EXHIBIT 99.4
CONVERSION VALUATION REPORT UPDATE
------------------------------
Valued as of August 31, 1998
NORTHFIELD FEDERAL SAVINGS
Baltimore, Maryland
Prepared By:
Ferguson & Company
Suite 305
860 West Airport Freeway
Hurst, Texas 76054
817/577-9558
[LETTERHEAD OF FERGUSON AND COMPANY]
SEPTEMBER 1, 1998
BOARD OF DIRECTORS
NORTHFIELD FEDERAL SAVINGS
8005 HARFORD ROAD
BALTIMORE, MARYLAND 21234
DEAR DIRECTORS:
We have completed and hereby provide, as of August 31, 1998, an updated
independent appraisal of the estimated pro forma market value of Northfield
Federal Savings, Baltimore, Maryland ("Northfield" or the "Bank"), in connection
with the conversion of Northfield from the mutual to stock form of organization
("Conversion"). This appraisal report update is being issued as a result of
significant changes in the market since the date of our last appraisal report,
which was as of July 24, 1998. Our original appraisal report, dated February
27, 1998, and our last appraisal update, dated July 24, 1998, are incorporated
herein by reference.
In preparing this appraisal update, we reviewed our original appraisal and
update and the Form AC, including the proxy statement. We considered, among
other items, recent developments in stock market conditions and available
financial information on Northfield. In addition, where appropriate, we
considered information based on other available published sources that we
believe is reliable; however, we cannot guarantee the accuracy or completeness
of such information.
Our appraisal update is based on the Bank's representation that the
information in the application for conversion and additional evidence furnished
us by the Bank are accurate and complete. We did not independently verify the
financial statements and other information furnished by the Bank, nor did we
independently value its assets and liabilities. The appraisal update considers
the Bank as a going concern and should not be considered as an indication of its
liquidation value.
Our valuation is not intended, and must not be construed, as a recommendation
of any kind as to the advisability of purchasing shares of common stock in the
conversion. Moreover, because such valuation is necessarily based upon
estimates and projections of a number of matters, all of which are subject to
change from time to time, no assurance can be given that persons who purchase
shares of common stock in the conversion will thereafter be able to sell such
shares at prices related to the foregoing estimate of the Bank's pro forma
market value. Ferguson & Company ("F&C") is not a seller of securities within
the meaning of any federal or state securities laws and any report prepared by
F&C shall not be used as an offer or solicitation with respect to the purchase
or sale of any securities.
BOARD OF DIRECTORS
SEPTEMBER 1, 1998
PAGE 2
RECENT FINANCIAL PERFORMANCE
- ----------------------------
The Bank has a December 31 fiscal year. The original Form AC has December 31,
1997, audited financial statements and no unaudited financial statements. Our
original appraisal of February 27, 1998, was based on December 31, 1997,
financial statements. The most recent Form AC update has June 30, 1998 and June
30, 1997, unaudited financial statements. Our update as of July 24, 1998,
utilized the June 30, 1998, financial information. This appraisal update also
utilizes the year ended June 30, 1998, for appraisal income purposes. Appraisal
earnings for the year ended June 30, 1998, were $312,000.
GENERAL
- -------
Since our last update as of July 24, 1998, the overall thrift equity market
has shown significant downward movement in value. Exhibit I shows the movement
of the SNL Thrift index from December 31, 1997, to August 31, 1998, the date of
this update. The table shows that the index decreased by 27.4% from July 24,
1998 to August 31, 1998, the current update period. The general level of
interest rates has decreased slightly during the update period (see Exhibit II).
There have been no Federal Reserve Board adjustments to rates during the update
period.
Exhibit III provides information on thrift conversions completed since
February 28, 1998. Seven of the twelve thrifts have increased in value since
conversion. Three have decreased in value and two have experienced no change.
The thrifts have averaged an increase of 15.4%, with a median increase of 5.3%.
Individual changes have ranged from a decrease of 16.3% to an increase of 85.0%.
Short term price increases have occurred as follows: One day--average 51.3%,
median 50.0%; one week--average 55.4%, median 51.6%; and one month--average
53.7%, median 52.5%. Interestingly, all twelve were selling for less on August
31, 1998, than they closed for on their first day of trading.
Exhibit IV provides information on pink sheet thrift conversions completed
since August 31, 1997. Nine of the thirteen thrifts have increased in value
since conversion. Two have decreased in value and two have experienced no
change. The pink sheet thrifts have averaged an increase of 9.0%, with a median
increase of 10.0%. Individual changes have ranged from a decrease of 6.9% to an
increase of 35.0%. Short term price increases have occurred as follows: One
day--average 34.8%, median 32.8%; one week--average 33.4%, median 31.2%; and one
month--average 35.6%, median 40.0%. Twelve of the thirteen were selling for
less on August 31, 1998, than they closed for on their first day of trading.
The group of comparative institutions, which is included in Exhibit VI,
experienced an average decrease in per share value of 14.7% and a median
decrease in per share value of 11.3% during the update period, with six
decreasing in value, two increasing in value, and one experiencing no change in
value (after adjusting for Scotland Bancorp, which entered into a merger
agreement between the July 24, 1998, update and the current update).
During recent months, conversions have experienced dramatic first day
increases. However, those completed since the end of June 1998 have not fared
nearly as well.
BOARD OF DIRECTORS
SEPTEMBER 1, 1998
PAGE 3
VALUATION APPROACH
- ------------------
Table VII indicates the pro forma market valuation of Northfield versus the
comparative group and all publicly held thrifts. Pro forma pricing ratios for
Northfield are based on the financial information shown in Exhibit IX. Pro
forma earnings are based on currently available interest rates and pro forma
assets and book value information are taken from the June 30, 1998, financial
data included in the offering circular.
At the $3,800,000 midpoint of the range, Northfield is valued at 63.0% of pro
forma book value, representing a discount of 43.2% from the mean and 36.9% from
the median of the comparative group. The midpoint price is 10.1 times pro forma
earnings, representing a discount of 56.5% from the mean and 54.3% from the
median of the comparative group.
As compared to all publicly held thrifts, at the midpoint of the range,
Northfield's price earnings ratio represents a discount of 42.6% from the mean
and 37.7% from the median. Northfield's value of 63.0% of pro forma book value
is well below the mean of 133.2% and median of 120.2% of all publicly held
thrifts.
As compared to thrift conversions completed within the past six months (see
Exhibit III), Northfield's price to pro forma book of 63.0% represents an 18.2%
discount from the mean and a discount of 18.7% from the median. And its price
earnings ratio of 10.1 represents a 41.3% discount from the mean and a 42.3%
discount from the median.
As compared to pink sheet thrift conversions completed within the past twelve
months (see Exhibit IV), Northfield's price to pro forma book of 63.0%
represents a 14.3% discount from the mean and a discount of 14.5% from the
median. And its price earnings ratio of 10.1 represents a 45.4% discount from
the mean and a 42.6% discount from the median.
At the supermaximum, Northfield's price to pro forma book ratio of 70.9%
represents a discount of 7.9% from the mean and 8.5% from the median of major
exchange conversions completed since February 28, 1998. Northfield's pro forma
price to book of 70.9% represents a discount of 3.5% from the mean and 3.8% from
the median of pink sheet conversions completed since August 31, 1997.
CONCLUSION
- ----------
In our opinion, Northfield's estimated pro forma market value at August 31,
1998, was $3,800,000, which represented a 15.6% decrease from our most recent
appraisal update as of July 24, 1998. The resulting valuation range is
$3,230,000 at the minimum to $4,370,000 at the maximum, based on a range of 15%
below and 15% above the midpoint valuation. The supermaximum is $5,025,500,
based on 1.15 times the maximum. Pro forma comparisons with the comparative
group are presented in Exhibit VII based on calculations shown in Exhibit IX.
During the update period from July 24, 1998, to August 31, 1998, thrift equity
markets have shown dramatic declines. Interest rates have decreased slightly
during the update period. The SNL Thrift Index decreased 27.4%, the average
value of the comparative group decreased 14.7%, and the median value of the
comparative group decreased 11.3%. Recent conversions are not experiencing the
dramatic first day
BOARD OF DIRECTORS
SEPTEMBER 1, 1998
PAGE 4
increases that they were experiencing at one time and most of the recent
conversions on both the major exchanges and pink sheets have declined in value
since the first day of trading. Considering all of the above factors together,
we believe the 15.6% decrease in the midpoint value is justified.
Our opinion is based upon circumstances as of the date hereof, including
current conditions in the United States securities markets. Events occurring
after the date hereof, including, but not limited to, changes affecting the
United States securities markets and subsequent results of operations of
Northfield, could materially affect the assumptions used in preparing this
opinion.
Respectfully,
Ferguson & Company
/s/ Robin L. Fussell
Robin L. Fussell
Principal
LIST OF EXHIBITS
EXHIBIT
NUMBER Title PAGE
- ------------- -----------
I SNL Index 1
II Selected Interest Rates 2
III Recent Conversions 3
IV Recent Pink Sheet Conversions 6
V Selected Publicly Held Thrifts 9
VI Comparative Group Price Changes 25
VII Pro Forma Comparisons 27
VIII Comparison of Pricing Ratios 29
IX Pro Forma Assumptions 30
Pro Forma Effect of Conversion Proceeds 31
Pro Forma Analysis Sheet 35
FERGUSON & COMPANY EXHIBIT I - SNL INDEX
- ------------------
% CHANGE SINCE
--------------------------------------------
SNL PREVIOUS
DATE INDEX DATE 12/31/97 2/27/98 7/24/98
---- ----- -------- -------- ------- -------
12/31/97 814.1
1/31/98 768.3 -5.6% -5.6%
2/27/98 818.7 6.6% 0.6%
3/31/98 869.3 6.2% 6.8% 6.2%
4/30/98 882.1 1.5% 8.4% 7.7%
5/31/98 897.2 1.7% 10.2% 9.6%
6/30/98 833.5 -7.1% 2.4% 1.8%
7/24/98 824.7 -1.1% 1.3% 0.7%
8/31/98 598.6 -27.4% -26.5% -26.9% -27.4%
[GRAPH OF SNL INDEX APPEARS HERE]
SOURCE: SNL & F&C CALCULATIONS 1
FERGUSON & COMPANY
- ------------------
EXHIBIT II - SELECTED RATES
8/28/98 vs. 7/24/98 vs.
7/24/98 2/27/98
--------------- ----------------
Increase Increase
8/28/98 7/24/98 2/27/98 (Decrease) (Decrease)
--------------- ---------------- ---------------- --------------- ----------------
Federal funds rate 5.48 5.50 5.51 (0.02) (0.01)
3 month T-bill discount (1) 4.94 4.97 5.16 (0.03) (0.19)
1 year T-bill discount (1) 4.91 5.09 5.14 (0.18) (0.05)
5 year treasury rate 5.14 5.47 5.60 (0.33) (0.13)
10 year treasury rate 5.27 5.46 5.63 (0.19) (0.17)
Long term treasury rate 5.45 5.69 5.94 (0.24) (0.25)
(1) Rates presented represent discounts, not yields.
SOURCE: FERDERAL RESERVE BANK
OF ST.LOUIS 2
FERGUSON & COMPANY EXHIBIT III - RECENT CONVERSIONS
- ------------------
(COMPLETED SINCE FEBRUARY 28, 1998)
Conversion Gross Offering
Assets Proceeds Price
Ticker Short Name State IPO Date ($000) ($000) ($)
CITZ CFS Bancorp Inc. IN 07/24/98 746,050 178,538 10.000
UCFC United Community Finl Corp. OH 07/09/98 1,044,993 334,656 10.000
HRBT Hudson River Bancorp NY 07/01/98 664,996 173,337 10.000
FKAN First Kansas Financial Corp. KS 06/29/98 95,655 15,539 10.000
CFKY Columbia Financial of Kentucky KY 04/15/98 104,006 26,715 10.000
EFC EFC Bancorp Inc. IL 04/07/98 315,910 69,365 10.000
HBSC Heritage Bancorp Inc. SC 04/06/98 247,499 69,431 15.000
NEP Northeast PA Financial Corp. PA 04/01/98 369,242 59,515 10.000
BYS Bay State Bancorp MA 03/30/98 233,074 46,949 20.000
HLFC Home Loan Financial Corp. OH 03/26/98 60,401 22,483 10.000
CAVB Cavalry Bancorp Inc. TN 03/17/98 275,925 75,383 10.000
ICBC Independence Comm. Bank Corp. NY 03/17/98 3,733,316 704,109 10.000
Maximum 3,733,316 704,109 20.000
Minimum 60,401 15,539 10.000
Average 657,589 148,002 11.250
Median 295,918 69,398 10.000
SOURCE: SNL & F&C CALCULATIONS 3
FERGUSON & COMPANY EXHIBIT III - RECENT CONVERSIONS
- ------------------
(COMPLETED SINCE FEBRUARY 28, 1998)
CONVERSION PRICING RATIOS
------------------------------------------------------------
Price/ Price/ Price/ Price/ Current Current Current
Pro-Forma Pro-Forma Pro-Forma Adjusted Stock Price/ Price/ Tang
Book Value Tang. Book Earnings Assets Price Book Value Book Value
Ticker (%) (%) (x) (%) ($) (%) (%)
CITZ 71.7 71.7 18.2 19.3 8.375 NA NA
UCFC 77.8 77.8 14.1 24.3 14.000 NA NA
HRBT 80.1 80.1 22.3 20.7 9.813 NA NA
FKAN 78.5 78.5 14.0 14.0 10.000 74.3 75.2
CFKY 74.5 74.5 19.6 20.4 12.000 85.6 85.6
EFC 76.6 76.6 13.5 18.0 10.000 79.6 79.6
HBSC 78.0 78.0 16.1 21.9 16.625 81.3 81.3
NEP 75.4 75.4 18.7 13.9 10.063 70.0 70.0
BYS 78.6 78.6 20.9 16.8 19.625 72.0 72.0
HLFC 75.9 75.9 17.0 27.1 13.875 98.8 98.8
CAVB 79.8 79.8 14.3 21.5 18.500 138.4 138.4
ICBC 77.2 82.7 17.9 15.9 11.000 87.1 92.3
Maximum 80.1 82.7 22.3 27.1 19.625 138.4 138.4
Minimum 71.7 71.7 13.5 13.9 8.375 70.0 70.0
Average 77.0 77.5 17.2 19.5 12.823 87.5 88.1
Median 77.5 77.9 17.5 19.9 11.500 81.3 81.3
SOURCE: SNL & F&C CALCULATIONS 4
FERGUSON & COMPANY EXHIBIT III - RECENT CONVERSIONS
- ------------------
(COMPLETED SINCE FEBRUARY 28, 1998)
Price One Price One Price One POST CONVERSION PRICE CHANGES
-----------------------------------------------------
Day After Week After Month After One One One To
Conversion Conversion Conversion Day Week Month Date
($) ($) ($) (%) (%) (%) (%)
CITZ 11.438 10.938 9.750 14.4 9.4 (2.5) (16.3)
UCFC 15.000 16.000 15.750 50.0 60.0 57.5 40.0
HRBT 12.563 13.500 13.375 25.6 35.0 33.8 (1.9)
FKAN 12.313 12.250 11.500 23.1 22.5 15.0 -
CFKY 17.125 15.938 16.000 71.3 59.4 60.0 20.0
EFC 14.750 14.938 14.125 47.5 49.4 41.3 -
HBSC NA 21.938 21.875 NA 46.3 45.8 10.8
NEP 15.500 15.375 15.438 55.0 53.8 54.4 0.6
BYS 29.375 29.625 30.125 46.9 48.1 50.6 (1.9)
HLFC 15.250 16.188 16.750 52.5 61.9 67.5 38.8
CAVB 20.563 24.375 24.000 105.6 143.8 140.0 85.0
ICBC 17.250 17.563 18.125 72.5 75.6 81.3 10.0
Maximum 29.375 29.625 30.125 105.6 143.8 140.0 85.0
Minimum 11.438 10.938 9.750 14.4 9.4 (2.5) (16.3)
Average 16.466 17.386 17.234 51.3 55.4 53.7 15.4
Median 15.250 15.969 15.875 50.0 51.6 52.5 5.3
SOURCE: SNL & F&C CALCULATIONS 5
FERGUSON & COMPANY EXHIBIT IV - RECENT PINK SHEET CONVERSIONS
- ------------------
(COMPLETED SINCE AUGUST 31, 1997)
Conversion
Assets IPO Proceeds IPO Price
Ticker Short Name State IPO Date ($000) ($000) ($)
CAFN Carnegie Financial Corporation PA 07/13/98 16,723 2,381 10.000
PCBH PCB Holding Company IN 07/02/98 21,989 3,968 10.000
ANSN Anson Bancorp Inc. NC 06/22/98 20,273 5,851 10.000
AFSB Adirondack Financial Services NY 04/07/98 61,022 6,613 10.000
QTMB Quitman Bancorp Inc. GA 04/07/98 39,192 6,613 10.000
SFSH SFSB Holding Co. PA 02/27/98 37,810 7,260 10.000
WPBC Wyman Park Bancorp MD 01/07/98 62,241 10,117 10.000
DFFN Delaware First Financial Corp. DE 01/05/98 112,545 11,570 10.000
CDLC Coddle Creek Financial Corp. NC 12/31/97 114,162 33,724 50.000
NARK North Arkansas Bancshares Inc. AR 12/19/97 34,379 3,703 10.000
SHSB SHS Bancorp Inc. PA 10/01/97 81,688 8,200 10.000
OSFS Ohio State Financial Services OH 09/29/97 33,929 6,332 10.000
CIBC Citizens Bancorp Inc. IN 09/18/97 45,153 10,580 10.000
Maximum 114,162 33,724 50.000
Minimum 16,723 2,381 10.000
Average 52,393 8,993 13.077
Median 39,192 6,613 10.000
SOURCE: SNL & F&C CALCULATIONS 6
FERGUSON & COMPANY EXHIBIT IV - RECENT PINK SHEET CONVERSIONS
- ------------------
(COMPLETED SINCE AUGUST 31, 1997)
Conversion Pricing Ratios
---------------------------------------------------------------
Price/ Price/ Price/ Price/ Current Current Current
Pro-Forma Pro-Forma Pro-Forma Adjusted Stock Price/ Price/ Tang
Book Value Tang, Book Earnings Assets Price Book Value Book Value
Ticker (%) (%) (x) (%) ($) (%) (%)
CAFN 79.2 79.2 NA 12.5 9.310 NA NA
PCBH 71.0 71.0 17.6 15.3 10.000 NA NA
ANSN 65.3 65.3 21.9 22.4 11.500 NA NA
AFSB 77.0 77.0 NA 9.8 12.500 92.6 92.6
QTMB 78.7 78.7 14.6 14.4 11.000 77.7 77.7
SFSH 76.0 76.0 NA 16.1 10.500 77.5 NM
WPBC 76.7 76.7 23.3 14.0 11.000 79.5 79.5
DFFN 73.7 73.7 20.6 9.3 9.430 67.9 67.9
CDLC 77.9 77.9 22.3 22.8 58.500 89.7 89.7
NARK 72.3 72.3 NA 9.7 10.000 69.9 71.1
SHSB 70.7 70.7 12.5 9.1 10.060 66.7 66.7
OSFS 63.3 63.3 17.5 15.7 13.500 83.2 83.2
CIBC 73.5 73.5 16.1 19.0 11.250 76.1 76.1
Maximum 79.2 79.2 23.3 22.8 58.500 92.6 92.6
Minimum 63.3 63.3 12.5 9.1 9.310 66.7 66.7
Average 73.5 73.5 18.5 14.6 14.504 78.1 78.3
Median 73.7 73.7 17.6 14.4 11.000 77.6 77.7
Current
Price/
IPO Price Earnings
Ticker (x)
CAFN NA
PCBH NA
ANSN NA
AFSB NA
QTMB NA
SFSH 43.8
WPBC NA
DFFN NM
CDLC 20.6
NARK NM
SHSB 18.0
OSFS 33.8
CIBC 12.8
Maximum 43.8
Minimum 12.8
Average 25.8
Median 20.6
SOURCE: SNL & F&C CALCULATIONS 7
FERGUSON & COMPANY EXHIBIT IV - RECENT PINK SHEET CONVERSIONS
- ------------------
(COMPLETED SINCE AUGUST 31, 1997)
Price One Price One Price One POST CONVERSION PRICE CHANGES
-----------------------------------------------------
Day After Week After Month After One One One To
Conversion Conversion Conversion Day Week Month Date
Ticker ($) ($) ($) (%) (%) (%) (%)
CAFN NA 10.250 10.120 NA 2.5 1.2 (6.9)
PCBH 11.500 12.120 10.870 15.0 21.2 8.7 -
ANSN NA 12.060 12.370 NA 20.6 23.7 15.0
AFSB 12.000 12.120 12.310 20.0 21.2 23.1 25.0
QTMB 12.625 14.310 14.000 26.3 43.1 40.0 10.0
SFSH 12.813 13.120 14.370 28.1 31.2 43.7 5.0
WPBC 13.750 13.620 14.620 37.5 36.2 46.2 10.0
DFFN NA 11.960 12.750 NA 19.6 27.5 (5.7)
CDLC 77.000 77.620 79.370 54.0 55.2 58.7 17.0
NARK 12.500 12.750 13.000 25.0 27.5 30.0 -
SHSB 14.750 16.250 16.000 47.5 62.5 60.0 0.6
OSFS 15.500 15.370 14.960 55.0 53.7 49.6 35.0
CIBC 14.000 14.000 15.000 40.0 40.0 50.0 12.5
Maximum 77.000 77.620 79.370 55.0 62.5 60.0 35.0
Minimum 11.500 10.250 10.120 15.0 2.5 1.2 (6.9)
Average 19.644 18.119 18.442 34.8 33.4 35.6 9.0
Median 13.282 13.120 14.000 32.8 31.2 40.0 10.0
SOURCE: SNL & F&C CALCULATIONS 8
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
Deposit
Insurance
Agency
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date
PWBK Pennwood Bancorp Inc. Pittsburgh PA MA SAIF NASDAQ 07/15/96
CNSB CNS Bancorp Inc. Jefferson City MO MW SAIF NASDAQ 06/12/96
PBHC Pathfinder Bancorp Inc. (MHC) Oswego NY MA BIF NASDAQ 11/16/95
WAYN Wayne Savings Bancshares (MHC) Wooster OH MW SAIF NASDAQ 06/25/93
SRN Southern Banc Co. Gadsden AL SE SAIF AMSE 10/05/95
ALLB Alliance Bank (MHC) Broomall PA MA SAIF NASDAQ 03/03/95
PROV Provident Financial Holdings Riverside CA WE SAIF NASDAQ 06/28/96
BKUNA BankUnited Financial Corp. Coral Gables FL SE SAIF NASDAQ 12/11/85
FFDF FFD Financial Corp. Dover OH MW SAIF NASDAQ 04/03/96
CSBF CSB Financial Group Inc. Centralia IL MW SAIF NASDAQ 10/09/95
PULB Pulaski Bank, FSB (MHC) St. Louis MO MW SAIF NASDAQ 05/11/94
BANC BankAtlantic Bancorp Inc. Fort Lauderdale FL SE SAIF NASDAQ 11/29/83
FGHC First Georgia Holding Inc. Brunswick GA SE SAIF NASDAQ 02/11/87
FCB Falmouth Bancorp Inc. Falmouth MA NE BIF AMSE 03/28/96
GSLA GS Financial Corp. Metairie LA SW SAIF NASDAQ 04/01/97
FBHC Fort Bend Holding Corp. Rosenberg TX SW SAIF NASDAQ 06/30/93
FTNB Fulton Bancorp Inc. Fulton MO MW SAIF NASDAQ 10/18/96
GTPS Great American Bancorp Champaign IL MW SAIF NASDAQ 06/30/95
FLAG FLAG Financial Corp. LaGrange GA SE SAIF NASDAQ 12/11/86
EFBI Enterprise Federal Bancorp West Chester OH MW SAIF NASDAQ 10/17/94
CFTP Community Federal Bancorp Tupelo MS SE SAIF NASDAQ 03/26/96
FFSX First Fed SB of Siouxland(MHC) Sioux City IA MW SAIF NASDAQ 07/13/92
FLKY First Lancaster Bancshares Lancaster KY MW SAIF NASDAQ 07/01/96
NSLB NS&L Bancorp Inc. Neosho MO MW SAIF NASDAQ 06/08/95
SCCB S. Carolina Community Bancshrs Winnsboro SC SE SAIF NASDAQ 07/07/94
WCFB Webster City Federal SB (MHC) Webster City IA MW SAIF NASDAQ 08/15/94
CMSV Community Savings Bnkshrs(MHC) North Palm Beach FL SE SAIF NASDAQ 10/24/94
CNY Carver Bancorp Inc. New York NY MA SAIF AMSE 10/25/94
SMBC Southern Missouri Bancorp Inc. Poplar Bluff MO MW SAIF NASDAQ 04/13/94
PLSK Pulaski Savings Bank (MHC) Springfield NJ MA SAIF NASDAQ 04/03/97
PSFC Peoples-Sidney Financial Corp. Sidney OH MW SAIF NASDAQ 04/28/97
LFED Leeds Federal Bankshares (MHC) Baltimore MD MA SAIF NASDAQ 05/02/94
ANE Alliance Bncp of New England Vernon CT NE BIF AMSE 12/19/86
SGVB SGV Bancorp Inc. West Covina CA WE SAIF NASDAQ 06/29/95
JSBA Jefferson Savings Bancorp Ballwin MO MW SAIF NASDAQ 04/08/93
FFFL Fidelity Bankshares Inc. (MHC) West Palm Beach FL SE SAIF NASDAQ 01/07/94
AMFC AMB Financial Corp. Munster IN MW SAIF NASDAQ 04/01/96
PBCT People's Bank (MHC) Bridgeport CT NE BIF NASDAQ 07/06/88
FFBZ First Federal Bancorp Inc. Zanesville OH MW SAIF NASDAQ 07/13/92
SZB SouthFirst Bancshares Inc. Sylacauga AL SE SAIF AMSE 02/14/95
NWSB Northwest Bancorp Inc. (MHC) Warren PA MA SAIF NASDAQ 11/07/94
CBES CBES Bancorp Inc. Excelsior Springs MO MW SAIF NASDAQ 09/30/96
HWEN Home Financial Bancorp Spencer IN MW SAIF NASDAQ 07/02/96
FLFC First Liberty Financial Corp. Macon GA SE SAIF NASDAQ 12/06/83
ABCW Anchor BanCorp Wisconsin Madison WI MW SAIF NASDAQ 07/16/92
AHCI Ambanc Holding Co. Amsterdam NY MA BIF NASDAQ 12/27/95
FTFC First Federal Capital Corp. La Crosse WI MW SAIF NASDAQ 11/02/89
MFFC Milton Federal Financial Corp. West Milton OH MW SAIF NASDAQ 10/07/94
PBKB People's Bancshares Inc. New Bedford MA NE BIF NASDAQ 10/30/86
SOBI Sobieski Bancorp Inc. South Bend IN MW SAIF NASDAQ 03/31/95
LXMO Lexington B&L Financial Corp. Lexington MO MW SAIF NASDAQ 06/06/96
WHGB WHG Bancshares Corp. Lutherville MD MA SAIF NASDAQ 04/01/96
HBFW Home Bancorp Fort Wayne IN MW SAIF NASDAQ 03/30/95
CMSB Commonwealth Bancorp Inc. Norristown PA MA SAIF NASDAQ 06/17/96
PEEK Peekskill Financial Corp. Peekskill NY MA SAIF NASDAQ 12/29/95
HHFC Harvest Home Financial Corp. Cheviot OH MW SAIF NASDAQ 10/10/94
HMNF HMN Financial Inc. Spring Valley MN MW SAIF NASDAQ 06/30/94
FFWD Wood Bancorp Inc. Bowling Green OH MW SAIF NASDAQ 08/31/93
MRKF Market Financial Corp. Mount Healthy OH MW SAIF NASDAQ 03/27/97
YFED York Financial Corp. York PA MA SAIF NASDAQ 02/01/84
CLAS Classic Bancshares Inc. Ashland KY MW SAIF NASDAQ 12/29/95
OFCP Ottawa Financial Corp. Holland MI MW SAIF NASDAQ 08/19/94
QCSB Queens County Bancorp Inc. Flushing NY MA BIF NASDAQ 11/23/93
MSBF MSB Financial Inc. Marshall MI MW SAIF NASDAQ 02/06/95
PERM Permanent Bancorp Inc. Evansville IN MW SAIF NASDAQ 04/04/94
CFCP Coastal Financial Corp. Myrtle Beach SC SE SAIF NASDAQ 09/26/90
ESBK Elmira Savings Bank (The) Elmira NY MA BIF NASDAQ 03/01/85
FAB FIRSTFED AMERICA BANCORP INC. Swansea MA NE SAIF AMSE 01/15/97
SOURCE: SNL & F&C CALCULATIONS 9
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
Deposit
Insurance
Agency
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date
ALBC Albion Banc Corp. Albion NY MA SAIF NASDAQ 07/26/93
SSM Stone Street Bancorp Inc. Mocksville NC SE SAIF AMSE 04/01/96
CVAL Chester Valley Bancorp Inc. Downingtown PA MA SAIF NASDAQ 03/27/87
FISB First Indiana Corp. Indianapolis IN MW SAIF NASDAQ 08/02/83
HFSA Hardin Bancorp Inc. Hardin MO MW SAIF NASDAQ 09/29/95
CASH First Midwest Financial Inc. Storm Lake IA MW SAIF NASDAQ 09/20/93
DME Dime Bancorp Inc. New York NY MA BIF NYSE 08/19/86
CAFI Camco Financial Corp. Cambridge OH MW SAIF NASDAQ NA
IFSB Independence Federal Svgs Bank Washington DC MA SAIF NASDAQ 06/06/85
LVSB Lakeview Financial Corp. Paterson NJ MA SAIF NASDAQ 12/22/93
COOP Cooperative Bankshares Inc. Wilmington NC SE SAIF NASDAQ 08/21/91
LSBI LSB Financial Corp. Lafayette IN MW BIF NASDAQ 02/03/95
FBER 1st Bergen Bancorp Wood-Ridge NJ MA SAIF NASDAQ 04/01/96
FFDB FirstFed Bancorp Inc. Bessemer AL SE SAIF NASDAQ 11/19/91
OHSL OHSL Financial Corp. Cincinnati OH MW SAIF NASDAQ 02/10/93
CASB Cascade Financial Corp. Everett WA WE SAIF NASDAQ 09/16/92
HZFS Horizon Financial Svcs Corp. Oskaloosa IA MW SAIF NASDAQ 06/30/94
EMLD Emerald Financial Corp. Strongsville OH MW SAIF NASDAQ 10/05/93
PFNC Progress Financial Corp. Blue Bell PA MA SAIF NASDAQ 07/18/83
NMSB NewMil Bancorp Inc. New Milford CT NE BIF NASDAQ 02/01/86
HRBF Harbor Federal Bancorp Inc. Baltimore MD MA SAIF NASDAQ 08/12/94
ASBP ASB Financial Corp. Portsmouth OH MW SAIF NASDAQ 05/11/95
IWBK InterWest Bancorp Inc. Oak Harbor WA WE SAIF NASDAQ NA
FDEF First Defiance Financial Defiance OH MW SAIF NASDAQ 10/02/95
HFFB Harrodsburg First Fin Bancorp Harrodsburg KY MW SAIF NASDAQ 10/04/95
EFBC Empire Federal Bancorp Inc. Livingston MT WE SAIF NASDAQ 01/27/97
KYF Kentucky First Bancorp Inc. Cynthiana KY MW SAIF AMSE 08/29/95
PRBC Prestige Bancorp Inc. Pleasant Hills PA MA SAIF NASDAQ 06/27/96
FTSB Fort Thomas Financial Corp. Fort Thomas KY MW SAIF NASDAQ 06/28/95
ASBI Americana Bancorp New Castle IN MW SAIF NASDAQ 03/02/87
GFCO Glenway Financial Corp. Cincinnati OH MW SAIF NASDAQ 11/30/90
PCBC Perry County Financial Corp. Perryville MO MW SAIF NASDAQ 02/13/95
THRD TF Financial Corp. Newtown PA MA SAIF NASDAQ 07/13/94
CFFC Community Financial Corp. Staunton VA SE SAIF NASDAQ 03/30/88
SFFC StateFed Financial Corp. Des Moines IA MW SAIF NASDAQ 01/05/94
STFR St. Francis Capital Corp. Brookfield WI MW SAIF NASDAQ 06/21/93
GSFC Green Street Financial Corp. Fayetteville NC SE SAIF NASDAQ 04/04/96
MARN Marion Capital Holdings Marion IN MW SAIF NASDAQ 03/18/93
CFSB CFSB Bancorp Inc. Lansing MI MW SAIF NASDAQ 06/22/90
CIBI Community Investors Bancorp Bucyrus OH MW SAIF NASDAQ 02/07/95
PFED Park Bancorp Inc. Chicago IL MW SAIF NASDAQ 08/12/96
DCBI Delphos Citizens Bancorp Inc. Delphos OH MW SAIF NASDAQ 11/21/96
TWIN Twin City Bancorp Bristol TN SE SAIF NASDAQ 01/04/95
GUPB GFSB Bancorp Inc. Gallup NM SW SAIF NASDAQ 06/30/95
FCBF FCB Financial Corp. Oshkosh WI MW SAIF NASDAQ 09/24/93
WSB Washington Savings Bank, FSB Bowie MD MA SAIF AMSE NA
BFD BostonFed Bancorp Inc. Burlington MA NE SAIF AMSE 10/24/95
LARK Landmark Bancshares Inc. Dodge City KS MW SAIF NASDAQ 03/28/94
BKCT Bancorp Connecticut Inc. Southington CT NE BIF NASDAQ 07/03/86
FFKY First Federal Financial Corp. Elizabethtown KY MW SAIF NASDAQ 07/15/87
FFLC FFLC Bancorp Inc. Leesburg FL SE SAIF NASDAQ 01/04/94
CEBK Central Co-operative Bank Somerville MA NE BIF NASDAQ 10/24/86
PDB Piedmont Bancorp Inc. Hillsborough NC SE SAIF AMSE 12/08/95
HMLK Hemlock Federal Financial Corp Oak Forest IL MW SAIF NASDAQ 04/02/97
FWWB First Washington Bancorp Inc. Walla Walla WA WE SAIF NASDAQ 11/01/95
WFI Winton Financial Corp. Cincinnati OH MW SAIF AMSE 08/04/88
RARB Raritan Bancorp Inc. Bridgewater NJ MA BIF NASDAQ 03/01/87
MCBN Mid-Coast Bancorp Inc. Waldoboro ME NE SAIF NASDAQ 11/02/89
PFDC Peoples Bancorp Auburn IN MW SAIF NASDAQ 07/07/87
ANA Acadiana Bancshares Inc. Lafayette LA SW SAIF AMSE 07/16/96
SCBS Southern Community Bancshares Cullman AL SE SAIF NASDAQ 12/23/96
PSFI PS Financial Inc. Chicago IL MW SAIF NASDAQ 11/27/96
SOPN First Savings Bancorp Inc. Southern Pines NC SE SAIF NASDAQ 01/06/94
FFCH First Financial Holdings Inc. Charleston SC SE SAIF NASDAQ 11/10/83
FFHS First Franklin Corp. Cincinnati OH MW SAIF NASDAQ 01/26/88
FFYF FFY Financial Corp. Youngstown OH MW SAIF NASDAQ 06/28/93
HOMF Home Federal Bancorp Seymour IN MW SAIF NASDAQ 01/23/88
FFBH First Federal Bancshares of AR Harrison AR SE SAIF NASDAQ 05/03/96
SOURCE: SNL & F&C CALCULATIONS 10
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
Deposit
Insurance
Agency
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date
MFBC MFB Corp. Mishawaka IN MW SAIF NASDAQ 03/25/94
CMRN Cameron Financial Corp Cameron MO MW SAIF NASDAQ 04/03/95
CRZY Crazy Woman Creek Bancorp Buffalo WY WE SAIF NASDAQ 03/29/96
PTRS Potters Financial Corp. East Liverpool OH MW SAIF NASDAQ 12/31/93
MASB MASSBANK Corp. Reading MA NE BIF NASDAQ 05/28/86
FNGB First Northern Capital Corp. Green Bay WI MW SAIF NASDAQ 12/29/83
AFBC Advance Financial Bancorp Wellsburg WV SE SAIF NASDAQ 01/02/97
UFBS Union Financial Bcshs Inc. Union SC SE SAIF NASDAQ NA
TRIC Tri-County Bancorp Inc. Torrington WY WE SAIF NASDAQ 09/30/93
ESBF ESB Financial Corp. Ellwood City PA MA SAIF NASDAQ 06/13/90
HAVN Haven Bancorp Inc. Westbury NY MA SAIF NASDAQ 09/23/93
FBSI First Bancshares Inc. Mountain Grove MO MW SAIF NASDAQ 12/22/93
BFSB Bedford Bancshares Inc. Bedford VA SE SAIF NASDAQ 08/22/94
YFCB Yonkers Financial Corp. Yonkers NY MA SAIF NASDAQ 04/18/96
FFOH Fidelity Financial of Ohio Cincinnati OH MW SAIF NASDAQ 03/04/96
KFBI Klamath First Bancorp Klamath Falls OR WE SAIF NASDAQ 10/05/95
FMCO FMS Financial Corp. Burlington NJ MA SAIF NASDAQ 12/14/88
THR Three Rivers Financial Corp. Three Rivers MI MW SAIF AMSE 08/24/95
MDBK Medford Bancorp Inc. Medford MA NE BIF NASDAQ 03/18/86
CATB Catskill Financial Corp. Catskill NY MA BIF NASDAQ 04/18/96
CKFB CKF Bancorp Inc. Danville KY MW SAIF NASDAQ 01/04/95
FCME First Coastal Corp. Westbrook ME NE BIF NASDAQ NA
INBI Industrial Bancorp Inc. Bellevue OH MW SAIF NASDAQ 08/01/95
METF Metropolitan Financial Corp. Mayfield Heights OH MW SAIF NASDAQ NA
PBCI Pamrapo Bancorp Inc. Bayonne NJ MA SAIF NASDAQ 11/14/89
PFFB PFF Bancorp Inc. Pomona CA WE SAIF NASDAQ 03/29/96
EQSB Equitable Federal Savings Bank Wheaton MD MA SAIF NASDAQ 09/10/93
FFWC FFW Corp. Wabash IN MW SAIF NASDAQ 04/05/93
BDJI First Federal Bancorp. Bemidji MN MW SAIF NASDAQ 04/04/95
ABBK Abington Bancorp Inc. Abington MA NE BIF NASDAQ 06/10/86
DCOM Dime Community Bancshares Inc. Brooklyn NY MA BIF NASDAQ 06/26/96
LOGN Logansport Financial Corp. Logansport IN MW SAIF NASDAQ 06/14/95
SVRN Sovereign Bancorp Inc. Wyomissing PA MA SAIF NASDAQ 08/12/86
HARL Harleysville Savings Bank Harleysville PA MA SAIF NASDAQ 08/04/87
NBN Northeast Bancorp Auburn ME NE BIF AMSE 08/19/87
FKKY Frankfort First Bancorp Inc. Frankfort KY MW SAIF NASDAQ 07/10/95
HFFC HF Financial Corp. Sioux Falls SD MW SAIF NASDAQ 04/08/92
FSTC First Citizens Corp. Newnan GA SE SAIF NASDAQ 03/01/86
WVFC WVS Financial Corp. Pittsburgh PA MA SAIF NASDAQ 11/29/93
RIVR River Valley Bancorp Madison IN MW SAIF NASDAQ 12/20/96
OCFC Ocean Financial Corp. Toms River NJ MA SAIF NASDAQ 07/03/96
BKC American Bank of Connecticut Waterbury CT NE BIF AMSE 12/01/81
PVSA Parkvale Financial Corp. Monroeville PA MA SAIF NASDAQ 07/16/87
QCBC Quaker City Bancorp Inc. Whittier CA WE SAIF NASDAQ 12/30/93
HBNK Highland Bancorp Inc. Burbank CA WE SAIF NASDAQ NA
CNIT CENIT Bancorp Inc. Norfolk VA SE SAIF NASDAQ 08/06/92
FFIC Flushing Financial Corp. Flushing NY MA BIF NASDAQ 11/21/95
LARL Laurel Capital Group Inc. Allison Park PA MA SAIF NASDAQ 02/20/87
SKAN Skaneateles Bancorp Inc. Skaneateles NY MA BIF NASDAQ 06/02/86
MFLR Mayflower Co-operative Bank Middleboro MA NE BIF NASDAQ 12/23/87
STSA Sterling Financial Corp. Spokane WA WE SAIF NASDAQ NA
WEFC Wells Financial Corp. Wells MN MW SAIF NASDAQ 04/11/95
BPLS Bank Plus Corp. Los Angeles CA WE SAIF NASDAQ NA
KNK Kankakee Bancorp Inc. Kankakee IL MW SAIF AMSE 01/06/93
RELY Reliance Bancorp Inc. Garden City NY MA SAIF NASDAQ 03/31/94
WRNB Warren Bancorp Inc. Peabody MA NE BIF NASDAQ 07/09/86
MBLF MBLA Financial Corp. Macon MO MW SAIF NASDAQ 06/24/93
FSBI Fidelity Bancorp Inc. Pittsburgh PA MA SAIF NASDAQ 06/24/88
FTF Texarkana First Financial Corp Texarkana AR SE SAIF AMSE 07/07/95
MECH MECH Financial Inc. Hartford CT NE BIF NASDAQ 06/26/96
DSL Downey Financial Corp. Newport Beach CA WE SAIF NYSE 01/01/71
MAFB MAF Bancorp Inc. Clarendon Hills IL MW SAIF NASDAQ 01/12/90
WAMU Washington Mutual Inc. Seattle WA WE BIF NASDAQ 03/11/83
HALL Hallmark Capital Corp. West Allis WI MW SAIF NASDAQ 01/03/94
CFNC Carolina Fincorp Inc. Rockingham NC SE SAIF NASDAQ 11/25/96
FFSL First Independence Corp. Independence KS MW SAIF NASDAQ 10/08/93
QCFB QCF Bancorp Inc. Virginia MN MW SAIF NASDAQ 04/03/95
WSTR WesterFed Financial Corp. Missoula MT WE SAIF NASDAQ 01/10/94
SOURCE: SNL & F&C CALCULATIONS 11
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
Deposit
Insurance
Agency
Ticker Short Name City State Region (BIF/SAIF) Exchange IPO Date
FESX First Essex Bancorp Inc. Andover MA NE BIF NASDAQ 08/04/87
FMSB First Mutual Savings Bank Bellevue WA WE BIF NASDAQ 12/17/85
NWEQ Northwest Equity Corp. Amery WI MW SAIF NASDAQ 10/11/94
CENB Century Bancorp Inc. Thomasville NC SE SAIF NASDAQ 12/23/96
COFI Charter One Financial Cleveland OH MW SAIF NASDAQ 01/22/88
FFHH FSF Financial Corp. Hutchinson MN MW SAIF NASDAQ 10/07/94
FBBC First Bell Bancorp Inc. Pittsburgh PA MA SAIF NASDAQ 06/29/95
GAF GA Financial Inc. Pittsburgh PA MA SAIF AMSE 03/26/96
TSH Teche Holding Co. Franklin LA SW SAIF AMSE 04/19/95
SFIN Statewide Financial Corp. Jersey City NJ MA SAIF NASDAQ 10/02/95
GPT GreenPoint Financial Corp. New York NY MA BIF NYSE 01/28/94
PHFC Pittsburgh Home Financial Corp Pittsburgh PA MA SAIF NASDAQ 04/01/96
SPBC St. Paul Bancorp Inc. Chicago IL MW SAIF NASDAQ 05/18/87
ASFC Astoria Financial Corp. Lake Success NY MA SAIF NASDAQ 11/18/93
RSLN Roslyn Bancorp Inc. Roslyn NY MA BIF NASDAQ 01/13/97
EBSI Eagle Bancshares Tucker GA SE SAIF NASDAQ 04/01/86
ANDB Andover Bancorp Inc. Andover MA NE BIF NASDAQ 05/08/86
DNFC D & N Financial Corp. Hancock MI MW SAIF NASDAQ 02/13/85
CRSB Crusader Holding Corp. Philadelphia PA MA SAIF NASDAQ NA
PHBK Peoples Heritage Finl Group Portland ME NE BIF NASDAQ 12/04/86
HRZB Horizon Financial Corp. Bellingham WA WE BIF NASDAQ 08/01/86
HPBC Home Port Bancorp Inc. Nantucket MA NE BIF NASDAQ 08/25/88
WSFS WSFS Financial Corp. Wilmington DE MA BIF NASDAQ 11/26/86
NEIB Northeast Indiana Bancorp Huntington IN MW SAIF NASDAQ 06/28/95
JSB JSB Financial Inc. Lynbrook NY MA BIF NYSE 06/27/90
BVCC Bay View Capital Corp. San Mateo CA WE SAIF NASDAQ 05/09/86
FFFD North Central Bancshares Inc. Fort Dodge IA MW SAIF NASDAQ 03/21/96
MWBX MetroWest Bank Framingham MA NE BIF NASDAQ 10/10/86
MWBI Midwest Bancshares Inc. Burlington IA MW SAIF NASDAQ 11/12/92
KSBK KSB Bancorp Inc. Kingfield ME NE BIF NASDAQ 06/24/93
JXVL Jacksonville Bancorp Inc. Jacksonville TX SW SAIF NASDAQ 04/01/96
FED FirstFed Financial Corp. Santa Monica CA WE SAIF NYSE 12/16/83
NHTB New Hampshire Thrift Bncshrs Newport NH NE SAIF NASDAQ 05/22/86
ABCL Alliance Bancorp Hinsdale IL MW SAIF NASDAQ 07/07/92
HCFC Home City Financial Corp. Springfield OH MW SAIF NASDAQ 12/30/96
FKFS First Keystone Financial Media PA MA SAIF NASDAQ 01/26/95
WBST Webster Financial Corp. Waterbury CT NE SAIF NASDAQ 12/12/86
GDW Golden West Financial Oakland CA WE SAIF NYSE 05/29/59
IPSW Ipswich Savings Bank Ipswich MA NE BIF NASDAQ 05/26/93
FFES First Federal of East Hartford East Hartford CT NE SAIF NASDAQ 06/23/87
WFSL Washington Federal Inc. Seattle WA WE SAIF NASDAQ 11/17/82
HIFS Hingham Instit. for Savings Hingham MA NE BIF NASDAQ 12/20/88
CFB Commercial Federal Corp. Omaha NE MW SAIF NYSE 12/31/84
HBS Haywood Haywood Bancshares Inc. Waynesville NC SE SAIF AMSE 12/18/87
FLGS Flagstar Bancorp Inc. Bloomfield Hills MI MW SAIF NASDAQ NA
BNKU Bank United Corp. Houston TX SW SAIF NASDAQ 08/09/96
ITLA ITLA Capital Corp. La Jolla CA WE BIF NASDAQ 10/24/95
PVFC PVF Capital Corp. Bedford Heights OH MW SAIF NASDAQ 12/30/92
PFSB PennFed Financial Services Inc West Orange NJ MA SAIF NASDAQ 07/15/94
CBCI Calumet Bancorp Inc. Dolton IL MW SAIF NASDAQ 02/20/92
HTHR Hawthorne Financial Corp. El Segundo CA WE SAIF NASDAQ NA
AABC Access Anytime Bancorp Inc. Clovis NM SW SAIF NASDAQ 08/08/86
CBSA Coastal Bancorp Inc. Houston TX SW SAIF NASDAQ NA
LSBX Lawrence Savings Bank North Andover MA NE BIF NASDAQ 05/02/86
Maximum
Minimum
Average
Median
SOURCE: SNL & F&C CALCULATIONS 12
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICITY HELD THRIFTS
- ------------------
Current Current Current Current Current Total
Stock Market Price/ Price/ Price/ Tang Price/ Dividend Assets
Price Value LTM Core EPS Book Value Book Value Assets Yield ($000)
Ticker ($) ($M) (x) (%) (%) (%) (%) Mst RctQ
PWBK 12.750 8.89 34.5 103.3 103.3 19.3 2.20 46,080
CNSB 15.500 25.49 34.4 105.0 105.0 26.0 1.94 97,988
PBHC 13.500 38.22 33.8 159.4 186.7 19.3 1.48 198,091
WAYN 21.500 53.46 33.1 216.3 216.3 20.6 2.88 259,402
SRN 14.000 17.22 32.6 93.7 94.3 16.3 - 105,719
ALLB 19.250 63.01 31.1 212.5 212.5 22.7 - 277,490
PROV 14.250 65.91 31.0 79.8 79.8 8.5 - 815,970
BKUNA 8.625 153.40 30.8 83.8 100.3 4.3 - 3,584,123
FFDF 16.000 23.13 30.8 103.7 103.7 23.1 1.88 100,104
CSBF 10.625 8.72 30.4 79.7 84.4 18.5 - 47,218
PULB 22.125 46.59 29.5 186.4 186.4 24.9 4.97 186,917
BANC 8.625 296.53 28.8 123.9 160.3 8.4 1.11 3,756,571
FGHC 10.875 52.19 28.6 354.2 378.9 28.9 - 180,806
FCB 17.000 24.73 28.3 104.7 104.7 22.4 1.41 110,523
GSLA 12.125 39.61 28.2 75.7 75.7 27.3 2.31 145,151
FBHC 17.000 30.89 27.0 135.8 143.6 9.7 - 318,348
FTNB 16.375 27.83 26.8 108.7 108.7 25.4 1.47 109,622
GTPS 16.250 25.81 26.6 95.2 95.2 17.4 2.71 148,342
FLAG 13.250 68.58 26.5 177.6 177.6 15.5 1.81 442,879
EFBI 25.000 55.27 25.3 150.9 154.1 13.6 4.00 406,893
CFTP 14.625 64.32 25.2 98.5 98.5 24.4 2.19 263,246
FFSX 29.000 82.36 25.0 196.0 243.1 14.9 - 551,593
FLKY 13.250 12.70 25.0 88.8 88.8 23.7 4.53 53,002
NSLB 16.250 10.55 25.0 96.3 97.0 17.8 3.08 62,648
SCCB 18.500 10.72 25.0 113.6 113.6 23.2 3.46 46,305
WCFB 16.000 33.82 25.0 148.8 148.8 34.8 - 97,096
CMSV 23.000 117.30 24.7 138.1 138.1 15.3 3.91 765,488
CNY 10.375 24.01 24.7 66.9 69.2 5.6 - 427,371
SMBC 17.250 25.60 24.6 106.2 106.2 16.4 - 155,924
PLSK 12.750 26.88 24.5 121.1 121.1 14.3 2.35 187,776
PSFC 18.125 32.36 24.5 148.7 148.7 30.6 1.55 105,903
LFED 16.000 82.91 24.2 168.1 168.1 27.7 3.50 298,997
ANE 10.625 24.35 24.2 134.5 137.5 10.5 1.88 252,287
SGVB 14.250 33.46 24.2 103.8 105.0 8.2 - 408,346
JSBA 18.688 187.59 24.0 143.4 177.1 15.0 1.50 1,248,923
FFFL 22.250 151.35 23.9 167.6 172.5 10.3 4.49 1,468,351
AMFC 14.563 13.33 23.9 94.4 94.4 12.0 1.92 111,338
PBCT 21.000 1,346.96 23.9 157.1 182.3 14.8 4.00 9,105,200
FFBZ 11.125 35.05 23.7 212.7 212.7 16.9 1.26 207,381
SZB 15.625 15.12 23.7 93.3 95.7 9.3 3.84 162,975
NWSB 10.000 468.41 23.3 215.1 239.2 18.4 1.60 2,547,412
CBES 18.500 17.38 23.1 103.1 103.1 14.1 2.60 123,710
HWEN 8.250 7.66 22.9 102.1 102.1 18.0 1.21 42,560
FLFC 18.500 247.32 22.8 210.7 230.1 16.4 1.62 1,511,776
ABCW 22.813 405.61 22.8 310.4 315.1 19.8 0.88 2,057,635
AHCI 13.000 53.37 22.8 91.4 91.4 9.4 1.85 565,387
FTFC 13.000 240.93 22.8 202.5 212.8 15.2 2.15 1,584,405
MFFC 13.000 29.08 22.8 103.3 103.3 12.4 4.62 235,105
PBKB 15.000 49.74 22.7 153.2 159.9 5.8 3.73 858,377
SOBI 14.500 11.34 22.7 81.3 81.3 12.3 2.21 89,848
LXMO 14.000 14.12 22.6 92.3 98.9 14.8 2.14 95,301
WHGB 11.000 15.28 22.5 75.8 75.8 11.6 - 131,967
HBFW 28.000 65.83 22.4 153.3 153.3 18.3 1.14 360,286
CMSB 13.375 204.29 22.3 103.6 131.5 8.7 2.39 2,368,247
PEEK 14.750 42.71 22.0 98.9 98.9 21.3 2.44 200,341
HHFC 12.500 10.99 21.9 106.8 106.8 11.4 3.52 96,085
HMNF 13.750 74.43 21.8 105.4 114.9 10.3 1.75 725,180
FFWD 15.250 40.70 21.8 180.5 180.5 24.5 2.36 166,150
MRKF 10.750 14.36 21.5 91.3 91.3 26.8 2.61 53,653
YFED 18.000 161.42 21.4 147.8 147.8 13.1 2.89 1,229,268
CLAS 13.000 16.89 21.3 82.3 95.7 12.2 2.46 137,984
OFCP 24.000 136.42 21.1 181.4 221.4 14.9 1.67 919,865
QCSB 35.500 524.25 21.0 271.6 271.6 30.9 2.82 1,715,164
MSBF 16.875 22.58 20.8 169.6 169.6 28.2 1.78 79,967
PERM 12.000 45.94 20.7 110.8 135.8 9.8 2.00 506,725
CFCP 17.000 106.35 20.5 292.1 292.1 17.2 1.65 616,887
ESBK 25.125 18.26 20.4 123.5 123.5 7.9 2.55 231,725
FAB 14.250 111.98 20.4 90.4 90.4 9.0 1.40 1,315,743
SOURCE: SNL & F&C CALCULATIONS 13
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
Current Current Current Current Current Total
Stock Market Price Price/ Price/Tang Price/ Dividend Assets
Price Value LTM Core EPS Book Value Book Value Assets Yield ($000)
Ticker ($) (SM) (x) (%) (%) (%) (%) Mst RetQ
ALBC 9.750 7.34 20.3 116.5 116.5 9.9 1.23 74,118
SSM 16.125 29.08 20.2 96.9 96.9 26.5 2.85 112,253
CVAL 29.500 68.66 20.1 215.6 215.6 18.2 1.49 377,012
FISB 20.000 255.62 20.0 159.5 161.2 14.6 2.40 1,750,819
HFSA 18.125 14.80 19.9 109.8 109.8 11.1 3.09 133,326
CASH 18.500 48.21 19.9 112.8 126.3 11.5 2.60 421,258
DME 19.000 2,157.13 19.8 162.1 197.1 10.3 1.05 20,913,891
CAFI 16.750 91.69 19.7 157.9 167.8 15.6 2.31 588,220
IFSB 13.000 16.65 19.7 78.7 86.2 6.3 1.92 265,940
LVSB 19.750 98.31 19.6 163.1 239.1 15.9 1.27 619,638
COOP 13.250 40.11 19.5 132.5 132.5 10.5 - 381,054
LSBI 31.750 30.19 19.5 155.2 155.2 13.9 1.26 218,633
FBER 16.250 42.01 19.4 120.5 120.5 14.0 1.72 300,755
FFDB 12.750 31.04 19.3 174.4 188.9 17.3 2.20 179,893
OHSL 15.250 38.07 19.3 138.4 138.4 15.4 3.28 247,853
CASB 12.875 54.92 19.2 174.7 174.7 12.4 - 444,155
HZFS 15.750 13.86 19.2 163.2 163.2 15.4 1.14 89,947
EMLD 11.250 115.59 19.1 220.2 222.8 18.7 1.24 617,369
PFNC 13.875 69.40 19.0 174.5 195.7 12.1 1.10 602,326
NMSB 11.000 42.17 19.0 126.3 126.3 11.5 - 367,569
HRBF 18.000 33.53 19.0 112.9 112.9 14.2 2.63 235,733
ASBP 12.875 21.31 18.9 147.0 147.0 18.3 3.11 116,437
IWBK 23.250 364.28 18.9 216.9 223.8 15.5 2.29 2,351,248
FDEF 11.875 96.87 18.9 93.8 93.8 16.6 3.03 582,124
HFFB 15.250 29.38 18.8 94.3 94.3 27.0 2.62 109,033
EFBC 12.500 31.01 18.7 80.0 80.0 29.0 2.56 106,940
KYF 13.750 17.07 18.6 118.4 118.4 20.8 3.64 82,046
PRBC 13.000 13.68 18.6 85.9 85.9 8.3 1.34 164,656
FTSB 15.000 22.11 18.5 135.8 135.8 21.8 1.67 101,352
ASBI 18.375 59.77 18.4 131.0 133.4 15.9 3.48 375,297
GFCO 20.000 45.67 18.4 158.7 160.1 15.2 2.20 300,448
PCBC 19.500 16.14 18.2 97.4 97.4 18.0 2.56 89,761
THRD 18.750 54.35 18.2 105.1 123.8 8.7 2.56 689,284
CFFC 12.000 30.85 18.2 119.4 119.9 16.8 - 183,230
SFFC 12.000 18.79 18.2 116.9 116.9 20.9 1.67 89,802
STFR 39.000 199.32 18.1 151.3 169.1 11.4 - 1,754,803
GSFC 12.250 50.02 18.0 82.7 82.7 28.9 3.92 173,265
MARN 22.750 38.77 17.9 103.0 105.2 20.0 3.87 193,963
CFSB 21.625 176.61 17.9 267.6 267.6 20.8 2.41 847,769
CIBI 12.500 15.83 17.9 149.3 149.3 16.4 1.92 101,734
PFED 13.875 33.55 17.8 83.8 83.8 17.1 - 196,812
DCBI 16.000 29.57 17.8 107.8 107.8 26.0 1.50 113,585
TWIN 12.750 15.83 17.7 112.9 112.9 14.3 3.14 110,610
GUPB 13.938 16.74 17.6 114.8 114.8 14.2 2.15 118,175
FCBF 28.000 108.00 17.6 143.3 143.3 21.0 3.14 515,516
WSB 5.250 23.21 17.5 100.8 100.8 8.5 1.91 273,549
BFD 18.125 97.75 17.4 112.0 116.0 9.2 2.21 1,058,207
LARK 20.500 31.76 17.2 106.0 106.0 13.9 - 229,337
BKCT 17.000 86.95 17.2 177.5 177.5 17.6 3.18 495,178
FFKY 25.000 103.24 17.0 188.8 198.9 25.2 2.40 409,651
FFLC 16.750 62.68 16.9 118.7 118.7 15.2 2.15 412,443
CEBK 20.250 39.79 16.9 106.9 117.4 10.4 1.58 381,857
PDB 9.875 27.16 16.7 125.8 125.8 20.8 4.86 130,541
HMLK 14.375 28.25 16.7 97.1 97.1 14.7 2.23 192,271
FWWB 19.375 225.66 16.7 118.5 143.4 16.6 1.86 1,362,063
WFI 12.000 48.17 16.7 184.9 187.8 13.4 2.08 358,573
RARB 26.000 61.70 16.6 193.7 196.1 14.2 2.31 434,606
MCBN 8.750 6.24 16.5 119.1 119.1 9.6 2.29 65,309
PFDC 20.625 69.61 16.4 152.0 152.0 22.8 2.13 304,320
ANA 18.500 43.66 16.2 105.6 105.6 15.5 2.38 298,148
SCBS 14.750 16.78 16.2 142.4 142.4 24.7 2.03 67,920
PSFI 11.000 21.43 16.2 97.5 97.5 26.1 4.36 85,000
SOPN 21.000 77.93 16.2 112.1 112.1 25.6 4.76 304,088
FFCH 17.750 242.03 16.1 199.0 199.0 12.9 2.37 1,874,198
FFHS 14.500 25.85 16.1 119.2 119.7 10.9 2.07 237,679
FFYF 31.250 125.34 16.1 148.8 148.8 19.2 2.56 651,746
HOMF 24.000 123.34 16.1 184.2 189.0 17.1 1.67 719,549
FFBH 19.000 91.55 16.1 108.8 108.8 16.0 1.47 578,142
SOURCE: SNL & F&C CALCULATIONS 14
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICITY HELD THRIFTS
- ------------------
Current Current Current Current Current Total
Stock Market Price/ Price Price/Tang Price/ Dividend Assets
Price Value LTM Core EPS Book Value Book Value Assets Yield ($000)
Ticker ($) (SM) (x) (%) (%) (%) (%) Mst RctQ
MFBC 20.250 32.20 16.1 97.3 97.3 11.1 1.68 290,936
CMRN 16.000 38.94 16.0 88.8 88.8 17.6 1.75 220,784
CRZY 13.250 12.44 16.0 86.3 86.3 20.2 3.02 61,478
PTRS 14.000 13.32 15.9 121.9 121.9 10.4 - 128,149
MASB 40.000 144.01 15.9 131.4 133.2 15.5 - 929,672
FNGB 10.500 93.02 15.7 123.7 123.7 13.5 3.43 690,372
AFBC 13.875 14.90 15.6 95.6 95.6 13.5 2.31 110,668
UFBS 14.500 18.49 15.6 125.4 NA 10.1 2.57 183,066
TRIC 11.500 13.43 15.5 94.3 94.3 15.5 3.83 86,549
ESBF 16.000 90.07 15.5 135.1 151.4 9.5 2.25 956,146
HAVN 16.000 141.59 15.5 120.0 125.6 6.3 1.88 2,265,248
FBSI 13.000 28.78 15.5 118.1 123.1 16.7 0.92 172,173
BFSB 11.750 27.00 15.5 130.3 130.3 17.3 2.72 156,509
YFCB 15.000 40.89 15.5 100.6 100.6 10.4 - 401,565
FFOH 13.000 72.79 15.3 110.3 123.9 13.7 2.46 531,926
KFBI 14.000 138.83 15.2 87.4 95.4 13.8 2.57 1,008,688
FMCO 10.750 77.62 15.1 188.9 190.3 11.5 1.12 673,699
THR 15.125 12.47 15.1 94.1 94.4 12.7 2.91 98,063
MDBK 36.125 160.93 15.1 158.6 167.1 14.2 2.22 1,135,299
CATB 13.500 59.89 15.0 85.9 85.9 19.6 2.74 309,566
CKFB 15.000 12.65 15.0 86.8 86.8 20.2 3.60 62,759
FCME 12.000 16.33 15.0 106.2 106.2 9.5 - 171,719
INBI 16.500 82.75 15.0 135.4 135.4 21.6 3.64 382,841
METF 12.000 84.62 15.0 213.9 230.8 8.0 - 1,058,887
PBCI 24.000 68.23 15.0 138.7 139.5 17.3 4.67 394,271
PFFB 13.938 215.20 15.0 93.4 94.4 7.5 - 3,007,845
EQSB 24.750 30.28 14.9 168.7 168.7 8.6 - 350,555
FFWC 17.125 24.97 14.9 130.5 141.9 12.3 2.45 203,311
BDJI 14.500 14.47 14.8 114.2 114.2 11.9 - 121,315
ABBK 13.000 45.53 14.8 132.0 144.8 8.4 1.54 546,208
DCOM 15.313 186.46 14.7 100.1 114.9 11.5 2.61 1,623,926
LOGN 15.000 18.93 14.7 111.4 111.4 21.0 2.93 90,264
SVRN 12.188 1,934.22 14.7 173.6 196.9 9.9 0.66 18,847,318
HARL 29.625 49.63 14.7 195.7 195.7 12.6 - 395,383
NBN 11.000 27.07 14.7 113.2 124.6 7.9 1.93 310,623
FKKY 14.063 22.77 14.7 100.3 100.3 16.9 5.69 134,485
HFFC 18.000 79.11 14.6 139.8 139.8 13.9 - 570,060
FSTC 22.000 61.54 14.6 162.2 197.7 16.2 1.46 379,694
WVFC 15.438 55.84 14.6 169.3 169.3 18.8 3.89 297,054
RIVR 14.750 17.56 14.5 95.0 96.2 12.9 1.49 135,683
OCFC 13.875 213.45 14.5 102.3 102.8 14.0 3.46 1,538,264
BKC 21.750 101.94 14.4 171.9 177.3 14.9 3.68 685,545
PVSA 30.000 155.18 14.3 184.6 185.5 14.2 2.00 1,095,373
QCBC 16.000 93.23 14.3 120.7 120.7 10.5 - 887,480
HBNK 38.000 88.52 14.2 196.3 196.3 15.4 1.32 573,412
CNIT 17.000 85.31 14.2 156.8 169.3 13.0 2.35 651,857
FFIC 18.875 147.42 14.1 105.5 109.5 13.5 1.91 1,091,908
LARL 19.000 41.64 14.1 177.1 177.1 18.8 3.16 220,986
SKAN 14.625 21.13 14.1 115.2 117.9 7.9 1.92 266,730
MFLR 19.500 17.54 14.0 135.3 137.3 12.9 4.10 135,518
STSA 14.750 112.18 13.9 106.1 269.7 5.4 - 2,076,759
WEFC 16.000 29.37 13.9 103.7 103.7 15.9 3.75 188,677
BPLS 7.625 147.85 13.9 79.8 87.0 3.5 - 4,286,237
KNK 25.750 35.53 13.8 90.6 106.0 8.8 - 401,934
RELY 26.063 249.29 13.8 128.0 183.4 10.0 2.76 2,485,729
WRNB 9.750 77.12 13.7 194.2 194.2 20.4 3.69 378,137
MBLF 19.750 24.63 13.7 88.3 88.3 11.9 3.04 207,453
FSBI 19.000 37.51 13.7 133.5 133.5 9.5 - 396,180
FTF 23.875 41.49 13.6 147.1 147.1 21.9 2.35 189,557
MECH 21.875 115.83 13.6 124.9 124.9 12.1 - 954,671
DSL 23.063 648.18 13.6 141.2 142.7 11.1 1.39 5,832,102
MAFB 20.500 462.82 13.5 165.3 185.2 13.0 1.37 3,569,656
WAMU 32.000 12,391.51 13.5 214.9 228.4 12.0 2.58 103,396,952
HALL 11.563 33.92 13.3 96.0 96.0 7.7 - 438,374
CFNC 9.000 17.15 13.2 111.4 111.4 15.1 2.67 113,911
FFSL 11.250 10.77 13.2 91.2 91.2 8.7 2.67 123,366
QCFB 28.500 38.90 13.2 142.6 142.6 25.3 - 154,089
WSTR 17.000 94.95 13.2 86.6 106.2 9.3 - 1,022,136
SOURCE: SNL & F&C CALCULATIONS 15
FERGUSON $ COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
Current Current Current Current Current Total
Stock Market Price/ Price/ Price/Tang Price/ Dividend Assets
Price Value LTM Core EPS Book Value Book Value Assets Yield ($000)
Ticker ($) (SM) (x) (%) (%) (%) (%) Mst RctQ
FESX 15.125 114.38 13.2 121.9 167.9 8.7 3.70 1,314,752
FMSB 13.000 55.17 13.1 162.1 162.1 11.7 1.54 470,866
NWEQ 18.000 14.86 13.0 126.4 126.4 15.4 - 96,452
CENB 13.625 17.32 13.0 92.4 92.4 17.9 4.99 96,866
COFI 23.000 2,931.56 12.9 198.5 210.8 14.8 2.44 19,813,254
FFHH 13.500 39.53 12.9 82.5 82.5 9.6 3.70 414,072
FBBC 16.250 105.59 12.8 138.0 138.0 14.0 2.46 756,638
GAF 13.625 98.38 12.7 91.2 92.1 11.7 - 838,272
TSH 14.625 50.29 12.7 88.1 88.1 12.2 3.42 412,426
SFIN 15.250 66.49 12.7 105.1 105.2 10.2 3.41 656,635
GPT 25.188 2,100.25 12.6 142.7 252.4 16.3 2.54 12,853,902
PHFC 13.000 24.71 12.5 99.1 100.2 6.9 1.85 372,533
SPBC 17.250 699.80 12.5 135.3 135.8 13.0 3.48 4,564,869
ASFC 36.000 957.37 12.3 107.0 149.4 8.3 2.22 11,575,551
RSLN 13.750 569.25 12.3 95.8 96.2 14.8 2.91 3,853,282
EBSI 17.500 101.67 12.2 131.0 131.0 9.1 3.66 1,120,232
ANDB 28.000 181.46 12.2 159.0 159.0 13.0 2.57 1,392,342
DNFC 16.375 149.95 12.2 141.8 142.9 7.9 1.22 1,898,004
CRSB 14.000 53.66 12.1 231.0 243.9 26.6 - 202,034
PHBK 15.688 1,376.03 12.1 189.9 228.7 14.1 2.81 9,768,079
HRZB 13.125 98.28 12.0 115.1 115.1 17.8 3.35 553,063
HPBC 22.375 41.21 12.0 181.6 181.6 15.8 3.58 260,456
WSFS 15.750 197.27 12.0 206.7 207.8 12.7 0.76 1,551,631
NEIB 16.875 27.39 11.9 105.0 105.0 13.7 2.02 203,263
JSB 45.250 445.88 11.9 117.1 117.1 28.5 3.54 1,563,460
BVCC 17.000 344.75 11.8 87.5 134.9 6.0 2.35 5,720,109
FFFD 15.000 46.55 11.8 95.4 110.1 14.2 2.13 331,124
MWBX 6.375 90.85 11.8 188.1 188.1 13.8 3.14 658,462
MWBI 12.250 12.87 11.7 112.9 112.9 8.1 2.61 159,460
KSBK 16.000 20.14 11.6 160.5 182.7 12.8 0.63 157,745
JXVL 14.500 35.12 11.5 100.1 100.1 14.5 3.45 242,673
FED 14.750 312.92 11.4 130.2 131.0 7.8 - 4,010,381
NHTB 14.500 30.37 11.4 115.1 131.7 9.4 4.14 324,320
ABCL 16.750 191.53 11.4 106.0 106.9 9.3 2.63 2,068,197
HCFC 11.500 10.40 11.3 96.1 96.1 13.3 3.13 78,042
FKFS 12.000 28.96 11.2 114.0 114.0 7.4 1.67 390,970
WBST 20.625 790.33 11.2 144.1 170.0 8.6 2.13 9,189,143
GDW 76.125 4,384.77 11.2 150.0 150.0 11.2 0.66 39,067,229
IPSW 11.625 27.78 11.2 212.9 212.9 11.9 1.38 233,662
FFES 25.125 69.02 11.1 97.7 97.7 7.0 2.71 980,415
WFSL 22.625 1,186.87 11.1 153.6 165.4 21.4 4.07 5,558,970
HIFS 23.000 30.12 11.1 133.0 133.0 12.5 2.44 239,148
CFB 22.000 1,336.72 11.0 143.9 162.4 10.5 1.00 8,852,640
HBS 19.000 23.76 10.7 107.5 111.0 15.7 3.16 151,718
FLGS 22.750 310.99 10.6 217.9 223.9 12.1 1.23 2,573,280
BNKU 33.250 1,050.60 10.3 156.9 172.7 8.0 1.93 13,095,947
ITLA 17.500 134.76 10.2 126.4 126.7 13.2 - 1,021,343
PVFC 12.000 47.88 10.2 158.7 158.7 11.4 - 418,928
PFSB 10.875 102.07 9.7 91.6 105.3 6.6 1.29 1,551,938
CBCI 26.750 84.14 9.5 96.4 96.4 17.1 - 491,961
HTHR 14.500 75.22 8.1 96.2 96.2 3.8 - 1,201,331
AABC 8.313 10.12 7.6 109.2 109.2 8.7 - 116,921
CBSA 15.000 113.49 7.4 100.0 114.8 3.8 2.13 2,980,528
LSBX 11.000 47.63 5.5 114.4 114.4 13.8 - 344,874
Maximum 76.125 12,391.51 34.5 354.2 378.9 34.8 5.69 103,396,952
Minimum 5.250 6.24 5.5 66.9 69.2 3.5 - 42,560
Average 17.347 210.78 17.6 133.2 139.9 14.8 2.00 1,739,889
Median 15.563 48.03 16.2 120.2 125.8 14.0 2.14 373,915
SOURCE: SNL & F&C CALCULATIONS 16
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
Tangible Core Core
Equity/ Equity/ Core Income/ Income/ NPAs/
Assets Tang Assets EPS Avg Assets Avg Equity Merger Current Assets
(%) (%) ($) (%) (%) Target? Pricing (%)
Ticker Mst RctQ Mst RctQ LTM LTM LTM (Y/N) Date Mst RctQ
PWBK 17.3 17.3 0.37 0.53 2.91 N 08/31/98 0.72
CNSB 24.8 24.8 0.45 0.76 3.09 N 08/31/98 0.07
PBHC 11.9 10.3 0.40 0.58 4.96 N 08/31/98 1.30
WAYN 9.5 9.5 0.65 0.65 6.81 N 08/31/98 0.48
SRN 17.4 17.3 0.43 0.49 2.84 N 08/31/98 -
ALLB 10.7 10.7 0.62 0.76 6.88 N 08/31/98 0.99
PROV 10.6 10.6 0.46 0.30 2.50 N 08/31/98 1.04
BKUNA 5.4 4.6 0.28 0.19 3.70 N 08/31/98 0.46
FFDF 22.3 22.3 0.52 0.79 3.30 N 08/31/98 0.08
CSBF 23.2 22.2 0.35 0.60 2.55 N 08/31/98 1.13
PULB 13.4 13.4 0.75 0.87 6.54 N 08/31/98 NA
BANC 6.8 5.3 0.30 0.38 6.43 N 08/31/98 0.72
FGHC 8.2 7.7 0.38 1.16 14.15 N 08/31/98 1.65
FCB 21.4 21.4 0.60 0.84 3.59 N 08/31/98 -
GSLA 36.0 36.0 0.43 1.01 2.41 N 08/31/98 0.12
FBHC 7.2 6.8 0.63 0.44 6.65 N 08/31/98 0.27
FTNB 23.4 23.4 0.61 0.95 3.88 N 08/31/98 0.70
GTPS 18.3 18.3 0.61 0.70 3.60 N 08/31/98 0.01
FLAG 8.7 8.7 0.50 0.68 7.69 N 08/31/98 1.26
EFBI 9.0 8.8 0.99 0.66 6.30 N 08/31/98 0.03
CFTP 22.3 22.3 0.58 1.07 4.28 N 08/31/98 0.28
FFSX 7.6 6.2 1.16 0.69 8.16 N 08/31/98 0.42
FLKY 26.7 26.7 0.53 1.04 3.46 N 08/31/98 1.70
NSLB 18.5 18.4 0.65 0.67 3.48 N 08/31/98 0.01
SCCB 20.4 20.4 0.74 1.01 4.19 N 08/31/98 1.26
WCFB 23.4 23.4 0.64 1.40 5.96 N 08/31/98 0.05
CMSV 10.9 10.9 0.93 0.65 5.82 N 08/31/98 0.27
CNY 8.4 8.1 0.42 0.22 2.65 N 08/31/98 1.91
SMBC 15.5 15.5 0.70 0.69 4.23 N 08/31/98 0.97
PLSK 11.8 11.8 0.52 0.58 4.89 N 08/31/98 0.63
PSFC 18.5 18.5 0.74 1.18 5.44 N 08/31/98 NA
LFED 16.5 16.5 0.66 1.19 7.22 N 08/31/98 0.03
ANE 7.8 7.7 0.44 0.46 6.20 N 08/31/98 0.47
SGVB 7.9 7.8 0.59 0.36 4.69 N 08/31/98 NA
JSBA 9.7 8.0 0.78 0.62 6.66 N 08/31/98 0.70
FFFL 6.2 6.0 0.93 0.52 7.22 N 08/31/98 0.27
AMFC 12.7 12.7 0.61 0.53 3.77 N 08/31/98 0.19
PBCT 9.4 8.2 0.88 0.66 7.30 N 08/31/98 0.70
FFBZ 8.0 8.0 0.47 0.77 10.08 N 08/31/98 0.54
SZB 9.9 9.7 0.66 0.41 3.71 N 08/31/98 0.05
NWSB 8.6 7.8 0.43 0.91 9.94 N 08/31/98 0.50
CBES 13.6 13.6 0.80 0.67 4.36 N 08/31/98 NA
HWEN 17.6 17.6 0.36 0.71 4.09 N 08/31/98 1.10
FLFC 7.8 7.2 0.81 0.76 10.18 N 08/31/98 0.77
ABCW 6.4 6.3 1.00 0.97 14.73 N 08/31/98 0.58
AHCI 10.3 10.3 0.57 0.41 3.52 N 08/31/98 0.52
FTFC 7.5 7.2 0.57 0.71 10.26 N 08/31/98 0.23
MFFC 11.1 11.1 0.57 0.56 4.70 N 08/31/98 0.16
PBKB 3.8 3.6 0.66 0.30 7.18 N 08/31/98 0.35
SOBI 14.1 14.1 0.64 0.57 3.89 N 08/31/98 0.29
LXMO 16.1 15.1 0.62 0.77 3.80 N 08/31/98 0.47
WHGB 15.3 15.3 0.49 0.59 3.21 N 08/31/98 0.59
HBFW 11.9 11.9 1.25 0.83 6.68 N 08/31/98 -
CMSB 8.4 6.8 0.60 0.41 4.42 N 08/31/98 0.41
PEEK 21.6 21.6 0.67 1.01 4.11 N 08/31/98 0.61
HHFC 10.7 10.7 0.57 0.56 4.98 N 08/31/98 0.09
HMNF 9.8 9.0 0.63 0.57 4.50 N 08/31/98 0.05
FFWD 13.6 13.6 0.70 1.17 9.09 N 08/31/98 0.02
MRKF 29.3 29.3 0.50 1.09 3.15 N 08/31/98 -
YFED 8.9 8.9 0.84 0.67 7.58 N 08/31/98 0.98
CLAS 14.9 13.1 0.61 0.56 3.72 N 08/31/98 0.28
OFCP 8.2 6.8 1.14 0.79 9.33 N 08/31/98 0.49
QCSB 9.9 9.9 1.69 1.49 14.16 N 08/31/98 0.39
MSBF 16.7 16.7 0.81 1.35 8.10 N 08/31/98 0.41
PERM 8.6 7.1 0.58 0.58 5.97 N 08/31/98 0.18
CFCP 5.9 5.9 0.83 0.99 16.06 N 08/31/98 0.48
ESBK 6.3 6.3 1.23 0.38 6.11 N 08/31/98 0.82
FAB 8.9 8.9 0.70 0.48 4.44 N 08/31/98 0.29
Price/
Core
EPS
Ticker (x)
PWBK 159.4
CNSB 48.4
PBHC 30.7
WAYN 31.6
SRN 26.9
ALLB 30.1
PROV 59.4
BKUNA NM
FFDF 33.3
CSBF 22.1
PULB 32.5
BANC 19.6
FGHC 27.2
FCB 30.4
GSLA 50.5
FBHC 26.6
FTNB 37.2
GTPS 22.6
FLAG 30.1
EFBI 20.2
CFTP 24.4
FFSX 25.0
FLKY 23.7
NSLB 19.4
SCCB 21.0
WCFB 25.0
CMSV 23.0
CNY 18.5
SMBC 19.6
PLSK 26.6
PSFC 32.4
LFED 23.5
ANE 20.4
SGVB 21.0
JSBA 29.2
FFFL 25.3
AMFC 22.8
PBCT 22.8
FFBZ 21.4
SZB 55.8
NWSB 22.7
CBES 25.7
HWEN 25.8
FLFC 22.0
ABCW 21.1
AHCI 20.3
FTFC 32.5
MFFC 23.2
PBKB 25.0
SOBI 22.7
LXMO 23.3
WHGB 18.3
HBFW 21.2
CMSB 33.4
PEEK 21.7
HHFC 22.3
HMNF 22.9
FFWD 23.8
MRKF 24.4
YFED 21.4
CLAS 20.3
OFCP 20.0
QCSB 18.5
MSBF 19.2
PERM 23.1
CFCP 19.3
ESBK 14.6
FAB 19.8
SOURCE: SNL & F&C CALCULATIONS 17
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICITY HELD THRIFTS
- -------------------
Tangible Core Core
Equity/ Equity/ Core Income/ Income/ NPAs/ Price/
Assets Tang Assets EPS Avg Assets Avg Equity Merger Current Assets Core/
(%) (%) ($) (%) (%) Target Pricing (%) EPS
Ticker Mst RctQ Mst RctQ LTM LTM LTM (Y/N) Date Mst RctQ (x)
ALBC 8.5 8.5 0.48 0.50 5.82 N 08/31/98 0.47 20.3
SSM 27.3 27.3 0.80 1.40 4.84 N 08/31/98 - 25.2
CVAL 8.5 8.5 1.47 0.98 11.68 N 08/31/98 0.33 23.8
FISB 9.2 9.1 1.00 0.83 8.69 N 08/31/98 1.11 22.7
HFSA 10.1 10.1 0.91 0.61 5.40 N 08/31/98 0.14 21.6
CASH 10.2 9.2 0.93 0.64 5.95 N 08/31/98 1.24 14.9
DME 6.4 5.3 0.96 0.51 8.82 N 08/31/98 1.03 33.9
CAFI 9.9 9.4 0.85 0.89 9.23 N 08/31/98 0.47 27.9
IFSB 8.0 7.3 0.66 0.32 4.39 N 08/31/98 NA 7.6
LVSB 9.7 6.9 1.01 0.86 8.20 N 08/31/98 0.96 15.0
COOP 8.0 8.0 0.68 0.60 7.68 N 08/31/98 - 15.8
LSBI 8.4 8.4 1.63 0.72 8.52 N 08/31/98 1.20 20.4
FBER 11.6 11.6 0.84 0.72 5.49 N 08/31/98 0.96 17.7
FFDB 9.9 9.2 0.66 0.89 9.22 N 08/31/98 0.89 21.3
OHSL 10.8 10.8 0.79 0.79 7.32 N 08/31/98 0.04 19.1
CASB 7.1 7.1 0.67 0.75 10.78 N 08/31/98 0.54 18.9
HZFS 9.4 9.4 0.82 0.79 8.26 N 08/31/98 NA 18.8
EMLD 8.5 8.4 0.59 1.04 12.96 N 08/31/98 0.25 17.6
PFNC 6.9 6.2 0.73 0.74 13.03 N 08/31/98 0.41 18.3
NMSB 9.1 9.1 0.58 0.69 7.10 N 08/31/98 0.29 68.8
HRBF 12.6 12.6 0.95 0.75 5.88 N 08/31/98 0.32 16.7
ASBP 12.4 12.4 0.68 0.94 6.67 N 08/31/98 0.28 16.9
IWBK 7.2 6.9 1.23 0.80 11.66 N 08/31/98 0.67 20.8
FDEF 17.7 17.7 0.63 0.89 4.72 N 08/31/98 0.29 15.6
HFFB 26.5 26.5 0.81 1.35 5.06 N 08/31/98 - 18.2
EFBC 36.2 36.2 0.67 1.45 3.94 N 08/31/98 - 18.4
KYF 17.6 17.6 0.74 1.06 6.23 N 08/31/98 0.04 21.5
PRBC 9.7 9.7 0.70 0.45 4.29 N 08/31/98 0.35 17.1
FTSB 16.1 16.1 0.81 1.18 7.39 N 08/31/98 1.93 18.8
ASBI 12.2 12.0 1.00 0.84 7.33 N 08/31/98 0.49 19.1
GFCO 9.6 9.5 1.09 0.87 9.21 N 08/31/98 0.19 16.7
PCBC 18.5 18.5 1.07 0.97 5.11 N 08/31/98 - 18.8
THRD 7.5 6.4 1.03 0.57 6.40 N 08/31/98 0.31 19.5
CFFC 14.1 14.0 0.66 0.96 7.01 N 08/31/98 1.30 18.8
SFFC 17.9 17.9 0.66 1.16 6.49 N 08/31/98 NA 18.8
STFR 7.5 6.7 2.16 0.68 8.56 N 08/31/98 0.18 16.8
GSFC 34.9 34.9 0.68 1.58 4.46 N 08/31/98 0.07 18.0
MARN 19.4 19.1 1.27 1.25 5.94 N 08/31/98 1.02 15.8
CFSB 7.8 7.8 1.21 1.23 15.79 N 08/31/98 0.21 16.9
CIBI 11.0 11.0 0.70 0.95 8.17 N 08/31/98 0.05 18.4
PFED 20.3 20.3 0.78 0.93 4.36 N 08/31/98 0.07 14.5
DCBI 24.2 24.2 0.90 1.45 5.56 N 08/31/98 - 17.4
TWIN 12.7 12.7 0.72 0.82 6.41 N 08/31/98 0.37 17.7
GUPB 12.3 12.3 0.79 0.90 6.67 N 08/31/98 0.37 16.6
FCBF 14.6 14.6 1.59 1.16 8.14 N 08/31/98 0.22 18.9
WSB 8.4 8.4 0.30 0.50 5.92 N 08/31/98 NA 16.4
BFD 7.8 7.6 1.04 0.58 6.81 N 08/31/98 0.17 18.9
LARK 13.1 13.1 1.19 0.90 6.45 N 08/31/98 0.06 19.7
BKCT 9.9 9.9 0.99 1.22 11.90 N 08/31/98 0.61 15.7
FFKY 13.4 12.8 1.47 1.53 11.38 N 08/31/98 0.03 16.9
FFLC 12.8 12.8 0.99 0.95 7.23 N 08/31/98 0.26 14.4
CEBK 9.7 9.0 1.20 0.63 6.45 N 08/31/98 0.40 17.5
PDB 16.6 16.6 0.59 1.23 7.50 N 08/31/98 0.71 19.0
HMLK 15.1 15.1 0.86 0.92 5.28 N 08/31/98 0.06 17.1
FWWB 12.6 10.6 1.16 1.06 7.88 N 08/31/98 0.42 16.7
WFI 7.3 7.2 0.72 0.90 12.34 N 08/31/98 NA 15.8
RARB 7.3 7.3 1.57 0.98 12.82 N 08/31/98 0.43 16.3
MCBN 8.0 8.0 0.53 0.61 7.27 N 08/31/98 0.38 31.3
PFDC 15.0 15.0 1.26 1.45 9.56 N 08/31/98 0.16 17.2
ANA 14.7 14.7 1.14 0.98 6.07 N 08/31/98 0.29 17.8
SCBS 17.3 17.3 0.91 1.22 6.49 N 08/31/98 0.18 12.7
PSFI 26.8 26.8 0.68 1.72 5.52 N 08/31/98 0.41 15.3
SOPN 22.9 22.9 1.30 1.76 7.64 N 08/31/98 0.18 15.9
FFCH 6.5 6.5 1.10 0.85 13.51 N 08/31/98 1.16 15.9
FFHS 9.1 9.1 0.90 0.70 7.65 N 08/31/98 0.34 15.8
FFYF 12.9 12.9 1.94 1.21 9.10 N 08/31/98 0.51 16.3
HOMF 9.3 9.1 1.49 1.16 13.09 N 08/31/98 0.59 17.1
FFBH 14.7 14.7 1.18 0.99 6.63 N 08/31/98 0.85 15.8
SOURCE: SNL & F&C CALCULATIONS 18
FURGUSSON & COMPANY EXHIBIT V - SELECTED PUBLICITY HELD THRIFTS
- -------------------
Tangible Core Core
Equity/ Equity/ Core Income/ Income/ NPAs/ Price/
Assets Tang Assets EPS Avg Assets Avg Equity Merger Current Assets Core/
(%) (%) ($) (%) (%) Target Pricing (%) EPS
Ticker Mst RctQ Mst RctQ LTM LTM LTM (Y/N) Date Mst RctQ (x)
MFBC 11.4 11.4 1.26 0.78 6.28 N 08/31/98 0.06 17.5
CMRN 19.9 19.9 1.00 1.12 5.36 N 08/31/98 0.40 14.3
CRZY 23.4 23.4 0.83 1.23 5.15 N 08/31/98 0.13 17.4
PTRS 8.5 8.5 0.88 0.69 7.69 N 08/31/98 0.32 15.9
MASB 11.8 11.6 2.52 1.00 8.98 N 08/31/98 0.20 16.1
FNGB 10.9 10.9 0.67 0.91 8.20 N 08/31/98 0.12 15.4
AFBC 14.1 14.1 0.89 0.84 5.55 N 08/31/98 0.20 13.9
UFBS 8.1 NA 0.93 0.70 8.86 N 08/31/98 NA 15.8
TRIC 16.4 16.4 0.74 1.03 6.60 N 08/31/98 - 16.9
ESBF 7.0 6.3 1.03 0.66 8.61 N 08/31/98 0.60 15.4
HAVN 5.2 5.0 1.03 0.48 8.32 N 08/31/98 0.45 20.0
FBSI 14.2 13.7 0.84 1.09 7.86 N 08/31/98 0.03 17.1
BFSB 13.3 13.3 0.76 1.23 8.79 N 08/31/98 0.21 13.4
YFCB 10.3 10.3 0.97 0.81 6.16 N 08/31/98 0.15 18.8
FFOH 12.4 11.2 0.85 0.86 6.90 N 08/31/98 0.26 15.5
KFBI 14.0 13.0 0.92 0.91 6.03 N 08/31/98 0.05 14.0
FMCO 6.1 6.0 0.71 0.85 13.56 N 08/31/98 0.70 14.9
THR 13.5 13.5 1.00 0.81 5.97 N 08/31/98 0.98 18.0
MDBK 8.9 8.5 2.39 1.02 11.25 N 08/31/98 0.18 14.8
CATB 22.0 22.0 0.90 1.30 5.39 N 08/31/98 0.22 14.7
CKFB 21.6 21.6 1.00 1.34 5.97 N 08/31/98 0.08 17.1
FCME 9.0 9.0 0.80 0.73 7.42 N 08/31/98 0.21 15.8
INBI 16.0 16.0 1.10 1.47 8.80 N 08/31/98 0.23 14.2
METF 3.7 3.5 0.80 0.61 15.47 N 08/31/98 1.30 20.0
PBCI 12.5 12.4 1.60 1.21 9.36 N 08/31/98 1.48 16.2
PFFB 8.0 8.0 0.93 0.56 5.94 N 08/31/98 1.06 13.4
EQSB 5.1 5.1 1.66 0.66 12.91 N 08/31/98 NA 16.3
FFWC 9.4 8.7 1.15 0.86 9.02 N 08/31/98 0.43 23.8
BDJI 10.5 10.5 0.98 0.71 6.72 N 08/31/98 0.16 13.0
ABBK 6.4 5.8 0.88 0.65 9.70 N 08/31/98 0.14 20.3
DCOM 11.5 10.2 1.04 0.86 6.75 N 08/31/98 0.39 12.4
LOGN 18.8 18.8 1.02 1.50 7.90 N 08/31/98 0.26 15.0
SVRN 5.5 4.9 0.83 0.71 12.80 N 08/31/98 0.54 13.3
HARL 6.4 6.4 2.02 0.97 14.71 N 08/31/98 - 14.2
NBN 7.6 7.1 0.75 0.72 9.20 N 08/31/98 1.08 10.6
FKKY 16.9 16.9 0.96 1.19 7.01 N 08/31/98 NA 14.7
HFFC 9.9 9.9 1.23 0.98 10.18 N 08/31/98 0.44 17.3
FSTC 10.0 8.3 1.51 1.28 12.77 N 08/31/98 1.08 16.2
WVFC 11.1 11.1 1.06 1.29 11.27 N 08/31/98 0.20 14.3
RIVR 13.6 13.5 1.02 0.82 6.27 N 08/31/98 0.55 14.2
OCFC 13.7 13.7 0.96 0.92 6.37 N 08/31/98 0.40 15.8
BKC 8.7 8.4 1.51 1.15 13.62 N 08/31/98 2.08 13.0
PVSA 7.7 7.6 2.10 1.08 14.59 N 08/31/98 0.43 13.9
QCBC 8.7 8.7 1.12 0.76 8.80 N 08/31/98 1.11 12.9
HBNK 7.9 7.9 2.67 1.20 15.59 N 08/31/98 1.84 12.0
CNIT 7.9 7.4 1.20 0.84 11.65 N 08/31/98 0.17 15.7
FFIC 12.8 12.4 1.34 0.95 7.20 N 08/31/98 0.31 12.8
LARL 10.6 10.6 1.35 1.46 13.93 N 08/31/98 0.32 12.5
SKAN 6.9 6.7 1.04 0.60 8.70 N 08/31/98 1.74 13.5
MFLR 9.6 9.4 1.39 0.98 10.22 N 08/31/98 0.59 13.2
STSA 5.1 2.1 1.06 0.44 8.04 N 08/31/98 0.52 23.1
WEFC 15.4 15.4 1.15 1.10 7.63 N 08/31/98 0.14 14.3
BPLS 4.3 4.0 0.55 0.27 6.35 N 08/31/98 1.75 NM
KNK 9.8 8.5 1.86 0.75 7.21 N 08/31/98 0.71 16.9
RELY 7.8 5.6 1.89 0.82 9.66 N 08/31/98 0.40 14.2
WRNB 10.5 10.5 0.71 1.54 14.31 N 08/31/98 1.15 13.5
MBLF 13.5 13.5 1.44 0.86 6.74 N 08/31/98 0.55 12.7
FSBI 7.1 7.1 1.39 0.72 10.49 N 08/31/98 0.17 14.0
FTF 14.9 14.9 1.75 1.66 10.88 N 08/31/98 - 12.7
MECH 9.7 9.7 1.61 0.96 9.63 N 08/31/98 0.46 11.6
DSL 7.9 7.8 1.70 0.82 11.21 N 08/31/98 0.84 14.4
MAFB 7.8 7.1 1.52 1.04 13.42 N 08/31/98 0.50 13.1
WAMU 5.5 5.2 2.38 0.92 16.78 N 08/31/98 0.74 12.1
HALL 7.6 7.6 0.87 0.63 8.30 N 08/31/98 0.31 13.1
CFNC 13.5 13.5 0.68 1.06 5.85 N 08/31/98 0.14 11.8
FFSL 9.6 9.6 0.85 0.72 7.31 N 08/31/98 0.49 10.4
QCFB 17.7 17.7 2.16 1.66 9.55 N 08/31/98 0.35 12.5
WSTR 10.7 8.9 1.29 0.72 6.73 N 08/31/98 0.43 13.7
SOURCE: SNL F&C CALCULATIONS 19
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
Tangible Core Core
Equity/ Equity/ Core Income/ Income/ NPAs/ Price/
Assets Tang Assets EPS Avg Assets Avg Equity Merger Current Assets Core/
(%) (%) ($) (%) (%) Target? Pricing (%) EPS
Ticker Mst RctQ Mst RctQ LTM LTM LTM (Y/N) Date Mst RctQ (x)
FESX 7.1 5.3 1.15 0.73 9.96 N 08/31/98 0.45 15.8
FMSB 7.2 7.2 0.99 0.93 13.55 N 08/31/98 0.05 13.5
NWEQ 12.2 12.2 1.38 1.13 9.74 N 08/31/98 1.71 12.5
CENB 19.3 19.3 1.05 1.21 4.88 N 08/31/98 0.35 13.6
COFI 7.5 7.1 1.78 1.16 16.13 N 08/31/98 0.31 11.5
FFHH 10.4 10.4 1.05 0.75 6.91 N 08/31/98 0.20 14.1
FBBC 10.2 10.2 1.27 1.08 10.17 N 08/31/98 0.05 12.3
GAF 12.9 12.8 1.07 0.96 6.67 N 08/31/98 0.24 14.2
TSH 13.8 13.8 1.15 0.93 6.84 N 08/31/98 0.18 12.2
SFIN 9.7 9.7 1.20 0.75 7.85 N 08/31/98 0.42 15.9
GPT 9.9 5.9 2.00 1.14 11.83 N 08/31/98 2.54 11.7
PHFC 6.9 6.9 1.04 0.62 7.19 N 08/31/98 1.24 12.0
SPBC 9.6 9.6 1.38 1.04 11.38 N 08/31/98 0.22 12.7
ASFC 8.1 6.1 2.93 0.76 9.18 N 08/31/98 0.38 11.7
RSLN 15.4 15.4 1.12 1.23 7.13 N 08/31/98 0.23 11.5
EBSI 6.9 6.9 1.43 0.89 11.51 N 08/31/98 1.20 9.7
ANDB 8.2 8.2 2.29 1.16 14.67 N 08/31/98 0.38 9.2
DNFC 5.6 5.5 1.34 0.71 12.86 N 08/31/98 0.50 12.0
CRSB 11.5 11.0 1.16 2.13 26.04 N 08/31/98 0.64 11.7
PHBK 7.4 6.2 1.30 1.20 16.11 N 08/31/98 0.68 11.9
HRZB 15.4 15.4 1.09 1.53 9.74 N 08/31/98 0.02 12.6
HPBC 8.7 8.7 1.86 1.57 15.76 N 08/31/98 - 11.4
WSFS 6.2 6.1 1.31 1.09 18.58 N 08/31/98 1.12 11.6
NEIB 13.0 13.0 1.42 1.18 8.55 N 08/31/98 0.41 11.1
JSB 24.3 24.3 3.82 2.52 10.72 N 08/31/98 0.14 8.9
BVCC 6.9 4.6 1.44 0.58 8.57 N 08/31/98 0.38 11.5
FFFD 14.9 13.1 1.27 1.49 8.16 N 08/31/98 0.12 10.7
MWBX 7.3 7.3 0.54 1.26 16.88 N 08/31/98 0.45 11.4
MWBI 7.2 7.2 1.05 0.76 10.90 N 08/31/98 0.66 11.8
KSBK 8.0 7.1 1.38 1.11 14.65 N 08/31/98 1.74 11.8
JXVL 14.5 14.5 1.26 1.33 9.13 N 08/31/98 NA 11.7
FED 6.0 6.0 1.29 0.68 12.49 N 08/31/98 0.84 10.2
NHTB 8.1 7.2 1.27 0.86 11.02 N 08/31/98 1.00 11.3
ABCL 8.7 8.7 1.47 0.89 9.76 N 08/31/98 0.13 13.1
HCFC 13.9 13.9 1.02 1.29 6.93 N 08/31/98 0.59 11.1
FKFS 6.5 6.5 1.07 0.67 9.87 N 08/31/98 1.21 10.3
WBST 6.0 5.1 1.84 0.73 13.54 N 08/31/98 0.41 13.9
GDW 7.5 7.5 6.80 1.00 14.59 N 08/31/98 0.97 10.6
IPSW 5.6 5.6 1.04 1.18 21.92 N 08/31/98 0.80 12.1
FFES 7.2 7.2 2.26 0.64 9.39 N 08/31/98 0.30 11.2
WFSL 13.9 13.0 2.04 1.92 14.69 N 08/31/98 0.70 10.9
HIFS 9.4 9.4 2.08 1.25 12.94 N 08/31/98 0.17 10.9
CFB 7.3 6.5 2.00 0.95 14.11 N 08/31/98 0.78 11.5
HBS 14.6 14.2 1.77 1.44 9.97 N 08/31/98 0.60 14.4
FLGS 5.6 5.4 2.15 1.37 23.46 N 08/31/98 2.26 7.8
BNKU 5.1 4.7 3.22 0.84 16.70 N 08/31/98 0.68 12.4
ITLA 10.4 10.4 1.72 1.44 13.74 N 08/31/98 1.07 9.5
PVFC 7.2 7.2 1.18 1.27 17.72 N 08/31/98 0.68 10.3
PFSB 6.7 5.9 1.12 0.76 10.63 N 08/31/98 0.44 9.7
CBCI 17.7 17.7 2.81 1.97 11.86 N 08/31/98 1.21 16.7
HTHR 4.0 4.0 1.80 1.18 23.83 N 08/31/98 5.28 6.5
AABC 7.9 7.9 1.10 1.24 15.11 N 08/31/98 0.08 103.9
CBSA 3.9 3.4 2.03 0.54 15.00 N 08/31/98 0.49 7.4
LSBX 12.1 12.1 2.00 2.55 24.90 N 08/31/98 0.24 6.9
Maximum 36.2 36.2 6.80 2.55 26.04 5.28 159.4
Minimum 3.7 2.1 0.28 0.19 2.41 - 6.5
Average 11.8 11.5 1.10 0.93 8.68 0.54 19.1
Median 9.9 9.7 0.99 0.87 7.67 0.40 16.7
SOURCE: SNL & F&C CALCULATIONS 20
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
Core Core
Core Income/ Income/
EPS Avg Assets Avg Equity
($) (%) (%)
Ticker Mst RctQ Mst RctQ Mst RctQ
PWBK 0.02 0.09 0.48
CNSB 0.08 0.58 2.33
PBHC 0.11 0.66 5.68
WAYN 0.17 0.65 6.82
SRN 0.13 0.57 3.25
ALLB 0.16 0.75 7.05
PROV 0.06 0.14 1.32
BKUNA - 0.02 0.49
FFDF 0.12 0.69 2.96
CSBF 0.12 0.77 3.34
PULB 0.17 0.79 5.91
BANC 0.11 0.53 8.91
FGHC 0.10 1.15 14.40
FCB 0.14 0.75 3.44
GSLA 0.06 0.54 1.38
FBHC 0.16 0.47 6.81
FTNB 0.11 0.66 2.80
GTPS 0.18 0.75 4.09
FLAG 0.11 0.58 6.74
EFBI 0.31 0.74 7.84
CFTP 0.15 1.01 4.51
FFSX 0.29 0.61 8.10
FLKY 0.14 0.95 3.44
NSLB 0.21 0.87 4.68
SCCB 0.22 1.07 5.20
WCFB 0.16 1.36 5.80
CMSV 0.25 0.67 6.18
CNY 0.14 0.29 3.59
SMBC 0.22 0.89 5.45
PLSK 0.12 0.51 4.39
PSFC 0.14 0.85 3.90
LFED 0.17 1.17 7.04
ANE 0.13 0.54 6.88
SGVB 0.17 0.43 5.41
JSBA 0.16 0.53 5.53
FFFL 0.22 0.43 6.73
AMFC 0.16 0.49 3.68
PBCT 0.23 0.66 7.00
FFBZ 0.13 0.83 10.67
SZB 0.07 0.15 1.49
NWSB 0.11 0.83 9.59
CBES 0.18 0.54 3.90
HWEN 0.08 0.63 3.53
FLFC 0.21 0.83 10.98
ABCW 0.27 1.00 15.11
AHCI 0.16 0.40 3.56
FTFC 0.10 0.51 7.02
MFFC 0.14 0.52 4.72
PBKB 0.15 0.24 6.18
SOBI 0.16 0.54 3.80
LXMO 0.15 0.66 3.88
WHGB 0.15 0.63 3.93
HBFW 0.33 0.84 6.99
CMSB 0.10 0.25 2.87
PEEK 0.17 0.93 4.18
HHFC 0.14 0.56 5.13
HMNF 0.15 0.45 4.18
FFWD 0.16 1.04 7.79
MRKF 0.11 1.03 3.17
YFED 0.21 0.64 7.30
CLAS 0.16 0.58 3.83
OFCP 0.30 0.81 9.91
QCSB 0.48 1.63 16.30
MSBF 0.22 1.32 7.89
PERM 0.13 0.53 5.28
CFCP 0.22 0.95 15.91
ESBK 0.43 0.53 8.48
FAB 0.18 0.44 4.61
SOURCE: SNL & F&C CALCULATIONS 21
FERGUSSON & COMPANY EXHIBIT V - SELECTED PUBLICITY HELD THRIFTS
- -------------------
Core Core
Core Income/ Income/
EPS Avg Assets Avg Equity
($) (%) (%)
Ticker Mst RctQ Mst RctQ Mst RctQ
ALBC 0.12 0.47 5.56
SSM 0.16 1.07 4.02
CVAL 0.31 0.82 9.54
FISB 0.22 0.69 7.43
HFSA 0.21 0.52 4.99
CASH 0.31 0.81 7.82
DME 0.14 0.31 5.11
CAFI 0.15 0.84 8.49
IFSB 0.43 0.82 10.87
LVSB 0.33 0.98 10.06
COOP 0.21 0.70 8.93
LSBI 0.39 0.68 8.05
FBER 0.23 0.71 5.93
FFDB 0.15 0.83 8.49
OHSL 0.20 0.80 7.44
CASB 0.17 0.75 10.24
HZFS 0.21 0.76 8.17
EMLD 0.16 1.13 13.59
PFNC 0.19 0.76 11.55
NMSB 0.04 0.18 2.02
HRBF 0.27 0.85 6.71
ASBP 0.19 1.04 7.51
IWBK 0.28 0.77 10.90
FDEF 0.19 1.00 5.62
HFFB 0.21 1.38 5.22
EFBC 0.17 1.44 3.95
KYF 0.16 0.96 5.56
PRBC 0.19 0.45 4.65
FTSB 0.20 1.16 7.30
ASBI 0.24 0.83 7.02
GFCO 0.30 0.93 9.91
PCBC 0.26 0.92 4.94
THRD 0.24 0.47 6.08
CFFC 0.16 0.95 6.78
SFFC 0.16 1.12 6.31
STFR 0.58 0.69 9.03
GSFC 0.17 1.60 4.52
MARN 0.36 1.33 6.64
CFSB 0.32 1.33 17.02
CIBI 0.17 0.92 8.16
PFED 0.24 1.08 5.35
DCBI 0.23 1.41 5.76
TWIN 0.18 0.80 6.29
GUPB 0.21 0.87 7.00
FCBF 0.37 1.09 7.52
WSB 0.08 0.51 5.96
BFD 0.24 0.50 6.25
LARK 0.26 0.76 5.59
BKCT 0.27 1.26 12.52
FFKY 0.37 1.51 11.38
FFLC 0.29 1.07 8.36
CEBK 0.29 0.60 6.11
PDB 0.13 1.14 6.96
HMLK 0.21 0.79 5.04
FWWB 0.29 0.98 7.44
WFI 0.19 0.92 12.60
RARB 0.40 0.96 12.80
MCBN 0.07 0.33 4.01
PFDC 0.30 1.32 8.86
ANA 0.26 0.82 5.40
SCBS 0.29 1.57 9.46
PSFI 0.18 1.65 6.05
SOPN 0.33 1.76 7.68
FFCH 0.28 0.83 12.96
FFHS 0.23 0.68 7.39
FFYF 0.48 1.15 8.81
HOMF 0.35 1.10 11.88
FFBH 0.30 0.99 6.72
SOURCE: SNL & F&C CALCULATIONS 22
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
Core Core
Core Income/ Income/
EPS Avg Assets Avg Equity
($) (%) (%)
Ticker Mst RetQ Mst RctQ Mst RctQ
MFBC 0.29 0.65 5.57
CMRN 0.28 1.19 5.88
CRZY 0.19 1.12 4.73
PTRS 0.22 0.68 7.74
MASB 0.62 1.00 8.52
FNGB 0.17 0.91 8.31
AFBC 0.25 0.90 6.17
UFBS 0.23 0.68 8.70
TRIC 0.17 0.99 6.11
ESBF 0.26 0.63 8.83
HAVN 0.20 0.35 6.53
FBSI 0.19 0.99 7.18
BFSB 0.22 1.33 9.92
YFCB 0.20 0.59 5.10
FFOH 0.21 0.84 6.79
KFBI 0.25 0.93 6.51
FMCO 0.18 0.79 13.27
THR 0.21 0.67 4.94
MDBK 0.61 1.03 11.23
CATB 0.23 1.26 5.57
CKFB 0.22 1.12 5.21
FCME 0.19 0.65 6.88
INBI 0.29 1.47 9.14
METF 0.15 0.43 11.01
PBCI 0.37 1.10 8.52
PFFB 0.26 0.56 6.54
EQSB 0.38 0.58 11.33
FFWC 0.18 0.51 5.37
BDJI 0.28 0.80 7.48
ABBK 0.16 0.46 7.25
DCOM 0.31 0.94 8.01
LOGN 0.25 1.44 7.65
SVRN 0.23 0.77 13.84
HARL 0.52 0.95 14.49
NBN 0.26 0.96 12.11
FKKY 0.24 1.26 7.43
HFFC 0.26 0.86 8.67
FSTC 0.34 1.11 11.10
WVFC 0.27 1.29 11.52
RIVR 0.26 0.87 6.38
OCFC 0.22 0.81 5.91
BKC 0.42 1.22 14.64
PVSA 0.54 1.08 14.49
QCBC 0.31 0.82 9.30
HBNK 0.79 1.37 17.38
CNIT 0.27 0.76 10.30
FFIC 0.37 0.99 7.79
LARL 0.38 1.62 15.89
SKAN 0.27 0.61 8.92
MFLR 0.37 1.01 10.44
STSA 0.16 0.25 4.57
WEFC 0.28 1.12 7.63
BPLS - - 0.12
KNK 0.38 0.56 5.80
RELY 0.46 0.77 9.20
WRNB 0.18 1.57 14.64
MBLF 0.39 0.93 7.10
FSBI 0.34 0.70 10.04
FTF 0.47 1.73 11.49
MECH 0.47 1.06 10.97
DSL 0.40 0.77 10.05
MAFB 0.39 1.03 13.24
WAMU 0.66 0.97 18.15
HALL 0.22 0.62 8.02
CFNC 0.19 1.15 6.36
FFSL 0.27 0.87 9.15
QCFB 0.57 1.70 9.63
WSTR 0.31 0.70 6.44
SOURCE: SNL & F&C CALCULATIONS 23
FERGUSON & COMPANY EXHIBIT V - SELECTED PUBLICLY HELD THRIFTS
- ------------------
Core Core
Core Income/ Income/
EPS Avg Assets Avg Equity
($) (%) (%)
Ticker Mst RctQ Mst RctQ Mst RctQ
FESX 0.24 0.60 8.07
FMSB 0.24 0.92 12.99
NWEQ 0.36 1.22 10.40
CENB 0.25 1.17 6.33
COFI 0.50 1.33 17.87
FFHH 0.24 0.66 6.31
FBBC 0.33 1.10 10.27
GAF 0.24 0.82 5.99
TSH 0.30 0.96 6.91
SFIN 0.24 0.62 6.23
GPT 0.54 1.21 12.57
PHFC 0.27 0.55 7.81
SPBC 0.34 1.02 10.75
ASFC 0.77 0.76 9.25
RSLN 0.30 1.24 7.79
EBSI 0.45 0.95 14.68
ANDB 0.76 1.49 18.75
DNFC 0.34 0.71 12.47
CRSB 0.30 2.22 19.82
PHBK 0.33 1.26 16.82
HRZB 0.26 1.47 9.55
HPBC 0.49 1.45 16.38
WSFS 0.34 1.12 18.11
NEIB 0.38 1.16 8.82
JSB 1.27 3.31 13.90
BVCC 0.37 0.58 7.96
FFFD 0.35 1.35 8.79
MWBX 0.14 1.23 16.28
MWBI 0.26 0.73 10.41
KSBK 0.34 1.11 14.16
JXVL 0.31 1.26 8.64
FED 0.36 0.78 13.29
NHTB 0.32 0.86 10.76
ABCL 0.32 0.80 8.86
HCFC 0.26 1.24 7.64
FKFS 0.29 0.68 10.30
WBST 0.37 0.61 11.10
GDW 1.80 1.06 14.58
IPSW 0.24 1.03 19.19
FFES 0.56 0.64 9.08
WFSL 0.52 1.98 14.34
HIFS 0.53 1.22 12.77
CFB 0.48 0.89 12.87
HBS 0.33 1.09 7.38
FLGS 0.73 1.49 29.40
BNKU 0.67 0.66 13.09
ITLA 0.46 1.45 13.92
PVFC 0.29 1.18 16.34
PFSB 0.28 0.72 10.28
CBCI 0.40 1.12 6.39
HTHR 0.56 1.17 27.46
AABC 0.02 0.10 1.25
CBSA 0.51 0.54 14.16
LSBX 0.40 2.10 18.14
Maximum 1.80 3.31 29.40
Minimum - - 0.12
Average 0.28 0.89 8.46
Median 0.24 0.84 7.58
SOURCE: SNL & F&C CALCULATIONS 24
FERGUSON & COMPANY EXHIBIT VI - COMPARATIVE GROUP PRICE CHANGES
- ------------------
Total AUGUST 31, 1998
----------------------------
Assets Stock Market
($000) Price Value
Ticker Short Name City State MRQ ($) ($M)
CKFB CKF Bancorp Inc. Danville KY 62,759 15.000 12.65
HBBI (1) Home Building Bancorp Washington IN 44,662 20.000 6.23
HCFC (2) Home City Financial Corp. Springfield OH 78,042 11.500 10.4
LONF (1) London Financial Corp. London OH 36,502 15.500 7.43
MIVI (1) Mississippi View Holding Co. Little Falls MN 66,070 17.870 10.22
NSLB NS&L Bancorp Inc. Neosho MO 62,648 16.250 10.55
PWBK (3) Pennwood Bancorp Inc. Pittsburgh PA 46,080 12.750 8.89
SOBI Sobieski Bancorp Inc. South Bend IN 89,848 14.500 11.34
SSB Scotland Bancorp Inc. Laurinburg NC 61,082 10.750 20.57
USAB (4) USABancshares, Inc. Philadelphia PA 134,688 8.500 17.02
Maximum 134,688 20.000 20.57
Minimum 36,502 8.500 6.23
Average 68,238 14.262 11.53
Median 62,704 14.750 10.48
ADJUSTED(5)
- -----------
Maximum 134,688 20.000 17.02
Minimum 36,502 8.500 6.23
Average 69,033 14.652 10.53
Median 62,759 15.000 10.40
(1) Switched from Nasdaq to Pink Sheets between original
appraisal and update.
(2) Adjusted February 27, 1998 price and market value for $3.50
per share dividend to holders of record May 27.
(3) Adjusted February 27, 1998 per share price for 4 for 3
dividend to holders of record May 1.
(4) Adjusted February 27, 1998 total market value for stock issue
of 769,231 shares sold between original appraisal date and
update.
(5) Without SSB, which has executed a merger agreement.
25
FERGUSON & COMPANY EXHIBIT VI - COMPARATIVE GROUP PRICE CHANGES
8-31-98 VS. 7-24-98 7-24-98 VS. 2-27-98
---------------------- ----------------------
JULY 24, 1998 FEBRUARY 27, 1998 INCREASE (DECREASE) INCREASE (DECREASE)
---------------- ------------------- ---------------------- ----------------------
Stock Market Stock Market Stock Market Stock Market
Price Value Price Value Price Value Price Value
Ticker ($) ($M) ($) ($M) (%) (%) (%) (%)
CKFB 19.375 16.34 19.500 16.91 -22.6% -22.6% -0.6% -3.4%
HBBI (1) 20.000 5.84 22.625 7.05 0.0% 6.7% -11.6% -17.2%
HCFC (2) 15.250 13.79 15.125 13.68 -24.6% -24.6% 0.8% 0.8%
LONF (1) 15.250 7.78 14.875 7.59 1.6% -4.5% 2.5% 2.5%
MIVI (1) 19.750 14.55 18.375 13.60 -9.5% -29.8% 7.5% 7.0%
NSLB 18.313 12.56 17.375 12.26 -11.3% -16.0% 5.4% 2.4%
PWBK (3) 12.250 8.99 16.500 12.11 4.1% -1.1% -25.8% -25.8%
SOBI 18.500 14.47 20.500 16.07 -21.6% -21.6% -9.8% -10.0%
SSB 9.125 17.46 10.125 19.38 17.8% 17.8% -9.9% -9.9%
USAB (4) 16.625 24.97 10.500 15.77 -48.9% -31.8% 58.3% 58.3%
Maximum 20.000 24.97 22.625 19.38 17.8% 17.8% 58.3% 58.3%
Minimum 9.125 5.84 10.125 7.05 -48.9% -31.8% -25.8% -25.8%
Average 16.444 13.68 16.550 13.44 -11.5% -12.8% 1.7% 0.5%
Median 17.469 14.13 16.938 13.64 -10.4% -18.8% 0.1% -1.3%
ADJUSTED(5)
- -----------
Maximum 20.000 24.97 22.625 16.91 4.1% 6.7% 58.3% 58.3%
Minimum 12.250 5.84 10.500 7.05 -48.9% -31.8% -25.8% -25.8%
Average 17.257 13.25 17.264 12.78 -14.7% -16.1% 3.0% 1.6%
Median 18.313 13.79 17.375 13.60 -11.3% -21.6% 0.8% 0.8%
SOURCE: SNL & F&C CALCULATIONS 26
FERGUSON & COMPANY EXHIBIT VII - PRO FORMA COMPARISONS
- ------------------
NORTHFIELD FEDERAL SAVINGS
AS OF AUGUST 31, 1998
Ticker Name Price Mk Value PE P/Book P/TBook P/Assets Div Yld Assets
($) ($Mil) (X) (%) (%) (%) (%) ($000)
NORTHFIELD FEDERAL
------------------
Before Conversion N/A N/A N/A N/A N/A N/A N/A 38,987
Pro Forma Supermaximum 10.000 5.03 12.6 70.9 70.9 11.7 2.00 42,987
Pro Forma Maximum 10.000 4.37 11.3 67.0 67.0 10.3 2.00 42,423
Pro Forma Midpoint 10.000 3.80 10.1 63.0 63.0 9.1 2.00 41,931
Pro Forma Minimum 10.000 3.23 8.9 58.3 58.3 7.8 2.00 41,440
COMPARATIVE GROUP
-----------------
Averages 14.262 11.53 23.2 111.0 111.2 18.2 2.00 68,238
Medians 14.750 10.48 22.1 99.8 100.1 17.6 2.03 62,704
MARYLAND THRIFTS
----------------
Averages 15.000 37.04 19.6 125.2 125.2 14.1 1.61 258,160
Medians 16.000 30.28 19.0 112.9 112.9 11.6 1.91 273,549
MID-ATLANTIC REGION THRIFTS
---------------------------
Averages 17.722 227.29 17.6 136.6 146.4 13.5 1.86 1 ,877,742
Medians 15.376 64.75 15.5 120.8 128.6 12.3 1.91 430,989
ALL PUBLIC THRIFTS
------------------
Averages 17.347 210.78 17.6 133.2 139.9 14.8 2.00 1 ,739,889
Medians 15.563 48.03 16.2 120.2 125.8 14.0 2.14 373,915
COMPARATIVE GROUP
-----------------
CKFB CKFBancorp-KY 15.000 12.65 15.0 86.8 86.8 20.2 3.60 62,759
HBBI HomeBldngBncp-IN 20.000 6.23 19.6 95.0 95.0 13.1 1.50 44,662
HCFC HomeCityFinl-OH 11.500 10.40 11.3 96.1 96.1 13.3 3.13 78,042
LONF LondonFinlCorp-OH 15.500 7.43 23.1 153.9 153.9 22.5 1.55 36,502
MIVI MissViewHldgCo-MN 17.870 10.22 21.1 125.6 125.6 17.4 0.90 66,070
NSLB NS&LBancorp-MO 16.250 10.55 25.0 96.3 97.0 17.8 3.08 62,648
PWBK PennwoodBancorp-PA 12.750 8.89 34.5 103.3 103.3 19.3 2.20 46,080
SOBI SobieskiBancorp-IN 14.500 11.34 22.7 81.3 81.3 12.3 2.21 89,848
SSB ScotlandBancorp-NC 10.750 20.57 21.5 135.1 135.1 33.7 1.86 61,082
USAB USABancshares-PA 8.500 17.02 38.6 136.9 137.8 12.6 - 134,688
27
FERGUSON & COMPANY EXHIBIT VII - PRO FORMA COMPARISONS
- ------------------
NORTHFIELD FEDERAL SAVINGS
AS OF AUGUST 31, 1998
Ticker Name Eq/A TEq/A EPS ROAA ROAE
(%) (%) ($) (%) (%)
NORTHFIELD FEDERAL
------------------
Before Conversion 7.9 7.9 N/A 0.86 10.43
Pro Forma Supermaximum 16.5 16.5 0.80 1.00 5.72
Pro Forma Maximum 15.4 15.4 0.89 0.98 6.03
Pro Forma Midpoint 14.4 14.4 0.99 0.96 6.33
Pro Forma Minimum 13.4 13.4 1.13 0.94 6.70
COMPARATIVE GROUP
-----------------
Averages 15.9 15.9 0.71 0.91 5.34
Medians 14.0 14.0 0.70 0.84 5.52
MARYLAND THRIFTS
----------------
Averages 11.6 11.6 0.81 0.74 7.03
Medians 12.6 12.6 0.66 0.66 5.92
MID-ATLANTIC REGION THRIFTS
---------------------------
Averages 10.2 9.7 1.11 0.85 8.78
Medians 9.3 8.5 1.03 0.76 8.03
ALL PUBLIC THRIFTS
------------------
Averages 11.8 11.5 1.10 0.93 8.68
Medians 9.9 9.7 0.99 0.87 7.67
COMPARATIVE GROUP
-----------------
CKFB CKFBancorp-KY 21.6 21.6 1.00 1.34 5.97
HBBI HomeBldngBncp-IN 13.8 13.8 1.02 0.70 5.07
HCFC HomeCityFinl-OH 13.9 13.9 1.02 1.29 6.93
LONF LondonFinlCorp-OH 13.2 13.2 0.74 0.95 5.87
MIVI MissViewHldgCo-MN 12.3 12.3 0.95 1.02 6.32
NSLB NS&LBancorp-MO 18.5 18.4 0.65 0.67 3.48
PWBK PennwoodBancorp-PA 17.3 17.3 0.37 0.53 2.91
SOBI SobieskiBancorp-IN 14.1 14.1 0.64 0.57 3.89
SSB ScotlandBancorp-NC 24.9 24.9 0.50 1.33 5.17
USAB USABancshares-PA 9.7 9.7 0.22 0.73 7.79
Note: Stock prices are closing prices or last trade. Pro forma
calculations for Northfield are based on sales at $10 a share
with a minimum of $3,230,000, midpoint of $3,800,000,
maximum of $4,370,000, and supermaximum of $5,025,500.
SOURCES: NORTHFIELD FSB'S AUDITED AND UNAUDITED FINANCIAL
STATEMENTS, SNL SECURITIES, AND F&C CALCULATIONS.
28
FERGUSON & COMPANY EXHIBIT VIII
- ------------------
COMPARISON OF PRICING RATIOS
GROUP PERCENT PREMIUM
NORTHFIELD COMPARED TO (DISCOUNT) VERSUS
------------------------------- -------------------------------
FEDERAL AVERAGE MEDIAN AVERAGE MEDIAN
--------------- --------------- --------------- --------------- ---------------
COMPARISON OF PE RATIO AT
MIDPOINT TO:
- ----------------------------------------
Comparative group 10.1 23.2 22.1 (56.5) (54.3)
Maryland thrifts 10.1 19.6 19.0 (48.5) (46.8)
Mid-Atlantic Region thrifts 10.1 17.6 15.5 (42.6) (34.8)
All public thrifts 10.1 17.6 16.2 (42.6) (37.7)
Recent conversions 10.1 17.2 17.5 (41.3) (42.3)
Recent pink sheet conversions 10.1 18.5 17.6 (45.4) (42.6)
COMPARISON OF PE RATIO AT
MAXIMUM TO:
- -----------------------------------------
Comparative group 11.3 23.2 22.1 (51.3) (48.9)
Maryland thrifts 11.3 19.6 19.0 (42.3) (40.5)
Mid-Atlantic Region thrifts 11.3 17.6 15.5 (35.8) (27.1)
All public thrifts 11.3 17.6 16.2 (35.8) (30.2)
Recent conversions 11.3 17.2 17.5 (34.3) (35.4)
Recent pink sheet conversions 11.3 18.5 17.6 (38.9) (35.8)
COMPARISON OF PE RATIO AT
SUPERMAXIMUM TO:
- -----------------------------------------
Comparative group 12.6 23.2 22.1 (45.7) (43.0)
Maryland thrifts 12.6 19.6 19.0 (35.7) (33.7)
Mid-Atlantic Region thrifts 12.6 17.6 15.5 (28.4) (18.7)
All public thrifts 12.6 17.6 16.2 (28.4) (22.2)
Recent conversions 12.6 17.2 17.5 (26.7) (28.0)
Recent pink sheet conversions 12.6 18.5 17.6 (31.9) (28.4)
COMPARISON OF PB RATIO AT
MIDPOINT TO:
- --------------------------------------------
Comparative group 63.0 111.0 99.8 (43.2) (36.9)
Maryland thrifts 63.0 125.2 112.9 (49.7) (44.2)
Mid-Atlantic Region thrifts 63.0 136.6 120.8 (53.9) (47.8)
All public thrifts 63.0 133.2 120.2 (52.7) (47.6)
Recent conversions 63.0 77.0 77.5 (18.2) (18.7)
Recent pink sheet conversions 63.0 73.5 73.7 (14.3) (14.5)
COMPARISON OF PB RATIO AT
MAXIMUM TO:
- -----------------------------------------
Comparative group 67.0 111.0 99.8 (39.6) (32.9)
Maryland thrifts 67.0 125.2 112.9 (46.5) (40.7)
Mid-Atlantic Region thrifts 67.0 136.6 120.8 (51.0) (44.5)
All public thrifts 67.0 133.2 120.2 (49.7) (44.3)
Recent conversions 67.0 77.0 77.5 (13.0) (13.5)
Recent pink sheet conversions 67.0 73.5 73.7 (8.8) (9.1)
COMPARISON OF PB RATIO AT
SUPERMAXIMUM TO:
- -----------------------------------------
Comparative group 70.9 111.0 99.8 (36.1) (29.0)
Maryland thrifts 70.9 125.2 112.9 (43.4) (37.2)
Mid-Atlantic Region thrifts 70.9 136.6 120.8 (48.1) (41.3)
All public thrifts 70.9 133.2 120.2 (46.8) (41.0)
Recent conversions 70.9 77.0 77.5 (7.9) (8.5)
Recent pink sheet conversions 70.9 73.5 73.7 (3.5) (3.8)
SOURCE: SNL & F&C CALCULATIONS 29
FERGUSON & COMPANY EXHIBIT LX
- ------------------
PRO FORMA ASSUMPTIONS
1. Net proceeds from the conversion were invested at the beginning of the period
at 5.4%, which was the approximate rate on the one-year treasury bill on June
30, 1998. This rate was selected because it is considered more representative of
the rate the Bank is likely to earn.
2. Northfield's ESOP will acquire 8% of the conversion stock with loan proceeds
obtained from the Holding Company; therefore, there will be no interest expense.
We assumed that the ESOP expense is 1/12 annually of the initial purchase.
3. Northfield's RP will acquire 4% of the stock through open market purchases at
$10 per share and the expense is recognized ratably over five years as the
shares vest.
4. All pro forma income and expense items are adjusted for income taxes at a
combined state and federal rate of 38.0%.
5. In calculating the pro forma adjustments to net worth, the ESOP and RP are
deducted in accordance with generally accepted accounting principles.
6. Earnings per share ("EPS") calculations have ignored AICPA SOP 93-6.
Calculating EPS under SOP 93-6 and assuming 1/12 of the ESOP shares are
committed to be released and allocated to the individual accounts at the
beginning of the period would yield EPS of $1.22, $1.07, $.96, and $.86, and
price to earnings ratios of 8.2, 9.3, 10.4, and 11.6, at the minimum, midpoint,
maximum, and supermaximum of the range, respectively.
30
FERGUSON & COMPANY
EXHIBIT IX
PROFORMA EFFECT OF CONVERSION PROCEEDS
AT THE MINIMUM OF THE CONVERSION VALUATION RANGE
VALUATION DATE AS OF AUGUST 31, 1998
NORTHFIELD FEDERAL SAVINGS
- --------------------------------------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Value $ 3,230,000
Less: Estimated Expenses (389,000)
----------------
Net Conversion Proceeds $ 2,841,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 2,841,000
Less: ESOP Contributions (258,400)
RP Contributions (129,200)
----------------
Net Conversion Proceeds after ESOP & RP $ 2,453,400
Estimated Incremental Rate of Return(1) 3.35%
----------------
Estimated Additional Income $ 82,140
Less: ESOP Expense (13,351)
RP Expense (16,021)
----------------
$ 52,768
================
Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
----------------------------------------------------
Pro Forma Earnings
Twelve Months Ended
June 30, 1998 $ 312,000 $ 52,768 $ 364,768
Pro Forma Net Worth
June 30, 1998 $ 3,087,000 $ 2,453,400 $ 5,540,400
Pro Forma Net Assets
June 30, 1998 $ 38,987,000 $ 2,453,400 $ 41,440,400
(1) Assumes Proceeds can be reinvested at 5.4 percent and earnings at a rate of
38.0 percent.
31
FERGUSON & COMPANY
- ------------------
EXHIBIT IX
PRO FORMA EFFECT OF CONVERSION PROCEEDS
AT THE MIDPOINT OF THE CONVERSION VALUATION RANGE
VALUATION DATE AS OF AUGUST 31, 1998
NORTHFIELD FEDERAL SAVINGS
- -------------------------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation $ 3,800,000
Less: Estimated Expenses (400,000)
-------------
Net Conversion Proceeds $ 3,400,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 3,400,000
Less: ESOP Contributions (304,000)
RP Contributions (152,000)
-------------
Net Conversion Proceeds after ESOP & RP $ 2,944,000
Estimated Incremental Rate of Return(1) 3.35%
-------------
Estimated Additional Income $ 98,565
Less: ESOP Expense (15,707)
RP Expense (18,848)
-------------
$ 64,010
-------------
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
----------------------------------------------------------------
a. Pro Forma Earnings
Twelve Months Ended
June 30, 1998 $ 312,000 $ 64,010 $ 376,010
b. Pro Forma Net Worth
June 30, 1998 $ 3,087,000 $ 2,944,000 $ 6,031,000
c. Pro Forma Net Assets
June 30, 1998 $ 38,987,000 $ 2,944,000 $ 41,931,000
(1) Assumes Proceeds can be reinvested at 5.4 percent and earnings taxed at a
rate of 38.0 percent.
32
FERGUSON & COMPANY
- ------------------
EXHIBIT IX
PRO FORMA EFFECT OF CONVERSION PROCEEDS
AT THE MAXIMUM OF THE CONVERSION VALUATION RANGE
VALUATION DATE AS OF AUGUST 31, 1998
NORTHFIELD FEDERAL SAVINGS
- ----------------------------------------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation $ 4,370,000
Less: Estimated Expenses (410,000)
---------------------
Net Conversion Proceeds $ 3,960,000
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 3,960,000
Less: ESOP Contributions (349,600)
RP Contributions (174,800)
---------------------
Net Conversion Proceeds after ESOP & RP $ 3,435,600
Estimated Incremental Rate of Return(1) 3.35%
---------------------
Estimated Additional Income $ 115,024
Less: ESOP Expense (18,063)
RP Expense (21,675)
---------------------
$ 75,286
---------------------
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
---------------------------------------------------------------
a. Pro Forma Earnings
Twelve Months Ended
June 30, 1998 $ 312,000 $ 75,286 $ 387,286
b. Pro Forma Net Worth
June 30, 1998 $ 3,087,000 $ 3,435,600 $ 6,522,600
c. Pro Forma Net Assets
June 30, 1998 $ 38,987,000 $ 3,435,600 $ 42,422,600
(1) Assumes Proceeds can be reinvested at 5.4 percent and earnings taxed at a
rate of 38.0 percent.
33
FERGUSON & COMPANY
- ------------------
EXHIBIT IX
PRO FORMA EFFECT OF CONVERSION PROCEEDS
AT THE SUPERMAX OF THE CONVERSION VALUATION RANGE
VALUATION DATE AS OF AUGUST 31, 1998
NORTHFIELD FEDERAL SAVINGS
- ----------------------------------------------------------------------------------
1. Conversion Proceeds
Pro Forma Market Valuation $ 5,025,500
Less: Estimated Expenses (422,000)
---------------------
Net Conversion Proceeds $ 4,603,500
2. Estimated Additional Income From Conversion Proceeds
Net Conversion Proceeds $ 4,603,500
Less: ESOP Contributions (402,040)
RP Contributions (201,020)
---------------------
Net Conversion Proceeds after ESOP & RP $ 4,000,440
Estimated Incremental Rate of Return(1) 3.35%
---------------------
Estimated Additional Income $ 133,935
Less: ESOP Expense (20,772)
RP Expense (24,926)
---------------------
$ 88,236
---------------------
3. Pro Forma Calculations
Before Conversion After
Period Conversion Results Conversion
----------------------------------------------------------------
a. Pro Forma Earnings
Twelve Months Ended
June 30, 1998 $ 312,000 $ 88,236 $ 400,236
b. Pro Forma Net Worth
June 30, 1998 $ 3,087,000 $ 4,000,440 $ 7,087,440
c. Pro Forma Net Assets
June 30, 1998 $ 38,987,000 $ 4,000,440 $ 42,987,440
(1) Assumes Proceeds can be reinvested at 5.4 percent and earnings taxed at a
rate of 38.0 percent.
34
FERGUSON & COMPANY
- ------------------
EXHIBIT IX
PRO FORMA ANALYSIS SHEET
Name of Association: NORTHFIELD FEDERAL SAVINGS
Date of Market Prices: August 31, 1998 Maryland Publicly All Publicly
Comparatives Held Thrifts Held Thrifts
------------ ------------ ------------
Symbols Value Mean Median Mean Median Mean Median
------------------------ ---- ------ ---- ------ ---- ------
Price-Earnings Ratio P/E
- --------------------
Last Twelve Months N/A
At Minimum of Range 8.9
-------------------------------------------------------------------------------------------
At Midpoint of Range 10.1 23.2 22.1 19.6 19.0 17.6 16.2
-------------------------------------------------------------------------------------------
At Maximum of Range 11.3
At Supermax of Range 12.6
Price-Book Ratio P/B
- ----------------
At Minimum of Range 58.3%
-------------------------------------------------------------------------------------------
At Midpoint of Range 63.0% 111.0 99.8 125.2 112.9 133.2 120.2
-------------------------------------------------------------------------------------------
At Maximum of Range 67.0%
At Supermax of Range 70.9%
Price-Asset Ratio P/A
- -----------------
At Minimum of Range 7.8%
-------------------------------------------------------------------------------------------
At Midpoint of Range 9.1% 18.2 17.6 14.1 11.6 14.8 14.0
-------------------------------------------------------------------------------------------
At Maximum of Range 10.3%
At Supermax of Range 11.7%
Twelve Mo. Earnings Base Y $ 312,000
Period Ended June 30, 1998
Book Value B $ 3,087,000
As of June 30, 1998
Total Assets A $ 38,987,000
As of June 30, 1998
Return on Money (1) R 3.35%
Conversion Expense X $ 400,000
Underwriting Commission C 0.00%
Percentage Underwritten S 0.00%
Estimated Dividend
Dollar Amount DA $ 76,000
Yield DY 2.00%
ESOP Contributions P $ 304,000
RP Contributions I $ 152,000
ESOP Annual Expense E $ 15,707
RP Annual Contributions M $ 18,848
Cost of ESOP Borrowings F 0.00%
(1) Assumes Proceeds can be reinvested at 5.4 percent and earnings taxed at a
rate of 38.0 percent.
35
FERGUSON & COMPANY
- ------------------
EXHIBIT IX
PRO FORMA ANALYSIS SHEET
Calculation of Estimated Value (V) at Midpoint Value
1. V= P/A(A-X-P-I) $ 3,800,000
------------------------
1-P/A(1-(CxS))
2. V= P/B(B-X-P-I) $ 3,800,000
------------------------
1-P/B(1-(CxX))
3. V= P/E(Y-R(X+P+I)-(E+M)) $ 3,800,000
--------------------------------
1-P/E(R(1-(CxX))
Value
Estimated Value Per Share Total Shares Date
------------------------ ------------ ---------------- -----------------------
$3,800,000 $10.00 380,000 August 31, 1998
Range of Value
$3.8 million x 1.15 = $4.370 million or 437,000 shares at $10.00 per share
$3.8 million x 0.85 = $3.230 million or 323,000 shares at $10.00 per share
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