----------------------------------------
CONVERSION APPRAISAL REPORT
SOUTHBANC SHARES, INC.
PROPOSED HOLDING COMPANY FOR
PERPETUAL BANK, A FEDERAL SAVINGS BANK
Anderson, South Carolina
Dated As Of:
December 5, 1997
----------------------------------------
Prepared By:
RP Financial, LC.
1700 North Moore Street
Suite 2210
Arlington, Virginia 22209
[LETTERHEAD OF RP FINANCIAL, LC. APPEARS HERE]
December 5, 1997
Board of Directors
SouthBanc Shares, M.H.C.
Perpetual Bank, A Federal Savings Bank
907 North Main Street
Anderson, South Carolina 29621
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 by SouthBanc Shares, Inc. ("SouthBanc" or the
"Holding Company"), in connection with the mutual-to-stock conversion of
SouthBanc Shares, M.H.C., Anderson, South Carolina (the "Mutual Holding Company"
or the "MHC"). The Mutual Holding Company currently has a majority ownership
interest in, and its principal asset consists of, approximately 53.02 percent of
the common stock of Perpetual Bank, A Federal Savings Bank, Anderson, South
Carolina ("Perpetual" or the "Bank"). The remaining 46.98 percent of Perpetual's
common stock is owned by public stockholders (the "Public Shares"). It is our
understanding that the Holding Company will offer its stock to depositors,
members of the local community and the public at large.
This Appraisal is furnished pursuant to the requirements of the Code of
Federal Regulations 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" of the Office
of Thrift Supervision ("OTS"), which have been adopted in practice by the
Federal Deposit Insurance Corporation ("FDIC"), including the most recent
revisions as of October 21, 1994, and applicable regulatory interpretations
thereof.
Description of Reorganization
- -----------------------------
The Boards of Directors of Perpetual and the Mutual Holding Company have
adopted a Plan of Conversion and Agreement and Plan of Reorganization pursuant
to which the proposed transaction will occur. In the reorganization process, to
become effective concurrent with the completion of the stock sale, which is
targeted for the first calendar quarter of 1998: (1) the MHC, which currently
owns approximately 53.02 percent of the Holding Company, will convert to an
interim federal stock savings bank and merge with and into the Bank, with the
Bank being the surviving entity; (2) the outstanding Perpetual common stock held
by the MHC will be cancelled; (3) a second interim federal stock savings bank
will be formed as a wholly-owned subsidiary of SouthBanc and merge with and into
the Bank, resulting in the Bank becoming a wholly-owned subsidiary of the
Holding Company; and (4) the outstanding Public Shares of Perpetual will be
converted into Exchange Shares pursuant to an Exchange Ratio, which will result
in the holders of such shares owning in the aggregate approximately the same
percentage of the Holding Company as they currently own.
Pursuant to the reorganization, SouthBanc will issue shares in the
Subscription and Community Offerings that will represent an ownership interest
in the Holding Company equal to the percentage ownership that the MHC currently
maintains in SouthBanc. Also pursuant to the reorganization, the Holding Company
will issue the Exchange Shares to the current minority stockholders of the
Holding Company in exchange for the Public Shares pursuant to an exchange ratio
determined by the Board of Directors that will maintain approximately the
current minority stockholders' existing ownership interest (the Exchange Ratio).
RP Financial, LC.
Board of Directors
December 5, 1997
Page 2
RP Financial, LC.
- -----------------
RP Financial, LC. ("RP Financial") is a financial consulting firm that
specializes in financial valuations and analyses of business enterprises and
securities. The background and experience of RP Financial are detailed in
Exhibit V-1. We believe that, except for the fee we will receive for our
appraisal of the shares to be issued by the Holding Company, and the preparation
of and the fee received for the regulatory business plan filed with the
application, we are independent of the Bank, the MHC, the Holding Company and
other parties engaged by the Bank to assist in the stock issuance process.
Valuation Methodology
- ---------------------
In preparing our appraisal, we have reviewed the MHC'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 and Exchange Commission ("SEC"). We have conducted an analysis of the
Bank and the MHC (hereinafter, collectively referred to as the "Bank") that has
included due diligence related discussions with the Bank's management; KPMG Peat
Marwick LLP, the Bank's independent auditor; Breyer and Aguggia, the Bank's
conversion counsel; and Sandler O'Neill & Partners, L.P., which has been
retained by the Bank as a financial and marketing advisor in connection with the
Holding Company's stock offering. All conclusions and assumptions 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 the stock offering on the Bank's operating
characteristics and financial performance as they relate to the pro forma market
value of the Bank. 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. We have reviewed conditions in the
securities markets in general and for thrift stocks in particular, including the
market for existing thrift issues (including both full stock institutions and
institutions organized as mutual holding companies), initial public offerings by
thrifts and second step conversion offerings.
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 individual assets or liabilities of the Bank. The valuation considers
the Bank only as a publicly-held going concern and should not be considered as
an indication of the liquidation or control values of the Bank.
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) 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. 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 the Holding
Company's shares 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
December 5, 1997
Page 3
Valuation Conclusion
- --------------------
It is our opinion that, as of December 5, 1997, the aggregate pro forma
market value of the Bank and the Mutual Holding Company, inclusive of the sale
of an approximate 53.02 percent ownership interest in the Subscription and
Community Offerings, was $65,070,148 at the midpoint. Based on the range of
value set forth in the OTS conversion guidelines, the resultant valuation range
equals $55,309,626 at the minimum and $74,830,670 at the maximum. Based on this
valuation and the approximate 53.02 percent ownership interest being sold in the
Subscription and Community Offerings, the midpoint of the Holding Company's
stock offering was $34,500,000, equal to 1,725,000 shares offered at a per share
value of $20.00. The resultant offering range includes a minimum of $29,325,000
and a maximum of $39,675,000. Based on the $20.00 per share offering price,
this range equates to an offering of 1,466,250 shares at the minimum to
1,983,750 shares at the maximum. The Holding Company's offering also includes a
provision for a super range, which if exercised, based on a market value of
$86,055,271, would result in an offering size of $45,626,250, equal to 2,281,312
shares at the $20.00 per share offering price.
Establishment of Exchange Ratio
- -------------------------------
OTS regulations provide that in a conversion of a mutual holding company,
the minority stockholders are entitled to exchange their shares of the Bank's
common stock for common stock of the Holding Company. The Board of Directors of
the Mutual Holding Company has independently established a formula to determine
the exchange ratio. The formula has been designed to preserve the current
aggregate percentage ownership in the Bank represented by the Public Shares,
which results in an approximate 46.98 percent minority ownership interest.
Pursuant to the formula, the Exchange Ratio will be determined at the end of the
Holding Company's stock offering based on the total number of shares sold in the
Subscription and Community Offerings. Based upon this formula, and the
valuation conclusion and offering range concluded above, the Exchange Ratio
would be 1.83281 shares, 2.15625 shares, 2.47969 shares and 2.85164 shares of
Holding Company stock issued for each Public Share, at the minimum, midpoint,
maximum and super range of the offering, respectively.
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 initial offering will thereafter be able to sell
such shares at prices related to the foregoing valuation of the pro forma market
value. The Appraisal does not take into account any trading activity with
respect to the purchase and sale of common stock in the secondary market, and
reflects only a valuation range as of this date for the pro forma market value
of the Bank immediately upon issuance of the stock.
RP Financial's valuation was determined based on the financial condition,
operations and shares outstanding as of September 30, 1997, the date of the
financial data included in the Holding Company's Prospectus. The proposed
Exchange Ratio and the exchange of Public Shares for newly issued Holding
Company shares was determined independently by the Boards of Directors of the
MHC and the Bank. RP Financial expresses no opinion on the proposed Exchange
Ratio and the exchange of Public Shares for newly issued Holding Company shares.
RP Financial, LC.
Board of Directors
December 5, 1997
Page 4
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 should market conditions or changes in
Perpetual's operating results warrant. The valuation will also be updated at the
completion of the Holding Company's stock offering. 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, both existing issues and new issues. Also,
these updates will consider changes in other external factors which impact value
including, but not limited to: various changes in the legislative and regulatory
environment (including changes in the appraisal guidelines), 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/ William E. Pommerening
William E. Pommerening
Chief Executive Officer
/s/ James J. Oren
James J. Oren
Vice President
RP Financial, LC.
TABLE OF CONTENTS
SOUTHBANC SHARES, INC.
PERPETUAL BANK, A FEDERAL SAVINGS BANK
Anderson, South Carolina
PAGE
DESCRIPTION NUMBER
----------- ------
CHAPTER ONE OVERVIEW AND FINANCIAL ANALYSIS
- -----------
Plan of Conversion and Holding Company Reorganization 1.1
Strategic Discussion 1.2
Balance Sheet Trends 1.4
Income and Expense Trends 1.7
Interest Rate Risk Management 1.10
Lending Activities and Strategy 1.11
Asset Quality 1.14
Funding Composition and Strategy 1.14
Subsidiary Operations 1.16
Legal Proceedings 1.16
CHAPTER TWO MARKET AREA
- -----------
Introduction 2.1
National Economic Factors 2.2
Market Area Demographics 2.5
Economy 2.6
Deposit Trends and Competition 2.7
Summary 2.9
CHAPTER THREE PEER GROUP ANALYSIS
- -------------
Selection of Peer Group 3.1
Financial Condition 3.5
Income and Expense Components 3.7
Loan Composition 3.10
Credit Risk 3.10
Interest Rate Risk 3.10
Summary 3.14
RP Financial, LC.
TABLE OF CONTENTS
SOUTHBANC SHARES, INC.
PERPETUAL BANK, A FEDERAL SAVINGS BANK
Anderson, South Carolina
(continued)
PAGE
DESCRIPTION NUMBER
----------- ------
CHAPTER FOUR VALUATION ANALYSIS
- ------------
Introduction 4.1
Appraisal Guidelines 4.1
Valuation Analysis 4.2
1. Financial Condition 4.2
2. Profitability, Growth and Viability of Earnings 4.3
3. Asset Growth 4.4
4. Primary Market Area 4.4
5. Dividends 4.6
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 4.13
C. Secondary Step Conversion Offerings 4.16
D. The Acquisition Market 4.16
E. Trading in Perpetual's Stock 4.16
8. Management 4.20
9. Effect of Government Regulation and Regulatory Reform 4.20
Summary of Adjustments 4.20
Valuation Approaches 4.21
1. Price-to-Tangible Book ("P/TB") 4.23
2. Price-to-Earnings ("P/E") 4.23
3. Price-to-Assets ("P/A") 4.24
Valuation Conclusion 4.24
Establishment of Exchange Ratio 4.25
RP Financial, LC.
LIST OF TABLES
SOUTHBANC SHARES, INC.
PERPETUAL BANK, A FEDERAL SAVINGS BANK
Anderson, South Carolina
TABLE
NUMBER DESCRIPTION PAGE
- ------ ----------- ----
1.1 Historical Balance Sheets 1.5
1.2 Historical Income Statements 1.8
2.1 Major Employers-Anderson County 2.6
2.2 Market Area Unemployment Trends 2.7
2.3 Deposit Summary 2.8
3.1 Peer Group of Publicly-Traded Thrifts 3.3
3.2 Balance Sheet Composition and Growth Rates 3.6
3.3 Income as a Percent of Average Assets
and Yields, Costs, Spreads 3.8
3.4 Loan Portfolio Composition & Related Info. 3.11
3.5 Credit Risk Measures & Related Information 3.12
3.6 Interest Rate Risk Comparative Analysis 3.13
4.1 Peer Group Market Area Comparative Analysis 4.5
4.2 Recent Conversions: Market Pricing Comparatives 4.14
4.3 Market Pricing Comparatives 4.15
4.4 Completed Second Step Conversions 4.17
4.5 MHC Institutions - Implied Pricing Ratios 4.18
4.6 Key Valuation Parameters 4.21
4.7 Derivation of Estimated Core Earnings 4.24
4.8 Public Market Pricing: Valuation Conclusion 4.26
4.9 Calculation of Exchange Ratios 4.27
RP Financial, LC.
Page 1.1
I. OVERVIEW AND FINANCIAL ANALYSIS
Perpetual Bank, A Federal Savings Bank ("Perpetual" or the "Bank") is a
federally chartered stock savings bank headquartered in Anderson, South
Carolina. Perpetual is the subsidiary of a mutual holding company called
SouthBanc Shares, M.H.C. (the "Mutual Holding Company" or the "MHC"). The MHC
owns a 53.02 percent ownership interest in Perpetual, with the remaining 46.98
percent owned by non-MHC private investors. Perpetual was incorporated in 1906,
and converted to a stock institution pursuant to an initial mutual holding
company reorganization transaction in October 1993, during which the Bank sold
an estimated 7.9 percent of the Bank's common stock to the public and the
remaining shares to the Mutual Holding Company. During 1996, the Bank completed
an "Additional Minority Stock Issuance" (Additional Issuance), whereby the Bank
completed an additional offering of Bank common stock to then existing public
stockholders and members of the MHC, increasing the minority ownership
percentage to approximately 46.8 percent. The Bank presently serves the western
South Carolina markets surrounding the city of Anderson. The single largest
segment of the Bank's operations is in the Anderson area (Anderson County)
located near the western border of South Carolina, as the greatest concentration
of deposits, including the main office and four branch offices, are located in
Anderson. A fifth office location was opened in Seneca, Oconee County, South
Carolina in December 1996, located to the west of Anderson County. Exhibit I-1
presents the locations of Perpetual's office buildings.
The Bank is currently a member of the Federal Home Loan Bank ("FHLB")
system and its deposits are insured up to the regulatory maximums by the Savings
Association Insurance Fund ("SAIF") of the Federal Deposit Insurance Corporation
("FDIC"). At September 30, 1997, Perpetual had $257.0 million in total assets,
$201.0 million in deposits and stockholders' equity of $30.6 million, equal to
11.9 percent of assets. All of Perpetual's capital is tangible capital. At
September 30, 1997, the Bank had issued and outstanding 1,508,873 shares of
common stock, of which 800,000 were owned by the MHC and 708,873 were owned by
private investors.
Plan of Conversion and Holding Company Reorganization
- -----------------------------------------------------
On September 22, 1997, the Board of Directors of the Bank and the Mutual
Holding Company adopted the Plan of Conversion and Agreement and Plan of
Reorganization (the "Plan") pursuant to which the Mutual Holding Company will
convert from mutual to stock form and simultaneously merge with and into the
Bank. A newly formed Delaware corporation, SouthBanc Shares, Inc. ("SouthBanc"
or the "Holding Company"), will be formed as a unitary savings and loan holding
company to facilitate the reorganization. In the reorganization process, to
become effective concurrent with the completion of the stock sale which is
targeted for the first calendar quarter of 1998: (1) the MHC, which currently
owns approximately 53.02 percent of the Bank, will
RP Financial, LC.
Page 1.2
convert to an interim federal stock savings bank and merge with and into the
Bank, with the Bank being the surviving entity; (2) the outstanding Perpetual
common stock held by the MHC will be cancelled; (3) a second interim federal
stock savings bank will be formed as a wholly-owned subsidiary of SouthBanc and
merge with and into the Bank, resulting in the Bank becoming a wholly-owned
subsidiary of the Holding Company operating under the name Perpetual Bank, A
Federal Savings Bank; and, (3) the outstanding publicly-owned shares of Bank
common stock (the "Public Shares") will be converted into shares of common stock
of the Holding Company (the "Exchange Shares") pursuant to a ratio that will
result in the holders of such shares owning approximately the same percentage of
the Company as they currently own of the Bank.
Pursuant to the reorganization, the SouthBanc will issue shares in a
subscription and community offering that will represent an ownership interest in
the Holding Company of approximately 53.02 percent, the percentage ownership
that the MHC currently maintains in the Bank. SouthBanc will also issue the
Exchange Shares to the current minority stockholders of the Bank. The number of
exchange shares issued by the Holding Company will be calculated pursuant to an
exchange ratio determined by the Board of Directors that will maintain the
current minority stockholders' existing ownership interest (the "Exchange
Ratio"), adjusted for assets currently held at the MHC level.
The Holding Company anticipates granting common stock awards to directors,
officers and other key personnel (1998 Management Recognition Plan or "1998
MRP") up to 4 percent of the shares being offered publicly, supplementing stock
awards granted in during 1996 (the "1996 MRP"). The Holding Company also
intends to implement, subject to stockholder approval, a stock option plan no
less than six months after conversion, which will reserve for future issuance
10 percent of the stock issued in the Subscription and Community offerings.
At this time, no other activities are contemplated for the Holding Company
other than the ownership of the Bank, although in the future the Holding Company
may acquire or organize other operating subsidiaries. The Holding Company plans
to retain a portion of the net proceeds from the sale of common stock and infuse
the remaining proceeds into the Bank.
Strategic Discussion
- --------------------
Throughout most of its existence, Perpetual's investment powers were
limited primarily to fixed rate mortgage loans, share loans and investment
securities funded by a limited range of deposit products. Since 1989, the Bank
has pursued a gradual refocus of operations to becoming a retail, community-
oriented bank, pursuing a diversified investment strategy that included consumer
and commercial lending, offering of non-traditional
RP Financial, LC.
Page 1.3
products and services such as investment products, and pursuing growth in core
deposits. The objectives of these strategies have been to reduce interest rate
risk, diversify the Bank's earnings stream, and increase overall net income.
In recent years, the Bank has sought to position itself to survive in an
increasingly competitive and diversified financial services industry. The
Bank's efforts have included reorganizing into the stock form of ownership
through the 1993 mutual holding company conversion; pursuing acquisitions of
other financial institutions and branch deposits; further diversifying the
Bank's balance sheet through diversification of lending and investments;
increasing non-interest sources of income; and strengthening the Bank's retail
franchise through attracting and retaining core deposits in the local market.
These strategies have resulted in a degree of success. For example, the Bank
was successful in its mutual holding company reorganization, raising an
additional $1.2 million of capital in 1993 and $11.3 million in the Additional
Issuance transaction in 1996, and putting in place a corporate structure with
sufficient flexibility to pursue growth and acquisitions. Moreover, the Bank
has been successful in diversifying its balance sheet through increased lending
in the areas of construction, commercial real estate, commercial business and
residential adjustable rate mortgages ("ARMs"). Finally, the Bank has been
successful in increasing non-interest income through deposit fees and non-
traditional products such as retail brokerage services through its subsidiary
operations, and has been successful in increasing core deposits through
marketing of checking accounts. The Bank also successfully opened a new branch
office location in Seneca, Oconee County, South Carolina in December 1996 which
has gained over $10 million in new deposits as of September 1997. As a result,
the total size of the Bank's balance sheet and overall operations has increased
since fiscal year end 1993 indicating the success in pursuing retail growth in
the local markets.
Over the next several years, the Bank's business plan is to remain focused
on a continuation of its retail, community banking strategy, including pursuing
growth through acquisitions whenever possible. A key component of the business
plan is the full conversion offering, which is expected to raise in excess of
$30 million in new capital at the midpoint of the valuation range. The
additional capital is expected to provide the Bank with greater flexibility to
pursue a growth strategy in the future, and will be needed to support the
resulting anticipated balance sheet growth. Key aspects of Perpetual's current
business plan include the following:
(1) Continue to diversify the Bank's balance sheet by pursuing
commercial business lending, commercial real estate lending,
consumer lending and residential ARM lending (including purchasing
residential ARMs from selected South Carolina lenders);
(2) Build and maintain the Bank's retail customer base by increasing
consumer checking accounts, expanding the Bank's retail branch
network in Anderson, and providing a full range of loan and
investment products;
RP Financial, LC.
Page 1.4
(3) Retain a residential lending emphasis by originating residential
loans locally (Anderson and surrounding markets) and purchasing high
quality residential loans, primarily residential ARMs, from selected
South Carolina lenders;
(4) Attempt to reduce interest rate risk through adjustable rate and
short-term lending, emphasis on stable core deposits, and
lengthening whenever possible the maturity of liabilities;
(5) Preserve strong asset quality through a focus on residential lending
and careful underwriting;
(6) Enhance shareholder returns through efforts to increase non-interest
income, increase net interest income, pursue balance sheet growth,
and continued efforts to control operating expenses;
(7) Pursue acquisition opportunities (institutions and branch deposits)
to leverage capital, enter new markets, and increase market share
locally; and,
(8) Position the Bank for future growth by raising additional capital
through the full conversion stock offering.
Balance Sheet Trends
- --------------------
Table 1.1 shows key balance sheet items at the close of the last five
fiscal years ended September 30, 1993 through 1997. Over this time period,
Perpetual followed a growth strategy, realizing annualized asset growth of
11.2 percent, although most of the growth occurred during the most recent two
fiscal years. Over the past four years, the composition of the Bank's asset
base has changed, as the balance of mortgage-backed securities ("MBS") has been
reduced, while the balance of cash and investments and loans receivable have
shown strong increases. The composition of the Bank's liabilities and
stockholders' equity has also experienced change, as deposits, borrowings and
equity have all increased substantially. Exhibit I-2 presents the Bank's
audited financial statements, while Exhibit I-3 displays Perpetual's key
operating ratios over the past five years.
As of September 30, 1997, the largest component of the Bank's balance sheet
was loans receivable, which equaled $178.8 million, or 69.6 percent of total
assets. Consistent with the Bank's emphasis on retail lending, the balance of
loans receivable has increased at an annualized rate of 16.5 percent since
fiscal year-end 1993, faster than overall asset growth. Growth in loans
receivable has accelerated in the past two fiscal years as the Bank has
increased its activity in residential lending by augmenting local loan
production with loan purchases from selected South Carolina lenders and mortgage
brokers, and from a mortgage company in which a service corporation subsidiary
of the Bank has an equity investment. Perpetual has also increased lending
activities in the areas of commercial real estate, commercial business and
consumer loans, while construction lending declined in the most recent fiscal
year. The Bank's loan portfolio continues to reflect that of a residential
lender, with a concentration of 1-4 family residential mortgages (66 percent of
net loans receivable) and construction loans, primarily residential construction
(10 percent). The diversification in the Bank's portfolio is highlighted by
RP Financial, LC.
Table 1.1
Perpetual Bank, A Federal Savings Bank
Historical Balance Sheets (1)
(Amount and Percent of Assets)
For the Fiscal Year Ended September 30,
----------------------------------------------------------------
1993 1994 1995
------------------- --------------------- -------------------
Amount Pct Amount Pct Amount Pct
------ --- ------ --- ------ ---
($000) (%) ($000) (%) ($000) (%)
Total Amount of:
Assets $168,308 100.00% $171,533 100.00% $178,304 100.00%
Loans Receivable (net) 97,004 57.63% 104,852 61.13% 116,539 65.36%
Mortgage-Backed Securities 58,677 34.86% 50,064 29.19% 46,344 25.99%
Cash and Investment Securities 6,989 4.15% 10,084 5.88% 9,829 5.51%
Deposits 143,871 85.48% 143,380 83.59% 148,709 83.40%
FHLB Advances, Other Borrowed Funds 8,500 5.05% 10,500 6.12% 8,000 4.49%
Stockholders Equity 13,921 8.27% 14,637 8.53% 18,232 10.23%
AFS Adjustment --- --- (2,321) -1.35% (609) -0.34%
Shares Outstanding for BV/Share Calc. (2) N/A 1,503,943 1,504,601
Wghtd Avg Shrs for EPS Calculations (2) N/A 1,502,418 1,504,059
Book Value/Share N/A $9.73 $12.12
Offices Open 3 4 5
9/30/93-
For the Fiscal Year Ended September 30, 9/30/97
--------------------------------------------- Annualized
1996 1997 Growth Rate
------------------ -------------------- -----------
Amount Pct Amount Pct Pct
------ --- ------ --- ---
($000) (%) ($000) (%) (%)
Total Amount of:
Assets $209,827 100.00% $256,993 100.00% 11.16%
Loans Receivable (net) 140,758 67.08% 178,772 69.56% 16.51%
Mortgage-Backed Securities 43,125 20.55% 35,863 13.95% -11.58%
Cash and Investment Securities 17,072 8.14% 31,479 12.25% 45.68%
Deposits 160,244 76.37% 201,002 78.21% 8.72%
FHLB Advances, Other Borrowed Funds 16,000 7.63% 15,000 5.84% 15.26%
Stockholders Equity 29,091 13.86% 30,602 11.91% 21.76%
AFS Adjustment (817) -0.39% 188 0.07%
Shares Outstanding for BV/Share Calc. (2) 1,504,601 1,508,873
Wghtd Avg Shrs for EPS Calculations (2) 1,504,601 1,505,432
Book Value/Share $19.33 $20.28
Offices Open 5 6
(1) Ratios are as a percent of ending assets.
(2) The Bank's initial sale of stock was completed in October 1993 and a second
minority stock offering was completed in September 1996.
Source: Perpetual's audited financial statements.
RP Financial, LC.
Page 1.6
concentrations of non-residential loans, including commercial real estate (15
percent), consumer (11 percent), commercial business (4 percent), and multi-
family loans (1 percent) which comprise the remainder of the portfolio.
The second largest balance sheet category, MBS is comprised of conventional
MBS, collateralized mortgage obligations ("CMOs"), and other guaranteed
securities. The total MBS portfolio had a balance of $35.9 million as of
September 30, 1997, equal to 14.0 percent of total assets. The Bank's portfolio
of MBS provides the Bank with relatively strong yields and limited credit risk
as all investments are issued by the U.S. Government or its Agencies (GNMA,
FNMA, FHLMC) or are investment grade instruments guaranteed by the funding arm
of the Resolution Trust Corporation. The portfolio of MBS has declined steadily
over the past four years as a result of normal scheduled principal retirement
and prepayments, as Perpetual has opted to reinvestment available funds into
whole loans receivable. In addition, during fiscal 1997, Perpetual completed a
restructuring of the MBS portfolio by selling a portion of the CMO portfolio and
utilizing the proceeds to purchase short- and intermediate-term MBS and other
investment securities. The Bank's entire portfolio of MBS is held as Available
for Sale ("AFS"), and is thus carried on the books at its estimated market value
pursuant to SFAS No. 115.
As of September 30, 1997, Perpetual's portfolio of cash and investment
securities totaled $31.5 million, equal to 12.3 percent of total assets (see
Exhibit I-4). The balance of cash and investments has increased from
$9.8 million as of September 30, 1995, as the growth in all funding sources has
exceeded the Bank's lending volume and due to the reinvestment of funds from the
sale of CMOs. As of September 30, 1997, the portfolio of cash and investments
was comprised cash and cash equivalents ($13.5 million), U.S. Treasury and
Agency securities ($11.3 million, FHLB stock ($1.7 million) and an investment in
a Limited Partnership ($5.0 million). Perpetual's investment in a Limited
Partnership consisted of a 20.625 percent interest in Dovenmuehle Mortgage
Company Limited Partnership ("Dovenmuehle"), which invests in mortgage servicing
rights. The Bank's investment in Dovenmuehle was completed in December of 1996,
and as of fiscal year end 1997, assets of Dovenmuehle totaled $52.4 million, of
which $48.4 million consisted of purchased mortgage servicing rights. All of
the U.S. Treasury and Agencies securities are classified as AFS, with an
unrealized pre-tax gain of $137,000 as of September 30, 1997.
As of September 30, 1997, the Bank's assets were funded with a combination
of deposits, borrowed funds and stockholders' equity. Retail deposits have
consistently met the majority of Perpetual's funding needs, and over the last
four years the balance of deposits has increased at an annualized rate of
8.7 percent. Deposits increased by $40.8 million, or 25.4 percent, for fiscal
1997, as the Bank benefited from the opening of the Seneca branch in Oconee
County, from deposits gained from more aggressive marketing of certain
certificate of deposit ("CD") products such as special 7-month and 13-month CDs,
and from marketing efforts to open additional checking accounts. As of
September 30, 1997, deposits totaled $201.0 million, equal to 78.2 percent of
total
RP Financial, LC.
Page 1.7
liabilities and stockholders' equity. Virtually all of the Bank's deposits are
taken in by the Bank's main office and five branches from depositors who reside
in Perpetual's primary market area. The Bank does not utilize brokered CDs as a
funding source although jumbo deposits are employed on a regular but limited
basis.
Borrowings obtained by the Bank since fiscal 1993 have consisted of FHLB
advances and reverse repurchase agreement borrowings. As of September 30, 1997,
borrowings totaled $15.0 million or 5.8 percent of total liabilities and
stockholders' equity, and consisted solely of FHLB advances. During fiscal
1995, the Bank utilized a significant amount of FHLB advances (approximately
$42 million) in conjunction with a temporary financing transaction (discussed in
greater detail in the "Income and Expense Trends" section following). Such
borrowings have subsequently been paid down. It is Perpetual's current
philosophy to continue to utilize borrowings to fund operations, but to utilize
such funds on limited basis for liquidity or other special purposes.
Perpetual's stockholders' equity has realized significant growth since
1993, increasing from $13.9 million or 8.3 percent of assets at the close of
fiscal 1993 to $30.6 million or 11.9 percent of assets currently. The increases
in stockholders' equity are attributable primarily to positive earnings for the
past four years and the successful MHC reorganization and stock issuance in 1993
and Additional Minority Stock Issuance in 1996. As of September 30, 1997,
Perpetual maintained a capital surplus relative to all three fully phased-in
regulatory capital requirements: tangible, core and risk-based. Perpetual's
plan for the future is to enhance capital through retention of earnings and
through the secondary offering of common stock.
Income and Expense Trends
- -------------------------
The Bank has reported positive net income for the five fiscal years ended
September 30, 1997, with earnings ranging from a low of 0.72 percent in fiscal
1997 to a high of 1.40 percent in fiscal 1994 (see Table 1.2 for details). For
the twelve months ended September 30, 1997, net income equaled $1.7 million,
equivalent to a ROAA of 0.72 percent.
Since fiscal 1993, Perpetual's net interest income before provisions for
loan losses has ranged from a high of 3.95 percent of average assets in fiscal
1996 to a low of 2.29 percent of average assets in fiscal 1995, with net
interest income supported by a relatively low level of interest expense (over
30 percent of the Bank's deposit base consists of lower costing savings and
transaction accounts). Net interest income was 3.71 percent of average assets
in the twelve months ended September 30, 1997. The significant decline in net
interest income during fiscal 1995 is attributable to a financing transaction
completed by the Bank, in which Perpetual borrowed approximately $42 million in
FHLB advances (incurring interest expense) and purchased approximately
$50 million of a mutual fund that generated capital gains (recognized as gains
on sale). This financing transaction
RP Financial, LC.
Table 1.2
Perpetual Bank, A Federal Savings Bank
Historical Income Statements
(Amount and Percent of Assets)(1)
For the Fiscal Year Ended September 30,
-------------------------------------------------------------------------------------------
1993 1994 1995 1996 1997
--------------- --------------- --------------- --------------- ---------------
Amount Pct Amount Pct Amount Pct Amount Pct Amount Pct
------ --- ------ --- ------ --- ------ --- ------ ---
($000) (%) ($000) (%) ($000) (%) ($000) (%) ($000) (%)
Interest Income $12,034 7.13% $12,075 6.96% $13,543 6.50% $14,921 7.86% $18,396 7.66%
Interest Expense (6,184) -3.66% (5,624) -3.24% (8,761) -4.20% (7,425) -3.91% (9,496) -3.96%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Interest Income $ 5,850 3.47% $ 6,451 3.72% $ 4,782 2.29% $ 7,496 3.95% $ 8,900 3.71%
Provision for Loan Losses (364) -0.22% (120) -0.07% (362) -0.17% (349) -0.18% (655) -0.27%
---- ------ ---- ------ ---- ------ ---- ------ ---- ------
Net Interest Income after Provisions $ 5,486 3.25% $ 6,331 3.65% $ 4,420 2.12% $ 7,147 3.76% $ 8,245 3.43%
Other Income $ 1,026 0.61% $ 1,100 0.63% $ 1,339 0.64% $ 1,818 0.96% $ 2,322 0.97%
Operating Expense (4,414) -2.62% (4,749) -2.74% (5,540) -2.66% (5,948) -3.13% (7,638) -3.18%
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net Operating Income $ 2,098 1.24% $ 2,681 1.55% $ 219 0.11% $ 3,017 1.59% $ 2,929 1.22%
Gain (Loss) on Sale of Investments $ 162 0.10% $ 130 0.08% $ 1,777 0.85% $ 54 0.03% $ (308) -0.13%
Gain (Loss) on Sale of Loans 373 0.22% 287 0.17% 67 0.03% (23) -0.01% 13 0.01%
Gain (Loss) on Sale of REO 52 0.03% 49 0.03% 48 0.02% 79 0.04% 20 0.01%
SAIF Special Assessment 0 0.00% 0 0.00% 0 0.00% (946) -0.50% 0 0.00%
- ----- - ----- - ----- ---- ------ - -----
Total Non-Operating Inc.\Exp. $ 587 0.35% $ 466 0.27% $ 1,892 0.91% $ (836) -0.44% $ (275) -0.11%
Net Income Before Tax $ 2,685 1.59% $ 3,147 1.81% $ 2,111 1.01% $ 2,180 1.15% $ 2,654 1.11%
Income Taxes (947) -0.56% (1,064) -0.61% (194) -0.09% (756) -0.40% (926) -0.39%
---- ------ ------ ------ ---- ------ ---- ------ ---- ------
Net Inc(Loss) Before Extraordinary
Items $ 1,738 1.03% $ 2,083 1.20% $ 1,917 0.92% $ 1,424 0.75% $ 1,728 0.72%
Cumulative Effect of Change in
Accounting For Income Taxes $ 0 0.00% $ 350 0.20% $ 0 0.00% $ 0 0.00% $ 0 0.00%
- ----- --- ----- - ----- - ----- - -----
Net Income (Loss) $ 1,738 1.03% $ 2,433 1.40% $ 1,917 0.92% $ 1,424 0.75% $ 1,728 0.72%
Earnings Excluding Non-Operating and Extraord. Items:
- ----------------------------------------------------
Pre-Tax Net Inc. Before Extraordinary
Items $ 2,685 1.59% $ 3,147 1.81% $ 2,111 1.01% $ 2,180 1.15% $ 2,654 1.11%
Addback (Deduct): Non-Recurring
(Inc)/Exp (587) -0.35% (466) -0.27% (1,892) -0.91% 836 0.44% 275 0.11%
Tax Effect (740) -0.44% (907) -0.52% (20) -0.01% (1,046) -0.55% (1,022) -0.43%
---- ------ ---- ------ --- ------ ------ ------ ------ ------
Earnings Excl. Non-Op./Extraord Items: $ 1,358 0.80% $ 1,775 1.02% $ 199 0.10% $ 1,971 1.04% $ 1,908 0.79%
Earnings Per Share:
Reported N/A $ 1.62 $ 1.27 $ 0.95 $ 1.15
Earnings Excl. Non-Op/Extraord Items: N/A 1.18 0.13 1.31 1.27
Dividends:
Amount N/A $ 0.76 $ 1.05 $ 1.20 $ 1.35
Payout Ratio N/A 1.94% 6.20% 10.08% 53.07%
Efficiency Ratio 64.20% 62.90% 90.51% 63.86% 68.06%
(1) Ratios are as a percent of average assets. Average assets calculated based
on annual average.
(2) Based on the effective tax rate for each year.
Source: Perpetual's audited financial statements.
RP Financial, LC.
Page 1.9
temporarily depressed net interest income and inflated gains on sale reported by
the Bank. The volatility in the Bank's net interest income tends to distorts
the stability of the Bank's yield-cost spread. As shown in Perpetual's
historical yields and costs information (Exhibit I-5), the Bank's interest rate
spread has been relatively consistent, ranging from 3.59 percent in fiscal 1997
to 3.85 percent in fiscal 1996.
Perpetual has pursued diversification and expansion of its retail banking
activities in recent years, and as a result, the Bank has successfully generated
an increase in non-interest operating income over the period shown in Table 1.2.
Such income, shown as "Other Income" in the table, ranged from 0.61 percent of
average assets in fiscal 1993 to 0.97 percent of assets in fiscal 1997. Other
income primarily consists of loan and deposit account service charges and fees,
which have increased due to the Bank's growing loan and deposit portfolios and a
higher number of deposit checking accounts (NOTE: a corresponding increase is
seen in operating expenses which is attributable to the marketing efforts
required to attract checking accounts). Additional income was recognized for
fiscal 1997 from the investment in Dovenmuehle, which provides partnership
income from purchased mortgage servicing rights. Other income was gained from
brokerage fees from subsidiary operations, income on loans serviced for others,
rental income from Bank owned properties and other retail banking fees.
For the twelve months ended September 30, 1997, operating expenses totaled
3.18 percent of average assets, which represents an increase relative to
operating expense levels from past years. The Bank's operating expenses are
higher than industry averages (see Table 3.3 in Chapter III), and they reflect
the greater level of operating diversification of the Bank which tends to incur
greater operating expenses. The increase in the Bank's operating expense in the
recent past reflects, among other things, the marketing and mailing costs
associated with the Bank's efforts to attract checking accounts, the opening of
the new Seneca branch office location, the relocation of the Perpetual Square
office, the opening of a customer "call center", staffed by a number of customer
service representatives, the purchase of additional computer equipment and
additional expenses associated with Perpetual's ESOP and MRP established in the
1996 Additional Minority Stock Issuance. Perpetual's operating expenses are
expected to increase in the near term following conversion as a result of full
implementation of the MRP benefits plan expenses, including the 1998 MRP that is
expected to purchase stock in the Holding Company in the amount of 4.0 percent
of the stock in the year following conversion. The amortization expenses
associated with this new plan and full implementation of the 1996 MRP will be
included in the Bank's future operating expenses.
Loss provisions recorded by the Bank have been moderate, but consistent,
factors in the Bank's earnings over the last several fiscal years (see
Exhibit I-6). For the twelve months ended September 30, 1997, loan loss
provisions equaled 0.27 percent of average assets. The level of loan loss
provisions established in fiscal 1997 was higher than past years, but was
established concurrent with the increase in the Bank's loan portfolio including
commercial real estate, commercial business and consumer loans. Going forward,
Perpetual intends to continue
RP Financial, LC.
Page 1.10
to evaluate the adequacy of the level of general valuation allowances ("GVAs")
on a regular basis and the Bank has indicated that loan loss provisions will
continue to be established as determined necessary by the Bank's management in
accordance with asset classification and loss reserve policies.
Non-operating income and expenses have had an influence on Perpetual's net
income. During fiscal 1997, the largest non-operating item consisted of a loss
of $308,000 incurred on the sale of CMOs, with the funds subsequently reinvested
into other investment securities. During fiscal 1995, the Bank recorded a
capital gain as a result of a financing transaction designed to utilized a
capital loss carryforward of the Bank. As of September 30, 1997, the financing
transaction ($42 million in FHLB advances and $50 million in a mutual fund) has
been unwound and no further significant capital gains are anticipated from this
source. The other sources of non-operating income over the past five years are
attributable to gains or losses on the sale of investment securities, loans
originated for resale in the secondary market and sale of real estate owned.
During fiscal 1996, as was the case of all SAIF-insured thrifts, Perpetual was
required to book the SAIF recapitalization assessment fee, in the amount of
$946,000.
Interest Rate Risk Management
- -----------------------------
Perpetual manages interest rate risk from both the asset and liability
sides of the balance sheet. With regard to asset strategies, the Bank has
successfully increased the interest sensitivity of its assets by maintaining a
balance of short-term CMOs in the MBS portfolio (i.e., 61 percent of total MBS
are in the form of CMOs), increasing the balances of short-term loans such as
construction loans, commercial real estate loans, commercial business loans, and
increasing the balances of residential ARMs through originations and purchases.
The Bank's liability strategies have included lengthening the term to maturity
of CDs and, more recently, attracting retail checking accounts. The combination
of these strategies has successfully reduced exposure to rising interest rates.
Specifically, at September 30, 1997, the Bank reported that net portfolio value
("NPV") would decrease by 17 percent and increase by 13 percent, respectively,
under a 200 basis point instantaneous and sustained increase and decrease in
prevailing rates (see Exhibit I-7). Perpetual's NPV measures indicate that the
Bank has been somewhat successful in limiting interest rate risk exposure. (The
success of these policies is shown in the stability in Perpetual's yield-cost
spread in the past three years as shown in Exhibit I-5). The completion of the
full conversion offering should facilitate efforts to further control interest
rate risk, as the offering proceeds can be reinvested to enhance core earnings
and as the ratio of interest-earning assets to interest-bearing liabilities is
improved. Perpetual's fixed rate and adjustable rate loans are shown in
Exhibit I-8.
RP Financial, LC.
Page 1.11
Lending Activities and Strategy
- -------------------------------
Perpetual's lending activities have traditionally concentrated on the
origination of 1-4 family permanent mortgage loans (see Exhibits I-9, I-10 and
I-11, loan composition, lending activity and contractual maturity by loan type,
respectively). As of September 30, 1997, the Bank maintained its concentration
on residential lending, as mortgage loans secured by 1-4 family properties
totaled $118.3 million, or 66 percent of net loans receivable. The remainder of
the portfolio exhibits generally broad diversification, including commercial
real estate, construction, consumer and commercial loans.
Perpetual offers a variety of residential mortgage products, including
fixed-rate residential mortgages and residential ARMs. The Bank also purchases
residential mortgage loans, (both fixed and adjustable rate) to supplement
internal loan originations. Fixed rate 1-4 family loans are offered by
Perpetual with fully amortizing or balloon terms, and are generally priced based
on secondary market pricing to facilitate their resale into the secondary
market. Fixed rate 1-4 family mortgages are originated with terms ranging from
15 to 30 years. Conforming fixed rate 1-4 family loans are generally sold into
the secondary market on a servicing retained basis, with such loans currently
sold to a local mortgage company. Perpetual retains any non-conforming 1-4
family fixed-rate loans in its portfolio, although such volume is relatively
low. At September 30, 1997, fixed-rate residential mortgages due more than one
year after September 30, 1997 totaled approximately $48 million, or 58 percent
of the residential mortgage loan portfolio.
Perpetual also originates and purchases ARMs with maturities of up to
30 years, and residential ARMs totaled $46 million, or 26 percent of net loans
receivable and 41 percent of residential mortgages at September 30, 1997. The
Bank offers several ARM programs, including a one-year ARM, a three-year ARM, a
5/1 ARM and a 10/1 ARM. The one-year ARM, 5/1 ARM and 10/1 ARM are all index to
the one year constant maturity Treasury ("CMT") index, and the three-year ARM is
indexed to the three year CMT. Periodic rate adjustments for ARMs are limited
to 2/6 percentage points for the periodic and lifetime adjustments on one-year
and three-year ARMs, and are limited to 2/5 percentage points for the 5/1 and
10/1 ARM products. Adjustment margins vary by product, currently ranging
between 2.75 percent for the three-year ARM to 3.00 percent for the 5/1 and 10/1
ARMs. The Bank qualifies the borrowers on its three-year, 5/1 and 10/1 ARMs
based on the initial rates, and qualifies borrowers for its one-year ARMs at the
fully indexed rate. The Bank also offers two "two step" mortgages, a five-year
2-step loan and a seven-year 2-step loan, both of which adjust relative to the
10 year CMT plus an adjustment margin. Due to the decline in demand for ARMs in
the low interest rate environment in recent years, in 1995 the Bank began
purchasing ARMs from third party lenders who originate ARMs in markets outside
of Anderson County, including larger, non-conforming loans secured by residences
on Hilton Head Island and other areas in the southern part of South Carolina.
In addition, Perpetual in recent periods has purchased 1-4
RP Financial, LC.
Page 1.12
family mortgage loans secured by properties located primarily in Greenville,
South Carolina, with such loans purchased from a mortgage company in which a
service corporation subsidiary of the Bank has an equity investment. As of
September 30, 1997, the portfolio of loans purchased by Perpetual totaled
$23.7 million of 1-4 family residential mortgage loans. Management believes that
it is managing the credit risk associated with purchasing loans by underwriting
such loans according to the guidelines of the Bank.
All residential mortgage loans have maximum loan-to-value ("LTVs") ratios
of 95 percent. Loans with LTVs in excess of 80 percent are required to have
private mortgage insurance ("PMI"). The majority of the residential loans
originated by the Bank are secured by properties located in its primary lending
territory, with lesser concentrations of loans in Hilton Head and other South
Carolina markets. Residential mortgage originations are typically generated
through either loan purchases from established third party lenders, the
Greenville-based mortgage banking company, or by Perpetual's in-house
originators utilizing existing and past customers, realtors, referrals, walk-ins
and, to a lesser degree, local advertising.
Perpetual's loan portfolio is diversified into commercial real estate,
construction, consumer and commercial business loans. As of September 30,
1997, commercial real estate and multi-family loans (collectively, "income-
property loans") comprised $28.2 million, or 16 percent of net loans receivable
with the majority of such loans consisting of commercial real estate loans.
Since fiscal 1993, the Bank has rapidly grown the portfolio of such loans in
efforts to become more of a full service community bank and for the yield
advantages such loans offer. The portfolio of such loans has more than tripled
from the level of $8.0 million, or 7 percent of gross loans at fiscal year end
1995. Commercial real estate loans totaled $27.0 million at September 30, 1997
and are secured primarily by shopping centers, small warehouses, and small
commercial buildings. Loans secured by multi-family residences totaled
$1.2 million. The majority of income property loans are originated as
adjustable rate loans, with rates generally tied to the Prime rate of interest
plus a margin, generally with a balloon feature at five years. The Bank also
originates fixed rate loans, generally with a balloon feature at five years.
From time to time the Bank will purchase commercial real estate mortgages from
third party originators, with such loans required to meet the underwriting
standards of the Bank. Mortgages secured by income property require certified
appraisals, personal guarantees, and minimum debt service coverage ratios, and
are originated by the Bank with maximum LTV ratios of 80 percent. Perpetual
generally limits such lending to properties in the market area and generally
lends to borrowers who are well known to the Bank. Perpetual originates
commercial real estate loans with its in-house origination staff and also
purchases commercial real estate loans from established third party lenders,
provided such loans can meet the Bank's underwriting criteria.
RP Financial, LC.
Page 1.13
Construction lending is also an area of lending diversification, and
construction loans totaled $17.1 million, or 10 percent of net loans receivable,
as of September 30, 1997. Construction loans, primarily for the construction of
1-4 family residences, are offered both to individuals and local builders.
Loans to individuals are usually "construction/permanent" loans that are
interest-only for the construction period, after which they convert to fully
amortizing loans of the Bank. Loans to local builders are made on either a pre-
sold or "speculative" basis. Construction loans to builders are primarily
short-term loans with fixed interest rates (interest-only). To reduce the risk
of credit losses, the Bank generally limits the number of speculative
construction loans to 2 or 3 per builder, does site inspections prior to
disbursing funds, and rotates the inspectors among the various builder
relationships. The Bank has been very active in construction lending, which has
contributed to the overall growth in the loan portfolio, and views construction
loans as a good source of end loans for its portfolio. During fiscal 1997,
Perpetual also purchased speculative construction loans secured by 1-4 family
properties located on Hilton Head Island, South Carolina.
Consumer lending includes several types of loans, the most significant of
which are home equity loans and lines of credit and traditional consumer credit.
Home equity loans and lines of credit totaled $12.6 million at September 30,
1997, equal to 7 percent of net loans receivable. Perpetual's home equity loans
are generally fixed rate loans with terms of 5 to 15 years. Home equity lines
are floating rate loans with rates tied to the Prime rate of interest plus a
0.5 to 0.75 percentage point margin, and with terms of 5 to 15 years. Home
equity loans and home equity lines are generally underwritten with maximum LTVs
of 80 percent (including any senior liens on the property), although in some
circumstances the Bank will originate such loans with LTVs of 100 percent.
Other consumer credit totaled $6.6 million at September 30, 1997, equal to
4 percent of gross loans receivable, and consisted of automobile loans, personal
loans, and other types of non-mortgage loans. Perpetual has experienced a
moderate decline in the portfolio of consumer loans since fiscal 1993, primarily
due to a decline in the balance of home equity loans.
The remainder of Perpetual's loan portfolio consisted of loans secured by
commercial business loans, which totaled $7.2 million or 4 percent of net loans
receivable at September 30, 1997. Such loans are primarily secured by business
equipment or are commercial lines of credit. Commercial lines of credit include
secured and unsecured loans, generally with interest rates tied to the Prime
lending rate plus 1.0 percent and one year renewal features. The recent growth
in the portfolio of commercial business loans is largely attributable to
increased such lending initiated by the newly installed commercial lender.
Perpetual experienced a significant increase in loans receivable between
September 30, 1993 and September 30, 1997. The increase resulted from a
combination of several factors, including increased income property lending and
commercial business lending (both related to the recently installed commercial
lender) and loan purchases from other local South Carolina lenders. The loan
growth trend is highlighted in Exhibit I-10,
RP Financial, LC.
Page 1.14
which shows that Perpetual's commercial real estate and multi-family loan
originations increased from $6.3 million in fiscal 1995 to $12.2 million for the
twelve months ended September 30, 1997. During the same period, originations of
commercial business loans increased from $4.7 million to $10.7 million. Another
key reason for growth in the loan portfolio has been the purchase of loans from
outside sources. As shown in Exhibit I-10, during the twelve months ended
September 30, 1997, the Bank purchased $23.6 million in residential mortgages
and $3.1 million in commercial real estate mortgages from third party lenders,
both of which are sharp increases from 1995 levels. Loan sales consisted largely
of conforming fixed-rate 1-4 family mortgages. As of September 30, 1997, the
Bank's portfolio of loans serviced for others totaled approximately $62 million.
In addition to the Bank's portfolio of loans serviced for others, in
December 1996 the Bank purchased a 20.625 percent interest in a limited
partnership that invests in mortgage servicing rights. Through this limited
partnership, Perpetual invests in a particular tranche of servicing rights tied
to a national portfolio of residential mortgage loans. For the year ended
September 30, 1997, the Bank's return on investment was approximately
5.89 percent and Perpetual recorded other income of $185,000 on the investment
based on net income of the limited partnership. As of September 30, 1997,
Perpetual maintained an investment in the limited partnership, Dovenmuehle,
totaling $5.0 million.
Asset Quality
- -------------
As shown in Exhibit I-12, the credit quality of Perpetual's loan portfolio
has been relatively good, reflecting an increasing balance over the last three
fiscal years. As of September 30, 1997, non-performing assets consisted of
$0.4 million of non-accruing loans, $0.5 million of accruing loans that were in
excess of 90 days delinquent, and $0.2 million of real estate owned ("REO").
Overall, NPAs equaled $1.0 million, equal to 0.41 percent of assets as of
September 30, 1997. The Bank's overall loss exposure in NPAs is believed to be
moderate, as the Bank maintained valuation allowances equal to $1.9 million of
September 30, 1997. Valuation allowances were equal to 1.05 percent and
180.48 percent of net loans receivable and NPAs, respectively. The Bank's
classified assets are shown in Exhibit I-13.
Funding Strategy
- ----------------
As of September 30, 1997, the Bank's assets were funded with deposits,
borrowed funds, stockholders' equity, liquidity and loan principal repayments,
and retail deposits have consistently met the majority of Perpetual's funding
needs. Borrowings have been used to a moderate extent as the Bank has increased
its reliance on deposits and stockholders' equity to provide funds. In
addition, during fiscal 1995, the Bank utilized a
RP Financial, LC.
Page 1.15
significant amount of FHLB advances of approximately $50 million on a temporary
basis in conjunction with a financing transaction. Virtually all of the Bank's
deposits are generated through the Bank's main office in downtown Anderson and
the branch offices from depositors who reside in Perpetual's primary market
area. The Bank has recently been successful in increasing its deposit base, with
primary efforts directed towards attracting and retaining retail checking
accounts. Such efforts have included a formal marketing strategy for a "totally
free" checking account product and attention to enhancing the Bank's branch
network, primarily through the opening of a customer call center.
Perpetual offers a full line of deposit products including CDs as well as
various transaction and savings accounts including non-interest checking, NOW
and passbook savings accounts (see Exhibit I-14). Like most savings
institutions, the Bank actively promotes lower cost "core" deposits such as
passbook and checking accounts, with special emphasis on attracting retail
checking accounts. Also like most savings institutions, the Bank's customers
tend to prefer CDs due to their higher interest rates. The trend towards CDs
was accelerated in fiscal 1995, as higher interest rates generally encouraged
savers to shift their funds from lower costing core deposits into CDs (see
Exhibit I-15). As of September 30, 1997, the Bank's deposit base continued to
be dominated by CDs, which comprised $138.8 million or 69.1 percent of total
deposits. Jumbo CDs, which tend to more rate sensitive than other types of CDs,
comprise a relatively small proportion of the Bank's deposit base, equal to
$18.5 million or 9.2 percent of total deposits as of September 30, 1997. The
Bank does not utilize brokered CDs.
Passbook savings and transaction accounts comprised the balance of
Perpetual's deposits, and totaled $62.2 million or 30.9 percent of total
deposits at September 30, 1997. The balance of passbook savings accounts has
remained relatively constant over the last three fiscal years, along the
proportion of such accounts has declined. At the same time, the Bank's checking
accounts and non-interest bearing accounts have increased over the past three
years due to increased marketing efforts. Perpetual actively seeks passbook
savings and transactions accounts due to their stable nature and lower interest
costs. Over the past several fiscal years, the Bank has been successful in
increasing its deposit base within the existing branch network, and through the
opening of the Seneca, Oconee County branch. In the future, the Bank has
indicated its intention to continue to utilize deposits as the primary source of
funds, utilizing FHLB advances as an alternative source of funding, at least
until such time as the Bank is able to increase its retail deposit base.
RP Financial, LC.
Page 1.16
Subsidiary Operations
- ---------------------
Perpetual had three subsidiaries as of September 30, 1997: (1) United
Service Corporation of Anderson, Inc. ("USC"), which is a wholly-owned
subsidiary of the Bank; (2) United Investments Services, Inc. ("United
Investment"), which is wholly-owned by USC and is a second tier subsidiary of
Perpetual; and (3) Mortgage First Service Corporation ("Mortgage First").
In addition to ownership of United Investment, USC is involved in the
following real estate development projects: (1) Perpetual Square, a 33-acre
commercial development in Anderson County, of which as of September 30, 1997
approximately 8 acres had been sold; (2) The Meadows Development, a 99-acre
residential subdivision consisting of approximately 108 lots in Anderson County,
of which as of September 30, 1997 three lots had been sold; (3) Ashton Place
Subdivision, a 24-acre multi-family housing development consisting of 44 lots in
Anderson County, of which as of September 30, 1997 29 lots had been sold;
(4) North Park, a 57-acre industrial park located in Anderson County of which 12
acres had been sold. As of September 30, 1997, USC had assets of $2.4 million,
and on a consolidated basis, USC and United Investment reported net income of
$395,000 for the year ended September 30, 1997.
United Investment operates as a full service brokerage unit, selling
annuities, stocks, bonds and other investments to the Bank's customers and the
general public. United Investment provides the Bank with a steady source of
non-interest operating income from investment and insurance commissions.
Mortgage First is a wholly-owned subsidiary of Perpetual, which made a
$400,000 equity investment in a start-up regional mortgage-banking company known
as "First Trust Mortgage Corporation of the South" ("First Trust"), which is
headquartered in Greenville, South Carolina and maintains offices in Rock Hill,
Columbia and Clemson, South Carolina. During the year ended September 30, 1997,
First Trust closed 810 loans totalling approximately $100 million. Perpetual
has purchased loans from First Trust in recent periods, and all such loan are
subject to the Bank's underwriting standards. At September 30, 1997, the Bank's
financial commitment to First Trust and the maximum exposure to share in any
losses incurred by First Trust were limited solely to the amount of Perpetual's
equity investment through Mortgage First. The Bank recorded a loss of
approximately $100,000 related to First Trust's operations for the year ended
September 30, 1997.
Legal Proceedings
- -----------------
The Bank is involved in various legal proceedings incident to the normal
course of business. Management does not believe that the Bank is exposed to any
significant loss from these legal proceedings.
RP Financial, LC.
Page 2.1
II. MARKET AREA
Introduction
- ------------
Perpetual conducts operations out of a headquarters office in Anderson,
Anderson County, South Carolina, four branch offices in the city of Anderson,
and a branch office in the town of Seneca, Oconee County. Exhibit I-1 details
the locations of the Bank's offices, while Exhibit II-1 details the general
characteristics of the Bank's offices. Anderson County is part of the
Greenville-Spartanburg-Anderson metropolitan statistical area (the "MSA") in the
western portion of the state of South Carolina. The closest major city is
Atlanta, approximately 100 miles to the southwest. Although Anderson County is
included in the MSA, much of Anderson County is rural in nature and roughly
50 percent of the land is utilized for agricultural purposes (Anderson County
contains an estimated 1997 population of 159,000, approximately 18 percent of
the MSA population). While the more rural nature of Anderson County area has
historically limited overall population levels, U.S. Interstate Route I-85,
which crosses through Anderson County, has become a major transportation route
for the east coast traffic. This highway provides access to the Northeast U.S.
and the southern region of the U.S. (Atlanta and points south and west), and has
spurred a significant amount of development along the Interstate right of way.
Perpetual has served the city of Anderson and Anderson County since it was
chartered in 1906. The Seneca branch was opened in December 1996, extending
Perpetual's market area to the west into Oconee County (a smaller but rapidly
growing county). Thus, the Bank considers Anderson County to be the Bank's
primary market area for deposits and lending activity, with a growing presence
in Oconee County. Additional lending demand is generated from customers living
in the other counties contiguous to Anderson County. Due to the population
growth and overall economic stability in the region, competition from other
financial institutions in Anderson County is substantial.
South Carolina's employment base, historically led by the textile industry,
has been diversified into a broad variety of employment sectors in recent years
as the textile industry has declined. In Anderson County, the employment base
is relatively broad-based in most economic sectors, but continues to reflect a
concentration in manufacturing, and more specifically, textiles. The I-85
corridor between Atlanta, Georgia and Charlotte, North Carolina (Anderson and
Greenville Counties), has been a particularly high growth area in terms of
population and employment, as this strategic location along a major east coast
transportation route, coupled with a "business friendly" government and low cost
of living and labor has resulted in strong growth. These characteristics, along
with aggressive marketing by the local and state governments have also resulted
in an influx of industrial investment including such prominent companies as BMW
Manufacturing Corp. and Hoechst Celanese
RP Financial, LC.
Page 2.2
Corporation. The Bank's market areas have in general reported relatively strong
increases in population, households and income in recent years.
Competition from other financial institutions operating in the Bank's
market area includes a number of both large and small commercial banks and
savings institutions. The Bank maintains a market share of approximately
11 percent of overall financial institution deposits in the headquarters county
of Anderson, and a market share of less than 3 percent in Oconee County. The
other financial institutions are both locally-owned community-oriented
institutions and subsidiaries of larger regional and superregional institutions.
A number of market area savings institutions have been acquired or have
announced acquisitions in recent periods, resulting in new or strengthened
competitors. The Bank has experienced growth in deposits in recent years, as the
positive demographic and economic characteristics of the market area, along with
more aggressive marketing by the Bank have assisted in deposit growth. However,
competition remains high in the marketplace.
Future business and growth opportunities will be partially influenced by
economic and demographic characteristics of the market served, particularly the
future growth and stability of the regional economy, demographic growth trends,
and the nature and intensity of the competitive environment for financial
institutions. These factors have been briefly examined in the following pages
to help determine the growth potential that exists, the relative economic health
of the market area and the relative impact on value.
National Economic Factors
- -------------------------
Over the past year, national economic growth has been mixed. While the
November 1996 unemployment rate climbed to 5.4 percent from 5.2 percent in
October 1996, inflation concerns were heightened somewhat by an unexpectedly
sharp $0.09 jump in average hourly earnings. However, most of the economic data
released at the close of 1996, which included jobless claims rising to a five
month high in November and a decline in November durable goods orders, suggested
that the economy was sluggish and non-inflationary.
While fourth quarter GDP growth came in at a stronger than expected 4.7
percent annual growth rate (subsequently revised to 3.9 percent), most of the
economic data released during the beginning of the first quarter of 1997
indicated a continuation of moderate economic growth. Such measures as a
1.9 percent decline in December durable goods orders and a modest uptick in the
January 1997 unemployment rate to 5.4 percent, versus 5.3 percent in December
1996, eased concerns that the economy was overheating. However, the increase in
the unemployment rate was attributable to more people who entered the job force,
and some markets have been experiencing labor shortages. In congressional
testimony at the end of February 1997, the Federal Reserve Chairman indicated
that he anticipated recent signs of lower job insecurity among workers would
lead to upward
RP Financial, LC.
Page 2.3
pressure in wages, which could possibly trigger the Federal Reserve to boost
interest rates. Signs of inflation became more notable during March and April,
with most economic indicators posting month-to-month increases from January to
February. Most notably, during February industrial production increased 0.5
percent, housing starts rose 12.2 percent and the sale of existing homes jumped
9.0 percent. Accelerating economic growth was further indicated by a decline in
the March unemployment rate to 5.2 percent, versus 5.3 percent for February, and
a higher than expected rise in the March "core" producer price index, which
posted its largest increase in 18 months. The revised first quarter GDP growth
rate, released in late May 1997, was an annual rate of 5.8 percent, far
exceeding analysts' projections, and gave more evidence of the strong economy.
The unemployment rate for April 1997 declined to 4.9 percent, also an indicator
of a strong economy.
More recent economic data released in June 1997 indicates a potential
slowing of the economy, as retail sales have slowed to an estimated 2 percent
annual growth rate in the second quarter, and business inventories have also
increased, which added to the first quarter GDP growth figures. New home sales
also dropped by 7.7 percent in April 1997, the sharpest decline in six months.
Automobile sales for April and May 1997 have declined from year-earlier levels,
and discounting and other sales efforts are becoming more common by automakers.
Overall, GDP growth for the second quarter of 1997 is estimated at 2.0 to
2.5 percent, a significant drop from the first quarter 1997 results.
Economic data released in August 1997 provided mixed signals of economic
growth, as a decline in the July unemployment rate and an unexpectedly sharp
decline in the U.S. trade deficit provided indications of a robust economy. At
the same time, a modest increase in the July consumer price index and a decline
in July wholesale prices suggested that inflation remained non-threatening. At
the end of August, second quarter GDP was revised upward to a 3.6 percent annual
growth rate compared to a 2.2 percent original estimate. In early-September, a
slight increase in the August unemployment rate did little to alleviate
inflation concerns, as the employment data indicated that the job market
remained tight and wages continued to rise. Comparatively, only a slight
increase in the August consumer price index provided stronger evidence that
inflation remained tame in mid-September. September employment data served to
further the rally in bond prices in early October 1997, as the September
unemployment rate was unchanged at 4.9 percent and fewer jobs than expected were
added to the economy during September. Congressional testimony by the Federal
Reserve Chairman, in which he indicated that it would be difficult to maintain
the current balance between tight labor markets and low inflation, caused stock
and bond prices to skid in mid-October. Disappointing third quarter earnings in
the technology sector sharpened the sell-off in the stock market, with the DJIA
posting consecutive losses of more than 1.0 percent on October 16 and 17.
Throughout the rest of October and early November, the stock market reacted
noticeably to declines in a number of foreign stock markets, particularly the
Hong Kong market, experiencing declines of over
RP Financial, LC.
Page 2.4
100 points in the DJIA on a number of occasions. During the last half of
November, the stock market recovered essentially all of the losses incurred
earlier, as action taken by foreign governments such as South Korea were seen as
addressing the financial problems in that country, and continued positive job
creation and unemployment figures showed strength in the U.S. economy.
Consistent with recent economic activity, interest rate trends have been
varied as well over the past year. Interest rates continued to edge lower
through November 1996, as the October economic data suggested that inflationary
pressures were non-threatening. Bond prices declined slightly in early-December,
as investors focused on weakness in the dollar and rising oil prices. Concern
over Japanese investors slowing their buying of U.S. Treasury notes caused bond
prices to slide in mid-December, despite economic data which continued to
indicate mild inflation. Interest rates were somewhat trendless at the close of
1996, as the Federal Reserve elected not to change interest rates at its
December meeting.
With few inflationary signs, interest rates held steady at the beginning of
1997, which was followed by a mild easing in interest rates during the first
half of February. Indications of slowing economic growth and the Federal
Reserve's decision to leave rates unchanged at its early-February meeting
spurred the downward trend in interest rates. However, interest rates edged
higher in late-February, following renewed concerns by the Federal Reserve
Chairman over the sharp rise in the stock market during the past two years.
After stabilizing briefly, the strengthening economy and growing expectations of
a rate increase by the Federal Reserve propelled interest rates higher in late-
March 1997.
Inflation concerns pushed interest rates higher during the first half of
April 1997, which was followed by a slight decline in interest rates on rumors
of a national budget accord. News of the budget agreement and favorable
inflation data sustained the rally in bond prices through early-May. Interest
rates stabilized in mid-May, as the Federal Reserve opted not to raise interest
rates at its May meeting. The high level of consumer confidence indicated by the
May reading caused the 30-year bond yield to edge above 7.0 percent in late-May.
However, the increase was short-lived, as signs of slowing economic growth
provided for a lower interest rate environment during June.
The downward trend in interest rates became more pronounced during July
1997, following the Federal Reserve's decision to leave rates unchanged at its
early-July meeting and the release of new economic data that indicated inflation
was under control. Slower economic growth indicated by the second quarter GDP
growth rate of 2.2 percent sustained the rally in bond prices at the end of
July. However, in early-August, the stronger than expected job growth reflected
in the July employment data and a falling U.S. dollar against the yen and mark
caused bond prices to tumble. After recovering briefly on the favorable
inflation data indicated by July wholesale
RP Financial, LC.
Page 2.5
and retail prices, bond prices declined in late-August on news of the narrower
than expected June trade deficit. Bond prices rallied briefly at the end August
and in early-September, due to technical pressures and economic data that showed
manufacturing growth cooled in August. Bond prices eased in mid-September,
reflecting investor fears that the August economic data would show a
strengthening economy and higher prices. However, the August consumer price
report ignited a bond market rally, with the yield on the 30-year bond posting
its second largest decline in the 1990s on September 16, 1997.
Following the sharp increase, bond prices stabilized through the end of
September as investors awaited the release of economic data for September and
the outcome of the Federal Reserve's meeting at the end of September. Interest
rates continued a variable trend in October 1997, as rates were affected by
various news regarding inflation and economic indicators. The broad sell-offs
in the stock markets during late October and November 1997 resulted in declines
in interest rates to the lowest levels of the past two years, along with a
flattening of the yield curve. As of late-November 1997, one- and thirty-year
U.S. Government bonds were yielding approximately 5.6 percent and 6.1 percent,
respectively. Exhibit II-2 provides historical interest rate trends from 1991
through December 5, 1997.
Market Area Demographics
- ------------------------
Demographic growth trends in the two market area counties have been
measured by changes in population, number of households and median household
income and other data, with trends in those areas summarized by the data
presented in Exhibit II-3, while additional data concerning sources of personal
income and employment sectors is presented in Exhibit II-4. South Carolina,
Greenville-Spartanburg-Anderson and U.S. data is provided for comparative
purposes, and trends in this data provide some indication of future levels of
business activities for financial institutions.
As shown in Exhibit II-3, Perpetual operates in a two county market area
with an estimated population of 223,000 as of 1997. As of 1997, both market area
counties are experiencing growth in population and households above the state
and national averages. These growth trends are projected to continue through the
year 2002, and indicate a favorable environment for business expansion. Oconee
County, while much smaller than Anderson County, recorded higher growth than
Anderson County over the past seven years.
Income levels in the primary market area generally approximate the
statewide averages. Estimated per capita annual income for 1997 in Anderson
County was slightly below statewide averages, while Oconee County's per capita
income was 1 percent higher than the state average. Median household incomes for
both counties were slightly below the state average. Income distribution levels
are similar to per capita income figures, with both
RP Financial, LC.
Page 2.6
Anderson and Oconee Counties approximating statewide averages. Based on the
positive population trends and comparable or higher income levels, growth
opportunities in the primary market area counties can be expected, with growth
achievable through overall increases in financial institution deposits.
Economy
- -------
The Bank's deposit gathering activities and a substantial portion of the
lending operations are conducted in the two county market area described above.
Employment in these counties is generally diversified, containing employment
primarily in manufacturing, wholesale and retail trade, services and state and
local government, although manufacturing employment has declined as a percent of
total employment in recent years (but remains the largest segment of the
employment base). Due to the location of I-85 and presence of other large
metropolitan areas such as Greenville and Spartanburg, South Carolina, Anderson
County has a material portion of residents that commute to their place of
employment outside of Anderson County. For example, the recently opened BMW
plant near Spartanburg and other major plants along I-85 to the north draw
employees from Anderson County. Employment within Anderson County is
concentrated in manufacturing at a higher rate than the state as a whole, 31
percent versus 19 percent. Major manufacturing industries in Anderson County
include textiles, machinery, fabricated metal products and rubber/plastic
products. Table 2.1 below presents the major employers within Anderson County.
As shown by this list of employers, the Bank's headquarters market area county
contains a relatively well diversified employment base.
Table 2.1
Perpetual Bank, A Federal Savings Bank
Major Employers-Anderson County
Employer Industry Employees
-------- -------- ---------
Anderson Area Medical Center Health Care 2,610
Michelin Tire Corporation Rubber Products 1,500
State of South Carolina State Government 1,356
Milliken & Company Fabrics Making and Finishing 1,300
BASF Corporation Nylon Fibers 1,170
Robert Bosch Corporation Automotive Systems 1,100
Owens-Corning Fiberglass Fiberglass 900
Frigidaire Company Household Refrigerators 800
Springs Industries-Clark-Schwebel Woven Fabric 790
Bi-Lo Grocery Store 744
Torrington Machine Parts 720
Glen Raven Mills Fabrics and Textiles 641
Loom Craft Jacquard Weaving 603
Source: Local Area Chamber of Commerce.
RP Financial, LC.
Page 2.7
Table 2.2 displays unemployment data in the local market area as of
September 1996 and September 1997. The unemployment rates have declined in all
comparative areas over the most recent twelve month period, with the state of
South Carolina improving to equal the national average over this time period.
Within the Bank's market area, both market area counties recorded noticeable
improvements in the employment rates, and both counties reported unemployment
rates lower than state and national averages. This data reflects in part the
overall strong economy within the market area and the attractiveness of the area
to employers, and the trends are significant in light of the strong population
gains recorded in the market area.
Table 2.2
Perpetual Bank, A Federal Savings Bank
Market Area Unemployment Trends
Region Sept. 1996 Sept. 1997
------ ---------- ----------
United States 5.0% 4.7%
South Carolina 6.3 4.7
Anderson County 5.0 3.1
Oconee County 6.6 4.2
Source: U.S. Bureau of Labor Statistics.
Deposit Trends and Competition
- ------------------------------
The market area (defined as the two county market area for deposits), is
characterized by the presence of both locally-based and locally-owned financial
institutions and larger, regional and superregional institutions. Major
competitors include local commercial banks such as First Citizens Bank and Trust
Company of Columbia, Carolina First Bank of Greenville and Anderson National
Bank of Anderson, and larger regional and superregional banks such as
Nationsbank Corp., First Union Corp. and Wachovia Corporation.
Table 2.3 displays deposit market trends for the State of South Carolina
and the primary market area from June 30, 1994 to June 30, 1996. Overall,
financial institution deposits showed an increase statewide, with commercial
banks showing growth while savings institutions lost deposits. This trend of
moderate increases in overall deposits, similar to the rest of the nation,
reflects in part disintermediation whereby banking customers have also placed
available funds into other types of financial intermediaries such as mutual
funds, investment firms, brokerage houses, and insurance companies. Deposit
trends in both market area counties exhibited similar trends as the state, with
both Anderson and Oconee Counties recording relatively moderate deposit growth
less than the state average. Savings institutions lost deposits in Oconee
County, primarily due to acquisitions, and
--------------------------------------
Table 2.3
Perpetual Bank, A Federal 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) (%)
State of South Carolina $28,444,287 100.0% 1,228 $30,859,861 100.0% 1,175 4.2%
Commercial Banks/Savings Banks 22,295,708 78.4% 1,015 25,072,731 81.2% 973 6.0%
Savings Institutions 6,148,579 21.6% 213 5,787,130 18.8% 202 -3.0%
Anderson County $1,295,082 100.0% 55 $1,383,593 100.0% 54 3.4%
Commercial Banks/Savings Banks 791,610 61.1% 39 856,380 61.9% 37 4.0%
Savings Institutions 503,472 38.9% 16 527,213 38.1% 17 2.3%
Perpetual 142,516 11.0% 4 157,383 11.4% 5 5.1%
Oconee County $523,120 100.0% 19 $559,544 100.0% 16 3.4%
Commercial Banks/Savings Banks 320,893 61.3% 15 375,034 67.0% 12 8.1%
Savings Institutions 202,227 38.7% 4 184,510 33.0% 4 -4.5%
Perpetual (1) N/A N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
(1) Perpetual opened a branch in Oconee County in December 1996.
Source: FDIC; OTS.
RP Financial, LC.
Page 2.9
reported growth in Anderson County. Commercial banks hold a majority of
financial institution deposits in both counties, ranging from a 62 percent
market share in Anderson County to over 67 percent of deposits in Oconee County.
Perpetual has recorded increases in deposits over the time period shown in
Table 2.3 at a higher rate than Anderson County as a whole, resulting in an
increase in deposit market share since June 30, 1994. The Bank only recently
opened the Oconee County branch, and data available subsequent to June 30, 1996
reveals a continued increase in deposit funds for the Bank. This increase in
deposits reveals success in raising additional retail deposit funds for business
operations. The Bank's market share is over eleven percent of deposits in
Anderson County, and less than three percent in Oconee County (based on more
recent data for the Bank), indicating a potential for deposit market share
increases.
Summary
- -------
The overall condition of the primary market area can be characterized as
positive with a growing population and household base. The local economy is
relatively diversified and is attractive to new businesses. Going forward, in
view of the local demographic and economic trends and the numbers and types of
competitors in the market area, the competition for deposits is expected to
remain substantial, which will result in Perpetual having to pay competitive
deposit rates to maintain local market share. The reinvestment of stock
proceeds from the conversion may mitigate to some extent the potentially higher
funding costs to attract deposits through anticipated loyalty of local
shareholders and referrals from local shareholders.
RP Financial, LC.
Page 3.1
III. PEER GROUP ANALYSIS
This chapter presents an analysis of Perpetual's operations versus a group
of comparable public companies (the "Peer Group") selected from the universe of
all publicly-traded savings institutions. The primary basis of the pro forma
market valuation of the Bank is provided by these public companies. Factors
affecting Perpetual's pro forma market value such as financial condition, credit
risk, interest rate risk, 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 the Perpetual and
the Peer Group, will then be used as a basis for the valuation of the 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 excluded from the Peer Group all publicly-
traded subsidiary institutions of mutual holding companies, because their
pricing ratios are distorted by the minority issuance of their shares. We have
also excluded from the Peer Group those companies under acquisition and/or
companies whose market prices appear to be distorted by speculative factors or
unusual operating conditions. The universe of all publicly-traded institutions
is included as Exhibit III-1. Pricing characteristics of all thrift institutions
are included as Exhibit IV-1 (institutions excluded from the calculation of
averages are denoted with a footnote (8)).
Under ideal circumstances, the Peer Group would be comprised of a minimum
of ten publicly-traded South Carolina thrifts with capital, earnings, asset
sizes, balance sheet composition, risk profiles, operating strategies and market
areas comparable to the Bank. Since 10 such institutions do not exist, it was
necessary to expand the search beyond state boundaries and with search criteria
for similarly sized, well capitalized institutions located in other Southeastern
states. Thus, in the selection process we applied the two primary "screens" to
the universe of all public companies as follows:
o Screen #1. South Carolina institutions with assets less than $500
------------------------------------------------------------------
million and market values less than $100 million. One company, South
-------------------------------------------------
Carolina Community Bancshares, Inc. (SCCB) met the criteria for this
screen and was included in the Peer Group (see Exhibit III-2). The
remaining South Carolina institutions were excluded due to the
companies being under acquisition, or asset or market value
considerations.
RP Financial, LC.
Page 3.1
o Screen #2. Institutions operating in the Southeastern U.S. with market
----------------------------------------------------------------------
values less than $100 million, equity/assets between 12 and 30
--------------------------------------------------------------
percent, assets greater than $75 million, and ROA's greater than 65
-------------------------------------------------------------------
basis points. Ten companies met the criteria for this screen and all
-------------
ten were included in the Peer Group (see Exhibit III-3).
Table 3.1 lists key characteristics of the Peer Group companies. In
general, the Peer Group is comprised of relatively seasoned publicly-traded
institutions operating in South Carolina or other Southeastern U.S. state with a
moderately lower average asset size. While the Peer Group is not exactly
comparable to Perpetual, we believe that it provides a reasonable representation
of publicly-traded thrifts with operations comparable to those of the Bank and
thus forms a sound basis for valuation. A summary description of the key
characteristics of each of the Peer Group companies selected is detailed below.
o Teche Holding Company of LA. Teche Holding Company, the largest member of
the Peer Group with over $400 million in assets, is traded on the AMEX and
was selected due to its meeting the selection criteria described above.
Teche Holding operates with a relatively high percentage of assets in loans
receivable and utilizes borrowings to fund operations. Teche Holding also
reported net income below the Peer Group averages, and also reported
relatively low levels of non-performing assets along with comparatively
high reserve coverage ratios.
o First SB, SSB of Moore County of NC. First SB is a $295 million
institution operating 5 offices in central North Carolina. First SB
converted to stock form in January 1994, and is a well-seasoned public
company. First SB reported relatively high investment in cash and
investments and a loan portfolio dominated by 1-4 family loans. First SB
reported a high equity/assets ratio and the highest income of the Peer
Group, which was supported by low operating expenses.
o Community Federal Bancorp of MS. Community Federal, a $216 million thrift,
operates from a single office in northern Mississippi. Community Federal,
in addition to satisfying the selection criteria, reported relatively high
investment in cash and investments and MBS, along with a loan portfolio
with some diversification. Community Federal reported a relatively high
equity/assets ratio and income which was supported by low operating
expenses. Reserve coverage ratios were lower than the Peer Group averages.
o Community Financial Corp. of VA. Community Financial operates in a rural
section of western Virginia from three offices. Maintaining an asset base
of $175 million, Community Financial is also a seasoned institution that
converted in 1988. Community Financial reported the highest proportion of
assets invested into loans receivable, with diversification into commercial
real estate and non-mortgage lending, resulting in a comparatively high
risk-weighted assets-to-assets ratio. Community Financial also reported
relatively strong reserve coverage ratios.
o Texarkana First Financial Corp. of AR. Texarkana First, traded on the
AMEX, is a $171 million thrift operating 5 offices in Arkansas. Similar to
Community Financial, Texarkana First reported loan diversification into
commercial real estate and non-mortgage lending, which resulted in one of
the highest risk-weighted assets-to-assets ratio of the Peer Group.
Texarkana's profitability was supported by a strong net interest margin and
operating expenses lower than the Peer Group average. Texarkana also
reported a the second largest portfolio of loans serviced for others of the
Peer Group members.
RP FINANCIAL, LC.
------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 3.1
Peer Group of Publicly-Traded Thrifts
December 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------- ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ -------
($) ($Mil)
TSH Teche Holding Company of LA AMEX Southern LA Thrift 404 9 09-30 04/95 20.50 70
SOPN First SB, SSB, Moore Co. of NC OTC Central NC Thrift 295 5 06-30 01/94 23.25 86
CFTP Community Fed. Bancorp of MS OTC Northeast MS Thrift 216 2 09-30 03/96 20.25 94
CFFC Community Fin. Corp. of VA OTC Central VA Thrift 183 4 03-31 03/88 26.50 34
FTF Texarkana Fst. Fin. Corp of AR AMEX Southwest AR Thrift 179 5 09-30 07/95 25.50 46
BFSB Bedford Bancshares of VA OTC Southern VA Thrift 139 3 09-30 08/94 29.00 33
FFBS FFBS Bancorp of Columbus MS OTC Columbus MS Thrift 135 3 06-30 07/93 22.50 35
KSAV KS Bancorp of Kenly NC OTC Central NC Thrift 110 3 12-31 12/93 22.50 20
TWIN Twin City Bancorp of TN OTC Northeast TN Thrift 107 3 12-31 01/95 14.00 18
SSM Stone Street Bancorp of NC AMEX Central NC Thrift 105 2 12-31 04/96 22.50 43
SCCB S. Carolina Comm. Bnshrs of SC OTC Central SC Thrift 46 1 06-30 07/94 22.87 16
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: 12/08/97
RP Financial, LC.
Page 3.4
o Bedford Bancshares of VA. Bedford Bancshares is the second Virginia
institution included in the Peer Group, and operates three offices in
southwestern Virginia in a rural area. Bedford Bancshares reported a high
investment in loans receivable, no investment in MBS, and one of the
highest use of borrowed funds of all Peer Group members. Bedford Bancshares
profitability was affected by an operating expense ratio that exceeded the
Peer Group average.
o FFBS Bancorp of Columbus, MS. FFBS is the second Mississippi institution
included in the Peer Group, and operates three offices in Mississippi.
FFBS reported investment in cash and investments, MBS and loans receivable,
with relatively strong profitability supported by low operating expenses
and other operating income. FFBS's loan portfolio showed diversification
into commercial real estate and commercial business loans, and asset
quality figures were less favorable than the Peer Group averages in terms
of non-performing assets as a percent of assets. Reserves as a percent of
non-performing assets were also low in comparison to Peer Group averages.
o KS Bancorp of Kenly, NC. KS Bancorp is a $110 million asset company
operating out of three offices in North Carolina. KS Bancorp maintained a
majority of earning assets in loans receivable, and little in terms of loan
portfolio diversification away from 1-4 family lending. KS Bancorp
reported income that approximated Peer Group averages, with the net
interest margin and operating expenses very similar to the Peer Group as a
whole.
o Twin City Bancorp of TN. Twin City has $107 million in assets and operates
out of three offices in northeastern Tennessee. Twin City converted in
1995 and thus is well seasoned in the marketplace. Twin City reported
investment in cash and investments, MBS and loans receivable, with
profitability negatively affected by the highest level of operating
expenses of all Peer Group members. Income was supported by the largest
loans serviced for others portfolio, which resulted in other operating
income above Peer Group averages. Twin City's loan portfolio revealed the
highest diversification of all Peer Group members, primarily into
commercial business lending. Asset quality figures were more favorable
that Peer Group averages in terms of non-performing assets to total assets.
o Stone Street Bancorp of NC. Stone Street represents the most recently
converted company in the Peer Group, having converted in April of 1996.
Stone Street has $105 million in assets and operates out of two offices in
central North Carolina. Stone Street operates with the highest capital
position (due to the recent conversion) and a loan portfolio concentrated
in residential lending. Income was supported by a strong net interest
margin, although Stone Street reported relatively low levels of non-
interest income from the non-diversified operations. Asset quality figures
were more favorable than the Peer Group averages.
o South Carolina Community Bancshares of SC. South Carolina Bancshares, the
only South Carolina company in the Peer Group, is the smallest Peer Group
company, maintaining $46 million in assets and operating from a single
office in Winnsboro, South Carolina within approximately 75 miles of
Anderson in west-central South Carolina. South Carolina Community is a
seasoned thrift, having converted in 1994. South Carolina Community
reported a relatively high level of capital comparison to other Peer Group
members, a relatively strong net interest margin and a high level of
operating expenses in comparison to the Peer Group averages. Similar to
Perpetual, South Carolina Community reported a high proportion of 1-4
family loans in portfolio and a low risk-weighted assets ratio. Asset
quality and reserve coverage ratios were also similar to the Bank.
In aggregate, the Peer Group companies have an average capital ratio that
is higher than the industry average (18.62 percent of assets versus 13.01
percent for the all SAIF average), and higher core profitability (1.29 percent
versus 0.88 percent for all SAIF-insured publicly-traded institutions). The Peer
Group's much
RP Financial, LC.
Page 3.5
higher capital ratio combined with higher earnings results in a lower core ROE
of 7.01 percent versus 7.82 percent for the all SAIF average. In terms of
pricing, the Peer Group on average trades at a lower price/book ("P/B") multiple
and a similar price/earnings ("P/E") multiple relative to the industry (see the
following table).
As of December 5, 1997
----------------------
Peer All SAIF
Group Insured
----- -------
Equity-to-Assets 18.62% 13.01%
Return on Assets ("ROA")-Core 1.29% 0.88%
Return on Equity ("ROE")-Core 7.01% 7.82%
Market Capitalization ($Mil) $44.93 $183.12
Price-to-Tangible Book Ratio ("P/TB") 144.10% 163.19%
Price-to-Earnings Multiple ("P/E")-Core 21.63x 20.17x
Price-to-Assets Ratio ("P/A") 26.76% 19.36%
Source: Chapter IV tables.
The following sections present a comparison of the 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.
Financial Condition
- -------------------
Table 3.2 shows comparative balance sheet measures for the Bank and the
Peer Group, reflecting the expected similarities and some differences given the
selection procedures outlined above. Information for Perpetual and the Peer
Group is as of September 30, 1997. The Bank's pre-conversion net worth of 11.9
percent was below the Peer Group's average net worth ratio of 18.6 percent,
although the Bank's capital level can be expected to exceed the Peer Group
average on a pro forma basis. The increase in the Bank's capital on a pro forma
basis can also be expected to reduce its ROE. Neither the Bank or the Peer Group
had a balance of goodwill. The Bank and all of the Peer Group companies were in
compliance with all fully phased-in regulatory capital requirements and were
considered to be well-capitalized by FDICIA standards.
In terms of asset composition, the Bank's ratio of loans to assets was
lower than the Peer Group's ratio (69.6 percent of assets versus 77.7 percent
for the Peer Group), while Perpetual recorded a higher level of MBS (14.0
percent versus 4.4 percent for the Peer Group). The Bank maintains a similar
balance of cash and investments as part of its operating strategy, and the
portfolio totaled 12.3 percent of total assets. In contrast, the Peer Group
maintained a ratio of cash and investments of 15.5 percent of assets. Following
the conversion, the
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 September 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
----------- ------ ----- -------- -------- ----- ------ -------- ------- ----------
Perpetual Bank, A FSB of SC
- ---------------------------
September 30, 1997 12.3 69.6 14.0 78.2 5.8 0.0 11.9 0.0 11.9 0.0
SAIF-Insured Thrifts 17.5 68.2 11.1 70.1 15.2 0.2 12.9 0.2 12.7 0.0
State of SC 13.3 80.8 3.4 69.2 12.7 0.0 16.5 0.0 16.5 0.0
Comparable Group Average 15.5 77.7 4.4 73.0 7.0 0.0 18.6 0.0 18.6 0.0
South-East Companies 15.5 77.7 4.4 73.0 7.0 0.0 18.6 0.0 18.6 0.0
Comparable Group
- ----------------
South-East Companies
- --------------------
BFSB Bedford Bancshares of VA 14.5 83.4 0.0 74.4 10.8 0.0 14.1 0.0 14.1 0.0
CFTP Community Fed. Bancorp of MS 27.7 59.0 10.9 62.0 8.5 0.0 26.7 0.0 26.7 0.0
CFFC Community Fin. Corp. of VA 9.4 87.8 0.0 70.0 15.8 0.0 13.2 0.0 13.2 0.0
FFBS FFBS Bancorp of Columbus MS 19.8 70.6 7.4 78.4 3.4 0.0 16.7 0.0 16.7 0.0
SOPN First SB, SSB, Moore Co. of NC 30.0 66.5 2.2 69.9 6.1 0.0 23.0 0.0 23.0 0.0
KSAV KS Bancorp of Kenly NC 11.8 84.3 1.2 78.6 7.3 0.0 13.2 0.0 13.2 0.0
SCCB S. Carolina Comm. Bnshrs of SC 18.6 78.8 0.1 72.5 0.0 0.0 26.6 0.0 26.6 0.0
SSM Stone Street Bancorp of NC 9.9 85.5 2.4 63.7 4.8 0.0 29.6 0.0 29.6 0.0
TSH Teche Holding Company of LA 4.4 85.8 7.5 69.4 16.2 0.0 13.5 0.0 13.5 0.0
FTF Texarkana Fst. Fin. Corp of AR 11.5 82.5 3.8 80.1 2.8 0.0 15.3 0.0 15.3 0.0
TWIN Twin City Bancorp of TN 13.0 70.9 12.4 83.8 0.9 0.0 12.9 0.0 12.9 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.
------ ----------- ----- -------- --------- ----- ------- -------- ------ --------
Perpetual Bank, A FSB of SC
- ---------------------------
September 30, 1997 22.48 84.39 16.72 25.43 -6.25 5.19 5.19 10.70 10.70 18.30
SAIF-Insured Thrifts 11.63 4.93 13.17 8.02 14.46 3.26 2.53 11.03 11.07 22.69
State of SC 18.05 -7.11 12.76 6.22 20.24 8.48 8.48 13.55 13.55 25.75
Comparable Group Average 7.38 -2.96 10.02 7.60 21.35 -0.76 -0.76 15.62 17.29 32.12
South-East Companies 7.38 -2.96 10.02 7.60 21.35 -0.76 -0.76 15.62 17.29 32.12
Comparable Group
- ----------------
South-East Companies
- --------------------
BFSB Bedford Bancshares of VA 9.28 31.14 6.63 8.63 25.00 7.65 7.65 12.40 12.40 22.83
CFTP Community Fed. Bancorp of MS 5.85 -0.76 6.83 1.66 NM -14.06 - 14.06 24.09 24.09 57.37
CFFC Community Fin. Corp. of VA 13.99 36.47 12.50 16.18 11.54 8.19 8.19 11.34 11.34 17.23
FFBS FFBS Bancorp of Columbus MS 7.34 -25.27 20.30 6.52 NM -8.47 -8.47 14.04 14.04 26.11
SOPN First SB, SSB, Moore Co. of NC 12.20 18.48 9.50 7.30 NM 1.40 1.40 NM 22.92 50.87
KSAV KS Bancorp of Kenly NC 14.34 0.18 16.80 12.11 100.00 5.35 5.40 NM NM 12.99
SCCB S. Carolina Comm. Bnshrs of SC 5.52 -2.37 7.82 9.13 NM -2.10 -2.10 23.70 23.70 49.80
SSM Stone Street Bancorp of NC -1.50 -50.79 10.38 -0.14 NM -17.13 - 17.13 NM 25.00 45.54
TSH Teche Holding Company of LA 6.46 -25.67 8.31 10.04 -2.25 3.97 3.97 11.95 11.95 22.46
FTF Texarkana Fst. Fin. Corp of AR 7.82 -17.44 12.34 7.62 74.56 3.62 3.62 15.29 15.29 25.82
TWIN Twin City Bancorp of TN -0.13 3.50 -1.20 4.57 -80.77 3.20 3.20 12.14 12.14 22.32
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
Bank's level of cash and investments is expected to initially increase, pending
deployment of the proceeds into loans. Overall, Perpetual's IEA totaled 95.9
percent of assets which was lower than the Peer Group's ratio.
Both Perpetual and the Peer Group relied on both deposits and borrowings as
funding sources, as reflected in the current deposits to assets ratios of 78.2
percent and 73.0 percent, respectively, and borrowings to assets ratios of 5.8
percent and 7.0 percent, respectively. Total interest-bearing liabilities
("IBL") maintained by the Bank and the Peer Group equaled 84.0 percent and 80.0
percent, respectively, with the Peer Group's lower ratio attributable to its
higher capital ratio. On a pro forma basis, Perpetual's IBL ratio is expected
to decline as a result of the Bank's enhanced capital base and potential deposit
withdrawals to fund stock purchases.
The growth rate section of Table 3.2 shows growth rates for key balance
sheet items. The growth rates for Perpetual and the Peer Group are for the year
ended September 30, 1997. The Bank reported a stronger increase in assets since
September 30, 1996, above both the Peer Group and industry averages, while the
Peer Group reported asset growth equal to 7.4 percent, below both comparative
averages. Changes in the Bank's balance sheet occurred in the area of loans
receivable and MBS (an increase of 16.7 percent), along with a higher increase
in cash and investments (84.39 percent). Alternatively, the Peer Group funded
increases in loans and MBS through available cash and investments. Perpetual's
asset growth was supported by growth in deposits and equity, while the Peer
Group funded asset growth through a combination of deposits and borrowings.
Perpetual's profitable operations resulted in growth in the capital account
equal to 5.2 percent, while various capital management strategies employed by
Peer Group members (such as stock repurchases and dividends), resulted in a
decline in the Peer Group's capital of 0.8 percent on average.
Income and Expense Components
- -----------------------------
For the twelve months ended September 30, 1997, Perpetual's net income
amounted to 0.72 percent of average assets, below the 1.31 percent average
return posted by the Peer Group (see Table 3.3). Net interest income was the
primary component of the Bank's and the Peer Group's earnings, with both
Perpetual and the Peer Group reporting a net interest margin that was above the
statewide and industry averages (3.70 and 3.84 percent of average assets,
respectively). Perpetual reported a comparative level of interest income and a
higher level of interest expense, with the greatest difference reported in
interest expense. The Bank's higher interest expense results from both a higher
ratio of interest-bearing liabilities to assets than the Peer Group, offset in
part by a favorable yield/cost spread. As shown in the "yields, costs, and
spreads" section of Table 3.3, the Bank has both a higher yield on earning
assets and a lower cost of funds in comparison to the Peer Group and the
industry as a whole, resulting in a stronger yield cost spread (3.59 percent
versus 2.98 percent for the Peer Group and 2.85 for all SAIF-insured thrifts).
Perpetual's lower cost of funds was supported by a relatively large portion of
savings
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 September 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
------ ------ ------- ------ ------- -------- ---- ------ ------ ------
Perpetual Bank, A FSB of SC
- ---------------------------
September 30, 1997 0.72 7.66 3.96 3.70 0.27 3.43 0.00 0.00 0.97 0.97
SAIF-Insured Thrifts 0.90 7.42 4.13 3.29 0.13 3.17 0.11 0.01 0.30 0.43
State of SC 1.16 7.45 3.83 3.62 0.09 3.52 0.11 0.01 0.39 0.50
Comparable Group Average 1.31 7.68 3.85 3.84 0.08 3.75 0.09 0.01 0.25 0.34
South-East Companies 1.31 7.68 3.85 3.84 0.08 3.75 0.09 0.01 0.25 0.34
Comparable Group
- ----------------
South-East Companies
- --------------------
BFSB Bedford Bancshares of VA 1.20 7.75 3.90 3.86 0.08 3.78 0.22 0.00 0.23 0.46
CFTP Community Fed. Bancorp of MS 1.46 6.95 3.37 3.58 0.01 3.57 0.11 0.00 0.07 0.18
CFFC Community Fin. Corp. of VA 1.12 7.82 4.04 3.78 0.28 3.50 0.00 0.00 0.37 0.37
FFBS FFBS Bancorp of Columbus MS 1.41 7.47 3.83 3.64 0.00 3.64 0.10 0.00 0.40 0.50
SOPN First SB, SSB, Moore Co. of NC 1.75 7.50 3.69 3.81 0.00 3.81 0.00 0.00 0.16 0.16
KSAV KS Bancorp of Kenly NC 1.21 8.21 4.36 3.85 0.02 3.83 0.00 0.05 0.14 0.19
SCCB S. Carolina Comm. Bnshrs of SC 1.15 7.78 3.63 4.15 0.00 4.15 0.00 0.00 0.23 0.23
SSM Stone Street Bancorp of NC 1.55 7.87 3.23 4.64 0.06 4.58 0.02 0.00 0.13 0.15
TSH Teche Holding Company of LA 0.98 7.55 4.23 3.32 0.06 3.26 0.02 0.02 0.63 0.68
FTF Texarkana Fst. Fin. Corp of AR 1.70 7.92 4.12 3.80 0.00 3.80 0.17 0.01 0.26 0.43
TWIN Twin City Bancorp of TN 0.85 7.72 3.95 3.77 0.40 3.37 0.31 0.03 0.09 0.43
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
------- ------- ------- ------- --------- -------- ------ ---------- --------
Perpetual Bank, A FSB of SC
- ---------------------------
September 30, 1997 3.18 0.00 -0.11 0.00 8.19 4.60 3.59 2,284 34.89
SAIF-Insured Thrifts 2.20 0.02 0.03 0.00 7.68 4.84 2.85 4,272 36.86
State of SC 2.24 0.00 0.07 0.00 7.65 4.84 2.81 3,832 37.36
Comparable Group Average 2.04 0.00 0.03 0.00 7.87 4.89 2.98 4,450 37.35
South-East Companies 2.04 0.00 0.03 0.00 7.87 4.89 2.98 4,450 37.35
Comparable Group
- ----------------
South-East Companies
- --------------------
BFSB Bedford Bancshares of VA 2.32 0.00 0.01 0.00 7.92 4.59 3.33 3,762 37.97
CFTP Community Fed. Bancorp of MS 1.47 0.00 0.01 0.00 7.06 5.04 2.02 6,544 36.26
CFFC Community Fin. Corp. of VA 2.07 0.00 -0.01 0.00 8.06 4.75 3.32 3,525 37.48
FFBS FFBS Bancorp of Columbus MS 1.91 0.00 0.00 0.00 7.63 4.79 2.84 4,217 36.58
SOPN First SB, SSB, Moore Co. of NC 1.24 0.00 0.00 0.00 7.61 4.93 2.68 6,868 35.85
KSAV KS Bancorp of Kenly NC 2.00 0.01 0.02 0.00 8.44 5.10 3.34 3,546 40.17
SCCB S. Carolina Comm. Bnshrs of SC 2.51 0.00 0.00 0.00 7.99 5.01 2.98 5,069 38.34
SSM Stone Street Bancorp of NC 2.24 0.00 0.00 0.00 8.03 5.04 2.99 5,821 37.80
TSH Teche Holding Company of LA 2.52 0.00 0.07 0.00 7.70 4.94 2.77 2,479 34.06
FTF Texarkana Fst. Fin. Corp of AR 1.54 0.00 0.01 0.00 8.11 4.99 3.12 5,106 37.11
TWIN Twin City Bancorp of TN 2.62 0.00 0.21 0.00 7.99 4.63 3.36 2,018 39.23
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 3.9
and transaction accounts in the deposit portfolio, a favorable comparison due to
the lower cost nature of these funds. The reinvestment of the net conversion
proceeds may serve to initially dilute the Bank's asset yields due to current
market rates on short- to intermediate-term investment securities but the net
interest margin should increase with an increase in the IEA/IBL ratio.
In another key area of core earnings strength, the Bank operates with a
higher operating expense ratio than the Peer Group (3.18 percent versus
2.04 percent of assets for the Peer Group), which is attributable to the various
expenses incurred by Perpetual in the most recent fiscal year (branch opening,
call center, data processing equipment and employee benefit program costs),
which increased the operating expense ratio for the Bank. These features have
increased Perpetual's staffing requirements and compensation expenses, as
evidenced by the Bank's lower assets per employee ratio relative to the Peer
Group average ($2.284 million and $4.450 million, respectively). Going forward,
Perpetual's operating expenses will be subject to increase related to operations
as a publicly-held company, stock plan expenses and the expected growth in
operations.
Non-interest operating income made a higher contribution to the Bank's
earnings than the Peer Group's earnings, offsetting some of the advantage in the
operating expense area. For the trailing twelve months ended September 30, 1997,
the Bank recorded non-interest operating income of 0.97 percent of average
assets versus a level of 0.34 percent recorded by the Peer Group. Going forward,
the Bank anticipates that non-interest operating income will continue to
contribute similar levels to overall revenues.
When viewed together, net interest income, other operating income and
operating expenses provide insight into an institution's earnings strength,
since those sources of income and expense are typically the most prominent
components of earnings and are generally more predictable than losses and gains
realized from the sale of assets or other non-recurring activities. In this
regard, the Bank's efficiency ratio of 68.1 percent compares unfavorably to the
Peer Group's ratio of 48.8 percent. Perpetual's ratio is also unfavorable in
comparison to the industry average of 59.1 percent.
During the most recent fiscal year, Perpetual recorded a non-operating loss
of 0.11 percent of average assets, while the Peer Group as a whole recorded net
non-operating income of 0.03 percent of average assets, although most of the
Peer Group's non-operating income was due to a single thrift that reported such
income. The Bank recorded non-operating expense primarily in the form of losses
on the sale of securities, offset by income from the resolution of REO.
Perpetual reported higher levels of loan loss provisions than the Peer Group at
0.27 and 0.08 percent of average assets, respectively.
RP Financial, LC.
Page 3.10
Loan Composition
- ----------------
Table 3.4 presents data related to the loan composition of Perpetual and
the Peer Group. The emphasis on residential lending for the Bank and the Peer
Group was evident, with 1-4 family permanent mortgage loans and MBS accounting
for 71.82 percent and 80.63 percent of the Bank's and the Peer Group's total
loan and MBS portfolios, respectively. In contrast to the Peer Group, Perpetual
maintains a sizeable portfolio of loans serviced for others, representing an
additional source of income.
Perpetual's loan portfolio exhibited greater diversification into higher
risk weight loans than the Peer Group's loan portfolio. Construction/land and
commercial real estate lending are the Bank's primary methods of lending
diversification, and such loans comprised 13.8 and 7.3 percent of the total loan
and MBS portfolio at September 30, 1997. The Peer Group achieved their loan
portfolio diversification primarily through commercial real estate and
commercial business lending, totaling 13.79 percent of total loans and MBS.
Perpetual reported a higher risk-weighted assets ratio than the Peer Group at
61.63 and 58.75 percent, respectively.
Credit Risk
- -----------
While Perpetual's credit risk exposure appears to be lower than the Peer
Group's exposure based on the Bank's lower level of NPAs and higher reserve
coverage ratios, the Bank's higher level of risk-weighted assets and lower
proportion of 1-4 family loans held in portfolio indicate a higher level of
credit risk. As shown in Table 3.5, as of September 30, 1997, the Bank recorded
NPAs of 0.41 percent of assets, lower than the Peer Group average of
0.43 percent, and maintained a lower ratio of non-performing loans ("NPLs") to
loans of 0.23 percent versus 0.49 percent for the Peer Group. Most of the Bank's
and Peer Group's NPAs consist of non-accruing loans with only minimal levels of
REO. The Bank maintained a higher level of loss reserves as a percent of loans
receivable (1.05 percent versus 0.57 percent for the Peer Group), and a higher
ratio of reserves as a percent of NPLs and total NPAs.
Interest Rate Risk
- ------------------
Table 3.6 reflects the relative interest rate risk exposure of Perpetual
and the Peer Group. The Bank's lower capital level was the key factor
contributing to its lower IEA/IBL ratio relative to the Peer Group
(114.2 percent versus 122.9 percent, respectively). The Bank's lower capital and
IEA/IBL ratios increases its funding costs relative to the Peer Group. However,
the Bank's capital ratio and IEA/IBL ratio will increase on a post-conversion
basis. The Bank maintained a higher ratio of non-interest earning assets to the
Peer Group.
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 September 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)
Perpetual Bank, A FSB of SC 16.71 55.11 13.82 7.32 3.35 8.93 61.63 62,148 19
SAIF-Insured Thrifts 14.95 62.12 5.31 11.80 6.30 1.67 52.59 401,709 3,386
State of SC 4.22 72.64 7.90 10.68 4.93 2.67 58.44 96,822 214
Comparable Group Average 4.09 76.54 5.48 7.75 6.04 1.65 58.75 8,706 57
Comparable Group
----------------
BFSB Bedford Bancshares of VA 0.44 74.18 12.64 5.45 7.65 2.82 56.55 2,903 0
CFTP Community Fed. Bancorp of MS 11.69 76.07 2.63 5.35 3.15 2.43 42.46 1,519 0
CFFC Community Fin. Corp. of VA 0.00 63.50 3.72 26.84 5.34 1.64 68.50 9,610 7
FFBS FFBS Bancorp of Columbus MS 2.74 69.36 5.75 10.36 9.88 1.95 54.02 354 0
SOPN First SB, SSB, Moore Co. of NC 1.45 88.27 1.27 7.86 1.14 0.00 45.35 0 0
KSAV KS Bancorp of Kenly NC 1.73 91.60 5.31 1.00 0.35 0.00 104.09 0 0
SCCB S. Carolina Comm. Bnshrs of SC 0.17 92.16 4.79 4.66 0.84 0.00 48.04 0 0
SSM Stone Street Bancorp of NC 3.76 81.14 8.41 2.93 0.36 4.61 55.35 0 0
TSH Teche Holding Company of LA 9.18 82.57 4.72 2.87 4.43 0.00 56.18 0 0
FTF Texarkana Fst. Fin. Corp of AR 1.11 70.86 7.08 13.94 7.31 2.36 60.80 23,362 27
TWIN Twin City Bancorp of TN 12.69 52.27 3.91 3.99 26.03 2.38 54.93 58,017 595
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 September 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) (%)
Perpetual Bank, A FSB of SC 0.06 0.41 0.23 1.05 467.99 180.48 332 0.19
SAIF-Insured Thrifts 0.26 0.77 0.85 0.78 160.86 123.36 310 0.09
State of SC 0.24 0.79 0.55 0.83 102.89 285.59 199 0.06
Comparable Group Average 0.07 0.43 0.49 0.57 120.44 128.25 42 0.13
Comparable Group
- ----------------
BFSB Bedford Bancshares of VA 0.15 0.52 NA 0.58 NA 92.88 0 0.00
CFTP Community Fed. Bancorp of MS 0.05 0.50 0.75 0.46 61.14 54.53 0 0.00
CFFC Community Fin. Corp. of VA 0.10 0.56 0.51 0.67 129.84 105.58 297 0.75
FFBS FFBS Bancorp of Columbus MS 0.00 0.58 0.04 0.59 NA 72.88 9 0.04
SOPN First SB, SSB, Moore Co. of NC 0.00 0.29 0.44 0.31 70.15 70.15 0 0.00
KSAV KS Bancorp of Kenly NC 0.06 0.53 0.56 0.35 62.21 55.44 0 0.00
SCCB S. Carolina Comm. Bnshrs of SC 0.22 0.87 0.82 0.81 98.65 73.62 0 0.00
SSM Stone Street Bancorp of NC 0.00 0.23 NA 0.62 NA 229.34 1 0.00
TSH Teche Holding Company of LA 0.01 0.28 0.32 0.96 300.63 291.99 19 0.02
FTF Texarkana Fst. Fin. Corp of AR 0.07 0.23 NA 0.76 NA 276.17 21 0.06
TWIN Twin City Bancorp of TN 0.08 0.16 NA 0.20 NA 88.17 115 0.60
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 3.6
Interest Rate Risk Measures and Net Interest Income Volatility
Comparable Institution Analysis
As of September 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 09/30/97 06/30/97 03/31/97 12/31/96 09/30/96 06/30/96
- ----------- ------ --- ------ -------- -------- -------- -------- -------- --------
(%) (%) (%) (change in net interest income is annualized in basis points)
Perpetual Bank, A FSB of SC 11.9 114.2 4.1 36 -69 60 20 NA NA
SAIF-Insured Thrifts 12.6 114.0 3.2 -3 1 0 0 -1 11
State of SC 16.5 120.7 2.6 15 -9 -8 10 -5 11
Comparable Group Average 18.6 122.9 2.4 -11 2 2 -3 1 5
Comparable Group
- ----------------
BFSB Bedford Bancshares of VA 14.1 114.9 2.0 2 -7 23 -19 -13 -4
CFTP Community Fed. Bancorp of MS 26.7 138.6 2.3 -38 -21 5 -3 8 NA
CFFC Community Fin. Corp. of VA 13.2 113.2 2.8 -16 -2 -2 -2 9 1
FFBS FFBS Bancorp of Columbus MS 16.7 119.6 2.2 -12 7 -12 2 13 7
SOPN First SB, SSB, Moore Co. of NC 23.0 129.8 1.4 -5 2 6 -5 6 8
KSAV KS Bancorp of Kenly NC 13.2 113.2 2.7 -21 19 2 8 -10 8
SCCB S. Carolina Comm. Bnshrs of SC 26.6 134.5 2.5 -18 33 -25 11 4 20
SSM Stone Street Bancorp of NC 29.6 142.8 2.2 1 -29 32 -3 30 NA
TSH Teche Holding Company of LA 13.5 114.3 2.2 -0 -5 -2 -8 -13 -12
FTF Texarkana Fst. Fin. Corp of AR 15.3 117.8 2.3 -20 9 13 -11 -3 3
TWIN Twin City Bancorp of TN 12.9 113.6 3.7 2 18 -15 1 -23 14
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 3.14
In the absence of available or comparable gap and rate shock analyses for
the Peer Group, the change in the quarterly net interest income ratio to average
assets for the Bank and the Peer Group has been examined in relation to the
change in market interest rates. As shown in Table 3.6, the Bank's net interest
margin has recently shown more sensitivity to changing market interest rates in
comparison to the Peer Group's average net interest margin. On a pro forma
basis, Perpetual's higher capital position and reinvestment of proceeds in
short-to intermediate-term securities can be expected to lower exposure to
changes in interest rates.
Summary
- -------
Based on the above analysis and the criteria employed by in the Peer Group
selection process, the Peer Group appears to form a reasonable basis for
determining the pro forma market value of Perpetual, subject to the adjustments
noted in the following section.
RP Financial, LC.
Page 4.1
IV. VALUATION ANALYSIS
Introduction
- ------------
This chapter presents the valuation analysis, prepared pursuant to the
approved valuation methodology promulgated by the OTS, and valuation factors
used to determine the estimated pro forma market value of the common stock to be
issued in conjunction with the conversion of the MHC. The MHC is converting to
a Delaware stock corporation pursuant to the Plan. The pro forma valuation
methodology has been modified to reflect the unique characteristics of the
conversion of the MHC, specifically the fact that the MHC will be selling only a
partial ownership interest in the Subscription and Community offerings, instead
of a 100 percent ownership interest as would be the case in a standard
conversion.
Appraisal Guidelines
- --------------------
The OTS appraisal guidelines, originally released in October 1983, specify
the methodology for estimating the pro forma market value of an institution. The
methodology included: (1) selection of a peer group of comparable seasoned
publicly-traded institutions whose pricing is not distorted due to a variety of
factors; (2) a fundamental analysis of the subject company to the peer group;
and (3) a pro forma valuation analysis of the subject company based on the
market pricing of the peer group as of the date of valuation. The amended
valuation guidelines also limit the amount of a new issue discount which may be
incorporated into the valuation and thereby curtail the potential price
appreciation in the after-market.
RP Financial's valuation analysis complies with the October 1983 OTS
appraisal guidelines as revised on October 21, 1994, incorporating a
"fundamental analysis" relative to the Peer Group and a "technical analysis" of
final conversion pricing and trading levels of recently completed conversions
(given the emphasis of limiting after-market appreciation). 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 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,
RP Financial, LC.
Page 4.2
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 savings
institution stocks, including Perpetual, or Perpetual'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 savings institution stocks, and in
particular second step conversions, to assess the impact on value of Perpetual
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:
o Overall A/L Composition. Permanent residential mortgage loans funded
-----------------------
by retail deposits were the primary components of both Perpetual's and
the Peer Group's balance sheets, with the Peer Group maintaining a
higher balance of overall loans receivable as a percent of assets, and
a lower level of investment in MBS. Perpetual reported a higher level
of diversification into higher credit risk types of loans relative to
the Peer Group. Both the Bank and the Peer Group relied on borrowed
funds, although retail deposits comprised the major portion of the
respective funding needs.
RP Financial, LC.
Page 4.3
o Credit Risk. Perpetual maintains a comparable level of NPAs/assets as
-----------
the Peer Group, despite a higher credit risk profile in the loan
portfolio and a higher risk-weighted assets ratio. Reserve coverage
ratios are more favorable than the Peer Group. The Bank has a lower
loans/assets ratio to the Peer Group.
o Liquidity. Perpetual maintained a higher level of cash and investments
---------
and MBS in comparison to the Peer Group. The Bank's proportion of cash
and investments is likely to initially increase on a pro forma basis.
Borrowings were utilized to a similar degree by the Bank and the Peer
Group, and both maintain ample borrowings capacity. The Bank's loans
meet secondary market standards for sale.
o Capital. While the Bank 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.
As a result, Perpetual is expected to have more leverage capacity than
the Peer Group. The Bank's pro forma return on equity ("ROE") is not
expected to exceed the Peer Group average due to lower profitability.
On balance, RP Financial determined that no adjustment was warranted for
financial condition.
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 are typically heavily factored
into an investment decision. The historical income statements of Perpetual and
the Peer Group were generally reflective of traditional savings institution
operating strategies, with net interest income and operating expenses being the
major determinants of their respective core earnings. The specific factors
considered in the valuation include:
o Reported Earnings. The Bank reported net income of 0.72 percent of
-----------------
average assets for the most recent twelve month period versus earnings
of 1.31 percent for the Peer Group. The differential in reported
earnings is due to the Bank's higher operating expenses, offset in
part by higher non-interest operating income.
o Core Earnings. The Bank also maintains a less favorable core earnings
-------------
posture relative to the Peer Group, even though reported earnings were
adversely affected by losses on the sale of securities. Perpetual and
the Peer Group operated with a similar level of net interest income,
with the Bank reporting more favorable non-interest operating income
and less favorable operating expenses than the Peer Group. The
effective tax rates for Perpetual and the Peer Group were comparable.
While redeployment of conversion proceeds into interest-earning assets
should enhance Perpetual's net interest income, operating expenses for
the Bank are expected to increase as well, and any attempt by the Bank
to add products or services would likely result in higher operating
expense. On a pro forma basis, Perpetual's core profitability is
expected to remain below that of the Peer Group.
o Interest Rate Risk. Perpetual's change in NPV under a 200 basis point
------------------
increase in interest rates (as calculated by the OTS), indicates a
moderate exposure to rising interest rates, particularly given the
origination of ARMs that carry repricing periods of greater than one
year. Although gap data was not available for the Peer Group, other
analyses indicated a comparable advantage
RP Financial, LC.
Page 4.4
for the Peer Group. The pro forma increase in the IEA/IBL ratio can be
expected to reduce the Bank's interest rate risk exposure.
o Credit Risk. Loss provisions had a higher impact on the earnings of
-----------
the Bank in comparison to the Peer Group. In terms of potential credit
quality related losses, the Bank maintained higher reserve coverage
ratios as a percent of loans receivable, as a percent of non-accruing
loans and as a percent of total NPAs. The Bank's lower proportion of
residential loans held in portfolio increases the perceived credit
risk of the loan portfolio in relation to the Peer Group.
o Earnings Growth Potential. Several factors were considered in
-------------------------
assessing earnings growth potential. Perpetual's internally generated
loan demand has been less than available funds, requiring the Bank to
utilize outside sources for loan products, reducing the spread earned
on these assets. Perpetual currently operates at a high operating
expense ratio; operating expenses would likely increase if the Bank
expands its products and/or services. Although the higher expected pro
forma capital position is expected to enable the Bank to continue on a
growth pattern, expectations of higher operating expenses resulting
from the conversion and the uncertain cost of acquiring new deposit
funds for lending result in the Bank's earnings appearing to have less
upside potential than the Peer Group.
o Return on Equity. On a pro forma basis the Bank's pro forma return on
----------------
equity will be lower to the Peer Group average, as the lower pro forma
profitability is measured against a comparatively higher capital
position.
Overall, RP Financial made a moderate downward adjustment for
profitability, growth and viability of earnings.
3. Asset Growth
------------
The Bank's asset growth in recent periods has been higher than the Peer
Group's, which has been achieved in part by the opening of a new branch office
location and aggressive offerings of short-term CD accounts (7- and 13-month
time periods) and efforts to gain additional checking deposit accounts.
Perpetual has in place both internal and external sources of loan products that
can be used to reinvest available liquidity, and the Bank intends to continue to
grow in future periods, and is expected to have adequate capital post-conversion
to support such growth. We concluded that a slight upward adjustment was
warranted 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.
Perpetual's market area of Anderson County, South Carolina is a urban/rural
market that has been experiencing growing levels of population and households in
recent years, while the Peer Group companies operate on average in smaller, more
rural
Table 4.1
Peer Group Market Area Comparative Analysis
Per Capita Income
Population Proj. ----------------- Deposit
------------ Pop. 1990-97 1997-2002 % State Market
Institution County 1990 1997 2002 % Change % Change Median Age Amount Average Share(1)
- ----------- ------ ---- ---- ---- -------- -------- ---------- ------ ------- --------
(000) (000)
Bedford Bancshares of VA Bedford 46 54 59 17.2% 10.3% 38.2 $15,786 103.1% 16.0%
Community Federal Bancorp of MS Lee 66 74 81 13.5% 8.2% 34.0 16,087 119.7% 14.4%
Community Financial Corp. of VA Augusta 55 60 64 10.1% 6.3% 37.9 13,088 74.5% 3.5%
FFBS Bancorp of Columbus MS Lowndes 59 62 63 3.9% 2.6% 31.5 15,528 115.6% 17.7%
First SB, SSB of Moore Co. of NC Moore 59 70 78 18.7% 10.9% 40.9 19,350 110.5% 21.3%
KS Bancorp of Kenly NC Johnston 81 102 116 24.9% 13.8% 36.3 17,233 98.4% 9.0%
S. Carolina Comm. Bancshares of SC Fairfield 22 22 22 -0.1% -0.1% 34.5 12,525 80.9% 23.9%
Stone Street Bancorp of NC Davie 28 31 33 10.4% 6.5% 38.7 18,754 107.1% 25.7%
Teche Holding Company of LA St. Mary 58 57 57 -1.1% -0.7% 31.4 10,562 80.4% 19.3%
Texarkana First Fin. Corp. of AR Miller 38 39 39 1.2% 0.8% 33.9 12,612 93.4% 16.8%
Twin City Bancorp of TN Sullivan 144 151 156 5.0% 3.3% 38.9 16,588 99.7% 5.2%
--- --- --- ---- ---- ---- ------ ----- ----
Averages: 60 66 70 9.4% 5.6% 36.0 $15,283 98.5% 15.7%
Medians: 58 60 63 10.1% 6.3% 36.3 15,786 99.7% 16.8%
Perpetual Bank, A FSB of SC Anderson 145 159 168 9.2% 5.8% 37.4 $14,799 95.6% 11.4%
(1) Total institution deposits in headquarters county as percent of total
county deposits, excludes credit unions.
Sources: CACI, Inc, SNL Securities
RP Financial, LC.
Page 4.6
markets that have also been growing at rates similar to that of the Bank. The
per capita income in the Bank's market is below the average of the primary
markets of the Peer Group members. Perpetual has a lower percentage of the
market area deposits in comparison to the Peer Group on average, indicating that
future increases in market share of deposits may be more achievable than that of
the Peer Group. The Bank's competitive position is not dissimilar from the
average position of the Peer Group institutions in their primary market areas.
On balance, RP Financial concluded that a slight upward adjustment was warranted
for market area.
5. Dividends
---------
As stated in SouthBanc's offering circular, the Holding Company intends to
implement a cash dividend policy during the first full quarter following
consummation of the conversion at an estimated rate equal to the pre-conversion
dividend rate adjusted for the exchange ratio of the conversion. The ability to
pay a dividend will be based on numerous factors including growth objectives,
financial condition, the amount of net proceeds retained by the Holding Company
in the conversion, investment opportunities available to the Holding Company and
the Bank, profitability, tax considerations, minimum capital requirements,
regulatory limitations, stock market characteristics and general economic
conditions.
Historically, savings institutions typically have not established dividend
policies at the time of their conversion to stock ownership. Newly converted
institutions, in general, have preferred to gain market seasoning, establish an
earnings track record and more fully invest the conversion proceeds before
establishing a dividend policy. However, during the late 1980s and early 1990s,
with negative publicity surrounding savings institutions, there was a tendency
for more institutions to initiate moderate dividend policies concurrent with
their conversion as a means of increasing the attractiveness of the stock
offering. Today, fewer institutions are compelled to initially establish
dividend policies at the time of their conversion offering to increase the
attractiveness of the stock issue as: (1) industry profitability has improved,
(2) the number of problem thrift institutions has declined, and (3) the stock
market cycle for thrift stocks is generally more favorable than in the early
1990s. At the same time, with ROE ratios under pressure, due to high equity
levels, well-capitalized institutions are subject to increased competitive
pressures to offer dividends and a number of institutions have instituted
special dividends.
As publicly-traded savings institution's capital levels and profitability
have improved and as weakened institutions have been resolved, the proportion of
institutions with cash dividend policies has increased. All eleven institutions
in the Peer Group presently pay regular cash dividends, with implied dividend
yields ranging from 1.48 percent to 3.78 percent. The average dividend yield on
the stocks of the Peer Group institutions was 2.39 percent as of December 5,
1997, representing an average earnings payout ratio of 47.73 percent. As of
December 5, 1997, approximately 85 percent of all publicly-traded savings
institutions had adopted cash dividend
RP Financial, LC.
Page 4.7
policies (see Exhibit IV-1), exhibiting an average yield of 1.82 percent and an
average payout ratio of 35.06 percent. The dividend paying institutions
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 institutions.
The Holding Company's ability following the completion of the conversion to
pay a dividend would appear to be similar relative to the Peer Group based on
higher pro forma capital, offset by lower post-conversion earnings. The Holding
Company's stated intention to implement a dividend shortly after completion of
the conversion is a favorable comparison to the Peer Group companies and thus no
adjustment is warranted for this valuation factor.
6. Liquidity of the Shares
-----------------------
The Peer Group is by definition composed of companies that are traded in
the public markets, eight of which trade on the NASDAQ system and three that
trade on the AMEX. Typically, the number of shares outstanding and market
capitalization provides an indication of how much liquidity there will be in a
particular stock. The market capitalization of the Peer Group companies ranged
from $16.0 million to $93.7 million as of December 5, 1997, with an average
market value of $44.9 million. The shares outstanding of the Peer Group members
ranged from 0.7 million to 4.6 million, with average shares outstanding of
approximately 2.0 million. The Bank's pro forma market value is expected to be
greater than the comparative Peer Group averages, with a higher number of shares
outstanding. The Bank's stock is expected to be listed on the NASDAQ National
Market System, and accordingly, we anticipate the liquidity of the Bank's shares
will be similar to that of the Peer Group on average, and thus there has been no
valuation adjustment applied for this factor.
7. Marketing of the Issue
----------------------
We believe that five separate markets exists for savings institution stocks
coming to market such as Perpetual: (A) 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; (B) 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; (C) the
market for second step conversions by MHCs; (D) the acquisition market for
savings institution franchises in South Carolina; and (E) the market for the
public stock of Perpetual. All of these markets were considered in the
valuation of the Bank's second step conversion.
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. The Federal Reserve's
decision not to raise interest rates at its September 1996 meeting, and
generally positive third quarter earnings results sustained the upward momentum
in the stock market during the beginning of the fourth quarter of 1996.
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 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
RP Financial, LC.
Page 4.9
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 1997. 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. Mixed economic data and the Federal Reserve's decision to
leave its target for the federal funds rate unchanged at its May meeting
sustained a positive trend in the stock market through the end of May. Profit
worries caused a sell-off in high technology stocks in early-June, while
declining interest rates served to stabilize the broader market. Technology
stocks rallied the stock market to new highs in mid-July, as a number of
technology companies posted favorable second quarter earnings. Favorable
inflation data, including second quarter GDP growth slowing to an annual rate of
2.2 percent versus 4.9 percent in the first quarter, and comments by the Federal
Reserve Chairman which indicated that an increase in interest rates was not
imminent, spurred bond and stock prices strongly higher during the second half
of July.
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 at least 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. Despite strengthening bond prices,
stocks traded lower through the end of August. Bond prices moved higher on
inflation data which showed that prices stayed low during the second quarter,
even though second quarter GDP growth was revised upward to annual rate of 3.6
percent compared to an original estimate of 2.2 percent.
Volatility returned to the stock market in early-September, with the
DJIA posting a record breaking point increase of 257.36 on September 2, 1997.
The rally was sparked by economic data that indicated manufacturing growth
slowed in August, thereby easing investors' inflation worries. However, the
rally was not
RP Financial, LC.
Page 4.10
sustained, as the DJIA pulled back following the one day rally. The pull back
was largely attributed to profit worries, which more than offset favorable
inflation news indicated by a slight increase in the national unemployment rate
for August (4.9 percent in August versus 4.8 percent in July). Stocks fluctuated
in a narrow trading range in mid-September, in anticipation of third quarter
earnings and August economic data. The low inflation reading indicated by the
August consumer price index sent stock and bond prices sharply higher on
September 16, 1997, with the DJIA posting a 175 point increase and the yield on
the 30-year U.S. Treasury bond posting its second largest decline in the 1990s.
Uncertainty over third quarter earnings provided for a mixed stock market
performance towards the end of September, while generally favorable inflation
readings pushed interest rates to their lowest level in two years. The release
of September employment data on October 3, 1997 caused bond and stock prices to
soar in early trading activity, as the September unemployment rate was unchanged
at 4.9 percent and fewer jobs than expected were added to the economy during
September. However, most of the initial gains were erased by news of rising
tensions between Iraq and Iran. On October 3, 1997, the DJIA closed at 8038.58.
Lower interest rates provided for a positive stock market environment
in the beginning of October 1997. However, congressional testimony by the
Federal Reserve Chairman, in which he indicated that it would be difficult to
maintain the current balance between tight labor markets and low inflation,
caused stock and bond prices to skid in mid-October. Disappointing third
quarter earnings in the technology sector sharpened the sell-off in the stock
market, with the Dow Jones Industrial Average ("DJIA") posting consecutive
losses of more than 1.0 percent on October 16 and 17.
Stocks bounced back in early-week trading the following week,
reflecting positive third quarter earnings surprises posted by some of the blue
chip stocks. However, the recovery was abbreviated by global selling pressure
led by the decline in the Hong Kong stock market, as the DJIA posted a two-day
loss approximating 320 points on October 23 and 24. The sell-off in the world
financial markets turned into a rout on the following Monday, with a 5.8 percent
decline in the Hong Kong stock market fueling the largest ever point decline in
the DJIA. On October 24, the DJIA declined 554 points or 7.2 percent. While
the selling was broad based, technology stocks sensitive to Asian demand
experienced some of the sharpest declines. The turmoil in the stock market
provided for a sharp rally in U.S. Treasury bonds, reflecting a flight to
quality by skittish investors. The stock market recovered strongly the day
after the record breaking point decline, as the DJIA surged a record breaking
337 points on October 28. Comparatively, bond prices declined sharply on
October 28, as investors pulled out of the Treasury market to reinvest into the
stock market. Market conditions remained uneven through the week ended
October 31, which was followed by a soaring stock market on November 3. The
DJIA posted a 232 point increase on November 3, which was supported by a
resurgence in the Hong Kong market.
RP Financial, LC.
Page 4.11
Following the one day rally, volatility returned to the stock market
through mid- and late-November, however there was a general upward trend in
prices, and by the end of November the market was testing the previous highs.
With a certain level of volatility, the market's uneven performance was largely
attributable to the ongoing influence of the international markets, particularly
the Asian and Latin American markets. Bond prices benefitted from the turbulent
stock market environment, despite renewed inflationary pressures indicated by
the October unemployment rate dropping to a 24-year low of 4.7 percent. In mid-
November, the yield on the 30-year bellwether Treasury issue approached 6.0
percent, its lowest level since February 1996. On December 5, 1997, the DJIA
closed at 8149.13, an increase of 27.7 percent from one year earlier.
Similar to the overall stock market, the market for thrift stocks has
generally been favorable during the past twelve months. 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 1996. 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. Ahmanson'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; however, 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 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
declining interest rates.
RP Financial, LC.
Page 4.12
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 during the
second half of August, as the Federal Reserve left short-term interest rates
unchanged at its August meeting. Thrift stocks participated in the one day
stock market rally on September 2, 1997, as evidenced by a 1.95 percent increase
in the SNL Index. News of NationsBank's proposed acquisition of Barnett Banks
for more than four times its book value appears to have further contributed to
the one day run-up in thrift prices. In contrast to the overall stock market,
thrift prices continued to move higher following the one day rally in the DJIA.
Stable interest rates and acquisition news sustained the positive market for
thrift issues. The decline in interest rates following the release of the
August consumer price index in mid-September served to further the rally in
thrift prices. During late-September and early-October, interest-rate sensitive
issues in general benefited from the declining interest rate environment and
expectations of strong third quarter earnings. Prices of thrift and bank stocks
also continued to be positively influenced by industry consolidation and rising
acquisition multiples being paid for thrift and bank franchises. The SNL Index
for all publicly-traded thrifts closed at 746.3 on October 3, 1997
Declining interest rates supported an advance in thrift prices in
early-October; however, the upward trend in thrift prices stalled in mid-
October, as interest rates moved higher following warnings by the Federal
Reserve Chairman of inflation creeping back into the economy due to the tight
labor markets. Thrift stocks gyrated in conjunction with the overall market in
late-October, with the SNL index declining by 5.2 percent on October 27 and
increasing by 2.4 percent on October 28. Thrift prices further recovered on
October 29, which was supported by a rally in the bond market. Aided by the
favorable interest rate climate, thrift stocks posted further gains in early-
November and then retreated modestly in mid-November. Thrift and bank issues
retreated on concerns that a slowing U.S. economy could lead to weaker loan
demand and higher delinquency rates. However, led by the strengthening bond
market, thrift and bank issues moved higher during the last half of November.
On December 5, 1997, the SNL Index for all publicly-traded thrifts closed at
798.3, an increase of 68.5 percent from one year earlier.
RP Financial, LC.
Page 4.13
B. The New Issue Market
--------------------
In addition to thrift stock market conditions in general, the new
issue market for converting thrifts is also an important consideration in
determining the Bank's pro forma market value. Interest in converting savings
institution issues receded somewhat in the second quarter of 1996, as indicated
by fewer oversubscriptions and generally weak aftermarket trading performance.
However, interest returned to converting issues during the second half of 1996,
as most offerings experienced healthy oversubscriptions. Fewer offerings, more
attractive pricing, lower interest rates, and the general positive trend in
thrift prices were among the most prominent factors contributing to the renewed
investor interest shown for converting thrift issues. The favorable market
environment for converting thrift issues has generally been sustained during the
first three quarters of 1997; however, in comparison to other periods of market
strength for thrift stocks, the number of conversion offerings completed during
the past three months has been relatively low. As shown in Table 4.2, the
median one week change in price for offerings completed during the latest three
months equaled positive 55.0 percent.
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. Specifically, the current average P/B
ratio of the conversions completed in the most recent three month period of
133.82 percent reflects a discount of 18.0 percent from the average P/B ratio of
all publicly-traded savings institutions (equal to 163.19 percent), and the
average core P/E ratio of 32.06 times reflects a premium of 59.0 percent from
the all public average core P/E ratio of 20.17 times. The pricing ratios of the
better capitalized but lower earning recently converted savings institutions
(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 savings institution market and the new
issue market. The overall market for savings institution stocks is considered
to be strong, as savings institution stocks are currently exhibiting pricing
ratios that are at or 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 price increases
in initial post-conversion trading activity.
RP Financial, LC.
December 5, 1997
------------------------------------------------------------
Table 4.2
Recent Conversions (Last Three Months)
Conversion Pricing Characteristics: Sorted Chronologically
------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Institutional Information Pre-Conversion Data
---------------------------------- Offering
Financial Info. Asset Quality Information
- ----------------------------------------------------------------------------------------------------------------------------
Conversion Equity/ NPAs/ Res. Gross % of Exp./
Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc.
- ----------- ----- ---- ------ ------ ------ ------ ---- ----- ---- -----
($Mil) (%) (%)(2) (%) ($Mil) (%) (%)
- ----------------------------------------------------------------------------------------------------------------------------
Equality Bancorp, Inc. (8) MO * 10/02/97 EBI 239 5.82% 0.29% 41% 13.2 132% 3.9%
First Security Fed Fin., Inc IL 10/31/97 FSFF 260 11.52% 0.87% 74% 64.1 132% 1.7%
Oregon Trail Financial Corp. OR 10/06/97 OTFC 220 10.08% 0.12% 280% 46.9 132% 2.3%
Riverview Bancorp, Inc. (8) WA * 10/01/97 RVSB 230 11.24% 0.14% 245% 35.7 132% 2.8%
SHS Bancorp, Inc. PA 10/01/97 SHSB 83 5.52% 1.41% 36% 8.2 132% 5.7%
Ohio State Financial Serv OH * 09/29/97 Sheet 34 14.45% 0.47% 86% 6.3 94% 5.7%
Citizens Bancorp IN 09/19/97 Sheet 46 12.28% 0.45% 84% 10.6 132% 4.6%
Averages: $159 10.13% 0.54% 121% 26.4 127% 3.8%
Medians: 220 11.24% 0.45% 84% 13.2 132% 3.9%
Averages, Excluding 2nd Steps $129 10.77% 0.66% 140% $27.2 125% 4.0%
Medians, Excluding 2nd Steps $83 11.52% 0.47% 84% $10.6 132% 4.6%
- -------------------------------------------------------------------------------------------
Institutional Information Insider Purchases
- -------------------------------------------------------------------------------------------
Benefit Plans
-------------
Conversion Recog. Mgmt.
Institution State Date Ticker ESOP Plans & Dirs.
- ----------- ----- ---- ------ ------------------------
(%) (%) (%)(3)
- -------------------------------------------------------------------------------------------
Equality Bancorp, Inc. (8) MO * 10/02/97 EBI 9.0% 5.0% 10.6%
First Security Fed Fin., Inc IL 10/31/97 FSFF 8.0% 4.0% 4.4%
Oregon Trail Financial Corp. OR 10/06/97 OTFC 8.0% 4.0% 3.9%
Riverview Bancorp, Inc. (8) WA * 10/01/97 RVSB 8.0% 4.0% 2.9%
SHS Bancorp, Inc. PA 10/01/97 SHSB 8.0% 4.0% 5.2%
Ohio State Financial Serv OH * 09/29/97 Sheet 8.0% 4.0% 8.3%
Citizens Bancorp IN 09/19/97 Sheet 8.0% 4.0% 16.1%
Averages: 8.1% 4.1% 7.3%
Medians: 8.0% 4.0% 5.2%
Averages, Excluding 2nd Steps 8.0% 4.0% 7.6%
Medians, Excluding 2nd Steps 8.0% 4.0% 5.2%
- --------------------------------------------------------------------------------------------------------------
Institutional Information Pro Forma Data
-------------------------------------------
Pricing Ratios(4) Fin. Characteristics
- --------------------------------------------------------------------------------------------------------------
Conversion
Institution State Date Ticker P/TB P/E(5) P/A ROA TE/A ROE
- ----------- ----- ---- ------ ---- ------ --- --- ---- ---
(%) (x) (%) (%) (%) (%)
- --------------------------------------------------------------------------------------------------------------
Equality Bancorp, Inc. (8) MO * 10/02/97 EBI 100.5% 18.8 10.0% 0.5% 9.9% 5.4%
First Security Fed Fin., Inc IL 10/31/97 FSFF 78.1% 16.5 21.1% 1.3% 27.0% 4.7%
Oregon Trail Financial Corp. OR 10/06/97 OTFC 75.3% 13.6 18.1% 1.0% 20.7% 5.1%
Riverview Bancorp, Inc. (8) WA * 10/01/97 RVSB 109.0% 17.7 23.6% 1.3% 21.6% 6.2%
SHS Bancorp, Inc. PA 10/01/97 SHSB 72.3% 24.5 9.1% 0.4% 12.6% 3.0%
Ohio State Financial Serv OH * 09/29/97 Sheet 62.3% 13.4 16.0% 1.2% 25.7% 4.6%
Citizens Bancorp IN 09/19/97 Sheet 72.9% 14.8 14.8% 1.1% 46.3% 2.4%
Averages: 81.5% 17.0 16.1% 1.0% 23.4% 4.5%
Medians: 75.3% 16.5 16.0% 1.1% 21.6% 4.7%
Averages, Excluding 2nd Steps 72.2% 16.5 15.8% 1.0% 26.5% 4.0%
Medians, Excluding 2nd Steps 72.9% 14.8 16.0% 1.1% 25.7% 4.6%
- -----------------------------------------------------------------------------------------------------------------------------
Institutional Information Post-IPO Pricing Trends
-------------------------------------------------
Closing Price:
- -----------------------------------------------------------------------------------------------------------------------------
First After After
Conversion IPO Trading % First % First %
Institution State Date Ticker Price Day Chg. Week(6) Chg. Month(7) Chg.
- ----------- ----- ---- ------ ----- ---- --- ------- ---- ------- ----
($) ($) (%) ($) (%) ($) (%)
- -----------------------------------------------------------------------------------------------------------------------------
Equality Bancorp, Inc. (8) MO * 10/02/97 EBI $10.00 $13.50 35.0% $15.38 53.8% NA NA
First Security Fed Fin., Inc IL 10/31/97 FSFF 10.00 15.06 50.6% 15.13 51.3% 16.06 60.6%
Oregon Trail Financial Corp. OR 10/06/97 OTFC 10.00 16.75 67.5% 16.75 67.5% 15.88 58.8%
Riverview Bancorp, Inc. (8) WA * 10/01/97 RVSB 10.00 13.25 32.5% 13.63 36.3% 13.25 32.5%
SHS Bancorp, Inc. PA 10/01/97 SHSB 10.00 14.75 47.5% 16.25 62.5% 16.00 60.0%
Ohio State Financial Serv OH * 09/29/97 Sheet 10.00 15.50 55.0% 15.50 55.0% 14.88 48.8%
Citizens Bancorp IN 09/19/97 Sheet 10.00 14.00 40.0% 14.00 40.0% 15.38 53.8%
Averages: $8.57 $14.69 46.9% $15.23 52.3% $15.24 52.4%
Medians: $10.00 $14.75 47.5% $15.38 53.8% $15.63 56.3%
Averages, Excluding 2nd Steps $10.00 $15.21 52.1% $15.53 55.3% $15.64 56.4%
Medians, Excluding 2nd Steps $10.00 $15.06 50.6% $15.50 55.0% $15.88 58.8%
Note: * - Appraisal performed by RP Financial;
"NT" - Not Traded; "NA" - Not
Applicable, Not Available.
(1) Non-OTS regulated thrifts. December 5, 1997
(2) As reported in summary pages of prospectus.
(3) As reported in prospectus.
(4) Does not take into account the adoption of SOP 93-6.
(5) Excludes impact of special SAIF assessment on earnings
(6) Latest price if offering less than one week old.
(7) Latest price if offering more than one week but less than one month old.
(8) Second-step conversions.
(9) Simultaneously converted to commercial bank charter.
- --------------------------------------------------------------------------------
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Table 4.3
Market Pricing Comparatives
Prices As of December 5, 1997
Market Per Share Data
Capitalization -------------- Pricing Ratios(3)
--------------- Core Book -------------------------------------
Price/ Market 12-Mth Value/
Financial Institution Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE
- --------------------- -------- ----- ------ ----- ----- ------ ------ ------ -------
($) ($Mil) ($) ($) (X) (%) (%) (%) (x)
SAIF-Insured Thrifts 23.92 183.12 1.12 15.17 19.32 158.46 19.36 163.19 20.17
Special Selection Grouping(8) 16.06 72.29 0.52 12.37 27.08 132.23 28.06 133.82 27.08
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
FSFF First SecurityFed Fin of IL 16.50 105.73 0.61 12.80 27.05 128.91 34.85 128.91 27.05
OTFC Oregon Trail Fin. Corp of OR 16.00 75.12 0.59 13.29 27.12 120.39 28.91 120.39 27.12
RVSB Riverview Bancorp of WA 15.50 94.98 0.45 9.56 NM 162.13 33.65 168.48 NM
SHSB SHS Bancorp, Inc. of PA 16.25 13.33 0.41 13.83 NM 117.50 14.85 117.50 NM
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ---------------- ---------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- ------- ----- -------- ------ ------ ------ ----- ----- ----- -----
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.37 1.58 30.15 1,198 13.01 0.77 0.89 8.08 0.88 7.82
Special Selection Grouping(8) 0.00 0.00 0.00 234 21.11 0.55 0.99 5.33 0.97 5.23
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
FSFF First SecurityFed Fin of IL 0.00 0.00 0.00 303 27.03 NA 1.29 4.77 1.29 4.77
OTFC Oregon Trail Fin. Corp of OR 0.00 0.00 0.00 260 24.02 0.07 1.07 4.44 1.07 4.44
RVSB Riverview Bancorp of WA 0.00 0.00 0.00 282 20.76 0.14 1.22 9.14 1.17 8.75
SHSB SHS Bancorp, Inc. of PA 0.00 0.00 0.00 90 12.64 1.43 0.37 2.96 0.37 2.96
(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 Converted Last 3 Mths (no MHC);
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 4.16
C. Secondary Step Conversion Market
--------------------------------
There is a pronounced difference in the pricing of second step
conversions relative to full conversion offerings in which 100 percent of the
shares are issued. As noted in Table 4.4, during the past 12 months, the median
pro forma price/tangible book ratios of second step conversions exceeded 95
percent, as compared to the median price/tangible book of conversions over the
last three months which just exceeds 72 percent, perhaps reflecting the smaller
offering and some seasoning as a public company for second steps. Furthermore,
as shown in Table 4.5, assuming the publicly-traded MHCs completed second step
conversions (utilizing standard assumptions for each MHC) at their current
market prices, the implied median price/tangible book is computed at
approximately 108.78 percent.
D. Acquisition Market
------------------
Also considered in the valuation was the potential impact on
Perpetual's stock price of recently completed and pending acquisitions of other
thrifts operating in Perpetual's market area. As shown in Exhibit IV-4, there
were five South Carolina savings institutions acquired since the beginning of
1996. The recent acquisition activity involving South Carolina savings
institutions 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 in selecting primarily South
Carolina or Southeastern U.S. savings institutions that also experience a degree
of acquisition speculation.
E. Trading in Perpetual's Stock
----------------------------
Since Perpetual's minority stock currently trades under the symbol
"PERT" on the NASDAQ National Market system, RP Financial also considered the
recent trading activity in its valuation analysis. Perpetual had a total of
1,508,873 shares issued and outstanding at September 30, 1997, of which 708,873
were held by Public Stockholders and were traded as public securities. As of
December 5, 1997, the Bank's stock price was $54.75 per share. Prior to the
announcement of the second step conversion, the shares were trading in the range
of $36.00 to $41.00. The day the second step was announced, the shares
increased to a range of $45.00 to $48.50 on heavy volume and closed at $48.50.
We attribute the price increase to some speculation and the current pricing has
placed it at a premium to the average P/TB of other MHCs. There are significant
differences between the Bank's minority stock (currently being traded) and the
conversion stock that will be issued by the Holding Company. Such differences
include different liquidity characteristics (the new conversion stock will be
significantly more liquid owing to greater public shares available to trade), a
lower return on equity for the Holding Company's conversion stock, and the
anticipated difference in dividend for the
RP Financial, LC.
November 28, 1997
-------------------------------------------------------------
Table 4.4
Pricing Characteristics and After-Market Trends
Second Step Conversions
-------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional Information Pre-Conversion Data Insider Purchases
----------------------------- Offering
Financial Info. Asset Quality Information
- ------------------------------------------------------------------------------------------------------------------------------------
Benefit Plans
-------------
Conversion Equity/ NPAs/ Res. Gross % of Exp./ Recog. Mgmt.
Institution State Date Ticker Assets Assets Assets Cov. Proc. Mid. Proc. ESOP Plans & Dirs.
- ----------- ----- ---- ------ ------ ------ ------ ---- ----- ---- ----- ---------------------
($Mil) (%) (%)(2) (%) ($Mil) (%) (%) (%) (%) (%)(3)
- ------------------------------------------------------------------------------------------------------------------------------------
Riverview Bancorp, Inc. WA* 10/01/97 RVSB $230 11.24% 0.14% 245% $35.7 132% 2.8% 8.0% 4.0% 2.9%
Bayonne Bancshares NJ 08/22/97 FSNJ 577 8.33% 0.81% 53% 48.7 132% 3.8% 8.0% 4.0% 10.0%
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%
Cumberland Mtn. Bncshrs. KY* 04/01/97 P.Sheet 92 5.14% 1.31% 19% 4.4 132% 8.0% 6.2% 4.0% 4.5%
Kenwood Bancorp OH* 07/01/96 P.Sheet 48 6.88% 0.00% NM 1.6 102% 22.2% 8.0% 4.0% 6.4%
Commonwealth Bancorp PA* 06/17/96 CMSB 2,054 6.71% 0.51% 109% 98.7 110% 1.9% 8.0% 4.0% 0.1%
Westwood Financial Corp. NJ 06/07/96 WWFC 85 7.05% 0.00% NM 3.9 99% 9.9% 0.0% 0.0% 2.5%
Jacksonville Bancorp TX 04/01/96 JXVL 198 10.47% 1.41% 36% 16.2 106% 4.4% 8.0% 4.0% 2.0%
North Central Bancshares IA 03/21/96 FFFD 180 16.47% 0.17% 562% 26 106% 3.5% 3.2% 0.0% 0.5%
Fidelity Financial of Ohio OH* 03/04/96 FFOH 227 13.23% 0.50% 69% 22.8 132% 3.2% 8.0% 4.0% 5.6%
First Colorado Bancorp CO* 01/02/96 FFBA 1,400 12.71% 0.31% 20% 134.1 105% 1.9% 10.0% 2.0% 2.0%
Charter Financial IL* 12/29/95 CBSB 293 12.17% 0.27% 281% 29.2 116% 3.4% 3.3% 0.0% 0.1%
American Nat'l Bancorp MD* 11/03/95 ANBK 426 6.80% 2.23% 67% 21.8 132% 3.3% 8.0% 4.0% 0.6%
First Defiance Fin. Corp. OH* 10/02/95 FDEF 476 15.27% 0.24% 135% 64.8 132% 2.3% 8.0% 4.0% 0.9%
Community Bank Shares IN* 04/10/95 CBIN 205 7.00% 0.33% 80% 10.1 132% 4.4% 8.0% 0.0% 17.9%
Fed One Bancorp WV* 01/19/95 FOBC 305 9.2% 0.32% 142% 16.1 85% 7.7% 7.0% 4.0% 0.9%
Home Financial Corp. FL* 10/25/94 HOFL 1,005 13.4% 0.91% 44% 175.6 112% 3.1% 8.0% 4.0% 0.6%
Jefferson Bancorp LA* 08/18/94 JEBC 257 6.3% 0.9% 25% 16.1 107% 3.9% 7.0% 3.0% 1.5%
Averages: $426 9.11% 0.59% 112% $38.7 106% 4.9% 6.6% 2.8% 3.3%
Medians: 257 9.83% 0.50% 69% $22.8 116% 3.8% 8.0% 4.0% 2.0%
- -------------------------------------------------------------------------------------------------------------
Institutional Information Pro Forma Data
----------------------------------------------------
Pricing Ratios(4) Fin. Characteristics
- ---------------------------------------------------------------------------------------------------------------
Conversion IPO
Institution State Date Ticker P/TB P/E(7) P/Core P/A ROA TE/A ROE Price
- ----------- ----- ---- ------ ---- ------ ------ --- --- ---- --- -----
(%) (x) (x) (%) (%) (%) (%) ($)
- ---------------------------------------------------------------------------------------------------------------------------
Riverview Bancorp, Inc. WA* 10/01/97 RVSB 109.0% 17.7 17.7 23.6% 1.3% 21.6% 6.2% $10.00
Bayonne Bancshares NJ 08/22/97 FSNJ 100.9% NM NM 14.6% -0.5% 14.4% -6.6% $10.00
Montgomery Fin. Corp. IN 07/01/97 MONT 89.1% 24.1 24.1 16.0% 0.7% 17.9% 3.7% 10.00
Cumberland Mtn. Bncshrs. KY* 04/01/97 P.Sheet 81.2% 13.8 13.8 7.1% 0.5% 8.8% 5.9% 10.00
Kenwood Bancorp OH* 07/01/96 P.Sheet 67.6% NM NM 6.0% 0.1% 8.8% 1.7% 10.00
Commonwealth Bancorp PA* 06/17/96 CMSB 109.3% 12.1 12.5 8.4% 0.7% 6.7% 10.4% 10.00
Westwood Financial Corp. NJ 06/07/96 WWFC 80.0% 10.1 10.1 7.3% 0.7% 9.2% 7.9% 10.00
Jacksonville Bancorp TX 04/01/96 JXVL 77.7% 14.9 14.9 12.6% 0.8% 16.2% 5.2% 10.00
North Central Bancshares IA 03/21/96 FFFD 74.2% 12.1 12.5 19.7% 1.6% 26.5% 6.1% 10.00
Fidelity Financial of Ohio OH* 03/04/96 FFOH 82.6% 18.1 18.1 16.6% 0.9% 20.0% 4.6% 10.00
First Colorado Bancorp CO* 01/02/96 FFBA 87.0% 12.7 13.4 13.2% 1.0% 15.2% 6.9% 10.00
Charter Financial IL* 12/29/95 CBSB 81.4% 12.3 12.3 15.5% 1.3% 19.1% 6.6% 10.00
American Nat'l Bancorp MD* 11/03/95 ANBK 83.9% 17.7 17.7 9.0% 0.5% 10.7% 4.7% 10.00
First Defiance Fin. Corp. OH* 10/02/95 FDEF 85.6% 18.2 18.2 20.6% 1.1% 24.1% 4.7% 10.00
Community Bank Shares IN* 04/10/95 CBIN 85.5% 10.3 9.0 9.3% 0.9% 10.9% 8.3% 10.00
Fed One Bancorp WV* 01/19/95 FOBC 67.9% 9.0 9.0 8.8% 1.0% 13.0% 7.6% 10.00
Home Financial Corp. FL* 10/25/94 HOFL 86.4% 10.6 12.4 21.3% 2.0% 24.6% 8.2% 10.00
Jefferson Bancorp LA* 08/18/94 JEBC 71.7% 10.2 10.2 7.9% 0.8% 11.1% 7.0% 10.00
Averages: 76.5% 13.2 13.3 12.2% 0.9% 14.3% 5.9% $8.95
Medians: 83.9% 12.7 13.4 13.2% 0.9% 15.2% 6.2% $10.00
- -------------------------------------------------------------------------------------------------------------------
Institutional Information Post-IPO Pricing Trends
Closing Price:
- -------------------------------------------------------------------------------------------------------------------
First After After
Conversion Trading % First % First %
Institution State Date Ticker Day Chg. Week(5) Chg. Month(6) Chg.
- ----------- ----- ---- ------ --- ---- ------- ---- -------- ----
($) (%) ($) (%) ($) (%)
- -------------------------------------------------------------------------------------------------------------------
Riverview Bancorp, Inc. WA* 10/01/97 RVSB $13.25 32.5% $13.63 36.2% $13.25 32.5%
Bayonne Bancshares NJ 08/22/97 FSNJ 11.75 17.5% 11.88 18.8% 12.38 23.8%
Montgomery Fin. Corp. IN 07/01/97 MONT 11.13 11.3% 11.25 12.5% 12.13 21.2%
Cumberland Mtn. Bncshrs. KY* 04/01/97 P.Sheet 11.88 18.8% 12.25 22.5% 12.63 26.3%
Kenwood Bancorp OH* 07/01/96 P.Sheet NT NA NT NA NT NA
Commonwealth Bancorp PA* 06/17/96 CMSB 10.50 5.0% 10.75 7.5% 10.00 0.0%
Westwood Financial Corp. NJ 06/07/96 WWFC 10.75 7.5% 10.38 3.8% 10.62 6.2%
Jacksonville Bancorp TX 04/01/96 JXVL 9.75 -2.5% 9.63 -3.8% 9.88 -1.2%
North Central Bancshares IA 03/21/96 FFFD 10.88 8.7% 10.69 6.9% 10.44 4.4%
Fidelity Financial of Ohio OH* 03/04/96 FFOH 10.50 5.0% 10.00 0.0% 10.13 1.3%
First Colorado Bancorp CO* 01/02/96 FFBA 11.44 14.4% 11.63 16.3% 12.00 20.0%
Charter Financial IL* 12/29/95 CBSB 10.81 8.1% 10.88 8.7% 11.38 13.8%
American Nat'l Bancorp MD* 11/03/95 ANBK 9.38 -6.3% 9.75 -2.5% 9.88 -1.2%
First Defiance Fin. Corp. OH* 10/02/95 FDEF 10.38 3.8% 10.31 3.1% 10.13 1.3%
Community Bank Shares IN* 04/10/95 CBIN 12.00 20.0% 12.75 27.5% 12.25 22.5%
Fed One Bancorp WV* 01/19/95 FOBC 11.00 10.0% 11.00 10.0% 11.62 16.2%
Home Financial Corp. FL* 10/25/94 HOFL 9.59 -4.1% 10.00 0.0% 10.31 3.1%
Jefferson Bancorp LA* 08/18/94 JEBC 13.00 30.0% 14.25 42.5% 14.25 42.5%
Averages: 10.44 8.8% $10.61 11.7% $10.74 12.9%
Medians: $10.94 8.4% $10.94 9.4% $11.50 15.0%
November 28, 1997
Note: "NT" - Not Traded; "NA" - Not Applicable, Not Available.
(1) Non-OTS regulated thrifts.
(2) As reported in summary pages of prospectus.
(3) As reported in prospectus.
(4) Does not take into account the adoption of SOP 93-6.
(5) Latest price if offering less than one week old.
(6) Latest price if offering more than one week but less than one month old.
(7) Price to core earnings if converted after 9/30/96 due to impact of SAIF
assessment.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.5
MHC INSTITUTIONS -- IMPLIED PRICING RATIOS FULL CONVERSION BASIS
Comparable Institution Analysts
As of December 5, 1997
Fully Converted
Implied Value Per Share (8)
---------------- ----------------
Implied Core Book Pricing Ratios (3)
Price/ Market 12-Mth Value/ ---------------------------------------------
Share(1) Val(8) EPS(2) Share P/E P/B P/A P/TB P/CORE
-------- ------- ------- ------- --------- -------- ------- ------- ----------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X)
SAIF-Insured Thrifts (7)
- -------------------------
Averages 23.92 183.12 1.12 15.17 19.32 158.46 19.36 163.19 20.17
Medians --- --- --- --- 19.24 152.11 17.91 153.92 19.90
All Non-MHC State of SC(7)
- --------------------------
Averages 32.87 148.78 1.31 17.49 19.91 219.96 27.27 219.96 21.64
Medians --- --- --- --- 19.91 211.80 28.09 211.80 21.64
Publicly - Traded MHC Institutions,
- -----------------------------------
Full Conversion Basis
- ---------------------
Averages 26.23 278.75 1.12 24.24 22.15 107.84 25.21 108.78 23.33
Medians --- --- --- --- 22.30 105.23 25.21 105.23 23.04
Publicly - Traded MHC Institutions,
- -----------------------------------
Full Conversions Basis
- ----------------------
CMSV Commty. Svgs. MHC of FL (48.5) 34.75 177.05 1.45 31.19 22.56 111.41 22.48 111.41 23.97
FFFL Fidelity FSB, MHC of FL (47.7) 29.87 202.61 1.20 26.13 22.29 114.31 17.82 114.66 24.89
SKBO First Carnegie, MHC of PA(45.0) 18.75 43.13 0.60 19.39 NM 96.70 25.74 96.70 NM
FFSX First FS&LS. MHC of IA (46.1) 31.87 90.29 1.60 28.88 19.55 110.35 18.10 110.81 19.92
GDVS Greater DV SB,MHC of PA (19.9) 30.00 98.16 1.31 29.52 22.90 101.63 31.02 101.63 22.90
HARS Harris SB, MHC of PA (24.3) 19.50 658.69 0.82 17.83 21.43 109.37 25.94 113.11 23.78
JXSB Jcksnville SB, MHC of IL (45.6) 26.25 33.39 1.18 25.91 22.25 101.31 18.56 101.31 22.25
LFED Leeds FSB, MHC of MD (36.3) 22.75 117.89 1.02 21.62 22.30 105.23 33.68 105.23 22.30
NWSB Northwest SB, MHC of PA (30.7) 15.25 712.98 0.69 13.42 22.10 113.64 28.23 115.71 22.10
PBHC OswegCity SB, MHC OF NY (46. ) 28.75 55.11 1.35 25.37 19.69 113.32 25.21 122.60 21.30
PBCT Peoples Bank, MHC of CT (40.1) 36.37 2223.15 1.50 30.18 18.09 120.51 25.04 120.55 24.25
PHSB Ppls Home SB, MHC of PA (45.0) 19.00 52.44 0.82 19.21 22.62 98.91 22.68 98.91 23.17
PULB Pulaski SB, MHC of MO (29.8) 30.00 62.82 1.45 29.34 24.39 102.25 28.80 102.25 20.69
PLSK Pulaski SB, MHC of NJ (46.0) 19.00 39.33 0.81 19.19 23.46 99.01 19.94 99.01 23.46
SBFL SB Fngr Lakes MHC of NY (33.1) 29.50 52.66 1.03 28.90 NM 102.08 20.39 102.08 28.64
WAYN Wayne S&L Co. MHC of OH (47.8) 33.00 74.42 1.21 25.43 26.19 129.77 26.23 129.77 27.27
WCFB Wbstr Cty FSB MHC of IA (45.2) 21.25 44.63 0.95 20.53 22.37 103.51 38.64 103.51 22.37
Dividends (4) Financial Characteristics (6)
------------------------------- ------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ---------------- ------------
Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
-------- -------- ---------- -------- --------- ------- ------- ------- ------- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts (7)
- -------------------------
Averages 0.37 1.58 30.15 1,198 13.01 0.77 0.89 8.08 0.88 7.82
Medians --- --- --- --- --- --- --- --- --- ---
All Non-MHC State of SC(7)
- --------------------------
Averages 0.60 1.89 40.07 684 16.51 0.79 1.05 11.07 1.00 10.31
Medians --- --- --- --- --- --- --- --- --- ---
Publicly - Traded MHC Institutions,
- -----------------------------------
Full Conversion Basis
- ---------------------
Averages 0.50 1.83 35.86 1,112 23.53 0.61 1.13 4.95 1.10 4.78
Medians --- --- --- --- --- --- --- --- --- ---
Publicly - Traded MHC Institutions,
- -----------------------------------
Full Conversions Basis
- ----------------------
CMSV Commty. Svgs. MHC of FL (48.5) 0.90 2.59 62.07 788 20.17 0.41 1.04 5.03 0.97 4.74
FFFL Fidelity FSB, MHC of FL (47.7) 0.90 3.01 NM 1,137 15,59 0.40 0.88 5.22 0.79 4.68
SKBO First Carnegie, MHC of PA(45.0) 0.30 1.60 50.00 168 26.62 NA 0.83 4.04 0.83 4.04
FFSX First FS&LS. MHC of IA (46.1) 0.48 1.51 30.00 499 16.40 0.22 0.92 5.77 0.90 5.67
GDVS Greater DV SB,MHC of PA (19.9) 0.36 1.20 27.48 316 30.52 1.82 1.39 4.49 1.39 4.49
HARS Harris SB, MHC of PA (24.3) 0.22 1.13 26.83 2,540 23.72 0.68 1.31 5.23 1.18 4.72
JXSB Jcksnville SB, MHC of IL (45.6) 0.40 1.52 33.90 180 18.32 0.79 0.88 4.61 0.88 4.61
LFED Leeds FSB, MHC of MD (36.3) 0.51 2.24 50.00 350 32.01 0.06 1.53 4.79 1.53 4.79
NWSB Northwest SB, MHC of PA (30.7) 0.16 1.05 23.19 2,526 24.84 0.77 1.33 5.21 1.33 5.21
PBHC OswegCity SB, MHC OF NY (46. ) 0.28 0.97 20.74 219 22.25 0.91 1.30 5.90 1.20 5.46
PBCT Peoples Bank, MHC of CT (40.1) 0.76 2.09 50.67 8,879 20.78 0.76 1.40 6.86 1.05 5.12
PHSB Ppls Home SB, MHC of PA (45.0) 0.00 0.00 0.00 231 22.93 0.45 0.98 4.88 0.96 4.76
PULB Pulaski SB, MHC of MO (29.8) 1.10 3.67 NM 218 28.16 0.64 1.19 4.23 1.40 4.99
PLSK Pulaski SB, MHC of NJ (46.0) 0.30 1.58 37.04 197 20.14 0.65 0.87 4.89 0.87 4.89
SBFL SB Fngr Lakes MHC of NY (33.1) 0.40 1.36 38.83 258 19.97 0.50 0.71 3.37 0.76 3.62
WAYN Wayne S&L Co. MHC of OH (47.8) 0.62 1.88 51.24 284 20.21 0.58 1.00 5.02 0.96 4.82
WCFB Wbstr Cty FSB MHC of IA (45.2) 0.80 3.76 NM 116 37.33 0.07 1.73 4.65 1.73 4.65
(1) Current stock price of minority stock. Average of High/Low or Bid/Ask price
per share.
(2) EPS (estimated core earnings) is based on reported trailing twelve month
data, adjusted to omit non-operating gains and losses (including the SAIF
assessment) on a tax effected basis. Public MHC data reflects additional
earnings from reinvestment of proceeds of second step conversion.
(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. Ratios are
pro forma assuming a second step conversion to full stock form.
(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 (earnings adjusted to reflect second step
conversion).
(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 and medians those companies the subject of actual or
rumored acquisition activities or unusual operating characteristics.
(8) Figures estimated by RP Financial to reflect a second step conversion of
the MHC to full stock form.
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
Calculation of Implied Per Share Data --
Incorporating MHC Second Step Conversion
Comparable Institution Analysis
For the Twelve Months Ended September 30, 1997
Current Ownership Current Per Share Data (MHC Ratios)
----------------------------- -------------------------------------------------
Total Public MHC Core Book Tangible
Shares Shares Shares EPS EPS Value Book Assets
-------- -------- -------- ------- ------ ------- ---------- --------
(000) (000) (000) ($) ($) ($) ($) ($)
Publicly-Traded MHC Institutions
- -------------------------------
CMSV Commty. Svgs, MHC of FL (48.5) 5,095 2,470 2,625 1.07 0.98 15.79 15.79 139.20
FFFL Fidelity FSB, MHC of FL (47.7) 6,783 3,224 3,559 0.93 0.79 12.65 12.57 154.16
FFSX First FS&LA, MHC of IA (46.1) 2,833 1,303 1,530 1.18 1.15 14.08 13.96 161.26
GDVS Greater DV SB, MHC of PA (19.9) 3,272 650 2,622 0.68 0.68 8.85 8.85 76.04
HARS Harris SB, MHC of PA (24.3) 33,779 8,169 25,610 0.52 0.43 5.12 4.53 62.47
JXSB Jcksnville SB, MHC of IL (45.6) 1,272 580 692 0.80 0.80 13.63 13.63 129.12
LFED Leeds FSB, MHC of MD (36.3) 5,182 1,883 3,299 0.64 0.64 9.16 9.16 55.08
NWSB Northwest SB, MHC of PA (30.7) 46,753 14,352 32,401 0.41 0.41 4.33 4.09 44.93
PBCT Peoples Bank, MHC of CT (40.1) 61,126 24,453 36,673 1.44 0.93 11.41 11.40 126.48
PBHC OswegoCity SB, MHC of NY (46.) 1,917 882 1,035 1.05 0.94 12.02 10.10 100.68
PHSB Ppls Home SB, MHC of PA (45.0) 2,760 1,242 1,518 0.56 0.54 10.22 10.22 74.79
PLSK Pulaski SB, MHC of NJ (46.0) 2,070 952 1,118 0.54 0.54 10.36 10.36 86.47
PULB Pulaski SB, MHC of MO (29.8) 2,094 624 1,470 0.68 0.90 11.23 11.23 86.07
SBFL SB Fngr Lakes MHC of NY (33.1) 1,785 590 1,195 0.44 0.51 11.92 11.92 127.71
SKBO First Carnegie, MHC of PA (45.0) 2,300 1,035 1,265 0.33 0.33 10.52 10.52 63.97
WAYN Wayne S&L Co. MHC of OH (47.8) 2,255 1,075 1,180 0.81 0.76 10.58 10.58 110.97
WCFB Wbstr Cty FSB of IA (45.2) 2,100 950 1,150 0.64 0.64 10.52 10.52 44.99
Impact of Second Step Conversion
----------------------------------------------------------------------
Share Gross Net Incr. Net Incr.
Price Procds(1) Capital(2) Income(3)
---------- -------------- -------------- --------------
($000) ($000) ($000) ($000)
Publicly-Traded MHC Institutions
- --------------------------------
CMSV Commty. Svgs, MHC of FL (48.5) 34.75 91,219 78,448 2,402
FFFL Fidelity FSB, MHC of FL (47.7) 29.87 106,307 91,424 2,799
FFSX First FS&LA, MHC of IA (46.1) 31.87 48,761 41,935 1,284
GDVS Greater DV SB, MHC of PA (19.9) 30.00 78,660 67,648 2,071
HARS Harris SB, MHC of PA (24.3) 19.50 499,395 429,480 13,151
JXSB Jcksnville SB, MHC of IL (45.6) 26.25 18,165 15,622 478
LFED Leeds FSB, MHC of MD (36.3) 22.75 75,052 64,545 1,976
NWSB Northwest SB, MHC of PA (30.7) 15.25 494,115 424,939 13,012
PBCT Peoples Bank, MHC of CT (40.1) 36.37 1,333,797 1,147,065 35,124
PBHC OswegoCity SB, MHC of NY (46.) 28.75 29,756 25,590 784
PHSB Ppls Home SB, MHC of PA (45.0) 19.00 28,842 24,804 760
PLSK Pulaski SB, MHC of NJ (46.0) 19.00 21,242 18,268 559
PULB Pulaski SB, MHC of MO (29.8) 30.00 44,100 37,926 1,161
SBFL SB Fngr Lakes MHC of NY (33.1) 29.50 35,253 30,317 928
SKBO First Carnegie, MHC of PA (45.0) 18.75 23,719 20,398 625
WAYN Wayne S&L Co. MHC of OH (47.8) 33.00 38,940 33,488 1,025
WCFB Wbstr Cty FSB of IA (45.2) 21.25 24,438 21,016 644
Pro Forma Per Share Data (Fully Converted)
----------------------------------------------------------
Core Book Tangible
EPS EPS Value Book Assets
-------- --------- ---------- ----------- ---------
($) ($) ($) ($) ($)
Publicly-Traded MHC Institutions
- --------------------------------
CMSV Commty. Svgs, MHC of FL (48.5) 1.54 1.45 31.19 31.19 154.60
FFFL Fidelity FSB, MHC of FL (47.7) 1.34 1.20 26.13 26.05 167.64
FFSX First FS&LA, MHC of IA (46.1) 1.63 1.60 28.88 28.76 176.06
GDVS Greater DV SB, MHC of PA (19.9) 1.31 1.31 29.52 29.52 96.71
HARS Harris SB, MHC of PA (24.3) 0.91 0.82 17.83 17.24 75.18
JXSB Jcksnville SB, MHC of IL (45.6) 1.18 1.18 25.91 25.91 141.40
LFED Leeds FSB, MHC of MD (36.3) 1.02 1.02 21.62 21.62 67.54
NWSB Northwest SB, MHC of PA (30.7) 0.69 0.69 13.42 13.18 54.02
PBCT Peoples Bank, MHC of CT (40.1) 2.01 1.50 30.18 30.17 145.25
PBHC OswegoCity SB, MHC of NY (46.) 1.46 1.35 25.37 23.45 114.03
PHSB Ppls Home SB, MHC of PA (45.0) 0.84 0.82 19.21 19.21 83.78
PLSK Pulaski SB, MHC of NJ (46.0) 0.81 0.81 19.19 19.19 95.30
PULB Pulaski SB, MHC of MO (29.8) 1.23 1.45 29.34 29.34 104.18
SBFL SB Fngr Lakes MHC of NY (33.1) 0.96 1.03 28.90 28.90 144.69
SKBO First Carnegie, MHC of PA (45.0) 0.60 0.60 19.39 19.39 72.84
WAYN Wayne S&L Co. MHC of OH (47.8) 1.26 1.21 25.43 25.43 125.82
WCFB Wbstr Cty FSB of IA (45.2) 0.95 0.95 20.53 20.53 55.00
(1) Gross proceeds calculated as stock price multiplied by the number of shares
owned by the mutual holding company (i.e., non-public shares).
(2) Net increased in capital reflects gross proceeds less offering expenses,
contra-equity account for leveraged ESOP and deferred compensation account
for restricted stock plan:
Offering expense percent 2.00
ESOP percent purchase 8.00
Recognition plan percent 4.00
(3) Net increase in earnings reflects after-tax reinvestment income (assumes
ESOP and recognition plan do not generate reinvestment income), less after-
tax ESOP amortization and recognition plan vesting:
After-tax reinvestment 4.29
ESOP loan term (years) 10
Recog. plan vesting (yrs) 5
Effective tax rate 34.00
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 4.20
conversion stock. Since the pro forma impact has not been publicly disseminated
to date, it is appropriate to discount the current trading level. As the pro
forma impact is made known publicly, the trading level will become more
informative.
Taking these factors and trends into account, RP Financial concluded that a
slight upward adjustment was appropriate in the valuation analysis for purposes
of marketing of the issue.
8. Management
----------
Perpetual's management team has experience and expertise in all of the key
areas of the Bank's operations. Exhibit IV-5 lists Perpetual's Board of
Directors and executive management with summary resumes. The Bank's operations
to date indicates that Perpetual's management team, in conjunction with the
Board, has developed and implemented an effective operating philosophy.
Perpetual has no apparent senior management or Board vacancies and there appears
to be a well-defined organizational structure.
Similarly, the financial results of the Peer Group companies indicate that
they have been effectively managed, as all of the Peer Group companies
maintained capital positions in compliance with regulatory requirements, solid
core earnings and favorable credit quality measures. We have therefore concluded
that, in general, Perpetual is currently being operated at least as effectively
as the Peer Group companies and no adjustment for this factor was necessary.
9. Effect of Government Regulation and Regulatory Reform
-----------------------------------------------------
The 1996 recapitalization of the SAIF insurance fund has removed the
difference in deposit insurance costs between BIF and SAIF-insured institutions.
As a fully-converted SAIF-insured institution, Perpetual 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:
RP Financial, LC.
Page 4.21
Table 4.6
Perpetual Bank, A Federal Savings Bank
Key Valuation Parameters
Key Valuation Parameters: Valuation Adjustment
------------------------ --------------------
Financial Condition No Adjustment
Profitability, Growth and Viability of Earnings Moderate Downward
Asset Growth Slight Upward
Primary Market Area Slight Upward
Dividends No Adjustment
Liquidity of the Shares No Adjustment
Marketing of the Issue Slight Upward
Management No Adjustment
Effect of Government Regulations and Regulatory Reform No Adjustment
Valuation Approaches
- --------------------
In applying the accepted valuation methodology promulgated by the OTS and
adopted by the FDIC, i.e., the pro forma market value approach, we considered
the three key pricing ratios in valuing Perpetual's to-be-issued stock -- the
price/earnings ("P/E"), price/book ("P/B"), and price/assets ("P/A") approaches
- -- all performed on a pro forma basis including the effects of the MHC's
interest to the public. In computing the pro forma impact of the conversion and
the related pricing ratios, we have incorporated the valuation parameters
disclosed in Perpetual's prospectus for offering expenses, and the effective tax
rate and stock benefit plan assumptions (summarized in Exhibits IV-7 and IV-8).
We have utilized the reinvestment rate set forth in the prospectus, the one year
T-Bill rate as of September 30, 1997 of 5.68 percent, after comparing this rate
to the rate derived from the OTS's suggested formula (6.33 percent). With
regard to the employee stock ownership plan and stock reward plans, we have
performed the valuation assuming the MRP acquires 4.0 percent of the offering.
In our estimate of value, we assessed the relationship of the pro forma pricing
ratios relative to the Peer Group and the recent conversions. In addition to
the three valuation methodologies specified by the OTS, RP Financial also
considered the recent prices for trades of the Bank's stock.
RP Financial's valuation placed emphasis on the following:
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 core profitability, the P/E approach was heavily
considered in this valuation. In applying this approach, we took into
account primarily estimated core earnings.
o P/B Approach. P/B ratios have generally served as a useful benchmark
------------
in the valuation of savings institution 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.,
RP Financial, LC.
Page 4.22
price/tangible book value or "P/TB"). 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 on a book value basis relative to
the market at least until there is partial realization of leveraging
strategies.
o P/A Approach. P/A ratios are generally a less reliable indicator of
------------
market value, as investors do not place exclusive weight simply on the
size of total assets as a determinant of market value. Furthermore,
this approach does not take into account the amount of stock purchases
funded by deposit withdrawals, thus understating the pro forma P/A
ratio. Investors place significantly greater weight on book value and
earnings -- which have received greater weight in our valuation
analysis. At the same time, the P/A ratio is an indicator of
franchise value and, in the case of a highly capitalized institution,
a high P/A ratio limits the investment community's willingness to pay
average market multiples for earnings and book value when ROE is low.
o Trading of PERT Stock. Converting institutions generally do not have
---------------------
stock outstanding. Perpetual, however, has public shares outstanding
due to the mutual holding company form of ownership. Because PERT
stock is currently traded in the markets, it is an indicator of
investor interest in the Bank's conversion stock and therefore
received some weight in our valuation. Based on the December 5, 1997
stock price of $54.75 per share and the 1,508,873 shares of Bank stock
issued and outstanding, the implied value of $82.611 million was
considered in the valuation process. However, since the conversion
stock will have different characteristics than the minority shares and
since pro forma information has not been publicly disseminated to
date, the current trading price of PERT stock was somewhat discounted
herein but will become more important towards the closing of the
offering.
The current minority ownership percentage is 46.98 percent. Pursuant to
federal policy as established subsequent to February 1, 1995, the minority
ownership interest is required to be adjusted pursuant to a two-step process to
reflect both waived dividends and assets held by the MHC. However, the MHC was
formed prior to this date, and thus dividends waived by the MHC are exempt from
this minority ownership interest adjustment. In addition, assets held at the MHC
consist of a de minimus amount of assets. Thus, there has been no adjustment to
the minority ownership interest percentage. Our calculations for the exchange
ratio and the size of the offering were based upon the existing ownership
percentage of approximately 46.98 percent.
The Bank has previously adopted Statement of Position ("SOP" 93-6), which
causes 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 continued to reflect all shares issued in the offering
including shares exchanged by the existing ESOP in the full conversion offering
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.
RP Financial, LC.
Page 4.23
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 $65,070,148 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 Perpetual's pro forma tangible book value.
Based on the $65,070,148 midpoint valuation, Perpetual's pro forma P/TB ratio
was 103.86 percent. In comparison to the average P/TB ratio for the Peer Group
of 144.10 percent, Perpetual's valuation reflected a discount of 27.9 percent.
RP Financial considered a discount under the P/TB approach to be reasonable in
light of the valuation adjustments discussed previously. Given the historically
high P/TB pricing for thrifts in today's market, a valuation discount under the
P/TB approach could only be expected and is consistent with the aftermarket
trading of new conversion issues.
Given the emphasis on limiting near term aftermarket trading in the revised
appraisal guidelines, RP Financial also considered the pro forma P/TB ratios of
recent conversions in its valuation analysis. It is these companies that
provide a proxy for aftermarket trading for new thrift issues. At the midpoint
value of $65,070,148, Perpetual's pro forma P/TB ratio of 103.86 percent
represented a discount of 22.4 percent from the 133.82 percent average P/TB
ratio of the recently converted thrifts (see Table 4.3). At the super maximum
of the valuation range, Perpetual's pro forma P/B ratio of 117.62 percent is
discounted by approximately 12.1 percent from the new conversions.
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 the reinvestment of net conversion
proceeds. Perpetual reported net income of $1,728,363 for fiscal 1997, which
included non-operating items such as gains on the sale of securities and losses
on the sale of loans and REO. In order to derive a core earnings base, we
excluded these items from the Bank's reported earnings. In addition, during
fiscal 1997 Perpetual enacted the "1996 MRP Plan", which was approved during
calendar year 1996. The Bank recorded compensation expense related to the 1996
MRP Plan in the amount of $79,000 during fiscal year 1997, however on a go-
forward basis expense related to this Plan is projected to total approximately
$208,000 annually. Therefore, we also adjusted Perpetual's earnings for this
"additional expense", estimated to total $129,000 on a pre-tax basis, which is
expected to be incurred in fiscal 1998 and future years. The Bank's
RP Financial, LC.
Page 4.24
valuation earnings base was thus estimated to total $1,820,000 as shown in
Table 4.7 (Note: the adjustments applied to the Peer Group's earnings in the
calculation of core earnings are shown in Exhibit IV-9).
Table 4.7
Perpetual Bank, A Federal Savings Bank
Derivation of Estimated Core Earnings
Amount
------
($000)
Pre-Tax Net Operating Income $2,654
Addback: Loss on Sale of Securities 308
Less: Gain on Sale of Loans/REO (33)
Less: Additional 1996 MRP Expense (129)
Adjusted Pre-Tax Income $2,800
Less: Tax Adjustment(1) (980)
----
Adjusted (Core) Income After Tax $1,820
(1) Tax rate equal to 35%.
Based on Perpetual's trailing twelve month core earnings, and incorporating
the impact of the pro forma assumptions previously discussed, the Bank's pro
forma core P/E multiple at the $65,070,148 midpoint value equaled 23.04 times.
Comparatively, the Peer Group posted an average core P/E multiple of 19.58
times, which indicates a premium of 17.7 percent in the Bank's pro forma
earnings multiple. In reaching the valuation conclusion, we also evaluated the
Bank's price/earnings multiple on the basis of projected earnings as reflected
in the business plan.
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, Perpetual's value equaled 22.51 percent of pro
forma assets. Comparatively, the Peer Group companies exhibited an average P/A
ratio of 26.76 percent, which implies a 15.9 percent discount being applied to
the Bank's pro forma P/A ratio.
Valuation Conclusion
- --------------------
Based on the foregoing, it is our opinion that, as of December 5, 1997, the
aggregate pro forma market value of the Bank, inclusive of the sale of the MHCs
ownership interest in the Subscription and Community Offerings was $65,070,148
at the midpoint. Based on this valuation and the approximate 53.02 percent
RP Financial, LC.
Page 4.25
ownership interest being sold in the Subscription and Community Offerings, the
midpoint value of the Holding Company's stock offering was $34,500,000 (i.e.
0.4698 x $65,070,148), equal to 1,725,000 shares offered at $20.00 per share.
Pursuant to the conversion guidelines, the 15 percent offering range includes a
minimum of $29,325,000 and a maximum of $39,675,000. Based on the $20.00 per
share offering price, this valuation range equates to an offering of 1,466,250
shares at the minimum to 1,983,750 shares at the maximum. The Holding Company's
offering also includes a provision for a super maximum, which would result in an
offering size of $45,626,250, equal to 2,281,312 shares at the $20.00 per share
offering price. The comparative pro forma valuation ratios relative to the Peer
Group are shown in Table 4.8, and the key valuation assumptions are detailed in
Exhibit IV-7. The pro forma calculations for the range are detailed in
Exhibit IV-8.
Establishment of Exchange Ratio
- -------------------------------
OTS regulations provide that in a conversion of a mutual holding company,
the minority stockholders are entitled to exchange their shares of the Bank's
common stock for common stock of the Company. The Board of Directors of the
Mutual Holding Company has independently established a formula to determine the
exchange ratio. The formula has been designed to preserve the current aggregate
percentage ownership in the Bank represented by the Public Shares, which is an
approximate 46.98 percent ownership interest. Pursuant to the formula, the
Exchange Ratio will be determined at the end of the Holding Company's stock
offering based on the total number of shares sold in the Subscription and
Community offerings. Based upon this formula, and the valuation conclusion and
offering range concluded above, the Exchange Ratio would be 1.83281 shares,
2.15625 shares, 2.47969 shares and 2.85164 shares of Holding Company stock
issued for each Public Share, at the minimum, midpoint, maximum and supermaximum
of the offering, respectively.
The Exchange Ratio formula and share exchange procedures were determined
independently by the Board of Directors. RP Financial expresses no opinion on
the proposed exchange of the Holding Company shares for the Public Shares or on
the proposed Exchange Ratio.
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Table 4.8
Public Market Pricing
Perpetual Bank, A FSB of SC and the Comparables
As of December 5, 1997
Market Per Share Data
Capitalization -------------- Pricing Ratios(3) Dividends(4)
-------------- Core Book ----------------------------------- -----------------------
Price/ Market 12-Mth Value/ Amount/ Payout
Share(1) Value EPS(2) Share P/E P/B P/A P/TB P/CORE Share Yield Ratio(5)
-------- ----- ------ ----- --- --- --- ---- ------ ----- ------ --------
($) ($Mil) ($) ($) (X) (%) (%) (%) (X) ($) (%) (%)
Perpetual Bank, A FSB of SC
- ---------------------------
Range Maximum 20.00 86.06 0.71 17.00 28.10 117.62 28.73 117.62 27.28 $0.49 2.45 68.98
Range Midpoint 20.00 74.83 0.77 18.05 25.93 110.79 25.46 110.79 25.13 0.56 2.82 73.20
Range Minimum 20.00 65.07 0.84 19.26 23.82 103.86 22.51 103.86 23.04 0.65 3.25 77.31
20.00 55.31 0.93 20.89 21.45 95.75 19.46 95.75 20.71 0.76 3.82 81.92
SAIF-Insured Thrifts(7)
- -----------------------
Averages 23.92 183.12 1.12 15.17 19.32 158.46 19.36 163.19 20.17 0.37 1.58 30.15
Medians --- --- --- --- 19.24 152.11 17.91 153.92 19.90 --- --- ---
All Non-MHC State of SC(7)
- --------------------------
Averages 32.87 148.78 1.31 17.49 19.91 219.96 27.27 219.96 21.64 0.60 1.89 40.07
Medians --- --- --- --- 19.91 211.80 28.09 211.80 21.64 --- --- ---
Comparable Group Averages
- -------------------------
Averages 22.67 44.93 1.12 15.78 19.07 144.10 26.76 144.10 19.58 0.54 2.39 47.73
Medians --- --- --- --- 18.30 137.87 25.50 137.87 19.16 --- --- ---
State of SC
- -----------
CFCP Coastal Fin. Corp. of SC 22.75 105.72 1.08 6.97 18.20 326.40 21.40 326.40 21.06 0.36 1.58 33.33
FFCH First Fin. Holdings Inc. of SC 48.00 305.66 2.16 16.45 21.62 291.79 17.84 291.79 22.22 0.84 1.75 38.89
FSFC First So.east Fin. Corp. of SC(7) 15.12 66.35 0.81 8.20 18.67 184.39 18.95 184.39 18.67 0.24 1.59 29.63
FSPT FirstSpartan Fin. Corp. of SC 37.87 167.76 1.25 29.17 NM 129.83 34.78 129.83 NM 0.60 1.58 48.00
PALM Palfed, Inc. of Aiken SC(7) 28.62 151.66 0.84 10.74 NM 266.48 22.69 266.48 NM 0.12 0.42 14.29
SCCB S. Carolina Comm. Bnshrs of SC 22.87 15.99 0.75 17.35 NM 131.82 35.04 131.82 NM 0.60 2.62 NM
Comparable Group
- ----------------
BFSB Bedford Bancshares of VA 29.00 33.12 1.38 17.18 20.86 168.80 23.80 168.80 21.01 0.56 1.93 40.58
CFTP Community Fed. Bancorp of MS 20.25 93.74 0.65 12.47 NM 162.39 43.41 162.39 NM 0.30 1.48 46.15
CFFC Community Fin. Corp. of VA 26.50 33.79 1.51 18.99 17.67 139.55 18.43 139.55 17.55 0.56 2.11 37.09
FFBS FFBS Bancorp of Columbus MS 22.50 35.37 1.16 14.34 19.40 156.90 26.21 156.90 19.40 0.50 2.22 43.10
SOPN First SB, SSB, Moore Co. of NC 23.25 85.72 1.32 18.43 17.61 126.15 29.03 126.15 17.61 0.88 3.78 66.67
KSAV KS Bancorp of Kenly NC 22.50 19.91 1.39 16.45 16.07 136.78 18.11 136.86 16.19 0.60 2.67 43.17
SCCB S. Carolina Comm. Bnshrs of SC 22.87 15.99 0.75 17.35 NM 131.82 35.04 131.82 NM 0.60 2.62 NM
SSM Stone Street Bancorp of NC 22.50 42.71 0.86 16.32 26.16 137.87 40.76 137.87 26.16 0.45 2.00 52.33
TSH Teche Holding Company of LA 20.50 70.48 1.07 15.81 18.30 129.66 17.44 129.66 19.16 0.50 2.44 46.73
FTF Texarkana Fst. Fin. Corp of AR 25.50 45.57 1.61 15.32 15.84 166.45 25.50 166.45 15.84 0.56 2.20 34.78
TWIN Twin City Bancorp of TN 14.00 17.81 0.60 10.88 19.72 128.68 16.65 128.68 23.33 0.40 2.86 66.67
Financial Characteristics(6)
-------------------------------------------------------
Reported Core MEMO: MEMO
Total Equity/ NPAs/ --------------- --------------- Exchange Conversion
Assets Assets Assets ROA ROE ROA ROE Ratio Proceeds
------- ------- ------- ------- ------- ------- ------- -------- -----------
($Mil) (%) (%) (%) (%) (%) (%) ($Mil)
Perpetual Bank, A FSB of SC
- ---------------------------
Range Maximum 300 24.42 0.35 1.02 4.19 1.05 4.31 2.8516 $45.63
Range Midpoint 294 22.98 0.36 0.98 4.27 1.01 4.41 2.4797 39.68
Range Minimum 289 21.68 0.36 0.95 4.36 0.98 4.51 2.1563 34.50
284 20.33 0.37 0.91 4.36 0.94 4.62 1.8328 29.33
SAIF-Insured Thrifts(7)
- -----------------------
Averages 1,198 13.01 0.77 0.89 8.08 0.88 7.82
Medians --- --- --- --- --- --- ---
All Non-MHC State of SC(7)
- --------------------------
Averages 684 16.51 0.79 1.05 11.07 1.00 10.31
Medians --- --- --- --- --- --- ---
Comparable Group Averages
- -------------------------
Averages 174 18.62 0.43 1.31 7.15 1.29 7.01
Medians --- --- --- --- --- --- ---
State of SC
- -----------
CFCP Coastal Fin. Corp. of SC 494 6.56 0.10 1.21 19.41 1.05 16.77
FFCH First Fin. Holdings Inc. of SC 1,713 6.12 1.49 0.87 14.24 0.85 13.86
FSFC First So.east Fin. Corp. of SC(7) 350 10.28 0.24 1.05 10.32 1.05 10.32
FSPT FirstSpartan Fin. Corp. of SC 482 26.79 0.69 0.96 6.28 0.96 6.28
PALM Palfed, Inc. of Aiken SC(7) 669 8.51 2.04 0.39 4.82 0.67 8.26
SCCB S. Carolina Comm. Bnshrs of SC 46 26.59 0.87 1.15 4.34 1.15 4.34
Comparable Group
- ----------------
BFSB Bedford Bancshares of VA 139 14.10 0.52 1.20 8.41 1.19 8.35
CFTP Community Fed. Bancorp of MS 216 26.73 0.50 1.47 4.77 1.45 4.70
CFFC Community Fin. Corp. of VA 183 13.21 0.56 1.12 8.18 1.13 8.23
FFBS FFBS Bancorp of Columbus MS 135 16.70 0.58 1.41 7.48 1.41 7.48
SOPN First SB, SSB, Moore Co. of NC 295 23.01 0.29 1.75 7.26 1.75 7.26
KSAV KS Bancorp of Kenly NC 110 13.24 0.53 1.21 8.81 1.20 8.74
SCCB S. Carolina Comm. Bnshrs of SC 46 26.59 0.87 1.15 4.34 1.15 4.34
SSM Stone Street Bancorp of NC 105 29.57 0.23 1.54 4.69 1.54 4.69
TSH Teche Holding Company of LA 404 13.45 0.28 0.98 7.29 0.93 6.97
FTF Texarkana Fst. Fin. Corp of AR 179 15.32 0.23 1.70 10.74 1.70 10.74
TWIN Twin City Bancorp of TN 107 12.94 0.16 0.85 6.65 0.72 5.62
(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.
Copyright (c) 1997 by RP Financial, LC.
RP Financial, LC.
Page 4.27
Table 4.9
Perpetual Bank, A Federal Savings Bank
Calculation of Exchange Ratios
Shares Price/ Exchange Implied
Offered Share Shares(1) Exch. Ratio(2)
------- ----- --------- --------------
($000)
Minimum 1,466,250 $20.00 1,299,231 1.83281
Midpoint 1,725,000 20.00 1,528,507 2.15625
Maximum 1,983,750 20.00 1,757,783 2.47969
Super Maximum 2,281,312 20.00 2,021,451 2.85164
(1) Calculated to preserve the Public Shares percentage ownership in the
Holding Company at approximately 46.98 percent.
(2) Calculated as pro forma exchange shares divided by 708,873 existing
Public Shares outstanding.
RP Financial, LC.
LIST OF EXHIBITS
Exhibit
Number Description
- ------- -----------
I-1 Map of Office Locations
I-2 Perpetual'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 NPV Analysis
I-8 Fixed Rate and Adjustable Rate Loans
I-9 Loan Portfolio Composition
I-10 Loan Originations, Purchases, and Sales
I-11 Contractual Maturity By Loan Type
I-12 Non-Performing Assets
I-13 Classified Assets
I-14 Deposit Composition
I-15 Deposit Rate/Maturity Data
II-1 List of Office Locations
II-2 Historical Interest Rates
II-3 Demographic/Economic Reports
II-4 Sources of Personal Income/Employment Sectors
III-1 General Characteristics of Publicly-Traded
Institutions
III-2 South Carolina Savings Institutions
III-3 Selected Southeast Savings Institutions
RP Financial, LC.
LIST OF EXHIBITS(continued)
IV-1 Stock Prices: December 5, 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
EXHIBITS
EXHIBIT I-1
Perpetual Bank, A Federal Savings Bank
Map of Office Locations
[MAP OF SOUTH CAROLINA APPEARS HERE]
EXHIBIT I-2
Perpetual Bank, A Federal Savings Bank
Audited Financial Statements
[Incorporated by Reference]
EXHIBIT I-3
Perpetual Bank, A Federal Savings Band
Key Operating Ratios
KEY OPERATING RATIOS:
At or For the
Year Ended September 30,
--------------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
Performance Ratios:
Return on average assets (net income divided by
average assets) ................................................. 0.72% 0.75% 0.92% 1.20%(4) 1.03%
Return on average equity (net income divided by
average equity) ................................................. 5.78 7.40 11.88 13.84(4) 13.36
Average equity to average assets ................................. 12.54 10.16 7.77 8.61 7.75
Interest rate spread (difference between yield
on interest-earning assets and average cost of
interest-bearing liabilities for the period)(5) ................. 3.57 3.85 3.61 3.54 3.26
Net interest margin (net interest income as a
percentage of average interest-earning assets
for the period)(5) .............................................. 3.96 4.16 2.90 3.86 3.59
Dividend payout ratio(3) ......................................... 117.39 126.32 82.68 46.91 N/A
Non-interest expense to average assets ........................... 3.20 3.72 2.74 2.74 2.63
Average interest-earning assets to average
interest-bearing liabilities .................................... 109.36 107.69 86.56 109.36 108.66
Asset Quality Ratios:
Allowance for loan losses to total loans
at end of period ................................................ 1.04 1.08 1.08 0.92 0.91
Net charge-offs to average outstanding loans
during the period ............................................... 0.18 0.07 0.04 0.04 0.06
Ratio of non-performing assets to total assets ................... 0.20 0.38 0.33 0.73 0.82
Capital Ratios:
Average equity to average assets ................................. 12.54 10.16 7.77 8.61 7.75
- ---------------------
(1) Represents a 20.625% equity investment in a limited partnership that
invests in mortgage servicing rights. See "BUSINESS OF THE SAVINGS
BANK -- Lending Activities -- Loan Purchases and, Sales and Servicing"
and Note 3 of Notes to Consolidated Financial Statements.
(2) The Savings Bank was not a public company before fiscal 1994.
(3) Takes into account dividends waived by the MHC. All dividends to the MHC
have been waived since the first quarter of fiscal 1994. See Note 18 of
Notes to Consolidated Financial Statements. The dividend payout ratio
based only on dividends actually paid to Public Stockholders was 55.19%,
22.40%, 6.53% and 3.71% for the years ended September 30, 1997, 1996,
1995 and 1994, respectively.
(4) Excludes the effect of the one-time change in method of accounting for
income taxes in fiscal 1994. Return on assets and return on average
equity were 1.40% and 16.16%, respectively.
(5) Excludes income on mutual funds totalling approximately $1.7 million in
fiscal 1995, which was reported as gains on sale and included in other
income.
EXHIBIT I-4
Perpetual Bank, A Federal Savings Bank
Investment Portfolio Composition
At September 30,
------------------------------------------------------------------------------
1997 1996 1995
----------------------- ---------------------- ----------------------
Amortized Percent of Amortized Percent of Amortized Percent of
Cost(1) Portfolio Cost(1) Portfolio Cost(1) Portfolio
------- --------- ------- --------- ------- ---------
(Dollars in Thousands)
U.S. agency securities ...... $10,191 22% $ -- --% $ -- --%
Certificates of deposit...... -- -- 100 -- -- --
U.S. Treasury securities..... 998 2 2,395 5 798 2
Mortgage-backed securities
and CMOs.................... 35,714 76 44,362 95 47,269 98
Total........................ ------- --- ------- --- ------- ---
$46,903 100% $46,857 100% $48,067 100%
======= === ======= === ======= ===
- ---------------
(1) The market value of the Savings Bank's investment portfolio amounted
to $47.2 million, $45.6 million and $47.1 million at September 30,
1997, 1996, and 1995, respectively.
The following table sets forth the maturities and weighted average
yields of the debt securities in the Savings Bank's investment securities
portfolio at September 30, 1997.
Less Than One to Five to Over Ten
One Year Five Years Ten Years Years
------------- -------------- -------------- --------------
Amount Yield Amount Yield Amount Yield Amount Yield
------ ----- ------ ----- ------ ----- ------ -----
(Dollars in Thousands)
U.S. agency securities....... $ -- --% $4,003 6.26% $ -- --% $ 6,188 8.10%
U.S Treasury securities...... 998 5.64 -- -- -- -- -- --
Mortgage-backed securities
and CMOs.................... 395 6.65 1,455 7.56 11,666 7.55 22,198 7.08
------ ------ ------- -------
Total........................ $1,393 5.93 $5,458 6.61 $11,666 7.55 $28,386 7.30
====== ====== ======= =======
The following table sets forth certain information with respect to
each security (other than U.S. Government and agency securities) which had an
aggregate amortized cost in excess of 10% of the Savings Bank's stockholders'
equity at the dates indicated.
At September 30,
------------------------------------------------------------------------------
1997 1996 1995
----------------------- ----------------------- -----------------------
Carrying Market Carrying Market Carrying Market
Value Value Value Value Value Value
----- ----- ----- ----- ----- -----
(In thousands)
RTC mortgage-backed
securities.................. $ 889 $ 888 $ 1,447 $ 1,414 $ 1,479 $ 1,430
CMOs......................... 21,138 21,211 34,836 33,804 36,743 35,900
------- ------- ------- ------- ------- -------
Total....................... $22,027 $22,099 $36,283 $35,218 $38,222 $37,330
======= ======= ======= ======= ======= =======
EXHIBIT I-5
Perpetual Bank, A Federal Savings Bank
Yields and Costs
Years Ended September 30,
------------------------------------------------------------------------------------
1997 1996 1995
-------------------------- -------------------------- --------------------------
Interest Interest Interest
Average and Yield/ Average and Yield/ Average and Yield/
Balance Dividends Cost Balance Dividends Cost Balance Dividends Cost
------- --------- ----- ------- --------- ----- ------- --------- -----
(Dollars in Thousands)
Interest-earning assets(1):
Mortgage loans....................... $118,030 $9,790 8.29% $91,535 $7,984 8.72% $88,153 $7,292 8.28%
Commercial real estate loans......... 23,098 2,102 9.10 14,045 1,338 9.52 5,583 524 9.39
Commercial other..................... 6,114 592 9.68 4,468 395 8.84 2,061 219 10.63
Consumer loans....................... 17,755 1,922 10.82 18,563 1,793 9.66 16,697 1,794 10.74
-------- ------- -------- ------- -------- -------
Total loans......................... 164,997 14,406 8.73 128,611 11,510 8.95 112,494 9,829 8.74
-------- -------
Mortgage-backed securities and CMOs... 48,638 3,303 6.79 44,793 3,072 6.86 48,263 3,418 7.08
Investment securities................. 5,271 339 6.43 896 65 7.25 246 9 3.66
Interest-bearing deposits............. 4,485 251 5.60 4,593 193 4.20 1,682 127 7.55
Other earning assets.................. 1,311 97 7.40 1,102 81 7.35 2,205 160 7.26
-------- ------- -------- ------- -------- -------
Total interest-earning assets....... 224,702 18,396 8.19 179,995 14,921 8.29 164,890 13,543 8.21
Non-interest-earning assets:
Mutual funds(3)...................... -- -- 33,578
Office properties and equipment, net. 5,645 4,048 3,887
Real estate, net..................... 56 20 382
Other non-interest-earning assets.... 8,072 5,339 4,801
-------- -------- --------
Total assets........................ $238,475 $189,402 $207,538
======== ======== ========
Interest-bearing liabilities:
Savings.............................. 22,923 590 2.57 23,482 622 2.65 26,885 743 2.76
Negotiable order of withdrawal
("NOW") accounts..................... 35,196 548 1.56 28,412 468 1.65 20,923 362 1.73
Certificates of deposit.............. 123,407 6,980 5.56 102,721 5,679 5.53 99,653 4,904 4.92
-------- ------- -------- ------- -------- -------
Total deposits...................... 181,526 8,118 4.47 154,615 6,769 4.38 147,461 6,009 4.07
Other interest-bearing liabilities... 23,951 1,378 5.75 12,531 656 5.24 43,036 2,752 6.39
-------- ------- -------- ------- -------- -------
Total interest-bearing liabilities.. 205,477 9,496 4.62 167,146 7,425 4.44 190,497 8,761 4.60
(table continued on next page)
Years Ended September 30
-----------------------------------------------------------------------------------------
1997 1996 1995
---------------------------- ---------------------------- -----------------------------
Interest Interest Interest
Average and Yield/ Average and Yield/ Average and Yield/
Balance Dividends Cost Balance Dividends Cost Balance Dividends Cost
---------------------------- ---------------------------- -----------------------------
Non-interest-bearing liabilities:
Non-interest-bearing deposits......... 397 1,186 909
Other liabilities..................... 2,693 1,827 --
--------- --------- ---------
Total liabilities................... 3,090 170,159 191,406
Stockholders' equity................... 29,908 19,243 16,132
--------- --------- ---------
Total liabilities and stockholders'
equity............................. $238,475 $189,402 $207,538
========= ========= =========
Net interest income.................... $8,900 $7,496 $4,782
====== ====== ======
Interest rate spread................... 3.57% 3.85% 3.61%
==== ==== ====
Net interest margin.................... 3.96% 4.16% 2.90%
==== ==== ====
Ratio of average interest-earning
assets to average interest-bearing
liabilities.......................... 109.36% 107.69% 86.56%
====== ====== =====
---------------
(1) Excludes interest on loans 90 days or more past due.
(2) Represents mutual funds which do not pay interest or dividends.
EXHIBIT I-6
Perpetual Bank, A Federal Savings Bank
Loan Loss Allowance Activity
Years Ended September 30,
----------------------------------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
(Dollars in Thousands)
Allowance at beginning of period ............ $l,535 $1,278 $ 962 $ 884 $ 624
------ ------ ------ ------ ------
Provision for loan losses ................... 655 349 362 120 364
Transfers to real estate owned
valuation allowance ........................ -- -- -- -- 50
Recoveries:
Residential mortgage ........................ 4 6 -- -- --
Consumer .................................... 24 17 6 6 7
Total recoveries ........................... 28 23 6 6 7
------ ------ ------ ------ ------
Charge-offs:
Residential mortgage ....................... 4 18 -- 13 4
Consumer ................................... 100 97 52 35 57
Commercial ................................. 228 -- -- -- --
------ ------ ------ ------ ------
Total charge-offs ......................... 332 115 52 48 61
------ ------ ------ ------ ------
Net charge-offs ........................... 304 92 46 42 54
------ ------ ------ ------ ------
Allowance at end of period .................. $1,886 $1,535 $1,278 $ 962 $ 884
====== ====== ====== ====== ======
Ratio of allowance to total loans
outstanding at the end of the period ....... 1.04% 1.08% 1.08% 0.92% 0.91%
Ratio of net charge-offs to average
loans outstanding during the period ........ 0.18% 0.07% 0.04% 0.84% 0.06%
EXHIBIT I-7
Perpetual Bank, A Federal Savings Bank
NPV Analysis
Basis NPV as Percent of
Point ("bp") Net Portfolio Value Present Value of Assets
Change ------------------------------------------- -------------------------
In Rates Amount $ Change % Change NPV Ratio Change
- -------- ------ -------- -------- --------- ------
400 bp 24,217 $(14,457) (37)% 9.84% (479)bp
300 bp 28,092 (10,581) (27) 11.19 (343)
200 bp 31,972 (6,702) (17) 12.50 (213)
100 bp 35,469 (3,204) (8) 13.63 (100)
0 bp 38,673 14.62
(100 bp) 41,265 2,591 7 15.39 77
(200 bp) 43,761 5,087 13 16.10 148
(300 bp) 46,961 8,287 21 17.01 239
(400 bp) 51,467 12,793 33 18.26 364
EXHIBIT I-8
Perpetual Bank, A Federal Savings Bank
Fixed Rate and Adjustable Rate Loans
The following table sets forth the dollar amount of all loans due after
September 30, 1998, which have fixed interest rates and have floating or
adjustable interest rates.
Fixed Floating or
Rates Adjustable Rates
----- ----------------
(In Thousands)
Residential mortgage(1)........... $48,357 $34,760
Commercial real estate............ 12,101 1,466
Commercial business............... 1,220 814
Construction...................... 447 --
Automobile........................ 3,337 --
Savings account loans............. 256 --
Other............................. 748 2,021
------- -------
Total.......................... $66,466 $39,061
======= =======
EXHIBIT I-9
Perpetual Bank, A Federal Savings Bank
Loan Portfolio Composition
At September 30,
---------------------------------------------------------------------
1997 1996 1995
------------------- ------------------- -------------------
Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ -------
(Dollars in Thousands)
Mortgage loans:
One- to four-family (1).............................. $118,279 66.16% $ 91,186 64.78% $ 81,226 69.70%
Multi-family......................................... 1,245 0.70 1,010 0.72 630 0.54
Commercial real estate............................... 26,976 15.09 17,009 12.08 7,355 6.31
Construction......................................... 17,145 9.59 19,509 13.86 11,523 9.89
-------- ------ -------- ------ -------- ------
Total mortgage loans............................. 163,645 91.54 128,714 91.44 100,734 86.44
-------- ------ -------- ------ -------- ------
Commercial business loans............................ 7,182 4.02 5,529 3.93 3,657 3.13
Consumer loans:
Home equity and second mortgage..................... 3,405 1.90 5,036 3.58 7,535 6.47
Lines of credit..................................... 9,156 5.12 6,713 4.77 6,279 5.39
Automobile loans.................................... 3,540 1.98 2,677 1.90 1,438 1.23
Other............................................... 3,072 1.72 2,490 1.77 2,293 1.97
-------- ------ -------- ------ -------- ------
Total consumer loans............................. 19,173 10.72 16,916 12.02 17,545 15.06
-------- ------ -------- ------ -------- ------
Total loans...................................... 190,000 106.28 151,159 107.39 121,936 104.63
Less:
Undisbursed proceeds for loans in process............ 8,985 (5.03) 8,866 (6.30) 4,119 (3.53)
Unearned discounts................................... 357 -- -- -- -- --
Allowance for loan losses............................ 1,886 (1.05) 1,535 (1.09) 1,278 (1.10)
-------- ------ -------- ------ -------- ------
Net loans receivable............................. $178,722 100.00% $140,758 100.00% $116,539 100.00%
======== ====== ======== ====== ======== ======
At September 30,
--------------------------------------------
1994 1993
------------------- -------------------
Amount Percent Amount Percent
------ ------- ------ -------
(Dollars in Thousands)
Mortgage loans:
One- to four-family (1).............................. $ 77,624 74.03% $ 68,461 70.58%
Multi-family......................................... -- -- -- --
Commercial real estate............................... 5,158 4.92 2,584 2.66
Construction......................................... 7,159 6.83 5,112 5.27
-------- ------ -------- ------
Total mortgage loans............................. 89,941 85.78 76,157 78.51
-------- ------ -------- ------
Commercial business loans............................ 1,222 1.17 222 0.23
Consumer loans:
Home equity and second mortgage..................... 10,071 9.60 14,956 15.42
Lines of credit..................................... 6,045 5.77 5,915 6.10
Automobile loans.................................... 735 0.70 942 0.97
Other............................................... 1,837 1.75 2,168 2.23
-------- ------ -------- ------
Total consumer loans............................. 18,688 17.82 23,981 24.72
-------- ------ -------- ------
Total loans...................................... 109,851 104.77 100,360 103.46
Less:
Undisbursed proceeds for loans in process............ 4,037 (3.85) 2,471 (2.55)
Unearned discounts................................... -- -- -- --
Allowance for loan losses............................ 962 (0.92) 884 (0.91)
-------- ------ -------- ------
Net loans receivable............................. $104,852 100.00% $ 97,005 100.00%
======== ====== ======== ======
-----------
(1) Includes construction loans converted to permanent loans and
participation loans.
EXHIBIT I-10
Perpetual Bank, A Federal Savings Bank
Loan Originations, Purchases, and Sales
Years Ended September 30,
---------------------------------------
1997 1996 1995
---- ---- ----
(Dollars in Thousands)
Total loans at beginning of
period ........................... $ 151,159 $ 121,936 $ 109,851
--------- --------- ---------
Loans originated:
One- to four-family .............. 18,783 30,065 16,167
Multi-family ..................... 240 1,312 526
Commercial real estate ........... 11,912 7,113 5,804
Construction loans ............... 10,934 12,816 12,169
Commercial business .............. 10,731 6,302 4,735
Consumer ......................... 24,739 10,696 14,984
--------- --------- ---------
Total loans originated ......... $ 77,339 $ 68,304 54,385
--------- --------- ---------
Loans purchased:
One- to four-family .............. 23,581 18,242 6,543
Commercial real estate(l) ........ 3,146 -- 813
--------- --------- ---------
Total loans purchased .......... 26,727 18,242 7,356
--------- --------- ---------
Loans sold:
Total whole loans sold ........... (5,747) (9,556) (9,614)
--------- --------- ---------
Total loans sold .............. (5,747) (9,556) (9,614)
Mortgage loan principal
repayments ....................... (59,478) (47,767) (40,042)
Net loan activity ................. 38,841 29,223 12,085
--------- --------- ---------
Total loans at end of period ...... $ 190,000 $ 151,159 $ 121,936
========= ========= =========
- -------------
(1) In 1997, includes a $2.3 million purchased loan secured by single-family
lots located in Greenville, South Carolina.
EXHIBIT I-11
Perpetual Bank, A Federal 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 Beyond 10 Years Total
-------- --------------- --------------- ---------------- --------------- -----
Residential mortgage(1)..... $ 27,466 $ 35,284 $ 20,606 $ 18,913 $ 8,314 $110,583
Commercial real estate...... 13,365 7,884 5,024 568 91 26,932
Commercial business......... 5,148 1,174 732 128 - 7,182
Construction................ 16,698 447 - - - 17,145
Automobile.................. 203 1,350 1,939 48 - 3,540
Savings account loans....... 1,089 144 88 12 12 1,345
Other....................... 11,519 2,083 12 674 - 14,288
-------- -------- -------- -------- -------- --------
Total loans.............. $ 75,488 $ 48,366 $ 28,401 $ 20,343 $ 8,417 $181,015
========= ========= ========= ========= ========= =========
- ----------------------
(1) Includes one- to four-family and multi-family loans.
EXHIBIT I-12
Perpetual Bank, A Federal Savings Bank
Non-Performing Assets
At September 30,
------------------------------------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
(Dollars in Thousands)
Loans accounted for on a non-accrual basis:
Mortgage .................................. $ 220 $ 190 $ 348 $ 435 $ --
Consumer .................................. -- -- 124 163 448
Commercial ................................ 183 126 -- -- --
------ ------ ------ ------ ------
403 316 472 598 448
------ ------ ------ ------ ------
Accruing loans which are contractually
past due 90 days or more:
Real estate:
Residential ............................... 6 467 82 60 826
Consumer .................................. 8 2 9 17 17
Commercial ................................ 465 10 -- -- --
------ ------ ------ ------ ------
479 479 91 77 843
------ ------ ------ ------ ------
Total of non-accrual and
past due 90 days or more ................. 882 795 563 675 1,291
------ ------ ------ ------ ------
Real estate owned, net .................... 163 3 32 575 87
------ ------ ------ ------ ------
Total non-performing assets ............... $1,045 $ 798 $ 595 $1,250 $1,378
====== ====== ====== ====== ======
Total loans delinquent 90 days
or more to net loans ..................... 0.49% 0.56% 0.48% 0.64% 1.33%
Total loans delinquent 90 days
or more to total assets .................. 0.34% 0.38% 0.32% 0.39% 0.77%
Total non-performing assets to
total assets ............................. 0.41% 0.38% 0.33% 0.73% 0.82%
EXHIBIT I-13
Perpetual Bank, A Federal Savings Bank
Classified Assets
At or For the Years
Ended September 30,
-------------------------------
1997 1996 1995
---- ---- ----
(In Thousands)
Loss .............................. $ 140 $ 125 $ 86
Doubtful .......................... 8 32 --
Substandard assets ................ 1,227 598 575
Special mention ................... 58 -- --
----- ----- -----
$1,433 $ 755 $ 661
====== ====== ======
General loss allowances ........... 1,746 1,410 1,192
Specific loss allowances .......... 140 125 86
Net charge-offs ................... 304 92 46
EXHIBIT I-14
Perpetual Bank, A Federal Savings Bank
Deposit Composition
Percentage
Interest Minimum of Total
Rate Term Category Amount Balance Deposits
- ---- ---- -------- ------ ------- --------
2.28% None NOW accounts $ 100 $ 25,996 12.93%
-- None Non-interest-bearing accounts 100 11,812 5.88
2.67 None Savings accounts 100 24,360 12.12
Certificates of Deposit
-----------------------
5.71 Within 6 months Fixed-term, fixed-rate 1,000 75,002 37.31
5.89 7 - 12 months Fixed-term, fixed-rate 1,000 40,649 20.22
6.00 13 - 36 months Fixed-term, fixed-rate 1,000 22,347 11.12
6.06 37 - 120 months Fixed-term, fixed-rate 1,000 836 0.42
------- -----
$201,002 100.00%
======== ======
The following table indicates the amount of jumbo certificates of
deposit by time remaining until maturity at September 30, 1997. Jumbo
certificates of deposit require minimum deposits of $100,000 and have negotiable
interest rates.
Certificates
Maturity Period of Deposits
- --------------- -----------
(In Thousands)
Three months or less................. $ 4,677
Over three through six months........ 5,721
Over six through twelve months....... 5,061
Over twelve months................... 3,081
-------
Total............................. $18,540
=======
EXHIBIT I-15
Perpetual Bank, A Federal Savings Bank
Deposit Rate/Maturity Data
At September 30,
---------------------------
1997 1996 1995
---- ---- ----
(In Thousands)
Below 3.00%............ $ 194 $ -- $ 503
3.00 - 5.00%........... 2,012 4,119 18,623
5.01 - 7.00%........... 136,400 99,182 81,903
7.01 - 9.00%........... 228 582 685
------- ------- -------
Total............... $138,834 $103,883 $101,714
======== ======== ========
Amount Due
-----------------------------------------------------------------
Percent
One to Over Two Over Three Over Five of Total
Less Than Two to Three to Five to Ten Certificate
One Year Years Years Years Years Total Accounts
-------- ----- ----- ----- ----- ----- --------
(Dollars in Thousands)
2.50 - 5.00% ............ $ 2,206 $ -- $ -- $ -- $ -- $ 2,206 1.58%
5.01 - 7.00% ............ 113,445 17,017 5,330 506 102 136,400 98.26
7.01 - 9.00% ............ -- -- -- 159 69 228 0.16
-------- ------- ------ ---- ---- -------- ------
Total ................... $115,651 $17,017 $5,330 $665 $171 $138,834 100.00%
======== ======= ====== ==== ==== ======== ======
EXHIBIT II-1
Perpetual Bank, A Federal Savings Bank
List of Office Locations
Lease
Year Owned or Square Expiration
Location Opened Leased Footage Date
- -------- ------ ------ ------- ----
Main Office:
907 N. Main Street 1979 Owned 50,000 --
Anderson, South Carolina
Branch Offices:
104 Whitehall Road 1975 Building owned 2,000 December 31, 2004, with
Anderson, South Carolina Land leased two renewal options for ten
years each
2821 South Main Street 1976 Building owned 2,500 April 30, 2000, with five
Anderson, South Carolina Land leased renewal options for five years
each
Windsor Place Winn Dixie(1) 1993 Leased 450 March 1, 1998, with two
SC Highway 81 renewal options for five
Anderson, South Carolina years each
Northtowne 1994 Owned 2,800 --
3898 Liberty Highway
Anderson, South Carolina
1007 By-Pass 123 1996 Owned 2,900 --
Seneca, South Carolina
- ------------------
(1) In October 1997, this branch office was closed in conjunction with the
opening of a new 2,700 square foot branch office on SC Highway 81,
Anderson, South Carolina in the Perpetual Square complex. The Savings Bank
owns the building and real estate of this new branch office. See "--
Subsidiary Activities" for additional information regarding Perpetual
Square.
Exhibit II-2
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%
Quarter 3 8.50% 5.10% 5.44% 6.40%
December 5, 1997 8.50% 5.31% 5.58% 6.08%
(1) End of period data.
Source: SNL Securities.
EXHIBIT II-3
Perpetual Bank, A Federal Savings Bank
Demographic/Economic Reports
--------------------------------------
STATE DEMOGRAPHIC REPORT
--------------------------------------
State 00
State Name UNITED STATES
Population
- ----------
1980 226,542,204
1990 248,709,873
1997 267,805,150
2002 281,208,787
Population Growth Rate 1
Households
- ----------
1990 91,947,410
1997 99,019,931
2002 104,000,643
Household Growth Rate 1
Average Household Size 2.64
Families
- --------
1990 64,517,947
1997 68,999,546
Family Growth Rate 0.9
Race 1990 1997
- ---- ---- ----
% White 80.3 78.4
% Black 12.1 12.4
% Asian
/Pacific Isl. 2.9 3.7
% Hispanic* 9 10.8
1997 Age Distribution
- ---------------------
0-4 7.2
5-9 7.4
10-14 7.1
15-19 7.1
20-24 6.5
25-44 31.4
45-64 20.5
65-84 11.3
85+ 1.4
18+ 74.3
Median Age
- ----------
1990 32.9
1997 34.8
Male/Female Ratio 95.9
Per Capita Income $18,000
1997 Household Income*
- ------------------------------
Base 99,019,225
% less than $15K 17.7
% $15K-25K 14.4
% $25K-50K 33.5
% $50K-100K 26.5
% $100K-150K 5.4
% greater than $150K 2.6
Median Household Income
- -----------------------
1997 $36,961
2002 $42,042
1997 Average Disposable Income
- -----------------------------------
Total $35,584
Householder less than 35 $30,999
Householder 35-44 $40,281
Householder 45-54 $45,940
Householder 55-64 $39,611
Householder 65+ $22,603
Spending Potential Index*
- -------------------------
Auto Loan 100
Home Loan 100
Investments 100
Retirement Plans 100
Home Repair 100
Lawn & Garden 100
Remodeling 100
Appliances 100
Electronics 100
Furniture 100
Restaurants 100
Sporting Goods 100
Theater/Concerts 100
Toys & Hobbies 100
Travel 100
Video Rental 100
Apparel 100
Auto Aftermarket 100
Health Insurance 100
Pets & Supplies 100
- --------------------------------------------------------------------------------
*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 11/18/97
--------------------------------------
STATE DEMOGRAPHIC REPORT
--------------------------------------
State 45
State Name SOUTH CAROLINA
Population
- ----------
1980 3,120,729
1990 3,486,703
1997 3,728,002
2002 3,903,439
Population Growth Rate 0.9
Households
- ----------
1990 1,258,044
1997 1,382,405
2002 1,468,512
Household Growth Rate 1.3
Average Household Size 2.63
Families
- --------
1990 928,206
1997 992,446
Family Growth Rate 0.9
Race 1990 1997
- ---- ---- ----
% White 69 68.6
% Black 29.8 30.1
% Asian
/Pacific Isl. 0.6 0.8
% Hispanic* 0.9 1.1
1997 Age Distribution
- ---------------------
0-4 7.1
5-9 7.4
10-14 7.1
15-19 7.4
20-24 6.8
25-44 31
45-64 21.2
65-84 10.9
85+ 1.1
18+ 74.3
Median Age
- ----------
1990 32
1997 34.4
Male/Female Ratio 94
Per Capita Income $15,474
1997 Household Income*
- ------------------------------
Base 1,382,401
% less than $15K 20.4
% $15K-25K 16.1
% $25K-50K 35.6
% $50K-100K 23.1
% $100K-150K 3.6
% greater than $150K 1.3
Median Household Income
- -----------------------
1997 $32,771
2002 $37,972
1997 Average Disposable Income
- -----------------------------------
Total $31,864
Householder less than 35 $28,383
Householder 35-44 $36,515
Householder 45-54 $40,270
Householder 55-64 $34,461
Householder 65+ $20,181
Spending Potential Index*
- -------------------------
Auto Loan 99
Home Loan 87
Investments 91
Retirement Plans 91
Home Repair 98
Lawn & Garden 96
Remodeling 104
Appliances 99
Electronics 97
Furniture 94
Restaurants 92
Sporting Goods 98
Theater/Concerts 94
Toys & Hobbies 99
Travel 90
Video Rental 99
Apparel 94
Auto Aftermarket 96
Health Insurance 100
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 11/18/97
--------------------------------------
COUNTY DEMOGRAPHIC REPORT
--------------------------------------
State/County 45007
County Name ANDERSON SC
Population
- ----------
1980 133,235
1990 145,196
1997 158,524
2002 167,721
Population Growth Rate 1.2
Households
- ----------
1990 55,481
1997 61,648
2002 66,066
Household Growth Rate 1.5
Average Household Size 2.54
Families
- --------
1990 41,495
1997 44,859
Family Growth Rate 1.1
Race 1990 1997
- ---- ---- ----
% White 82.9 82.2
% Black 16.6 17.2
% Asian
/Pacific Isl. 0.2 0.3
% Hispanic* 0.4 0.5
1997 Age Distribution
- ---------------------
0-4 6.2
5-9 6.7
10-14 6.8
15-19 7.2
20-24 5.9
25-44 29.1
45-64 23.9
65-84 12.8
85+ 1.4
18+ 76.1
Median Age
- ----------
1990 34.8
1997 37.4
Male/Female Ratio 92.4
Per Capita Income $14,799
1997 Household Income*
- ----------------------
Base 61,648
% less than $15K 22.5
% $15K-25K 17.5
% $25K-50K 36.7
% $50K-100K 19.8
% $100K-150K 2.6
% greater than $150K 0.9
Median Household Income
- -----------------------
1997 $30,210
2002 $35,101
1997 Average Disposable Income
- ------------------------------
Total $29,411
Householder less than 35 $28,096
Householder 35-44 $35,289
Householder 45-54 $38,168
Householder 55-64 $31,473
Householder 65+ $16,158
Spending Potential Index*
- -------------------------
Auto Loan 99
Home Loan 80
Investments 87
Retirement Plans 87
Home Repair 97
Lawn & Garden 94
Remodeling 109
Appliances 99
Electronics 96
Furniture 89
Restaurants 88
Sporting Goods 97
Theater/Concerts 90
Toys & Hobbies 99
Travel 86
Video Rental 99
Apparel 90
Auto Aftermarket 93
Health Insurance 101
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 11/18/97
--------------------------------------
COUNTY DEMOGRAPHIC REPORT
--------------------------------------
State/County 45073
County Name OCONEE SC
Population
- ----------
1980 48,611
1990 57,494
1997 63,616
2002 67,835
Population Growth Rate 1.4
Households
- ----------
1990 22,358
1997 25,296
2002 27,396
Household Growth Rate 1.7
Average Household Size 2.5
Families
- --------
1990 16,875
1997 18,510
Family Growth Rate 1.3
Race 1990 1997
- ---- ---- ----
% White 90.5 90
% Black 8.8 9.2
% Asian
/Pacific Isl. 0.3 0.4
% Hispanic* 0.9 1.2
1997 Age Distribution
- ---------------------
0-4 6
5-9 6.4
10-14 6.6
15-19 6.9
20-24 5.6
25-44 29.1
45-64 24.5
65-84 13.7
85+ 1.3
18+ 76.9
Median Age
- ----------
1990 35.5
1997 38.3
Male/Female Ratio 97.3
Per Capita Income $15,644
1997 Household Income*
- ------------------------------
Base 25,296
% less than $15K 20.2
% $15K-25K 18.2
% $25K-50K 35.8
% $50K-100K 21.6
% $100K-150K 3.1
% greater than $150K 1.1
Median Household Income
- -----------------------
1997 $31,493
2002 $36,550
1997 Average Disposable Income
- -----------------------------------
Total $30,703
Householder less than 35 $27,062
Householder 35-44 $36,820
Householder 45-54 $38,543
Householder 55-64 $34,699
Householder 65+ $19,588
Spending Potential Index*
- -------------------------
Auto Loan 100
Home Loan 77
Investments 85
Retirement Plans 86
Home Repair 96
Lawn & Garden 94
Remodeling 114
Appliances 99
Electronics 95
Furniture 86
Restaurants 87
Sporting Goods 97
Theater/Concerts 88
Toys & Hobbies 99
Travel 83
Video Rental 99
Apparel 88
Auto Aftermarket 93
Health Insurance 103
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 11/18/97
EXHIBIT II-4
Perpetual Bank, A Federal Savings Bank
Sources of Personal Income/Employment Sectors
REGIONAL ECONOMIC PROFILE
for States and counties
Anderson, South Carolina [45.007]
- -------------------------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- -------------------------------------------------------------------------------------------------------------------
Place of residence profile
Personal income (thousands of dollars) 2,267,182 2,400,709 2,531,645 2,695,522 2,888,543
Nonfarm personal income 2,255,173 2,384,930 2,516,761 2,673,985 2,871,573
Farm income 12,009 15,779 14,884 21,537 16,970
Derivation of personal income
Net earnings 1/ 1,571,936 1,675,535 1,778,816 1,887,494 2,027,102
Transfer payments 384,980 421,496 444,877 481,895 513,931
Income maintenance 2/ 22,399 27,402 28,745 30,286 31,769
Unemployment insurance 11,836 14,303 11,247 9,377 7,795
Retirement and other 350,745 379,791 404,885 442,232 474,367
Dividends, interest, and rent 310,266 303,678 307,952 326,133 347,510
Population (number of persons) 3/ 146,313 148,111 150,798 152,545 154,472
Per capita incomes (dollars) 4/
Per capita personal income 15,495 16,209 16,788 17,670 18,699
Per capita net earnings 10,744 11,313 11,796 12,373 13,123
Per capita transfer payments 2,631 2,846 2,950 3,159 3,327
Per capita income maintenance 153 185 191 199 206
Per capital unemployment insurance 81 97 75 61 50
Per capita retirement & other 2,397 2,564 2,685 2,899 3,071
Per capita dividends, interest, & rent 2,121 2,050 2,042 2,138 2,250
Place of work profile
Total earnings (place of work, $000) 1,328,339 1,444,897 1,551,740 1,666,814 1,774,783
Wages and salary disbursements 1,074,421 1,154,326 1,235,009 1,318,738 1,400,958
Other labor income 127,953 145,348 162,815 173,977 183,715
Proprietors' income 125,965 145,223 153,916 174,099 190,110
Nonfarm proprietors' income 118,402 133,826 144,013 157,425 178,272
Farm proprietors' income 7,563 11,397 9,903 16,674 11,838
Total full- and part- time employment 67,111 68,821 71,228 73,186 74,151
Wage and salary jobs 57,312 58,776 61,000 62,797 63,666
Number of proprietors 9,799 10,045 10,228 10,389 10,485
Number of nonfarm proprietors 5/ 8,494 8,725 8,944 9,172 9,321
Number of farm proprietors 1,305 1,320 1,284 1,217 1,164
Average earnings per job (dollars) 19,793 20,995 21,786 22,775 23,935
Wage & salary earnings per job 18,747 19,639 20,246 21,000 22,005
Average earnings per nonfarm proprietor 13,939 15,338 16,102 17,164 19,126
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA30 August 1997 BUREAU OF ECONOMIC ANALYSIS
REGIONAL ECONOMIC PROFILE
for States and counties
Oconee, South Carolina [45.073]
- ------------------------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- ------------------------------------------------------------------------------------------------------------------
Place of residence profile
Personal income (thousands of dollars] 946,829 991,021 1,057,564 1,129,171 1,221,187
Nonfarm personal income 926,320 982,684 1,033,029 1,106,700 1,192,703
Farm income 20,509 8,337 24,535 22,471 28,484
Derivation of personal income
Net earnings 1/ 618,898 639,635 684,853 727,435 792,966
Transfer payments 154,218 173,714 185,790 202,513 215,951
Income maintenance 2/ 7,758 9,917 10,749 11,582 12,640
Unemployment insurance 6,036 7,541 6,027 3,679 2,773
Retirement and other 140,424 156,256 169,014 187,252 200,538
Dividends, interest, and rent 173,713 177,672 186,921 199,223 212,270
Population (number of persons) 3/ 58,242 58,845 59,779 60,619 61,620
Per capita incomes (dollars) 4/
Per capita personal income 16,257 16,841 17,691 18,627 19,818
Per capita net earnings 10,626 10,870 11,456 12,000 12,869
Per capita transfer payments 2,648 2,952 3,108 3,341 3,505
Per capita income maintenance 133 169 180 191 205
Per capita unemployment insurance 104 128 101 61 45
Per capita retirement & other 2,411 2,655 2,827 3,089 3,254
Per capita dividends, interest, & rent 2,983 3,019 3,127 3,286 3,445
Place of work profile
Total earnings (place of work, $000] 652,554 666,268 704,236 745,625 805,549
Wages and salary disbursements 528,489 546,183 560,033 594,608 637,787
Other labor income 66,784 71,950 77,174 82,346 89,870
Proprietors' income 57,281 48,135 67,029 68,671 77,892
Nonfarm proprietors' income 37,902 40,851 43,688 47,366 50,640
Farm proprietors' income 19,379 7,284 23,341 21,305 27,252
Total full- and part- time employment 30,152 30,255 29,685 29,908 30,987
Wage and salary jobs 25,625 25,529 25,019 25,235 26,282
Number of proprietors 4,527 4,726 4,666 4,673 4,705
Number of nonfarm proprietors 5/ 3,756 3,931 3,893 3,940 4,004
Number of farm proprietors 771 795 773 733 701
Average earnings per job (dollars) 21,642 22,022 23,724 24,931 25,996
Wage & salary earnings per job 20,624 21,395 22,384 23,563 24,267
Average earnings per nonfarm proprietor 10,091 10,392 11,222 12,022 12,647
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA3O August 1997 BUREAU OF ECONOMIC ANALYSIS
Footnotes for Table CA30, Regional Economic Profiles
1/ Total earnings less personal contributions for social insurance adjusted to
place of residence.
2/ Consists largely of 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 1990-95 reflect
county population estimates available as of March 1997. The population
estimates for the United States, Utah, and Cache, UT, 1991-94, have been
adjusted by BEA for consistency with a special, upward adjustment made by
the Census Bureau to its 1995 estimate for Cache County. Additionally, as a
result of special and test censuses conducted in 1995, the Census Bureau
reduced substantially the 1995 population estimates for Yuma, AZ; DeSoto,
LA; Dorchester, SC; and Montgomery, TN, but made no adjustments to the
estimates for the other years. For these counties, BEA was unable to make
adjustments to the population estimates in time for this release, and the
estimates of per capita personal income are discontinuous between 1994 and
1995. BEA's further adjustments to the population estimates for 1991-94
will be reflected in the release of State per capita personal income on
September 19, 1997 and in the release of local area per capita personal
income in the Spring of 1998.
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. The
Yuma, AZ MSA includes La Paz, AZ through 1982.
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 Borough
and Aleutians West Census Area. Estimates for 1991 forward separate Denali
Borough from Yukon-Koyukuk Census Area and Lake and Peninsula Borough from
Dillingham Census Area. Estimates from 1993 forward separate Skagway-
Yakutat-Angoon Census Area into Skagway-Hoonah-Angoon Census Area and
Yakutat Borough.
9/ Shawano, WI and Menominee, WI are combined as Shawano (incl. Menominee), WI
for the years prior to 1989.
(L) Less than $50,000 or less than 10 jobs, as appropriate. Estimates are
included in totals.
(N) Data not available for this year.
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/
for States and Counties
(number of jobs)
Anderson, South Carolina [45.007]
- ---------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- ---------------------------------------------------------------------------------------------------
Employment by place of work
Total full- and part-time employment 67,111 68,821 71,228 73,186 74,151
By type
Wage and salary employment 57,512 58,776 61,000 62,797 63,666
Proprietors' employment 9,799 10,045 10,228 10,389 10,485
Farm proprietors' employment 1,505 1,320 1,284 1,217 1,164
Nonfarm proprietors' employment 2/ 8,494 8,725 8,944 9,172 9,321
By industry
Farm employment 1,677 1,721 1,665 1,572 1,510
Nonfarm employment 65,434 67,100 69,563 71,614 72,641
Private employment 55,681 57,142 59,551 61,562 62,674
Ag. serv., forestry, fishing, and other 3/ 366 434 (D) (D) 526
Mining 29 31 (D) (D) 183
Construction 3,950 3,901 3,768 4,088 4,253
Manufacturing 19,191 19,361 20,843 21,228 21,351
Transportation and public utilities 1,665 1,556 1,687 1,916 1,916
Wholesale trade 1,810 1,941 2,143 2,195 2,500
Retail trade 13,139 13,973 13,964 14,530 14,866
Finance, insurance, and real estate 2,919 2,917 2,956 3,039 2,990
Services 12,612 13,028 13,597 13,903 14,089
Government and government enterprises 9,753 9,958 10,012 10,052 9,967
Federal, civilian 359 355 363 352 361
Military 1,056 1,047 1,033 1,005 942
State and local 8,338 8,556 8,616 8,695 8,664
State 1,995 1,937 1,997 1,987 2,043
Local 6,343 6,619 6,619 6,708 6,621
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 August 1997 BUREAU OF ECONOMIC ANALYSIS
FULL-TIME AND PART-TIME EMPLOYEES BY MAJOR INDUSTRY 1/
for States and counties
(number of jobs)
Oconee, South Carolina [45.073]
- ------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- ------------------------------------------------------------------------------------------------
Employment by place of work
Total full- and part-time employment 30,152 30,255 29,685 29,908 30,987
By type
Wage and salary employment 25,625 25,529 25,019 25,235 26,282
Proprietors' employment 4,527 4,726 4,666 4,673 4,705
Farm proprietors' employment 771 795 773 733 701
Nonfarm proprietors' employment 2/ 3,756 3,931 3,893 3,940 4,004
By industry
Farm employment 880 911 883 836 801
Nonfarm employment 29,272 29,344 28,802 29,072 30,186
Private employment 25,879 25,865 25,318 25,566 26,634
Ag. serv., forestry, fishing, and other 3/ 233 231 254 260 271
Mining (L) (L) (L) (L) (L)
Construction 1,758 1,737 1,685 1,788 2,082
Manufacturing 10,515 10,516 10,252 9,990 10,336
Transportation and public utilities (D) (D) (D) (D) (D)
Wholesale trade 529 492 470 495 493
Retail trade 4,236 4,453 4,352 4,422 4,622
Finance, insurance, and real estate 1,105 1,171 1,098 1,035 987
Services (D) (D) (D) (D) (D)
Government and government enterprises 3,393 3,479 3,484 3,506 3,552
Federal, civilian 154 153 157 161 168
Military 419 415 409 399 375
State and local 2,820 2,911 2,918 2,946 3,009
State 277 278 278 261 247
Local 2,543 2,633 2,640 2,685 2,762
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA25 August 1997 BUREAU OF ECONOMIC ANALYSIS
Footnotes for Table CA25
Total Full- and Part-time Employment by Major Industry
1/ 1969-74 based on 1967 SIC. 1975-87 based on 1972 SIC. 1988-95 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. The
Yuma, AZ MSA includes La Paz, AZ through 1982.
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 Borough
and Aleutians West Census Area. Estimates for 1991 forward separate Denali
Borough from Yukon-Koyukuk Census Area and Lake and Peninsula Borough from
Dillingham Census Area. Estimates from 1993 forward separate Skagway-
Yakutat-Angoon Census Area into Skagway-Hoonah-Angoon Census Area and
Yakutat Borough.
7/ Shawano, WI and Menominee, WI are combined as Shawano (incl. Menominee), WI
for the years prior to 1989.
E Estimate shown constitutes the major portion of the true estimate.
(D) Not shown to avoid disclosure of confidential information. Estimates are
included in totals.
(L) Less than 10 jobs. Estimates are included in totals.
(N) Data not available for this year.
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
for States and counties
(thousands of dollars)
Anderson, South Carolina [45.007]
- -------------------------------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- -------------------------------------------------------------------------------------------------------------------------
Income by place of residence
Personal income (thousands of dollars) 2,267,182 2,400,709 2,531,645 2,695,522 2,888,543
Nonfarm personal income 2,255,173 2,384,930 2,516,761 2,673,985 2,871,573
Farm income 2/ 12,009 15,779 14,884 21,537 16,970
Population (number of persons) 3/ 146,313 148,111 150,798 152,545 154,472
Per capita personal income (dollars) 15,495 16,209 16,788 17,670 18,699
Derivation of personal income
Earnings by place of work 1,328,339 1,444,897 1,551,740 1,666,814 1,774,783
Less: Personal cont. for social insurance 4/ 98,388 105,732 114,354 124,589 133,096
Plus: Adjustment for residence 5/ 341,985 336,370 341,430 345,269 385,415
Equals: Net earnings by place of residence 1,571,936 1,675,535 1,778,816 1,887,494 2,027,102
Plus: Dividends, interest, and rent 6/ 310,266 303,678 307,952 326,133 347,510
Plus: Transfer payments 384,980 421,496 444,877 481,895 513,931
Earnings by place of work
Components of earnings
Wage and salary disbursements 1,074,421 1,154,326 1,235,009 1,318,738 1,400,958
Other labor income 127,953 145,348 162,815 173,977 183,715
Proprietors' income 7/ 125,965 145,223 153,916 174,099 190,110
Farm proprietors' income 7,563 11,397 9,903 16,674 11,838
Nonfarm proprietors' income 118,402 133,826 144,013 157,425 178,272
Earnings by industry
Farm earnings 12,009 15,779 14,884 21,537 16,970
Nonfarm earnings 1,316,330 1,429,118 1,536,856 1,645,277 1,757,813
Private earnings 1,114,950 1,217,387 1,310,842 1,409,266 1,507,507
Ag. serv., forestry, fishing, and other 8/ 6,621 8,943 (D) (D) 10,239
Mining 139 183 (D) (D) 5,237
Construction 84,784 84,039 85,103 96,543 102,253
Manufacturing 528,507 581,120 632,137 672,293 705,264
Durable goods 162,997 189,244 235,332 263,793 291,870
Nondurable goods 365,510 391,876 396,805 408,500 413,394
Transportation and public utilities 49,814 50,006 55,574 60,941 65,503
Wholesale trade 41,760 49,397 54,948 61,504 73,639
Retail trade 156,756 175,653 185,465 200,746 214,825
Finance, insurance, and real estate 36,714 41,085 45,652 47,088 50,002
Services 209,855 226,961 240,788 257,248 280,545
Government and government enterprises 201,380 211,731 226,0l4 236,011 250,306
Federal, civilian 13,547 14,414 15,198 15,541 16,063
Military 6,635 7,221 7,285 7,861 7,597
State and local 181,198 190,096 203,531 212,609 226,646
State 38,699 40,402 43,429 45,372 48,607
Local 142,499 149,694 160,102 167,237 178,039
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05.1 August 1997 BUREAU OF ECONOMIC ANALYSIS
PERSONAL INCOME BY MAJOR SOURCE AND EARNINGS BY INDUSTRY 1/
for States and counties
(thousands of dollars)
Oconee, South Carolina (45.073)
- ------------------------------------------------------------------------------------------------------------------------------------
Item 1991 1992 1993 1994 1995
- ------------------------------------------------------------------------------------------------------------------------------------
Income by place of residence
Personal income (thousands of dollars) 946,829 991,021 1,057,564 1,129,171 1,221,187
Nonfarm personal income 926,320 982,684 1,033,029 1,106,700 1,192,703
Farm income 2/ 20,509 8,337 24,535 22,471 28,484
Population (number of persons) 3/ 58,242 58,845 59,779 60,619 61,620
Per capita personal income (dollars) 16,257 16,841 17,691 18,627 19,818
Derivation of personal income
Earnings by place of work 652,554 666,268 704,236 745,625 805,549
Less: Personal cont. for social insurance 4/ 46,912 48,474 50,444 54,630 58,486
Plus: Adjustment for residence 5/ 13,256 21,841 31,061 36,440 45,903
Equals: Net earnings by place of residence 618,898 639,635 684,853 727,435 792,966
Plus: Dividends, interest, and rent 6/ 173,713 177,672 186,921 199,223 212,270
Plus: Transfer payments 154,218 173,714 185,790 202,513 215,951
Earnings by place of work
Components of earnings
Wage and salary disbursements 528,489 546,183 560,033 594,608 637,787
Other labor income 66,784 71,950 77,174 82,346 89,870
Proprietors' income 7/ 57,281 48,135 67,029 68,671 77,892
Farm proprietors' income 19,379 7,284 23,341 21,305 27,252
Nonfarm proprietors' income 37,902 40,851 43,688 47,366 50,640
Earnings by industry
Farm earnings 20,509 8,337 24,535 22,471 28,484
Nonfarm earnings 632,045 657,931 679,701 723,154 777,065
Private earnings 562,631 583,942 600,010 640,142 689,884
Ag. serv., forestry, fishing, and other 8/ 1,910 1,884 2,024 2,147 2,310
Mining (L) (L) 69 77 88
Construction 39,205 39,893 37,922 39,904 47,577
Manufacturing 241,458 262,875 269,589 284,296 310,321
Durable goods 115,275 127,026 132,591 145,953 167,455
Nondurable goods 126,183 135,849 136,998 138,343 142,866
Transportation and public utilities (D) (D) (D) (D) (D)
Wholesale trade 10,156 10,427 9,760 12,667 14,091
Retail trade 45,777 49,262 50,888 53,730 60,620
Finance, insurance, and real estate 11,802 13,065 15,128 14,951 14,804
Services (D) (D) (D) (D) (D)
Government and government enterprises 69,414 73,989 79,691 83,012 87,181
Federal, civilian 4,514 4,973 5,256 5,547 5,675
Military 2,618 2,854 2,875 3,115 3,019
State and local 62,282 66,162 71,560 74,350 78,487
State 6,509 6,657 6,948 6,921 7,142
Local 55,773 59,505 64,612 67,429 71,345
See footnotes at end of table. REGIONAL ECONOMIC INFORMATION SYSTEM
Table CA05.1 August 1997 BUREAU OF ECONOMIC ANALYSIS
Footnotes for table CA05
Personal Income by major source and Earnings by Major Industry
1/ 1969-74 based on 1967 SIC. 1975-87 based on 1972 SIC. 1988-95 based on 1987
SIC.
2/ Farm income consists of proprietors' net income; the cash wages, pay-in-
kind, and other labor income of hired farm workers; and the salaries of
officers of corporate farms.
3/ Census Bureau midyear population estimates. Estimates for 1990-95 reflect
county population estimates available as of March 1997. The population
estimates for the United States, Utah, and Cache, UT, 1991-94, have been
adjusted by BEA for consistency with a special, upward adjustment made by
the Census Bureau to its 1995 estimate for Cache County. Additionally, as a
result of special and test censuses conducted in 1995, the Census Bureau
reduced substantially the 1995 population estimates for Yuma, AZ; DeSoto,
LA; Dorchester, SC; and Montgomery, TN, but made no adjustments to the
estimates for the other years. For these counties, BEA was unable to make
adjustments to the population estimates in time for this release, and the
estimates of per capita personal income are discontinuous between 1994 and
1995. BEA's further adjustments to the population estimates for 1991-94
will be reflected in the release of State per capita personal income on
September 19, 1997 and in the release of local area per capita personal
income in the Spring of 1998.
4/ Personal contributions for social insurance are included in earnings by
type and industry but excluded from personal income.
5/ The adjustment for residence is the net inflow of the earnings of interarea
commuters. For the United States, it consists of adjustments for border
workers: Earnings of U.S. residents commuting outside U.S. borders to work
less earnings of foreign residents commuting inside U.S. borders to work
and of 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 wage and salary disbursements of U.S. residents
employed by international organizations and foreign embassies and
consulates in the United States.
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. Estimates for 1991 forward separate Denali
Borough from Yukon-Koyukuk Census Area and Lake and Peninsula Borough from
Dillingham Census Area. 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. The
Yuma, AZ MSA contains La Paz, AZ through 1982.
16/ Shawano, WI and Menominee, WI are combined as Shawano (incl. Menominee), WI
for the years prior to 1989.
E The estimate shown here constitutes the major portion of the true estimate.
(D) Not shown to avoid disclosure of confidential information. Estimates are
included in totals.
(L) Less than $50,000. Estimates are included in totals.
(N) Data not available for this year.
EXHIBIT III-1
Perpetual Bank, A Federal Savings Bank
General Characteristics of Publicly-Traded Institutions
RP FINANCIAL, LC.
- ------------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit III-1
Characteristics of Publicly-Traded Thrifts
December 8, 1997(1)
Primary Operating Total Fiscal Conv. Stock Market
Ticker Financial Institution Exchg. Market Strat.(2) Assets Offices Year Date Price Value
- ------ ----------------------------------- ------ ----------------- -------- ------ ------- ---- ----- ------ ------
($Mil) ($) ($Mil)
California Companies
- --------------------
AHM Ahmanson and Co. H.F. of CA NYSE Nationwide M.B. 46,800 368 12-31 10/72 62.94 5,942
GDW Golden West Fin. Corp. of CA NYSE Nationwide M.B. 39,229 246 12-31 05/59 94.75 5,379
GSB Glendale Fed. Bk, FSB of CA NYSE CA Div. 16,433 154 06-30 10/83 34.31 1,731
CSA Coast Savings Financial of CA NYSE California R.E. 9,040 92 12-31 12/85 62.75 1,170
DSL Downey Financial Corp. of CA NYSE Southern CA Thrift 5,854 85 12-31 01/71 28.75 769
FED FirstFed Fin. Corp. of CA NYSE Los Angeles CA R.E. 4,105 25 12-31 12/83 37.75 400
BPLS Bank Plus Corp. of CA OTC Los Angeles CA R.E. 3,920 37 12-31 / 13.12 254
WES Westcorp Inc. of Orange CA NYSE California Div. 3,757 26 12-31 05/86 16.87 443
BVCC Bay View Capital Corp. of CA OTC San Francisco CA M.B. 3,162 41 12-31 05/86 36.12 449
PFFB PFF Bancorp of Pomona CA OTC Southern CA Thrift 2,615 23 03-31 03/96 19.25 345
CENF CENFED Financial Corp. of CA OTC Los Angeles CA Thrift 2,305 18 12-31 10/91 39.75 237
AFFFZ America First Fin. Fund of CA OTC San Francisco CA Div. 2,251 36 12-31 / 50.50 304
HEMT HF Bancorp of Hemet CA OTC Southern CA Thrift 1,050 19 06-30 06/95 17.00 107
REDF RedFed Bancorp of Redlands CA OTC Southern CA Thrift 967 14 12-31 04/94 20.00 144
ITLA Imperial Thrift & Loan of CA (3) OTC Los Angeles CA R.E. 902 9 12-31 / 18.00 141
HTHR Hawthorne Fin. Corp. of CA OTC Southern CA Thrift 891 6 12-31 / 23.12 71
QCBC Quaker City Bancorp of CA OTC Los Angeles CA R.E. 847 8 06-30 12/93 21.25 99
PROV Provident Fin. Holdings of CA OTC Southern CA M.B. 641 9 06-30 06/96 20.87 101
HBNK Highland Federal Bank of CA OTC Los Angeles CA R.E. 516 8 12-31 / 32.00 74
MBBC Monterey Bay Bancorp of CA OTC West Central CA Thrift 410 7 12-31 02/95 18.75 61
SGVB SGV Bancorp of W. Covina CA OTC Los Angeles CA Thrift 409 8 06-30 06/95 18.00 42
BYFC Broadway Fin. Corp. of CA OTC Los Angeles CA Thrift 125 3 12-31 01/96 13.25 11
Florida Companies
- -----------------
OCN Ocwen Financial Corp. of FL OTC Southeast FL Div. 2,956 1 12-31 / 25.62 1,550
BANC BankAtlantic Bancorp of FL OTC Southeastern FL M.B. 2,845 60 12-31 11/83 14.25 317
BKUNA BankUnited SA of FL OTC Miami FL Thrift 2,145 14 09-30 12/85 12.81 122
FFPB First Palm Beach Bancorp of FL OTC Southeast FL Thrift 1,808 40 09-30 09/93 38.75 196
HARB Harbor FSB, MHC of FL (46.6) OTC Eastern FL Thrift 1,131 23 09-30 01/94 65.50 326
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
December 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)
- -----------------------------
FFFL Fidelity FSB, MHC of FL (47.7) OTC Southeast FL Thrift 1,046 20 12-31 01/94 29.87 203
CMSV Commty. Svgs, MHC of FL (48.5) OTC Southeast FL Thrift 709 20 12-31 10/94 34.75 177
FFLC FFLC Bancorp of Leesburg FL OTC Central FL Thrift 383 9 12-31 01/94 23.12 89
Mid-Atlantic Companies
- ----------------------
DME Dime Bancorp, Inc. of NY (3) NYSE NY,NJ,FL M.B. 19,413 91 12-31 08/86 26.00 2,639
SVRN Sovereign Bancorp of PA OTC PA,NJ,DE M.B. 14,601 120 12-31 08/86 19.31 1,724
GPT GreenPoint Fin. Corp. of NY (3) NYSE New York City NY Thrift 13,094 74 12-31 01/94 68.00 2,912
ASFC Astoria Financial Corp. of NY OTC NY Thrift 7,904 45 12-31 11/93 57.00 1,178
LISB Long Island Bancorp, Inc of NY OTC Long Island NY M.B. 5,931 36 09-30 04/94 48.50 1,165
ALBK ALBANK Fin. Corp. of Albany NY OTC Upstate NY,MA,VT Thrift 3,717 72 12-30 04/92 44.69 575
ROSE T R Financial Corp. of NY (3) OTC New York City NY Thrift 3,692 15 12-31 06/93 34.00 598
RSLN Roslyn Bancorp, Inc. of NY (3) OTC Long Island NY M.B. 3,474 6 12-31 01/97 23.25 1,015
NYB New York Bancorp, Inc. of NY NYSE Southeastern NY Thrift 3,244 29 09-30 01/88 36.94 788
MLBC ML Bancorp of Villanova PA OTC Philadelphia PA M.B. 2,316 18 03-31 08/94 29.75 353
CMSB Cmnwealth Bancorp of PA OTC Philadelphia PA M.B. 2,278 56 06-30 06/96 21.06 342
HARS Harris SB, MHC of PA (24.3) OTC Southeast PA Thrift 2,110 31 12-31 01/94 19.50 659
NWSB Northwest SB, MHC of PA (30.7) OTC Pennsylvania Thrift 2,101 53 06-30 11/94 15.25 713
RELY Reliance Bancorp, Inc. of NY OTC New York City NY Thrift 2,035 28 06-30 03/94 35.50 309
HAVN Haven Bancorp of Woodhaven NY OTC New York City NY Thrift 1,833 20 12-31 09/93 22.25 195
QCSB Queens County Bancorp of NY (3) OTC New York City NY Thrift 1,541 13 12-31 11/93 36.19 547
JSB JSB Financial, Inc. of NY NYSE New York City NY Thrift 1,531 13 12-31 06/90 48.69 482
WSFS WSFS Financial Corp. of DE (3) OTC DE Div. 1,496 16 12-31 11/86 20.00 249
OCFC Ocean Fin. Corp. of NJ OTC Eastern NJ Thrift 1,489 10 12-31 07/96 37.37 306
DIME Dime Community Bancorp of NY OTC New York City NY Thrift 1,385 15 06-30 06/96 25.50 322
PFSB PennFed Fin. Services of NJ OTC Northern NJ Thrift 1,364 17 06-30 07/94 34.00 164
MFSL Maryland Fed. Bancorp of MD OTC MD Thrift 1,157 J 25 02-28 06/87 26.50 171
YFED York Financial Corp. of PA OTC PA,MD Thrift 1,156 22 06-30 02/84 25.50 225
FSLA First SB SLA MHC of NJ (47.5) OTC Eastern NJ Thrift 1,045 16 12-31 07/92 43.00 344
PVSA Parkvale Financial Corp of PA OTC Southwestern PA Thrift 1,005 28 06-30 07/87 29.00 148
FFIC Flushing Fin. Corp. of NY (3) OTC New York City NY Thrift 960 7 12-31 11/95 23.25 186
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
December 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)
- ----------------------------------
PSBK Progressive Bank, Inc. of NY (3) OTC Southeast NY Thrift 885 17 12-31 08/84 35.00 134
PKPS Poughkeepsie Fin. Corp. of NY OTC Southeast NY Thrift 884 13 12-31 11/85 10.50 132
PWBC PennFirst Bancorp of PA OTC Western PA Thrift 822 9 12-31 06/90 18.75 100
MBB MSB Bancorp of Middletown NY (3) AMEX Southeastern NY Thrift 814 J 16 12-31 09/92 30.37 86
GAF GA Financial Corp. of PA AMEX Pittsburgh PA Thrift 802 13 12-31 03/96 19.56 156
IBSF IBS Financial Corp. of NJ OTC Southwest NJ Thrift 735 10 09-30 10/94 16.87 185
SFIN Statewide Fin. Corp. of NJ OTC Northern NJ Thrift 703 16 12-31 10/95 23.12 106
FBBC First Bell Bancorp of PA OTC Pittsburgh PA Thrift 681 7 12-31 06/95 18.12 118
TSBS Peoples Bcrp, MHC of NJ (35.9) OTC Central NJ Thrift 639 14 12-31 08/95 37.50 339
THRD TF Financial Corp. of PA OTC Philadelphia PA Thrift 625 14 06-30 07/94 28.00 114
FSNJ Bayonne Banchsares of NJ OTC Northern NJ Thrift 609 4 03-31 08/97 12.37 111
FMCO FMS Financial Corp. of NJ OTC Southern NJ Thrift 582 18 12-31 12/88 32.75 78
PULS Pulse Bancorp of S. River NJ OTC Central NJ Thrift 526 4 09-30 09/86 26.12 80
FSPG First Home Bancorp of NJ OTC NJ,DE Thrift 525 10 12-31 04/87 23.75 64
LVSB Lakeview SB of Paterson NJ OTC Northern NJ Thrift 506 J 8 07-31 12/93 25.00 113
AHCI Ambanc Holding Co., Inc. of NY (3) OTC East-Central NY Thrift 485 J 12 12-31 12/95 19.37 83
PFNC Progress Financial Corp. of PA OTC Southeastern PA M.B. 437 9 12-31 07/83 15.50 62
CNY Carver Bancorp, Inc. of NY AMEX New York, NY Thrift 416 7 03-31 10/94 16.25 38
RARB Raritan Bancorp. of Raritan NJ (3) OTC Central NJ Thrift 407 6 12-31 03/87 27.25 65
SHEN First Shenango Bancorp of PA OTC Western PA Thrift 401 4 12-31 04/93 33.00 68
FSBI Fidelity Bancorp, Inc. of PA OTC Southwestern PA Thrift 381 8 09-30 06/88 27.50 43
FKFS First Keystone Fin. Corp of PA OTC Philadelphia PA Thrift 373 5 09-30 01/95 35.87 44
PBCI Pamrapo Bancorp, Inc. of NJ OTC Northern NJ Thrift 372 8 12-31 11/89 24.50 70
FOBC Fed One Bancorp of Wheeling WV OTC Northern WV,OH Thrift 358 9 12-31 01/95 25.87 61
HARL Harleysville SA of PA OTC Southeastern PA Thrift 345 4 09-30 08/87 28.50 47
LFBI Little Falls Bancorp of NJ OTC New Jersey Thrift 324 6 12-31 01/96 20.37 53
CVAL Chester Valley Bancorp of PA OTC Southeastern PA Thrift 322 7 06-30 03/87 27.25 60
YFCB Yonkers Fin. Corp. of NY OTC Yonkers NY Thrift 313 4 09-30 04/96 19.00 57
EQSB Equitable FSB of Wheaton MD OTC Central MD Thrift 308 J 4 09-30 09/93 45.78 28
FIBC Financial Bancorp, Inc. of NY OTC New York, NY Thrift 297 5 09-30 08/94 24.75 42
CATB Catskill Fin. Corp. of NY (3) OTC Albany NY Thrift 290 4 09-30 04/96 18.25 85
LFED Leeds FSB, MHC of MD (36.3) OTC Baltimore MD Thrift 285 1 06-30 05/94 22.75 118
FBER First Bergen Bancorp of NJ OTC Northern NJ Thrift 285 4 09-30 04/96 18.87 54
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
December 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)
- ----------------------------------
WVFC WVS Financial Corp. of PA (3) OTC Pittsburgh PA Thrift 282 5 06-30 11/93 32.00 56
PHFC Pittsburgh Home Fin. of PA OTC Pittsburgh PA Thrift 273 6 09-30 04/96 19.00 37
WSB Washington SB, FSB of MD AMEX Southeastern MD Thrift 268 J 4 07-31 / 7.00 30
WYNE Wayne Bancorp of NJ OTC Northern NJ Thrift 267 0 12-31 06/96 22.62 46
IFSB Independence FSB of DC OTC Washington DC Ret. 258 J 2 12-31 06/85 13.25 17
GDVS Greater DV SB, MHC of PA (19.9) (3) OTC Southeast PA Thrift 249 7 12-31 03/95 30.00 98
ESBK The Elmira SB FSB of Elmira NY (3) OTC NY,PA Thrift 228 6 12-31 03/85 31.25 22
SBFL SB Fngr Lakes MHC of NY (33.1) OTC Western NY Thrift 228 4 04-30 11/94 29.50 53
HRBF Harbor Federal Bancorp of MD OTC Baltimore MD Thrift 217 9 03-31 08/94 25.00 42
LARL Laurel Capital Group of PA OTC Southwestern PA Thrift 210 6 06-30 02/87 27.75 40
PHSB Ppls Home SB, MHC of PA (45.0) OTC Western PA Thrift 206 9 12-31 07/97 19.00 52
PBHC OswegoCity SB, MHC of NY (46.) (3) OTC NY Thrift 193 5 12-31 11/95 28.75 55
PEEK Peekskill Fin. Corp. of NY OTC Southeast NY Thrift 181 3 06-30 12/95 17.75 57
PLSK Pulaski SB, MHC of NJ (46.0) OTC New Jersey Thrift 179 6 12-31 04/97 19.00 39
SFED SFS Bancorp of Schenectady NY OTC Eastern NY Thrift 174 3 12-31 06/95 22.62 28
AFED AFSALA Bancorp, Inc. of NY OTC Central NY Thrift 159 J 5 12-31 10/96 19.12 28
SKBO First Carnegie,MHC of PA(45.0) OTC Western PA Thrift 147 J 3 03-31 04/97 18.75 43
PRBC Prestige Bancorp of PA OTC Thrift 138 0 12-31 06/96 19.25 18
TPNZ Tappan Zee Fin., Inc. of NY OTC Southeast NY Thrift 124 J 1 03-31 10/95 19.75 29
GOSB GSB Financial Corp. of NY OTC Southeast NY Thrift 114 P 2 09-30 07/97 16.12 36
WWFC Westwood Fin. Corp. of NJ OTC Northern NJ Thrift 110 2 03-31 06/96 27.62 18
AFBC Advance Fin. Bancorp of WV OTC Northern Neck WV Thrift 106 2 06-30 01/97 17.25 19
WHGB WHG Bancshares of MD OTC Baltimore MD Thrift 100 J 5 09-30 04/96 15.87 23
SHSB SHS Bancorp, Inc. of PA OTC Pittsburgh Thrift 90 P 4 12/31 10/97 16.25 13
ALBC Albion Banc Corp. of Albion NY OTC Western NY Thrift 71 2 09-30 07/93 28.00 7
PWBK Pennwood SB of PA (3) OTC Pittsburgh PA Thrift 48 3 12-31 07/96 19.12 11
Mid-West Companies
- -------------------
COFI Charter One Financial of OH OTC OH,MI Div. 15,197 221 12-31 01/88 64.00 3,172
CFB Commercial Federal Corp. of NE NYSE NE,CO,KS,OK,IA M.B. 7,207 107 06-30 12/84 50.37 1,087
SPBC St. Paul Bancorp, Inc. of IL OTC Chicago IL Div. 4,549 52 12-31 05/87 25.00 853
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
December 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)
- ------------------------------
MAFB MAF Bancorp of IL OTC Chicago IL Thrift 3,371 20 12-31 01/90 34.00 518
CTZN CitFed Bancorp of Dayton OH OTC Dayton OH M.B. 3,295 35 03-31 01/92 36.00 467
GTFN Great Financial Corp. of KY OTC Kentucky M.B. 2,894 45 12-31 03/94 50.56 699
FLGS Flagstar Bancorp, Inc of MI OTC MI Thrift 2,033 15 12/31 / 19.12 261
ABCW Anchor Bancorp Wisconsin of WI OTC Wisconsin M.B. 1,955 35 03-31 07/92 33.37 302
DNFC D&N Financial Corp. of MI OTC MI Ret. 1,754 37 12-31 02/85 26.37 217
STFR St. Francis Cap. Corp. of WI OTC Milwaukee WI Thrift 1,661 23 09-30 06/93 40.63 213
FTFC First Fed. Capital Corp. of WI OTC Southern WI M.B. 1,560 44 12-31 11/89 30.75 282
FISB First Indiana Corp. of IN OTC Central IN M.B. 1,547 28 12-31 08/83 27.50 290
ABCL Allied Bancorp of IL OTC Chicago IL M.B. 1,371 14 09-30 07/92 27.37 220
JSBA Jefferson Svgs Bancorp of MO OTC St. Louis MO,TX Thrift 1,292 J 32 12-31 04/93 41.75 209
AADV Advantage Bancorp of WI OTC WI,IL Thrift 1,037 15 09-30 03/92 66.50 215
OFCP Ottawa Financial Corp. of MI OTC Western MI Thrift 867 26 12-31 08/94 29.12 156
CFSB CFSB Bancorp of Lansing MI OTC Central MI Thrift 860 17 12-31 06/90 34.87 177
NASB North American SB of MO OTC KS,MO M.B. 737 J 7 09-30 09/85 54.00 120
GSBC Great Southern Bancorp of MO OTC Southwest MO Thrift 728 25 06-30 12/89 23.75 192
HOMF Home Fed Bancorp of Seymour IN OTC Southern IN Thrift 694 16 06-30 01/88 26.50 135
SFSL Security First Corp. of OH OTC Northeastern OH R.E. 681 13 03-31 01/88 20.37 155
FNGB First Northern Cap. Corp of WI OTC Northeast WI Thrift 657 20 12-31 12/83 14.00 124
MSBK Mutual SB, FSB of Bay City MI OTC Michigan M.B. 654 22 12-31 07/92 12.75 55
FFYF FFY Financial Corp. of OH OTC Youngstown OH Thrift 611 10 06-30 06/93 30.12 124
EMLD Emerald Financial Corp of OH OTC Cleveland OH Thrift 604 13 12-31 / 19.25 98
AVND Avondale Fin. Corp. of IL OTC Chicago IL Ret. 597 5 12-31 04/95 16.00 56
HFFC HF Financial Corp. of SD OTC South Dakota Thrift 575 19 06-30 04/92 26.50 74
FDEF First Defiance Fin.Corp. of OH OTC Northwest OH Thrift 574 9 06-30 10/95 16.25 146
HMNF HMN Financial, Inc. of MN OTC Southeast MN Thrift 569 7 12-31 06/94 26.50 112
FFBH First Fed. Bancshares of AR OTC Northern AR Thrift 547 12 12-31 05/96 22.00 108
FFOH Fidelity Financial of OH OTC Cincinnati OH Thrift 529 4 12-31 03/96 15.37 86
FCBF FCB Fin. Corp. of Neenah WI OTC Eastern WI Thrift 523 J 6 03-31 09/93 28.00 109
HFGI Harrington Fin. Group of IN OTC Eastern IN Thrift 521 3 06-30 / 12.12 39
CAFI Camco Fin. Corp. of OH OTC Eastern OH M.B. 502 11 12-31 / 24.00 77
FBCI Fidelity Bancorp of Chicago IL OTC Chicago IL Thrift 498 5 09-30 12/93 23.25 65
CBCI Calumet Bancorp of Chicago IL OTC Chicago IL Thrift 488 5 06-30 02/92 32.50 103
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
December 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)
- ------------------------------
FFSX First FS&LA. MHC of IA (46.1) OTC Western IA Thrift 457 13 06-30 07/92 31.87 90
PERM Permanent Bancorp of IN OTC Southwest IN Thrift 434 12 03-31 04/94 26.12 55
SFSB SuburbFed Fin. Corp. of IL OTC IL,IN Thrift 427 J 12 12-31 03/92 34.69 44
HALL Hallmark Capital Corp. of WI OTC Milwaukee WI Thrift 418 3 06-30 01/94 15.00 43
MCBS Mid Continent Bancshares of KS OTC Central KS M.B. 405 9 09-30 06/94 42.25 83
CASH First Midwest Fin. Corp. of IA OTC IA,SD R.E. 405 12 09-30 09/93 21.25 57
FMBD First Mutual Bancorp of IL OTC Central IL Thrift 402 12 12-31 07/95 20.25 71
PMFI Perpetual Midwest Fin. of IA OTC EastCentral IA Thrift 402 5 12-31 03/94 30.50 57
WOFC Western Ohio Fin. Corp. of OH OTC Western OH Thrift 397 6 12-31 07/94 26.87 63
CBSB Charter Financial Inc. of IL OTC Southern IL Thrift 393 J 8 09-30 12/95 23.12 96
ASBI Ameriana Bancorp of IN OTC Eastern IN,OH Thrift 393 8 12-31 03/87 20.37 66
FFHH FSF Financial Corp. of MN OTC Southern MN Thrift 388 11 09-30 10/94 19.75 59
PFSL Pocahnts Fed, MHC of AR (47.0) OTC Northeast AR Thrift 383 6 09-30 04/94 34.87 57
PVFC PVF Capital Corp. of OH OTC Cleveland OH R.E. 383 9 06-30 12/92 20.06 52
FFKY First Fed. Fin. Corp. of KY OTC Central KY Thrift 383 8 06-30 07/87 22.37 93
SWBI Southwest Bancshares of IL OTC Chicago IL Thrift 375 6 12-31 06/92 25.62 68
INBI Industrial Bancorp of OH OTC Northern OH Thrift 354 10 12-31 08/95 18.25 94
SMFC Sho-Me Fin. Corp. of MO OTC Southwest MO Thrift 345 8 12-31 07/94 47.75 72
HBEI Home Bancorp of Elgin IL OTC Northern IL Thrift 343 5 12-31 09/96 18.50 127
KNK Kankakee Bancorp of IL AMEX Illinois Thrift 340 9 12-31 01/93 34.38 49
HBFW Home Bancorp of Fort Wayne IN OTC Northeast IN Thrift 335 J 9 09-30 03/95 27.12 68
HMCI Homecorp, Inc. of Rockford IL OTC Northern IL Thrift 327 9 12-31 06/90 27.37 47
WFI Winton Financial Corp. of OH OTC Cincinnati OH R.E. 317 J 5 09-30 08/88 20.00 40
WCBI WestCo Bancorp of IL OTC Chicago IL Thrift 309 1 12-31 06/92 26.50 66
FSFF First SecurityFed Fin of IL OTC Chicago Thrift 303 P 5 12-31 10/97 16.50 106
GFCO Glenway Financial Corp. of OH OTC Cincinnati OH Thrift 293 6 06-30 11/90 18.50 42
PFDC Peoples Bancorp of Auburn IN OTC Northeastern IN Thrift 291 6 09-30 07/87 25.00 85
CBK Citizens First Fin.Corp. of IL AMEX Central IL Thrift 278 7 12-31 05/96 18.00 47
EFBI Enterprise Fed. Bancorp of OH OTC Cincinnati OH Thrift 275 5 09-30 10/94 27.50 55
FBCV 1st Bancorp of Vincennes IN OTC Southwestern IN M.B. 261 1 06-30 04/87 27.50 29
MFBC MFB Corp. of Mishawaka IN OTC Northern IN Thrift 256 4 09-30 03/94 23.25 38
WAYN Wayne S&L Co. MHC of OH (47.8) OTC Central OH Thrift 250 6 03-31 06/93 33.00 74
CAPS Capital Savings Bancorp of MO OTC Central MO Thrift 242 8 06-30 12/93 24.25 46
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
December 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)
- ------------------------------
FFED Fidelity Fed. Bancorp of IN OTC Southwestern IN Thrift 235 4 06-30 08/87 10.00 28
OHSL OHSL Financial Corp. of OH OTC Cincinnati, OH Thrift 235 4 12-31 02/93 27.75 34
FFHS First Franklin Corp. of OH OTC Cincinnati OH Thrift 231 7 12-31 01/88 26.50 32
LARK Landmark Bancshares of KS OTC Central KS Thrift 228 J 5 09-30 03/94 23.25 39
MBLF MBLA Financial Corp. of MO OTC Northeast MO Thrift 224 2 06-30 06/93 27.00 34
BFFC Big Foot Fin. Corp. of IL OTC Chicago IL Thrift 215 3 07-31 12/96 18.87 47
FFFD North Central Bancshares of IA OTC Central IA Thrift 215 4 12-31 03/96 18.50 60
CMRN Cameron Fin. Corp. of MO OTC Northwest MO Thrift 212 3 09-30 04/95 20.75 53
GFED Guarnty FS&LA,MHC of MO (31.0) OTC Southwest MO Thrift 210 4 06-30 04/95 25.37 79
MFFC Milton Fed. Fin. Corp. of OH OTC Southwest OH Thrift 210 2 09-30 10/94 15.37 35
MWFD Midwest Fed. Fin. Corp of WI OTC Central WI Thrift 207 J 9 12-31 07/92 27.25 44
WEFC Wells Fin. Corp. of Wells MN OTC Southcentral MN Thrift 205 7 12-31 04/95 17.50 34
FFBZ First Federal Bancorp of OH OTC Eastern OH Thrift 204 6 09-30 06/92 19.62 31
HCBB HCB Bancshares of AR OTC Southern AR Thrift 200 J 6 06-30 05/97 13.62 36
LSBI LSB Fin. Corp. of Lafayette IN OTC Central IN Thrift 200 4 12-31 02/95 27.75 25
NEIB Northeast Indiana Bncrp of IN OTC Northeast IN Thrift 190 3 12-31 06/95 20.00 35
FFWC FFW Corporation of Wabash IN OTC Central IN Thrift 181 3 06-30 04/93 40.50 29
PULB Pulaski SB, MHC of MO (29.8) OTC St. Louis MO Thrift 180 J 5 09-30 05/94 30.00 63
MARN Marion Capital Holdings of IN OTC Central IN Thrift 180 2 06-30 03/93 27.00 48
PFED Park Bancorp of Chicago IL OTC Chicago IL Thrift 175 3 12-31 08/96 18.00 44
EGLB Eagle BancGroup of IL OTC Central IL Thrift 172 3 12-31 07/96 20.00 24
FFWD Wood Bancorp of OH OTC Northern OH Thrift 167 6 06-30 08/93 19.50 41
BWFC Bank West Fin. Corp. of MI OTC Southeast MI Thrift 165 3 06-30 03/95 17.25 45
JXSB Jcksnville SB,MHC of IL (45.6) OTC Central IL Thrift 164 4 12-31 04/95 26.25 33
SMBC Southern Missouri Bncrp of MO OTC Southeast MO Thrift 163 8 06-30 04/94 19.12 31
FBSI First Bancshares of MO OTC Southcentral MO Thrift 163 6 06-30 12/93 25.37 28
HMLK Hemlock Fed. Fin. Corp. of IL OTC Chicago IL Thrift 162 3 12-31 04/97 17.12 36
QCFB QCF Bancorp of Virginia MN OTC Northeast MN Thrift 157 J 2 06-30 04/95 28.50 39
MWBI Midwest Bancshares, Inc. of IA OTC Southeast IA Thrift 150 4 12-31 11/92 17.75 18
WEHO Westwood Hmstd Fin Corp of OH OTC Cincinnati OH Thrift 143 2 12-31 09/96 17.75 49
RIVR River Valley Bancorp of IN OTC Southeast IN Thrift 140 J 3 12-31 12/96 18.62 22
GTPS Great American Bancorp of IL OTC East Central IL Thrift 140 3 12-31 06/95 19.00 32
FKKYD Frankfort First Bancorp of KY OTC Frankfort KY Thrift 133 3 06-30 07/95 9.25 30
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
December 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)
- ------------------------------
CLAS Classic Bancshares of KY OTC Eastern KY Thrift 130 J 3 03-31 12/95 16.37 21
MIFC Mid Iowa Financial Corp. of IA OTC Central IA Thrift 126 J 6 09-30 10/92 11.75 20
MFCX Marshalltown Fin. Corp. of IA OTC Central IA Thrift 125 3 09-30 03/94 17.25 24
PTRS Potters Financial Corp of OH OTC Northeast OH Thrift 123 4 12-31 12/93 17.62 17
NBSI North Bancshares of Chicago IL OTC Chicago IL Thrift 122 2 12-31 12/93 26.25 25
HFSA Hardin Bancorp of Hardin MO OTC Western MO Thrift 117 3 03-31 09/95 17.87 15
FFSL First Independence Corp. of KS OTC Southeast KS Thrift 113 2 09-30 10/93 15.00 15
ASBP ASB Financial Corp. of OH OTC Southern OH Thrift 112 1 06-30 04/95 13.37 23
BDJI First Fed. Bancorp. of MN OTC Northern MN Thrift 111 5 09-30 04/95 27.00 18
HFFB Harrodsburg 1st Fin Bcrp of KY OTC Central KY Thrift 109 J 2 09-30 10/95 17.87 36
DCBI Delphos Citizens Bancorp of OH OTC Northwest OH Thrift 108 1 09-30 11/96 17.50 34
CBES CBES Bancorp of MO OTC Western MO Thrift 107 2 06-30 09/96 21.37 22
FTNB Fulton Bancorp of MO OTC Central MO Thrift 104 2 06-30 10/96 20.62 35
AMFC AMB Financial Corp. of IN OTC Northwest IN Thrift 103 4 12-31 04/96 16.00 15
PSFC Peoples Sidney Fin. Corp of OH OTC WestCentral OH Thrift 103 2 06-30 04/97 17.25 31
MONT Montgomery Fin. Corp. of IN OTC Westcentral IN Thrift 102 4 06-30 07/97 12.37 20
FTSB Fort Thomas Fin. Corp. of KY OTC Northern KY Thrift 98 2 09-30 06/95 14.75 22
CNSB CNS Bancorp of MO OTC Central MO Thrift 97 5 12-31 06/96 21.00 35
NWEQ Northwest Equity Corp. of WI OTC Northwest WI Thrift 97 3 03-31 10/94 19.00 16
INCB Indiana Comm. Bank, SB of IN OTC Central IN Ret. 96 3 06-30 12/94 20.50 19
THR Three Rivers Fin. Corp. of MI AMEX Southwest MI Thrift 95 J 4 06-30 08/95 20.37 17
GFSB GFS Bancorp of Grinnell IA OTC Central IA Thrift 94 1 06-30 01/94 16.87 17
WCFB Wbstr Cty FSB MHC of IA (45.2) OTC Central IA Thrift 94 1 12-31 08/94 21.25 45
CIBI Community Inv. Bancorp of OH OTC NorthCentral OH Thrift 94 3 06-30 02/95 16.25 15
FFDF FFD Financial Corp. of OH OTC Northeast OH Thrift 88 1 06-30 04/96 18.00 26
KYF Kentucky First Bancorp of KY AMEX Central KY Thrift 88 2 06-30 08/95 14.37 19
HZFS Horizon Fin'l. Services of IA OTC Central IA Thrift 88 3 06-30 06/94 11.50 10
SFFC StateFed Financial Corp. of IA OTC Des Moines IA Thrift 88 2 06-30 01/94 13.50 21
PFFC Peoples Fin. Corp. of OH OTC Northeast OH Thrift 86 J 2 09-30 09/96 14.25 21
LOGN Logansport Fin. Corp. of IN OTC Northern IN Thrift 86 1 12-31 06/95 15.25 19
PSFI PS Financial of Chicago IL OTC Chicago IL Thrift 86 1 12-31 11/96 17.87 39
SOBI Sobieski Bancorp of S. Bend IN OTC Northern IN Thrift 84 3 06-30 03/95 19.50 15
FFBI First Financial Bancorp of IL OTC Northern IL M.B. 84 2 12-31 10/93 20.25 8
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
December 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)
- ------------------------------
HHFC Harvest Home Fin. Corp. of OH OTC Southwest OH Thrift 83 M 3 09-30 10/94 14.75 13
PCBC Perry Co. Fin. Corp. of MO OTC EastCentral MO Thrift 81 J 1 09-30 02/95 23.25 19
MSBF MSB Financial Corp. of MI OTC Southcentral MI Thrift 77 2 06-30 02/95 19.00 23
HCFC Home City Fin. Corp. of OH OTC Southwest OH Thrift 70 1 06-30 12/96 17.37 16
MIVI Miss. View Hold. Co. of MN OTC Central MN Thrift 70 J 1 09-30 03/95 17.50 13
ATSB AmTrust Capital Corp. of IN OTC Northcentral IN Thrift 70 2 06-30 03/95 14.00 7
GWBC Gateway Bancorp of KY OTC Eastern KY Thrift 63 2 12-31 01/95 19.62 21
CKFB CKF Bancorp of Danville KY OTC Central KY Thrift 60 1 12-31 01/95 18.50 17
NSLB NS&L Bancorp of Neosho MO OTC Southwest MO Thrift 60 J 2 09-30 06/95 18.50 13
LXMO Lexington B&L Fin. Corp. of MO OTC West Central MO Thrift 59 J 1 09-30 06/96 17.25 20
MRKF Market Fin. Corp. of OH OTC Cincinnati OH Thrift 56 2 09-30 03/97 15.44 21
CSBF CSB Financial Group Inc of IL (3) OTC Centralia IL Thrift 49 J 2 09-30 10/95 13.00 12
FLKY First Lancaster Bncshrs of KY OTC Central KY Thrift 47 1 06-30 07/96 15.75 15
RELI Reliance Bancshares Inc of WI (3) OTC Milwaukee WI Thrift 47 1 06-30 04/96 9.12 23
HBBI Home Building Bancorp of IN OTC Southwest IN Thrift 42 2 09-30 02/95 21.25 7
HWEN Home Financial Bancorp of IN OTC Central IN Thrift 41 1 06-30 07/96 16.44 8
LONF London Financial Corp. of OH OTC Central OH Thrift 38 1 09-30 04/96 15.75 8
JOAC Joachim Bancorp of MO OTC Eastern MO Thrift 35 1 03-31 12/95 15.00 11
New England Companies
- ---------------------
PBCT Peoples Bank, MHC of CT (40.1) (3) OTC Southwestern CT Div. 7,731 97 12-31 07/88 36.37 2,223
WBST Webster Financial Corp. of CT OTC Central CT Thrift 6,811 77 12-31 12/86 64.00 867
PHBK Peoples Heritage Fin Grp of ME (3) OTC ME,NH,MA Div. 6,056 132 12-31 12/86 43.94 1,207
CFX CFX Corp of NH (3) AMEX NH,MA M.B. 2,821 43 12-31 02/87 28.75 689
EGFC Eagle Financial Corp. of CT OTC Western CT Thrift 2,097 19 09-30 02/87 51.81 327
SISB SIS Bancorp Inc of MA (3) OTC Central MA Div. 1,453 24 12-31 02/95 38.12 213
ANDB Andover Bancorp, Inc. of MA (3) OTC MA,NH M.B. 1,281 12 12-31 05/86 39.00 201
FESX First Essex Bancorp of MA (3) OTC MA,NH Div. 1,210 15 12-31 08/87 20.62 155
AFCB Affiliated Comm BC, Inc of MA OTC MA Thrift 1,129 12 12-31 10/95 31.50 205
MDBK Medford Bank of Medford, MA (3) OTC Eastern MA Thrift 1,106 16 12-31 03/86 36.75 167
FAB FirstFed America Bancorp of MA AMEX MA,RI M.B. 1,036 12 03-31 01/97 21.00 183
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
December 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)
- ---------------------------------
FFES First FS&LA of E. Hartford CT OTC Central CT Thrift 987 12 12-31 06/87 37.50 101
BFD BostonFed Bancorp of MA AMEX Boston MA M.B. 961 10 12-31 10/95 20.37 115
MASB MassBank Corp. of Reading MA (3) OTC Eastern MA Thrift 933 14 12-31 05/86 45.50 162
DIBK Dime Financial Corp. of CT (3) OTC Central CT Thrift 922 11 12-31 07/86 30.00 155
MECH Mechanics SB of Hartford CT (3) OTC Hartford CT Thrift 831 14 12-31 06/96 25.75 136
PBKB People's SB of Brockton MA (3) OTC Southeastern MA Thrift 717 14 12-31 10/86 20.37 67
NSSB Norwich Financial Corp. of CT (3) OTC Southeastern CT Thrift 701 19 12-31 11/86 31.25 170
NSSY Norwalk Savings Society of CT (3) OTC Southwest CT Thrift 617 M 7 12-31 06/94 39.25 95
BKC American Bank of Waterbury CT (3) AMEX Western CT Thrift 610 15 12-31 12/81 48.62 112
MWBX MetroWest Bank of MA (3) OTC Eastern MA Thrift 586 11 12-31 10/86 9.00 126
SOSA Somerset Savings Bank of MA (3) OTC Eastern MA R.E. 520 5 12-31 07/86 4.75 79
SWCB Sandwich Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 512 11 12-31 07/86 45.00 86
ABBK Abington Savings Bank of MA (3) OTC Southeastern MA M.B. 502 8 12-31 06/86 36.37 67
EIRE Emerald Island Bancorp, MA (3) OTC Eastern MA R.E. 443 9 02-31 09/86 32.00 72
BKCT Bancorp Connecticut of CT (3) OTC Central CT Thrift 424 3 12-31 07/86 24.25 123
WRNB Warren Bancorp of Peabody MA (3) OTC Eastern MA R.E. 364 6 12-31 07/86 20.50 78
LSBX Lawrence Savings Bank of MA (3) OTC Northeastern MA Thrift 353 5 12-31 05/86 14.50 62
CEBK Central Co-Op. Bank of MA (3) OTC Eastern MA Thrift 344 J 8 03-31 10/86 26.25 52
NHTB NH Thrift Bancshares of NH OTC Central NH Thrift 319 10 12-31 05/86 21.50 45
NMSB Newmil Bancorp. of CT (3) OTC Eastern CT Thrift 317 13 06-30 02/86 13.37 51
NBN Northeast Bancorp of ME (3) OTC Eastern ME Thrift 265 8 06-30 08/87 27.94 36
ANE Alliance Bancorp of New Englan (3) AMEX Northern CT Thrift 242 7 12-31 12/86 17.12 28
HIFS Hingham Inst. for Sav. of MA (3) OTC Eastern MA Thrift 216 5 12-31 12/88 27.87 36
IPSW Ipswich SB of Ipswich MA (3) OTC Northwest MA Thrift 203 5 12-31 05/93 13.25 32
HPBC Home Port Bancorp, Inc. of MA (3) OTC Southeastern MA Thrift 201 2 12-31 08/88 23.62 44
BSBC Branford SB of CT (3) OTC New Haven CT R.E. 183 5 12-31 11/86 6.00 39
FCME First Coastal Corp. of ME (3) OTC Southern ME Thrift 149 7 12-31 / 14.62 20
KSBK KSB Bancorp of Kingfield ME (3) OTC Western ME M.B. 146 J 8 12-31 06/93 16.50 20
MFLR Mayflower Co-Op. Bank of MA (3) OTC Southeastern MA Thrift 129 4 04-30 12/87 24.75 22
NTMG Nutmeg FS&LA of CT OTC CT M.B. 105 3 12-31 / 13.12 10
FCB Falmouth Co-Op Bank of MA (3) AMEX Southeast MA Thrift 94 J 2 09-30 03/96 20.25 29
MCBN Mid-Coast Bancorp of ME OTC Eastern ME Thrift 61 2 03-31 11/89 28.75 7
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
December 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)
WAMU Washington Mutual Inc. of WA (3) OTC WA,OR,ID,UT,MT Div. 95,608 290 12-31 03/83 71.37 18,355
WFSL Washington FS&LA of Seattle WA OTC Western US Thrift 5,720 89 09-30 11/82 33.12 1,573
IWBK Interwest SB of Oak Harbor WA OTC Western WA Div. 2,047 31 12-31 / 39.87 321
STSA Sterling Financial Corp. of WA OTC WA,OR M.B. 1,870 41 06-30 / 21.62 164
FWWB First Savings Bancorp of WA (3) OTC Central WA Thrift 1,074 J 16 03-31 11/95 26.00 266
KFBI Klamath First Bancorp of OR OTC Southern OR Thrift 980 7 09-30 10/95 22.31 224
HRZB Horizon Financial Corp. of WA (3) OTC Northwest WA Thrift 531 12 03-31 08/86 17.50 130
FMSB First Mutual SB of Bellevue WA (3) OTC Western WA M.B. 451 6 12-31 12/85 18.25 74
CASB Cascade SB of Everett WA OTC Seattle WA Thrift 426 11 06-30 08/92 12.75 43
RVSB Riverview Bancorp of WA OTC Southwest WA Thrift 282 9 03-31 10/97 15.50 95
OTFC Oregon Trail Fin. Corp of OR OTC Baker City Thrift 260 P 2 06-30 10/97 16.00 75
FBNW FirstBank Corp of Clarkston WA OTC West. WA/East ID Thrift 178 5 03-31 07/97 18.12 36
EFBC Empire Federal Bancorp of MT OTC Southern MT Thrift 110 P 3 12-31 01/97 16.31 42
South-East Companies
- --------------------
FFCH First Fin. Holdings Inc. of SC OTC CHARLESTON SC Div. 1,713 32 09-30 11/83 48.00 306
LIFB Life Bancorp of Norfolk VA OTC Southeast VA Thrift 1,486 20 12-31 10/94 35.12 346
FLFC First Liberty Fin. Corp. of GA OTC Georgia M.B. 1,289 J 31 9-30 12/83 30.75 238
ISBF ISB Financial Corp. of LA OTC SouthCentral LA Thrift 956 27 12-31 04/95 27.62 191
EBSI Eagle Bancshares of Tucker GA OTC Atlanta GA Thrift 873 14 03-31 04/86 19.00 108
HFNC HFNC Financial Corp. of NC OTC Charlotte NC Thrift 867 8 06-30 12/95 14.75 254
VFFC Virginia First Savings of VA OTC Petersburg VA M.B. 858 J 23 06-30 01/78 25.25 147
CNIT Cenit Bancorp of Norfolk VA OTC Southeastern VA Thrift 702 19 12-31 08/92 68.00 112
PALM Palfed, Inc. of Aiken SC OTC Southwest SC Thrift 669 19 12-31 12/85 28.62 152
VABF Va. Beach Fed. Fin. Corp of VA OTC Southeast VA M.B. 605 12 12-31 11/80 17.25 86
FFFC FFVA Financial Corp. of VA OTC Southern VA Thrift 567 11 12-31 10/94 33.75 153
CFCP Coastal Fin. Corp. of SC OTC SC Thrift 494 9 09-30 09/90 22.75 106
FSPT FirstSpartan Fin. Corp. of SC OTC Northwestern SC Thrift 482 5 06-30 07/97 37.87 168
TSH Teche Holding Company of LA AMEX Southern LA Thrift 404 9 09-30 04/95 20.50 70
CFBC Community First Bnkg Co. of GA OTC Westcentral GA Thrift 395 12 12-31 07/97 39.50 95
COOP Cooperative Bk.for Svgs. of NC OTC Eastern NC Thrift 360 16 03-31 08/91 18.25 54
FSFC First So.east Fin. Corp. of SC OTC Northwest SC Thrift 350 11 06-30 10/93 15.12 66
FSTC First Citizens Corp of GA OTC Western GA M.B. 337 9 03-31 03/86 29.25 80
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
December 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)
- --------------------------------
SOPN First SB, SSB, Moore Co. of NC OTC Central NC Thrift 295 5 06-30 01/94 23.25 86
UFRM United FS&LA of Rocky Mount NC OTC Eastern NC M.B. 286 9 12-31 07/80 11.50 35
ANA Acadiana Bancshares of LA (3) AMEX Southern LA Thrift 274 4 12-31 07/96 23.75 64
PERT Perpetual of SC, MHC (46.8) OTC Northwest SC Thrift 256 J 6 09-30 10/93 54.75 82
SSFC South Street Fin. Corp. of NC (3) OTC South Central NC Thrift 241 2 09-30 10/96 19.00 85
FLAG Flag Financial Corp of GA OTC Western GA M.B. 238 4 12-31 12/86 18.50 38
MERI Meritrust FSB of Thibodaux LA OTC Southeast LA Thrift 233 8 12-31 / 69.00 53
CFTP Community Fed. Bancorp of MS OTC Northeast MS Thrift 216 2 09-30 03/96 20.25 94
ESX Essex Bancorp of VA AMEX VA,NC M.B. 192 4 12-31 07/90 5.00 5
CFFC Community Fin. Corp. of VA OTC Central VA Thrift 183 4 03-31 03/88 26.50 34
FTF Texarkana Fst. Fin. Corp of AR AMEX Southwest AR Thrift 179 5 09-30 07/95 25.50 46
GSFC Green Street Fin. Corp. of NC OTC Southern NC Thrift 178 3 09-30 04/96 18.25 78
FGHC First Georgia Hold. Corp of GA OTC Southeastern GA Thrift 156 J 9 09-30 02/87 8.25 25
BFSB Bedford Bancshares of VA OTC Southern VA Thrift 139 3 09-30 08/94 29.00 33
FFBS FFBS Bancorp of Columbus MS OTC Columbus MS Thrift 135 3 06-30 07/93 22.50 35
GSLA GS Financial Corp. of LA OTC New Orleans LA Thrift 131 3 12-31 04/97 17.75 61
PDB Piedmont Bancorp of NC AMEX Central NC Thrift 127 2 06-30 12/95 10.75 30
CFNC Carolina Fincorp of NC (3) OTC Southcentral NC Thrift 114 4 06-30 11/96 17.62 33
KSAV KS Bancorp of Kenly NC OTC Central NC Thrift 110 3 12-31 12/93 22.50 20
CCFH CCF Holding Company of GA OTC Atlanta GA Thrift 109 5 12-31 07/95 20.00 16
TWIN Twin City Bancorp of TN OTC Northeast TN Thrift 107 3 12-31 01/95 14.00 18
SRN Southern Banc Company of AL AMEX Northeast AL Thrift 105 J 4 06-30 10/95 17.69 22
SSM Stone Street Bancorp of NC AMEX Central NC Thrift 105 2 12-31 04/96 22.50 43
CENB Century Bancshares of NC (3) OTC Charlotte NC Thrift 101 1 06-30 12/96 83.00 34
SZB SouthFirst Bancshares of AL AMEX Central AL Thrift 97 J 2 09-30 02/95 20.00 17
SFNB Security First Netwrk Bk of GA OTC GA (Internet) Div. 79 J 1 12-31 / 8.00 69
SCBS Southern Commun. Bncshrs of AL OTC NorthCentral AL Thrift 70 J 1 09-30 12/96 18.00 20
SSB Scotland Bancorp of NC AMEX S. Central NC Thrift 64 2 09-30 04/96 10.37 20
SCCB S. Carolina Comm. Bnshrs of SC OTC Central SC Thrift 46 1 06-30 07/94 22.87 16
MBSP Mitchell Bancorp of NC (3) OTC Western NC Thrift 35 1 12-31 07/96 17.87 17
South-West Companies
- --------------------
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
December 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-West Companies (continued)
- --------------------------------
CBSA Coastal Bancorp of Houston TX OTC Houston TX M.B. 2,930 37 12-31 / 29.00 145
FBHC Fort Bend Holding Corp. of TX OTC Eastcentral TX M.B. 319 5 03-31 06/93 19.62 32
JXVL Jacksonville Bancorp of TX OTC East Central TX Thrift 226 J 6 09-30 04/96 19.12 48
FFDB FirstFed Bancorp of AL OTC Central AL Thrift 176 7 03-31 11/91 21.28 24
ETFS East Texas Fin. Serv. of TX OTC Northeast TX Thrift 116 2 09-30 01/95 20.00 21
GUPB GFSB Bancorp of Gallup NM OTC Northwest NM Thrift 110 1 06-30 06/95 20.25 16
AABC Access Anytime Bancorp of NM OTC Eastern NM Thrift 106 3 12-31 08/86 10.12 12
Western Companies (Excl CA)
- ---------------------------
FFBA First Colorado Bancorp of Co OTC Denver CO Thrift 1,513 26 12-31 01/96 25.50 420
WSTR WesterFed Fin. Corp. of MT OTC MT Thrift 999 35 06-30 01/94 24.75 138
GBCI Glacier Bancorp of MT OTC Western MT Div. 574 16 12-31 03/84 22.06 150
UBMT United Fin. Corp. of MT OTC Central MT Thrift 103 4 12-31 09/86 26.00 32
TRIC Tri-County Bancorp of WY OTC Southeastern WY Thrift 88 2 12-31 09/93 27.50 16
CRZY Crazy Woman Creek Bncorp of WY OTC Northeast WY Thrift 60 1 09-30 03/96 15.37 15
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.
(3) FDIC savings bank.
Source: Corporate offering circulars, SNL Securities Quarterly Thrift Report,
and financial reports of publicly Traded Thrifts.
Date of Last Update: 12/08/97
EXHIBIT III-2
Perpetual Bank, A Federal Savings Bank
South Carolina Savings Institutions
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-2
Market Pricing Comparatives
Prices As of December 5, 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 23.92 183.12 1.12 15.17 19.32 158.46 19.36 163.19 20.17
State of SC 32.87 148.78 1.31 17.49 19.91 219.96 27.27 219.96 21.64
Comparable Group
- ----------------
State of SC
- -----------
CFCP Coastal Fin. Corp. of SC 22.75 105.72 1.08 6.97 18.20 326.40 21.40 326.40 21.06
FFCH First Fin. Holdings Inc. of SC 48.00 305.66 2.16 16.45 21.62 291.79 17.84 291.79 22.22
FSFC First So.east Fin. Corp. of SC(7) 15.12 66.35 0.81 8.20 18.67 184.39 18.95 184.39 18.67
FSPT FirstSpartan Fin. Corp. of SC 37.87 167.76 1.25 29.17 NM 129.83 34.78 129.83 NM
PALM Palfed, Inc. of Aiken SC(7) 28.62 151.66 0.84 10.74 NM 266.48 22.69 266.48 NM
PERT Perpetual of SC, MHC (46.8)(7) 54.75 38.60 1.58 20.13 NM 271.98 32.16 271.98 NM
SCCB S. Carolina Comm. Bnshrs of SC 22.87 15.99 0.75 17.35 NM 131.82 35.04 131.82 NM
- --------------------------------------------------------------------------------------------------------------
Dividends(4) Financial Characteristics(6)
----------------------- -------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ ---------------- --------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- ----- ----- -------- ------ ------ ------ --- --- --- ---
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.37 1.58 30.15 1,198 13.01 0.77 0.89 8.08 0.88 7.82
State of SC 0.60 1.89 40.07 684 16.51 0.79 1.05 11.07 1.00 10.31
Comparable Group
- ----------------
State of SC
- -----------
CFCP Coastal Fin. Corp. of SC 0.36 1.58 33.33 494 6.56 0.10 1.21 19.41 1.05 16.77
FFCH First Fin. Holdings Inc. of SC 0.84 1.75 38.89 1,713 6.12 1.49 0.87 14.24 0.85 13.86
FSFC First So.east Fin. Corp. of SC(7) 0.24 1.59 29.63 350 10.28 0.24 1.05 10.32 1.05 10.32
FSPT FirstSpartan Fin. Corp. of SC 0.60 1.58 48.00 482 26.79 0.69 0.96 6.28 0.96 6.28
PALM Palfed, Inc. of Aiken SC(7) 0.12 0.42 14.29 669 8.51 2.04 0.39 4.82 0.67 8.26
PERT Perpetual of SC, MHC (46.8)(7) 1.40 2.56 NM 256 11.82 0.12 0.78 6.37 1.05 8.60
SCCB S. Carolina Comm. Bnshrs of SC 0.60 2.62 NM 46 26.59 0.87 1.15 4.34 1.15 4.34
- -----------------------------------------------------------------------------------------------------------------------
(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
Perpetual Bank, A Federal Savings Bank
Selected Southeast Savings Institutions
RP FINANCIAL, LC.
- ----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit III-3
Market Pricing Comparatives
Prices As of December 5, 1997
Market Per Share Data
Capitalization ---------------- Pricing Ratios(3)
------------------ Core Book ------------------------------------------
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 23.92 183.12 1.12 15.17 19.32 158.46 19.36 163.19 20.17
Special Selection Grouping(8) 24.18 65.52 1.01 17.86 21.00 139.17 28.94 140.43 22.10
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
ANA Acadiana Bancshares of LA 23.75 64.05 0.94 17.22 24.48 137.92 23.38 137.92 25.27
BFSB Bedford Bancshares of VA 29.00 33.12 1.38 17.18 20.86 168.80 23.80 168.80 21.01
- ----------------------------------------------------------------------------------------------------------------------------
CFNC Carolina Fincorp of NC 17.62 32.61 0.68 13.92 25.17 126.58 28.59 126.58 25.91
CENB Century Bancshares of NC 83.00 33.78 4.20 75.12 19.81 110.49 33.47 110.49 19.76
CFTP Community Fed. Bancorp of MS 20.25 93.74 0.65 12.47 NM 162.39 43.41 162.39 NM
- ----------------------------------------------------------------------------------------------------------------------------
CFFC Community Fin. Corp. of VA 26.50 33.79 1.51 18.99 17.67 139.55 18.43 139.55 17.55
- ----------------------------------------------------------------------------------------------------------------------------
CFBC Community First Bnkg Co. of GA 39.50 95.35 1.29 29.10 NM 135.74 24.17 137.58 NM
FFBS FFBS Bancorp of Columbus MS 22.50 35.37 1.16 14.34 19.40 156.90 26.21 156.90 19.40
- ----------------------------------------------------------------------------------------------------------------------------
FFFC FFVA Financial Corp. of VA 33.75 152.62 1.63 16.70 19.85 202.10 26.90 206.30 20.71
SOPN First SB, SSB, Moore Co. of NC 23.25 85.72 1.32 18.43 17.61 126.15 29.03 126.15 17.61
- ----------------------------------------------------------------------------------------------------------------------------
FSPT FirstSpartan Fin. Corp. of SC 37.87 167.76 1.25 29.17 NM 129.83 34.78 129.83 NM
GSLA GS Financial Corp. of LA 17.75 61.02 0.41 16.44 NM 107.97 46.56 107.97 NM
GSFC Green Street Fin. Corp. of NC 18.25 78.44 0.65 14.65 28.08 124.57 44.07 124.57 28.08
HFNC HFNC Financial Corp. of NC 14.75 253.58 0.53 9.48 23.79 155.59 29.25 155.59 27.83
ISBF ISB Financial Corp. of LA 27.62 190.61 0.96 16.70 28.47 165.39 19.94 193.28 28.77
KSAV KS Bancorp of Kenly NC 22.50 19.91 1.39 16.45 16.07 136.78 18.11 136.86 16.19
- ----------------------------------------------------------------------------------------------------------------------------
MBSP Mitchell Bancorp of NC 17.87 16.64 0.59 15.36 NM 116.34 48.10 116.34 NM
PDB Piedmont Bancorp of NC 10.75 29.57 0.25 7.56 NM 142.20 23.37 142.20 NM
SCCB S. Carolina Comm. Bnshrs of SC 22.87 15.99 0.75 17.35 NM 131.82 35.04 131.82 NM
- ----------------------------------------------------------------------------------------------------------------------------
SSB Scotland Bancorp of NC 10.37 19.85 0.65 7.61 15.71 136.27 30.82 136.27 15.95
SFNB Security First Netwrk Bk of GA(7) 8.00 68.96 -3.38 3.02 NM 264.90 87.72 269.36 NM
SSFC South Street Fin. Corp. of NC 19.00 85.42 0.65 13.73 NM 138.38 35.51 138.38 29.23
SZB SouthFirst Bancshares of AL 20.00 16.96 0.25 16.06 NM 124.53 17.43 124.53 NM
SRN Southern Banc Company of AL 17.69 21.76 0.43 14.58 NM 121.33 20.64 122.59 NM
SCBS Southern Commun. Bncshrs of AL 18.00 20.47 0.54 13.20 NM 136.36 29.08 136.36 NM
SSM Stone Street Bancorp of NC 22.50 42.71 0.86 16.32 26.16 137.87 40.76 137.87 26.16
- ----------------------------------------------------------------------------------------------------------------------------
TSH Teche Holding Company of LA 20.50 70.48 1.07 15.81 18.30 129.66 17.44 129.66 19.16
- ----------------------------------------------------------------------------------------------------------------------------
FTF Texarkana Fst. Fin. Corp of AR 25.50 45.57 1.61 15.32 15.84 166.45 25.50 166.45 15.84
- ----------------------------------------------------------------------------------------------------------------------------
TWIN Twin City Bancorp of TN 14.00 17.81 0.60 10.88 19.72 128.68 16.65 128.68 23.33
- ----------------------------------------------------------------------------------------------------------------------------
Dividends(4) Financial Characteristics(6)
--------------------------- ------------------------------------------------------------
Reported Core
Amount/ Payout Total Equity/ NPAs/ -------------- ---------------
Financial Institution Share Yield Ratio(5) Assets Assets Assets ROA ROE ROA ROE
- --------------------- ------- ----- -------- ------- ------ ------ ------- ----- ----- -------
($) (%) (%) ($Mil) (%) (%) (%) (%) (%) (%)
SAIF-Insured Thrifts 0.37 1.58 30.15 1,198 13.01 0.77 0.89 8.08 0.88 7.82
Special Selection Grouping(8) 0.51 2.18 49.77 240 21.44 0.65 1.12 5.45 1.16 5.70
Comparable Group
- ----------------
Special Comparative Group(8)
- ----------------------------
ANA Acadiana Bancshares of LA 0.36 1.52 38.30 274 16.95 0.50 0.98 5.64 0.95 5.46
BFSB Bedford Bancshares of VA 0.56 1.93 40.58 139 14.10 0.52 1.20 8.41 1.19 8.35
- ----------------------------------------------------------------------------------------------------------------------------------
CFNC Carolina Fincorp of NC 0.24 1.36 35.29 114 22.59 0.16 1.17 5.03 1.14 4.89
CENB Century Bancshares of NC 2.00 2.41 47.62 101 30.29 0.25 1.69 5.60 1.70 5.62
CFTP Community Fed. Bancorp of MS 0.30 1.48 46.15 216 26.73 0.50 1.47 4.77 1.45 4.70
- ----------------------------------------------------------------------------------------------------------------------------------
CFFC Community Fin. Corp. of VA 0.56 2.11 37.09 183 13.21 0.56 1.12 8.18 1.13 8.23
- ----------------------------------------------------------------------------------------------------------------------------------
CFBC Community First Bnkg Co. of GA 0.60 1.52 46.51 395 17.80 2.19 0.74 4.46 0.74 4.46
FFBS FFBS Bancorp of Columbus MS 0.50 2.22 43.10 135 16.70 0.58 1.41 7.48 1.41 7.48
- ----------------------------------------------------------------------------------------------------------------------------------
FFFC FFVA Financial Corp. of VA 0.48 1.42 29.45 567 13.31 0.16 1.40 10.28 1.35 9.86
SOPN First SB, SSB, Moore Co. of NC 0.88 3.78 66.67 295 23.01 0.29 1.75 7.26 1.75 7.26
- ----------------------------------------------------------------------------------------------------------------------------------
FSPT FirstSpartan Fin. Corp. of SC 0.60 1.58 48.00 482 26.79 0.69 0.96 6.28 0.96 6.28
GSLA GS Financial Corp. of LA 0.28 1.58 68.29 131 43.13 0.14 1.25 3.81 1.25 3.81
GSFC Green Street Fin. Corp. of NC 0.44 2.41 67.69 178 35.38 0.10 1.59 4.45 1.59 4.45
HFNC HFNC Financial Corp. of NC 0.28 1.90 52.83 867 18.80 0.92 1.23 5.43 1.05 4.64
ISBF ISB Financial Corp. of LA 0.50 1.81 52.08 956 12.05 0.27 0.75 5.87 0.74 5.81
KSAV KS Bancorp of Kenly NC 0.60 2.67 43.17 110 13.24 0.53 1.21 8.81 1.20 8.74
- ----------------------------------------------------------------------------------------------------------------------------------
MBSP Mitchell Bancorp of NC 0.40 2.24 67.80 35 41.35 2.25 1.61 3.77 1.61 3.77
PDB Piedmont Bancorp of NC 0.40 3.72 NM 127 16.43 0.89 -0.24 -1.28 0.55 2.91
SCCB S. Carolina Comm. Bnshrs of SC 0.60 2.62 NM 46 26.59 0.87 1.15 4.34 1.15 4.34
- ----------------------------------------------------------------------------------------------------------------------------------
SSB Scotland Bancorp of NC 0.30 2.89 46.15 64 22.62 NA 1.86 5.47 1.83 5.39
SFNB Security First Netwrk Bk of GA(7) 0.00 0.00 NM 79 33.11 NA -29.36 NM -30.07 NM
SSFC South Street Fin. Corp. of NC 0.40 2.11 61.54 241 25.66 0.31 1.21 5.34 1.25 5.51
SZB SouthFirst Bancshares of AL 0.50 2.50 NM 97 14.00 0.75 -0.03 -0.19 0.23 1.62
SRN Southern Banc Company of AL 0.35 1.98 NM 105 17.01 NA 0.14 0.79 0.50 2.84
SCBS Southern Commun. Bncshrs of AL 0.30 1.67 55.56 70 21.33 2.48 0.55 3.24 0.90 5.30
SSM Stone Street Bancorp of NC 0.45 2.00 52.33 105 29.57 0.23 1.54 4.69 1.54 4.69
- ----------------------------------------------------------------------------------------------------------------------------------
TSH Teche Holding Company of LA 0.50 2.44 46.73 404 13.45 0.28 0.98 7.29 0.93 6.97
- ----------------------------------------------------------------------------------------------------------------------------------
FTF Texarkana Fst. Fin. Corp of AR 0.56 2.20 34.78 179 15.32 0.23 1.70 10.74 1.70 10.74
- ----------------------------------------------------------------------------------------------------------------------------------
TWIN Twin City Bancorp of TN 0.40 2.86 66.67 107 12.94 0.16 0.85 6.65 0.72 5.62
- ----------------------------------------------------------------------------------------------------------------------------------
(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 South-East Companies; Equity/Assets (greater than)12%;
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
Perpetual Bank, A Federal Savings Bank
Stock Prices:
As of December 5, 1997
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A
Weekly Thrift Market Line - Part One
Prices As Of December 5, 1997
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 52 Week (1) % Change From
Shares Market --------------- -----------------------
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(300) 23.87 5,865 189.5 25.00 15.44 23.35 1.93 253.19 48.43
NYSE Traded Companies(10) 47.41 33,668 1,819.0 48.73 28.24 45.35 4.00 348.95 54.15
AMEX Traded Companies(16) 18.21 3,147 57.0 20.34 12.89 17.98 1.06 287.93 33.15
NASDAQ Listed OTC Companies(274) 23.27 4,920 132.5 24.33 15.08 22.80 1.90 240.08 49.10
California Companies(21) 31.53 18,713 891.4 32.85 18.82 30.34 3.95 171.26 56.08
Florida Companies(5) 22.91 20,239 454.8 24.64 13.65 22.56 1.31 189.23 53.92
Mid-Atlantic Companies(59) 25.46 6,729 187.8 26.33 15.71 24.97 1.74 228.03 58.65
Mid-West Companies(144) 22.02 3,622 104.3 22.95 14.52 21.64 1.51 282.88 44.58
New England Companies(9) 29.72 5,017 191.4 30.62 17.51 28.99 2.40 455.94 65.16
North-West Companies(8) 23.91 11,774 347.8 25.33 17.45 23.54 1.41 187.85 38.97
South-East Companies(41) 23.58 3,451 81.2 25.58 16.18 22.86 2.97 239.62 40.76
South-West Companies(7) 19.91 1,905 42.6 22.00 13.66 19.94 -0.12 49.93 45.60
Western Companies (Excl CA)(6) 23.53 5,273 128.5 24.46 16.16 22.82 3.29 392.36 39.44
Thrift Strategy(241) 22.66 3,718 96.1 23.77 15.00 22.32 1.47 228.48 46.41
Mortgage Banker Strategy(36) 29.33 14,731 630.5 30.20 17.41 27.99 4.02 326.82 60.50
Real Estate Strategy(9) 27.62 7,823 255.5 28.74 16.19 26.74 3.96 242.33 56.26
Diversified Strategy(10) 34.47 30,268 1,065.8 36.93 20.50 32.71 4.56 225.56 50.99
Retail Banking Strategy(4) 18.54 4,340 96.8 20.12 11.66 17.97 1.83 381.94 38.84
Companies Issuing Dividends(254) 24.19 5,566 188.1 25.34 15.68 23.67 1.89 267.30 47.09
Companies Without Dividends(46) 21.99 7,633 197.4 22.98 13.99 21.51 2.15 165.27 57.66
Equity/Assets (less than) 6%(23) 30.09 19,214 690.6 31.25 17.41 29.09 3.51 215.55 62.64
Equity/Assets 6-12%(142) 26.23 5,749 209.4 27.20 15.88 25.56 2.27 269.22 56.99
Equity/Assets (greater than) 12%(135) 20.60 3,733 86.6 21.89 14.69 20.32 1.34 215.20 36.78
Converted Last 3 Mths (no MHC)(3) 16.25 3,974 64.7 16.58 15.13 16.02 1.43 0.00 0.00
Actively Traded Companies(39) 35.33 18,235 808.5 36.23 20.92 34.03 3.50 292.75 64.05
Market Value Below $20 Million(50) 17.74 874 14.6 18.89 12.40 17.66 0.74 283.22 41.06
Holding Company Structure(266) 23.96 5,618 186.8 25.11 15.63 23.45 1.95 240.37 46.93
Assets Over $1 Billion(60) 34.58 19,090 741.1 35.69 20.78 33.27 4.00 286.80 56.23
Assets $500 Million-$1 Billion(49) 24.36 5,454 119.3 25.44 14.97 23.72 2.63 300.03 55.60
Assets $250-$500 Million(65) 23.46 2,779 61.7 24.60 15.25 23.11 1.27 227.17 53.06
Assets less than $250 Million(126) 18.94 1,480 26.9 20.10 13.25 18.76 1.03 159.33 39.19
Goodwill Companies(122) 27.82 10,091 336.2 28.86 17.06 27.00 2.88 279.73 54.72
Non-Goodwill Companies(178) 21.25 3,065 92.2 22.44 14.36 20.94 1.30 215.75 44.04
Acquirors of FSLIC Cases(10) 44.51 35,626 1,970.5 45.36 26.65 42.61 3.55 365.71 56.04
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. SAIF-Insured Thrifts(no MHC)
- ---------------------------------------------
SAIF-Insured Thrifts(300) 1.17 1.15 15.40 14.97 148.05
NYSE Traded Companies(10) 2.79 2.65 22.22 21.43 338.78
AMEX Traded Companies(16) 0.60 0.71 14.05 13.85 107.51
NASDAQ Listed OTC Companies(274) 1.14 1.11 15.21 14.78 142.88
California Companies(21) 1.73 1.61 17.45 16.86 265.86
Florida Companies(5) 1.17 0.85 11.42 10.73 171.97
Mid-Atlantic Companies(59) 1.31 1.31 16.00 15.39 164.56
Mid-West Companies(144) 1.06 1.04 15.11 14.81 126.64
New England Companies(9) 1.30 1.46 17.47 16.71 236.67
North-West Companies(8) 1.13 1.07 14.49 13.93 129.56
South-East Companies(41) 0.99 0.96 14.52 14.22 112.14
South-West Companies(7) 1.30 1.30 15.15 14.39 194.42
Western Companies (Excl CA)(6) 1.16 1.16 16.28 15.61 108.86
Thrift Strategy(241) 1.08 1.08 15.54 15.18 132.71
Mortgage Banker Strategy(36) 1.60 1.47 15.12 14.20 220.19
Real Estate Strategy(9) 1.66 1.60 14.81 14.52 225.37
Diversified Strategy(10) 1.93 1.73 14.11 13.56 195.62
Retail Banking Strategy(4) -0.35 -0.45 12.75 12.17 195.11
Companies Issuing Dividends(254) 1.21 1.18 15.52 15.05 144.64
Companies Without Dividends(46) 0.91 0.92 14.70 14.47 168.21
Equity/Assets (less than) 6%(23) 1.67 1.69 14.20 13.24 287.51
Equity/Assets 6-12%(142) 1.40 1.35 15.39 14.77 182.47
Equity/Assets (greater than) 12%(135) 0.87 0.87 15.60 15.44 92.32
Converted Last 3 Mths (no MHC)(3) 0.54 0.54 13.31 13.31 70.71
Actively Traded Companies(39) 1.95 1.95 17.26 16.62 228.67
Market Value Below $20 Million(50) 0.81 0.82 14.60 14.56 113.53
Holding Company Structure(266) 1.15 1.12 15.65 15.23 145.24
Assets Over $1 Billion(60) 1.83 1.78 17.18 15.98 243.29
Assets $500 Million-$1 Billion(49) 1.25 1.17 14.44 13.93 154.37
Assets $250-$500 Million(65) 1.17 1.16 15.75 15.37 151.21
Assets less than $250 Million(126) 0.82 0.83 14.77 14.71 100.03
Goodwill Companies(122) 1.45 1.41 15.78 14.70 193.04
Non-Goodwill Companies(178) 0.98 0.97 15.15 15.15 118.24
Acquirors of FSLIC Cases(10) 2.56 2.52 20.88 19.72 332.65
(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 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 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 5, 1997
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 52 Week (1) % Change From
Shares Market --------------- -----------------------
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. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(60) 27.49 8,002 246.3 28.38 16.82 26.80 2.60 262.87 59.25
NYSE Traded Companies(2) 47.00 72,159 2,775.5 47.69 30.12 45.44 4.64 158.45 59.71
AMEX Traded Companies(6) 28.02 2,187 64.0 28.82 15.90 27.52 1.15 166.38 66.54
NASDAQ Listed OTC Companies(52) 26.60 5,890 158.0 27.51 16.35 25.93 2.66 278.02 58.44
California Companies(1) 18.00 7,847 141.2 21.25 14.00 18.00 0.00 0.00 20.00
Mid-Atlantic Companies(15) 29.55 17,474 579.2 30.44 17.92 28.49 4.14 190.07 59.62
Mid-West Companies(2) 11.06 1,707 17.4 11.12 8.25 10.69 3.41 0.00 31.78
New England Companies(33) 27.78 4,521 133.3 28.68 16.18 27.29 1.67 292.67 67.11
North-West Companies(4) 20.58 7,249 156.9 21.56 13.09 20.02 2.88 153.46 54.20
South-East Companies(5) 32.25 2,076 46.5 32.92 23.29 31.22 3.17 0.00 36.06
Thrift Strategy(43) 27.45 4,912 168.8 28.33 16.86 26.85 2.33 256.68 58.59
Mortgage Banker Strategy(7) 28.57 31,238 799.1 29.75 16.85 27.60 3.69 281.08 71.75
Real Estate Strategy(5) 19.25 5,823 109.6 21.31 14.38 19.31 -0.29 508.31 28.33
Diversified Strategy(5) 30.67 13,256 456.0 30.67 17.56 28.93 5.55 202.18 69.26
Companies Issuing Dividends(52) 29.13 8,456 269.3 29.99 17.81 28.40 2.57 263.88 59.35
Companies Without Dividends(8) 16.43 4,948 91.9 17.55 10.13 16.05 2.74 248.69 58.62
Equity/Assets less than 6%(5) 19.91 29,899 746.5 20.16 10.16 19.19 3.49 192.41 96.30
Equity/Assets 6-12%(39) 30.07 6,372 240.7 31.13 17.67 29.46 1.87 279.06 63.72
Equity/Assets greater than 12%(16) 23.90 5,990 133.0 24.59 16.66 23.04 3.92 53.24 39.25
Actively Traded Companies(18) 30.00 11,760 343.8 31.01 18.22 29.24 2.68 299.47 58.58
Market Value Below $20 Million(4) 16.15 951 14.9 16.50 10.81 15.70 3.12 0.00 45.39
Holding Company Structure(40) 26.54 6,571 183.6 27.44 16.51 25.97 2.31 245.17 56.77
Assets Over $1 Billion(14) 34.32 24,469 847.4 35.05 20.69 33.02 4.24 242.13 63.31
Assets $500 Million-$1 Billion(16) 30.35 5,008 123.6 31.44 18.03 29.54 3.03 245.86 60.04
Assets $250-$500 Million(13) 22.14 3,342 69.1 23.13 13.20 22.09 0.63 296.73 63.11
Assets less than $250 Million(17) 23.43 1,549 29.8 24.17 15.39 22.85 2.43 271.01 52.39
Goodwill Companies(30) 30.93 11,423 381.8 31.80 18.52 30.21 2.39 261.61 61.36
Non-Goodwill Companies(30) 24.04 4,580 110.7 24.95 15.11 23.39 2.81 265.39 57.22
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- ------- -------
($) ($) ($) ($) ($)
Market Averages. BIF-Insured Thrifts(no MHC)
- --------------------------------------------
BIF-Insured Thrifts(60) 1.59 1.52 15.85 14.99 153.09
NYSE Traded Companies(2) 2.34 2.29 20.01 12.88 248.52
AMEX Traded Companies(6) 1.34 1.15 17.59 15.21 172.94
NASDAQ Listed OTC Companies(52) 1.58 1.53 15.49 15.05 146.91
California Companies(1) 1.52 1.52 12.32 12.27 114.89
Mid-Atlantic Companies(15) 1.34 1.30 16.10 14.20 170.74
Mid-West Companies(2) 0.21 0.26 11.08 10.73 35.43
New England Companies(33) 1.91 1.80 14.67 14.10 168.95
North-West Companies(4) 1.05 1.02 11.21 10.83 95.73
South-East Companies(5) 1.42 1.41 27.07 27.07 100.38
Thrift Strategy(43) 1.56 1.49 16.45 15.52 148.63
Mortgage Banker Strategy(7) 1.58 1.55 14.32 13.84 180.63
Real Estate Strategy(5) 1.78 1.67 11.27 11.24 105.38
Diversified Strategy(5) 1.80 1.75 13.54 12.55 190.42
Companies Issuing Dividends(52) 1.57 1.50 16.59 15.62 161.96
Companies Without Dividends(8) 1.69 1.67 10.85 10.74 93.52
Equity/Assets less than 6%(5) 1.23 1.01 7.70 7.47 153.80
Equity/Assets 6-12%(39) 1.94 1.85 15.59 14.33 182.89
Equity/Assets greater than 12%(16) 0.93 0.95 18.43 18.26 89.58
Actively Traded Companies(18) 1.97 1.86 15.73 14.92 183.84
Market Value Below $20 Million(4) 1.53 1.53 13.58 13.41 70.48
Holding Company Structure(40) 1.51 1.46 16.01 15.30 136.16
Assets Over $1 Billion(14) 1.83 1.78 15.82 14.09 187.28
Assets $500 Million-$1 Billion(16) 1.93 1.81 16.83 15.48 191.21
Assets $250-$500 Million(13) 1.17 1.11 12.82 12.51 120.44
Assets less than $250 Million(17) 1.40 1.35 17.31 17.20 113.72
Goodwill Companies(30) 1.75 1.65 16.69 14.96 194.27
Non-Goodwill Companies(30) 1.43 1.39 15.01 15.01 111.90
(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 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 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 5, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
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(20) 25.05 8,362 58.1 26.98 13.01 24.50 2.62 377.81 103.57
BIF-Insured Thrifts(3) 31.71 22,105 311.4 33.12 12.38 31.06 1.87 362.13 161.58
NASDAQ Listed OTC Companies(23) 26.23 10,787 102.8 28.07 12.90 25.66 2.49 369.97 116.00
Florida Companies(3) 32.31 5,939 91.1 36.13 17.63 31.44 3.23 0.00 68.90
Mid-Atlantic Companies(11) 22.50 11,091 60.5 23.94 10.12 22.14 2.22 0.00 162.04
Mid-West Companies(7) 28.47 2,111 26.2 30.40 14.99 28.07 1.58 377.81 85.01
New England Companies(1) 36.37 61,126 889.4 37.37 18.00 33.69 7.95 362.13 88.94
Thrift Strategy(22) 25.59 7,641 53.6 27.48 12.58 25.16 2.14 377.81 118.08
Diversified Strategy(1) 36.37 61,126 889.4 37.37 18.00 33.69 7.95 362.13 88.94
Companies Issuing Dividends(22) 26.68 11,289 107.7 28.59 12.86 26.10 2.51 369.97 116.00
Companies Without Dividends(1) 19.00 2,760 23.6 19.75 13.62 18.62 2.04 0.00 0.00
Equity/Assets 6-12%(16) 27.84 14,078 135.2 30.02 13.10 27.22 2.53 369.97 122.67
Equity/Assets greater than 12%(7) 22.35 2,887 25.0 23.37 12.42 21.90 2.37 0.00 91.55
Holding Company Structure(2) 28.75 1,917 25.4 29.50 9.38 28.50 0.88 0.00 206.50
Assets Over $1 Billion(6) 25.25 37,110 341.0 26.75 11.94 23.64 6.67 362.13 126.47
Assets $500 Million-$1 Billion(2) 34.75 5,095 85.8 39.75 18.00 35.00 -0.71 0.00 69.51
Assets $250-$500 Million(5) 29.21 3,423 39.9 30.25 15.36 28.12 4.09 377.81 92.91
Assets less than $250 Million(10) 24.72 2,174 19.7 26.62 11.94 24.69 0.45 0.00 128.32
Goodwill Companies(9) 26.94 25,532 238.5 28.58 12.98 25.82 4.59 369.97 129.31
Non-Goodwill Companies(14) 25.84 2,744 28.8 27.78 12.86 25.57 1.33 0.00 106.03
MHC Institutions(23) 26.23 10,787 102.8 28.07 12.90 25.66 2.49 369.97 116.00
Current Per Share Financials
----------------------------------------
Tangible
Trailing 12 Mo. Book Book
12 Mo. Core Value/ Value/ Assets/
Financial Institution EPS(3) EPS(3) Share Share(4) Share
- --------------------- -------- ------- ------- -------- -------
($) ($) ($) ($) ($)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(20) 0.68 0.67 10.72 10.65 95.80
BIF-Insured Thrifts(3) 1.06 0.85 10.76 10.12 101.07
NASDAQ Listed OTC Companies(23) 0.75 0.70 10.73 10.55 96.73
Florida Companies(3) 1.00 0.89 14.22 14.18 146.68
Mid-Atlantic Companies(11) 0.57 0.56 9.17 8.86 76.90
Mid-West Companies(7) 0.82 0.85 12.01 11.98 106.48
New England Companies(1) 1.44 0.93 11.41 11.40 126.48
Thrift Strategy(22) 0.71 0.69 10.69 10.50 94.87
Diversified Strategy(1) 1.44 0.93 11.41 11.40 126.48
Companies Issuing Dividends(22) 0.76 0.71 10.76 10.58 98.10
Companies Without Dividends(1) 0.56 0.54 10.22 10.22 74.79
Equity/Assets 6-12%(16) 0.82 0.74 10.90 10.65 109.96
Equity/Assets greater than 12%(7) 0.57 0.61 10.33 10.33 64.98
Holding Company Structure(2) 1.05 0.94 12.02 10.10 100.68
Assets Over $1 Billion(6) 0.83 0.64 8.38 8.15 97.01
Assets $500 Million-$1 Billion(2) 1.07 0.98 15.79 15.79 139.20
Assets $250-$500 Million(5) 0.88 0.85 11.27 11.23 109.10
Assets less than $250 Million(10) 0.64 0.65 11.03 10.82 87.76
Goodwill Companies(9) 0.92 0.78 9.94 9.44 108.33
Non-Goodwill Companies(14) 0.65 0.67 11.16 11.16 90.40
MHC Institutions(23) 0.75 0.70 10.73 10.55 96.73
(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 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 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 5, 1997
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 52 Week (1) % Change From
Shares Market --------------- -----------------------
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 62.94 94,411 5,942.2 63.31 31.50 59.50 5.78 235.68 93.66
CSA Coast Savings Financial of CA 62.75 18,644 1,169.9 63.62 34.75 60.00 4.58 442.82 71.35
CFB Commercial Federal Corp. of NE 50.37 21,582 1,087.1 51.19 29.75 48.06 4.81 ***.** 57.41
DME Dime Bancorp, Inc. of NY* 26.00 101,492 2,638.8 26.00 14.62 24.25 7.22 158.45 76.27
DSL Downey Financial Corp. of CA 28.75 26,754 769.2 28.81 17.70 27.50 4.55 164.73 53.83
FED FirstFed Fin. Corp. of CA 37.75 10,585 399.6 39.44 21.50 36.50 3.42 133.75 71.59
GSB Glendale Fed. Bk, FSB of CA 34.31 50,456 1,731.1 36.12 21.25 33.31 3.00 111.14 47.57
GDW Golden West Fin. Corp. of CA 94.75 56,770 5,379.0 94.75 59.87 89.62 5.72 261.78 50.11
GPT GreenPoint Fin. Corp. of NY* 68.00 42,826 2,912.2 69.37 45.62 66.62 2.07 N.A. 43.16
JSB JSB Financial, Inc. of NY 48.69 9,898 481.9 49.56 36.00 46.62 4.44 323.39 28.13
NYB New York Bancorp, Inc. of NY 36.94 21,319 787.5 37.00 16.81 35.37 4.44 421.02 90.71
WES Westcorp Inc. of Orange CA 16.87 26,256 442.9 23.50 13.25 17.00 -0.76 130.15 -22.90
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 23.75 2,697 64.1 24.75 14.19 23.75 0.00 N.A. 59.72
ANE Alliance Bancorp of New Englan* 17.12 1,627 27.9 18.00 8.72 17.50 -2.17 136.14 90.22
BKC American Bank of Waterbury CT* 48.62 2,313 112.5 48.75 27.37 47.12 3.18 159.31 73.64
BFD BostonFed Bancorp of MA 20.37 5,650 115.1 22.31 14.37 20.37 0.00 N.A. 38.10
CFX CFX Corp of NH(8)* 28.75 23,977 689.3 28.75 14.52 27.75 3.60 141.60 85.48
CNY Carver Bancorp, Inc. of NY 16.25 2,314 37.6 17.06 7.75 17.06 -4.75 160.00 96.97
CBK Citizens First Fin.Corp. of IL 18.00 2,584 46.5 19.50 13.50 18.25 -1.37 N.A. 25.26
ESX Essex Bancorp of VA(8) 5.00 1,058 5.3 7.94 1.00 5.00 0.00 -70.15 128.31
FCB Falmouth Co-Op Bank of MA* 20.25 1,455 29.5 22.00 12.87 20.25 0.00 N.A. 54.34
FAB FirstFed America Bancorp of MA 21.00 8,707 182.8 22.12 13.62 20.62 1.84 N.A. N.A.
GAF GA Financial Corp. of PA 19.56 7,973 156.0 19.69 14.50 19.25 1.61 N.A. 29.37
KNK Kankakee Bancorp of IL 34.38 1,426 49.0 34.62 23.37 33.87 1.51 243.80 38.91
KYF Kentucky First Bancorp of KY 14.37 1,303 18.7 14.62 10.56 14.50 -0.90 N.A. 32.20
MBB MSB Bancorp of Middletown NY* 30.37 2,844 86.4 30.62 16.37 29.00 4.72 203.70 54.79
PDB Piedmont Bancorp of NC 10.75 2,751 29.6 17.87 9.25 10.37 3.66 N.A. 2.38
SSB Scotland Bancorp of NC 10.37 1,914 19.8 19.25 10.12 10.25 1.17 N.A. -26.56
SZB SouthFirst Bancshares of AL 20.00 848 17.0 20.87 12.50 19.00 5.26 N.A. 50.94
SRN Southern Banc Company of AL 17.69 1,230 21.8 17.69 13.12 16.87 4.86 N.A. 34.83
SSM Stone Street Bancorp of NC 22.50 1,898 42.7 27.25 19.25 20.25 11.11 N.A. 9.76
TSH Teche Holding Company of LA 20.50 3,438 70.5 23.50 13.00 21.88 -6.31 N.A. 42.66
FTF Texarkana Fst. Fin. Corp of AR 25.50 1,787 45.6 27.00 14.25 24.75 3.03 N.A. 63.15
THR Three Rivers Fin. Corp. of MI 20.37 824 16.8 20.50 13.62 19.75 3.14 N.A. 45.50
WSB Washington SB, FSB of MD 7.00 4,348 30.4 8.25 4.81 7.37 -5.02 460.00 43.74
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 27.50 1,038 28.5 27.50 18.09 26.68 3.07 N.A. 44.74
AFED AFSALA Bancorp, Inc. of NY 19.12 1,455 27.8 19.50 11.37 19.12 0.00 N.A. 59.33
ALBK ALBANK Fin. Corp. of Albany NY 44.69 12,872 575.2 47.75 30.50 46.25 -3.37 92.22 42.46
AMFC AMB Financial Corp. of IN 16.00 964 15.4 17.75 12.50 16.00 0.00 N.A. 20.75
ASBP ASB Financial Corp. of OH 13.37 1,700 22.7 18.00 11.50 13.12 1.91 N.A. 2.85
ABBK Abington Savings Bank of MA* 36.37 1,840 66.9 37.75 19.00 36.00 1.03 449.40 86.51
AABC Access Anytime Bancorp of NM 10.12 1,217 12.3 10.75 5.15 10.12 0.00 49.93 87.76
AFBC Advance Fin. Bancorp of WV 17.25 1,084 18.7 17.87 12.75 17.75 -2.82 N.A. N.A.
AADV Advantage Bancorp of WI(8) 66.50 3,236 215.2 66.50 31.75 62.25 6.83 622.83 106.20
AFCB Affiliated Comm BC, Inc of MA 31.50 6,493 204.5 32.12 17.10 28.50 10.53 N.A. 84.21
ALBC Albion Banc Corp. of Albion NY 28.00 250 7.0 30.50 16.50 29.00 -3.45 115.38 67.16
ABCL Allied Bancorp of IL 27.37 8,020 219.5 28.37 16.08 26.25 4.27 310.34 64.19
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 3.94 3.37 20.17 17.13 495.70
CSA Coast Savings Financial of CA 2.94 3.14 25.21 24.92 484.90
CFB Commercial Federal Corp. of NE 3.02 3.02 20.59 18.42 333.94
DME Dime Bancorp, Inc. of NY* 1.30 1.28 10.38 9.88 191.28
DSL Downey Financial Corp. of CA 1.49 1.43 15.61 15.41 218.81
FED FirstFed Fin. Corp. of CA 2.19 2.18 20.01 19.82 387.78
GSB Glendale Fed. Bk, FSB of CA 1.76 2.11 18.39 16.46 325.68
GDW Golden West Fin. Corp. of CA 5.93 5.83 45.36 45.36 691.01
GPT GreenPoint Fin. Corp. of NY* 3.38 3.30 29.63 15.88 305.75
JSB JSB Financial, Inc. of NY 2.97 2.64 35.91 35.91 154.68
NYB New York Bancorp, Inc. of NY 2.40 2.46 7.93 7.93 152.17
WES Westcorp Inc. of Orange CA 1.31 0.27 13.00 12.97 143.10
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 0.97 0.94 17.22 17.22 101.60
ANE Alliance Bancorp of New Englan* 1.15 1.06 10.95 10.68 148.69
BKC American Bank of Waterbury CT* 3.27 2.76 23.23 22.38 263.69
BFD BostonFed Bancorp of MA 1.16 1.05 14.48 13.94 170.04
CFX CFX Corp of NH(8)* 0.58 0.78 10.25 9.88 117.66
CNY Carver Bancorp, Inc. of NY -0.26 0.02 15.09 14.50 179.59
CBK Citizens First Fin.Corp. of IL 0.63 0.56 14.79 14.79 107.57
ESX Essex Bancorp of VA(8) 0.20 0.18 0.03 -0.14 181.37
FCB Falmouth Co-Op Bank of MA* 0.52 0.49 15.40 15.40 64.55
FAB FirstFed America Bancorp of MA 0.06 0.54 14.52 14.52 118.99
GAF GA Financial Corp. of PA 0.94 0.91 14.72 14.58 100.63
KNK Kankakee Bancorp of IL 2.15 2.11 27.25 25.69 238.38
KYF Kentucky First Bancorp of KY 0.78 0.77 11.29 11.29 67.60
MBB MSB Bancorp of Middletown NY* 0.79 0.52 21.15 10.38 286.18
PDB Piedmont Bancorp of NC -0.11 0.25 7.56 7.56 46.00
SSB Scotland Bancorp of NC 0.66 0.65 7.61 7.61 33.65
SZB SouthFirst Bancshares of AL -0.03 0.25 16.06 16.06 114.72
SRN Southern Banc Company of AL 0.12 0.43 14.58 14.43 85.72
SSM Stone Street Bancorp of NC 0.86 0.86 16.32 16.32 55.20
TSH Teche Holding Company of LA 1.12 1.07 15.81 15.81 117.54
FTF Texarkana Fst. Fin. Corp of AR 1.61 1.61 15.32 15.32 100.01
THR Three Rivers Fin. Corp. of MI 0.62 0.90 15.54 15.48 115.45
WSB Washington SB, FSB of MD 0.25 0.35 5.16 5.16 61.61
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 1.84 0.91 21.75 21.33 251.38
AFED AFSALA Bancorp, Inc. of NY 0.82 0.82 14.74 14.74 109.40
ALBK ALBANK Fin. Corp. of Albany NY 2.89 2.87 26.69 23.51 288.76
AMFC AMB Financial Corp. of IN 0.98 0.69 14.95 14.95 107.25
ASBP ASB Financial Corp. of OH 0.64 0.60 10.30 10.30 66.15
ABBK Abington Savings Bank of MA* 2.29 2.04 19.43 17.61 272.62
AABC Access Anytime Bancorp of NM 1.26 1.17 7.51 7.51 86.80
AFBC Advance Fin. Bancorp of WV 0.83 0.81 15.02 15.02 97.52
AADV Advantage Bancorp of WI(8) 3.30 2.96 30.59 28.46 320.60
AFCB Affiliated Comm BC, Inc of MA 1.78 1.76 16.97 16.87 173.81
ALBC Albion Banc Corp. of Albion NY 1.31 1.29 24.26 24.26 283.24
ABCL Allied Bancorp of IL 1.06 1.18 16.10 15.90 170.97
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 5, 1997
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 52 Week (1) % Change From
Shares Market --------------- ----------------------
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)
- ---------------------------------------
ATSB AmTrust Capital Corp. of IN 14.00 526 7.4 14.50 10.00 14.00 0.00 N.A. 40.00
AHCI Ambanc Holding Co., Inc. of NY* 19.37 4,306 83.4 19.50 10.50 17.00 13.94 N.A. 72.18
ASBI Ameriana Bancorp of IN 20.37 3,231 65.8 22.00 15.25 19.50 4.46 120.69 27.31
AFFFZ America First Fin. Fund of CA(8) 50.50 6,011 303.6 50.56 28.75 47.12 7.17 169.33 66.94
ABCW Anchor Bancorp Wisconsin of WI 33.37 9,054 302.1 33.37 17.37 31.50 5.94 127.16 86.74
ANDB Andover Bancorp, Inc. of MA* 39.00 5,149 200.8 40.50 25.00 37.75 3.31 262.79 52.22
ASFC Astoria Financial Corp. of NY 57.00 20,666 1,178.0 57.00 34.75 55.12 3.41 117.14 54.60
AVND Avondale Fin. Corp. of IL 16.00 3,495 55.9 18.87 12.75 16.00 0.00 N.A. -6.54
BKCT Bancorp Connecticut of CT* 24.25 5,086 123.3 24.25 10.75 26.68 -9.11 319.55 115.56
BPLS Bank Plus Corp. of CA 13.12 19,341 253.8 13.75 9.62 11.12 17.99 N.A. 14.09
BWFC Bank West Fin. Corp. of MI 17.25 2,630 45.4 17.25 7.00 22.00 -21.59 N.A. 143.64
BANC BankAtlantic Bancorp of FL 14.25 22,276 317.4 17.12 12.12 14.37 -0.84 242.55 6.58
BKUNA BankUnited SA of FL 12.81 9,533 122.1 13.75 8.50 12.94 -1.00 135.91 28.10
BVCC Bay View Capital Corp. of CA 36.12 12,421 448.6 36.12 19.50 33.75 7.02 82.89 70.46
FSNJ Bayonne Banchsares of NJ 12.37 8,993 111.2 13.06 5.80 12.00 3.08 N.A. 57.78
BFSB Bedford Bancshares of VA 29.00 1,142 33.1 29.00 17.50 28.25 2.65 176.19 64.59
BFFC Big Foot Fin. Corp. of IL 18.87 2,513 47.4 19.62 12.31 18.50 2.00 N.A. 45.15
BSBC Branford SB of CT(8)* 6.00 6,559 39.4 6.31 3.62 6.00 0.00 183.02 55.04
BYFC Broadway Fin. Corp. of CA 13.25 831 11.0 13.25 9.12 13.00 1.92 N.A. 43.24
CBES CBES Bancorp of MO 21.37 1,025 21.9 22.37 13.31 20.37 4.91 N.A. 49.96
CCFH CCF Holding Company of GA 20.00 820 16.4 21.00 14.50 20.00 0.00 N.A. 35.59
CENF CENFED Financial Corp. of CA 39.75 5,959 236.9 42.25 25.45 40.75 -2.45 153.51 49.49
CFSB CFSB Bancorp of Lansing MI 34.87 5,087 177.4 35.75 16.59 35.50 -1.77 287.44 96.67
CKFB CKF Bancorp of Danville KY 18.50 903 16.7 20.50 17.50 18.50 0.00 N.A. -8.64
CNSB CNS Bancorp of MO 21.00 1,653 34.7 21.50 14.50 20.00 5.00 N.A. 38.89
CSBF CSB Financial Group Inc of IL* 13.00 942 12.2 13.12 10.00 12.50 4.00 N.A. 28.46
CBCI Calumet Bancorp of Chicago IL 32.50 3,166 102.9 34.00 21.67 31.87 1.98 143.08 46.59
CAFI Camco Fin. Corp. of OH 24.00 3,214 77.1 24.25 14.05 24.00 0.00 N.A. 58.73
CMRN Cameron Fin. Corp. of MO 20.75 2,562 53.2 20.75 15.50 19.62 5.76 N.A. 29.69
CAPS Capital Savings Bancorp of MO(8) 24.25 1,892 45.9 24.75 12.75 22.37 8.40 83.02 86.54
CFNC Carolina Fincorp of NC* 17.62 1,851 32.6 17.87 13.00 17.37 1.44 N.A. 31.79
CASB Cascade SB of Everett WA(8) 12.75 3,387 43.2 16.80 10.40 12.75 0.00 -0.39 -1.16
CATB Catskill Fin. Corp. of NY* 18.25 4,657 85.0 19.12 13.75 17.62 3.58 N.A. 30.36
CNIT Cenit Bancorp of Norfolk VA 68.00 1,654 112.5 71.00 39.00 68.00 0.00 328.21 63.86
CEBK Central Co-Op. Bank of MA* 26.25 1,965 51.6 27.00 15.87 26.50 -0.94 400.00 50.00
CENB Century Bancshares of NC* 83.00 407 33.8 84.00 62.00 80.00 3.75 N.A. 27.69
CBSB Charter Financial Inc. of IL(8) 23.12 4,150 95.9 24.25 12.50 22.00 5.09 N.A. 84.96
COFI Charter One Financial of OH 64.00 49,563 3,172.0 64.00 36.91 59.25 8.02 265.71 60.00
CVAL Chester Valley Bancorp of PA 27.25 2,189 59.7 27.50 14.10 26.25 3.81 140.51 93.26
CTZN CitFed Bancorp of Dayton OH 36.00 12,984 467.4 37.00 18.83 33.76 6.64 500.00 63.64
CLAS Classic Bancshares of KY 16.37 1,300 21.3 17.25 11.50 17.12 -4.38 N.A. 40.88
CMSB Cmnwealth Bancorp of PA 21.06 16,243 342.1 21.12 13.50 20.37 3.39 N.A. 40.40
CBSA Coastal Bancorp of Houston TX 29.00 4,992 144.8 33.25 22.37 28.87 0.45 N.A. 26.80
CFCP Coastal Fin. Corp. of SC 22.75 4,647 105.7 27.75 14.44 23.00 -1.09 127.50 44.44
CMSV Commty. Svgs, MHC of FL (48.5) 34.75 5,095 85.8 39.75 18.00 35.00 -0.71 N.A. 69.51
CFTP Community Fed. Bancorp of MS 20.25 4,629 93.7 20.25 16.37 17.12 18.28 N.A. 19.12
CFFC Community Fin. Corp. of VA 26.50 1,275 33.8 27.50 20.75 24.75 7.07 278.57 27.71
CFBC Community First Bnkg Co. of GA 39.50 2,414 95.4 40.00 31.87 38.37 2.95 N.A. N.A.
CIBI Community Inv. Bancorp of OH 16.25 916 14.9 17.00 10.33 15.75 3.17 N.A. 43.42
COOP Cooperative Bk.for Svgs. of NC 18.25 2,983 54.4 18.75 10.00 17.37 5.07 265.00 80.34
CRZY Crazy Woman Creek Bncorp of WY 15.37 955 14.7 15.50 11.25 15.37 0.00 N.A. 28.08
DNFC D&N Financial Corp. of MI 26.37 8,244 217.4 26.37 14.87 24.12 9.33 201.37 57.43
DCBI Delphos Citizens Bancorp of OH 17.50 1,960 34.3 18.25 11.75 17.50 0.00 N.A. 45.83
DIME Dime Community Bancorp of NY 25.50 12,625 321.9 25.50 14.31 23.25 9.68 N.A. 72.88
DIBK Dime Financial Corp. of CT* 30.00 5,162 154.9 32.00 16.50 31.50 -4.76 185.71 73.91
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)
- ---------------------------------------
ATSB AmTrust Capital Corp. of IN 0.54 0.31 14.48 14.33 132.48
AHCI Ambanc Holding Co., Inc. of NY* -0.65 -0.68 14.57 14.57 112.63
ASBI Ameriana Bancorp of IN 1.13 1.03 13.63 13.63 121.64
AFFFZ America First Fin. Fund of CA(8) 7.31 7.39 31.32 30.99 374.40
ABCW Anchor Bancorp Wisconsin of WI 2.09 1.95 13.82 13.58 215.90
ANDB Andover Bancorp, Inc. of MA* 2.51 2.45 20.20 20.20 248.71
ASFC Astoria Financial Corp. of NY 2.96 2.80 29.51 24.96 382.48
AVND Avondale Fin. Corp. of IL -3.37 -3.43 13.18 13.18 170.79
BKCT Bancorp Connecticut of CT* 1.12 1.02 8.96 8.96 83.33
BPLS Bank Plus Corp. of CA 0.65 0.54 9.16 9.15 202.69
BWFC Bank West Fin. Corp. of MI 0.59 0.32 8.87 8.87 62.68
BANC BankAtlantic Bancorp of FL 1.22 0.64 7.03 5.81 127.72
BKUNA BankUnited SA of FL 0.49 0.44 7.03 5.53 225.05
BVCC Bay View Capital Corp. of CA 1.42 1.59 14.81 12.37 254.59
FSNJ Bayonne Banchsares of NJ 0.25 0.35 10.58 10.58 67.73
BFSB Bedford Bancshares of VA 1.39 1.38 17.18 17.18 121.87
BFFC Big Foot Fin. Corp. of IL 0.42 0.42 14.97 14.97 85.62
BSBC Branford SB of CT(8)* 0.31 0.31 2.69 2.69 27.88
BYFC Broadway Fin. Corp. of CA 0.38 0.48 14.77 14.77 150.11
CBES CBES Bancorp of MO 1.18 1.07 17.60 17.60 104.03
CCFH CCF Holding Company of GA 0.16 -0.18 14.21 14.21 133.34
CENF CENFED Financial Corp. of CA 2.41 2.17 21.51 21.48 386.76
CFSB CFSB Bancorp of Lansing MI 1.98 1.86 13.03 13.03 169.05
CKFB CKF Bancorp of Danville KY 1.22 0.91 15.69 15.69 66.30
CNSB CNS Bancorp of MO 0.47 0.47 14.34 14.34 58.93
CSBF CSB Financial Group Inc of IL* 0.16 0.26 12.98 12.27 51.85
CBCI Calumet Bancorp of Chicago IL 2.27 2.23 25.01 25.01 154.25
CAFI Camco Fin. Corp. of OH 1.73 1.46 14.98 13.87 156.25
CMRN Cameron Fin. Corp. of MO 0.98 0.98 17.43 17.43 82.94
CAPS Capital Savings Bancorp of MO(8) 1.20 1.18 11.70 11.70 128.04
CFNC Carolina Fincorp of NC* 0.70 0.68 13.92 13.92 61.63
CASB Cascade SB of Everett WA(8) 0.65 0.65 8.36 8.36 125.91
CATB Catskill Fin. Corp. of NY* 0.84 0.85 15.41 15.41 62.19
CNIT Cenit Bancorp of Norfolk VA 3.39 3.15 29.47 26.99 424.25
CEBK Central Co-Op. Bank of MA* 1.45 1.47 17.40 15.57 175.28
CENB Century Bancshares of NC* 4.19 4.20 75.12 75.12 248.00
CBSB Charter Financial Inc. of IL(8) 1.05 1.47 13.71 12.13 94.76
COFI Charter One Financial of OH 3.64 3.56 21.63 19.86 306.62
CVAL Chester Valley Bancorp of PA 1.36 1.30 12.75 12.75 147.25
CTZN CitFed Bancorp of Dayton OH 1.98 1.98 15.92 14.47 253.74
CLAS Classic Bancshares of KY 0.51 0.69 14.93 12.63 100.19
CMSB Cmnwealth Bancorp of PA 1.02 0.86 13.02 10.15 140.25
CBSA Coastal Bancorp of Houston TX 2.40 2.47 20.36 17.12 586.85
CFCP Coastal Fin. Corp. of SC 1.25 1.08 6.97 6.97 106.31
CMSV Commty. Svgs, MHC of FL (48.5) 1.07 0.98 15.79 15.79 139.20
CFTP Community Fed. Bancorp of MS 0.66 0.65 12.47 12.47 46.65
CFFC Community Fin. Corp. of VA 1.50 1.51 18.99 18.99 143.75
CFBC Community First Bnkg Co. of GA 1.29 1.29 29.10 28.71 163.45
CIBI Community Inv. Bancorp of OH 1.01 1.01 12.10 12.10 102.98
COOP Cooperative Bk.for Svgs. of NC 0.73 0.73 9.27 9.27 120.53
CRZY Crazy Woman Creek Bncorp of WY 0.72 0.73 14.88 14.88 62.78
DNFC D&N Financial Corp. of MI 1.68 1.55 11.18 11.06 212.77
DCBI Delphos Citizens Bancorp of OH 0.82 0.82 14.65 14.65 55.00
DIME Dime Community Bancorp of NY 1.10 1.07 14.81 12.76 109.73
DIBK Dime Financial Corp. of CT* 3.05 3.04 14.54 14.12 178.52
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 5, 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)
- ---------------------------------------
EGLB Eagle BancGroup of IL 20.00 1,198 24.0 20.00 13.25 19.75 1.27 N.A. 34.50
EBSI Eagle Bancshares of Tucker GA 19.00 5,666 107.7 20.94 13.62 19.25 -1.30 162.07 22.58
EGFC Eagle Financial Corp. of CT(8) 51.81 6,316 327.2 52.50 26.75 51.75 0.12 492.11 69.87
ETFS East Texas Fin. Serv. of TX 20.00 1,026 20.5 21.50 16.12 20.00 0.00 N.A. 22.17
EMLD Emerald Financial Corp of OH 19.25 5,072 97.6 19.25 10.62 19.25 0.00 N.A. 71.11
EIRE Emerald Island Bancorp, MA(8)* 32.00 2,250 72.0 32.62 14.20 32.25 -0.78 319.95 100.00
EFBC Empire Federal Bancorp of MT 16.31 2,592 42.3 18.25 12.50 16.50 -1.15 N.A. N.A.
EFBI Enterprise Fed. Bancorp of OH 27.50 1,986 54.6 27.75 14.12 27.75 -0.90 N.A. 89.66
EQSB Equitable FSB of Wheaton MD 45.78 602 27.6 45.78 26.75 45.00 1.73 N.A. 62.05
FCBF FCB Fin. Corp. of Neenah WI 28.00 3,879 108.6 28.37 18.50 27.25 2.75 N.A. 51.35
FFBS FFBS Bancorp of Columbus MS 22.50 1,572 35.4 26.00 21.00 22.50 0.00 N.A. -2.17
FFDF FFD Financial Corp. of OH 18.00 1,445 26.0 19.50 13.00 18.37 -2.01 N.A. 35.85
FFLC FFLC Bancorp of Leesburg FL 23.12 3,835 88.7 23.50 12.00 22.50 2.76 N.A. 79.22
FFFC FFVA Financial Corp. of VA 33.75 4,522 152.6 35.12 20.00 33.37 1.14 N.A. 64.63
FFWC FFW Corporation of Wabash IN 40.50 715 29.0 40.50 20.75 37.75 7.28 N.A. 85.10
FFYF FFY Financial Corp. of OH 30.12 4,122 124.2 30.50 25.00 29.75 1.24 N.A. 19.00
FMCO FMS Financial Corp. of NJ 32.75 2,388 78.2 32.75 17.12 29.37 11.51 263.89 79.45
FFHH FSF Financial Corp. of MN 19.75 3,010 59.4 21.00 14.25 20.00 -1.25 N.A. 30.62
FOBC Fed One Bancorp of Wheeling WV 25.87 2,373 61.4 27.00 15.75 24.87 4.02 158.70 64.25
FBCI Fidelity Bancorp of Chicago IL 23.25 2,795 65.0 25.75 16.87 23.25 0.00 N.A. 36.76
FSBI Fidelity Bancorp, Inc. of PA 27.50 1,555 42.8 27.50 16.82 26.62 3.31 255.76 51.27
FFFL Fidelity FSB, MHC of FL (47.7) 29.87 6,783 96.3 32.50 17.25 27.87 7.18 N.A. 68.28
FFED Fidelity Fed. Bancorp of IN 10.00 2,791 27.9 10.50 7.50 10.00 0.00 41.84 2.56
FFOH Fidelity Financial of OH 15.37 5,580 85.8 16.37 11.12 15.00 2.47 N.A. 33.65
FIBC Financial Bancorp, Inc. of NY 24.75 1,710 42.3 25.75 14.25 24.81 -0.24 N.A. 65.00
FBSI First Bancshares of MO 25.37 1,093 27.7 28.00 16.50 26.25 -3.35 98.98 52.65
FBBC First Bell Bancorp of PA 18.12 6,511 118.0 18.37 13.12 17.25 5.04 N.A. 36.75
FBER First Bergen Bancorp of NJ 18.87 2,865 54.1 19.50 11.37 18.62 1.34 N.A. 64.09
SKBO First Carnegie,MHC of PA(45.0) 18.75 2,300 19.4 19.87 11.62 18.62 0.70 N.A. N.A.
FSTC First Citizens Corp of GA 29.25 2,742 80.2 29.25 14.17 24.00 21.88 254.55 73.80
FCME First Coastal Corp. of ME* 14.62 1,359 19.9 15.75 7.25 13.87 5.41 N.A. 88.65
FFBA First Colorado Bancorp of Co 25.50 16,485 420.4 25.50 16.00 22.75 12.09 672.73 50.00
FDEF First Defiance Fin.Corp. of OH 16.25 8,957 145.6 16.25 11.75 15.25 6.56 N.A. 31.37
FESX First Essex Bancorp of MA* 20.62 7,527 155.2 20.62 13.12 19.87 3.77 243.67 57.16
FFES First FS&LA of E. Hartford CT 37.50 2,682 100.6 37.50 22.75 37.00 1.35 476.92 63.04
FFSX First FS&LA. MHC of IA (46.1) 31.87 2,833 41.5 35.00 20.75 31.87 0.00 377.81 63.44
BDJI First Fed. Bancorp. of MN 27.00 673 18.2 28.00 17.50 28.00 -3.57 N.A. 45.95
FFBH First Fed. Bancshares of AR 22.00 4,896 107.7 22.00 15.75 21.37 2.95 N.A. 38.63
FTFC First Fed. Capital Corp. of WI 30.75 9,165 281.8 30.75 15.50 27.87 10.33 310.00 96.23
FFKY First Fed. Fin. Corp. of KY 22.37 4,159 93.0 23.50 17.75 22.00 1.68 42.03 10.47
FFBZ First Federal Bancorp of OH 19.62 1,575 30.9 20.50 14.50 19.25 1.92 96.20 22.63
FFCH First Fin. Holdings Inc. of SC 48.00 6,368 305.7 49.00 22.25 43.12 11.32 291.84 113.33
FFBI First Financial Bancorp of IL 20.25 415 8.4 20.25 15.50 19.00 6.58 N.A. 27.60
FFHS First Franklin Corp. of OH 26.50 1,192 31.6 26.50 16.00 26.00 1.92 101.98 60.61
FGHC First Georgia Hold. Corp of GA 8.25 3,052 25.2 9.50 5.33 8.37 -1.43 115.40 45.50
FSPG First Home Bancorp of NJ 23.75 2,708 64.3 23.75 13.69 23.75 0.00 295.83 71.23
FFSL First Independence Corp. of KS 15.00 978 14.7 15.00 9.81 15.00 0.00 N.A. 44.65
FISB First Indiana Corp. of IN 27.50 10,561 290.4 27.50 17.37 26.25 4.76 103.70 28.50
FKFS First Keystone Fin. Corp of PA 35.87 1,228 44.0 35.87 19.00 32.00 12.09 N.A. 86.34
FLKY First Lancaster Bncshrs of KY 15.75 951 15.0 16.37 14.50 15.75 0.00 N.A. 7.73
FLFC First Liberty Fin. Corp. of GA 30.75 7,725 237.5 30.75 18.25 27.87 10.33 505.31 67.39
CASH First Midwest Fin. Corp. of IA 21.25 2,699 57.4 21.25 15.00 20.50 3.66 N.A. 38.62
FMBD First Mutual Bancorp of IL 20.25 3,507 71.0 21.50 13.75 20.25 0.00 N.A. 35.00
FMSB First Mutual SB of Bellevue WA* 18.25 4,067 74.2 20.17 10.61 18.25 0.00 253.68 72.01
FNGB First Northern Cap. Corp of WI 14.00 8,840 123.8 14.00 8.00 13.50 3.70 92.84 72.20
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)
- ---------------------------------------
EGLB Eagle BancGroup of IL 0.46 0.36 17.03 17.03 143.71
EBSI Eagle Bancshares of Tucker GA 0.88 0.89 12.59 12.59 154.03
EGFC Eagle Financial Corp. of CT(8) 0.90 1.30 22.91 18.23 332.04
ETFS East Texas Fin. Serv. of TX 0.75 0.70 20.35 20.35 113.01
EMLD Emerald Financial Corp of OH 1.20 1.11 9.28 9.15 118.99
EIRE Emerald Island Bancorp, MA(8)* 1.60 1.70 13.77 13.77 197.11
EFBC Empire Federal Bancorp of MT 0.35 0.46 14.76 14.76 42.30
EFBI Enterprise Fed. Bancorp of OH 1.19 0.99 15.82 15.81 138.41
EQSB Equitable FSB of Wheaton MD 2.20 3.51 25.80 25.80 511.96
FCBF FCB Fin. Corp. of Neenah WI 0.61 0.47 19.74 19.74 134.88
FFBS FFBS Bancorp of Columbus MS 1.16 1.16 14.34 14.34 85.85
FFDF FFD Financial Corp. of OH 1.16 0.57 14.86 14.86 61.05
FFLC FFLC Bancorp of Leesburg FL 0.94 0.89 13.73 13.73 99.97
FFFC FFVA Financial Corp. of VA 1.70 1.63 16.70 16.36 125.45
FFWC FFW Corporation of Wabash IN 2.43 2.38 24.63 22.36 253.80
FFYF FFY Financial Corp. of OH 1.87 1.84 20.30 20.30 148.22
FMCO FMS Financial Corp. of NJ 2.34 2.32 15.80 15.57 243.58
FFHH FSF Financial Corp. of MN 1.04 1.03 14.41 14.41 128.95
FOBC Fed One Bancorp of Wheeling WV 1.38 1.38 16.85 16.10 150.75
FBCI Fidelity Bancorp of Chicago IL 1.41 1.41 18.66 18.63 178.13
FSBI Fidelity Bancorp, Inc. of PA 1.75 1.71 16.64 16.64 244.98
FFFL Fidelity FSB, MHC of FL (47.7) 0.93 0.79 12.65 12.57 154.16
FFED Fidelity Fed. Bancorp of IN 0.67 0.65 5.15 5.15 84.32
FFOH Fidelity Financial of OH 0.76 0.85 12.34 10.95 94.75
FIBC Financial Bancorp, Inc. of NY 1.46 1.56 15.71 15.63 173.66
FBSI First Bancshares of MO 1.74 1.57 20.73 20.73 148.91
FBBC First Bell Bancorp of PA 1.18 1.15 11.02 11.02 104.63
FBER First Bergen Bancorp of NJ 0.71 0.71 13.57 13.57 99.39
SKBO First Carnegie,MHC of PA(45.0) 0.33 0.33 10.52 10.52 63.97
FSTC First Citizens Corp of GA 2.17 1.94 12.44 9.81 122.97
FCME First Coastal Corp. of ME* 4.52 4.34 10.66 10.66 109.32
FFBA First Colorado Bancorp of Co 1.11 1.10 12.00 11.85 91.76
FDEF First Defiance Fin.Corp. of OH 0.63 0.61 12.61 12.61 64.12
FESX First Essex Bancorp of MA* 1.33 1.14 11.90 10.41 160.71
FFES First FS&LA of E. Hartford CT 1.92 2.18 24.40 24.40 368.16
FFSX First FS&LA. MHC of IA (46.1) 1.18 1.15 14.08 13.96 161.26
BDJI First Fed. Bancorp. of MN 1.05 1.03 17.74 17.74 165.66
FFBH First Fed. Bancshares of AR 1.13 1.08 16.64 16.64 111.75
FTFC First Fed. Capital Corp. of WI 1.80 1.49 11.46 10.80 170.18
FFKY First Fed. Fin. Corp. of KY 1.46 1.45 12.60 11.89 91.99
FFBZ First Federal Bancorp of OH 1.25 1.26 9.92 9.91 129.34
FFCH First Fin. Holdings Inc. of SC 2.22 2.16 16.45 16.45 268.99
FFBI First Financial Bancorp of IL -0.15 0.94 18.10 18.10 202.99
FFHS First Franklin Corp. of OH 1.05 1.24 17.49 17.39 193.95
FGHC First Georgia Hold. Corp of GA 0.32 0.25 4.21 3.86 51.24
FSPG First Home Bancorp of NJ 1.74 1.70 13.31 13.11 193.90
FFSL First Independence Corp. of KS 0.73 0.73 11.79 11.79 115.05
FISB First Indiana Corp. of IN 1.62 1.33 14.13 13.96 146.49
FKFS First Keystone Fin. Corp of PA 2.15 1.97 20.16 20.16 304.10
FLKY First Lancaster Bncshrs of KY 0.53 0.53 14.62 14.62 49.62
FLFC First Liberty Fin. Corp. of GA 1.32 1.08 12.30 11.09 166.85
CASH First Midwest Fin. Corp. of IA 1.35 1.29 16.11 14.31 149.90
FMBD First Mutual Bancorp of IL 0.35 0.32 15.37 11.72 114.74
FMSB First Mutual SB of Bellevue WA* 1.07 1.05 7.53 7.53 110.92
FNGB First Northern Cap. Corp of WI 0.66 0.63 8.24 8.24 74.29
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 5, 1997
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 52 Week (1) % Change From
Shares Market --------------- -----------------------
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)
- ---------------------------------------
FFPB First Palm Beach Bancorp of FL 38.75 5,048 195.6 40.56 23.00 38.75 0.00 N.A. 64.06
FSLA First SB SLA MHC of NJ (47.5)(8) 43.00 8,007 146.4 47.50 16.36 40.37 6.51 330.00 155.65
SOPN First SB, SSB, Moore Co. of NC 23.25 3,687 85.7 25.00 17.87 24.37 -4.60 N.A. 24.00
FWWB First Savings Bancorp of WA* 26.00 10,247 266.4 26.50 18.00 25.25 2.97 N.A. 41.54
FSFF First SecurityFed Fin of IL 16.50 6,408 105.7 16.62 15.00 16.06 2.74 N.A. N.A.
SHEN First Shenango Bancorp of PA 33.00 2,069 68.3 35.00 21.75 33.75 -2.22 N.A. 46.67
FSFC First So.east Fin. Corp. of SC(8) 15.12 4,388 66.3 16.75 9.25 15.12 0.00 N.A. 61.19
FBNW FirstBank Corp of Clarkston WA 18.12 1,984 36.0 19.00 15.50 17.62 2.84 N.A. N.A.
FFDB FirstFed Bancorp of AL 21.28 1,151 24.5 22.75 12.50 22.00 -3.27 N.A. 70.24
FSPT FirstSpartan Fin. Corp. of SC 37.87 4,430 167.8 39.00 35.00 37.50 0.99 N.A. N.A.
FLAG Flag Financial Corp of GA 18.50 2,037 37.7 19.87 10.25 18.50 0.00 88.78 72.09
FLGS Flagstar Bancorp, Inc of MI 19.12 13,670 261.4 21.75 13.00 18.25 4.77 N.A. N.A.
FFIC Flushing Fin. Corp. of NY* 23.25 7,983 185.6 24.00 17.37 22.25 4.49 N.A. 28.31
FBHC Fort Bend Holding Corp. of TX 19.62 1,656 32.5 24.00 11.00 19.62 0.00 N.A. 53.88
FTSB Fort Thomas Fin. Corp. of KY 14.75 1,495 22.1 15.00 9.25 14.75 0.00 N.A. 0.89
FKKYD Frankfort First Bancorp of KY 9.25 3,280 30.3 12.25 8.00 9.25 0.00 N.A. -18.65
FTNB Fulton Bancorp of MO 20.62 1,719 35.4 26.50 14.12 20.25 1.83 N.A. 34.16
GFSB GFS Bancorp of Grinnell IA 16.87 988 16.7 17.62 10.12 16.87 0.00 N.A. 58.85
GUPB GFSB Bancorp of Gallup NM 20.25 801 16.2 22.25 15.25 20.25 0.00 N.A. 27.60
GSLA GS Financial Corp. of LA 17.75 3,438 61.0 18.75 13.37 17.75 0.00 N.A. N.A.
GOSB GSB Financial Corp. of NY 16.12 2,248 36.2 16.75 14.25 15.63 3.13 N.A. N.A.
GWBC Gateway Bancorp of KY(8) 19.62 1,076 21.1 19.62 14.00 19.62 0.00 N.A. 37.68
GBCI Glacier Bancorp of MT 22.06 6,816 150.4 22.75 15.33 20.75 6.31 356.73 35.09
GFCO Glenway Financial Corp. of OH 18.50 2,280 42.2 19.00 9.50 19.00 -2.63 N.A. 80.49
GTPS Great American Bancorp of IL 19.00 1,697 32.2 19.50 14.25 19.00 0.00 N.A. 28.29
GTFN Great Financial Corp. of KY(8) 50.56 13,823 698.9 50.62 29.12 48.00 5.33 N.A. 73.63
GSBC Great Southern Bancorp of MO 23.75 8,080 191.9 23.75 16.00 21.88 8.55 713.36 33.35
GDVS Greater DV SB,MHC of PA (19.9)* 30.00 3,272 19.5 32.50 9.75 31.00 -3.23 N.A. 189.30
GSFC Green Street Fin. Corp. of NC 18.25 4,298 78.4 20.75 15.12 18.50 -1.35 N.A. 17.74
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 25.37 3,125 24.6 27.87 10.87 23.75 6.82 N.A. 110.36
HCBB HCB Bancshares of AR 13.62 2,645 36.0 14.25 12.62 13.62 0.00 N.A. N.A.
HEMT HF Bancorp of Hemet CA 17.00 6,282 106.8 17.12 10.75 16.75 1.49 N.A. 52.88
HFFC HF Financial Corp. of SD 26.50 2,803 74.3 27.00 16.50 26.00 1.92 430.00 53.09
HFNC HFNC Financial Corp. of NC 14.75 17,192 253.6 22.06 13.94 14.87 -0.81 N.A. -17.46
HMNF HMN Financial, Inc. of MN 26.50 4,212 111.6 26.50 17.87 25.87 2.44 N.A. 46.25
HALL Hallmark Capital Corp. of WI 15.00 2,886 43.3 15.37 8.50 15.25 -1.64 N.A. 69.11
HARB Harbor FSB, MHC of FL (46.6)(8) 65.50 4,973 151.7 69.75 32.00 65.00 0.77 N.A. 83.22
HRBF Harbor Federal Bancorp of MD 25.00 1,693 42.3 25.00 15.00 21.75 14.94 150.00 58.73
HFSA Hardin Bancorp of Hardin MO 17.87 859 15.4 18.62 12.00 17.50 2.11 N.A. 42.96
HARL Harleysville SA of PA 28.50 1,662 47.4 30.25 14.60 29.37 -2.96 60.56 80.38
HFGI Harrington Fin. Group of IN 12.12 3,257 39.5 13.75 9.75 12.37 -2.02 N.A. 12.74
HARS Harris SB, MHC of PA (24.3) 19.50 33,779 159.3 20.75 6.00 19.00 2.63 N.A. 220.72
HFFB Harrodsburg 1st Fin Bcrp of KY 17.87 2,025 36.2 18.87 14.75 17.12 4.38 N.A. -5.30
HHFC Harvest Home Fin. Corp. of OH 14.75 915 13.5 14.75 9.25 14.75 0.00 N.A. 51.28
HAVN Haven Bancorp of Woodhaven NY 22.25 8,772 195.2 22.69 13.94 21.50 3.49 N.A. 55.49
HTHR Hawthorne Fin. Corp. of CA 23.12 3,088 71.4 24.00 7.37 21.00 10.10 -15.93 184.38
HMLK Hemlock Fed. Fin. Corp. of IL 17.12 2,076 35.5 17.50 12.50 17.25 -0.75 N.A. N.A.
HBNK Highland Federal Bank of CA 32.00 2,300 73.6 32.75 17.00 32.00 0.00 N.A. 88.24
HIFS Hingham Inst. for Sav. of MA* 27.87 1,303 36.3 29.00 17.50 27.12 2.77 511.18 48.64
HBEI Home Bancorp of Elgin IL 18.50 6,856 126.8 19.31 12.75 18.00 2.78 N.A. 37.04
HBFW Home Bancorp of Fort Wayne IN 27.12 2,525 68.5 27.50 18.50 27.37 -0.91 N.A. 42.74
HBBI Home Building Bancorp of IN 21.25 312 6.6 23.75 18.00 21.25 0.00 N.A. 7.59
HCFC Home City Fin. Corp. of OH 17.37 905 15.7 18.00 12.00 18.00 -3.50 N.A. 31.09
HOMF Home Fed Bancorp of Seymour IN 26.50 5,102 135.2 28.25 15.22 27.50 -3.64 299.70 54.34
HWEN Home Financial Bancorp of IN 16.44 465 7.6 17.25 12.75 16.44 0.00 N.A. 28.94
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)
- ---------------------------------------
FFPB First Palm Beach Bancorp of FL 1.85 1.55 22.39 21.87 358.24
FSLA First SB SLA MHC of NJ (47.5)(8) 1.14 1.19 12.39 11.26 130.45
SOPN First SB, SSB, Moore Co. of NC 1.32 1.32 18.43 18.43 80.10
FWWB First Savings Bancorp of WA* 0.99 0.94 14.92 13.78 104.83
FSFF First SecurityFed Fin of IL 0.61 0.61 12.80 12.80 47.35
SHEN First Shenango Bancorp of PA 2.26 2.25 22.55 22.55 194.02
FSFC First So.east Fin. Corp. of SC(8) 0.81 0.81 8.20 8.20 79.77
FBNW FirstBank Corp of Clarkston WA 0.33 0.15 14.73 14.73 89.65
FFDB FirstFed Bancorp of AL 1.59 1.55 14.77 13.51 153.31
FSPT FirstSpartan Fin. Corp. of SC 1.25 1.25 29.17 29.17 108.87
FLAG Flag Financial Corp of GA 1.01 0.84 10.66 10.66 117.07
FLGS Flagstar Bancorp, Inc of MI 1.66 0.83 8.89 8.54 148.74
FFIC Flushing Fin. Corp. of NY* 0.99 1.04 17.08 16.40 120.27
FBHC Fort Bend Holding Corp. of TX 1.23 1.03 11.88 11.09 192.88
FTSB Fort Thomas Fin. Corp. of KY 0.76 0.76 10.56 10.56 65.45
FKKYD Frankfort First Bancorp of KY 0.03 0.26 6.84 6.84 40.63
FTNB Fulton Bancorp of MO 0.73 0.63 14.88 14.88 60.33
GFSB GFS Bancorp of Grinnell IA 1.15 1.15 11.01 11.01 95.64
GUPB GFSB Bancorp of Gallup NM 0.97 0.97 17.60 17.60 137.28
GSLA GS Financial Corp. of LA 0.41 0.41 16.44 16.44 38.12
GOSB GSB Financial Corp. of NY 0.52 0.44 13.78 13.78 50.92
GWBC Gateway Bancorp of KY(8) 0.59 0.59 16.14 16.14 58.19
GBCI Glacier Bancorp of MT 1.22 1.25 8.41 8.21 84.21
GFCO Glenway Financial Corp. of OH 0.99 0.96 12.17 12.03 128.62
GTPS Great American Bancorp of IL 0.42 0.47 16.80 16.80 82.24
GTFN Great Financial Corp. of KY(8) 2.20 1.62 21.08 20.23 209.33
GSBC Great Southern Bancorp of MO 1.57 1.48 7.79 7.79 90.04
GDVS Greater DV SB,MHC of PA (19.9)* 0.68 0.68 8.85 8.85 76.04
GSFC Green Street Fin. Corp. of NC 0.65 0.65 14.65 14.65 41.41
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 0.62 0.60 8.76 8.76 67.24
HCBB HCB Bancshares of AR 0.09 0.10 14.27 13.73 75.75
HEMT HF Bancorp of Hemet CA 0.05 0.28 13.26 11.05 167.20
HFFC HF Financial Corp. of SD 2.05 1.88 19.33 19.33 205.10
HFNC HFNC Financial Corp. of NC 0.62 0.53 9.48 9.48 50.42
HMNF HMN Financial, Inc. of MN 1.34 1.13 20.09 20.09 135.05
HALL Hallmark Capital Corp. of WI 0.91 0.89 10.59 10.59 145.00
HARB Harbor FSB, MHC of FL (46.6)(8) 2.68 2.66 19.47 18.85 227.43
HRBF Harbor Federal Bancorp of MD 0.91 0.91 16.75 16.75 128.29
HFSA Hardin Bancorp of Hardin MO 0.94 0.89 15.76 15.76 136.63
HARL Harleysville SA of PA 2.05 2.06 13.76 13.76 207.73
HFGI Harrington Fin. Group of IN 0.67 0.56 7.74 7.74 159.98
HARS Harris SB, MHC of PA (24.3) 0.52 0.43 5.12 4.53 62.47
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 1.31 1.32 12.53 12.49 208.99
HTHR Hawthorne Fin. Corp. of CA 2.37 2.28 14.01 14.01 288.59
HMLK Hemlock Fed. Fin. Corp. of IL 0.28 0.61 15.06 15.06 77.99
HBNK Highland Federal Bank of CA 2.41 1.83 17.20 17.20 224.34
HIFS Hingham Inst. for Sav. of MA* 1.98 1.98 16.11 16.11 165.96
HBEI Home Bancorp of Elgin IL 0.43 0.43 13.77 13.77 49.96
HBFW Home Bancorp of Fort Wayne IN 0.72 1.15 17.62 17.62 132.62
HBBI Home Building Bancorp of IN 1.05 1.03 18.89 18.89 133.80
HCFC Home City Fin. Corp. of OH 0.92 0.93 15.19 15.19 77.47
HOMF Home Fed Bancorp of Seymour IN 1.74 1.58 11.78 11.43 136.05
HWEN Home Financial Bancorp of IN 0.74 0.64 15.59 15.59 88.84
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 5, 1997
Market Capitalization Price Change Data
----------------------- -----------------------------------------------
52 Week (1) % Change From
Shares Market --------------- -----------------------
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)
- ---------------------------------------
HPBC Home Port Bancorp, Inc. of MA* 23.62 1,842 43.5 25.00 16.12 24.00 -1.58 195.25 43.15
HMCI Homecorp, Inc. of Rockford IL(8) 27.37 1,708 46.7 27.37 11.83 25.00 9.48 173.70 114.67
HZFS Horizon Fin'l. Services of IA 11.50 851 9.8 13.00 7.25 11.00 4.55 N.A. 52.12
HRZB Horizon Financial Corp. of WA* 17.50 7,434 130.1 18.00 10.65 16.56 5.68 53.24 49.06
IBSF IBS Financial Corp. of NJ 16.87 10,949 184.7 18.75 12.94 17.44 -3.27 N.A. 24.14
ISBF ISB Financial Corp. of LA 27.62 6,901 190.6 28.00 17.12 26.25 5.22 N.A. 53.44
ITLA Imperial Thrift & Loan of CA* 18.00 7,847 141.2 21.25 14.00 18.00 0.00 N.A. 20.00
IFSB Independence FSB of DC 13.25 1,281 17.0 15.12 7.37 13.78 -3.85 562.50 65.63
INCB Indiana Comm. Bank, SB of IN(8) 20.50 922 18.9 20.50 15.00 20.50 0.00 N.A. 26.15
INBI Industrial Bancorp of OH 18.25 5,173 94.4 18.25 12.00 18.00 1.39 N.A. 43.14
IWBK Interwest SB of Oak Harbor WA 39.87 8,050 321.0 43.25 27.62 39.50 0.94 298.70 23.63
IPSW Ipswich SB of Ipswich MA* 13.25 2,378 31.5 14.12 5.63 12.87 2.95 N.A. 120.83
JXVL Jacksonville Bancorp of TX 19.12 2,490 47.6 19.50 13.25 18.75 1.97 N.A. 30.78
JXSB Jcksnville SB,MHC of IL (45.6) 26.25 1,272 15.2 29.50 12.00 26.75 -1.87 N.A. 98.11
JSBA Jefferson Svgs Bancorp of MO 41.75 5,006 209.0 44.00 22.75 43.25 -3.47 N.A. 60.58
JOAC Joachim Bancorp of MO 15.00 722 10.8 15.63 14.00 14.75 1.69 N.A. 3.45
KSAV KS Bancorp of Kenly NC 22.50 885 19.9 25.50 14.81 22.50 0.00 N.A. 50.91
KSBK KSB Bancorp of Kingfield ME(8)* 16.50 1,238 20.4 16.50 7.67 15.25 8.20 N.A. 115.12
KFBI Klamath First Bancorp of OR 22.31 10,019 223.5 24.25 14.87 21.88 1.97 N.A. 41.65
LSBI LSB Fin. Corp. of Lafayette IN 27.75 916 25.4 27.75 17.86 26.00 6.73 N.A. 49.43
LVSB Lakeview SB of Paterson NJ 25.00 4,509 112.7 26.00 11.50 24.12 3.65 N.A. 100.96
LARK Landmark Bancshares of KS 23.25 1,689 39.3 27.25 16.50 24.00 -3.13 N.A. 29.17
LARL Laurel Capital Group of PA 27.75 1,446 40.1 28.00 15.87 27.75 0.00 116.80 68.18
LSBX Lawrence Savings Bank of MA* 14.50 4,284 62.1 16.37 7.94 13.87 4.54 321.51 78.35
LFED Leeds FSB, MHC of MD (36.3) 22.75 5,182 42.8 22.75 10.00 21.50 5.81 N.A. 113.21
LXMO Lexington B&L Fin. Corp. of MO 17.25 1,138 19.6 17.25 12.75 16.75 2.99 N.A. 27.78
LIFB Life Bancorp of Norfolk VA(8) 35.12 9,848 345.9 36.37 16.75 31.12 12.85 N.A. 95.11
LFBI Little Falls Bancorp of NJ 20.37 2,608 53.1 20.50 12.19 20.00 1.85 N.A. 59.76
LOGN Logansport Fin. Corp. of IN 15.25 1,261 19.2 16.00 11.12 15.25 0.00 N.A. 35.56
LONF London Financial Corp. of OH 15.75 515 8.1 21.00 13.00 14.75 6.78 N.A. 11.54
LISB Long Island Bancorp, Inc of NY 48.50 24,023 1,165.1 48.75 30.62 47.12 2.93 N.A. 38.57
MAFB MAF Bancorp of IL 34.00 15,249 518.5 34.75 22.25 32.50 4.62 300.00 46.74
MBLF MBLA Financial Corp. of MO 27.00 1,268 34.2 27.00 19.00 27.00 0.00 N.A. 42.11
MFBC MFB Corp. of Mishawaka IN 23.25 1,651 38.4 23.75 16.50 23.25 0.00 N.A. 39.89
MLBC ML Bancorp of Villanova PA(8) 29.75 11,866 353.0 29.75 13.75 28.75 3.48 N.A. 110.69
MSBF MSB Financial Corp. of MI 19.00 1,234 23.4 19.50 9.50 19.50 -2.56 N.A. 100.00
MARN Marion Capital Holdings of IN 27.00 1,776 48.0 28.13 19.25 26.50 1.89 N.A. 40.26
MRKF Market Fin. Corp. of OH 15.44 1,336 20.6 15.75 12.25 15.25 1.25 N.A. N.A.
MFCX Marshalltown Fin. Corp. of IA(8) 17.25 1,411 24.3 17.25 14.25 17.25 0.00 N.A. 16.01
MFSL Maryland Fed. Bancorp of MD 26.50 6,467 171.4 26.87 16.75 26.62 -0.45 404.76 52.56
MASB MassBank Corp. of Reading MA* 45.50 3,561 162.0 47.75 27.75 45.00 1.11 361.46 59.15
MFLR Mayflower Co-Op. Bank of MA* 24.75 890 22.0 26.25 14.75 24.44 1.27 395.00 45.59
MECH Mechanics SB of Hartford CT* 25.75 5,293 136.3 27.25 15.37 25.62 0.51 N.A. 63.49
MDBK Medford Bank of Medford, MA* 36.75 4,541 166.9 38.50 24.50 37.00 -0.68 425.00 42.72
MERI Meritrust FSB of Thibodaux LA(8) 69.00 774 53.4 69.00 31.50 51.22 34.71 N.A. 118.22
MWBX MetroWest Bank of MA* 9.00 13,956 125.6 9.06 4.62 8.25 9.09 118.45 67.60
MCBS Mid Continent Bancshares of KS(8) 42.25 1,962 82.9 43.25 23.25 41.25 2.42 N.A. 80.79
MIFC Mid Iowa Financial Corp. of IA 11.75 1,678 19.7 11.75 6.25 10.62 10.64 135.00 84.46
MCBN Mid-Coast Bancorp of ME 28.75 233 6.7 29.00 18.50 28.75 0.00 403.50 51.32
MWBI Midwest Bancshares, Inc. of IA 17.75 1,018 18.1 19.50 8.83 18.50 -4.05 433.03 101.02
MWFD Midwest Fed. Fin. Corp of WI(8) 27.25 1,628 44.4 27.50 16.75 26.50 2.83 445.00 47.30
MFFC Milton Fed. Fin. Corp. of OH 15.37 2,305 35.4 15.94 13.25 15.00 2.47 N.A. 6.00
MIVI Miss. View Hold. Co. of MN 17.50 740 13.0 19.75 11.75 18.25 -4.11 N.A. 45.83
MBSP Mitchell Bancorp of NC* 17.87 931 16.6 18.00 13.50 17.50 2.11 N.A. 25.40
MBBC Monterey Bay Bancorp of CA 18.75 3,230 60.6 20.50 14.62 19.00 -1.32 N.A. 27.12
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)
- ---------------------------------------
HPBC Home Port Bancorp, Inc. of MA* 1.75 1.74 11.65 11.65 109.13
HMCI Homecorp, Inc. of Rockford IL(8) 0.99 0.80 13.07 13.07 191.38
HZFS Horizon Fin'l. Services of IA 0.77 0.62 10.27 10.27 103.15
HRZB Horizon Financial Corp. of WA* 1.09 1.07 11.17 11.17 71.43
IBSF IBS Financial Corp. of NJ 0.53 0.53 11.69 11.69 67.11
ISBF ISB Financial Corp. of LA 0.97 0.96 16.70 14.29 138.54
ITLA Imperial Thrift & Loan of CA* 1.52 1.52 12.32 12.27 114.89
IFSB Independence FSB of DC 0.65 0.54 13.89 12.28 201.76
INCB Indiana Comm. Bank, SB of IN(8) 0.53 0.53 12.38 12.38 104.22
INBI Industrial Bancorp of OH 0.98 1.03 11.76 11.76 68.45
IWBK Interwest SB of Oak Harbor WA 2.52 2.32 16.13 15.84 254.25
IPSW Ipswich SB of Ipswich MA* 0.88 0.70 4.78 4.78 85.16
JXVL Jacksonville Bancorp of TX 0.90 1.18 13.55 13.55 90.84
JXSB Jcksnville SB,MHC of IL (45.6) 0.80 0.80 13.63 13.63 129.12
JSBA Jefferson Svgs Bancorp of MO 0.90 1.85 22.03 17.09 258.09
JOAC Joachim Bancorp of MO 0.39 0.39 13.67 13.67 48.58
KSAV KS Bancorp of Kenly NC 1.40 1.39 16.45 16.44 124.22
KSBK KSB Bancorp of Kingfield ME(8)* 1.08 1.10 8.46 8.00 117.84
KFBI Klamath First Bancorp of OR 0.85 0.85 14.42 13.11 97.82
LSBI LSB Fin. Corp. of Lafayette IN 1.61 1.42 18.88 18.88 218.63
LVSB Lakeview SB of Paterson NJ 1.34 0.97 13.71 11.74 112.19
LARK Landmark Bancshares of KS 1.14 1.35 18.62 18.62 135.05
LARL Laurel Capital Group of PA 2.09 2.02 15.20 15.20 145.21
LSBX Lawrence Savings Bank of MA* 1.42 1.41 7.84 7.84 82.39
LFED Leeds FSB, MHC of MD (36.3) 0.64 0.64 9.16 9.16 55.08
LXMO Lexington B&L Fin. Corp. of MO 0.55 0.71 14.74 14.74 52.05
LIFB Life Bancorp of Norfolk VA(8) 1.35 1.25 16.17 15.73 150.93
LFBI Little Falls Bancorp of NJ 0.66 0.60 14.53 13.40 124.40
LOGN Logansport Fin. Corp. of IN 0.91 0.95 12.86 12.86 68.04
LONF London Financial Corp. of OH 0.75 0.70 14.77 14.77 74.19
LISB Long Island Bancorp, Inc of NY 2.06 1.74 22.74 22.53 246.88
MAFB MAF Bancorp of IL 2.48 2.46 17.22 15.13 221.04
MBLF MBLA Financial Corp. of MO 1.45 1.48 22.36 22.36 176.67
MFBC MFB Corp. of Mishawaka IN 1.21 1.21 20.30 20.30 155.01
MLBC ML Bancorp of Villanova PA(8) 1.20 0.86 13.51 12.61 195.16
MSBF MSB Financial Corp. of MI 0.86 0.83 10.32 10.32 62.41
MARN Marion Capital Holdings of IN 1.67 1.65 22.22 22.22 101.25
MRKF Market Fin. Corp. of OH 0.38 0.38 14.89 14.89 42.01
MFCX Marshalltown Fin. Corp. of IA(8) 0.60 0.64 14.37 14.37 88.94
MFSL Maryland Fed. Bancorp of MD 1.08 1.56 15.00 14.81 178.98
MASB MassBank Corp. of Reading MA* 2.78 2.61 28.24 27.82 261.94
MFLR Mayflower Co-Op. Bank of MA* 1.46 1.38 13.98 13.75 144.98
MECH Mechanics SB of Hartford CT* 2.64 2.63 16.33 16.33 156.95
MDBK Medford Bank of Medford, MA* 2.49 2.32 21.96 20.58 243.63
MERI Meritrust FSB of Thibodaux LA(8) 3.42 3.42 24.90 24.90 301.44
MWBX MetroWest Bank of MA* 0.54 0.54 3.13 3.13 41.97
MCBS Mid Continent Bancshares of KS(8) 2.13 2.21 20.38 20.38 206.56
MIFC Mid Iowa Financial Corp. of IA 0.71 1.00 7.00 6.99 74.82
MCBN Mid-Coast Bancorp of ME 1.92 1.82 22.65 22.65 263.83
MWBI Midwest Bancshares, Inc. of IA 1.21 1.07 10.18 10.18 147.20
MWFD Midwest Fed. Fin. Corp of WI(8) 1.39 1.37 11.21 10.81 127.18
MFFC Milton Fed. Fin. Corp. of OH 0.60 0.53 11.45 11.45 91.09
MIVI Miss. View Hold. Co. of MN 0.66 0.97 17.80 17.80 94.29
MBSP Mitchell Bancorp of NC* 0.59 0.59 15.36 15.36 37.15
MBBC Monterey Bay Bancorp of CA 0.58 0.53 14.59 13.53 126.83
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 5, 1997
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 52 Week (1) % Change From
Shares Market --------------- -----------------------
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)
- ---------------------------------------
MONT Montgomery Fin. Corp. of IN 12.37 1,653 20.4 14.00 11.00 12.31 0.49 N.A. -4.85
MSBK Mutual SB, FSB of Bay City MI 12.75 4,279 54.6 14.62 5.37 13.00 -1.92 45.71 131.82
NHTB NH Thrift Bancshares of NH 21.50 2,075 44.6 22.75 11.62 21.00 2.38 365.37 70.36
NSLB NS&L Bancorp of Neosho MO 18.50 707 13.1 19.50 13.62 18.75 -1.33 N.A. 35.83
NMSB Newmil Bancorp. of CT* 13.37 3,835 51.3 14.50 8.50 14.25 -6.18 109.89 37.13
NASB North American SB of MO 54.00 2,229 120.4 55.62 31.00 49.94 8.13 ***.** 57.66
NBSI North Bancshares of Chicago IL 26.25 962 25.3 27.12 15.75 26.50 -0.94 N.A. 59.09
FFFD North Central Bancshares of IA 18.50 3,258 60.3 19.25 13.25 18.87 -1.96 N.A. 36.43
NBN Northeast Bancorp of ME* 27.94 1,294 36.2 27.94 13.25 27.75 0.68 137.79 99.57
NEIB Northeast Indiana Bncrp of IN 20.00 1,763 35.3 21.12 13.25 20.00 0.00 N.A. 46.84
NWEQ Northwest Equity Corp. of WI 19.00 839 15.9 19.00 11.25 19.00 0.00 N.A. 56.77
NWSB Northwest SB, MHC of PA (30.7) 15.25 46,753 218.9 16.37 6.50 14.00 8.93 N.A. 127.95
NSSY Norwalk Savings Society of CT* 39.25 2,427 95.3 40.00 22.94 38.50 1.95 N.A. 67.95
NSSB Norwich Financial Corp. of CT* 31.25 5,432 169.8 31.62 18.00 29.75 5.04 346.43 59.28
NTMG Nutmeg FS&LA of CT 13.12 740 9.7 13.12 7.00 13.00 0.92 N.A. 74.93
OHSL OHSL Financial Corp. of OH 27.75 1,235 34.3 28.25 20.37 27.75 0.00 N.A. 29.85
OCFC Ocean Fin. Corp. of NJ 37.37 8,176 305.5 38.37 25.12 37.12 0.67 N.A. 46.55
OCN Ocwen Financial Corp. of FL 25.62 60,505 1,550.1 28.28 12.62 24.25 5.65 N.A. 91.62
OTFC Oregon Trail Fin. Corp of OR 16.00 4,695 75.1 16.75 15.63 16.00 0.00 N.A. N.A.
PBHC OswegoCity SB, MHC of NY (46.)* 28.75 1,917 25.4 29.50 9.38 28.50 0.88 N.A. 206.50
OFCP Ottawa Financial Corp. of MI 29.12 5,353 155.9 29.12 14.89 27.50 5.89 N.A. 90.45
PFFB PFF Bancorp of Pomona CA 19.25 17,903 344.6 21.50 13.37 18.37 4.79 N.A. 29.46
PSFI PS Financial of Chicago IL 17.87 2,167 38.7 18.00 11.62 17.25 3.59 N.A. 52.09
PVFC PVF Capital Corp. of OH 20.06 2,590 52.0 21.75 13.18 20.50 -2.15 355.91 40.08
PALM Palfed, Inc. of Aiken SC(8) 28.62 5,299 151.7 28.62 13.75 27.00 6.00 86.21 104.43
PBCI Pamrapo Bancorp, Inc. of NJ 24.50 2,843 69.7 26.75 18.50 23.87 2.64 335.17 22.50
PFED Park Bancorp of Chicago IL 18.00 2,431 43.8 18.12 11.75 17.87 0.73 N.A. 38.46
PVSA Parkvale Financial Corp of PA 29.00 5,106 148.1 29.75 19.60 29.75 -2.52 250.24 39.42
PEEK Peekskill Fin. Corp. of NY 17.75 3,193 56.7 18.25 13.37 17.50 1.43 N.A. 24.56
PFSB PennFed Fin. Services of NJ 34.00 4,823 164.0 34.00 19.87 33.19 2.44 N.A. 67.90
PWBC PennFirst Bancorp of PA 18.75 5,310 99.6 19.50 12.27 18.25 2.74 134.96 51.33
PWBK Pennwood SB of PA* 19.12 570 10.9 19.12 12.50 18.94 0.95 N.A. 39.05
PBKB People's SB of Brockton MA* 20.37 3,283 66.9 20.50 10.50 20.00 1.85 242.93 91.81
PFDC Peoples Bancorp of Auburn IN 25.00 3,392 84.8 25.00 13.00 22.00 13.64 137.87 85.19
PBCT Peoples Bank, MHC of CT (40.1)* 36.37 61,126 889.4 37.37 18.00 33.69 7.95 362.13 88.94
TSBS Peoples Bcrp, MHC of NJ (35.9)(8) 37.50 9,046 121.8 39.12 15.63 34.75 7.91 N.A. 134.38
PFFC Peoples Fin. Corp. of OH 14.25 1,491 21.2 19.00 12.75 14.00 1.79 N.A. 5.56
PHBK Peoples Heritage Fin Grp of ME* 43.94 27,475 1,207.3 43.94 24.87 42.62 3.10 187.00 56.93
PSFC Peoples Sidney Fin. Corp of OH 17.25 1,785 30.8 18.50 12.56 17.25 0.00 N.A. N.A.
PERM Permanent Bancorp of IN 26.12 2,103 54.9 27.37 18.25 25.62 1.95 N.A. 28.99
PMFI Perpetual Midwest Fin. of IA 30.50 1,873 57.1 30.50 18.75 27.00 12.96 N.A. 58.44
PERT Perpetual of SC, MHC (46.8)(8) 54.75 1,505 38.6 58.00 21.37 51.00 7.35 N.A. 125.77
PCBC Perry Co. Fin. Corp. of MO 23.25 828 19.3 25.00 17.00 23.25 0.00 N.A. 36.76
PHFC Pittsburgh Home Fin. of PA 19.00 1,969 37.4 20.81 12.87 20.69 -8.17 N.A. 42.11
PFSL Pocahnts Fed, MHC of AR (47.0)(8) 34.87 1,632 26.8 37.12 16.25 34.00 2.56 N.A. 99.26
PTRS Potters Financial Corp of OH 17.62 965 17.0 17.62 9.38 17.00 3.65 N.A. 76.20
PKPS Poughkeepsie Fin. Corp. of NY(8) 10.50 12,595 132.2 10.62 5.12 9.94 5.63 35.48 100.00
PHSB Ppls Home SB, MHC of PA (45.0) 19.00 2,760 23.6 19.75 13.62 18.62 2.04 N.A. N.A.
PRBC Prestige Bancorp of PA 19.25 915 17.6 19.37 12.87 18.41 4.56 N.A. 42.59
PFNC Progress Financial Corp. of PA 15.50 4,010 62.2 16.37 7.68 15.50 0.00 40.78 94.24
PSBK Progressive Bank, Inc. of NY* 35.00 3,828 134.0 38.00 22.75 33.75 3.70 161.78 53.85
PROV Provident Fin. Holdings of CA 20.87 4,836 100.9 21.12 13.62 20.00 4.35 N.A. 49.07
PULB Pulaski SB, MHC of MO (29.8) 30.00 2,094 18.7 32.50 14.12 30.50 -1.64 N.A. 106.90
PLSK Pulaski SB, MHC of NJ (46.0) 19.00 2,070 18.1 24.50 11.50 18.75 1.33 N.A. N.A.
PULS Pulse Bancorp of S. River NJ 26.12 3,081 80.5 29.75 15.75 24.50 6.61 111.16 65.84
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)
- ---------------------------------------
MONT Montgomery Fin. Corp. of IN 0.42 0.42 11.81 11.81 61.70
MSBK Mutual SB, FSB of Bay City MI 0.15 0.08 9.73 9.73 152.87
NHTB NH Thrift Bancshares of NH 0.99 0.80 12.04 10.34 153.90
NSLB NS&L Bancorp of Neosho MO 0.41 0.64 16.52 16.52 84.46
NMSB Newmil Bancorp. of CT* 0.70 0.67 8.42 8.42 82.77
NASB North American SB of MO 4.10 3.86 25.37 24.52 330.46
NBSI North Bancshares of Chicago IL 0.79 0.69 17.04 17.04 126.90
FFFD North Central Bancshares of IA 1.16 1.16 15.13 15.13 66.03
NBN Northeast Bancorp of ME* 1.37 1.13 14.27 12.61 205.13
NEIB Northeast Indiana Bncrp of IN 1.18 1.18 15.51 15.51 107.95
NWEQ Northwest Equity Corp. of WI 1.17 1.13 13.51 13.51 115.56
NWSB Northwest SB, MHC of PA (30.7) 0.41 0.41 4.33 4.09 44.93
NSSY Norwalk Savings Society of CT* 2.40 2.74 20.49 19.76 254.37
NSSB Norwich Financial Corp. of CT* 1.47 1.36 15.05 13.67 129.02
NTMG Nutmeg FS&LA of CT 0.80 0.57 7.84 7.84 142.10
OHSL OHSL Financial Corp. of OH 1.65 1.60 20.74 20.74 189.96
OCFC Ocean Fin. Corp. of NJ 1.68 1.66 27.63 27.63 182.15
OCN Ocwen Financial Corp. of FL 1.34 0.75 6.91 6.73 48.86
OTFC Oregon Trail Fin. Corp of OR 0.59 0.59 13.29 13.29 55.34
PBHC OswegoCity SB, MHC of NY (46.)* 1.05 0.94 12.02 10.10 100.68
OFCP Ottawa Financial Corp. of MI 1.29 1.26 14.15 11.43 161.96
PFFB PFF Bancorp of Pomona CA 0.65 0.66 14.69 14.53 146.09
PSFI PS Financial of Chicago IL 0.72 0.73 14.76 14.76 39.55
PVFC PVF Capital Corp. of OH 1.90 1.82 10.63 10.63 147.98
PALM Palfed, Inc. of Aiken SC(8) 0.49 0.84 10.74 10.74 126.16
PBCI Pamrapo Bancorp, Inc. of NJ 1.73 1.71 16.89 16.77 130.83
PFED Park Bancorp of Chicago IL 0.80 0.83 16.61 16.61 71.79
PVSA Parkvale Financial Corp of PA 2.05 2.05 15.20 15.10 196.91
PEEK Peekskill Fin. Corp. of NY 0.66 0.66 14.81 14.81 56.76
PFSB PennFed Fin. Services of NJ 2.14 2.14 20.72 17.54 282.80
PWBC PennFirst Bancorp of PA 0.95 0.95 12.96 11.53 154.87
PWBK Pennwood SB of PA* 0.83 0.91 15.33 15.33 83.59
PBKB People's SB of Brockton MA* 1.44 0.75 8.96 8.59 218.54
PFDC Peoples Bancorp of Auburn IN 1.24 1.24 13.06 13.06 85.67
PBCT Peoples Bank, MHC of CT (40.1)* 1.44 0.93 11.41 11.40 126.48
TSBS Peoples Bcrp, MHC of NJ (35.9)(8) 0.87 0.61 11.97 10.77 70.63
PFFC Peoples Fin. Corp. of OH 0.53 0.53 15.78 15.78 58.01
PHBK Peoples Heritage Fin Grp of ME* 2.51 2.51 16.42 14.01 220.42
PSFC Peoples Sidney Fin. Corp of OH 0.56 0.56 14.57 14.57 57.61
PERM Permanent Bancorp of IN 1.26 1.25 19.51 19.25 206.17
PMFI Perpetual Midwest Fin. of IA 0.84 0.68 18.24 18.24 214.45
PERT Perpetual of SC, MHC (46.8)(8) 1.17 1.58 20.13 20.13 170.24
PCBC Perry Co. Fin. Corp. of MO 0.90 1.04 18.80 18.80 97.95
PHFC Pittsburgh Home Fin. of PA 1.01 0.90 14.63 14.48 138.80
PFSL Pocahnts Fed, MHC of AR (47.0)(8) 1.46 1.44 14.86 14.86 234.94
PTRS Potters Financial Corp of OH 1.20 1.18 11.20 11.20 127.17
PKPS Poughkeepsie Fin. Corp. of NY(8) 0.37 0.37 5.91 5.91 70.19
PHSB Ppls Home SB, MHC of PA (45.0) 0.56 0.54 10.22 10.22 74.79
PRBC Prestige Bancorp of PA 0.85 0.85 16.88 16.88 150.64
PFNC Progress Financial Corp. of PA 0.90 0.71 5.81 5.18 108.91
PSBK Progressive Bank, Inc. of NY* 2.20 2.16 20.18 18.17 231.09
PROV Provident Fin. Holdings of CA 0.94 0.44 17.66 17.66 132.47
PULB Pulaski SB, MHC of MO (29.8) 0.68 0.90 11.23 11.23 86.07
PLSK Pulaski SB, MHC of NJ (46.0) 0.54 0.54 10.36 10.36 86.47
PULS Pulse Bancorp of S. River NJ 1.84 1.86 14.02 14.02 170.73
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 5, 1997
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- 52 Week (1) % Change From
Shares Market --------------- ----------------------
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)
- ---------------------------------------
QCFB QCF Bancorp of Virginia MN 28.50 1,382 39.4 28.50 16.25 28.50 0.00 N.A. 56.16
QCBC Quaker City Bancorp of CA 21.25 4,673 99.3 24.56 13.00 20.50 3.66 183.33 39.80
QCSB Queens County Bancorp of NY* 36.19 15,108 546.8 37.75 20.22 35.00 3.40 N.A. 71.92
RARB Raritan Bancorp. of Raritan NJ* 27.25 2,372 64.6 28.62 15.33 27.25 0.00 323.14 75.81
REDF RedFed Bancorp of Redlands CA 20.00 7,179 143.6 21.12 12.37 20.00 0.00 N.A. 48.15
RELY Reliance Bancorp, Inc. of NY 35.50 8,712 309.3 35.50 18.50 33.12 7.19 N.A. 82.05
RELI Reliance Bancshares Inc of WI* 9.12 2,472 22.5 9.12 6.50 8.87 2.82 N.A. 35.11
RIVR River Valley Bancorp of IN 18.62 1,190 22.2 18.87 13.25 18.75 -0.69 N.A. 35.42
RVSB Riverview Bancorp of WA 15.50 6,128 95.0 15.50 6.00 15.00 3.33 N.A. 147.21
RSLN Roslyn Bancorp, Inc. of NY* 23.25 43,642 1,014.7 24.31 15.00 21.75 6.90 N.A. N.A.
SCCB S. Carolina Comm. Bnshrs of SC 22.87 699 16.0 25.25 15.00 23.00 -0.57 N.A. 52.47
SBFL SB Fngr Lakes MHC of NY (33.1) 29.50 1,785 17.4 29.50 12.75 29.25 0.85 N.A. 114.55
SFED SFS Bancorp of Schenectady NY 22.62 1,231 27.8 24.50 14.75 22.12 2.26 N.A. 53.36
SGVB SGV Bancorp of W. Covina CA 18.00 2,342 42.2 19.37 10.75 17.12 5.14 N.A. 60.00
SHSB SHS Bancorp, Inc. of PA 16.25 820 13.3 16.37 14.75 16.00 1.56 N.A. N.A.
SISB SIS Bancorp Inc of MA* 38.12 5,581 212.7 38.12 22.37 33.62 13.38 N.A. 66.68
SWCB Sandwich Co-Op. Bank of MA* 45.00 1,919 86.4 45.00 27.25 41.75 7.78 422.04 51.26
SFSL Security First Corp. of OH 20.37 7,591 154.6 21.00 10.17 19.50 4.46 95.87 68.63
SFNB Security First Netwrk Bk of GA(8) 8.00 8,620 69.0 13.87 5.50 8.00 0.00 N.A. -21.95
SMFC Sho-Me Fin. Corp. of MO(8) 47.75 1,499 71.6 49.25 21.62 47.00 1.60 N.A. 119.54
SOBI Sobieski Bancorp of S. Bend IN 19.50 779 15.2 19.75 13.75 19.62 -0.61 N.A. 34.48
SOSA Somerset Savings Bank of MA(8)* 4.75 16,652 79.1 5.94 1.94 4.87 -2.46 -7.23 141.12
SSFC South Street Fin. Corp. of NC* 19.00 4,496 85.4 20.00 13.75 17.50 8.57 N.A. 35.71
SCBS Southern Commun. Bncshrs of AL 18.00 1,137 20.5 18.50 13.00 18.19 -1.04 N.A. 35.85
SMBC Southern Missouri Bncrp of MO 19.12 1,612 30.8 19.50 14.00 19.00 0.63 N.A. 27.47
SWBI Southwest Bancshares of IL 25.62 2,657 68.1 26.00 18.00 25.50 0.47 156.20 40.38
SVRN Sovereign Bancorp of PA 19.31 89,275 1,723.9 19.50 10.62 18.94 1.95 331.99 76.51
STFR St. Francis Cap. Corp. of WI 40.63 5,238 212.8 41.25 26.00 38.25 6.22 N.A. 56.27
SPBC St. Paul Bancorp, Inc. of IL 25.00 34,133 853.3 28.50 14.73 24.50 2.04 124.62 59.54
SFFC StateFed Financial Corp. of IA 13.50 1,557 21.0 14.12 8.25 13.50 0.00 N.A. 63.64
SFIN Statewide Fin. Corp. of NJ 23.12 4,591 106.1 23.12 13.87 21.50 7.53 N.A. 60.89
STSA Sterling Financial Corp. of WA 21.62 7,567 163.6 22.50 13.62 21.12 2.37 137.84 53.12
SFSB SuburbFed Fin. Corp. of IL 34.69 1,263 43.8 34.87 19.00 34.87 -0.52 420.09 82.58
ROSE T R Financial Corp. of NY* 34.00 17,592 598.1 35.00 15.12 32.87 3.44 N.A. 91.55
THRD TF Financial Corp. of PA 28.00 4,088 114.5 28.00 15.87 28.00 0.00 N.A. 72.31
TPNZ Tappan Zee Fin., Inc. of NY 19.75 1,488 29.4 22.62 13.62 19.75 0.00 N.A. 45.01
ESBK The Elmira SB FSB of Elmira NY* 31.25 706 22.1 31.25 16.75 30.00 4.17 117.47 71.23
TRIC Tri-County Bancorp of WY 27.50 584 16.1 29.00 18.00 27.50 0.00 N.A. 52.78
TWIN Twin City Bancorp of TN 14.00 1,272 17.8 14.50 11.50 13.62 2.79 N.A. 21.74
UFRM United FS&LA of Rocky Mount NC 11.50 3,074 35.4 12.75 7.75 11.50 0.00 253.85 35.29
UBMT United Fin. Corp. of MT 26.00 1,223 31.8 27.00 18.75 27.00 -3.70 147.62 35.06
VABF Va. Beach Fed. Fin. Corp of VA 17.25 4,979 85.9 17.62 9.25 16.62 3.79 267.80 82.73
VFFC Virginia First Savings of VA(8) 25.25 5,814 146.8 25.25 12.37 25.25 0.00 ***.** 98.04
WHGB WHG Bancshares of MD 15.87 1,462 23.2 16.50 12.62 16.25 -2.34 N.A. 20.96
WSFS WSFS Financial Corp. of DE* 20.00 12,442 248.8 20.00 9.87 19.62 1.94 175.86 96.27
WVFC WVS Financial Corp. of PA* 32.00 1,748 55.9 34.00 23.00 31.50 1.59 N.A. 29.98
WRNB Warren Bancorp of Peabody MA* 20.50 3,798 77.9 21.37 14.75 20.62 -0.58 508.31 36.67
WFSL Washington FS&LA of Seattle WA 33.12 47,509 1,573.5 33.31 22.39 32.19 2.89 127.00 37.48
WAMU Washington Mutual Inc. of WA(8)* 71.37 257,176 18,354.7 72.37 40.37 69.12 3.26 284.54 64.79
WYNE Wayne Bancorp of NJ 22.62 2,014 45.6 24.87 14.00 22.75 -0.57 N.A. 48.33
WAYN Wayne S&L Co. MHC of OH (47.8) 33.00 2,255 35.5 33.00 15.33 31.00 6.45 N.A. 102.08
WCFB Wbstr Cty FSB MHC of IA (45.2) 21.25 2,100 20.2 22.00 12.75 20.25 4.94 N.A. 54.55
WBST Webster Financial Corp. of CT 64.00 13,554 867.5 66.00 35.12 62.66 2.14 577.97 74.15
WEFC Wells Fin. Corp. of Wells MN 17.50 1,959 34.3 19.00 12.50 17.75 -1.41 N.A. 33.38
WCBI WestCo Bancorp of IL 26.50 2,474 65.6 29.25 20.00 27.50 -3.64 165.00 23.26
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)
- ---------------------------------------
QCFB QCF Bancorp of Virginia MN 1.46 1.46 19.84 19.84 113.41
QCBC Quaker City Bancorp of CA 1.20 1.15 15.33 15.33 181.26
QCSB Queens County Bancorp of NY* 1.44 1.45 11.44 11.44 102.00
RARB Raritan Bancorp. of Raritan NJ* 1.63 1.61 12.65 12.45 171.70
REDF RedFed Bancorp of Redlands CA 1.28 1.28 11.21 11.17 134.74
RELY Reliance Bancorp, Inc. of NY 1.96 2.07 19.29 14.17 233.56
RELI Reliance Bancshares Inc of WI* 0.25 0.26 9.18 9.18 19.01
RIVR River Valley Bancorp of IN 0.46 0.62 14.63 14.41 118.02
RVSB Riverview Bancorp of WA 0.47 0.45 9.56 9.20 46.06
RSLN Roslyn Bancorp, Inc. of NY* 0.73 0.93 14.04 13.97 79.61
SCCB S. Carolina Comm. Bnshrs of SC 0.75 0.75 17.35 17.35 65.26
SBFL SB Fngr Lakes MHC of NY (33.1) 0.44 0.51 11.92 11.92 127.71
SFED SFS Bancorp of Schenectady NY 0.94 0.94 17.64 17.64 141.42
SGVB SGV Bancorp of W. Covina CA 0.65 0.71 12.99 12.79 174.63
SHSB SHS Bancorp, Inc. of PA 0.41 0.41 13.83 13.83 109.44
SISB SIS Bancorp Inc of MA* 2.05 2.03 19.16 19.16 260.35
SWCB Sandwich Co-Op. Bank of MA* 2.44 2.39 21.16 20.34 266.68
SFSL Security First Corp. of OH 1.14 1.15 8.31 8.18 89.69
SFNB Security First Netwrk Bk of GA(8) -3.30 -3.38 3.02 2.97 9.12
SMFC Sho-Me Fin. Corp. of MO(8) 2.71 2.57 20.77 20.77 230.05
SOBI Sobieski Bancorp of S. Bend IN 0.64 0.59 15.99 15.99 108.19
SOSA Somerset Savings Bank of MA(8)* 0.32 0.31 2.06 2.06 31.25
SSFC South Street Fin. Corp. of NC* 0.63 0.65 13.73 13.73 53.50
SCBS Southern Commun. Bncshrs of AL 0.33 0.54 13.20 13.20 61.89
SMBC Southern Missouri Bncrp of MO 0.94 0.90 16.36 16.36 101.30
SWBI Southwest Bancshares of IL 1.50 1.45 16.01 16.01 141.14
SVRN Sovereign Bancorp of PA 0.51 0.74 7.23 5.91 163.55
STFR St. Francis Cap. Corp. of WI 2.24 2.21 24.54 21.71 317.04
SPBC St. Paul Bancorp, Inc. of IL 1.39 1.39 11.98 11.95 133.26
SFFC StateFed Financial Corp. of IA 0.69 0.69 9.86 9.86 56.22
SFIN Statewide Fin. Corp. of NJ 1.19 1.19 14.34 14.31 153.15
STSA Sterling Financial Corp. of WA 1.04 0.94 12.98 11.88 247.19
SFSB SuburbFed Fin. Corp. of IL 1.23 1.79 21.90 21.82 337.85
ROSE T R Financial Corp. of NY* 1.88 1.69 13.09 13.09 209.84
THRD TF Financial Corp. of PA 1.22 1.05 17.79 15.71 152.97
TPNZ Tappan Zee Fin., Inc. of NY 0.58 0.57 14.20 14.20 83.43
ESBK The Elmira SB FSB of Elmira NY* 1.34 1.08 20.54 20.00 323.33
TRIC Tri-County Bancorp of WY 1.55 1.58 23.12 23.12 150.98
TWIN Twin City Bancorp of TN 0.71 0.60 10.88 10.88 84.07
UFRM United FS&LA of Rocky Mount NC 0.63 0.50 6.82 6.82 92.96
UBMT United Fin. Corp. of MT 1.22 1.21 20.24 20.24 84.29
VABF Va. Beach Fed. Fin. Corp of VA 0.75 0.61 8.70 8.70 121.61
VFFC Virginia First Savings of VA(8) 0.88 0.76 11.44 11.05 147.64
WHGB WHG Bancshares of MD 0.34 0.34 14.16 14.16 68.56
WSFS WSFS Financial Corp. of DE* 1.31 1.30 6.66 6.62 120.21
WVFC WVS Financial Corp. of PA* 2.08 2.09 19.38 19.38 161.46
WRNB Warren Bancorp of Peabody MA* 2.04 1.81 10.21 10.21 95.87
WFSL Washington FS&LA of Seattle WA 2.21 2.20 15.11 13.87 120.39
WAMU Washington Mutual Inc. of WA(8)* 0.01 1.51 19.65 18.20 371.76
WYNE Wayne Bancorp of NJ 1.07 1.07 16.49 16.49 132.71
WAYN Wayne S&L Co. MHC of OH (47.8) 0.81 0.76 10.58 10.58 110.97
WCFB Wbstr Cty FSB MHC of IA (45.2) 0.64 0.64 10.52 10.52 44.99
WBST Webster Financial Corp. of CT 1.79 2.99 26.82 23.10 502.51
WEFC Wells Fin. Corp. of Wells MN 1.09 1.06 14.86 14.86 104.52
WCBI WestCo Bancorp of IL 1.88 1.78 19.41 19.41 124.93
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1A (continued)
Weekly Thrift Market Line - Part One
Prices As Of December 5, 1997
Price Change Data
Market Capitalization -----------------------------------------------
----------------------- % Change From
Shares Market 52 Week (1) -----------------------
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)
- ---------------------------------------
WSTR WesterFed Fin. Corp. of MT 24.75 5,577 138.0 27.00 17.62 23.56 5.05 N.A. 35.62
WOFC Western Ohio Fin. Corp. of OH 26.87 2,356 63.3 29.25 20.25 25.75 4.35 N.A. 23.54
WWFC Westwood Fin. Corp. of NJ(8) 27.62 645 17.8 28.00 15.25 27.62 0.00 N.A. 67.39
WEHO Westwood Hmstd Fin Corp of OH 17.75 2,782 49.4 18.00 11.50 17.50 1.43 N.A. 46.45
WFI Winton Financial Corp. of OH 20.00 1,986 39.7 20.50 11.50 20.00 0.00 N.A. 73.91
FFWD Wood Bancorp of OH 19.50 2,119 41.3 19.50 10.50 18.50 5.41 N.A. 72.11
YFCB Yonkers Fin. Corp. of NY 19.00 3,021 57.4 22.00 12.12 18.50 2.70 N.A. 47.63
YFED York Financial Corp. of PA 25.50 8,806 224.6 27.25 12.80 26.50 -3.77 169.84 96.15
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)
- ---------------------------------------
WSTR WesterFed Fin. Corp. of MT 1.16 1.11 19.03 15.35 179.16
WOFC Western Ohio Fin. Corp. of OH 0.61 0.71 23.39 21.83 168.69
WWFC Westwood Fin. Corp. of NJ(8) 1.20 1.28 15.95 14.27 171.20
WEHO Westwood Hmstd Fin Corp of OH 0.47 0.54 14.20 14.20 51.36
WFI Winton Financial Corp. of OH 1.14 1.33 11.36 11.12 159.81
FFWD Wood Bancorp of OH 1.07 0.98 9.77 9.77 78.58
YFCB Yonkers Fin. Corp. of NY 0.98 0.99 14.52 14.52 103.59
YFED York Financial Corp. of PA 1.26 1.06 11.62 11.62 131.24
RP FINANCIAL, LC.
-----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B
Weekly Thrift Market Line - Part Two
Prices As Of December 5, 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)
--------------------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
----------------------------------------------
SAIF-Insured Thrifts(300) 13.06 12.82 0.90 8.12 4.69 0.88 7.86
NYSE Traded Companies(10) 7.75 7.54 0.96 14.43 5.97 0.86 13.52
AMEX Traded Companies(16) 14.70 14.59 0.64 3.84 3.08 0.78 4.91
NASDAQ Listed OTC Companies(274) 13.17 12.93 0.91 8.13 4.74 0.89 7.81
California Companies(21) 7.41 7.17 0.64 9.66 5.18 0.57 8.89
Florida Companies(5) 8.55 8.12 1.20 14.66 5.29 0.80 9.61
Mid-Atlantic Companies(59) 11.12 10.79 0.86 8.74 4.89 0.85 8.75
Mid-West Companies(144) 14.26 14.09 0.93 7.47 4.59 0.92 7.30
New England Companies(9) 8.05 7.77 0.62 8.22 4.62 0.66 8.90
North-West Companies(8) 16.32 15.90 0.98 8.53 4.18 0.97 8.03
South-East Companies(41) 15.99 15.80 0.97 7.28 4.02 0.96 6.98
South-West Companies(7) 10.52 10.27 0.87 10.21 6.82 0.88 10.00
Western Companies (Excl CA)(6) 16.12 15.71 1.21 8.16 4.93 1.21 8.18
Thrift Strategy(241) 14.31 14.10 0.92 7.37 4.63 0.92 7.32
Mortgage Banker Strategy(36) 7.47 7.03 0.77 11.19 5.19 0.69 10.10
Real Estate Strategy(9) 7.26 7.08 0.87 12.03 6.19 0.84 11.61
Diversified Strategy(10) 8.42 8.18 1.31 16.29 5.73 1.04 13.51
Retail Banking Strategy(4) 6.62 6.33 -0.24 -0.25 -3.26 -0.29 -1.06
Companies Issuing Dividends(254) 13.33 13.08 0.93 8.24 4.84 0.92 8.01
Companies Without Dividends(46) 11.46 11.33 0.69 7.47 3.79 0.64 6.98
Equity/Assets less than 6%(23) 5.05 4.72 0.68 13.54 5.80 0.64 12.81
Equity/Assets 6-12%(142) 8.77 8.46 0.82 9.71 5.16 0.78 9.30
Equity/Assets greater than 12%(135) 18.43 18.28 1.01 5.73 4.07 1.01 5.68
Converted Last 3 Mths (no MHC)(3) 21.23 21.23 0.91 4.06 3.30 0.91 4.06
Actively Traded Companies(39) 8.95 8.71 1.00 12.43 5.47 0.99 12.41
Market Value Below $20 Million(50) 14.68 14.66 0.84 6.04 4.67 0.85 6.08
Holding Company Structure(266) 13.51 13.29 0.90 7.78 4.58 0.88 7.56
Assets Over $1 Billion(60) 7.90 7.40 0.89 12.03 5.25 0.83 11.32
Assets $500 Million-$1 Billion(49) 10.42 10.08 0.90 9.22 4.77 0.84 8.62
Assets $250-$500 Million(65) 11.78 11.52 0.88 8.15 4.94 0.86 7.95
Assets less than $250 Million(126) 17.11 17.06 0.92 5.88 4.28 0.93 5.92
Goodwill Companies(122) 9.15 8.56 0.85 10.08 5.11 0.81 9.57
Non-Goodwill Companies(178) 15.65 15.65 0.93 6.83 4.41 0.92 6.73
Acquirors of FSLIC Cases(10) 7.27 6.84 0.84 12.30 5.63 0.83 12.07
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(300) 0.79 122.41 0.79 19.29 155.55 18.88 160.46 20.14
NYSE Traded Companies(10) 1.14 75.98 1.19 17.07 204.36 15.54 198.16 17.64
AMEX Traded Companies(16) 0.66 141.41 0.71 21.06 130.64 19.33 132.01 19.97
NASDAQ Listed OTC Companies(274) 0.78 123.34 0.77 19.32 155.28 18.99 160.96 20.25
California Companies(21) 1.72 69.82 1.26 18.83 171.66 11.87 170.47 19.86
Florida Companies(5) 1.62 86.80 0.76 20.50 181.60 20.65 205.62 25.59
Mid-Atlantic Companies(59) 0.80 92.52 0.91 19.31 158.19 16.90 166.22 19.82
Mid-West Companies(144) 0.63 137.51 0.66 19.02 148.31 19.61 151.75 19.78
New England Companies(9) 0.48 156.42 1.04 17.98 167.01 13.10 176.30 20.23
North-West Companies(8) 0.51 205.79 0.59 20.99 163.08 23.20 170.94 21.72
South-East Companies(41) 0.86 138.63 0.81 20.85 166.46 23.95 171.30 22.17
South-West Companies(7) 0.77 66.48 0.72 16.89 134.41 13.45 141.86 16.97
Western Companies (Excl CA)(6) 0.34 130.33 0.71 20.47 159.26 23.56 165.97 20.51
Thrift Strategy(241) 0.72 122.95 0.72 19.71 146.71 19.81 150.79 20.22
Mortgage Banker Strategy(36) 0.99 126.54 1.01 17.94 194.66 14.00 206.74 20.80
Real Estate Strategy(9) 1.23 98.78 1.32 16.83 183.03 13.12 186.27 17.53
Diversified Strategy(10) 1.36 117.46 1.05 17.82 231.74 21.76 240.31 18.21
Retail Banking Strategy(4) 0.73 132.47 0.95 18.04 150.89 9.44 155.91 20.77
Companies Issuing Dividends(254) 0.70 122.79 0.75 19.19 157.10 19.32 162.25 20.12
Companies Without Dividends(46) 1.31 120.15 0.98 19.95 146.19 16.29 149.74 20.23
Equity/Assets less than 6%(23) 1.40 77.64 1.07 17.44 203.31 10.91 215.47 19.67
Equity/Assets 6-12%(142) 0.79 131.78 0.87 18.20 171.88 14.72 179.29 18.95
Equity/Assets greater than 12%(135) 0.67 121.01 0.66 21.06 132.38 24.13 134.19 21.68
Converted Last 3 Mths (no MHC)(3) 0.75 170.52 0.75 27.08 122.27 26.20 122.27 27.08
Actively Traded Companies(39) 0.98 123.47 0.95 18.08 205.18 17.41 211.54 18.73
Market Value Below $20 Million(50) 0.70 109.38 0.63 19.03 123.71 17.76 124.01 20.48
Holding Company Structure(266) 0.78 119.97 0.77 19.52 153.54 19.31 157.91 20.35
Assets Over $1 Billion(60) 0.94 108.45 0.98 18.62 199.20 15.90 213.63 20.12
Assets $500 Million-$1 Billion(49) 0.86 146.87 0.91 18.58 170.86 17.20 177.12 19.68
Assets $250-$500 Million(65) 0.67 136.29 0.73 19.20 154.45 17.41 159.28 19.46
Assets less than $250 Million(126) 0.73 111.53 0.67 20.10 130.67 21.67 131.34 20.74
Goodwill Companies(122) 0.87 108.14 0.86 18.68 176.73 15.71 189.36 19.69
Non-Goodwill Companies(178) 0.73 132.11 0.73 19.75 141.55 20.99 141.55 20.47
Acquirors of FSLIC Cases(10) 1.08 60.52 0.82 18.02 205.47 14.33 203.16 18.59
Dividend Data(6)
-----------------------
Ind. Divi-
Div./ dend Payout
Financial Institution Share Yield Ratio(7)
--------------------- ------- ------- -------
($) (%) (%)
Market Averages. SAIF-Insured Thrifts(no MHCs)
----------------------------------------------
SAIF-Insured Thrifts(300) 0.36 1.56 29.83
NYSE Traded Companies(10) 0.44 1.06 16.58
AMEX Traded Companies(16) 0.32 1.84 37.14
NASDAQ Listed OTC Companies(274) 0.36 1.56 30.05
California Companies(21) 0.16 0.47 9.68
Florida Companies(5) 0.20 0.74 14.79
Mid-Atlantic Companies(59) 0.37 1.46 29.11
Mid-West Companies(144) 0.35 1.65 31.23
New England Companies(9) 0.44 1.47 29.55
North-West Companies(8) 0.35 1.31 20.93
South-East Companies(41) 0.45 2.00 41.25
South-West Companies(7) 0.35 1.66 29.63
Western Companies (Excl CA)(6) 0.60 2.55 45.88
Thrift Strategy(241) 0.37 1.68 32.46
Mortgage Banker Strategy(36) 0.31 1.08 19.95
Real Estate Strategy(9) 0.14 0.68 11.55
Diversified Strategy(10) 0.47 1.38 23.67
Retail Banking Strategy(4) 0.14 0.81 22.88
Companies Issuing Dividends(254) 0.42 1.82 35.06
Companies Without Dividends(46) 0.00 0.00 0.00
Equity/Assets less than 6%(23) 0.21 0.66 12.13
Equity/Assets 6-12%(142) 0.37 1.45 26.96
Equity/Assets greater than 12%(135) 0.37 1.81 36.56
Converted Last 3 Mths (no MHC)(3) 0.00 0.00 0.00
Actively Traded Companies(39) 0.49 1.48 26.03
Market Value Below $20 Million(50) 0.33 1.87 34.52
Holding Company Structure(266) 0.37 1.61 30.84
Assets Over $1 Billion(60) 0.41 1.13 21.78
Assets $500 Million-$1 Billion(49) 0.36 1.46 28.27
Assets $250-$500 Million(65) 0.36 1.53 28.11
Assets less than $250 Million(126) 0.34 1.81 35.95
Goodwill Companies(122) 0.38 1.38 26.06
Non-Goodwill Companies(178) 0.34 1.68 32.59
Acquirors of FSLIC Cases(10) 0.42 1.25 21.70
(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
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 5, 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. BIF-Insured Thrifts(no MHCs)
- ---------------------------------------------
BIF-Insured Thrifts(60) 12.66 12.28 1.16 11.60 5.92 1.12 11.03 0.81 141.29 1.43
NYSE Traded Companies(2) 7.56 5.18 0.89 11.54 4.99 0.87 11.31 1.95 40.15 1.04
AMEX Traded Companies(6) 12.87 12.02 0.84 8.02 4.54 0.75 7.01 1.42 104.14 1.60
NASDAQ Listed OTC Companies(52) 12.86 12.61 1.21 11.98 6.11 1.18 11.44 0.72 148.58 1.44
California Companies(1) 10.72 10.68 1.45 13.02 8.44 1.45 13.02 1.54 79.64 1.45
Mid-Atlantic Companies(15) 11.19 10.50 0.87 8.90 4.31 0.88 8.70 0.85 136.53 1.35
Mid-West Companies(2) 36.66 35.98 0.82 1.90 1.99 0.95 2.33 0.56 57.14 0.56
New England Companies(33) 9.23 8.94 1.29 14.94 7.39 1.21 13.95 0.85 144.76 1.70
North-West Companies(4) 12.22 11.86 1.22 10.73 5.30 1.19 10.46 0.17 241.66 1.04
South-East Companies(5) 27.37 27.37 1.33 5.08 3.94 1.33 5.05 0.69 145.62 0.74
Thrift Strategy(43) 13.71 13.30 1.17 10.99 5.82 1.13 10.40 0.83 135.14 1.37
Mortgage Banker Strategy(7) 9.02 8.82 0.91 11.72 5.35 0.94 11.57 0.48 171.40 1.35
Real Estate Strategy(5) 10.69 10.66 1.80 17.32 9.20 1.68 16.10 1.35 88.34 1.59
Diversified Strategy(5) 6.94 6.42 1.04 15.06 6.02 1.00 14.56 0.76 196.07 2.08
Companies Issuing Dividends(52) 12.01 11.60 1.08 10.69 5.31 1.04 10.07 0.78 144.21 1.37
Companies Without Dividends(8) 17.04 16.83 1.71 17.66 9.99 1.72 17.46 1.10 120.84 1.80
Equity/Assets less than 6%(5) 5.17 5.05 0.96 17.25 6.32 0.80 14.29 0.92 98.61 1.42
Equity/Assets 6-12%(39) 8.80 8.30 1.23 14.12 7.02 1.18 13.50 0.89 137.29 1.61
Equity/Assets (greater than)12%(16) 22.74 22.54 1.05 4.83 3.49 1.08 4.96 0.60 163.94 1.04
Actively Traded Companies(18) 9.01 8.59 1.22 13.94 6.80 1.15 13.00 0.73 138.50 1.49
Market Value Below $20 Million(4) 23.62 23.28 1.77 14.62 9.95 1.81 14.46 1.49 57.79 1.18
Holding Company Structure(40) 14.47 14.10 1.22 11.19 5.88 1.20 10.77 0.73 151.62 1.48
Assets Over $1 Billion(14) 9.11 8.40 1.05 12.26 5.31 1.04 11.92 0.82 154.48 1.49
Assets $500 Million-$1 Billion(16) 9.41 8.85 1.16 12.86 6.45 1.11 12.02 0.85 146.86 1.55
Assets $250-$500 Million(13) 11.57 11.40 1.07 10.63 5.31 1.02 10.09 0.67 162.47 1.65
Assets less than $250 Million(17) 19.63 19.51 1.31 10.58 6.37 1.29 10.06 0.90 102.63 1.07
Goodwill Companies(30) 9.51 8.73 0.97 11.29 5.60 0.93 10.62 0.86 139.39 1.45
Non-Goodwill Companies(30) 15.82 15.82 1.35 11.90 6.24 1.32 11.43 0.76 143.53 1.41
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- ------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. BIF-Insured Thrifts(no MHCs)
- --------------------------------------------
BIF-Insured Thrifts(60) 17.21 183.29 20.46 190.58 18.60 0.48 1.59 29.87
NYSE Traded Companies(2) 20.06 239.99 17.92 263.16 20.46 0.58 1.04 20.95
AMEX Traded Companies(6) 18.08 155.73 19.06 187.91 19.68 0.56 1.72 34.25
NASDAQ Listed OTC Companies(52) 17.00 183.81 20.71 189.32 18.43 0.47 1.59 29.87
California Companies(1) 11.84 146.10 15.67 146.70 11.84 0.00 0.00 0.00
Mid-Atlantic Companies(15) 19.85 192.26 19.55 203.65 20.66 0.50 1.62 33.58
Mid-West Companies(2) 0.00 99.75 36.52 102.65 0.00 0.00 0.00 0.00
New England Companies(33) 15.28 195.19 17.43 202.86 16.69 0.50 1.68 27.81
North-West Companies(4) 19.79 191.10 21.92 195.90 20.47 0.31 1.56 29.11
South-East Companies(5) 23.16 125.94 33.81 125.94 25.04 0.68 1.93 50.08
Thrift Strategy(43) 17.62 176.10 21.29 182.59 19.01 0.50 1.66 32.04
Mortgage Banker Strategy(7) 17.12 207.74 17.65 214.31 19.29 0.36 1.19 23.42
Real Estate Strategy(5) 10.95 173.44 18.53 173.74 11.58 0.26 1.27 12.75
Diversified Strategy(5) 16.72 235.03 16.01 253.20 17.44 0.47 1.43 24.22
Companies Issuing Dividends(52) 18.08 186.64 20.26 194.93 19.58 0.55 1.82 34.51
Companies Without Dividends(8) 10.06 160.81 21.82 161.98 10.13 0.00 0.00 0.00
Equity/Assets less than 6%(5) 16.12 263.83 13.78 269.90 20.45 0.18 0.92 14.12
Equity/Assets 6-12%(39) 16.11 197.29 17.33 207.87 17.01 0.54 1.68 28.55
Equity/Assets (greater than)12%(16) 21.71 133.41 28.78 135.08 22.67 0.43 1.54 36.96
Actively Traded Companies(18) 15.49 194.16 17.01 205.38 16.88 0.58 1.83 28.70
Market Value Below $20 Million(4) 13.14 119.59 27.36 121.04 12.19 0.18 0.98 26.59
Holding Company Structure(40) 17.40 176.31 22.36 186.06 18.76 0.49 1.66 31.68
Assets Over $1 Billion(14) 18.80 224.71 19.69 234.43 20.01 0.54 1.51 29.52
Assets $500 Million-$1 Billion(16) 15.78 186.95 16.99 204.06 17.09 0.54 1.63 26.49
Assets $250-$500 Million(13) 17.72 181.17 19.57 185.08 18.57 0.40 1.69 31.12
Assets less than $250 Million(17) 16.90 148.21 25.24 149.33 18.99 0.43 1.52 32.38
Goodwill Companies(30) 17.42 188.09 16.84 203.13 19.17 0.52 1.53 27.00
Non-Goodwill Companies(30) 16.97 178.50 24.08 178.50 17.97 0.44 1.64 32.74
(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; 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
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 5, 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(20) 12.19 12.08 0.79 7.22 2.71 0.79 7.07 0.48 142.10 0.71
BIF-Insured Thrifts(3) 10.87 10.23 1.05 10.29 3.29 0.87 8.36 1.16 74.62 1.11
NASDAQ Listed OTC Companies(23) 11.96 11.75 0.84 7.76 2.81 0.80 7.30 0.61 129.45 0.78
Florida Companies(3) 9.77 9.75 0.74 7.34 3.10 0.65 6.47 0.41 71.26 0.45
Mid-Atlantic Companies(11) 12.16 11.79 0.81 7.62 2.57 0.79 7.33 0.73 109.28 0.89
Mid-West Companies(7) 13.05 13.04 0.87 7.00 2.90 0.91 7.26 0.46 181.63 0.52
New England Companies(1) 9.02 9.01 1.16 13.69 3.96 0.75 8.84 0.76 146.25 1.66
Thrift Strategy(22) 12.14 11.92 0.82 7.39 2.74 0.81 7.20 0.60 128.33 0.72
Diversified Strategy(1) 9.02 9.01 1.16 13.69 3.96 0.75 8.84 0.76 146.25 1.66
Companies Issuing Dividends(22) 11.85 11.63 0.85 7.82 2.80 0.81 7.35 0.62 128.20 0.74
Companies Without Dividends(1) 13.66 13.66 0.73 6.80 2.95 0.71 6.55 0.45 148.08 1.37
Equity/Assets 6-12%(16) 10.01 9.72 0.80 8.34 2.91 0.73 7.54 0.71 83.86 0.81
Equity/Assets greater than 12%(7) 16.63 16.63 0.93 6.38 2.56 0.98 6.73 0.31 266.20 0.71
Holding Company Structure(2) 11.94 10.03 1.06 9.22 3.65 0.95 8.25 0.91 43.96 0.67
Assets Over $1 Billion(6) 8.77 8.38 0.93 10.57 3.11 0.76 8.59 0.65 86.19 0.94
Assets $500 Million-$1 Billion(2) 11.34 11.34 0.80 7.04 3.08 0.73 6.45 0.41 90.57 0.62
Assets $250-$500 Million(5) 11.63 11.61 0.88 7.97 2.99 0.86 7.73 0.29 188.56 0.43
Assets less than $250 Million(10) 13.55 13.34 0.79 6.52 2.59 0.81 6.68 0.73 133.77 0.84
Goodwill Companies(9) 9.29 8.70 0.91 10.05 3.30 0.78 8.53 0.62 95.63 0.83
Non-Goodwill Companies(14) 13.41 13.41 0.80 6.51 2.54 0.81 6.63 0.60 149.74 0.75
MHC Institutions(23) 11.96 11.75 0.84 7.76 2.81 0.80 7.30 0.61 129.45 0.78
Pricing Ratios Dividend Data(6)
----------------------------------------- -----------------------
Price/ Price/ Ind. Divi-
Price/ Price/ Price/ Tang. Core Div./ dend Payout
Financial Institution Earning Book Assets Book Earnings Share Yield Ratio(7)
- --------------------- ------- ------- ------- ------- -------- ------- ------- -------
(X) (%) (%) (%) (x) ($) (%) (%)
Market Averages. MHC Institutions
- ---------------------------------
SAIF-Insured Thrifts(20) 27.01 224.96 28.75 225.25 27.71 0.51 1.92 37.93
BIF-Insured Thrifts(3) 26.32 298.97 32.25 314.22 0.00 0.47 1.42 44.13
NASDAQ Listed OTC Companies(23) 26.55 239.77 29.37 243.05 27.71 0.50 1.83 39.99
Florida Companies(3) 0.00 228.10 22.17 228.85 0.00 0.90 2.80 0.00
Mid-Atlantic Companies(11) 27.38 231.65 30.47 238.15 0.00 0.28 1.24 36.08
Mid-West Companies(7) 27.01 240.00 30.38 240.39 27.71 0.68 2.47 45.34
New England Companies(1) 25.26 318.76 28.76 319.04 0.00 0.76 2.09 52.78
Thrift Strategy(22) 27.19 234.12 29.41 237.62 27.71 0.48 1.82 38.40
Diversified Strategy(1) 25.26 318.76 28.76 319.04 0.00 0.76 2.09 52.78
Companies Issuing Dividends(22) 26.55 243.61 29.62 247.13 27.71 0.53 1.95 44.99
Companies Without Dividends(1) 0.00 185.91 25.40 185.91 0.00 0.00 0.00 0.00
Equity/Assets 6-12%(16) 26.55 251.49 26.76 256.41 27.71 0.48 1.66 44.99
Equity/Assets greater than 12%(7) 0.00 216.33 35.62 216.33 0.00 0.54 2.25 0.00
Holding Company Structure(2) 27.38 239.18 28.56 284.65 0.00 0.28 0.97 26.67
Assets Over $1 Billion(6) 25.26 277.44 28.32 278.33 0.00 0.51 1.82 44.70
Assets $500 Million-$1 Billion(2) 0.00 220.08 24.96 220.08 0.00 0.90 2.59 0.00
Assets $250-$500 Million(5) 27.01 262.21 30.27 262.86 27.71 0.54 1.88 40.68
Assets less than $250 Million(10) 27.38 226.10 30.02 231.15 0.00 0.44 1.74 37.03
Goodwill Companies(9) 26.55 255.10 26.93 267.40 27.71 0.47 1.63 40.29
Non-Goodwill Companies(14) 0.00 234.19 30.70 234.19 0.00 0.52 1.95 39.62
MHC Institutions(23) 26.55 239.77 29.37 243.05 27.71 0.50 1.83 39.99
(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
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 5, 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
- --------------------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
NYSE Traded Companies
- ---------------------
AHM Ahmanson and Co. H.F. of CA 4.07 3.46 0.76 19.09 6.26 0.65 16.33 1.86 43.81 1.22
CSA Coast Savings Financial of CA 5.20 5.14 0.62 12.51 4.69 0.66 13.36 1.23 75.26 1.37
CFB Commercial Federal Corp. of NE 6.17 5.52 0.94 16.03 6.00 0.94 16.03 0.88 75.53 0.90
DME Dime Bancorp, Inc. of NY* 5.43 5.17 0.68 12.66 5.00 0.67 12.46 1.02 51.61 0.81
DSL Downey Financial Corp. of CA 7.13 7.04 0.73 9.96 5.18 0.70 9.56 0.95 55.50 0.58
FED FirstFed Fin. Corp. of CA 5.16 5.11 0.56 11.73 5.80 0.56 11.68 1.20 168.73 2.57
GSB Glendale Fed. Bk, FSB of CA 5.65 5.05 0.57 10.24 5.13 0.68 12.27 1.36 70.96 1.30
GDW Golden West Fin. Corp. of CA 6.56 6.56 0.88 13.91 6.26 0.86 13.68 1.18 47.94 0.67
GPT GreenPoint Fin. Corp. of NY* 9.69 5.19 1.09 10.41 4.97 1.06 10.17 2.88 28.68 1.26
JSB JSB Financial, Inc. of NY 23.22 23.22 1.93 8.61 6.10 1.71 7.65 1.07 35.16 0.61
NYB New York Bancorp, Inc. of NY 5.21 5.21 1.62 31.66 6.50 1.66 32.45 0.88 65.33 0.92
WES Westcorp Inc. of Orange CA 9.08 9.06 0.99 10.57 7.77 0.20 2.18 0.76 121.61 1.78
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 16.95 16.95 0.98 5.64 4.08 0.95 5.46 0.50 201.03 1.32
ANE Alliance Bancorp of New Englan* 7.36 7.18 0.79 11.65 6.72 0.73 10.74 1.99 62.80 2.00
BKC American Bank of Waterbury CT* 8.81 8.49 1.30 15.51 6.73 1.10 13.09 1.77 48.58 1.48
BFD BostonFed Bancorp of MA 8.52 8.20 0.73 7.68 5.69 0.66 6.95 0.34 184.11 0.76
CFX CFX Corp of NH(8)* 8.71 8.40 0.73 8.91 2.02 0.99 11.98 0.55 137.87 1.10
CNY Carver Bancorp, Inc. of NY 8.40 8.07 -0.15 -1.74 -1.60 0.01 0.13 1.31 47.60 1.07
CBK Citizens First Fin.Corp. of IL 13.75 13.75 0.60 4.13 3.50 0.54 3.67 0.61 38.86 0.28
ESX Essex Bancorp of VA(8) 0.02 -0.08 0.12 NM 4.00 0.10 NM 2.11 51.58 1.27
FCB Falmouth Co-Op Bank of MA* 23.86 23.86 0.84 3.43 2.57 0.79 3.23 NA NA NA
FAB FirstFed America Bancorp of MA 12.20 12.20 0.05 0.56 0.29 0.48 5.03 0.39 259.57 1.16
GAF GA Financial Corp. of PA 14.63 14.49 1.09 6.28 4.81 1.05 6.08 0.24 63.36 0.41
KNK Kankakee Bancorp of IL 11.43 10.78 0.89 8.28 6.25 0.87 8.12 1.05 60.22 0.90
KYF Kentucky First Bancorp of KY 16.70 16.70 1.16 6.52 5.43 1.14 6.43 0.09 457.83 0.76
MBB MSB Bancorp of Middletown NY* 7.39 3.63 0.27 3.87 2.60 0.18 2.55 NA NA NA
PDB Piedmont Bancorp of NC 16.43 16.43 -0.24 -1.28 -1.02 0.55 2.91 0.89 75.98 0.81
SSB Scotland Bancorp of NC 22.62 22.62 1.86 5.47 6.36 1.83 5.39 NA NA 0.53
SZB SouthFirst Bancshares of AL 14.00 14.00 -0.03 -0.19 -0.15 0.23 1.62 0.75 39.15 0.40
SRN Southern Banc Company of AL 17.01 16.83 0.14 0.79 0.68 0.50 2.84 NA NA 0.20
SSM Stone Street Bancorp of NC 29.57 29.57 1.54 4.69 3.82 1.54 4.69 0.23 229.34 0.62
TSH Teche Holding Company of LA 13.45 13.45 0.98 7.29 5.46 0.93 6.97 0.28 291.99 0.96
FTF Texarkana Fst. Fin. Corp of AR 15.32 15.32 1.70 10.74 6.31 1.70 10.74 0.23 276.17 0.76
THR Three Rivers Fin. Corp. of MI 13.46 13.41 0.57 4.02 3.04 0.82 5.83 0.87 59.98 0.77
WSB Washington SB, FSB of MD 8.38 8.38 0.42 5.04 3.57 0.59 7.06 1.53 30.34 1.01
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 8.65 8.49 0.72 8.75 6.69 0.36 4.33 1.30 34.59 0.65
AFED AFSALA Bancorp, Inc. of NY 13.47 13.47 0.79 6.46 4.29 0.79 6.46 0.45 150.77 1.43
ALBK ALBANK Fin. Corp. of Albany NY 9.24 8.14 1.04 11.41 6.47 1.04 11.33 0.94 75.89 0.97
AMFC AMB Financial Corp. of IN 13.94 13.94 1.02 6.29 6.13 0.72 4.43 0.32 118.29 0.51
ASBP ASB Financial Corp. of OH 15.57 15.57 0.97 5.70 4.79 0.91 5.35 0.96 75.72 1.07
ABBK Abington Savings Bank of MA* 7.13 6.46 0.85 12.38 6.30 0.76 11.03 0.16 269.74 0.71
AABC Access Anytime Bancorp of NM 8.65 8.65 1.44 22.38 12.45 1.34 20.78 1.58 31.35 0.95
AFBC Advance Fin. Bancorp of WV 15.40 15.40 0.89 6.41 4.81 0.87 6.25 0.74 38.01 0.33
AADV Advantage Bancorp of WI(8) 9.54 8.88 1.04 11.55 4.96 0.93 10.36 0.48 117.02 1.02
AFCB Affiliated Comm BC, Inc of MA 9.76 9.71 1.09 11.13 5.65 1.08 11.00 0.34 218.65 1.18
ALBC Albion Banc Corp. of Albion NY 8.57 8.57 0.50 5.53 4.68 0.49 5.45 0.12 321.43 0.53
ABCL Allied Bancorp of IL 9.42 9.30 0.79 8.70 3.87 0.88 9.69 0.21 184.61 0.54
ATSB AmTrust Capital Corp. of IN 10.93 10.82 0.40 3.86 3.86 0.23 2.21 2.20 33.49 1.03
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 15.97 312.05 12.70 NM 18.68 0.88 1.40 22.34
CSA Coast Savings Financial of CA 21.34 248.91 12.94 251.81 19.98 0.00 0.00 0.00
CFB Commercial Federal Corp. of NE 16.68 244.63 15.08 273.45 16.68 0.33 0.66 10.93
DME Dime Bancorp, Inc. of NY* 20.00 250.48 13.59 263.16 20.31 0.16 0.62 12.31
DSL Downey Financial Corp. of CA 19.30 184.18 13.14 186.57 20.10 0.32 1.11 21.48
FED FirstFed Fin. Corp. of CA 17.24 188.66 9.73 190.46 17.32 0.00 0.00 0.00
GSB Glendale Fed. Bk, FSB of CA 19.49 186.57 10.53 208.44 16.26 0.00 0.00 0.00
GDW Golden West Fin. Corp. of CA 15.98 208.88 13.71 208.88 16.25 0.50 0.53 8.43
GPT GreenPoint Fin. Corp. of NY* 20.12 229.50 22.24 NM 20.61 1.00 1.47 29.59
JSB JSB Financial, Inc. of NY 16.39 135.59 31.48 135.59 18.44 1.40 2.88 47.14
NYB New York Bancorp, Inc. of NY 15.39 NM 24.28 NM 15.02 0.60 1.62 25.00
WES Westcorp Inc. of Orange CA 12.88 129.77 11.79 130.07 NM 0.40 2.37 30.53
AMEX Traded Companies
- ---------------------
ANA Acadiana Bancshares of LA* 24.48 137.92 23.38 137.92 25.27 0.36 1.52 37.11
ANE Alliance Bancorp of New Englan* 14.89 156.35 11.51 160.30 16.15 0.20 1.17 17.39
BKC American Bank of Waterbury CT* 14.87 209.30 18.44 217.25 17.62 1.44 2.96 44.04
BFD BostonFed Bancorp of MA 17.56 140.68 11.98 146.13 19.40 0.28 1.37 24.14
CFX CFX Corp of NH(8)* NM 280.49 24.43 290.99 NM 0.88 3.06 NM
CNY Carver Bancorp, Inc. of NY NM 107.69 9.05 112.07 NM 0.00 0.00 NM
CBK Citizens First Fin.Corp. of IL 28.57 121.70 16.73 121.70 NM 0.00 0.00 0.00
ESX Essex Bancorp of VA(8) 25.00 NM 2.76 NM 27.78 0.00 0.00 0.00
FCB Falmouth Co-Op Bank of MA* NM 131.49 31.37 131.49 NM 0.20 0.99 38.46
FAB FirstFed America Bancorp of MA NM 144.63 17.65 144.63 NM 0.00 0.00 0.00
GAF GA Financial Corp. of PA 20.81 132.88 19.44 134.16 21.49 0.48 2.45 51.06
KNK Kankakee Bancorp of IL 15.99 126.17 14.42 133.83 16.29 0.48 1.40 22.33
KYF Kentucky First Bancorp of KY 18.42 127.28 21.26 127.28 18.66 0.50 3.48 64.10
MBB MSB Bancorp of Middletown NY* NM 143.59 10.61 292.58 NM 0.60 1.98 NM
PDB Piedmont Bancorp of NC NM 142.20 23.37 142.20 NM 0.40 3.72 NM
SSB Scotland Bancorp of NC 15.71 136.27 30.82 136.27 15.95 0.30 2.89 45.45
SZB SouthFirst Bancshares of AL NM 124.53 17.43 124.53 NM 0.50 2.50 NM
SRN Southern Banc Company of AL NM 121.33 20.64 122.59 NM 0.35 1.98 NM
SSM Stone Street Bancorp of NC 26.16 137.87 40.76 137.87 26.16 0.45 2.00 52.33
TSH Teche Holding Company of LA 18.30 129.66 17.44 129.66 19.16 0.50 2.44 44.64
FTF Texarkana Fst. Fin. Corp of AR 15.84 166.45 25.50 166.45 15.84 0.56 2.20 34.78
THR Three Rivers Fin. Corp. of MI NM 131.08 17.64 131.59 22.63 0.40 1.96 64.52
WSB Washington SB, FSB of MD 28.00 135.66 11.36 135.66 20.00 0.10 1.43 40.00
NASDAQ Listed OTC Companies
- ---------------------------
FBCV 1st Bancorp of Vincennes IN 14.95 126.44 10.94 128.93 NM 0.28 1.02 15.22
AFED AFSALA Bancorp, Inc. of NY 23.32 129.72 17.48 129.72 23.32 0.24 1.26 29.27
ALBK ALBANK Fin. Corp. of Albany NY 15.46 167.44 15.48 190.09 15.57 0.72 1.61 24.91
AMFC AMB Financial Corp. of IN 16.33 107.02 14.92 107.02 23.19 0.28 1.75 28.57
ASBP ASB Financial Corp. of OH 20.89 129.81 20.21 129.81 22.28 0.40 2.99 62.50
ABBK Abington Savings Bank of MA* 15.88 187.18 13.34 206.53 17.83 0.40 1.10 17.47
AABC Access Anytime Bancorp of NM 8.03 134.75 11.66 134.75 8.65 0.00 0.00 0.00
AFBC Advance Fin. Bancorp of WV 20.78 114.85 17.69 114.85 21.30 0.32 1.86 38.55
AADV Advantage Bancorp of WI(8) 20.15 217.39 20.74 233.66 22.47 0.40 0.60 12.12
AFCB Affiliated Comm BC, Inc of MA 17.70 185.62 18.12 186.72 17.90 0.60 1.90 33.71
ALBC Albion Banc Corp. of Albion NY 21.37 115.42 9.89 115.42 21.71 0.32 1.14 24.43
ABCL Allied Bancorp of IL 25.82 170.00 16.01 172.14 23.19 0.44 1.61 41.51
ATSB AmTrust Capital Corp. of IN 25.93 96.69 10.57 97.70 NM 0.20 1.43 37.04
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 5, 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)
- ---------------------------------------
AHCI Ambanc Holding Co., Inc. of NY* 12.94 12.94 -0.59 -4.24 -3.36 -0.61 -4.43 0.73 107.99 1.48
ASBI Ameriana Bancorp of IN 11.21 11.21 0.92 8.35 5.55 0.84 7.61 0.52 53.03 0.37
AFFFZ America First Fin. Fund of CA(8) 8.37 8.28 1.99 24.83 14.48 2.01 25.10 0.35 94.92 0.48
ABCW Anchor Bancorp Wisconsin of WI 6.40 6.29 0.99 16.08 6.26 0.93 15.00 0.98 115.36 1.44
ANDB Andover Bancorp, Inc. of MA* 8.12 8.12 1.05 13.16 6.44 1.03 12.85 0.91 107.23 1.33
ASFC Astoria Financial Corp. of NY 7.72 6.53 0.81 10.37 5.19 0.77 9.81 0.46 39.39 0.43
AVND Avondale Fin. Corp. of IL 7.72 7.72 -1.93 -21.53 -21.06 -1.97 -21.92 1.11 86.78 1.65
BKCT Bancorp Connecticut of CT* 10.75 10.75 1.36 13.01 4.62 1.24 11.85 1.04 118.74 2.00
BPLS Bank Plus Corp. of CA 4.52 4.51 0.36 7.51 4.95 0.30 6.24 2.21 67.35 2.02
BWFC Bank West Fin. Corp. of MI 14.15 14.15 1.03 6.73 3.42 0.56 3.65 0.21 69.91 0.21
BANC BankAtlantic Bancorp of FL 5.50 4.55 1.04 18.10 8.56 0.54 9.50 0.92 108.06 1.42
BKUNA BankUnited SA of FL 3.12 2.46 0.31 7.68 3.83 0.28 6.90 0.62 27.63 0.21
BVCC Bay View Capital Corp. of CA 5.82 4.86 0.55 9.13 3.93 0.62 10.22 0.63 195.87 1.62
FSNJ Bayonne Banchsares of NJ 15.62 15.62 0.37 3.86 2.02 0.52 5.41 1.12 47.67 1.38
BFSB Bedford Bancshares of VA 14.10 14.10 1.20 8.41 4.79 1.19 8.35 0.52 92.88 0.58
BFFC Big Foot Fin. Corp. of IL 17.48 17.48 0.50 3.28 2.23 0.50 3.28 0.09 150.75 0.31
BSBC Branford SB of CT(8)* 9.65 9.65 1.12 12.06 5.17 1.12 12.06 1.56 131.46 3.09
BYFC Broadway Fin. Corp. of CA 9.84 9.84 0.26 2.49 2.87 0.33 3.14 1.62 52.84 1.02
CBES CBES Bancorp of MO 16.92 16.92 1.23 6.90 5.52 1.12 6.26 0.59 81.11 0.53
CCFH CCF Holding Company of GA 10.66 10.66 0.14 1.03 0.80 -0.16 -1.16 0.20 288.02 0.70
CENF CENFED Financial Corp. of CA 5.56 5.55 0.64 12.26 6.06 0.58 11.04 0.97 76.38 1.07
CFSB CFSB Bancorp of Lansing MI 7.71 7.71 1.20 15.75 5.68 1.13 14.80 0.19 283.10 0.61
CKFB CKF Bancorp of Danville KY 23.67 23.67 1.83 7.53 6.59 1.37 5.61 1.20 16.62 0.22
CNSB CNS Bancorp of MO 24.33 24.33 0.79 3.21 2.24 0.79 3.21 0.50 80.20 0.58
CSBF CSB Financial Group Inc of IL* 25.03 23.66 0.32 1.22 1.23 0.52 1.98 0.56 57.14 0.57
CBCI Calumet Bancorp of Chicago IL 16.21 16.21 1.45 9.07 6.98 1.42 8.91 1.27 96.64 1.55
CAFI Camco Fin. Corp. of OH 9.59 8.88 1.20 12.96 7.21 1.01 10.94 0.60 41.84 0.29
CMRN Cameron Fin. Corp. of MO 21.02 21.02 1.26 5.47 4.72 1.26 5.47 0.55 139.04 0.91
CAPS Capital Savings Bancorp of MO(8) 9.14 9.14 0.95 10.96 4.95 0.94 10.78 0.37 84.67 0.39
CFNC Carolina Fincorp of NC* 22.59 22.59 1.17 5.03 3.97 1.14 4.89 0.16 226.67 0.50
CASB Cascade SB of Everett WA(8) 6.64 6.64 0.60 9.62 5.10 0.60 9.62 0.28 332.14 1.12
CATB Catskill Fin. Corp. of NY* 24.78 24.78 1.39 5.20 4.60 1.41 5.26 0.40 162.15 1.50
CNIT Cenit Bancorp of Norfolk VA 6.95 6.36 0.80 11.30 4.99 0.74 10.50 0.52 103.38 0.77
CEBK Central Co-Op. Bank of MA* 9.93 8.88 0.87 8.67 5.52 0.88 8.79 0.53 151.19 1.15
CENB Century Bancshares of NC* 30.29 30.29 1.69 5.60 5.05 1.70 5.62 0.25 219.37 0.85
CBSB Charter Financial Inc. of IL(8) 14.47 12.80 1.13 7.49 4.54 1.59 10.49 0.56 104.84 0.79
COFI Charter One Financial of OH 7.05 6.48 1.26 18.64 5.69 1.23 18.23 0.27 159.82 0.68
CVAL Chester Valley Bancorp of PA 8.66 8.66 0.98 11.29 4.99 0.93 10.79 0.53 173.12 1.12
CTZN CitFed Bancorp of Dayton OH 6.27 5.70 0.86 13.53 5.50 0.86 13.53 0.40 136.26 0.86
CLAS Classic Bancshares of KY 14.90 12.61 0.56 3.44 3.12 0.75 4.66 0.67 93.71 0.94
CMSB Cmnwealth Bancorp of PA 9.28 7.24 0.75 7.49 4.84 0.63 6.32 0.47 85.46 0.71
CBSA Coastal Bancorp of Houston TX 3.47 2.92 0.41 12.41 8.28 0.43 12.77 0.62 38.71 0.54
CFCP Coastal Fin. Corp. of SC 6.56 6.56 1.21 19.41 5.49 1.05 16.77 0.10 966.86 1.18
CMSV Commty. Svgs, MHC of FL (48.5) 11.34 11.34 0.80 7.04 3.08 0.73 6.45 0.41 90.57 0.62
CFTP Community Fed. Bancorp of MS 26.73 26.73 1.47 4.77 3.26 1.45 4.70 0.50 54.53 0.46
CFFC Community Fin. Corp. of VA 13.21 13.21 1.12 8.18 5.66 1.13 8.23 0.56 105.58 0.67
CFBC Community First Bnkg Co. of GA 17.80 17.57 0.74 4.46 3.27 0.74 4.46 2.19 25.76 0.75
CIBI Community Inv. Bancorp of OH 11.75 11.75 0.97 8.31 6.22 0.97 8.31 0.53 94.97 0.59
COOP Cooperative Bk.for Svgs. of NC 7.69 7.69 0.63 8.30 4.00 0.63 8.30 0.21 109.36 0.29
CRZY Crazy Woman Creek Bncorp of WY 23.70 23.70 1.27 4.66 4.68 1.29 4.72 0.38 134.22 1.04
DNFC D&N Financial Corp. of MI 5.25 5.20 0.89 15.92 6.37 0.82 14.69 0.35 178.16 0.83
DCBI Delphos Citizens Bancorp of OH 26.64 26.64 1.54 6.13 4.69 1.54 6.13 0.45 21.81 0.13
DIME Dime Community Bancorp of NY 13.50 11.63 1.09 6.91 4.31 1.06 6.72 0.60 135.05 1.39
DIBK Dime Financial Corp. of CT* 8.14 7.91 1.94 23.83 10.17 1.94 23.75 0.37 353.73 3.21
EGLB Eagle BancGroup of IL 11.85 11.85 0.32 2.61 2.30 0.25 2.04 1.48 35.66 0.73
EBSI Eagle Bancshares of Tucker GA 8.17 8.17 0.65 7.67 4.63 0.65 7.75 1.26 54.76 0.94
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)
- ---------------------------------------
AHCI Ambanc Holding Co., Inc. of NY* NM 132.94 17.20 132.94 NM 0.20 1.03 NM
ASBI Ameriana Bancorp of IN 18.03 149.45 16.75 149.45 19.78 0.64 3.14 56.64
AFFFZ America First Fin. Fund of CA(8) 6.91 161.24 13.49 162.96 6.83 1.60 3.17 21.89
ABCW Anchor Bancorp Wisconsin of WI 15.97 241.46 15.46 245.73 17.11 0.32 0.96 15.31
ANDB Andover Bancorp, Inc. of MA* 15.54 193.07 15.68 193.07 15.92 0.76 1.95 30.28
ASFC Astoria Financial Corp. of NY 19.26 193.15 14.90 228.37 20.36 0.60 1.05 20.27
AVND Avondale Fin. Corp. of IL NM 121.40 9.37 121.40 NM 0.00 0.00 NM
BKCT Bancorp Connecticut of CT* 21.65 270.65 29.10 270.65 23.77 0.50 2.06 44.64
BPLS Bank Plus Corp. of CA 20.18 143.23 6.47 143.39 24.30 0.00 0.00 0.00
BWFC Bank West Fin. Corp. of MI 29.24 194.48 27.52 194.48 NM 0.21 1.22 35.59
BANC BankAtlantic Bancorp of FL 11.68 202.70 11.16 245.27 22.27 0.13 0.91 10.66
BKUNA BankUnited SA of FL 26.14 182.22 5.69 231.65 29.11 0.00 0.00 0.00
BVCC Bay View Capital Corp. of CA 25.44 243.89 14.19 292.00 22.72 0.32 0.89 22.54
FSNJ Bayonne Banchsares of NJ NM 116.92 18.26 116.92 NM 0.17 1.37 68.00
BFSB Bedford Bancshares of VA 20.86 168.80 23.80 168.80 21.01 0.56 1.93 40.29
BFFC Big Foot Fin. Corp. of IL NM 126.05 22.04 126.05 NM 0.00 0.00 0.00
BSBC Branford SB of CT(8)* 19.35 223.05 21.52 223.05 19.35 0.08 1.33 25.81
BYFC Broadway Fin. Corp. of CA NM 89.71 8.83 89.71 27.60 0.20 1.51 52.63
CBES CBES Bancorp of MO 18.11 121.42 20.54 121.42 19.97 0.40 1.87 33.90
CCFH CCF Holding Company of GA NM 140.75 15.00 140.75 NM 0.55 2.75 NM
CENF CENFED Financial Corp. of CA 16.49 184.80 10.28 185.06 18.32 0.36 0.91 14.94
CFSB CFSB Bancorp of Lansing MI 17.61 267.61 20.63 267.61 18.75 0.68 1.95 34.34
CKFB CKF Bancorp of Danville KY 15.16 117.91 27.90 117.91 20.33 0.50 2.70 40.98
CNSB CNS Bancorp of MO NM 146.44 35.64 146.44 NM 0.24 1.14 51.06
CSBF CSB Financial Group Inc of IL* NM 100.15 25.07 105.95 NM 0.00 0.00 0.00
CBCI Calumet Bancorp of Chicago IL 14.32 129.95 21.07 129.95 14.57 0.00 0.00 0.00
CAFI Camco Fin. Corp. of OH 13.87 160.21 15.36 173.04 16.44 0.54 2.25 31.21
CMRN Cameron Fin. Corp. of MO 21.17 119.05 25.02 119.05 21.17 0.28 1.35 28.57
CAPS Capital Savings Bancorp of MO(8) 20.21 207.26 18.94 207.26 20.55 0.24 0.99 20.00
CFNC Carolina Fincorp of NC* 25.17 126.58 28.59 126.58 25.91 0.24 1.36 34.29
CASB Cascade SB of Everett WA(8) 19.62 152.51 10.13 152.51 19.62 0.00 0.00 0.00
CATB Catskill Fin. Corp. of NY* 21.73 118.43 29.35 118.43 21.47 0.32 1.75 38.10
CNIT Cenit Bancorp of Norfolk VA 20.06 230.74 16.03 251.95 21.59 1.00 1.47 29.50
CEBK Central Co-Op. Bank of MA* 18.10 150.86 14.98 168.59 17.86 0.32 1.22 22.07
CENB Century Bancshares of NC* 19.81 110.49 33.47 110.49 19.76 2.00 2.41 47.73
CBSB Charter Financial Inc. of IL(8) 22.02 168.64 24.40 190.60 15.73 0.32 1.38 30.48
COFI Charter One Financial of OH 17.58 295.89 20.87 322.26 17.98 1.00 1.56 27.47
CVAL Chester Valley Bancorp of PA 20.04 213.73 18.51 213.73 20.96 0.44 1.61 32.35
CTZN CitFed Bancorp of Dayton OH 18.18 226.13 14.19 248.79 18.18 0.24 0.67 12.12
CLAS Classic Bancshares of KY NM 109.65 16.34 129.61 23.72 0.28 1.71 54.90
CMSB Cmnwealth Bancorp of PA 20.65 161.75 15.02 207.49 24.49 0.28 1.33 27.45
CBSA Coastal Bancorp of Houston TX 12.08 142.44 4.94 169.39 11.74 0.48 1.66 20.00
CFCP Coastal Fin. Corp. of SC 18.20 326.40 21.40 326.40 21.06 0.36 1.58 28.80
CMSV Commty. Svgs, MHC of FL (48.5) NM 220.08 24.96 220.08 NM 0.90 2.59 NM
CFTP Community Fed. Bancorp of MS NM 162.39 43.41 162.39 NM 0.30 1.48 45.45
CFFC Community Fin. Corp. of VA 17.67 139.55 18.43 139.55 17.55 0.56 2.11 37.33
CFBC Community First Bnkg Co. of GA NM 135.74 24.17 137.58 NM 0.60 1.52 46.51
CIBI Community Inv. Bancorp of OH 16.09 134.30 15.78 134.30 16.09 0.32 1.97 31.68
COOP Cooperative Bk.for Svgs. of NC 25.00 196.87 15.14 196.87 25.00 0.00 0.00 0.00
CRZY Crazy Woman Creek Bncorp of WY 21.35 103.29 24.48 103.29 21.05 0.40 2.60 55.56
DNFC D&N Financial Corp. of MI 15.70 235.87 12.39 238.43 17.01 0.20 0.76 11.90
DCBI Delphos Citizens Bancorp of OH 21.34 119.45 31.82 119.45 21.34 0.00 0.00 0.00
DIME Dime Community Bancorp of NY 23.18 172.18 23.24 199.84 23.83 0.24 0.94 21.82
DIBK Dime Financial Corp. of CT* 9.84 206.33 16.80 212.46 9.87 0.44 1.47 14.43
EGLB Eagle BancGroup of IL NM 117.44 13.92 117.44 NM 0.00 0.00 0.00
EBSI Eagle Bancshares of Tucker GA 21.59 150.91 12.34 150.91 21.35 0.60 3.16 68.18
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 5, 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)
- ---------------------------------------
EGFC Eagle Financial Corp. of CT(8) 6.90 5.49 0.34 4.79 1.74 0.48 6.91 0.53 87.59 0.86
ETFS East Texas Fin. Serv. of TX 18.01 18.01 0.68 3.68 3.75 0.63 3.43 0.27 88.06 0.48
EMLD Emerald Financial Corp of OH 7.80 7.69 1.05 13.70 6.23 0.97 12.67 0.24 115.15 0.36
EIRE Emerald Island Bancorp, MA(8)* 6.99 6.99 0.86 12.46 5.00 0.92 13.24 0.17 416.26 0.97
EFBC Empire Federal Bancorp of MT 34.89 34.89 0.83 2.37 2.15 1.09 3.12 0.05 357.14 0.45
EFBI Enterprise Fed. Bancorp of OH 11.43 11.42 0.92 7.43 4.33 0.77 6.18 0.07 297.93 0.30
EQSB Equitable FSB of Wheaton MD 5.04 5.04 0.46 9.09 4.81 0.74 14.50 0.49 36.72 0.26
FCBF FCB Fin. Corp. of Neenah WI 14.64 14.64 0.74 4.48 2.18 0.57 3.45 0.24 277.72 0.85
FFBS FFBS Bancorp of Columbus MS 16.70 16.70 1.41 7.48 5.16 1.41 7.48 0.58 72.88 0.59
FFDF FFD Financial Corp. of OH 24.34 24.34 1.94 7.84 6.44 0.95 3.85 NA NA 0.46
FFLC FFLC Bancorp of Leesburg FL 13.73 13.73 1.00 6.81 4.07 0.94 6.44 0.18 226.46 0.52
FFFC FFVA Financial Corp. of VA 13.31 13.04 1.40 10.28 5.04 1.35 9.86 0.16 361.92 0.99
FFWC FFW Corporation of Wabash IN 9.70 8.81 1.04 10.57 6.00 1.02 10.35 0.18 217.37 0.60
FFYF FFY Financial Corp. of OH 13.70 13.70 1.29 8.85 6.21 1.27 8.70 0.66 72.24 0.63
FMCO FMS Financial Corp. of NJ 6.49 6.39 1.02 15.82 7.15 1.01 15.69 1.15 43.53 0.94
FFHH FSF Financial Corp. of MN 11.17 11.17 0.85 7.05 5.27 0.84 6.98 0.15 148.95 0.33
FOBC Fed One Bancorp of Wheeling WV 11.18 10.68 0.94 8.21 5.33 0.94 8.21 0.45 91.97 0.88
FBCI Fidelity Bancorp of Chicago IL 10.48 10.46 0.81 7.86 6.06 0.81 7.86 0.41 22.74 0.12
FSBI Fidelity Bancorp, Inc. of PA 6.79 6.79 0.80 11.51 6.36 0.78 11.25 0.30 171.64 1.04
FFFL Fidelity FSB, MHC of FL (47.7) 8.21 8.15 0.67 7.64 3.11 0.57 6.49 0.40 51.95 0.28
FFED Fidelity Fed. Bancorp of IN 6.11 6.11 0.75 14.32 6.70 0.73 13.89 0.13 626.40 0.96
FFOH Fidelity Financial of OH 13.02 11.56 0.91 6.59 4.94 1.02 7.37 0.29 106.32 0.37
FIBC Financial Bancorp, Inc. of NY 9.05 9.00 0.91 9.52 5.90 0.97 10.18 1.75 27.02 0.91
FBSI First Bancshares of MO 13.92 13.92 1.19 8.36 6.86 1.08 7.54 0.67 45.57 0.36
FBBC First Bell Bancorp of PA 10.53 10.53 1.15 9.44 6.51 1.12 9.20 0.09 116.26 0.13
FBER First Bergen Bancorp of NJ 13.65 13.65 0.77 4.97 3.76 0.77 4.97 0.84 127.66 2.47
SKBO First Carnegie,MHC of PA(45.0) 16.45 16.45 0.52 5.53 1.76 0.52 5.53 NA NA 0.83
FSTC First Citizens Corp of GA 10.12 7.98 1.96 20.65 7.42 1.75 18.46 NA NA 1.43
FCME First Coastal Corp. of ME* 9.75 9.75 4.17 48.29 30.92 4.01 46.37 1.65 108.25 2.49
FFBA First Colorado Bancorp of Co 13.08 12.91 1.21 8.92 4.35 1.20 8.84 0.20 141.52 0.39
FDEF First Defiance Fin.Corp. of OH 19.67 19.67 1.03 4.82 3.88 1.00 4.67 0.45 99.07 0.59
FESX First Essex Bancorp of MA* 7.40 6.48 0.90 12.27 6.45 0.77 10.52 0.58 149.29 1.43
FFES First FS&LA of E. Hartford CT 6.63 6.63 0.53 8.37 5.12 0.60 9.51 0.31 87.85 1.44
FFSX First FS&LA. MHC of IA (46.1) 8.73 8.66 0.73 8.79 3.70 0.71 8.56 0.22 185.09 0.53
BDJI First Fed. Bancorp. of MN 10.71 10.71 0.65 5.81 3.89 0.63 5.70 0.32 120.28 0.79
FFBH First Fed. Bancshares of AR 14.89 14.89 1.06 6.78 5.14 1.01 6.48 0.96 23.38 0.29
FTFC First Fed. Capital Corp. of WI 6.73 6.35 1.08 16.76 5.85 0.89 13.87 0.13 395.30 0.64
FFKY First Fed. Fin. Corp. of KY 13.70 12.93 1.64 11.95 6.53 1.62 11.87 0.49 94.29 0.53
FFBZ First Federal Bancorp of OH 7.67 7.66 1.01 13.33 6.37 1.02 13.43 0.52 172.30 1.03
FFCH First Fin. Holdings Inc. of SC 6.12 6.12 0.87 14.24 4.63 0.85 13.86 1.49 45.68 0.82
FFBI First Financial Bancorp of IL 8.92 8.92 -0.07 -0.84 -0.74 0.43 5.28 0.33 178.83 0.87
FFHS First Franklin Corp. of OH 9.02 8.97 0.56 6.21 3.96 0.66 7.33 0.47 90.77 0.64
FGHC First Georgia Hold. Corp of GA 8.22 7.53 0.66 7.98 3.88 0.51 6.23 3.10 20.52 0.75
FSPG First Home Bancorp of NJ 6.86 6.76 0.93 13.99 7.33 0.91 13.67 0.77 95.63 1.36
FFSL First Independence Corp. of KS 10.25 10.25 0.65 5.99 4.87 0.65 5.99 1.25 47.61 0.89
FISB First Indiana Corp. of IN 9.65 9.53 1.14 12.04 5.89 0.93 9.89 1.39 103.20 1.70
FKFS First Keystone Fin. Corp of PA 6.63 6.63 0.82 11.30 5.99 0.75 10.35 1.11 39.39 0.84
FLKY First Lancaster Bncshrs of KY 29.46 29.46 1.23 3.65 3.37 1.23 3.65 2.28 13.93 0.35
FLFC First Liberty Fin. Corp. of GA 7.37 6.65 0.88 12.11 4.29 0.72 9.91 0.81 110.00 1.29
CASH First Midwest Fin. Corp. of IA 10.75 9.55 0.96 8.44 6.35 0.91 8.06 0.75 78.49 0.93
FMBD First Mutual Bancorp of IL 13.40 10.21 0.32 2.12 1.73 0.30 1.94 0.26 138.78 0.47
FMSB First Mutual SB of Bellevue WA* 6.79 6.79 1.02 15.29 5.86 1.00 15.00 0.06 NA 1.31
FNGB First Northern Cap. Corp of WI 11.09 11.09 0.93 8.21 4.71 0.89 7.84 0.08 574.86 0.53
FFPB First Palm Beach Bancorp of FL 6.25 6.10 0.58 8.65 4.77 0.49 7.25 0.57 58.39 0.53
FSLA First SB SLA MHC of NJ (47.5)(8) 9.50 8.63 0.90 9.64 2.65 0.94 10.06 0.54 105.63 1.04
SOPN First SB, SSB, Moore Co. of NC 23.01 23.01 1.75 7.26 5.68 1.75 7.26 0.29 70.15 0.31
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)
- ---------------------------------------
EGFC Eagle Financial Corp. of CT(8) NM 226.15 15.60 284.20 NM 1.00 1.93 NM
ETFS East Texas Fin. Serv. of TX 26.67 98.28 17.70 98.28 28.57 0.20 1.00 26.67
EMLD Emerald Financial Corp of OH 16.04 207.44 16.18 210.38 17.34 0.24 1.25 20.00
EIRE Emerald Island Bancorp, MA(8)* 20.00 232.39 16.23 232.39 18.82 0.28 0.88 17.50
EFBC Empire Federal Bancorp of MT NM 110.50 38.56 110.50 NM 0.30 1.84 NM
EFBI Enterprise Fed. Bancorp of OH 23.11 173.83 19.87 173.94 27.78 1.00 3.64 NM
EQSB Equitable FSB of Wheaton MD 20.81 177.44 8.94 177.44 13.04 0.00 0.00 0.00
FCBF FCB Fin. Corp. of Neenah WI NM 141.84 20.76 141.84 NM 0.80 2.86 NM
FFBS FFBS Bancorp of Columbus MS 19.40 156.90 26.21 156.90 19.40 0.50 2.22 43.10
FFDF FFD Financial Corp. of OH 15.52 121.13 29.48 121.13 NM 0.30 1.67 25.86
FFLC FFLC Bancorp of Leesburg FL 24.60 168.39 23.13 168.39 25.98 0.29 1.25 30.85
FFFC FFVA Financial Corp. of VA 19.85 202.10 26.90 206.30 20.71 0.48 1.42 28.24
FFWC FFW Corporation of Wabash IN 16.67 164.43 15.96 181.13 17.02 0.72 1.78 29.63
FFYF FFY Financial Corp. of OH 16.11 148.37 20.32 148.37 16.37 0.80 2.66 42.78
FMCO FMS Financial Corp. of NJ 14.00 207.28 13.45 210.34 14.12 0.28 0.85 11.97
FFHH FSF Financial Corp. of MN 18.99 137.06 15.32 137.06 19.17 0.50 2.53 48.08
FOBC Fed One Bancorp of Wheeling WV 18.75 153.53 17.16 160.68 18.75 0.62 2.40 44.93
FBCI Fidelity Bancorp of Chicago IL 16.49 124.60 13.05 124.80 16.49 0.32 1.38 22.70
FSBI Fidelity Bancorp, Inc. of PA 15.71 165.26 11.23 165.26 16.08 0.36 1.31 20.57
FFFL Fidelity FSB, MHC of FL (47.7) NM 236.13 19.38 237.63 NM 0.90 3.01 NM
FFED Fidelity Fed. Bancorp of IN 14.93 194.17 11.86 194.17 15.38 0.40 4.00 59.70
FFOH Fidelity Financial of OH 20.22 124.55 16.22 140.37 18.08 0.28 1.82 36.84
FIBC Financial Bancorp, Inc. of NY 16.95 157.54 14.25 158.35 15.87 0.40 1.62 27.40
FBSI First Bancshares of MO 14.58 122.38 17.04 122.38 16.16 0.20 0.79 11.49
FBBC First Bell Bancorp of PA 15.36 164.43 17.32 164.43 15.76 0.40 2.21 33.90
FBER First Bergen Bancorp of NJ 26.58 139.06 18.99 139.06 26.58 0.20 1.06 28.17
SKBO First Carnegie,MHC of PA(45.0) NM 178.23 29.31 178.23 NM 0.30 1.60 NM
FSTC First Citizens Corp of GA 13.48 235.13 23.79 298.17 15.08 0.29 0.99 13.36
FCME First Coastal Corp. of ME* 3.23 137.15 13.37 137.15 3.37 0.00 0.00 0.00
FFBA First Colorado Bancorp of Co 22.97 212.50 27.79 215.19 23.18 0.48 1.88 43.24
FDEF First Defiance Fin.Corp. of OH 25.79 128.87 25.34 128.87 26.64 0.32 1.97 50.79
FESX First Essex Bancorp of MA* 15.50 173.28 12.83 198.08 18.09 0.48 2.33 36.09
FFES First FS&LA of E. Hartford CT 19.53 153.69 10.19 153.69 17.20 0.60 1.60 31.25
FFSX First FS&LA. MHC of IA (46.1) 27.01 226.35 19.76 228.30 27.71 0.48 1.51 40.68
BDJI First Fed. Bancorp. of MN 25.71 152.20 16.30 152.20 26.21 0.00 0.00 0.00
FFBH First Fed. Bancshares of AR 19.47 132.21 19.69 132.21 20.37 0.24 1.09 21.24
FTFC First Fed. Capital Corp. of WI 17.08 268.32 18.07 284.72 20.64 0.48 1.56 26.67
FFKY First Fed. Fin. Corp. of KY 15.32 177.54 24.32 188.14 15.43 0.56 2.50 38.36
FFBZ First Federal Bancorp of OH 15.70 197.78 15.17 197.98 15.57 0.24 1.22 19.20
FFCH First Fin. Holdings Inc. of SC 21.62 291.79 17.84 291.79 22.22 0.84 1.75 37.84
FFBI First Financial Bancorp of IL NM 111.88 9.98 111.88 21.54 0.00 0.00 NM
FFHS First Franklin Corp. of OH 25.24 151.52 13.66 152.39 21.37 0.40 1.51 38.10
FGHC First Georgia Hold. Corp of GA 25.78 195.96 16.10 213.73 NM 0.05 0.61 15.63
FSPG First Home Bancorp of NJ 13.65 178.44 12.25 181.16 13.97 0.40 1.68 22.99
FFSL First Independence Corp. of KS 20.55 127.23 13.04 127.23 20.55 0.25 1.67 34.25
FISB First Indiana Corp. of IN 16.98 194.62 18.77 196.99 20.68 0.48 1.75 29.63
FKFS First Keystone Fin. Corp of PA 16.68 177.93 11.80 177.93 18.21 0.20 0.56 9.30
FLKY First Lancaster Bncshrs of KY 29.72 107.73 31.74 107.73 29.72 0.50 3.17 NM
FLFC First Liberty Fin. Corp. of GA 23.30 250.00 18.43 277.28 28.47 0.44 1.43 33.33
CASH First Midwest Fin. Corp. of IA 15.74 131.91 14.18 148.50 16.47 0.48 2.26 35.56
FMBD First Mutual Bancorp of IL NM 131.75 17.65 172.78 NM 0.32 1.58 NM
FMSB First Mutual SB of Bellevue WA* 17.06 242.36 16.45 242.36 17.38 0.20 1.10 18.69
FNGB First Northern Cap. Corp of WI 21.21 169.90 18.85 169.90 22.22 0.32 2.29 48.48
FFPB First Palm Beach Bancorp of FL 20.95 173.07 10.82 177.18 25.00 0.60 1.55 32.43
FSLA First SB SLA MHC of NJ (47.5)(8) NM 347.05 32.96 NM NM 0.48 1.12 42.11
SOPN First SB, SSB, Moore Co. of NC 17.61 126.15 29.03 126.15 17.61 0.88 3.78 66.67
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 5, 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)
- ---------------------------------------
FWWB First Savings Bancorp of WA* 14.23 13.15 1.06 6.79 3.81 1.01 6.44 0.27 241.66 0.97
FSFF First SecurityFed Fin of IL 27.03 27.03 1.29 4.77 3.70 1.29 4.77 NA NA 0.98
SHEN First Shenango Bancorp of PA 11.62 11.62 1.17 10.45 6.85 1.16 10.40 0.51 149.56 1.17
FSFC First So. east Fin. Corp. of SC(8) 10.28 10.28 1.05 10.32 5.36 1.05 10.32 0.24 164.77 0.50
FBNW FirstBank Corp of Clarkston WA 16.43 16.43 0.39 3.23 1.82 0.18 1.47 1.70 33.83 0.76
FFDB FirstFed Bancorp of AL 9.63 8.81 1.03 10.63 7.47 1.01 10.36 1.31 33.87 0.63
FSPT FirstSpartan Fin. Corp. of SC 26.79 26.79 0.96 6.28 3.30 0.96 6.28 0.69 56.19 0.49
FLAG Flag Financial Corp of GA 9.11 9.11 0.91 9.84 5.46 0.75 8.19 3.92 49.66 2.82
FLGS Flagstar Bancorp, Inc of MI 5.98 5.74 1.41 22.77 8.68 0.70 11.39 3.04 8.02 0.27
FFIC Flushing Fin. Corp. of NY* 14.20 13.64 0.95 5.92 4.26 0.99 6.22 0.39 172.94 1.12
FBHC Fort Bend Holding Corp. of TX 6.16 5.75 0.64 10.48 6.27 0.53 8.77 0.56 89.94 1.08
FTSB Fort Thomas Fin. Corp. of KY 16.13 16.13 1.21 7.27 5.15 1.21 7.27 1.98 24.60 0.53
FKKYD Frankfort First Bancorp of KY 16.83 16.83 0.08 0.34 0.32 0.65 2.92 0.09 80.00 0.08
FTNB Fulton Bancorp of MO 24.66 24.66 1.25 5.02 3.54 1.08 4.34 1.62 57.19 1.06
GFSB GFS Bancorp of Grinnell IA 11.51 11.51 1.27 11.03 6.82 1.27 11.03 0.98 67.81 0.78
GUPB GFSB Bancorp of Gallup NM 12.82 12.82 0.86 5.43 4.79 0.86 5.43 0.29 115.79 0.63
GSLA GS Financial Corp. of LA 43.13 43.13 1.25 3.81 2.31 1.25 3.81 0.14 211.96 0.81
GOSB GSB Financial Corp. of NY 27.06 27.06 1.02 3.77 3.23 0.86 3.19 NA NA NA
GWBC Gateway Bancorp of KY(8) 27.74 27.74 0.97 3.68 3.01 0.97 3.68 0.90 14.39 0.38
GBCI Glacier Bancorp of MT 9.99 9.75 1.50 15.56 5.53 1.53 15.94 0.25 243.94 0.84
GFCO Glenway Financial Corp. of OH 9.46 9.35 0.79 8.36 5.35 0.77 8.11 0.25 123.32 0.37
GTPS Great American Bancorp of IL 20.43 20.43 0.53 2.39 2.21 0.59 2.67 0.26 126.83 0.42
GTFN Great Financial Corp. of KY(8) 10.07 9.66 1.04 10.82 4.35 0.76 7.96 3.11 16.32 0.74
GSBC Great Southern Bancorp of MO 8.65 8.65 1.84 20.39 6.61 1.74 19.22 1.91 115.21 2.58
GDVS Greater DV SB,MHC of PA (19.9)* 11.64 11.64 0.93 7.97 2.27 0.93 7.97 1.82 33.64 1.00
GSFC Green Street Fin. Corp. of NC 35.38 35.38 1.59 4.45 3.56 1.59 4.45 0.10 147.40 0.20
GFED Guarnty FS&LA,MHC of MO (31.0)(8) 13.03 13.03 0.99 7.17 2.44 0.96 6.94 0.64 162.46 1.29
HCBB HCB Bancshares of AR 18.84 18.13 0.13 0.92 0.66 0.14 1.02 NA NA 1.44
HEMT HF Bancorp of Hemet CA 7.93 6.61 0.03 0.39 0.29 0.17 2.17 1.65 24.89 0.81
HFFC HF Financial Corp. of SD 9.42 9.42 1.02 11.06 7.74 0.94 10.15 0.48 173.70 1.08
HFNC HFNC Financial Corp. of NC 18.80 18.80 1.23 5.43 4.20 1.05 4.64 0.92 92.55 1.06
HMNF HMN Financial, Inc. of MN 14.88 14.88 1.00 6.87 5.06 0.85 5.79 0.10 465.21 0.71
HALL Hallmark Capital Corp. of WI 7.30 7.30 0.65 9.11 6.07 0.64 8.91 0.13 355.91 0.67
HARB Harbor FSB, MHC of FL (46.6)(8) 8.56 8.29 1.22 14.68 4.09 1.21 14.58 0.43 238.88 1.38
HRBF Harbor Federal Bancorp of MD 13.06 13.06 0.71 5.50 3.64 0.71 5.50 0.10 189.19 0.28
HFSA Hardin Bancorp of Hardin MO 11.53 11.53 0.79 5.83 5.26 0.74 5.52 0.09 195.33 0.36
HARL Harleysville SA of PA 6.62 6.62 1.03 16.07 7.19 1.03 16.14 0.02 NA 0.78
HFGI Harrington Fin. Group of IN 4.84 4.84 0.43 8.95 5.53 0.36 7.48 0.20 20.13 0.21
HARS Harris SB, MHC of PA (24.3) 8.20 7.25 0.92 11.11 2.67 0.76 9.19 0.68 60.65 0.96
HFFB Harrodsburg 1st Fin Bcrp of KY 26.93 26.93 1.03 3.77 3.08 1.36 5.01 0.47 59.81 0.38
HHFC Harvest Home Fin. Corp. of OH 12.50 12.50 0.27 1.87 1.56 0.58 4.07 0.11 117.00 0.26
HAVN Haven Bancorp of Woodhaven NY 6.00 5.98 0.68 11.28 5.89 0.68 11.37 0.76 85.85 1.12
HTHR Hawthorne Fin. Corp. of CA 4.85 4.85 0.86 19.13 10.25 0.82 18.40 8.07 18.43 1.70
HMLK Hemlock Fed. Fin. Corp. of IL 19.31 19.31 0.37 2.51 1.64 0.81 5.47 NA NA 1.22
HBNK Highland Federal Bank of CA 7.67 7.67 1.13 15.28 7.53 0.86 11.60 2.52 63.92 2.00
HIFS Hingham Inst. for Sav. of MA* 9.71 9.71 1.25 13.03 7.10 1.25 13.03 0.89 78.90 0.91
HBEI Home Bancorp of Elgin IL 27.56 27.56 0.83 3.02 2.32 0.83 3.02 0.35 85.96 0.35
HBFW Home Bancorp of Fort Wayne IN 13.29 13.29 0.56 3.93 2.65 0.89 6.27 0.05 835.54 0.51
HBBI Home Building Bancorp of IN 14.12 14.12 0.74 5.77 4.94 0.73 5.66 0.44 44.51 0.28
HCFC Home City Fin. Corp. of OH 19.61 19.61 1.24 6.77 5.30 1.26 6.84 0.82 77.27 0.73
HOMF Home Fed Bancorp of Seymour IN 8.66 8.40 1.34 15.88 6.57 1.21 14.42 0.48 112.57 0.63
HWEN Home Financial Bancorp of IN 17.55 17.55 0.86 4.60 4.50 0.74 3.98 1.70 36.51 0.73
HPBC Home Port Bancorp, Inc. of MA* 10.68 10.68 1.67 15.71 7.41 1.66 15.62 0.13 NA 1.54
HMCI Homecorp, Inc. of Rockford IL(8) 6.83 6.83 0.51 7.94 3.62 0.41 6.42 2.16 22.97 0.61
HZFS Horizon Fin'l. Services of IA 9.96 9.96 0.81 7.86 6.70 0.65 6.33 0.94 44.31 0.67
HRZB Horizon Financial Corp. of WA* 15.64 15.64 1.58 10.12 6.23 1.55 9.94 NA NA 0.85
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)
- ---------------------------------------
FWWB First Savings Bancorp of WA* 26.26 174.26 24.80 188.68 27.66 0.28 1.08 28.28
FSFF First SecurityFed Fin of IL 27.05 128.91 34.85 128.91 27.05 0.00 0.00 0.00
SHEN First Shenango Bancorp of PA 14.60 146.34 17.01 146.34 14.67 0.60 1.82 26.55
FSFC First So.east Fin. Corp. of SC(8) 18.67 184.39 18.95 184.39 18.67 0.24 1.59 29.63
FBNW FirstBank Corp of Clarkston WA NM 123.01 20.21 123.01 NM 0.28 1.55 NM
FFDB FirstFed Bancorp of AL 13.38 144.08 13.88 157.51 13.73 0.50 2.35 31.45
FSPT FirstSpartan Fin. Corp. of SC NM 129.83 34.78 129.83 NM 0.60 1.58 48.00
FLAG Flag Financial Corp of GA 18.32 173.55 15.80 173.55 22.02 0.34 1.84 33.66
FLGS Flagstar Bancorp, Inc of MI 11.52 215.07 12.85 223.89 23.04 0.00 0.00 0.00
FFIC Flushing Fin. Corp. of NY* 23.48 136.12 19.33 141.77 22.36 0.24 1.03 24.24
FBHC Fort Bend Holding Corp. of TX 15.95 165.15 10.17 176.92 19.05 0.40 2.04 32.52
FTSB Fort Thomas Fin. Corp. of KY 19.41 139.68 22.54 139.68 19.41 0.25 1.69 32.89
FKKYD Frankfort First Bancorp of KY NM 135.23 22.77 135.23 NM 0.36 3.89 NM
FTNB Fulton Bancorp of MO 28.25 138.58 34.18 138.58 NM 0.20 0.97 27.40
GFSB GFS Bancorp of Grinnell IA 14.67 153.22 17.64 153.22 14.67 0.26 1.54 22.61
GUPB GFSB Bancorp of Gallup NM 20.88 115.06 14.75 115.06 20.88 0.40 1.98 41.24
GSLA GS Financial Corp. of LA NM 107.97 46.56 107.97 NM 0.28 1.58 68.29
GOSB GSB Financial Corp. of NY NM 116.98 31.66 116.98 NM 0.00 0.00 0.00
GWBC Gateway Bancorp of KY(8) NM 121.56 33.72 121.56 NM 0.40 2.04 67.80
GBCI Glacier Bancorp of MT 18.08 262.31 26.20 268.70 17.65 0.48 2.18 39.34
GFCO Glenway Financial Corp. of OH 18.69 152.01 14.38 153.78 19.27 0.40 2.16 40.40
GTPS Great American Bancorp of IL NM 113.10 23.10 113.10 NM 0.40 2.11 NM
GTFN Great Financial Corp. of KY(8) 22.98 239.85 24.15 249.93 NM 0.60 1.19 27.27
GSBC Great Southern Bancorp of MO 15.13 304.88 26.38 304.88 16.05 0.44 1.85 28.03
GDVS Greater DV SB,MHC of PA (19.9)* NM 338.98 39.45 338.98 NM 0.36 1.20 52.94
GSFC Green Street Fin. Corp. of NC 28.08 124.57 44.07 124.57 28.08 0.44 2.41 67.69
GFED Guarnty FS&LA,MHC of MO (31.0)(8) NM 289.61 37.73 289.61 NM 0.44 1.73 70.97
HCBB HCB Bancshares of AR NM 95.44 17.98 99.20 NM 0.00 0.00 0.00
HEMT HF Bancorp of Hemet CA NM 128.21 10.17 153.85 NM 0.00 0.00 0.00
HFFC HF Financial Corp. of SD 12.93 137.09 12.92 137.09 14.10 0.42 1.58 20.49
HFNC HFNC Financial Corp. of NC 23.79 155.59 29.25 155.59 27.83 0.28 1.90 45.16
HMNF HMN Financial, Inc. of MN 19.78 131.91 19.62 131.91 23.45 0.00 0.00 0.00
HALL Hallmark Capital Corp. of WI 16.48 141.64 10.34 141.64 16.85 0.00 0.00 0.00
HARB Harbor FSB, MHC of FL (46.6)(8) 24.44 336.41 28.80 347.48 24.62 1.40 2.14 52.24
HRBF Harbor Federal Bancorp of MD 27.47 149.25 19.49 149.25 27.47 0.48 1.92 52.75
HFSA Hardin Bancorp of Hardin MO 19.01 113.39 13.08 113.39 20.08 0.48 2.69 51.06
HARL Harleysville SA of PA 13.90 207.12 13.72 207.12 13.83 0.44 1.54 21.46
HFGI Harrington Fin. Group of IN 18.09 156.59 7.58 156.59 21.64 0.12 0.99 17.91
HARS Harris SB, MHC of PA (24.3) NM NM 31.21 NM NM 0.22 1.13 42.31
HFFB Harrodsburg 1st Fin Bcrp of KY NM 123.33 33.22 123.33 24.48 0.40 2.24 72.73
HHFC Harvest Home Fin. Corp. of OH NM 129.96 16.24 129.96 29.50 0.44 2.98 NM
HAVN Haven Bancorp of Woodhaven NY 16.98 177.57 10.65 178.14 16.86 0.30 1.35 22.90
HTHR Hawthorne Fin. Corp. of CA 9.76 165.02 8.01 165.02 10.14 0.00 0.00 0.00
HMLK Hemlock Fed. Fin. Corp. of IL NM 113.68 21.95 113.68 28.07 0.24 1.40 NM
HBNK Highland Federal Bank of CA 13.28 186.05 14.26 186.05 17.49 0.00 0.00 0.00
HIFS Hingham Inst. for Sav. of MA* 14.08 173.00 16.79 173.00 14.08 0.48 1.72 24.24
HBEI Home Bancorp of Elgin IL NM 134.35 37.03 134.35 NM 0.40 2.16 NM
HBFW Home Bancorp of Fort Wayne IN NM 153.92 20.45 153.92 23.58 0.20 0.74 27.78
HBBI Home Building Bancorp of IN 20.24 112.49 15.88 112.49 20.63 0.30 1.41 28.57
HCFC Home City Fin. Corp. of OH 18.88 114.35 22.42 114.35 18.68 0.36 2.07 39.13
HOMF Home Fed Bancorp of Seymour IN 15.23 224.96 19.48 231.85 16.77 0.35 1.32 20.11
HWEN Home Financial Bancorp of IN 22.22 105.45 18.51 105.45 25.69 0.20 1.22 27.03
HPBC Home Port Bancorp, Inc. of MA* 13.50 202.75 21.64 202.75 13.57 0.80 3.39 45.71
HMCI Homecorp, Inc. of Rockford IL(8) 27.65 209.41 14.30 209.41 NM 0.00 0.00 0.00
HZFS Horizon Fin'l. Services of IA 14.94 111.98 11.15 111.98 18.55 0.18 1.57 23.38
HRZB Horizon Financial Corp. of WA* 16.06 156.67 24.50 156.67 16.36 0.44 2.51 40.37
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700 Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 5, 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)
- ---------------------------------------
IBSF IBS Financial Corp. of NJ 17.42 17.42 0.78 4.41 3.14 0.78 4.41 0.13 110.72 0.50
ISBF ISB Financial Corp. of LA 12.05 10.31 0.75 5.87 3.51 0.74 5.81 0.27 196.73 0.80
ITLA Imperial Thrift & Loan of CA* 10.72 10.68 1.45 13.02 8.44 1.45 13.02 1.54 79.64 1.45
IFSB Independence FSB of DC 6.88 6.09 0.32 4.85 4.91 0.27 4.03 NA NA 0.36
INCB Indiana Comm. Bank, SB of IN(8) 11.88 11.88 0.53 4.32 2.59 0.53 4.32 NA NA 0.93
INBI Industrial Bancorp of OH 17.18 17.18 1.51 8.26 5.37 1.58 8.68 0.25 193.84 0.54
IWBK Interwest SB of Oak Harbor WA 6.34 6.23 1.12 16.91 6.32 1.03 15.57 0.58 73.44 0.77
IPSW Ipswich SB of Ipswich MA* 5.61 5.61 1.20 20.28 6.64 0.95 16.13 0.84 97.31 1.09
JXVL Jacksonville Bancorp of TX 14.92 14.92 1.02 6.45 4.71 1.34 8.46 0.78 67.63 0.70
JXSB Jcksnville SB,MHC of IL (45.6) 10.56 10.56 0.65 6.02 3.05 0.65 6.02 0.79 56.34 0.56
JSBA Jefferson Svgs Bancorp of MO 8.54 6.62 0.38 4.79 2.16 0.77 9.84 0.67 101.16 0.89
JOAC Joachim Bancorp of MO 28.14 28.14 0.80 2.74 2.60 0.80 2.74 0.24 95.24 0.32
KSAV KS Bancorp of Kenly NC 13.24 13.23 1.21 8.81 6.22 1.20 8.74 0.53 55.44 0.35
KSBK KSB Bancorp of Kingfield ME(8)* 7.18 6.79 0.97 13.74 6.55 0.99 13.99 1.59 52.04 1.07
KFBI Klamath First Bancorp of OR 14.74 13.40 1.14 5.81 3.81 1.14 5.81 0.03 510.24 0.23
LSBI LSB Fin. Corp. of Lafayette IN 8.64 8.64 0.78 8.67 5.80 0.69 7.65 1.05 69.89 0.83
LVSB Lakeview SB of Paterson NJ 12.22 10.46 1.26 12.10 5.36 0.92 8.76 1.13 59.43 1.50
LARK Landmark Bancshares of KS 13.79 13.79 0.88 5.93 4.90 1.05 7.02 NA NA NA
LARL Laurel Capital Group of PA 10.47 10.47 1.46 14.04 7.53 1.41 13.57 0.43 201.97 1.25
LSBX Lawrence Savings Bank of MA* 9.52 9.52 1.76 20.06 9.79 1.75 19.92 0.66 156.71 2.35
LFED Leeds FSB, MHC of MD (36.3) 16.63 16.63 1.18 7.24 2.81 1.18 7.24 0.06 315.29 0.30
LXMO Lexington B&L Fin. Corp. of MO 28.32 28.32 1.03 3.49 3.19 1.33 4.50 0.48 78.37 0.49
LIFB Life Bancorp of Norfolk VA(8) 10.71 10.42 0.92 8.70 3.84 0.85 8.05 0.41 141.46 1.32
LFBI Little Falls Bancorp of NJ 11.68 10.77 0.57 4.32 3.24 0.52 3.93 0.90 38.49 0.77
LOGN Logansport Fin. Corp. of IN 18.90 18.90 1.41 7.25 5.97 1.48 7.57 0.49 55.66 0.39
LONF London Financial Corp. of OH 19.91 19.91 1.02 5.01 4.76 0.96 4.68 NA NA 0.63
LISB Long Island Bancorp, Inc of NY 9.21 9.13 0.86 9.35 4.25 0.73 7.90 0.91 63.07 0.92
MAFB MAF Bancorp of IL 7.79 6.84 1.16 14.90 7.29 1.15 14.78 0.42 128.75 0.69
MBLF MBLA Financial Corp. of MO 12.66 12.66 0.83 6.49 5.37 0.85 6.62 0.57 50.27 0.50
MFBC MFB Corp. of Mishawaka IN 13.10 13.10 0.84 5.76 5.20 0.84 5.76 0.10 141.76 0.18
MLBC ML Bancorp of Villanova PA(8) 6.92 6.46 0.70 9.91 4.03 0.50 7.10 0.43 178.98 1.71
MSBF MSB Financial Corp. of MI 16.54 16.54 1.49 8.38 4.53 1.44 8.09 1.02 40.20 0.45
MARN Marion Capital Holdings of IN 21.95 21.95 1.69 7.48 6.19 1.67 7.39 1.08 104.36 1.32
MRKF Market Fin. Corp. of OH 35.44 35.44 0.98 3.41 2.46 0.98 3.41 0.34 27.23 0.20
MFCX Marshalltown Fin. Corp. of IA(8) 16.16 16.16 0.67 4.27 3.48 0.72 4.56 NA NA 0.19
MFSL Maryland Fed. Bancorp of MD 8.38 8.27 0.62 7.43 4.08 0.89 10.73 0.47 85.54 0.46
MASB MassBank Corp. of Reading MA* 10.78 10.62 1.10 10.61 6.11 1.03 9.96 0.21 113.84 0.84
MFLR Mayflower Co-Op. Bank of MA* 9.64 9.48 1.05 10.93 5.90 1.00 10.33 0.57 154.47 1.56
MECH Mechanics SB of Hartford CT* 10.40 10.40 1.79 17.75 10.25 1.78 17.69 0.91 188.34 2.53
MDBK Medford Bank of Medford, MA* 9.01 8.45 1.07 11.98 6.78 1.00 11.16 0.27 219.01 1.12
MERI Meritrust FSB of Thibodaux LA(8) 8.26 8.26 1.15 14.65 4.96 1.15 14.65 0.39 70.30 0.52
MWBX MetroWest Bank of MA* 7.46 7.46 1.38 18.49 6.00 1.38 18.49 0.90 131.24 1.55
MCBS Mid Continent Bancshares of KS(8) 9.87 9.87 1.11 10.98 5.04 1.15 11.39 0.24 47.79 0.19
MIFC Mid Iowa Financial Corp. of IA 9.36 9.34 1.00 10.77 6.04 1.40 15.17 NA NA 0.45
MCBN Mid-Coast Bancorp of ME 8.59 8.59 0.76 8.81 6.68 0.72 8.35 0.64 82.14 0.64
MWBI Midwest Bancshares, Inc. of IA 6.92 6.92 0.87 12.62 6.82 0.77 11.16 0.81 59.23 0.79
MWFD Midwest Fed. Fin. Corp of WI(8) 8.81 8.50 1.15 13.20 5.10 1.13 13.01 NA NA 1.02
MFFC Milton Fed. Fin. Corp. of OH 12.57 12.57 0.73 4.95 3.90 0.65 4.38 0.29 91.98 0.44
MIVI Miss. View Hold. Co. of MN 18.88 18.88 0.70 3.78 3.77 1.03 5.55 NA NA NA
MBSP Mitchell Bancorp of NC* 41.35 41.35 1.61 3.77 3.30 1.61 3.77 2.25 23.36 0.63
MBBC Monterey Bay Bancorp of CA 11.50 10.67 0.47 4.06 3.09 0.43 3.71 0.76 51.39 0.60
MONT Montgomery Fin. Corp. of IN 19.14 19.14 0.68 3.57 3.40 0.68 3.57 0.73 24.43 0.20
MSBK Mutual SB, FSB of Bay City MI 6.36 6.36 0.10 1.59 1.18 0.05 0.85 0.05 650.66 0.64
NHTB NH Thrift Bancshares of NH 7.82 6.72 0.70 9.26 4.60 0.56 7.48 0.61 151.10 1.14
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 0.13
NMSB Newmil Bancorp. of CT* 10.17 10.17 0.85 8.36 5.24 0.82 8.00 1.36 128.18 3.26
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)
- ---------------------------------------
IBSF IBS Financial Corp. of NJ NM 144.31 25.14 144.31 NM 0.40 2.37 NM
ISBF ISB Financial Corp. of LA 28.47 165.39 19.94 193.28 28.77 0.50 1.81 51.55
ITLA Imperial Thrift & Loan of CA* 11.84 146.10 15.67 146.70 11.84 0.00 0.00 0.00
IFSB Independence FSB of DC 20.38 95.39 6.57 107.90 24.54 0.22 1.66 33.85
INCB Indiana Comm. Bank, SB of IN(8) NM 165.59 19.67 165.59 NM 0.36 1.76 67.92
INBI Industrial Bancorp of OH 18.62 155.19 26.66 155.19 17.72 0.56 3.07 57.14
IWBK Interwest SB of Oak Harbor WA 15.82 247.18 15.68 251.70 17.19 0.64 1.61 25.40
IPSW Ipswich SB of Ipswich MA* 15.06 277.20 15.56 277.20 18.93 0.12 0.91 13.64
JXVL Jacksonville Bancorp of TX 21.24 141.11 21.05 141.11 16.20 0.50 2.62 55.56
JXSB Jacksnville SB,MHC of IL (45.6) NM 192.59 20.33 192.59 NM 0.40 1.52 50.00
JSBA Jefferson Svgs Bancorp of MO NM 189.51 16.18 244.29 22.57 0.56 1.34 62.22
JOAC Joachim Bancorp of MO NM 109.73 30.88 109.73 NM 0.50 3.33 NM
KSAV KS Bancorp of Kenly NC 16.07 136.78 18.11 136.86 16.19 0.60 2.67 42.86
KSBK KSB Bancorp of Kingfield ME(8)* 15.28 195.04 14.00 206.25 15.00 0.08 0.48 7.41
KFBI Klamath First Bancorp of OR 26.25 154.72 22.81 170.18 26.25 0.32 1.43 37.65
LSBI LSB Fin. Corp. of Lafayette IN 17.24 146.98 12.69 146.98 19.54 0.34 1.23 21.12
LVSB Lakeview SB of Paterson NJ 18.66 182.35 22.28 212.95 25.77 0.13 0.52 9.70
LARK Landmark Bancshares of KS 20.39 124.87 17.22 124.87 17.22 0.40 1.72 35.09
LARL Laurel Capital Group of PA 13.28 182.57 19.11 182.57 13.74 0.52 1.87 24.88
LSBX Lawrence Savings Bank of MA* 10.21 184.95 17.60 184.95 10.28 0.00 0.00 0.00
LFED Leeds FSB, MHC of MD (36.3) NM 248.36 41.30 248.36 NM 0.51 2.24 NM
LXMO Lexington B&L Fin. Corp. of MO NM 117.03 33.14 117.03 24.30 0.30 1.74 54.55
LIFB Life Bancorp of Norfolk VA(8) 26.01 217.19 23.27 223.27 28.10 0.48 1.37 35.56
LFBI Little Falls Bancorp of NJ NM 140.19 16.37 152.01 NM 0.20 0.98 30.30
LOGN Logansport Fin. Corp. of IN 16.76 118.58 22.41 118.58 16.05 0.40 2.62 43.96
LONF London Financial Corp. of OH 21.00 106.64 21.23 106.64 22.50 0.24 1.52 32.00
LISB Long Island Bancorp, Inc of NY 23.54 213.28 19.65 215.27 27.87 0.60 1.24 29.13
MAFB MAF Bancorp of IL 13.71 197.44 15.38 224.72 13.82 0.28 0.82 11.29
MBLF MBLA Financial Corp. of MO 18.62 120.75 15.28 120.75 18.24 0.40 1.48 27.59
MFBC MFB Corp. of Mishawaka IN 19.21 114.53 15.00 114.53 19.21 0.32 1.38 26.45
MLBC ML Bancorp of Villanova PA(8) 24.79 220.21 15.24 235.92 NM 0.40 1.34 33.33
MSBF MSB Financial Corp. of MI 22.09 184.11 30.44 184.11 22.89 0.28 1.47 32.56
MARN Marion Capital Holdings of IN 16.17 121.51 26.67 121.51 16.36 0.88 3.26 52.69
MRKF Market Fin. Corp. of OH NM 103.69 36.75 103.69 NM 0.28 1.81 73.68
MFCX Marshalltown Fin. Corp. of IA(8) 28.75 120.04 19.40 120.04 26.95 0.00 0.00 0.00
MFSL Maryland Fed. Bancorp of MD 24.54 176.67 14.81 178.93 16.99 0.42 1.58 38.89
MASB MassBank Corp. of Reading MA* 16.37 161.12 17.37 163.55 17.43 0.96 2.11 34.53
MFLR Mayflower Co-Op. Bank of MA* 16.95 177.04 17.07 180.00 17.93 0.68 2.75 46.58
MECH Mechanics SB of Hartford CT* 9.75 157.69 16.41 157.69 9.79 0.00 0.00 0.00
MDBK Medford Bank of Medford, MA* 14.76 167.35 15.08 178.57 15.84 0.72 1.96 28.92
MERI Meritrust FSB of Thibodaux LA(8) 20.18 277.11 22.89 277.11 20.18 0.70 1.01 20.47
MWBX MetroWest Bank of MA* 16.67 287.54 21.44 287.54 16.67 0.12 1.33 22.22
MCBS Mid Continent Bancshares of KS(8) 19.84 207.31 20.45 207.31 19.12 0.40 0.95 18.78
MIFC Mid Iowa Financial Corp. of IA 16.55 167.86 15.70 168.10 11.75 0.08 0.68 11.27
MCBN Mid-Coast Bancorp of ME 14.97 126.93 10.90 126.93 15.80 0.52 1.81 27.08
MWBI Midwest Bancshares, Inc. of IA 14.67 174.36 12.06 174.36 16.59 0.24 1.35 19.83
MWFD Midwest Fed. Fin. Corp of WI(8) 19.60 243.09 21.43 252.08 19.89 0.34 1.25 24.46
MFFC Milton Fed. Fin. Corp. of OH 25.62 134.24 16.87 134.24 29.00 0.60 3.90 NM
MIVI Miss. View Hold. Co. of MN 26.52 98.31 18.56 98.31 18.04 0.16 0.91 24.24
MBSP Mitchell Bancorp of NC* NM 116.34 48.10 116.34 NM 0.40 2.24 67.80
MBBC Monterey Bay Bancorp of CA NM 128.51 14.78 138.58 NM 0.12 0.64 20.69
MONT Montgomery Fin. Corp. of IN 29.45 104.74 20.05 104.74 29.45 0.22 1.78 52.38
MSBK Mutual SB, FSB of Bay City MI NM 131.04 8.34 131.04 NM 0.00 0.00 0.00
NHTB NH Thrift Bancshares of NH 21.72 178.57 13.97 207.93 26.88 0.50 2.33 50.51
NSLB NS&L Bancorp of Neosho MO NM 111.99 21.90 111.99 28.91 0.50 2.70 NM
NMSB Newmil Bancorp. of CT* 19.10 158.79 16.15 158.79 19.96 0.32 2.39 45.71
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 5, 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)
- ---------------------------------------
NASB North American SB of MO 7.68 7.42 1.26 17.18 7.59 1.19 16.18 3.11 27.16 0.98
NBSI North Bancshares of Chicago IL 13.43 13.43 0.64 4.40 3.01 0.56 3.85 NA NA 0.27
FFFD North Central Bancshares of IA 22.91 22.91 1.83 7.47 6.27 1.83 7.47 0.22 446.43 1.16
NBN Northeast Bancorp of ME* 6.96 6.15 0.71 10.01 4.90 0.59 8.26 1.03 93.77 1.22
NEIB Northeast Indiana Bncrp of IN 14.37 14.37 1.20 7.72 5.90 1.20 7.72 0.17 350.00 0.67
NWEQ Northwest Equity Corp. of WI 11.69 11.69 1.02 8.65 6.16 0.99 8.36 1.43 33.84 0.59
NWSB Northwest SB, MHC of PA (30.7) 9.64 9.10 0.96 9.86 2.69 0.96 9.86 0.77 85.90 0.87
NSSY Norwalk Savings Society of CT* 8.06 7.77 0.97 12.43 6.11 1.10 14.19 1.31 73.30 1.46
NSSB Norwich Financial Corp. of CT* 11.66 10.60 1.14 10.24 4.70 1.06 9.48 1.20 158.13 2.71
NTMG Nutmeg FS&LA of CT 5.52 5.52 0.61 10.94 6.10 0.43 7.80 NA NA 0.55
OHSL OHSL Financial Corp. of OH 10.92 10.92 0.90 8.04 5.95 0.88 7.80 0.18 121.89 0.31
OCFC Ocean Fin. Corp. of NJ 15.17 15.17 1.01 5.69 4.50 1.00 5.62 0.52 83.85 0.86
OCN Ocwen Financial Corp. of FL 14.14 13.77 3.10 32.06 5.23 1.73 17.94 5.79 13.48 1.11
OTFC Oregon Trail Fin. Corp of OR 24.02 24.02 1.07 4.44 3.69 1.07 4.44 0.07 307.09 0.54
PBHC OswegoCity SB, MHC of NY (46.)* 11.94 10.03 1.06 9.22 3.65 0.95 8.25 0.91 43.96 0.67
OFCP Ottawa Financial Corp. of MI 8.74 7.06 0.81 9.10 4.43 0.79 8.89 0.35 106.15 0.43
PFFB PFF Bancorp of Pomona CA 10.06 9.95 0.45 4.25 3.38 0.46 4.32 1.62 64.39 1.44
PSFI PS Financial of Chicago IL 37.32 37.32 1.96 4.86 4.03 1.99 4.92 0.68 31.79 0.52
PVFC PVF Capital Corp. of OH 7.18 7.18 1.36 19.67 9.47 1.31 18.84 1.17 57.57 0.72
PALM Palfed, Inc. of Aiken SC(8) 8.51 8.51 0.39 4.82 1.71 0.67 8.26 2.04 53.36 1.30
PBCI Pamrapo Bancorp, Inc. of NJ 12.91 12.82 1.34 9.82 7.06 1.32 9.70 2.39 28.48 1.21
PFED Park Bancorp of Chicago IL 23.14 23.14 1.10 4.80 4.44 1.14 4.98 0.24 118.76 0.72
PVSA Parkvale Financial Corp of PA 7.72 7.67 1.08 14.34 7.07 1.08 14.34 0.26 547.66 1.91
PEEK Peekskill Fin. Corp. of NY 26.09 26.09 1.14 4.30 3.72 1.14 4.30 1.24 28.37 1.35
PFSB PennFed Fin. Services of NJ 7.33 6.20 0.82 10.90 6.29 0.82 10.90 0.61 32.20 0.28
PWBC PennFirst Bancorp of PA 8.37 7.44 0.67 8.85 5.07 0.67 8.85 0.68 87.79 1.45
PWBK Pennwood SB of PA* 18.34 18.34 0.99 5.21 4.34 1.09 5.71 1.49 42.39 1.04
PBKB People's SB of Brockton MA* 4.10 3.93 0.83 15.38 7.07 0.43 8.01 0.53 110.55 1.08
PFDC Peoples Bancorp of Auburn IN 15.24 15.24 1.48 9.70 4.96 1.48 9.70 0.29 106.74 0.38
PBCT Peoples Bank, MHC of CT (40.1)* 9.02 9.01 1.16 13.69 3.96 0.75 8.84 0.76 146.25 1.66
TSBS Peoples Bcrp, MHC of NJ (35.9)(8) 16.95 15.25 1.30 7.51 2.32 0.91 5.27 0.91 55.06 0.80
PFFC Peoples Fin. Corp. of OH 27.20 27.20 0.90 3.32 3.72 0.90 3.32 NA NA 0.39
PHBK Peoples Heritage Fin Grp of ME* 7.45 6.36 1.28 16.08 5.71 1.28 16.08 0.86 121.04 1.55
PSFC Peoples Sidney Fin. Corp of OH 25.29 25.29 1.04 6.27 3.25 1.04 6.27 1.00 40.10 0.45
PERM Permanent Bancorp of IN 9.46 9.34 0.62 6.63 4.82 0.62 6.58 1.07 47.01 1.00
PMFI Perpetual Midwest Fin. of IA 8.51 8.51 0.40 4.65 2.75 0.32 3.76 0.30 240.42 0.86
PERT Perpetual of SC, MHC (46.8)(8) 11.82 11.82 0.78 6.37 2.14 1.05 8.60 0.12 502.32 0.87
PCBC Perry Co. Fin. Corp. of MO 19.19 19.19 0.93 4.93 3.87 1.07 5.70 0.03 104.17 0.19
PHFC Pittsburgh Home Fin. of PA 10.54 10.43 0.84 6.97 5.32 0.75 6.21 1.69 30.77 0.78
PFSL Pocahnts Fed, MHC of AR (47.0)(8) 6.33 6.33 0.63 10.08 4.19 0.62 9.94 0.16 274.52 1.07
PTRS Potters Financial Corp of OH 8.81 8.81 0.96 10.97 6.81 0.95 10.79 0.44 389.09 2.65
PKPS Poughkeepsie Fin. Corp. of NY(8) 8.42 8.42 0.54 6.43 3.52 0.54 6.43 4.19 23.86 1.34
PHSB Ppls Home SB, MHC of PA (45.0) 13.66 13.66 0.73 6.80 2.95 0.71 6.55 0.45 148.08 1.37
PRBC Prestige Bancorp of PA 11.21 11.21 0.63 5.12 4.42 0.63 5.12 0.33 82.34 0.40
PFNC Progress Financial Corp. of PA 5.33 4.76 0.90 17.21 5.81 0.71 13.58 2.07 37.27 1.11
PSBK Progressive Bank, Inc. of NY* 8.73 7.86 0.96 11.35 6.29 0.94 11.15 0.94 115.80 1.65
PROV Provident Fin. Holdings of CA 13.33 13.33 0.75 5.30 4.50 0.35 2.48 1.58 55.80 0.98
PULB Pulaski SB, MHC of MO (29.8) 13.05 13.05 0.80 6.20 2.27 1.06 8.20 0.64 41.41 0.33
PLSK Pulaski SB, MHC of NJ (46.0) 11.98 11.98 0.64 6.99 2.84 0.64 6.99 0.65 83.38 0.95
PULS Pulse Bancorp of S. River NJ 8.21 8.21 1.10 13.94 7.04 1.11 14.09 0.75 59.52 1.82
QCFB QCF Bancorp of Virginia MN 17.49 17.49 1.34 7.36 5.12 1.34 7.36 0.24 345.09 2.00
QCBC Quaker City Bancorp of CA 8.46 8.46 0.71 8.11 5.65 0.68 7.77 1.35 67.38 1.15
QCSB Queens County Bancorp of NY* 11.22 11.22 1.54 11.21 3.98 1.55 11.28 0.69 89.32 0.69
RARB Raritan Bancorp. of Raritan NJ* 7.37 7.25 1.02 13.34 5.98 1.01 13.18 0.39 208.57 1.26
REDF RedFed Bancorp of Redlands CA 8.32 8.29 1.01 12.28 6.40 1.01 12.28 1.80 44.74 0.92
RELY Reliance Bancorp, Inc. of NY 8.26 6.07 0.89 10.80 5.52 0.93 11.40 0.67 41.66 0.62
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)
- ---------------------------------------
NASB North American SB of MO 13.17 212.85 16.34 220.23 13.99 0.80 1.48 19.51
NBSI North Bancshares of Chicago IL NM 154.05 20.69 154.05 NM 0.48 1.83 60.76
FFFD North Central Bancshares of IA 15.95 122.27 28.02 122.27 15.95 0.25 1.35 21.55
NBN Northeast Bancorp of ME* 20.39 195.80 13.62 221.57 24.73 0.32 1.15 23.36
NEIB Northeast Indiana Bncrp of IN 16.95 128.95 18.53 128.95 16.95 0.34 1.70 28.81
NWEQ Northwest Equity Corp. of WI 16.24 140.64 16.44 140.64 16.81 0.56 2.95 47.86
NWSB Northwest SB, MHC of PA (30.7) NM NM 33.94 NM NM 0.16 1.05 39.02
NSSY Norwalk Savings Society of CT* 16.35 191.56 15.43 198.63 14.32 0.40 1.02 16.67
NSSB Norwich Financial Corp. of CT* 21.26 207.64 24.22 228.60 22.98 0.56 1.79 38.10
NTMG Nutmeg FS&LA of CT 16.40 167.35 9.23 167.35 23.02 0.20 1.52 25.00
OHSL OHSL Financial Corp. of OH 16.82 133.80 14.61 133.80 17.34 0.88 3.17 53.33
OCFC Ocean Fin. Corp. of NJ 22.24 135.25 20.52 135.25 22.51 0.80 2.14 47.62
OCN Ocwen Financial Corp. of FL 19.12 NM 52.44 NM NM 0.00 0.00 0.00
OTFC Oregon Trail Fin. Corp of OR 27.12 120.39 28.91 120.39 27.12 0.00 0.00 0.00
PBHC OswegoCity SB, MHC of NY (46.)* 27.38 239.18 28.56 284.65 NM 0.28 0.97 26.67
OFCP Ottawa Financial Corp. of MI 22.57 205.80 17.98 254.77 23.11 0.40 1.37 31.01
PFFB PFF Bancorp of Pomona CA 29.62 131.04 13.18 132.48 29.17 0.00 0.00 0.00
PSFI PS Financial of Chicago IL 24.82 121.07 45.18 121.07 24.48 0.48 2.69 66.67
PVFC PVF Capital Corp. of OH 10.56 188.71 13.56 188.71 11.02 0.00 0.00 0.00
PALM Palfed, Inc. of Aiken SC(8) NM 266.48 22.69 266.48 NM 0.12 0.42 24.49
PBCI Pamrapo Bancorp, Inc. of NJ 14.16 145.06 18.73 146.09 14.33 1.00 4.08 57.80
PFED Park Bancorp of Chicago IL 22.50 108.37 25.07 108.37 21.69 0.00 0.00 0.00
PVSA Parkvale Financial Corp of PA 14.15 190.79 14.73 192.05 14.15 0.52 1.79 25.37
PEEK Peekskill Fin. Corp. of NY 26.89 119.85 31.27 119.85 26.89 0.36 2.03 54.55
PFSB PennFed Fin. Services of NJ 15.89 164.09 12.02 193.84 15.89 0.28 0.82 13.08
PWBC PennFirst Bancorp of PA 19.74 144.68 12.11 162.62 19.74 0.36 1.92 37.89
PWBK Pennwood SB of PA* 23.04 124.72 22.87 124.72 21.01 0.32 1.67 38.55
PBKB People's SB of Brockton MA* 14.15 227.34 9.32 237.14 27.16 0.44 2.16 30.56
PFDC Peoples Bancorp of Auburn IN 20.16 191.42 29.18 191.42 20.16 0.43 1.72 34.68
PBCT Peoples Bank, MHC of CT (40.1)* 25.26 318.76 28.76 319.04 NM 0.76 2.09 52.78
TSBS Peoples Bcrp, MHC of NJ (35.9)(8) NM 313.28 53.09 348.19 NM 0.35 0.93 40.23
PFFC Peoples Fin. Corp. of OH 26.89 90.30 24.56 90.30 26.89 0.50 3.51 NM
PHBK Peoples Heritage Fin Grp of ME* 17.51 267.60 19.93 313.63 17.51 0.84 1.91 33.47
PSFC Peoples Sidney Fin. Corp of OH NM 118.39 29.94 118.39 NM 0.28 1.62 50.00
PERM Permanent Bancorp of IN 20.73 133.88 12.67 135.69 20.90 0.40 1.53 31.75
PMFI Perpetual Midwest Fin. of IA NM 167.21 14.22 167.21 NM 0.30 0.98 35.71
PERT Perpetual of SC, MHC (46.8)(8) NM 271.98 32.16 271.98 NM 1.40 2.56 NM
PCBC Perry Co. Fin. Corp. of MO 25.83 123.67 23.74 123.67 22.36 0.40 1.72 44.44
PHFC Pittsburgh Home Fin. of PA 18.81 129.87 13.69 131.22 21.11 0.24 1.26 23.76
PFSL Pocahnts Fed, MHC of AR (47.0)(8) 23.88 234.66 14.84 234.66 24.22 0.90 2.58 61.64
PTRS Potters Financial Corp of OH 14.68 157.32 13.86 157.32 14.93 0.20 1.14 16.67
PKPS Poughkeepsie Fin. Corp. of NY(8) 28.38 177.66 14.96 177.66 28.38 0.20 1.90 54.05
PHSB Ppls Home SB, MHC of PA (45.0) NM 185.91 25.40 185.91 NM 0.00 0.00 0.00
PRBC Prestige Bancorp of PA 22.65 114.04 12.78 114.04 22.65 0.12 0.62 14.12
PFNC Progress Financial Corp. of PA 17.22 266.78 14.23 299.23 21.83 0.12 0.77 13.33
PSBK Progressive Bank, Inc. of NY* 15.91 173.44 15.15 192.63 16.20 0.68 1.94 30.91
PROV Provident Fin. Holdings of CA 22.20 118.18 15.75 118.18 NM 0.00 0.00 0.00
PULB Pulaski SB, MHC of MO (29.8) NM 267.14 34.86 267.14 NM 1.10 3.67 NM
PLSK Pulaski SB, MHC of NJ (46.0) NM 183.40 21.97 183.40 NM 0.30 1.58 55.56
PULS Pulse Bancorp of S. River NJ 14.20 186.31 15.30 186.31 14.04 0.70 2.68 38.04
QCFB QCF Bancorp of Virginia MN 19.52 143.65 25.13 143.65 19.52 0.00 0.00 0.00
QCBC Quaker City Bancorp of CA 17.71 138.62 11.72 138.62 18.48 0.00 0.00 0.00
QCSB Queens County Bancorp of NY* 25.13 316.35 35.48 316.35 24.96 0.80 2.21 55.56
RARB Raritan Bancorp. of Raritan NJ* 16.72 215.42 15.87 218.88 16.93 0.48 1.76 29.45
REDF RedFed Bancorp of Redlands CA 15.63 178.41 14.84 179.05 15.63 0.00 0.00 0.00
RELY Reliance Bancorp, Inc. of NY 18.11 184.03 15.20 250.53 17.15 0.64 1.80 32.65
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 5, 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)
- ---------------------------------------
RELI Reliance Bancshares Inc of WI* 48.29 48.29 1.32 2.58 2.74 1.38 2.68 NA NA 0.56
RIVR River Valley Bancorp of IN 12.40 12.21 0.46 4.24 2.47 0.62 5.72 0.71 122.47 1.05
RVSB Riverview Bancorp of WA 20.76 19.97 1.22 9.14 3.03 1.17 8.75 0.14 226.93 0.58
RSLN Roslyn Bancorp, Inc. of NY* 17.64 17.55 0.96 5.10 3.14 1.22 6.50 0.27 257.00 2.60
SCCB S. Carolina Comm. Bnshrs of SC 26.59 26.59 1.15 4.34 3.28 1.15 4.34 0.87 73.62 0.81
SBFL SB Fngr Lakes MHC of NY (33.1) 9.33 9.33 0.37 3.83 1.49 0.43 4.44 0.50 103.35 1.10
SFED SFS Bancorp of Schenectady NY 12.47 12.47 0.68 5.36 4.16 0.68 5.36 0.75 57.32 0.58
SGVB SGV Bancorp of W. Covina CA 7.44 7.32 0.39 5.02 3.61 0.43 5.48 1.06 29.26 0.41
SHSB SHS Bancorp, Inc. of PA 12.64 12.64 0.37 2.96 2.52 0.37 2.96 1.43 33.94 0.74
SISB SIS Bancorp Inc of MA* 7.36 7.36 0.83 11.20 5.38 0.82 11.09 0.33 379.00 2.67
SWCB Sandwich Co-Op. Bank of MA* 7.93 7.63 0.97 11.95 5.42 0.95 11.70 0.82 93.38 1.06
SFSL Security First Corp. of OH 9.27 9.12 1.36 14.56 5.60 1.37 14.69 0.33 226.25 0.84
SFNB Security First Netwrk Bk of GA(8) 33.11 32.57 -29.36 NM NM -30.07 NM NA NA 1.28
SMFC Sho-Me Fin. Corp. of MO(8) 9.03 9.03 1.30 13.56 5.68 1.23 12.86 0.29 190.55 0.63
SOBI Sobieski Bancorp of S. Bend IN 14.78 14.78 0.62 3.85 3.28 0.57 3.55 0.13 188.68 0.31
SOSA Somerset Savings Bank of MA(8)* 6.59 6.59 1.03 17.02 6.74 1.00 16.49 5.91 24.16 1.87
SSFC South Street Fin. Corp. of NC* 25.66 25.66 1.21 5.34 3.32 1.25 5.51 0.31 57.66 0.38
SCBS Southern Commun. Bncshrs of AL 21.33 21.33 0.55 3.24 1.83 0.90 5.30 2.48 46.17 1.94
SMBC Southern Missouri Bncrp of MO 16.15 16.15 0.94 5.84 4.92 0.90 5.59 0.88 51.46 0.66
SWBI Southwest Bancshares of IL 11.34 11.34 1.06 9.81 5.85 1.02 9.48 0.20 101.05 0.28
SVRN Sovereign Bancorp of PA 4.42 3.61 0.42 10.16 2.64 0.61 14.74 0.65 99.50 0.92
STFR St. Francis Cap. Corp. of WI 7.74 6.85 0.76 9.21 5.51 0.75 9.08 0.21 181.82 0.83
SPBC St. Paul Bancorp, Inc. of IL 8.99 8.97 1.06 12.12 5.56 1.06 12.12 0.36 210.72 1.10
SFFC StateFed Financial Corp. of IA 17.54 17.54 1.27 7.17 5.11 1.27 7.17 2.55 10.16 0.33
SFIN Statewide Fin. Corp. of NJ 9.36 9.34 0.81 8.36 5.15 0.81 8.36 0.38 104.03 0.84
STSA Sterling Financial Corp. of WA 5.25 4.81 0.48 11.12 4.81 0.43 10.05 0.47 96.70 0.82
SFSB SuburbFed Fin. Corp. of IL 6.48 6.46 0.39 5.88 3.55 0.56 8.56 NA NA 0.30
ROSE T R Financial Corp. of NY* 6.24 6.24 0.97 15.55 5.53 0.87 13.98 0.54 74.97 0.76
THRD TF Financial Corp. of PA 11.63 10.27 0.77 6.96 4.36 0.67 5.99 0.27 128.49 0.82
TPNZ Tappan Zee Fin., Inc. of NY 17.02 17.02 0.72 4.05 2.94 0.70 3.98 1.68 32.52 1.17
ESBK The Elmira SB FSB of Elmira NY* 6.35 6.19 0.42 6.66 4.29 0.34 5.37 0.64 103.23 0.86
TRIC Tri-County Bancorp of WY 15.31 15.31 1.06 6.84 5.64 1.08 6.97 NA NA 1.05
TWIN Twin City Bancorp of TN 12.94 12.94 0.85 6.65 5.07 0.72 5.62 0.16 88.17 0.20
UFRM United FS&LA of Rocky Mount NC 7.34 7.34 0.71 9.49 5.48 0.57 7.53 0.77 101.45 0.92
UBMT United Fin. Corp. of MT 24.01 24.01 1.41 6.09 4.69 1.40 6.04 0.48 15.21 0.22
VABF Va. Beach Fed. Fin. Corp of VA 7.15 7.15 0.61 8.99 4.35 0.50 7.31 1.24 59.40 0.95
VFFC Virginia First Savings of VA(8) 7.75 7.48 0.64 8.04 3.49 0.55 6.95 2.47 46.61 1.27
WHGB WHG Bancshares of MD 20.65 20.65 0.51 2.23 2.14 0.51 2.23 0.15 160.96 0.29
WSFS WSFS Financial Corp. of DE* 5.54 5.51 1.14 20.70 6.55 1.13 20.54 1.27 134.95 2.68
WVFC WVS Financial Corp. of PA* 12.00 12.00 1.30 10.59 6.50 1.31 10.64 0.19 361.83 1.21
WRNB Warren Bancorp of Peabody MA* 10.65 10.65 2.16 21.61 9.95 1.91 19.17 1.15 97.04 1.73
WFSL Washington FS&LA of Seattle WA 12.55 11.52 1.86 15.80 6.67 1.85 15.73 0.69 62.10 0.58
WAMU Washington Mutual Inc. of WA(8)* 5.29 4.90 0.00 0.09 0.01 0.70 13.63 NA NA 0.98
WYNE Wayne Bancorp of NJ 12.43 12.43 0.86 6.10 4.73 0.86 6.10 0.89 88.41 1.18
WAYN Wayne S&L Co. MHC of OH (47.8) 9.53 9.53 0.73 7.89 2.45 0.68 7.40 0.58 65.29 0.46
WCFB Wbstr Cty FSB MHC of IA (45.2) 23.38 23.38 1.43 6.14 3.01 1.43 6.14 0.07 560.00 0.72
WBST Webster Financial Corp. of CT 5.34 4.60 0.46 9.03 2.80 0.77 15.08 0.72 111.52 1.43
WEFC Wells Fin. Corp. of Wells MN 14.22 14.22 1.06 7.49 6.23 1.03 7.29 0.31 114.71 0.39
WCBI WestCo Bancorp of IL 15.54 15.54 1.50 9.72 7.09 1.42 9.20 0.21 139.06 0.37
WSTR WesterFed Fin. Corp. of MT 10.62 8.57 0.81 6.87 4.69 0.77 6.58 0.41 116.74 0.72
WOFC Western Ohio Fin. Corp. of OH 13.87 12.94 0.37 2.65 2.27 0.43 3.09 0.44 115.19 0.66
WWFC Westwood Fin. Corp. of NJ(8) 9.32 8.34 0.73 7.79 4.34 0.78 8.31 0.13 158.78 0.58
WEHO Westwood Hmstd Fin Corp of OH 27.65 27.65 1.01 3.29 2.65 1.16 3.78 0.22 77.88 0.22
WFI Winton Financial Corp. of OH 7.11 6.96 0.76 10.50 5.70 0.89 12.25 0.30 84.06 0.29
FFWD Wood Bancorp of OH 12.43 12.43 1.41 11.10 5.49 1.29 10.17 0.35 101.19 0.44
YFCB Yonkers Fin. Corp. of NY 14.02 14.02 1.05 6.64 5.16 1.06 6.71 0.48 72.05 0.78
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)
- ---------------------------------------
RELI Reliance Bancshares Inc of WI* NM 99.35 47.97 99.35 NM 0.00 0.00 0.00
RIVR River Valley Bancorp of IN NM 127.27 15.78 129.22 NM 0.16 0.86 34.78
RVSB Riverview Bancorp of WA NM 162.13 33.65 168.48 NM 0.00 0.00 0.00
RSLN Roslyn Bancorp, Inc. of NY* NM 165.60 29.20 166.43 25.00 0.28 1.20 38.36
SCCB S. Carolina Comm. Bnshrs of SC NM 131.82 35.04 131.82 NM 0.60 2.62 NM
SBFL SB Fngr Lakes MHC of NY (33.1) NM 247.48 23.10 247.48 NM 0.40 1.36 NM
SFED SFS Bancorp of Schenectady NY 24.06 128.23 15.99 128.23 24.06 0.28 1.24 29.79
SGVB SGV Bancorp of W. Covina CA 27.69 138.57 10.31 140.73 25.35 0.00 0.00 0.00
SHSB SHS Bancorp, Inc. of PA NM 117.50 14.85 117.50 NM 0.00 0.00 0.00
SISB SIS Bancorp Inc of MA* 18.60 198.96 14.64 198.96 18.78 0.56 1.47 27.32
SWCB Sandwich Co-Op. Bank of MA* 18.44 212.67 16.87 221.24 18.83 1.40 3.11 57.38
SFSL Security First Corp. of OH 17.87 245.13 22.71 249.02 17.71 0.32 1.57 28.07
SFNB Security First Netwrk Bk of GA(8) NM 264.90 87.72 269.36 NM 0.00 0.00 NM
SMFC Sho-Me Fin. Corp. of MO(8) 17.62 229.90 20.76 229.90 18.58 0.00 0.00 0.00
SOBI Sobieski Bancorp of S. Bend IN NM 121.95 18.02 121.95 NM 0.32 1.64 50.00
SOSA Somerset Savings Bank of MA(8)* 14.84 230.58 15.20 230.58 15.32 0.00 0.00 0.00
SSFC South Street Fin. Corp. of NC* NM 138.38 35.51 138.38 29.23 0.40 2.11 63.49
SCBS Southern Commun. Bncshrs of AL NM 136.36 29.08 136.36 NM 0.30 1.67 NM
SMBC Southern Missouri Bncrp of MO 20.34 116.87 18.87 116.87 21.24 0.50 2.62 53.19
SWBI Southwest Bancshares of IL 17.08 160.02 18.15 160.02 17.67 0.80 3.12 53.33
SVRN Sovereign Bancorp of PA NM 267.08 11.81 326.73 26.09 0.08 0.41 15.69
STFR St. Francis Cap. Corp. of WI 18.14 165.57 12.82 187.15 18.38 0.56 1.38 25.00
SPBC St. Paul Bancorp, Inc. of IL 17.99 208.68 18.76 209.21 17.99 0.40 1.60 28.78
SFFC StateFed Financial Corp. of IA 19.57 136.92 24.01 136.92 19.57 0.20 1.48 28.99
SFIN Statewide Fin. Corp. of NJ 19.43 161.23 15.10 161.57 19.43 0.44 1.90 36.97
STSA Sterling Financial Corp. of WA 20.79 166.56 8.75 181.99 23.00 0.00 0.00 0.00
SFSB SuburbFed Fin. Corp. of IL 28.20 158.40 10.27 158.98 19.38 0.32 0.92 26.02
ROSE T R Financial Corp. of NY* 18.09 259.74 16.20 259.74 20.12 0.64 1.88 34.04
THRD TF Financial Corp. of PA 22.95 157.39 18.30 178.23 26.67 0.40 1.43 32.79
TPNZ Tappan Zee Fin., Inc. of NY NM 139.08 23.67 139.08 NM 0.28 1.42 48.28
ESBK The Elmira SB FSB of Elmira NY* 23.32 152.14 9.67 156.25 28.94 0.64 2.05 47.76
TRIC Tri-County Bancorp of WY 17.74 118.94 18.21 118.94 17.41 0.80 2.91 51.61
TWIN Twin City Bancorp of TN 19.72 128.68 16.65 128.68 23.33 0.40 2.86 56.34
UFRM United FS&LA of Rocky Mount NC 18.25 168.62 12.37 168.62 23.00 0.24 2.09 38.10
UBMT United Fin. Corp. of MT 21.31 128.46 30.85 128.46 21.49 1.00 3.85 NM
VABF Va. Beach Fed. Fin. Corp of VA 23.00 198.28 14.18 198.28 28.28 0.20 1.16 26.67
VFFC Virginia First Savings of VA(8) 28.69 220.72 17.10 228.51 NM 0.10 0.40 11.36
WHGB WHG Bancshares of MD NM 112.08 23.15 112.08 NM 0.32 2.02 NM
WSFS WSFS Financial Corp. of DE* 15.27 300.30 16.64 302.11 15.38 0.00 0.00 0.00
WVFC WVS Financial Corp. of PA* 15.38 165.12 19.82 165.12 15.31 1.20 3.75 57.69
WRNB Warren Bancorp of Peabody MA* 10.05 200.78 21.38 200.78 11.33 0.52 2.54 25.49
WFSL Washington FS&LA of Seattle WA 14.99 219.19 27.51 238.79 15.05 0.92 2.78 41.63
WAMU Washington Mutual Inc. of WA(8)* NM NM 19.20 NM NM 1.12 1.57 NM
WYNE Wayne Bancorp of NJ 21.14 137.17 17.04 137.17 21.14 0.20 0.88 18.69
WAYN Wayne S&L Co. MHC of OH (47.8) NM 311.91 29.74 311.91 NM 0.62 1.88 NM
WCFB Wbstr Cty FSB MHC of IA (45.2) NM 202.00 47.23 202.00 NM 0.80 3.76 NM
WBST Webster Financial Corp. of CT NM 238.63 12.74 277.06 21.40 0.80 1.25 44.69
WEFC Wells Fin. Corp. of Wells MN 16.06 117.77 16.74 117.77 16.51 0.48 2.74 44.04
WCBI WestCo Bancorp of IL 14.10 136.53 21.21 136.53 14.89 0.60 2.26 31.91
WSTR WesterFed Fin. Corp. of MT 21.34 130.06 13.81 161.24 22.30 0.46 1.86 39.66
WOFC Western Ohio Fin. Corp. of OH NM 114.88 15.93 123.09 NM 1.00 3.72 NM
WWFC Westwood Fin. Corp. of NJ(8) 23.02 173.17 16.13 193.55 21.58 0.20 0.72 16.67
WEHO Westwood Hmstd Fin Corp of OH NM 125.00 34.56 125.00 NM 0.28 1.58 59.57
WFI Winton Financial Corp. of OH 17.54 176.06 12.51 179.86 15.04 0.46 2.30 40.35
FFWD Wood Bancorp of OH 18.22 199.59 24.82 199.59 19.90 0.40 2.05 37.38
YFCB Yonkers Fin. Corp. of NY 19.39 130.85 18.34 130.85 19.19 0.24 1.26 24.49
RP FINANCIAL, LC.
- -----------------------------------------
Financial Services Industry Consultants
1700 North Moore Street, Suite 2210
Arlington, Virginia 22209
(703) 528-1700
Exhibit IV-1B (continued)
Weekly Thrift Market Line - Part Two
Prices As Of December 5, 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)
- ---------------------------------------
YFED York Financial Corp. of PA 8.85 8.85 0.96 11.41 4.94 0.81 9.60 2.50 23.98 0.69
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)
- ---------------------------------------
YFED York Financial Corp. of PA 20.24 219.45 19.43 219.45 24.06 0.48 1.88 38.10
Exhibit IV-2
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
Quarter 3 7945.3 947.3 1,685.7 737.5 381.7
December 5, 1997 8149.1 983.8 1,633.9 798.3 419.3
(1) End of period data.
Sources: SNL Securities; Wall Street Journal.
EXHIBIT IV-3
Perpetual Bank, A Federal Savings Bank
Historical Thrift Stock Indices
Index Values
Index Values Percent Change Since
------------------------------------------ -----------------------------
10/31/97 1 Month YTD LTM 1 Month YTD LTM
- -------------------------------------------------------------------------------------------------------------------
All Pub. Traded Thrifts 752.4 737.5 483.6 456.7 2.03 55.58 64.74
MHC Index 1,065.7 978.2 538.0 476.5 8.94 98.08 123.67
Insurance Indices
- -------------------------------------------------------------------------------------------------------------------
SAIF Thrifts 689.6 669.5 439.2 414.5 3.00 57.00 66.37
BIF Thrifts 949.6 945.9 616.8 583.5 0.40 53.96 62.74
Stock Exchange Indices
- -------------------------------------------------------------------------------------------------------------------
AMEX Thrifts 225.8 214.9 156.2 148.5 5.09 44.56 52.05
NYSE Thrifts 464.0 442.7 277.3 265.9 4.82 67.36 74.55
OTC Thrifts 855.8 847.4 569.7 533.0 0.99 50.21 60.55
Geographic Indices
- -------------------------------------------------------------------------------------------------------------------
Mid-Atlantic Thrifts 1,533.7 1,466.1 970.7 911.9 4.62 58.01 68.20
Midwestern Thrifts 1,645.0 1,595.0 1,159.3 1,085.4 3.13 41.89 51.56
New England Thrifts 684.3 671.4 428.9 386.6 1.93 59.55 77.02
Southeastern Thrifts 718.1 670.2 447.2 433.9 7.15 60.57 65.50
Southwestern Thrifts 455.4 478.8 315.9 298.2 -4.89 44.18 52.71
Western Thrifts 759.8 761.3 474.7 455.0 -0.19 60.06 66.97
Asset Size Indices
- -------------------------------------------------------------------------------------------------------------------
Less than $250M 795.7 801.0 586.6 570.6 -0.66 35.65 39.46
$250M to $500M 1,188.6 1,152.4 789.8 738.1 3.14 50.49 61.02
$500M to $1B 763.2 760.9 521.8 489.0 0.31 46.27 56.06
$1B to $5B 867.3 826.0 546.0 508.9 5.01 58.84 70.44
Over $5B 480.8 475.1 305.8 290.3 1.21 57.23 65.60
Comparative Indices
- -------------------------------------------------------------------------------------------------------------------
Dow Jones Industrials 7,442.1 7,945.3 6,448.3 6,029.4 -6.33 15.41 23.43
S&P 500 914.6 947.3 740.7 705.3 -3.45 23.47 29.68
All SNI indices are market-value weighted: i.e., an institutions effect on an
index is proportionate to that institutions 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.
Mid-Atlantic: DE, DC, MD, NJ, NY, PA, PR; Midwest: IA, IL, IN, KS, KY, MI, MN,
MO, ND, NE, OH, SD, WI;
New England: CT, MA, ME, NH, RI, VT; Southeast: AL, AR, FL, GA, MS, NC, SC, TN,
VA, WV;
Southwest: CO, LA, NM, OK, TX, UT; West: AZ, AK, CA, HI, ID, MT, NV, OR, WA, WY
Exhibit IV-4
South Carolina Thrift Merger and Acquisition Activity 1996 - Present
Seller Financials at Completion (1)
----------------------------------------------
Total TgEq/ YTD YTD NPAs/ Rsrvs/
Ann'd Comp Assets Assets ROAA ROAE Assets NPLs
Date Date Buyer ST Seller ST ($000) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------
09/23/97 Pending Regions Financial AL Palfed, Inc. SC 664,863 8.24 0.85 10.54 2.12 90.96
07/01/97 Pending Carolina First Corp SC First SE Fin'l Corp SC 334,751 10.23 0.56 5.55 0.11 476.73
06/25/97 11/10/97 First fin'l Holdings SC Investors Savings BK SC 62,021 10.87 1.02 9.10 0.02 NA
02/18/97 08/01/97 CCB Financial Corp NC American Federal Bnk SC 1,394,874 7.22 0.96 12.01 0.51 159.95
01/29/97 07/21/97 Carolina First Corp SC Lowcountry SB SC 75,361 7.97 0.26 3.76 0.56 86.59
--------------------------------------------------------------------------
Average 506,374 8.91 0.73 8.19 0.66 203.56
Median 334,751 8.24 0.85 9.10 0.51 125.46
--------------------------------------------------------------------------
Deal Terms and Pricing at Completion (1)
-----------------------------------------------
Deal Deal Deal Deal Pr/ Deal Pr/
Ann'd Comp Value Pr/Sh Consid Pr/Bk Tg Bk 4-Qtr
Date Date Buyer ST Seller ST ($M) ($) Type (%) (%) EPS (x)
- -----------------------------------------------------------------------------------------------------------------------
09/23/97 Pending Regions Financial AL Palfed, Inc. SC 150.5 27.39 Stock 264.11 264.11
07/01/97 Pending Carolina First Corp SC First SE Fin'l Corp SC 64.7 14.75 Stock 189.10 189.10
06/25/97 11/10/97 First fin'l Holdings SC Investors Savings BK SC 15.4 55.42 Stock 216.75 216.75 26.55
02/18/97 08/01/97 CCB Financial Corp NC American Federal Bnk SC 419.3 37.05 Stock 348.18 373.45 28.07
01/29/97 07/21/97 Carolina First Corp SC Lowcountry SB SC 13.5 Mix 216.10 216.10 40.30
--------------------------------------------------------------------------
Average 132.7 33.65 246.85 251.90 31.64
Median 64.7 32.22 216.75 216.75 28.07
--------------------------------------------------------------------------
Deal Terms and
Pricing at
Completion (1)
------------------
Deal Pr/ TgBkPr/
Ann'd Comp Assets CoreDp
Date Date Buyer ST Seller ST (%) (%)
- ------------------------------------------------------------------------------------------
09/23/97 Pending Regions Financial AL Palfed, Inc. SC 22.64 18.54
07/01/97 Pending Carolina First Corp SC First SE Fin'l Corp SC 19.33 11.95
06/25/97 11/10/97 First fin'l Holdings SC Investors Savings BK SC 24.01 20.08
02/18/97 08/01/97 CCB Financial Corp NC American Federal Bnk SC 32.08 33.68
01/29/97 07/21/97 Carolina First Corp SC Lowcountry SB SC 17.38 12.60
---------------------------------------------
Average 23.09 19.37
Median 22.64 18.54
---------------------------------------------
(1) Pending deals reflect financials, terms and pricing as of announcement date
Source: SNL Securities, LC.
EXHIBIT IV-5
Perpetual Bank, A Federal Savings Bank
Directors and Management Summary Resumes
Harold A. "Drew" Pickens, Jr. is the owner of Harold A. Pickens and Sons,
Inc., with which he has been affiliated since 1956. Mr. Pickens serves as an
Elder at First Presbyterian Church.
Robert W. "Lujack" Orr has been employed by the Savings Bank since 1974 and
has held a variety of positions, such as Senior Vice President/Funds Acquisition
and Executive Vice President, prior to assuming his current position as
President and Managing Officer on January 1, 1991. Mr. Orr is a member of the
Board of the Community Financial Institutions of South Carolina and he is
Secretary of the America's Community Bankers Association. He is active in
numerous civic organizations, serving as President of the YMCA, on the Board of
Directors of the Chamber of Commerce, on the Board of Visitors of Anderson
College, and as an Elder of Central Presbyterian Church. Mr. Orr is a director
of First Trust, the mortgage banking company in which a service corporation
subsidiary of the Savings Bank has an equity investment.
Jack F. McIntosh is a partner in the law firm of McIntosh and Sherard,
Anderson, South Carolina, with which he has been affiliated for 35 years.
McIntosh and Sherard serves as General Counsel for the Savings Bank's wholly-
owned subsidiary, United Service, since 1984. Mr. McIntosh is also a member of
the Board of the Alzheimer's Association and of Medical University for South
Carolina.
Charles W. Fant, Jr. is a partner in the architectural firm of Fant & Fant
Architects, Anderson, South Carolina, with which he has been affiliated since
1956. Mr. Fant is also active in the community, serving as a Trustee of Connie
Maxwell Children's Home and on the Board of Adjustment and Appeals for both the
City of Anderson and Anderson County, South Carolina.
Cordes G. Seabrook, Jr. is a partner in Value Systems, Gastonia, North
Carolina, an association management company. In this capacity, Mr. Seabrook is
the organizer and manager of the Textile Purchasing Association. Mr. Seabrook is
active in several community organizations, serving as a member of the Board of
Anderson Memorial Hospital, Anderson Area Arts Council, SCETV Endowment and the
Tri-County Tech Endowment. Mr. Seabrook is a minority stockholder and also
serves as a member of the Board of Directors of DS1, Greer, South Carolina, a
company that designs and manufactures security information systems.
Richard C. Ballenger is the President of City Glass Company and D&B Glass
Company, Inc., with which he has been affiliated since 1972. He serves as an
Elder at First Presbyterian Church, is a member of the Board of Directors of the
Anderson Rotary Club and is on the Advisory Board of the Salvation Army.
F. Stevon Kay is the President of Hill Electric Company, Inc., with which
he has been affiliated since 1969. He is a Board member of the Salvation Army
Boys and Girls Club and the President of the Anderson Youth Association. He
attends Concord Baptist Church.
Jim Gray Watson, the Savings Bank's former President and Chief Executive
Officer, was employed by the Savings Bank for 31 years prior to his retirement
in December 1990. Mr. Watson is also involved in numerous charitable and
community organizations.
Martha C. Clamp, a certified public accountant, was employed for six years
as a staff accountant for the accounting firm of Cole, Hook & Cleary, CPAs,
Anderson, South Carolina, and has been self-employed as an accountant since
1988. Ms. Clamp also serves as the Treasurer of the Foothills Sertoma Club, a
member of the
Board of the Anderson County Easter Seals and the Anderson College Alumni Board
and as a Panel Allocation member of the United Way.
J. Roy Martin, Jr. served as a member of the Savings Bank's Board of
Directors from 1970 until 1988. Since 1988, Mr. Martin has served as a Director
Emeritus of the Savings Bank.
Wade A. Watson, Jr. served as a member of the Savings Bank's Board of
Directors from 1960 until 1989. Mr. Watson has served as a Director Emeritus of
the Savings Bank since 1989. Mr. Watson is the brother of the Savings Bank's
former President and Chief Executive Officer, Jim Gray Watson.
Thomas C. Hall has been employed by the Savings Bank since 1975 and
currently serves as Senior Vice President, Treasurer and Chief Financial Officer
responsible for areas of accounting, investments, data processing and deposits.
Mr. Hall is a member of the Financial Managers Society, a Board member of the
Foothills United Way, a member of the Institute of Management Accountants, and a
Board member of the University of South Carolina Alumni Association, Anderson
Chapter.
Barry C. Visioli has been affiliated with the Savings Bank since 1973. Mr.
Visioli serves as Senior Vice President and is responsible for Lending
Operations. He is a Council Member of the Salvation Army Boys and Girls Club, a
Board Member of the Family Counseling Agency and serves on the Anderson County
Board of Assessment Appeals. Mr. Visioli is a director of First Trust, the
mortgage banking company in which a service corporation subsidiary of the
Savings Bank has an equity investment.
Sylvia B. Reed joined the Savings Bank in 1986 and currently serves as
Corporate Secretary. Ms. Reed is a member and Treasurer of the Anderson Chapter
of the American Business Women's Association, which furnishes college
scholarships for students. She is a member of the choir at Taylor Memorial
Church.
EXHIBIT IV-6
Perpetual Bank, A Federal Savings Bank
Pro Forma Regulatory Capital Ratios
PRO FORMA AT SEPTEMBER 30, 1997
--------------------------------------------------------------
Minimum of Estimated Midpoint of Estimated
Valuation Range Valuation Range
--------------------------- ---------------------------
1,466,250 Conversion Shares 1,725,000 Conversion Shares
September 30, 1997 at $20.00 Per Share at $20.00 Per Share
------------------------- --------------------------- ---------------------------
Percent of Percent of Percent of
Adjusted Adjusted Adjusted
Total Total Total
Amount Assets(1) Amount Assets(1) Amount Assets(1)
------ ---------- ------ ---------- ------ ----------
(Dollars in thousands)
GAAP capital(2)..................... $30,602 11.91% $41,811 15.59% $43,945 16.26%
Tangible Capital(2)................. 27,321 10.71 38,530 14.47 40,664 15.15
Tangible capital requirement........ 3,825 1.50 3,994 1.50 4,026 1.50
------- ----- ------- ----- ------- -----
Excess.............................. $23,496 9.21% $34,536 12.97% $36,638 13.65%
======= ===== ======= ===== ======= =====
Core capital(2)..................... $27,321 10.71% $38,530 14.47% $40,664 15.15%
Core capital requirement(3)......... 7,651 3.00 7,987 3.00 8,051 3.00
------- ----- ------- ----- ------- -----
Excess.............................. $19,670 7.71% $30,543 11.47% $32,613 12.15%
======= ===== ======= ===== ======= =====
Total capital(4).................... $29,067 18.35% $40,276 25.08% $42,410 26.33%
Risk-based capital requirement...... 12,670 8.00 12,849 8.00 12,883 8.00
------- ----- ------- ----- ------- -----
Excess.............................. $16,397 10.35% $27,426 17.08% $29,527 18.33%
======= ===== ======= ===== ======= =====
PRO FORMA AT SEPTEMBER 30, 1997
----------------------------------------------------------
15% above
Maximum of Estimated Maximum of Estimated
Valuation Range Valuation Range
--------------------------- ---------------------------
1,983,750 Conversion Shares 2,281,312 Conversion Shares
at $20.00 Per Share at $20.00 Per Share
--------------------------- ---------------------------
Percent of Percent of
Adjusted Adjusted
Total Total
Amount Assets(1) Amount Assets(1)
------ ---------- ------ ----------
(Dollars in thousands)
GAAP capital(2)..................... $46,078 16.91% $48,533 17.65%
Tangible Capital(2)................. 42,797 15.82 45,252 16.58
Tangible capital requirement........ 4,058 1.50 4,094 1.50
------- ----- ------- -----
Excess.............................. $38,739 14.32% $41,158 15.08%
======= ===== ======= =====
Core capital(2)..................... $42,797 15.82% $45,252 16.58%
Core capital requirement(3)......... 8,115 3.00 8,189 3.00
------- ----- ------- -----
Excess.............................. $34,682 12.82% $37,063 13.58%
======= ===== ======= =====
Total capital(4).................... $44,543 27.59% $46,998 29.02%
Risk-based capital requirement...... 12,918 8.00 12,957 8.00
------- ----- ------- -----
Excess.............................. $31,625 19.59% $34,041 21.02%
======= ===== ======= =====
- ---------------
(1) Based upon total tangible assets of $255.0 million at September 30, 1997
and $266.2 million, $268.4 million, $270.5 million and $273.0 million at
the minimum, midpoint, maximum, and maximum, as adjusted, of the Estimated
Valuation Range, respectively, for purpose of the tangible capital
requirement, upon total adjusted assets of $255.0 million at September 30,
1997 and $266.2 million, $268.2 million, $270.5 million and $273.0 million
at the minimum, midpoint, maximum, and maximum, as adjusted, of the
Estimated Valuation Range, respectively, and upon risk-weighted assets of
$158.4 million at September 30, 1997 and $160.6 million, $161.0 million,
$161.5 million and $162.0 million at the minimum, midpoint, maximum, and
maximum, as adjusted, of the Estimated Valuation Range, respectively, for
purposes of the risk-based capital requirement.
(2) A $2.1 million investment in non-includable subsidiaries, a $1.0 million
deduction associated with the limited partnership interest discussed under
"BUSINESS OF THE SAVINGS BANK -- Lending Activities -- Equity Investment in
Limited Partnership" and an unrealized gain on securities available-for-
sale, net of taxes, of $188,000 account for the difference between
generally accepted accounting principals ("GAAP") capital and both tangible
capital and core capital.
(3) The current OTS core capital requirement for savings associations is 3% of
total adjusted assets. The OTS has proposed core capital requirements
which would require a core capital ratio of 3% of total adjusted assets for
thrifts that receive the highest supervisory rating for safety and
soundness and a core capital ratio of 4% to 5% for all other thrifts.
(4) Percentage represents total core and supplementary capital divided by total
risk-weighted assets. Assumes net proceeds are invested in assets that
carry a 20% risk-weighting.
EXHIBIT IV-7
Perpetual Bank, A Federal Savings Bank
Pro Forma Analysis Sheet
EXHIBIT IV-7
PRO FORMA ANALYSIS SHEET
Perpetual Bank, A Federal Savings Bank
Prices as of December 5, 1997
Peer Group South Carolina Companies All SAIF Insured
----------------- ------------------------ ---------------------
Valuation Midpoint Pricing Multiples Symbol Subject (1) Mean Median Mean Median Mean Median
- ------------------------------------ ------ ----------- ---- ------ ---- ------ ---- ------
Price-earnings multiple = P/E 23.82x 19.07x 18.30x 19.91x 19.91x 19.32x 19.24x
Price-core earnings multiple = P/CE 23.04x 19.58x 19.16x 21.64x 21.64x 20.17x 19.90x
Price-book ratio = P/B 103.86% 144.10% 137.87% 219.96% 211.80% 158.46% 152.11%
Price-tangible book ratio = P/TB 103.86% 144.10% 137.87% 219.96% 211.80% 163.19% 153.92%
Price-assets ratio = P/A 22.51% 26.76% 25.50% 27.27% 28.09% 19.36% 17.91%
Valuation Parameters
- --------------------
Pre-Conversion Earnings (Y) $1,728,363 ESOP Stock Purchases (E) 0.00% (4)
Pre-Conversion Core Earnings $1,820,000 Cost of ESOP Borrowings (S) 0.00%
Pre-Conversion Book Value (B) $30,602,000 ESOP Amortization (T) 10.00 years
Pre-Conv. Tang. Book Value (B) $30,602,000 RRP Amount (M) 4.00%
Pre-Conversion Assets (A) $256,993,340 MRP Vesting (N) 5.00 years (4)
Reinvestment Rate (2)(R) 3.69% Percentage Sold (PCT) 53.01970%
Est. Conversion Expenses (3)(X) 3.10%
Tax rate (TAX) 35.00%
Calculation of Pro Forma Value After Conversion
- -----------------------------------------------
1. V= P/E * (Y) V= $65,070,148
-------------------------------------------------------
1 - P/E * PCT * ((1-X-E-M)*R - (1-TAX)*E/T - (1-TAX)*M/N)
2. V= P/B * B V= $65,070,148
-------------------------
1 - P/B * PCT * (1-X-E-M)
3. V= P/A * A V= $65,070,148
--------------------------
1 - P/A * PCT * (1-X-E-M)
Full
Gross Exchange Conversion
Conclusion Proceeds Ratio Value
- ---------- -------- ----- -----
Minimum $29,325,000 1.83281 $55,309,626
Midpoint $34,500,000 2.15625 $65,070,148
Maximum $39,675,000 2.47969 $74,830,670
Supermaximum $45,626,250 2.85164 $86,055,271
- -----------------------------------------------------------------
(1) Pricing ratios shown reflect the midpoint value.
(2) Net return reflects a reinvestment rate of 5.68 percent, and a tax rate of
35.00 percent.
(3) Estimated offering expenses at midpoint of the offering.
(4) MRP amortizes over 5 years, amortization expenses tax effected at 35.0
percent.
EXHIBIT IV-8
Perpetual Bank, A Federal Savings Bank
Pro Forma Effect of Conversion Proceeds
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Perpetual Bank, A Federal Savings Bank
At the Minimum of the Range
1. Conversion Proceeds
Full Conversion Value $55,309,626
Exchange Ratio 1.8328
Offering Proceeds $29,325,000
Less: Estimated Offering Expenses 990,000
-------
Net Conversion Proceeds $28,335,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $28,335,000
Less: Non-Cash Stock Purchases (1) 1,173,000
---------
Net Proceeds Reinvested $27,162,000
Estimated net incremental rate of return 3.69%
-----
Earnings Increase $1,002,821
Less: Estimated cost of ESOP borrowings 0
Less: Amortization of ESOP borrowings 0
Less: Recognition Plan Vesting (2) 152,490
-------
Net Earnings Increase $850,331
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1997 (reported) $1,728,363 $850,331 $2,578,694
12 Months ended September 30, 1997 (core) $1,820,000 $850,331 $2,670,331
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1997 $30,602,000 $27,162,000 $57,764,000
September 30, 1997 (Tangible) $30,602,000 $27,162,000 $57,764,000
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1997 $256,993,340 $27,162,000 $284,155,340
(1) Includes MRP stock purchases equal to 4.0 percent of the second step
offering.
(2) MRP is amortized over 5 years, and amortization expense is tax effected at
35.00 percent.
Exhibit IV-8 PRO FORMA
EFFECT OF CONVERSION PROCEEDS Perpetual
Bank, A Federal Savings Bank
At the Midpoint of the Range
1. Conversion Proceeds
Full Conversion Value $65,070,148
Exchange Ratio 2.1563
Offering Proceeds $34,500,000
Less: Estimated Offering Expenses 1,070,000
---------
Net Conversion Proceeds $33,430,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $33,430,000
Less: Non-Cash Stock Purchases (1) 1,380,000
---------
Net Proceeds Reinvested $32,050,000
Estimated net incremental rate of return 3.69%
-----
Earnings Increase $1,183,286
Less: Estimated cost of ESOP borrowings 0
Less: Amortization of ESOP borrowings 0
Less: Recognition Plan Vesting (2) 179,400
-------
Net Earnings Increase $1,003,886
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1997 (reported) $1,728,363 $1,003,886 $2,732,249
12 Months ended September 30, 1997 (core) $1,820,000 $1,003,886 $2,823,886
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1997 $30,602,000 $32,050,000 $62,652,000
September 30, 1997 (Tangible) $30,602,000 $32,050,000 $62,652,000
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1997 $256,993,340 $32,050,000 $289,043,340
(1) Includes MRP stock purchases equal to 4.0 percent of the second step
offering.
(2) MRP is amortized over 5 years, and amortization expense is tax effected at
35.00 percent.
Exhibit IV-8 PRO FORMA
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Perpetual Bank, A Federal Savings Bank
At the Maximum of the Range
1. Conversion Proceeds
Full Conversion Value $74,830,670
Exchange Ratio 2.4797
Offering Proceeds $39,675,000
Less: Estimated Offering Expenses 1,150,000
-----------
Net Conversion Proceeds $38,525,000
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $38,525,000
Less: Non-Cash Stock Purchases (1) 1,587,000
-----------
Net Proceeds Reinvested $36,938,000
Estimated net incremental rate of return 3.69%
-----------
Earnings Increase $1,363,751
Less: Estimated cost of ESOP borrowings 0
Less: Amortization of ESOP borrowings 0
Less: Recognition Plan Vesting (2) 206,310
-----------
Net Earnings Increase $1,157,441
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1997 (reported) $1,728,363 $1,157,441 $2,885,804
12 Months ended September 30, 1997 (core) $1,820,000 $1,157,441 $2,977,441
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1997 $30,602,000 $36,938,000 $67,540,000
September 30, 1997 (Tangible) $30,602,000 $36,938,000 $67,540,000
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1997 $256,993,340 $36,938,000 $293,931,340
(1) Includes MRP stock purchases equal to 4.0 percent of the second step
offering.
(2) MRP is amortized over 5 years, and amortization expense is tax effected at
35.00 percent.
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Perpetual Bank, A Federal Savings Bank
At the Superrange Maximum
1. Conversion Proceeds
Full Conversion Value $86,055,271
Exchange Ratio 2.8516
Offering Proceeds $45,626,250
Less: Estimated Offering Expenses 1,240,000
-----------
Net Conversion Proceeds $44,386,250
2. Estimated Additional Income from Conversion Proceeds
Net Conversion Proceeds $44,386,250
Less: Non-Cash Stock Purchases (1) 1,825,050
-----------
Net Proceeds Reinvested $42,561,200
Estimated net incremental rate of return 3.69%
-----------
Earnings Increase $1,571,360
Less: Estimated cost of ESOP borrowings 0
Less: Amortization of ESOP borrowings 0
Less: Recognition Plan Vesting (2) 237,257
-----------
Net Earnings Increase $1,334,103
Net
Before Earnings After
3. Pro Forma Earnings Conversion Increase Conversion
---------- -------- ----------
12 Months ended September 30, 1997 (reported) $1,728,363 $1,334,103 $3,062,466
12 Months ended September 30, 1997 (core) $1,820,000 $1,334,103 $3,154,103
Before Net Cash After
4. Pro Forma Net Worth Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1997 $30,602,000 $42,561,200 $73,163,200
September 30, 1997 (Tangible) $30,602,000 $42,561,200 $73,163,200
Before Net Cash After
5. Pro Forma Assets Conversion Proceeds Conversion
---------- -------- ----------
September 30, 1997 $256,993,340 $42,561,200 $299,554,540
(1) Includes MRP stock purchases equal to 4.0 percent of the second step
offering.
(2) MRP is amortized over 5 years, and amortization expense is tax effected at
35.00 percent.
EXHIBIT IV-9
Perpetual Bank, A Federal Savings Bank
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 September 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
- ----------------
BFSB Bedford Bancshares of VA 1,591 -16 5 0 1,580 1,142 1.38
CFTP Community Fed. Bancorp of MS 3,037 -21 7 0 3,023 4,629 0.65
CFFC Community Fin. Corp. of VA 1,915 13 -4 0 1,924 1,275 1.51
FFBS FFBS Bancorp of Columbus MS 1,824 0 0 0 1,824 1,572 1.16
SOPN First SB, SSB, Moore Co. of NC 4,878 0 0 0 4,878 3,687 1.32
KSAV KS Bancorp of Kenly NC 1,242 -16 5 0 1,231 885 1.39
SCCB S. Carolina Comm. Bnshrs of SC 526 0 0 0 526 699 0.75
SSM Stone Street Bancorp of NC 1,639 0 0 0 1,639 1,898 0.86
TSH Teche Holding Company of LA 3,867 -274 93 0 3,686 3,438 1.07
FTF Texarkana Fst. Fin. Corp of AR 2,884 -21 7 0 2,870 1,787 1.61
TWIN Twin City Bancorp of TN 903 -221 75 0 757 1,272 0.60
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,
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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
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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 (10)
James J. Oren, Vice President (10)
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Washington Headquarters
Rosslyn Center
1700 North Moore Street, Suite 2210 Telephone: (703) 528-1700
Arlington, VA 22209 Fax No.: (703) 528-1788