
annual rate while deposits at savings institutions declined slightly. Overall,
the thrift institution market share declined from 32.2 percent as of June 30,
1994, to 30.6 percent as of June 30, 1996. The deposit markets in the counties
encompassing Timberland's markets reflect a similar trend as savings
institutions generally lost market share at the expense of commercial banks.
Overall, the market area is extremely competitive due to the number and
size of financial institutions that operate within it. Additionally, not only
does Timberland face substantial competition from large banks and savings
institutions such as Washington Mutual Savings Bank, Wells Fargo and Key Corp.,
but there are numerous other community-oriented financial institutions operating
in its markets as well. Since 1994,
------------------------------
Table 2.4
Timberland Savings Bank
Deposit Summary
------------------------------
- --------------------------------------------------------------------------------
As of June 30,
---------------------------------------------------------------
1994 1996 Deposit
------------------------------ ---------------------------
Market Number of Market No. of Growth Rate
Deposits Share Branches Deposits Share Branches 1994-1996
-------- ----- -------- -------- ----- -------- ----------
(Dollars In Thousands) (%)
A. Deposit Summary
- ------------------
State of Washington $50,635,995 100.0% 1,733 $52,893,344 100.0% 1,745 2.2%
Commercial Banks 34,312,879 67.8% 1,147 36,693,703 69.4% 1,168 3.4%
Savings and Loans 16,323,116 32.2% 586 16,199,641 30.6% 577 -0.4%
Grays Harbor County $ 664,723 100.0% 33 $ 709,326 100.0% 34 3.3%
Commercial Banks 335,150 50.4% 18 344,947 48.6% 18 1.5%
Savings and Loans 329,573 49.6% 15 364,379 51.4% 16 5.1%
Timberland Savings (1) 103,684 31.5% 4 119,684 32.8% 4 7.4%
Timberland Savings (2) 15.6% 16.9%
King County $21,818,541 100.0% 538 $23,297,313 100.0% 515 3.3%
Commercial Banks 14,975,266 68.6% 344 16,344,421 70.2% 337 4.5%
Savings and Loans 6,843,275 31.4% 194 6,952,892 29.8% 178 0.8%
Timberland Savings (1) 0 0.0% 0 6,662 0.1% 1 NA
Timberland Savings (2) 0.0% 0.0%
Pierce County $ 5,337,616 100.0% 198 $ 4,545,273 100.0% 193 -7.7%
Commercial Banks 3,621,365 67.8% 135 3,702,053 81.4% 134 1.1%
Savings and Loans 1,716,251 32.2% 63 843,220 18.6% 59 -29.9%
Timberland Savings (1) 22,266 1.3% 1 29,161 3.5% 1 14.4%
Timberland Savings (2) 0.4% 0.6%
(1) Percent of S&L deposits.
(2) Percent of total deposits.
Source: FDIC; OTS.
- --------------------------------------------------------------------------------
RP Financial, LC.
Page 2.8
Timberland has been seeking to actively grow both through internal growth
through existing branches and by acquiring or building new branches. The Bank's
efforts to grow through de novo branching have been relatively successful and
most of the growth effort has been directed toward increasing market share in
the southern Puget Sound area.
RP Financial, LC.
Page 3.1
III. PEER GROUP ANALYSIS
This chapter presents an analysis of Bank's operations versus a group of
comparable savings institutions (the "Peer Group") selected from the universe of
all publicly-traded savings institutions. The basis of the pro forma market
valuation of the Bank is provided by these institutions. Factors affecting the
Bank's pro forma value such as financial condition, credit risk, interest rate
risk, loan composition and recent operating results can be readily assessed in
relation to the Peer Group. Current market pricing of the Peer Group, subject
to appropriate adjustments to account for differences between Bank and the Peer
Group, will then be used as a basis for the pro forma valuation of Bank's to-be-
issued common stock.
Selection of Peer Group
- -----------------------
We consider the appropriate Peer Group to be comprised of only those
publicly-traded savings institutions whose common stock is either listed on a
national exchange or is NASDAQ listed, since the market for companies trading in
this fashion is regular and reported. We believe non-listed institutions are
inappropriate since the trading activity for thinly-traded stocks is typically
highly irregular in terms of frequency and price and may not be a reliable
indicator of market value. We have also excluded from the Peer Group those
companies under acquisition, and recent conversions, since their pricing ratios
are subject to distortion and/or do not have a seasoned trading history. We have
considered only "fully converted" institutions, i.e., no mutual holding company
subsidiaries, because on a pro forma basis after the completion of the
conversion offering, Timberland will be a fully converted institution.
From the universe of publicly-traded thrifts, we selected ten institutions
with characteristics similar to those of Bank. In the selection process, we
applied two primary "screens" to the universe of all public companies:
o SCREEN #1. SAVINGS INSTITUTIONS BASED AND OPERATING IN THE STATE OF
WASHINGTON. Given the importance of geographic location and
similarity of markets incorporated into investor's investment
decisions, we analyzed all Washington headquartered publicly-traded
savings institutions for possible inclusion in Timberland's valuation
Peer Group. Exhibit III-2 provides summary financial and pricing
characteristics of all full stock publicly-traded savings institutions
based in the State of Washington. Four companies, excluding Riverview
Savings Bank which is also currently in mutual holding company form,
had operations and markets sufficiently similar to warrant their
inclusion in the Peer Group, including First Mutual Savings Bank
(FMSB), First Savings Bank of Washington (FWWB), Horizon Financial
Corp, and Interwest Savings Bank (IWBK). Washington savings
institutions excluded from the Peer Group are as follows:
RP Financial, LC.
Page 3.2
- Cascade Savings Bank owing to its material pending acquisition of
a local commercial bank;
- FirstBank Corp. of Clarkston, WA, owing to its status as a recent
conversion (July 1997);
- Sterling Financial Corp. owing to its highly leveraged position
(4.10 percent equity/assets) and its relatively complex capital
structure which includes preferred stock, which distorts the
pricing ratios;
- Washington FS&LA due to its larger size ($5.8 billion of assets)
and its unique operating strategy wherein the product line is
relatively limited (e.g., Washington Federal only recently
instituted checking accounts) and the primary asset investment is
long-term fixed rate mortgages and the operating expense ratio is
among the lowest in the industry; and
- Washington Mutual, Inc. as result of its significantly greater
size ($90 billion) and recently completed acquisition of Great
Western Bank of California (the acquisition was completed as of
July 1, 1997, making Washington Mutual the largest savings
institution in the country).
o SCREEN #2. NORTHWESTERN (OUTSIDE THE STATE OF WASHINGTON) AND WESTERN
INSTITUTIONS, WITH ASSETS OF $100 MILLION TO $2 BILLION, EQUITY-TO-
ASSETS RATIOS BETWEEN 10.0 PERCENT AND 25.0 PERCENT, AND POSITIVE CORE
EARNINGS. Four companies met the criteria for Screen #2 and were
included in the Peer Group including First Colorado Bancorp, Klamath
First Bancorp of Oregon, WesterFed Financial Corp. of Montana, and
United Financial Corp. of Montana. Exhibit III-3 details the
financial characteristics of all publicly-traded Northwestern and
Western institutions.
o The above selection criteria yielded eight peer group companies, two
short of the minimum required by the appraisal guidelines. Therefore,
it was necessary to select institutions in less comparable markets,
and in order to maintain the northwest orientation of the Peer Group,
we limited the out-of-market companies to two institutions. Our
selection criteria focused on well-capitalized Midwest institutions
(with equity/assets ratios over 10 percent), relative comparability in
terms of size ($200 million to $400 million in assets) and market
capitalization (in the range of $50 million) and strong profitability
(excluding the special SAIF assessment) We selected two institutions,
denoted below, among the nine institutions meeting such criteria
which, like Timberland, are emphasizing higher risk-weight lending.
Given the relatively high level of NPAs at Timberland and the importance of
asset quality in investors' evaluation of thrift stocks, our preference was to
seek Peer Group companies which had a comparable level of non-performing assets
and reserve coverage as Timberland. However, only a handful of publicly-traded
companies maintain comparable asset quality ratios, and they vary widely in
terms of size, operating strategy and markets. Accordingly, the focus of the
Peer Group selection criteria was on similarity of operations, markets, etc.,
and the dissimilar credit risk exposure relative to the Peer Group will require
an adjustment in the valuation section to follow.
RP Financial, LC.
Page 3.3
Table 3.1 on the following page shows the general characteristics of each
of the Peer Group companies and Table 4.1 provides summary demographic data for
the primary market areas served by each of the Peer Group companies. While there
are some differences between the Peer Group companies and the Bank, we believe
that the Peer Group provides a good representation of publicly-traded thrifts
with operations comparable to those of the Bank and, thus, will provide a good
basis for valuation. The following sections present a comparison of Bank's
financial condition, income and expense trends, loan composition, interest rate
risk and credit risk versus the Peer Group. The conclusions drawn from the
comparative analysis are then factored into the valuation analysis discussed in
the final chapter.
A summary description of the key characteristics of each of the Peer Group
companies, which we determined warranted their inclusion as a comparable
institution to Bank, is detailed below.
o Interwest SB of Oak Harbor, Washington. Included as a member of the Peer
Group based primarily on its operations in the State of Washington,
relatively diversified loan portfolio and comparable earnings levels.
Interwest is larger in size ($1.8 billion in assets) and maintains a more
leveraged capital position.
o First Colorado Bancorp of Colorado. Selected based on its location in a
healthy expanding market which has facilitated growth as well as strong
earnings. Differences include First Colorado's comparatively greater
investment in permanent residential mortgage loans and stronger asset
quality and reserve coverage ratios.
o First Savings Bancorp of Washington. Selected based on its location in the
State of Washington and overall similarity of operations including a focus
on residential lending supplemented by construction and other high risk
weight loans. First Savings Bancorp also generates strong earnings, has a
modest loan servicing portfolio, and maintains a high capital ratio; all
the foregoing characteristics are similar to Timberland on a pro forma
basis.
o WesterFed Financial Corp. of Montana. Included in the Peer Group given its
location in the West, and strong capital position. WesterFed Financial
Corp. maintains comparatively lower profitability levels.
o Klamath First Bancorp of OR. Selected due to its Northwest market area,
strong capital and earnings levels and broadly similar interest-earning
asset composition. Klamath First maintains a comparatively greater
emphasis on residential mortgage lending for portfolio.
o Horizon Financial Corp. of WA. Selected due to Horizon Financial's
Northwest market area, strong capital position, similar interest-earning
asset composition, strong net interest margin and secondary market
activities. Horizon Financial maintains a comparatively larger mortgage
loan servicing portfolio.
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.1
Peer Group of Publicly-Traded Thrifts
September 1, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ---------------------------------- ------- -------------- --------- ------ ------- ---- ----- ------ -------
($) ($Mil)
IWBK Interwest SB of Oak Harbor WA OTC Western WA Div. 1,833 J 31 12-31 / 39.50 317
FFBA First Colorado Bancorp of Co OTC Denver CO Thrift 1,510 M 26 12-31 01/96 17.81 295
FWWB First Savings Bancorp of WA (3) OTC Central WA Thrift 1,008 M 16 03-31 11/95 24.12 254
WSTR WesterFed Fin. Corp. of MT OTC MT Thrift 956 J 35 06-30 01/94 21.75 121
KFBI Klamath First Bancorp of OR OTC Southern OR Thrift 728 J 7 09-30 10/95 19.00 190
HRZB Horizon Financial Corp. of WA (3) OTC Northwest WA Thrift 519 J 12 03-31 08/86 15.00 111
FMSB First Mutual SB of Bellevue WA (3) OTC Western WA M.B. 432 J 6 12-31 12/85 20.37 55
FFHH FSF Financial Corp. of MN OTC Southern MN Thrift 378 J 11 09-30 10/94 18.12 55
CMRN Cameron Fin. Corp. of MO OTC Northwest MO Thrift 208 J 3 09-30 04/95 17.62 46
UBMT United Fin. Corp. of MT OTC Central MT Thrift 108 M 4 12-31 09/86 23.50 29
NOTES: (1) Or most recent date available (M=March, S=September,
D=December, J=June, E=Estimated, and P=Pro Forma)
(2) Operating strategies are: Thrift=Traditional Thrift,
M.B.=Mortgage Banker, R.E.=Real Estate Developer,
Div.=Diversified, and Ret.=Retail Banking.
(3) FDIC savings bank institution.
Source: Corporate offering circulars, data derived from information
published in SNL Securities Quarterly Thrift Report, and financial
reports of publicly-traded thrifts.
Date of Last Update: 09/01/97
RP Financial, LC.
Page 3.5
o First Mutual SB of Bellevue WA. Included in the Peer Group primarily based
on its location in the State of Washington and strong earnings and asset
quality. Additionally, First Mutual has a high level of 100 percent risk-
weight loans thereby enhancing its level of comparability to the Bank.
First Mutual's risk-assets to total assets ratio equaled 61.71 percent,
which was only modestly lower than the 72.52 percent ratio reported by the
Bank.
o FSF Financial Corp. of MN. Included in the Peer Group primarily based on
its similar lending strategy including a significant investment in
construction loans. FSF Financial Corp. also operates with a strong
capital position, and maintains a modest portfolio of loans serviced for
others.
o Cameron Financial Corp. of MO. Cameron Financial Corp. maintains a similar
asset size and equity level relative to Timberland on a pro forma basis.
Cameron Financial also deploys a significant portion of interest-earning
assets into construction loans. Cameron Financial maintains strong
earnings due to its higher risk-weight lending emphasis.
o United Financial Corp. of MT. Selected due to Western market area, strong
capital and earnings levels. United maintains a relatively higher level of
cash and investments and lower level of loans in comparison to Timberland.
In aggregate, the Peer Group companies are more highly capitalized than the
industry average (14.3 percent of assets versus 13.0 percent for the all SAIF
average), generate higher earnings as a percent of average assets (1.13 percent
core ROAA versus 0.76 percent for the all SAIF average), and generate a higher
ROE (8.4 percent core ROE versus 7.5 percent for the all SAIF average).
Overall, the Peer Group was priced at a modest premium to the all SAIF average
based on the P/B ratio and the core P/E multiple.
Financial Condition
- -------------------
Table 3.2 shows comparative balance sheet measures for Bank and the Peer
Group, reflecting the expected similarities and some differences given the
selection procedures outlined above. The Bank's ratios reflect balances as of
June 30, 1997, while the Peer Group's ratios reflect the latest publicly
available information, either March 31, 1997 or June 30, 1997. The Bank's equity
of 11.6 percent was below the Peer Group's average net worth ratio of 14.3
percent; however, with the addition of stock proceeds, the Bank's pro forma
capital position (consolidated with the holding company) can be expected to be
comparable to or exceed the Peer Group's ratio. All of Timberland's and
substantially all of the Peer Group's capital was tangible capital, as
intangible assets equaled only 0.4 percent of total assets for the Peer Group on
average. Both the Bank's and the Peer Group's capital ratios reflected capital
surpluses with respect to the regulatory capital requirements, with the Peer
Group's ratios currently indicating slightly greater capital surpluses. On a pro
forma basis, the Bank's capital surpluses are expected to exceed the Peer
Group's ratios.
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Table 3.2
Balance Sheet Composition and Growth Rates
Comparable Institution Analysis
As of June 30, 1997
Balance Sheet as a Percent of Assets
----------------------------------------------------------------------------------------
Cash and Borrowed Subd. Net Goodwill Tng Net MEMO:
Investments Loans MBS Deposits Funds Debt Worth & Intang Worth Pref.Stock
----------- ------ ------ -------- -------- ------- -------- -------- ------- ----------
Timberland Savings Bank
-----------------------
June 30, 1997 3.6 90.9 2.0 81.1 6.7 0.0 11.6 0.0 11.6 0.0
SAIF-Insured Thrifts 18.1 67.0 11.6 70.9 14.7 0.2 12.6 0.2 12.3 0.0
All Public Companies 18.9 66.2 11.5 71.4 14.4 0.2 12.5 0.3 12.2 0.0
State of WA 15.6 69.4 11.2 68.0 20.3 0.1 9.9 0.4 9.5 0.2
Comparable Group Average 19.3 67.5 9.7 66.6 17.5 0.0 14.3 0.4 13.9 0.0
Mid-West Companies 22.1 74.5 0.0 57.4 25.1 0.0 16.5 0.0 16.5 0.0
North-West Companies 17.2 71.1 8.3 67.5 18.2 0.0 12.7 0.3 12.4 0.0
Western Companies (Excl CA) 21.0 57.0 17.6 71.3 11.3 0.0 15.4 0.7 14.7 0.0
Comparable Group
----------------
Mid-West Companies
------------------
CMRN Cameron Fin. Corp. of MO 11.4 84.0 0.0 60.0 16.9 0.0 21.7 0.0 21.7 0.0
FFHH FSF Financial Corp. of MN 32.7 65.1 0.0 54.7 33.3 0.0 11.4 0.0 11.4 0.0
North-West Companies
--------------------
FMSB First Mutual SB of Bellevue WA 3.6 79.9 13.6 79.8 12.0 0.0 6.8 0.0 6.8 0.0
FWWB First Savings Bancorp of WA(1) 29.2 64.1 3.1 54.1 29.1 0.0 14.8 1.2 13.6 0.0
HRZB Horizon Financial Corp. of WA 9.2 78.1 10.5 82.6 0.0 0.0 15.6 0.0 15.6 0.0
IWBK Interwest SB of Oak Harbor WA 29.6 60.1 6.4 64.1 28.5 0.0 6.8 0.1 6.6 0.0
KFBI Klamath First Bancorp of OR 14.7 73.0 10.3 57.2 21.4 0.0 19.5 0.0 19.5 0.0
Western Companies (Excl CA)
---------------------------
FFBA First Colorado Bancorp of Co 7.7 71.9 17.6 76.5 6.4 0.0 12.7 0.0 12.7 0.0
UBMT United Fin. Corp. of MT(1) 42.7 33.1 20.5 71.5 4.6 0.0 22.6 0.0 22.6 0.0
WSTR WesterFed Fin. Corp. of MT 12.6 66.0 14.5 66.0 20.8 0.0 10.9 2.2 8.7 0.0
Balance Sheet Annual Growth Rates Regulatory Capital
------------------------------------------------------------ -------------------------
Cash and Loans Borrows. Net Tng Net
Assets Investments & MBS Deposits &Subdebt Worth Worth Tangible Core Reg.Cap.
------ ----------- ------ -------- -------- -------- ------- -------- -------- --------
Timberland Savings Bank
-----------------------
June 30, 1997 8.20 15.31 7.51 9.02 -5.42 15.86 15.86 11.60 11.60 16.90
SAIF-Insured Thrifts 12.05 8.30 13.38 8.27 17.26 0.48 -0.05 10.91 10.97 22.56
All Public Companies 12.31 8.25 13.39 8.35 16.61 1.92 1.34 10.91 10.95 22.45
State of WA 15.79 14.90 13.74 18.58 6.58 9.63 8.69 8.08 9.74 18.87
Comparable Group Average 20.30 -4.05 25.41 20.51 18.47 2.87 -0.37 12.32 12.22 25.02
Mid-West Companies 16.24 1.98 20.23 5.58 34.25 -6.22 -6.22 13.71 13.71 22.85
North-West Companies 19.53 -1.38 18.60 22.12 -1.33 5.97 4.59 11.84 11.90 25.61
Western Companies (Excl CA) 24.53 -11.61 40.21 27.77 30.39 3.76 -4.75 11.72 11.77 25.68
Comparable Group
----------------
Mid-West Companies
------------------
CMRN Cameron Fin. Corp. of MO 18.35 2.30 18.47 1.28 NM -2.59 -2.59 17.11 17.11 25.59
FFHH FSF Financial Corp. of MN 14.13 1.66 22.00 9.88 34.25 -9.85 -9.65 10.30 10.30 20.10
North-West Companies
--------------------
FMSB First Mutual SB of Bellevue WA 11.82 5.12 10.66 21.47 -26.73 15.38 15.38 6.90 6.90 11.94
FWWB First Savings Bancorp of WA(1) 35.58 19.16 41.09 45.69 NM -3.57 -11.30 NM 13.65 24.77
HRZB Horizon Financial Corp. of WA 5.10 -17.96 8.40 5.49 NM 1.19 1.19 NM 15.38 30.39
IWBK Interwest SB of Oak Harbor WA 29.61 NM 11.06 32.30 24.07 28.92 29.75 NM 6.79 NM
KFBI Klamath First Bancorp of OR 15.55 -11.85 21.78 5.64 NM -12.07 -12.07 16.77 16.77 35.32
Western Companies (Excl CA)
---------------------------
FFBA First Colorado Bancorp of Co 1.13 -71.72 30.03 5.49 2.45 -20.50 -19.52 11.41 11.56 22.10
UBMT United Fin. Corp. of MT(1) 3.01 -14.65 24.34 -2.31 NM -0.86 -0.86 15.20 15.20 40.40
WSTR WesterFed Fin. Corp. of MT 69.46 51.52 66.25 80.14 58.33 32.63 6.12 8.54 8.54 14.54
(1) Financial information is for the quarter ending March 31, 1997.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The
information provided in this table has been obtained from sources we
believe are reliable, but we cannot guarantee the accuracy or
completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.7
The interest-earning asset compositions for the Bank and the Peer Group
were broadly similar, with loans and mortgage-backed securities constituting the
bulk of interest-earning assets for Bank and the Peer Group. The Bank's level of
loans was much higher than the Peer Group's ratio (90.9 percent versus 67.5
percent for the Peer Group), while the Peer Group maintained a higher balance of
MBS (9.7 percent versus 2.0 percent for the Bank. Comparatively, the Bank's cash
and investments to assets ratio was lower than the comparable ratio for the Peer
Group (3.6 percent versus 15.6 percent for the Peer Group). Immediately
following the conversion, the Bank's cash and investments level will increase
pending the longer run redeployment of funds. A more detailed analysis of the
respective loan portfolios of Timberland and the Peer Group (detailed in a
following section) shows that: (1) both Timberland and the Peer Group are
primarily mortgage lenders; and (2) Timberland has diversified its loan
portfolio to include a greater proportion of high risk weight loans, including
construction, multi-family and commercial mortgage loans. Overall, the Bank's
interest-earning assets amounted to 96.5 percent of assets, which was equivalent
to the Peer Group average. On a post-conversion basis, the Bank's ratio of
interest-earning assets will increase modestly.
The Bank's funding liabilities reflect a funding strategy similar to that
of the Peer Group's funding composition, with retail deposits constituting the
major source of interest-bearing funds. The Bank's deposits equaled 81.1 percent
of assets, which was higher than the Peer Group average of 66.6 percent.
Partially offsetting Bank's much higher ratio of deposits was its lower level of
borrowings, as indicated by borrowings-to-assets ratios of 6.7 percent and 17.5
percent for the Bank and the Peer Group, respectively. Total interest-bearing
liabilities maintained by the Bank and the Peer Group, as a percent of assets,
equaled 87.8 percent and 84.1 percent, respectively, with the Peer Group's lower
ratio being supported by maintenance of a higher capital position, a situation
which will largely be addressed with the completion of the conversion.
A key measure of balance sheet strength for a thrift institution is its
IEA/IBL ratio. Presently, the Bank's end of period IEA/IBL ratio is lower than
the Peer Group's ratio, based on respective ratios of 109.9 percent and 114.7
percent. The additional capital realized from stock proceeds should serve to
partially address the lower IEA/IBL ratio currently maintained by the Bank, as
the interest free capital raised in the Bank's stock offering is expected to be
deployed into interest-earning assets.
The growth rate section of Table 3.2 shows annual growth rates for key
balance sheet items. The Bank's growth rates are based on annualized growth for
the nine months ended June 30, 1997, while the Peer Group's growth rates are
based on annual growth for the most recent twelve month period available. Asset
growth rates of positive 9.1 percent and 20.4 percent were posted by the Bank
and the Peer Group, respectively. The Bank's asset growth measures reflect
modest growth in loans while expansion of the cash and investment balance is
rendered less meaningful given the limited balance of liquidity typically
maintained by Timberland. Funding of Timberland's loan growth was primarily
provided by expansion of the deposit base as
RP Financial, LC.
Page 3.8
the level of borrowed funds declined slightly. The Peer Group's stronger asset
growth was skewed upward by the strong growth posted by First Savings Bancorp of
Washington and WesterFed Financial, both of which completed acquisitions during
the trailing twelve month period (the median growth rate for the Peer Group
equaled 14.8 percent still exceeded the Bank's growth rate). Paralleling growth
trends observed with respect to Timberland's operations, the Peer Group's growth
was primarily realized in the loan and MBS portfolio with such growth funded
with a reduction in cash and investments and increases to the deposit base.
Timberland's asset growth was funded primarily through growth of deposits,
which increased by 9.0 percent; the Peer Group's deposit growth was biased
upward due to acquisition activity; the median deposit growth figure compares
relatively closely to the Bank's deposit growth rate. The Peer Group's faster
growth has also reflected an increased utilization of borrowed funds, whereas
the Bank's borrowings declined slightly.
Timberland posted a stronger rate of capital growth than the Peer Group
based on the latest publicly available information (15.9 percent increase for
the Bank versus an average increase of 2.9 percent for the Peer Group). The
factors leading to Timberland's superior rate of capital growth are related both
to its stronger ROA and lower equity level. Furthermore, the Peer Group
companies, which are in stock form, have implemented various capital management
strategies including dividend policies and stock repurchase plans, which have
limited the rate of capital growth. Following the increase in capital realized
from conversion proceeds, the Bank's capital growth rate will be depressed by
(1) a higher pro forma capital position and comparatively lower marginal returns
and (2) the implementation of a dividend policy.
Income and Expense Components
- -----------------------------
Reported profitability for the past 12 months for the Bank and the Peer
Group approximated 1.58 percent and 0.97 percent, respectively (see Table 3.3).
The Bank's stronger earnings performance is primarily attributable to its
stronger spreads and net interest margin. Timberland's net interest income for
the last 12 months equaled 5.11 percent of average assets versus an average of
3.44 percent reported by the Peer Group. A number of factors contribute to
Timberland's comparatively higher level of net interest income, particularly a
strong spread (4.17 percent for the Bank versus 2.81 percent on average for the
Peer Group) supported by high yields and slightly lower cost of funds, despite a
lower IEA/IBL ratio. Asset yields are supported by Timberland's greater
proportionate investment in higher yielding loans and the composition of the
loan portfolio which is heavily weighted toward comparatively higher yielding
construction and multi-family/commercial mortgage loans. The yield on the loan
portfolio is further enhanced as a portion of the residential mortgage loans in
portfolio are non-conforming to secondary market standards and thus, carry a
modest interest rate premium.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.3
Income as a Percent of Average Assets and Yields, Costs, Spreads
Comparable Institution Analysis
For the Twelve Months Ended June 30, 1997
Net Interest Income Other Income
---------------------------- -------------------
Loss NII Total
Net Provis. After Loan R.E. Other Other
Income Income Expense NII on IEA Provis. Fees Oper. Income Income
------ ------ ------- ------ ------- ------- ---- ----- ------ ------
Timberland Savings Bank
-----------------------
June 30, 1997 1.58 9.49 4.38 5.11 0.19 4.91 0.00 0.00 0.38 0.38
SAIF-Insured Thrifts 0.56 7.38 4.10 3.28 0.13 3.15 0.12 0.01 0.31 0.44
All Public Companies 0.66 7.40 4.05 3.34 0.15 3.20 0.11 0.00 0.40 0.51
State of WA 0.83 7.68 4.39 3.28 0.15 3.13 0.12 0.01 0.37 0.50
Comparable Group Average 0.96 7.54 4.11 3.43 0.12 3.32 0.18 0.01 0.19 0.37
Mid-West Companies 0.86 7.70 4.17 3.53 0.13 3.39 0.06 0.00 0.18 0.24
North-West Companies 1.06 7.78 4.31 3.47 0.15 3.32 0.14 0.01 0.18 0.34
Western Companies (Excl CA) 0.87 7.03 3.72 3.31 0.05 3.26 0.31 0.01 0.20 0.52
Comparable Group
----------------
Mid-West Companies
------------------
CMRN Cameron Fin. Corp. of MO 1.06 8.01 3.99 4.03 0.24 3.78 0.08 0.00 0.02 0.10
FFHH FSF Financial Corp. of MN 0.66 7.39 4.36 3.03 0.03 3.00 0.05 0.00 0.33 0.38
North-West Companies
--------------------
FMSB First Mutual SB of Bellevue WA 1.02 8.29 4.71 3.58 0.37 3.21 0.21 0.00 0.14 0.36
FWWB First Savings Bancorp of WA(1) 1.05 7.58 4.10 3.48 0.16 3.32 0.09 0.00 0.19 0.28
HRZB Horizon Financial Corp. of WA 1.56 7.73 4.16 3.56 0.03 3.53 0.21 0.00 0.05 0.27
IWBK Interwest SB of Oak Harbor WA 0.87 7.89 4.55 3.34 0.12 3.23 0.21 0.05 0.47 0.73
KFBI Klamath First Bancorp of OR 0.81 7.42 4.03 3.38 0.05 3.33 0.00 0.01 0.06 0.06
Western Companies (Excl CA)
---------------------------
FFBA First Colorado Bancorp of Co 0.89 7.07 3.88 3.19 0.09 3.09 0.00 0.01 0.34 0.35
UBMT United Fin. Corp. of MT(1) 1.09 6.86 3.30 3.56 0.00 3.56 0.41 0.00 0.23 0.64
WSTR WesterFed Fin. Corp. of MT 0.63 7.16 3.97 3.19 0.06 3.13 0.52 0.00 0.04 0.56
G&A/Other Exp. Non-Op. Items Yields, Costs, and Spreads
---------------- --------------- ---------------------------
MEMO: MEMO:
G&A Goodwill Net Extrao. Yield Cost Yld-Cost Assets/ Effective
Expense Amort. Gains Items On Assets Of Funds Spread FTE Emp. Tax Rate
------- -------- ------- ------- --------- -------- -------- -------- ---------
Timberland Savings Bank
-----------------------
June 30, 1997 2.58 0.00 -0.26 0.00 9.08 4.91 4.17 2,398 35.71
SAIF-Insured Thrifts 2.33 0.03 -0.31 0.00 7.42 4.65 2.77 4,554 37.04
All Public Companies 2.39 0.03 -0.26 0.00 7.47 4.61 2.86 4,509 36.66
State of WA 2.17 0.05 -0.13 0.00 6.98 4.42 2.55 4,079 35.27
Comparable Group Average 1.97 0.01 -0.22 0.00 7.79 4.98 2.81 4,095 35.48
Mid-West Companies 1.89 0.00 -0.34 0.00 7.94 5.19 2.75 4,102 38.67
North-West Companies 1.86 0.01 -0.19 0.00 8.00 5.16 2.84 4,256 34.23
Western Companies (Excl CA) 2.18 0.03 -0.20 0.00 7.34 4.55 2.78 3,820 35.44
Comparable Group
----------------
Mid-West Companies
------------------
CMRN Cameron Fin. Corp. of MO 1.78 0.00 -0.41 0.00 8.33 5.36 2.97 4,002 37.23
FFHH FSF Financial Corp. of MN 2.01 0.00 -0.27 0.00 7.56 5.02 2.54 4,203 40.12
North-West Companies
--------------------
FMSB First Mutual SB of Bellevue WA 1.98 0.00 0.03 0.00 8.52 5.14 3.38 3,823 32.92
FWWB First Savings Bancorp of WA(1) 2.15 0.04 0.08 0.00 7.82 5.40 2.42 3,463 29.64
HRZB Horizon Financial Corp. of WA 1.47 0.00 0.04 0.00 7.91 5.05 2.86 4,322 33.89
IWBK Interwest SB of Oak Harbor WA 2.24 0.01 -0.47 0.00 8.22 4.92 3.30 3,117 34.31
KFBI Klamath First Bancorp of OR 1.47 0.00 -0.63 0.00 7.55 5.29 2.26 6,558 40.38
Western Companies (Excl CA)
---------------------------
FFBA First Colorado Bancorp of Co 2.01 0.02 0.02 0.00 7.27 4.66 2.61 5,155 37.77
UBMT United Fin. Corp. of MT(1) 2.09 0.00 -0.38 0.00 7.15 4.36 2.79 3,715 37.16
WSTR WesterFed Fin. Corp. of MT 2.45 0.07 -0.25 0.00 7.59 4.65 2.95 2,590 31.40
(1) Financial information is for the quarter ending March 31, 1997.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The
information provided in this table has been obtained from sources we
believe are reliable, but we cannot guarantee the accuracy or
completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.10
In another key area of core earnings strength, the Bank maintained a
considerably higher level of operating expenses than the Peer Group. For the
period covered in Table 3.3, the Bank and the Peer Group recorded operating
expense to average assets ratios of 2.58 percent and 1.96 percent, respectively.
The Bank's higher operating expense ratio can in part be explained by its higher
risk weight loan portfolio, which are personnel intensive, and relatively large
number of branches for its asset size (as the number of branches has increased
from a total of five at the end of fiscal 1993 to eight currently). Overall,
the relatively high level of personnel maintained by the Bank is indicated by an
assets per full time equivalent employee measure of $2.4 million, which was well
below the Peer Group average of $4.1 million. Furthermore, the Bank maintains a
relatively small average branch size equal to $20.9 million versus the Peer
Group average of $36.6 million.
Sources of non-interest operating income (excluding net non-operating
items) and gains realized made a similar contribution to the Bank's earnings
than the Peer Group's, based on comparative non-interest operating income to
average assets ratios of 0.38 percent and 0.37 percent, respectively. The higher
non-interest income is attributable to many of the same factors which tend to
increase Timberland's expenses relative to the Peer Group -- including fee
income and charges from its lending and retail depository operations.
The Bank maintained a slightly less favorable expense coverage than the
Peer Group, reporting expense coverage ratios of 1.70 times and 1.76 times,
respectively. After taking non-interest income into account (excluding non-
operating gains), however, the Bank's efficiency ratio of 46.4 percent was more
favorable than the Peer Group's average efficiency ratio of 51.4 percent.
On a post-conversion basis, the Bank's operating expenses can be expected
to increase with the addition of the expenses related to the stock benefit plans
and operating as a public company. However, at the same time, the infusion of
interest-earning assets following the completion of the stock offering will
enhance overall earnings levels.
Loss provisions had a larger impact on the Bank's earnings than the Peer
Group's, amounting to 0.19 percent and 0.12 percent, respectively. An increase
in non-performing assets and increased credit risk profile warranted the higher
loss reserves established by the Bank. Given the Bank's loan portfolio
composition including the level of non-performing assets and reserve coverage
ratio in comparison to the Peer Group, Timberland's earnings may continue to be
more significantly impacted by loan loss provisions.
Net non-operating items had a more significant impact on Timberland's
operating results in comparison to the Peer Group average. Specifically, net
non-operating expense, comprised primarily of gains on the sale of loans offset
by the special SAIF assessment equaled 0.33 percent of assets for the Bank
whereas
RP Financial, LC.
Page 3.11
the Peer Group reported non-operating expenses equal to 0.22 percent of assets
on average. The disparity is in part attributable to the fact that three of the
Peer Group companies (First Mutual SB, First Savings Bancorp, and Horizon
Financial) are insured by the Bank Insurance Fund ("BIF") and were therefore not
subject to the special SAIF assessment.
The Bank was in a fully taxable position in fiscal 1997 and reported an
effective tax rate equal to 35.7 percent, which compares closely to the average
of 35.4 percent reported by the Peer Group.
Loan Composition
- ----------------
Table 3.4 presents data related to the loan composition of Bank and the
Peer Group. An emphasis on mortgage lending for both Timberland and the Peer
Group is apparent as mortgage loans including MBS and construction loans,
comprised 103.0 percent (the total is greater than 100 percent due to loans in
process) and 96.5 percent of loans for the Bank and the Peer Group,
respectively. One-to-four family mortgage loans and MBS comprised 55.4 percent
of loans for Timberland and averaged 74.0 percent for the Peer Group.
Timberland's loan portfolio reflects greater diversification into high
risk-weight assets, with the Bank more heavily invested in construction and land
loans while the Bank has also been an active multi-family and commercial
mortgage lender. Based on the most recent available data, Timberland's multi-
family/commercial mortgage portfolio equaled approximately 21.7 percent of loans
and MBS which is well in excess of the Peer Group average of 13.3 percent.
Similarly, the Bank's construction lending, construction and land loans
approximated 25.6 percent of loans and MBS, well above the 9.2 percent average
for the Peer Group. As a result of the foregoing, Timberland's risk weighted
assets to total assets ratio of 72.57 percent well exceeded the Peer Group
average 53.29 percent.
Overall, the Timberland loan portfolio appears to provide the Bank with an
avenue for growth and stronger yield potential than the Peer Group. At the same
time, as will be described in the section to follow, the level of NPAs coupled
with the composition of the loan portfolio provide the Bank with comparatively
greater credit risk exposure as well.
Credit Risk
- -----------
Overall, Timberland's credit risk exposure appears to be significantly
greater than the Peer Group's, as indicated by the Bank's greater
diversification into higher risk types of lending and maintenance of a higher
level of non-performing assets. As shown in Table 3.5, Timberland's ratio of
non-performing assets and
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.4
Loan Portfolio Composition and Related Information
Comparable Institution Analysis
As of June 30, 1997
Portfolio Composition as a Percent of MBS and Loans
--------------------------------------------------------------------
1-4 Constr. 5+Unit Commerc. RWA/ Serviced Servicing
Institution MBS Family & Land Comm RE Business Consumer Assets For Others Assets
----------- --------- ------- ------ ------- -------- -------- ------ ---------- ------
(%) (%) (%) (%) (%) (%) (%) ($000) ($000)
Timberland Savings Bank 2.18 53.20 25.95 21.65 0.37 5.57 72.52 50,700 0
SAIF-Insured Thrifts 15.39 61.59 5.33 11.63 6.50 1.71 51.92 402,667 2,913
All Public Companies 15.15 60.54 4.83 13.24 6.11 1.96 52.38 400,615 2,970
State of WA 14.37 53.98 10.73 16.85 2.39 3.19 58.04 242,085 422
Comparable Group Average 11.94 62.07 9.21 13.27 4.94 0.94 53.29 139,791 208
Comparable Group
----------------
CMRN Cameron Fin. Corp. of MO 0.01 71.13 32.92 4.64 3.98 0.36 65.32 0 0
FFHH FSF Financial Corp. of MN 0.04 68.10 12.73 6.58 15.53 2.79 51.58 39,191 31
FFBA First Colorado Bancorp of Co 9.80 71.27 3.23 11.72 5.36 0.03 53.22 139,490 513
FMSB First Mutual SB of Bellevue WA 8.18 39.61 6.68 45.38 0.11 0.04 61.71 381,000 697
FWWB First Savings Bancorp of WA(1) 6.05 59.08 8.56 16.32 3.57 2.87 58.93 208,359 354
HRZB Horizon Financial Corp. of WA 5.59 82.29 2.45 11.11 0.08 0.00 52.24 90,622 0
IWBK Interwest SB of Oak Harbor WA 18.50 49.42 10.64 12.92 4.02 2.07 49.63 269,536 342
KFBI Klamath First Bancorp of OR 11.33 83.53 2.88 4.15 0.73 0.01 45.21 1,069 0
UBMT United Fin. Corp. of MT(1) 40.95 36.06 9.53 11.65 4.84 1.18 34.34 0 0
WSTR WesterFed Fin. Corp. of MT 18.95 60.18 2.47 8.21 11.15 0.00 60.72 268,647 142
(1) Financial information is for the quarter ending March 31, 1997.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The
information provided in this table has been obtained from sources we
believe are reliable, but we cannot guarantee the accuracy or
completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.5
Credit Risk Measures and Related Information
Comparable Institution Analysis
As of June 30, 1997 or Most Recent Date Available
NPAs & Rsrves/
REO/ 90+Del/ NPLs/ Rsrves/ Rsrves/ NPAs & Net Loan NLCs/
Institution Assets Assets Loans Loans NPLs 90+Del Chargoffs Loans
----------- ------ ------- ----- ------- ------- -------- --------- ------
(%) (%) (%) (%) (%) (%) ($000) (%)
Timberland Savings Bank 0.15 4.05 4.28 0.77 18.10 17.41 0 0.00
SAIF-Insured Thrifts 0.28 0.79 0.86 0.82 177.09 130.18 386 0.16
All Public Companies 0.28 0.81 0.91 0.93 177.04 131.80 380 0.16
State of WA 0.26 0.73 0.83 0.87 163.00 91.88 470 0.08
Comparable Group Average 0.13 0.30 0.22 0.67 267.65 197.51 44 0.02
Comparable Group
----------------
CMRN Cameron Fin. Corp. of MO 0.00 0.73 0.28 0.97 347.55 111.82 0 0.00
FFHH FSF Financial Corp. of MN 0.02 0.03 0.02 0.34 NA 636.64 5 0.01
FFBA First Colorado Bancorp of Co(1) 0.08 0.23 0.20 0.38 191.75 121.82 52 -0.01
FMSB First Mutual SB of Bellevue WA 0.00 0.01 NA 1.27 NA NA 0 0.00
FWWB First Savings Bancorp of WA(1) 0.11 0.30 0.27 0.97 366.82 215.39 148 0.09
HRZB Horizon Financial Corp. of WA 0.00 NA NA 0.84 NA NA 0 0.00
IWBK Interwest SB of Oak Harbor WA 0.70 0.64 0.43 0.78 179.94 73.79 91 0.03
KFBI Klamath First Bancorp of OR 0.00 0.08 0.11 0.23 213.23 213.23 1 0.00
UBMT United Fin. Corp. of MT(1) 0.39 0.42 NA 0.21 NA 16.14 0 0.00
WSTR WesterFed Fin. Corp. of MT 0.01 0.25 0.24 0.73 306.59 191.01 142 0.09
(1) Financial information is for the quarter ending March 31, 1997.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The
information provided in this table has been obtained from sources
we believe are reliable, but we cannot guarantee the accuracy or
completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.14
accruing loans that are more than 90 days past due equaled 4.05 percent of
assets, versus a comparative ratio of 0.13 percent for the Peer Group.
Similarly, Timberland's non-performing loans to loans ratio was higher than the
Peer Group's ratio (4.28 percent versus 0.22 percent for the Peer Group). Loss
reserve ratios as a percent of problem assets also indicated a potentially
higher degree of credit risk exposure for the Bank, with the Bank and the Peer
Group maintaining loss reserves as a percent of non-performing assets and
accruing loans that are more than 90 days past due of 17.4 percent and 197.5
percent, respectively. Net loan charge-offs were not a material factor for
either the Bank or the Peer Group during the period covered in Table 3.5.
As described in Section One, the Bank's emphasis on high risk-weight
lending has been a been a key factor in Timberland's earnings growth since
fiscal 1992, but it has also increased the Bank's credit risk exposure as well.
Relative to the Peer Group, we believe the Bank's earnings relative to the Peer
Group's are subject to adjustment for the following credit related risk factors
as follows: (1) the Bank maintains a higher level of NPAs; (2) the reserve
coverage is comparatively lower; (3) the composition of the portfolio suggests
in higher risk-weight loans suggests higher potential credit risk exposure; (4)
the Bank's portfolio lacks seasoning, particularly given recent growth; (5) the
Bank has concentrated loan growth in the southern King County as well as the
Tacoma and Olympia metropolitan areas where it has less experience as compared
to its traditional markets in coastal Washington; and (6) construction and
commercial/multi-family mortgage lending frequently involve large loans and/or
large borrower relationships which entail greater risk from a portfolio
diversification standpoint.
Interest Rate Risk
- ------------------
Table 3.6 reflects various key ratios highlighting the relative interest
rate risk exposure of the Bank versus the Peer Group companies. In terms of
balance sheet composition, Bank's interest rate risk characteristics were
considered to be less favorable than the Peer Group's. In particular, Bank's
lower capital position and lower IEA/IBL ratio indicate a greater dependence on
the yield-cost spread to sustain the net interest margin. At the same time,
Timberland maintained a comparable level of interest-earning assets. On a pro
forma basis, the infusion of stock proceeds should serve to address the Bank's
lower equity-to-assets ratio and IEA/IBL ratio.
Public companies are not required to report interest rate risk in a
standard fashion and many do not specifically quantify their interest rate risk
on a regular basis. Furthermore, the computation of interest rate risk is
predicated on numerous assumptions, many of which are unique among institutions.
As a result, we have sought to measure interest rate risk by evaluating balance
sheet composition and recent quarterly changes in net interest income.
Timberland's net interest income reflects a greater level of volatility than the
Peer Group
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.6
Interest Rate Risk Measures and Net Interest Income Volatility
Comparable Institution Analysis
As of June 30, 1997 or Most Recent Date Available
Balance Sheet Measures
--------------------------
Non-Earn. Quarterly Change in Net Interest Income
----------------------------------------------------------
Equity/ IEA/ Assets/
Institution Assets IBL Assets 06/30/97 03/31/97 12/31/96 09/30/96 06/30/96 03/31/96
- ----------- ------ ---- ------- -------- -------- -------- -------- -------- --------
(%) (%) (%) (change in net interest income is annualized in basis
points)
Timberland Savings Bank 11.6 109.9 3.5 -9 -4 -33 20 26 -28
SAIF-Insured Thrifts 12.2 112.7 3.3 0 0 0 -1 8 7
All Public Companies 12.1 112.6 3.4 -0 0 1 -0 8 6
State of WA 9.5 109.0 3.7 -3 -2 -2 12 1 19
Comparable Group Average 13.9 115.2 3.4 4 -8 -3 7 6 14
Comparable Group
- ----------------
CMRN Cameron Fin. Corp. of MO 21.7 124.0 4.6 -2 -24 4 -6 6 10
FFHH FSF Financial Corp. of MN 11.4 111.2 2.1 6 -1 -10 8 22 -6
FFBA First Colorado Bancorp of Co 12.8 114.2 2.6 -3 9 2 -13 16 55
FMSB First Mutual SB of Bellevue WA 6.8 106.6 2.2 12 -0 4 4 2 26
FWWB First Savings Bancorp of WA(1) 13.6 115.9 3.6 NA -6 -5 27 -17 4
HRZB Horizon Financial Corp. of WA 15.6 118.4 2.2 1 -16 13 -3 2 21
IWBK Interwest SB of Oak Harbor WA 6.6 103.8 3.9 -10 -3 -28 39 2 24
KFBI Klamath First Bancorp of OR 19.5 124.7 2.0 -3 -7 -20 -8 -1 8
UBMT United Fin. Corp. of MT(1) 22.6 126.5 3.6 NA 6 7 16 9 -0
WSTR WesterFed Fin. Corp. of MT 8.7 107.1 7.0 29 -32 6 7 15 5
(1) Financial information is for the quarter ending March 31, 1997.
NA=Change is greater than 100 basis points during the quarter.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 3.16
average, partially reflecting the seasonality of the construction lending
business (i.e., greater demand in the second and third calendar quarters of the
year). Furthermore, we believe that the Bank, given its growing level of high
risk-weight assets, may be subject to a greater credit risk as rates increase as
payment levels on adjustable rate loans increases the debt service requirements
of its borrowers, perhaps beyond their ability to repay the loans. It is
expected that the infusion of the stock proceeds will serve to enhance the level
and stability of the Bank's net interest margin, as interest-sensitive
liabilities will be funding a lower proportion of Bank's assets.
Summary
- -------
Based on the above analysis and the criteria employed by RP Financial in
the selection of the companies for the Peer Group, RP Financial concluded that
the Peer Group forms a reasonable basis for determining the pro forma market
value of Bank. Such general characteristics as regional market area, asset size,
capital position, interest-earning asset composition, and funding composition
all tend to support the reasonability of the Peer Group from a financial
standpoint. While the Bank differs from the Peer Group in several key respects,
including credit risk exposure, such differences will be reconciled in the pro
forma valuation through the application of valuation adjustments in the
valuation section to follow.
RP Financial, LC.
Page 4.1
IV. VALUATION ANALYSIS
Introduction
- ------------
This chapter presents the valuation analysis, prepared pursuant to the
regulatory valuation guidelines, and valuation adjustments and assumptions used
to determine the estimate pro forma market value of the common stock to be
issued in conjunction with the Bank's conversion transaction.
Appraisal Guidelines
- --------------------
The OTS appraisal guidelines, most recently amended in written form in
October 1994, specify the methodology for estimating the pro forma market value
of an institution. Such guidelines are relied upon by the Washington Department
of Financial Institutions, Division of Banks (the "Division") and the Federal
Deposit Insurance Corporation ("FDIC") in evaluating conversion appraisals in
the absence of separate written valuation guidelines by the respective agencies.
The valuation methodology provides for: (1) the selection of a peer group of
comparable publicly-traded institutions, excluding those converted for less than
a year, subject to acquisition or in MHC form; (2) a financial and operational
comparison of the subject company to the selected peer group, identifying key
differences and similarities; and (3) a valuation analysis in which the pro
forma market value of the subject company is determined based on the market
pricing of the peer group as of the date of the valuation, incorporating
valuation adjustments for key differences. In addition, the pricing
characteristics of recent conversion, both at conversion and in the aftermarket,
must be considered.
RP Financial Approach to the Valuation
- --------------------------------------
RP Financial's valuation analysis complies with the above referenced
guidelines. Accordingly, the valuation incorporates a detailed analysis based on
the Peer Group discussed in Chapter III, incorporating "fundamental analysis"
techniques. Additionally, the valuation incorporates a "technical analysis" of
recently completed stock conversions, including closing pricing and aftermarket
trading of such conversions. It should be noted that such analysis cannot
possibly fully account for all the market forces which impact after-market
trading activity and pricing characteristics of a stock on a given day.
The pro forma market value determined herein is a preliminary value for the
Holding Company's to-be-issued stock. Throughout the conversion process, RP
Financial will: (1) review changes in the Bank's operations and financial
condition; (2) monitor the Bank's operations and financial condition relative to
the
RP Financial, LC.
Page 4.2
Peer Group to identify any fundamental changes; (3) monitor the external factors
affecting value including, but not limited to, local and national economic
conditions, interest rates, and the stock market environment, including the
market for thrift stocks; and (4) monitor pending initial and second step
conversion offerings (including those in the offering phase) both regionally and
nationally. If material changes should occur during the conversion process, RP
Financial will prepare updated valuation reports reflecting such changes and
their related impact on value, if any, over the course of the conversion
process. RP Financial will also prepare a final valuation update at the closing
of the conversion offering to determine if the preliminary range of value
continues to be appropriate.
The appraised value determined herein is based on the current market and
operating environment for the Bank and for all thrifts. Subsequent changes in
the local and national economy, the legislative and regulatory environment, the
stock market, interest rates, and other external forces (such as natural
disasters or major world events), which may occur from time to time (often with
great unpredictability), may materially impact the market value of all thrift
stocks, including Timberland, or Timberland's value alone. To the extent a
change in factors impacting the Bank's value can be reasonably anticipated
and/or quantified, RP Financial has incorporated the estimated impact into its
analysis.
Valuation Analysis
- ------------------
A fundamental analysis discussing similarities and differences relative to
the Peer Group was presented in Chapter III. The following sections summarize
such differences between the Bank and the Peer Group and how those differences
affect the pro forma valuation. Emphasis is placed on the specific strengths and
weaknesses of the Bank relative to the Peer Group in such key areas as financial
condition, profitability, growth and viability of earnings, asset growth,
primary market area, dividends, liquidity of the issue, marketing of the issue,
management, and the effect of government regulations and/or regulatory reform.
We have also considered the market for thrift stocks, and in particular new
issues, including second step conversions, to assess the impact on value of
Timberland coming to market at this time.
1. Financial Condition
-------------------
The financial strength of an institution is an important determinant in pro
forma market value, because investors typically look to such factors as
liquidity, capital, asset composition and quality, and funding sources in
assessing investment attractiveness. The similarities and differences in the
Bank's financial strength can be summarized as follows:
RP Financial, LC.
Page 4.3
o Overall A/L Composition. While both the Bank and the Peer Group are
-----------------------
oriented towards mortgage lending funded primarily by retail deposits,
the composition of the Bank's assets is rather different, as explained
more fully below. The Bank maintains a higher proportion overall of
loans receivable than the Peer Group, offset by a lower level of cash
and investments and mortgage-backed securities, leading to a much
higher loans/deposits ratio. Timberland also reported a higher level
of diversification into higher risk weight loans relative to the Peer
Group, indicating higher yield potential but also greater potential
credit risk. Both the Bank and the Peer Group have been supplementing
deposits with higher borrowings utilization, reflecting capital
leveraging strategies.
o Credit Risk. The Bank has a greater level of credit risk exposure in
-----------
comparison to the Peer Group based on its higher level of NPAs, lower
reserve coverage ratio, and greater diversification into high risk-
weight loans including primarily construction and land loans, multi-
family and commercial mortgage loans and origination of non-conforming
loans for portfolio. The credit risk profile is raised somewhat given
the rapid growth of such loans, the limited seasoning and the rapid
increase in non-performing assets during the past year. Furthermore,
the Bank's emphasis on high risk-weight loans has increased the Bank's
exposure to large borrowers, as major loans and borrower
concentrations are a significant component of Timberland's recent loan
portfolio growth.
o Balance Sheet Liquidity. Timberland maintained a lower level of cash,
-----------------------
investments and mortgage-backed securities than the Peer Group. The
Bank's proportion of cash and investments is expected to initially
increase on a pro forma basis. The Bank appears to have greater
current borrowings capacity than the Peer Group, as the Bank has a
much smaller balance of borrowed funds as of the most recent period.
o Capital. While the Bank currently maintains a lower capital position
-------
in relation to the Peer Group, following the infusion of conversion
proceeds, the Bank's capital position is expected to exceed the Peer
Group average. The increase in capital will depress the Bank's pro
forma return on equity until the proceeds can be effectively
reinvested and leveraged over time.
On balance, the most distinguishing characteristic between the financial
condition of the Bank and the Peer Group was credit quality and risk profile.
Timberland's less favorable credit quality measures, as well as its
comparatively higher risk weighted asset ratio indicate that the credit risk
associated with the Bank's balance sheet is more significant than the Peer
Group's credit risk exposure. Therefore, we concluded that a moderate downward
valuation adjustment was warranted for the Bank's financial strength.
2. Profitability, Growth and Viability of Earnings
-----------------------------------------------
Earnings are an important factor in determining pro forma market value, as
the level and risk characteristics of an institution's earnings stream and the
prospects and ability to generate future earnings heavily influence the multiple
the investment community will pay for earnings. The major factors considered in
the valuation are described below.
o Reported Earnings. The Bank's reported earnings were above the Peer
-----------------
Group average supported by the Bank's strong yields and spreads
generated through its relatively greater construction and
commercial/multi-family mortgage lending. Additionally, a portion of
the
RP Financial, LC.
Page 4.4
Bank's residential mortgage portfolio is non-conforming and thus
carries a modest rate premium. The yield benefit of Timberland's high
risk-weight lending orientation is partially offset by higher
operating expenses. Overall, the Bank maintains a slight advantage
over the Peer Group in terms of the efficiency ratio. Given
Timberland's higher risk weighted asset ratio, higher NPAs and lower
reserve coverage ratios, the Bank may potentially continue to report
higher loan loss provisions relative to the Peer Group as well.
o Core Earnings. The Bank was slightly more impacted by net
-------------
non-operating expenses than the Peer Group, however, the Bank
maintains its earnings advantage with respect to the core earnings
measure. While redeployment of conversion proceeds into interest-
earning assets should enhance Timberland's net interest income,
operating expenses for the Bank are expected to increase as well. On a
pro forma basis, Timberland's core profitability is expected to exceed
the Peer Group average.
o Interest Rate Risk. Timberland's comparative interest rate risk
------------------
measures indicated greater exposure to interest rate risk than the
Peer Group. The one interest rate risk related factor where we believe
the Bank has significantly greater exposure is with respect to
"payment shock" faced by borrowers with previously deficient credit
histories. The Bank's interest rate risk exposure should be moderated
by the anticipated redeployment of the stock proceeds into interest-
earning assets.
o Credit Risk. Timberland reported loan loss provisions only modestly
-----------
above the Peer Group average for the most recent twelve month period.
However, we believe the Bank has significantly greater exposure to
credit risk and losses relative to the Peer Group based on
Timberland's: (1) higher level of NPAs; (2) lower reserve coverage
ratios; (3) the higher risk-weight loan portfolio; (4) the more
limited seasoning of the portfolio; (5) lending in geographic markets
outside of its historical focus; and (6) preponderance of large
borrower relationships. Accordingly, the Bank's earnings appear to be
subject to greater risk of potential future credit-related loss.
o Earnings Growth Potential. Timberland's recent loan demand has been
-------------------------
strong, the surrounding market area is exhibiting healthy growth
trends, deposit and loan growth has been moderate to strong, and the
Bank will have excess capital to leverage. Additionally, the Bank has
been making investments in branches and personnel, which have caused
expenses to increase but which are anticipated to provide long-term
earnings benefits. At the same time, management has indicated that
the level of competition has stepped up, and the Bank has noted that
the interest rate spread has diminished. Furthermore, the long
running implications on earnings resulting from the recent sharp
increase in NPAs is uncertain.
o Return on Equity. On a pro forma basis the Bank's pro forma return on
----------------
equity will be lower than the Peer Group average as a result of its
higher pro forma capital position, despite higher pro forma
profitability.
Overall, a moderate downward valuation adjustment was warranted for
profitability, growth and viability of the Bank's earnings, which takes into
account the Bank's higher return on assets, but lower pro forma ROE and earnings
growth potential as well as the Bank's greater exposure to credit risk and
interest rate risk.
RP Financial, LC.
Page 4.5
3. Asset Growth
------------
The Bank's asset growth in recent periods has been well below the Peer
Group median. The Peer Group companies operate in relatively healthy growing
markets whereas the Bank's primary area provides less opportunity for growth.
The Bank's capacity to grow will increase with the capital raised in the
conversion, and the recent expansion into more populous markets. Conversely, the
Bank's higher level of NPAs may possibly limit the Bank's future growth
capacity. Overall, we concluded that a slight downward adjustment was warranted
relative to the Peer Group for the Bank's asset growth potential.
4. Primary Market Area
-------------------
The general condition of a financial institution's market area has an
impact on value, as future success is in part dependent upon opportunities for
profitable activities in the local market area. Summary demographic and deposit
market share data for the Bank and the Peer Group is included in Table 4.1. The
Bank's primary market area of Grays Harbor County, where the Bank is
headquartered, reflects a small modest growth market with relatively lower
income levels and higher unemployment. In comparison, the Peer Group's primary
market areas are growing more rapidly (nearly 75 percent faster), their
residents possess higher income levels (nearly 30 percent higher) and
unemployment rates are much lower (at half the level).
In order to participate in the more favorable growth trends prevailing the
Seattle, Tacoma and Olympia markets, the Bank has opened full service branches
and loan offices in King, Pierce and Thurston counties. Certain Peer Group
companies which are headquartered in relatively rural markets have taken similar
approaches: First Savings Bancorp makes loans in the Seattle and Portland areas
while Cameron Financial originates construction loans in the Kansas City market.
Overall, we believe the small size and low growth of the Grays Harbor
County market is offset to an extent, by the Bank's participation in higher
growth areas in the central and southern Puget Sound region. The longer term
success of the Bank's recent entry into these markets, however, particularly in
view of the premium pricing of CDs and the higher risk weight lending, casts
uncertainty as to the ability to sustain the recent growth profitability. On
balance, RP Financial concluded that a slight downward valuation adjustment was
warranted for the primary market area.
5. Dividends
---------
The Holding Company has indicated that it will not initially pay a
dividend. As publicly-traded thrifts' capital levels and profitability have
improved and as weak institutions have been resolved, the proportion of
institutions with cash dividend policies has increased. All ten institutions in
the Peer Group presently pay
Table 4.1
Peer Group Market Area Comparative Analysis
Proj.
Population Pop. 1990-97 1997-2002
------------------
Institution County 1990 1997 2002 % Change % Change
- ----------- ------ ---- ---- ---- -------- --------
(000) (000)
Cameron Fin. Corp. of MO Clinton 17 18 20 10.8% 6.7%
FSF Financial Corp. of MN McLeod 32 34 35 6.0% 3.9%
First Colorado Bancorp of CO Jefferson 438 500 543 14.1% 8.5%
First Mutual SB of Bellevue WA King 1,507 1,634 1,722 8.4% 5.4%
First Savings Bancorp of WA Walla Walla 48 54 58 11.2% 6.9%
Horizon Financial Corp. of WA Whatcom 128 156 175 21.9% 12.4%
Interwest SB of Oak Harbor WA Island 60 70 77 17.0% 10.0%
Klamath First Bancorp of OR Klamath 58 63 67 10.0% 6.3%
United Financial Corp. of MT Cascade 78 81 84 4.6% 3.1%
WesterFed Fin. Corp. of MT Missoula 79 90 97 14.1% 8.5%
--- --- --- ----- ----
AVERAGES: 244 270 288 11.8% 7.2%
MEDIANS: 69 76 81 11.0% 6.8%
TIMBERLAND SAVINGS BANK GRAYS HARBOR 64 69 72 6.8% 4.4%
1997 Estimated
1997 Per Capita Income Deposit
--------------------
Median % State Market July 1997
Institution County Age Amount Average Share(1) Unemployment Rates
- ----------- ------ --- ------ ------- -------- ------------------
State County
----- ------
Cameron Fin. Corp. of MO Clinton 36.8 15,721 89.0% 39.4% 3.9% 4.0%
FSF Financial Corp. of MN McLeod 34.1 19,509 93.7% 22.1% 2.9% 2.8%
First Colorado Bancorp of CO Jefferson 35.9 28,823 114.4% 8.8% 3.1% 2.3%
First Mutual SB of Bellevue WA King 36.1 21,960 126.0% 1.1% 4.4% 3.2%
First Savings Bancorp of WA Walla Walla 35.0 14,165 81.2% 23.4% 4.4% 5.2%
Horizon Financial Corp. of WA Whatcom 34.5 16,204 92.9% 18.7% 4.4% 5.4%
Interwest SB of Oak Harbor WA Island 35.2 16,731 96.0% 37.3% 4.4% 3.4%
Klamath First Bancorp of OR Klamath 36.7 13,879 81.9% 45.5% 4.9% 7.1%
United Financial Corp. of MT Cascade 34.9 14,055 102.6% 4.6% 4.6% 4.7%
WesterFed Fin. Corp. of MT Missoula 34.0 14,021 102.3% 17.0% 4.6% 4.2%
---- ------- ------ ----- ---- ----
AVERAGES: 35.3 17,507 98.0% 21.8% 4.2% 4.2%
MEDIANS: 35.1 15,963 94.8% 20.4% 4.6% 4.2%
TIMBERLAND SAVINGS BANK GRAYS HARBOR 37.4 $12,382 71.0% 16.9% 4.4% 8.5%
(1) Total institution deposits in headquarters county as percent of total
county deposits at 6/30/97.
Sources: CACI, Inc, SNL Securities
RP Financial, LC.
Page 4.7
regular cash dividends, with implied dividend yields ranging from 0.95 percent
to 4.17 percent. The average dividend yield on the stocks of the Peer Group
institutions was 2.08 percent as of August 29, 1997, representing an average
earnings payout ratio of 35.84 percent. As of August 29, 1997, approximately 84
percent of all full stock publicly-traded SAIF-insured thrifts have adopted cash
dividend policies (see Exhibit IV-2), exhibiting an average yield of 2.01
percent and an average payout ratio of 41.12 percent. Notwithstanding the
Bank's decision not to establish a dividend policy initially, its comparable
dividend paying capacity warrants the application of no valuation adjustment.
The dividend paying thrifts generally maintain higher than average
profitability ratios, facilitating their ability to pay cash dividends, which
supports a market pricing premium on average relative to non-dividend paying
thrifts. Timberland's planned initial dividend yield is comparable to the Peer
Group's average dividend yield which, coupled with the Bank's dividend paying
capacity, warrants no valuation adjustment.
6. Liquidity of the Shares
-----------------------
The Peer Group is by definition composed of companies that are traded in
the public markets, all of which trade on the NASDAQ system. It is anticipated
that Timberland's stock will also be traded on the NASDAQ National Market
System; at present there is very limited liquidity of the shares. The number of
shares outstanding and market capitalization provides an indication of the
potential liquidity there will be in a particular stock. The market
capitalization of the Peer Group companies ranged from $28.7 million to $317.4
million as of August 29, 1997, with an average market value of $150.4 million.
The shares outstanding of the Peer Group members ranged from 1.2 million to 14.6
million, with average shares outstanding of approximately 6.5 million. The
Bank's pro forma market value will be materially lower than the Peer Group
average, and pro forma shares outstanding will be lower than the Peer Group
average --both factors which would suggest lower liquidity in the shares of
Timberland stock. Accordingly, we applied a slight downward adjustment for this
factor.
7. Marketing of the Issue
----------------------
We considered in the valuation the various market segments which exist for
thrift stocks: (1) the after-market for public companies, in which trading
activity is regular and investment decisions are made based upon financial
condition, earnings, capital, ROE and dividends; (2) the new issue market in
which converting thrifts are evaluated on the basis of the same factors but on a
pro forma basis without the benefit of a stock trading history and reporting
quarterly operating results as a publicly-held company; and (3) the acquisition
market for thrift franchises. All three of these markets segments were
considered in the valuation of the Bank's to-be-issued stock.
RP Financial, LC.
Page 4.8
A. Public Market
-------------
The value of publicly-traded thrift stocks is easily measurable, and
is tracked by most investment houses and related organizations. Exhibit IV-1
provides pricing and financial data on all publicly-traded thrifts. In general,
thrift stock values react to market stimuli such as interest rates, inflation,
perceived industry health, projected rates of economic growth, regulatory issues
and stock market conditions in general. Exhibit IV-2 displays historical stock
market trends for various indices and includes historical stock price index
values for thrifts and commercial banks. Exhibit IV-3 displays historical stock
price indices for thrifts only.
In terms of assessing general stock market conditions, the stock
market has generally trended higher over the past year. Expectations that the
Federal Reserve would not tighten interest rates at its July 1996 meeting
provided for a rally in the bond market in late-June, as the 30-year bond yield
moved back below 7.0 percent. The positive interest rate outlook also served to
boost the stock market in early-July, but the rally was cut short by a larger
than expected drop in June unemployment. Bond and stock prices tumbled following
the June unemployment report, as highlighted by a 115 point one-day decline in
the DJIA and an increase in the 30-year bond yield to 7.18 percent. The release
of second quarter earnings reports provided for a volatile stock market in mid-
July, especially among the technology stocks. Overall, the stock market declined
due to earnings disappointments, with a more severe decline occurring in the
technology driven NASDAQ Composite Index. At the same time bond prices
recovered, as the 30-year bond yield dropped below 7.0 percent following
statements by the Federal Reserve Chairman which indicated he expected the
economy to slow down in the second half of 1996. Stocks and bonds rallied in
late-July and early-August, as economic data indicated a healthy but moderating
economy. However, higher interest rates pushed stocks lower in late-August,
reflecting increasing expectations that the Federal Reserve would tighten
interest rates in September. The decline in the stock market was reversed in
early-September, as investors reacted positively to the inflation data contained
in the August employment report. Oil stocks sustained the upward trend in the
stock market in early-September, as renewed tension between the U.S. and Iraq
pushed crude oil prices to their highest level in five years. Both bond and
stock prices surged higher in mid-September, as most of the economic data for
August indicated that the economy was slowing down and investors became more
optimistic that the Federal Reserve would not raise interest rates in September.
The Federal Reserve's decision not to raise interest rates at its
September 1996 meeting, and generally healthy third quarter earnings results
sustained the upward momentum in the stock market during the beginning of the
fourth quarter. Favorable inflation data and lower interest rates further
spurred the upward trend in the stock market prior to the election. Investors
were cheered by the "status quo" election results, as stocks rallied strongly
immediately following the election with the DJIA posting ten consecutive
advances through mid-November. Economic stability and a rising bond market
sustained the stock market rally through
RP Financial, LC.
Page 4.9
the end of November. For the entire month of November, the DJIA increased 492.3
points, or 8.2 percent. Following the rapid rise in the stock market during
November, stocks retreated during the first half of December. Profit taking,
concern about speculative excesses in the stock market and higher interest rates
all contributed to the decline in the stock market.
The stock market resumed an upward trend during the end of 1996 and
the first three weeks of 1997, with the DJIA establishing several new highs in
the process. Factors contributing to the rally in the stock market included the
Federal Reserve's decision to leave rates unchanged at its December meeting,
economic data which reflected moderate growth and low inflation, and favorable
fourth quarter earnings particularly in the technology sector. However, a
disappointing fourth quarter earnings report by IBM ignited a sell-off in the
stock market in late-January. Higher interest rates extended the downturn, as
the 30-year bond approached 7.0 percent at the end of January. A high degree of
market volatility was evident throughout most of February 1997, reflecting
concern over speculative excesses in the stock market; particularly, as the DJIA
closed above the 7000 mark in mid-February. Profit taking, growing expectations
of a correction and comments by the Federal Reserve Chairman pulled the market
lower in late-February.
Following a downturn in late-February 1997, the market recovered in
early-March. Despite increasing expectations of an interest rate hike by the
Federal Reserve, the Dow Jones Industrial Average ("DJIA") closed to a new
record high of 7085.16 on March 11, 1997. However, an upward revision to the
January retail sales figure triggered a one day sell-off in stocks and bonds on
March 13, 1997, as the stronger than expected growth heightened expectations of
an interest rate increase by the Federal Reserve. Unease over higher interest
rates, profitability concerns in the technology sector and litigation concerns
for tobacco stocks pulled the stock market lower in mid-March. As expected, the
Federal Reserve increased the rate on short-term funds by 0.25 percent at its
late-March meeting. Following the rate increase, the sell-off in the stock
market became more severe amid further signs of an accelerating economy. Stocks
bottomed-out on news of a stronger than expected rise in core producer prices
for March, with the DJIA closing at 6391.69 on April 11, 1997, or 9.8 percent
below its all-time high recorded a month ago. Some favorable first quarter
earnings reports and news of a possible settlement by tobacco companies to
resolve the threat of liability lawsuits provided for a modest recovery in the
stock market in mid-April. In late-April, the release of economic data which
indicated mild inflationary pressures furthered the rally in bond and stock
prices. News of a budget agreement and a favorable ruling for tobacco companies
sent the stock market soaring to record highs in early-May. Non-threatening
inflation data, such as declining retail sales and wholesale prices for May,
provided for positive trends in stock and bond prices through in mid-June 1997.
The stock market rally stalled in late-June, following remarks by Japan's Prime
Minister which were interpreted as an indication that Japan would be a seller of
U.S. stocks and bonds. However, the downturn was brief, as the Federal Reserve's
decision to leave
RP Financial, LC.
Page 4.10
rates unchanged at the July 2 meeting, along with new economic data that
indicated inflation was still under control, pushed stock and bond prices in
early-July. Technology stocks rallied the stock market to new highs through the
end of July, as a number of technology companies posted favorable second quarter
earnings. Congressional testimony by the Federal Reserve Chairman on July 22
sent the financial markets soaring, as he indicated the state of the economy was
favorable and an increase in interest rates was not imminent.
A decline in the July 1997 unemployment rate reversed the positive
bond and stock market trends in early-August, as inflation concerns became more
prominent. A declining dollar against the yen and mark sharpened the decline in
bond prices, with the 30-year U.S. Treasury bond increasing from 6.32 percent at
the end of July to 6.66 percent as of August 8, 1997. The sell-off pulled stock
prices lower as well. While bond prices firmed in mid-August, notable volatility
was evident in the stock market. The DJIA moved 100 points for five consecutive
days from August 18, 1997 through August 21, 1997, which set a record for
volatility. Profit worries among some of the large blue chip companies and mixed
inflation readings were factors contributing to the roller-coaster performance
of the stock market. The following week, the DJIA fell 265.83 points to close at
7622.42 as of August 29, 1997, translating into a 7.7 percent reduction since
the high reached earlier in the month.
Thrift prices generally moved higher during October and November 1996.
The upward trend in thrift prices was supported by lower interest rates, with
the slow down in economic growth pushing the 30-year U.S. bond rate below 6.5
percent during the second half of November. Investors also reacted positively to
the SAIF rescue legislation, in light of the reduction in deposit insurance
premiums to be paid by SAIF-insured thrifts following the one time special
assessment. Similar to the overall stock market, thrift prices traded lower in
early-December. Profit taking and expectations of higher interest rates were
factors contributing to the pull back in thrift issues.
Bullish sentiment for thrift stocks heightened at the beginning of
1997, as investors reacted positively to the favorable inflation data and
generally strong fourth quarter earnings. The rally in thrift issues was driven
by the large California institutions, reflecting expectations that there would
be further consolidation among the large California thrifts. The acquisition
speculation for the large California thrifts became a reality in mid-February,
as H.F. Ahamanson's unsolicited offer to acquire Great Western Financial sent
the SNL Index soaring in mid-February. Stable interest rates and acquisition
activity supported higher thrift prices in early-March, with the SNL Index
posting a new high of 579.1 on March 11, 1997. Like the stock market in
general, the peak in thrift prices was followed by a sharp sell-off in mid-
March. In fact, interest-rate sensitive issues were among the sectors hardest
hit by the revised January retail sales report, as the 30-year bond approached
7.0 percent. Interest-rate sensitive issues continued to experience selling
pressure in late-March and early-April, as signs of a strengthening economy
pushed interest rates higher. The sell-off in thrift stocks
RP Financial, LC.
Page 4.11
culminated on April 11, 1997, as interest rates increased sharply on news of the
higher than expected rise in core producer prices for March. Thrift prices edged
modestly higher in mid-April, reflecting generally favorable first quarter
earnings and a slight decline in interest rates following the release of
economic data which showed that inflation was low. Favorable inflation data and
the budget agreement provided for a more substantial rally in thrift stocks in
late-April and early-May, as interest-rate sensitive issues were bolstered by a
decline in interest rates.
Thrift stocks continued to trend higher through June and early-July
1997, based on the improved interest rate outlook and an overall positive
outlook for the economy. Generally favorable second quarter earnings and the
30-year U.S. Treasury bond yield declining below 6.50 percent served to further
boost thrift prices in mid-July, with the declining interest rate environment
serving to sustain the rally in thrift prices through the end of July. Thrift
prices generally declined during the first half of August, due to higher
interest rates and profit taking. From July 31, 1997 to August 15, 1997, the
SNL Index declined by 3.7 percent. Thrift prices recovered modestly the
following week, as the Federal Reserve left short-term interest rates unchanged
at its August meeting. The SNL Index for all publicly-traded thrifts closed at
664.6 on August 29, 1997, an increase of 62.8 percent from one year ago.
B. The New Issue Market
--------------------
In addition to thrift stock market conditions in general, the new
issue market for converting thrifts, including second step conversions, is also
an important consideration in determining the Bank's pro forma market value.
The favorable market environment for converting thrift issues has generally been
sustained during the first two quarters of 1997, with most offerings
experiencing oversubscriptions and trading higher in initial post-conversion
trading activity. As shown in Table 4.2, the median one week change in price
for all recently conversion offerings completed during the latest three months
equaled positive 45.6 percent, partially reflecting the overall market
enthusiasm in general and for initial public offerings of non-financial services
companies.
In examining the current pricing characteristics of institutions
completing their conversions during the last three months (see Table 4.3), we
note there exists a considerable difference in pricing ratios compared to the
universe of all publicly-traded thrifts, both at the time of conversion and in
the aftermarket. The median pro forma price/tangible book ratio of recent
conversions, excluding second step conversions, was 71.7 percent. The current
average P/TB ratio of the four standard conversions completed in the most recent
three month period (and are NASDAQ listed) of 119.2 percent reflects a discount
of 17.8 percent from the average P/TB ratio of all publicly-traded SAIF-insured
thrifts (equal to 144.94 percent).
RP Financial, LC.
September 3, 1997
-----------------------------------------------------------
Table 4
Recent Conversion (Last Three Months)
Conversion Pricing Characteristics: Sorted Chronologically
-----------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL INFORMATION PRE-CONVERSION DATA OFFERING INSIDER PURCHASES
-------------------------------
FINANCIAL INFO. ASSET QUALITY INFORMATION
- -----------------------------------------------------------------------------------------------------------------------------------
BENEFIT PLANS
CONVERSION Equity/ NP AS/ RES. GROSS % OF EXP. RECOG MGMT
INSTITUTION STATE DATE TICKER ASSETS ASSETS ASSETS COV. PROC. MID. PRICE ESOP PLANS & DIB
- ----------- ----- ---- ------ ------ ------- ------ ---- ----- ---- ----- ----------------------
(SM) (%) (%$2) (%) (SM ) (%) (%) (%) (%) (%$#)
- ------------------------------------------------------------------------------------------------------------------------------------
WSB Holding Company PA 08/29/97 WSBH $33 6.04% 2.34% 26% 83.3 132% 8.5% 8.0% 4.0% 31.0%
Bay? Bancshares(?) NJ 08/22/97 FSNJ 577 8.33% 0.81% 53% 48.7 132% 3.8% 8.0% 4.0% 10.0%
First Spartan Fin. Corp. SC 07/09/97 FSPT 388 11.81% 0.75% 44% 83.6 132% 1.6% 8.0% 4.0% 1.5%
GSH Financial Corp. NY 07/09/97 GOSB 96 12.68% 0.07% 188% 22.5 132% 4.1% 8.0% 4.0% 2.6%
FristBank Corp. ID 07/02/97 FBNW 138 8.00% 0.99% 68% 19.8 132% 3.5% 8.0% 4.0% 8.2%
Montgomery Fin. Corp (?) IN 07/01/97 MONT 94 9.83% 0.91% 20% 11.9 132% 4.5% 8.0% 4.0% 4.6%
Community First Bankg Corp GA 07/01/97 CFBC 366 2.02% 1.68% 40% 48.3 132% 2.9% 8.0% 4.0% 1.0%
First Robinson Fin. Corp.(9) IL 06/30/97 FRFC 72 6.78% 0.63% 89% 8.6 132% 4.7% 8.0% 4.0% ???%
Security Bancorp TN 06/30/97 P.Sheet 46 5.46% 0.06% NM 4.4 132% 6.9% 8.0% 4.0% 2.0%
Sistersville Bancorp WV 06/26/97 P.Sheet 27 17.91% 0.31% 198% 6.6 110% 6.8% 8.0% 4.0% 5.4%
AVERAGES $184 9.39% 0.86% 81% $26.3 130% 4.7% 8.0% 4.0% 7.6%
MEDIANS: 95 8.17% 0.78% 53% $15.9 132% 4.3% 8.0% 4.0% 5.0%
AVERAGES, EXCLUDING 2ND STEPS $146 9.46% 0.85% 93% 25.3 130% 4.9% 8.0% 4.0% 7.7%
MEDIANS, EXCLUDING 2ND STEPS $84 7.51% 0.69% 68% $14.2 132% 6.4% 8.0% 4.0% 4.0%
PRO FORMA DATE POST-IPO PRICING TRENDS
------------------------------------------- -----------------------
PRICING RATIOS(4) FIN. CHARACTERISTICS CLOSING PRICE
------------------------------------------- -----------------------
FIRST AFTER
IPO TRADING % FIRST
INSTITUTION P/TB P/E(5) P/A ROA TE/A ROE PRICE DAY CHG WEEKS(6)
- ----------- ---- ------ --- --- ---- --- ----- --- --- --------
(%) ($) (%) (%) (%) (%) ($) ($) (%) ($)
- ------------------------------------------------------------------------------------------------------------------------------------
WSB Holding Company 71.4% 16.6 9.2% 0.6% 12.9% 4.3% $10.00 $13.50 35.0% $13.50
Bay? Bancshares(?) 100.9% NM 14.6% NM 14.4% NM 10.00 11.75 ?7.5% 11.88
First Spartan Fin. Corp. 72.4% 17.3 19.9% 1.1% 26.3% 4.2% 20.00 36.69 83.4% 36.62
GSH Financial Corp. 72.5% 22.5 19.6% 0.9% 27.1% 3.2% 10.00 14.63 46.3% 14.75
FristBank Corp. 71.4% 22.8 12.9% 0.6% 18.0% 3.1% 10.00 15.81 58.1% 15.56
Montgomery Fin. Corp (?) 89.1% 24.1 16.0% 0.7% 17.9% 3.7% 10.00 11.13 11.2% 11.25
Community First Bankg Corp 72.3% 24.5 11.9% 0.5% 16.4% 2.9% 20.00 31.8? 59.4% 33.00
First Robinson Fin. Corp.(9) 71.4% 16.7 10.9% 0.7% 15.2% 4.3% 10.00 14.50 45.0% 14.38
Security Bancorp 72.0% 14.1 8.8% 0.6% 12.2% 5.1% 10.00 14.50 45.0% 15.00
Sistersville Bancorp 65.0% 18.9 20.6% 1.1% 31.6% 3.4% 10.00 13.75 37.5% 13.88
AVERAGES 75.8% 19.7 14.3% 0.7% 19.2% 3.8% $12.00 $17.81 43.8% $17.98
MEDIANS: 72.1% 18.9 13.7% 0.7% 17.2% 3.6% $10.00 $14.50 45.0% $14.56
AVERAGES, EXCLUDING 2ND STEPS 71.1% 19.2 14.1% 0.7% 20.0% 3.8% $11.25 $19.41 51.2% $19.59
MEDIANS, EXCLUDING 2ND STEPS 71.7% 18.? 12.4% 0.6% 17.2% 3.8% $10.00 $14.56 45.6% $14.88
POST-IPO PRICING TRENDS
-------------------------
CLOSING PRICE:
-------------------------
AFTER
% FIRST %
INSTITUTION CHG MONTHS(7) CHG
- ----------- --- --------- ---
(%) ($) (%)
- ------------------------------------------------------------------------------
WSB Holding Company 35.0% NA
Bay? Bancshares(?) 18.8% $11.88 18.8%
First Spartan Fin. Corp. 83.1% 35.63 78.1%
GSH Financial Corp. 47.5% 14.38 43.8%
FristBank Corp. 55.6% 17.88 78.8%
Montgomery Fin. Corp (?) 12.5% 11.75 17.5%
Community First Bankg Corp 65.0% 34.25 71.3%
First Robinson Fin. Corp.(9) 43.8% 16.50 65.0%
Security Bancorp 50.0% 15.25 52.5%
Sistersville Bancorp 38.8% 14.00 40.0%
AVERAGES 45.0% $19.06 51.7%
MEDIANS: 45.6% $15.25 52.5%
AVERAGES, EXCLUDING 2ND STEPS 52.3% $21.13 61.3%
MEDIANS, EXCLUDING 2ND STEPS 48.8% $16.50 65.0%
Notes - Appraisal performed by RP Financial:
"NT" - Not Traded "NA" - Not Applicable, Not Available.
(1) Non-OTS regulated thrifts. September 3, 1997
(2) ?????? in summary pages of prospectus.
(3) ?????? in prospectus.
(4) ???? take into account the adoption of SOP 93-6.
(5) ????? impact of special SAIF assessment on ?????
(6) Latest price if offering less than one week old.
(7) Latest price if offering more than one week but less than on month old.
(8) Second-step conversions.
(9) Simultaneously converted to commercial bank charter.
- --------------------------------------------------------------------------------
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Market Pricing Comparatives
Prices As of August 29, 1997
Market Per Share Data
--------------
Capitalization Core Book Pricing Ratios(3)
-------------- ----------------------------------------------
Price/ Market 12-Nth Value/
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
- -------------------- -------- ------ ------ ----- ------- ------- ------- ------- ---------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
SAIF-Insured Thrifts 22.11 150.20 1.15 15.74 20.87 140.69 17.55 144.94 18.42
All Public Companies 22.46 160.22 1.23 15.72 19.51 143.57 17.60 148.03 17.91
Special Selection Grouping(B) 22.61 65.04 0.70 19.07 27.63 116.31 24.33 116.64 28.43
State of WA 23.36 310.97 1.34 13.21 18.21 174.37 18.41 183.01 17.81
Comparable Group
- ----------------
Special Comparative Group(B)
- ----------------------------
CFBC Community First Bnkg Co. of GA 33.87 81.76 1.06 28.74 NM 117.85 18.14 119.47 NM
FBHN FirstBank Corp of Clarkston 17.50 34.72 0.44 14.00 NM 125.00 22.55 125.00 NM
FSPT FirstSpartan Fin. Corp. of SC 35.37 156.69 1.16 27.63 NM 128.01 33.70 128.01 NM
GOSB GSB Financial Corp. of NY 14.37 32.20 0.44 13.78 27.63 104.28 28.22 104.28 NM
MONT Montgomery Fin. Corp. of IN 11.94 19.74 0.42 11.22 NM 106.42 19.06 106.42 28.43
Dividends(4)
----------------------------------
Amount/ Payout
Financial Institution Share Yield Ratio(5)
- --------------------- ------- ----- --------
($) (%) (%)
SAIF-Insured Thrifts 0.38 1.75 29.54
All Public Companies 0.39 1.76 29.54
Special Selection Grouping(B) 0.00 0.00 0.00
State of WA 0.34 1.38 21.70
Comparable Group
- ----------------
Special Comparative Group(B)
- ----------------------------
CFBC Community First Bnkg Co. of GA 0.00 0.00 0.00
FBHN FirstBank Corp of Clarkston 0.00 0.00 0.00
FSPT FirstSpartan Fin. Corp. of SC 0.00 0.00 0.00
GOSB GSB Financial Corp. of NY 0.00 0.00 0.00
MONT Montgomery Fin. Corp. of IN 0.00 0.00 0.00
Financial Characteristics(6)
--------------------------------------------------------------------------------------------
Total Equity/ NPAs Reported Core
----------------------- -------------------------
Financial Institution Assets Assets Assets ROA ROE ROA ROE
- --------------------- ------ ------ ------ ---------- ---------- ---------- -----------
($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 1,149 12.86 0.79 0.54 5.50 0.75 7.55
All Public Companies 1,188 12.70 0.81 0.64 6.47 0.82 8.16
Special Selection Grouping(B) 258 20.95 1.67 0.73 3.44 0.75 3.59
State of WA 1,627 11.17 0.73 1.00 9.31 1.06 10.72
Comparable Group
- ----------------
Special Comparative Group(B)
- ----------------------------
CFBC Community First Bnkg Co. of GA 451 15.40 2.02 0.56 3.65 0.57 3.69
FBHN FirstBank Corp of Clarkston 154 18.04 2.07 0.70 3.86 0.57 3.14
FSPT FirstSpartan Fin. Corp. of SC 465 26.32 NA 0.95 3.62 1.11 4.20
GOSB GSB Financial Corp. of NY 114 27.06 NA 1.02 3.77 0.?5 3.19
MONT Montgomery Fin. Corp. of IN 104 17.91 0.91 0.42 2.32 0.67 3.74
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data,
adjusted to omit non-operating items (including the SAIF assessment) on a
tax effected basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB =
Price to tangible book value; and P/CORE = Price to estimated core earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month earnings and average equity and assets balances.
(7) Excludes from averages those companies the suject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes Converted Last 3 Mths (no ??C):
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 4.14
The pricing ratios of the better capitalized but lower earning
recently converted thrifts (based on return on equity measures) suggest that the
investment community has determined to discount their stocks on a book basis
until the earnings improve through redeployment and leveraging of the proceeds
over the longer term.
In determining our valuation adjustment for marketing of the issue, we
considered trends in both the overall thrift market and the new issue market.
The overall market for thrift stocks is considered to be healthy, as thrift
stocks are currently exhibiting pricing ratios that are approaching historically
high levels. Investor interest in the new issue market has been favorable, as
most of the recently completed offerings have been oversubscribed and have
recorded healthy price increases in initial post-conversion trading activity.
C. Acquisition Market
------------------
Also considered in the valuation was the potential impact on
Timberland's stock price of recently completed and pending acquisitions of other
thrifts operating in Timberland's market area. As shown in Exhibit IV-4, there
were two thrifts based in the State of Washington acquired in 1996 and 1997, but
the Washington market is home to several highly acquisitive financial
institutions and Washington based institutions typically trade with some
acquisition speculation built into their stock prices. The acquisition
speculation involving Washington thrifts may imply a certain degree of
acquisition speculation for the Bank's stock. To the extent that acquisition
speculation may impact the Bank's offering, we have largely taken this into
account by focusing on Washington and Northwest U.S. thrifts in the Peer Group
selection process.
* * * * * * * * * * *
Taking these factors and trends into account, primarily recent trends
in the new issue market, market conditions overall, and the recent trends in the
acquisition market, RP Financial concluded that no adjustment was appropriate in
the valuation analysis for purposes of marketing of the issue.
8. Management
----------
Timberland's management team has experience and expertise in all of the key
areas of the Bank's operations. Exhibit IV-5 lists Timberland's Board of
Directors and executive management with summary resumes. The Bank's operating
performance including its ROA and ROE measures have been very strong, and the
Bank's capital level has increased to relatively strong levels, even on a pre-
conversion basis. The one area of concern we have is with respect to the depth
of management relative to the Peer Group. Specifically, Timberland has expanded
it operations significantly, particularly in the Seattle, Tacoma and Olympia
metropolitan areas, where it relatively less experience than in its traditional
markets in Grays Harbor County.
RP Financial, LC.
Page 4.15
Furthermore, given the Peer Group's larger asset size, the Peer Group companies
are better able to maintain a deep management team at the mid-management level
without a large adverse impact on the operating expense ratio.
Based on the foregoing, we have therefore concluded that a slight downward
adjustment is appropriate relative to the Peer Group companies for the factor.
9. Effect of Government Regulation and Regulatory Reform
-----------------------------------------------------
The Bank and most of the Peer Group companies were similarly impacted by
the recently enacted SAIF rescue legislation, as the affected institutions are
SAIF-insured and subject to the same one time assessment and their deposits will
be assessed at the same rate going forward. In summary, as a fully-converted
SAIF-insured savings bank, Timberland will operate in substantially the same
regulatory environment as the Peer Group members -- all of whom are adequately
capitalized institutions and are operating with no apparent restrictions.
Exhibit IV-6 reflects the Bank's pro forma regulatory capital ratios. On
balance, RP Financial concluded that no adjustment to the Bank's value was
warranted for this factor.
Summary of Adjustments
- ----------------------
Overall, we believe the Bank's pro forma market value should take into
account the valuation adjustments relative to the Peer Group:
Key Valuation Parameters: Valuation Adjustment
------------------------- --------------------
Financial Condition Moderate Downward
Profitability, Growth and Viability of Earnings Moderate Downward
Asset Growth Slight Downward
Primary Market Area Slight Downward
Dividends No Adjustment
Liquidity of the Shares Slight Downward
Marketing of the Issue No Adjustment
Management Slight Downward
Effect of Government Regulations and Regulatory Reform No Adjustment
Valuation Approaches
- --------------------
In applying the accepted valuation methodology promulgated by the
regulatory agencies, i.e., the pro forma market value approach, we considered
the three key pricing ratios in valuing Timberland's to-be-issued
RP Financial, LC.
Page 4.16
stock -- the price/earnings ("P/E"), price/book ("P/B"), and price/assets
("P/A") approaches-- all performed on a pro forma basis. In computing the pro
forma impact of the conversion and the related pricing ratios, we have
incorporated the assumptions disclosed in Timberland's prospectus for offering
expenses, and the effective tax rate and stock benefit plan assumptions
(summarized in Exhibits IV-7 and IV-8). Each of the assumptions are described
more fully below.
o Conversion Expenses. The Bank has estimated its fixed and variable
-------------------
conversion expenses over the range of value incorporating the
appraised value determined herein, based on the financial arrangements
with the various third parties engaged by the Bank to assist in
completing the conversion transaction.
o Effective Tax Rate. The Bank, in consultation with its outside
------------------
auditors, has determined the marginal effective tax rate on the net
reinvestment benefit of the conversion proceeds to be 34 percent based
on the statutory Federal rate.
o Reinvestment Rate. The pro forma section in the draft prospectus
-----------------
incorporates a 6.97 percent reinvestment rate, equivalent to the
arithmetic average of the yield on assets and the cost of deposits for
the nine months ended June 30, 1997. This calculated rate is
reasonably similar to the blended reinvestment rate in the first 12
months of the business plan post-conversion, reflecting the current
anticipated use of conversion proceeds, incorporating a flat rate
interest rate scenario and the estimated impact of deposit withdrawals
to fund purchases equal to 20 percent of the stock issued in the
conversion.
o Stock Benefit Plans. The assumptions for the stock benefit plans,
-------------------
i.e., the Employee Stock Ownership Plan ("ESOP") and Recognition Plan
("Recognition Plan"), are consistent with the structure as approved by
the Bank's Board and the disclosure in the pro forma section of the
prospectus. Specifically, the ESOP is assumed to purchase 8 percent
of the stock in conversion at the initial public offering price, with
the Holding Company funded ESOP loan amortized on a straight-line
basis over 10 years. The Recognition Plan is assumed to purchase 4
percent of the stock in the aftermarket at a price equivalent to the
initial public offering price (we also considered the impact of the
issuance of Recognition Plan shares from authorized but unissued
shares at a price equivalent to the initial public offering price),
with the Recognition Plan cost expensed on a straight line basis in
conjunction with the 5 year vesting schedule.
RP Financial's valuation considered each of the following valuation
approaches promulgated in the regulatory valuation guidelines, as described more
fully below:
o P/E Approach. The P/E approach is generally the best indicator of
------------
long-term value for a stock. Since the Bank and the Peer Group
reported pro forma earnings on both a core and reported basis, the P/E
approach was considered in this valuation. In applying this approach,
we took into account both reported earnings and estimated core
earnings.
o P/B Approach. P/B ratios have generally served as a useful benchmark
------------
in the valuation of thrift stocks, with the greater determinant of
long term value being earnings. We have also modified the P/B approach
to exclude the impact of intangible assets (i.e., price/tangible book
value or "P/TB"). Recognizing that the pro forma P/B ratio will result
in a below market ratio due to the pro forma nature of the P/B
computation, RP Financial considered the P/TB approach to be a
reliable indicator of value given current market conditions,
particularly the market for new conversions, which often exhibit a
willingness to pay premium P/E multiples in the expectation that such
institutions will implement leveraging strategies to promote earnings
growth. At the same time, with lower ROE ratios, new conversions are
typically discounted
RP Financial, LC.
Page 4.17
on a book value basis relative to the market at least until there is
partial realization of leveraging strategies.
o P/A Approach. Investors typically do not place significant weight on
------------
simply the size of total assets as a determinant of market value
without making risk adjustments. This approach, as set forth in the
regulatory guidelines, does not take into account the amount of stock
purchases funded by deposit withdrawals, thus understating the pro
forma P/A ratio. Investors generally place significantly greater
weight on book value and earnings for established publicly-traded
institutions. At the same time, the P/A ratio is an indicator of
franchise value and, in the case of a highly capitalized institution,
high P/A ratios may limit the investment community's willingness to
pay market multiples for earnings and book value when ROE is expected
to be low.
The Bank intends to adopt Statement of Position ("SOP" 93-6), which will
cause earnings per share computations to be based on shares issued and
outstanding excluding shares owned by an ESOP where there is not a commitment to
release such shares. For the purpose of preparing the pro forma pricing tables
and exhibits, we have reflected all shares issued in the offering including
shares purchased by the ESOP as outstanding to capture the full dilutive impact
of such stock to the Bank's shareholders. However, we have considered the impact
of adoption of SOP 93-6 on the Bank in the determination of the Bank's pro forma
value .
Based on the application of the three valuation approaches, taking into
consideration the valuation adjustments discussed above, and placing the
greatest weight on the P/TB and P/E approaches, followed by the P/A approach, RP
Financial concluded that the pro forma market value of the Bank's conversion
stock is $50,000,000 at the midpoint at this time.
1. Price-to-Tangible Book ("P/TB"). The application of the P/TB valuation
-------------------------------
method requires calculating the Bank's pro forma market value by applying a
valuation P/TB ratio to Timberland's pro forma tangible book value. The pre-
conversion book value for Timberland of $23,866,000 as of June 30, 1997. Based
on the $50,000,000 midpoint valuation, Timberland's pro forma P/TB ratio was
75.47 percent. In comparison to the Peer Group's median P/TB ratio equal to
140.37 percent, Timberland's valuation reflected a 46.3 percent discount. RP
Financial considered the discount under the P/TB approach to be reasonable in
light of the valuation adjustments discussed previously and particularly the
risk to capital posed by the Bank's relatively higher credit risk exposure.
2. Price-to-Earnings ("P/E"). The application of the P/E valuation method
-------------------------
requires calculating the Bank's pro forma market value by applying a valuation
P/E multiple times the pro forma earnings base. Ideally, the pro forma earnings
base is composed principally of the Bank's recurring earnings base, that is,
earnings adjusted to exclude any one-time non-operating items, plus the
estimated after-tax earnings benefit of
RP Financial, LC.
Page 4.18
the reinvestment of net conversion proceeds. The Bank's reported earnings were
equal to $2.948 million for the twelve months ended June 30, 1997. In deriving
the Bank's core earnings, the following adjustments were made to pre-tax
earnings for the twelve months ended June 30, 1997 to account for one-time
income and expenses: (1) net gains on the sale of loans ($266,000); (2) the gain
from capitalization of servicing rights ($118,000); and (3) the special SAIF
assessment ($875,000). On a tax-effected basis utilizing the Bank's effective
federal tax rate of 34 percent, adjusted earnings equaled $3.272 million. (Note:
the adjustments applied to the Peer Group's earnings in the calculation of core
earnings are shown in Exhibit IV-9, including the SAIF assessment).
Based on Timberland's trailing twelve month reported and core
earnings, and incorporating the impact of the pro forma assumptions previously
discussed, the Bank's pro forma P/E multiple based on reported and core earnings
at the $50,000,000 midpoint value equaled 11.58 times and 10.80 times,
respectively. Comparatively, the Peer Group posted a median P/E multiple based
on reported and core earnings equal to 22.76 times and 19.09 times,
respectively. The Bank's pro forma P/E multiple based on core and reported
earnings is below the Peer Group average reflecting the Bank's greater risk
exposure including credit risk and interest rate risk as well as the other
downward adjustments applied for asset growth, primary market area and liquidity
of the shares.
3. Price-to-Assets ("P/A"). The P/A valuation methodology determines
-----------------------
market value by applying a valuation P/A ratio to the Bank's pro forma asset
base, conservatively assuming no deposit withdrawals are made to fund stock
purchases. In all likelihood there will be deposit withdrawals, which results
in understating the pro forma P/A ratio which is computed herein. At the
midpoint of the valuation range, Timberland's value equaled 20.70 percent of pro
forma assets. Comparatively, the Peer Group companies exhibited an average P/A
ratio of 20.07 percent, which is substantially equivalent to the Bank's ratio at
the midpoint of the valuation range.
Comparison to Recent Conversions
- --------------------------------
As indicated at the beginning of this chapter, RP Financial's analysis of
recent conversion pricing characteristics at conversion (excluding second step
conversions) and in the aftermarket has been limited to a "technical" analysis
and, thus, the pricing characteristics of recent conversions is not the primary
determinate of value herein. Particular focus was placed on the P/B approach in
this analysis since the P/E multiples do not reflect the actual impact of
reinvestment and the source of the conversion funds (i.e., external funds vs.
deposit withdrawals). The recent conversions on average closed their offerings
at their supermaximum levels given the oversubscribed nature of their offerings
and prevailing market conditions at closing, indicating an average
price/tangible book ratio of 71.7 percent. On average, the prices of recent
conversions appreciated by 45.6
RP Financial, LC.
Page 4.19
percent after one week. In comparison, the Bank's P/TB ratio at the appraised
midpoint reflects a premium relative to the closing ratios, but a discount to
the aftermarket ratios. The closing and aftermarket P/TB ratios are not directly
comparable in that the closing ratio reflects the pro forma impact of conversion
on equity whereas the aftermarket ratio reflects only price (with no further
impact on equity capital).
Valuation Conclusion
- --------------------
It is our opinion that, as of August 29, 1997, the aggregate pro forma
market value of the shares to be issued was $50,000,000 at the midpoint, equal
to 5,000,000 shares offered at a per share value of $10.00. Pursuant to
regulatory conversion guidelines, the 15 percent offering range includes a
minimum offering value of $42,500,000 and a maximum value of $57,500,000. Based
on the $10.00 per share offering price, this range equates to an offering of
4,250,000 shares at the minimum to 5,750,000 shares at the maximum. The Holding
Company's offering also includes a provision for a superrange, which if
exercised, would result in an offering size of $66,125,000, equal to 6,612,500
shares at the $10.00 per share offering price. The comparative pro forma
valuation ratios relative to the Peer Group are shown in Table 4.4, and the key
valuation assumptions are detailed in Exhibit IV-7. The pro forma calculations
for the range are detailed in Exhibit IV-8.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.4
Public Market Pricing
Timberland Savings Bank and the Comparables
As of August 29, 1997
Market Per Share Data
--------------
Capitalization Core Book Pricing Ratios(3)
--------------- ---------------------------------------
Price/ Market 12-Mth Value/
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
-------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
Timberland Savings Bank
- -----------------------
Superrange 10.00 66.12 0.77 12.18 13.74 82.13 25.65 82.13 12.91
Range Maximum 10.00 57.50 0.85 12.68 12.64 78.89 23.17 78.89 11.83
Range Midpoint 10.00 50.00 0.93 13.25 11.58 75.47 20.70 75.47 10.80
Range Minimum 10.00 42.50 1.04 14.03 10.39 71.29 18.09 71.29 9.66
SAIF-Insured Thrifts(7)
- -----------------------
Averages 22.11 150.20 1.15 15.74 20.87 140.69 17.55 144.94 18.42
Medians --- --- --- --- 20.75 132.99 15.45 134.05 17.88
All Non-MHC State of WA(7)
- --------------------------
Averages 23.36 310.97 1.34 13.21 18.21 174.37 18.41 183.01 17.81
Medians --- --- --- --- 14.05 175.16 21.45 190.38 15.14
Comparable Group Averages
- -------------------------
Averages 21.89 150.41 1.17 14.74 21.87 151.83 20.09 157.00 19.80
Medians --- --- --- --- 22.76 137.83 21.14 140.37 19.09
State of WA
- -----------
CASB Cascade SB of Everett WA(7) 13.25 34.07 0.77 8.46 21.72 156.62 9.67 156.62 17.21
FMSB First Mutual SB of Bellevue WA 21.00 56.74 1.52 10.91 13.46 192.48 13.13 192.48 13.82
FWWB First Savings Bancorp of WA 24.75 260.35 0.84 14.13 27.81 175.16 25.84 190.38 29.46
FBNW FirstBank Corp of Clarkston WA 17.50 34.72 0.44 14.00 NM 125.00 22.55 125.00 NM
HRZB Horizon Financial Corp. of WA 15.00 111.26 1.05 10.91 14.02 137.49 21.45 137.49 14.29
IWBK Interwest SB of Oak Harbor WA 39.50 317.42 2.47 15.46 21.70 255.50 17.32 261.24 15.99
STSA Sterling Financial Corp. of WA 18.50 102.99 0.90 12.41 NM 149.07 6.11 170.98 20.56
WFSL Washington FS&LA of Seattle WA 27.25 1293.34 2.14 14.66 14.05 185.88 22.45 203.51 12.73
WAMU Washington Mutual Inc. of WA(7) 59.87 7564.99 2.42 19.30 NM NM 15.51 NM 24.74
Comparable Group
- ----------------
CMRN Cameron Fin. Corp. of MO 17.37 45.63 0.97 17.18 22.27 101.11 21.93 101.11 17.91
FFHH FSF Financial Corp. of MN 17.75 53.84 0.99 14.16 22.76 125.35 14.23 125.35 17.93
FFBA First Colorado Bancorp of Co 19.00 314.66 0.80 11.79 23.46 161.15 20.83 163.37 23.75
FMSB First Mutual SB of Bellevue WA 21.00 56.74 1.52 10.91 13.46 192.48 13.13 192.48 13.82
FWWB First Savings Bancorp of WA 24.75 260.35 0.84 14.13 27.81 175.16 25.84 190.38 29.46
HRZB Horizon Financial Corp. of WA 15.00 111.26 1.05 10.91 14.02 137.49 21.45 137.49 14.29
IWBK Interwest SB of Oak Harbor WA 39.50 317.42 2.47 15.46 21.70 255.50 17.32 261.24 15.99
KFBI Klamath First Bancorp of OR 19.62 196.57 0.83 14.20 NM 138.17 27.01 138.17 23.64
UBMT United Fin. Corp. of MT 23.50 28.74 1.16 19.95 25.00 117.79 26.68 117.79 20.26
WSTR WesterFed Fin. Corp. of MT 21.37 118.92 1.02 18.73 26.38 114.10 12.44 142.56 20.95
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
-------------------------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%)
Timberland Savings Bank
- -----------------------
Superrange 0.00 0.00 0.00 265 31.47 3.14 1.88 5.98 2.00 6.36
Range Maximum 0.00 0.00 0.00 258 29.37 3.23 1.83 6.24 1.96 6.67
Range Midpoint 0.00 0.00 0.00 251 27.43 3.32 1.79 6.52 1.92 6.99
Range Minimum 0.00 0.00 0.00 244 25.38 3.42 1.74 6.86 1.87 7.38
SAIF-Insured Thrifts(7)
- -----------------------
Averages 0.38 1.75 29.54 1,149 12.86 0.79 0.54 5.50 0.75 7.55
Medians --- --- --- --- --- --- --- --- --- ---
All Non-MHC State of WA(7)
- --------------------------
Averages 0.34 1.38 21.70 1,627 11.17 0.73 1.00 9.31 1.06 10.72
Medians --- --- --- --- --- --- --- --- --- ---
Comparable Group Averages
- -------------------------
Averages 0.44 2.08 35.84 768 14.30 0.28 0.97 7.39 1.11 8.42
Medians --- --- --- --- --- --- --- --- --- ---
State of WA
- -----------
CASB Cascade SB of Everett WA(7) 0.00 0.00 0.00 352 6.17 0.39 0.46 7.49 0.58 9.46
FMSB First Mutual SB of Bellevue WA 0.20 0.95 13.16 432 6.82 0.01 1.02 15.34 1.00 14.95
FWWB First Savings Bancorp of WA 0.28 1.13 33.33 1,008 14.75 0.30 1.05 6.25 1.00 5.90
FBNW FirstBank Corp of Clarkston WA 0.00 0.00 0.00 154 18.04 2.07 0.70 3.86 0.57 3.14
HRZB Horizon Financial Corp. of WA 0.40 2.67 38.10 519 15.60 NA 1.57 9.99 1.54 9.80
IWBK Interwest SB of Oak Harbor WA 0.60 1.52 24.29 1,833 6.78 0.64 0.87 12.91 1.18 17.52
STSA Sterling Financial Corp. of WA 0.00 0.00 0.00 1,686 4.10 0.61 0.10 2.46 0.32 7.91
WFSL Washington FS&LA of Seattle WA 0.92 3.38 42.99 5,760 12.08 0.73 1.67 14.37 1.84 15.85
WAMU Washington Mutual Inc. of WA(7) 1.08 1.80 44.63 48,764 5.00 0.81 0.35 6.81 0.74 14.45
Comparable Group
- ----------------
CMRN Cameron Fin. Corp. of MO 0.28 1.61 28.87 208 21.69 0.73 1.07 4.43 1.33 5.51
FFHH FSF Financial Corp. of MN 0.50 2.82 50.51 378 11.35 0.03 0.66 5.22 0.84 6.63
FFBA First Colorado Bancorp of Co 0.44 2.32 55.00 1,510 12.93 0.23 0.89 6.25 0.88 6.17
FMSB First Mutual SB of Bellevue WA 0.20 0.95 13.16 432 6.82 0.01 1.02 15.34 1.00 14.95
FWWB First Savings Bancorp of WA 0.28 1.13 33.33 1,008 14.75 0.30 1.05 6.25 1.00 5.90
HRZB Horizon Financial Corp. of WA 0.40 2.67 38.10 519 15.60 NA 1.57 9.99 1.54 9.80
IWBK Interwest SB of Oak Harbor WA 0.60 1.52 24.29 1,833 6.78 0.64 0.87 12.91 1.18 17.52
KFBI Klamath First Bancorp of OR 0.30 1.53 36.14 728 19.55 0.08 0.81 3.67 1.23 5.54
UBMT United Fin. Corp. of MT 0.98 4.17 NM 108 22.65 NA 1.09 4.70 1.34 5.80
WSTR WesterFed Fin. Corp. of MT 0.44 2.06 43.14 956 10.91 0.25 0.63 5.09 0.79 6.41
(1) Average of high/low or bid/ask price per share.
(2) EPS (core basis) is based on actual trailing twelve month data, adjusted to
omit the impact of non-operating items (including the SAIF assessment) on a
tax effected basis, and is shown on a pro forma basis where appropriate.
(3) P/E = Price to Earnings; P/B = Price to Book; P/A = Price to Assets; P/TB =
Price to Tangible Book; and P/CORE = Price to Core Earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated twelve month dividend as a percent of trailing twelve month
estimated core earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and total
assets balances.
(7) Excludes from averages and medians those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
Source: Corporate reports, offering circulars, and RP Financial, Inc.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
EXHIBITS
RP FINANCIAL, LC.
LIST OF EXHIBITS
Exhibit
Number Description
- ------- -----------
I-1 Map of Office Location
I-2 Timberland's Audited Financial Statements
I-3 Key Operating Ratios
I-4 Investment Portfolio Composition
I-5 Yields and Costs
I-6 Loan Loss Allowance Activity
I-7 Fixed Rate and Adjustable Rate Loans
I-8 Market Value Analysis
I-9 Gap Analysis
I-10 Loan Portfolio Composition
I-11 Contractual Maturity By Loan Type
I-12 Loan Originations, Purchases, and Sales
I-13 Non-Performing Assets
I-14 Classified Assets
I-15 Deposit Composition
I-16 Time Deposit Rate/Maturity
I-17 Borrowings
II-1 List of Branch Offices
II-2 Historical Interest Rates
II-3 Demographic/Economic Reports
II-4 Sources of Personal Income/Employment Sectors
RP FINANCIAL, LC.
LIST OF EXHIBITS(continued)
Exhibit
Number Description
- ------- -----------
III-1 General Characteristics of Publicly-Traded Institutions
III-2 State of Washington Peer Thrifts
III-3 Northwest U.S. and Western U.S. Peer Thrifts
IV-1 Stock Prices: August 29, 1997
IV-2 Historical Stock Price Indices
IV-3 Historical Thrift Stock Indices
IV-4 Market Area Acquisition Activity
IV-5 Directors and Management Summary Resumes
IV-6 Pro Forma Regulatory Capital Ratios
IV-7 Pro Forma Analysis Sheet
IV-8 Pro Forma Effect of Conversion Proceeds
IV-9 Peer Group Core Earnings Analysis
V-1 Firm Qualifications Statement
EXHIBIT I-1
Timberland Savings Bank
Map of Office Location
[MAP OF TIMBERLAND SAVINGS BANK APPEARS HERE]
EXHIBIT I-13
Timberland Savings Bank
Non-Performing Assets
EXHIBIT I-13
TIMBERLAND SAVINGS BANK
NON-PERFORMING ASSETS
At September 30 At June 30
-----------------------------------------------------
1992 1993 1994 1995 1996 1997
---- ---- ---- ---- ---- ----
(Dollars in thousands)
Loans accounted for on a nonaccrual basis:
Mortgage loans:
One-to four-family............................. $ 469 $ 612 $ 392 $ 646 $ 735 $ 841
Commercial..................................... -- -- -- -- -- 2,886(1)
Construction and land development.............. 966 196 125 391 771 3,991(2)
Consumer loans................................. 1 -- 30 -- 14 1
Commercial business loans...................... -- -- -- -- -- 11
---------- --------- --------- -------- -------- --------
Total......................................... $ 1,436 808 547 1,037 1,520 7,730
Accruing loans which are contractually
past due 90 days or more:
Mortgage loans:
Construction and land development.............. -- -- -- -- -- 303
---------- --------- --------- -------- -------- --------
Total......................................... -- -- -- -- -- 303
---------- --------- --------- -------- -------- --------
Total of nonaccrual and
90 days past due loans.......................... $ 1,436 $ 808 $ 547 $ 1,037 $ 1,520 $ 8,033
Real estate owned and other
repossessed assets.............................. 879 484 407 209 125 317
---------- --------- --------- -------- -------- --------
Total nonperforming assets.................... 2,315 1,292 954 1,246 1,645 8,350
Restructured loans.............................. -- 11 29 207 158 71
Nonaccrual and 90 days or more
past due loans as a percentage
of loans receivable, net........................ 1.39% 0.76% 0.45% 0.66% 0.86% 4.28%(3)
Nonaccrual and 90 days or more past due
loans as a percentage of total assets........... 1.16% 0.58% 0.36% 0.58% 0.78% 3.90%(4)
Nonperforming assets as a
percentage of total assets...................... 1.87% 0.93% 0.63% 0.70% 0.85% 4.05%(5)
Loans receivable, net........................... $ 103,045 $106,259 $121,558 $156,523 $176,495 $187,488
========== ========= ========= ======== ======== ========
Total assets.................................... $ 123,889 $139,233 $151,044 $177,761 $194,357 $206,188
========== ========= ========= ======== ======== ========
______________
(1) Includes two loans each with a balance of $ 1.4 million at June 30, 1997,
descriptions of which are provided below.
(2) Includes two loans with balances of $1.9 million and $1.0 million at June
30, 1997, descriptions of which are provided below.
(3) 1.21% without the loans described in footnotes 1 and 2.
(4) 1.10% without the loans described in footnotes 1 and 2.
(5) 1.25% without the loans described in footnotes 1 and 2.
EXHIBIT I-14
Timberland Savings Bank
Classified Assets
EXHIBIT I-14
TIMBERLAND SAVINGS BANK
CLASSIFIED ASSETS
At September 30, At June 30,
-------------------
1995 1996 1997
---- ---- -----------
(In thousands)
Loss........................ $ - $ - $ -
Doubtful.................... - - -
Substandard assets.......... 1,371 2,061 5,510(1)
Special mention............. - 97 2,886(1)
General loss allowances..... 1,119 1,133 1,454
Specific loss allowances.... - - -
___________
(1) See discussion under "-Nonperforming Assets and Delinquencies."
EXHIBIT I-2
Timberland Savings Bank
Audited Financial Statements
[Incorporated by Reference]
EXHIBIT I-3
Timberland Savings Bank
Key Operating Ratios
EXHIBIT 1.3
TIMBERLAND SAVINGS BANK
KEY OPERATING RATIOS
At or For
Nine Months
Ended
Year Ended September 30, June 30,
-------------------------------------------- --------------
1992 1993 1994 1995 1996 1996 1997
---- ---- ---- ---- ---- ---- ----
(Dollars in thousands)
KEY FINANCIAL RATIOS(1):
Performance Ratios:
Return on average assets(2)............... 1.80% 1.99% 1.86% 1.82% 1.46% 1.67% 1.67%
Return on average assets(3)............... 22.53 22.11 18.27 17.44 13.21 15.27 14.95
Interest rate spread(4)................... 4.38 4.47 4.32 4.56 4.34 4.25 4.17
Net interest margin(5).................... 4.93 4.97 4.78 5.08 4.97 4.88 4.85
Average interest-earning assets
to average interest-bearing
liabilities............................. 110.97 113.09 113.41 113.05 114.76 114.89 115.94
Noninterest expense as a
percent of average total assets......... 2.45 2.37 2.55 2.49 2.93 2.46 2.39
Efficiency ratio(6)....................... 47.72 44.68 48.76 47.04 56.82 49.00 47.83
Asset Quality Ratios:
Nonaccrual and 90 days or more
past due loans as a percent
of loans receivable, net................ 1.39 0.76 0.45 0.66 0.86 0.63 4.28(7)
Nonperforming assets as a
percent of total assets................. 1.87 0.93 0.63 0.70 0.85 0.64 4.05(8)
Allowance for losses as a
percent of loans receivable, net........ 0.94 1.07 0.92 0.71 0.64 0.67 0.78
Allowance for losses as a
percent of nonperforming loans.......... 67.69 140.84 204.95 107.91 74.54 97.90 18.10(9)
Net charge-offs to average
outstanding loans....................... 0.02 0.01 0.02 - - 0.01 0.01
Capital Ratios:
Total equity-to-assets ratio.............. 8.38 9.34 10.35 10.49 10.97 11.18 11.57
Average equity to average assets(10)...... 7.98 9.01 10.16 10.45 11.02 10.93 11.16
________________
(1) Annualized, where appropriate, for the nine months ended June 30,
1997 and 1996.
(2) Net income divided by average total assets.
(3) Net income divided by average equity.
(4) Difference between weighted average yield on interest-earning assets
and weighted average rate on interest-bearing liabilities.
(5) Net interest income (before provision for loans losses) as a
percentage of average interest-earning assets.
(6) Other expenses (excluding federal income tax expense) divided by the
sum of net interest income and noninterest income.
(7) 1.21% without the loans discussed under "BUSINESS OF THE SAVINGS
BANK -- Lending Activities -- Nonperforming Assets and Delinquencies."
(8) 1.25% without the loans discussed under "BUSINESS OF THE SAVINGS
BANK -- Lending Activities -- Nonperforming Assets and Delinquencies."
(9) 63.22% without the loans discussed under "BUSINESS OF THE SAVINGS
BANK -- Lending Activities -- Nonperforming Assets and Delinquencies."
(10) Average total equity divided by average total assets.
EXHIBIT I-4
Timberland Savings Bank
Investment Portfolio Composition
EXHIBIT I-4
TIMBERLAND SAVINGS BANK
INVESTMENT PORTFOLIO COMPOSITION
AT SEPTEMBER 30,
----------------------------------------------------------------------
1994 1995 1996
-------------------- -------------------- --------------------
Amortized Percent of Amortized Percent of Amortized Percent of
Cost(1) Total Cost(1) Total Cost(1) Total
--------- ------- --------- ------- --------- -------
(In thousands)
Held to Maturity (at amortized cost):
Data Securities:
U.S. Treasury obligations ............ $ 6,998 40.38% $ 2,504 22.15% $ -- --%
U.s. Government agency obligations ... 1,000 5.77 1,000 8.84 -- --
Mortgage-backed securities ............. 7,402 42.71 6,352 56.19 4,951 75.91
Investment certificates of deposit ..... 599 3.46 -- -- -- --
--------- ------- --------- ------- --------- -------
Total held to maturity securities ...... 15,999 92.32 9,856 87.18 4,951 75.91
Available for Sale (at market value):
Mortgage-backed securities ............. -- -- -- -- -- --
FHLB stock ............................. 1,280 7.39% 1,363 12.06% 1,470 22.54%
Other .................................. 50 0.29 86 0.76 102 1.55
--------- ------- --------- ------- --------- -------
Total available for sale securities..... 1,330 7.68 1,449 12.82 1,572 24.09
--------- ------- --------- ------- --------- -------
Total portfolio ........................ $ 17,329 100.00% $ 11,305 100.00% $ 6,522 100.00%
========= ======= ========= ======= ========= =======
AT JUNE 30,
1997
--------------------
Amortized Percent of
Cost(1) Total
--------- -------
Held to Maturity (at amortized cost):
Data Securities:
U.s. Treasury obligations ............ $ -- --%
U.S. Government agency obligation .... -- --
Mortgage-backed securities ............. 4,172 72.85
Investment certificates of deposit ..... -- --
--------- -------
Total held to maturity securities .... 4,172 72.85
Available for Sale (at market value):
Mortgage-backed securities ............. -- --
FHLB stock ............................. 1,555 27.15%
Other .................................. -- --
--------- -------
Total available for sale securities... 1,555 27.15
--------- -------
Total portfolio ........................ $ 5,727 100.00%
========= =======
________________
(1) The market value of the Savings Bank's investment portfolio amounted to
$5.7 million as of June 30, 1997, $6.4 million as of September 30,
1996, $11.2 million as of September 30, 1995 and $16.9 million as of
September 30, 1994. At June 30, 1997, the market values of the
principal components of the Savings Bank's investment portfolio were:
$4.1 million in mortgage-backed securities and $1.2 million in FHLB
stock.
EXHIBIT I-5
Timberland Savings Bank
Yields and Costs
EXHIBIT 1-5
TIMBERLAND SAVINGS BANK
YIELDS AND COSTS
Year Ended September 30,
-----------------------------------------------------------------------
1994 1995
---------------------------------- -----------------------------------
Interest Interest
Average and Yield/ Average and Yield/
Balance Dividends Cost Balance Dividends Cost
---------- --------- ------ ---------- --------- -----
(Dollars in thousands)
Intrest earning assets
Loans receivable(1) $111,979 $ 10,168 90.8% $ 143 103 $ 13,603 9.51%
Mortgage backed and investment securities 7,263 428 5.69 12,676 667 5.26
TSB stock and equity securities 1,270 110 8.66 1,370 99 7.15
Interest Bearing Deposits 17,299 601 3.47 2,069 85 4.11
---------- --------- ---------- ---------
Total interest earning assets $137,811 $ 11,307 8.20 $ 159,218 $ 14,454 9.08
Each interest earning assets 4,079 5,294
---------- ----------
Total assets $141,908 $ 164,512
---------- ----------
Interest bearing balances
Passbook accounts $ 28,291 $ 995 3.38 $ 27,512 $ 821 2.98
Money market accounts 12,376 379 3.06 10,115 469 4.64
NOW accounts 17,554 428 2.44 19,078 425 2.23
Certificates deposit 61,809 2,854 4.62 73,596 3,981 5.41
MHB advances other borrowed money 1,491 99 6.64 10,539 664 6.30
---------- --------- ---------- ---------
Total interest bearing liabilities 121,521 4,715 3.88 140,840 $ 6,360 4.52
Non-interest bearing liabilities 5,973 6,474
---------- -----------
Total liabilities $127,494 $ 147,314
Retained earnings 14,414 17,198
---------- -----------
Total liabilities and retained earnings $141,908 $164,512
========== ===========
Net interest income $ 6,592 $ 8,094
Interest rate spread 4.32% 4.56%
Net interest margin(2) 4.78% 5.08%
Ratio of interest earning assets to
average interest bearing liabilities 113.41% 113.05%
Year Ended September 30,
-----------------------------------
1996
-----------------------------------
Interest
Average and Yield/
Balance Dividends Cost
----------- ----------- -------
(Dollars in thousands)
Interest earning assets
Loans receivable(1) $ 168,060 $ 15,880 9.45%
Mortgage backed and investment securities 6,689 397 5.94
TSB stock and equity securities 1,499 126 8.41
Interest Bearing Deposits 2,072 97 4.68
---------- ----------
Total interest earning assets 178,320 $ 16,500 9.25
Each interest earning assets 5,674
----------
Total assets
$ 183,994
Interest bearing balances ----------
Passbook accounts
Money market accounts $ 24,800 $ 738 2.98
NOW accounts 13,182 520 3.94
Certificates deposit 17,377 421 2.42
MHB advances other borrowed money 89,024 5,271 5.92
11,005 679 6.17
Total interest bearing liabilities ---------- ----------
$ 155,388 $ 7,629 4.91
Non-interest bearing liabilities 8,330
Total liabilities $ 163,718
Retained earnings 20,276
Total liabilities and retained earnings $ 183,994
=========
Net interest income $ 8,871
Interest rate spread 4.34%
Net interest margin(2) 4.97%
Ratio of interest earning assets to
average interest bearing liabilities 114.76%
Nine Months Ended June 30,
----------------------------------------------------------------------
1996 1997
--------------------------------- -----------------------------------
Interest Interest
Average and Yield/ Average and Yield/
Balance Dividends Cost Balance Dividends Cost
---------- --------- ------ ---------- --------- -----
(Dollars in thousands)
Interest earning assets
Loans receivable(1) $ 165,827 $11,660 9.38% $187,435 $12,975 9.23%
Mortgage backed and investment securities 7,233 323 5.95 4,613 215 6.21
TSB stock and equity securities 1,483 97 8.72 1,549 85 7.32
Interest Bearing Deposits 2,145 74 4.60 2,690 95 4.71
--------- -------- -------- -------
Total interest earning assets $ 176,688 $ 12,154 9.17 $196,287 $13,370 9.08
Each interest earning assets 5,352 7,504
--------- --------
Total assets $ 182,040 $203,791
========= ========
Interest bearing balances
Passbook accounts $ 24,699 $ 550 2.97 $ 74,769 $ 556 2.99
Money market accounts 13,205 391 3.97 12,695 378 3.97
NOW accounts 17,181 311 2.41 17,707 330 2.48
Certificates deposit 87,333 3,893 5.94 97,472 4,302 5.88
MHB advances other borrowed money 11,372 535 6.27 16,657 671 5.37
--------- ------- -------- ------
Total interest bearing liabilities $ 153,790 $ 5,682 4.92 $169,300 $6,237 4.91
Non-interest bearing liabilities 8,345 11,749
Total liabilities $ 162,135 $181,049
Retained earnings 19,905 22,742
Total liabilities and retained earnings $ 182,040 $203,791
========= ========
Net interest income $ 6,472 $ 7,133
Interest rate spread 4.25% 4.17%
Net interest margin(2) 4.88% 4.85%
Ratio of interest earning assets to
average interest bearing liabilities 114.89% 115.94%
EXHIBIT 1-5
TIMBERLAND SAVINGS BANK
YIELDS AND COSTS
(CONTINUED)
Nine Months Ended At
Year Ended September 30, June 30, June 30,
---------------------------- -------------------
1994 1995 1996 1996 1997 1997
---- ---- ---- ---- ---- ----
Weight average yield on:
Loans receivable(1)...................... 9.08% 9.51% 9.45% 9.38% 9.23% 8.80%
Mortgage-backed securities and
investment securities................... 5.89 5.26 5.94 5.95 6.21 6.37
FHLB stock and equity securities......... 8.66 7.15 8.41 8.72 7.32 7.50
Interest-bearing deposits................ 3.47 4.11 4.68 4.60 4.71 4.88
All interest-earning assets.............. 8.20 9.08 9.25 9.17 9.08 8.72
Weighted average rate paid on:
Passbook savings accounts................ 3.38 2.98 2.98 2.97 2.99 2.98
Money market accounts.................... 3.06 4.64 3.94 3.97 3.97 3.92
NOW accounts............................. 2.44 2.23 2.42 2.41 2.48 2.50
Certificate accounts..................... 4.62 5.41 5.92 5.94 5.88 5.75
FHLB advances and other borrowed
money................................... 6.64 6.30 6.17 6.27 5.37 5.60
All interest-bearing liabilities.......... 3.88 4.52 4.91 4.93 4.91 4.87
Interest rate spread (spread between
weighted average rate on all interest-
earning assets and all interest-
bearing liabilities)..................... 4.32 4.56 4.34 4.25 4.17 3.85
Net interest margin (net interest income
as a percentage of average
interest-earning assets)................. 4.78 5.08 4.97 4.88 4.85 N/A
____________________
(1) Weighted average rate at June 30, 1997 excludes loan fees.
EXHIBIT I-6
Timberland Savings Bank
Loan Loss Allowance Activity
EXHIBIT I-6
TIMBERLAND SAVINGS BANK
LOAN LOSS ALLOWANCE ACTIVITY
Nine Months
Ended
Year Ended September 30, June 30,
----------------------------------- --------------
1992 1993 1994 1995 1996 1996 1997
---- ---- ---- ---- ---- ---- ----
(Dollars in thousands)
Allowance at beginning of period............. $ 799 $ 972 $1,138 $1,120 $1,119 $1,119 $1,133
Provision for loan losses.................... 188 175 -- -- 70 45 334
Recoveries:
Consumer loans:
Automobile................................. -- 8 -- -- -- -- --
Other...................................... -- -- -- -- -- -- 9
------ ------ ------ ------ ------ ------ ------
Total recoveries.......................... -- 8 -- -- -- -- 9
Charge-offs:
Mortgage loans:
One-to four-family.......................... -- -- -- -- -- 19 19
Home equity and second mortgage............. 15 6 18 -- -- -- --
Other....................................... -- 1 -- 1 1 -- --
------ ------ ------ ------ ------ ------ ------
Total charge-offs.......................... 15 17 18 1 1 19 19
Net charge-offs............................ 15 9 18 1 1 19 10
Transfers.................................. -- -- -- -- 55 -- 3
------ ------ ------ ------ ------ ------ ------
Balance at end of period.................. $ 972 $1,138 $1,120 $1,119 $1,133 $1,145 $1,454
====== ====== ====== ====== ====== ====== ======
Allowance for loan losses as a
percentage of total loans (net)
outstanding at the end of the period........ 0.94% 1.07% 0.92% 0.71% 0.64% 0.67% 0.78%
Net charge-offs as a percentage
of average loans outstanding
during the period........................... 0.02% 0.01% 0.02% -% -% 0.01% 0.01%
Allowance for loan losses as
a percentage of nonperforming
loans at end of period...................... 67.69% 140.84% 204.75% 107.91% 74.54% 97.90% 18.10%(1)
______________
(1) 63.22% without the loans discussed under "- Nonperforming Assets and
Delinquencies."
EXHIBIT I-7
Timberland Savings Bank
Fixed Rate and Adjustable Rate Loans
EXHIBIT I-7
TIMBERLAND SAVINGS BANK
FIXED RATE AND ADJUSTABLE RATE LOANS
Fixed Floating or
Rates Adjustable Rates Total
-------- ---------------- -----
(In thousands)
Mortgage loans:
One-to-four-family.................. $ 14,072 $ 87,885 $ 101,957
Multi-family........................ 5,411 7,233 12,644
Commercial.......................... 7,630 21,237 28,867
Construction and land development... 32,545 10,327 42,872
Land................................ 6,835 20 6,855
Consumer loans:
Home equity and second mortgage..... 5,888 2,010 7,898
Other............................... 2,690 95 2,785
-------- ------------ ---------
8,578 2,150 10,683
-------- ------------ ---------
Commercial business loans........... 709 9 718
-------- ------------ ----------
Total............................. $ 75,780 $ 128,816 $ 204,596
======== ============ ==========
EXHIBIT I-8
Timberland Savings Bank
Market Value Analysis
EXHIBIT I-8
TIMBERLAND SAVINGS BANK
MARKET VALUE ANALYSIS
Projected Net Interest Income Current Market Value
--------------------------------------- ---------------------------------------
Interest Rate Estimated $ Change % Change Estimated $ Change % Change
Scenario Value from Base from Base Value from Base from Base
- -------- ----- --------- --------- ----- --------- ---------
(Dollars in thousands)
400 $8,860 $ 96 1.10% $22,437 $ (2,213) (8.98)%
300 9,042 278 3.17 23,811 (838) (3.40)
200 9,211 447 5.10 24,996 346 1.40
100 9,090 326 3.71 25,273 624 2.53
BASE 8,764 -- -- 24,649 -- --
(100) 8,368 (396) (4.52) 23,402 (1,247) (5.06)
(200) 7,925 (839) (9.58) 21,866 (2,783) (11.29)
(300) 7,592 (1,172) (13.37) 20,836 (3,813) (15.47)
(400) 7,324 (1,440) (15.43) 20,645 (4,004) (16.24)
EXHIBIT I-9
Timberland Savings Bank
Gap Analysis
EXHIBIT I-9
Timberland Savings Bank
Gap Analysis
First Year Repricing Later Repricing
-------------------------------------- ---------------------------------------------------
0-3 4-6 7-12 1-3 3-5 5-10 10-20 Over 20
TOTAL Months Months Months Years Years Years Years Years
----- ------ ------ ------ ----- ----- ----- ----- -----
(Dollars in Thousands)
LOANS(1)
ARMs............................ $ 94,272 $26,339 $25,177 $ 18,818 $ 20,350 $ 1,588 $ -- -- $ --
Fixed rate mortgages............ 19,418 1,178 1,047 1,940 5,830 3,576 3,942 1,656 249
Home equity/security mortgage... 7,847 2,737 627 994 2,035 833 538 83 --
Consumer........................ 1,745 1,032 189 204 227 55 30 8 --
Automobile...................... 1,041 135 114 199 443 114 30 6 --
Construction.................... 30,192 15,405 4,935 4,140 5,712 -- -- -- --
Nonresidential mortgage
(adjustable)................... 21,698 3,614 4,923 4,954 6,205 -- -- -- --
Nonresidential mortgage (fixed). 13,780 1,560 1,211 2,161 5,407 2,094 1,179 167 1
Commercial variable............. 9 9 -- -- -- -- -- -- --
Commercial fixed................ 709 132 50 95 309 120 3 -- --
INVESTMENTS
Investment securities........... 2,312 2,312 -- -- -- -- -- -- --
Mortgage securities............. 4,172 1,155 1,684 1,238 69 23 4 1 --
-------- ------- ------- -------- -------- -------- ------- ------- --------
Total rate sensitive assets...... $197,193 $57,608 $39,967 $ 34,741 $ 48,587 $ 8,403 $ 5,728 $ 1,921 $ 250
======== ======= ======= ======== ======== ======== ======= ======= ========
LIABILITIES
Money market deposits........... $ 13,667 $ 4,527 $ 3,028 $ 3,379 $ 2,624 $ 105 $ 4 $ -- $ --
Certificates of deposit......... 104,007 25,074 16,254 35,770 24,156 2,343 360 50 --
Passbook accounts............... 25,130 2,144 1,961 3,434 8,971 4,396 3,514 690 20
NOW Accounts.................... 17,515 1,494 1,366 2,394 6,253 3,064 2,449 481 14
BORROWINGS
FHLB advances................... 13,771 1,500 -- -- 500 10,456 1,315 -- --
-------- ------- ------- -------- ------- -------- ------- ------- --------
Total rate sensitive liabilities. $174,090 $34,739 $22,609 $ 44,977 $42,504 $ 20,384 $ 7,642 $ 1,221 $ 34
======== ======= ======= ======== ======= ======== ======= ======= ========
PERIODIC GAP..................... -- $22,869 $17,348 $(10,236) $ 6,083 $(11,961) $(1,916) $ 700 $ 216
Gap Ratio....................... -- 1.66 1.77 0.77 1.14 0.41 0.75 1.57 7.34
Gap percentage total............ -- 11.09% 8.41% (4.96)% 2.95% (5.80) (0.93)% 0.34% 0.10%
CUMULATIVE GAP................... -- $22,869 $40,218 $29,982 $36,065 $ 24,105 $22,189 $22,889 $ 23,105
Gap Ratio....................... -- 1.66 1.70 1.29 1.25 1.15 1.13 1.13 1.13
Gap percentage total............ -- 11.09% 19.50% 14.54% 17.49% 11.69% 10.76% 11.10% 11.20%
_______________________
(1) Net of loans in process.
EXHIBIT I-10
Timberland Savings Bank
Loan Portfolio Composition
EXHIBIT I-10
TIMBERLAND SAVINGS BANK
LOAN PORTFOLIO COMPOSITION
At September 30,
- ----------------------------------------------------------------------------------------------------------------------------------
1992 1993 1994 1995
----------------- ---------------- ---------------- ----------------
Amount Percent Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ ------- ------ -------
(Dollar in thousands)
Mortgage Loans:
One- to four-family(1)(2).......... $ 67,872 59.43% $ 73,989 62.87% $ 73,754 52.94% $ 93,582 53.03%
Multi-family....................... 6,270 5.49 2,374 2.02 4,806 3.45 10,965 6.21
Commercial......................... 11,767 10.30 11,242 9.55 11,784 8.46 15,592 8.83
Construction and land development.. 21,296 18.65 23,202 19.72 40,113 28.79 42,752 24.23
Land(2)............................ 2,181 1.91 2,277 1.94 4,118 2.96 6,118 3.47
-------- ----- -------- ----- -------- ----- -------- -----
Total mortgage loans.............. 109,386 95.78 113,034 96.10 134,575 96.60 169,009 95.77
Consumer Loans:
Home equity and second mortgage.... 2,891 2.53 2,596 2.21 2,853 2.05 5,201 2.95
Other.............................. 1,572 1.38 1,627 1.38 1,623 1.16 2,019 1.15
-------- ----- -------- ----- -------- ----- -------- -----
4,463 3.91 4,223 3.59 4,476 3.21 7,220 4.10
Commercial business loans.......... 353 0.31 366 0.31 268 0.19 232 0.13
-------- ----- -------- ----- -------- ----- -------- -----
Total loans....................... 114,202 100.00% 117,673 100.00% 139,319 100.00% 176,461 100.00%
-------- ====== -------- ====== -------- ====== -------- ======
Less:
Undisbursed portion of loans
in process......................... (9,260) (9,370) (15,316) (17,262)
Unearned income.................... (925) (906) (1,299) (1,554)
Allowance for loan losses.......... (972) (1,138) (1,120) (1,119)
Market value adjustment of loans
held for sale..................... -- -- (26) (3)
-------- -------- -------- --------
Total loans receivable, net........ $103,045 $106,259 $121,558 $156,523
======== ======== ======== ========
-----------------
1996 At June 30,1997
----------------- -----------------
Amount Percent Amount Percent
------ ------- ------ -------
Mortgage Loans:
One- to four-family(1)(2).......... $ 95,978 48.51% $ 101,957 49.83%
Multi-family....................... 12,569 6.35 12,644 6.18
Commercial......................... 26,529 13.41 28,867 14.11
Construction and land development.. 47,140 23.83 42,872 20.95
Land(2)............................ 6,115 3.09 6,855 3.35
-------- ----- --------- -----
Total mortgage loans.............. 188,331 95.19 193,195 94.42
Consumer Loans:
Home equity and second mortgage.... 6,576 3.32 7,898 3.86
Other.............................. 2,476 1.25 2,785 1.37
-------- ----- --------- -----
9,052 4.57 10,683 0.35
Commercial business loans.......... 476 0.24 718 0.35
-------- ----- --------- -----
Total loans....................... 197,859 100.00% 204,596 100.00%
-------- ====== --------- ======
Less:
Undisbursed portion of loans
in process......................... (18,434) (13,887)
Unearned income.................... (1,708) (1,704)
Allowance for loan losses.......... (1,133) (1,454)
Market value adjustment of loans
held for sale..................... (89) (63)
-------- ---------
Total loans receivable, net........ $176,495 $187,488
======== =========
______________
(1) Includes loans held-for-sale.
(2) Includes real estate contracts totaling $1.4 million at June 30,1997. See
" -- Real Estate Contracts."
EXHIBIT I-11
Timberland Savings Bank
Contractual Maturity By Loan Type
EXHIBIT I-11
TIMBERLAND SAVINGS BANK
CONTRACTUAL MATURITY BY LOAN TYPE
Within One Year After 3 Years After 5 Years
One Year Through 3 Years Through 5 Years Through 10 Years 10 Years Total
-------- --------------- --------------- ---------------- -------- -----
(Dollars in thousands)
Mortgage loans:
One-to-four-family...................... $ 2,394 $ 781 $1,265 $ 3,763 $ 93,754 $101,957
Multi-family............................ - 2 208 7,254 5,180 12,644
Commercial.............................. 600 259 528 9,729 17,751 28,867
Construction and land development(1).... 18,822 10,268 18 814 12,950 42,872
Land.................................... 435 1,706 4,248 323 143 6,855
Consumer loans:
Home equity and second mortgage......... 2,275 545 1,360 1,656 2,062 7,898
Other................................... 1,190 583 650 167 195 2,785
Commercial business loans................ 81 22 600 15 - 718
-------- --------------- --------------- ---------------- -------- --------
Total................................. $25,797 $14,166 $8,877 $23,721 $132,035 $204,596
======== =============== =============== ================ ========
Less:
Undisbursed portion of loans in process. (13,887)
Unearned income......................... (1,704)
Allowance for loan losses............... (1,454)
Market value adjustment on loans
held for sale.......................... (63)
--------
Loans receivable, net................. $187,488
========
__________________
(1) Includes construction/permanent that convert to a permanent mortgage loan
once construction is completed.
EXHIBIT I-12
Timberland Savings Bank
Loan Originations, Purchases, and Sales
EXHIBIT I-12
TIMBERLAND SAVINGS BANK
LOAN ORIGINATIONS, PURCHASES, AND SALES
Nine Months Ended
Year Ended September 30, June 30,
------------------------------------------------ -------------------------------
1994 1995 1996 1996 1997
-------------- -------------- -------------- -------------- --------------
(Dollars in thousands)
Loans originated:
Mortgage loans:
One-to four family.................... $ 28,317 $ 26,883 $ 24,512 $ 19,852 $ 18,309
Multi-family.......................... 1,058 518 3,946 3,793 1,267
Commercial............................ 921 2,798 10,100 8,880 2,066
Construction and land development..... 39,207 33,240 29,662 20,202 26,260
Land.................................. 3,507 2,876 2,590 1,725 1,951
Consumer............................... 2,996 6,091 5,358 4,257 5,300
Commercial business loans.............. 129 89 348 355 413
-------------- -------------- -------------- -------------- --------------
Total loans originated................ 76,135 72,495 76,516 59,064 55,506
Loans purchased
Mortgage loans:
One-to four family.................... - 704 367 297 64
Multi-family.......................... 1,500 3,318 1,163 1,163 -
Commercial............................ - 1,091 - - 546
Construction.......................... 1,500 3,050 4,300 1,675 -
Land.................................. - 802 83 59 131
-------------- -------------- -------------- -------------- --------------
Total loans purchased................ 3,000 8,965 5,913 3,194 741
-------------- -------------- -------------- -------------- --------------
Total loans originated and purchased.... 79,135 81,460 82,429 62,258 56,247
Loans sold:
Total whole loans sold................ (22,154) (4,200) (9,153) (5,723) (11,256)
Participation loans................... (725) - (3,229) - -
-------------- -------------- -------------- -------------- --------------
Total loans sold...................... (22,879) (4,200) (12,382) (5,723) (11,256)
Mortgage loan principal repayments...... (34,610) (40,118) (48,649) (40,693) (38,254)
Increase (decrease) in other items, net. (6,347) (2,177) (1,426) (3,251) 4,256
-------------- -------------- -------------- -------------- --------------
Net increase in loans receivable, net... $ 15,299 $ 34,965 $ 19,972 $ 12,591 $ 10,993
============== ============== ============== ============== ==============
EXHIBIT I-15
Timberland Savings Bank
Deposit Composition
EXHIBIT I-15
TIMBERLAND SAVINGS BANK
DEPOSIT COMPOSITION
At September 30,
-------------------------------------------------------------------------------------------
1994 1995 1996
------------------ ------------------------------- --------------------------------
Percent Percent Percent
of of Increase of Increase
Amount Total Amount Total (Decrease) Amount Total (Decrease)
------ ----- ------ ----- ---------- ------ ----- ----------
(Dollars in thousands)
Non-interest bearing............... $ 2,408 1.87% $ 3,116 2.18% $ 708 $ 3,571 2.28% $ 455
NOW checking....................... 17,391 13.52 17,525 12.25 134 18,003 11.50 478
Passbook savings accounts.......... 30,319 23.56 25,553 17.86 (4,766) 25,400 16.22 (153)
Money market deposit............... 11,948 9.29 12,734 8.90 786 13,364 8.54 630
Certificates of deposit which
mature in the year ending:
Within 1 year...................... 43,087 33.49 52,658 36.80 9,571 64,202 41.01 11,544
After 1 year, but within 2 years... 13,959 10.85 19,434 13.58 5,475 18,737 11.97 (697)
After 2 years, but within 5 years.. 5,962 4.63 8,911 6.23 2,949 9,814 6.27 903
Certificates maturing thereafter... 951 0.74 844 0.59 (107) 579 0.37 (265)
Other.............................. 2,644 2.05 2,309 1.61 (335) 2,879 1.84 570
-------- ------ -------- ------ ------- -------- ------ -------
Total.......................... $128,669 100.00% $143,084 100.00% $14,415 $156,549 100.00% $13,465
======== ====== ======== ====== ======= ======== ====== =======
At June 30,
1997
-------------------------------
Percent
of Increase
Amount Total (Decrease)
------ ----- ----------
(Dollars in thousands)
Non-interest bearing............... $ 4,601 2.75% $ 1,030
NOW checking....................... 17,515 10.48 (488)
Passbook savings accounts.......... 25,130 15.04 (270)
Money market deposit............... 13,667 8.18 303
Certificates of deposit which
mature in the year ending:
Within 1 year...................... 77,096 46.13 12,894
After 1 year, but within 2 years... 19,100 11.43 363
After 2 year, but within 5 years... 7,393 4.42 (2,421)
Certificates maturing thereafter... 418 0.25 (161)
Other.............................. 2,220 1.32 (659)
-------- ------ -------
Total.......................... $167,140 100.00% $10,591
======== ====== =======
EXHIBIT I-16
Timberland Savings Bank
Time Deposit Rate/Maturity
EXHIBIT I-16
TIMBERLAND SAVINGS BANK
TIME DEPOSIT RATE/MATURITY
At
At September 30, June 30,
----------------------------------------------------
1994 1995 1996 1997
-------------- -------------- -------------- --------------
(Dollars in thousands)
2.00 - 3.99%....... $12,641 $ 346 $ 171 $ 158
4.00 - 4.99%....... 23,797 3,220 6,802 -
5.00 - 5.99%....... 24,003 39,921 53,278 83,766
6.00 - 6.99%....... 1,589 31,473 26,914 14,941
7.00% and over..... 1,929 6,887 6,167 5,142
-------------- -------------- -------------- --------------
Total.............. $63,959 $81,847 $93,332 $104,007
============== ============== ============== ==============
Amount Due
-----------------------------------------------------------------------
After
One to Two to
Less Than Two Five After
One Year Years Years Five Years Total
-------------- -------------- -------------- -------------- --------------
(Dollars in thousands)
2.00 - 3.99%....... $ 158 $ - $ - $ - $ 158
4.00 - 4.99%....... - - - - -
5.00 - 5.99%....... 65,641 14,228 3,577 320 83,766
6.00 - 6.99%....... 10,843 1,902 2,195 1 14,941
7.00% and over..... 454 2,970 1,621 97 5,142
-------------- -------------- -------------- -------------- --------------
Total.............. $77,096 $19,100 $7,393 $418 $104,007
============== ============== ============== ============== ==============
EXHIBIT I-17
Timberland Savings Bank
Borrowings
EXHIBIT I-17
TIMBERLAND SAVINGS BANK
BORROWINGS
At or For the
Nine Months
At or For the Ended
Year Ended September 30, June 30,
------------------------ -------------
1994 1995 1996 1996 1997
---- ---- ---- ---- ----
(In thousands)
Maximum amount of short-term FHLB
advances at any month end.......................... $3,200 $12,500 $13,000 $13,000 $16,500
Approximate average short-term FHLB
advances outstanding............................... 267 8,992 9,500 9,444 5,333
Approximate weighted average rate
paid on short-term FHLB advances................... 5.41% 6.16% 5.57% 5.64% 5.48%
Total short-term FHLB advances at
end of period..................................... 3,200 12,500 12,000 7,000 2,000
EXHIBIT II-1
Timberland Savings Bank
List of Office Locations
EXHIBIT II-1
TIMBERLAND SAVINGS BANK
LIST OF OFFICE LOCATIONS
Approximate
Location Year Opened Square Footage Deposits
- -------- ----------- -------------- --------
(In thousands)
Main Office:
624 Simpson Avenue 1966 7,700 $55,986
Hoquiam, Washington 98550
Branch Offices:
300 N. Boone Street 1974 3,400 22,986
Aberdeen, Washington 98520
314 Main South 1975 2,800 23,251
Montesano, Washington 98563
361 Damon Road 1977 2,100 19,231
Ocean Shores, Washington 98569
2418 Meridian East 1980 2,400 31,895
Edgewood, Washington 98371
12814 Meridian East (South Hill) 1996 4,200 4,485
Puyallup, Washington 98373
202 Auburn Way South 1994 4,200 8,545
Auburn, Washington 98002
1201 Marvin Road, N.E. 1997 4,400 761
Lacey, Washington 98516
Loan Center:
Port Orchard Loan Center 1995 444 N/A
700 Prospect Street, Suite #102
Port Orchard, Washington 98366
Data Center:
422 6th Street 1990 2,700 N/A
Hoquiam, Washington 98550
EXHIBIT II-2
Historical Interest Rates
HISTORICAL INTEREST RATES(1)
Prime 90 Day One Year 30 Year
Year/Qtr. Ended Rate T-Bill T-Bill T-Bond
- --------------- ---- ------ ------ ------
1991: Quarter 1 8.75% 5.92% 6.24% 8.26%
Quarter 2 8.50% 5.72% 6.35% 8.43%
Quarter 3 8.00% 5.22% 5.38% 7.80%
Quarter 4 6.50% 3.95% 4.10% 7.47%
1992: Quarter 1 6.50% 4.15% 4.53% 7.97%
Quarter 2 6.50% 3.65% 4.06% 7.79%
Quarter 3 6.00% 2.75% 3.06% 7.38%
Quarter 4 6.00% 3.15% 3.59% 7.40%
1993: Quarter 1 6.00% 2.95% 3.18% 6.93%
Quarter 2 6.00% 3.09% 3.45% 6.67%
Quarter 3 6.00% 2.97% 3.36% 6.03%
Quarter 4 6.00% 3.06% 3.59% 6.34%
1994: Quarter 1 6.25% 3.56% 4.44% 7.09%
Quarter 2 7.25% 4.22% 5.49% 7.61%
Quarter 3 7.75% 4.79% 5.94% 7.82%
Quarter 4 8.50% 5.71% 7.21% 7.88%
1995: Quarter 1 9.00% 5.86% 6.47% 7.43%
Quarter 2 9.00% 5.57% 5.63% 6.63%
Quarter 3 8.75% 5.42% 5.68% 6.51%
Quarter 4 8.50% 5.09% 5.14% 5.96%
1996: Quarter 1 8.25% 5.14% 5.38% 6.67%
Quarter 2 8.25% 5.16% 5.68% 6.87%
Quarter 3 8.25% 5.03% 5.69% 6.92%
Quarter 4 8.25% 5.18% 5.49% 6.64%
1997: Quarter 1 8.50% 5.32% 6.00% 7.10%
Quarter 2 8.50% 5.17% 5.66% 6.78%
August 29, 1997 8.50% 5.22% 5.56% 6.61%
(1) End of period data.
Source: SNL Securities.
EXHIBIT II-3
Demographic/Economic Reports
================================================================================
COUNTY DEMOGRAPHIC REPORT
================================================================================
STATE/COUNTY 53027
COUNTY NAME GRAYS HARBOR WA
Population
- ----------
1980 66,314
1990 64,175
1997 68,512
2002 71,505
Population Growth Rate 0.9
Households
- ---------
1990 25,514
1997 27,328
2002 28,553
Household Growth Rate 1
Average Household Size 2.48
Families
- --------
1990 17,423
1997 18,671
Family Growth Rate 1
Race 1990 1997
- ---- ---- ----
% White 93.9 93
% Black 0.2 0.2
% Asian
/Pacific Isl. 1.1 1.5
% Hispanic* 1.8 2.3
1997 Age Distribution
- ---------------------
0-4 7
5-9 7.2
10-14 7.6
15-19 7.6
20-24 5.8
25-44 26.1
45-64 22.8
65-84 14.1
85+ 1.8
18+ 73.4
Median Age
- ----------
1990 35.4
1997 37.4
Male/Female Ratio 98.9
Per Capita Income $12,382
1997 Household Income*
- ----------------------
Base 27,328
% Less than $15K 30.9
% $15K-25K 20.2
% $25K-50K 34
% $50K-100K 12.9
% $100K-150K 1.3
% Greater than $150K 0.8
Medium Household Income
- -----------------------
1997 $24,210
2002 $25,450
1997 Average Disposable Income
- ----------------------------------
Total $24,917
Householder less than 35 $21,721
Householder 35-44 $28,821
Householder 45-54 $32,106
Householder 55-64 $29,591
Householder 65-+ $16,205
Spending Potential Index*
-----------------------------
Auto Loan 97
Home Loan 78
Investments 87
Retirement Plans 84
Home Repair 97
Lawn & Garden 94
Remodeling 108
Appliances 98
Electronics 93
Furniture 87
Restaurants 85
Sporting Goods 92
Theater/Concerts 87
Toys & Hobbies 95
Travel 86
Video Rental 96
Apparel 86
Auto Aftermarket 90
Health Insurance 101
Pets & Supplies 96
________________________________________________________________________________
* Persons of Hispanic Origin may be of any race.
* Income represents the annual income for the preceding year in current
dollars, including an adjustment for inflation or cost-of-living increase.
* The Spending Potential Index (SPI) is calculated by CACI from the Consumer
Expenditure Survey, Bureau of Labor Statistics. The index represents the
ratio of the average amount spent locally to the average U.S. spending for
a product or service, multiplied by 100.
________________________________________________________________________________
Copyright 1997 CACI (800) 292-CACI FAX:(703) 243-6272 9/8/97
================================================================================
COUNTY DEMOGRAPHIC REPORT
================================================================================
STATE/COUNTY 53067
COUNTY NAME THURSTON WA
Population
- ----------
1980 124,264
1990 161,238
1997 201,629
2002 229,483
Population Growth Rate 3.1
Households
- ----------
1990 62,150
1997 77,102
2002 87,506
Household Growth Rate 3
Average Household Size 2.58
Families
- --------
1990 43,336
1997 55,301
Family Growth Rate 3.4
Race 1990 1997
- ---- ---- ----
% White 91.9 90
% Black 1.8 2.1
% Asian
/Pacific Isl. 3.8 5.1
% Hispanic* 3 3.9
1997 Age Distribution
- ---------------------
0-4 6.7
5-9 7.1
10-14 7.5
15-19 7.5
20-24 6.7
25-44 29.9
45-64 22.7
65-84 10.4
85+ 1.5
18+ 74
Median Age
- ----------
1990 33.7
1997 35.7
Male/Female Ratio 95.2
Per Capita Income $15,967
1997 Household Income*
- --------------------------
Base 77,102
% less than $15K 15.7
% $15K-25K 16.5
% $25K-50K 38.7
% $50K-100K 25.3
% $100K-150K 3
% more than $150K 0.8
Median Household Income
- ---------------------------
1997 $35,401
2002 $38,217
1997 Average Disposable Income
- -----------------------------------
Total $32,832
Householder less than 35 $26,711
Householder 35-44 $36,292
Householder 45-54 $43,419
Householder 55-64 $36,763
Householder 65+ $21,759
Spending Potential Index*
-------------------------
Auto Loan 100
Home Loan 96
Investments 95
Retirement Plans 95
Home Repair 98
Lawn & Garden 97
Remodeling 102
Appliances 100
Electronics 100
Furniture 99
Restaurants 100
Sporting Goods 98
Theater/Concerts 96
Toys & Hobbies 100
Travel 93
Video Rental 99
Apparel 99
Auto Aftermarket 98
Health Insurance 98
Pets & Supplies 99
- --------------------------------------------------------------------------------
* Persons of Hispanic Origin may be of any race.
* Income represents the annual income for the preceding year in current
dollars, including an adjustment for inflation or cost-of-living increase.
* The Spending Potential Index (SPI) is calculated by CACI from the Consumer
Expenditure Survey, Bureau of Labor Statistics. The index represents the
ratio of the average amount spent locally to the average U.S. spending for a
product or service, multiplied by 100.
- --------------------------------------------------------------------------------
Copyright 1997 CACI (800) 292-CACI FAX: (703) 243-6272 9/8/97
================================================================================
COUNTY DEMOGRAPHIC REPORT
================================================================================
STATE/COUNTY 53053
COUNTY NAME THURSTON WA
Population
- ----------
1980 485,667
1990 586,203
1997 666,121
2002 721,239
Population Growth Rate 1.8
Households
- ----------
1990 214,652
1997 243,653
2002 263,512
Household Growth Rate 1.8
Average Household Size 2.64
Families
- --------
1990 151,672
1997 176,019
Family Growth Rate 2.1
Race 1990 1997
- ---- ---- ----
% White 85.1 82.3
% Black 7.2 7.9
% Asian
/Pacific Isl. 5 6.6
% Hispanic* 3.5 4.6
1997 Age Distribution
- ---------------------
0-4 7.9
5-9 7.7
10-14 7.4
15-19 7.2
20-24 7.4
25-44 31.5
45-64 19.9
65-84 9.7
85+ 1.2
18+ 73
Median Age
- ----------
1990 31.3
1997 33.1
Male/Female Ratio 99,6
Per Capita Income $16,543
1997 Household Income*
- --------------------------
Base 243,653
% less than $15K 15.6
% $15K-25K 15
% $25K-50K 37
% $50K-100K 26.9
% $100K-150K 4.1
% more than $150K 1.3
Median Household Income
- ---------------------------
1997 $36,868
2002 $41,933
1997 Average Disposable Income
- -----------------------------------
Total $34,984
Householder less than 35 $29,329
Householder 35-44 $38,302
Householder 45-54 $46,477
Householder 55-64 $40,712
Householder 65+ $23,108
Spending Potential Index*
-------------------------
Auto Loan 98
Home Loan 96
Investments 95
Retirement Plans 94
Home Repair 98
Lawn & Garden 97
Remodeling 99
Appliances 98
Electronics 98
Furniture 98
Restaurants 98
Sporting Goods 96
Theater/Concerts 96
Toys & Hobbies 98
Travel 94
Video Rental 98
Apparel 97
Auto Aftermarket 97
Health Insurance 97
Pets & Supplies 98
- --------------------------------------------------------------------------------
* Persons of Hispanic Origin may be of any race.
* Income represents the annual income for the preceding year in current
dollars, including an adjustment for inflation or cost-of-living increase.
* The Spending Potential Index (SPI) is calculated by CACI from the Consumer
Expenditure Survey, Bureau of Labor Statistics. The index represents the
ratio of the average amount spent locally to the average U.S. spending for a
product or service, multiplied by 100.
- --------------------------------------------------------------------------------
Copyright 1997 CACI (800) 292-CACI FAX: (703) 243-6272 9/8/97
================================================================================
COUNTY DEMOGRAPHIC REPORT
================================================================================
STATE/COUNTY 53033
COUNTY NAME KING WA
Population
- ----------
1980 1,269,898
1990 1,507,319
1997 1,634,291
2002 1,721,886
Population Growth Rate 1.1
Households
- ----------
1990 615,792
1997 663,021
2002 696,406
Household Growth Rate 1
Average Household Size 2.42
Families
- --------
1990 378,290
1997 411,981
Family Growth Rate 1.2
Race 1990 1997
- ---- ---- ----
% White 84.8 81.3
% Black 5.1 5.7
% Asian
/Pacific Lsl. 7.9 10.5
% Hispanic* 2.9 3.8
1997 Age Distribution
- ---------------------
0-4 6.3
5-9 7.1
10-14 6.8
15-19 6
20-24 5.9
25-44 34.6
45-64 22.2
65-84 9.7
85+ 1.3
18+ 76.4
Median Age
- ----------
1990 33.7
1997 36.1
Male/Female Ratio 97.3
Per Capita Income $21,960
1997 Household Income*
- ---------------------------
Base 663,019
% less than $15k 12.6
% $15k-25k 12.9
% $25k-50k 34.7
% $50k-100k 30.3
% $1000k-150k 6.3
% more than $150k 3.3
Median Household Income
- ---------------------------
1997 $41,633
2002 $43,853
1997 Average Disposable Income
- -----------------------------------
Total $41,139
Householder less than 35 $33,403
Householder 35-44 $44,446
Householder 45-54 $52,829
Householder 55-64 $47,475
Householder 65+ $26,344
Spending Potential Index*
-------------------------
Auto Loan 102
Home Loan 112
Investments 105
Retirement Plans 107
Home Repair 103
Lawn & Garden 105
Remodeling 99
Appliances 102
Electronics 104
Furniture 108
Restaurants 109
Sporting Goods 103
Theater/Concerts 105
Toys & Hobbies 102
Travel 105
Video Rental 100
Apparel 109
Auto Aftermarket 105
Health Insurance 99
Pets & Supplies 102
________________________________________________________________________________
* Persons of Hispanic Origin may be of any race.
* Income represents the annual income for the preceding year in current dollars,
including an adjustment for inflation or cost-of-living increase.
* The Spending Potential Index (SPI) is calculated by CACI from the Consumer
Expenditure Survey, Bureau of Labor Statistics. The index represents the
ratio of the average amount spent locally to the average U.S. spending for a
product or service, multiplied by 100.
- --------------------------------------------------------------------------------
Copyright 1997 CACI (800) 292-CACI FAX: (703) 243-6272 9/8/97
EXHIBIT II-4
Sources of Personal Income/Employment Sectors
September 15, 1997
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
For Countries And Metropolitan Areas
(thousands of dollars)
(53-000) WASHINGTON
- ------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------
Income by place of residence
Total personal income ($000) 85,837,927 94,420,291 101,206,147 109,678,572 114,808,532 120,359,599
Nonfarm personal income 84,551,830 93,090,718 99,832,573 108,136,078 113,006,982 119,011,808
Farm income 2/ 1,286,097 1,329,573 1,373,574 1,542,494 1,801,550 1,347,791
Population (thousands) 3/ 4,746.3 4,901.2 5,018.2 5,146.1 5,258.7 5,343.2
Per capita personal income (dollars) 18,085 19,265 20,168 21,313 21,832 22,526
Derivation of total personal income
Earnings by place of work 61,720,547 67,714,969 72,686,190 79,506,546 82,620,602 86,489,904
Less: Personal cont. for social insur. 4/ 3,943,060 4,348,410 4,604,523 4,949,475 5,152,453 5,531,690
Plus: Adjustment for residence 5/ 819,201 904,840 981,591 1,039,383 1,113,048 1,208,185
Equals: Net earn. by place of residence 58,596,688 64,271,399 69,063,258 75,596,454 78,581,197 82,166,399
Plus: Dividends, interest, and rent 6/ 14,705,624 16,268,165 16,519,752 16,953,333 17,756,682 18,765,320
Plus: Transfer payments 12,535,615 13,880,727 15,623,137 17,128,785 18,470,653 19,427,880
Earnings by place of work
Components of Earnings:
Wages and salaries 48,871,618 54,138,170 57,960,221 62,938,652 64,643,379 67,701,950
Other labor income 4,221,517 4,778,362 5,389,265 6,085,587 6,549,704 7,051,462
Proprietors' income 7/ 8,627,412 8,798,437 9,336,704 10,482,307 11,427,519 11,736,492
Farm proprietors' income 872,626 837,953 889,510 1,064,916 1,285,104 810,010
Nonfarm proprietors' income 7,754,786 7,960,484 8,447,194 9,417,391 10,142,415 10,926,482
Earnings by Industry:
Farm earnings 1,286,097 1,329,573 1,373,574 1,542,494 1,801,550 1,347,791
Nonfarm earnings 60,434,450 66,385,396 71,312,616 77,964,052 80,819,052 85,142,113
Private earnings 49,446,842 54,365,159 58,078,596 63,632,562 65,780,047 69,619,370
Ag. serv.. for.. fish.. and other 8/ 901,691 1,068,518 1,189,304 1,160,267 1,134,947 1,214,162
Mining 160,853 169,335 176,685 169,823 163,915 182,024
Construction 3,985,418 4,509,377 4,776,033 5,194,479 5,365,643 5,763,916
Manufacturing 12,887,987 13,802,351 13,800,156 14,645,082 14,460,971 14,897,039
Nondurable goods 3,219,702 3,509,449 3,309,438 3,495,486 3,703,041 3,940,838
Durable goods 9,668,285 10,292,902 10,490,718 11,149,596 10,757,930 10,956,201
Transporation and public utilities 3,918,864 4,198,698 4,439,202 4,751,763 4,960,036 5,207,909
Wholesale trade 3,810,856 4,261,944 4,572,855 4,930,327 5,074,603 5,430,529
Retail trade 6,407,801 6,966,200 7,347,321 7,915,781 8,252,821 8,849,976
Finance insurance, and real estate 3,266,391 3,581,681 3,790,542 4,544,021 4,835,997 4,838,003
Services 14,106,981 15,807,055 17,959,498 20,321,019 21,531,114 23,235,812
Government and government enterprises 10,987,608 12,020,237 13,234,020 14,331,490 15,039,005 15,522,743
Federal civilian 2,246,275 2,447,024 2,598,514 2,734,296 2,864,954 2,943,175
Military 1,381,118 1,458,485 1,561,706 1,664,826 1,638,036 1,654,083
State and local 7,360,215 8,114,728 9,073,800 9,932,368 10,536,015 10,925,485
See footnotes at end of table. June 1996 REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05 BUREAU OF ECONOMIC ANALYSIS
September 15,1997
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
For Counties and Metropolitan Areas
(thousands of dollars)
(53-027) GRAYS HARBOR WASHINGTON
- ------------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Income by place of residence
Total personal income ($000) 936,277 995,246 1,043,804 1,120,821 1,149,832 1,174,089
Nonfarm personal income 931,297 989,225 1,037,293 1,111,381 1,142,677 1,168,681
Farm income 2/ 4,980 6,021 6,511 9,440 7,155 5,408
Population (thousands) 3/ 63.4 64.4 64.7 65.5 66.2 66.9
Per capita personal income (dollars) 14,760 15,454 16,132 17,107 17,372 17,547
Derivation of total personal income
Earnings by palace of work 606,800 632,231 650,779 700,289 702,365 708,477
Less: Personal cont. for social insur, 4/ 41,588 43,122 44,057 46.522 47,275 49,067
Plus: Adjustment for residence 5/ -7,155 -4,902 -2,090 -2,134 1,110 4,481
Equals: Net earn. by place of residence 558,057 584,207 604,632 651,633 656,200 663,891
Plus: Dividends, interest, and rent 6/ 167,097 175,031 169,478 172,979 171,598 180,789
Plus: Transfer payments 211,123 236,008 269,694 296,209 322,034 329,409
Earnings by place of work
Components of Earnings:
Wages and salaries 473,766 496,887 512,045 547,018 544,101 543,118
Other labor income 40,839 43,581 47,212 51,762 54,382 55,348
Proprietors' income 7/ 92,195 91,763 91,522 101,509 103,882 110,011
Farm proprietors' income 3,984 4,077 4,580 7,599 5,344 3,457
Nonfarm proprietors' income 88,211 87,686 86,942 93,910 98,538 106,554
Earnings by Industry:
Farm earnings 4,980 6,021 6,511 9,440 7,155 5,408
Nonfarm earnings 601,820 626,210 644,268 690,849 695,210 703,069
Private earnings 504,577 520,214 528,433 563,897 562,868 565,966
Ag. serv.. for.. fish.. and other 8/ 18,109 19,445 (D) 18,354 19,710 20,993
Mining 3,339 4,295 (D) (D) (D) (D)
Construction 30,965 36,576 35,042 45,098 43,640 40,930
Manufacturing 198,771 198,426 189,083 192,129 179,767 178,633
Nondurable goods 67,141 68,135 68,153 58,858 49,248 46,241
Durable goods 131,630 130,291 120,930 133,271 130,519 132,392
Transportation and public utilities 40,614 39,694 39,779 39,994 38,076 38,172
Wholesale trade 25,033 20,301 25,099 25,319 25,018 25,076
Retail trade 71,559 74,893 78,002 84,054 89,372 95,307
Finance, insurance, and real estate 13,428 14,889 16,836 (D) (D) (D)
Services 102,759 111,696 123,026 136,265 141,704 138,794
Government and government enterprises 97,243 105,996 115,835 126,952 132,342 137,103
Federal, civilian 7,845 8,732 7,731 8,043 10,596 11,057
Military 3,114 3,153 3,037 3,141 3,297 3,368
State and local 86,284 94,111 105,067 115,768 118,449 122,678
See footnotes at end of table REGIONAL ECONOMIC INFORMATION
Table CA05 June 1996 SYSTEM BUREAU OF ECONOMIC ANALYSIS
September 15,1997
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
For Counties and Metropolitan Areas
(thousands of dollars)
(53-033) KING WASHINGTON
- ------------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Income by place of residence
Total personal income ($000) 34,007,566 37,272,341 39,961,843 43,260,426 44,543,623 46,506,921
Nonfarm personal income 33,970,334 37,233,307 39,918,203 43,211,739 44,494,214 46,461,488
Farm income 2/ 37,232 39,034 43,640 48,687 49,409 45,433
Population (thousands) 3/ 1,466.9 1,515.9 1,535.2 1,559.5 1,578.1 1,587.5
Per capita personal income (dollars) 23,183 24,587 26,031 27,741 28,227 29,295
Derivation of total personal income
Earnings by palace of work 29,662,707 32,601,459 34,833,540 38,185,447 38,595,422 40,237,815
Less: Personal cont. for social insur. 4/ 1,917,002 2,128,088 2,241,508 2,413,882 2,444,682 2,592,458
Plus: Adjustment for residence 5/ -3,251,684 -3,667,000 -3,874,937 -4,221,098 -4,046,817 -4,262,805
Equals: Net earn. by place of residence 24,494,021 26,806,371 28,717,095 31,550,467 32,103,923 33,382,552
Plus: Dividends, interest, and rent 6/ 5,876,679 6,448,880 6,824,026 6,892,559 7,258,589 7,674,152
Plus: Transfer payments 3,636,866 4,017,090 4,420,722 4,817,400 5,181,111 5,450,217
Earnings by place of work
Components of Earnings:
Wages and salaries 23,590,967 26,177,403 27,844,140 30,358,812 30,297,094 31,375,469
Other labor income 2,105,515 2,382,624 2,693,436 3,050,844 3,174,554 3,361,166
Proprietors' income 7/ 3,966,225 4,041,432 4,295,964 4,775,791 5,123,774 5,501,180
Farm proprietors' income 19,705 19,452 24,526 31,407 31,921 27,693
Nonfarm proprietors' income 3,946,520 4,021,980 4,271,438 4,744,384 5,091,853 5,473,487
Earnings by Industry:
Farm earnings 37,232 39,034 43,640 48,687 49,409 45,433
Nonfarm earnings 29,625,475 32,562,425 34,789,900 38,136,760 38,546,013 40,192,382
Private earnings 26,257,181 28,877,443 30,757,564 33,764,954 33,920,279 35,411,592
Ag. serv.. for.. fish.. and other 8/ 407,031 496,430 574,993 528,672 472,881 489,735
Mining 22,296 21,440 24,678 23,117 24,194 29,443
Construction 1,859,994 2,051,137 2,087,503 2,273,008 2,264,326 2,344,628
Manufacturing 6,459,549 6,975,839 7,202,067 7,646,941 7,031,383 6,937,323
Nondurable goods 977,092 1,096,703 1,172,073 1,261,889 1,377,776 1,453,407
Durable goods 5,482,457 5,879,136 6,029,994 6,385,052 5,653,607 5,483,916
Transportation and public utilities 2,260,359 2,433,984 2,564,903 2,750,031 2,851,623 2,988,274
Wholesale trade 2,343,878 2,628,086 2,830,617 3,049,602 3,090,726 3,264,390
Retail trade 2,798,498 3,040,958 3,160,166 3,354,755 3,426,821 3,642,914
Finance, insurance, and real estate 2,202,709 2,339,042 2,459,828 2,862,019 3,003,119 2,970,321
Services 7,902,867 8,890,527 9,852,809 11,276,809 11,755,206 12,744,564
Government and government enterprises 3,368,294 3,684,982 4,032,336 4,371,806 4,625,734 4,780,790
Federal, civilian 674,390 733,935 789,034 835,662 884,951 929,660
Military 118,834 126,116 124,177 127,855 126,771 117,829
State and local 2,575,070 2,824,931 3,119,125 3,408,289 3,614,012 3,733,301
REGIONAL ECONOMIC INFORMATION SYSTEM
See footnotes at end of table June 1996 BUREAU OF ECONOMIC ANALYSIS
Table CA05
September 15, 1997
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
FOR COUNTRIES AND METROPOLITAN AREAS
(thousands of dollars)
(53-053) PIERCE WASHINGTON
- -----------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Income by place of residence
Total personal income ($000) 9,063,251 10,038,231 10,646,663 11,491,193 12,047,345 12,683,943
Nonfarm personal income 9,030,695 10,006,975 10,609,037 11,447,298 12,007,971 12,649,848
Farm income 2/ 32,556 31,256 37,626 43,895 39,374 34,095
Population (thousands) 3/ 570.5 590.5 605.0 619.5 631.9 638.3
Per capita personal income (dollars) 15,888 16,999 17,598 18,549 19,066 19,870
Derivation of total personal income
Earnings by place of work 5,353,535 5,806,045 6,182,798 6,721,704 7,140,962 7,533,892
Less: Personal cont. for social insur. 4/ 344,913 374,581 392,793 420,794 449,970 486,065
Plus: Adjustment for residence 5/ 1,112,893 1,252,903 1,409,597 1,537,287 1,480,802 1,551,152
Equals: Net earn. by place of residence 6,121,515 6,684,367 7,199,602 7,838,197 8,171,794 8,598,979
Plus: Dividends, interest, and rent 6/ 1,318,219 1,567,263 1,440,662 1,454,826 1,507,665 1,594,945
Plus: Transfer payments 1,623,517 1,786,601 2,006,399 2,198,170 2,367,886 2,490,019
Earnings by place of work
Components of Earnings:
Wages and salaries 4,452,747 4,848,764 5,130,733 5,527,494 5,844,864 6,136,464
Other labor income 319,458 361,413 406,527 459,444 506,371 552,374
Proprietors' income 7/ 581,330 595,868 645,538 734,766 789,727 845,054
Farm proprietors' income 18,911 16,818 22,860 30,050 25,196 19,670
Nonfarm proprietors' income 562,419 579,050 622,678 704,716 764,531 825,384
Earnings by Industry:
Farm earnings 32,556 31,256 37,626 43,895 39,374 34,095
Nonfarm earnings 5,320,979 5,774,789 6,145,172 6,677,809 7,101,588 7,499,797
Private earnings 3,679,999 4,050,321 4,303,062 4,740,781 5,025,112 5,377,204
Ag. serv.. for.. fish.. and other 8/ 41,802 52,093 57,086 65,436 69,812 73,479
Mining 4,855 5,153 6,266 6,848 7,177 7,549
Construction 380,892 434,418 451,479 478,054 518,380 569,690
Manufacturing 659,522 694,108 687,795 695,225 704,779 819,009
Nondurable goods 271,270 286,257 299,733 323,141 333,206 358,325
Durable goods 388,252 407,851 388,062 372,084 371,573 460,684
Transportation and public utilities 305,627 340,516 365,426 392,261 414,256 423,360
Wholesale trade 287,133 315,750 316,064 351,798 379,838 408,376
Retail trade 611,237 654,307 701,690 772,071 805,803 870,042
Finance, insurance, and real estate 227,745 249,866 272,902 359,481 395,984 387,995
Services 1,161,186 1,304,110 1,444,354 1,619,607 1,729,083 1,817,704
Government and government enterprises 1,640,980 1,724,468 1,842,110 1,937,028 2,076,476 2,122,593
Federal, civilian 291,809 306,527 327,861 307,866 348,465 354,124
Military 618,873 601,793 609,553 639,539 673,600 668,680
State and local 730,298 816,148 904,696 989,623 1,054,411 1,099,789
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION
Table CA05 June 1996 SYSTEM BUREAU OF ECONOMIC ANALYSIS
September 15,1997
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
For Counties and Metropolitan Areas
(thousands of dollars)
(53-067) THURSTON WASHINGTON
- ------------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Income by place of residence
Total personal income ($000) 2,651,612 2,946,318 3,232,859 3,516,523 3,734,018 3,950,934
Nonfarm personal income 2,630,467 2,924,405 3,209,464 3,487,450 3,707,955 3,924,758
Farm income 2/ 21,145 21,913 23,395 29,073 26,063 26,176
Population (thousands) 3/ 156.4 163.0 169.5 176.6 183.4 187.2
Per capita personal income (dollars) 16,956 18,073 19,069 19,908 20,364 21,101
Derivation of total personal income
Earnings by place of work 1,574,918 1,751,999 1,966,104 2,160,958 2,300.006 2,411,366
Less: Personal cont. for social insur. 4/ 95,757 107,337 117,827 127,192 136,247 146,445
Plus: Adjustment for residence 5/ 253,537 284,735 290,344 319,053 328,871 369,866
Equals: Net earn. by place of residence 1,732,698 1,929,397 2,138,621 2,352,819 2,492,630 2,634,787
Plus: Dividends, interest, and rent 6/ 452,559 494,193 501,028 522,128 544,760 575,846
Plus: Transfer payments 466,355 522,728 593,210 641,576 696,628 740,301
Earnings by place of work
Components of Earnings:
Wages and salaries 1,299,416 1,453,585 1,630,863 1,777,990 1,887,461 1,967,609
Other labor income 95,442 109,805 130,040 147,578 164,393 176,782
Proprietors' income 7/ 180,060 188,609 205,201 235,390 248,152 266,975
Farm proprietors' income 11,828 11,621 12,773 19,177 15,046 15,030
Nonfarm proprietors' income 168,232 176,988 192,428 216,213 233,106 251,945
Earnings by Industry: 21,145 21,913 23,395 29,073 26,063 26,176
Farm earnings 1,553,773 1,730,086 1,942,709 2,131,885 2,273,943 2,385,190
Nonfarm earnings 863,109 962,939 1,070,875 1,174,548 1,262,385 1,363,442
Private earnings
Ag. serv., for., fish., and other 8/ 16,864 18,432 20,177 21,073 22,174 23,861
Mining 1,663 1,633 2,162 2,486 2,623 3,015
Construction 99,835 117,078 127,581 132,033 138,107 152,026
Manufacturing 109,887 114,747 123,710 138,127 145,548 160,113
Nondurable goods 55,914 59,491 60,284 67,353 70,073 75,418
Durable goods 53,973 55,256 63,426 70,774 75,475 84,695
Transportation and public utilities 60,011 60,244 59,815 62,734 69,602 72,167
Wholesale trade 46,892 60,514 69,936 67,613 66,492 70,644
Retail trade 174,194 188,430 211,929 230,218 244,397 265,456
Finance, insurance, and real estate 47,425 52,081 56,434 72,092 79,694 82,678
Services 306,338 349,780 399,431 448,172 493,748 533,482
Government and government enterprises 690,664 767,147 871,834 957,337 1,011,558 1,021,748
Federal, civilian 27,830 32,016 32,251 34,180 37,142 40,373
Military 7,919 8,042 8,617 10,374 10,358 10,849
State and local 654,915 727,089 830,966 912,783 964,058 970,526
See footnotes at end of table REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05 June 1996 BUREAU OF ECONOMIC ANALYSIS
Footnotes for Table CA05
1/ 1969-74 based on 1967 SIC. 1975-87 based on 1972 SIC. 1988-94 based on 1987
SIC.
2/ Farm income consists of proprietors' net farm income, the wages of hired
farm labor, the pay-in-kind of hired farm labor, and the salaries of
officers of corporate farms.
3/ Census Bureau midyear population estimates. Estimates for 1990-94 reflect
county population estimates available as of October 1995.
4/ Personal contributions for social insurance are included in earnings by
type and industry but excluded from personal income.
5/ U.S. adjustment for residence consists of adjustments for border workers;
income of U.S. residents commuting outside U.S. borders to work less income
of foreign residents commuting inside U.S. borders to work plus certain
Caribbean seasonal workers.
6/ Includes the capital consumption adjustment for rental income of persons.
7/ Includes the inventory valuation and capital consumption adjustments.
8/ "Other" consists of wages and salaries of U.S. residents employed by
international organizations and foreign embassies and consulates in the
U.S.
13/ Estimates for 1979 forward reflect Alaska Census Areas as defined in the
1980 Decennial Census; those for prior years reflect Alaska Census
Divisions as defined in the 1970 Decennial Census. Estimates from 1988
forward separate Aleutian Islands Census Area into Aleutians East Borough
and Aleutians West Census Area. Denali and Lake + Peninsula Boroughs begin
in 1991. Estimates from 1993 forward separate Skagway-Yakutat-Angoon Census
Area into Skagway-Hoonah-Angoon Census Area and Yakutat Borough.
14/ Cibola, NM was separated from Valencia in June 1981, but in these
estimates, Valencia includes Cibola through the end of 1981.
15/ La Paz county, AZ was separated from Yuma county on January 1, 1983.
E The estimate shown here constitutes the major portion of the true estimate.
(D) Not shown to avoid disclosure of confidential information.
(L) Less than $50,000. Estimates are included in totals.
(N) Data not available for this year.
REGIONAL ECONOMIC INFORMATION SYSTEM
Table CAO5 JUNE 1996 BUREAU OF ECONOMIC ANALYSIS
September 15, 1997
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/
For Countries and Metropolitan Areas
(number of jobs)
(53-000) WASHINGTON
- ------------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Employment by Place of Work
Total full- & part-time employment 2,709,394 2,849,112 2,899,285 2,954,509 3,001,833 3,071,025
By Type:
Wage and salary employment 2,261,708 2,369,933 2,388,656 2,424,985 2,465,499 2,526,349
Proprietors' employment 447,686 479,179 510,629 529,524 536,334 544,676
Farm proprietors' employment 37,971 36,838 36,647 36,809 36,565 35,077
Nonfarm proprietors' employment 2/ 409,715 442,341 473,982 492,715 500,769 509,599
By Industry:
Farm employment 78,800 82,364 78,769 70,304 74,373 78,495
Nonfarm employment 2,630,594 2,766,748 2,820,516 2,884,205 2,927,460 2,992,530
Private employment 2,173,067 2,291,854 2,336,034 2,387,944 2,427,505 2,486,235
Ag. serv..for.. fish.. and other 3/ 45,147 48,776 51,830 51,354 55,800 57,724
Mining 5,494 5,507 5,288 4,897 4,810 4,911
Construction 145,151 159,794 162,862 169,395 170,138 175,562
Manufacturing 380,605 388,741 370,157 366,230 361,537 359,011
Transportation and public utilities 121,821 126,936 128,141 128,755 130,564 134,290
Wholesale trade 134,486 141,816 144,706 148,993 148,793 155,508
Retail trade 449,430 470,056 478,678 494,467 501,757 518,825
Finance. Insurance, and real estate 213,507 219,959 223,535 226,232 231,400 232,587
Services 677,426 730,269 770,837 797,621 822,706 847,817
Government and government enterprises 457,527 474,894 484,482 496,261 499,955 506,295
Federal, civilian 71,827 74,794 72,965 73,471 72,205 72,188
Military 80,627 79,718 78,443 79,058 76,603 75,289
State and local 305,073 320,382 333,074 343,732 351,147 358,818
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION
Table CA25 June 1996 SYSTEM BUREAU OF ECONOMIC ANALYSIS
September 15,1997
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/
FOR COUNTRIES AND METROPOLITAN AREAS
(number of jobs)
(53-027) GRAYS HARBOR WASHINGTON
- ---------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ---------------------------------------------------------------------------------------------------------------
Employment by Place of Work
Total full- & part-time employment 30,003 30,568 30,496 31,196 30,854 30,882
By Type:
Wage and salary employment 24,492 24,635 24,327 24,959 24,438 24,332
Proprietors' employment 5,511 5,933 6,169 6,237 6,416 6,550
Farm proprietors' employment 467 454 453 454 439 433
Nonfarm proprietors' employment 2/ 5,044 5,479 5,716 5,783 5,977 6,117
By Industry:
Farm employment 533 610 596 559 554 570
Nonfarm employment 29,470 29,958 29,900 30,637 30,300 30,312
Private employment 24,930 25,300 25,194 25,795 25,335 25,288
Ag. serv.. for.. fish.. and other 3/ 1,009 1,175 (D) 1,032 1,162 1,196
Mining 108 109 (D) (D) (D) (D)
Construction 1,241 1,354 1,335 1,623 1,566 1,507
Manufacturing 6,435 6,218 5,561 5,531 4,944 4,859
Transportation and public utilities 1,442 1,346 1,365 1,263 1,263 1,220
Wholesale trade 905 748 818 805 772 765
Retail trade 5,512 5,580 5,689 6,002 6,106 6,286
Finance, insurance, and real estate 1,452 1,469 1,701 (D) (D) (D)
Services 6,826 7,301 7,449 7,735 7,634 7,514
Government and government enterprises 4,540 4,658 4,706 4,842 4,965 5,024
Federal, civilian 280 308 242 238 309 310
Military 389 379 369 373 356 341
State and local 3,871 3,971 4,095 4,231 4,300 4,373
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 June 1996 BUREAU OF ECONOMIC ANALYSIS
September 15, 1997
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/
For Countries and Metropolitan Areas
(number of jobs)
(53-033) KING WASHINGTON
- -----------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------
Employment by Place of Work
Total full - & part-time employment 1,111,570 1,164,617 1,171,214 1,181,960 1,182,980 1,192,869
By Type:
Wage and salary employment 955,847 997,570 995,965 1,003,298 1,002,297 1,009,371
Proprietors' employment 155,723 167,047 175,249 178,662 180,683 183,498
Farm proprietors' employment 1,654 1,610 1,602 1,607 1,552 1,531
Nonfarm proprietors' employment 2/ 154,069 165,437 173,647 177,055 179,131 181,967
By Industry:
Farm employment 2,850 2,735 2,631 2,364 2,348 2,423
Nonfarm employment 1,108,720 1,161,882 1,168,583 1,179,596 1,180,632 1,190,446
Private employment 977,073 1,023,974 1,028,167 1,035,321 1,035,374 1,045,103
Ag.serv.,for.,fish., and other 3/ 11,769 12,720 14,022 13,300 13,679 13,550
Mining 1,155 1,184 1,120 920 958 1,004
Construction 59,844 63,825 61,904 63,165 60,940 60,468
Manufacturing 173,336 176,851 172,543 168,322 157,637 149,275
Transporation and public utilities 63,266 66,686 66,911 67,519 67,206 69,169
Wholesale trade 72,500 76,424 77,583 79,426 78,631 80,748
Retail trade 175,339 181,362 181,332 182,999 184,941 189,795
Finance, insurance, and real estate 112,882 112,954 111,586 110,623 111,742 111,781
Services 306,982 331,968 341,166 349,047 359,640 369,313
Government and government enterprises 131,647 137,908 140,416 144,275 145,258 145,343
Federal, civilian 19,807 20,678 20,639 20,804 20,793 20,736
Military 10,577 10,539 10,159 10,202 9,693 8,859
State and local 101,263 106,691 109,618 113,269 114,772 115,748
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 June 1996 BEREAU OF ECONOMIC ANALYSIS
September 15, 1997
FULL-TIME AND PART- TIME EMPLOYEES BY MAJOR INDUSTRY 1/
FOR COUNTRIES AND METROPOLITAN AREAS
(number of jobs)
(53-053) PIERCE WASHINGTON
- ------------------------------------------------------------------------------------------------------------------------------
ITEM 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------
Employment by Place of Work
Total full- & part-time employment 269,376 278,439 279,827 286,894 294,628 302,747
By Type:
Wage and salary employment 226,433 232,782 230,419 234,857 241,854 249,137
Proprietors' employment 42,943 45,657 49,408 52,037 52,774 53,610
Farm proprietors' employment 1,366 1,331 1,325 1,328 1,283 1,265
Nonfarm proprietors' employment 2/ 41,577 44,326 48,083 50,709 51,491 52,345
By Industry:
Farm employment 2,639 2,515 2,405 2,139 2,128 2,166
Nonfarm employment 266,737 275,924 277,422 284,755 292,500 300,581
Private employment 194,889 204,397 208,114 215,405 221,349 228,659
Ag. serv.. for.. fish.. and other 3/ 2,745 2,938 3,226 3,312 3,758 3,860
Mining 232 244 238 260 273 267
Construction 15,208 16,742 16,545 17,003 17,519 18,322
Manufacturing 23,843 23,681 22,338 22,004 21,608 23,600
Transportation and public utilities 10,026 10,595 10,959 11,134 11,583 11,728
Wholesale trade 10,508 10,898 10,994 11,791 12,342 12,779
Retail trade 44,955 46,546 47,740 50,452 50,774 52,927
Finance, insurance, and real estate 20,315 21,103 21,894 22,530 23,559 23,460
Services 67,057 71,650 74,180 76,919 79,933 81,716
Government and government enterprises 71,848 71,527 69,308 69,350 71,151 71,922
Federal, civilian 11,154 11,215 10,905 10,606 11,063 11,166
Military 31,076 28,877 25,930 25,359 26,011 25,659
State and local 29,618 31,435 32,473 33,385 34,077 35,097
See footnotes at end of table REGIONAL ECONOMIC INFORMATION
Table CA25 June 1996 SYSTEM BUREAU OF ECONOMIC ANALYSIS
September 15, 1997
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/
For Counties and Metropolitan Areas
(number of jobs)
(53-067) THURSTON WASHINGTON
- -----------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Employment by Place of Work
Total full- & part-time employment 79,225 84,094 88,142 91,120 93,653 96,222
By Type:
Wage and salary employment 65,702 69,322 72,085 74,013 76,307 78,588
Proprietors' employment 13,523 14,772 16,057 17,107 17,346 17,634
Farm proprietors' employment 895 872 868 870 841 830
Nonfarm proprietors' employment 2/ 12,628 13,900 15,189 16,237 16,505 16,804
By Industry:
Farm employment 1,619 1,489 1,496 1,348 1,388 1,438
Nonfarm employment 77,606 82,605 86,646 89,772 92,265 94,784
Private employment 50,549 54,054 56,730 59,215 61,385 63,777
Ag.serv..for..fish.. and other 3/ 1,370 1,387 1,427 1,494 1,738 1,751
Mining 104 96 96 121 130 136
Construction 4,139 4,638 4,999 5,051 5,106 5,244
Manufacturing 4,263 4,377 4,118 4,524 4,733 4,972
Transportation and public utilities 2,250 2,174 2,128 2,165 2,344 2,351
Wholesale trade 1,959 2,363 2,607 2,479 2,441 2,581
Retail trade 13,592 14,082 14,800 15,539 15,856 16,678
Finance, insurance, and real estate 4,626 4,985 5,222 5,463 5,672 5,749
Services 18,246 19,952 21,333 22,379 23,365 24,315
Government and government enterprises 27,057 28,551 29,916 30,557 30,880 31,007
Federal, civilian 833 913 855 877 908 960
Military 953 945 971 1,035 983 963
State and local 25,271 26,693 28,090 28,645 28,989 29,084
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 June 1996 BUREAU OF ECONOMIC ANALYSIS
Footnotes for Table CA25
1/ 1969-74 based on 1967 SIC. 1975-87 based on 1972 SIC. 1988-94 based on 1987
SIC.
2/ Excludes limited partners.
3/ "Other" consists of the number of jobs held by U.S. residents employed by
international organizations and foreign embassies and consulates in the
United States.
4/ Cibola, NM was separated from Valencia in June 1981, but in these estimates
Valencia includes Cibola through the end of 1981.
5/ La Paz county, AZ was separated from Yuma county on January 1, 1983.
6/ Estimates for 1979 forward reflect Alaska Census Areas as defined in the
1980 Decennial Census: those for prior years reflect Alaska Census
Divisions as defined in the 1970 Decennial Census. Estimates from 1988
forward separate Aleutian Islands Census Area into Aleutians East Bor, and
Aleutians West Census Area. Denali and Lake + Peninsula Boroughs begin in
1991. Estimates from 1993 forward separate Skagway-Yakutat-Angoon Census
Area into Skagway-Hoonah-Angoon Census Area and Yakutat Borough.
E Estimate shown constitutes the major portion of the true estimate.
(D) Not shown to avoid disclosure of confidential information.
(L) Less than 10 jobs. Estimates are included in totals.
(N) Data not available for this year.
Table CA25 June 1996 REGIONAL ECONOMIC INFORMATION SYSTEM
BUREAU OF ECONOMIC ANALYSIS
September 15, 1997
REGIONAL ECONOMIC PROFILE
For Countries and Metropolitan Areas
(53-000) WASHINGTON
- -----------------------------------------------------------------------------------------------------------------------------------
ITEM 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Place of Residence Profile
Total personal income ($000) 85,837,927 94,420,291 101,206,147 109,678,572 114,808,532 120,359,599
Nonfarm personal income 84,551,830 93,090,718 99,832,573 108,136,078 113,006,982 119,011,808
Farm income 1,286,097 1,329,573 1,373,574 1,542,494 1,801,550 1,347,791
Derivation of Total Personal Income
Net earnings 1/ 58,596,688 64,271,399 69,063,258 75,596,454 78,581,197 82,166,399
Transfer payments 12,535,615 13,880,727 15,623,137 17,128,785 18,470,653 19,427,880
Income maintenance 2/ 936,599 1,033,494 1,269,911 1,463,732 1,595,315 1,675,315
Unemployment insurance 395,663 479,161 672,953 940,858 1,148,628 1,058,170
Retirement and other 11,203,353 12,368,072 13,680,273 14,724,195 15,726,710 16,694,395
Dividends, interest, and rent 14,705,624 16,268,165 16,519,752 16,953,333 17,756,682 18,765,320
Population (thousands) 3/ 4,746.3 4,901.2 5,018.2 5,146.1 5,258.7 5,343.2
Per Capita Incomes ($) 4/
Per capita personal income 18,085 19,265 20,168 21,313 21,832 22,526
Per capita net earnings 12,346 13,113 13,763 14,690 14,943 15,378
Per capita transfer payments 2,641 2,832 3,113 3,328 3,512 3,636
Per capita income maintenance 197 211 253 284 303 314
Per capita unemployment insurance 83 98 134 183 218 198
Per capita retirement & other 2,360 2,523 2,726 2,861 2,991 3,124
Per capita dividens, interest, & rent 3,098 3,319 3,292 3,294 3,377 3,512
Place of Work Profile
Total earnings (place of work. $000) 61,720,547 67,714,969 72,686,190 79,505,546 82,620,602 86,489,904
Wages and salaries 48,871,618 54,138,170 57,960,221 62,938,652 64,643,379 67,701,950
Other labor income 4,221,517 4,778,362 5,389,265 6,085,587 6,549,704 7,051,462
Proprietors' income 8,627,412 8,798,437 9,336,704 10,482,307 11,427,519 11,736,492
Nonfarm proprietors' income 7,754,786 7,960,484 8,447,194 9,417,391 10,142,415 10,926,482
Farm proprietors' income 872,626 837,953 889,510 1,064,916 1,285,104 810,010
Total employment (full & part-time) 2,709,394 2,849,112 2,899,285 2,954,509 3,001,833 3,071,025
Wage and salary jobs 2,261,708 2,369,933 2,388,656 2,424,985 2,465,499 2,526,349
Number of proprietors 447,686 479,179 510,629 529,524 536,334 544,676
Number of nonfarm proprietors /5 409,715 442,341 473,982 492,715 500,769 509,599
Number of farm proprietors 37,971 36,838 36,647 36,809 35,565 35,077
Average earnings per job ($) 22,780 23,767 25,070 26,910 27,523 28,163
Wage & salary earnings per job ($) 21,608 22,844 24,265 25,954 26,219 26,798
Average earnings per nonfarm propietor ($) 18,927 17,996 17,822 19,113 20,254 21,441
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 June 1996 BUREAU OF ECONOMIC ANALYSIS
September 15, 1997
REGIONAL ECONOMIC PROFILE
For Countries and Metropolitan Areas
(53-027) GRAYS HARBOR WASHINGTON
- -----------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------
Place of Residence Profile
Total personal income ($000) 936,277 995,246 1,043,804 1,120,821 1,149,832 1,174,089
Nonfarm personal income 931,297 989,225 1,037,293 1,111,381 1,142,677 1,168,681
Farm income 4,980 6,021 6,511 9,440 7,155 5,408
Derivation of Total Personal
Income
Net earnings 1/ 558,057 584,207 604,632 651,633 656,200 663,891
Transfer payments 211,123 236,008 269,694 296,209 322,034 329,409
Income maintenance 2/ 19,771 22,722 28,541 32,403 34,632 34,839
Unemployment insurance 7,217 9,306 12,623 15,996 22,741 19,790
Retirement and other 184,135 203,980 228,530 247,810 264,661 274,780
Dividends, interest, and rent 167,097 175,031 169,478 172,979 171,598 180,789
Population (thousands) 3/ 63.4 64.4 64.7 65.5 66.2 66.9
Per Capita Incomes ($) 4/
Per capita personal income 14,760 15,454 16,132 17,107 17,372 17,547
Per capita net earnings 8,798 9,071 9,344 9,946 9,914 9,922
Per capita transfer payments 3,328 3,665 4,168 4,521 4,865 4,923
Per capita income maintenance 312 353 441 495 523 521
Per capita unemployment
insurance 114 144 195 244 344 296
Per capita retirement & other 2,903 3,167 3,532 3,782 3,999 4,107
Per capita dividends, interest,
& rent 2,634 2,718 2,619 2,640 2,593 2,702
Place of Work Profile
Total earnings (place of work.
$000) 606,800 632,231 650,779 700,289 702,365 708,477
Wages and salaries 473,766 496,887 512,045 547,018 544,101 543,118
Other labor income 40,839 43,581 47,212 51,762 54,382 55,348
Proprietors' income 92,195 91,763 91,522 101,509 103,882 110,011
Nonfarm proprietors' income 88,211 87,686 86,942 93,910 98,538 106,554
Farm proprietors' income 3,984 4,077 4,580 7,599 5,344 3,457
Total employment (full &
part-time) 30,003 30,568 30,496 31,196 30,854 30,882
Wage and salary jobs 24,492 24,635 24,327 24,959 24,438 24,332
Number of Proprietors 5,511 5,933 6,169 6,237 6,416 6,550
Number of nonfarm
proprietors /5 5,044 5,479 5,716 5,783 5,977 6,117
Number of farm proprietors 467 454 453 454 439 433
Average earnings per job ($) 20,225 20,683 21,340 22,448 22,764 22,941
Wage & salary earnings per
job ($) 19,344 20,170 21,048 21,917 22,265 22,321
Average earnings per nonfarm
proprietor ($) 17,488 16,004 15,210 16,239 16,486 17,419
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 June 1996 BUREAU OF ECONOMIC ANALYSIS
September 15, 1997
REGIONAL ECONOMIC PROFILE
For Counties and Metropolitan Areas
(53-033) KING WASHINGTON
- -----------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------
Place of Residence Profile
Total personal income ($000) 34,007,566 37,272,341 39,961,843 43,260,426 44,543,623 46,506,921
Nonfarm personal income 33,970,334 37,233,307 39,918,203 43,211,739 44,494,214 46,461,488
Farm income 37,232 39,034 43,640 48,687 49,409 55,433
Derivation of Total Personal Income
Net earnings 1/ 24,494,021 26,806,371 28,717,095 31,550,467 32,103,923 33,382,552
Transfer payments 3,636,866 4,017,090 4,420,722 4,817,400 5,181,111 5,450,217
Income maintenance 2/ 227,840 252,162 309,050 363,817 410,088 437,946
Unemployment insurance 103,459 117,850 174,669 260,536 311,296 288,436
Retirement and other 3,305,567 3,647,078 3,937,003 4,193,047 4,459,727 4,723,835
Dividends, interest, and rent 5,876,679 6,448,880 6,824,026 6,892,559 7,258,589 7,674,152
Population (thousands) 3/ 1,466,9 1,515,9 1,535,2 1,559,5 1,578,1 1,587,5
Per Capita Incomes ($) 4/
Per capita personal income 23,183 24,587 26,031 27,741 28,227 29,295
Per capita net earnings 16,698 17,683 18,706 20,232 20,344 21,028
Per capita transfer payments 2,479 2,650 2,880 3,089 3,283 3,433
Per capita income maintenance 155 166 201 233 260 276
Per capita unemployment insurance 71 78 114 167 197 182
Per capita retirement & other 2,253 2,406 2,565 2,689 2,826 2,976
Per capita dividends, interest, & rent 4,006 4,254 4,445 4,420 4,600 4,834
Place of Work Profile
Total earnings (place of work, $000) 29,662,707 32,601,459 34,833,540 38,185,447 38,595,422 40,237,815
Wages and salaries 23,590,967 26,177,403 27,844,140 30,297,094 30,358,812 31,375,469
Other labor income 2,105,515 2,382,624 2,693,436 3,050,844 3,174,554 3,361,166
Proprietors' income 3,966,225 4,041,432 4,295,964 4,775,791 5,123,774 5,501,180
Nonfarm proprietors' income 3,946,520 4,021,980 4,271,438 4,744,384 5,091,853 5,473,487
Farm proprietors' income 19,705 19,452 24,526 31,407 31,921 27,693
Total employment (full & part time) 1,111,570 1,164,617 1,171,214 1,181,960 1,182,980 1,192,869
Wage and salary jobs 955,847 997,570 995,965 1,003,298 1,002,297 1,009,371
Numbers of proprietors 155,723 167,047 175,249 178,662 180,683 183,498
Number of nonfarm proprietors /5 154,069 165,437 173,647 177,055 179,131 181,967
Number of farm proprietors 1,654 1,610 1,602 1,607 1,552 1,531
Average earnings per job ($) 26,685 27,993 29,741 32,307 32,626 33,732
Wage & salary earnings per job ($) 24,681 26,241 27,957 30,259 30,228 31,084
Average earnings per nonfarm
proprietor ($) 25,615 24,311 24,598 26,796 28,425 30,080
See footnotes at end of table REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 June 1996 BUREAU OF ECONOMIC ANALYSIS
September 15, 1997
REGIONAL ECONOMIC PROFILE
For Counties and Metropolitan Areas
(53-053) PIERCE WASHINGTON
- ------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- ------------------------------------------------------------------------------------------------------------------------------
Place of Residence Profile
Total personal income ($000) 9,063,251 10,038,231 10,646,663 11,491,193 12,047,346 12,683,943
Nonfarm personal income 9,030,695 10,006,975 10,609,037 11,447,298 12,007,971 12,649,848
Farm income 32,556 31,256 37,626 43,895 39,374 34,095
Derivation of Total Personal Income
Net earnings 1/ 6,121,515 6,684,367 7,199,602 7,838,197 8,171,794 8,598,979
Transfer payments 1,623,517 1,786,601 2,006,399 2,198,170 2,367,886 2,490,019
Income maintenance 2/ 138,334 148,369 181,673 205,876 227,816 240,261
Unemployment insurance 42,313 48,796 70,233 101,596 126,556 120,201
Retirement and other 1,422,870 1,589,436 1,754,493 1,890,698 2,013,514 2,129,557
Dividends, interest, and rent 1,318,219 1,567,263 1,440,662 1,454,826 1,507,665 1,594,945
Population (thousands) 3/ 570.5 590.5 605.0 619.5 631.9 638.3
Per Capita Incomes ($) 4/
Per capita personal income 15,888 16,999 17,598 18,549 19,066 19,870
Per capita net earnings 10,731 11,319 11,900 12,652 12,932 13,471
Per capita transfer payments 2,486 3,025 3,316 3,548 3,747 3,901
Per capita income maintenance 242 251 300 332 361 376
Per capita unemployment insurance 74 83 116 164 200 188
Per capita retirement & other 2,529 2,692 2,900 3,052 3,187 3,336
Per capita dividends, interest & rent 2,311 2,654 2,381 2,348 2,386 2,499
Place of Work Profile
Total earnings (place of work, $000) 5,353,535 5,806,045 6,182,798 6,721,704 7,140,962 7,533,892
Wages and salaries 4,452,747 4,848,764 5,130,733 5,527,494 5,844,864 6,136,464
Other labor income 319,458 361,413 406,527 459,444 506,371 552,374
Proprietors' income 581,330 595,868 645,538 734,766 789,727 845,054
Nonfarm proprietors' income 562,419 579,050 622,678 704,716 764,531 825,384
Farm proprietors' income 18,911 16,818 22,860 30,050 25,196 19,670
Total employment (full & part-time) 269,376 278,439 279,827 286,894 294,628 302,747
Wage and salary jobs 226,433 232,782 230,419 234,857 241,854 249,137
Number of proprietors 42,943 45,657 49,408 52,037 52,774 53,610
Number of nonfarm proprietors /5 41,577 44,326 48,083 50,709 51,491 52,345
Number of farm proprietors 1,366 1,331 1,325 1,326 1,283 1,265
Average earnings per job ($) 19,874 20,852 22,095 23,429 24,237 24,885
Wage & salary earnings per job ($) 19,665 20,830 22,267 23,536 24,167 24,631
Average earnings per nonfarm
proprietor ($) 13,527 13,063 12,950 13,897 14,848 15,768
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 June 1996 BUREAU OF ECONOMIC ANALYSIS
September 15,1997
REGIONAL ECONOMIC PROFILE
For Countries and Metropolitan Areas
(53-067) THURSTON WASHINGTON
- -----------------------------------------------------------------------------------------------------------------------------------
Item 1989 1990 1991 1992 1993 1994
- -----------------------------------------------------------------------------------------------------------------------------------
Place of Residence Profile
Total personal income ($000) 2,651,612 2,946,318 3,232,859 3,316,523 3,734,018 3,950,934
Nonfarm personal income 2,630,467 2,924,405 3,209,464 3,487,450 3,707,955 3,924,758
Farm inco me 21,145 21,913 23,395 29,073 26,063 26,176
Derivation of Total Personal Income
Net earnings 1/ 1,732,698 1,929,397 2,138,621 2,352,819 2,492,630 2,634,787
Transfer payments 466,355 522,728 593,210 641,576 696,628 740,301
Income maintenance 2/ 28,472 31,157 38,883 46,521 49,468 52,132
Unemployment insurance 12,949 16,138 21,181 28,927 37,156 35,074
Retirement and other 424,934 475,433 533,146 566,128 610,004 653,095
Dividends. interest, and rent 452,559 494,193 501,028 522,128 544,760 575,846
Population (thousands) 3/ 156.4 163.0 169.5 176.6 183.4 187.2
Per Capita Incomes ($) 4/
Per capita personal income 16,956 18,073 19,069 19,908 20,364 21,101
Per capita net earnings 11,080 11,835 12,615 13,320 13,594 14,072
Per capita transfer payments 2,982 3,206 3,499 3,632 3,799 3,954
Per capita income maintenance 182 191 229 263 270 278
Per capita unemployment insurance 83 99 125 164 203 187
Per capita retirement & other 2,717 2,916 3,145 3,205 3,327 3,488
Per capita dividends, interest. & rent 2,894 3,031 2,955 2,956 2,971 3,075
Place of Work Profile
Total earnings (place of work. $000) 1,574,918 1,751,999 1,966,104 2,160,958 2,300,006 2,411,366
Wages and salaries 1,299,416 1,453,585 1,630,863 1,777,990 1,887,461 1,967,609
Other labor income 95,442 109,805 130,040 147,578 164,393 176,782
Proprietors' income 180,060 188,609 205,201 235,390 248,152 266,975
Nonfarm proprietors' income 168,232 176,988 192,428 216,213 233,106 251,945
Farm proprietors' income 11,828 11,621 12,773 19,177 15,046 15,030
Total employment (full & part-time) 79,225 84,094 88,142 91,120 93,653 96,222
Wage and salary jobs 65,702 69,322 72,085 74,013 76,307 78,588
Number of proprietors 13,523 14,772 16,057 17,107 17,346 17,634
Number of nonfarm proprietors /5 12,628 13,900 15,189 16,237 16,505 16,804
Number of farm proprietors 895 872 868 870 841 830
Average earnings per job ($) 19,879 20,834 22,306 23,716 24,559 25,060
Wage & salary earnings per job ($) 19,777 20,969 22,624 24,023 24,735 25,037
Average earnings per non farm proprietor ($) 13,332 12,733 12,669 13,316 14,123 14,993
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 June 1996 BUREAU OF ECONOMIC ANALYSIS
Footnotes for Table CA30
1/ Total earnings less personal contributions for social insurance adjusted to
place of residence.
2/ Includes supplemental security income payments, payments to families with
dependent children (AFDC), general assistance payments, food stamp
payments, and other assistance payments, including emergency assistance.
3/ Census Bureau midyear population estimates. Estimates for 1990-94 reflect
county population estimates available as of October 1995.
4/ Type of income divided by population yields a per capita for that type of
income.
5/ Excludes limited partners.
6/ Cibola, NM was separated from Valencia in June 1981, but in these estimates
Valencia includes Cibola through the end of 1981.
7/ La Paz county, AZ was separated from Yuma county on January 1, 1983.
8/ Estimates for 1979 forward reflect Alaska Census Areas as defined in the
1980 Decennial Census; those for prior years reflect Alaska Census
Divisions as defined in the 1970 Decennial Census. Estimates from 1988
forward separate Aleutian Islands Census Area Into Aleutians East Bor, and
Aleutians West Census Area. Denali and Lake + Peninsula Boroughs begin in
1991. Estimates from 1993 forward separate Skagway-Yakutat Angoon Census
Area into Skagway-Hoonah-Angoon Census Area and Yakutat Borough.
(L) Less than $50.000 or less than 10 jobs, as appropriate. Estimates are
included in totals.
(N) Data not available for this year.
EXHIBIT III-1
General Characteristics of Publicly-Traded Institutions
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- --------- ------- ------- ------ ------ -------- -------
($Mil) ($) ($Mil)
California Companies
--------------------
AHM Ahmanson and Co. H.F. of CA NYSE Nationwide M.B. 47,532 391 12-31 10/72 50.75 4,940
GDW Golden West Fin. Corp. of CA NYSE Nationwide M.B. 39,095 246 12-31 05/59 82.31 4,670
GSB Glendale Fed. Bk, FSB of CA NYSE CA Div. 16,218 154 06-30 10/83 28.87 1,454
CSA Coast Savings Financial of CA NYSE California R.E. 9,103 92 12-31 12/85 46.06 857
DSL Downey Financial Corp. of CA NYSE Southern CA Thrift 5,886 82 12-31 01/71 22.12 591
FED FirstFed Fin. Corp. of CA NYSE Los Angeles CA R.E. 4,193 25 12-31 12/83 33.75 357
WES Westcorp Inc. of Orange CA NYSE California Div. 3,678 26 12-31 05/86 21.56 565
BPLS Bank Plus Corp. of CA OTC Los Angeles CA R.E. 3,534 33 12-31 / 10.87 210
BVCC Bay View Capital Corp. of CA OTC San Francisco CA M.B. 3,096 45 12-31 05/86 25.87 336
PFFB PFF Bancorp of Pomona CA OTC Southern CA Thrift 2,631 23 03-31 03/96 19.25 360
CENF CENFED Financial Corp. of CA OTC Los Angeles CA Thrift 2,295 18 12-31 10/91 33.00 189
FRC First Republic Bancorp of CA (3) NYSE CA,NV M.B. 2,238 13 12-31 / 23.62 229
AFFFZ America First Fin. Fund of CA OTC San Francisco CA Div. 2,191 36 12-31 / 39.37 237
HEMT HF Bancorp of Hemet CA OTC Southern CA Thrift 984 M 19 06-30 06/95 14.87 93
REDF RedFed Bancorp of Redlands CA OTC Southern CA Thrift 912 14 12-31 04/94 17.37 125
HTHR Hawthorne Fin. Corp. of CA OTC Southern CA Thrift 863 6 12-31 / 17.62 53
ITLA Imperial Thrift & Loan of CA (3) OTC Los Angeles CA R.E. 850 9 12-31 / 17.75 139
QCBC Quaker City Bancorp of CA OTC Los Angeles CA R.E. 801 8 06-30 12/93 20.50 96
PROV Provident Fin. Holdings of CA OTC Southern CA M.B. 615 9 06-30 06/96 19.25 95
HBNK Highland Federal Bank of CA OTC Los Angeles CA R.E. 504 8 12-31 / 29.25 67
MBBC Monterey Bay Bancorp of CA OTC West Central CA Thrift 413 7 12-31 02/95 16.62 54
SGVB SGV Bancorp of W. Covina CA OTC Los Angeles CA Thrift 409 8 06-30 06/95 15.12 35
PCCI Pacific Crest Capital of CA (3) OTC Southern CA R.E. 371 3 12-31 / 15.00 44
BYFC Broadway Fin. Corp. of CA OTC Los Angeles CA Thrift 122 3 12-31 01/96 11.00 9
PAMM PacificAmerica Money Ctr of CA (3) OTC Los Angeles CA Div. 112 M 1 12-31 06/96 23.50 45
Florida Companies
-----------------
OCN Ocwen Financial Corp. of FL OTC Southeast FL Div. 2,787 1 12-31 / 42.69 1,144
BANC BankAtlantic Bancorp of FL OTC Southeastern FL M.B. 2,730 56 12-31 11/83 12.50 281
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ---------------------------------- ------ ----------------- --------- ------- ------- ----- ------ ------ ---------
($Mil) ($) ($Mil)
Florida Companies (continued)
-----------------------------
BKUNA BankUnited SA of FL OTC Miami FL Thrift 1,807 14 09-30 12/85 12.00 106
FFPB First Palm Beach Bancorp of FL OTC Southeast FL Thrift 1,666 40 09-30 09/93 35.00 176
HARB Harbor FSB, MHC of FL (46.6) OTC Eastern FL Thrift 1,117 23 09-30 01/94 55.50 276
FFFL Fidelity FSB, MHC of FL (47.7) OTC Southeast FL Thrift 999 20 12-31 01/94 26.75 181
CMSV Commty. Svgs, MHC of FL (48.5) OTC Southeast FL Thrift 700 19 12-31 10/94 31.25 159
FFLC FFLC Bancorp of Leesburg FL OTC Central FL Thrift 387 9 12-31 01/94 30.50 71
FFFG F.F.O. Financial Group of FL OTC Central FL R.E. 320 M 11 12-31 10/88 6.06 51
Mid-Atlantic Companies
----------------------
DME Dime Bancorp, Inc. of NY (3) NYSE NY,NJ,FL M.B. 20,087 86 12-31 08/86 19.37 2,009
GPT GreenPoint Fin. Corp. of NY (3) NYSE New York City NY Thrift 13,300 74 12-31 01/94 61.56 2,773
SVRN Sovereign Bancorp of PA OTC PA,NJ,DE M.B. 10,898 120 12-31 08/86 15.50 1,085
ASFC Astoria Financial Corp. of NY OTC NY Thrift 7,665 45 12-31 11/93 48.12 1,009
LISB Long Island Bancorp, Inc of NY OTC Long Island NY M.B. 5,909 36 09-30 04/94 39.87 956
RCSB RCSB Financial, Inc. of NY (3) OTC NY M.B. 4,032 M 36 11-30 04/86 48.87 713
ALBK ALBANK Fin. Corp. of Albany NY OTC Upstate NY,MA,VT Thrift 3,602 70 12-30 04/92 38.50 494
ROSE T R Financial Corp. of NY (3) OTC New York City NY Thrift 3,552 15 12-31 06/93 27.62 484
NYB New York Bancorp, Inc. of NY NYSE Southeastern NY Thrift 3,284 29 09-30 01/88 30.50 659
RSLN Roslyn Bancorp, Inc. of NY (3) OTC Long Island NY M.B. 3,159 6 12-31 01/97 22.75 993
GRTR The Greater New York SB of NY (3) OTC New York NY Div. 2,571 M 14 12-31 06/87 22.94 315
BKCO Bankers Corp. of NJ (3) OTC Central NJ Thrift 2,567 15 12-31 03/90 28.25 350
CMSB Cmnwealth Bancorp of PA OTC Philadelphia PA M.B. 2,289 39 06-30 06/96 17.25 295
NWSB Northwest SB, MHC of PA (30.7) OTC Pennsylvania Thrift 2,091 53 06-30 11/94 22.00 514
MLBC ML Bancorp of Villanova PA OTC Philadelphia PA M.B. 2,071 18 03-31 08/94 20.50 217
HARS Harris SB, MHC of PA (24.3) OTC Southeast PA Thrift 2,044 31 12-31 01/94 38.00 426
RELY Reliance Bancorp, Inc. of NY OTC New York City NY Thrift 1,977 28 06-30 03/94 30.81 270
HAVN Haven Bancorp of Woodhaven NY OTC New York City NY Thrift 1,782 20 12-31 09/93 37.87 166
JSB JSB Financial, Inc. of NY AMEX New York City NY Thrift 1,531 M 13 12-31 06/90 45.31 446
WSFS WSFS Financial Corp. of DE (3) OTC DE Div. 1,509 16 12-31 11/86 15.12 188
QCSB Queens County Bancorp of NY (3) OTC New York City NY Thrift 1,467 13 12-31 11/93 53.87 548
OCFC Ocean Fin. Corp. of NJ OTC Eastern NJ Thrift 1,448 10 12-31 07/96 33.62 289
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ --------- ------------------------ ----- ----------------- --------- ------- ------- ----- ----- ------ -----
($Mil) ($) ($Mil)
Mid-Atlantic Companies (continued)
----------------------------------
PFSB PennFed Fin. Services of NJ OTC Northern NJ Thrift 1,322 17 06-30 07/94 28.75 139
DIME Dime Community Bancorp of NY OTC New York City NY Thrift 1,315 15 06-30 06/96 19.62 257
YFED York Financial Corp. of PA OTC PA,MD Thrift 1,162 22 06-30 02/84 23.75 166
MFSL Maryland Fed. Bancorp of MD OTC MD Thrift 1,157 25 02-28 06/87 43.00 138
FSLA First SB SLA MHC of NJ (47.5) OTC Eastern NJ Thrift 1,033 16 12-31 07/92 29.87 217
PVSA Parkvale Financial Corp of PA OTC Southwestern PA Thrift 991 28 06-30 07/87 29.25 119
PKPS Poughkeepsie Fin. Corp. of NY OTC Southeast NY Thrift 880 13 12-31 11/85 7.25 91
PSBK Progressive Bank, Inc. of NY (3) OTC Southeast NY Thrift 879 17 12-31 08/84 32.87 126
FFIC Flushing Fin. Corp. of NY (3) OTC New York City NY Thrift 860 7 12-31 11/95 20.00 160
PWBC PennFirst Bancorp of PA OTC Western PA Thrift 817 9 12-31 06/90 15.63 83
MBB MSB Bancorp of Middletown NY (3) AMEX Southeastern NY Thrift 814 16 12-31 09/92 23.25 66
GAF GA Financial Corp. of PA AMEX Pittsburgh PA Thrift 750 13 12-31 03/96 18.75 150
IBSF IBS Financial Corp. of NJ OTC Southwest NJ Thrift 733 10 09-30 10/94 17.12 189
FBBC First Bell Bancorp of PA OTC Pittsburgh PA Thrift 714 7 12-31 06/95 16.00 104
SFIN Statewide Fin. Corp. of NJ OTC Northern NJ Thrift 673 16 12-31 10/95 18.75 88
THRD TF Financial Corp. of PA OTC Philadelphia PA Thrift 641 14 06-30 07/94 19.25 79
TSBS Trenton SB,FSB MHC of NJ(35.9) OTC Central NJ Thrift 631 14 12-31 08/95 28.62 259
FSNJ Bayonne Banchsares of NJ OTC Northern NJ Thrift 577 M 4 03-31 01/95 11.87 36
FMCO FMS Financial Corp. of NJ OTC Southern NJ Thrift 555 18 12-31 12/88 25.25 60
FSPG First Home Bancorp of NJ OTC NJ,DE Thrift 522 10 12-31 04/87 20.12 54
PULS Pulse Bancorp of S. River NJ OTC Central NJ Thrift 520 4 09-30 09/86 20.50 63
ANBK American Nat'l Bancorp of MD OTC Baltimore MD R.E. 505 M 10 07-31 10/95 19.69 71
LVSB Lakeview SB of Paterson NJ OTC Northern NJ Thrift 482 M 8 07-31 12/93 32.25 74
AHCI Ambanc Holding Co., Inc. of NY (3) OTC East-Central NY Thrift 478 M 9 12-31 12/95 15.50 68
PFNC Progress Financial Corp. of PA OTC Southeastern PA M.B. 419 9 12-31 07/83 14.75 56
CNY Carver Bancorp, Inc. of NY AMEX New York, NY Thrift 414 7 03-31 10/94 12.37 29
SHEN First Shenango Bancorp of PA OTC Western PA Thrift 411 4 12-31 04/93 27.50 57
RARB Raritan Bancorp. of Raritan NJ (3) OTC Central NJ Thrift 379 6 12-31 03/87 22.25 54
PBCI Pamrapo Bancorp, Inc. of NJ OTC Northern NJ Thrift 371 8 12-31 11/89 20.75 59
FSBI Fidelity Bancorp, Inc. of PA OTC Southwestern PA Thrift 363 8 09-30 06/88 21.25 33
FOBC Fed One Bancorp of Wheeling WV OTC Northern WV,OH Thrift 357 9 12-31 01/95 20.00 47
HARL Harleysville SA of PA OTC Southeastern PA Thrift 337 4 09-30 08/87 26.00 43
CVAL Chester Valley Bancorp of PA OTC Southeastern PA Thrift 324 6 06-30 03/87 24.00 49
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ --------- ------------------------- ------ ----------------- --------- ------- -------- ----- ------ ------ ---------
($Mil) ($) ($Mil)
Mid-Atlantic Companies (continued)
----------------------------------
FKFS First Keystone Fin. Corp of PA OTC Philadelphia PA Thrift 321 5 09-30 01/95 27.75 34
EQSB Equitable FSB of Wheaton MD OTC Central MD Thrift 308 4 09-30 09/93 37.94 23
LFBI Little Falls Bancorp of NJ OTC New Jersey Thrift 300 6 12-31 01/96 17.37 48
WVFC WVS Financial Corp. of PA (3) OTC Pittsburgh PA Thrift 295 5 06-30 11/93 27.00 47
YFCB Yonkers Fin. Corp. of NY OTC Yonkers NY Thrift 288 4 09-30 04/96 17.37 53
FBER First Bergen Bancorp of NJ OTC Northern NJ Thrift 285 4 09-30 04/96 17.75 53
CATB Catskill Fin. Corp. of NY (3) OTC Albany NY Thrift 284 4 09-30 04/96 16.37 77
FIBC Financial Bancorp, Inc. of NY OTC New York, NY Thrift 282 5 09-30 08/94 19.87 34
LFED Leeds FSB, MHC of MD (36.3) OTC Baltimore MD Thrift 282 M 1 06-30 05/94 26.25 91
IFSB Independence FSB of DC OTC Washington DC Ret. 263 M 2 12-31 06/85 13.03 17
WYNE Wayne Bancorp of NJ OTC Northern NJ Thrift 261 0 12-31 06/96 23.87 51
WSB Washington SB, FSB of MD AMEX Southeastern MD Thrift 258 M 4 07-31 / 6.75 29
PHFC Pittsburgh Home Fin. of PA OTC Pittsburgh PA Thrift 256 6 09-30 04/96 19.50 38
GDVS Greater DV SB,MHC of PA (19.9) (3) OTC Southeast PA Thrift 244 7 12-31 03/95 20.75 68
PHSB Ppls Home SB, MHC of PA (45.0) OTC Western PA Thrift 229 P 9 12-31 07/97 16.00 44
ESBK The Elmira SB FSB of Elmira NY (3) OTC NY,PA Thrift 228 6 12-31 03/85 23.44 17
SBFL SB Fngr Lakes MHC of NY (33.1) OTC Western NY Thrift 217 4 04-30 11/94 23.00 41
HRBF Harbor Federal Bancorp of MD OTC Baltimore MD Thrift 216 9 03-31 08/94 19.75 33
LARL Laurel Capital Group of PA OTC Southwestern PA Thrift 212 6 06-30 02/87 22.50 32
PEEK Peekskill Fin. Corp. of NY OTC Southeast NY Thrift 183 3 06-30 12/95 16.37 52
PLSK Pulaski SB, MHC of NJ (46.0) OTC New Jersey Thrift 177 6 12-31 04/97 16.62 34
SFED SFS Bancorp of Schenectady NY OTC Eastern NY Thrift 173 3 12-31 06/95 19.25 24
AFED AFSALA Bancorp, Inc. of NY OTC Central NY Thrift 159 4 09-30 10/96 16.06 23
SKBO First Carnegie,MHC of PA(45.0) OTC Western PA Thrift 150 P 3 03-31 04/97 15.50 36
PRBC Prestige Bancorp of PA OTC Thrift 136 0 12-31 06/96 17.12 16
TPNZ Tappan Zee Fin., Inc. of NY OTC Southeast NY Thrift 120 S 1 03-31 10/95 17.25 26
GOSB GSB Financial Corp. of NY OTC Southeast NY Thrift 114 P 2 09-30 07/97 14.37 32
WWFC Westwood Fin. Corp. of NJ OTC Northern NJ Thrift 111 2 03-31 06/96 24.25 16
AFBC Advance Fin. Bancorp of WV OTC Northern Neck WV Thrift 104 M 2 06-30 01/97 16.25 18
WHGB WHG Bancshares of MD OTC Baltimore MD Thrift 100 5 09-30 04/96 15.75 23
ALBC Albion Banc Corp. of Albion NY OTC Western NY Thrift 69 2 09-30 07/93 23.25 6
PWBK Pennwood SB of PA (3) OTC Pittsburgh PA Thrift 50 3 12-31 07/96 16.75 10
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ------------------------------ ------ -------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
COFI Charter One Financial of OH OTC OH,MI Div. 14,565 155 12-31 01/88 54.37 2,511
CFB Commercial Federal Corp. of NE NYSE NE,CO,KS,OK,IA M.B. 7,097 107 06-30 12/84 42.06 907
FFHC First Financial Corp. of WI OTC WI,IL Div. 5,931 129 12-31 12/80 32.25 1,168
SPBC St. Paul Bancorp, Inc. of IL OTC Chicago IL Div. 4,611 52 12-31 05/87 23.12 786
SECP Security Capital Corp. of WI OTC Wisconsin Div. 3,673 42 06-30 01/94 103.50 953
MAFB MAF Bancorp of IL OTC Chicago IL Thrift 3,236 M 20 12-31 01/90 30.75 473
CTZN CitFed Bancorp of Dayton OH OTC Dayton OH M.B. 3,098 33 03-31 01/92 44.00 380
GTFN Great Financial Corp. of KY OTC Kentucky M.B. 3,046 45 12-31 03/94 33.37 460
STND Standard Fin. of Chicago IL OTC Chicago IL Thrift 2,575 14 12-31 08/94 25.50 413
ABCW Anchor Bancorp Wisconsin of WI OTC Wisconsin M.B. 1,926 33 03-31 07/92 26.25 119
STFR St. Francis Cap. Corp. of WI OTC Milwaukee WI Thrift 1,646 13 09-30 06/93 34.50 183
DNFC D&N Financial Corp. of MI OTC MI Ret. 1,609 37 12-31 02/85 18.62 153
FTFC First Fed. Capital Corp. of WI OTC Southern WI M.B. 1,530 M 44 12-31 11/89 24.50 224
FISB First Indiana Corp. of IN OTC Central IN M.B. 1,521 28 12-31 08/83 20.50 217
FLGS Flagstar Bancorp, Inc of MI OTC MI Thrift 1,519 M 15 12/31 / 19.37 265
ABCL Allied Bancorp of IL OTC Chicago IL M.B. 1,404 14 09-30 07/92 31.12 166
JSBA Jefferson Svgs Bancorp of MO OTC St. Louis MO,TX Thrift 1,297 M 32 12-31 04/93 32.75 164
AADV Advantage Bancorp of WI OTC WI,IL Thrift 1,020 15 09-30 03/92 42.25 137
OFCP Ottawa Financial Corp. of MI OTC Western MI Thrift 861 26 12-31 08/94 25.37 125
CFSB CFSB Bancorp of Lansing MI OTC Central MI Thrift 845 17 12-31 06/90 26.00 132
NASB North American SB of MO OTC KS,MO M.B. 737 7 09-30 09/85 49.00 109
GSBC Great Southern Bancorp of MO OTC Southwest MO Thrift 708 25 06-30 12/89 17.00 138
HOMF Home Fed Bancorp of Seymour IN OTC Southern IN Thrift 683 16 06-30 01/88 30.00 102
MSBK Mutual SB, FSB of Bay City MI OTC Michigan M.B. 673 22 12-31 07/92 10.50 45
SFSL Security First Corp. of OH OTC Northeastern OH R.E. 653 13 03-31 01/88 18.25 138
FNGB First Northern Cap. Corp of WI OTC Northeast WI Thrift 638 20 12-31 12/83 12.75 113
AVND Avondale Fin. Corp. of IL OTC Chicago IL Ret. 607 5 12-31 04/95 14.25 50
EMLD Emerald Financial Corp of OH OTC Cleveland OH Thrift 603 13 12-31 / 14.50 73
FFYF FFY Financial Corp. of OH OTC Youngstown OH Thrift 599 10 06-30 06/93 27.12 112
HMNF HMN Financial, Inc. of MN OTC Southeast MN Thrift 567 7 12-31 06/94 24.50 103
HFFC HF Financial Corp. of SD OTC South Dakota Thrift 562 19 06-30 04/92 22.00 66
FDEF First Defiance Fin.Corp. of OH OTC Northwest OH Thrift 552 9 06-30 10/95 14.75 138
FFBH First Fed. Bancshares of AR OTC Northern AR Thrift 535 12 12-31 05/96 21.00 103
FFOH Fidelity Financial of OH OTC Cincinnati OH Thrift 525 4 12-31 03/96 15.25 85
CBCI Calumet Bancorp of Chicago IL OTC Chicago IL Thrift 497 5 06-30 02/92 42.50 90
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ------------------------------ ------ -------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
- ------------------------------
FBCI Fidelity Bancorp of Chicago IL OTC Chicago IL Thrift 490 5 09-30 12/93 21.25 59
CAFI Camco Fin. Corp. of OH OTC Eastern OH M.B. 490 7 12-31 / 17.78 57
FFSX First FS&LA. MHC of IA (46.1) OTC Western IA Thrift 469 13 06-30 07/92 29.00 82
HFGI Harrington Fin. Group of IN OTC Eastern IN Thrift 447 3 06-30 / 12.00 39
PERM Permanent Bancorp of IN OTC Southwest IN Thrift 433 12 03-31 04/94 22.75 46
SFSB SuburbFed Fin. Corp. of IL OTC IL,IN Thrift 427 12 12-31 03/92 27.50 35
FMBD First Mutual Bancorp of IL OTC Central IL Thrift 418 12 12-31 07/95 15.00 53
HALL Hallmark Capital Corp. of WI OTC Milwaukee WI Thrift 410 3 06-30 01/94 22.25 32
MCBS Mid Continent Bancshares of KS OTC Central KS M.B. 409 9 09-30 06/94 29.75 58
ASBI Ameriana Bancorp of IN OTC Eastern IN,OH Thrift 398 8 12-31 03/87 19.75 64
PMFI Perpetual Midwest Fin. of IA OTC EastCentral IA Thrift 397 5 12-31 03/94 21.50 40
WOFC Western Ohio Fin. Corp. of OH OTC Western OH Thrift 396 6 12-31 07/94 23.75 56
CBSB Charter Financial Inc. of IL OTC Southern IL Thrift 393 8 09-30 12/95 20.12 83
PFSL Pocahnts Fed, MHC of AR (47.0) OTC Northeast AR Thrift 379 6 09-30 04/94 27.00 44
SWBI Southwest Bancshares of IL OTC Chicago IL Thrift 378 6 12-31 06/92 20.25 54
FFHH FSF Financial Corp. of MN OTC Southern MN Thrift 378 11 09-30 10/94 17.75 54
FFKY First Fed. Fin. Corp. of KY OTC Central KY Thrift 377 8 06-30 07/87 21.50 90
CASH First Midwest Fin. Corp. of IA OTC IA,SD R.E. 375 12 09-30 09/93 18.19 50
PVFC PVF Capital Corp. of OH OTC Cleveland OH R.E. 356 M 9 06-30 12/92 21.37 55
HBEI Home Bancorp of Elgin IL OTC Northern IL Thrift 353 5 12-31 09/96 17.50 120
INBI Industrial Bancorp of OH OTC Northern OH Thrift 347 10 12-31 08/95 14.75 78
HVFD Haverfield Corp. of OH OTC Cleveland OH Thrift 346 10 12-31 03/85 26.75 51
KNK Kankakee Bancorp of IL AMEX Illinois Thrift 342 9 12-31 01/93 29.00 41
HBFW Home Bancorp of Fort Wayne IN OTC Northeast IN Thrift 335 9 09-30 03/95 22.00 56
HMCI Homecorp, Inc. of Rockford IL OTC Northern IL Thrift 332 9 12-31 06/90 15.25 26
SMFC Sho-Me Fin. Corp. of MO OTC Southwest MO Thrift 329 8 12-31 07/94 38.00 57
WFI Winton Financial Corp. of OH OTC Cincinnati OH R.E. 317 4 09-30 08/88 16.00 32
WCBI WestCo Bancorp of IL OTC Chicago IL Thrift 312 1 12-31 06/92 25.75 64
PFDC Peoples Bancorp of Auburn IN OTC Northeastern IN Thrift 288 6 09-30 07/87 23.50 53
GFCO Glenway Financial Corp. of OH OTC Cincinnati OH Thrift 287 6 06-30 11/90 25.00 29
CBK Citizens First Fin.Corp. of IL AMEX Central IL Thrift 272 6 12-31 05/96 16.00 42
FCBF FCB Fin. Corp. of Neenah WI OTC Eastern WI Thrift 271 M 6 03-31 09/93 26.75 109
FBCV 1st Bancorp of Vincennes IN OTC Southwestern IN M.B. 270 1 06-30 04/87 35.75 25
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ------------------------------ ------ -------------- --------- ------ ------- ------ ----- ----- ------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
- ------------------------------
EFBI Enterprise Fed. Bancorp of OH OTC Cincinnati OH Thrift 257 M 5 09-30 10/94 20.00 40
WAYN Wayne S&L Co. MHC of OH (47.8) OTC Central OH Thrift 254 6 03-31 06/93 21.00 47
FFED Fidelity Fed. Bancorp of IN OTC Southwestern IN Thrift 250 M 4 06-30 08/87 9.25 23
MFBC MFB Corp. of Mishawaka IN OTC Northern IN Thrift 248 4 09-30 03/94 23.50 40
CAPS Capital Savings Bancorp of MO OTC Central MO Thrift 243 7 06-30 12/93 15.75 30
MBLF MBLA Financial Corp. of MO OTC Northeast MO Thrift 235 2 06-30 06/93 23.75 31
OHSL OHSL Financial Corp. of OH OTC Cincinnati, OH Thrift 230 4 12-31 02/93 23.25 28
LARK Landmark Bancshares of KS OTC Central KS Thrift 228 5 09-30 03/94 24.25 41
FFHS First Franklin Corp. of OH OTC Cincinnati OH Thrift 227 7 12-31 01/88 19.75 24
FFFD North Central Bancshares of IA OTC Central IA Thrift 213 4 12-31 03/96 16.62 54
BFFC Big Foot Fin. Corp. of IL OTC Chicago IL Thrift 212 M 3 07-31 12/96 17.12 43
CMRN Cameron Fin. Corp. of MO OTC Northwest MO Thrift 208 3 09-30 04/95 17.37 46
MWFD Midwest Fed. Fin. Corp of WI OTC Central WI Thrift 207 9 12-31 07/92 20.75 34
WEFC Wells Fin. Corp. of Wells MN OTC Southcentral MN Thrift 202 7 12-31 04/95 16.50 32
FFBZ First Federal Bancorp of OH OTC Eastern OH Thrift 201 6 09-30 06/92 18.50 29
MFFC Milton Fed. Fin. Corp. of OH OTC Southwest OH Thrift 200 2 09-30 10/94 13.75 32
GFED Guarnty FS&LA,MHC of MO (31.0) OTC Southwest MO Thrift 200 4 06-30 04/95 19.00 59
HCBB HCB Bancshares of AR OTC Southern AR Thrift 199 P 6 06-30 05/97 13.75 36
LSBI LSB Fin. Corp. of Lafayette IN OTC Central IN Thrift 194 4 12-31 02/95 20.69 19
FFWC FFW Corporation of Wabash IN OTC Central IN Thrift 180 3 06-30 04/93 29.25 21
PULB Pulaski SB, MHC of MO (29.8) OTC St. Louis MO Thrift 178 M 5 09-30 05/94 24.75 52
NEIB Northeast Indiana Bncrp of IN OTC Northeast IN Thrift 176 3 12-31 06/95 16.75 30
PFED Park Bancorp of Chicago IL OTC Chicago IL Thrift 176 3 12-31 08/96 16.37 40
EGLB Eagle BancGroup of IL OTC Central IL Thrift 174 3 12-31 07/96 16.50 20
MARN Marion Capital Holdings of IN OTC Central IN Thrift 173 2 06-30 03/93 23.00 41
SMBC Southern Missouri Bncrp of MO OTC Southeast MO Thrift 166 M 8 06-30 04/94 17.25 28
HMLK Hemlock Fed. Fin. Corp. of IL OTC Chicago IL Thrift 165 3 12-31 04/97 15.37 32
FBSI First Bancshares of MO OTC Southcentral MO Thrift 164 6 06-30 12/93 24.25 27
FFWD Wood Bancorp of OH OTC Northern OH Thrift 164 6 06-30 08/93 16.62 35
JXSB Jcksnville SB,MHC of IL (45.6) OTC Central IL Thrift 163 4 12-31 04/95 21.50 27
BWFC Bank West Fin. Corp. of MI OTC Southeast MI Thrift 156 3 06-30 03/95 17.06 30
QCFB QCF Bancorp of Virginia MN OTC Northeast MN Thrift 150 M 2 06-30 04/95 26.00 37
MWBI Midwest Bancshares, Inc. of IA OTC Southeast IA Thrift 147 4 12-31 11/92 36.00 13
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ --------- ------------------------- ------ ----------------- --------- ------- ------- ------ ------ ------- -------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
------------------------------
RIVR River Valley Bancorp of IN OTC Southeast IN Thrift 140 3 12-31 12/96 16.50 20
GTPS Great American Bancorp of IL OTC East Central IL Thrift 137 3 12-31 06/95 18.00 32
WEHO Westwood Hmstd Fin Corp of OH OTC Cincinnati OH Thrift 135 2 12-31 09/96 15.50 43
FKKY Frankfort First Bancorp of KY OTC Frankfort KY Thrift 132 3 06-30 07/95 10.87 36
CLAS Classic Bancshares of KY OTC Eastern KY Thrift 132 M 3 03-31 12/95 14.12 18
MFCX Marshalltown Fin. Corp. of IA OTC Central IA Thrift 128 3 09-30 03/94 16.75 24
MIFC Mid Iowa Financial Corp. of IA OTC Central IA Thrift 126 6 09-30 10/92 9.25 16
PTRS Potters Financial Corp of OH OTC Northeast OH Thrift 121 4 12-31 12/93 24.00 12
NBSI North Bancshares of Chicago IL OTC Chicago IL Thrift 120 2 12-31 12/93 22.00 22
ASBP ASB Financial Corp. of OH OTC Southern OH Thrift 112 1 06-30 04/95 13.12 23
FFSL First Independence Corp. of KS OTC Southeast KS Thrift 111 2 09-30 10/93 13.00 13
BDJI First Fed. Bancorp. of MN OTC Northern MN Thrift 111 5 09-30 04/95 21.00 14
HFFB Harrodsburg 1st Fin Bcrp of KY OTC Central KY Thrift 109 2 09-30 10/95 15.25 31
PSFC Peoples Sidney Fin. Corp of OH OTC WestCentral OH Thrift 108 P 2 06-30 04/97 16.00 29
HFSA Hardin Bancorp of Hardin MO OTC Western MO Thrift 108 3 03-31 09/95 16.50 14
DCBI Delphos Citizens Bancorp of OH OTC Northwest OH Thrift 107 1 09-30 11/96 16.00 33
MONT Montgomery Fin. Corp. of IN OTC Westcentral IN Thrift 104 P 4 06-30 07/97 11.94 20
FTNB Fulton Bancorp of MO OTC Central MO Thrift 99 M 2 06-30 10/96 21.00 36
CNSB CNS Bancorp of MO OTC Central MO Thrift 98 5 12-31 06/96 16.75 28
FTSB Fort Thomas Fin. Corp. of KY OTC Northern KY Thrift 97 2 09-30 06/95 12.00 18
NWEQ Northwest Equity Corp. of WI OTC Northwest WI Thrift 97 3 03-31 10/94 16.50 14
CBES CBES Bancorp of MO OTC Western MO Thrift 95 M 2 06-30 09/96 17.62 18
WCFB Wbstr Cty FSB MHC of IA (45.2) OTC Central IA Thrift 95 1 12-31 08/94 17.75 37
AMFC AMB Financial Corp. of IN OTC Northwest IN Thrift 94 4 12-31 04/96 14.50 14
CIBI Community Inv. Bancorp of OH OTC NorthCentral OH Thrift 92 3 06-30 02/95 16.00 15
GFSB GFS Bancorp of Grinnell IA OTC Central IA Thrift 92 1 06-30 01/94 14.25 14
INCB Indiana Comm. Bank, SB of IN OTC Central IN Ret. 91 M 3 06-30 12/94 15.75 15
THR Three Rivers Fin. Corp. of MI AMEX Southwest MI Thrift 91 M 4 06-30 08/95 15.75 13
KYF Kentucky First Bancorp of KY AMEX Central KY Thrift 89 2 06-30 08/95 12.50 16
PFFC Peoples Fin. Corp. of OH OTC Northeast OH Thrift 86 2 09-30 09/96 17.25 26
HZFS Horizon Fin'l. Services of IA OTC Central IA Thrift 86 3 06-30 06/94 18.87 8
SFFC StateFed Financial Corp. of IA OTC Des Moines IA Thrift 86 2 06-30 01/94 22.00 17
FFDF FFD Financial Corp. of OH OTC Northeast OH Thrift 85 M 1 06-30 04/96 14.75 21
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ --------- ------------------------- ------ ----------------- --------- ------- ------- ------ ----- ------- -------
($Mil) ($) ($Mil)
Mid-West Companies (continued)
- ------------------------------
FFBI First Financial Bancorp of IL OTC Northern IL M.B. 85 2 12-31 10/93 18.87 8
LOGN Logansport Fin. Corp. of IN OTC Northern IN Thrift 83 1 12-31 06/95 14.50 18
HHFC Harvest Home Fin. Corp. of OH OTC Southwest OH Thrift 83 M 3 09-30 10/94 11.75 11
PSFI PS Financial of Chicago IL OTC Chicago IL Thrift 83 1 12-31 11/96 14.75 32
SOBI Sobieski Bancorp of S. Bend IN OTC Northern IN Thrift 82 3 06-30 03/95 16.44 13
PCBC Perry Co. Fin. Corp. of MO OTC EastCentral MO Thrift 81 1 09-30 02/95 21.37 18
MSBF MSB Financial Corp. of MI OTC Southcentral MI Thrift 75 2 06-30 02/95 13.25 17
ATSB AmTrust Capital Corp. of IN OTC Northcentral IN Thrift 71 M 2 06-30 03/95 13.00 7
MIVI Miss. View Hold. Co. of MN OTC Central MN Thrift 70 1 09-30 03/95 15.50 13
HCFC Home City Fin. Corp. of OH OTC Southwest OH Thrift 68 M 1 06-30 12/96 15.50 15
GWBC Gateway Bancorp of KY OTC Eastern KY Thrift 64 2 12-31 01/95 17.62 19
CKFB CKF Bancorp of Danville KY OTC Central KY Thrift 61 1 12-31 01/95 19.00 18
NSLB NS&L Bancorp of Neosho MO OTC Southwest MO Thrift 60 2 09-30 06/95 18.47 13
LXMO Lexington B&L Fin. Corp. of MO OTC West Central MO Thrift 59 1 09-30 06/96 16.00 18
MRKF Market Fin. Corp. of OH OTC Cincinnati OH Thrift 57 2 09-30 03/97 14.19 19
CSBF CSB Financial Group Inc of IL (3) OTC Centralia IL Thrift 48 M 2 09-30 10/95 11.75 11
RELI Reliance Bancshares Inc of WI (3) OTC Milwaukee WI Thrift 47 1 June 04/96 8.37 21
HBBI Home Building Bancorp of IN OTC Southwest IN Thrift 45 2 09-30 02/95 20.50 6
HWEN Home Financial Bancorp of IN OTC Central IN Thrift 43 1 06-30 07/96 15.75 7
FLKY First Lancaster Bncshrs of KY OTC Central KY Thrift 40 M 1 06-30 07/96 15.69 15
LONF London Financial Corp. of OH OTC Central OH Thrift 38 1 09-30 04/96 15.00 8
JOAC Joachim Bancorp of MO OTC Eastern MO Thrift 35 1 03-31 12/95 14.50 10
New England Companies
- ---------------------
PBCT Peoples Bank, MHC of CT (40.1) (3) OTC Southwestern CT Div. 7,870 97 12-31 07/88 28.06 1,713
WBST Webster Financial Corp. of CT OTC Central CT Thrift 5,944 77 12-31 12/86 52.87 634
PHBK Peoples Heritage Fin Grp of ME (3) OTC ME,NH,MA Div. 5,591 132 12-31 12/86 37.25 1,020
EGFC Eagle Financial Corp. of CT OTC Western CT Thrift 2,013 19 09-30 02/87 34.00 213
CFX CFX Corp of NH (3) AMEX NH,MA M.B. 1,859 43 12-31 02/87 20.25 266
SISB SIS Bancorp Inc of MA (3) OTC Central MA Div. 1,435 24 12-31 02/95 29.25 163
ANDB Andover Bancorp, Inc. of MA (3) OTC MA,NH M.B. 1,251 12 12-31 05/86 30.50 157
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ --------- ------------------------- ------ ----------------- --------- ------- ------- ------ ------ -------- -------
($Mil) ($) ($Mil)
New England Companies (continued)
- ---------------------------------
FESX First Essex Bancorp of MA (3) OTC MA,NH Div. 1,245 15 12-31 08/87 16.75 126
AFCB Affiliated Comm BC, Inc of MA OTC MA Thrift 1,090 11 12-31 10/95 26.25 170
MDBK Medford Bank of Medford, MA (3) OTC Eastern MA Thrift 1,073 16 12-31 03/86 31.50 143
FAB FirstFed America Bancorp of MA AMEX MA,RI M.B. 1,021 12 03-31 01/97 20.06 175
FFES First FS&LA of E. Hartford CT OTC Central CT Thrift 984 12 12-31 06/87 32.50 87
BFD BostonFed Bancorp of MA AMEX Boston MA M.B. 976 10 12-31 10/95 18.87 112
MASB MassBank Corp. of Reading MA (3) OTC Eastern MA Thrift 905 14 12-31 05/86 51.25 137
DIBK Dime Financial Corp. of CT (3) OTC Central CT Thrift 874 11 12-31 07/86 28.25 145
MECH Mechanics SB of Hartford CT (3) OTC Hartford CT Thrift 824 14 12-31 06/96 22.50 119
NSSB Norwich Financial Corp. of CT (3) OTC Southeastern CT Thrift 713 19 12-31 11/86 27.75 150
NSSY Norwalk Savings Society of CT (3) OTC Southwest CT Thrift 617 M 7 12-31 06/94 34.87 84
CBNH Community Bankshares Inc of NH (3) OTC Southcentral NH M.B. 616 11 12-31 05/86 41.87 104
BKC American Bank of Waterbury CT (3) AMEX Western CT Thrift 606 15 12-31 12/81 37.62 87
MWBX MetroWest Bank of MA (3) OTC Eastern MA Thrift 566 11 12-31 10/86 6.25 87
PBKB People's SB of Brockton MA (3) OTC Southeastern MA Thrift 549 M 14 12-31 10/86 16.75 60
SOSA Somerset Savings Bank of MA (3) OTC Eastern MA R.E. 515 5 12-31 07/86 3.69 61
SWCB Sandwich Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 502 11 12-31 07/86 32.00 61
ABBK Abington Savings Bank of MA (3) OTC Southeastern MA M.B. 501 7 12-31 06/86 30.50 56
PETE Primary Bank of NH (3) OTC Southern NH Thrift 432 9 12-31 10/93 25.56 53
BKCT Bancorp Connecticut of CT (3) OTC Central CT Thrift 428 3 12-31 07/86 30.75 78
EIRE Emerald Island Bancorp, MA (3) OTC Eastern MA R.E. 425 8 12-31 09/86 21.75 49
LSBX Lawrence Savings Bank of MA (3) OTC Northeastern MA Thrift 366 5 12-31 05/86 11.37 49
WRNB Warren Bancorp of Peabody MA (3) OTC Eastern MA R.E. 358 6 12-31 07/86 17.50 66
NMSB Newmil Bancorp. of CT (3) OTC Eastern CT Thrift 323 13 06-30 02/86 12.87 49
CEBK Central Co-Op. Bank of MA (3) OTC Eastern MA Thrift 321 M 8 03-31 10/86 19.50 38
NHTB NH Thrift Bancshares of NH OTC Central NH Thrift 315 10 12-31 05/86 18.50 38
POBS Portsmouth Bank Shrs Inc of NH (3) OTC Southeastern NH Thrift 259 3 12-31 02/88 18.25 108
NBN Northeast Bancorp of ME (3) OTC Eastern ME Thrift 248 M 8 06-30 08/87 14.50 18
TBK Tolland Bank of CT (3) AMEX Northern CT Thrift 238 7 12-31 12/86 17.12 27
HIFS Hingham Inst. for Sav. of MA (3) OTC Eastern MA Thrift 218 5 12-31 12/88 24.25 32
HPBC Home Port Bancorp, Inc. of MA (3) OTC Southeastern MA Thrift 199 2 12-31 08/88 22.37 41
IPSW Ipswich SB of Ipswich MA (3) OTC Northwest MA Thrift 189 5 12-31 05/93 13.00 15
BSBC Branford SB of CT (3) OTC New Haven CT R.E. 187 5 12-31 11/86 4.94 32
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-1
Characteristics of Publicly-Traded Thrifts
september 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ------------------------------- ------ --------------- -------- ------ ------- ---- ----- ----- ------
($MIL) ($) ($MIL)
New England Companies (continued)
- ---------------------------------
FCME First Coastal Corp. of ME (3) OTC Southern ME Thrift 152 7 12-31 / 10.87 15
KSBK KSB Bancorp of Kingfield ME (3) OTC Western ME M.B. 140 M 8 12-31 06/93 14.00 17
MFLR Mayflower Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 126 4 04-30 12/87 17.50 16
NTMG Nutmeg FS&LA of CT OTC CT M.B. 102 3 12-31 / 10.75 8
FCB Falmouth Co-Op Bank of MA (3) AMEX Southeast MA Thrift 94 2 09-30 03/96 17.00 25
MCBN Mid-Coast Bancorp of ME OTC Eastern ME Thrift 60 2 03-31 11/89 25.50 6
North-West Companies
- --------------------
WAMU Washington Mutual Inc. of WA (3) OTC WA,OR,ID,UT,MT Div. 48,764 290 12-31 03/83 59.87 7,565
WFSL Washington FS&LA of Seattle WA OTC Western US Thrift 5,760 89 09-30 11/82 27.25 1,293
IWBK Interwest SB of Oak Harbor WA OTC Western WA Div. 1,833 31 12-31 / 39.50 317
STSA Sterling Financial Corp. of WA OTC WA,OR M.B. 1,686 41 06-30 / 18.50 103
FWWB First Savings Bancorp of WA (3) OTC Central WA Thrift 1,008 M 16 03-31 11/95 24.75 260
KFBI Klamath First Bancorp of OR OTC Southern OR Thrift 728 7 09-30 10/95 19.62 197
HRZB Horizon Financial Corp. of WA (3) OTC Northwest WA Thrift 519 12 03-31 08/86 15.00 111
FMSB First Mutual SB of Bellevue WA (3) OTC Western WA M.B. 432 6 12-31 12/85 21.00 57
CASB Cascade SB of Everett WA OTC Seattle WA Thrift 352 M 6 06-30 08/92 13.25 34
RVSB Rvrview SB,FSB MHC of WA(41.7) OTC Southwest WA M.B. 230 9 03-31 10/93 27.00 65
FBNW FirstBank Corp of Clarkston WA OTC West. WA/East ID Thrift 154 P 5 03-31 07/97 17.50 35
EFBC Empire Federal Bancorp of MT OTC Southern MT Thrift 110 P 3 12-31 01/97 15.50 40
South-East Companies
- --------------------
FFCH First Fin. Holdings Inc. of SC OTC CHARLESTON SC Div. 1,667 32 09-30 11/83 33.00 210
LIFB Life Bancorp of Norfolk VA OTC Southeast VA Thrift 1,488 20 12-31 10/94 24.25 239
MGNL Magna Bancorp of MS OTC MS,AL M.B. 1,353 63 06-30 03/91 25.37 349
FLFC First Liberty Fin. Corp. of GA OTC Georgia M.B. 1,289 31 09-30 12/83 22.50 174
ISBF ISB Financial Corp. of LA OTC SouthCentral LA Thrift 939 M 25 12-31 04/95 25.37 175
HFNC HFNC Financial Corp. of NC OTC Charlotte NC Thrift 895 8 06-30 12/95 16.12 277
EBSI Eagle Bancshares of Tucker GA OTC Atlanta GA Thrift 848 10 03-31 04/86 16.87 95
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ --------- ------------------------- ------ ----------------- --------- ------- -------- ----- ------ -------- -------
($Mil) ($) ($Mil)
South-East Companies (continued)
--------------------------------
VFFC Virginia First Savings of VA OTC Petersburg VA M.B. 817 M 23 06-30 01/78 23.87 139
CNIT Cenit Bancorp of Norfolk VA OTC Southeastern VA Thrift 710 15 12-31 08/92 52.75 87
PALM Palfed, Inc. of Aiken SC OTC Southwest SC Thrift 665 19 12-31 12/85 16.62 88
VABF Va. Beach Fed. Fin. Corp of VA OTC Southeast VA M.B. 618 12 12-31 11/80 13.62 68
FFFC FFVA Financial Corp. of VA OTC Southern VA Thrift 559 11 12-31 10/94 29.31 133
CFCP Coastal Fin. Corp. of SC OTC SC Thrift 503 9 09-30 09/90 23.50 109
FSPT FirstSpartan Fin. Corp. of SC OTC Northwestern SC Thrift 465 P 5 06-30 07/97 35.37 157
CFBC Community First Bnkg Co. of GA OTC Westcentral GA Thrift 451 12 12-31 07/97 33.87 82
TSH Teche Holding Company of LA AMEX Southern LA Thrift 406 9 09-30 04/95 18.25 63
COOP Cooperative Bk.for Svgs. of NC OTC Eastern NC Thrift 352 17 03-31 08/91 27.00 40
FSFC First So.east Fin. Corp. of SC OTC Northwest SC Thrift 335 M 11 06-30 10/93 14.75 65
FSTC First Citizens Corp of GA OTC Western GA M.B. 326 M 9 03-31 03/86 32.00 59
SOPN First SB, SSB, Moore Co. of NC OTC Central NC Thrift 294 5 06-30 01/94 20.62 76
UFRM United FS&LA of Rocky Mount NC OTC Eastern NC M.B. 276 9 12-31 07/80 12.00 37
ANA Acadiana Bancshares of LA (3) AMEX Southern LA Thrift 262 M 4 12-31 07/96 21.50 59
PERT Perpetual of SC, MHC (46.8) OTC Northwest SC Thrift 256 5 09-30 10/96 40.63 61
SSFC South Street Fin. Corp. of NC (3) OTC South Central NC Thrift 242 2 09-30 10/96 18.75 84
MERI Meritrust FSB of Thibodaux LA OTC Southeast LA Thrift 228 8 12-31 / 41.03 32
FLAG Flag Financial Corp of GA OTC Western GA M.B. 222 4 12-31 12/86 14.75 30
CFTP Community Fed. Bancorp of MS OTC Northeast MS Thrift 209 1 09-30 03/96 18.00 83
ESX Essex Bancorp of VA AMEX VA,NC M.B. 190 12 12-31 / 1.88 2
CFFC Community Fin. Corp. of VA OTC Central VA Thrift 175 3 03-31 03/88 21.75 28
GSFC Green Street Fin. Corp. of NC OTC Southern NC Thrift 175 3 09-30 04/96 18.37 79
FTF Texarkana Fst. Fin. Corp of AR AMEX Southwest AR Thrift 171 5 09-30 07/95 22.37 40
FGHC First Georgia Hold. Corp of GA OTC Southeastern GA Thrift 156 9 09-30 02/87 7.75 24
BFSB Bedford Bancshares of VA OTC Southern VA Thrift 135 3 09-30 08/94 24.12 28
FFBS FFBS Bancorp of Columbus MS OTC Columbus MS Thrift 131 3 06-30 07/93 23.00 36
GSLA GS Financial Corp. of LA OTC New Orleans LA Thrift 123 3 12-31 04/97 15.75 54
PDB Piedmont Bancorp of NC AMEX Central NC Thrift 123 2 06-30 12/95 10.62 29
CFNC Carolina Fincorp of NC (3) OTC Southcentral NC Thrift 112 4 06-30 11/96 17.37 32
TWIN Twin City Bancorp of TN OTC Northeast TN Thrift 107 3 12-31 01/95 20.00 17
KSAV KS Bancorp of Kenly NC OTC Central NC Thrift 106 3 12-31 12/93 18.50 16
SSM Stone Street Bancorp of NC AMEX Central NC Thrift 106 2 12-31 04/96 21.25 40
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ --------- ------------------------- ------ -------------- --------- ------- ------- ----- ----- ------ ------
($Mil) ($) ($Mil)
South-East Companies (continued)
--------------------------------
SRN Southern Banc Company of AL AMEX Northeast AL Thrift 105 M 4 06-30 10/95 15.50 19
CCFH CCF Holding Company of GA OTC Atlanta GA Thrift 101 4 12-31 07/95 17.00 14
CENB Century Bancshares of NC (3) OTC Charlotte NC Thrift 100 M 1 06-30 12/96 79.50 32
SZB SouthFirst Bancshares of AL AMEX Central AL Thrift 97 2 09-30 02/95 16.25 14
SFNB Security First Netwrk Bk of GA OTC GA (Internet) Div. 79 1 12-31 / 13.00 112
SCBS Southern Commun. Bncshrs of AL OTC NorthCentral AL Thrift 70 M 1 09-30 12/96 15.87 18
SSB Scotland Bancorp of NC AMEX S. Central NC Thrift 69 2 09-30 04/96 18.06 35
SCCB S. Carolina Comm. Bnshrs of SC OTC Central SC Thrift 46 M 1 06-30 07/94 21.50 15
MBSP Mitchell Bancorp of NC (3) OTC Western NC Thrift 33 1 12-31 07/96 16.62 15
South-West Companies
--------------------
CBSA Coastal Bancorp of Houston TX OTC Houston TX M.B. 2,964 40 12-31 / 29.50 147
FBHC Fort Bend Holding Corp. of TX OTC Eastcentral TX M.B. 319 5 03-31 06/93 34.25 28
JXVL Jacksonville Bancorp of TX OTC East Central TX Thrift 226 6 09-30 04/96 16.75 42
FFDB FirstFed Bancorp of AL OTC Central AL Thrift 177 7 03-31 11/91 16.53 19
ETFS East Texas Fin. Serv. of TX OTC Northeast TX Thrift 113 2 09-30 01/95 18.75 19
AABC Access Anytime Bancorp of NM OTC Eastern NM Thrift 105 3 12-31 08/86 6.88 8
GUPB GFSB Bancorp of Gallup NM OTC Northwest NM Thrift 87 M 1 06-30 06/95 18.75 16
Western Companies (Excl CA)
---------------------------
FFBA First Colorado Bancorp of Co OTC Denver CO Thrift 1,510 26 12-31 01/96 19.00 315
WSTR WesterFed Fin. Corp. of MT OTC MT Thrift 956 35 06-30 01/94 21.37 119
GBCI Glacier Bancorp of MT OTC Western MT Div. 568 16 12-31 03/84 17.75 121
UBMT United Fin. Corp. of MT OTC Central MT Thrift 108 M 4 12-31 09/86 23.50 29
TRIC Tri-County Bancorp of WY OTC Southeastern WY Thrift 89 2 12-31 09/93 22.75 14
CRZY Crazy Woman Creek Bncorp of WY OTC Northeast WY Thrift 54 1 09-30 03/96 14.37 14
Other Areas
-----------
NOTES: (1) Or most recent date available (M=March, S=September, D=December,
J=June, E=Estimated, and P=Pro Forma)
(2) Operating strategies are: Thrift=Traditional Thrift, M.B.=Mortgage
Banker, R.E.=Real Estate Developer, Div.=Diversified, and Ret.
=Retail Banking.
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
September 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
------ ----------------------------------- ------ ----------------- --------- ------ -------- ---- ----- ----- ------
($Mil) ($) ($Mil)
(3) FDIC savings bank.
Source: Corporate offering circulars, SNL Securities Quarterly Thrift Report,
and financial reports of publicly Traded Thrifts.
Date of Last Update: 10/21/97
EXHIBIT III-2
State of Washington Peer Thrifts
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Market Pricing Comparatives
Prices As of August 29, 1997
Market Per Share Data
---------------
Capitalization Core Book Pricing Ratios(3)
--------------- ---------------------------------------
Price/ Market 12-Mth Value/
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
- --------------------- -------- ------- ------- ------- ------- ------- ------- ------- -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
SAIF-Insured Thrifts 22.11 150.20 1.15 15.74 20.87 140.69 17.55 144.94 18.42
All Public Companies 22.46 160.22 1.23 15.72 19.51 143.57 17.60 148.03 17.91
State of WA 23.36 310.97 1.34 13.21 18.21 174.37 18.41 183.01 17.81
Comparable Group
- ----------------
State of WA
- -----------
CASB Cascade SB of Everett WA(7) 13.25 34.07 0.77 8.46 21.72 156.62 9.67 156.62 17.21
FMSB First Mutual SB of Bellevue WA 21.00 56.74 1.52 10.91 13.46 192.48 13.13 192.48 13.82
FWWB First Savings Bancorp of WA 24.75 260.35 0.84 14.13 27.81 175.16 25.84 190.38 29.46
FBNW FirstBank Corp of Clarkston WA 17.50 34.72 0.44 14.00 NM 125.00 22.55 125.00 NM
HRZB Horizon Financial Corp. of WA 15.00 111.26 1.05 10.91 14.02 137.49 21.45 137.49 14.29
IWBK Interwest SB of Oak Harbor WA 39.50 317.42 2.47 15.46 21.70 255.50 17.32 261.24 15.99
RVSB Rvrview SB,FSB MHC of WA(41.7)(7) 27.00 24.73 1.10 10.67 NM 253.05 28.44 277.21 24.55
STSA Sterling Financial Corp. of WA 18.50 102.99 0.90 12.41 NM 149.07 6.11 170.98 20.56
WFSL Washington FS&LA of Seattle WA 27.25 1293.34 2.14 14.66 14.05 185.88 22.45 203.51 12.73
WAMU Washington Mutual Inc. of WA(7) 59.87 7564.99 2.42 19.30 NM NM 15.51 NM 24.74
Dividends(4) Financial Characteristics(6)
----------------------- ------------------------------------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
---------------- -------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- -------- ------ ------- ------ ------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.38 1.75 29.54 1,149 12.86 0.79 0.54 5.50 0.75 7.55
All Public Companies 0.39 1.76 29.54 1,188 12.70 0.81 0.64 6.47 0.82 8.16
State of WA 0.34 1.38 21.70 1,627 11.17 0.73 1.00 9.31 1.06 10.72
Comparable Group
- ----------------
State of WA
- -----------
CASB Cascade SB of Everett WA(7) 0.00 0.00 0.00 352 6.17 0.39 0.45 7.49 0.58 9.46
FMSB First Mutual SB of Bellevue WA 0.20 0.95 13.16 432 6.82 0.01 1.02 15.34 1.00 14.95
FWWB First Savings Bancorp of WA 0.28 1.13 33.33 1,008 14.75 0.30 1.05 6.25 1.00 5.90
FBNW FirstBank Corp of Clarkston WA 0.00 0.00 0.00 154 18.04 2.07 0.70 3.86 0.57 3.14
HRZB Horizon Financial Corp. of WA 0.40 2.67 38.10 519 15.60 NA 1.57 9.99 1.54 9.80
IWBK Interwest SB of Oak Harbor WA 0.60 1.52 24.29 1,833 6.78 0.64 0.87 12.91 1.18 17.52
RVSB Rvrview SB,FSB MHC of WA(41.7)(7) 0.24 0.89 8.26 230 11.24 0.14 0.95 8.70 1.20 10.87
STSA Sterling Financial Corp. of WA 0.00 0.00 0.00 1,685 4.10 0.61 0.10 2.46 0.32 7.91
WFSL Washington FS&LA of Seattle WA 0.92 3.38 42.99 5,760 12.08 0.73 1.67 14.37 1.84 15.85
WAMU Washington Mutual Inc. of WA(7) 1.08 1.80 44.63 48,764 5.00 0.81 0.35 6.81 0.74 14.45
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data,
adjusted to omit non-operating items (including the SAIF assessment) on a
tax effected basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB =
Price to tangible book value; and P/CORE = Price to estimated core earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month earnings and average equity and assets balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBIT III-3
Northwest U.S. and Western U.S. Peer Thrifts
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Market Pricing Comparatives
Prices As of August 29, 1997
Market Per Share Data
----------------
Capitalization Core Book Pricing Ratios(3) Dividends(4)
---------------- -------------------------------- ---------------
Price/ Market 12-Mth Value/ Amount/
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share Yield
- --------------------- -------- ------ ------ ------ ----- ----- ----- ------ -------- ------- -----
($) ($Mil) ($) ($) (X) (%) (%) (%) (x) ($) (%)
SAIF-Insured Thrifts 22.11 150.20 1.15 15.74 20.87 140.69 17.55 144.94 18.42 0.38 1.75
All Public Companies 22.46 160.22 1.23 15.72 19.51 143.57 17.60 148.03 17.91 0.39 1.76
Special Selection Grouping(8) 22.07 268.17 1.18 13.49 18.21 162.64 21.39 169.36 18.64 0.33 1.46
State of WA 23.36 310.97 1.34 13.21 18.21 174.37 18.41 183.01 17.81 0.34 1.38
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
CASB Cascade SB of Everett WA(7) 13.25 34.07 0.77 8.46 21.72 156.62 9.67 156.62 17.21 0.00 0.00
EFBC Empire Federal Bancorp of MT 15.50 40.18 0.46 14.76 NM 105.01 36.64 105.01 NM 0.30 1.94
FMSB First Mutual SB of Bellevue WA 21.00 56.74 1.52 10.91 13.46 192.48 13.13 192.48 13.82 0.20 0.95
FWWB First Savings Bancorp of WA 24.75 260.35 0.84 14.13 27.81 175.16 25.84 190.38 29.46 0.28 1.13
FBNW FirstBank Corp of Clarkston WA 17.50 34.72 0.44 14.00 NM 125.00 22.55 125.00 NM 0.00 0.00
HRZB Horizon Financial Corp. of WA 15.00 111.26 1.05 10.91 14.02 137.49 21.45 137.49 14.29 0.40 2.67
IWBK Interwest SB of Oak Harbor WA 39.50 317.42 2.47 15.46 21.70 255.50 17.32 261.24 15.99 0.60 1.52
KFBI Klamath First Bancorp of OR 19.62 195.57 0.83 14.20 NM 138.17 27.01 138.17 23.64 0.30 1.53
RVSB Rurview SB, FSB MHC of WA(41.7)(7) 27.00 24.73 1.10 10.67 NM 253.05 28.44 277.21 24.55 0.24 0.89
STSA Sterling Financial Corp. of WA 18.50 102.99 0.90 12.41 NM 149.07 6.11 170.98 20.56 0.00 0.00
WFSL Washington FS&LA of Seattle WA 27.25 1293.34 2.14 14.66 14.05 185.88 22.45 203.51 12.73 0.92 3.38
WAMU Washington Mutual Inc. of WA(7 ) 59.87 7564.99 2.42 19.30 NM NM 15.51 NM 24.74 1.08 1.80
Dividends Financial Characteristics(6)
-------------- --------------------------------------------------------------------
Payout Total Equity/ NPAs/ Reported Core
----------------------------------------
Financial Institution Ratio(5 Assets Assets Assets ROA ROE ROA ROE
- --------------------- -------- --------- ------ ------ -------- -------- -------- --------
(%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 29.54 1,149 12.86 0.79 0.54 5.50 0.75 7.55
All Public Companies 29.54 1,188 12.70 0.81 0.64 6.47 0.82 8.16
Special Selection Grouping(8) 28.14 1,359 14.73 0.56 0.96 7.91 1.08 9.30
State of WA 21.70 1,627 11.17 0.73 1.00 9.31 1.06 10.72
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
CASB Cascade SB of Everett WA(7) 0.00 352 6.17 0.39 0.46 7.49 0.58 9.46
EFBC Empire Federal Bancorp of MT 65.22 110 34.89 0.06 0.83 2.37 1.09 3.12
FMSB First Mutual SB of Bellevue WA 13.16 432 6.82 0.01 1.02 15.34 1.00 14.95
FWWB First Savings Bancorp of WA 33.33 1,008 14.75 0.30 1.05 6.25 1.00 5.90
FBNW FirstBank Corp of Clarkston WA 0.00 154 18.04 2.07 0.70 3.86 0.57 3.14
HRZB Horizon Financial Corp. of WA 38.10 519 15.60 NA 1.57 9.99 1.54 9.80
IWBK Interwest SB of Oak Harbor WA 24.29 1,833 6.78 0.64 0.87 12.91 1.18 17.52
KFBI Klamath First Bancorp of OR 36.14 728 19.55 0.08 0.81 3.67 1.23 5.54
RVSB Rvrview SB,FSB MHC of WA(41.7)(7) 8.26 230 11.24 0.14 0.96 8.70 1.20 10.87
STSA Sterling Financial Corp. of WA 0.00 1,686 4.10 0.61 0.10 2.46 0.32 7.91
WFSL Washington FS&LA of Seattle WA 42.99 5,760 12.08 0.73 1.67 14.37 1.84 15.85
WAMU Washington Mutual Inc. of WA(7) 44.63 48,764 5.00 0.81 0.35 6.81 0.74 14.45
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data,
adjusted to omit non-operating items (including the SAIF assessment) on a
tax effected basis.
(3) P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB =
Price to tangible book value; and P/CORE = Price to estimated core
earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend
declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month earnings and average equity and assets
balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes North-West Companies;
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Market Pricing Comparatives
Prices As of August 29, 1997
Market Per Share Data
---------------
Capitalization Core Book Pricing Ratios(3)
--------------- ---------------------------------------
Price/ Market 12-Mth Value/
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
- --------------------- ------- ------ ------ ------ ------ ------ ------ ------ -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
SAIF-Insured Thrifts 22.11 150.20 1.15 15.74 20.87 140.69 17.55 144.94 18.42
All Public Companies 22.46 160.22 1.23 15.72 19.51 143.57 17.60 148.03 17.91
Special Selection Grouping(8) 19.79 101.80 1.05 15.96 22.74 135.12 20.34 141.25 19.31
State of WA 23.36 310.97 1.34 13.21 18.21 174.37 18.41 183.01 17.81
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
CRZY Crazy Woman Creek Bncorp of WY 14.37 13.72 0.71 14.67 24.78 97.96 25.29 97.96 20.24
FFBA First Colorado Bancorp of Co 19.00 314.66 0.80 11.79 23.46 161.15 20.83 163.37 23.75
GBCI Glacier Bancorp of MT 17.75 120.91 1.23 8.12 16.14 218.60 21.30 224.68 14.43
TRIC Tri-County Bancorp of WY 22.75 13.85 1.40 22.50 20.68 101.11 15.49 101.11 16.25
UBMT United Fin. Corp. of MT 23.50 28.74 1.16 19.95 25.00 117.79 26.68 117.79 20.26
WSTR WesterFed Fin. Corp. of MT 21.37 118.92 1.02 18.73 26.38 114.10 12.44 142.56 20.95
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Amount/ Payout Total Equity/ NPAs/ Reported Core
--------------- --------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- ------ ----- ------- ------ ------ ------ ------- ------- ------- ------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.38 1.75 29.54 1,149 12.86 0.79 0.54 5.50 0.75 7.55
All Public Companies 0.39 1.76 29.54 1,188 12.70 0.81 0.64 6.47 0.82 8.16
Special Selection Grouping(8) 0.56 2.78 47.27 548 16.23 0.29 0.98 6.66 1.16 7.72
State of WA 0.34 1.38 21.70 1,627 11.17 0.73 1.00 9.31 1.06 10.72
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
CRZY Crazy Woman Creek Bncorp of WY 0.40 2.78 56.34 54 25.81 0.39 1.06 3.69 1.30 4.52
FFBA First Colorado Bancorp of Co 0.44 2.32 55.00 1,510 12.93 0.23 0.89 6.25 0.88 6.17
GBCI Glacier Bancorp of MT 0.48 2.70 39.02 568 9.74 0.27 1.44 15.09 1.61 16.87
TRIC Tri-County Bancorp of WY 0.60 2.64 42.86 89 15.32 NA 0.80 5.14 1.02 6.55
UBMT United Fin. Corp. of MT 0.98 4.17 NM 108 22.65 NA 1.09 4.70 1.34 5.80
WSTR WesterFed Fin. Corp. of MT 0.44 2.06 43.14 956 10.91 0.25 0.63 5.09 0.79 6.41
(1) Average of High/Low or Bid/Ask price per share.
(2) EPS (estimate core basis) is based on actual trailing twelve month data,
adjusted to omit non-operating items (including the SAIF assessment) on a
tax effected basis.(3) P/E = Price to earnings; P/B = Price to book; P/A =
Price to assets; P/TB = Price to tangible book value; and P/CORE = Price to
estimated core earnings.
(4) Indicated twelve month dividend, based on last quarterly dividend declared.
(5) Indicated dividend as a percent of trailing twelve month estimated core
earnings.
(6) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month earnings and average equity and assets balances.
(7) Excludes from averages those companies the subject of actual or rumored
acquisition activities or unusual operating characteristics.
(8) Includes Western Companies (Excl CA);
Source: Corporate reports, offering circulars, and RP Financial, LC.
calculations. The information provided in this report has been obtained
from sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBIT IV-1
Stock Prices
As of August 29, 1997
RP FINANCIAL, LC.
- ------------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Weekly Thrift Market Line - Part One
Prices As Of August 29, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHC)
- ---------------------------------------------
SAIF-Insured Thrifts(304) 21.80 5,509 156.6 23.03 15.00 21.65 0.67 193.20 27.15
NYSE Traded Companies(9) 39.78 36,632 1,666.6 41.59 23.96 38.92 3.00 281.99 32.86
AMEX Traded Companies(17) 18.46 3,580 78.2 20.25 13.26 18.55 -0.65 255.48 21.08
NASDAQ Listed OTC Companies(278) 21.39 4,565 109.9 22.56 14.80 21.25 0.67 181.29 27.31
California Companies(21) 26.80 18,905 757.9 28.19 16.42 26.31 2.00 131.52 33.33
Florida Companies(6) 26.54 13,098 355.6 28.10 16.17 25.60 3.52 160.74 32.62
Mid-Atlantic Companies(59) 22.67 6,281 151.9 23.73 14.80 22.58 0.34 175.29 35.28
Mid-West Companies(147) 20.38 3,431 87.9 21.52 14.48 20.35 0.34 213.89 23.47
New England Companies(9) 26.59 5,009 160.3 27.00 16.90 26.04 1.81 359.13 37.78
North-West Companies(7) 22.98 12,610 330.9 23.92 17.06 22.69 1.34 161.76 22.80
South-East Companies(42) 21.71 3,657 76.0 23.72 15.88 21.50 0.94 164.23 24.37
South-West Companies(7) 20.20 1,785 39.8 20.93 13.20 19.90 1.21 1.93 23.98
Western Companies (Excl CA)(6) 19.79 5,288 101.8 21.10 15.19 19.78 0.15 289.02 17.63
Thrift Strategy(240) 20.78 3,614 82.8 21.89 14.61 20.65 0.67 170.23 25.94
Mortgage Banker Strategy(37) 26.73 13,313 489.5 28.07 17.27 26.67 0.30 253.99 33.45
Real Estate Strategy(11) 23.80 7,817 206.9 24.79 14.55 23.28 1.55 208.38 37.64
Diversified Strategy(12) 30.43 23,705 802.2 33.82 18.60 29.91 1.54 188.87 29.33
Retail Banking Strategy(4) 15.41 3,472 58.4 17.94 11.38 15.42 0.07 332.15 13.55
Companies Issuing Dividends(256) 21.92 5,362 156.4 23.16 15.16 21.79 0.68 203.71 26.35
Companies Without Dividends(48) 21.08 6,351 157.8 22.27 14.13 20.89 0.63 122.08 32.50
Equity/Assets less than 6%(23) 25.13 17,616 536.7 26.50 15.56 24.65 2.03 158.02 34.47
Equity/Assets 6-12%(146) 24.01 5,810 183.4 25.22 15.89 23.91 0.36 205.86 30.67
Equity/Assets greater than 12%(135) 18.98 3,184 65.9 20.20 14.01 18.84 0.76 162.71 21.91
Converted Last 3 Mths (no MHC)(5) 22.61 2,546 65.0 23.95 21.52 22.75 -0.81 0.00 -8.15
Actively Traded Companies(41) 29.98 17,223 641.5 31.61 19.37 29.55 1.42 213.89 33.75
Market Value Below $20 Million(62) 16.86 895 14.2 17.71 12.40 16.74 0.67 220.64 22.50
Holding Company Structure(269) 21.86 5,292 156.1 23.03 15.16 21.71 0.70 176.15 26.16
Assets Over $1 Billion(62) 31.12 17,328 595.7 32.78 20.09 30.75 1.33 226.56 29.90
Assets $500 Million-$1 Billion(49) 20.96 5,572 104.8 22.30 13.85 20.97 0.02 207.01 32.85
Assets $250-$500 Million(68) 21.99 2,538 52.6 23.05 15.18 21.93 0.34 176.96 29.80
Assets less than $250 Million(125) 17.66 1,498 25.1 18.74 12.99 17.52 0.78 124.84 22.01
Goodwill Companies(124) 25.03 9,047 265.8 26.48 16.51 24.88 0.54 220.30 29.62
Non-Goodwill Companies(178) 19.60 3,080 81.9 20.69 13.99 19.46 0.78 153.55 25.35
Acquirors of FSLIC Cases(10) 33.95 33,589 1,488.4 35.65 21.38 33.32 1.91 265.04 32.38
Current Per Shares Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts(no MH)
- --------------------------------------------
SAIF-Insured Thrifts(304) 0.85 1.17 15.91 15.44 157.00
NYSE Traded Companies(9) 1.96 2.77 20.08 19.19 358.54
AMEX Traded Companies(17) 0.55 0.84 15.51 15.32 109.25
NASDAQ Listed OTC Companies(278) 0.83 1.13 15.79 15.32 153.02
California Companies(21) 0.96 1.43 17.01 16.41 262.00
Florida Companies(6) 0.98 0.88 13.56 12.84 185.50
Mid-Atlantic Companies(59) 0.98 1.39 16.27 15.61 172.56
Mid-West Companies(147) 0.84 1.11 15.89 15.56 138.70
New England Companies(9) 0.81 1.40 17.48 16.28 242.59
North-West Companies(7) 0.91 1.21 14.25 13.72 140.82
South-East Companies(42) 0.61 0.88 14.97 14.65 120.62
South-West Companies(7) 0.66 1.19 16.36 15.47 218.19
Western Companies (Excl CA)(6) 0.89 1.05 15.96 15.27 106.34
Thrift Strategy(240) 0.79 1.11 16.03 15.63 141.16
Mortgage Banker Strategy(37) 1.23 1.59 16.66 15.66 241.93
Real Estate Strategy(11) 0.90 1.39 14.30 14.00 220.08
Diversified Strategy(12) 1.06 1.28 12.79 12.29 177.81
Retail Banking Strategy(4) 0.18 -0.01 13.11 12.67 168.59
Companies Issuing Dividends(256) 0.92 1.24 16.02 15.50 154.29
Companies Without Dividends(48) 0.40 0.71 15.31 15.08 172.46
Equity/Assets less than 6%(23) 0.97 1.57 13.79 12.92 286.58
Equity/Assets 6-12%(146) 1.04 1.41 16.43 15.71 198.28
Equity/Assets greater than 12%(135) 0.63 0.85 15.73 15.58 93.17
Converted Last 3 Mths (no MHC)(5) 0.67 0.70 19.07 19.00 96.56
Actively Traded Companies(41) 1.46 2.01 17.56 16.92 236.50
Market Value Below $20 Million(62) 0.54 0.84 15.32 15.19 118.97
Holding Company Structure(269) 0.84 1.16 16.21 15.76 155.08
Assets Over $1 Billion(62) 1.36 1.87 18.14 16.86 256.85
Assets $500 Million-$1 Billion(49) 0.88 1.11 14.14 13.67 155.60
Assets $250-$500 Million(68) 0.87 1.21 16.68 16.17 167.71
Assets less than $250 Million(125) 0.58 0.83 15.15 15.07 105.35
Goodwill Companies(124) 1.06 1.40 16.56 15.40 204.37
Non-Goodwill Companies(178) 0.70 1.01 15.47 15.47 125.05
Acquirors of FSLIC Cases(10) 1.66 2.43 18.85 17.79 305.74
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and
assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating charteristics.
(9) For MHC institutions, market value reflects share price multiplied by public
(non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 2209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part One
Prices As Of August 29, 1997
Market Capitalization Price Change Data
------------------------------- --------------------------------------
Shares Market 52 Week (1) % Change From
---------------- -----------------
Price/ Outst- Capital- Last Last Dec 31
Financial Institution Shares(1) anding ization (9) High Low Week Week 1994 (2)
- --------------------- --------- ------ ----------- ------- ----- ------- ----- ---------
($) (ooo) ($Mil) ($) ($) ($) (%) (%)
Market Averages, BIF-Insured Thrifts (no NHC)
- ---------------------------------------------
BIF-Insured Thrifts (69) 24.27 7,812 208.9 25.26 15.39 23.97 1.16 199.10
NYSE Traded Companies (3) 34.85 52,819 1,670.3 37.21 20.50 35.25 -0.36 258.72
ANEX Traded Companies (6) 22.79 4,007 88.2 23.59 14.42 22.58 0.62 109.86
NASDAQ Listed OTC Companies (6D) 23.80 5,530 134.2 24.73 15.20 23.45 1.30 207.90
California Companies (4) 19.97 5,592 114.2 21.11 11.09 20.05 -0.51 424.89
Mid-Atlantic Companies (18) 26.51 17,448 507.9 27.77 16.20 26.27 1.05 131.34
Mid-West Companies (2) 11.75 942 11.1 12.50 9.12 12.00 -2.08 0.00
New England Companies (36) 23.45 4,578 112.7 24.38 14.82 23.11 1.47 214.79
North-West Companies (4) 20.25 6,875 142.8 21.21 13.14 19.83 1.90 101.16
South-East Companies (5) 30.75 2,083 44.6 31.25 22.47 30.22 1.19 0.00
Thrift Strategy (46) 24.89 4,809 155.0 25.82 16.01 24.54 1.30 192.34
Mortgage Banker Strategy (10) 24.00 25,700 538.2 25.12 14.82 23.55 1.96 217.17
Real Estate Strategy (6) 18.00 4,200 74.5 18.59 11.31 18.03 -0.29 302.36
Diversified Strategy (7) 24.37 10,955 308.2 26.05 14.32 24.47 0.00 143.67
Companies Issuing Dividends (57) 25.63 8,302 230.2 26.65 16.46 25.28 1.37 193.54
Companies Without Dividends (12) 16.83 5,184 93.1 17.69 9.61 16.84 0.02 254.65
Equity/Assets Less than 6 ?? (5) 16.06 30,231 568.1 16.53 8.87 15.74 2.07 127.69
Equity/Assets 6-12% (47) 25.80 6,117 201.6 26.85 16.01 25.45 1.40 212.27
Equity/Assets More than 12% (17) 22.47 6,264 132.2 23.45 15.52 22.32 0.31 31.35
Actively Traded Companies (23) 25.62 11,723 274.1 26.82 16.15 25.12 1.92 243.42
Market Value Below $20 Million (9) 15.55 984 14.6 16.15 10.51 15.52 0.23 112.17
Holding Company Structure (46) 24.53 6,631 167.4 25.49 15.75 24.11 1.50 200.12
Assets Over $1 Billion (18) 29.58 22,573 668.5 30.89 17.85 29.35 1.09 194.04
Assets $500 Million-$1 Billion (17) 26.44 4,964 106.0 27.48 16.75 25.95 1.79 187.01
Assets $250-$500 Million (15) 19.41 3,098 56.5 20.42 12.50 19.36 0.21 234.58
Assets less than $250 Million (19) 21.52 1,418 27.2 22.17 14.32 21.15 1.40 180.68
Goodwill Companies (32) 25.21 12,018 339.3 26.37 15.97 24.90 1.26 191.27
Non-Goodwill Companies (37) 23.45 4,160 95.4 24.28 14.89 23.16 1.07 212.79
Current Per Share Financials
------------------------------------------------
% Change From Tangible
-------------------- Trailing 12 No. Book Book
Dec 31, 12 No. Core Value/ Value/ Assets/
Financial Institution 1995 (2) EPS (3) EPS(3) Share Share (4) Share
- --------------------- -------------------- ----------- ------- ------- --------- --------
Market Averages, BIF-Insured Thrifts (no NHC) (%) ($) ($) ($) ($) ($)
- ---------------------------------------------
BIF-Insured Thrifts (69) 34.43 1.64 1.63 15.87 15.06 157.29
NYSE Traded Companies (3) 33.98 1.93 1.92 19.07 14.47 239.94
ANEX Traded Companies (6) 41.31 1.14 1.11 16.02 13.92 167.23
NASDAQ Listed OTC Companies (6D) 33.59 1.69 1.68 15.65 15.24 151.01
California Companies (4) 37.96 1.94 1.87 12.67 12.66 131.21
Mid-Atlantic Companies (18) 33.36 1.27 1.35 16.29 14.43 170.50
Mid-West Companies (2) 16.11 0.21 0.32 12.77 12.04 50.95
New England Companies (36) 36.18 1.95 1.88 14.79 14.23 172.44
North-West Companies (4) 31.50 1.17 1.14 11.98 11.61 108.54
South-East Companies (5) 29.47 1.28 1.33 26.59 26.59 98.18
Thrift Strategy (46) 34.56 1.58 1.57 16.90 15.96 154.39
Mortgage Banker Strategy (10) 35.07 1.51 1.57 14.44 14.00 187.42
Real Estate Strategy (6) 25.34 1.52 1.45 11.02 11.01 129.69
Diversified Strategy (7) 39.81 2.42 2.39 13.09 12.28 161.61
Companies Issuing Dividends (57) 33.81 1.58 1.57 16.67 15.74 164.74
Companies Without Dividends (12) 37.70 2.01 1.97 11.50 11.41 116.75
Equity/Assets Less than 6 ?? (5) 63.52 1.34 1.21 8.55 8.33 156.80
Equity/Assets 6-12% (47) 33.43 1.92 1.89 15.68 14.56 185.36
Equity/Assets More than 12% (17) 28.89 1.00 1.07 18.31 18.18 84.44
Actively Traded Companies (23) 32.29 1.93 1.86 15.82 15.06 184.62
Market Value Below $20 Million (9) 30.80 1.37 1.35 13.77 13.31 137.77
Holding Company Structure (46) 33.12 1.60 1.59 16.18 15.51 142.20
Assets Over $1 Billion (18) 36.30 1.85 1.85 15.65 14.14 186.03
Assets $500 Million-$1 Billion (17) 34.91 1.91 1.84 16.93 15.63 189.48
Assets $250-$500 Million (15) 29.81 1.21 1.21 13.09 12.93 127.95
Assets less than $250 Million (19) 36.21 1.58 1.58 17.33 17.08 125.81
Goodwill Companies (32) 34.11 1.60 1.58 15.68 13.95 187.78
Non-Goodwill Companies (37) 34.70 1.68 1.67 16.04 16.04 130.74
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common equity
and assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For NHC institutions, market value reflects share price multiplied by
public (non-HHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded
companies, and RP Financial, Inc. calculations. The information
provided in this report has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 29, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
---------------- ------------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
Market Averages, MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(21) 26.89 4,936 52.7 27.32 14.55 24.91 7.35 266.74 60.25
BIF-Insured Thrifts(2) 24.41 32,163 349.8 25.25 11.67 22.25 12.50 256.54 72.93
NASDAQ Listed OTC Companies(23) 26.65 7,529 81.0 27.12 14.27 24.65 7.84 263.34 61.66
Florida Companies(3) 37.83 5,160 97.3 37.83 18.50 32.87 13.86 0.00 52.80
Mid-Atlantic Companies(10) 23.65 6,654 56.8 23.89 12.55 22.21 6.95 198.70 77.79
Mid-West Companies(7) 23.50 2,029 21.0 24.54 14.07 21.71 8.04 334.78 48.94
New England Companies(1) 28.05 61,053 686.2 29.00 14.08 27.75 1.12 256.54 45.77
South-East Companies(1) 40.63 1,505 28.6 41.00 20.25 39.00 4.18 0.00 67.55
Thrift Strategy(21) 26.59 4,853 50.7 27.03 14.28 24.50 8.18 266.74 62.59
Diversified Strategy(1) 28.06 61,053 686.2 29.00 14.08 27.75 1.12 256.54 45.77
Companies Issuing Dividends(22) 27.19 7,767 84.0 27.68 14.31 25.08 8.27 263.34 61.66
Companies Without Dividends(1) 16.00 2,760 19.9 16.12 13.62 16.12 -0.74 0.00 0.00
Equity/Assets 6-12%(16) 28.73 9,091 100.4 29.33 14.83 26.22 9.58 263.34 61.94
Equity/Assets greater than 12%(7) 21.48 3,624 32.3 21.60 12.87 20.73 3.49 0.00 60.68
Actively Traded Companies(1) 29.87 7,264 101.7 30.00 14.37 28.50 4.81 198.70 61.46
Holding Company Structure(1) 29.87 7,264 101.7 30.00 14.37 28.50 4.81 198.70 61.46
Assets Over $1 Billion(5) 34.69 21,577 235.5 34.95 16.21 31.92 7.25 227.62 67.05
Assets $500 Million-$1 Billion(3) 28.87 6,966 85.5 29.08 14.08 26.87 7.55 0.00 60.67
Assets $250-$500 Million(5) 28.78 2,334 28.5 30.10 16.18 26.75 8.05 334.78 52.64
Assets less than $250 Million(10) 19.48 2,207 15.4 19.64 11.94 17.97 8.18 0.00 65.88
Goodwill Companies(9) 32.23 15,815 174.3 33.22 16.01 29.75 7.53 263.34 64.19
Non-Goodwill Companies(14) 23.23 2,429 23.5 23.37 13.20 21.52 8.03 0.00 59.63
MHC Institutions(23) 26.66 7,529 81.0 27.12 14.27 24.65 7.84 263.34 61.66
MHC Converted Last 3 Months(1) 16.00 2,760 19.9 16.12 13.62 16.12 -0.74 0.00 0.00
Current Per Share Financials
-----------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- -------- -------- --------
($) ($) ($) ($) ($)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(21) 0.67 0.99 13.09 12.79 124.70
BIF-Insured Thrifts(2) 0.81 0.73 9.79 9.79 101.80
NASDAQ Listed OTC Companies(23) 0.68 0.96 12.77 12.51 122.52
Florida Companies(3) 1.09 1.51 15.56 15.32 169.92
Mid-Atlantic Companies(10) 0.48 0.71 11.65 11.18 99.52
Mid-West Companies(7) 0.64 1.02 12.33 12.31 128.13
New England Companies(1) 1.39 1.03 10.93 10.92 128.90
South-East Companies(1) 1.00 1.41 20.13 20.13 170.24
Thrift Strategy(21) 0.65 0.96 12.86 12.58 122.20
Diversified Strategy(1) 1.39 1.03 10.93 10.92 128.90
Companies Issuing Dividends(22) 0.70 0.98 12.69 12.41 124.49
Companies Without Dividends(1) 0.32 0.67 14.36 14.36 82.97
Equity/Assets 6-12%(16) 0.75 1.07 13.14 12.83 142.88
Equity/Assets greater than 12%(7) 0.52 0.69 11.86 11.69 71.60
Actively Traded Companies(1) 0.80 1.25 13.39 11.94 142.18
Holding Company Structure(1) 0.80 1.25 13.39 11.94 142.18
Assets Over $1 Billion(5) 1.12 1.35 13.25 12.37 153.48
Assets $500 Million-$1 Billion(3) 0.70 0.87 13.20 12.85 118.29
Assets $250-$500 Million(5) 0.81 1.23 14.46 14.44 152.53
Assets less than $250 Million(10) 0.32 0.59 11.26 11.26 85.99
Goodwill Companies(9) 0.96 1.18 13.02 12.32 143.81
Non-Goodwill Companies(14) 0.51 0.83 12.62 12.62 109.41
MHC Institutions(23) 0.68 0.96 12.77 12.51 122.52
MHC Converted Last 3 Months(1) 0.32 0.67 14.36 14.36 82.97
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and
assets balances.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
(9) For MHC Institutions, market value reflects share price mulitiplied by
public (non-MHC) shares.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations. The information provided in this
report has been obtained from sources we believe are reliable, but we
cannot guarantee the accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 29, 1997
Market Capitalization Price Change Data
------------------------ -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- -------- ------ ---------- ------- ------- ------- ------- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 50.75 97,336 4,939.8 54.12 25.12 50.75 0.00 170.67 56.15
CSA Coast Savings Financial of CA 46.06 18,616 857.5 48.75 30.25 44.44 3.65 298.44 25.78
CFB Commercial Federal Corp. of NE 42.06 21,553 906.5 42.06 25.92 40.37 4.19 ***.** 31.44
DME Dime Bancorp, Inc. of NY* 19.37 103,719 2,009.0 20.25 12.87 19.19 0.94 92.54 31.32
DSL Downey Financial Corp. of CA 22.12 26,733 591.3 23.75 15.40 21.50 2.88 103.68 18.35
FRC First Republic Bancorp of CA* 23.62 9,693 228.9 24.81 13.12 23.56 0.25 424.89 41.01
FED FirstFed Fin. Corp. of CA 33.75 10,575 356.9 34.62 18.12 32.56 3.65 108.98 53.41
GSB Glendale Fed. Bk, FSB of CA 28.87 50,349 1,453.6 30.56 17.50 28.37 1.76 77.66 24.17
GDW Golden West Fin. Corp. of CA 82.31 55,739 4,670.2 84.62 55.00 82.25 0.07 214.28 30.40
GPT GreenPoint Fin. Corp. of NY* 61.56 45,044 2,772.9 66.56 35.50 63.00 -2.29 N.A. 29.60
NYB New York Bancorp, Inc. of NY 30.50 21,591 658.5 32.00 15.12 30.75 -0.81 330.18 57.46
WES Westcorp Inc. of Orange CA 21.56 26,195 564.8 23.87 13.25 19.31 11.65 194.13 -1.46
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 21.50 2,731 58.7 22.25 13.12 21.50 0.00 N.A. 44.59
BKC American Bank of Waterbury CT* 37.62 2,306 86.8 39.00 25.87 37.00 1.68 100.64 34.36
BFD BostonFed Bancorp of MA 18.87 5,947 112.2 19.94 12.62 19.50 -3.23 N.A. 27.93
CFX CFX Corp of NH* 20.25 13,144 266.2 21.00 13.21 18.87 7.31 70.17 30.65
CNY Carver Bancorp, Inc. of NY 12.37 2,314 28.6 13.37 7.37 12.75 -2.98 97.92 49.94
CBK Citizens First Fin.Corp. of IL 16.00 2,594 41.5 16.87 10.50 16.50 -3.03 N.A. 11.34
ESX Essex Bancorp of VA(8) 1.88 1,057 2.0 2.37 1.00 1.88 0.00 -88.78 -14.16
FCB Falmouth Co-Op Bank of MA* 17.00 1,455 24.7 17.50 11.25 17.12 -0.70 N.A. 29.57
FAB FirstFed America Bancorp of MA 20.06 8,707 174.7 20.06 13.62 19.12 4.92 N.A. N.A.
GAF GA Financial Corp. of PA 18.75 7,985 149.7 19.50 11.87 17.56 6.78 N.A. 24.01
JSB JSB Financial, Inc. of NY 45.31 9,845 446.1 46.50 33.12 44.69 1.39 294.00 19.24
KNK Kankakee Bancorp of IL 29.00 1,425 41.3 30.75 19.50 29.50 -1.69 190.00 17.17
KYF Kentucky First Bancorp of KY 12.50 1,319 16.5 15.12 10.56 12.37 1.05 N.A. 15.00
MBB MSB Bancorp of Middletown NY* 23.25 2,844 66.1 24.19 15.50 23.37 -0.51 132.50 18.50
PDB Piedmont Bancorp of NC 10.62 2,751 29.2 19.12 9.25 10.87 -2.30 N.A. 1.14
SSB Scotland Bancorp of NC 18.06 1,914 34.6 19.12 12.12 19.12 -5.54 N.A. 27.50
SZB SouthFirst Bancshares of AL 16.25 848 13.8 17.25 12.25 16.37 -0.73 N.A. 22.64
SRN Southern Banc Company of AL 15.50 1,230 19.1 15.75 12.25 15.50 0.00 N.A. 18.14
SSN Stone Street Bancorp of NC 21.25 1,898 40.3 27.25 17.25 21.50 -1.16 N.A. 3.66
TSH Teche Holding Company of LA 18.25 3,435 62.7 19.37 12.87 18.25 0.00 N.A. 27.00
FTF Texarkana Fst. Fin. Corp of AR 22.37 1,790 40.0 23.00 13.62 22.31 0.27 N.A. 43.12
THR Three Rivers Fin. Corp. of MI 15.75 824 13.0 16.62 12.62 16.37 -3.79 N.A. 12.50
TBK Tolland Bank of CT* 17.12 1,560 26.7 17.62 7.59 17.62 -2.84 136.14 90.22
WSB Washington SB, FSB of MD 6.75 4,247 28.7 7.37 4.38 6.75 0.00 440.00 38.60
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 35.75 698 25.0 36.25 26.19 35.75 0.00 N.A. 25.44
AFED AFSALA Bancorp, Inc. of NY 16.06 1,455 23.4 16.25 11.31 15.87 1.20 N.A. 33.83
ALBK ALBANK Fin. Corp. of Albany NY 38.50 12,825 493.8 41.00 27.37 38.00 1.32 65.59 22.73
AMFC AMB Financial Corp. of IN 14.50 964 14.0 15.00 10.25 15.00 -3.33 N.A. 9.43
ASBP ASB Financial Corp. of OH 13.12 1,721 22.6 18.25 11.50 12.50 4.96 N.A. 0.92
ABBK Abington Savings Bank of MA* 30.50 1,852 56.5 31.00 16.75 29.25 4.27 360.73 56.41
AABC Access Anytime Bancorp of NM 6.88 1,193 8.2 6.88 5.25 6.75 1.93 1.93 25.09
AFBC Advance Fin. Bancorp of WV 16.25 1,084 17.6 16.25 12.75 16.00 1.56 N.A. N.A.
AADV Advantage Bancorp of WI 42.25 3,234 136.6 44.75 31.25 44.25 -4.52 359.24 31.01
AFCB Affiliated Comm BC, Inc of MA 26.25 6,465 169.7 27.12 16.00 26.87 -2.31 N.A. 53.51
ALBC Albion Banc Corp. of Albion NY 23.25 250 5.8 24.25 16.50 23.25 0.00 78.85 38.81
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 1.98 3.16 20.35 17.34 488.33
CSA Coast Savings Financial of CA 0.99 2.48 24.06 23.76 488.97
CFB Commercial Federal Corp. of NE 2.05 2.89 19.77 17.53 329.27
DME Dime Bancorp, Inc. of NY* 1.05 1.33 10.21 9.74 193.67
DSL Downey Financial Corp. of CA 0.86 1.43 15.26 15.05 220.16
FRC First Republic Bancorp of CA* 1.56 1.33 16.56 16.55 230.89
FED FirstFed Fin. Corp. of CA 1.13 2.07 19.14 18.93 396.52
GSB Glendale Fed. Bk, FSB of CA 0.79 1.85 17.81 15.83 322.12
GDW Golden West Fin. Corp. of CA 6.74 8.22 43.90 43.90 689.03
GPT GreenPoint Fin. Corp. of NY* 3.17 3.09 30.44 17.11 295.27
NYB New York Bancorp, Inc. of NY 1.98 2.32 7.73 7.73 152.08
WES Westcorp Inc. of Orange CA 1.11 0.55 12.71 12.67 140.42
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 0.47 0.47 16.70 16.70 95.82
BKC American Bank of Waterbury CT* 3.13 2.69 21.77 20.90 262.73
BFD BostonFed Bancorp of MA 0.74 0.96 14.42 13.94 164.10
CFX CFX Corp of NH* 1.10 1.31 10.52 9.84 141.44
CNY Carver Bancorp, Inc. of NY -0.74 0.01 14.93 14.32 178.81
CBK Citizens First Fin.Corp. of IL 0.30 0.59 14.74 14.74 104.69
ESX Essex Bancorp of VA(8) -0.05 0.05 0.49 0.31 179.83
FCB Falmouth Co-Op Bank of MA* 0.52 0.49 15.40 15.40 64.49
FAB FirstFed America Bancorp of MA -0.21 0.50 14.26 14.26 117.25
GAF GA Financial Corp. of PA 0.80 1.02 14.25 14.10 93.89
JSB JSB Financial, Inc. of NY 2.75 2.61 34.47 34.47 155.50
KNK Kankakee Bancorp of IL 1.62 2.02 26.59 24.99 239.77
KYF Kentucky First Bancorp of KY 0.58 0.75 11.17 11.17 67.44
MBB MSB Bancorp of Middletown NY* 0.49 0.51 21.15 10.38 286.18
PDB Piedmont Bancorp of NC -0.19 0.30 7.42 7.42 44.62
SSB Scotland Bancorp of NC 0.51 0.62 13.44 13.44 36.30
SZB SouthFirst Bancshares of AL -0.03 0.25 16.06 16.06 114.72
SRN Southern Banc Company of AL 0.13 0.44 14.42 14.27 85.35
SSN Stone Street Bancorp of NC 0.80 0.96 16.13 16.13 55.91
TSH Teche Holding Company of LA 0.78 1.08 15.53 15.53 118.17
FTF Texarkana Fst. Fin. Corp of AR 1.31 1.62 15.03 15.03 95.73
THR Three Rivers Fin. Corp. of MI 0.61 0.88 15.22 15.22 110.64
TBK Tolland Bank of CT* 1.11 1.16 10.60 10.30 152.71
WSB Washington SB, FSB of MD 0.30 0.44 5.05 5.05 60.83
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 1.18 0.50 32.00 31.34 387.52
AFED AFSALA Bancorp, Inc. of NY 0.82 0.82 14.74 14.74 109.40
ALBK ALBANK Fin. Corp. of Albany NY 2.29 2.82 25.85 22.59 280.88
AMFC AMB Financial Corp. of IN 0.66 0.73 14.61 14.61 97.70
ASBP ASB Financial Corp. of OH 0.39 0.56 10.15 10.15 65.23
ABBK Abington Savings Bank of MA* 2.16 1.92 18.73 16.87 270.66
AABC Access Anytime Bancorp of NM -0.45 -0.11 6.53 6.53 87.72
AFBC Advance Fin. Bancorp of WV 0.35 0.71 14.76 14.76 95.55
AADV Advantage Bancorp of WI 1.27 2.81 29.05 27.16 315.25
AFCB Affiliated Comm BC, Inc of MA 1.53 1.74 16.49 16.40 168.67
ALBC Albion Banc Corp. of Albion NY 0.27 0.96 23.96 23.96 274.51
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 29, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
ABCL Allied Bancorp of IL 31.12 5,345 166.3 31.87 23.25 31.62 -1.58 211.20 24.48
ATSB AmTrust Capital Corp. of IN 13.00 526 6.8 13.00 8.75 12.62 3.01 N.A. 30.00
AHCI Ambanc Holding Co., Inc. of NY* 15.50 4,392 68.1 16.62 9.75 15.63 -0.83 N.A. 37.78
ASBI Ameriana Bancorp of IN 19.75 3,230 63.8 20.50 13.25 18.50 6.76 113.98 23.44
AFFFZ America First Fin. Fund of CA(8) 39.37 6,011 236.7 39.56 28.00 39.25 0.31 109.97 30.15
ANBK American Nat'l Bancorp of MD(8) 19.69 3,613 71.1 19.87 11.31 19.69 0.00 N.A. 62.46
ABCW Anchor Bancorp Wisconsin of WI 26.25 4,524 118.8 27.75 16.50 27.00 -2.78 78.69 46.89
ANDB Andover Bancorp, Inc. of MA* 30.50 5,148 157.0 32.25 20.52 29.75 2.52 183.72 19.05
ASFC Astoria Financial Corp. of NY 48.12 20,978 1,009.5 48.75 26.75 46.75 2.93 83.31 30.51
AVND Avondale Fin. Corp. of IL 14.25 3,495 49.8 18.50 12.75 14.25 0.00 N.A. -16.76
BKCT Bancorp Connecticut of CT* 30.75 2,534 77.9 30.75 21.25 30.50 0.82 251.43 36.67
BPLS Bank Plus Corp. of CA 10.87 19,308 209.9 13.75 9.62 10.87 0.00 N.A. -5.48
BWFC Bank West Fin. Corp. of MI 17.06 1,753 29.9 17.25 10.25 16.25 4.98 N.A. 60.64
BANC BankAtlantic Bancorp of FL 12.50 22,473 280.9 17.12 12.12 12.75 -1.96 200.48 -6.51
BKUNA BankUnited SA of FL 12.00 8,869 106.4 12.12 7.62 11.50 4.35 120.99 20.00
BKCO Bankers Corp. of NJ(8)* 28.25 12,392 350.1 30.12 18.00 26.87 5.14 352.00 40.41
BVCC Bay View Capital Corp. of CA 25.87 12,979 335.8 28.62 17.50 25.62 0.98 30.99 22.09
FSNJ Bayonne Banchsares of NJ 11.87 3,064 16.7 12.27 5.03 11.75 1.02 N.A. 51.40
BFSB Bedford Bancshares of VA 24.12 1,142 27.5 25.25 16.50 25.25 -4.48 129.71 36.89
BFFC Big Foot Fin. Corp. of IL 17.12 2,513 43.0 17.50 12.31 17.12 0.00 N.A. 31.69
BSBC Branford SB of CT(8)* 4.94 6,559 32.4 5.00 3.00 4.94 0.00 133.02 27.65
BYFC Broadway Fin. Corp. of CA 11.00 835 9.2 11.25 9.00 11.00 0.00 N.A. 18.92
CBES CBES Bancorp of MO 17.62 1,025 18.1 17.87 12.62 17.87 -1.40 N.A. 23.65
CCFH CCF Holding Company of GA 17.00 820 13.9 17.12 12.37 16.78 1.31 N.A. 15.25
CENF CENFED Financial Corp. of CA 33.00 5,729 189.1 35.00 21.59 33.12 -0.36 110.46 24.11
CFSB CFSB Bancorp of Lansing MI 26.00 5,096 132.5 27.00 16.36 26.50 -1.89 188.89 46.64
CKFB CKF Bancorp of Danville KY 19.00 925 17.6 20.75 17.50 19.25 -1.30 N.A. -6.17
CNSB CNS Bancorp of MO 16.75 1,653 27.7 17.50 12.00 16.81 -0.36 N.A. 10.78
CSBF CSB Financial Group Inc of IL* 11.75 942 11.1 12.50 9.12 12.00 -2.08 N.A. 16.11
CBCI Calumet Bancorp of Chicago IL 42.50 2,111 89.7 42.50 27.75 41.75 1.80 109.88 27.82
CAFI Camco Fin. Corp. of OH 17.78 3,214 57.1 19.25 14.05 18.25 -2.58 N.A. 17.59
CMRN Cameron Fin. Corp. of MO 17.37 2,627 45.6 18.00 14.25 17.62 -1.42 N.A. 8.56
CAPS Capital Savings Bancorp of MO 15.75 1,892 29.8 18.25 9.62 15.87 -0.76 18.87 21.15
CFNC Carolina Fincorp of NC* 17.37 1,851 32.2 17.87 13.00 17.37 0.00 N.A. 29.92
CASB Cascade SB of Everett WA(8) 13.25 2,571 34.1 16.80 10.40 13.25 0.00 3.52 2.71
CATB Catskill Fin. Corp. of NY* 16.37 4,720 77.3 17.00 11.00 16.50 -0.79 N.A. 16.93
CNIT Cenit Bancorp of Norfolk VA 52.75 1,650 87.0 52.75 35.75 50.75 3.94 232.18 27.11
CEBK Central Co-Op. Bank of MA* 19.50 1,965 38.3 20.69 14.75 19.25 1.30 271.43 11.43
CENB Century Bancshares of NC* 79.50 407 32.4 79.50 62.00 77.50 2.58 N.A. 22.31
CBSB Charter Financial Inc. of IL 20.12 4,150 83.5 21.50 11.00 21.00 -4.19 N.A. 60.96
COFI Charter One Financial of OH 54.37 46,186 2,511.1 57.94 35.83 52.87 2.84 210.69 29.45
CVAL Chester Valley Bancorp of PA 24.00 2,059 49.4 24.00 14.40 24.00 0.00 111.83 62.16
CTZN CitFed Bancorp of Dayton OH 44.00 8,638 380.1 45.25 25.00 43.12 2.04 388.89 33.33
CLAS Classic Bancshares of KY 14.12 1,305 18.4 15.00 11.25 14.00 0.86 N.A. 21.51
CMSB Cmnwealth Bancorp of PA 17.25 17,096 294.9 17.50 10.62 17.12 0.76 N.A. 15.00
CBSA Coastal Bancorp of Houston TX 29.50 4,972 146.7 30.87 18.50 29.87 -1.24 N.A. 28.99
CFCP Coastal Fin. Corp. of SC 23.50 4,641 109.1 27.75 14.25 24.75 -5.05 135.00 49.21
CMSV Commty. Svgs, MHC of FL (48.5) 31.25 5,090 77.2 31.25 16.00 27.25 14.68 N.A. 52.44
CBNH Community Bankshares Inc of NH(8)* 41.87 2,489 104.2 41.87 18.50 38.81 7.88 ***.** 104.24
CFTP Community Fed. Bancorp of MS 18.00 4,629 83.3 20.00 13.25 17.75 1.41 N.A. 5.88
CFFC Community Fin. Corp. of VA 21.75 1,275 27.7 23.50 20.50 21.75 0.00 210.71 4.82
CFBC Community First Bnkg Co. of GA 33.87 2,414 81.8 34.87 31.87 33.75 0.36 N.A. N.A.
CIBI Community Inv. Bancorp of OH 16.00 929 14.9 16.00 10.33 15.37 4.10 N.A. 41.22
COOP Cooperative Bk.for Svgs. of NC 27.00 1,492 40.3 27.00 17.50 26.50 1.89 170.00 33.33
CRZY Crazy Woman Creek Bncorp of WY 14.37 955 13.7 14.50 10.87 14.37 0.00 N.A. 19.75
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
ABCL Allied Bancorp of IL 0.91 1.33 23.40 23.11 262.72
ATSB AmTrust Capital Corp. of IN 0.40 0.26 13.73 13.58 135.04
AHCI Ambanc Holding Co., Inc. of NY* -0.65 -0.65 13.85 13.85 108.86
ASBI Ameriana Bancorp of IN 0.75 1.05 13.49 13.48 123.14
AFFFZ America First Fin. Fund of CA(8) 5.51 6.76 30.76 30.38 364.44
ANBK American Nat'l Bancorp of MD(8) 0.37 0.86 12.54 12.54 139.86
ABCW Anchor Bancorp Wisconsin of WI 3.10 3.99 26.49 25.99 425.70
ANDB Andover Bancorp, Inc. of MA* 2.57 2.65 19.59 19.59 243.00
ASFC Astoria Financial Corp. of NY 1.96 2.80 28.59 24.01 365.36
AVND Avondale Fin. Corp. of IL -0.85 -2.63 15.85 15.85 173.75
BKCT Bancorp Connecticut of CT* 2.15 2.03 17.32 17.32 169.05
BPLS Bank Plus Corp. of CA -0.46 0.04 9.27 9.26 183.03
BWFC Bank West Fin. Corp. of MI 0.53 0.47 12.89 12.89 88.80
BANC BankAtlantic Bancorp of FL 0.98 0.71 6.83 5.61 121.50
BKUNA BankUnited SA of FL 0.29 0.48 7.59 6.15 203.77
BKCO Bankers Corp. of NJ(8)* 2.12 2.27 16.42 16.18 207.14
BVCC Bay View Capital Corp. of CA 0.97 1.58 15.12 12.69 238.56
FSNJ Bayonne Banchsares of NJ -1.05 0.58 15.69 15.69 188.32
BFSB Bedford Bancshares of VA 1.14 1.46 16.80 16.80 118.61
BFFC Big Foot Fin. Corp. of IL 0.04 0.35 14.34 14.34 84.46
BSBC Branford SB of CT(8)* 0.32 0.32 2.64 2.64 28.44
BYFC Broadway Fin. Corp. of CA -0.19 0.29 14.65 14.65 146.40
CBES CBES Bancorp of MO 0.69 0.86 17.08 17.08 92.90
CCFH CCF Holding Company of GA 0.05 0.07 14.36 14.36 122.93
CENF CENFED Financial Corp. of CA 1.98 2.82 20.85 20.81 400.68
CFSB CFSB Bancorp of Lansing MI 1.37 1.73 12.65 12.65 165.90
CKFB CKF Bancorp of Danville KY 1.17 0.86 15.75 15.75 65.74
CNSB CNS Bancorp of MO 0.25 0.46 14.84 14.84 59.50
CSBF CSB Financial Group Inc of IL* 0.21 0.32 12.77 12.04 50.95
CBCI Calumet Bancorp of Chicago IL 2.72 3.45 36.46 36.46 235.23
CAFI Camco Fin. Corp. of OH 1.11 1.24 14.58 13.45 152.41
CMRN Cameron Fin. Corp. of MO 0.78 0.97 17.18 17.18 79.22
CAPS Capital Savings Bancorp of MO 0.82 1.15 11.28 11.28 128.18
CFNC Carolina Fincorp of NC* 0.68 0.65 13.75 13.75 60.25
CASB Cascade SB of Everett WA(8) 0.61 0.77 8.46 8.46 137.04
CATB Catskill Fin. Corp. of NY* 0.85 0.86 15.08 15.08 60.22
CNIT Cenit Bancorp of Norfolk VA 3.75 3.44 31.12 28.58 430.03
CEBK Central Co-Op. Bank of MA* 1.44 1.46 17.07 15.20 163.33
CENB Century Bancshares of NC* 4.31 4.36 73.51 73.51 245.57
CBSB Charter Financial Inc. of IL 1.05 1.47 13.71 12.13 94.76
COFI Charter One Financial of OH 2.98 3.73 21.15 19.80 315.35
CVAL Chester Valley Bancorp of PA 0.94 1.33 13.14 13.14 157.20
CTZN CitFed Bancorp of Dayton OH 1.94 2.73 22.83 20.57 358.59
CLAS Classic Bancshares of KY 0.45 0.63 14.84 12.52 100.81
CMSB Cmnwealth Bancorp of PA 0.69 0.88 12.89 10.08 133.89
CBSA Coastal Bancorp of Houston TX 1.45 2.52 19.85 16.50 596.15
CFCP Coastal Fin. Corp. of SC 0.95 1.04 6.68 6.68 108.33
CMSV Commty. Svgs, MHC of FL (48.5) 0.73 1.09 15.46 15.46 137.48
CBNH Community Bankshares Inc of NH(8)* 2.17 1.73 17.31 17.31 247.44
CFTP Community Fed. Bancorp of MS 0.59 0.72 12.40 12.40 45.16
CFFC Community Fin. Corp. of VA 1.32 1.67 18.86 18.86 137.58
CFBC Community First Bnkg Co. of GA 1.05 1.06 28.74 28.35 186.68
CIBI Community Inv. Bancorp of OH 0.63 0.96 11.96 11.96 99.36
COOP Cooperative Bk.for Svgs. of NC -1.80 0.45 18.03 18.03 236.22
CRZY Crazy Woman Creek Bncorp of WY 0.58 0.71 14.67 14.67 56.83
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 29, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
DNFC D&N Financial Corp. of MI 18.62 8,191 152.5 19.50 12.75 19.00 -2.00 112.80 11.16
DCBI Delphos Citizens Bancorp of OH 16.00 2,039 32.6 16.62 11.75 16.62 -3.73 N.A. 33.33
DIME Dime Community Bancorp of NY 19.62 13,093 256.9 20.00 13.25 18.87 3.97 N.A. 33.02
DIBK Dime Financial Corp. of CT* 28.25 5,147 145.4 28.25 15.25 28.00 0.89 169.05 63.77
EGLB Eagle BancGroup of IL 16.50 1,238 20.4 16.87 11.50 16.62 -0.72 N.A. 10.96
EBSI Eagle Bancshares of Tucker GA 16.87 5,660 95.5 18.50 13.62 16.12 4.65 132.69 8.84
EGFC Eagle Financial Corp. of CT 34.00 6,279 213.5 34.50 24.25 33.75 0.74 288.57 11.48
ETFS East Texas Fin. Serv. of TX 18.75 1,025 19.2 19.25 14.50 18.75 0.00 N.A. 14.54
EMLD Emerald Financial Corp of OH 14.50 5,062 73.4 15.00 10.50 14.00 3.57 N.A. 28.89
EIRE Emerald Island Bancorp, MA* 21.75 2,246 48.9 21.75 12.00 21.50 1.16 185.43 35.94
EFBC Empire Federal Bancorp of MT 15.50 2,592 40.2 15.75 12.50 15.50 0.00 N.A. N.A.
EFBI Enterprise Fed. Bancorp of OH 20.00 2,001 40.0 20.50 12.87 20.12 -0.60 N.A. 37.93
EQSB Equitable FSB of Wheaton MD 37.94 602 22.8 39.25 24.75 37.50 1.17 N.A. 34.30
FFFG F.F.O. Financial Group of FL(8) 6.06 8,446 51.2 6.06 2.62 5.81 4.30 -27.08 79.82
FCBF FCB Fin. Corp. of Neenah WI 26.75 4,073 109.0 28.00 17.00 27.37 -2.27 N.A. 44.59
FFBS FFBS Bancorp of Columbus MS 23.00 1,557 35.8 26.00 21.00 21.00 9.52 N.A. 0.00
FFDF FFD Financial Corp. of OH 14.75 1,455 21.5 15.63 10.12 15.00 -1.67 N.A. 11.32
FFLC FFLC Bancorp of Leesburg FL 30.50 2,318 70.7 31.50 18.25 28.25 7.96 N.A. 41.86
FFFC FFVA Financial Corp. of VA 29.31 4,521 132.5 31.00 17.25 29.37 -0.20 N.A. 42.98
FFWC FFW Corporation of Wabash IN 29.25 711 20.8 29.25 19.50 29.25 0.00 N.A. 33.68
FFYF FFY Financial Corp. of OH 27.12 4,145 112.4 28.25 24.00 27.37 -0.91 N.A. 7.15
FMCO FMS Financial Corp. of NJ 25.25 2,388 60.3 31.50 15.50 27.25 -7.34 180.56 38.36
FFHH FSF Financial Corp. of MN 17.75 3,033 53.8 18.50 11.50 18.12 -2.04 N.A. 17.39
FOBC Fed One Bancorp of Wheeling WV 20.00 2,373 47.5 22.00 14.87 20.75 -3.61 100.00 26.98
FBCI Fidelity Bancorp of Chicago IL 21.25 2,792 59.3 21.75 16.25 21.37 -0.56 N.A. 25.00
FSBI Fidelity Bancorp, Inc. of PA 21.25 1,550 32.9 21.70 15.23 21.25 0.00 174.90 16.89
FFFL Fidelity FSB, MHC of FL (47.7) 26.75 6,771 86.2 26.75 12.50 24.87 7.56 N.A. 50.70
FFED Fidelity Fed. Bancorp of IN 9.25 2,490 23.0 11.75 7.50 8.50 8.82 31.21 -5.13
FFOH Fidelity Financial of OH 15.25 5,579 85.1 16.37 9.62 16.00 -4.69 N.A. 32.61
FIBC Financial Bancorp, Inc. of NY 19.87 1,722 34.2 21.00 14.00 19.50 1.90 N.A. 32.47
FBSI First Bancshares of MO 24.25 1,096 26.6 25.25 15.00 24.25 0.00 90.20 45.91
FBBC First Bell Bancorp of PA 16.00 6,511 104.2 17.37 13.12 16.50 -3.03 N.A. 20.75
FBER First Bergen Bancorp of NJ 17.75 3,000 53.3 19.50 10.00 17.75 0.00 N.A. 54.35
SKBO First Carnegie,MHC of PA(45.0) 15.50 2,300 16.0 15.50 11.62 14.75 5.08 N.A. N.A.
FSTC First Citizens Corp of GA 32.00 1,833 58.7 32.00 20.75 31.50 1.59 156.00 26.73
FCME First Coastal Corp. of ME* 10.87 1,359 14.8 11.25 6.00 10.75 1.12 N.A. 40.26
FFBA First Colorado Bancorp of Co 19.00 16,561 314.7 20.12 13.87 17.81 6.68 475.76 11.76
FDEF First Defiance Fin.Corp. of OH 14.75 9,341 137.8 15.50 10.50 15.00 -1.67 N.A. 19.24
FESX First Essex Bancorp of MA* 16.75 7,504 125.7 18.25 11.00 17.00 -1.47 179.17 27.67
FFES First FS&LA of E. Hartford CT 32.50 2,676 87.0 33.25 18.75 31.75 2.36 400.00 41.30
FFSX First FS&LA. MHC of IA (46.1) 29.00 2,828 37.8 35.00 20.75 25.00 16.00 334.78 48.72
BDJI First Fed. Bancorp. of MN 21.00 683 14.3 21.75 14.00 21.25 -1.18 N.A. 13.51
FFBH First Fed. Bancshares of AR 21.00 4,896 102.8 21.62 14.75 21.00 0.00 N.A. 32.33
FTFC First Fed. Capital Corp. of WI 24.50 9,141 224.0 26.50 13.17 24.50 0.00 226.67 56.35
FFKY First Fed. Fin. Corp. of KY 21.50 4,170 89.7 23.00 17.75 20.75 3.61 36.51 6.17
FFBZ First Federal Bancorp of OH 18.50 1,572 29.1 19.75 12.25 18.50 0.00 85.00 15.63
FFCH First Fin. Holdings Inc. of SC 33.00 6,357 209.8 34.50 18.75 31.00 6.45 169.39 46.67
FFBI First Financial Bancorp of IL 18.87 415 7.8 19.25 15.50 19.25 -1.97 N.A. 18.90
FFHC First Financial Corp. of WI(8) 32.25 36,209 1,167.7 32.25 18.40 31.44 2.58 104.76 31.63
FFHS First Franklin Corp. of OH 19.75 1,192 23.5 21.00 14.25 20.00 -1.25 50.53 19.70
FGHC First Georgia Hold. Corp of GA 7.75 3,052 23.7 8.25 4.17 7.50 3.33 102.35 36.68
FSPG First Home Bancorp of NJ 20.12 2,708 54.5 20.12 13.50 20.00 0.60 235.33 45.06
FFSL First Independence Corp. of KS 13.00 997 13.0 13.87 9.25 12.87 1.01 N.A. 25.36
FISB First Indiana Corp. of IN 20.50 10,561 216.5 24.30 17.37 20.50 0.00 51.85 -4.21
FKFS First Keystone Fin. Corp of PA 27.75 1,228 34.1 28.25 17.25 27.50 0.91 N.A. 44.16
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- ------- -------- ------ ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
DNFC D&N Financial Corp. of MI 1.10 1.45 10.95 10.84 196.42
DCBI Delphos Citizens Bancorp of OH 0.72 0.72 14.93 14.93 52.56
DIME Dime Community Bancorp of NY 0.94 1.01 14.58 12.56 100.44
DIBK Dime Financial Corp. of CT* 2.82 2.83 13.52 13.08 169.78
EGLB Eagle BancGroup of IL -0.12 0.27 16.69 16.69 140.80
EBSI Eagle Bancshares of Tucker GA 0.64 0.87 12.45 12.45 149.91
EGFC Eagle Financial Corp. of CT 0.19 1.13 22.02 17.19 320.65
ETFS East Texas Fin. Serv. of TX 0.34 0.70 19.97 19.97 109.95
EMLD Emerald Financial Corp of OH 0.81 1.00 9.03 8.89 119.14
EIRE Emerald Island Bancorp, MA* 1.52 1.60 13.39 13.39 189.23
EFBC Empire Federal Bancorp of MT 0.35 0.46 14.76 14.76 42.30
EFBI Enterprise Fed. Bancorp of OH 0.82 0.91 15.82 15.80 128.29
EQSB Equitable FSB of Wheaton MD 2.20 3.51 25.80 25.80 511.96
FFFG F.F.O. Financial Group of FL(8) 0.25 0.36 2.46 2.46 37.89
FCBF FCB Fin. Corp. of Neenah WI 0.60 0.71 11.65 11.65 66.58
FFBS FFBS Bancorp of Columbus MS 0.95 1.20 16.15 16.15 83.98
FFDF FFD Financial Corp. of OH 0.44 0.61 14.50 14.50 58.62
FFLC FFLC Bancorp of Leesburg FL 1.06 1.53 22.51 22.51 167.00
FFFC FFVA Financial Corp. of VA 1.32 1.60 16.29 15.95 123.62
FFWC FFW Corporation of Wabash IN 1.89 2.36 24.11 21.72 253.24
FFYF FFY Financial Corp. of OH 1.28 1.82 19.82 19.82 144.57
FMCO FMS Financial Corp. of NJ 1.56 2.29 15.24 14.97 232.38
FFHH FSF Financial Corp. of MN 0.78 0.99 14.16 14.16 124.71
FOBC Fed One Bancorp of Wheeling WV 0.99 1.41 16.63 15.86 150.32
FBCI Fidelity Bancorp of Chicago IL 0.95 1.33 18.22 18.18 175.45
FSBI Fidelity Bancorp, Inc. of PA 1.08 1.72 15.83 15.83 234.39
FFFL Fidelity FSB, MHC of FL (47.7) 0.50 0.79 12.36 12.27 147.58
FFED Fidelity Fed. Bancorp of IN 0.17 0.30 5.17 5.17 100.52
FFOH Fidelity Financial of OH 0.51 0.75 12.17 10.74 94.06
FIBC Financial Bancorp, Inc. of NY 0.87 1.55 15.35 15.28 164.04
FBSI First Bancshares of MO 1.29 1.56 20.26 20.23 149.61
FBBC First Bell Bancorp of PA 1.06 1.23 10.78 10.78 109.72
FBER First Bergen Bancorp of NJ 0.38 0.66 13.47 13.47 94.92
SKBO First Carnegie,MHC of PA(45.0) 0.24 0.35 10.21 10.21 65.23
FSTC First Citizens Corp of GA 1.45 1.43 16.26 12.20 178.05
FCME First Coastal Corp. of ME* 4.50 4.36 10.35 10.35 112.13
FFBA First Colorado Bancorp of Co 0.81 0.80 11.79 11.63 91.20
FDEF First Defiance Fin.Corp. of OH 0.43 0.59 12.60 12.60 59.12
FESX First Essex Bancorp of MA* 1.32 1.15 11.57 10.05 165.97
FFES First FS&LA of E. Hartford CT 1.52 2.50 23.63 23.63 367.56
FFSX First FS&LA. MHC of IA (46.1) 0.69 1.19 13.74 13.63 165.69
BDJI First Fed. Bancorp. of MN 0.47 1.00 17.60 17.60 161.92
FFBH First Fed. Bancshares of AR 0.81 1.11 16.36 16.36 109.31
FTFC First Fed. Capital Corp. of WI 1.18 1.37 10.64 9.97 167.40
FFKY First Fed. Fin. Corp. of KY 1.14 1.36 12.40 11.68 90.50
FFBZ First Federal Bancorp of OH 0.88 1.23 9.66 9.65 128.03
FFCH First Fin. Holdings Inc. of SC 1.43 2.10 16.03 16.03 262.26
FFBI First Financial Bancorp of IL -0.85 0.94 17.63 17.63 203.69
FFHC First Financial Corp. of WI(8) 1.51 2.03 11.67 11.37 163.81
FFHS First Franklin Corp. of OH 0.36 1.21 17.17 17.06 190.39
FGHC First Georgia Hold. Corp of GA 0.32 0.25 4.21 3.86 51.24
FSPG First Home Bancorp of NJ 1.64 2.14 12.85 12.64 192.91
FFSL First Independence Corp. of KS 0.47 0.75 11.60 11.60 111.21
FISB First Indiana Corp. of IN 1.17 1.43 13.77 13.60 144.00
FKFS First Keystone Fin. Corp of PA 1.35 1.93 19.09 19.09 261.24
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 29, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
---------------- ----------------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FLKY First Lancaster Bncshrs of KY 15.69 959 15.0 16.25 13.87 15.25 2.89 N.A. 7.32
FLFC First Liberty Fin. Corp. of GA 22.50 7,725 173.8 23.75 14.67 22.75 -1.10 342.91 22.48
CASH First Midwest Fin. Corp. of IA 18.19 2,734 49.7 18.25 15.00 18.00 1.06 N.A. 18.66
FMBD First Mutual Bancorp of IL 15.00 3,507 52.6 16.12 12.87 15.50 -3.23 N.A. 0.00
FMSB First Mutual SB of Bellevue WA* 21.00 2,702 56.7 22.25 12.27 20.37 3.09 170.97 31.99
FNGB First Northern Cap. Corp of WI 12.75 8,834 112.6 13.50 7.62 12.75 0.00 75.62 56.83
FFPB First Palm Beach Bancorp of FL 35.00 5,031 176.1 35.00 22.62 32.25 8.53 N.A. 48.18
FSLA First SB SLA NHC of NJ (47.5) 29.87 7,264 101.7 30.00 14.37 28.50 4.81 198.70 61.46
SOPN First SB, SSB, Moore Co. of NC 20.62 3,679 75.9 24.00 16.75 20.37 1.23 N.A. 9.97
FWWB First Savings Bancorp of WA* 24.75 10,519 260.3 24.87 16.50 24.12 2.61 N.A. 34.73
SHEN First Shenango Bancorp of PA 27.50 2,072 57.0 29.25 20.25 28.50 -3.51 N.A. 22.22
FSFC First So.east Fin. Corp. of SC(8) 14.75 4,388 64.7 15.12 9.12 14.69 0.41 N.A. 57.25
FBNW FirstBank Corp of Clarkston WA 17.50 1,984 34.7 19.00 15.50 17.87 -2.07 N.A. N.A.
FFDB FirstFed Bancorp of AL 16.53 1,148 19.0 18.50 12.50 16.53 0.00 N.A. 32.24
FSPT FirstSpartan Fin. Corp. of SC 35.37 4,430 156.7 37.00 35.00 35.50 -0.37 N.A. N.A.
FLAG Flag Financial Corp of GA 14.75 2,037 30.0 14.87 9.75 14.50 1.72 50.51 37.21
FLGS Flagstar Bancorp, Inc of NI 19.37 13,670 264.8 20.00 13.00 18.75 3.31 N.A. N.A.
FFIC Flushing Fin. Corp. of NY* 20.00 7,979 159.6 23.50 17.37 20.25 -1.23 N.A. 10.38
FBHC Fort Bend Holding Corp. of TX 34.25 827 28.3 34.25 16.87 32.00 7.03 N.A. 34.31
FTSB Fort Thomas Fin. Corp. of KY 12.00 1,495 17.9 14.75 9.25 10.69 12.25 N.A. -17.92
FKKY Frankfort First Bancorp of KY 10.87 3,280 35.7 12.25 8.00 9.75 11.49 N.A. -4.40
FTNB Fulton Bancorp of MO 21.00 1,719 36.1 21.00 12.50 20.75 1.20 N.A. 36.63
GFSB GFS Bancorp of Grinnell IA 14.25 988 14.1 14.50 10.12 14.50 -1.72 N.A. 34.18
GUPB GFSB Bancorp of Gallup NM 18.75 839 15.7 19.75 13.50 18.75 0.00 N.A. 18.15
GSLA GS Financial Corp. of LA 15.75 3,438 54.1 16.12 13.37 15.25 3.28 N.A. N.A.
GOSB GSB Financial Corp. of NY 14.37 2,248 32.3 14.87 14.25 14.75 -2.58 N.A. N.A.
GWBC Gateway Bancorp of KY(8) 17.62 1,076 19.0 18.25 13.25 17.62 0.00 N.A. 23.65
GBCI Glacier Bancorp of MT 17.75 6,812 120.9 20.25 15.33 18.50 -4.05 267.49 8.70
GFCO Glenway Financial Corp. of OH 25.00 1,140 28.5 27.00 18.25 26.00 -3.85 N.A. 21.95
GTPS Great American Bancorp of IL 18.00 1,760 31.7 18.00 13.37 17.62 2.16 N.A. 21.54
GTFN Great Financial Corp. of KY 33.37 13,791 460.2 35.12 27.62 33.87 -1.48 N.A. 14.59
GSBC Great Southern Bancorp of MO 17.00 8,105 137.8 18.00 14.12 16.87 0.77 482.19 -4.55
GDVS Greater DV SB,MHC of PA (19.9)* 20.75 3,272 13.5 21.50 9.25 16.75 23.88 N.A. 100.10
GSFC Green Street Fin. Corp. of NC 18.37 4,298 79.0 19.00 13.75 17.25 6.49 N.A. 18.52
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 19.00 3,125 18.4 20.50 9.75 19.00 0.00 N.A. 57.55
HCBB HCB Bancshares of AR 13.75 2,645 36.4 14.12 12.62 13.50 1.85 N.A. N.A.
HEMT HF Bancorp of Hemet CA 14.87 6,282 93.4 15.87 9.25 14.75 0.81 N.A. 33.72
HFFC HF Financial Corp. of S? 22.00 2,979 65.5 22.75 14.75 22.50 -2.22 340.00 27.09
HFNC HFNC Financial Corp. of NC 16.12 17,192 277.1 22.06 14.87 15.37 4.88 N.A. -9.79
HMNF HMN Financial, Inc. of MN 24.50 4,212 103.2 25.75 15.75 24.50 0.00 N.A. 35.21
HALL Hallmark Capital Corp. of WI 22.25 1,443 32.1 23.75 15.00 21.50 3.49 N.A. 25.35
HARB Harbor FSB, NHC of FL (46.6) 55.50 4,970 128.5 55.50 27.00 46.50 19.35 N.A. 55.24
HABF Harbor Federal Bancorp of ND 19.75 1,693 33.4 20.00 13.50 19.12 3.29 97.50 25.40
HFSA Hardin Bancorp of Hardin NO 16.50 859 14.2 16.75 11.25 16.50 0.00 N.A. 32.00
HARL Harleysville SA of PA 26.00 1,652 43.0 27.25 14.00 27.25 -4.59 46.48 64.56
HFGI Harrington Fin. Group of IN 12.00 3,257 39.1 13.00 9.75 12.12 -0.99 N.A. 11.63
HARS Harris SB, NHC of PA (24.3) 38.00 11,223 103.5 38.00 14.75 36.00 5.56 N.A. 108.22
HFFB Harrodsburg 1st Fin Bcrp of KY 15.25 2,025 30.9 19.00 14.75 15.25 0.00 N.A. -19.18
HHFC Harvest Home Fin. Corp. of OH 11.75 915 10.8 13.75 9.25 11.75 0.00 N.A. 20.51
HAVN Haven Bancorp of Woodhaven NY 37.87 4,377 165.8 38.37 25.56 37.12 2.02 N.A. 32.32
HVFD Haverfield Corp. of OH(8) 26.75 1,906 51.0 27.37 17.00 26.25 1.90 72.58 39.91
HTHR Hawthorne Fin. Corp. of CA 17.62 3,035 53.5 17.75 6.62 16.44 7.18 -35.93 116.73
HNLK Hemlock Fed. Fin. Corp. of IL 15.37 2,076 31.9 15.50 12.50 15.37 0.00 N.A. N.A.
HBNK Highland Federal Bank of CA 29.25 2,300 67.3 29.25 14.25 26.50 10.38 N.A. 72.06
HIFS Hingham Inst. for Sav. of MA* 24.25 1,303 31.6 25.25 14.50 23.62 2.67 431.80 29.33
Current Per Share Financials
-----------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- -------- -------- --------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
FLKY First Lancaster Bncshrs of KY 0.46 0.56 14.44 14.44 42.18
FLFC First Liberty Fin. Corp. of GA 1.32 1.08 12.30 11.09 166.85
CASH First Midwest Fin. Corp. of IA 1.00 1.27 15.62 13.84 137.10
FMBD First Mutual Bancorp of IL 0.10 0.32 15.30 11.59 119.10
FMSB First Mutual SB of Bellevue WA* 1.56 1.52 10.91 10.91 159.89
FNGB First Northern Cap. Corp of WI 0.44 0.63 8.14 8.14 72.19
FFPB First Palm Beach Bancorp of FL -0.09 0.08 21.76 21.23 331.23
FSLA First SB SLA MHC of NJ (47.5) 0.80 1.25 13.39 11.94 142.18
SOPN First SB, SSB, Moore Co. of NC 1.06 1.27 18.26 18.26 79.97
FWWB First Savings Bancorp of WA* 0.89 0.84 14.13 13.00 95.79
SHEN First Shenango Bancorp of PA 1.69 2.20 21.75 21.75 198.56
FSFC First So.east Fin. Corp. of SC(8) 0.01 0.70 7.80 7.80 76.29
FBNW FirstBank Corp of Clarkston WA 0.54 0.44 14.00 14.00 77.62
FFDB FirstFed Bancorp of AL 0.95 1.45 14.48 13.20 153.77
FSPT FirstSpartan Fin. Corp. of SC 1.00 1.16 27.63 27.63 104.97
FLAG Flag Financial Corp of GA -0.03 0.17 10.44 10.44 108.95
FLGS Flagstar Bancorp, Inc of NI 0.00 0.00 6.07 6.07 111.13
FFIC Flushing Fin. Corp. of NY* 0.93 0.97 16.68 16.68 107.79
FBHC Fort Bend Holding Corp. of TX 0.74 1.71 23.24 21.64 385.33
FTSB Fort Thomas Fin. Corp. of KY 0.33 0.50 10.40 10.40 64.84
FKKY Frankfort First Bancorp of KY -0.11 0.22 6.94 6.94 40.38
FTNB Fulton Bancorp of MO 0.41 0.58 14.47 14.47 57.86
GFSB GFS Bancorp of Grinnell IA 0.88 1.08 10.66 10.66 93.18
GUPB GFSB Bancorp of Gallup NM 0.69 0.87 16.88 16.88 103.59
GSLA GS Financial Corp. of LA 0.34 0.34 16.36 16.36 35.85
GOSB GSB Financial Corp. of NY 0.52 0.44 13.78 13.78 50.92
GWBC Gateway Bancorp of KY(8) 0.52 0.72 16.04 16.04 59.32
GBCI Glacier Bancorp of MT 1.10 1.23 8.12 7.90 83.33
GFCO Glenway Financial Corp. of OH 1.06 1.78 23.89 23.57 251.83
GTPS Great American Bancorp of IL 0.19 0.24 16.68 16.68 77.83
GTFN Great Financial Corp. of KY 1.59 1.51 20.40 19.53 220.89
GSBC Great Southern Bancorp of MO 1.15 1.30 7.45 7.45 87.33
GDVS Greater DV SB,MHC of PA (19.9)* 0.23 0.42 8.64 8.64 74.69
GSFC Green Street Fin. Corp. of NC 0.56 0.68 14.73 14.73 40.62
GFED Guarnty FS&LA,MHC of ?O (31.0)(8) 0.37 0.56 8.80 8.80 63.86
HCBB HCB Bancshares of AR -0.08 0.29 13.73 13.16 75.24
HEMT HF Bancorp of Hemet CA -0.40 -2.74 12.87 10.53 156.71
HFFC HF Financial Corp. of SD 1.23 1.67 17.78 17.78 188.54
HFNC HFNC Financial Corp. of NC 0.43 0.59 9.37 9.37 52.08
HMNF HMN Financial, Inc. of MN 0.94 1.17 19.42 19.42 134.58
HALL Hallmark Capital Corp. of WI 1.33 1.68 20.56 20.56 284.01
HARB Harbor FSB, NHC of FL (46.6) 2.05 2.64 18.85 18.23 224.69
HABF Harbor Federal Bancorp of ND 0.58 0.90 16.48 16.48 127.80
HFSA Hardin Bancorp of Hardin NO 0.58 0.89 15.69 15.69 125.75
HARL Harleysville SA of PA 1.46 2.00 13.31 13.31 203.79
HFGI Harrington Fin. Group of IN 0.61 0.51 7.67 7.67 137.18
HARS Harris SB, NHC of PA (24.3) 0.79 0.99 14.59 12.76 182.15
HFFB Harrodsburg 1st Fin Bcrp of KY 0.55 0.73 14.49 14.49 53.80
HHFC Harvest Home Fin. Corp. of OH 0.23 0.50 11.35 11.35 90.82
HAVN Haven Bancorp of Woodhaven NY 2.09 3.11 24.20 24.12 407.02
HVFD Haverfield Corp. of OH(8) 1.02 1.94 15.52 15.52 181.61
HTHR Hawthorne Fin. Corp. of CA 0.64 1.38 13.07 13.07 284.38
HNLK Hemlock Fed. Fin. Corp. of IL 0.10 0.55 14.57 14.57 79.44
HBNK Highland Federal Bank of CA 0.96 1.41 16.39 16.39 219.30
HIFS Hingham Inst. for Sav. of MA* 1.86 1.86 15.62 15.62 166.99
RP FINANCIAL, LC.
- -----------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 29, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
HBEI Home Bancorp of Elgin IL 17.50 6,856 120.0 19.31 11.81 17.50 0.00 N.A. 29.63
HBFW Home Bancorp of Fort Wayne IN 22.00 2,525 55.6 22.25 15.87 21.37 2.95 N.A. 15.79
HBBI Home Building Bancorp of IN 20.50 312 6.4 22.00 17.00 20.50 0.00 N.A. 3.80
HCFC Home City Fin. Corp. of OH 15.50 952 14.8 15.75 12.00 15.75 -1.59 N.A. 16.98
HOMF Home Fed Bancorp of Seymour IN 30.00 3,396 101.9 31.00 17.50 29.75 0.84 198.51 16.50
HWEN Home Financial Bancorp of IN 15.75 470 7.4 15.75 12.00 14.87 5.92 N.A. 23.53
HPBC Home Port Bancorp, Inc. of MA* 22.37 1,842 41.2 22.37 14.50 19.50 14.72 179.63 35.58
HMCI Homecorp, Inc. of Rockford IL 15.25 1,693 25.8 16.00 11.83 15.75 -3.17 52.50 19.61
HZFS Horizon Fin'l. Services of IA 18.87 426 8.0 19.75 14.12 18.87 0.00 N.A. 24.80
HRZB Horizon Financial Corp. of WA* 15.00 7,417 111.3 16.50 10.65 15.00 0.00 31.35 27.77
IBSF IBS Financial Corp. of NJ 17.12 11,012 188.5 18.75 12.50 17.25 -0.75 N.A. 25.97
ISBF ISB Financial Corp. of LA 25.37 6,901 175.1 26.25 14.75 24.75 2.51 N.A. 40.94
ITLA Imperial Thrift & Loan of CA* 17.75 7,836 139.1 18.25 13.00 17.87 -0.67 N.A. 18.33
IFSB Independence FSB of DC 13.03 1,281 16.7 14.75 6.75 13.16 -0.99 551.50 62.87
INCB Indiana Comm. Bank, SB of IN 15.75 922 14.5 19.00 13.25 15.25 3.28 N.A. -3.08
INBI Industrial Bancorp of OH 14.75 5,277 77.8 15.12 10.50 15.12 -2.45 N.A. 15.69
IWBK Interwest SB of Oak Harbor WA 39.50 8,036 317.4 40.12 27.50 39.50 0.00 295.00 22.48
IPSW Ipswich SB of Ipswich MA* 13.00 1,188 15.4 13.12 4.87 13.00 0.00 N.A. 116.67
JXVL Jacksonville Bancorp of TX 16.75 2,490 41.7 17.00 11.25 16.62 0.78 N.A. 14.57
JXSB Jcksnville SB,MHC of IL (45.6) 21.50 1,272 12.5 21.50 11.50 19.50 10.26 N.A. 62.26
JSBA Jefferson Svgs Bancorp of MO 32.75 5,005 163.9 33.00 22.25 32.50 0.77 N.A. 25.96
JOAC Joachim Bancorp of MO 14.50 722 10.5 15.25 12.50 14.37 0.90 N.A. 0.00
KSAV KS Bancorp of Kenly NC 18.50 885 16.4 19.12 13.59 18.50 0.00 N.A. 24.08
KSBK KSB Bancorp of Kingfield ME(8)* 14.00 1,238 17.3 16.00 7.00 12.75 9.80 N.A. 82.53
KFBI Klamath First Bancorp of OR 19.62 10,019 196.6 20.12 13.94 19.00 3.26 N.A. 24.57
LSBI LSB Fin. Corp. of Lafayette IN 20.69 932 19.3 21.25 15.24 20.62 0.34 N.A. 11.42
LVSB Lakeview SB of Paterson NJ 32.25 2,302 74.2 33.87 20.45 32.25 0.00 N.A. 29.67
LARK Landmark Bancshares of KS 24.25 1,711 41.5 24.25 15.50 21.50 12.79 N.A. 34.72
LARL Laurel Capital Group of PA 22.50 1,443 32.5 22.50 14.75 21.50 4.65 75.78 36.36
LSBX Lawrence Savings Bank of MA* 11.37 4,274 48.6 12.87 6.00 11.37 0.00 230.52 39.85
LFED Leeds FSB, MHC of MD (36.3) 26.25 3,455 32.9 26.25 13.00 24.50 7.14 N.A. 64.06
LXMO Lexington B&L Fin. Corp. of MO 16.00 1,138 18.2 16.62 10.00 15.87 0.82 N.A. 18.52
LIFB Life Bancorp of Norfolk VA 24.25 9,847 238.8 26.62 15.25 24.62 -1.50 N.A. 34.72
LFBI Little Falls Bancorp of NJ 17.37 2,745 47.7 17.50 10.37 17.37 0.00 N.A. 36.24
LOGN Logansport Fin. Corp. of IN 14.50 1,260 18.3 15.00 11.12 14.25 1.75 N.A. 28.89
LONF London Financial Corp. of OH 15.00 515 7.7 17.50 10.25 15.00 0.00 N.A. 6.23
LISB Long Island Bancorp, Inc of NY 39.87 23,968 955.6 41.00 27.75 38.87 2.57 N.A. 13.91
MAFB MAF Bancorp of IL 30.75 15,393 473.3 34.75 17.17 31.00 -0.81 261.76 32.71
MBLF MBLA Financial Corp. of MO 23.75 1,298 30.8 24.75 19.00 23.50 1.06 N.A. 25.00
MFBC MFB Corp. of Mishawaka IN 23.50 1,690 39.7 23.50 15.50 21.00 11.90 N.A. 41.40
MLBC ML Bancorp of Villanova PA 20.50 10,566 216.6 21.00 12.69 21.00 -2.38 N.A. 45.18
MSBF MSB Financial Corp. of MI 13.25 1,249 16.5 16.50 8.62 13.50 -1.85 N.A. 39.47
MGNL Magna Bancorp of MS(8) 25.37 13,754 348.9 27.37 16.75 25.00 1.48 407.40 44.97
MARN Marion Capital Holdings of IN 23.00 1,768 40.7 23.75 19.25 23.00 0.00 N.A. 19.48
MRKF Market Fin. Corp. of OH 14.19 1,336 19.0 14.75 12.25 14.12 0.50 N.A. N.A.
MFCX Marshalltown Fin. Corp. of IA(8) 16.75 1,411 23.6 16.87 14.25 16.75 0.00 N.A. 12.64
MFSL Maryland Fed. Bancorp of MD 43.00 3,210 138.0 50.50 28.09 43.56 -1.29 309.52 23.74
MASB MassBank Corp. of Reading MA* 51.25 2,681 137.4 53.00 32.62 51.50 -0.49 315.65 34.44
MFLR Mayflower Co-Op. Bank of MA* 17.50 890 15.6 19.75 14.75 18.00 -2.78 250.00 2.94
MECH Mechanics SB of Hartford CT* 22.50 5,290 119.0 22.75 13.25 22.75 -1.10 N.A. 42.86
MDBK Medford Bank of Medford, MA* 31.50 4,541 143.0 32.00 23.00 30.25 4.13 350.00 22.33
MERI Meritrust FSB of Thibodaux LA 41.03 774 31.8 41.50 30.75 40.50 1.31 N.A. 29.76
MWBX MetroWest Bank of MA* 6.25 13,953 87.2 6.81 3.75 6.25 0.00 51.70 16.39
MCBS Mid Continent Bancshares of KS 29.75 1,958 58.3 31.75 18.50 30.00 -0.83 N.A. 27.30
MIFC Mid Iowa Financial Corp. of IA 9.25 1,676 15.5 10.00 6.00 9.62 -3.85 85.00 45.21
Current Per Share Financial
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
HBEI Home Bancorp of Elgin IL 0.25 0.43 13.73 13.73 51.43
HBFW Home Bancorp of Fort Wayne IN 0.72 1.15 17.62 17.62 132.62
HBBI Home Building Bancorp of IN 0.29 0.74 18.51 18.51 144.44
HCFC Home City Fin. Corp. of OH 0.51 0.77 14.77 14.77 71.68
HOMF Home Fed Bancorp of Seymour IN 2.02 2.35 17.05 16.53 201.06
HWEN Home Financial Bancorp of IN 0.54 0.68 15.31 15.31 90.44
HPBC Home Port Bancorp, Inc. of MA* 1.72 1.71 11.39 11.39 107.90
HMCI Homecorp, Inc. of Rockford IL 0.27 0.85 12.81 12.81 195.87
HZFS Horizon Fin'l. Services of IA 0.65 1.04 19.75 19.75 201.81
HRZB Horizon Financial Corp. of WA* 1.07 1.05 10.91 10.91 69.93
IBSF IBS Financial Corp. of NJ 0.33 0.58 11.59 11.59 66.59
ISBF ISB Financial Corp. of LA 0.77 1.04 16.58 14.06 136.06
ITLA Imperial Thrift & Loan of CA* 1.45 1.45 11.92 11.87 108.50
IFSB Independence FSB of DC 0.29 0.66 13.38 11.73 205.12
INCB Indiana Comm. Bank, SB of IN 0.16 0.50 12.27 12.27 99.06
INBI Industrial Bancorp of OH 0.45 0.88 11.63 11.63 65.68
IWBK Interwest SB of Oak Harbor WA 1.82 2.47 15.46 15.12 228.05
IPSW Ipswich SB of Ipswich MA* 1.68 1.32 9.11 9.11 159.41
JXVL Jacksonville Bancorp of TX 0.90 1.18 13.55 13.55 90.84
JXSB Jcksnville SB,MHC of IL (45.6) 0.36 0.79 13.43 13.43 127.94
JSBA Jefferson Svgs Bancorp of MO 0.69 1.63 21.24 16.18 259.13
JOAC Joachim Bancorp of MO 0.23 0.38 13.63 13.63 48.39
KSAV KS Bancorp of Kenly NC 1.08 1.40 16.22 16.21 119.91
KSBK KSB Bancorp of Kingfield ME(8)* 1.04 1.08 8.10 7.62 113.08
KFBI Klamath First Bancorp of OR 0.55 0.83 14.20 14.20 72.65
LSBI LSB Fin. Corp. of Lafayette IN 1.51 1.33 18.44 18.44 208.28
LVSB Lakeview SB of Paterson NJ 2.78 1.93 19.91 15.92 209.23
LARK Landmark Bancshares of KS 1.13 1.33 18.38 18.38 133.31
LARL Laurel Capital Group of PA 1.61 2.03 14.73 14.73 146.91
LSBX Lawrence Savings Bank of MA* 1.40 1.38 7.45 7.45 85.71
LFED Leeds FSB, MHC of MD (36.3) 0.63 0.90 13.20 13.20 81.59
LXMO Lexington B&L Fin. Corp. of MO 0.55 0.71 14.74 14.74 52.05
LIFB Life Bancorp of Norfolk VA 1.01 1.23 15.94 15.49 151.14
LFBI Little Falls Bancorp of NJ 0.29 0.51 14.51 13.40 109.29
LOGN Logansport Fin. Corp. of IN 0.74 0.96 12.67 12.67 65.99
LONF London Financial Corp. of OH 0.48 0.73 14.60 14.60 74.25
LISB Long Island Bancorp, Inc of NY 1.44 1.67 22.17 21.95 246.53
MAFB MAF Bancorp of IL 1.51 2.10 16.57 14.39 210.25
MBLF MBLA Financial Corp. of MO 1.11 1.42 21.98 21.98 180.91
MFBC MFB Corp. of Mishawaka IN 0.77 1.16 20.05 20.05 146.89
MLBC ML Bancorp of Villanova PA 1.36 1.23 13.68 13.44 196.03
MSBF MSB Financial Corp. of MI 0.65 0.80 10.16 10.16 59.81
MGNL Magna Bancorp of MS(8) 1.35 1.49 10.06 9.79 98.39
MARN Marion Capital Holdings of IN 1.38 1.65 22.10 22.10 98.02
MRKF Market Fin. Corp. of OH 0.32 0.32 14.82 14.82 42.35
MFCX Marshalltown Fin. Corp. of IA(8) 0.30 0.65 14.23 14.23 90.38
MFSL Maryland Fed. Bancorp of MD 2.17 3.14 30.22 29.84 360.57
MASB MassBank Corp. of Reading MA* 3.64 3.45 35.92 35.92 337.72
MFLR Mayflower Co-Op. Bank of MA* 1.39 1.31 13.67 13.44 141.20
MECH Mechanics SB of Hartford CT* 2.76 2.76 15.93 15.93 155.69
MDBK Medford Bank of Medford, MA* 2.45 2.29 21.24 19.79 236.19
MERI Meritrust FSB of Thibodaux LA 1.99 3.10 24.22 24.22 295.20
MWBX MetroWest Bank of MA* 0.52 0.52 3.02 3.02 40.60
MCBS Mid Continent Bancshares of KS 1.87 2.12 19.59 19.59 208.68
MIFC Mid Iowa Financial Corp. of IA 0.71 1.00 7.00 7.00 74.91
RP FINANCIAL, LC.
_________________________________________
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line -Part One
Prices As Of August 29, 1997
Market Capital ization Price Change Data
_______ ________________ ______ _________________________________________
Shares Market 52Week (1) % Change From
______ _________ _______________________
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1 ) andingization(9) High Low Week Week 1994(2) 1995(2)
_____________________ _______ _______ _______ ______ _____ _______ _______ _______ ________
($) 0($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
_______________________________________
MCBN Mid-Coast Bancorp of ME 25.5 233 5.9 25.75 18.00 25.75 -0.97 346.58 34.21
MWBI Midwest Bancshares, Inc. of IA 36 348 12.5 360 24.50 33.876 .29 260.00 35.85
MWFD Midwest Fed. Fin. Corp of WI 20.75 1,628 33.8 24.50 16.00 21 -1.19 315.00 12.16
MFFC Milton Fed. Fin. Corp. of OH 13.75 2,310 31.8 160 12.75 13.62 0.95 N.A. -5.17
MIVI Miss. View Hold. Co. of MN 15.5 819 12.7 15.75 11.75 15.5 0.00 N.A. 29.17
MBSP Mitchell Bancorp of NC* 16.62 931 15.5 17.12 12.12 16.75 -0.78 N.A. 16.63
MBBC Monterey Bay Bancorp of CA 16.62 3,242 53.9 18.25 13.25 16.62 0.00 N.A. 12.68
MONT Montgomery Fin. Corp. of IN 11.94 1,653 19.7 140 11.00 11.87 0.59 N.A. -8.15
MSBK Mutual SB, FSB of Bay City MI 10.5 4,274 44.9 11.25 5.12 10.5 0.00 20.00 90.91
NHTB NH Thrift Bancshares of NH 18.5 2,048 37.9 18.50 9.87 16.62 11.31 300.43 46.59
NSLB NS&L Bancorp of Neosho MO 18.47 707 13.1 18.75 12.00 18.62 -0.81 N.A. 35.61
NMSB Newmil Bancorp. of CT* 12.87 3,834 49.3 13.62 7.00 12.75 0.94 102.04 32.00
NASB North American SB of MO 49 2,229 109.2 550 30.75 51.75 -5.31 ***.** 43.07
NBSI North Bancshares of Chicago IL 22 997 21.9 22.75 15.75 22.75 -3.30 N.A. 33.33
FFFD North Central Bancshares of IA 16.62 3,258 54.1 170 11.50 17 -2.24 N.A. 22.57
NBN Northeast Bancorp of ME* 14.5 1,275 18.5 14.94 12.75 14.62 -0.82 23.40 3.57
NEIB Northeast Indiana Bncrp of IN 16.75 1,763 29.5 180 12.00 16.75 0.00 N.A. 22.98
NWEQ Northwest Equity Corp. of WI 16.5 839 13.8 16.50 10.25 16.5 0.00 N.A. 36.14
NWSB Northwest SB, MHC of PA (30.7) 22 23,376 157.9 22.25 10.87 20.87 5.41 N.A. 64.55
NSSY Norwalk Savings Society of CT* 34.87 2,410 84 36.50 20.87 34.25 1.81 N.A. 49.21
NSSB Norwich Financial Corp. of CT* 27.75 5,413 150.2 27.75 15.50 25 11.00 296.43 41.44
NTMG Nutmeg FS&LA of CT 10.75 738 7.9 110 7.00 11 -2.27 N.A. 43.33
OHSL OHSL Financial Corp. of OH 23.25 1,196 27.8 25.25 19.50 23.25 0.00 N.A. 8.80
OCFC Ocean Fin. Corp. of NJ 33.62 8,606 289.3 35.75 22.37 33.5 0.36 N.A. 31.84
OCN Ocwen Financial Corp. of FL 42.69 26,800 1,144.10 44.75 20.25 43.25 -1.29 N.A. 59.59
OFCP Ottawa Financial Corp. of MI 25.37 4,911 124.6 25.62 16.00 25.25 0.48 N.A. 50.92
PFFB PFF Bancorp of Pomona CA 19.25 18,716 360.3 19.75 11.50 19.37 -0.62 N.A. 29.46
PSFI PS Financial of Chicago IL 14.75 2,182 32.2 15.50 11.62 15 -1.67 N.A. 25.53
PVFC PVF Capital Corp. of OH 21.37 2,556 54.6 21.75 12.27 21.37 0.00 385.68 49.23
PCCI Pacific Crest Capital of CA* 15 2,938 44.1 15.37 8.13 15.25 -1.64 N.A. 30.43
PAMM PacificAmerica Money Ctr of CA* 23.5 1,900 44.7 260 10.12 23.5 0.00 N.A. 62.07
PALM Palfed, Inc. of Aiken SC 16.62 5,284 87.8 17.50 13.00 15.87 4.73 8.13 18.71
PBCI Pamrapo Bancorp, Inc. of NJ 20.75 2,843 59 23.75 18.50 20.75 0.00 268.56 3.75
PFED Park Bancorp of Chicago IL 16.37 2,431 39.8 16.87 10.31 16.37 0.00 N.A. 25.92
PVSA Parkvale Financial Corp of PA 29.25 4,055 118.6 29.75 21.35 29.25 0.00 253.26 12.50
PEEK Peekskill Fin. Corp. of NY 16.37 3,193 52.3 170 12.50 16.25 0.74 N.A. 14.88
PFSB PennFed Fin. Services of NJ 28.75 4,822 138.6 30.50 17.50 29 -0.86 N.A. 41.98
PWBC PennFirst Bancorp of PA 15.63 5,306 82.9 16.59 12.27 16.37 -4.52 95.86 26.15
PWBK Pennwood SB of PA* 16.75 580 9.7 16.75 9.75 15.75 6.35 N.A. 21.82
PBKB People's SB of Brockton MA* 16.75 3,595 60.2 17.37 10.00 16.25 3.08 181.99 57.72
PFDC Peoples Bancorp of Auburn IN 23.5 2,274 53.4 270 19.25 24.75 -5.05 34.29 16.05
PBCT Peoples Bank, MHC of CT (40.1)* 28.06 61,053 686.2 290 14.08 27.75 1.12 256.54 45.77
PFFC Peoples Fin. Corp. of OH 17.25 1,491 25.7 17.37 10.87 17.37 -0.69 N.A. 27.78
PHBK Peoples Heritage Fin Grp of ME* 37.25 27,371 1,019.60 40.25 21.88 37.37 -0.32 143.31 33.04
PSFC Peoples Sidney Fin. Corp of OH 16 1,785 28.6 16.50 12.56 16 0.00 N.A. N.A.
PERM Permanent Bancorp of IN 22.75 2,011 45.8 26.50 16.25 23 -1.09 N.A. 12.35
PMFI Perpetual Midwest Fin. of IA 21.5 1,883 40.5 220 17.25 20.12 6.86 N.A. 11.69
PERT Perpetual of SC, MHC (46.8) 40.63 1,505 28.6 410 20.25 39 4.18 N.A. 67.55
PCBC Perry Co. Fin. Corp. of MO 21.37 828 17.7 22.25 17.00 20.5 4.24 N.A. 25.71
PHFC Pittsburgh Home Fin. of PA 19.5 1,969 38.4 19.50 10.25 19.37 0.67 N.A. 45.85
PFSL Pocahnts Fed, MHC of AR (47.0) 27 1,632 20.8 27.25 14.25 26 3.85 N.A. 54.29
POBS Portsmouth Bank Shrs Inc of NH(8) 18.25 5,907 107.8 18.50 12.50 17.25 5.80 75.31 33.02
PTRS Potters Financial Corp of OH 24 487 11.7 24.75 15.50 24 0.00 N.A. 20.00
PKPS Poughkeepsie Fin. Corp. of NY 7.25 12,595 91.3 8.13 4.75 7.44 -2.55 -6.45 38.10
PHSB Ppls Home SB, MHC of PA (45.0) 16 2,760 19.9 16.12 13.62 16.12 -0.74 N.A. N.A.
Current Per Share Financials
________________________________________
Tangible
Trailing12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
_____________________ _______ _______ _______ _______ _______
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
_______________________________________
MCBN Mid-Coast Bancorp of ME 1.06 1.66 22.06 22.06 256.39
MWBI Midwest Bancshares, Inc. of IA 1.81 3.01 29.09 29.09 421.1
MWFD Midwest Fed. Fin. Corp of WI 1.79 1.37 11.21 10.81 127.18
MFFC Milton Fed. Fin. Corp. of OH 0.39 0.54 11.37 11.37 86.53
MIVI Miss. View Hold. Co. of MN 0.59 0.88 16.08 16.08 85.2
MBSP Mitchell Bancorp of NC* 0.51 0.6 15.39 15.39 35.49
MBBC Monterey Bay Bancorp of CA 0.29 0.55 14.43 13.3 127.33
MONT Montgomery Fin. Corp. of IN 0.26 0.42 11.22 11.22 62.63
MSBK Mutual SB, FSB of Bay City MI 0.18 0.07 9.57 9.57 157.56
NHTB NH Thrift Bancshares of NH 0.54 0.8 11.78 10.03 153.95
NSLB NS&L Bancorp of Neosho MO 0.41 0.64 16.52 16.52 84.46
NMSB Newmil Bancorp. of CT* 0.68 0.65 8.27 8.27 84.26
NASB North American SB of MO 4.1 3.86 25.37 24.52 330.46
NBSI North Bancshares of Chicago IL 0.58 0.81 16.95 16.95 119.95
FFFD North Central Bancshares of IA 1.02 1.18 14.81 14.81 65.34
NBN Northeast Bancorp of ME* 0.93 0.86 13.49 11.66 194.14
NEIB Northeast Indiana Bncrp of IN 0.98 1.15 15.19 15.19 100.01
NWEQ Northwest Equity Corp. of WI 0.88 1.11 13.22 13.22 115.48
NWSB Northwest SB, MHC of PA (30.7) 0.58 0.82 8.49 8 89.47
NSSY Norwalk Savings Society of CT* 2.42 2.76 20.64 19.9 256.17
NSSB Norwich Financial Corp. of CT* 1.42 1.35 14.7 13.27 131.66
NTMG Nutmeg FS&LA of CT 0.33 0.45 7.72 7.72 138.8
OHSL OHSL Financial Corp. of OH 1.12 1.57 21.21 21.21 192.34
OCFC Ocean Fin. Corp. of NJ 0.06 1.49 27.35 27.35 168.27
OCN Ocwen Financial Corp. of FL 2.65 1.6 9.1 8.69 103.99
OFCP Ottawa Financial Corp. of MI 0.82 1.32 15.31 12.29 175.39
PFFB PFF Bancorp of Pomona CA 0.21 0.61 14.51 14.36 140.6
PSFI PS Financial of Chicago IL 0.7 0.71 14.66 14.66 37.88
PVFC PVF Capital Corp. of OH 1.4 1.8 9.79 9.79 139.38
PCCI Pacific Crest Capital of CA* 1.11 1.04 8.95 8.95 126.32
PAMM PacificAmerica Money Ctr of CA* 3.64 3.64 13.26 13.26 59.13
PALM Palfed, Inc. of Aiken SC 0.13 0.76 10.37 10.37 125.83
PBCI Pamrapo Bancorp, Inc. of NJ 1.16 1.6 16.62 16.49 130.49
PFED Park Bancorp of Chicago IL 0.62 0.86 16.27 16.27 72.22
PVSA Parkvale Financial Corp of PA 1.72 2.54 18.54 18.4 244.45
PEEK Peekskill Fin. Corp. of NY 0.57 0.75 14.71 14.71 57.18
PFSB PennFed Fin. Services of NJ 1.43 2.09 20.17 16.87 274.11
PWBC PennFirst Bancorp of PA 0.63 0.91 12.44 11.63 153.97
PWBK Pennwood SB of PA* 0.57 0.92 15.04 15.04 86.17
PBKB People's SB of Brockton MA* 1.16 0.69 8.56 8.2 152.65
PFDC Peoples Bancorp of Auburn IN 1.39 1.82 19.23 19.23 126.46
PBCT Peoples Bank, MHC of CT (40.1)* 1.39 1.03 10.93 10.92 128.9
PFFC Peoples Fin. Corp. of OH 0.53 0.53 15.78 15.78 58.01
PHBK Peoples Heritage Fin Grp of ME* 2.36 2.39 15.77 13.29 204.27
PSFC Peoples Sidney Fin. Corp of OH 0.56 0.73 14.09 14.09 60.57
PERM Permanent Bancorp of IN 0.72 1.3 19.74 19.45 215.43
PMFI Perpetual Midwest Fin. of IA 0.25 0.61 18 18 210.96
PERT Perpetual of SC, MHC (46.8) 1 1.41 20.13 20.13 170.24
PCBC Perry Co. Fin. Corp. of MO 0.9 1.04 18.8 18.8 97.95
PHFC Pittsburgh Home Fin. of PA 0.69 0.88 14.21 14.06 130.15
PFSL Pocahnts Fed, MHC of AR (47.0) 1.39 1.93 14.76 14.76 232.05
POBS Portsmouth Bank Shrs Inc of NH(8) 1.03 0.91 11.39 11.39 43.92
PTRS Potters Financial Corp of OH 1.16 2.06 21.97 21.97 248.85
PKPS Poughkeepsie Fin. Corp. of NY 0.24 0.37 5.85 5.85 69.88
PHSB Ppls Home SB, MHC of PA (45.0) 0.32 0.67 14.36 14.36 82.97
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 29, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
Shares Market 52 Week (1) % Change From
--------------- -----------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
PRBC Prestige Bancorp of PA 17.12 915 15.7 17.50 10.25 17.50 -2.17 N.A. 26.81
PETE Primary Bank of NH(8)* 25.56 2,089 53.4 26.75 11.43 26.25 -2.63 N.A. 67.72
PFNC Progress Financial Corp. of PA 14.75 3,814 56.3 14.75 5.95 14.25 3.51 33.97 84.84
PSBK Progressive Bank, Inc. of NY* 32.87 3,821 125.6 32.87 19.83 29.75 10.49 145.85 44.48
PROV Provident Fin. Holdings of CA 19.25 4,920 94.7 20.12 11.12 19.50 -1.28 N.A. 37.50
PULB Pulaski SB, MHC of MO (29.8) 24.75 2,094 15.4 24.75 12.75 23.00 7.61 N.A. 70.69
PLSK Pulaski SB, MHC of NJ (46.0) 16.62 2,070 15.8 17.00 11.50 16.62 0.00 N.A. N.A.
PULS Pulse Bancorp of S. River NJ 20.50 3,071 63.0 21.00 15.50 20.50 0.00 65.72 30.16
QCFB QCF Bancorp of Virginia MN 26.00 1,426 37.1 26.00 15.00 25.50 1.96 N.A. 42.47
QCBC Quaker City Bancorp of CA 20.50 4,703 96.4 20.75 11.40 20.75 -1.20 173.33 34.87
QCSB Queens County Bancorp of NY* 53.87 10,181 548.5 53.87 24.50 52.00 3.60 N.A. 70.58
RCSB RCSB Financial, Inc. of NY(8)* 48.87 14,591 713.1 51.75 26.37 48.06 1.69 296.99 68.52
RARB Raritan Bancorp. of Raritan NJ* 22.25 2,412 53.7 25.50 14.17 22.25 0.00 245.50 43.55
REDF RedFed Bancorp of Redlands CA 17.37 7,174 124.6 17.37 10.00 16.75 3.70 N.A. 28.67
RELY Reliance Bancorp, Inc. of NY 30.81 8,776 270.4 30.81 17.12 30.00 2.70 N.A. 58.00
RELI Reliance Bancshares Inc of WI(8)* 8.37 2,528 21.2 10.12 6.50 8.62 -2.90 N.A. 24.00
RIVR River Valley Bancorp of IN 16.50 1,190 19.6 17.25 13.25 16.87 -2.19 N.A. 20.00
RSLN Roslyn Bancorp, Inc. of NY* 22.75 43,642 992.9 24.31 15.00 23.87 -4.69 N.A. N.A.
RVSB Rvrview SB,FSB MHC of WA(41.7)(8) 27.00 2,419 24.7 27.50 13.18 27.50 -1.82 N.A. 69.70
SCCB S. Carolina Comm. Bnshrs of SC 21.50 704 15.1 25.25 15.00 21.31 0.89 N.A. 43.33
SBFL SB Fngr Lakes MHC of NY (33.1) 23.00 1,785 13.6 23.00 12.75 19.50 17.95 N.A. 67.27
SFED SFS Bancorp of Schenectady NY 19.25 1,236 23.8 19.50 12.50 19.47 -1.13 N.A. 30.51
SGVB SGV Bancorp of W. Covina CA 15.12 2,342 35.4 15.75 8.75 15.63 -3.26 N.A. 34.40
SISB SIS Bancorp Inc of MA* 29.25 5,577 163.1 30.37 20.87 30.00 -2.50 N.A. 27.90
SWCB Sandwich Co-Op. Bank of MA* 32.00 1,915 61.3 34.50 21.00 32.75 -2.29 271.23 7.56
SECP Security Capital Corp. of WI(8) 103.50 9,208 953.0 103.50 60.50 100.87 2.61 N.A. 40.34
SFSL Security First Corp. of OH 18.25 7,574 138.2 19.25 8.83 19.25 -5.19 75.48 51.08
SFNB Security First Netwrk Bk of GA 13.00 8,620 112.1 28.00 5.50 13.87 -6.27 N.A. 26.83
SMFC Sho-Me Fin. Corp. of MO(8) 38.00 1,499 57.0 40.25 18.87 36.75 3.40 N.A. 74.71
SOBI Sobieski Bancorp of S. Bend IN 16.44 775 12.7 16.50 12.00 16.25 1.17 N.A. 13.38
SOSA Somerset Savings Bank of MA(8)* 3.69 16,652 61.4 4.00 1.50 3.62 1.93 -27.93 87.31
SSFC South Street Fin. Corp. of NC* 18.75 4,496 84.3 19.50 12.12 18.00 4.17 N.A. 33.93
SCBS Southern Commun. Bncshrs of AL 15.87 1,137 18.0 15.87 13.00 15.87 0.00 N.A. 19.77
SMBC Southern Missouri Bncrp of MO 17.25 1,638 28.3 18.00 13.50 17.25 0.00 N.A. 15.00
SWBI Southwest Bancshares of IL 20.25 2,652 53.7 21.75 17.83 20.87 -2.97 102.50 10.96
SVRN Sovereign Bancorp of PA 15.50 70,010 1,085.2 16.50 8.85 14.69 5.51 246.76 41.68
STFR St. Francis Cap. Corp. of WI 34.50 5,308 183.1 38.75 25.00 35.50 -2.82 N.A. 32.69
SPBC St. Paul Bancorp, Inc. of IL 23.12 33,988 785.8 24.37 13.47 22.50 2.76 107.73 47.54
STND Standard Fin. of Chicago IL(8) 25.50 16,210 413.4 25.87 16.25 25.50 0.00 N.A. 29.97
SFFC StateFed Financial Corp. of IA 22.00 784 17.2 22.75 16.00 22.00 0.00 N.A. 33.33
SFIN Statewide Fin. Corp. of NJ 18.75 4,710 88.3 19.12 12.37 18.75 0.00 N.A. 30.48
STSA Sterling Financial Corp. of WA 18.50 5,567 103.0 19.25 13.00 17.87 3.53 103.52 31.02
SFSB SuburbFed Fin. Corp. of IL 27.50 1,262 34.7 27.50 16.25 27.50 0.00 312.29 44.74
ROSE T R Financial Corp. of NY* 27.62 17,519 483.9 28.25 14.19 27.37 0.91 N.A. 55.61
THRD TF Financial Corp. of PA 19.25 4,083 78.8 20.50 14.50 19.62 -1.89 N.A. 18.46
TPNZ Tappan Zee Fin., Inc. of NY 17.25 1,497 25.8 17.62 12.00 17.44 -1.09 N.A. 26.65
ESBK The Elmira SB FSB of Elmira NY* 23.44 706 16.5 23.75 14.75 23.25 0.82 63.12 28.44
GRTR The Greater New York SB of NY(8)* 22.94 13,717 314.7 22.94 11.37 22.25 3.10 146.40 68.43
TSBS Trenton SB,FSB MHC of NJ(35.9) 28.62 9,037 92.9 29.25 13.75 28.50 0.42 N.A. 78.88
TRIC Tri-County Bancorp of WY 22.75 609 13.9 24.25 18.00 22.75 0.00 N.A. 26.39
TWIN Twin City Bancorp of TN 20.00 853 17.1 20.50 16.25 19.75 1.27 N.A. 15.94
UFRM United FS&LA of Rocky Mount NC 12.00 3,074 36.9 12.50 7.00 11.50 4.35 269.23 41.18
UBMT United Fin. Corp. of MT 23.50 1,223 28.7 24.00 18.00 23.50 0.00 123.81 22.08
VABF Va. Beach Fed. Fin. Corp of VA 13.62 4,976 67.8 15.00 7.75 14.00 -2.71 190.41 44.28
VFFC Virginia First Savings of VA(8) 23.87 5,805 138.6 24.00 12.00 23.87 0.00 ***.** 87.22
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
PRBC Prestige Bancorp of PA 0.47 0.83 16.51 16.51 148.33
PETE Primary Bank of NH(8)* 1.24 1.47 14.33 14.31 206.65
PFNC Progress Financial Corp. of PA 0.54 0.65 5.78 5.10 109.77
PSBK Progressive Bank, Inc. of NY* 2.30 2.26 19.67 17.57 230.00
PROV Provident Fin. Holdings of CA 0.39 0.34 17.37 17.37 125.10
PULB Pulaski SB, MHC of MO (29.8) 0.59 0.82 11.04 11.04 84.92
PLSK Pulaski SB, MHC of NJ (46.0) 0.21 0.51 10.20 10.20 85.68
PULS Pulse Bancorp of S. River NJ 1.20 1.80 13.63 13.63 169.39
QCFB QCF Bancorp of Virginia MN 1.41 1.41 18.98 18.98 104.93
QCBC Quaker City Bancorp of CA 0.60 0.98 14.94 14.93 170.40
QCSB Queens County Bancorp of NY* 2.15 2.18 17.08 17.08 144.08
RCSB RCSB Financial, Inc. of NY(8)* 2.64 2.61 21.69 21.14 276.36
RARB Raritan Bancorp. of Raritan NJ* 1.46 1.55 12.48 12.27 157.31
REDF RedFed Bancorp of Redlands CA 0.31 0.80 10.75 10.71 127.16
RELY Reliance Bancorp, Inc. of NY 1.25 1.85 18.54 13.36 225.25
RELI Reliance Bancshares Inc of WI(8)* 0.16 0.17 9.08 9.08 18.60
RIVR River Valley Bancorp of IN 0.46 0.62 14.63 14.41 118.02
RSLN Roslyn Bancorp, Inc. of NY* 0.59 0.93 14.58 14.51 72.39
RVSB Rvrview SB,FSB MHC of WA(41.7)(8) 0.88 1.10 10.67 9.74 94.94
SCCB S. Carolina Comm. Bnshrs of SC 0.52 0.70 17.11 17.11 65.93
SBFL SB Fngr Lakes MHC of NY (33.1) 0.15 0.51 11.63 11.63 121.40
SFED SFS Bancorp of Schenectady NY 0.60 1.07 17.44 17.44 139.85
SGVB SGV Bancorp of W. Covina CA 0.31 0.75 12.77 12.56 174.78
SISB SIS Bancorp Inc of MA* 3.31 3.29 18.52 18.52 257.23
SWCB Sandwich Co-Op. Bank of MA* 2.34 2.39 20.83 19.94 262.09
SECP Security Capital Corp. of WI(8) 4.88 5.82 64.62 64.62 398.94
SFSL Security First Corp. of OH 0.88 1.10 8.13 7.99 86.25
SFNB Security First Netwrk Bk of GA -3.30 -3.38 3.02 2.97 9.12
SMFC Sho-Me Fin. Corp. of MO(8) 2.08 2.35 19.81 19.81 219.35
SOBI Sobieski Bancorp of S. Bend IN 0.32 0.61 15.95 15.95 105.49
SOSA Somerset Savings Bank of MA(8)* 0.25 0.24 1.96 1.96 30.90
SSFC South Street Fin. Corp. of NC* 0.45 0.57 13.58 13.58 53.77
SCBS Southern Commun. Bncshrs of AL 0.19 0.47 13.54 13.54 61.66
SMBC Southern Missouri Bncrp of MO 0.70 0.69 15.85 15.85 101.15
SWBI Southwest Bancshares of IL 1.05 1.44 15.69 15.69 142.66
SVRN Sovereign Bancorp of PA 0.62 0.96 6.25 4.71 155.67
STFR St. Francis Cap. Corp. of WI 1.77 1.95 24.43 21.59 310.01
SPBC St. Paul Bancorp, Inc. of IL 0.93 1.34 11.67 11.64 135.68
STND Standard Fin. of Chicago IL(8) 0.74 1.07 17.11 17.08 158.83
SFFC StateFed Financial Corp. of IA 1.17 1.42 19.43 19.43 109.28
SFIN Statewide Fin. Corp. of NJ 0.76 1.29 13.90 13.88 142.93
STSA Sterling Financial Corp. of WA 0.28 0.90 12.41 10.82 302.93
SFSB SuburbFed Fin. Corp. of IL 1.23 1.79 21.92 21.84 338.12
ROSE T R Financial Corp. of NY* 1.84 1.66 12.58 12.58 202.74
THRD TF Financial Corp. of PA 0.84 1.13 17.44 15.30 156.93
TPNZ Tappan Zee Fin., Inc. of NY 0.53 0.49 14.35 14.35 80.07
ESBK The Elmira SB FSB of Elmira NY* 1.13 1.10 20.32 19.48 322.70
GRTR The Greater New York SB of NY(8)* 1.38 0.74 11.75 11.75 187.40
TSBS Trenton SB,FSB MHC of NJ(35.9) 0.86 0.73 11.79 10.81 69.82
TRIC Tri-County Bancorp of WY 1.10 1.40 22.50 22.50 146.89
TWIN Twin City Bancorp of TN 0.66 0.93 16.18 16.18 125.84
UFRM United FS&LA of Rocky Mount NC 0.19 0.33 6.70 6.70 89.63
UBMT United Fin. Corp. of MT 0.94 1.16 19.95 19.95 88.08
VABF Va. Beach Fed. Fin. Corp of VA 0.26 0.58 8.50 8.50 124.16
VFFC Virginia First Savings of VA(8) 1.81 1.66 11.35 10.96 140.79
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part One
Prices As Of August 29, 1997
Market Capitalization Price Change Data
-------------------------- -------------------------------------------------
Shares Market 52 Week (1) % Change From
------------------ ------------------------
Price/ Outst- Capital- Last Last Dec 31, Dec 31,
Financial Institution Share(1) anding ization(9) High Low Week Week 1994(2) 1995(2)
--------------------- -------- ------ ---------- ---------- ------- -------- ---- ------- --------
($) (000) ($Mil) ($) ($) ($) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
WHGB WHG Bancshares of MD 15.75 1,462 23.0 15.75 11.50 15.25 3.28 N.A. 20.05
WSFS WSFS Financial Corp. of DE* 15.12 12,421 187.8 15.37 7.75 14.50 4.28 108.55 48.38
WVFC WVS Financial Corp. of PA* 27.00 1,747 47.2 27.75 21.00 27.37 -1.35 N.A. 9.67
WRNB Warren Bancorp of Peabody MA* 17.50 3,781 66.2 19.00 12.12 17.50 0.00 419.29 16.67
WFSL Washington FS&LA of Seattle WA 27.25 47,462 1,293.3 29.25 19.89 26.37 3.34 86.77 13.12
WAMU Washington Mutual Inc. of WA(8)* 59.87 126,357 7,565.0 69.12 35.00 62.56 -4.30 222.58 38.24
WYNE Wayne Bancorp of NJ 23.87 2,120 50.6 24.50 13.25 24.00 -0.54 N.A. 56.52
WAYN Wayne S&L Co. MHC of OH (47.8) 21.00 2,248 22.6 21.00 12.67 19.25 9.09 N.A. 28.60
WCFB Wbstr Cty FSB MHC of IA (45.2) 17.75 2,100 16.9 17.75 12.50 17.50 1.43 N.A. 29.09
WBST Webster Financial Corp. of CT 52.87 11,985 633.6 52.87 32.00 50.00 5.74 460.06 43.86
WEFC Wells Fin. Corp. of Wells MN 16.50 1,959 32.3 16.50 12.00 16.12 2.36 N.A. 25.76
WCBI WestCo Bancorp of IL 25.75 2,476 63.8 26.75 20.00 26.00 -0.96 157.50 19.77
WSTR WesterFed Fin. Corp. of MT 21.37 5,565 118.9 23.50 15.06 21.75 -1.75 N.A. 17.10
WOFC Western Ohio Fin. Corp. of OH 23.75 2,339 55.6 24.50 19.62 23.37 1.63 N.A. 9.20
WWFC Westwood Fin. Corp. of NJ 24.25 645 15.6 24.25 10.50 21.25 14.12 N.A. 46.97
WEHO Westwood Hmstd Fin Corp of OH 15.50 2,795 43.3 16.00 10.37 15.37 0.85 N.A. 27.89
WFI Winton Financial Corp. of OH 16.00 1,986 31.8 16.75 11.25 15.75 1.59 N.A. 39.13
FFWD Wood Bancorp of OH 16.62 2,119 35.2 17.00 9.33 16.50 0.73 N.A. 46.69
YFCB Yonkers Fin. Corp. of NY 17.37 3,036 52.7 17.62 11.00 17.25 0.70 N.A. 34.97
YFED York Financial Corp. of PA 23.75 7,008 166.4 26.75 14.54 24.00 -1.04 151.32 46.15
Current Per Share Financials
-------------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
--------------------- -------- ------- ------- -------- ---------
($) ($) ($) ($) ($)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
WHGB WHG Bancshares of MD 0.34 0.34 14.16 14.16 68.56
WSFS WSFS Financial Corp. of DE* 1.47 1.48 6.32 6.27 121.45
WVFC WVS Financial Corp. of PA* 1.69 2.11 18.83 18.83 168.69
WRNB Warren Bancorp of Peabody MA* 2.01 1.71 9.82 9.82 94.69
WFSL Washington FS&LA of Seattle WA 1.94 2.14 14.66 13.39 121.37
WAMU Washington Mutual Inc. of WA(8)* 1.14 2.42 19.30 18.32 385.92
WYNE Wayne Bancorp of NJ 0.50 0.50 16.44 16.44 123.13
WAYN Wayne S&L Co. MHC of OH (47.8) 0.35 0.74 10.46 10.46 113.09
WCFB Wbstr Cty FSB MHC of IA (45.2) 0.48 0.64 10.53 10.53 45.09
WBST Webster Financial Corp. of CT 1.60 2.86 24.91 21.28 495.93
WEFC Wells Fin. Corp. of Wells MN 0.73 1.08 14.64 14.64 103.13
WCBI WestCo Bancorp of IL 1.41 1.78 19.18 19.18 125.85
WSTR WesterFed Fin. Corp. of MT 0.81 1.02 18.73 14.99 171.72
WOFC Western Ohio Fin. Corp. of OH 0.52 0.72 23.38 21.79 169.51
WWFC Westwood Fin. Corp. of NJ 0.78 1.34 15.76 14.04 172.70
WEHO Westwood Hmstd Fin Corp of OH 0.30 0.45 14.17 14.17 48.18
WFI Winton Financial Corp. of OH 1.60 1.34 11.36 11.12 159.81
FFWD Wood Bancorp of OH 0.79 0.94 9.52 9.52 77.36
YFCB Yonkers Fin. Corp. of NY 0.76 1.02 14.14 14.14 94.89
YFED York Financial Corp. of PA 1.01 1.29 14.28 14.28 165.87
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Weekly Thrift Market Line - Part Two
Prices As Of August 29, 1997
Key Financial Ratios
-----------------------------------------------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ --------------------- -----------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5)7)
--------------------- ------- ------- ----- ----- ----- ----- -------
(%) (%) (%) (%) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
---------------------------------------------
SAIF-Insured Thrifts(304) 12.93 12.68 0.53 5.52 3.51 0.74 7.54
NYSE Traded Companies(9) 5.88 5.64 0.61 10.41 4.53 0.80 14.37
AMEX Traded Companies(17) 16.06 15.96 0.55 2.86 2.34 0.87 5.19
NASDAQ Listed OTC Companies(278) 12.98 12.72 0.53 5.52 3.54 0.74 7.45
California Companies(21) 7.44 7.18 0.30 4.48 2.45 0.43 6.99
Florida Companies(6) 7.63 7.18 0.92 11.46 3.94 0.74 9.13
Mid-Atlantic Companies(59) 10.82 10.47 0.62 6.32 3.94 0.86 8.94
Mid-West Companies(147) 14.01 13.82 0.68 5.42 3.87 0.90 7.15
New England Companies(9) 7.87 7.46 0.36 4.81 3.01 0.63 8.58
North-West Companies(7) 15.91 15.62 0.83 6.61 3.56 1.04 8.85
South-East Companies(42) 16.34 16.14 -0.11 4.72 2.17 0.11 6.62
South-West Companies(7) 10.80 10.54 0.38 2.90 2.45 0.66 6.39
Western Companies (Excl CA)(6) 16.23 15.79 0.98 6.66 4.52 1.16 7.72
Thrift Strategy(240) 14.11 13.89 0.65 5.00 3.55 0.89 7.02
Mortgage Banker Strategy(37) 7.47 7.03 0.51 7.22 4.02 0.65 9.47
Real Estate Strategy(11) 7.33 7.14 0.55 7.01 3.82 0.76 10.31
Diversified Strategy(12) 10.49 10.22 -2.32 13.44 1.48 -2.38 14.25
Retail Banking Strategy(4) 8.40 8.19 0.11 2.23 0.80 0.03 1.72
Companies Issuing Dividends(256) 13.14 12.88 0.68 5.93 3.94 0.91 7.95
Companies Without Dividends(48) 11.69 11.56 -0.33 3.14 1.04 -0.21 5.14
Equity/Assets (less than) 6%(23) 4.94 4.65 0.38 7.53 3.57 0.56 11.40
Equity/Assets 6-12%(146) 8.61 8.28 0.56 6.57 3.89 0.75 8.81
Equity/Assets (greater than) 12%(135) 18.67 18.53 0.53 4.11 3.11 0.77 5.59
Converted Last 3 Mths (no MHC)(5) 20.95 20.90 0.73 3.44 2.96 0.75 3.59
Actively Traded Companies(41) 8.64 8.40 0.72 8.67 4.59 0.95 11.96
Market Value Below $20 Million(62) 15.20 15.10 0.55 3.58 3.03 0.81 5.61
Holding Company Structure(269) 13.33 13.10 0.63 5.29 3.54 0.85 7.31
Assets Over $1 Billion(62) 7.82 7.30 0.62 8.15 4.16 0.80 10.87
Assets $500 Million-$1 Billion(49) 10.11 9.82 0.62 6.26 3.62 0.79 8.10
Assets $250-$500 Million(68) 11.09 10.76 0.59 5.40 3.75 0.81 7.55
Assets less than $250 Million(125) 17.35 17.28 0.43 4.06 3.03 0.66 5.75
Goodwill Companies(124) 9.23 8.62 0.37 7.09 3.94 0.53 9.13
Non-Goodwill Companies(178) 15.35 15.35 0.65 4.46 3.22 0.90 6.49
Acquirors of FSLIC Cases(10) 7.19 6.79 0.57 7.79 4.22 0.82 11.71
Asset Quality Ratios Pricing Ratios
---------------------- ----------------------------------------
Price/ Price/
NPAs Resvs/ Resvs/ Price/ Price/ Price/ Tang. Core
Financial Institution Assets NPAs Loans Earning Book Assets Book Earnings
--------------------- ------ ------ ------- ------- ------ ------- ----- --------
(%) (%) (%) (X) (%) (%) (%) (x)
Market Averages. SAIF-Insured Thrifts(no MHCs)
---------------------------------------------
SAIF-Insured Thrifts(304) 0.81 127.83 0.82 20.84 136.48 17.17 141.15 18.06
NYSE Traded Companies(9) 1.25 74.44 1.28 21.25 186.76 11.94 198.97 14.97
AMEX Traded Companies(17) 0.62 158.98 0.72 22.57 119.97 19.70 121.07 19.54
NASDAQ Listed OTC Companies(278) 0.80 128.28 0.81 20.72 135.95 17.20 140.60 18.10
California Companies(21) 1.95 66.78 1.33 22.97 150.39 10.63 157.55 16.65
Florida Companies(6) 1.52 73.71 0.80 19.21 159.36 17.21 179.57 22.31
Mid-Atlantic Companies(59) 0.85 98.99 0.93 20.66 138.90 14.57 143.62 17.06
Mid-West Companies(147) 0.64 150.53 0.70 20.53 130.10 17.35 133.22 18.01
New England Companies(9) 0.63 116.41 1.00 22.02 149.64 11.55 162.13 18.37
North-West Companies(7) 0.70 128.29 0.61 17.87 159.77 22.01 167.32 18.23
South-East Companies(42) 0.91 127.78 0.87 21.58 143.12 24.89 147.45 20.18
South-West Companies(7) 0.65 100.15 0.71 20.88 120.58 12.29 128.03 17.61
Western Companies (Excl CA)(6) 0.29 169.72 0.72 22.74 135.12 20.34 141.25 19.31
Thrift Strategy(240) 0.72 133.98 0.74 21.15 129.33 17.68 133.24 18.22
Mortgage Banker Strategy(37) 1.03 98.51 1.01 19.87 163.54 11.78 174.33 17.77
Real Estate Strategy(11) 1.42 97.48 1.35 18.81 166.75 12.11 169.70 16.41
Diversified Strategy(12) 1.31 120.54 1.14 19.94 209.55 32.60 216.79 17.18
Retail Banking Strategy(4) 1.85 101.37 1.82 16.93 121.42 9.98 125.28 16.29
Companies Issuing Dividends(256) 0.70 133.05 0.78 20.79 137.57 17.09 142.52 17.89
Companies Without Dividends(48) 1.52 95.36 1.07 21.59 129.84 17.66 132.82 19.45
Equity/Assets (less than) 6%(23) 1.41 83.13 1.03 20.96 174.60 9.47 184.94 16.82
Equity/Assets 6-12%(146) 0.92 122.64 0.93 19.85 145.76 12.65 153.03 16.32
Equity/Assets (greater than) 12%(135) 0.57 142.45 0.67 22.27 121.24 23.08 122.74 20.34
Converted Last 3 Mths (no MHC)(5) 1.67 25.74 0.58 27.63 116.31 24.33 116.64 28.43
Actively Traded Companies(41) 1.17 106.77 0.96 20.21 170.80 14.21 176.53 16.03
Market Value Below $20 Million(62) 0.78 103.26 0.66 22.22 110.84 16.69 111.93 19.78
Holding Company Structure(269) 0.80 123.77 0.81 21.24 134.20 17.13 138.31 18.25
Assets Over $1 Billion(62) 1.01 95.06 0.99 20.23 168.40 13.57 181.64 16.91
Assets $500 Million-$1 Billion(49) 0.98 167.85 1.07 20.90 147.92 15.02 152.71 17.93
Assets $250-$500 Million(68) 0.72 135.60 0.73 20.10 136.83 14.84 142.20 16.75
Assets less than $250 Million(125) 0.68 123.70 0.69 21.70 117.69 20.89 118.47 19.45
Goodwill Companies(124) 0.86 113.68 0.90 20.07 151.28 14.46 162.90 16.83
Non-Goodwill Companies(178) 0.77 137.27 0.77 21.54 126.42 18.92 126.42 18.99
Acquirors of FSLIC Cases(10) 1.53 51.85 0.89 20.74 170.17 11.88 182.83 16.12
Dividend Data(6)
----------------------
Ind. Divi-
Div./ dend Payout
Financial Institution Share Yield Ratio(7)
--------------------- ----- ----- -------
($) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
---------------------------------------------
SAIF-Insured Thrifts(304) 0.36 1.71 35.06
NYSE Traded Companies(9) 0.32 0.91 18.69
AMEX Traded Companies(17) 0.40 2.13 45.65
NASDAQ Listed OTC Companies(278) 0.36 1.71 35.27
California Companies(21) 0.15 0.52 12.75
Florida Companies(6) 0.24 0.85 14.38
Mid-Atlantic Companies(59) 0.38 1.68 37.15
Mid-West Companies(147) 0.36 1.82 35.81
New England Companies(9) 0.46 1.59 34.62
North-West Companies(7) 0.35 1.39 26.99
South-East Companies(42) 0.41 1.97 40.81
South-West Companies(7) 0.35 1.71 52.02
Western Companies (Excl CA)(6) 0.56 2.78 55.16
Thrift Strategy(240) 0.37 1.84 37.83
Mortgage Banker Strategy(37) 0.33 1.23 26.90
Real Estate Strategy(11) 0.13 0.73 12.64
Diversified Strategy(12) 0.40 1.31 29.94
Retail Banking Strategy(4) 0.20 1.26 18.18
Companies Issuing Dividends(256) 0.42 2.01 41.12
Companies Without Dividends(48) 0.00 0.00 0.00
Equity/Assets (less than) 6%(23) 0.22 0.82 15.16
Equity/Assets 6-12%(146) 0.38 1.59 33.13
Equity/Assets (greater than) 12%(135) 0.37 1.97 41.76
Converted Last 3 Mths (no MHC)(5) 0.00 0.00 0.00
Actively Traded Companies(41) 0.49 1.73 31.65
Market Value Below $20 Million(62) 0.33 1.96 41.77
Holding Company Structure(269) 0.37 1.76 36.42
Assets Over $1 Billion(62) 0.43 1.36 29.65
Assets $500 Million-$1 Billion(49) 0.33 1.57 35.85
Assets $250-$500 Million(68) 0.36 1.77 31.45
Assets less than $250 Million(125) 0.34 1.89 40.19
Goodwill Companies(124) 0.39 1.57 32.10
Non-Goodwill Companies(178) 0.34 1.80 37.50
Acquirors of FSLIC Cases(10) 0.38 1.41 23.87
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data
and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common
equity and assets balances; ROI (return on investment) is current EPS
divided by current price. Recent change figures are actual year-to-
date and are not annualized
(6) Annualized, based on last regular quarterly cash dividend
announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities
or unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of
institutions included in the respective averages. All figures have been
adjusted for stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded
companies, and RP Financial, Inc. calculations.
The information provided in this report has been obtained from
sources we believe are reliable, but we cannot guarantee the
accuracy or completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 29, 1997
Key Financial Ratios Asset Quality Ratios
--------------------------------------------------------- ---------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/
----------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs
--------------------- ------- ------- ----- ----- ----- ------ ----- ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
--------------------------------------------
BIF-Insured Thrifts(69) 11.88 11.51 1.19 11.58 7.15 1.20 11.42 0.91 143.16
NYSE Traded Companies(3) 7.58 6.00 0.77 10.55 5.72 0.78 10.86 1.88 43.17
AMEX Traded Companies(6) 11.89 11.10 0.74 7.96 4.60 0.74 8.04 0.99 209.73
NASDAQ Listed OTC Companies(60) 12.15 11.90 1.27 12.09 7.55 1.28 11.88 0.84 140.95
California Companies(4) 11.92 11.90 2.21 19.69 9.42 2.17 19.07 2.23 65.22
Mid-Atlantic Companies(18) 11.40 10.74 0.82 8.45 4.62 0.91 9.06 0.85 130.78
Mid-West Companies(2) 25.06 23.63 0.43 1.59 1.79 0.66 2.42 0.56 57.14
New England Companies(36) 8.99 8.69 1.27 13.76 9.02 1.22 13.17 0.87 162.82
North-West Companies(4) 12.39 12.00 1.21 10.53 6.05 1.18 10.22 0.16 215.39
South-East Companies(5) 27.76 27.76 1.14 4.44 3.40 1.23 4.77 0.67 135.35
Thrift Strategy(46) 12.92 12.49 1.12 9.95 6.83 1.12 9.74 0.83 150.36
Mortgage Banker Strategy(10) 8.83 8.62 0.86 11.23 6.14 0.95 11.87 0.71 135.17
Real Estate Strategy(6) 8.88 8.87 1.37 15.11 8.51 1.29 14.24 1.08 103.33
Diversified Strategy(7) 9.90 9.47 2.11 22.57 10.15 2.09 22.29 1.72 128.49
Companies Issuing Dividends(57) 11.90 11.49 1.03 10.52 6.11 1.04 10.37 0.77 149.98
Companies Without Dividends(12) 11.79 11.62 2.05 18.05 12.79 2.04 17.83 1.62 109.06
Equity/Assets less than 6%(5) 5.45 5.32 0.97 17.28 8.75 0.87 15.47 1.40 69.21
Equity/Assets 6-12%(47) 8.62 8.15 1.20 12.92 8.20 1.18 12.69 0.88 134.63
Equity/Assets More than 12%(17) 22.09 21.91 1.24 6.66 3.98 1.34 7.12 0.85 186.23
Actively Traded Companies(23) 8.85 8.44 1.18 13.70 7.76 1.13 13.05 0.79 144.52
Market Value Below $20 Million(9) 15.47 15.12 1.23 7.51 10.22 1.28 7.26 1.26 68.75
Holding Company Structure(46) 13.44 13.09 1.29 11.09 7.00 1.30 11.03 0.86 144.05
Assets Over $1 Billion(18) 9.09 8.43 1.06 12.66 6.49 1.09 12.80 0.94 129.97
Assets $500 Million-$1 Billion(17) 9.48 8.95 1.16 12.71 7.23 1.12 12.15 0.84 142.79
Assets $250-$500 Million(15) 11.14 11.04 1.01 10.72 6.25 1.00 10.55 0.65 165.99
Assets less than $250 Million(19) 17.18 17.00 1.49 10.18 8.37 1.52 10.15 1.16 137.54
Goodwill Companies(32) 9.27 8.47 0.93 11.19 6.33 0.94 11.05 0.99 125.67
Non-Goodwill Companies(37) 14.17 14.17 1.42 11.93 7.86 1.42 11.76 0.85 159.41
Pricing Ratios
---------------------------------------------------
Price/ Price/
Resvs/ Price/ Price/ Price/ Tang. Core
Financial Institution Loans Earning Book Assets Book Earnings
--------------------- ------- ------- ------ ------ ----- --------
(%) (X) (%) (%) (%) (x)
Market Averages. BIF-Insured Thrifts(no MHCs)
--------------------------------------------
BIF-Insured Thrifts(69) 1.45 14.84 155.10 17.52 161.00 15.42
NYSE Traded Companies(3) 1.03 17.67 178.19 13.69 170.79 17.42
AMEX Traded Companies(6) 1.25 15.28 145.98 16.13 169.19 14.73
NASDAQ Listed OTC Companies(60) 1.50 14.61 154.80 17.93 159.57 15.33
California Companies(4) 1.58 11.84 159.09 19.55 159.27 12.72
Mid-Atlantic Companies(18) 1.37 18.72 155.18 17.67 163.40 17.80
Mid-West Companies(2) 0.57 0.00 92.01 23.06 97.59 0.00
New England Companies(36) 1.66 12.78 160.84 14.14 167.58 13.42
North-West Companies(4) 1.03 18.43 168.38 20.14 173.45 19.19
South-East Companies(5) 0.76 21.99 121.86 33.07 121.86 24.22
Thrift Strategy(46) 1.38 15.65 147.23 18.17 152.55 16.17
Mortgage Banker Strategy(10) 1.41 15.24 170.27 14.70 176.16 16.21
Real Estate Strategy(6) 1.46 12.19 164.29 14.55 164.44 12.62
Diversified Strategy(7) 2.09 10.81 191.08 18.38 204.65 11.14
Companies Issuing Dividends(57) 1.37 15.85 155.71 17.65 162.58 16.40
Companies Without Dividends(12) 1.88 9.54 151.83 16.79 152.74 10.00
Equity/Assets less than 6%(5) 1.56 12.73 191.83 10.39 196.75 14.73
Equity/Assets 6-12%(47) 1.54 13.91 162.21 14.41 170.22 14.15
Equity/Assets Mre than 12%(17) 1.19 20.30 127.29 27.51 128.73 20.52
Actively Traded Companies(23) 1.51 13.54 165.41 14.38 174.99 14.38
Market Value Below $20 Million(9) 1.20 14.74 113.74 16.79 117.45 15.68
Holding Company Structure(46) 1.51 15.13 154.06 19.72 162.25 16.08
Assets Over $1 Billion(18) 1.51 16.28 181.54 17.27 189.58 16.96
Assets $500 Million-$1 Billion(17) 1.54 13.90 161.72 14.93 175.65 14.82
Assets $250-$500 Million(15) 1.62 14.12 151.66 15.97 152.98 14.07
Assets less than $250 Million(19) 1.18 15.03 130.20 21.43 132.35 15.54
Goodwill Companies(32) 1.50 15.36 163.01 14.56 176.02 16.29
Non-Goodwill Companies(37) 1.41 14.35 147.98 20.10 147.98 14.61
Dividend Data(6)
----------------------
Ind. Divi-
Div./ dend Payout
Share Yield Ratio(7)
----- ----- -------
($) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
--------------------------------------------
BIF-Insured Thrifts(69) 0.47 1.78 26.97
NYSE Traded Companies(3) 0.39 0.82 15.59
AMEX Traded Companies(6) 0.61 2.46 34.16
NASDAQ Listed OTC Companies(60) 0.45 1.75 27.24
California Companies(4) 0.00 0.00 0.00
Mid-Atlantic Companies(18) 0.48 1.74 34.45
Mid-West Companies(2) 0.00 0.00 0.00
New England Companies(36) 0.52 2.07 27.28
North-West Companies(4) 0.29 1.58 27.22
South-East Companies(5) 0.68 2.02 40.85
Thrift Strategy(46) 0.52 1.94 31.32
Mortgage Banker Strategy(10) 0.37 1.53 18.95
Real Estate Strategy(6) 0.20 1.06 11.07
Diversified Strategy(7) 0.36 1.36 17.10
Companies Issuing Dividends(57) 0.55 2.10 32.61
Companies Without Dividends(12) 0.00 0.00 0.00
Equity/Assets Less than 6%(5) 0.18 1.09 15.08
Equity/Assets 6-12%(47) 0.53 1.96 26.96
Equity/Assets More than 12%(17) 0.37 1.48 31.32
Actively Traded Companies(23) 0.53 1.99 26.97
Market Value Below $20 Million(9) 0.31 1.76 29.04
Holding Company Structure(46) 0.48 1.80 27.12
Assets Over $1 Billion(18) 0.53 1.74 26.11
Assets $500 Million-$1 Billion(17) 0.54 1.94 26.78
Assets $250-$500 Million(15) 0.36 1.67 24.94
Assets less than $250 Million(19) 0.43 1.75 29.55
Goodwill Companies(32) 0.49 1.88 27.34
Non-Goodwill Companies(37) 0.44 1.69 26.63
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data
and is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios
based on trailing twelve month common earnings and average common
equity and assets balances; ROI (return on investment) is current EPS
divided by current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities
or unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of
institutions included in the respective averages. All figures have been
adjusted for stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded
companies, and RP Financial, Inc. calculations. The information
provided in this report has been obtained from sources we believe
are reliable, but we cannot guarantee the accuracy or completeness
of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
(continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 29, 1997
Key Financial Ratios Asset Quality Ratios
--------------------------------------------------------------- ----------------------
Tang. Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- ---------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------ ------ ------ -------- ------ ------ ------ ------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(21) 11.84 11.61 0.57 5.10 2.35 0.84 7.64 0.47 200.14 0.78
BIF-Insured Thrifts(2) 10.02 10.02 0.72 8.22 3.03 0.71 7.56 1.85 82.27 1.77
NASDAQ Listed OTC Companies(23) 11.67 11.46 0.59 5.40 2.41 0.83 7.63 0.62 187.04 0.87
Florida Companies(3) 9.34 9.22 0.63 6.85 2.63 0.89 9.56 0.45 117.55 0.76
Mid-Atlantic Companies(10) 12.60 12.20 0.54 4.31 1.94 0.78 6.51 0.87 182.85 0.99
Mid-West Companies(7) 11.79 11.78 0.57 5.19 2.66 0.88 8.23 0.38 185.51 0.62
New England Companies(1) 8.48 8.47 1.12 13.72 4.95 0.83 10.17 0.90 121.39 1.60
South-East Companies(1) 11.82 11.82 0.59 4.97 2.46 0.83 7.00 0.12 502.32 0.87
Thrift Strategy(21) 11.83 11.61 0.56 4.98 2.28 0.83 7.51 0.61 190.90 0.84
Diversified Strategy(1) 8.48 8.47 1.12 13.72 4.95 0.83 10.17 0.90 121.39 1.60
Companies Issuing Dividends(22) 11.39 11.17 0.60 5.56 2.43 0.83 7.78 0.62 187.04 0.85
Companies Without Dividends(1) 17.31 17.31 0.39 2.23 2.00 0.81 4.67 0.00 0.00 1.40
Equity/Assets 6-12%(16) 9.51 9.31 0.51 5.76 2.44 0.76 8.34 0.68 145.38 0.95
Equity/Assets more than 12%(7) 17.06 16.83 0.77 4.50 2.34 1.00 5.86 0.34 395.38 0.68
Actively Traded Companies(1) 9.42 8.40 0.58 6.23 2.68 0.91 9.74 0.68 83.02 1.06
Holding Company Structure(1) 9.42 8.40 0.58 6.23 2.68 0.91 9.74 0.68 83.02 1.06
Assets Over $1 Billion(5) 8.76 8.19 0.77 8.86 3.21 0.91 10.39 0.68 116.42 1.18
Assets $500 Million-$1 Billion(3) 12.17 11.68 0.76 5.52 2.40 0.86 6.74 0.54 61.96 0.53
Assets $250-$500 Million(5) 10.38 10.37 0.54 5.65 2.81 0.84 8.75 0.23 436.29 0.65
Assets less than $250 Million(10) 14.11 14.11 0.44 3.04 1.67 0.75 5.55 1.01 83.46 0.95
Goodwill Companies(9) 9.67 9.12 0.75 7.65 2.91 0.88 9.24 0.57 130.37 0.92
Non-Goodwill Companies(14) 12.90 12.90 0.49 4.02 2.10 0.79 6.65 0.66 232.38 0.84
MHC Institutions(23) 11.67 11.46 0.59 5.40 2.41 0.83 7.63 0.62 187.04 0.87
MHC Converted Last 3 Months(1) 17.31 17.31 0.39 2.23 2.00 0.81 4.67 0.00 0.00 1.40
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7
- --------------------- ------- ------- ------ ------ -------- ----- ----- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(21) 23.25 203.72 23.34 204.55 25.33 0.65 2.36 53.99
BIF-Insured Thrifts(2) 20.19 248.44 24.78 248.56 27.24 0.52 2.08 48.92
NASDAQ Listed OTC Companies(23) 22.23 207.98 23.48 208.95 25.48 0.63 2.33 53.42
Florida Companies(3) 27.07 237.66 21.85 210.07 24.85 1.07 2.92 68.29
Mid-Atlantic Companies(10) 0.00 204.84 24.88 215.07 25.94 0.39 1.59 45.86
Mid-West Companies(7) 19.42 191.27 22.17 191.55 24.34 0.70 3.06 67.16
New England Companies(1) 20.19 256.72 21.77 256.96 27.24 0.68 2.42 48.92
South-East Companies(1) 0.00 201.84 23.87 201.84 28.82 1.40 3.45 0.00
Thrift Strategy(21) 23.25 205.54 23.56 206.42 25.33 0.63 2.32 53.99
Diversified Strategy(1) 20.19 256.72 21.77 256.96 27.24 0.68 2.42 48.92
Companies Issuing Dividends(22) 22.23 212.80 23.69 214.08 25.61 0.67 2.45 60.10
Companies Without Dividends(1) 0.00 111.42 19.28 111.42 23.88 0.00 0.00 0.00
Equity/Assets 6-12%(16) 22.23 217.99 20.55 218.52 25.04 0.67 2.29 62.87
Equity/Assets more than 12%(7) 0.00 182.93 30.79 186.60 26.93 0.54 2.43 20.35
Actively Traded Companies(1) 0.00 223.08 21.01 250.17 23.90 0.48 1.61 60.00
Holding Company Structure(1) 0.00 223.08 21.01 250.17 23.90 0.48 1.61 60.00
Assets Over $1 Billion(5) 23.63 258.76 22.59 269.98 24.75 0.69 1.91 61.16
Assets $500 Million-$1 Billion(3) 0.00 220.44 27.28 228.30 28.67 0.72 2.49 40.70
Assets $250-$500 Million(5) 19.42 199.09 20.75 199.43 24.94 0.83 2.86 67.16
Assets less than $250 Million(10) 0.00 177.12 24.31 177.12 26.28 0.45 2.20 0.00
Goodwill Companies(9) 23.63 245.51 23.69 253.64 24.67 0.65 1.97 59.44
Non-Goodwill Companies(14) 19.42 184.88 23.34 184.88 25.98 0.63 2.55 32.37
MHC Institutions(23) 22.23 207.98 23.48 208.95 25.48 0.63 2.33 53.42
MHC Converted Last 3 Months(1) 0.00 111.42 19.28 111.42 23.88 0.00 0.00 0.00
(1) Average of high/low or bid/ask price per share.
(2) Or since offering price if converted or first listed in 1994 or 1995.
Percent change figures are actual year-to-date and are not annualized
(3) EPS (earnings per share) is based on actual trailing twelve month data and
is not shown on a pro forma basis.
(4) Excludes intangibles (such as goodwill, value of core deposits, etc.).
(5) ROA (return on assets) and ROE (return on equity) are indicated ratios based
on trailing twelve month common earnings and average common equity and
assets balances; ROI (return on investment) is current EPS divided by
current price.
(6) Annualized, based on last regular quarterly cash dividend announcement.
(7) Indicated dividend as a percent of trailing twelve month earnings.
(8) Excluded from averages due to actual or rumored acquisition activities or
unusual operating characteristics.
* All thrifts are SAIF insured unless otherwise noted with an asterisk.
Parentheses following market averages indicate the number of institutions
included in the respective averages. All figures have been adjusted for
stock splits, stock dividends, and secondary offerings.
Source: Corporate reports and offering circulars for publicly traded companies,
and RP Financial, Inc. calculations.
The information provided in this report has been obtained from sources
we believe are reliable, but we cannot guarantee the accuracy or
completeness of such information.
Copyright (c) 1997 by RP Financial, LC.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 29, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 4.17 3.55 0.39 9.68 3.90 0.62 15.44 1.90 42.90 1.25
CSA Coast Savings Financial of CA 4.92 4.86 0.21 4.28 2.15 0.53 10.73 1.40 65.70 1.37
CFB Commercial Federal Corp. of NE 6.00 5.32 0.65 11.03 4.87 0.91 15.55 0.89 76.36 0.91
DME Dime Bancorp, Inc. of NY* 5.27 5.03 0.56 10.57 5.42 0.71 13.39 1.57 31.98 0.85
DSL Downey Financial Corp. of CA 6.93 6.84 0.44 5.82 3.89 0.73 9.68 0.95 55.76 0.58
FRC First Republic Bancorp of CA* 7.17 7.17 0.70 11.10 6.60 0.60 9.46 1.19 69.68 0.94
FED FirstFed Fin. Corp. of CA 4.83 4.77 0.29 6.19 3.35 0.53 11.34 1.39 134.39 2.46
GSB Glendale Fed. Bk, FSB of CA 5.53 4.91 0.26 4.71 2.74 0.61 11.03 1.46 69.38 1.36
GD? Golden West Fin. Corp. of CA 6.37 6.37 1.02 16.09 8.19 1.24 19.62 1.31 42.43 0.68
GPT GreenPoint Fin. Corp. of NY* 10.31 5.79 1.0? 9.99 5.15 1.03 9.74 2.89 27.84 1.30
NYB New York Bancorp, Inc. of NY 5.08 5.08 1.38 26.83 6.49 1.62 31.44 1.22 48.76 0.97
WES Westcorp Inc. of Orange CA 9.05 9.02 0.87 9.10 5.15 0.43 4.51 0.74 134.25 1.95
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 17.43 17.43 0.50 3.67 2.19 0.50 3.67 0.52 190.96 1.35
BKC American Bank of Waterbury CT* 8.29 7.95 1.27 15.35 8.32 1.10 13.19 1.81 48.13 1.45
BFD BostonFed Bancorp of MA 8.79 8.49 0.51 5.08 3.92 0.66 6.58 0.52 114.29 0.74
CFX CFX Corp of NH* 7.44 6.96 0.94 11.53 5.43 1.12 13.73 0.72 120.07 1.23
CNY Carver Bancorp, Inc. of NY 8.35 8.01 -0.44 -4.95 -5.98 0.01 0.07 1.37 42.60 1.02
CBK Citizens First Fin.Corp. of IL 14.08 14.08 0.29 1.95 1.88 0.58 3.84 0.59 37.65 0.26
ESX Essex Bancorp of VA(8) 0.27 0.17 -0.03 -16.67 -2.66 0.03 16.67 2.63 42.63 1.34
FCB Falmouth Co-Op Bank of MA* 23.68 23.88 0.84 3.43 3.06 0.79 3.23 0.07 806.45 0.98
FAB FirstFed America Bancorp of MA 12.16 12.16 -0.20 -2.35 -1.05 0.47 5.61 0.40 235.98 1.10
GAF GA Financial Corp. of PA 15.18 15.02 1.00 5.26 4.27 1.27 6.71 0.12 132.49 0.43
JSB JSB Financial, Inc. of NY 22.17 22.17 1.77 8.09 6.07 1.68 7.68 NA NA 0.62
KNK Kankakee Bancorp of IL 11.09 10.42 0.66 6.35 5.59 0.82 7.92 0.94 67.06 0.92
KYF Kentucky First Bancorp of KY 16.56 16.56 0.87 4.64 4.64 1.12 6.00 0.07 630.51 0.75
MBB MSB Bancorp of Middletown NY* 7.39 3.63 0.17 2.40 2.11 0.18 2.50 0.71 38.66 0.63
PDB Piedmont Bancorp of NC 16.63 16.63 -0.42 -1.94 -1.79 0.66 3.07 0.91 71.58 0.79
SSB Scotland Bancorp of NC 37.02 37.02 1.41 3.88 2.82 1.72 4.72 NA NA 0.50
SZB SouthFirst Bancshares of AL 14.00 14.00 -0.03 -0.19 -0.18 0.23 1.62 0.75 39.15 0.40
SRN Southern Banc Company of AL 16.90 16.72 0.15 0.82 0.84 0.51 2.77 NA NA NA
SSM Stone Street Bancorp of NC 28.85 28.85 1.43 4.18 3.76 1.71 5.02 0.27 187.50 0.62
TSH Teche Holding Company of LA 13.14 13.14 0.69 5.03 4.27 0.96 6.96 0.27 304.97 0.96
FTF Texarkana Fst. Fin. Corp of AR 15.70 15.70 1.41 8.40 5.86 1.74 10.38 0.46 145.12 0.79
THR Three Rivers Fin. Corp. of MI 13.76 13.76 0.57 3.94 3.87 0.82 5.68 1.21 44.02 0.80
TBK Tolland Bank of CT* 6.94 6.74 0.75 11.37 6.48 0.78 11.89 2.13 54.09 1.87
WSB Washington SB, FSB of MD 8.30 8.30 0.50 6.00 4.44 0.73 8.80 NA NA 0.92
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 8.26 8.09 0.31 3.80 3.30 0.13 1.61 0.94 45.77 0.66
AFED AFSALA Bancorp, Inc. of NY 13.47 13.47 0.79 6.46 5.11 0.79 6.46 0.45 150.77 1.43
ALBK ALBANK Fin. Corp. of Albany NY 9.20 8.04 0.84 9.16 5.95 1.04 11.28 0.91 78.77 0.99
AMFC AMB Financial Corp. of IN 14.95 14.95 0.73 4.14 4.55 0.81 4.57 0.81 49.41 0.53
ASBP ASB Financial Corp. of OH 15.56 15.56 0.60 3.25 2.97 0.86 4.67 1.02 71.62 1.09
ABBK Abington Savings Bank of MA* 6.92 6.23 0.82 12.05 7.08 0.73 10.71 0.20 211.97 0.69
AABC Access Anytime Bancorp of NM 7.44 7.44 -0.50 -8.75 -6.54 -0.12 -2.14 1.60 29.31 0.92
AFBC Advance Fin. Bancorp of WV 15.45 15.45 0.39 4.31 2.15 0.79 8.74 0.37 89.84 0.40
AADV Advantage Bancorp of WI 9.21 8.62 0.40 4.49 3.01 0.89 9.94 0.44 128.03 1.01
AFCB Affiliated Comm BC, Inc of MA 9.78 9.72 0.96 9.78 5.83 1.09 11.12 0.39 191.75 1.20
ALBC Albion Banc Corp. of Albion NY 8.73 8.73 0.11 1.14 1.16 0.38 4.07 0.72 53.94 0.54
ABCL Allied Bancorp of IL 8.91 8.80 0.52 5.86 2.92 0.76 8.56 0.15 257.09 0.53
Pricing Ratios Dividend Data(6)
---------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 25.63 249.39 10.39 292.68 16.06 0.88 1.73 44.44
CSA Coast Savings Financial of CA NM 191.44 9.42 193.86 18.57 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 20.52 212.75 12.77 239.93 14.55 0.28 0.67 13.66
DME Dime Bancorp, Inc. of NY* 18.45 189.72 10.00 198.87 14.56 0.16 0.83 15.24
DSL Downey Financial Corp. of CA 25.72 144.95 10.05 146.98 15.47 0.32 1.45 37.21
FRC First Republic Bancorp of CA* 15.14 142.63 10.23 142.72 17.76 0.00 0.00 0.00
FED FirstFed Fin. Corp. of CA 29.87 176.33 8.51 178.29 16.30 0.00 0.00 0.00
GSB Glendale Fed. Bk, FSB of CA NM 162.10 8.96 182.38 15.61 0.00 0.00 0.00
GD? Golden West Fin. Corp. of CA 12.21 187.49 11.95 187.49 10.01 0.44 0.53 6.53
GPT GreenPoint Fin. Corp. of NY* 19.42 202.23 20.85 NM 19.92 1.00 1.62 31.55
NYB New York Bancorp, Inc. of NY 15.40 NM 20.06 NM 13.15 0.60 1.97 30.30
WES Westcorp Inc. of Orange CA 19.42 169.63 15.35 170.17 NM 0.40 1.86 36.04
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* NM 128.74 22.44 128.74 NM 0.36 1.67 NM
BKC American Bank of Waterbury CT* 12.02 172.81 14.32 180.00 13.99 1.44 3.83 46.01
BFD BostonFed Bancorp of MA 25.50 130.86 11.50 135.37 19.66 0.28 1.48 37.84
CFX CFX Corp of NH* 18.41 192.49 14.32 205.79 15.46 0.88 4.35 NM
CNY Carver Bancorp, Inc. of NY NM 82.85 6.92 86.38 NM 0.20 1.62 NM
CBK Citizens First Fin.Corp. of IL NM 108.55 15.28 108.55 27.12 0.00 0.00 0.00
ESX Essex Bancorp of VA(8) NM NM 1.05 NM NM 0.00 0.00 NM
FCB Falmouth Co-Op Bank of MA* NM 110.39 26.36 110.39 NM 0.20 1.18 38.46
FAB FirstFed America Bancorp of MA NM 140.67 17.11 140.67 NM 0.00 0.00 NM
GAF GA Financial Corp. of PA 23.44 131.58 19.97 132.98 18.38 0.48 2.56 60.00
JSB JSB Financial, Inc. of NY 16.48 131.45 29.14 131.45 17.36 1.40 3.09 50.91
KNK Kankakee Bancorp of IL 17.90 109.06 12.09 116.05 14.36 0.48 1.66 29.63
KYF Kentucky First Bancorp of KY 21.55 111.91 18.53 111.91 16.67 0.50 4.00 NM
MBB MSB Bancorp of Middletown NY* NM 109.93 8.12 223.99 NM 0.60 2.58 NM
PDB Piedmont Bancorp of NC NM 143.13 23.80 143.13 NM 0.40 3.77 NM
SSB Scotland Bancorp of NC NM 134.38 49.75 134.38 29.13 0.30 1.66 58.82
SZB SouthFirst Bancshares of AL NM 101.18 14.16 101.18 NM 0.50 3.08 NM
SRN Southern Banc Company of AL NM 107.49 18.16 108.62 NM 0.35 2.26 NM
SSM Stone Street Bancorp of NC 26.56 131.74 38.01 131.74 22.14 0.45 2.12 56.25
TSH Teche Holding Company of LA 23.40 117.51 15.44 117.51 16.90 0.50 2.74 64.10
FTF Texarkana Fst. Fin. Corp of AR 17.08 148.84 23.37 148.84 13.81 0.56 2.50 42.75
THR Three Rivers Fin. Corp. of MI 25.82 103.48 14.24 103.48 17.90 0.40 2.54 65.57
TBK Tolland Bank of CT* 15.42 161.51 11.21 16?.21 14.76 0.20 1.17 18.02
WSB Washington SB, FSB of MD 22.50 133.66 11.10 133.66 15.34 0.10 1.48 33.33
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN NM 111.72 9.23 114.07 NM 0.40 1.12 33.90
AFED AFSALA Bancorp, Inc. of NY 19.59 108.96 14.68 108.96 19.59 0.16 1.00 19.51
ALBK ALBANK Fin. Corp. of Albany NY 16.81 148.94 13.71 170.43 13.65 0.72 1.87 31.44
AMFC AMB Financial Corp. of IN 21.97 99.25 14.84 99.25 19.86 0.24 1.56 36.36
ASBP ASB Financial Corp. of OH NM 129.26 20.11 129.26 23.43 0.40 3.05 NM
ABBK Abington Savings Bank of MA* 14.12 162.84 11.27 180.79 15.89 0.40 1.31 18.52
AABC Access Anytime Bancorp of NM NM 105.36 7.84 105.36 NM 0.00 0.00 NM
AFBC Advance Fin. Bancorp of WV NM 110.09 17.01 110.09 22.89 0.32 1.97 NM
AADV Advantage Bancorp of WI NM 145.44 13.40 155.56 15.04 0.40 0.95 31.50
AFCB Affiliated Comm BC, Inc of MA 17.16 159.19 15.56 160.06 15.09 0.48 1.83 31.37
ALBC Albion Banc Corp. of Albion NY NM 97.04 8.47 97.04 24.22 0.32 1.38 NM
ABCL Allied Bancorp of IL NM 132.99 11.85 134.66 23.40 0.66 2.12 72.53
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 29, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ATSB AmTrust Capital Corp. of IN 10.17 10.06 0.29 2.88 3.08 0.19 1.87 2.84 23.48 0.93
AHCI Ambanc Holding Co., Inc. of NY* 12.72 12.72 -0.62 -4.16 -4.19 -0.62 -4.16 0.63 124.04 1.40
ASBI Ameriana Bancorp of IN 10.96 10.95 0.61 5.52 3.80 0.85 7.73 0.40 71.19 0.38
AFFFZ America First Fin. Fund of CA(8) 8.44 8.34 1.49 19.31 14.00 1.83 23.69 0.40 81.55 0.49
ANBK American Nat'l Bancorp of HD(8) 8.97 8.97 0.28 2.90 1.88 0.65 6.74 0.74 102.82 1.17
ABCW Anchor Bancorp Wisconsin of WI 6.22 6.11 0.75 12.06 11.81 0.96 15.53 0.92 126.05 1.48
ANDB Andover Bancorp, Inc. of MA* 8.06 8.06 1.10 13.91 8.43 1.13 14.34 1.01 99.08 1.41
ASFC Astoria Financial Corp. of NY 7.83 6.57 0.56 7.09 4.07 0.79 10.12 0.51 37.96 0.48
AVND Avondale Fin. Corp. of IL 9.12 9.12 -0.49 -5.19 -5.96 -1.51 -16.06 3.18 96.19 5.33
BKCT Bancorp Connecticut of CT* 10.25 10.25 1.32 12.60 6.99 1.24 11.90 1.19 100.82 1.98
BPLS Bank Plus Corp. of CA 5.06 5.06 -0.26 -5.31 -4.23 0.02 0.46 2.88 58.99 2.11
BWFC Bank West Fin. Corp. of MI 14.52 14.52 0.64 3.91 3.11 0.57 3.47 0.28 51.72 0.20
BANC BankAtlantic Bancorp of FL 5.62 4.62 0.90 14.98 7.84 0.65 10.86 0.97 102.98 1.39
BKUNA BankUnited SA of FL 3.72 3.02 0.21 4.55 2.42 0.34 7.54 0.60 28.73 0.21
BKCO Bankers Corp. of NJ(8)* 7.93 7.81 1.08 13.59 7.50 1.16 14.55 1.14 26.36 0.50
BVCC Bay View Capital Corp. of CA 6.34 5.32 0.39 6.37 3.75 0.63 10.37 NA NA 1.51
FSNJ Bayonne Banchsares of NJ 8.33 8.33 -0.52 -6.60 -8.85 0.29 3.65 1.22 43.59 1.36
BFSB Bedford Bancshares of VA 14.16 14.16 1.01 6.98 4.73 1.29 8.94 0.60 79.85 0.56
BFFC Big Foot Fin. Corp. of IL 16.98 16.98 0.05 0.28 0.23 0.42 2.45 0.09 151.52 0.34
BSBC Branford SB of CT(8)* 9.28 9.28 1.16 12.75 6.48 1.16 12.75 1.42 141.26 3.06
BYFC Broadway Fin. Corp. of CA 10.01 10.01 -0.14 -1.23 -1.73 0.21 1.88 2.06 39.74 1.01
CBES CBES Bancorp of MO 18.39 18.39 0.77 5.22 3.92 0.96 6.51 0.77 54.05 0.46
CCFH CCF Holding Company of GA 11.68 11.68 0.05 0.30 0.29 0.07 0.42 0.18 325.68 0.72
CENF CENFED Financial Corp. of CA 5.20 5.19 0.51 10.04 6.00 0.73 14.30 1.28 58.93 1.10
CFSB CFSB Bancorp of Lansing MI 7.63 7.63 0.85 10.96 5.27 1.07 13.84 0.17 308.01 0.61
CKFB CKF Bancorp of Danville KY 23.96 23.96 1.81 7.25 6.16 1.33 5.33 1.26 14.79 0.20
CNSB CNS Bancorp of MO 24.94 24.94 0.42 1.70 1.49 0.77 3.13 0.53 72.14 0.58
CSBF CSB Financial Group Inc of IL* 25.06 23.63 0.43 1.59 1.79 0.66 2.42 0.56 57.14 0.57
CBCI Calumet Bancorp of Chicago IL 15.50 15.50 1.15 7.22 6.40 1.46 9.16 1.16 102.51 1.57
CAFI Camco Fin. Corp. of OH 9.57 8.82 0.82 9.11 6.24 0.92 10.18 0.49 54.74 0.32
CMRN Cameron Fin. Corp. of MO 21.69 21.69 1.07 4.43 4.49 1.33 5.51 0.73 111.82 0.97
CAPS Capital Savings Bancorp of MO 8.80 8.80 0.67 7.61 5.21 0.93 10.68 0.31 97.24 0.39
CFNC Carolina Fincorp of NC* 22.82 22.82 1.14 4.92 3.91 1.09 4.70 0.14 254.78 0.51
CASB Cascade SB of Everett WA(8) 6.17 6.17 0.46 7.49 4.60 0.58 9.46 0.39 203.69 0.95
CATB Catskill Fin. Corp. of NY* 25.04 25.04 1.43 5.21 5.19 1.45 5.27 0.47 140.85 1.48
CNIT Cenit Bancorp of Norfolk VA 7.24 6.65 0.87 12.05 7.11 0.80 11.05 0.51 103.23 0.76
CEBK Central Co-Op. Bank of MA* 10.45 9.31 0.88 8.78 7.38 0.90 8.90 0.85 97.49 1.21
CENB Century Bancshares of NC* 29.93 29.93 1.76 5.86 5.42 1.78 5.93 0.39 139.39 0.91
CBSB Charter Financial Inc. of IL 14.47 12.80 1.13 7.49 5.22 1.59 10.49 0.56 104.84 0.79
COFI Charter One Financial of OH 6.71 6.28 0.98 14.64 5.48 1.23 18.32 0.27 164.80 0.73
CVAL Chester Valley Bancorp of PA 8.36 8.36 0.66 7.47 3.92 0.93 10.57 0.23 381.68 1.10
CTZN CitFed Bancorp of Dayton OH 6.37 5.74 0.58 9.12 4.41 0.82 12.83 0.41 143.79 0.95
CLAS Classic Bancshares of KY 14.72 12.42 0.55 3.05 3.19 0.77 4.27 0.94 65.45 0.93
CMSB Cmnwealth Bancorp of PA 9.63 7.53 0.55 5.26 4.00 0.70 6.71 0.50 86.54 0.79
CBSA Coastal Bancorp of Houston TX 3.33 2.77 0.25 7.57 4.92 0.44 13.16 0.58 39.81 0.51
CFCP Coastal Fin. Corp. of SC 6.17 6.17 0.94 15.22 4.04 1.03 16.67 0.21 436.85 1.15
CMSV Commty. Svgs, MHC of FL (48.5) 11.25 11.25 0.56 4.87 2.34 0.84 7.27 0.55 67.15 0.63
CBNH Community Bankshares Inc of NH(8)* 7.00 7.00 0.95 13.33 5.18 0.76 10.63 0.49 141.22 1.01
CFTP Community Fed. Bancorp of MS 27.46 27.46 1.33 4.15 3.28 1.62 5.07 0.30 91.63 0.46
CFFC Community Fin. Corp. of VA 13.71 13.71 1.01 7.32 6.07 1.28 9.26 0.39 148.67 0.65
CFBC Community First Bnkg Co. of GA 15.40 15.19 0.56 3.65 3.10 0.57 3.69 2.02 26.10 0.83
CIBI Community Inv. Bancorp of OH 12.04 12.04 0.62 5.22 3.94 0.94 7.95 0.63 83.42 0.63
COOP Cooperative Bk. for Svgs. of NC 7.63 7.63 -0.80 -10.08 -6.67 0.20 2.52 0.46 50.09 0.29
CRZY Crazy Woman Creek Bncorp of WY 25.81 25.81 1.06 3.69 4.04 1.30 4.52 0.39 136.15 1.04
DNFC D&N Financial Corp. of MI 5.57 5.52 0.61 10.68 5.91 0.80 14.08 0.34 198.09 0.93
DCBI Delphos Citizens Bancorp of OH 28.41 28.41 1.45 6.45 4.50 1.45 6.45 0.35 27.76 0.13
Pricing Ratios Dividend Data(6)
---------------------------------------- ----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
ATSB AmTrust Capital Corp. of IN NM 94.68 9.63 95.73 NM 0.20 1.54 50.00
AHCI Ambanc Holding Co., Inc. of NY* NM 111.91 14.24 111.91 NM 0.20 1.29 NM
ASBI Ameriana Bancorp of IN 26.33 146.40 16.04 146.51 18.81 0.64 3.24 NM
AFFFZ America First Fin. Fund of CA(8) 7.15 127.99 10.80 129.59 5.82 1.60 4.06 29.04
ANBK American Nat'l Bancorp of HD(8) NM 157.02 14.08 157.02 22.90 0.12 0.61 32.43
ABCW Anchor Bancorp Wisconsin of WI 8.47 99.09 6.17 101.00 6.58 0.32 1.22 10.32
ANDB Andover Bancorp, Inc. of MA* 11.87 155.69 12.55 155.69 11.51 0.68 2.23 26.46
ASFC Astoria Financial Corp. of NY 24.55 168.31 13.17 200.42 17.19 0.60 1.25 30.61
AVND Avondale Fin. Corp. of IL NM 89.91 8.20 89.91 NM 0.00 0.00 NM
BKCT Bancorp Connecticut of CT* 14.30 177.54 18.19 177.54 15.15 1.00 3.25 46.51
BPLS Bank Plus Corp. of CA NM 117.26 5.94 117.39 NM 0.00 0.00 NM
BWFC Bank West Fin. Corp. of MI NM 132.35 19.21 132.35 NM 0.28 1.64 52.83
BANC BankAtlantic Bancorp of FL 12.76 183.02 10.29 222.82 17.61 0.12 0.96 12.24
BKUNA BankUnited SA of FL NM 158.10 5.89 195.12 25.00 0.00 0.00 0.00
BKCO Bankers Corp. of NJ(8)* 13.33 172.05 13.64 174.60 12.44 0.64 2.27 30.19
BVCC Bay View Capital Corp. of CA 26.67 171.10 10.84 203.86 16.37 0.32 1.24 32.99
FSNJ Bayonne Banchsares of NJ NM 75.65 6.30 75.65 20.47 0.17 1.43 NM
BFSB Bedford Bancshares of VA 21.16 143.57 20.34 143.57 16.52 0.56 2.32 49.12
BFFC Big Foot Fin. Corp. of IL NM 119.39 20.27 119.39 NM 0.00 0.00 0.00
BSBC Branford SB of CT(8)* 15.44 187.12 17.37 187.12 15.44 0.08 1.62 25.00
BYFC Broadway Fin. Corp. of CA NM 75.09 7.51 75.09 NM 0.20 1.82 NM
CBES CBES Bancorp of MO 25.54 103.16 18.97 103.16 20.49 0.40 2.27 57.97
CCFH CCF Holding Company of GA NM 118.38 13.83 118.38 NM 0.55 3.24 NM
CENF CENFED Financial Corp. of CA 16.67 158.27 8.24 158.58 11.70 0.36 1.09 18.18
CFSB CFSB Bancorp of Lansing MI 18.98 205.53 15.67 205.53 15.03 0.60 2.31 43.80
CKFB CKF Bancorp of Danville KY 16.24 120.63 28.90 120.63 22.09 0.50 2.63 42.74
CNSB CNS Bancorp of MO NM 112.87 28.15 112.87 NM 0.24 1.43 NM
CSBF CSB Financial Group Inc of IL* NM 92.01 23.06 97.59 NM 0.00 0.00 0.00
CBCI Calumet Bancorp of Chicago IL 15.63 116.57 18.07 116.57 12.32 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 16.02 121.95 11.67 132.19 14.34 0.49 2.76 44.14
CMRN Cameron Fin. Corp. of MO 22.27 101.11 21.93 101.11 17.91 0.28 1.61 35.90
CAPS Capital Savings Bancorp of MO 19.21 139.63 12.29 139.63 13.70 0.24 1.52 29.27
CFNC Carolina Fincorp of NC* 25.54 126.33 28.83 126.33 26.72 0.24 1.38 35.29
CASB Cascade SB of Everett WA(8) 21.72 156.62 9.67 156.62 17.21 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 19.26 108.55 27.18 108.55 19.03 0.28 1.71 32.94
CNIT Cenit Bancorp of Norfolk VA 14.07 169.51 12.27 184.57 15.33 1.00 1.90 26.67
CEBK Central Co-Op. Bank of MA* 13.54 114.24 11.94 128.29 13.36 0.32 1.64 22.22
CENB Century Bancshares of NC* 18.45 108.15 32.37 108.15 18.23 2.00 2.52 46.40
CBSB Charter Financial Inc. of IL 19.16 146.75 21.23 165.87 13.69 0.32 1.59 30.48
COFI Charter One Financial of OH 18.24 257.07 17.24 274.60 14.58 1.00 1.84 33.56
CVAL Chester Valley Bancorp of PA 25.53 182.65 15.27 182.65 18.05 0.44 1.83 46.81
CTZN CitFed Bancorp of Dayton OH 22.68 192.73 12.27 213.90 16.12 0.36 0.82 18.56
CLAS Classic Bancshares of KY NM 95.15 14.01 112.78 22.41 0.28 1.98 62.22
CMSB Cmnwealth Bancorp of PA 25.00 133.82 12.88 171.13 19.60 0.28 1.62 40.58
CBSA Coastal Bancorp of Houston TX 20.34 148.61 4.95 178.79 11.71 0.48 1.63 33.10
CFCP Coastal Fin. Corp. of SC 24.74 NM 21.69 NM 22.60 0.36 1.53 37.89
CMSV Commty. Svgs, MHC of FL (48.5) NM 202.13 22.73 202.13 28.67 0.90 2.88 NM
CBNH Community Bankshares Inc of NH(8)* 19.29 241.88 16.92 241.88 24.20 0.64 1.53 29.49
CFTP Community Fed. Bancorp of MS NM 145.16 39.86 145.16 25.00 0.30 1.67 50.85
CFFC Community Fin. Corp. of VA 16.48 115.32 15.81 115.32 13.02 0.56 2.57 42.42
CFBC Community First Bnkg Co. of GA NM 117.85 18.14 119.47 NM 0.00 0.00 0.00
CIBI Community Inv. Bancorp of OH 25.40 133.78 16.10 133.78 16.67 0.32 2.00 50.79
COOP Cooperative Bk. for Svgs. of NC NM 149.75 11.43 149.75 NM 0.00 0.00 NM
CRZY Crazy Woman Creek Bncorp of WY 24.78 97.96 25.29 97.96 20.24 0.40 2.78 68.97
DNFC D&N Financial Corp. of MI 16.93 170.05 9.48 171.77 12.84 0.20 1.07 18.18
DCBI Delphos Citizens Bancorp of OH 22.22 107.17 30.44 107.17 22.22 0.00 0.00 0.00
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 29, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
DIME Dime Community Bancorp of NY 14.52 12.50 0.96 5.96 4.79 1.04 6.41 0.73 112.22 1.43
DIBK Dime Financial Corp. of CT* 7.96 7.70 1.90 23.27 9.98 1.91 23.35 0.40 355.33 3.17
EGLB Eagle BancGroup of IL 11.85 11.85 -0.09 -0.77 -0.73 0.20 1.73 1.48 35.83 0.76
EBSI Eagle Bancshares of Tucker GA 8.30 8.30 0.43 5.14 3.79 0.58 6.99 1.07 63.66 0.95
EGFC Eagle Financial Corp. of CT 6.87 5.36 0.08 1.08 0.56 0.46 6.44 0.52 94.68 0.86
ETFS East Texas Fin. Serv. of TX 18.16 18.16 0.31 1.65 1.81 0.63 3.40 0.17 141.97 0.50
EMLD Emerald Financial Corp of OH 7.58 7.46 0.72 9.43 5.59 0.89 11.64 0.24 106.84 0.35
EIRE Emerald Island Bancorp, MA* 7.08 7.08 0.85 12.35 6.99 0.89 13.00 0.40 151.40 0.89
EFBC Empire Federal Bancorp of MT 34.89 34.89 0.83 2.37 2.26 1.09 3.12 0.06 312.50 0.46
EFBI Enterprise Fed. Bancorp of OH 12.33 12.32 0.71 5.16 4.10 0.79 5.73 0.03 576.09 0.29
EQSB Equitable FSB of Wheaton MD 5.04 5.04 0.46 9.09 5.80 0.74 14.50 0.49 36.72 0.26
FFFG F.F.O. Financial Group of FL(8) 6.49 6.49 0.68 10.82 4.13 0.97 15.58 3.28 52.54 2.40
FCBF FCB Fin. Corp. of Neenah WI 17.50 17.50 0.92 5.20 2.24 1.09 6.16 0.15 412.16 0.82
FFBS FFBS Bancorp of Columbus MS 19.23 19.23 1.16 5.96 4.13 1.47 7.53 0.37 118.76 0.62
FFDF FFD Financial Corp. of OH 24.74 24.74 0.78 3.42 2.98 1.08 4.74 NA NA 0.27
FFLC FFLC Bancorp of Leesburg FL 13.48 13.48 0.70 4.57 3.48 1.01 6.60 0.19 163.65 0.44
FFFC FFVA Financial Corp. of VA 13.18 12.90 1.11 7.86 4.50 1.34 9.52 0.18 318.63 0.98
FFWC FFW Corporation of Wabash IN 9.52 8.58 0.84 8.39 6.46 1.05 10.48 0.16 203.56 0.50
FFYF FFY Financial Corp. of OH 13.71 13.71 0.90 5.84 4.72 1.27 8.31 0.67 74.18 0.64
FMCO FMS Financial Corp. of NJ 6.56 6.44 0.69 10.76 6.18 1.02 15.79 1.06 48.60 0.92
FFHH FSF Financial Corp. of MN 11.35 11.35 0.66 5.22 4.39 0.84 6.63 0.03 636.64 0.34
FOBC Fed One Bancorp of Wheeling WV 11.06 10.55 0.68 5.85 4.95 0.97 8.33 0.40 101.18 0.93
FBCI Fidelity Bancorp of Chicago IL 10.38 10.36 0.55 5.34 4.47 0.78 7.48 0.80 21.76 0.22
FSBI Fidelity Bancorp, Inc. of PA 6.75 6.75 0.51 7.35 5.08 0.81 11.71 0.44 112.57 1.01
FFFL Fidelity FSB, MHC of FL (47.7) 8.38 8.31 0.38 4.15 1.87 0.60 6.56 0.34 62.82 0.29
FFED Fidelity Fed. Bancorp of IN 5.14 5.14 0.16 3.18 1.84 0.28 5.62 0.16 455.75 0.85
FFOH Fidelity Financial of OH 12.94 11.42 0.70 4.68 3.34 1.02 6.89 0.08 381.04 0.37
FIBC Financial Bancorp, Inc. of NY 9.36 9.31 0.56 5.74 4.38 1.00 10.23 1.81 26.91 0.89
FBSI First Bancshares of MO 13.54 13.52 0.91 6.15 5.32 1.10 7.44 0.56 52.51 0.36
FBBC First Bell Bancorp of PA 9.83 9.83 1.07 7.64 6.63 1.24 8.87 0.07 147.42 0.13
FBER First Bergen Bancorp of NJ 14.19 14.19 0.44 2.73 2.14 0.77 4.74 0.83 129.82 2.50
SKBO First Carnegie,MHC of PA(45.0) 15.65 15.65 0.37 2.35 1.55 0.54 3.43 NA NA 0.68
FSTC First Citizens Corp of GA 9.13 6.85 1.12 11.27 4.53 1.11 11.11 NA NA 1.47
FCME First Coastal Corp. of ME* 9.23 9.23 4.21 NM 41.40 4.08 NM 2.01 85.72 2.52
FFBA First Colorado Bancorp of Co 12.93 12.75 0.89 6.25 4.26 0.88 6.17 0.23 121.82 0.38
FDEF First Defiance Fin.Corp. of OH 21.31 21.31 0.75 3.36 2.92 1.03 4.61 0.45 96.96 0.57
FESX First Essex Bancorp of MA* 6.97 6.06 0.96 13.00 7.88 0.83 11.33 0.56 146.94 1.43
FFES First FS&LA of E. Hartford CT 6.43 6.43 0.42 6.80 4.68 0.70 11.19 0.37 71.33 1.42
FFSX First FS&LA. MHC of IA (46.1) 8.29 8.23 0.43 5.21 2.38 0.73 8.99 0.11 342.10 0.52
BDJI First Fed. Bancorp. of MN 10.87 10.87 0.30 2.56 2.24 0.63 5.44 0.27 137.04 0.76
FFBH First Fed. Bancshares of AR 14.97 14.97 0.77 4.84 3.86 1.06 6.63 0.19 119.50 0.30
FTFC First Fed. Capital Corp. of WI 6.36 5.96 0.74 11.34 4.82 0.86 13.16 NA NA 0.65
FFKY First Fed. Fin. Corp. of KY 13.70 12.91 1.30 9.44 5.30 1.55 11.27 0.64 71.13 0.52
FFBZ First Federal Bancorp of OH 7.55 7.54 0.73 9.58 4.76 1.02 13.38 0.53 163.59 1.01
FFCH First Fin. Holdings Inc. of SC 6.11 6.11 0.57 9.30 4.33 0.84 13.65 1.66 41.99 0.84
FFBI First Financial Bancorp of IL 8.66 8.66 -0.38 -4.73 -4.50 0.42 5.23 0.40 147.92 0.91
FFHC First Financial Corp. of WI(8) 7.12 6.94 0.96 13.35 4.68 1.28 17.95 0.26 148.86 0.64
FFHS First Franklin Corp. of OH 9.02 8.96 0.19 2.14 1.82 0.65 7.20 0.52 62.31 0.62
FGHC First Georgia Hold. Corp of GA 8.22 7.53 0.66 7.98 4.13 0.51 6.23 3.10 20.52 0.75
FSPG First Home Bancorp of NJ 6.66 6.55 0.89 13.61 8.15 1.16 17.76 0.64 114.23 1.39
FFSL First Independence Corp. of KS 10.43 10.43 0.43 3.84 3.62 0.69 6.12 0.87 69.37 0.91
FISB First Indiana Corp. of IN 9.56 9.44 0.83 8.86 5.71 1.01 10.83 1.50 91.12 1.62
FKFS First Keystone Fin. Corp of PA 7.31 7.31 0.54 7.21 4.86 0.77 10.30 1.60 30.58 0.84
FLKY First Lancaster Bncshrs of KY 34.23 34.23 1.15 3.72 2.93 1.40 4.52 0.75 32.89 0.29
FLFC First Liberty Fin. Corp. of GA 7.37 6.65 0.88 12.11 5.87 0.72 9.91 0.81 110.00 1.29
CASH First Midwest Fin. Corp. of IA 11.39 10.09 0.74 6.46 5.50 0.94 8.21 0.85 75.48 0.93
Pricing Ratios Dividend Data(6)
---------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
DIME Dime Community Bancorp of NY 20.87 134.57 19.53 156.21 19.43 0.18 0.92 19.15
DIBK Dime Financial Corp. of CT* 10.02 208.95 16.64 215.98 9.98 0.40 1.42 14.18
EGLB Eagle BancGroup of IL NM 98.86 11.72 98.86 NM 0.00 0.00 NM
EBSI Eagle Bancshares of Tucker GA 26.36 135.50 11.25 135.50 19.39 0.60 3.56 NM
EGFC Eagle Financial Corp. of CT NM 154.41 10.60 197.79 NM 1.00 2.94 NM
ETFS East Texas Fin. Serv. of TX NM 93.89 17.05 93.89 26.79 0.20 1.07 58.82
EMLD Emerald Financial Corp of OH 17.90 160.58 12.17 163.10 14.50 0.24 1.66 29.63
EIRE Emerald Island Bancorp, MA* 14.31 162.43 11.49 162.43 13.59 0.28 1.29 18.42
EFBC Empire Federal Bancorp of MT NM 105.01 36.64 105.01 NM 0.30 1.94 NM
EFBI Enterprise Fed. Bancorp of OH 24.39 126.42 15.59 126.58 21.98 1.00 5.00 NM
EQSB Equitable FSB of Wheaton MD 17.25 147.05 7.41 147.05 10.81 0.00 0.00 0.00
FFFG F.F.O. Financial Group of FL(8) 24.24 246.34 15.99 246.34 16.83 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI NM 229.61 40.18 229.61 NM 0.80 2.99 NM
FFBS FFBS Bancorp of Columbus MS 24.21 142.41 27.39 142.41 19.17 0.50 2.17 52.63
FFDF FFD Financial Corp. of OH NM 101.72 25.16 101.72 24.18 0.30 2.03 68.18
FFLC FFLC Bancorp of Leesburg FL 28.77 135.50 18.26 135.50 19.93 0.48 1.57 45.28
FFFC FFVA Financial Corp. of VA 22.20 179.93 23.71 183.76 18.32 0.48 1.64 36.36
FFWC FFW Corporation of Wabash IN 15.48 121.32 11.55 134.67 12.39 0.72 2.46 38.10
FFYF FFY Financial Corp. of OH 21.19 136.83 18.76 136.83 14.90 0.70 2.58 54.69
FMCO FMS Financial Corp. of NJ 16.19 165.68 10.87 168.67 11.03 0.28 1.11 17.95
FFHH FSF Financial Corp. of MN 22.76 125.35 14.23 125.35 17.93 0.50 2.82 64.10
FOBC Fed One Bancorp of Wheeling WV 20.20 120.26 13.30 126.10 14.18 0.58 2.90 58.59
FBCI Fidelity Bancorp of Chicago IL 22.37 116.63 12.11 116.89 15.98 0.32 1.51 33.68
FSBI Fidelity Bancorp, Inc. of PA 19.68 134.24 9.07 134.24 12.35 0.36 1.69 33.33
FFFL Fidelity FSB, MHC of FL (47.7) NM 216.42 18.13 218.01 NM 0.90 3.36 NM
FFED Fidelity Fed. Bancorp of IN NM 178.92 9.20 178.92 NM 0.40 4.32 NM
FFOH Fidelity Financial of OH 29.90 125.31 16.21 141.99 20.33 0.28 1.84 54.90
FIBC Financial Bancorp, Inc. of NY 22.84 129.45 12.11 130.04 12.82 0.40 2.01 45.98
FBSI First Bancshares of MO 18.60 119.69 16.21 119.87 15.54 0.20 0.82 15.50
FBBC First Bell Bancorp of PA 15.09 148.42 14.58 148.42 13.01 0.40 2.50 37.74
FBER First Bergen Bancorp of NJ NM 131.77 18.70 131.77 26.89 0.20 1.13 52.63
SKBO First Carnegie,MHC of PA(45.0) NM 151.81 23.76 151.81 NM 0.30 1.94 NM
FSTC First Citizens Corp of GA 22.07 196.80 17.97 262.30 22.38 0.44 1.38 30.34
FCME First Coastal Corp. of ME* 2.42 105.02 9.69 105.02 2.49 0.00 0.00 0.00
FFBA First Colorado Bancorp of Co 23.46 161.15 20.83 163.37 23.75 0.44 2.32 54.32
FDEF First Defiance Fin.Corp. of OH NM 117.06 24.95 117.06 25.00 0.32 2.17 74.42
FESX First Essex Bancorp of MA* 12.69 144.77 10.09 166.67 14.57 0.48 2.87 36.36
FFES First FS&LA of E. Hartford CT 21.38 137.54 8.84 137.54 13.00 0.60 1.85 39.47
FFSX First FS&LA. MHC of IA (46.1) NM 211.06 17.50 212.77 24.37 0.48 1.66 69.57
BDJI First Fed. Bancorp. of MN NM 119.32 12.97 119.32 21.00 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 25.93 128.36 19.21 128.36 18.92 0.24 1.14 29.63
FTFC First Fed. Capital Corp. of WI 20.76 230.26 14.64 245.74 17.88 0.48 1.96 40.68
FFKY First Fed. Fin. Corp. of KY 18.86 173.39 23.76 184.08 15.81 0.56 2.60 49.12
FFBZ First Federal Bancorp of OH 21.02 191.51 14.45 191.71 15.04 0.24 1.30 27.27
FFCH First Fin. Holdings Inc. of SC 23.08 205.86 12.58 205.86 15.71 0.72 2.18 50.35
FFBI First Financial Bancorp of IL NM 107.03 9.26 107.03 20.07 0.00 0.00 NM
FFHC First Financial Corp. of WI(8) 21.36 276.35 19.69 283.64 15.89 0.60 1.86 39.74
FFHS First Franklin Corp. of OH NM 115.03 10.37 115.77 16.32 0.32 1.62 NM
FGHC First Georgia Hold. Corp of GA 24.22 184.09 15.12 200.78 NM 0.05 0.65 15.63
FSPG First Home Bancorp of NJ 12.27 156.58 10.43 159.18 9.40 0.40 1.99 24.39
FFSL First Independence Corp. of KS 27.66 112.07 11.69 112.07 17.33 0.25 1.92 53.19
FISB First Indiana Corp. of IN 17.52 148.87 14.24 150.74 14.34 0.48 2.34 41.03
FKFS First Keystone Fin. Corp of PA 20.56 145.36 10.62 145.36 14.38 0.20 0.72 14.81
FLKY First Lancaster Bncshrs of KY NM 108.66 37.20 108.66 28.02 0.50 3.19 NM
FLFC First Liberty Fin. Corp. of GA 17.05 182.93 13.49 202.89 20.83 0.40 1.78 30.30
CASH First Midwest Fin. Corp. of IA 18.19 116.45 13.27 131.43 14.32 0.36 1.98 36.00
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 29, 1997
Key Financial Ratios Asset Quality
---------------------------------------------------------- --------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/
---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs
--------------------- ------ ------- ------ ------- ------ -------- ------ ------- ------
(%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
FMBD First Mutual Bancorp of IL 12.85 9.73 0.10 0.57 0.67 0.31 1.84 0.18 187.34
FMSB First Mutual SB of Bellevue WA* 6.82 6.82 1.02 15.34 7.43 1.00 14.95 0.01 NA
FNGB First Northern Cap. Corp of WI 11.28 11.28 0.64 5.50 3.45 0.91 7.88 0.06 798.69
FFPB First Palm Beach Bancorp of FL 6.57 6.41 -0.03 -0.42 -0.26 0.03 0.37 0.73 55.75
FSLA First SB SLA MHC of NJ (47.5) 9.42 8.40 0.58 6.23 2.68 0.91 9.74 0.68 83.02
SOPN First SB, SSB, Moore Co. of NC 22.83 22.83 1.44 5.83 5.14 1.73 6.99 0.08 241.60
FWWB First Savings Bancorp of WA* 14.75 13.57 1.05 6.25 3.60 1.00 5.90 0.30 215.39
SHEN First Shenango Bancorp of PA 10.95 10.95 0.89 7.82 6.15 1.16 10.18 0.54 135.75
FSFC First So.east Fin. Corp. of SC(8) 10.22 10.22 0.01 0.11 0.07 0.92 7.48 0.11 362.15
FBNW FirstBank Corp of Clarkston WA 18.04 18.04 0.70 3.86 3.09 0.57 3.14 2.07 31.12
FFDB FirstFed Bancorp of AL 9.42 8.58 0.62 6.31 5.75 0.94 9.63 0.84 49.36
FSPT FirstSpartan Fin. Corp. of SC 26.32 26.32 0.95 3.62 2.83 1.11 4.20 NA NA
FLAG Flag Financial Corp of GA 9.58 9.58 -0.03 -0.29 -0.20 0.15 1.65 4.27 47.62
FLGS Flagstar Bancorp, Inc of MI 5.46 5.46 0.00 0.00 0.00 0.00 0.00 3.41 8.26
FFIC Flushing Fin. Corp. of NY* 15.47 15.47 0.93 5.55 4.65 0.97 5.78 0.29 223.21
FBHC Fort Bend Holding Corp. of TX 6.03 5.62 0.19 3.18 2.16 0.44 7.36 0.37 141.08
FTSB Fort Thomas Fin. Corp. of KY 16.04 16.04 0.54 2.94 2.75 0.81 4.45 1.48 32.73
FKKY Frankfort First Bancorp of KY 17.19 17.19 -0.28 -1.14 -1.01 0.56 2.28 0.09 86.21
FTNB Fulton Bancorp of MO 25.01 25.01 0.74 3.81 1.95 1.05 5.39 0.81 106.69
GFSB GFS Bancorp of Grinnell IA 11.44 11.44 1.00 8.59 6.18 1.22 10.55 NA NA
GUPB GFSB Bancorp of Gallup NM 16.30 16.30 0.74 3.86 3.68 0.93 4.86 0.18 199.36
GSLA GS Financial Corp. of LA 45.63 45.63 1.08 3.63 2.16 1.08 3.63 0.11 293.18
GOSB GSB Financial Corp. of NY 27.06 27.06 1.02 3.77 3.62 0.86 3.19 NA NA
GWBC Gateway Bancorp of KY(8) 27.04 27.04 0.83 3.23 2.95 1.15 4.47 0.90 14.14
GBCI Glacier Bancorp of MT 9.74 9.48 1.44 15.09 6.20 1.61 16.87 0.27 229.89
GFCO Glenway Financial Corp. of OH 9.49 9.36 0.43 4.51 4.24 0.72 7.57 0.31 91.62
GTPS Great American Bancorp of IL 21.43 21.43 0.26 1.09 1.06 0.32 1.37 0.23 140.69
GTFN Great Financial Corp. of KY 9.24 8.84 0.75 7.89 4.76 0.71 7.50 3.06 15.68
GSBC Great Southern Bancorp of MO 8.53 8.53 1.38 14.76 6.76 1.56 16.69 1.91 114.73
GDVS Greater DV SB,MHC of PA (19.9)* 11.57 11.57 0.32 2.71 1.11 0.58 4.95 2.79 43.15
GSFC Green Street Fin. Corp. of NC 36.26 36.26 1.37 3.84 3.05 1.66 4.66 0.16 83.63
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 13.78 13.78 0.61 4.30 1.95 0.92 6.51 0.50 216.62
HCBB HCB Bancshares of AR 18.25 17.49 -0.11 -0.58 -0.58 0.39 2.11 NA NA
HEMT HF Bancorp of Hemet CA 8.21 6.72 -0.27 -3.07 -2.69 -1.88 -21.03 NA NA
HFFC HF Financial Corp. of SD 9.43 9.43 0.66 7.12 5.59 0.89 9.66 0.33 244.25
HFNC HFNC Financial Corp. of NC 17.99 17.99 0.86 3.47 2.67 1.19 4.76 0.87 97.22
HMNF HMN Financial, Inc. of MN 14.43 14.43 0.71 4.79 3.84 0.88 5.96 0.08 531.97
HALL Hallmark Capital Corp. of WI 7.24 7.24 0.48 6.83 5.98 0.61 8.62 0.16 273.18
HARB Harbor FSB, MHC of FL (46.6) 8.39 8.11 0.95 11.52 3.69 1.23 14.84 0.46 222.68
HRBF Harbor Federal Bancorp of MD 12.90 12.90 0.46 3.52 2.94 0.71 5.46 0.05 379.63
HFSA Hardin Bancorp of Hardin MO 12.48 12.48 0.52 3.53 3.52 0.79 5.41 0.09 179.21
HARL Harleysville SA of PA 6.53 6.53 0.75 11.71 5.62 1.03 16.04 0.03 NA
HFGI Harrington Fin. Group of IN 5.59 5.59 0.39 8.22 5.08 0.33 6.87 0.25 18.93
HARS Harris SB, MHC of PA (24.3) 8.01 7.01 0.49 5.78 2.08 0.62 7.24 0.65 64.15
HFFB Harrodsburg 1st Fin Bcrp of KY 26.93 26.93 1.03 3.77 3.61 1.36 5.01 0.47 59.81
HHFC Harvest Home Fin. Corp. of OH 12.50 12.50 0.27 1.87 1.96 0.58 4.07 0.11 117.00
HAVN Haven Bancorp of Woodhaven NY 5.95 5.93 0.56 9.27 5.52 0.83 13.79 0.74 86.28
HVFD Haverfield Corp. of OH(8) 8.55 8.55 0.57 6.82 3.81 1.08 12.97 1.04 82.48
HTHR Hawthorne Fin. Corp. of CA 4.60 4.60 0.23 5.32 3.63 0.51 11.47 7.17 19.99
HMLK Hemlock Fed. Fin. Corp. of IL 18.34 18.34 0.13 0.99 0.65 0.73 5.45 NA NA
HBNK Highland Federal Bank of CA 7.47 7.47 0.46 6.25 3.28 0.68 9.17 3.09 55.00
HIFS Hingham Inst. for Sav. of MA* 9.35 9.35 1.21 12.60 7.67 1.21 12.60 0.41 165.13
HBEI Home Bancorp of Elgin IL 26.70 26.70 0.49 1.99 1.43 0.85 3.42 0.41 69.84
HBFW Home Bancorp of Fort Wayne IN 13.29 13.29 0.56 3.93 3.27 0.89 6.27 0.05 835.54
HBBI Home Building Bancorp of IN 12.82 12.82 0.20 1.59 1.41 0.52 4.05 0.38 47.98
HCFC Home City Fin. Corp. of OH 20.61 20.61 0.78 6.27 3.29 1.17 9.46 0.62 110.38
Ratios Pricing Ratios Dividend Data(6)
------- --------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Resvs/ Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Loans Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- -------- ------ ------- ------ -------- ------- ------ -------
(%) (X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
FMBD First Mutual Bancorp of IL 0.46 NM 98.04 12.59 129.42 NM 0.32 2.13 NM
FMSB First Mutual SB of Bellevue WA* 1.27 13.46 192.48 13.13 192.48 13.82 0.20 0.95 12.82
FNGB First Northern Cap. Corp of WI 0.53 28.98 156.63 17.66 156.63 20.24 0.32 2.51 72.73
FFPB First Palm Beach Bancorp of FL 0.60 NM 160.85 10.57 164.86 NM 0.60 1.71 NM
FSLA First SB SLA MHC of NJ (47.5) 1.06 NM 223.08 21.01 250.17 23.90 0.48 1.61 60.00
SOPN First SB, SSB, Moore Co. of NC 0.31 19.45 112.92 25.78 112.92 16.24 0.80 3.88 NM
FWWB First Savings Bancorp of WA* 0.97 27.81 175.16 25.84 190.38 29.46 0.28 1.13 31.46
SHEN First Shenango Bancorp of PA 1.15 16.27 126.44 13.85 126.44 12.50 0.60 2.18 35.50
FSFC First So.east Fin. Corp. of SC(8) 0.50 NM 189.10 19.33 189.10 21.07 0.24 1.63 NM
FBNW FirstBank Corp of Clarkston WA 0.78 NM 125.00 22.55 125.00 NM 0.00 0.00 0.00
FFDB FirstFed Bancorp of AL 0.59 17.40 114.16 10.75 125.23 11.40 0.50 3.02 52.63
FSPT FirstSpartan Fin. Corp. of SC 0.49 NM 128.01 33.70 128.01 NM 0.00 0.00 0.00
FLAG Flag Financial Corp of GA 2.91 NM 141.28 13.54 141.28 NM 0.34 2.31 NM
FLGS Flagstar Bancorp, Inc of MI 0.32 NM NM 17.43 NM NM 0.00 0.00 NM
FFIC Flushing Fin. Corp. of NY* 1.15 21.51 119.90 18.55 119.90 20.62 0.24 1.20 25.81
FBHC Fort Bend Holding Corp. of TX 1.03 NM 147.38 8.89 158.27 20.03 0.40 1.17 54.05
FTSB Fort Thomas Fin. Corp. of KY 0.54 NM 115.38 18.51 115.38 24.00 0.25 2.08 NM
FKKY Frankfort First Bancorp of KY 0.08 NM 156.63 26.92 156.63 NM 0.36 3.31 NM
FTNB Fulton Bancorp of MO 1.01 NM 145.13 36.29 145.13 NM 0.20 0.95 48.78
GFSB GFS Bancorp of Grinnell IA 0.82 16.19 133.68 15.29 133.68 13.19 0.26 1.82 29.55
GUPB GFSB Bancorp of Gallup NM 0.69 27.17 111.08 18.10 111.08 21.55 0.40 2.13 57.97
GSLA GS Financial Corp. of LA 0.84 NM 96.27 43.93 96.27 NM 0.28 1.78 NM
GOSB GSB Financial Corp. of NY NA 27.63 104.28 28.22 104.28 NM 0.00 0.00 0.00
GWBC Gateway Bancorp of KY(8) 0.38 NM 109.85 29.70 109.85 24.47 0.40 2.27 NM
GBCI Glacier Bancorp of MT 0.85 16.14 218.60 21.30 224.68 14.43 0.48 2.70 43.64
GFCO Glenway Financial Corp. of OH 0.34 23.58 104.65 9.93 106.07 14.04 0.80 3.20 NM
GTPS Great American Bancorp of IL 0.44 NM 107.91 23.13 107.91 NM 0.40 2.22 NM
GTFN Great Financial Corp. of KY 0.72 20.99 163.58 15.11 170.87 22.10 0.60 1.80 37.74
GSBC Great Southern Bancorp of MO 2.59 14.78 228.19 19.47 228.19 13.08 0.40 2.35 34.78
GDVS Greater DV SB,MHC of PA (19.9)* 1.93 NM 240.16 27.78 240.16 NM 0.36 1.73 NM
GSFC Green Street Fin. Corp. of NC 0.18 NM 124.71 45.22 124.71 27.01 0.44 2.40 NM
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 1.36 NM 215.91 29.75 215.91 NM 0.44 2.32 NM
HCBB HCB Bancshares of AR 1.47 NM 100.15 18.27 104.48 NM 0.00 0.00 NM
HEMT HF Bancorp of Hemet CA NA NM 115.54 9.49 141.22 NM 0.00 0.00 NM
HFFC HF Financial Corp. of SD 1.01 17.89 123.73 11.67 123.73 13.17 0.42 1.91 34.15
HFNC HFNC Financial Corp. of NC 1.14 NM 172.04 30.95 172.04 27.32 0.28 1.74 65.12
HMNF HMN Financial, Inc. of MN 0.71 26.06 126.16 18.20 126.16 20.94 0.00 0.00 0.00
HALL Hallmark Capital Corp. of WI 0.64 16.73 108.22 7.83 108.22 13.24 0.00 0.00 0.00
HARB Harbor FSB, MHC of FL (46.6) 1.37 27.07 294.43 24.70 NM 21.02 1.40 2.52 68.29
HRBF Harbor Federal Bancorp of MD 0.28 NM 119.84 15.45 119.84 21.94 0.40 2.03 68.97
HFSA Hardin Bancorp of Hardin MO 0.32 28.45 105.16 13.12 105.16 18.54 0.48 2.91 NM
HARL Harleysville SA of PA 0.77 17.81 195.34 12.76 195.34 13.00 0.40 1.54 27.40
HFGI Harrington Fin. Group of IN 0.23 19.67 156.45 8.75 156.45 23.53 0.12 1.00 19.67
HARS Harris SB, MHC of PA (24.3) 0.97 NM 260.45 20.86 297.81 NM 0.58 1.53 73.42
HFFB Harrodsburg 1st Fin Bcrp of KY 0.38 27.73 105.24 28.35 105.24 20.89 0.40 2.62 72.73
HHFC Harvest Home Fin. Corp. of OH 0.26 NM 103.52 12.94 103.52 23.50 0.40 3.40 NM
HAVN Haven Bancorp of Woodhaven NY 1.15 18.12 156.49 9.30 157.01 12.18 0.60 1.58 28.71
HVFD Haverfield Corp. of OH(8) 0.99 26.23 172.36 14.73 172.36 13.79 0.56 2.09 54.90
HTHR Hawthorne Fin. Corp. of CA 1.67 27.53 134.81 6.20 134.81 12.77 0.00 0.00 0.00
HMLK Hemlock Fed. Fin. Corp. of IL 1.30 NM 105.49 19.35 105.49 27.95 0.24 1.56 NM
HBNK Highland Federal Bank of CA 2.13 NM 178.46 13.34 178.46 20.74 0.00 0.00 0.00
HIFS Hingham Inst. for Sav. of MA* 0.89 13.04 155.25 14.52 155.25 13.04 0.48 1.98 25.81
HBEI Home Bancorp of Elgin IL 0.36 NM 127.46 34.03 127.46 NM 0.40 2.29 NM
HBFW Home Bancorp of Fort Wayne IN 0.51 NM 124.86 16.59 124.86 19.13 0.20 0.91 27.78
HBBI Home Building Bancorp of IN 0.29 NM 110.75 14.19 110.75 27.70 0.30 1.46 NM
HCFC Home City Fin. Corp. of OH 0.87 NM 104.94 21.62 104.94 20.13 0.32 2.06 62.75
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 29, 1997
Key Financial Ratios Asset Quality Ratios
---------------------------------------------------------- -----------------------
Tang.
Equity/ Equity/ Reported Earnings Core Earnings NPAs Resvs/ Resvs/
----------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
- --------------------- ------- ------- ------- ------- ------ ------- ------- ------- ------ -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
HOMF Home Fed Bancorp of Seymour IN 8.48 8.22 1.05 12.65 6.73 1.22 14.72 0.46 117.33 0.62
HWEN Home Financial Bancorp of IN 16.93 16.93 0.64 3.78 3.43 0.80 4.76 1.74 31.30 0.67
HPBC Home Port Bancorp, Inc. of MA* 10.56 10.56 1.67 15.78 7.69 1.66 15.69 0.08 NA 1.56
HMCI Homecorp, Inc. of Rockford IL 6.54 6.54 0.14 2.17 1.77 0.43 6.83 3.35 14.24 0.59
HZFS Horizon Fin'l. Services of IA 9.79 9.79 0.36 3.35 3.44 0.57 5.36 1.22 25.93 0.52
HRZB Horizon Financial Corp. of WA* 15.60 15.60 1.57 9.99 7.13 1.54 9.80 NA NA 0.84
IBSF IBS Financial Corp. of NJ 17.41 17.41 0.49 2.68 1.93 0.86 4.71 0.08 171.10 0.52
ISBF ISB Financial Corp. of LA 12.19 10.33 0.69 4.59 3.04 0.93 6.20 NA NA 0.80
ITLA Imperial Thrift & Loan of CA* 10.99 10.94 1.47 12.75 8.17 1.47 12.75 1.47 84.20 1.50
IFSB Independence FSB of DC 6.52 5.72 0.14 2.19 2.23 0.33 4.98 2.02 9.82 0.32
INCB Indiana Comm. Bank, SB of IN 12.39 12.39 0.16 1.24 1.02 0.51 3.88 NA NA 0.71
INBI Industrial Bancorp of OH 17.71 17.71 0.72 3.87 3.05 1.42 7.57 0.30 156.98 0.55
IWBK Interwest SB of Oak Harbor WA 6.78 6.63 0.87 12.91 4.61 1.18 17.52 0.64 73.79 0.78
IPSW Ipswich SB of Ipswich MA* 5.71 5.71 1.21 20.41 12.92 0.95 16.04 1.52 56.87 1.18
JXVL Jacksonville Bancorp of TX 14.92 14.92 1.02 6.45 5.37 1.34 8.46 0.78 NA NA
JXSB Jcksnville SB,MHC of IL (45.6) 10.50 10.50 0.30 2.72 1.67 0.66 5.97 0.66 72.96 0.61
JSBA Jefferson Svgs Bancorp of MO 8.20 6.24 0.30 3.91 2.11 0.70 9.25 0.46 140.15 0.84
JOAC Joachim Bancorp of MO 28.17 28.17 0.47 1.59 1.59 0.77 2.62 0.20 109.86 0.32
KSAV KS Bancorp of Kenly NC 13.53 13.52 0.96 6.86 5.84 1.25 8.89 0.35 80.53 0.33
KSBK KSB Bancorp of Kingfield ME(8)* 7.16 6.74 0.96 13.72 7.43 1.00 14.25 1.78 43.20 1.03
KFBI Klamath First Bancorp of OR 19.55 19.55 0.81 3.67 2.80 1.23 5.54 0.08 213.23 0.23
LSBI LSB Fin. Corp. of Lafayette IN 8.85 8.85 0.77 8.34 7.30 0.68 7.35 1.17 63.71 0.84
LVSB Lakeview SB of Paterson NJ 9.52 7.61 1.37 13.73 8.62 0.95 9.53 0.98 66.74 1.50
LARK Landmark Bancshares of KS 13.79 13.79 0.89 5.95 4.66 1.05 7.01 0.31 123.70 0.57
LARL Laurel Capital Group of PA 10.03 10.03 1.14 10.88 7.16 1.43 13.72 0.43 212.35 1.31
LSBX Lawrence Savings Bank of MA* 8.69 8.69 1.75 20.90 12.31 1.73 20.60 0.30 328.94 2.29
LFED Leeds FSB, MHC of MD (36.3) 16.18 16.18 0.79 4.89 2.40 1.13 6.98 0.02 977.36 0.30
LXMO Lexington B&L Fin. Corp. of MO 28.32 28.32 1.03 3.49 3.44 1.33 4.50 0.48 78.37 0.49
LIFB Life Bancorp of Norfolk VA 10.55 10.25 0.71 6.60 4.16 0.87 8.03 0.39 166.43 1.48
LFBI Little Falls Bancorp of NJ 13.28 12.26 0.27 1.94 1.67 0.48 3.41 1.04 33.93 0.82
LOGN Logansport Fin. Corp. of IN 19.20 19.20 1.17 5.64 5.10 1.52 7.31 0.61 44.88 0.38
LONF London Financial Corp. of OH 19.66 19.66 0.66 3.18 3.20 1.00 4.83 0.80 61.11 0.63
LISB Long Island Bancorp, Inc of NY 8.99 8.90 0.61 6.58 3.61 0.71 7.63 1.03 55.02 0.92
MAFB MAF Bancorp of IL 7.88 6.84 0.79 10.57 4.91 1.10 14.70 0.45 120.51 0.71
MBLF MBLA Financial Corp. of MO 12.15 12.15 0.67 5.10 4.67 0.85 6.52 0.25 109.19 0.50
MFBC MFB Corp. of Mishawaka IN 13.65 13.65 0.57 3.66 3.28 0.86 5.52 0.08 177.07 0.19
MLBC ML Bancorp of Villanova PA 6.98 6.86 0.74 10.26 6.63 0.67 9.28 0.46 163.34 1.71
MSBF MSB Financial Corp. of MI 16.99 16.99 1.19 6.43 4.91 1.47 7.91 0.66 61.34 0.44
MGNL Magna Bancorp of MS(8) 10.22 9.95 1.39 14.23 5.32 1.53 15.70 2.92 26.42 1.11
MARN Marion Capital Holdings of IN 22.55 22.55 1.39 6.09 6.00 1.67 7.28 0.81 144.01 1.35
MRKF Market Fin. Corp. of OH 34.99 34.99 0.84 3.14 2.26 0.84 3.14 0.75 12.24 0.20
MFCX Marshalltown Fin. Corp. of IA(8) 15.74 15.74 0.34 2.15 1.79 0.73 4.66 NA NA 0.19
MFSL Maryland Fed. Bancorp of MD 8.38 8.28 0.61 7.41 5.05 0.89 10.72 0.47 85.38 0.46
MASB MassBank Corp. of Reading MA* 10.64 10.64 1.10 10.79 7.10 1.04 10.23 0.16 149.80 0.87
MFLR Mayflower Co-Op. Bank of MA* 9.68 9.52 1.03 10.64 7.94 0.97 10.03 0.96 92.14 1.52
MECH Mechanics SB of Hartford CT* 10.23 10.23 1.92 19.45 12.27 1.92 19.45 1.13 152.02 2.58
MDBK Medford Bank of Medford, MA* 8.99 8.38 1.08 12.07 7.78 1.01 11.29 0.37 176.45 1.22
MERI Meritrust FSB of Thibodaux LA 8.20 8.20 0.67 8.71 4.85 1.05 13.56 0.37 83.87 0.58
MWBX MetroWest Bank of MA* 7.44 7.44 1.38 18.37 8.32 1.38 18.37 0.91 126.64 1.48
MCBS Mid Continent Bancshares of KS 9.39 9.39 1.02 9.79 6.29 1.16 11.10 0.15 71.76 0.19
MIFC Mid Iowa Financial Corp. of IA 9.34 9.34 1.00 10.76 7.68 1.40 15.15 0.02 NA 0.45
MCBN Mid-Coast Bancorp of ME 8.60 8.60 0.43 4.92 4.16 0.67 7.71 0.73 70.32 0.62
MWBI Midwest Bancshares, Inc. of IA 6.91 6.91 0.45 6.61 5.03 0.75 10.99 0.77 63.17 0.81
MWFD Midwest Fed. Fin. Corp of WI 8.81 8.50 1.43 16.39 8.63 1.09 12.55 0.12 658.13 1.05
MFFC Milton Fed. Fin. Corp. of OH 13.14 13.14 0.49 3.07 2.84 0.68 4.25 0.32 86.42 0.46
MIVI Miss. View Hold. Co. of MN 18.87 18.87 0.69 3.74 3.81 1.03 5.57 0.33 370.39 1.91
Pricing Ratios Dividend Data(6)
---------------------------------------- ------------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- -------- ------- ------- --------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
HOMF Home Fed Bancorp of Seymour IN 14.85 175.95 14.92 181.49 12.77 0.50 1.67 24.75
HWEN Home Financial Bancorp of IN 29.17 102.87 17.41 102.87 23.16 0.20 1.27 37.04
HPBC Home Port Bancorp, Inc. of MA* 13.01 196.40 20.73 196.40 13.08 0.80 3.58 46.51
HMCI Homecorp, Inc. of Rockford IL NM 119.05 7.79 119.05 17.94 0.00 0.00 0.00
HZFS Horizon Fin'l. Services of IA 29.03 95.54 9.35 95.54 18.14 0.32 1.70 49.23
HRZB Horizon Financial Corp. of WA* 14.02 137.49 21.45 137.49 14.29 0.40 2.67 37.38
IBSF IBS Financial Corp. of NJ NM 147.71 25.71 147.71 29.52 0.40 2.34 NM
ISBF ISB Financial Corp. of LA NM 153.02 18.65 180.44 24.39 0.40 1.58 51.95
ITLA Imperial Thrift & Loan of CA* 12.24 148.91 16.36 149.54 12.24 0.00 0.00 0.00
IFSB Independence FSB of DC NM 97.38 6.35 111.08 19.74 0.22 1.69 NM
INCB Indiana Comm. Bank, SB of IN NM 128.36 15.90 128.36 NM 0.36 2.29 NM
INBI Industrial Bancorp of OH NM 126.83 22.46 126.83 16.76 0.48 3.25 NM
IWBK Interwest SB of Oak Harbor WA 21.70 255.50 17.32 261.24 15.99 0.60 1.52 32.97
IPSW Ipswich SB of Ipswich MA* 7.74 142.70 8.16 142.70 9.85 0.12 0.92 7.14
JXVL Jacksonville Bancorp of TX 18.61 123.62 18.44 123.62 14.19 0.50 2.99 55.56
JXSB Jcksnville SB,MHC of IL (45.6) NM 160.09 16.80 160.09 27.22 0.40 1.86 NM
JSBA Jefferson Svgs Bancorp of MO NM 154.19 12.64 202.41 20.09 0.40 1.22 57.97
JOAC Joachim Bancorp of MO NM 106.38 29.96 106.38 NM 0.50 3.45 NM
KSAV KS Bancorp of Kenly NC 17.13 114.06 15.43 114.13 13.21 0.60 3.24 55.56
KSBK KSB Bancorp of Kingfield ME(8)* 13.46 172.84 12.38 183.73 12.96 0.08 0.57 7.69
KFBI Klamath First Bancorp of OR NM 138.17 27.01 138.17 23.64 0.30 1.53 54.55
LSBI LSB Fin. Corp. of Lafayette IN 13.70 112.20 9.93 112.20 15.56 0.34 1.64 22.52
LVSB Lakeview SB of Paterson NJ 11.60 161.98 15.41 202.58 16.71 0.25 0.78 8.99
LARK Landmark Bancshares of KS 21.46 131.94 18.19 131.94 18.23 0.40 1.65 35.40
LARL Laurel Capital Group of PA 13.98 152.75 15.32 152.75 11.08 0.52 2.31 32.30
LSBX Lawrence Savings Bank of MA* 8.12 152.62 13.27 152.62 8.24 0.00 0.00 0.00
LFED Leeds FSB, MHC of MD (36.3) NM 198.86 32.17 198.86 29.17 0.76 2.90 NM
LXMO Lexington B&L Fin. Corp. of MO 29.09 108.55 30.74 108.55 22.54 0.30 1.88 54.55
LIFB Life Bancorp of Norfolk VA 24.01 152.13 16.04 156.55 19.72 0.48 1.98 47.52
LFBI Little Falls Bancorp of NJ NM 119.71 15.89 129.63 NM 0.20 1.15 68.97
LOGN Logansport Fin. Corp. of IN 19.59 114.44 21.97 114.44 15.10 0.40 2.76 54.05
LONF London Financial Corp. of OH NM 102.74 20.20 102.74 20.55 0.24 1.60 50.00
LISB Long Island Bancorp, Inc of NY 27.69 179.84 16.17 181.64 23.87 0.60 1.50 41.67
MAFB MAF Bancorp of IL 20.36 185.58 14.63 213.69 14.64 0.28 0.91 18.54
MBLF MBLA Financial Corp. of MO 21.40 108.05 13.13 108.05 16.73 0.40 1.68 36.04
MFBC MFB Corp. of Mishawaka IN NM 117.21 16.00 117.21 20.26 0.32 1.36 41.56
MLBC ML Bancorp of Villanova PA 15.07 149.85 10.46 152.53 16.67 0.40 1.95 29.41
MSBF MSB Financial Corp. of MI 20.38 130.41 22.15 130.41 16.56 0.28 2.11 43.08
MGNL Magna Bancorp of MS(8) 18.79 252.19 25.79 259.14 17.03 0.60 2.36 44.44
MARN Marion Capital Holdings of IN 16.67 104.07 23.46 104.07 13.94 0.88 3.83 63.77
MRKF Market Fin. Corp. of OH NM 95.75 33.51 95.75 NM 0.28 1.97 NM
MFCX Marshalltown Fin. Corp. of IA(8) NM 117.71 18.53 117.71 25.77 0.00 0.00 0.00
MFSL Maryland Fed. Bancorp of MD 19.82 142.29 11.93 144.10 13.69 0.80 1.86 36.87
MASB MassBank Corp. of Reading MA* 14.08 142.68 15.18 142.68 14.86 1.28 2.50 35.16
MFLR Mayflower Co-Op. Bank of MA* 12.59 128.02 12.39 130.21 13.36 0.68 3.89 48.92
MECH Mechanics SB of Hartford CT* 8.15 141.24 14.45 141.24 8.15 0.00 0.00 0.00
MDBK Medford Bank of Medford, MA* 12.86 148.31 13.34 159.17 13.76 0.72 2.29 29.39
MERI Meritrust FSB of Thibodaux LA 20.62 169.41 13.90 169.41 13.24 0.70 1.71 35.18
MWBX MetroWest Bank of MA* 12.02 206.95 15.39 206.95 12.02 0.12 1.92 23.08
MCBS Mid Continent Bancshares of KS 15.91 151.86 14.26 151.86 14.03 0.40 1.34 21.39
MIFC Mid Iowa Financial Corp. of IA 13.03 132.14 12.35 132.14 9.25 0.08 0.86 11.27
MCBN Mid-Coast Bancorp of ME 24.06 115.59 9.95 115.59 15.36 0.52 2.04 49.06
MWBI Midwest Bancshares, Inc. of IA 19.89 123.75 8.55 123.75 11.96 0.60 1.67 33.15
MWFD Midwest Fed. Fin. Corp of WI 11.59 185.10 16.32 191.95 15.15 0.34 1.64 18.99
MFFC Milton Fed. Fin. Corp. of OH NM 120.93 15.89 120.93 25.46 0.60 4.36 NM
MIVI Miss. View Hold. Co. of MN 26.27 96.39 18.19 96.39 17.61 0.16 1.03 27.12
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 29, 1997
Key Financial Ratios Asset Quality
---------------------------------------------------------- ---------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ______________________ _______________ NPAs Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
MBSP Mitchell Bancorp of NC* 43.36 43.36 1.40 3.24 3.07 1.64 3.81 2.03 26.19
MBBC Monterey Bay Bancorp of CA 11.33 10.45 0.25 2.04 1.74 0.47 3.87 0.33 111.47
MONT Montgomery Fin. Corp. of IN 17.91 17.91 0.42 2.32 2.18 0.67 3.74 0.91 20.00
MSBK Mutual SB, FSB of Bay City MI 6.07 6.07 0.11 1.93 1.71 0.04 0.75 0.11 272.91
NHTB NH Thrift Bancshares of NH 7.65 6.52 0.39 5.25 2.92 0.58 7.77 0.70 125.20
NSLB NS&L Bancorp of Neosho MO 19.56 19.56 0.49 2.37 2.22 0.77 3.71 0.03 210.00
NMSB Newmil Bancorp. of CT* 9.81 9.81 0.83 8.14 5.28 0.79 7.78 1.11 152.08
NASB North American SB of MO 7.68 7.42 1.26 17.18 8.37 1.19 16.18 3.11 27.16
NBSI North Bancshares of Chicago IL 14.13 14.13 0.49 3.27 2.64 0.68 4.57 NA NA
FFFD North Central Bancshares of IA 22.67 22.67 1.64 6.41 6.14 1.90 7.41 0.12 814.90
NBN Northeast Bancorp of ME* 6.95 6.01 0.51 6.99 6.41 0.47 6.47 1.37 77.15
NEIB Northeast Indiana Bncrp of IN 15.19 15.19 1.04 6.33 5.85 1.22 7.42 0.40 159.54
NWEQ Northwest Equity Corp. of WI 11.45 11.45 0.78 6.47 5.33 0.98 8.16 1.26 38.04
NWSB Northwest SB, MHC of PA (30.7) 9.49 8.94 0.69 7.05 2.64 0.98 9.96 0.72 90.87
NSSY Norwalk Savings Society of CT* 8.06 7.77 0.97 12.53 6.94 1.11 14.29 NA NA
NSSB Norwich Financial Corp. of CT* 11.17 10.08 1.09 10.08 5.12 1.04 9.58 1.29 151.12
NTMG Nutmeg FS&LA of CT 5.56 5.56 0.26 4.60 3.07 0.35 6.28 1.19 40.69
OHSL OHSL Financial Corp. of OH 11.03 11.03 0.61 5.29 4.82 0.85 7.42 0.14 161.25
OCFC Ocean Fin. Corp. of NJ 16.25 16.25 0.04 0.24 0.18 0.98 5.97 0.55 79.68
OCN Ocwen Financial Corp. of FL 8.75 8.36 2.81 33.59 6.21 1.69 20.28 5.11 17.43
OFCP Ottawa Financial Corp. of MI 8.73 7.01 0.48 5.25 3.23 0.78 8.45 0.32 112.76
PFFB PFF Bancorp of Pomona CA 10.32 10.21 0.16 1.41 1.09 0.46 4.09 1.76 59.73
PSFI PS Financial of Chicago IL 38.70 38.70 1.94 4.74 4.75 1.96 4.81 0.79 28.66
PVFC PVF Capital Corp. of OH 7.02 7.02 1.05 15.56 6.55 1.35 20.00 1.20 61.53
PCCI Pacific Crest Capital of CA* 7.09 7.09 1.04 13.26 7.40 0.97 12.43 1.29 79.26
PAMM PacificAmerica Money Ctr of CA* 22.43 22.43 5.63 41.65 15.49 5.63 41.65 4.97 27.75
PALM Palfed, Inc. of Aiken SC 8.24 8.24 0.10 1.29 0.78 0.61 7.54 2.12 51.22
PBCI Pamrapo Bancorp, Inc. of NJ 12.74 12.64 0.90 6.37 5.59 1.24 8.78 2.77 26.10
PFED Park Bancorp of Chicago IL 22.53 22.53 0.87 4.19 3.79 1.21 5.81 0.21 134.41
PVSA Parkvale Financial Corp of PA 7.58 7.53 0.73 9.76 5.88 1.08 14.42 0.27 537.53
PEEK Peekskill Fin. Corp. of NY 25.73 25.73 0.98 3.54 3.48 1.29 4.65 1.22 27.98
PFSB PennFed Fin. Services of NJ 7.36 6.15 0.57 7.43 4.97 0.84 10.86 0.59 33.53
PWBC PennFirst Bancorp of PA 8.08 7.55 0.46 6.31 4.03 0.67 9.12 0.65 93.15
PWBK Pennwood SB of PA* 17.45 17.45 0.70 4.05 3.40 1.12 6.54 0.98 57.43
PBKB People's SB of Brockton MA* 5.61 5.37 0.80 14.41 6.93 0.47 8.57 0.82 91.19
PFDC Peoples Bancorp of Auburn IN 15.21 15.21 1.12 7.33 5.91 1.47 9.59 0.36 83.87
PBCT Peoples Bank, MHC of CT (40.1)* 8.48 8.47 1.12 13.72 4.95 0.83 10.17 0.90 121.39
PFFC Peoples Fin. Corp. of OH 27.20 27.20 0.90 3.32 3.07 0.90 3.32 NA NA
PHBK Peoples Heritage Fin Grp of ME* 7.72 6.51 1.28 15.68 6.34 1.29 15.88 0.91 126.66
PSFC Peoples Sidney Fin. Corp of OH 23.26 23.26 0.92 3.97 3.50 1.21 5.18 1.00 42.00
PERM Permanent Bancorp of IN 9.16 9.03 0.34 3.64 3.16 0.62 6.57 1.09 45.43
PMFI Perpetual Midwest Fin. of IA 8.53 8.53 0.12 1.38 1.16 0.29 3.36 0.40 185.58
PERT Perpetual of SC, MHC (46.8) 11.82 11.82 0.59 4.97 2.46 0.83 7.00 0.12 502.32
PCBC Perry Co. Fin. Corp. of MO 19.19 19.19 0.93 4.93 4.21 1.07 5.70 NA NA
PHFC Pittsburgh Home Fin. of PA 10.92 10.80 0.62 4.71 3.54 0.79 6.00 1.60 32.18
PFSL Pocahnts Fed, MHC of AR (47.0) 6.36 6.36 0.60 9.75 5.15 0.84 13.54 0.15 308.72
POBS Portsmouth Bank Shrs Inc of NH(8)* 25.93 25.93 2.29 9.13 5.64 2.02 8.07 0.50 53.09
PTRS Potters Financial Corp of OH 8.83 8.83 0.48 5.37 4.83 0.85 9.54 0.50 350.66
PKPS Poughkeepsie Fin. Corp. of NY 8.37 8.37 0.35 4.21 3.31 0.54 6.49 4.28 25.28
PHSB Ppls Home SB, MHC of PA (45.0) 17.31 17.31 0.39 2.23 2.00 0.81 4.67 NA NA
PRBC Prestige Bancorp of PA 11.13 11.13 0.37 2.84 2.75 0.65 5.01 0.30 85.33
PETE Primary Bank of NH(8)* 6.93 6.92 0.61 9.35 4.85 0.73 11.09 0.82 75.47
PFNC Progress Financial Corp. of PA 5.27 4.65 0.54 10.19 3.66 0.65 12.26 1.46 51.92
PSBK Progressive Bank, Inc. of NY* 8.55 7.64 0.99 12.02 7.00 0.98 11.81 0.85 131.46
PROV Provident Fin. Holdings of CA 13.88 13.88 0.32 2.24 2.03 0.28 1.95 NA NA
PULB Pulaski SB, MHC of MO (29.8) 13.00 13.00 0.69 5.42 2.38 0.96 7.53 NA NA
Ratios Pricing Ratios Dividend Data(6)
-------- --------------------------------------- ------------------------
Price/ Price/ Ind. Divi-
Resvs/ Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Loans Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ---------- ------- ------- ------- ------ -------- ------ ------ ---------
(%) (X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
- ---------------------------------------
MBSP Mitchell Bancorp of NC* 0.62 NM 107.99 46.83 107.99 27.70 0.40 2.41 NM
MBBC Monterey Bay Bancorp of CA 0.60 NM 115.18 13.05 124.96 NM 0.12 0.72 41.38
MONT Montgomery Fin. Corp. of IN 0.20 NM 106.42 19.06 106.42 28.43 0.00 0.00 0.00
MSBK Mutual SB, FSB of Bay City MI 0.67 NM 109.72 6.66 109.72 NM 0.00 0.00 0.00
NHTB NH Thrift Bancshares of NH 1.05 NM 157.05 12.02 184.45 23.13 0.50 2.70 NM
NSLB NS&L Bancorp of Neosho MO 0.13 NM 111.80 21.87 111.80 28.86 0.50 2.71 NM
NMSB Newmil Bancorp. of CT* 3.18 18.93 155.62 15.27 155.62 19.80 0.24 1.86 35.29
NASB North American SB of MO 0.98 11.95 193.14 14.83 199.84 12.69 0.80 1.63 19.51
NBSI North Bancshares of Chicago IL 0.27 NM 129.79 18.34 129.79 27.16 0.48 2.18 NM
FFFD North Central Bancshares of IA 1.19 16.29 112.22 25.44 112.22 14.08 0.25 1.50 24.51
NBN Northeast Bancorp of ME* 1.32 15.59 107.49 7.47 124.36 16.86 0.32 2.21 34.41
NEIB Northeast Indiana Bncrp of IN 0.71 17.09 110.27 16.75 110.27 14.57 0.32 1.91 32.65
NWEQ Northwest Equity Corp. of WI 0.59 18.75 124.81 14.29 124.81 14.86 0.52 3.15 59.09
NWSB Northwest SB, MHC of PA (30.7) 0.88 NM 259.13 24.59 275.00 26.83 0.32 1.45 55.17
NSSY Norwalk Savings Society of CT* 1.54 14.41 168.94 13.61 175.23 12.63 0.40 1.15 16.53
NSSB Norwich Financial Corp. of CT* 2.83 19.54 188.78 21.08 209.12 20.56 0.56 2.02 39.44
NTMG Nutmeg FS&LA of CT 0.55 NM 139.25 7.74 139.25 23.89 0.00 0.00 0.00
OHSL OHSL Financial Corp. of OH 0.31 20.76 109.62 12.09 109.62 14.81 0.88 3.78 NM
OCFC Ocean Fin. Corp. of NJ 0.87 NM 122.93 19.98 122.93 22.56 0.80 2.38 NM
OCN Ocwen Financial Corp. of FL 1.34 16.11 NM 41.05 NM 26.68 0.00 0.00 0.00
OFCP Ottawa Financial Corp. of MI 0.42 NM 165.71 14.46 206.43 19.22 0.40 1.58 48.78
PFFB PFF Bancorp of Pomona CA 1.46 NM 132.67 13.69 134.05 NM 0.00 0.00 0.00
PSFI PS Financial of Chicago IL 0.51 21.07 100.61 38.94 100.61 20.77 0.32 2.17 45.71
PVFC PVF Capital Corp. of OH 0.79 15.26 218.28 15.33 218.28 11.87 0.00 0.00 0.00
PCCI Pacific Crest Capital of CA* 1.67 13.51 167.60 11.87 167.60 14.42 0.00 0.00 0.00
PAMM PacificAmerica Money Ctr of CA* 2.22 6.46 177.22 39.74 177.22 6.46 0.00 0.00 0.00
PALM Palfed, Inc. of Aiken SC 1.32 NM 160.27 13.21 160.27 21.87 0.12 0.72 NM
PBCI Pamrapo Bancorp, Inc. of NJ 1.29 17.89 124.85 15.90 125.83 12.97 1.00 4.82 NM
PFED Park Bancorp of Chicago IL 0.73 26.40 100.61 22.67 100.61 19.03 0.00 0.00 0.00
PVSA Parkvale Financial Corp of PA 1.97 17.01 157.77 11.97 158.97 11.52 0.52 1.78 30.23
PEEK Peekskill Fin. Corp. of NY 1.35 28.72 111.28 28.63 111.28 21.83 0.36 2.20 63.16
PFSB PennFed Fin. Services of NJ 0.28 20.10 142.54 10.49 170.42 13.76 0.28 0.97 19.58
PWBC PennFirst Bancorp of PA 1.49 24.81 125.64 10.15 134.39 17.18 0.33 2.11 52.38
PWBK Pennwood SB of PA* 1.03 29.39 111.37 19.44 111.37 18.21 0.32 1.91 56.14
PBKB People's SB of Brockton MA* 1.57 14.44 195.68 10.97 204.27 24.28 0.44 2.63 37.93
PFDC Peoples Bancorp of Auburn IN 0.38 16.91 122.20 18.58 122.20 12.91 0.60 2.55 43.17
PBCT Peoples Bank, MHC of CT (40.1)* 1.60 20.19 256.72 21.77 256.96 27.24 0.68 2.42 48.92
PFFC Peoples Fin. Corp. of OH 0.39 NM 109.32 29.74 109.32 NM 0.50 2.90 NM
PHBK Peoples Heritage Fin Grp of ME* 1.66 15.78 236.21 18.24 280.29 15.59 0.76 2.04 32.20
PSFC Peoples Sidney Fin. Corp of OH 0.45 28.57 113.56 26.42 113.56 21.92 0.20 1.25 35.71
PERM Permanent Bancorp of IN 0.99 NM 115.25 10.56 116.97 17.50 0.40 1.76 55.56
PMFI Perpetual Midwest Fin. of IA 0.95 NM 119.44 10.19 119.44 NM 0.30 1.40 NM
PERT Perpetual of SC, MHC (46.8) 0.87 NM 201.84 23.87 201.84 28.82 1.40 3.45 NM
PCBC Perry Co. Fin. Corp. of MO 0.19 23.74 113.67 21.82 113.67 20.55 0.40 1.87 44.44
PHFC Pittsburgh Home Fin. of PA 0.76 28.26 137.23 14.98 138.69 22.16 0.24 1.23 34.78
PFSL Pocahnts Fed, MHC of AR (47.0) 1.12 19.42 182.93 11.64 182.93 13.99 0.90 3.33 64.75
POBS Portsmouth Bank Shrs Inc of NH(8)* 0.76 17.72 160.23 41.55 160.23 20.05 0.60 3.29 58.25
PTRS Potters Financial Corp of OH 2.78 20.69 109.24 9.64 109.24 11.65 0.36 1.50 31.03
PKPS Poughkeepsie Fin. Corp. of NY 1.45 NM 123.93 10.37 123.93 19.59 0.10 1.38 41.67
PHSB Ppls Home SB, MHC of PA (45.0) 1.40 NM 111.42 19.28 111.42 23.88 0.00 0.00 0.00
PRBC Prestige Bancorp of PA 0.38 NM 103.69 11.54 103.69 20.63 0.12 0.70 25.53
PETE Primary Bank of NH(8)* 1.08 20.61 178.37 12.37 178.62 17.39 0.00 0.00 0.00
PFNC Progress Financial Corp. of PA 1.08 27.31 255.19 13.44 289.22 22.69 0.11 0.75 20.37
PSBK Progressive Bank, Inc. of NY* 1.65 14.29 167.11 14.29 187.08 14.54 0.68 2.07 29.57
PROV Provident Fin. Holdings of CA 1.31 NM 110.82 15.39 110.82 NM 0.00 0.00 0.00
PULB Pulaski SB, MHC of MO (29.8) 0.33 NM 224.18 29.15 224.18 NM 1.00 4.04 NM
RP FINANCIAL, LC.
---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 29, 1997
Key Financial Ratios
----------------------------------------------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- ---------------
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5)
--------------------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
PLSK Pulaski SB, MHC of NJ (46.0) 11.90 11.90 0.25 2.97 1.26 0.61 7.21
PULS Pulse Bancorp of S. River NJ 8.05 8.05 0.72 9.24 5.85 1.08 13.86
QCFB QCF Bancorp of Virginia MN 18.09 18.09 1.36 7.11 5.42 1.36 7.11
QCBC Quaker City Bancorp of CA 8.77 8.76 0.37 4.12 2.93 0.60 6.74
QCSB Queens County Bancorp of NY* 11.85 11.85 1.60 10.80 3.99 1.63 10.95
RCSB RCSB Financial, Inc. of NY(8)* 7.85 7.65 0.95 12.54 5.40 0.94 12.40
RARB Raritan Bancorp. of Raritan NJ* 7.93 7.80 0.96 12.55 6.56 1.02 13.33
REDF RedFed Bancorp of Redlands CA 8.45 8.42 0.25 3.24 1.78 0.65 8.37
RELY Reliance Bancorp, Inc. of NY 8.23 5.93 0.58 7.07 4.06 0.86 10.46
RELI Reliance Bancshares Inc of WI(8)* 48.82 48.82 0.86 1.78 1.91 0.92 1.89
RIVR River Valley Bancorp of IN 12.40 12.21 0.46 4.24 2.79 0.62 5.72
RSLN Roslyn Bancorp, Inc. of NY* 20.14 20.04 0.86 4.12 2.59 1.35 6.49
RVSB Rvrview SB,FSB MHC of WA(41.7)(8) 11.24 10.26 0.96 8.70 3.26 1.20 10.87
SCCB S. Carolina Comm. Bnshrs of SC 25.95 25.95 0.82 2.99 2.42 1.10 4.03
SBFL SB Fngr Lakes MHC of NY (33.1) 9.58 9.58 0.13 1.32 0.65 0.44 4.49
SFED SFS Bancorp of Schenectady NY 12.47 12.47 0.44 3.41 3.12 0.79 6.09
SGVB SGV Bancorp of W. Covina CA 7.31 7.19 0.20 2.37 2.05 0.47 5.74
SISB SIS Bancorp Inc of MA* 7.20 7.20 1.38 18.82 11.32 1.37 18.70
SWCB Sandwich Co-Op. Bank of MA* 7.95 7.61 0.95 11.65 7.31 0.97 11.90
SECP Security Capital Corp. of WI(8) 16.20 16.20 1.25 7.87 4.71 1.50 9.38
SFSL Security First Corp. of OH 9.43 9.26 1.07 11.49 4.82 1.34 14.36
SFNB Security First Netwrk Bk of GA 33.11 32.57 -29.36 NM -25.38 -30.07 NM
SNFC S?o-?e Fin. Corp. of MO(8) 9.03 9.03 1.04 10.44 5.47 1.17 11.79
SOBI Sobieski Bancorp of S. Bend IN 15.12 15.12 0.31 1.87 1.95 0.59 3.56
SOSA Somerset Savings Bank of MA(8)* 6.34 6.34 0.81 13.81 6.78 0.78 13.26
SSFC South Street Fin. Corp. of NC* 25.26 25.26 0.92 4.51 2.40 1.17 5.71
SCBS Southern Commun. Bncshrs of AL 21.96 21.96 0.32 2.52 1.20 0.79 6.23
SMBC Southern Missouri Bncrp of MO 15.67 15.67 0.71 4.42 4.06 0.70 4.35
SWBI Southwest Bancshares of IL 11.00 11.00 0.75 6.94 5.19 1.02 9.52
SVRN Sovereign Bancorp of PA 4.01 3.03 0.44 11.07 4.00 0.68 17.14
STFR St. Francis Cap. Corp. of WI 7.88 6.96 0.64 7.35 5.13 0.70 8.09
SPBC St. Paul Bancorp, Inc. of IL 8.60 8.58 0.72 8.22 4.02 1.03 11.84
STND Standard Fin. of Chicago IL(8) 10.77 10.75 0.50 4.46 2.90 0.72 6.44
SFFC StateFed Financial Corp. of IA 17.78 17.78 1.11 6.16 5.32 1.35 7.47
SFIN Statewide Fin. Corp. of NJ 9.73 9.71 0.54 5.46 4.05 0.91 9.26
STSA Sterling Financial Corp. of WA 4.10 3.57 0.10 2.46 1.51 0.32 7.91
SFSB SuburbFed Fin. Corp. of IL 6.48 6.46 0.39 5.87 4.47 0.56 8.55
ROSE T R Financial Corp. of NY* 6.20 6.20 0.98 15.73 6.66 0.89 14.19
THRD TF Financial Corp. of PA 11.11 9.75 0.55 4.76 4.36 0.74 6.40
TPNZ Tappan Zee Fin., Inc. of NY 17.92 17.92 0.70 4.22 3.07 0.65 3.90
ESBK The Elmira SB FSB of Elmira NY* 6.30 6.04 0.36 5.66 4.82 0.35 5.51
GRTR The Greater New York SB of NY(8)* 6.27 6.27 0.74 12.34 6.02 0.40 6.62
TSBS Trenton SB,FSB MHC of NJ(35.9) 16.89 15.48 1.34 7.53 3.00 1.14 6.39
TRIC Tri-County Bancorp of WY 15.32 15.32 0.80 5.14 4.84 1.02 6.55
TWIN Twin City Bancorp of TN 12.86 12.86 0.53 4.13 3.30 0.75 5.82
UFRM United FS&LA of Rocky Mount NC 7.48 7.48 0.22 2.87 1.58 0.38 4.98
UBMT United Fin. Corp. of MT 22.65 22.65 1.09 4.70 4.00 1.34 5.80
VABF Va. Beach Fed. Fin. Corp of VA 6.85 6.85 0.21 3.15 1.91 0.47 7.02
VFFC Virginia First Savings of VA(8) 8.06 7.78 1.36 17.14 7.58 1.25 15.72
WHGB WHG Bancshares of MD 20.65 20.65 0.51 2.23 2.16 0.51 2.23
WSFS WSFS Financial Corp. of DE* 5.20 5.16 1.31 23.71 9.72 1.32 23.87
WVFC WVS Financial Corp. of PA* 11.16 11.16 1.07 8.59 6.26 1.34 10.72
WRNB Warren Bancorp of Peabody MA* 10.37 10.37 2.13 22.09 11.49 1.81 18.79
WFSL Washington FS&LA of Seattle WA 12.08 11.03 1.67 14.37 7.12 1.84 15.85
WAMU Washington Mutual Inc. of WA(8)* 5.00 4.75 0.35 6.81 1.90 0.74 14.45
WYNE Wayne Bancorp of NJ 13.35 13.35 0.44 2.94 2.09 0.44 2.94
Asset Quality Ratios Pricing Ratios
----------------------- -----------------------------------------
Price/ Price/
NPAs Resvs/ Resvs/ Price/ Price/ Price/ Tang. Core
Financial Institution Assets NPAs Loans Earning Book Assets Book Earnings
--------------------- ------- ------- ------- ------- ------- ------- ------- --------
(%) (%) (%) (X) (%) (%) (%) (x)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
PLSK Pulaski SB, MHC of NJ (46.0) 0.65 71.47 0.81 NM 162.94 19.40 162.94 NM
PULS Pulse Bancorp of S. River NJ 0.69 65.20 1.93 17.08 150.40 12.10 150.40 11.39
QCFB QCF Bancorp of Virginia MN 0.40 221.49 2.24 18.44 136.99 24.78 136.99 18.44
QCBC Quaker City Bancorp of CA 1.31 74.10 1.19 NM 137.22 12.03 137.31 20.92
QCSB Queens County Bancorp of NY* 0.68 95.23 0.74 25.06 NM 37.39 NM 24.71
RCSB RCSB Financial, Inc. of NY(8)* 0.76 83.90 1.18 18.51 225.31 17.68 231.17 18.72
RARB Raritan Bancorp. of Raritan NJ* 0.29 297.45 1.29 15.24 178.29 14.14 181.34 14.35
REDF RedFed Bancorp of Redlands CA 2.19 45.70 1.15 NM 161.58 13.66 162.18 21.71
RELY Reliance Bancorp, Inc. of NY 0.79 33.33 0.57 24.65 166.18 13.68 230.61 16.65
RELI Reliance Bancshares Inc of WI(8)* NA NA 0.53 NM 92.18 45.00 92.18 NM
RIVR River Valley Bancorp of IN 0.49 170.62 1.03 NM 112.78 13.98 114.50 26.61
RSLN Roslyn Bancorp, Inc. of NY* 0.27 278.21 3.46 NM 156.04 31.43 156.79 24.46
RVSB Rvrview SB,FSB MHC of WA(41.7)(8) 0.14 278.46 0.56 NM 253.05 28.44 277.21 24.55
SCCB S. Carolina Comm. Bnshrs of SC 1.78 35.52 0.81 NM 125.66 32.61 125.66 NM
SBFL SB Fngr Lakes MHC of NY (33.1) 0.69 76.89 1.16 NM 197.76 18.95 197.76 NM
SFED SFS Bancorp of Schenectady NY 0.73 57.17 0.57 NM 110.38 13.76 110.38 17.99
SGVB SGV Bancorp of W. Covina CA NA NA 0.44 NM 118.40 8.65 120.38 20.16
SISB SIS Bancorp Inc of MA* 0.47 244.29 2.48 8.84 157.94 11.37 157.94 8.89
SWCB Sandwich Co-Op. Bank of MA* 0.83 92.55 1.09 13.68 153.62 12.21 160.48 13.39
SECP Security Capital Corp. of WI(8) 0.12 918.65 1.44 21.21 160.17 25.94 160.17 17.78
SFSL Security First Corp. of OH 0.28 273.91 0.85 20.74 224.48 21.16 228.41 16.59
SFNB Security First Netwrk Bk of GA NA NA 1.28 NM NM 142.54 NM NM
SNFC S?o-?e Fin. Corp. of MO(8) 0.14 425.11 0.66 18.27 191.82 17.32 191.82 16.17
SOBI Sobieski Bancorp of S. Bend IN 0.15 158.73 0.33 NM 103.07 15.58 103.07 26.95
SOSA Somerset Savings Bank of MA(8)* 6.28 22.01 1.81 14.76 188.27 11.94 188.27 15.38
SSFC South Street Fin. Corp. of NC* 0.27 65.44 0.39 NM 138.07 34.87 138.07 NM
SCBS Southern Commun. Bncshrs of AL 2.48 46.17 1.94 NM 117.21 25.74 117.21 NM
SMBC Southern Missouri Bncrp of MO 1.10 37.60 0.64 24.64 108.83 17.05 108.83 25.00
SWBI Southwest Bancshares of IL 0.30 67.34 0.28 19.29 129.06 14.19 129.06 14.06
SVRN Sovereign Bancorp of PA 0.57 78.85 0.72 25.00 248.00 9.96 NM 16.15
STFR St. Francis Cap. Corp. of WI 0.19 181.58 0.80 19.49 141.22 11.13 159.80 17.69
SPBC St. Paul Bancorp, Inc. of IL 0.32 232.75 1.09 24.86 198.11 17.04 198.63 17.25
STND Standard Fin. of Chicago IL(8) 0.22 136.61 0.50 NM 149.04 16.05 149.30 23.83
SFFC StateFed Financial Corp. of IA NA NA NA 18.80 113.23 20.13 113.23 15.49
SFIN Statewide Fin. Corp. of NJ 0.43 95.58 0.83 24.67 134.89 13.12 135.09 14.53
STSA Sterling Financial Corp. of WA 0.61 79.43 0.82 NM 149.07 6.11 170.98 20.56
SFSB SuburbFed Fin. Corp. of IL 0.48 41.27 0.31 22.36 125.46 8.13 125.92 15.36
ROSE T R Financial Corp. of NY* 0.46 90.99 0.80 15.01 219.55 13.62 219.55 16.64
THRD TF Financial Corp. of PA 0.33 92.84 0.62 22.92 110.38 12.27 125.82 17.04
TPNZ Tappan Zee Fin., Inc. of NY 1.73 31.27 1.18 NM 120.21 21.54 120.21 NM
ESBK The Elmira SB FSB of Elmira NY* 0.66 97.39 0.85 20.74 115.35 7.26 120.33 21.31
GRTR The Greater New York SB of NY(8)* NA NA 1.71 16.62 195.23 12.24 195.23 NM
TSBS Trenton SB,FSB MHC of NJ(35.9) 0.73 55.92 0.67 NM 242.75 40.99 264.75 NM
TRIC Tri-County Bancorp of WY NA NA 1.11 20.68 101.11 15.49 101.11 16.25
TWIN Twin City Bancorp of TN 0.16 130.95 0.29 NM 123.61 15.89 123.61 21.51
UFRM United FS&LA of Rocky Mount NC 0.58 135.44 0.98 NM 179.10 13.39 179.10 NM
UBMT United Fin. Corp. of MT NA NA 0.22 25.00 117.79 26.68 117.79 20.26
VABF Va. Beach Fed. Fin. Corp of VA 1.26 56.59 0.93 NM 160.24 10.97 160.24 23.48
VFFC Virginia First Savings of VA(8) 2.29 47.29 1.19 13.19 210.31 16.95 217.79 14.38
WHGB WHG Bancshares of MD 0.15 160.96 0.29 NM 111.23 22.97 111.23 NM
WSFS WSFS Financial Corp. of DE* 1.70 96.79 2.65 10.29 239.24 12.45 241.15 10.22
WVFC WVS Financial Corp. of PA* 0.30 230.13 1.25 15.98 143.39 16.01 143.39 12.80
WRNB Warren Bancorp of Peabody MA* 1.15 98.45 1.79 8.71 178.21 18.48 178.21 10.23
WFSL Washington FS&LA of Seattle WA 0.73 59.65 0.60 14.05 185.88 22.45 203.51 12.73
WAMU Washington Mutual Inc. of WA(8)* 0.81 93.26 1.12 NM NM 15.51 NM 24.74
WYNE Wayne Bancorp of NJ 0.91 83.50 1.15 NM 145.19 19.39 145.19 NM
Dividend Data(6)
-----------------------
Ind. Divi-
Div./ dend Payout
Financial Institution Share Yield Ratio(7)
--------------------- ------- ------- -------
($) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
PLSK Pulaski SB, MHC of NJ (46.0) 0.30 1.81 NM
PULS Pulse Bancorp of S. River NJ 0.70 3.41 58.33
QCFB QCF Bancorp of Virginia MN 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA 0.00 0.00 0.00
QCSB Queens County Bancorp of NY* 1.00 1.86 46.51
RCSB RCSB Financial, Inc. of NY(8)* 0.60 1.23 22.73
RARB Raritan Bancorp. of Raritan NJ* 0.48 2.16 32.88
REDF RedFed Bancorp of Redlands CA 0.00 0.00 0.00
RELY Reliance Bancorp, Inc. of NY 0.64 2.08 51.20
RELI Reliance Bancshares Inc of WI(8)* 0.00 0.00 0.00
RIVR River Valley Bancorp of IN 0.16 0.97 34.78
RSLN Roslyn Bancorp, Inc. of NY* 0.24 1.05 40.68
RVSB Rvrview SB,FSB MHC of WA(41.7)(8) 0.24 0.89 27.27
SCCB S. Carolina Comm. Bnshrs of SC 0.60 2.79 NM
SBFL SB Fngr Lakes MHC of NY (33.1) 0.40 1.74 NM
SFED SFS Bancorp of Schenectady NY 0.28 1.45 46.67
SGVB SGV Bancorp of W. Covina CA 0.00 0.00 0.00
SISB SIS Bancorp Inc of MA* 0.56 1.91 16.92
SWCB Sandwich Co-Op. Bank of MA* 1.20 3.75 51.28
SECP Security Capital Corp. of WI(8) 1.20 1.16 24.59
SFSL Security First Corp. of OH 0.32 1.75 36.36
SFNB Security First Netwrk Bk of GA 0.00 0.00 NM
SMFC Sho-Me Fin. Corp. of MO(8) 0.00 0.00 0.00
SOBI Sobieski Bancorp of S. Bend IN 0.32 1.95 NM
SOSA Somerset Savings Bank of MA(8)* 0.00 0.00 0.00
SSFC South Street Fin. Corp. of NC* 0.40 2.13 NM
SCBS Southern Commun. Bncshrs of AL 0.30 1.89 NM
SMBC Southern Missouri Bncrp of MO 0.50 2.90 71.43
SWBI Southwest Bancshares of IL 0.76 3.75 72.38
SVRN Sovereign Bancorp of PA 0.08 0.52 12.90
STFR St. Francis Cap. Corp. of WI 0.48 1.39 27.12
SPBC St. Paul Bancorp, Inc. of IL 0.40 1.73 43.01
STND Standard Fin. of Chicago IL(8) 0.40 1.57 54.05
SFFC StateFed Financial Corp. of IA 0.40 1.82 34.19
SFIN Statewide Fin. Corp. of NJ 0.44 2.35 57.89
STSA Sterling Financial Corp. of WA 0.00 0.00 0.00
SFSB SuburbFed Fin. Corp. of IL 0.32 1.16 26.02
ROSE T R Financial Corp. of NY* 0.60 2.17 32.61
THRD TF Financial Corp. of PA 0.40 2.08 47.62
TPNZ Tappan Zee Fin., Inc. of NY 0.28 1.62 52.83
ESBK The Elmira SB FSB of Elmira NY* 0.64 2.73 56.64
GRTR The Greater New York SB of NY(8)* 0.20 0.87 14.49
TSBS Trenton SB,FSB MHC of NJ(35.9) 0.35 1.22 40.70
TRIC Tri-County Bancorp of WY 0.60 2.64 54.55
TWIN Twin City Bancorp of TN 0.64 3.20 NM
UFRM United FS&LA of Rocky Mount NC 0.24 2.00 NM
UBMT United Fin. Corp. of MT 0.98 4.17 NM
VABF Va. Beach Fed. Fin. Corp of VA 0.20 1.47 NM
VFFC Virginia First Savings of VA(8) 0.10 0.42 5.52
WHGB WHG Bancshares of MD 0.20 1.27 58.82
WSFS WSFS Financial Corp. of DE* 0.00 0.00 0.00
WVFC WVS Financial Corp. of PA* 0.80 2.96 47.34
WRNB Warren Bancorp of Peabody MA* 0.52 2.97 25.87
WFSL Washington FS&LA of Seattle WA 0.92 3.38 47.42
WAMU Washington Mutual Inc. of WA(8)* 1.08 1.80 NM
WYNE Wayne Bancorp of NJ 0.20 0.84 40.00
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 (continued)
Weekly Thrift Market Line - Part Two
Prices As Of August 29, 1997
Key Financial Ratios Asset Quality Ratios
--------------------------------------------------------- -----------------------
Tang.
Reported Earnings Core Earnings
Equity/ Equity/ ---------------------- --------------- NPAs Resvs/ Resvs/
Financial Institution Assets Assets ROA(5) ROE(5) ROI(5) ROA(5) ROE(5) Assets NPAs Loans
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
WAYN Wayne S&L Co. MHC of OH (47.8) 9.25 9.25 0.31 3.42 1.67 0.66 7.23 0.73 50.94 0.45
WCFB Wbstr Cty FSB MHC of IA (45.2) 23.35 23.35 1.06 4.61 2.70 1.42 6.15 0.26 152.85 0.69
WBST Webster Financial Corp. of CT 5.02 4.29 0.41 8.14 3.03 0.74 14.55 0.85 103.47 1.45
WEFC Wells Fin. Corp. of Wells MN 14.20 14.20 0.72 5.07 4.42 1.06 7.49 0.28 121.72 0.37
WCBI WestCo Bancorp of IL 15.24 15.24 1.12 7.29 5.48 1.42 9.20 0.60 47.07 0.38
WSTR WesterFed Fin. Corp. of MT 10.91 8.73 0.63 5.09 3.79 0.79 6.41 0.25 191.01 0.73
WOFC Western Ohio Fin. Corp. of OH 13.79 12.85 0.33 2.24 2.19 0.45 3.10 NA NA 0.58
WWFC Westwood Fin. Corp. of NJ 9.13 8.13 0.49 5.12 3.22 0.85 8.80 0.13 159.15 0.55
WEHO Westwood Hmstd Fin Corp of OH 29.41 29.41 0.70 2.41 1.94 1.04 3.62 0.06 255.81 0.21
WFI Winton Financial Corp. of OH 7.11 6.96 1.00 14.08 10.00 0.84 11.80 0.35 78.21 0.32
FFWD Wood Bancorp of OH 12.31 12.31 1.07 8.25 4.75 1.27 9.81 0.24 143.64 0.44
YFCB Yonkers Fin. Corp. of NY 14.90 14.90 0.86 5.06 4.38 1.16 6.79 0.57 65.11 1.02
YFED York Financial Corp. of PA 8.61 8.61 0.62 7.41 4.25 0.79 9.46 2.39 23.05 0.64
Pricing Ratios Dividend Data(6)
----------------------------------------- -------------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
--------------------- ------- ------- ------- ------- --------- ------- ------- ---------
(X) (%) (%) (%) (x) ($) (%) (%)
NASDAQ Listed OTC Companies (continued)
---------------------------------------
WAYN Wayne S&L Co. MHC of OH (47.8) NM 200.76 18.57 200.76 28.38 0.62 2.95 NM
WCFB Wbstr Cty FSB MHC of IA (45.2) NM 168.57 39.37 168.57 27.73 0.80 4.51 NM
WBST Webster Financial Corp. of CT NM 212.24 10.66 248.45 18.49 0.80 1.51 50.00
WEFC Wells Fin. Corp. of Wells MN 22.60 112.70 16.00 112.70 15.28 0.48 2.91 65.75
WCBI WestCo Bancorp of IL 18.26 134.25 20.46 134.25 14.47 0.60 2.33 42.55
WSTR WesterFed Fin. Corp. of MT 26.38 114.10 12.44 142.56 20.95 0.44 2.06 54.32
WOFC Western Ohio Fin. Corp. of OH NM 101.58 14.01 108.99 NM 1.00 4.21 NM
WWFC Westwood Fin. Corp. of NJ NM 153.87 14.04 172.72 18.10 0.20 0.82 25.64
WEHO Westwood Hmstd Fin Corp of OH NM 109.39 32.17 109.39 NM 0.28 1.81 NM
WFI Winton Financial Corp. of OH 10.00 140.85 10.01 143.88 11.94 0.46 2.88 28.75
FFWD Wood Bancorp of OH 21.04 174.58 21.48 174.58 17.68 0.40 2.41 50.63
YFCB Yonkers Fin. Corp. of NY 22.86 122.84 18.31 122.84 17.03 0.24 1.38 31.58
YFED York Financial Corp. of PA 23.51 166.32 14.32 166.32 18.41 0.60 2.53 59.41
EXHIBIT IV-2
Historical Stock Price Indices
HISTORICAL STOCK PRICE INDICES(1)
SNL SNL
NASDAQ Thrift Bank
Year/Qtr. Ended DJIA S&P 500 Composite Index Index
- --------------- ---- ------- --------- ----- -----
1991: Quarter 1 2881.1 375.2 482.3 125.5 66.0
Quarter 2 2957.7 371.2 475.9 130.5 82.0
Quarter 3 3018.2 387.9 526.9 141.8 90.7
Quarter 4 3168.0 417.1 586.3 144.7 103.1
1992: Quarter 1 3235.5 403.7 603.8 157.0 113.3
Quarter 2 3318.5 408.1 563.6 173.3 119.7
Quarter 3 3271.7 417.8 583.3 167.0 117.1
Quarter 4 3301.1 435.7 677.0 201.1 136.7
1993: Quarter 1 3435.1 451.7 690.1 228.2 151.4
Quarter 2 3516.1 450.5 704.0 219.8 147.0
Quarter 3 3555.1 458.9 762.8 258.4 154.3
Quarter 4 3754.1 466.5 776.8 252.5 146.2
1994: Quarter 1 3625.1 445.8 743.5 241.6 143.1
Quarter 2 3625.0 444.3 706.0 269.6 152.6
Quarter 3 3843.2 462.6 764.3 279.7 149.2
Quarter 4 3834.4 459.3 752.0 244.7 137.6
1995: Quarter 1 4157.7 500.7 817.2 278.4 152.1
Quarter 2 4556.1 544.8 933.5 313.5 171.7
Quarter 3 4789.1 584.4 1,043.5 362.3 195.3
Quarter 4 5117.1 615.9 1,052.1 376.5 207.6
1996: Quarter 1 5587.1 645.5 1,101.4 382.1 225.1
Quarter 2 5654.6 670.6 1,185.0 387.2 224.7
Quarter 3 5882.2 687.3 1,226.9 429.3 249.2
Quarter 4 6442.5 737.0 1,280.7 483.6 280.1
1997: Quarter 1 6583.5 757.1 1,221.7 527.7 292.5
Quarter 2 7672.8 885.1 1,442.1 624.5 333.3
August 29, 1997 7622.4 899.5 1,587.3 664.6 365.0
(1) End of period data.
Sources: SNL Securities; Wall Street Journal.
EXHIBIT IV-3
Historical Thrift Stock Indices
[LOGO APPEARS HERE]
INDEX VALUES
INDEX VALUES PERCENT CHANGE SINCE
---------------------------------------- -------------------------------
07/31/97 1 MONTH YTD 52 WEEK 1 MONTH YTD 52 WEEK
- -----------------------------------------------------------------------------------------------------------------------
All Pub. Traded Thrifts 684.5 624.5 483.6 388.4 9.60 41.45 76.24
MHC Index 751.0 683.8 538.0 416.1 9.84 39.59 80.48
INSURANCE INDICES
- -----------------------------------------------------------------------------------------------------------------------
SAIF Thrifts 608.2 555.0 439.2 356.2 9.59 38.47 70.76
BIF Thrifts 908.5 832.1 616.3 485.0 9.18 47.28 87.31
STOCK EXCHANGE INDICES
- -----------------------------------------------------------------------------------------------------------------------
AMEX Thrifts 197.0 192.7 156.2 132.1 2.20 26.10 49.07
NYSC Thrifts 421.4 368.3 277.3 219.7 14.41 51.96 91.75
OTC Thrifts 779.9 721.8 569.7 462.5 8.05 36.39 68.62
GEOGRAPHIC INDICES
- -----------------------------------------------------------------------------------------------------------------------
Mid-Atlantic Thrifts 1,342.6 1,267.3 970.7 738.4 5.94 38.31 81.82
Midwestern Thrifts 1,455.2 1,369.4 1,159.3 951.7 6.26 25.52 52.90
New England Thrifts 592.0 553.2 428.9 330.3 7.00 38.02 79.21
Southeastern Thrifts 608.6 561.4 447.2 375.6 8.40 36.10 62.03
Southwestern Thrifts 416.4 419.8 315.9 255.8 0.82 31.84 62.80
Western Thrifts 730.2 635.1 474.7 392.0 14.97 53.83 86.25
ASSET SIZE INDICES
- -----------------------------------------------------------------------------------------------------------------------
Less than $250M 721.9 676.0 586.6 539.7 6.79 23.06 33.75
$250M to $500M 1,011.5 947.0 789.8 673.2 6.81 28.07 50.25
$500M to $1B 672.1 639.2 521.8 436.0 5.15 28.82 54.15
$1B to $5B 747.6 704.8 546.0 429.6 6.08 36.92 74.03
Over $5B 453.3 403.6 305.8 241.6 12.32 48.23 87.66
COMPARATIVE INDICES
- -----------------------------------------------------------------------------------------------------------------------
Dow Jones Industrials 8,222.6 7,672.3 6,448.3 5,528.9 7.17 27.52 48.72
S&P 500 954.3 885.2 740.7 640.0 7.81 28.83 49.12
All SNL indices are market-value weighted: i.e on institution's effect on an
index is proportionate to that institution's market capitalization. All SNL
thrift indices, except for the SNL MHC Index began at 100 on March 30, 1984. The
SNL MHC Index began at 201.082 on Dec 31, 1992 the level of the SNL Thrift index
on that date. On March 30, 1984. the S&P 500 closed at 159.2 and the Dow Jones
industrials stood at 1164.9.
EXHIBIT IV-4
Timberland Savings Bank
Market Area Acquisition Activity
WASHINGTON STATE MERGER AND ACQUISITION ACTIVITY 1995-PRESENT
SELLER FINANCIALS AT COMPLETION
------------------------------------------------------
Total TgEq/ YTD YTD NPAs/ Rsrvs/
Ann'd Comp Assets Assets ROAA ROAE Assets NPLs
Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
07/12/98 11/29/98 Washington Federal WA Metropolitan Bancorp WA 761,014 8.14 0.85 12.85 NA NA
07/13/94 01/06/95 First Interstate CA University SB WA 1,118,973 9.42 1.20 12.58 0.80 NA
Average 938,994 7.78 1.03 12.71 0.80 NA
Median 938,994 7.78 1.03 12.71 0.80 NA
DEAL TERMS
--------------------------------------------------
Deal Deal
Ann'd Comp Value Price Per
Date Date Buyer ST Seller ST ($M) Shares ($)
- ----------------------------------------------------------------------------------------------------------------------------------
07/12/98 11/29/98 Washington Federal WA Metropolitan Bancorp WA 67.5 19.834 Stock
07/13/94 01/06/95 First Interstate CA University SB WA 205.1 NA Cash
Average 138.3 19.834
Median 138.3 19.834
DEAL PRICING AT COMPLETION
-------------------------------------------------------
Deal Deal Pr/ Deal Pr/ Deal Pr/ TgBk Pram/
Ann'd Comp Pr/Bk Tg Bk Assets 4-Qtr CoreDeps
Date Date Buyer ST Seller ST (%) (%) (%) EPS (x) (%)
- -----------------------------------------------------------------------------------------------------------------------------------
07/12/98 11/29/98 Washington Federal WA Metropolitan Bancorp WA 149.98 149.98 8.95 NA 7.09
07/13/94 01/06/95 First Interstate CA University SB WA 151.37 188.17 17.58 14.15 11.18
Average 150.68 169.08 13.27 14.15 9.14
Median 150.68 169.08 13.27 14.15 9.14
Source: SNL Securities, LC.
EXHIBIT IV-5
Timberland Savings Bank
Directors and Management Summary Resumes
Exhibit IV-5
Director Resumes
CLARENCE E. HAMRE has served as the Bank's President and Chief Executive
Officer since 1969. Mr. Hamre is President of the 7th Street Theater
Rehabilitation Group and is a member of the Building Committee of the Saron
Lutheran Church. He also serves on the Board of Directors of the Hoquiam
Development Association and is past Chairman of the Board and a Board member of
the Washington Savings League.
MICHAEL R. SAND is the Bank's Executive Vice President. Mr. Sand is the
President of the Aberdeen Neighborhood Housing Services, the former President of
the Grays Harbor chamber of Commerce and a member of the Hoquiam Lion's Club.
ANDREA M. CLINTON is an interior designer and the owner of AMC Interiors.
Ms. Clinton is a volunteer for the Olympia School District, the Black Hills
Bambino Baseball League and the Christman Forest Auction. She resides in
Olympia, Washington.
ROBERT BACKSTROM is retired after serving as owneer of Price & Price Real
Estate and Insurance of Montesano, Washington, for 31 years. He is a past
President of the Montesano Chamber of Commerce and Montesano Little League.
RICHARD R. MORRIS, JR. is the owner of Dick's Food Centers, Inc., a retail
grocery. Mr. Morris serves on the Boards of Directors of the Washington Food
Industry and the Economic Development Council of Gray Harbor County. He is also
a member of the Hoquiam Rotary Club. He resides in Ocean Shores, Washington.
ALAN E. SMITH is the owner of Harbor Drug, Inc., a retail pharmacy. Mr.
Smith is President of the Hoquiam Development Association and the Hoquiam Retail
Trade Board and is a member of the Board of Directors of the Washington State
Pharmaceutical Association.
PETER J. MAJAR is retired as general manager of Hoquiam Plywood Co., Inc.,
a plywood manufacturer. , President of the Plywood Marketing Association and
President of PMA Transportation Company, Vancouver, Washington. Mr. Majar is a
member of the Aberdeen Lion's Club and is involved in various church, fraternal
and mission activities. He was a long time member of the Board of Directors of
Goodwill Industries when it was located in Grays Harbor, Washington.
JON C. PARKER is a Partner in the law firm of Parker, Johnson & Parker P.S.
Mr. Parker is an officer and director of the Hoquiam Youth Baseball League and
the Hoquiam Babe Ruth Baseball League. He also is volunteer counsel to the
Hoquiam YMCA, the Polson Museum and the Historical Society. Mr. Parker is a
member of the Washington State Bar Association and serves as Special District
Disciplinary Counsel.
JAMES C. MASON is the President and owner of Mason Timber Co. Mr. Mason is
President of the Aberdeen YMCA and serves as a member of the Aberdeen School
Board, the Grays Harbor Community Hospital Foundation Board, the Bishop
Foundation Board and the Aberdeen Rotary Club. He resides in Aberdeen,
Washington.
Exhibit IV-5
Senior Management Resumes
CLARENCE E. HAMRE has served as the Bank's President and Chief Executive
Officer since 1969. Mr. Hamre is President of the 7th Street Theater
Rehabilitation Group and is a member of the Building Committee of the Saron
Lutheran Church. He also serves on the Board of Directors of the Hoquiam
Development Association and is past Chairman of the Board and a Board member of
the Washington Savings Leage.
MICHAEL R. SAND is the Bank's Executive Vice President. Mr. Sand is the
President of the Aberdeen Neighborhood Housing Services, the former President of
the Grays Harbor chamber of Commerce and a member of the Hoquiam Lion's Club.
EXHIBIT IV-6
Timberland Savings Bank
Pro Forma Regulatory Capital Ratios
EXHIBIT IV-6
Timberland Savings Bank
Pro Forma Regulatory Capital Ratios
PRO FORMA AT JUNE 30, 1997
-------------------------------------------------------------------------
Minimum of Estimated Midpoint of Estimated Maximum of Estimated
Valuation Range Valuation Range Valuation Range
----------------------- ----------------------- ----------------------
4,250,000 Shares 5,000,000 Shares 5,750,000 Shares
June 30, 1997 at $10.00 Per Share at $10.00 Per Share at $10.00 Per Share
---------------------- ----------------------- ----------------------- ----------------------
Percent of Percent of Percent of Percent of
Adjusted Adjusted Adjusted Adjusted
Total Total Total Total
Amount Assets (1) Amount Assets (1) Amount Assets (1) Amount Assets (1)
------ ---------- ------ ---------- ------ ---------- ------ ----------
(Dollars in thousands)
GAAP capital................ $23,866 11.57% $34,434 15.52% $36,384 16.19% $38,334 16.85%
======= ===== ======= ===== ======= ===== ======= =====
Tier 1 (leverage) capital... $23,866 11.71% $34,434 15.69% $36,384 16.36% $38,334 17.02%
Tier 1 (leverage) capital
requirement................ 6,114 3.00 6,584 3.00 6,670 3.00 6,755 3.00
------- ----- ------- ----- ------- ----- ------- -----
Excess...................... $17,752 8.71% $27,850 12.69% $29,714 13.36% $31,579 14.02%
======= ===== ======= ===== ======= ===== ======= =====
Tier 1 risk adjusted
capital.................... $23,866 15.96% $34,434 21.88% $36,384 22.91% $38,334 23.93%
Tier 1 risk adjusted capital
requirement................ 5,981 4.00 6,294 4.00 6,351 4.00 6,408 4.00
------- ----- ------- ----- ------- ----- ------- -----
Excess...................... $17,885 11.96% $28,140 17.88% $30,033 18.91% $31,926 19.93%
======= ===== ======= ===== ======= ===== ======= =====
Total risk based capital.... $25,320 16.93% $35,888 22.81% $37,838 23.83% $39,788 24.83%
Total risk based
capital requirement........ 11,962 8.00 12,589 8.00 12,703 8.00 12,817 8.00
------- ----- ------- ----- ------- ----- ------- -----
Excess...................... $13,358 8.93% $23,299 14.81% $25,135 15.83% $26,971 16.83%
======= ===== ======= ===== ------- ----- ------- -----
--------------------
15% above
Maximum of Estimated
Valuation Range
--------------------
6,612,500 Shares
at $10.00 Per Share
--------------------
Percent of
Adjusted
Total
Amount Assets (1)
------ ----------
(Dollars in Thousands)
GAAP capital................ $40,576 17.58%
======= =====
Tier 1 (leverage) capital... $40,576 17.76%
Tier 1 (leverage) capital
requirement................ 6,854 3.00
------- -----
Excess...................... $33,722 14.76%
======= =====
Tier 1 risk adjusted
capital.................... $40,576 25.07%
Tier 1 risk adjusted capital
requirement................ 6,474 4.00
------- -----
Excess...................... $34,102 21.07%
======= =====
Total risk based capital.... $42,030 25.97%
Total risk based
capital requirement........ 12,948 8.00
------- -----
Excess...................... $29,082 17.97%
======= =====
________________________
(1) For the Tier 1 (leverage) capital and Washington regulatory capital
calculations, percent of total average assets. For the Tier 1 risk-based
capital and total risk-based capital calculations, percent of total risk-
weighted assets. Net proceeds (after ESOP and MRP) were assumed to be
invested in one-to four-family residential mortgage loans with a weighted
average risk-weight of 50% .
(2) As a Washington-chartered savings bank, the Savings Bank is subject to the
capital requirements of the FDIC and the Division. The FDIC requires state-
chartered savings bank, including the Savings Bank, to have a minimum
leverage ratio of Tier 1 capital to total assets of at least 3%, provided,
however, that all institutions, other than those (i) receiving the highest
rating during the examination process and (ii) not anticipating any
significant growth, are required to maintain a ratio of 1% to 2% above the
stated minimum, with an absolute total capital to risk-weighted assets of
at least 8%. The Savings Bank has not been notified by the FDIC of any
leverage capital requirement specifically applicable to it. However, for
the purposes of this table, the Savings Bank has assumed that its leverage
capital requirement is 4% of total average assets.
EXHIBIT IV-7
Pro Forma Analysis Sheet
RP Financial, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-7
PRO FORMA ANALYSIS SHEET -- PAGE 1
Timberland Savings Bank
Prices as of August 29, 1997
Comparable All WA All SAIF
Companies Companies Companies
---------------- ----------------- -----------------
Price Multiple: Symbol Subject(1) Mean Median Mean Median Mean Median
- -------------- ------ ---------- ---- ------ ---- ------ ---- ------
Price-earnings ratio = P/E 11.58x 21.87x 22.76x 18.21x 14.05x 20.87x 20.75x
Price-core earnings = P/CORE 10.80x 19.80x 19.09x 17.81x 15.14x 18.42x 17.88x
Price-book ratio = P/B 75.47% 151.83% 137.83% 174.37% 175.16% 140.69% 132.99%
Price-tng book ratio = P/TB 75.47% 157.00% 140.37% 183.01% 190.38% 144.94% 134.05%
Price-assets ratio = P/A 20.70% 20.09% 21.14% 18.41% 21.45% 17.55% 15.45%
Valuation Parameters
- --------------------
Pre-Conv Earnings (Y) $ 2,948,000 Est ESOP Borrowings (E) $4,000,000
Pre-Conv Book Value (B) $ 23,866,000 Cost of ESOP Borrowings (S) 0.00% (4)
Pre-Conv Assets (A) $206,188,000 Amort of ESOP Borrowings (T) 10 Years
Reinvestment Rate(2) (R) 4.60% Recognition Plans Amount (M) $2,000,000
Est Conversion Exp(3) (X) 965,000 Recognition Plans Expense ($) $ 400,000
Proceeds Not Reinvested (Z) $ 4,000,000
Calculation of Pro Forma Value After Conversion (5)
- --------------------------------------------------
1. V = P/E (Y-R(X+Z)-ES-(1-TAX)E/T-(1-TAX)N))-M V = $ 50,029,717
--------------------------------------------
1-(P/E)R
2. V = P/B (B-X-E) - M V = $ 49,998,307
------------------------
1-P/B
3. V = P/A (A-X-E) - M V = $ 50,003,986
-------------------------
1-P/A
Total Price Total
Conclusion Shares Per Share Value
- ---------- ------ --------- -----
Appraised Value 5,000,000 $10.00 $50,000,000
RANGE:
- -----
- - Minimum 4,250,000 $10.00 $42,500,000
- - Maximum 5,750,000 $10.00 $57,500,000
- - Superrange 6,612,500 $10.00 $66,125,000
(1) Pricing ratios shown reflect the midpoint appraised value.
(2) Net return assumes a reinvestment rate of 6.97 percent, and a tax rate of
34.00 percent.
(3) Conversion expenses reflect estimated expenses as presented in offering
document.
(4) Assumes a borrowings cost of 0.00 percent and a tax rate of 34.00
percent.
(5) Assumes Recognition Plans installed on a post-conversion basis with
authorized but unissued shares.
RP Financial, Inc.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-7
PRO FORMA ANALYSIS SHEET -- PAGE 2
Timberland Savings Bank
Prices as of August 29, 1997
Mean Pricing Median Pricing
------------------- -------------------
Valuation Approach Subject Peers (Disc) Peers (Disc)
- ------------------ ------- ----- ------ ----- ------
P/E Price-earnings 11.58x 21.87x -47.07% 22.76x -49.13%
P/CORE Price-core earnings 10.80x 19.80x -45.46% 19.09x -43.45%
P/B Price-book 75.47% 151.83% NM% 137.83% -45.24%
P/TB Price-tang. book 75.47% 157.00% NM% 140.37% -46.23%
P/A Price-assets 20.70% 20.09% 3.05% 21.14% -2.10%
Average Premium (Discount) -29.83% -37.23%
EXHIBIT IV-8
Pro Forma Effect of Conversion Proceeds
RP Financial, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Timberland Savings Bank
At the Minimum of the Range
1. Conversion Proceeds
Pro-forma market value................................$ 42,500,000
Less: Estimated offering expenses................. 965,000
-----------
Net Conversion Proceeds...............................$ 41,535,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds...............................$ 41,535,000
Less: Held in Non-Earning Assets(5)(1)............ 3,400,000
-----------
Net Proceeds Reinvested...............................$ 38,135,000
Estimated net incremental rate of return.............. 4.60 %
------------
Earnings Increase.....................................$ 1,754,286
Less: Estimated cost of ESOP borrowings(1)........ 0
Less: Amortization of ESOP borrowings(2).......... 224,400
Less: Recognition Plans Expense(4)................ 224,400
-----------
Net Earnings Increase.................................$ 1,305,486
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- -----------------
12 Months ended June 30, 1997 $ 2,948,000 $ 4,253,486
12 Months ended June 30, 1997 (Core) $ 3,272,000 $ 4,577,486
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
June 30, 1997 $ 23,866,000 $ 38,135,000 (3) $ 62,001,000
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
June 30, 1997 $ 206,188,000 $ 38,135,000 $ 244,323,000
NOTE: Shares for calculating per share amounts: 4,420,000
(1) Estimated ESOP borrowings of $ 3,400,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 34.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $ 3,400,000 are omitted from net worth.
(4) $1,700,000 purchased by the Recognition Plans with an estimated pre-tax
expense of $ 340,000 and a tax rate of 34.00 percent.
(5) Stock purchased by Recognition Plans is purchased on post conversion basis,
but the related expense and ownership dilution have been factored in the
valuation.
RP Financial, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Timberland Savings Bank
At the Midpoint of the Range
1. Conversion Proceeds
Pro-forma market value............................... $ 50,000,000
Less: Estimated offering expenses................ 965,000
------------
Net Conversion Proceeds.............................. $ 49,035,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds.............................. $ 49,035,000
Less: Held in Non-Earning Assets(5)(1)........... 4,000,000
-----------
Net Proceeds Reinvested.............................. $ 45,035,000
Estimated net incremental rate of return............. 4.60 %
-----------
Earnings Increase ................................... $ 2,071,700
Less: Estimated cost of ESOP borrowings(1) ...... 0
Less: Amortization of ESOP borrowings(2) ........ 264,000
Less: Recognition Plans Expense(4)............... 264,000
-----------
Net Earnings Increase ............................... $ 1,543,700
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- -----------------
12 Months ended June 30, 1997 $ 2,948,000 $ 4,491,700
12 Months ended June 30, 1997 (Core) $ 3,272,000 $ 4,815,700
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
June 30, 1997 $ 23,866,000 $ 45,035,000 (3) $ 68,901,000
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
June 30, 1997 $ 206,188,000 $ 45,035,000 $ 251,223,000
NOTE: Shares for calculating per share amounts: 5,200,000
(1) Estimated ESOP borrowings of $ 4,000,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 34.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $ 4,000,000 are omitted from net worth.
(4) $2,000,000 purchased by the Recognition Plans with an estimated pre-tax
expense of $ 400,000 and a tax rate of 34.00 percent.
(5) Stock purchased by Recognition Plans is purchased on post conversion basis,
but the related expense and ownership dilution have been factored in the
valuation.
RP Financial, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Timberland Savings Bank
At the Maximum of the Range
1. Conversion Proceeds
Pro-forma market value .............................. $ 57,500,000
Less: Estimated offering expenses ............... 965,000
___________
Net Conversion Proceeds ............................. $ 56,535,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds ............................. $ 56,535,000
Less: Held in Non-Earning Assets(5)(1) .......... 4,600,000
___________
Net Proceeds Reinvested ............................. $ 51,935,000
Estimated net incremental rate of return ............ 4.60 %
___________
Earnings Increase ................................... $ 2,389,114
Less: Estimated cost of ESOP borrowings(1) ...... 0
Less: Amortization of ESOP borrowings(2) ........ 303,600
Less: Recognition Plans Expense(4)............... 303,600
___________
Net Earnings Increase ............................... $ 1,781,914
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- -----------------
12 Months ended June 30, 1997 $ 2,948,000 $ 4,729,914
12 Months ended June 30, 1997 (Core) $ 3,272,000 $ 5,053,914
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
June 30, 1997 $ 23,866,000 $ 51,935,000 (3) $ 75,801,000
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
June 30, 1997 $ 206,188,000 $ 51,935,000 $ 258,123,000
NOTE: Shares for calculating per share amounts: 5,980,000
(1) Estimated ESOP borrowings of $ 4,600,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 34.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $ 4,600,000 are omitted from net worth.
(4) $2,300,000 purchased by the Recognition Plans with an estimated pre-tax
expense of $ 460,000 and a tax rate of 34.00 percent.
(5) Stock purchased by Recognition Plans is purchased on post conversion basis,
but the related expense and ownership dilution have been factored in the
valuation.
RP Financial, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Timberland Savings Bank
At the Superrange Maximum
1. Conversion Proceeds
Pro-forma market value............................... $ 66,125,000
Less: Estimated offering expenses................ 965,000
___________
Net Conversion Proceeds.............................. $ 65,160,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds.............................. $ 65,160,000
Less: Held in Non-Earning Assets(5)(1)........... 5,290,000
___________
Net Proceeds Reinvested.............................. $ 59,870,000
Estimated net incremental rate of return............. 4.60 %
___________
Earnings Increase.................................... $ 2,754,140
Less: Estimated cost of ESOP borrowings(1)....... 0
Less: Amortization of ESOP borrowings(2)......... 349,140
Less: Recognition Plans Expense(4)............... 349,140
___________
Net Earnings Increase................................ $ 2,055,860
3. Pro-Forma Earnings (rounded)
Period Before Conversion After Conversion
------ ----------------- -----------------
12 Months ended June 30, 1997 $ 2,948,000 $ 5,003,860
12 Months ended June 30, 1997 (Core) $ 3,272,000 $ 5,327,860
4. Pro-Forma Net Worth (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
June 30, 1997 $ 23,866,000 $ 59,870,000 (3) $ 83,736,000
5. Pro-Forma Net Assets (rounded)
Date Before Conversion Conversion Proceeds After Conversion
---- ----------------- ------------------- ----------------
June 30, 1997 $ 206,188,000 $ 59,870,000 $ 266,058,000
NOTE: Shares for calculating per share amounts: 6,877,000
(1) Estimated ESOP borrowings of $ 5,290,000 with an after-tax cost of 0.00
percent, assuming a borrowing cost of 0.00 percent and a tax rate of 34.00
percent. ESOP financed by holding company - excluded from reinvestment and
total assets.
(2) ESOP borrowings are amortized over 10 years, amortization is tax-effected.
(3) ESOP borrowings of $ 5,290,000 are omitted from net worth.
(4) $2,645,000 purchased by the Recognition Plans with an estimated pre-tax
expense of $ 529,000 and a tax rate of 34.00 percent.
(5) Stock purchased by Recognition Plans is purchased on post conversion basis,
but the related expense and ownership dilution have been factored in the
valuation.
EXHIBIT IV-9
Peer Group Core Earnings Analysis
RP FINANCIAL, LC.
- ---------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Core Earnings Analysis
Comparable Institution Analysis
For the Twelve Months Ended June 30, 1997
Estimated
Net Income Less: Net Tax Effect Less: Extd Core Income Estimated
To Common Gains (Loss) @ 34% Items To Common Shares Core EPS
---------- ----------- ---------- ---------- ----------- ------ ---------
($000) ($000) ($000) ($000) ($000) ($000) ($)
Comparable Group
- ----------------
CMRN Cameron Fin. Corp. of MO 2,037 793 -270 0 2,560 2,627 0.97
FFHH FSF Financial Corp. of MN 2,373 977 -332 0 3,018 3,033 0.99
FFBA First Colorado Bancorp of Co 13,452 -251 85 0 13,286 16,561 0.80
FMSB First Mutual SB of Bellevue WA 4,210 -137 47 0 4,120 2,702 1.52
FWWB First Savings Bancorp of WA (1) 9,314 -701 238 0 8,851 10,519 0.84
HRZB Horizon Financial Corp. of WA 7,912 -208 71 0 7,775 7,417 1.05
IWBK Interwest SB of Oak Harbor WA 14,629 7,910 -2,689 0 19,850 8,036 2.47
KFBI Klamath First Bancorp of OR 5,494 4,252 -1,446 0 8,300 10,019 0.83
UBMT United Fin. Corp. of MT (1) 1,150 400 -136 0 1,414 1,223 1.16
WSTR WesterFed Fin. Corp. of MT 4,507 1,784 -607 0 5,684 5,565 1.02
(1) Financial information is for the quarter ending March 31, 1997.
Source: Audited and unaudited financial statements, corporate reports and
offering circulars, and RP Financial, LC. calculations. The information
provided in this table has been obtained from sources we believe are
reliable, but we cannot guarantee the accuracy or completeness of such
information.
Copyright (c) 1997 by RP Financial, LC.
EXHIBIT V-1
RP Financial, LC.
Firm Qualifications Statement
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants FIRM QUALIFICATION STATEMENT
RP Financial provides financial and management consulting and valuation services
to the financial services industry nationwide, particularly federally-insured
financial institutions. RP Financial establishes long-term client relationships
through its wide array of services, emphasis on quality and timeliness, hands-on
involvement by our principals and senior consulting staff, and careful
structuring of strategic plans and transactions. RP Financial's staff draws
from backgrounds in consulting, regulatory agencies and investment banking,
thereby providing our clients with considerable resources.
STRATEGIC AND CAPITAL PLANNING
RP Financial's strategic and capital planning services are designed to provide
effective workable plans with quantifiable results. Through a program known as
SAFE (Strategic Alternatives Financial Evaluations), RP Financial analyzes
strategic options to enhance shareholder value or other established objectives.
Our planning services involve conducting situation analyses; establishing
mission statements, strategic goals and objectives; and identifying strategies
for enhancement of franchise value, capital management and planning, earnings
improvement and operational issues. Strategy development typically includes the
following areas: capital formation and management, asset/liability targets,
profitability, return on equity and market value of stock. Our proprietary
financial simulation model provides the basis for evaluating the financial
impact of alternative strategies and assessing the feasibility/compatibility of
such strategies with regulations and/or other guidelines.
MERGER AND ACQUISITION SERVICES
RP Financial's merger and acquisition (M&A) services include targeting
candidates and potential acquirors, assessing acquisition merit, conducting
detailed due diligence, negotiating and structuring transactions, preparing
merger business plans and financial simulations, rendering fairness opinions and
assisting in implementing post-acquisition strategies. Through our financial
simulations, comprehensive in-house data bases, valuation expertise and
regulatory knowledge, RP Financial's M&A consulting focuses on structuring
transactions to enhance shareholder returns.
VALUATION SERVICES
RP Financial's extensive valuation practice includes valuations for a variety of
purposes including mergers and acquisitions, mutual-to-stock conversions, ESOPs,
subsidiary companies, mark-to-market transactions, loan and servicing
portfolios, non-traded securities, core deposits, FAS 107 (fair market value
disclosure), FAS 122 (loan servicing rights) and FAS 123 (stock options). Our
principals and staff are highly experienced in performing valuation appraisals
which conform with regulatory guidelines and appraisal industry standards. RP
Financial is the nation's leading valuation firm for mutual-to-stock conversions
of thrift institutions.
OTHER CONSULTING SERVICES AND DATA BASES
RP Financial offers a variety of other services including branching strategies,
feasibility studies and special research studies, which are complemented by our
quantitative and computer skills. RP Financial's consulting services are aided
by its in-house data base resources for commercial banks and savings
institutions and proprietary valuation and financial simulation models.
YEAR 2000 SERVICES
RP Financial, through a relationship with a computer research and development
company with a proprietary methodology, offers Year 2000 advisory and conversion
services to financial institutions which are more cost effective and less
disruptive than most other providers of such service.
RP Financial's Key Personnel (Years of Relevant Experience)
Ronald S. Riggins, Managing Director (17)
William E. Pommerening, Managing Director (13)
Gregory E. Dunn, Senior Vice President (15)
James P. Hennessey, Senior Vice President (12)
James J. Oren, Vice President (10)