Exhibit 99.(f)(4)
[Mississippi View Holding Company Letterhead]
April 30, 1998
PRESS RELEASE
For More Information, contact:
Thomas J. Leiferman, President/CEO
Mississippi View Holding Company
35 East Broadway
Little Falls, MN 56345-3093
(320) 632-5461
Mississippi View Holding Company
Announces 2nd Quarter Earnings
Thomas J. Leiferman, President of Mississippi View Holding Company, Little
Falls, Minnesota, parent company of Community Federal Savings & Loan Association
of Little Falls, Minnesota, announced today earnings of $195,910 for the quarter
ended March 31, 1998. Earnings for the quarter ended March 31, 1998, increased
$22,048 compared to the three months ended March 31, 1997. Basic earnings per
share (assuming no dilution) for the quarter ended March 31, 1998 and 1997 were
$0.30 and $0.24, respectively. Diluted earnings per share were $0.27 and $0.23
per share for the quarter ended March 31, 1998 and 1997 respectively.
Earnings for the six months ended March 31, 1998, was $372,614; an increase of
$25,487 compared to the six months ended March 31, 1997. This increase was due
to increased noninterest income offset by decreased net interest income. Basic
earnings per share for the six month period ended March 31, 1998 and 1997 were
$0.57 and $0.46, respectively. Diluted earnings per share were $0.51 and $0.45
per share for the six month period ended March 31, 1998 and 1997 respectively.
At March 31, 1998, Community Federal Savings and Loan Association's tangible and
core capital ratios were both 16.48%, which surpassed regulatory requirements of
2.0% and 4.0% respectively. In addition, Community Federal Savings and Loan
Association's risk based capital level was 34.02% of risk based assets, an
amount in excess of the current regulatory requirement of 8.0%.
On April 13, 1998, the Company announced an offer to purchase (the "Offer") up
to 222,000 shares of its Common Stock at a cash purchase price not in excess of
$21.50 per share or less than $19.50 per share. The Offer expires at 5:00 p.m.
Eastern Time on May 11, 1998.
Mississippi View Holding Company
April 30, 1998, Press Release
Page 2
Mississippi View Holding Company had consolidated assets of $70.0 million and
stockholders' equity of $12.8 million at March 31, 1998. Mississippi View
Holding Company is listed on the OTC Bulletin Board under the symbol of "MIVI".
There were 736,864 outstanding shares of common stock on March 31, 1998.
Community Federal is a federally chartered stock savings and loan association.
The Association's only office is located in Little Falls, Minnesota. The
deposits are federally-insured by the Federal Deposit Insurance Corporation up
to the legal maximum. The Association provides deposit services and offers
traditional mortgage loan products to the local community.
Mississippi View Holding Company Financial Highlights
Condensed Consolidated Statement of Financial Condition
March 31, September 30,
1998 1997
(Unaudited) (Audited)
- -----------------------------------------------------------------------------------------------------------
Assets
Cash and Cash Equivalents $ 8,014,703 $ 1,104,594
Investments 18,209,627 21,019,510
Loans 42,017,762 44,610,359
Other Assets 1,717,578 1,811,987
------------ ------------
Total Assets $ 69,959,670 $ 68,546,450
============ ============
Liabilities
Deposits $ 55,721,357 $ 55,183,587
Other Liabilities 1,444,939 1,294,959
------------ ------------
Total Liabilities $ 57,166,296 $ 56,478,546
Stockholders' Equity $ 12,793,374 $ 12,067,904
------------ ------------
Total Liabilities & Stockholders' Equity $ 69,959,670 $ 68,546,450
============ ============
Condensed Consolidated Statement of Income
Three Months Ended March 31, Six Months Ended March 31,
1998 1997 1998 1997
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
- --------------------------------------------------------------------------------------------------------------------------------
Interest Income $ 1,276,531 $ 1,284,822 $ 2,548,438 $ 2,577,759
Interest Expense 620,206 621,052 1,246,256 1,255,347
------------ ------------ ------------ ------------
Net Interest Income $ 656,325 $ 663,770 $ 1,302,182 $ 1,322,412
Provision for Loan Losses 0 0 0 0
------------ ------------ ------------ ------------
Net Interest Income After Provisions $ 656,325 $ 663,770 $ 1,302,182 $ 1,322,412
------------ ------------ ------------ ------------
Noninterest Income 81,251 40,515 123,440 78,032
Noninterest Expenses 417,449 398,865 819,599 837,685
------------ ------------ ------------ ------------
Income Before Taxes 320,127 305,420 606,023 562,759
Income Tax 124,217 131,558 233,409 215,632
------------ ------------ ------------ ------------
NET INCOME $ 195,910 $ 173,862 $ 372,614 $ 347,127
============ ============ ============ ============
Dividends Declared Per Share $0.08 $0.08 $0.08 $0.08
Basic Earnings Per Share $0.30 $0.24 $0.57 $0.46
Diluted Earnings Per Share $0.27 $0.23 $0.51 $0.45
Selected Financial Ratios
At or for the Three Months At or for the Six Months
Ended March 31 Ended March 31,
---------------------------- ---------------------------------
1998 1997 1998 1997
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
- ----------------------------------------------------------------------------------------------------------------------------
Return on Average Equity 6.93% 5.87% 6.65% 5.75%
Return on Average Assets 1.17% 1.02% 1.12% 1.01%
Net Yield on Average Interest Earning 3.98% 3.95% 3.97% 3.91%
Assets
Book Value per Share (1) $17.36 $15.55 $17.36 $15.55
(1) Based upon shares outstanding at March 31, 1998 and 1997, of 736,864 and
818,743 respectively.