Exhibit 99.(b)(2)
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Tri-County Bancorp,
Inc.
Torrington, WY
October 9, 1998
REVISED
KBW Patricia McJoynt
Specialists in Banking (614) 766-8400 ----- Charles Webb & Company ------
Financial Services
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Tri-County Bancorp Price and Volume Since IPO (9/30/93)
[GRAPHIC OMITTED]
Table shows the price and volume of the Common Stock of Tri-County Bancorp,
Inc. from the date of its initial public offering (9/30/98)
to October 9, 1998.
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Tri-County Bancorp
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National Comparative Group
IPO Assets TangEq/ Loans/ LTM Market Price to Price
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Qtr. LTM change
Company State Ticket Date ($M) Assets Assets ROAA ROAE Cap(M) Book TangBk EPS EPS YTD
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1 Advance Financial Bancorp WV AFBC Jan-97 110.7 14.09 86.1 0.90 5.92 15.03 96.4 96.4 12.5 14.7 -19.42%
2 Fort Thomas Financial Corporation KY FTSB Jun-95 101.4 16.07 91.6 1.18 7.39 19.35 118.8 118.8 16.4 16.2 -17.73%
3 Frankfort First Bancorp, Inc. KY FKKY Jul-95 134.5 16.88 94.0 1.19 7.01 23.48 103.4 103.4 15.1 15.1 -14.63%
4 Kentucky First Bancorp, Inc. KY KYF Aug-95 82.0 17.56 60.0 1.07 6.29 16.75 116.3 116.3 21.1 18.0 -8.79%
5 Montgomery Financial Corp. IN MONT Jul-97 117.2 17.13 85.7 0.89 4.98 18.39 91.6 91.6 14.6 NA -6.62%
6 Piedmont Bancorp, Inc. NC PDB Dec-95 130.5 16.55 82.3 1.27 7.75 26.82 124.2 124.2 16.3 16.0 -9.20%
7 StateFed Financial Corporation IA SFFC Jan-94 89.8 17.91 NA 1.16 6.49 18.59 115.6 115.6 18.6 18.0 -23.73%
Average: 109.4 16.60 83.3 1.09 6.55 19.77 109.5 109.5 16.4 16.3
Median: 110.7 16.88 85.9 1.16 6.49 18.59 115.6 115.6 16.3 16.1
Tri-County Bancorp, Inc. WY TRIC Sep-93 86.5 16.44 47.37 1.01 6.46 14.01 98.4 98.4 16.7 16.7 -20.00%
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Tri-County Bancorp
Financial Highlights
Nationwide Comparable Institutions
Advance Frankfort Ft. Thomas Kentucky Montgomery StateFed
Financial First Financial First Financial Piedmont Financial Tri-County
Bancorp Bancorp Corporation Bancorp Corp. Bancorp Corp. Bancorp
AFBC FKKY FTSB KYF MONT PDB SFFC TRIC
Current Stock Price $13.38 $14.24 $11.56 $12.88 $11.38 $9.50 $9.19 $11.75
Price/Earnings Ratio 12.5x $15.1x 16.4x 21.1x 14.6x 16.3x 18.6x 16.7x
Price/Book Ratio 96% 103% 119% 116% 92% 124% 116% 98%
Total Assets ($mm) $110.7 $101.4 $134.5 $82.0 $117.2 $130.5 $89.8 $86.5
Total Deposits ($mm) $82.6 $81.9 $92.2 $56.6 $84.0 $89.8 $53.7 $45.6
Market Cap. ($mm) $15.0 $23.5 $19.4 $16.8 $18.4 $26.8 $18.6 $14.0
Tang. Equity/Assets Ratio 14.93 16.88% 16.07% 17.56% 17.13% 16.55% 17.91% 16.44%
Net Interest Margin 3.95% 3.12% 4.07% 3.55% 3.57% 4.00% 3.41% 3.15%
Interest Rate Spread 3.31% 2.26% 3.20% 2.85% 2.73% 3.28% 2.63% 2.15%
Return on Assets 0.86% 1.19% 1.13% 1.07% 0.89% 1.27% 1.16% 1.06%
Return on Equity 5.71% 7.01% 7.10% 6.29% 4.98% 7.75% 6.49% 6.55%
Current Dividend Yield 2.27% 5.52% 1.90% 3.67% 1.98% 4.86% 1.78% 3.67%
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Tri-Country Bancorp
Insider & Institutional Ownership (Top 10 Holdings)
Portfolio Name Source Held % As of
Long, Keith R. PROXY 121,700 10.42 Apr-98
Employee Stock Ownership PROXY 117,820 10.09 Apr-98
Wellington Management 13F-TECH 100,000 8.57 Jun-98
First Financial PROXY 83,200 7.13 Apr-98
Friedlander 13(G) 76,200 6.53 Dec-97
The Burton Partners PROXY 64,000 5.48 Apr-98
Reub, William J. PROXY 49,634 4.25 Apr-98
Savage, Robert L. PROXY 39,160 3.35 Apr-98
ANB Investment Management 13F-TECH 2,000 0.17 Dec-97
BZW Barclays 13F-TECH 600 0.05 Jun-98
Total: 654,314 56.04%
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S&P Bank, S&P 500 & SNL Thrift Index
[GRAPHIC OMITTED]
Graph compares the performances of the SNL Thrift Index, the S&P Bank Index and
the S&P 500 Index from December 31, 1993 to September 15, 1998.
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Comparative Returns
1) Graph Options 10/6/97 - 10/5/98 Period D Daily 364 Day Period
Securities Crncy Prc Appr Total Ret Difference Annual Eq.
1 TRIC US Equity USD -11.32% -10.69% 15.47% -10.72%
2 RTY Index USD -27.05% -26.16% -26.22%
3 CBNK USD -16.01% -14.62% 11.54% -14.66
(* = No dividends or coupons)
[GRAPHIC OMITTED]
Graph compares the comparative percentage returns of Tri-County Bancorp, the
Russell 2000 Index and the Nasdaq Bank Index between October 6, 1997 and
October 9, 1998.
Copyright 1998 Bloomberg L.P.
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Comparative Returns
1) Graph Options 10/8/93 - 10/5/98 Period W Weekly 260 Wk. Period
Securities Crncy Prc Appr Total Ret Difference Annual Eq.
1 TRIC US Equity USD 92.00% 112.77% 75.06% 16.35%
2 RTY Index USD 37.70% 37.70%* 6.63%
3 CBNK USD 136.24% 136.24%* 98.54% 18.82%
(* = No dividends or coupons)
[GRAPHIC OMITTED]
Graph compares to percentage returns of Tri-County Bancorp, the Russell 2000
Index and the Nasdaq Bank Index between October 8, 1993 and October 2, 1998.
Copyright 1998 Bloomberg L.P.
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Tri-County Bancorp, Inc.
Recommended Tender Range
Price P/B P/E
$ 11 90.24% 15.28X
12 98.44% 16.67X
13 106.64% 18.06X
14 114.85% 19.44X
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